Meal Planning on a Budget Without Compromising Ingredients

March 1, 2023

Grocery prices are up 11.8% as of December 2022, while certain items, like eggs are up 138% according to the most recent Bureau of Labor Statistics data. With grocery prices soaring, many of us find ourselves pausing in the aisles, debating about whether or not we actually need something. “Meal planning is one way to edit down your shopping list to weekly essentials and save money,” said certified financial planner Ted Jenkin.

Here are five tips to keep your ingredients healthy, and your bottom line low:

1. Know your prices. Though making more than one stop can be more time consuming, it can save you a ton of money. Margaux Laskey of the NYT suggests visiting a couple of different stores to take advantage of sales. When you begin keeping track of prices, you may start by taking notes on your phone, but eventually, you’ll memorize them, knowing where to get your regular items at the best price. When in doubt, a quick internet search will tell you whether or not you’re being gouged; coffee is an excellent example of this.
2. Take an inventory of what you already have. Frozen meat, perishables, and pantry items are the first three things to check when making your list. For instance, if you already have a jar of marinara and a box of pasta, then you may only need to get ground beef for a fun spaghetti night.   
3. Always shop what’s on sale. BOGO (buy one get one) sales are great for pricier things like cheese and staples like cereal. “If you spot a good sale on your favorite, stock up!” emphasizes Laskey. She adds that cereal can also be used in cereal bars, pie crusts, and even as bread crumbs. Next, the produce and meat that’s on sale should be the items that help you decide what’s for dinner. Vegetables on sale will make excellent side dishes to almost any meat that’s also on sale.
4. Keep breakfast simple, and use last night’s leftovers for lunch the next day. Food will never go to waste if you plan on eating leftovers the next day for lunch. Plus, if you have some leftovers piling up in the fridge, plan on a leftover dinner night. For breakfast, stick to a simple rotation; cereal, oatmeal, and yogurt are all inexpensive and pair well with fresh fruit.
5. Give the pantry some love. You don’t need to buy fresh to incorporate produce into your diet. Salsa, marinara, canned veggies, apple sauce, fruit cups, and jams are examples of working produce into your diet without having to buy fresh. Dietitian Mike Gorski points out that with these items “you aren’t sacrificing nutritional value for convenience and reduced costs.” Canned seafood is another way to save; tuna (tuna salad), salmon (salmon cakes), and clams (linguini and clams) will almost always be less expensive than their fresh counterparts.

When in a Pinch, be Realistic

You may find that the store is out of something you need or it’s just really priced too high for your budget; let it go, and be flexible. Some nights, you may not feel well or just be too tired to cook, so have a pre-allocated takeout budget ready. Keep a drawer full of menus and coupons, and know your specials. Many locations have kids-eat-free nights, while grocery stores offer weekday specials too, such as $5 rotisserie chicken days. “Never underestimate the power of a rotisserie chicken,” said Vaughn Vreeland of NYT Cooking, who eats some for dinner, then shreds the remaining meat and uses it later in chicken salad and soup.

InsureYouKnow.org

If you are one of the 64% of Americans living paycheck to paycheck, creating a budget is imperative. There are several free resources online to help you plan and budget your monthly expenses as well as devise a meal plan for the week. At insureyouknow.org, we recommend that you track your monthly expenses at the grocery store and file receipts, important documents, and all of your family records.

Kick Your Health Benefits into High Gear

December 1, 2022

As open enrollment season kicks into high gear, millions of people will have an opportunity to choose their 2023 health benefits.

Employers’ Healthcare Costs

Employers’ healthcare costs are rising, with large companies forecasting up to an 8 percent increase for 2023. The main difference with previous years will be higher prescription drug costs, which will jump 10 percent, the highest in the past decade.

Many companies will try to limit the share they pass along to their workers, as benefits are seen as a key attraction and retention tool in a tight job market. 

Employees’ Healthcare Costs

For 2022, annual family premiums for employer-sponsored health insurance averaged $22,463, up slightly from $22,221 in 2021, according to the 2022 benchmark KFF Employer Health Benefits Survey. On average, workers contributed $6,106 toward the cost of family premiums, with employers paying the rest. The average premium for single coverage was $7,911 (up from $7,739 in 2021), with employees paying $1,327 annually, according to the survey. Nine percent of covered workers, including 21 percent of covered workers at small firms, are in a plan with a worker contribution of $12,000 or more for family coverage.

While premium data for 2023 generally won’t be available until after the new year begins, workers may see larger increases than in recent years.

Triple-Tax Advantaged HSAs

Some tools can help you manage your healthcare costs. More than three-quarters of large employers offer Health Savings Accounts (HSAs) that offer triple tax advantages: money contributed is pre-tax, it grows on a tax-free basis, and then can be withdrawn tax-free to pay for qualifying medical expenses now or in the future, all the way through retirement.

You can contribute to an HSA only if you’re enrolled in a qualifying high-deductible health plan. Average annual premiums for workers enrolled in HSA plans are lower than the overall average, but workers shoulder higher costs until they meet their deductible. 

Employees can contribute up to $3,850 to their HSA for individual coverage for 2023, up from $3,650 this year; for family coverage, workers can contribute up to $7,750, up from $7,300 this year, per an announcement by the Internal Revenue Service. Catch-up contributions for those 55 and over remain $1,000.    

Many HSAs give account holders the option to invest a portion of their money in the stock market. But fewer than 10 percent do so, as opposed to leaving their money just sitting in cash. If you can afford to pay your medical bills through your regular cash flow, your HSA funds will likely grow over time in the market and can be used in retirement to pay for a range of qualifying medical expenses.

HSAs  are portable and remain with the owner through plan and job changes. If you are no longer enrolled in a qualifying high-deductible health plan, you can no longer contribute to your account, but you can still tap it to pay qualifying medical costs. Flexible-spending accounts (FSAs), by contrast, are linked to a particular employer; unlike HSA funds, money in an FSA must be spent down or forfeited within a certain period.

Health Insurance Plans under the Affordable Care Act

Outside of the employer market, open enrollment began on November 1 on Healthcare.gov for individual and family health insurance plans under the Affordable Care Act. In most states, open enrollment ends on January 15, although you must enroll by December 15 if you want coverage to begin on January 1. The Inflation Reduction Act extended the enhanced premium subsidies for ACA enrollees through 2025; for many, that may offset the moderate average increases expected to premiums.

Impact of Rising Drug Costs

There are two main reasons drug costs are rising: First, pharmaceutical companies are introducing better, but more expensive drugs for several important conditions. In most years, total drug cost would be tempered by other brand name drugs that were being replaced by generics, but in 2023, there will be fewer of these than usual.

Second, pharmaceutical companies are raising the prices they charge to private health insurance plans because they anticipate having to lower the prices they charge to Medicare. The recent Inflation Reduction Act allows Medicare to negotiate drug prices for the first time. Currently, only 10 drugs are on the negotiation list, but these are widely used. The list will rise to 20 drugs in the future.

The “No Surprises” Act

The “No Surprises” Act that went into effect in January 2022 is having its intended effect of lowering surprise out-of-network charges to patients who get emergency care, non-emergency care from out-of-network providers at in-network facilities, and air ambulance services from out-of-network providers.

InsureYouKnow.org

After you determine your healthcare insurance coverage for 2023, file your decisions at insureyouknow.org. Keep aware of government mandates that can affect your healthcare expenses for prescription drugs, out-of-network charges, changes in Medicare, increases in premiums, and your HSA and FSA contributions and withdrawals.

The Everything Kids’ Money Book

November 15, 2022

You want your children to become financially stable adults. But how can you interest them in this important topic, and make it easy to learn about and fun, when they are in their formative years? Your answer is The Everything Kids’ Money Book by Brette Sember that visually depicts boys and girls undertaking some enterprise having to do with money such as having a lemonade stand, saving for a new bike, or collecting coins. Written with kids ages 7 to 11 in mind, the author promises to teach them about money—“Earn it, save it, and watch it grow.”

Hands-On Activities Covered

Would your child like to . . .

• Learn how to make money at jobs appropriate for their age?
• Track where a dollar bill has been before they got it? There’s a simple way to find out. 
• Learn how to make all their pennies shiny? It’s easy.
• Design their own dollar with someone’s face they like—Batman? Spiderman? The Incredibles?
• Do a magic trick with a dollar bill to impress their friends?
• Find out what fun things they can do for free? Grandpa and Grandma might know.
• Make a pizza garden?

Fun Money Facts Revealed

Would they like to know . . .

• Why they are called Piggy Banks, not Doggy banks, or something else?
• What is the name of the buffalo on the nickel and where did it live?
• What are dead dollars?
• What are some things money has been made from in the past?

Difficult Concepts Explained

As a New York Law Guardian, Brette Sember has many years of experience working with children. She has written more than 40 books on a variety of topics, such as law, health, food, travel, education, business, finance, parenting, adoption, and seniors. In The Everything Kids’ Money Book, she tackles subjects such as:

• Investments
• Budgets
• Saving money
• The cost of living
• Credit cards and debit cards
• Income tax
• Why borrowing money can lead to trouble
• Why lottery tickets are not a good investment
• Investments
• Budgets
• Saving money
• The cost of living
• Credit cards and debit cards
• Income tax
• Why borrowing money can lead to trouble
• Why lottery tickets are not a good investment

All these topics are covered in easy-to-understand language and unfamiliar terms are defined in the glossary. Answers to some of the questions posed and a page of resources are included at the back of the book. This section features books and websites with ideas kids will enjoy, more magic tricks to perform with money, how to start a small business, a website with money games, and how to collect coins.

Kids’ Money Book Promoted

MyBankTracker.com which “tracks thousands of banks to help you find the perfect match for your banking needs,” says this book is “more than simply a manual; The Everything Kids’ Money Book is a well-organized workbook that covers everything from money printing to compound interest.”

Investopedia.com which calls itself “The world’s leading source of financial content on the web,” echoes this opinion by saying the book, “Not only teaches kids how to save and earn their own money but also how to invest and earn interest.”

InsureYouKnow.org

If you decide to spend some bonding time discussing money concepts with your daughter or son, you may learn or relearn some basic financial truths. Keep a list of your kids’ moneymaking, spending, and savings plans at insureyouknow.org. You can measure their financial success on this portal and watch with them the ebb and flow of their profits and expenses.

Look Forward to Increases in Your 401(k) Limits

October 31, 2022

The amount you can contribute to your 401(k) plan in 2023 has increased to $22,500, up from $20,500 for 2022. The Internal Revenue Service (IRS) announced this change and issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2023 in Notice 2022-55 posted on IRS.gov.

Highlights of changes for 2023

This contribution limit applies to employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan.

The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has increased to $7,500, up from $6,500. Participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023.

The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE (Savings Incentive Match PLan for Employees) plans has increased to $3,500, up from $3,000. (This plan allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.)

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2023.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)

Phase-out ranges

In a traditional IRA deduction phase-out, taxpayers can deduct contributions if they meet certain conditions. If during the year either they or their spouse was covered by a retirement plan at work, the deduction may be phased out until it is eliminated, depending on filing status, and adjusted gross income (AGI):

• For single people covered by a workplace retirement plan, the IRA phase-out range is $73,000 to $83,000, up from $68,000 to $78,000.
• For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $116,000 to $136,000, up from $109,000 to $129,000.
• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $218,000 and $228,000, up from $204,000 and $214,000.
• For married individuals filing a separate return who are covered by a workplace retirement plan, if they lived with their spouse at any time during the year, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

For a Roth IRA income phase-out, AGI ranges for taxpayers include the following provisions:

• The income phase-out range for singles and heads of household is $138,000 to $153,000, up from $129,000 to $144,000.
• The income phase-out range for married couples filing jointly is $218,000 to $228,000, up from $204,000 to $214,000.
• For married individuals filing a separate return, if they lived with their spouse at any time during the year, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The 2023 income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers has increased to:

• $73,000 for married couples filing jointly, up from $68,000.
• $54,750 for heads of household, up from $51,000.
• $36,500 for singles and married individuals filing separately, up from $34,000.
• For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The amount individuals can contribute to their SIMPLE retirement accounts has increased to $15,500, up from $14,000.

InsureYouKnow.org

After you review the IRS retirement plan changes for 2023, keep a record at insureyouknow.org of your retirement accounts so you’ll be able to take advantage of the new limits for your contributions and deductions.

Take a Vacation = Take Care of Yourself

September 27, 2022

You work hard but do you also take time to relax, seek adventure, and recharge your mind and body? There are some major benefits to taking a vacation although many employees come up with excuses not to use all their vacation time each year.

Memo to Employees: Taking a Vacation Has Benefits

After you come up with a bounty of excuses for not taking a vacation—you feel guilty about being away from your office, you may think a vacation would be too expensive, or you are saving excess time for an unexpected event—you may be able to overcome these obstacles when you realize a vacation can provide the following benefits.

• Improves mental health. A recent study reports that after taking a vacation, travelers feel less anxious, happier, and well-rested.

• Prevents heart disease. By taking time off, you can lower your stress levels caused by working, which can, in turn, prevent your risk for heart disease or heart attacks.

• Brings happiness before, during, and after a trip. Planning a vacation helps you visualize the happiness your vacation will bring that will be experienced during your trip and as fond memories after you return to work.

• Increases productivity and creativity. When your brain is exposed to new experiences including languages, sights, sounds, and cultures, you feel revitalized, and your creativity is boosted. If you take regular time to relax, you’ll be less likely to experience burnout.

• Strengthens relationships. Traveling and exploring with other travelers—friends, family, or even a tour group– can add some fun and closeness to your relationships.

Memo to Employers: Encouraging your workers to take a vacation has benefits

If you are an employer, encourage your workers to take time off. Both you and your team deserve a break and the freedom to schedule vacations. To encourage your employees to take vacations, pay attention to these tips from Business News Daily:

• Acknowledge your employees’ need for vacation time.
• Build a process through which team members can cover for colleagues taking time off.
• Regularly remind employees of deadlines to submit holiday vacation requests.
• Show interest in your employees’ vacation plans.
• Clearly explain your time-off policies in your employee handbook.
• Promote a healthy work-life balance as part of your company culture.
• Lead by example and take vacations.

InsureYouKnow.org

Whether you rely on colorful printed brochures or flashy online resources, start planning a well-deserved vacation now! When you decide on an international, stateside, or local adventure, check on any medical precautions, prescriptions you may need to have at the ready for the duration of your trip, and health and travel insurance policies. Then, record all your travel arrangements for your getaway at insureyouknow.org.

Do You Realize How “Precious” a Child Is?

September 15, 2022

The cost of raising a child through high school has risen to $310,605 because of inflation that is running close to a four-decade high, according to an estimate by the Brookings Institution, a nonprofit public policy organization based in Washington, DC.  

In 2017—years before the pandemic and during an extended period of very low inflation—the U.S. Department of Agriculture (USDA) projected that the average total expenditures spent on a child from birth through age 17 would be $284,594. This estimate assumed an average inflation rate of 2.2 percent and did not include the expenses associated with sending a child to college or supporting them during their transition to adulthood. Since 2020, the inflation rate has skyrocketed— 8.5 percent as of July 2022—partly due to supply-chain issues and stimulus spending packages that put more cash into Americans’ pockets. The Federal Reserve has now raised interest rates substantially to control inflation.

The multiyear total is up $26,011, or more than 9 percent, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, reports the Brookings Institution.

The new estimate crunches numbers for middle-income, married parents, and doesn’t include projections for single-parent households, or consider how race factors into cost challenges. 

Expenses

The estimate covers a range of expenses, including housing, education, food, clothing, healthcare, and childcare, and accounts for childhood milestones and activities—baby essentials, haircuts, sports equipment, extracurricular activities, and car insurance starting in the teen years, among other costs.

In 2019, the typical expenses to raise a child were estimated by the USDA as follows:

• Housing: 29%
• Food: 18%
• Childcare and Education: 16%
• Transportation: 15%
• Healthcare: 9%
• Miscellaneous (included Personal Care and Entertainment): 7%
• Clothing: 6%

Housing

Housing at 29 percent is the most significant expense associated with raising a child. The cost and type of housing vary widely by location. Other variables include mortgage or rent payments, property tax, home repairs and maintenance, insurance, utilities, and other miscellaneous housing costs.

Food

The cost of food is the second-largest expense, at 18 percent of the overall cost of raising a child. Over time, food prices have trended up, with food-at-home pricing increasing 12.1 percent and food-away-from-home pricing increasing by 7.7 percent from June 2021 to July 2022. The USDA expects rising costs for 2022, with increases as high as 10 percent and 7.5 percent, respectively.

Childcare and Education

Childcare and education expenses in 2019 accounted for 16 percent of the cost of raising a  child, and it continues to increase.

The widespread acceptance by employers of remote work and letting employees work from home part or full-time has eased the burden of childcare costs for many families, cutting the cost by as much as 30 percent for some workers.

Education is a major expense when it comes to raising children. When it comes to kindergarten through high school, parents can choose between public and private schools. For private schools, the Education Data Initiative estimated that tuition costs an average of $12,350 per year. Associated costs, like technology, textbooks, and back-to-school supplies, could bring that up to $16,050. For a child to be in private school from kindergarten through eighth grade, the estimated cost could be about $208,650. Additional expenses for extracurricular activities such as sports, the arts—music, theater, and yearbook—and other clubs also add up and are accompanied by fees for participation, equipment, and travel, which have also increased due to inflation.

Healthcare

The total cost of a health plan is set according to the number of people covered by it, as well as each person’s age and possibly their tobacco use. For example, a family of three, with two adults and a child, would pay a much higher monthly health insurance premium than an individual.

Strategies

Raising children is rewarding and fulfilling to many people. But it’s also become very expensive. By preparing mentally and implementing financial planning strategies, you can be well-equipped to raise your child to adulthood comfortably, even on a budget.

InsureYouKnow.org

If you are a parent, you are responsible for raising your child and providing food, clothing, shelter, and security. Consider getting insurance coverage—including life, short- and long-term disability, and health insurance to avoid putting your family at risk financially in the event of unexpected hardship. To cope with the rising costs of raising children, live within your means, save money wherever possible, and shop around for home and auto insurance each year for the best deals. At insureyouknow.org, you can track your expenses to raise a child and file insurance policies that cover your family’s financial and healthcare needs.

Sticker Shock in the Grocery Aisles

July 31, 2022

Unless you go out to eat or get take-out for every meal you consume, you can’t avoid buying groceries—even if you have them delivered to your doorstep. With inflation at the highest rate it has been in 40 years, you’ve surely noticed that prices continue to rise in the grocery aisles.

If you want to stabilize your grocery bill and make your budget go further in your fight against price inflation, try some of the following money-saving strategies when you face your next grocery trip or delivery.

Check Your Pantry and Freezer

Before you go grocery shopping, check the shelves of your pantry and freezer. By taking inventory of what you already have at home, you’ll avoid buying multiples of the same item. You might be able to shorten your grocery list and spend less.

Choose Store Brands Over Name Brands

Name brand groceries are usually priced higher than their store brand counterparts. Many times, you might not be able to tell the difference between the two. With prices going up, switch to generic brands to lower your grocery spending.

Buy in Bulk

While you’ll pay more money upfront for groceries in larger quantities, it’s a smart move to buy in bulk. Typically, you’ll pay less per item and you’ll have staples on hand that may allow you to do less grocery shopping throughout the month.

Cut Back on Meat

Cutting back on meat will have a significant impact on your grocery bill because beef, pork, and chicken tend to be some of the more expensive items in your shopping cart— inflation or not. Going meatless a day or two a week and turning to cheaper alternatives, like beans and lentils, can help you cut costs.

Plan Meals

Planning your meals and making grocery lists based on a meal plan will prompt you to be less likely to waste money on something that looks appealing in the store, but you might not need for the family meals and snacks you prepare at home.

Consider Substitutions

Using substitute items can result in cost savings without sacrificing the quality or taste of the meal. For example, fruits and vegetables that are not in season tend to be more expensive. Using different produce in meals than a recipe calls for may enhance and not compromise a recipe.

Minimize Food Waste

Reduce food waste by making a grocery list and sticking to it; buy frozen instead of fresh; rethink sell-by dates if food still looks and smells fresh; freeze meats, bread, and vegetables that you aren’t going to use immediately.

Store Items Where You Can See Them

Keep items where you can see them, and you’ll be more likely to use them. An organized refrigerator and a neatly arranged pantry can help you quickly find and use items.

Learn to Preserve or Can Foods

You can pickle, preserve, or can foods—all options gaining popularity. These practices have been around for centuries and have helped folks survive harsh winters and economic downturns. With a little upfront investment of time and money, you can acquire the tools necessary to preserve seasonal foods. This can prolong their shelf life and reduce food waste and costs.

Sign Up for Loyalty Programs

Most grocery stores offer loyalty programs that are free to join. You can benefit from discounts that automatically get applied to your cart at checkout or you can get access to exclusive coupons on their apps.

Get Free Food (and Other Items) from a Buy Nothing Group

Getting free items, including food offerings, from a local Buy Nothing Group means you can bypass high prices at a store—and you don’t even have to offer up anything in exchange. These groups focus on sharing rather than trading or bartering within a designated area. Join your local Buy Nothing Group on Facebook.

InsureYouKnow.org

As grocery prices continue to soar, you can keep track of your monthly expenses at insureyouknow.org. Budgeting and finding ways to save on food are critical issues you can approach by planning a food allowance to help deal with higher grocery costs. Every budget-setting process starts with calculating monthly fixed, variable, and discretionary expenses. Knowing the amount of money available to spend on your monthly expenses—including food, housing, transportation, health insurance, childcare, and retirement savings—can help you adjust your buying habits as you strive to make ends meet.

Before You Step on the Gas, Plan Your Travel Strategy

June 11, 2022

The pros and cons of planning a summer road trip this year have gotten more complicated as rising gas prices threaten to make a bigger dent in your travel budget.

The national average for gasoline could be close to $6 by later this summer according to Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA.

To cut your gas costs, consider using the following tips to get more miles per gallon as you embark on the summer excursion you’ve been dreaming about all year.

Slow down.

Each 5 mph you drive over 60 mph is like paying an additional $0.15 per gallon for gas. Aggressive driving—speeding, rapid acceleration, and braking—wastes gas. Eliminate these practices and you may save $.12-$.82 per gallon for gas.

Keep your car maintained and running smoothly.

Make sure you have your car maintained before you hit the road by getting a tune up and clean air filters, inflating your tires properly, and using the proper grade of oil. Don’t fill up with premium gas if your car doesn’t require it. Before you drive, make sure your tires aren’t under-inflated. If they are, you will likely burn more fuel per mile than when your tires are correctly inflated.

Use your engine wisely.

Avoid excessive idling and use cruise control and overdrive gears.

Be smart about driving.

Plan errands to do them together, rather than on separate trips; carpool, walk, or cycle; use public transportation; and telecommute. If you’re in the market for a new car, consider buying a more energy-efficient or a smaller car.

Keep your car light.

Don’t store unnecessary items that add weight to your car. When you place cargo on the car’s roof, avoid excess weight that will put a strain on your engine and affect your fuel mileage.

Use apps to find the cheapest gas prices near you.

Stay updated on gas prices by using apps and sites like Gasbuddy.com, Waze, , AAA, and GasGuru. They help check gas prices in your location, so you can find pumps where you can save the most money.

Pay cash or use a cash back credit card.

You may be able to save about $.10 per gallon if you pay with cash at the pump.  If you don’t want to deal with cash, consider opting for a cash back credit card for gas expenses.

Utilize fuel rewards programs.

Find convenience and grocery stores with gas fueling stations that offer rewards programs for a percentage off gas fill-ups based on total amounts you spend shopping in the stores.

Look forward to the future.

Although current fuel rates may take a big bite out of your travel budget this summer, trust—as in past years of 2008, 2012, and even the early 1980s—gas prices will eventually bounce back. Wisely use the gas-saving tips mentioned above to ease your way through the current high gas prices.

InsureYouKnow.org

When you travel this summer, keep records of your auto insurance, car maintenance, travel insurance, and rental car and hotel expenses at insureyouknow.org. You’ll be able to refer to these documents while you’re on the road and after you return home when you reflect on your wonderful summer vacation.

The Great Resignation Continues in 2022

January 29, 2022

“The Great Resignation” is a term coined in May 2021 by Anthony Klotz, Ph.D., an associate professor of management at Mays Business School at Texas A&M University who predicted the mass exodus of employees abandoning jobs during the pandemic.

In April, a month before Dr. Klotz made this prediction, a record 4 million people quit their jobs, many of them in low-paying, inflexible industries such as retail trade sectors and food services. He explained that during the pandemic, employees have been able to reflect about family time, remote work, commuting, passion projects, life and death, and what it all means which led workers to consider alternatives to their current positions.

Because the latest data suggests this trend, also called the “Big Quit,” will continue through 2022, employees, as well as employers, must prepare for changes in the workforce.

Employees

Before you submit your resignation, consider the following suggestions to guide your decision:

• Reassess your duties: Expanding your responsibilities within the company may offer the growth that you’re looking for without leaving your workplace. Promotion within your company may lead to a higher salary and additional benefits. On the other hand, you may feel overworked or are experiencing burnout, resulting in work-related stress, and seeking a less demanding opportunity may be a solution during this difficult time.

• Meet with your employer: If you prefer to work remotely, meet with your employer and plead your case to work all or part of your workweek away from the corporate office, especially if you have health and safety concerns, childcare issues, or COVID-related care responsibilities. Explain how important work/life flexibility is to you and ask if your employer is willing to consider your needs for your home life situation. Take this opportunity to ask if your salary, benefits, and health insurance could be improved to entice you to stay.

• Be flexible with your transition: If possible, notify your supervisor in person when you decide to resign and be flexible about the ending date in your position. Be professional in your exit interview, request a letter of recommendation for your files, find out when you’ll receive your last paycheck, and ask about the continuation of your benefits.

• Assess your financial situation: If you determine that you need to continue receiving a steady paycheck and insurance benefits, secure another position or outline a solid self-employment opportunity before you resign. If you are close to retirement age, figure out if you can delay collecting Social Security and retirement benefits so you can collect higher monthly payments in the future.

Employers

Employers who want to reduce staff turnover and retain experienced employers may benefit from the following tips adapted from the article, “How Employers Can Overcome The Great Resignation” from the Worth Media website.

• Be creative in putting together benefits packages that can support a diverse workforce with broad, varying needs.
• Remain flexible when employees choose their work locations.
• Keep an open line of communication with your employees.
• Emphasize the importance of employees’ mental and physical well-being.
• Prioritize pay equity and adopt a spirit of transparency.
• Remind your employees about your company’s mission, values, and vision.
• Treat employees who do leave with respect, a sense of professionalism, and kindness.

Employers’ main goal during this tumultuous time should be to remain calm, listen to employee feedback, and use it to make any necessary changes to their business model, benefits package, and salaries.

InsureYouKnow.org

Are you planning to join “The Great Resignation” in 2022?  If so, consider not only how you can improve your present work situation but also what the future may hold for your career choices, continuing education, home life, insurance coverage, and financial goals. As you put each of these options in place, keep records regarding your decisions at insureyouknow.org.

The Most Wonderful/Stressful Time of the Year

December 1, 2021

Welcome to what is referred to as both the “most wonderful” and the “most stressful time of the year.” During the second year of the COVID-19 pandemic, you may be experiencing stress and depression—unwanted emotions that can ruin your holidays and impact your physical and mental health.

Although you can’t control inflation, high gas prices, food and toy shortages, and shipping delays, you can be realistic, plan ahead, and seek support to overcome holiday stress and depression. You may even end up embracing the “most wonderful time of the year.”

Tips to Deal with Seasonal Pressures

Be realistic. COVID-19 cases are on the rise in some areas and even if you’ve been vaccinated, you may decide not to gather with friends and relatives in person. You can opt for a virtual celebration or increase efforts to share photos, texts, emails, phone calls, or videos with loved ones.

Avoid overspending, especially if you’re already feeling financial stress. Consider alternatives to expensive gifts by donating to charities in giftees’ names or by making and giving homemade presents.

Strive to decorate your home, create meals and desserts, and select gifts that will be appreciated not because they are “perfect” but because they are heartfelt and sincere.

Plan ahead. Compile lists of recipients and specific gift ideas; don’t go to browse in busy stores, hoping for inspiration. Save time and frustration caused by traffic and parking congestion by shopping online for items on your gift list. Schedule specific times to shop, bake, and attend social events. Plan menus and then create a detailed grocery list to prevent forgetting needed ingredients.

Acknowledge your feelings. Stress about gatherings with family and friends, or feeling grief about missing loved ones, may result in sadness and grief. Take time to acknowledge and express your feelings. You can’t force yourself to be happy just because it’s the holiday season. If you celebrate in person or in other ways as described above, set aside differences and controversial topics and concentrate on positive conversations.

Practice mindfulness by bringing your attention to the present moment and avoid getting stressed about past or future events.

Reach out. If you feel lonely or isolated, seek out community, religious or other social events, or communities. Many helpful organizations have websites, online support groups, social media sites, or virtual events that can offer support and companionship.

Volunteering your time and doing something to help others also are good ways to lift your spirits and broaden your friendships. Consider dropping off a meal and dessert at a friend’s home or to a community center that serves less fortunate individuals during the holidays.

Learn to say no. Set priorities based on preserving your well-being and don’t overextend yourself or you may wind up feeling resentful and overwhelmed. Learn to feel guilt-free when you decline invitations and recognize that you sometimes need to allow yourself to say no to demands on your time.

Maintain healthy habits. Get ample sleep, eat well—even at holiday events—and stay physically active in your daily routine. Maintaining healthy habits during the holiday season will be one of your best defenses against stress. When you feel a bout of stress coming on, have a healthy snack before a holiday party to curb your desire for high-calorie food and drink. Try deep-breathing exercises, meditation, or yoga. Avoid excessive tobacco, alcohol, and drug use.

Take a breather. Make time for yourself. Find an activity you enjoy like taking a walk, listening to calming music, or reading (or listening to) a book. Disconnect temporarily from social media and electronic devices.

Seek professional help if you need it. Even after following all the tips listed above, you may find yourself feeling continuously sad or anxious, beset by physical complaints and lack of sleep,  and unable to face daily chores. If these feelings last for a while, talk to your doctor or a mental health professional. If you rely on medications to maintain your physical and mental health, make sure your prescriptions are up-to-date and that you have an adequate supply when your doctor’s office or pharmacy may be closed or have reduced hours during the holidays.