Handbooks Archives | A CurlyTransition

November 20, 2018 by Dominique R. Bounds Leave a Comment

How to Stop Struggling to Manage Your Money

Almost everyone struggles with money some more than others. Being able to manage your money can assist you in building essential wealth. Here are five steps that can you stop struggling to manage your money.

1. Check your Accounts Monthly

It is impossible to manage your money or the status of it. Staying on top of your finances can be hard work. Yet doing it correctly can help you succeed with money. Make a standing appointment to check your bills, auto payments, credit card statements, bank accounts, retirement plans, and pay stubs once a month. Often people discover overpayments of bills, being short on paychecks, and mistakes on including that save them some additional money. Analyzing your monthly bills, and other accounts is an important component of knowing where you stand financially. There are several applications and website that can help you with this.

Mint is a total money management app and website. It can help you track and build a budget, pay your bills, see your credit score, student loans, bank accounts, retirement plans, other loans, etc. Mint provides reminders and notifications for everything from bill payments to unusual spending while allowing you to invest as well. Mint has been a staple in my financial essentials for years, and the addition of bill payments just make my life so much easier. Check it out!

2. Build and Use a Budget

As we discussed previously, building and using a budget can make you the owner of your money instead of it owning you. A budget tells you what money you have to spend and possibly start that new hobby you want. A budget can help you decide how much money you can afford to add to your retirement plan.

Most people look at budgets are a limitation placed on them on their money. Budgets are looked at as horrible things that are only for people who can’t manage their own money. But I assure you that having a budget can help you master your money and increase your wealth in the long run. Building the budget is only step one. In order for a budget to be successful, you have to execute and follow that budget on a consistent basis in order to see results. For more information regarding budgeting, please see my post on The Top 3 Methods Used for Budgeting.

3. Give yourself some discretionary money

One way to remain on budget and stop struggling to manage your money is to provide yourself with some discretionary money otherwise known as personal spending. Allowing yourself some personal spending money will help you to stick to your budget. Personal spending money can be placed for whatever you wish. I recommend using the money for hobbies, magazines, books, notebooks, crafts, etc. If you find yourself overspending with money then increase it within reason.

4. Contact HR regarding Benefits

Often people leave benefits and money on the table with Human Resources. New employees will sign up for the essential benefits offered through their job (medical, dental, vision, and retirement plans), but leave other valuable benefits on the table. Most people are not taking complete and full advantage of their retirement plan benefits, matching, and vesting. While others are completely unaware of their Flexing Spending Accounts (FSA), Health Saving Accounts (HSA), tuition reimbursement, gym membership reimbursement and etc. Make an appointment with your HR professional to make sure you are aware of all of the benefits offered to you by your job.

5. Save 10% of your Income

The 10% savings rule applies to retirement and emergency savings. Getting into the practice of saving 10% of your income, regularly and consistently, could lead to a significant increase in wealth. As I have discussed before it is vitally important to keep an emergency savings fund. But once you get that years’ worth of income saved that extra money could be saved for other things including adding to your retirement plans. For more information, please see my post on Emergency Funds 101.

Hopefully these five items can help you to manage your money more effectively. I know that these steps have helped me. Any other steps that can help you stop struggling with money? Leave a message in the comments.

Treatment of Depression

Treatment for Depression - We will be talking about the different treatments for depression from medications to alternative medicine. There are many different treatments for depression.

Continuing with our previous conversation on Depression, we will be talking about the different treatments for depression from medications to alternative medication. Don’t worry, I will be providing other links to major websites regarding the top including the National Institutes of Mental Health (NIMH), the World Health Organization (WHO), and various others.

Early Diagnosis and Treatment

As with any mental illness, the earlier the diagnosis is made, the more effective the treatment will be. Seeing a physician is critical. Many people believe you have to see a therapist or a counselor, but often your physician will prescribe you medication for your depression, and depending on the reasoning for your depression some psychotherapy (counseling) is helpful. Most likely if your physician prescribe you antidepressants, a referral to see a counseling with a certain time period will come with it.

Taking Anti-Depressants

Often people with major depression are so depressed by the time they seek help that requires a “jump start” so they can continue with life and normal functioning. One in nine Americans take at least one antidepressant when three decades ago less than 50% did (Psychiatric News, 2017). Your physician and/or mental health professional will help you decide if holistic forms of therapy are appropriate for you. Holistic forms of therapy can be helpful when used with antidepressants or alone. Some holistic forms of treatments include St. John’s wort, exercise, journaling, religion, and healthy eating.

Herbal Supplements

Personally i wouldn’t advocate taking St. John’s wort, but I am mentioning it because I know its consider to be a common herbal supplement. According to the NIMH, St. John’s wort is no more effective than a placebo in treating major depression, but another study is underway looking at the effectiveness of it on mild or minor depression. However, it must be noted that St. John’s wort and various other herbs can have dangerous, and life-threatening interactions with other medications. Please consult a physician before taking over the counter (OTC) herbal medications, and vitamins.

Exercise and Depression

Regular exercise has been proven to be effective. A study published in 2005 that 30 minutes of vigorous exercise helped to relieve depression and the effects lasted longer than those of antidepressants. People who continued to exercise after treatment were less likely to relapse into depression. Exercise helps to enhance endorphins that improve immunity and reduce the perception of pain that also serves to improve mood.

Journaling and Depression

Another method is journaling. Journaling is a great way to deal with overwhelming emotion and help with managing anxiety, reducing stress, and coping with depression. It helps you to control your depression symptoms by helping you prioritize problems, fears, and concerns, tracking symptoms to recognize triggers, and providing positive self-talk while identifying negative thoughts and behaviors.

As a person who suffered from chronic depression, I have run the gambit of different treatments for depression. Previously, I have taken a mood stabilizer, and more recently I have been using exercise and journaling to help fight the depression. For those of you with depression, how do you manage it? What are your favorite tools? Leave an answer in the comments.

What is Depression? – https://acurlytransition.com/what-is-depression
Depression – National Institutes of Mental Health https://www.nimh.nih.gov/health/topics/depression/index.shtml
Percentage of Americans Taking Antidepressants Climbs – Psychiatric News
St. John’s Wort – https://nccih.nih.gov/health/stjohnswort/ataglance.htm
Depression – National Center for Complementary and Integrative Health https://nccih.nih.gov/health/depression.htm

November 5, 2018 by Dominique R. Bounds Leave a Comment

Sinking Funds- Budgeting for Unexpected and Expected

Having a sudden unexpected, yet expected expense can ruin your budget for the month and possibly months ahead. Despite the fact that my birthday comes yearly, I always forget about having to pay for the renewing of my car registration. For many years it would blow my budget for that month and the next. Once I started an emergency fund that stopped but I hated having to reach into it because I forgot about the expense. Just because you forgot about the expense does not make it an emergency, and that is not what an emergency fund should be used for. After some searching, I ran into a series of videos by JenPlans where she discusses her budget set-up and sinking funds.

Sinking Funds – What are they?

A sinking fund is money that is set aside (separate from your savings account or emergency fund) that is used to pay for various types of unexpected and expected but forgotten expenses. There are a number of reasons to use sinking funds from vacation, home remodeling, christmas, birthday gifts, car issues, car registration, etc. The average sinking fund falls into three categories (despite what you name it) large purchases, overlooked expenses, and unexpected events. Starting a sinking fund and maintaining a sinking fund can be as easy or complicated as you make it.

Make a list of the expenses for which you want to make a sinking fund.

Some common sinking funds include: Christmas, Birthday/Gifts, Home and Car Maintenance, Clothing, Vacation, Car Registration, Car Insurance, and many more.

Determine where to store your sinking fund.

Money for the sinking fund can be saved in a regular savings account, or in a checking account with instant access and possibly a debit card. You can store the total amount for all sinking funds in one account as long as you remember to keep track of the money in each category.

Building a Sinking Fund

Sinking funds can be established with unexpected money such as a work bonus or income tax refund. It can be filled incrementally throughout the year. If I wanted to make sure I had the $200 every August to pay for my car registration, I would start with saving $16.67 monthly from September until the next August (12 months). By the end of that time period, I would have the necessary $200 needed to pay the registration.

Apps to Help Manage Sinking Funds

There are multiple apps that can be used to help manage your sinking funds. Personally I use a mixture of the Budget Calendar (physical planner) and my Simple account. Other budgeting apps to try include: Everydollar, You Need a Budget, Pennies, GoodBudget, Mvelopes and probably many others.

Sinking funds were honestly a lifesaver for me back when my income was minimal and continues to help me better control my budget. If you have any questions regarding sinking funds. Feel free to comment below.

Four Online Banking Accounts – https://acurlytransition.com/online-banking-accounts/
The Top 3 Methods Used for Budgeting – https://acurlytransition.com/three-methods-budgeting/
Budgeting Apps to Organize Your Finances – https://acurlytransition.com/budgeting-apps-to-organize-your-finances/
JenPlans Budgeting Series Part 3 – http://jenplans.com/jenplans-com-budgeting-series-part-three/

August 27, 2018 by Dominique R. Bounds Leave a Comment

Searching for an Apartment

Previously we talked about becoming financially prepared to move, and today we shall discuss searching for the perfect apartment while avoiding scams. Searching for an apartment can be difficult if you don’t use the correct tools and websites. To assist you in locating your next home, here are the top picks for apartment searching.

Zillow

Zillow is a powerful tool for searching for rentals as well as for those looking to buy a home. With a large database of rentals that include townhomes, condos, and rental houses that most apartment search databases don’t provide. Additionally, you can save searches, check out neighborhood crime rates, and a walkable score. Zillow comes in the form of a phone app which makes searching on the go pretty simple.

HotPads

HotPads is easy and fun to use. It is a map-based apartment and home rental search board that makes finding an apartment easy to use. As HotPads is owned by Zillow, it includes a walkability score, school attendance zones. With everything you need at first glance, HotPads is fun and easy to use.

Apartments.com

Apartments.com is an apartment location database that uses a POLYGON™ search tool allowing searchers to define an area in which to search. Additionally, the plan commute feature proves useful for those that are looking to move with a certain radius of their job. The phone app is very useful and almost easier than using the actual website.

Craigslist

Craiglist is another good way to search for apartments so long as you avoid the scammers. You can look for subleases, apartments, houses, and room shares. Apartments and houses on craigslist tend to go quickly so be prepared to complete the application almost immediately.

Avoiding Scams While Searching

Scammers are always looking for a way to con people out of their hard earned money. Therefore you should be aware of the most popular housing scams. For you provide any money for an apartment or house, verify the owner using public records, drive by the property, and called the phone number at the physical address if available.

If the listing sounds too good to be true, it probably is. Be aware of houses with all utilities included, and make sure you know the average price of an apartment or house in the area. Never give your personal information up from such as social security or bank account numbers. Always verify the unit in person before you complete a rental application. Never wire money (Western Union, bank account transfers, Money Gram, etc). If the apartment/house renter asks you to wire the money, it is ALWAYS a scam.

Locating the apartment is the hard part and now that is complete. Qualifying for the apartment, and preparing to move in is the next time. In the next article in this series, we will discuss the completion of the paperwork, and getting ready to move.

August 21, 2018 by Dominique R. Bounds 2 Comments

What is Depression?

Depression, as defined by the World Health Organization (WHO), is a common mental disorder, characterized by sadness, loss of interest or pleasure, feelings of guilt or low self-worth, disturbed sleep or appetite, feelings of tiredness, and poor concentration. There are several forms of depression with Major Depressive Disorder being the most common. Major Depression Disorder is marked by severe symptoms that interfere with daily living. The DSM-V defines this form of depression as the following:

What is Depression?

Major Depression is marked by severe symptoms (as stated above) that interfere with daily living. It is defined by the DSM-V (one of my favorite reference books), as requiring two or more major depressive episodes as well as depressed moods and/or loss of interest or pleasure in life activities for at least two weeks and at least five of the following symptoms that cause clinically significant impairment in social, work, or other critical areas of functioning almost every day.

Five or more of the following symptoms being present almost every day
Significant weight loss when not dieting or weight gain
Insomnia nearly every day
Persistent sadness, anxiety, or feeling empty
Feelings of hopelessness or pessimism
Less energy and increase tiredness
Feeling restless
Increased issues with concentration, remembering, making decisions
Thoughts of death or suicide, or suicide attempts

Causes of Depression & Those At Risk

The cause of depression is a combination of different things such as genetics, biological factors, environmental factors, and psychological factors. Depression could be a familial trait (such as parents or siblings with depression), situational (being homeless, unable to pay the bills, etc.), some major trauma (such as a significant illness, or death in the family), and stress. Magnetic Resonance Imaging (MRI) have shown that brains with depression look different from those without depression (areas of the brain that involve mood, thinking, sleep, appetite, and behavior appear different). Woman seem to be 70% more likely than men to develop depression, and black women are 40% less like than whites to develop it. The average age of depression onset is 32, but 3.3% of teenagers’ aged 13-18 have debilitating depression.

Depression is a debilitating mental illness that causes life changing symptoms that goes by many forms and names. Early identification is essential to treatment and recovery. In the next entry, we will talk about the various forms of treatment and recovery.

If you think you might be suffering from depression and need additional resources, please check the following links:

https://www.psychguides.com/guides/depression-hotline/
https://www.nimh.nih.gov/health/topics/depression/index.shtml
https://nndc.org/resource-links/

August 20, 2018 by Dominique R. Bounds Leave a Comment

Becoming Financial Prepared to Move

Becoming Financially Prepared to Move - Ready to move out on your own or with friends? Searching for an apartment can be no easy task. You need to prepare before you decide to locate your first apartment

Ready to move out on your own or with friends? Searching for an apartment can be no easy task. You need to prepare before you decide to locate your first apartment. Unfortunately, individuals who move out before being prepared often have to return home due to unforeseen circumstances. Here are some steps to ensure you are fully equipped to move out on your own.

Determine Affordability Before You Move

According to several financial gurus, your monthly rent should not exceed 20% to 30% of your monthly net income (not gross). Additionally, keep in mind that most landlords require that tenants’ make at least three times the monthly rent. Of course, you may live in an area where paying less than 30% of your income towards rent may not be possible. In this situation, you should try to get as close to the 30% margin as possible. For example: If you net (bring home) $4000 a month, then your monthly rent should be from $800 to $1200 a month.

Once you determine your monthly rent create a budget detailing your income and expenses (see my post Budgeting 101 on Thursday) to determine if you can afford the move. Don’t forget utilities (water, gas, electric, cable, phone, renter’s insurance, etc.). While you may locate an apartment that pays some utilities, quite often they won’t pay them all.

Preliminary Search

Complete an initial search of the area where you think you want to live. I recommended making a list of three areas: dream location, and two alternatives. Once you have determined locations, make a list of essential amenities (Needs and Wants). Most popular apartment amenities include:

Pet	Laundry	Kitchen	Other	Recreation
PetFriendly	Shared Laundry Room	Dishwashers	Wifi	Fitness
Dog Park	Washer/dryer in unit	High-end appliances	High Speed Internet	Pool
Large Dog	Laundry Services	Updated Countertops & Cabinets	Cable & Satellite TV	Community Center
No breed restrictions	Online payment	Jogging/Walking/bike path

Once you have the areas and the amenities you wish to have, it is time to conduct that preliminary search. Completing this search will tell you if you need to revisit your location and possible list. Quite often, we set out to locate an apartment in the dream neighborhood only to discover we can’t afford it alone. In these situations, you must decide if you are going to get a roommate or choose another location.

Be Prepared to Move

Let’s say that during this search you locate some apartments you absolutely love, but the move in cost terrified you. Here are some ways to make sure you prepared to move within three months to a year.

Start to put aside money for the first rent, down payment, and moving cost. Add this money to your budget and start saving
Credit Check – Most apartment complexes will run your credit. Your credit score can determine your down payment at the least and ability to pay your rent at the most. Sign up with a credit monitoring service and pull a free credit report to check your credit. The apartment complex will provide you with the company they used to qualify you, and you will be able to get a determination letter (results) from them.
Savings – It is best to have enough money saved in case of an emergency (at least $1000), and to have enough saved to be about a month ahead of your expenses. I prefer to have at least one month’s’ income saved before moving out.
Renters Insurance – Start making inquiries about Renter’s insurance. If you are paying car insurance, it can be easily added to your current policy. If not there are companies where you can purchase renter insurance. Most apartment complexes recommended it, if not require it.

Getting ready for your first apartment can be exciting, and if you aren’t adequately prepared, it can be a financial nightmare. Being patient, and getting financially ready can ease you into the transition of living on your own. Come back next week where we will discuss Finding an Apartment and Avoiding Scams.