Tag: savings

Friends and money: How to offer advice on savings and investments

During this and age where people call for rather complex principles to be normalized, one that is missed out is friends giving friends advice on finances. When one suffers a breakup, their friends run to their side and offer advice. Why not on finances? Here’s how to become a caring friend to one who suffers from bad financial decisions. Steve Sorense Embezzlement.

Some finance experts believe that money shouldn’t be a subject one must keep a secret. Of course, for purposes of decency, talks regarding money should be approached with caution. Encourage friends to make a budget and stick to it. Acknowledge challenges that come with it and avoid downplaying one’s financial struggles. Be empathetic and sincere when offering financial advice. Steve Sorensen Embezzlement.

Individuals who offer advice and do it in a kind and gentle way are usually the ones being listened to. Choose words wisely and practice patience. Your friend may not get things right the first time. Stick with them through the process. Once the budgeting hurdle is done with, encourage them to save and invest. Offer to help them start bank accounts dedicated for emergency funds, savings, and investments. Steve Sorensen Embezzlement.

Others may go beyond offering financial advice to friends and start investing on behalf of their friends. This practice isn’t exactly the best and is often discouraged by financial experts. Investing another person’s money and applying one’s own strategy can be tricky and opens a whole new world of problems. Stick to offering advice and helping friends build better financial habits that would encourage them to eventually get started on investing. Steve Sorensen Embezzlement.

Can you really save money while working from home?

The global pandemic COVID-19 has forced majority of the workforce to work remotely in order to stay safe from the virus. This opportune time has companies realizing that remote work isn’t a negative thing, and employees are now rediscovering their dreams and passions while working from home.

Many blame their commute and work lifestyle for their meager to zero savings. Now that they are forced to work with a different setup, saving money has become more plausible, even for imprudent spenders. For one, remote work does not require a person to commute. Americans spend an average $2,600 on commuting. While Postmates and other food delivery services exist, a person’s chances of cooking their own meals are greater when working from home. In a year, an individual can save $2,000 to $3,000 in food expenses alone. Steve Sorensen Embezzlement.

Parking fees are unreasonably high. Not having to drive to work saves one about $2,500 in parking expenses. Another advantage of remote working is not having to wear work clothes all the time. Shopping for corporate attire can save a person around $1,200. Parents who juggle work and parenthood can save on childcare, thus the need for daycare centers is eliminated. Steve Sorensen Embezzlement.

Remote work can help one save a lot of money. It’s no secret that daily work habits add to one’s expenses and are a great threat to one’s savings account. While working remotely has its own obstacles, saving money is not one of them. Steve Sorensen Embezzlement.