How To Handle Your Finances During A Tough Time

We’re all capable of going through hard times, and those can be particularly tough when they involve your finances. 

Whether someone in your household loses their job or a pandemic like COVID-19, puts you at risk of losing money, it’s certainly handy to know how to cope with this time in your life. 

Here are some tips to handle your finances during a tough time.

Take A Look At Your Spending

Firstly, it’s a good idea to take a look at your spending. 

See how much you’re currently spending on food, bills, and other items whatever they may be. Sometimes, we end up spending more money than necessary and on things that are luxuries or that maybe we don’t need. 

With that being said, it might be a good idea to cut out all these extra expenditures so that the only payments you are making are those towards your utility bills, rent or mortgage payments, and for food. 

These are the necessities that are keeping your family safe, warm, and alive. 

Anything else is something that’s not needed and can, therefore, be put on hold temporarily until you’re back on your feet again. 

It’s going to be hard to cut things out, but it’s important for the sake of your finances.

Ask For Help From Friends & Family

Asking for professional help, for example, when you’ve been injured, and a no-fee guarantee might be beneficial, is important. 

Your friends and family won’t want to see you in a position to be struggling, and so it’s important that if you’re in a time of need where you need financial help, it’s good to reach out. 

You might have friends and family who can really help you out, and it’s something that you’d do if they were in the same financial situation and needed money. 

Don’t feel like you’ve failed or that you consider it being a charity case because sometimes, we all need a little help.

Create A Plan B To Bring In Money

A plan B is always something that’s worth having when you’re in financial disarray. 

It’s the plan that you put in place when your financial hardship isn’t getting any better, and perhaps you need to make other decisions in order to bring money in. 

Whether that’s selling things around the home, selling your home if you own it, or selling a vehicle if it’s possible. 

You might want to think about getting another job or finding a new one if you’ve been fired from your old one.

Prioritize What You Pay For

When it comes to your spending, try to prioritize what you pay for, and so that way, you have the necessities paid ahead of time, and then you can focus on the rest. 

By prioritizing, you can get ahead of yourself in trying to find ways to help make your money stretch further and perhaps get help from your bill payers while struggling through this time.

Handling your finances in a tough time can be hard, but you will get through it.

Tips For Coping During The Coronavirus Pandemic

The world is going through one of the most challenging times in recent history. 

Over the last few months, everything that we know has changed due to the coronavirus pandemic. 

Countries have gone into lockdown, people all of the world have started to socially distance, hundreds of thousands have contracted the virus, and a global recession is imminent. 

We will get through this situation and life will go back to normal. 

It may take a very long time for that to happen though, and in the meantime, we all need to adapt to the new world that we are living in. 

During these stressful times, our physical, and mental health may suffer, and we may struggle financially due to an inability to work. 

Coping during coronavirus is going to be a challenge, but here are some tips to help make life easier. 

Review Your Finances

Unless you are still working throughout the crisis, you will need to review your finances to look for ways to save money during the coronavirus pandemic. 

Go through all of your outgoings. Find any that are not 100% necessary and cancel them, such as gym memberships or subscriptions to services that you are not getting the full use out of.  

You can always reinstate them at a later date. 

Get in touch with any companies that you have debt with. Many lenders will have plans in place for supporting those affected financially by the coronavirus.

They may allow you to make reduced payments on any debts, or to defer payments. 

Think Of Others In Need

Keep yourself busy and mentally occupied by helping those who may not be able to look after themselves so much. 

If you have elderly relatives or neighbors, call them up for a chat, they will probably appreciate it. Offer to do their shopping for them. 

You may be able to help them deal with practical matters such as looking into do senior citizens get the stimulus check from the government?

money tips during covid

Take Care Of Your Mental And Physical Health

Taking care of both your mental and physical health is essential during these difficult times. 

There will be a lot of things that could cause you to stress, so in order to deal with that in an effective way, you need to stay as healthy as possible. 

Make sure that you are eating a balanced diet with regular meals containing plenty of fresh fruit and vegetables. Drink plenty of water too. 

Rest is essential. Do your best to try and get to bed at the same time every night and get a full eight hours sleep

It can be easy during a lockdown situation to start to form odd sleeping habits. To avoid this, set an alarm and make sure that you get up and have a productive start to your day. 

Get some exercise. If you are permitted to go outside, run, walk, or cycle to get your blood flowing and get some fresh air in your lungs. 

Managing Your Finances as Best Possible

Managing finances can be a difficult task. 

Most of us don’t go completely overboard and tunnel ourselves into debt, but many of us will occasionally overspend and find ourselves struggling to get back on track. 

But at the end of the day, your finances are of the utmost importance, as they can largely determine your quality of life. 

The better controlled and organized your finances are, the more likely you are going to be to keep on track, out of debt and maybe even have some money put aside in order to tide you over should a rainy day ever arrive. 

So, what can you do to manage your finances as best possible? Here are a few tips and tricks to help you along the way!

Set a Budget

A budget is an absolute essential for anyone – no matter how much you earn or how much your outgoings may be. 

A budget basically allows you to fully understand how much you earn, how much of that sum you take home (and how much you need to pay out in taxes and other fees), how much you need to fork out for bills and other obligatory payments and how much is left over as “disposable income”. 

Your disposable income will determine exactly how much you have available to spend on luxuries, how much spare you have to chip off any existing debts or how much money you have spare to save. 

How you spend it is up to you. 

By overspending when it comes to disposable income, you can find yourself unable to pay essentials or you could have to take out credit cards or loans to get by. 

So, work out your budget and make sure you don’t overspend. 

If you’re struggling, there are plenty of budgeting calculators out there, or you could always use the services of a professional financial advisor.

Cut Essential Costs

Sure, there are costs that you may need to fork out. 

For example, you can’t get by without shelter so will have to pay rent or a mortgage; you can’t get by without food; you can’t get by without heat and energy so will need to pay gas or electricity bills; you can’t get by without water so will need to pay a water bill. 

However, there are ways to cut the costs of essentials. 

Generally speaking, it’s a good idea to use price comparison sites to check the different offers, deals, tariffs, and plans of essentials that you need to buy. 

There’s a good chance that there’s a cheaper policy out there than the one you currently have. When it comes to matters such as food, try buying a supermarket own brand or unbranded products. 

These tend to be a lot cheaper and can often taste pretty much the same.

Plan Your Retirement

Of course, you don’t want to work your whole life. But when you reach your elderly years, you’ll still need an income to tide yourself over. 

This is why planning a pension while you are still working is absolutely essential. It will allow you to put away for funds that can keep you going long after you have stopped working. 

Take a look at Accuplan Benefits Services for a better idea of how to start saving for your pension and what plans can benefit you best.

Put Savings Aside

As we’ve briefly asserted, it really is important to have savings put aside for a rainy day. This will help to keep your head above water during rough times. 

Sure, we don’t want to be pessimistic or negative. 

But you do need to prepare for potential negative life situations, such as injury or illness that could see you have to take time off work, gaps between jobs or other scenarios.

Take Out Insurance

In a similar vein, it’s a good idea to take out insurance policies

This will cover you if you experience other negative situations that could financially impact you. For example, theft, broken appliances, veterinary care for a pet or flooding in your home.


online-loans-covid

These are just a few different areas to think about, but they’re all definitely worth taking into consideration. 

Each will really help you to better manage your finances and protect you from financial problems that could crop up at some point or another. 

They’re definitely worth your time, effort and financial investment!

How to Get a Maximum Claim with the Help of an Experienced Attorney

Personal injury claims can be innately complex compared to other types of claims.

What you do after the accident will affect your chances of getting justice.

Now, a lot of factors such as economic damages and lost wages, pain and suffering, medical examination, and the likes come to play.

This makes winning or receiving maximum compensation for a claim quite a lengthy and complicated process that can only be achieved with the help of a skilled attorney.

Let us look at some useful tips to help you get maximum compensation for your claim.

Gather and preserve evidence

For starters, having good evidence is your number one ticket to getting maximum claim compensation.

The evidence you present helps to detail the severity of the accident, which will help your lawyer build a strong case. 

It’s recommended to start the process immediately after the accident to avoid any type of tampering. 

Types of evidence to collect:

  • Physical evidence- Tangible or visible items like plate number or cracks, etc.
  • Police report- Notify the police immediately when the accident occurs. They will document with a report of what happened
  • Witness statements- record witness statements and get contact information in case of trial
  • Photography and video evidence- record the area and accident scene

Tips: 

  • Do not wipe off or clean tangible items. Store them in their original state
  • Do not post statements and evidence collected online or on social media pages. 

Get medical examinations and reports

This is another crucial element in personal injury claim settlements.

Medical reports from your doctor will help your personal injury attorney prove that you are entitled to recover from the pain, and mental anguish suffered from the accident.

A well-documented medical report allows you to claim for damages that will aid uninterrupted medical care. 

Tip:

  • Present medical bills, prescriptions, statements, receipts, discharge information, and receipts from hospitals to your lawyer.

Don’t be too quick to accept or decline an offer 

After an accident, there are too many emotions involved, and sometimes you might find yourself accepting the first offer on the table to move away from everything.

On the other hand, you might reject an offer because you do not understand matters settlement.

To be on the safe side, you need to work with an attorney who is rational and will fight for your case with no mixed feelings. 

Hire a Skilled Attorney

How to recognize fraud and undue influence in wills and estate.

Again, the best way to get maximum claim settlement is to hire a skilled personal injury attorney.

Yes, find an attorney with a track record in the accident you suffered to help build your case.

Let your personal injury claim attorney know how the accident has affected your life, but ensure that you are honest about it.

Please note that pain and suffering are not confined to discomfort and pain.

It also factors in detrimental effects that you are likely to suffer in the future.

For instance, you might find yourself struggling with eating, sleeping, or mentally distressed, plus you can lose your income.

You should perhaps keep a journal to document the pain and suffering as you progress with treatment and the case.

The sooner you file, the better

One of the hindrances to maximum claim compensation is the time taken to file.

For every type of accident, there is a state law that stipulates a deadline for filing a case and going to court.

Although accidents may linger for weeks and months or even years, it is essential to file immediately so as not to miss the deadlines.

Additionally, filing a case immediately allows you to collect evidence formally, which can be used to build your case.

It also sends a signal to the party you are suing. 

Listen to your attorney

The frustration that comes with accidents can be a daunting experience.

You might find yourself doing the opposite of what your lawyer recommends because you feel overwhelmed or angry with the process.

For example, you could find yourself venting on social media or posting evidence because of a bad experience you have had.

However, such acts could jeopardize your case.

No matter the circumstances, you should listen to your attorney to enjoy a smooth process and maximum claim.

Doing the contrary could lead to a breach of contract or little to no compensation. 

In Summary… 

Remember, every party will think of their interest when it comes to personal injury cases.

Settling with them might seem easy but might not guarantee maximum compensation.

The best approach is to consult with a top personal injury attorney to assess your case and advice on the proper cause of action.

You should also play your part to ensure you get justice for the damages incurred in the accident.

 

What To Do When Your Boss Won’t Pay You

Most employers are very good at paying their team members and will handle this task on time whenever the day comes. 

If they were to ignore this, it would be very hard to convince people to work for them, and their business would quickly fall apart. 

Of course, though, this doesn’t stop some bosses from being tight with the money they owe their team members. 

Finding yourself in this position can be tough, and most people don’t know what they can do. 

To help you out, this post will be exploring the action you should take, giving you tips and ideas for each step of the way.

Talk It Over

Before you do anything serious, it will be worth talking to your employer to figure out the root of the issue. 

It might be that they haven’t been paid yet, and they simply need a few more days to iron things out. 

In other cases, they may want you to do more work for them, or may not feel like you’ve earned the money they owe you. 

As long as you’ve held up your end of the employment agreement, though, they should pay you for the work you’ve done.

Make A Formal Request

making a formal request

If they continue to refuse to pay you after you’ve spoken to them about the issue, it will be time to start looking at more serious options. 

Making a formal request for your payment can be as simple as sending a recorded letter to your boss. 

This should request the money which is owed in a polite manner, referring to the contract or agreement which you have made with them. 

This can be a good opportunity to let them know that you’re willing to be flexible and would rather talk about the issue than take it further.

Get Legal Advice

Things start to get a little trickier if they still haven’t paid you by this point. 

Legal advice will be essential to ensure that you take the right steps, and it will always be worth having your contract to hand when you do this. 

Wage theft is taken very seriously and isn’t something that businesses can play with. 

You will almost always be able to get legal support with this sort of issue, and it will be worth going down this route sooner rather than later.

Take Your Pay

Whether you have to go to court or your employer gives you the money they owe you right away, it’s crucial that you leave this without losing anything. 

Verbal contracts are taken seriously, and you don’t need to have a legally binding document to prove that someone owes you money. 

Of course, though, it will always help to have some sort of evidence at hand, especially if you work on a freelance basis.


getting paid

With all of this in mind, you should be feeling ready to get started on the process of getting you pay when someone is refusing to give it to you. 

This process isn’t going to be an easy one, but it will be worth standing your ground to make sure that you don’t lose out.

How Payday Loans Online Can Be A Savior During COVID 19 Crisis

As the coronavirus crisis becomes more daunting with every passing day, finances are going haywire for everyone. 

While employees are facing pay cuts, business owners are encountering problems for making ends meet. 

There is also a looming fear of a medical emergency that may come up at any point in time. 

These can be major concerns, considering the fact that 80% of workers live paycheck to paycheck in America, like this post about payday loans online at JPost explains. 

Having a financial strategy in place surely makes sense in such uncertain circumstances. 

covid-19-personal-finance

Let us see why you can rely on this source to meet quick cash needs during the COVID 19 shutdown.

You Can Apply for Payday Loans Online From Your Home

With social distancing becoming the need these days, businesses are resorting to remote working. 

Obviously, visiting a bank or money lender for getting a loan would be the last thing on your mind. 

With an online payday loan, you simply have to access a lending website and fill a small form to apply. 

There is no need to collect documents or visit the lender personally. You get the amount in your bank account within a few days of approval. 

Contactless application and deposit right at your home is the best way to save yourself from the financial emergency as well as an infection risk.

Short Term Liability Is a Better Option for Emergencies

At such a phase, when there are economic uncertainties ahead, you should not get into any long term liabilities. 

Rather, sticking to short term liabilities is a better approach because they are easier to repay in the future. 

Lenders too would be happier with short-term lending. Since you will probably require small sums for short terms to meet your emergency needs, payday loans online emerge as an ideal option. 

These are short term liabilities because you have to pay the loan back with your next paycheck.

 So you can rely on them to meet the immediate needs without becoming big debts for the future.

Bad Credit Is Not a Major Concern

At such troubled times, getting a loan becomes a challenge for borrowers with bad credit. 

After all, any lender would think twice before lending to someone who hasn’t been great with repayments because finances are likely to be trickier in the future. 

But with online payday loans, a low credit score is not such a big deal. 

You can easily secure a bad credit loan as long as you can show proof of regular income. 

Moreover, the chances of approval are good because your application goes to multiple lenders on the network of the website.


covid-investing

Now that you have a feasible financing option to bail you out of the crisis, you need to find a trustworthy website that you can rely on. 

While you assess the options, be sure to check their terms and conditions and understand their process thoroughly. 

Do check the interest rates and go through their cybersecurity policy as well. 

Truly, an online payday loan can save the day for you in an emergency like this one. 

 

Investing Tips for the Freelance Millennial

Freelancing is an increasingly popular way to earn a living among millennials. 

It’s a deviation from the standard 9 to 5 office schedule. Freelancers can use their talents in coding, graphic design, or writing to bring in extra cash on a job-by-job basis. 

However, as glamorous as freelancing can sound, the financial side of it can be intimidating. When you’re considering what investments to make as a freelancer, it’s best to stay on the safe side with options like GICs.

Here, we’ll offer some responsible investing choices that millennials can make as self-employed agents. 

The Rise of Freelancer Gigs

Hubstaff Talent states that there are around 2.7 million freelancers in Canada. This number makes up 15% of the Canadian workforce and represents a drastic spike from the last decade. 

Some freelancers focus solely on securing gigs, while others pick up work alongside a part- or full-time job. 

In any case, freelancers can choose which jobs they take on without being tied down by contracts. They are free to work from wherever they want to as long as they, in most cases, have a reliable internet connection.

Why Invest?

Freelancers don’t receive a set income, so cash flow may often be the primary concern for many of them. Millennials also have a lot more debt than previous generations.

Even with income that isn’t guaranteed, you still need to make responsible financial decisions and set money aside for your future. 

This situation is where investment becomes an attractive way to improve cash flow.

How to Invest Wisely

Even as a freelancer, you have options for investments that will generate the best returns. Here’s how to invest wisely:

1. Lower Your Yearly Taxes with an RRSP

If you’re looking to lower your taxes at the end of the year, consider making contributions to a Registered Retirement Savings Plan (RRSP).

Any contributions you make to your RRSP will be a deduction from your income, which means a delay in the taxes on your RRSP investments.

You’ll earn tax-free investment income on all of your contributions. Because you’ll likely be in a lower tax bracket when you retire, this type of tax deferral will offer you significant savings. 

2. Play It Safe with a Guaranteed Investment Certificate

A Guaranteed Investment Certificate, or a GIC, is a safe way to invest your money as a freelancer. It’s low risk, as you have a guarantee to receive your initial investment amount back after your GIC matures.

Here are a few things to keep in mind when deciding if a GIC is right for you:

  • Minimum amount: To get started with a GIC, you’ll need a minimum of $500.
  • Initial fees: GICs are cost-effective, as you won’t face any charges when you purchase one.
  • Maturity date: A majority of GICs pay a fixed interest rate over a set period, such as six months, one year, two years, or five years. Your interest rate will be higher if you select a more extended period.
  • Penalties: If you withdraw your money from a GIC before the maturity date, you may pay the penalty. 

3. Diversify Your Investments with Mutual Funds

Mutual funds let you diversify your investments without putting your hard-earned money at risk.

When you purchase one, you are investing in a large group of assets like stocks and bonds. Mutual funds are under professional management, so you can rest assured that an expert is working hard to earn you a profit.

These funds often require a minimum of $500, but some brokers will waive their minimum amounts if you agree to make monthly contributions. This option is a great way to add some consistency to your financial goals!

The Takeaway

If your income fluctuates as a millennial freelancer, consider these safe investing options. They are ways to get started and won’t leave you exposed to the volatile side of investing. 

 

Looking After Your Finances For Your Future

If there is anything 2020 has taught us so far, it is that nothing is certain. Everything we know can be flipped on its head and our whole world can be totally uprooted.

As people scramble to make sense of all the new changes and developments with regards to a new lifestyle in response to the COVID-19 pandemic, it makes sense you want to look at creating new income streams and investing your money in a way that will benefit you and your family and help you to make the best of a bad situation.

Despite the difficulties facing the world’s economy, there are still ways you can not only invest in your future but also help to generate another income stream to help support yourself as everyone works through these new challenges.

saving-for-the-future

Generating a New Income

Remote working is the way forward now and looking at ways you can utilize your skills and generate an income from home is more important than ever.

If you own your own company chances are you are already doing this but if you need suggestions, below are great ways to get started when it comes to working online.

  • Start a Blog/Website – do you have expertise in a certain area or a flair for writing? Then a blog or a new website based on a certain sector could help you generate an income. advertising is the main way to earn a residual income as people place adverts on your site for a fee.
  • Content Writing – signing up to sites such as People Per Hour or Fiverr as great places to start looking for work when working as a freelance copywriter. There is a huge global market for copywriting but competition is stiff so be prepared to work a lot for less as you build your portfolio.
  • SEO – working SEO is something all businesses with an online presence should be working on constantly. If you are knowledgeable in this area, you can help companies improve their SEO and help them become more visible in search engine results thus boosting their reach and increasing sales.
  • IT Services – helping people maintain efficient IT systems and infrastructure is something people will need all the time. Branching out and using your IT skills to help other companies is something you can take on remotely to build a career in.

Investments

If you are looking to protect your income or your savings for the future, then you have many different options.

Stocks and shares are the main ways that pop into people’s minds when you talk about investing. 

Whilst this is a solid way to invest it isn’t guaranteed you will make money, there is always the possibility you will lose everything you have invested.

You also want to look at investing commodities that will hold their value too. 

  • Jewelry/Diamonds/Watches – invest in high-quality items such as Rolex watches that will be of value for many years to come.
  • Art – Artwork is something that you can guarantee will be a good investment. Art is subjective and only the buyer can decide if it is something worth investing in. But if you have a passion for creativity and can follow trends within the art world, then this could be a great alternative way for you to invest your money in the future.
  • Property – Build your own home using custom builders, buy and renovate an existing property or enter the buy to rent market to give you a good return on your money for now and in the future. It is important to know how to invest well in the property market, as you don’t want to end up being left in negative equity and with a property you can’t sell.
  • Gold – Gold is something that consistently holds its value. It is worth considering when it comes to protecting your funds for the future.

The most important thing when it comes to looking after your finances in an uncertain world is to make sure you have done your homework first. 

Make sure you know the risks as well as the potential benefits and seek professional advice if you feel you need it.

Avoid losses by making sure you have a good understanding of where your money is going and potential risks. 

This is also true for generating income. Be aware of trends within the market so you can be sure you are able to work consistently and make money for when you need it as the main income or to supplement your current income to support yourself and your family.

Can You Remain Financially Stable in an Uncertain World?

The world we live in is fast-paced and constantly moving. There’s plenty of uncertainty and it can leave even the most level-headed feeling anxious. 

The best thing any of us can do is focus on what we can control. Keeping our money in check is one thing we can all aim to do. Here are some ideas. 

Get out of debt

Being in debt is so expensive, the number of interest creditors charge can be insane if you sit and look at your paperwork. 

Because you’re paying this each month, it might not be apparent quite how bad the situation is until you add up exactly what you pay in interest each month and then work it out for the duration of the debt. 

Do what you can to pay down balances and close accounts completely. 

You might have to do drastic measures like selling what you no longer need, using your savings and take on extra shifts at work, or anything to bring down those balances and therefore reduce the amount of interest you’re paying. 

If you’re in more serious trouble with debt then speak to a debt charity or debt management company. 

They can often get interest rates frozen and negotiate new payment amounts which allow you to pay off the balances without them spiraling and finally get back in control of your finances. 

Grow your savings

Once you’re out of debt, you can start to grow your savings. 

Because of how expensive debt is, there’s no point trying to save when you owe balances as it will cost you more in the long run. 

But if you paid your debts and get them out of the way, you can start saving again and begin to build up a buffer. 

It makes sense to have two savings accounts, one for your long term ‘life savings’ for saving towards retirement, buying a house or other things that mean you simply wouldn’t touch the money for any other reason. 

Then you can have a shorter-term savings account. This is handy as a ‘rainy day fund’, like if your car or washing machine breaks down or you’re met with a large, unexpected bill. 

If you have a particular savings goal in mind such as buying a new car or going on holiday, it can be worth having a separate account for this too. 

Separating your savings in this way (rather than keeping them lumped in your regular current account) means you can watch them grow and never dip back into them. 

One of the easiest ways to save is to create a standing order which automatically transfers money from your regular bank to your savings account (or accounts). 

Set this to come out on the day you’re paid, you won’t even notice it going but over time it will add up. 

Work on multiple streams of income

Having multiple streams of income is always a smart move, particularly in today’s uncertain times. 

If one method stops earning you money (such as you get made redundant from your job) then you have other ways to get cash so you’re never without. 

Along with your regular job you could write and monetize a blog and/or Youtube channel. You could do work on freelancing sites or run your own home business. 

While of course, you do need to be flexible and adaptable to do well in today’s modern business world (https://www.intellectsoft.net/blog/what-is-digital-transformation/ explains more about this) if you’re able to run things from home then you get to earn money on your terms. 

Often,  home businesses don’t have high overhead costs to get up and running so they are much less risky financially to get started. 

Get onto the property ladder

With huge changes going on in the world, from the recession to Brexit to the new Covid-19 health pandemic, it’s clear to see that the property market does fluctuate. 

However, it always recovers after a crisis, and that’s because people always need homes to live in. 

Once you own your home it will likely accumulate value every year, there will be troughs and peaks but overall it’s an excellent investment long term. 

It gives you security later in life as once you retire, you no longer need to pay a mortgage or a rent which frees up the limited money you do have. 

In a world of instability, investing in property and buying your own home is still always a fantastic option and something you’ll never regret doing.

So, if you’re able to make it happen then definitely try. 

Store and stockpile

You don’t need to stockpile like you’re preparing for the zombie apocalypse (although in light of the Covid-19 pandemic, most of us are wishing that we had!) 

However, it’s never a bad thing to have some extra supplies in your home. 

Make sure your pantry is always stocked with things like pasta, rice, tinned food and jars of sauces, ingredients like flour and sugar and herbs and spices. 

If something happens where you can’t buy food for a while such as being short on money or a wider crisis going on, you don’t need to panic as you know you have everything you need for a while. 

Buy things like washing powder, dishwashing tablets, shampoo, and soap when it’s on offer and put an extra one or two in a cupboard somewhere. 

If you run out you always have one handy, and if you ever need to miss a week’s shop for whatever reason then you’re set. 

Work on a budget

Finally, having full control of what goes in and what comes out means you’re never overspending. 

Your bills and priorities are always paid first and everything else is properly divided up so you can afford to live without living beyond your means. 

You could use a budgeting app, a calendar or even a good old fashioned notepad to work out your budget and track your spending. 

Politics And Poverty

The subject of poverty has triggered a fervent debate in the US. Over the course of several decades, there have been discussions and accusations, with policies and politicians criticized for failing to tackle poverty head-on. Despite ongoing arguments, there have been improvements in poverty rates.

The infographic below outlines milestones in the fight against poverty in the 20th and 21st centuries. In 1959, over 27% of the population lived in poverty, and in 2014, the figure had fallen to just over 21%. Since 1970, the average personal wage has also increased by almost 50% to $30,176. 

Policies have influenced poverty rates significantly over the years. In 1935, Franklin D. Roosevelt passed the Social Security Act, paving the way for an array of measures that were designed to reduce poverty and provide opportunities. Public work relief programs and aid for poor families were introduced, and over $4 billion was invested in construction projects. In 1965, President Lyndon B. Johnson passed amendments to the Social Security Act, launching Medicare and Medicaid and providing grants for schools and education centers as part of the Elementary and Secondary Education Act of 1965.

More recently, over 22 million Americans were lifted out of poverty in 2012 as a result of Social Security, with 10.3 million moving above the poverty line due to the Supplemental Nutrition and Assistance Program (SNAP). 

Poverty rates have been declining steadily across all demographics, but the most noticeable difference is the drop in over 65s. The proportion of those aged 64 or over living in poverty has fallen from over 35% to 10% since 1959. 


Infographic Designed By Norwich University