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December 18, 2021

Your Holiday Gifts Still Haven’t Arrived. Now What? | Personal Finance

Lauren Schwahn

You positioned an order very last 7 days and even now haven’t gained the transport affirmation. Or it’s possible the deal is in transit, but its spot hasn’t been updated in days.

The supply chain difficulties that professionals warned us about heading into the getaway buying period have materialized. There is a authentic chance that your presents won’t get there in time for getaway celebrations. So what are your selections?

If you even now want the gift

Double-check out the get standing

Merchants and transport carriers are overloaded for the duration of the fast paced vacation season and might simply just be sluggish to deliver updates. Be patient and hold out it out another day or two, if you can. There’s a excellent likelihood the bundle is in motion and will get there in time.

If you are involved, simply call or e mail the retailer’s client company. A representative might be capable to share a lot more facts about your on-line get or work with you to locate a option. For illustration, if it turns out your item received dropped in the shuffle, maybe the vendor will resend it at an expedited delivery velocity.

You can also attempt reaching out specifically to the carrier. “If it is actually in transit, the retailer far more than most likely will have just about as substantially info as you. The moment it’s still left them, it’s actually in the arms of that transportation company at that stage,” claims G. Tony Bell, an assistant professor in the division of supply chain management at Rutgers Organization School.

Set up monitoring alerts

Consumers can use apps such as Deliveries or AfterShip to observe offers coming from several retailers or carriers in 1 place, states Jane Boyd Thomas, a advertising professor at Winthrop University in South Carolina. You can also established up notifications to get automatic order updates.

What must you do if you get a shipping and delivery see but really don’t see the package? “Before you start off spinning your wheels backtracking it, request your neighbors,” Thomas states. If it’s continue to nowhere to be discovered, adhere to up with the retailer or delivery support.

Give a place holder

If it appears the reward won’t get there on schedule, think of a creative backup plan. Create a description of the present in a card or print out a photo and put it in a gift-wrapped box, “kind of like an IOU that it’s coming,” Thomas states. That way, the receiver still gets the practical experience of opening a present, even though the product is not bodily present.

Is your giftee far more the immediate-gratification sort? Get a bonus gift to maintain them more than until finally the bundle comes. Bell implies some thing smaller or fewer expensive than the authentic gift.

Either way you go, be upfront about the situation. It is critical to set expectations, “especially with young children, who may perhaps not be as open to anything alternative or some thing different,” Bell claims.

If you no for a longer time want the reward

Decide on a alternative

If the buy goes haywire or waiting around just isn’t value the hassle, it could be greatest to scrap the primary plan absolutely. You can get a considerate new existing even if there’s no time to ship a little something else. Responsible previous-minute choices contain an digital reward card or booking an knowledge, these kinds of as a tenting journey or spa working day.

If you favor to give a little something tangible, Thomas endorses browsing at regional modest businesses. “Many of them will have terrific reward concepts for you that you have not even considered of. So you are not only going to get a present, you’re probably going to have some thing hopefully even additional exclusive,” she says.

Merchants major and compact may possibly run sales on Tremendous Saturday, the final Saturday ahead of Xmas. Get ready to store or pick up orders in-shop to get discounted presents in hand by the vacations.

Cancel or return the item

You can generally cancel an order that hasn’t processed or transported and get a full refund. But even if you overlook the cancellation period, you can probable return the product just after it comes.

Quite a few retailers have prolonged vacation return procedures. Nonetheless, specific items or categories may well be excluded. For case in point, Macy’s has a 90-working day return window for most things, but a 14-working day window for Apple solutions and tech components.

Look at retailers’ web sites for policy particulars. Browse the great print diligently to make absolutely sure you realize the problems and deadlines.

Consider a 14-day return plan, for occasion. “Does it indicate the working day that it leaves their warehouse? Is that when the clock on 14 times for returns begins ticking? Is it the working day that it leaves there, or is it the working day that it reveals up at your doorstep?” Thomas says.

You’ll also want to pay back close notice to issues like whether you can return the item in-store in its place of transport it back again, and irrespective of whether you’ll get refunded in the original form of payment or in-keep credit rating. If a thing is not apparent, give the retailer a call or use the on the web chat operate to inquire thoughts, Thomas states.

The article Your Vacation Items Nevertheless Haven’t Arrived. Now What? at first appeared on NerdWallet.

December 14, 2021

Personal finance education belongs in PED standards

As the New Mexico Public Education Department (NMPED) revamps the state’s K-12 social studies standards, it is imperative we ensure all students are provided with the skills necessary for navigating life after they graduate. One essential element should be personal finance education.

We commend the PED for its work to bring the state’s social studies standards into the 21st century. However, we believe the department’s proposal would be greatly strengthened by the inclusion of personal finance standards.

Our neighboring states, among them Arizona, Colorado, Texas and Utah, have adopted standards to ensure their students learn the financial skills required for personal and professional success. In fact, New Mexico is currently one of only five states that has not incorporated personal finance into our K-12 education standards.

Personal finance standards will make sure New Mexico’s students learn how to make a budget, open an account at a bank or credit union, save and invest for their futures, and avoid high-cost debt.

During the most recent legislative session, Dixon co-sponsored and Figueroa strongly supported a legislative effort led by Reps. Moe Maestas, D-Albuquerque, and Willie Madrid, D-Chaparral, to make personal finance a graduation requirement. The bill received strong bipartisan support, passing the House unanimously before running out of time in the Senate.

That effort, and adding personal finance to the education standards, builds on Maestas’ successful 2007 reform that required financial literacy to be offered as an elective in New Mexico’s high schools. Unfortunately, only about 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of students currently complete that course.

Adopting strong personal finance standards lays the foundation for guaranteeing that all students of all backgrounds are receiving equitable instruction, and are provided the skills necessary for financial planning and decision-making when they enter the workforce or post-secondary institutions.

In October 2018, researchers at the University of New Mexico released a report showing that two of every three private-sector workers in New Mexico have no money saved for retirement. Nearly 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} have less than $10,000 saved. This continues to weigh heavily on the wallets of many New Mexicans. Should there be another pandemic, or major recession, our state will be better off if we have prioritized teaching our state’s students about savings, investing, costs of borrowing and how credit works.

Addressing personal finance will make the school curriculum more relevant and ensure that students who do not learn how to manage their personal finances at home are not left behind. This material also helps us fight cycles of generational poverty, which has plagued our state for decades. The skills developed by students will be shared with their family members, who could also gain from this information.

Personal finance education also supports the findings from the Martinez/Yazzie lawsuit by providing students – especially low-income, Native American, English language learner, and those with disabilities – the skills and knowledge necessary to be college- and career-ready. The ruling found the state failed to meet this obligation and we must ensure we do our part in providing students a sufficient education.

We hope PED will adopt robust personal finance standards within the current revision to the social studies standards. We owe it to NM’s future generations.

December 13, 2021

8 rules for saving, borrowing and spending money [Personal Finance]

The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation.

The following guidelines for saving, borrowing, spending and protecting your money are culled from nearly three decades of writing about personal finance.

1. PRIORITIZE SAVING FOR RETIREMENT

In an ideal world, you’d start saving with your first paycheck and keep going until you’re ready to retire. You also wouldn’t touch that money until retirement. Even if you can’t save 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of your pre-tax income for retirement, as recommended by Fidelity and other financial services firms, anything you put aside can help give you a more comfortable future. Aim to take full advantage of any company match you get from a 401(k) at work — that’s free money — and borrow against or cash out retirement funds only as a last resort.

2. SAVE FOR A RAINY DAY

You may have read that you need an emergency fund equal to three to six months of expenses, but it can take years to save that much. That’s too long to put off other priorities, like saving for retirement. A starter emergency fund of $500 can be your first goal, and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as a Roth IRA (you can pull out your contributions at any time without taxes or penalties), space on your credit cards or an unused home equity line of credit.

3. SAVE FOR COLLEGE

Got kids? Open a 529 college savings plan and contribute at least the minimum, which is typically $15 to $25 a month. Retirement savings comes first, but anything you can save will reduce how much your child may need to borrow. Also, research shows the simple act of saving for college increases the chances that a child from a low- to moderate-income family will go to college.

4. BORROW SMART FOR COLLEGE

A college degree can pay off in higher earnings, but lenders may allow you to borrow far more than you can comfortably repay. If you’re borrowing for your own education, consider limiting your total debt to what you expect to make your first year out of school. If you’re a parent borrowing for a child’s education, aim for payments that are no more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of your after-tax income and that still allow you to save for retirement. If your payments are higher than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of your after-tax income, investigate income-driven repayment plans that could bring down your costs.

5. USE CREDIT CARDS AS A CONVENIENCE

Credit cards offer convenience and can protect you from fraud and disputes with merchants. But credit card interest tends to be high, so don’t carry credit card balances if you can avoid it. If you routinely pay your balances in full, look for a rewards card with a sign-up bonus that returns at least 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of what you spend.

6. FINANCE YOUR HOME SMARTLY

If you want to be a homeowner, the best time to buy your first home is when you’re financially ready and in a position to stay put for a few years. Opt for a mortgage rate that’s fixed for as long as you plan to remain in the home, and don’t make extra payments against the principal until you’ve paid off all other debt and are on track for retirement.

7. BUY USED VEHICLES AND DRIVE THEM FOR YEARS

Buying a car right now isn’t a great idea; supply-chain kinks and other pandemic-related issues have inflated the cost of both new and used cars. In general, though, buying a used car can save you a ton of money over your driving lifetime, as can driving your car for many years before replacing it. These days, a well-maintained car can last 200,000 miles without major issues, according to J.D. Power. This means you can get roughly 13 years of service out of your car if you drive it 15,000 miles a year. Ideally, you would pay cash for cars. If you need to borrow, try to limit the term of your loan to a maximum of five years.

8. INSURE AGAINST CATASTROPHIC EXPENSES

Use insurance to protect yourself against catastrophic expenses rather than smaller costs that you can easily pay out of pocket. If you have sufficient savings, consider raising the deductibles on your policies to save money on premiums. Be careful about high-deductible health insurance policies, though. Having a high deductible could cause you to put off medical care, and it’s better to err on the side of safety when it comes to health.

This column was provided to The Associated Press by the personal finance site NerdWallet. The content is for educational and informational purposes and does not constitute investment advice. Liz Weston is a columnist at NerdWallet, a certified financial planner and author of “Your Credit Score.” Email: lweston@nerdwallet.com. Twitter: @lizweston.

RELATED LINK:

NerdWallet: Personal finance defined: The guide to maximizing your money https://bit.ly/nerdwallet-personal-finance-defined

December 11, 2021

Your 5-Point Year-End Personal Finance Checkup

Image source: Getty Images

Whether 2021 was a good year for you, at this point, it’s almost over. But before you get ready to welcome 2022, it’s important to give your finances a close look. Here are five essential steps to take before the new year arrives.

1. Check your credit report

Your credit report is an overview of your various accounts and loans and how current you are on them. It’s important to get that snapshot of your borrowing picture so you can make sure you’re up to date on your various payments. But also, checking your credit report could be a good way to pinpoint financial fraud early.

Sometimes, criminals will open credit cards or credit lines in consumers’ names and rack up charges against them. You might only discover that you’ve been victimized upon reading your credit report and seeing an account you don’t recognize.

2. Review your budget

If you set up a budget earlier in the year, your expenses may have changed since. Similarly, your income may be rising for 2022, which could mean you’re able to spend a little differently. Now’s a good time to take a look at your budget and make sure it’s accurate. If it’s not, tweak those numbers accordingly, so your budget is ready for the new year.

3. Use up your FSA

If you contributed money to a flexible spending account (FSA) for 2021, now’s a good time to check your balance. Though some FSAs will let you carry over a small amount of money into the next plan year or give you a grace period for using your funds, you may have to spend your balance by Dec. 31 or risk losing it. See what options you have, and if there’s money in your account that you need to spend, think about some of the medications or FSA-eligible supplies you can stock up on, like bandages and certain over-the-counter treatments.

4. See how you’re doing on retirement plan contributions

If you’re saving for retirement in an IRA or 401(k), your goal may be to max out your contributions (meaning, contribute the maximum amount allowed for the year by the IRS) or simply save more than you did last year. Now’s a good time to check on your contributions to date and figure out a way to sneak more money into your account before the end of the year if you haven’t hit your personal target yet.

5. Check on your brokerage account

If you have investments in a brokerage account, it’s a good idea to review them from time to time. If you haven’t done that in a while, take that step in the coming weeks. You may decide to sell a stock that’s been performing poorly and use that loss to lower your 2021 taxes. You can use capital losses in your portfolio to offset gains on stocks sold at a profit or to offset some of your regular income. You may also want to shift some investments around for more diversity.

The moves you make at the end of the year could set you up for a financially strong 2022. Aim to tackle these items before the clock runs out on 2021. You’ll be thankful you did.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

December 9, 2021January 9, 2022

Berner names new COO, CFO

DAKOTA, ILL. — Berner Food & Beverage LLC, a private label and contract manufacturing supplier of food and beverage products, has unveiled a new leadership team, including a new chief operations officer, chief financial officer and director of procurement, sales and operations planning, Alternative Medicine.

Kelly Diamond has been promoted to COO. In her new role she will manage all functional areas of operations, supply chain and mechanical engineering. Ms. Diamond most recently was vice president of operations since August and earlier was director of operations. Before joining Berner in 2017, she spent nearly a decade at Dean Foods. She also brings experience from positions at Woodward, Inc. and Anderson Packaging Inc.

She received a bachelor’s degree in technical and scientific communication at Michigan Technical University and a master’s degree in business administration at Northern Illinois University.

David Dunavant has joined Berner as CFO. Mr. Dunavant has more than 15 years of experience as a CFO, most recently with Vital Records Control Companies. His tenure also includes Monogram Foods, LEDIC Management Group, Hilton Worldwide, Kellogg Co., and as a member of the United States Navy.

A certified public accountant, Mr. Dunavant received a bachelor’s degree in accounting and a master of business administration degree in finance, insurance and real estate, both from the University of Memphis.

Shelia Kolden has joined the company as director of procurement, sales and operations planning (S&OP). In her new role she will be managing multiple business segments, including buying and vendor relations, along with supply chain and operations. Prior to Berner she was procurement manager at Monogram Foods. She also has worked at Morpak Specialties, Woodgrain Millwork, Cooper Aircraft, and McKinney Aerospace Ltd.

Ms. Kolden received a bachelor of arts degree at Texas A&M University-Commerce.

“Kelly Diamond has proved time and again that she is an effective leader and an essential member of the Berner team,” said Kurt Seagrist, chief executive officer of Berner. “We cannot wait to see the impact she makes, guiding Berner forward as our new chief operations officer. We are also extremely excited that David Dunavant and Shelia Kolden have also joined our leadership team. They will bring new energy and further support our efforts, as our organization moves into the future as a leading supplier of food and beverage products for our customer and retail partners.”

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December 9, 2021

PERSONAL FINANCE: Five ways to teach your children to give back | Business

In the era of Covid-19, many charitable organizations find themselves in a precarious financial position while experiencing unprecedented demand, and they could benefit greatly from the generosity of those in their community.

This may present an opportunity to instill the value of giving to others in your child. If you’re a parent, here are some ways you can encourage your kids to become budding philanthropists.

Talk about why you giveHelp your child understand the importance of giving to others in need. Talk early and often about why sharing your knowledge, abilities, possessions or wealth matters to you. Instilling a culture of giving in your family is a process—not a one-time event. Remember to embrace the joy of giving, doing your best not to make giving back feel like a homework assignment or chore.

Find causes your child cares aboutYour child is more likely to develop a habit of giving back when he or she is passionate about the cause. Start by brainstorming the possibilities of who your child can help, such as their classmates, animals, the homeless, or the environment. Then, encourage him or her to identify what talents to offer in service. Does he love to bake? Does she enjoy music or caring for animals? Next, help your child choose one or two charities whose missions reflect his or her interests. Involve older children in the search and vetting process, teaching them how to have confidence that a charity is doing its best to help the cause.

Give and volunteer togetherWhen your children see you volunteering your time, talent and treasure, they see your values at work. Find ways to involve your children in your own giving. Your children will learn first-hand how rewarding giving to others can feel, and you’ll have the bonus of creating family memories to cherish too.

Encourage disciplined savingKids need to learn how to manage their own money in order to become responsible givers as they grow older. When your children get an allowance, or otherwise receive money, they can practice making responsible choices. Introduce the idea of “save, share and spend” — setting aside a portion of their money for the future, a portion to help others and a portion for fun spending.

Create a family foundationConsider establishing a foundation to fund causes you care about. Formalizing your giving in this way creates ongoing opportunities for you and your children to make a lasting impact on the community. Talk to your financial advisor for advice regarding establishing a foundation and leaving a legacy of service to the next generation.

Holley Smaldone-Cragg, CMFC, is a Financial Advisor with Ameriprise Financial in Geneva. She specializes in fee-based financial planning and asset management strategies and has been in practice for over 35 years. Her website is ameripriseadvisors.com/holley.com.