A budgeting plan refers to a strategy that helps you manage your finances effectively. Here are some of the most popular budgeting plans and how they work:
50-30-20 Budgeting The 50/30/20 budget: This plan suggests that you allocate 50% of your income to necessities like rent, food, and bills, 30% to discretionary spending such as entertainment and hobbies, and 20% towards savings and debt repayment.
Pros: Allows room for wants and personal enjoyment. Cons: Only requiring minimum payments on loans extends the life of your debt, costing you more in the long run. Envelope System This involves allocating cash for different expenses into separate envelopes, such as rent, groceries, and entertainment. Once an envelope is empty, you cannot spend any more money on that category until next month. If you have remaining funds at the end of the month you can
Pros: This method is very visual and tangible. Seeing an empty envelope can be eye opening, while having cash leftover at the end of the month can be motivational. Cons: Cash outside of a savings or checking account is NOT insured. If you misplace cash, it’s gone. Zero-Based Budgeting This plan requires you to account for every dollar you earn, assign it to a specific expense or savings goal, and ensure that your income minus expenses equals zero. The main categories are typically food, housing, utilities, and transportation. Other common categories include debt repayment, other bills, savings, entertainment, and miscellaneous. Pros: You have an in depth understanding of exactly where your money goes each month. Cons: The process of tracking, categorizing and balancing is much more labor intensive and complicated using this method. Pay Yourself First This approach prioritizes your savings. At the beginning of the month, you will transfer a predetermined amount into your savings account, or accounts depending on how you divvy up your savings. What’s leftover is your money to “spend” on bills and other monthly expenses. Pros: Less constraints and more flexibility for monthly expenses. Cons: The lack of structure can make it harder to track spending. This is not an ideal budgeting method for someone with high-interest debt. By choosing a budgeting plan that works for you, you can gain control over your finances and achieve your financial goals.
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When Midge Laurin, of Chicago, Illinois, mailed out a $30 check, she had no idea it would be intercepted by a scammer and written out to someone else to the tune of $9,475. Check-washing scams like this are on the rise, and can leave victims struggling to reclaim their lost funds for months. Here’s what you need to know about these scams and how to avoid them. How the scams play out In a check-washing scam, the target places a check in the mail, and it is then stolen by scammers who nick envelopes from private mailboxes or lift them out of public mailboxes using “fishing rods” made of strings attached to a sticky substance. With check in hand, the scammer uses ordinary household chemicals, like acetone or bleach, to erase the ink off the stolen checks. Finally, they’ll rewrite the numbers and/or the payee before depositing the checks into their own accounts. Sometimes, the scammer will take the ruse one step further by using the checking account details found on the check to commit further crimes against the check-writer. This may include producing counterfeit checks in the victim’s name, as well as fake IDs, driver’s licenses and passports. The victim may only learn about these crimes when they begin receiving overdraft notices or are informed that their ID is no longer valid. Protect yourself Unfortunately, check washing may not be discovered for weeks, or even months after its occurrence. Sometimes, the victim will only learn of the ruse when they review their monthly checking account statement and see that the check amount and/or payee has been altered. Or, they may only find out about it when the intended recipient reaches out to let the check-writer know they still have not received the check. The scam’s discovery is more likely to be delayed when the scammers have not modified any information on the check and have simply stolen and deposited a check made out to “cash”. In addition, many financial institutions do not offer complete protection on fraud that is not reported within a few days of its occurrence. Some offer partial protection for up to 60 days. Ingersoll-Rand FCU Law enforcement agencies on local and federal levels, including the U.S. Postal Inspection Service and the FBI, have task forces to help stop check washing. They offer the following strategies for keeping your checks and your information safe from scams:
Check washing can wreak havoc on a victim’s finances before they even know it’s occurred. Follow the tips outlined here to keep your checks safe. TikTok Inspo: Have you sidestepped a check-washing scam? Tell us your story in a 15-second video. Scammers are always looking for new ways to deceive people to make a quick buck, and home improvements are a common target. As the weather warms and home improvement projects start taking center stage, contractor scams start blossoming like weeds after a spring rain.
No one wants to be taken advantage of, and you’re probably no different. To help you know what to look out for in these scams, let’s take a look at some of the most common home improvement scams and how to avoid them. The door-to-door scam In a door-to-door scam, scammers show up at a target’s doorstep, claiming to be contractors or representatives of a home improvement company. They may offer to do work for a low price or even for free, alleging that they are in the neighborhood and have extra materials, so they’re happy to “do you a favor.” Cheap or free labor sounds amazing, doesn’t it? And it is – until you realize the “contractor” is not licensed or insured, uses subpar materials and does shoddy work. They may also try to get you to sign a contract on the spot, not leaving you any time to do proper research or get competing quotes. In the worst variation of this scam, the alleged contractor will ask to be paid upfront in full, claiming they need the money to buy materials or cover other expenses. However, once they have your money, they disappear without doing any work. Stay safe: Never hire a contractor on the spot. Always ask for proof of license and insurance as well as references from previous clients. Also, never pay for a project in full before it’s completed. The high-pressure sales scam Some irreputable home improvement companies use high-pressure sales tactics to get you to sign a contract. They may offer a special deal that is only available for a limited time or claim they can only do the work if you sign a contract right away. Unfortunately, though, these tactics are only a ploy to pressure you into making a decision before you are ready. They may also hide additional fees or charges in the contract, or promise things that they cannot deliver. Stay safe: Never rush to hire a contractor. Don’t be swayed by limited-time offers, and always carefully read the contract before signing. The “as seen on TV” scam In this home improvement scam, an alleged contractor tricks you into thinking a product or service is endorsed by a reputable source. They may claim that their product or service has been featured on a popular TV show or website, or that it has been used by celebrities. However, these claims are completely false or highly exaggerated. The product or service may not live up to its promises, or it may be overpriced compared to similar products or services. Stay safe: Always do your research and read reviews from other customers on multiple platforms before hiring a contractor. Don’t assume celebrity endorsements or claims of popularity are legit without verifying them first. The insurance scam In this variation, scammers claim they can help you get a new roof or another home improvement project covered by your insurance company, despite the fact that there was no covered event making the project necessary. This, of course, is insurance fraud, which is illegal and can lead to fines and jail time. Stay safe: Always check with your insurance company before starting any home improvement project. Make sure the project is covered by your policy and that you understand the deductible and other terms of your policy. Home improvement projects are exciting; getting scammed while renovating your home is not. Follow these tips to protect yourself from falling victim to a home improvement scam. Stay safe! TikTok Inspo: Can you scam us? Try impersonating a home improvement scammer using one of the ruses described above. Q: My computer has been acting strangely, and I’m worried it may be infected with malware. How can I tell if my computer has a virus?
A: Computer viruses can be a nightmare for anyone, whether they use them for work or personal use. If you think your computer may have a virus, it’s essential to know how to identify it and take necessary steps to protect your device and data. Let’s explore the common signs of computer viruses and ways to prevent them from infecting your computer. Sluggish performance If your computer is suddenly operating in slow-mo, it may be infected by a virus. Computer viruses typically utilize a computer’s processing power to perform malicious activities, such as sending spam emails or mining cryptocurrency. If you notice any significant changes in your computer’s performance, investigate further. It’s important to note that another possible cause for sluggish performance is a nearly-full hard drive. If your computer’s slowed down significantly, check how much free space you have left on your hard drive. If your hard drive is almost full, delete any unnecessary files and programs to free up space. If your computer is still running slowly after freeing up space, it’s time to run a virus scan. Pop-up ads If your computer starts displaying pop-up ads while you’re browsing the internet or using other programs, it’s a sign that it may have a virus. Pop-up ads can be annoying and may lead to malware installation or other malicious activities. If you’re seeing pop-up ads, avoid clicking on them and run a virus scan as soon as possible. You can also install an ad-blocker extension on your web browser to prevent pop-up ads from appearing in the future. Strange, new programs If you notice new programs on your computer, and you do not remember installing them, it’s possible that your computer has a virus. These programs may be malware designed to perform malicious activities, such as stealing your personal information or encrypting your files. Uninstall these programs immediately and run a virus scan. Sudden crashes and freezes If your computer is crashing or freezing frequently, it may indicate that it has a virus. Viruses can overload a computer’s resources or modify critical system files. This can lead to frequent crashes and freezes. It’s essential to run a virus scan if you’re experiencing frequent crashes and freezes. Additionally, make sure to keep your operating system and other software up-to-date to prevent vulnerabilities that can be exploited by viruses. Strange network activity A virus may be using your computer’s network resources to perform malicious activities, such as sending spam emails or performing DDoS attacks. If you notice unusual network activity, such as your internet connection slowing down or unusual data usage, it’s possible that your computer has a virus. Run a virus scan and check for any unusual programs or processes running in the background. Changes to browser settings A computer virus may modify your browser settings to redirect you to malicious websites or display more ads. If your web browser’s homepage or search engine has changed without your consent, it may be an indication of a virus. Reset your browser settings to their default settings and run a virus scan. Missing files A virus can delete or modify your files to perform malicious activities, such as stealing your personal information or encrypting your files. If you notice that some of your files are missing or have been modified without your knowledge, it’s possible that your computer has a virus. Run a virus scan and backup your important files to prevent data loss. My computer has a virus. Now what? If a scan detects a virus, the antivirus software on your computer should guide you through your next steps. You’ll likely need to delete all temporary files on your computer, delete infected files and programs, and then restore your computer to an earlier backup. You may also want to reinstall your device’s operating system, though this may result in the loss of important files. How can I protect my computer from a virus? Protecting your computer from viruses is essential to avoiding the hassle and potential damage they can cause. Here are some tips to prevent viruses:
TikTok Inspo: Help! My computer has a virus – or does it? Shoot a 15-second video to show us how to check if your computer’s been infected. For many people, the mere mention of the word “money” spurs feelings of stress and anxiousness. In fact, a Bankrate study of nearly 2,500 U.S. adults found that 70% of respondents feel stressed about their finances. At the same time, living a financially responsible life can help one maintain optimal mental health. In observation of May being Mental Health Awareness Month, let’s take a look at the connection between money and mental health.
How do financial struggles impact mental health? There are lots of ways money troubles can influence one’s mental health:
How does financial stability impact mental health? Now, let’s explore how financial stability can impact one’s mental health:
The link between money and self-worth Unfortunately, too many people link their self-worth to their financial situation. This can lead to feelings of inadequacy and low self-esteem when experiencing financial struggles. However, it is essential to recognize that self-worth is not tied to financial success. Instead, focus on developing yourself as a person in ways that are not related to your financial situation. Set personal goals, practice self-care and seek fulfillment in areas outside financial success. Debt and mental health Debt is often the most significant financial problem that people face, and it can have a strong impact on mental health. Research shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts. People who’ve been caught in the debt cycle may feel like they are trapped in their situation with no way out. This can lead to feelings of hopelessness and despair. Debt can also cause a great deal of stress, which can lead to physical health problems such as high blood pressure and heart disease. If you are struggling to escape from under a mountain of debt, there are steps you can take to kick your debt for good. Consider consolidating it through an unsecured personal loan that may include one low-interest, and possibly lower, debt payment each month. You can also pay off one debt at a time by maximizing your monthly payment toward that debt until it’s paid off, which is often called the “snowball method” of debt payoff. If you choose this route, be sure to continue making all your minimal monthly payments on your other debts as you focus on the one. Managing your finances for improved mental health Are you struggling with money challenges that are negatively impacting your mental health? Here are ways you can improve your financial and mental health:
TikTok Inspo: How do you maintain your mental health and financial wellness? Share your best tips in a 15-second video. |
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