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This week I'm sharing how to achieve 20/20 financial vision, when is the best time to buy various things, and how to support your local food bank

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Super Saving Tips
Food Bank

I want to talk to you about “money” today, but not in the usual sense.

Now that the holidays are over, Americans are back to work. U.S. employment numbers for months now have shown that more people are working than ever before and that the unemployment stats are at a record low. We should be very happy about that.

A job should mean that wages can cover all your essentials like rent, heat, clothing, medicine, and most importantly food, right? The reality is, however, not always. Unfortunately, the jobs created are increasingly mostly low-wage jobs. About 40% of all U.S. workers are paid less than $12 per hour and that’s a big problem.

Having a job may mean NOT being able to pay all the bills or consistently put food on the table.

You hear about income inequality a lot these days, but there are some shocking statistics that are not well known about something as simple as those who need and use their local food bank. You may not even know where your local food bank is located, but somebody you likely know goes there every week or month.

What’s even more shocking is that almost half of the people who use their local food bank—there are estimated to be over 50 million families—more than 20 million of those people are children.

Not just seniors on Social Security, the disabled, and the unemployed are using the food bank to survive. More and more the working poor are forced to find them and use them. 25 million working families in America now are using food banks!

These working families are not turning to food banks only in emergencies. Most are depending on the local food pantry as part of their regular survival strategy. Most face wrenching choices between paying for food and heating their home, buying medicine for a family member, or making the mortgage.

After the holidays, contributions drop tremendously of food, money, and volunteer time to all charities and your local food bank is no exception. If you are lucky enough to have a good paying job, live comfortably in your home, are able to pay your bills, and actually save some money and are not worried about where your next meal is coming from, you still have a responsibility to do something to reach out and help the rest of your community.

So how can you help? My wife and I for several years now have done things that most of us can do. We have contributed money, food, and even volunteer time to help the food bank over and over again because it’s really important to us. It should be that way for everybody.

You can do something, too. At the very least, if you have some canned foods that you can donate, just put together a bag and drop it off at the food bank. Even better is to set up some kind of regular way to donate a gift to them or perhaps help raise money for them at a local fundraiser which they often have planned. Volunteering is also a great way to help. Without volunteers, the food banks wouldn’t even be able to operate as almost everyone working there is not paid a penny to help.

You may not need the food bank now or ever, and I hope that is true. But if you ever do, you should know it’s there, it’s free to use, and it’s not some kind of government agency supported by tax dollars. It is for you and supported by you and it’s one great way to give to help others. To find your local food bank, try FoodPantries.org.

How to Get 20/20 Financial Vision for 2020
It has arrived…2020. Wow, it almost seems it should be followed with the words “A Space Odyssey” to someone like me. After all, it’s been over 50 years since that great sci-fi movie “2001” hit the screen and now we are living in 2020. You can imagine that feeling by thinking how 2070 might be now if you had to guess what life would be like then? A bit scary, isn’t it?

But having said all that, there is the real fact that we have to deal with 2020 right now using pretty clear vision, a la “20/20 eyesight”. The reason is obvious: if we don’t, we will be working with a handicap. And here’s the problem, without a 20/20 view to guide your finances, you are bound to fall short of your goals and there just aren’t any type of corrective lenses that will make your financial vision clear.

Think of Your Goals for the New Year 2020

When you think ahead 12 months to
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The Best Time to Buy Things This Year
Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

Every year I am amazed at how many people ask me when is the best time to buy certain items that they need. Unfortunately, my reaching out to a few friends and acquaintances helps only a little bit. Most people buy things on impulse or just when they absolutely may need something and never have a well-made plan when they do it. No matter how many times I see it, I have to shake my head and ask, “Why didn’t you wait or didn’t you know that it was just on sale last week?”

The prices of most things that are “on sale” are sometimes questionable. By that I mean: sale prices are determined by the retailer and that’s why items at one store’s prices are sometimes very different from another. Competition has an effect and helps keep prices in line
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Super Saving Tip of the Week:

Save for retirement even when your budget is tight!

An employer-matched retirement plan: Taking advantage of an employer-matched retirement account is the easiest way to put aside a little money and get way more bang for your buck! For example, if your company matches your contributions up to 3%, then you need to contribute at least 3% of your salary to get the full match. Getting the match also provides a guaranteed return on your investment. Free money! It’s one of the most important things you can do for a well-planned retirement.

Start with something small and increase it every quarter or semi-annually. It’s not wrong to just start by contributing 0.5% and then gradually increasing it by half a percent until you reach your desired contribution rate. Contributing something is always better than contributing nothing.

Are you self-employed? Being self-employed means you have to save for retirement on your own. Do it at the same time as you set aside money for your taxes. A good rule of thumb is to save about 30% of pay drawn for taxes. Review you final income tax bill from last year if it is applicable to get a firm idea of what percentage you should use for this year. Then, adjust that number and put an additional amount like 5-10% of each pay and you will have ample money to pay the tax bill and have some leftover to go into a SEP-IRA account for your retirement!

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