July 2017 - WiseDollar

Archive for July 2017

4 Ways Being Overworked Can Kill Your Productivity

July 31, 2017 Wise Dollar Lifestyle One comment

There are all types of employees in the workforce. Some love what they do, some like what they do, some work to live and others live to work.

You have worker bees who scurry to get everything done for the queen (or king) bees, and grasshoppers who pretend to work, while the ant continues strong every day.

You may relate to any of the above scenarios, no matter which of these fits you, the truth is, anyone can become overworked.?Hard work is great, but everyone needs to recharge their batteries at some point.

Here are four ways being overworked can kill your productivity.

You Feel Too Stressed

When one is?overworked, it’s easy to stress out about everything and wonder if anything is getting done at all. Plus, stress does weird things to the human body. For instance, stress can make you sick. The more times you are sick and away from the office, the more times you are not being productive.?The better choice is to take time off now and then to re-charge.

You Feel Resentment

Working too much, especially if you don’t enjoy your job, can start to build up resentment. This resentment can be toward the company, the manager and even other employees. Resentful employees don?t work at their best, and thus, are not as productive.

You’re Afraid of Taking a Vacation

The stats are staggering when it comes to how many employees don?t take some, or any, of their vacation time in the United States. Americans have a strong work ethic, but it can often?be carried too far.

When surveyed, these employees said they felt that their office couldn?t go on without them there, or they were afraid they would be reprimanded for taking time off.

But, if you don?t take the time to get away from the office, your productivity will go down. On the other hand, if?you do take a vacation, you may not really relax because you are still worried about the office. So, it can become a catch-22.

You’re Working for that Performance Bonus

You might think that being overworked would be good for your evaluations and that it shows you are a good worker. You think it might help you get a raise. But, that?s not necessarily the case. Too heavy of a workload can have you missing deadlines, giving subpar client support and lowering your productivity. Thus, being overworked is usually reflected poorly on your evaluations.

There are some times where everyone has to work an extra shift or take on a couple of projects in a pinch. But, you shouldn?t ever feel like you?won?t see the light of day because of work.

Try talking to your manager, or see how you can better manage your time. If you’re the manager, your job is to make sure you aren?t overworking your staff.

Have you ever felt overworked? How did it affect your productivity? How did you overcome this problem?

Photo courtesy of: slon_dot_pics

5 Times Frugality Doesn?t Work

July 26, 2017 Wise Dollar Frugality No comments

We are all about being frugal. It is our belief that consistent frugality can lead to a better life for you and your family.

Countless people spend more than they need to spend in their day to day lives, and they pay for it in the long run. Learn how to save money, and your financial future will suddenly look a lot better.

With that said, even we have to admit that taking the ?cheap? route is not always the best way to go. Following is a list of five times when frugality really doesn?t work.

Purchasing Insurance

Of course you want to get a good deal when buying insurance. However, there is a difference between getting a good deal and picking the wrong plan.

If you buy insurance which really isn?t sufficient to cover your needs, you will be exposing yourself to unnecessary financial risk. Look for insurance plans which are going to balance monthly savings with enough coverage to keep you protected. This basic advice applies no matter what kind of insurance you happen to be purchasing.

Hiring a Contractor

If something goes wrong with your house ? for example, if you roof springs a leak ? you are probably going to need to call in a contractor to take care of the repair.

This is not a good time to be cheap. There are probably plenty of ?contractors? in your area who will do the job for very little money, but those people are likely not qualified (or insured). Stick with reputable contractors and accept the fact that they will come with a higher price tag.

Purchasing a Mattress

You spend a lot of time in bed. Most people sleep at least six hours a day, with many people sleeping eight hours or more. Considering how much time you spend laying in your bed each day, it only makes sense to invest in your sleep by purchasing a quality mattress. You don?t necessarily have to buy the most expensive mattress on the market, but you shouldn?t buy the cheapest, either.

When you try to sleep, you might have trouble. That trouble may be caused by your mattress. If you have the wrong type of mattress or one that is too old, it might not provide the comfortable sleeping surface you need. For example, a lumpy mattress can keep your spine out of proper alignment or place undue pressure on your joints. It can also cause other forms of discomfort, such as making it difficult to breathe if you are a stomach sleeper. A mattress showroom near you is a great source when you are seeking a new mattress. Actually laying on several mattresses there can help you find the one that feels most comfortable.

Buying Groceries

This one is not an all-or-nothing proposition, because it can be better in some situations to find a great deal on your food. However, if you only are interested in cheap food options, you will wind up feeding yourself a particularly unhealthy diet.

It tends to be inexpensive to eat poorly, while buying good foods like fruits and vegetables can be a bit costlier. The cost will be worth it in the end, however, as you will be doing your health a favor.

Investing in Technology

Need to buy a new computer? Maybe you are in the market for a new TV? Whatever the case, you will typically be rewarded for spending a bit more money on these items. There are plenty of cheap electronics on the market today, and those might seem like a good deal at first.

Unfortunately, cheap electronics usually break down quickly, requiring you to buy another unit in short order. Invest in quality products and take good care of them for years to come.

Have you ever hurt yourself in the long-run by being too frugal? When else is frugality a bad idea?

Photo courtesy of: TheDigitalWay

4 Considerations for Re-entering the Workforce After Retirement

July 24, 2017 Wise Dollar Lifestyle 3 comments

Entering the job force at any age can be daunting. Strong competition with a still recovering economy leads to a harder time getting employed especially if you are brand new to the workforce or are returning after retirement.

With more Americans having less saved up for retirement more retirees are returning to the job force or working longer. If you are planning on returning to the workforce after retirement, here are some things to keep in mind.

1. Working Longer Means a Greater Payout

Working longer and putting off collecting social security can result in a greater payout past the age of retirement (65-67). By not collecting social security sooner, you receive more of your social security benefits when you do vs. collecting them while working.

In 2015, $1 in benefits will be withheld for every $2 you earn over the annual earnings limit of $15,720. A higher earnings limit applies in the year you reach full retirement age. If you earn more than this limit ($41,880 in 2015), $1 in benefits will be withheld for every $3 you earn over that amount, until the month you reach full retirement age, according to 360FinancialLiteracy.org.

Once you quit working, your social security benefits should go back to their full amount.

2. Opportunity For a Career Change

Many retirees who return to the workforce take this opportunity to change careers or industry, or create their own business. Though when doing this, be sure that you have the right financing to start a business and live off of your savings while your business grows. It could take a while to start making a profit, especially if you are hoping to build a passive income.

3. Retirement Plans from Previous Employers

If you have a pension plan from a previous employer and you go to work for a different company, you shouldn’t run into any problems. If you take a different, lower position with the same company after your retirement, there could be issues. Some pension benefit plans have clauses that the benefit will be suspended should you retire and then come back to work. Before jumping back into working after retirement, check with your HR department to make sure there won?t be any issues.

4. Potential for a Higher Tax Bracket

If you are collecting payments on retirement funds, pension and getting a paycheck, it could bump you into a higher tax bracket. Even getting a job that pays more than what you were getting from your retirement funds could bump you up. Though social security and pension aren?t taxed, you could still be surprised with what you do owe for income tax. Be sure to calculate how much you might owe if you would end up in?a higher tax bracket. This may help you decide if it’s worth it to go back to work or what job to take after retirement.

Jumping into a new position or career after retirement is entirely possible! People do it all the time with great success. As with any new venture, make sure your current finances are in order and consider how this change could affect your finances too. If you have questions especially about retirement benefits, health insurance?or?social security go talk to HR or another professional to make sure you aren?t missing anything. Polish that resume and buy that new suit, you?ve got this!

Do you know anyone that went back to work after retiring? Did you? What are some ways you prepared to go back to work after retiring?

Photo courtesy of: stevepb

4 Ways to Avoid Debt Burnout

July 19, 2017 Wise Dollar Debt No comments

As you already know, paying off your debts should be your top financial priority. Hopefully you have already focused yourself on this point, and you are working hard to wipe out those debts as quickly as you can.

There is a great reward at the end of this process, when you are debt-free and you can look back on your financial troubles as nothing but a memory.

Unfortunately, even people with great intentions can lose their way from time to time. Commonly this is referred to as debt burnout. Basically, the idea is that you get tired of dedicating your money to debt payments, and you wind up spending some of your income on other things instead.

If you find yourself suffering from some degree of debt burnout, review these tips for help.

Picture the Future

One of the strongest ways to stay focused on your debt payoff goals is to picture the future you will have once the debt is gone. Imagine what you will be able to do with your money, and all the fun experiences you will get to have.

There will no longer be any guilt in the back of your mind about spending the money, because you will know that you can truly afford it. It isn?t always easy to reach that future, but it sure will feel great when it arrives.

Allow Yourself a Minor Break

This idea is similar to what you might do if you are trying to lose weight. When on a diet, you are sure to get tired of eating the same old healthy foods ? so you might ?cheat? and have a more enjoyable meal from time to time instead.

There is nothing wrong with this plan. In fact, it is actually recommended by many diet coaches.

You can do the same thing with your debt payment plan. Need a break to avoid debt burnout? That?s okay ? just make sure it is a short one, and a cheap one. Don?t spend a lot of money on something you don?t need. Instead, purchase something relatively inexpensive that you actually do need.

Talk It Out

Debt can be an incredibly personal problem. It is much easier to deal with, however, if you have a friend or family member on your side. Try to find someone you can talk to about your debt, and use them to stay accountable. You won?t want to admit that you have gotten off track, and that feeling of responsibility may be enough to keep your habits in check.

Focus on Other Things

You shouldn?t be making your debt payments the focus of your entire life. There is much more to life than paying bills, so don?t sit around thinking about this all day.

Instead, get out and live your life, and just let your debt work down over time thanks to the payments you are making. It would be a shame to get to the end of this process only to look back and think about what you should have been doing at the time.

Have you ever faced debt burnout? What did you do?

Photo courtesy of: AgencjaAIAC

5 Ways to Save on Your Summer Bills

July 17, 2017 Wise Dollar Saving No comments

Summer can quickly become one of the more expensive times of the year. Between pool passes, vacations, grilling out, fireworks and more, your wallet can get a bit crunched.

Not to mention that your bills can go up as well. Air conditioning, watering the lawn/garden, new construction, whatever, start to add up as well. Here are some ways you can?lower your summer bills.

Get an Energy Audit

An energy audit?is especially important for home owners. If you rent your place, you can talk to your landlord about getting this done. An energy audit is when your energy company comes in to access how efficient your appliances are and where there is drafting.

Drafting allows heat and cool air to escape throughout the year. Knowing this can save you money once those problem areas are addressed. Also, there are energy rebates that can be applied to help pay for the energy fixes you might have to do.

Buy a New Thermostat

Let’s get real. Your house doesn?t need to be 65 degrees all the time. Instead, try using a [easyazon_link keywords=”programable thermostat” locale=”US” nw=”y” tag=”wisedollar-20″]programable thermostat[/easyazon_link]. It can help you set what temperature your house is at. If you are away from your home all day, you can set you?re air conditioner high during the day and then have it turn down an hour before you get home, so the place is cool.

Some air conditioning systems allow you to control the individual rooms in your house so if you don?t use half of your house regularly you can keep those rooms at a higher temp and not use as much energy.

Get a Rain Barrel

If you are a big gardener whether with flowers or vegetables, you?ll use a lot of water this summer. This can push your water bill over the edge. By getting a rain barrel you can save some money by watering from the barrel and not the city water. Also, there are some energy rebates?you may be able to use to help cover a portion of the cost of a rain barrel.

Use a Pool Cover

Summer means swimming and if you have a swimming pool in your back yard you are one of the cool kids! A lot of water is used for a pool or hot tub. Filing them, or even just topping them off, will add to your water bill like crazy.

It’s estimated that households that don?t use a pool cover use over 1,000 extra gallons a month. You add up that cost. It’s obvious that a pool cover can save you money.

Grow Your Own Veggies

When you go to the grocery store, what are the two most expensive things? Meat and fresh produce. But, if you grow your own, produce is?basically free. Of course, it does cost a fair amount for soil, seeds, plants, water and fertilizer. But, in the long-term, running outside to pick your own tomatoes for guac will save you money.

Summer is supposed to be a time for fun, not a time for worrying over how you are going to pay the increases in your bills. Even by holding out on turning on the air conditioner, can save you money. People lived for thousands of years without one. With some determination and smart planning, you can keep from overspending on your summer bills.

What are some ways you save during the summer? Have you done any of these things to lower your summer bills?

Photo courtesy of: RitaE

« Older Entries

WiseDollar