family budget control

Your Financial Year-End Checklist

2020 is over, and for many of you, it can’t end soon enough. There will be plenty of time to celebrate the end of one year and to hope for better days in the one ahead. But before we get to that, take these steps to get financially ready for 2021.

1) Review your goals: The end of the year is a great time to review the goals you made at the beginning of the year and set new ones for 2021. How did you do this year? Is there anything you’re proud of accomplishing? I like to start with bright spots because they can guide you toward success as you set new goals. But let’s be realistic, too; 2020 threw us a lot of curveballs.

Was there anything you wish you could have done better? You can also learn from any potential stumbling blocks and figure out how to use them as stepping-stones next year. You may also want to take time now to review your net worth. That’s one way to gauge the progress you’ve made in your financial health this year.

2) Update your budget: Did you save the money that you wanted to? Pay off the debt that you needed to? The end of the year gives you a solid end point to assess whether met the goals you set at the outset of 2020. What if you didn’t have a budget or financial goals? You’ve got a blank slate ahead. Why not create a budget that works?

PROMOTED SAP BrandVoice | Paid Program The Key To Unlocking Resilience In 2021

3) Create a holiday bucket: Holidays can be budget breakers, so why not incorporate them into your spending goals right from the start? Christmas may look a lot different this year. But you can still create a separate bucket for holiday spending and when that money is gone, stop spending. You’ll thank yourself in January when you don’t have an unusually large credit card bill.

4) Use it or lose it: Some of your benefits—like vacation days or a medical or dependent care flexible spending account (FSA)—expire at the end of the year. Take stock of what you have left and use these benefits to your advantage. MORE FOR YOUPPP Loan Forgiveness Application Guidance For The Self-Employed, Freelancers And Contractors SBA Approving Economic Injury Disaster Loans (EIDLs): What You Need To Know What You Can Do Now To Maximize Paycheck Protection Loan Forgiveness

5) Make any last charitable contributions: December 31st is the last day your charitable contributions can be deducted on your 2020 tax return. If giving to charity is a part of your spending plan, you can use these questions to help make the most of your charitable giving.

6) Pump up your 529: Just like charitable contributions, contributions to your 529 college savings plan must be made by December 31^st to count for this tax year. Find out if your state is one of over 30 that allow you to deduct your contribution. You can find the specific deduction here. If your state is one of the four that allow an unlimited deduction, keep in mind the yearly gift-tax and super-funding rules.

7) Max out your 401k: While you have until April to make contributions to your traditional IRA, Roth IRA and HSA, you can only contribute to your 401k through December 31^st. So, if you have extra cash and are looking to boost your savings, consider contributing your last couple of checks entirely to your 401k. Business owners can do the same with the employee portion of your Solo 401k contributions.

8) Find your tax return: You’ll be doing your taxes before you know it, so use this time to get prepared. Review last year’s return and make a mental list of records you’ll need to assemble. Year-end is also a good time to decide whether a Roth conversion makes sense for you.

9) Review your business structure: Evaluate your business structure and the QBI deduction to identify any changes you need to make to your business. You might want to set up a solo 401k, for instance, and if so, you’ll have to act before December 31^st (although you can make employer/profit sharing contributions up to the business tax filing deadline).

10) Defer income and incur expenses: If you’re a business owner, you may also want to look at ways to defer income into 2021 or pay for business expenses you anticipate for early next year. This is any easy way to reduce your tax liability for 2020. However, remember not to spend money on business expenses that you wouldn’t otherwise incur just for a tax deduction. Spending a $1 to save 24 cents still costs you 76 cents.

11) Will and trust review: The end of the year is a good time to take stock of changes in your life—like getting married or divorced, having children, starting a business or retiring. Your estate plan should reflect these changes. Get out your will, documentation for trusts you’ve established and powers of attorney and make sure they match your current situation.

12) Insurance documents: Insurance documents also need to cover your current situation. Take a look at your life and disability insurance policies to make sure they protect your current income and those dependent on it. Your renters or homeowners insurance should cover any additional big purchases you made during the year. And lastly, you should review your health insurance policy for any upcoming changes for 2020. For those of you enrolling in the Market Place, you have until December 15^th to pick your plan.

My last bonus task is to enjoy this holiday season. I love the holidays because you can reflect and appreciate what you have. We’ve been tested a lot this year, living our lives through a pandemic, racial unrest and a contentious election. I hope the end of the year brings you comfort and peace. Follow me on Twitter or LinkedIn. Check out my website.

Brian Thompson

As both a tax attorney and a CERTIFIED FINANCIAL PLANNER™, I provide comprehensive financial planning to LGBTQ entrepreneurs who run mission-driven businesses. I hold a special place in my heart for small-business owners. I spent a decade defending them against the IRS as a tax attorney and have become one as a financial advisor. It’s a position filled with hope and opportunity. It gives you the most flexibility to create the life that you want. I also understand the added stresses of running a business while being a person of color and a part of the LGBTQ community. You may feel like you don’t have access to the knowledge that others do. I’m here to help lift some of that weight from your shoulders.

Critics:

A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget. For example, jobs are an income source, while bills and rent payments are expenses.

The Top Ride On Trains On The Market – Family Hype

The train has been a staple child’s toy for many years. When you think of a toy train, you tend to think about a small train set where the train goes about its journey, be it hand or battery powered. These trains are very small, usually too small for even your pet to catch a ride on.

However, another type of train that kids, especially toddlers and younger children love is the ride-on train. With these, your little boy or girl can be the conductor as they take themselves on a one way ticket to fun. There are plenty of ride-on trains in the market. Which ones are the best? Let’s find out.

What To Look For In A Ride On Train

Tracks Or No Tracks?

There are some ride on trains that have their own tracks. These tracks can be built and your child can ride on them. Some trains don’t have tracks, and are just train-shaped carts they can ride on. Who needs tracks? Some kids will like the creativity that comes with building and riding on tracks, while others may like a train where they can ride everywhere that has a solid surface. Some trains have the option for both. This may be good for a growing child. At first, a set track would be the safest, and as they grow, they can drive around outside the tracks.

Battery or No Battery?

Some trains are battery operated. They move on their own, with gear and braking systems. Then there are those that are powered by pushing or feet. Obviously, the battery powered means that it will be more expensive and can break down more, but it can be more fun. Of course, your budget matters at the end of the day.

Design

Does your kid want a train shaped like their favorite character, like Thomas the Tank Engine, or do they want a more realistic train? This can determine which train you buy. Some trains are cheaper and made from plastic, while others will have a steel look that you will love too.

Now, let’s look at some trains.

National 6V Talking

This is a train that can do a lot. It has a 19-foot track and can go up to a mile an hour. It’s not exactly a train that can take you across the country, but for a young child with an imagination, it might as well be. It makes noises too, just like a real train. Your child can shift it forwards or reverse, it has a braking system that activates automatically, and it’s an all-around decent buy. With that said, it does have some durability issues, so if your kid is a roughhouser, you may want to look elsewhere.

Step2 Up & Down Coaster

Step2 is always a good name when it comes to toys for tots. This coaster has the face of Thomas the Tank Engine. Thomas is a character who is beloved by generations of children. Odds are, you may have liked him when you were a kid.

It has a little ramp your kid can use, but it’s not as complex as the other ones. It’s great for young children, as its nonslip steps, handrails, and other safety features ensure a safe and fun ride, but it lacks features that older kids may want.

Kiddieland Minnie

Minnie Mouse is a great character for your little girl (or boy.) This is a plastic train that has its own track. It has music and sounds you may recognize and its caboose can fit the rest of the toy, making it great for travel. With that said, the toy is very slow, so it’s another one that’s great for little toddlers, but bigger kids may want more.

Morgan Cycle Santa Fe

This is a great steel train that is built for durability. It has a padded seat that’s comfortable, safe, and can be detached to clean. That’s always a plus, isn’t it? It’s non-electric, colorful, and quite fun to steer. It’s great if you want a toddler-powered train that can last, though some kids may want an electric one.

Rollplay Steam

This is a quite advanced ride-on train. It makes real steam, allowing your kid to think they are really riding on a train. It’s battery powered and rechargeable and a full battery can have two hours of adventuring. Overall, it’s a great train with many uses, and we recommend trying it out. Oh yeah, and it has working headlights, so you may see your kid on it when you think they’re sleeping! All aboard.

Power Wheels Thomas & Friends

Again, who doesn’t love Thomas? This toy will make your child think they are really riding everyone’s favorite blue train. This toy can move forward, steer around, and stop. It comes with a track, and it can go outside its track as well, which is always a plus. It makes real sounds from the show as well, which is always a plus. You can easily assemble it too.

VTech Sit-to-Stand

This battery powered train not only is fun to ride on, but it can teach your kid about the ABCs. Oh yeah, and it has a piano your kid can play with as well. It has its own learning center to teach your toddler about all the basics. For a toddler, learning has never been more fun, and we know your little one is going to love what he sees. If you want to get your child to learn their alphabet, shapes, numbers, and more, then you should take them aboard the learning train.

Peg Perego Santa Fe

This is another cool train that can go on a track or off the track, too. The track itself is 12 pieces, and the train has a classic design that is aesthetically pleasing. It makes sounds that resemble a real train and no steering required. Your kid is going to love every bit of it.

DISCLAIMER (IMPORTANT): This information (including all text, images, audio, or other formats on FamilyHype.com) is not intended to be a substitute for informed professional advice, diagnosis, endorsement or treatment. You should not take any action or avoid taking action without consulting a qualified professional. Always seek the advice of your physician or other qualified health provider with any questions about medical conditions. Do not disregard professional medical advice or delay seeking advice or treatment because of something you have read here a FamilyHype.com.

Source: The Top Ride On Trains On The Market – Family Hype

21 Little Ways to Save Money Every Day

Saving more money is one of those broad goals everyone sets for themselves at the start of a new year. But with so many tips and tricks out there, it can be hard to know exactly where to begin, especially when the temptation to buy a new pair of sneakers is always looming in the back of your head. Fear not, budget newbies! The tips below are so doable, even a shopaholic can accomplish them on a daily basis. Get ready to save some major dough.

1. Skip out on your daily skinny vanilla latte. “Sorry, Starbucks, but we’re taking a break. It’s not you, it’s me.” This one may be hard, especially if you rely on caffeine to jump-start your day, but a coffee maker is a worthy investment when you realize how much this seemingly innocent cost can add up. And if you simply can’t go your separate ways from Starbucks, try out one of its cheaper drink options.

2. Start painting your own nails. Sure, sometimes a salon mani-pedi is just what you need to unwind and treat yourself, but those visits add up. A bottle of nail polish can cost anywhere from $4 to $15 and will last you years, whereas a pedicure can cost as much as $20. The math says it all.

3. Cook your own dinner most nights. You don’t have to be a whiz in the kitchen to prepare an enjoyable meal. There are plenty of simple dinner recipes out there that are easy on the wallet. Bonus points if you cook enough to give you leftovers to take to work for lunch the next day!

4. Speaking of lunch, make your own every day. This one’s a no-brainer, but the temptation of a fancy $10 salad often cancels it out. Sticking to this tip throughout the year will save you major bucks.

5. Discontinue your cable subscription. Unless you’re really utilizing your cable every day, it may be time to consider a more affordable online-streaming option like Netflix or Hulu.

6. Stow away a dollar a day. Invest in an adult-approved piggy bank and stash away a dollar (or your loose change at the very least, if you can’t stand to part with your precious Washingtons every day). At the end of the month, you’ll have around $30!

7. Buy a reusable water bottle and actually use it. Investing in a high-quality water bottle will save both the environment and your budget. The cost of those plastic water bottles adds up, and Mother Earth will give you a pat on the back for this one.

8. Sip on some drinks at home before hitting the bars. College students had the right idea with their beer-chugging “pregames.” Enjoying a few drinks at home ensures that you won’t fall victim to buying one too many overpriced drinks once you get to the bar or club.

9. Always remember to turn off your lights and air conditioning. Those little expenses can add up to a whopping utilities bill at the end of the month. Get in the habit of hitting the light switch every time you leave a room in your house or apartment.

10. Consider selling your random knickknacks. Though this is technically a money-making tip, the end result is still having more cash in your wallet. Set up an eBay account and finally get rid of that random dog figurine that’s gathering dust in the back of your closet.

11. Seek out discounts. Whether you become a coupon champ at the supermarket or start taking advantage of sites with heavily discounted clothes, it’s best to think twice before paying full price for something. Examine all your options before swiping your card. The website RetailMeNot is a great resource for tracking down discounts from some of your favorite stores and websites in real time. It does the legwork for you!

12. Make a shopping list before stepping foot in a store – and don’t stray from it. Precisely planning out your meals, down to the exact ingredients you need each week, is crucial for saving some green. Venture down the aisles with a written checklist of items in hand rather than aimlessly browsing your options. The same goes for when you hit the mall for clothes.

13. Speaking of groceries, try to only buy versatile staples. OK, that random exotic vegetable may look cool, but is it really worth $5? Stick to those adaptable and affordable essentials like eggs, canned beans, and pasta.

14. Roll up your sleeves and become a DIY pro. When it comes to DIY projects, the options are endless. You can make your own cleaning products, holiday gifts, and decorations. Before throwing away things like old jeans or books, consider how you can upcycle them.

15. Think twice about your transportation options. This is mostly dependent on where you live. If you reside in a car-reliant city like Los Angeles, consider carpooling to split the cost of gas. In a bustling city like New York, try walking or taking the bus or subway instead of an overpriced cab. And if you’re traveling somewhere like the airport, opting for UberPool instead of UberX is always the way to go.

16. Quit smoking. This one’s pretty self-explanatory. Your wallet (and your lungs) will thank you.

17. Go for the generic brands at the store. With goods like toothpaste and soap, the generic brand is usually just about the same as the more expensive, well-known brands. We all have that one brand we’re loyal to, but is it really worth it to pay an extra $3 for body wash if the off-brand version is just as effective at getting the job done?

18. Take an inventory of your monthly subscriptions and cancel the ones you don’t need. Unless you’re really reading every single page of that one magazine or constantly listening to music from that one streaming service, it may be time to nix that monthly cost.

19. Buy your home staples in bulk. Purchasing toilet paper, laundry detergent, and paper towels – aka those pesky items we hate lugging home from the grocery store – in bulk will always pay off in the long run.

20. Suggest free activities when hanging out with friends. Those happy hours and dinner dates add up over time. Instead, research fun and free activities like doing outdoor yoga, checking out a museum with free admission, or watching the sunset.

21. Take five before making impulse buys. Ask yourself, “Is this something I want or something I really need?” Your response should reveal if it’s a worthy purchase or not, so try your best to answer honestly. And if anything, reach out to your mom or a trusty friend who will give their honest opinion about whether it’s something you should really spend money on.

If everyone who reads our articles, who likes it, helps fund it, our future would be much more secure. For as little as $5, you can donate us – and it only takes a minute. Thank you.

Tag: family budget control

Your Financial Year-End Checklist

Contents

Like this:

The Top Ride On Trains On The Market – Family Hype