Tag: financial

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Career Career & Education

How to Prep for Performance Review & Get a Raise

How to Prep for Performance Review & Get a Raise

Despite enjoying your work and being happy with it, performance review still scares us all. It is that time of the year when you have to sit down and go over your performance with the manager. The review can either result in you staying at the same place or earning a raise. It is both time-consuming and causes anxiety. However, if you are prepared beforehand, you can save yourself from getting worried about it. Here are a few tips to prepare for a performance review and even land a raise:

·      Think of Your Performance Review as a Job Interview

You must remember how you did all the preparation before landing this job. Your performance review will analyze your current performance and possible prospects for a raise. So, take it as applying for a higher-level job. Revisit your old interview practice approach. Have your friend do a mockup interview.

·      Show Your Achievements

One of the important techniques is to show your achievements. Make a good presentation about what objectives you delivered and how much they positively affected your company. Brainstorm the value that you bring to this company. Show them how it can improve with your work in the future. You can talk about an upcoming project that you think is perfect to lead with your experience. These ideas will present a positive image to your manager and a possible raise.

·      Prepare to Get Criticized

This is your performance review of the year. It cannot be all positive, so you have to make up your mind to accept the criticism that you will receive. Listen to it and note down the points. You might not agree with all the criticism, but you have to accept it as your future in the company depends on it.

Explain to your manager how you will overcome the observed criticism and ensure your commitment to the company.

·      Review Current and Future Goals

Go over your previous goals and come up with future goals. This will show your boss your commitment and dedication to the company. You might even land a raise if your boss considers your efficiency. If you have already met your previous goals, that counts as a big plus for your raise.

·      Present Your Case for Salary Raise

You need to directly bring up the salary raise objective on the table. After all the discussion, make a case for your future in the company. Show them how you have earned the right to get a raise depending on the past performance. Tell them how you fulfill all the requirements and should get a raise. A strong case from your side will grab your boss’ attention.

Your hard work and commitment will determine how far you have come and how far you can go. You have done everything in the past year, so all you can do for your performance review is to be one step ahead. Review your performance, prepare for your boss’ analysis and be sure to present a powerful case that lands you a raise.

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Financial Savings

10 Ways To Save Money During The Holidays

10 Ways To Save Money During The Holidays

In the trail of creating a holiday budget, most people end up overspending and buying products that they don’t usually need other than for a few days. If you think that you might be on the overspending wagon this holiday season, you can practice the 10 tips below to become a money-saver.

Saving money is undoubtedly one of the best personality traits of the most successful people. Besides, there’s no better way to enjoy your holidays than knowing that you spent less without missing out on the festivities.

1.    Track Spending through Cash

On a card spending spree, it’s hard to know that you have overspent until you receive the bill. Running to the ATM and then back to the mall will ensure that you’re mindful of how much you’re spending.

2.    Double-Check Shopping Checklist

Done with the shopping checklist? Double-check it attentively and think about the things you’ve listed down. Do you really need them all?

3.    Plan for the Holiday in Advance

Don’t forget the power of budgeting because that’s how you can set a monitoring framework to know how much you should spend to save a certain amount.

4.    Try Home-Food and Less Treats

Holiday seasons bring a joyous mood. So much so that you forget to track how often you’re treating yourself. Avoid going for “lunch-outs” so you can save more money.

5.    Go for Homemade Presents and Gifts

Showing up on a party with the most expensive gifts is amazing. However, bringing a homemade cake that you put effort and time into shows the same if not more gratitude.

6.    Use Real-Time Spending Trackers

Don’t worry if you’re not well-versed in monitoring financial spending because there’s a sea of applications that can let you know when you’re about to go overboard with your spending.

7.    Shop in Advance for Discounts

During off-peak seasons such as months before holidays and festivals, companies sell products and gift-like items at lower prices. Plan to shop accordingly and benefit from discounts.

8.    Go for Bulk-Shopping

If you really have a long list of household and holiday essentials, the best course of action is to visit cheaper stores. While you may get more than you need, you will also save money in the long run, especially when it’s toiletries and cooking ingredients.

9.    Avoid Sending Physical Post-Cards

You can send e-cards and e-postcards to friends and family, especially if you’re out of the country or city. Electronic messages show the same gratitude but are cheaper financially.

10.  Plan on Gifting Cookies

Christmas and New Year’s Eve have always encompassed cookie gifts, so cut back on the expensive gifts if you’re on a tight budget because cookies can make the neighbors smile just as much.

Conclusion

Don’t underestimate the power of saving loose change regularly because a dewdrop is what creates an ocean, as most successful people have believed. In addition, if you think that you’ll miss out on a special occasion or festivities due to a low budget, try going for alternatives to keep the excitement and fun constant. In other words, aim for the long-term!

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Credit Debt Financial

You’ve Maxed Out Your Credit Cards, What’s Next?

Steps to Take When You’ve Maxed Out Your Credit Cards

Consumer debt related to credit cards is a significant issue in the United States. According to Debt.Org, more than 191 million people have a credit card in America. As a result of this, many people struggle with maxed-out cards and knowing what to do when that happens.

Whether you’ve done a little too much online shopping, or you needed to get caught up on bills and other responsibilities, maxing out your credit cards is common. In this article, we’ll highlight those steps and go into detail on how to perform each one.

Stop Using Your Cards

Many credit cards will automatically decline purchases that exceed your available balance. However, if you’ve opted-in to a policy that allows overcharging, it’s best to stop using the cards completely once you’ve reached the limit. After all, this cuts off any possibility of escalating the issue if you don’t add to the amount of debt you owe.

If you used any of your credit cards to pay for subscription services, it’s important to cancel them or transfer the subscription to a debit card. While we’d recommend canceling the service, moving to a debit card is okay if it’s necessary.

Plan Out a Budget

Before you start paying off your credit card debt, it’d be beneficial to plan out a budget and means of payment. Doing this will prepare you for what’s coming in terms of your financial situation. Having a solid plan can also help keep you on track to pay your debt off as soon as possible.

While it may be tempting to make only the minimum payments on your cards each month, it’s more beneficial to pay as much as you can. Paying more than the minimum requirement will offset any interest payments that are tacked on and speed up the process.

Pay Off Your Debt

Once you’ve stopped using your cards and you’ve mapped out a budget, it’s time for the hardest part: paying the debt off. There are several ways you can do this and whichever plan you choose will largely depend on your current financial situation. Here are the main ways you can pay off your credit card debt:

  • Pay it in full: This is certainly the quickest option, however, it isn’t feasible for everyone. Unless you have a significant amount of money in your account, paying in full isn’t an option. This is likely the case for a majority of credit card holders.
  • Negotiate with your credit card company: If you’d like to stop using your cards altogether, some companies may allow you to negotiate a lower payback price. If you choose to do this, it may be worth asking for expert help.
  • Make extra payments when you can: The amount you’re able to pay will depend on your income. If you find you have some extra leeway money in your account, consider putting that toward a credit card bill.
  • Use credit card rewards if possible: Some credit cards come with a rewards program. To help alleviate your balance, you may choose to use any accumulated rewards to put toward a statement credit.
  • Utilize debt consolidation: Debt consolidation is a popular option for paying off debt. If you have a good credit score, you may consider taking out another card with a 0% APR on balance transfers and low interest rates. You may also choose to do this with a personal loan from your bank.

Parting Thoughts

Dealing with any type of debt is certainly stressful. Luckily, credit card debt is easily fixable so long as you have a solid budget and repayment plan. To pay off debt, the most important thing you can do is be smart about your spending while paying off your debt and after you’ve successfully paid them off.

By following the steps we’ve highlighted in this post, you’re setting yourself up to pay off your credit card debt as quickly and efficiently as possible.

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Financial Loans Real Estate

Low-Income Home Loans: What Are Your Options?

Low-Income Home Loans: What Are Your Options?

Working a job that provides a low-income can make homeownership seem like an impossible goal. Luckily, there are a variety of options available to assist those with a low income in buying a suitable home.

In this article, we’ll cover some of the most well-known home loans that cater to low-income individuals and families in some way.

Homeownership Vouchers

The Housing Choice Voucher (HCV) allows families assisted in the program to use a voucher to purchase a home. Families will also receive monthly assistance to help with household expenses. The voucher is only available to those families who are enlisted in the program. It’s also not available in every single housing authority.

Other qualifications for this home loan program are to meet specific income requirements as well as having gainful employment. Participants also need to be first-time homeowners, attend and complete a housing counseling program, and meet any other local eligibility requirements.

Indian Home Loan Guarantee Program

Indigenous people and native Alaskans make up some of the poorest populations in the United States. Because of this, the Indian Home Loan Guarantee Program was created. This program is exclusive to native people and guarantees them a reasonable home loan through private financial institutions.

In order to qualify for this program, you and your family must be enrolled members of your native tribe. You must also be in the process of searching for a home. The maximum loan length through this program is 30 years and there are no prepayment penalties either.

HomeReady and Home Possible Loans

Home Possible and HomeReady are two different loans but they have very similar benefits. HomeReady is a loan program backed by Fannie Mae. It is meant to help low-to-moderate income homeowners either buy or refinance their homes. They do this by reducing the standard down payment and mortgage insurance requirements.

Home Possible is backed by Freddie Mac. It is essentially the same as HomeReady, except that it requires a slightly higher minimum credit score to apply. This is perhaps the most helpful for the general population of low-income individuals as a lower required down payment means you don’t need to save nearly as much in order to purchase your home.

Good Neighbor Next Door

The Good Neighbor Next Door Program is an exclusive program to firefighters, K-12 teachers, law enforcement officers, and emergency medical technicians. The loan allows those in these professions to purchase a home at up to 50 percent less than the list price so long as they promise to live in the residence for at least three years.

Down Payment Assistance

Although it’s not technically a loan on its own, down payment assistance can be paired with your loan to decrease the amount you need to pay down on your house. There are approximately 2,000 down payment assistance programs across the country and they’re typically run through the city government.

There are four main types of down payment assistance: grants, loans that are paid alongside your mortgage, loans with deferred payments, and loans that are forgiven after a number of years. This assistance is typically used by first-time home buyers and past homeowners can use most programs after three years of not owning a home.

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Business Career & Education Media Tech & Media

Falling Unemployment Could Add To Worries

Falling Unemployment Could Add To Worries

Introduction

When you hear about the unemployment rate going down, you are led to assume that’s good news. In fact, we have always been taught that a low unemployment rate means the job market – and economy – are strong.

While that is typically and usually true, there are exceptions to that. We are currently in a jobs climate where a falling unemployment rate might be a bad thing in some ways. In fact, some experts are fearful for the future of the U.S. economy because of the dropping unemployment numbers. Why is that? What is causing this fear? How can a low unemployment rate be a bad thing?

What is Unemployment?

Before we can discuss what the latest unemployment numbers mean and how it could be a negative thing for the future of the economy, let’s define what unemployment actually is.

According to the U.S. government, the official unemployment rate is strictly defined as the percentage of workers who are unemployed and actively looking for a job. In other words, it’s the number of Americans who are searching for work and currently don’t have a place paying them for their services.

Recently, the American unemployment rate skyrocketed to heights that hadn’t been seen in decades. Thanks to the COVID-19 pandemic, millions upon millions of Americans lost their jobs seemingly overnight. In just a matter of weeks, 16.8 million people filed for unemployment due to shelter-at-home orders.

At the height of the virus, more than 20.5 million would-be workers were laid off. That means the unemployment rate was at 14.7%, which surpassed the 10% mark seen in the depths of the financial crisis.

Current Unemployment Numbers

According to the most recent Labor Department figures, the unemployment rate has been reduced to 5.1% from 5.2%. That’s down from around 15% only a few months ago. Those appear to be positive figures.

While any growth is welcome, some are concerned that the figures are insufficient. Economists anticipate that companies recently added 485,000 jobs to their payrolls, an increase over August but not as large as the monthly gains seen earlier in the summer.

But the numbers, while moving in the right direction, have some analysts worried for other reasons.

What Do They Mean?

As previously stated, the official unemployment rate published by the Labor Department only includes jobless persons who are not working nor actively seeking for work. It is important to note that millions of people stopped working and also stopped hunting for jobs when the coronavirus ravaged the economy in early 2020.

These people are left out of the jobs reports from the Labor Department. In many ways, they have given up the hunt for a job that suits them. That is why some analysts and experts are actually worried about the newest job numbers because it means that millions of people are throwing in the towel and no longer looking for employment. That is a dangerous, scary thought and could prove troublesome in the months and years ahead.

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Career & Education Education Financial Government Grants Loans

Furthering-Your-Education Grants

Furthering-Your-Education Grants

Introduction

Millions of hardworking Americans are having to adapt to fewer jobs or limited options by furthering their education in order to increase their value in a competitive job market, and the federal government offers a variety of options for prospective or current students who want to further their education.

Aimed towards a variety of fields of study and demographics, new college students and diligent adults wanting to continue their schooling are urged to check into the dozens, if not hundreds, of government grants that are available to help them thrive in their profession. These grants are the key to going through school, studying hard, and finding a career that is right for them. It’s a major difference maker for millions of people who want to study hard and worker harder but require some assistance to meet their goals.

Education Grants

Many of the most positive grants available to students through the federal government are basically scholarships, which are offered by government agencies such as the US Department of Education’s Office of Student Financial Assistance Programs, or specialized foundations named after the scholarship.

Some federal furthering-your-education grants adhere to a wide range of interests, and simply target a particular demographic, such as minorities, or American Veterans. Students who do not fit into a specific subject or demographic will also have choices. The US Department of Education manages the Federal Pell Award Program, which is more of a “blanket” grant that may cover a wide range of career ambitions, age groups, and general sorts of students over the age of 18. Essentially, a demonstrated and demonstrable need for financial help is the most important criteria for awards like the Federal Pell Grant.

Learn More About These Grants

Furthermore, candidates should be aware that Education Grants can come in a variety of formats. While scholarships and direct disbursements of cash for educational reasons are perhaps the most popular awards, long-term, low-interest loans are also available to assist pay the costs of school, housing, household expenditures, and other necessities for both full-time and part-time students.

Colleges, universities, and private schools all have their own set of awards to assist improve the quality of their educational equipment, personnel, and materials, which benefits present and future students indirectly.

Conclusion

With help from the federal government, potential students of all abilities and ages, and at all phases of life, will be able to further their careers and, ideally, their income. The educational scholarships offered by the Federal Government are designed for prospective students who need it the most and cannot afford a higher education without aid. They help guarantee that everyone has a chance at achieving their professional goals while also creating a wiser, more educated nation.

For generations now, countless Americans have turned to the federal government for help when it comes to going to school. And truly billions upon billions of dollars have been spent to create a base of Americans that is hard-working and devoted to learning more There is money available for most students looking for higher education, they just need to know where to find them.

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Health & Home Home Improvement

Higher Heating Bills Coming This Winter, Feds Warn

Higher Heating Bills Coming This Winter, Feds Warn

As Fall becomes Winter, many are fearful that millions of families are about to experience a hike in heating bills. Many analysts are concluding that the months ahead will be very tough on the pocket book of many Americans due to inflation and the skyrocketing price of heating oil, natural gas, and more.

With the coronavirus pandemic still surging and the economy on an unstable ground, the idea of a cold winter with expensive bills sounds like a nightmare to many. What is causing the speculation that prices are about to rise? What is the root cause of this change?

Predictions for this Winter

Many business and industry analysts have predicted a harsh winter when it comes to the energy bill for many families.

Natural Gas

For example, natural gas-powered homes – which account for roughly half of all U.S. families – may spend $746 this winter, up 30% from a year earlier. This might result in their heating expenditures being the highest since the winter of 2008-2009.

Electricity

Meanwhile, households who use electricity, which account for around 41% of the country’s population, might see a relatively moderate 6% hike to $1,268. Heating oil users, who account for 4% of the country’s population, may see their costs rise by 43%, or more than $500, to $1,734.

Propane

Additionally, the most significant increases are predicted for homes that use propane. That accounts for only 5% of all families in the United States, but other households are also likely to suffer significant increases.

For most Americans, it will be a significant increase across the board. All in all, with global prices for heating oil, natural gas, and other fuels increasing, the US government has predicted that homeowners’ heating expenditures would rise by up to 54 percent this winter compared to last.

Inflation Strikes Again

All of this negative news serves as a harsh reminder of the global economy’s inflationary spiral. According to a different study provided by the US government, consumer prices in September were 5.4 percent higher than a year earlier. As a resurgent economy and clogged supply chains drive up costs for everything from autos to groceries, this is the highest inflation since 2008.

Employers, on the other hand, are not doing enough to keep up with the rate of inflation. Most workers’ pay hikes haven’t kept up with inflation so far. Workers’ average hourly earnings increased by 4.6 percent last month compared to a year ago. While that is good news it is becoming apparent that more needs to be done.

Conclusion

The coming winter will prove challenging for many reasons. The economy is rebounding, but slowly, while the job market remains in flux and many businesses face shortages. Inflation is only making things worse. Combined, this will lead to higher-than-normal electricity bills and yet another headache for many Americans.

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Financial Government Grants Loans

Federal Grants: Who Is Eligible For Them?

Who Is Eligible For Federal Grants?

Federal grants are a helpful financial sum that can be awarded to many different types of parties for many different types of needs. Many businesses, organizations, individuals, and non-profits are given federal grants annually and the difference they make is able to help them survive and even thrive.

But Who Is Eligible For A Federal Grant?

Are they given to just anyone or are there specific rules and regulations that decide which applicants are given and denied these grants?

It’s critical to figure out who is eligible to apply for and get a government grant. If a group or person is not legally qualified for a certain financing opportunity, they will spend a lot of time and money filling out the application just to find out that you are not eligible for the award. If you are a part of one of these organizations, it is smart to study the rules beforehand so you know your chances at landing a federal grant.

There are many types of organizations generally eligible to apply for funding opportunities on the official website located at Grants.gov. Each type of organization is listed on that site. Here are just some of the ones you will find there.

Government Organizations

  • State governments
  • County governments
  • City or township governments
  • Special district governments
  • Native American tribal governments (federally recognized)
  • Native American tribal governments (other than federally recognized)

Education Organizations

  • Independent school districts
  • Public and state controlled institutions of higher education
  • Private institutions of higher education

Public Housing Authorities

  • Public housing authorities
  • Indian housing authorities

Nonprofit

  • Nonprofits having a 501(c)(3) status with the Internal Revenue Service (IRS), other than institutions of higher education
  • Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education

Additionally, individuals may submit applications and may be awarded them too. There are multiple reasons why an individual would apply for a federal grant but most of the applicants that attempt to get a grant from the government are doing so on behalf of an organization, company, government, or institution. However, if you are registered with only an individual applicant profile, you are only allowed to apply to funding for individuals. Only official groups are able to apply for group grants.

Another major and important type is the Federal Pell Grant. You have likely heard of this type of grant before. A Federal Pell Grant is ideal for students and is used by millions of college applicants every year. Pell Grants are a type of federal financial aid that might help you pay for education. The money you obtain from Federal Pell Grants does not have to be repaid, unlike loans. Undergraduate students are often eligible for Pell Grants.

Although many groups and organizations apply, the largest source of federally funded grants is the Federal Pell Grant. For the 2020-2021 academic year, the maximum amount given in a Federal Pell Grant is $6,345.

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Business Career & Education Health & Home Recreation & Leisure

Consumers Are Spending, Just on Different Things

Consumers Are Spending, Just on Different Things

With the COVID-19 pandemic still in swing, people have lost income and wages. However, this doesn’t mean that every market has crashed, and people aren’t spending money. They are just prioritizing what they’re spending their money on. Where you spend your money and how much you spend is especially important when you don’t have as much money coming in as normal.

What Are The Consumer Spending Patterns?

In August of this year, studies showed that most people spend more on groceries, furniture, and online shopping. All these trends make sense because more and more people are trying to save money and cook at home rather than eating at restaurants.

More people are spending money on furniture and home décor because they are spending more time in their homes as they work online instead of going to the office. Online shopping has also peaked in the last few years because people are choosing to buy everything from the comfort of their home on their computers rather than venturing out into stores.

Which Types Of Places Increased?

Sales from restaurants and bars stayed steady, not decreasing, or increasing. They increased for a few months right after lockdowns ended as people were itching to go out and see friends. However, with the spikes in current cases, more and more are choosing to stay indoors as much as possible.

Sales from online stores rose 5.3%, furniture sales went up by about 3.7% and grocery stores went up 2.1%. Department sales went up 2.4%.

Which Types Of Places Decreased?

The major decline in sales has been in cars and vehicle repair shops. There has been a massive shortage of parts for cars and people are finding that they can’t the parts they need to fix their cars or buy new parts for their cars.

Overall, though, spending is up because people are excited to be out and finally have a chance to get out of the house. The economy is slowly returning back to normal after more than a year of it lagging due to lockdowns and people suffering from lost wages.

Overall Consumer Spending Trends

Consumer spending is still the largest contributor to the economy though and that doesn’t seem to be falling behind at all.

Before the pandemic, people spent more money on travel, transportation, and restaurants and bars. With the lockdowns and fear of the virus, these industries have taken a large hit. Grocery stores though and online shopping outlets have not seen a decrease in sales. They have continued to see a sharp increase because people have found they still need to get food and cook at home.

Online services have also seen a sharp increase because people are trying to buy all the goods they can online to avoid going into stores.

Although restaurants and bars have seen a large decrease in sales, there is hope they will increase as more and more people get vaccinated. People are beginning to feel more comfortable going out which will hopefully mean bars and places to eat will see a sharp increase in sales soon.

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Financial Government Grants Loans

Grants 101: What Are Federal Grants?

Grants 101: What Are Federal Grants?

You have likely heard of federal grants before. However, did you know what they are and why they work and who they are awarded to? Did you know that federal grants come in many shapes and sizes and for many different practical reasons?

What Are Federal Grants?

A federal grant is basically a monetary or economic award made by the US government. They are made from monies available in the general federal revenue. The funds might be in the form of a loan, a percentage of the cost of a project or organization, or a full funding of a project, research, or other endeavor. Although the government alone offers nearly 1,000 different grant programs to qualified companies and organizations, dispersed by 26 grant-specific agencies and divided into 21 separate categories, grants are available from both the government and outside sources including foundations, non-profit charities, and non-profit corporations.

The categories are diverse and serve a certain demand or direction of growth. Individuals or corporations seeking grants must choose the area that best suits their unique needs. Some of these specific needs include the arts, trade and commerce, disaster assistance, housing, the humanities, technology and science, and education.

Who Are They Awarded To?

All awards are separated into two categories when it comes to obtaining funds: direct grants and pass-through grants. First up is the direct grant. A direct grant is one in which the beneficiary receives funds directly from the federal government, with no middleman.

These funds are advantageous since they need no additional red tape. They only need a single application and subsequent agreement with the federal government. After that, the money is awarded and able to be spent as the parties see fit.

The second category of grants is called pass-through. The federal government awards a pass-through grant to the state, which then distributes the cash to local applicants. This essentially means that applicants have fewer grant competitors, only other organizations or potential recipients in their state, and that applicants only need to visit their state capital for in-person clarification, appearances, or any other communications that would benefit from personal contact.

What Are The Specific Guidelines?

But even within those two categories, there are more specific guidelines that determine how to qualify and describe a federal grant.

A Project Grant is a sum of money given by the government to a certain “project” or study topic. Members of the research, education, and technology communities are frequently awarded project funds, providing they qualify and satisfy a few basic criteria. Generally, an applicant must meet certain criteria or requirements prior to applying for a grant (which is specified in detail for the specific grant sought), and project awards usually have a deadline when financing ends. A project award usually lasts three years on average.

A Categorical Grant is a little more particular, and it may only be utilized for specified, stated objectives. Grant recipients are frequently required to “match” the cash granted by the government, or at the very least contribute a percentage of the total cost. Categorical grants are the most frequent type of award, accounting for approximately 90% of all grants issued by the US government.

Of course, there is much more to federal grants than just that but that is a good primer and basic summary of how – and why – federal grants work.