In 2020, Americans spent much more time than usual working, eating and entertaining themselves inside their homes. That’s due in no small part to the COVID-19 pandemic. One study by the U.S. Bureau of Labor Statistics found Americans spent 10 waking hours
a day at home in 2020; in 2019 it was less than eight hours a day. That meant Americans also had more time to scrutinize their spaces — which has led to a serious home improvement boom. Spending for nearly every kind of home improvement and renovation project, from painting and other minor facelifts to a complete home renovation, grew nearly 3% to $420 billion in 2020, and it’s expected to grow another 4% by the end of 2021.
As a parent, you’re constantly teaching your kids all kinds of life lessons. For example, financial education: Kids pay attention when it comes to how you spend and save your money. And the lessons they’re learning now will influence how they handle money as they get older. Opening a bank account for your kids might be an ideal way to teach them about money management. But it’s important to determine the right age to open your child’s bank account.
According to the American Association of Retired Persons (AARP)
, nearly 60% of all Americans are without a will or other essential legal documents. Many people think estate planning is reserved for the rich, but it’s in your best interest to plan for who you want to receive your stuff after you pass away. Without your own legal documents, most states will make that decision for you through their intestate laws. One of the easiest ways to make sure that all of your money goes where you want it to, is through current beneficiary designations on any account that allows this choice. Then a will can cover anything that you own that doesn’t have a beneficiary option.
Small business owners plan for the holiday season
months in advance. From securing inventory to outlining sales strategies for their e-commerce site, preparing for the holiday season can be stressful … especially when it comes to keeping your customers’ information safe and private from cyberattacks. Everyone is susceptible to cyberattacks, and the holiday season makes small businesses particularly vulnerable. Since small businesses have limited staff, small information technology (IT) departments, and often little money set aside for remediation, they’re often prey to cyber threats.
Being a first-time home buyer is equal parts exciting and stressful. The idea of finding the home of your dreams to start the next chapter of your life is thrilling, but the thought of making such a major financial commitment is nerve-wracking. And once you start the process, your head can go spinning. What are FHA loans? How do I obtain a mortgage? What other types of mortgages are available? What are closing costs?
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