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American Rescue Plan Act of 2021

This article is only for educational purposes and does not constitute legal, financial, or tax advice. Make sure you consult a professional regarding your unique business needs.

Hey BFF’s

Last week President Biden signed the American Rescue Plan Act of 2021 – a $1.9 trillion economic relief package.  This bill provides additional relief for families and businesses on a grander level. Not only does it offer a third round of stimulus checks, but it’s providing assistance to small businesses including restaurants (for the first time), student loan forgiveness is tax–free through 2025, extended unemployment benefits, and much more.

Stimulus checks, where are you?

Stimulus checks are on the way. Or maybe you already received yours. The question is how are you going to spend it? I’m normally telling you to save, invest, and donate. This go-round, I’d like to switch it up a bit. I still want you to save, but I also want you to spend. The purpose of the stimulus checks is to help stimulate the economy.

How Sway?

The more we spend within our communities the more we can help revive them. Small businesses have suffered the most due to the pandemic. If you have not built emergency savings for you and your family, fund it first. At a minimum, you should have $1,000 saved for each person in your household.

If you already have your emergency fund(s) aligned:

  • Save 50% – 50% of all funds. Not just the funds allocated to you. If you are a family of four you may receive up to $5,600 and you should save $2,800.
  • Enjoy 40% – Do something exciting with your family. You deserve it. Take a safe vacation or staycation and have fun! Treat yourself to something new, go out to dinner, and most importantly support your local mom and pops small businesses. They are relying on us.
  • Remaining 10% – Donate. Yes, find a local charity or break it into smaller bills and randomly bless as many people as you can, until you run out.

Small Business Relief

The Small Business Administration received additional funding for two existing relief programs. The Paycheck Protection Program, which is expected to expire March 31, 2021, received additional funding of $7.25 billion to support the initiative. Economic Injury Disaster Loan Program received $15 billion.

Also, the American Rescue Plan Act allocated $28.6 billion to launch the “Restaurant Revitalization Fund,” which will be managed through the SBA. Eligible entities include restaurants, food trucks, bars, caterers, lounges, with less than 20 locations and not publicly traded entities. Money received can be used to cover payroll costs, paid sick leave, utilities, maintenance, rent and mortgage payments, food and beverage expenses, and other authorized costs.

The SBA will provide priority access to minority-owned, women-owned, and veteran-owned businesses. I recommend preparing now. Make sure you are registered with the government so they can recognize you. Have your Duns & Bradstreet number handy. It is free to acquire. After you receive it you want to register your business with the government at SAM.gov.

If you received the PPP loans they will count as revenue. EIDL (economic injury disaster loan) and ERTC (employee retention tax credit) will not.

Student Loan Forgiveness

Before the American Rescue Plan Act of 2021, student loan borrows would be taxed on the portion of their debt that was forgiven by the government. For example, if you are on a student income-repayment plan and you made your last payment of $250 to get $50,000 forgiven. You would be taxed on the $50,000 because it counts as earned income. Under the new act, you will not be burdened with a massive tax bill. Sounds great to me.

Unemployment relief

Through the Federal Pandemic Unemployment Compensation (FPUC) program the additional $300 a week, which was supposed to end on March 14, 2021, has been extended through September 6, 2021.

The Pandemic Unemployment Assistance (PUA) program is geared for employees who may not qualify for traditional unemployment insurance. This program was scheduled to end on March 14, 2021 and has been extended through September 6, 2021.

Don’t forget to like, share and follow us on IG @_CompletelyUnbothered 

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Positive Effects of Donating

Hi BFF’s

If you’re like me you have plenty of clothes, shoes, and accessories that you don’t wear and they are taking up space in your closet, your kids closet, the basement, or your husband’s closet (quick PSA – I don’t have anything in my husband’s closet, but I know others that do).

I know what you’re thinking, Qila girl, when am I going to wear it, we’re in the midst of COVID.

Sweetheart (guys I’m talking to you too) you can’t blame COVID. Let’s be real you didn’t wear them pre-covid and you’re not going to wear them post-COVID. Now I know some outfits are for special occasions, noted it.

I’m talking about the outfits you’ve had for 1, 2, 3, or more years, with the tags still attached or you’ve worn it one time. In the words of Frozen – Let it Go! Now maybe it’s a statement piece that you can’t wear often, totally understand. However, that “favorite” dress, skirt, pants, or shirt you haven’t worn because you’re wanting to lose weight to get back into – say Buh Bye. Fellas that mean you too!

You can either do a closet swap with family and friends. Or my favorite, donate to a local charity or someone you know is in need. I love donating clothing, money and my time to charities.

5 Positive Effects of Donating

  1. Mood Booster

Giving is a great way to lift your spirits. Knowing you are helping others is truly empowering.

  1. Personal Values

Giving strengthens your values. Having the authority to advance the lives of others is a privilege and an honor that comes with its own sense of obligation. Don’t take what you have for granted.

  1. Teaches Others To Be Generous

When you give, you teach those around you the importance of generosity. It teaches your children, family, friends, and/or neighbors.

I enjoy donating throughout the year and especially during the holiday season. Last year for the holidays I donated to a local non-profit that helps homeless youth. I created multiple care packages. I randomly spoke to a friend and told her what I was doing and she insisted on adding to the packages.

  1. Money Management

Donating can help improve your money management skills. If you decide to donate $100 a month or $200 a quarter, knowing your goal can motivate you to be more attentive to your finances.

  1. Tax Deduction

This shouldn’t be the only reason you donate. But, you do get a tax deduction if you give to an IRS-approved charity. Certain restrictions apply, be sure to review the IRS website at IRS.gov.

Alright, my Financially Unbothered friends – have a great week!

Don’t forget to like, share, and follow us on IG @_CompletelyUnbothered

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Safeguarding our elderly

Hey BFF’s!

I’m quite sure I speak for the majority when I say, we don’t like to imagine the day our parents will no longer be with us in the flesh. I know I don’t, heck I get teary-eyed thinking about it. My parents are remarkable, and I want them around forever. But I’m also realistic and no one lives forever. However, while they are here, I want to make sure they are protected to the best of my ability. I want your parents protected too.

Our parents all have different scenarios. Some are healthy and others may be cognitively impaired and cannot do the small or big tasks they used to. Whether it’s cleaning, cooking, paying bills, or balancing their checkbook.

Amid adapting to our parents aging, we have to look out for those that prey on the elderly and look for ways to take advantage of them. These criminals come in many forms ranging from calling to say your grandchild needs money, a bill is a past due, or even a maintenance man or woman coming to do a “repair”. I remember when my granny was alive, my dad would ensure he was present if someone was coming to do anything at granny’s.

Scam who, not my granny…NOT TODAY LUCIFER!

Therefore, today let’s discuss 7 ways to keep our elderly-ish and elderly loved ones from being financially exploited.

  1. Have a conversation. We know they aren’t going to live forever; they know they aren’t going to live forever. But there needs to be a plan in place. I know if something happens to my parents or my father-in-love, they are coming to live with my husband and me. We already discussed how much space we will need to ensure everyone is comfortable.
  2. Establish a living trust and designate a trusted trustee. A living trust guides the trustee who is managing their assets. All the trustee has to do, is follow the instructions you and your parents have outlined.
  3. Pull their credit report once a year from Equifax, Experian, and Transunion, just like you should be pulling yours. Check for fraud, new accounts, etc. You can also think about freezing or locking their social security number. Locking is extreme, before you do it weigh out the pros and the cons.
  4. Designate a power of attorney (POA). Take note – There are two types of POA’s general and durable. The general POA is in effect until the principle is incapacitated. The durable POA is in effect until the principle dies.
  5. Simplify their portfolio. I recommend sitting down with a certified financial planner and discussing long-term goals and risk tolerance. As you get older you tend to be more conservative with your risk level.
  6. For some, opening a joint bank account might be a necessity. Also, think about setting up daily spending limits.
  7. This is for everyone, register your cell and home phones numbers on the National Do Not Call registry. I know we are all tired of these random “the warranty on your car is about to expire” calls. You can register at here.

When you’re ready to have these uncomfortable but needed conversations with your loved ones, give them a heads up. Don’t just pop up on them and throw it at them at once. Prep them and yourself for the talk. Ask them what time works best for them. Most importantly, be patient!

Alright my financially unbothered friends – don’t forget to like, share, and follow-on IG @_CompletelyUnbothered.

Have a great week – Stay safe, productive, positive, and at peace!

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How to Spend Stimulus Check #2

Hey BFF’s

As you may be aware, millions of Americans are expected to receive a second stimulus check. The checks were cut late December and should all be received by roughly Jan 15th. If eligible you will receive $600, plus an additional $600 for each child. Many families have lost income during this pandemic and this check will help keep the lights on, food on the table, and a roof over their heads.

However, if you’ve been able to cover your bills and essentials and have a cushion, it’s time to invest. Don’t spend your stimulus money on frivolous possessions you don’t need. Invest it and thank me later!

  1. Invest

It’s time to save for retirement. Not only for you, but your children. Open a Roth IRA account for each child and deposit the stimulus money in the account.

I’m a visual learner:

You have a 5-year-old child and you just received $600 from the government. You open a Roth IRA account for them and at minimum put in $1,200 a year ($100 a month). When they reach retirement at 65, they are expected to have over $450,000 in their account.

This seems like a no brainer to me! Start investing for your children today. Change the narrative of what money looks like in your family and set them up for financial success.

  1. Be A Blessing

Your bills are paid, you have your emergency savings (I got it fund), and you feel financially unbothered. Bless others who are in need. Find a charity, church, family member, or friend. Don’t forget, donations to a tax-exempt organization are tax deductible.

  1. Support A Local Business

Small business has been forced to close unexpectedly, minimize capacity, scale back operations as a whole and they are still recovering. Buy a gift card or two to show your support.

  1. Retail Therapy

Your bills are paid, you’re investing into your retirement, you have your “I got it fund”, and you feel financially unbothered. Pamper yourself. Do something that brings you joy without breaking the bank. Take up to 25% of YOUR stimulus check and do something for you. Don’t take 25% of everyones stimulus check, just your’s, lol.

Take time to evaluate where you are financially and what makes the most sense for you. Don’t do anything that will move you out of your financially unbothered peace of mind.

FYI – If you don’t receive a second stimulus check, you can claim it on your 2020 federal income tax return as a “recovery rebate.”

Ok friends! Save and/or spend wisely.

Don’t forget to like, share, and follow-on IG @_CompletelyUnbothered

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Financially Fit 2021

Hey BFF’s

 

I know you’re working on your 2021 resolution. I’m 90% sure you included physical fitness, which is great. But what about your financial fitness? Are you setting yourself up to be financially fit for 2021? If so great! If not (insert side eye), lets discuss ways for you to ensure your finances are in shape throughout 2021.

 

#1 – Create a plan. Are you looking to save more, pay down debt, buy a new car, take a dope vacation? Whatever it may be, create a SMART (Specific, Measurable, Actionable, Realistic, and Timebound) plan and stick to it. Start small and work your way up.

 

#2 – Pull your credit report from all three bureaus (Transunion, Experian, and Equifax) and check for errors. If you see an error, dispute it. Make sure you dispute the error from the bureaus it shows up on. There are plenty of free dispute letters online. Find one that matches your needs and mail it in. Or you can dispute directly from the Experian, Transunion, and Equifax site.

 

#3 – Create a budget and stick to it. Start small with a weekly budget for a month. Progressively work your way to creating a monthly and/or quarterly budget.

 

#4 – Save! I cannot stress the importance of saving. Build your emergency fund. I like to call it the I got it fund. If a rainy-day or monsoon comes guess what, “I got it.” Create different accounts if you have to. One for the kids, the dog, date night, shopping, etc.

 

#5 – Audit your finances. One day a week pay your bills, check your accounts, review what you spent this week, and allocate funds for the next week.

 

#6 – Find an accountability partner. Find someone you don’t mind sharing your financial goals with, who will hold you accountable.

 

#7- Invest more into your retirement. I pray everyone gets a raise this year. Whatever the incremental increase is, put that towards your retirement. Let’s say you get a 3% raise this year. Act like you never got it and put it towards your retirement.

 

#8 – Improve your credit score. Make sure you’re paying your bills on time every time. We don’t pay minimums over here, put more than the minimum payment. Although strive to pay it off each month. If you have to keep a balance, keep it below 30%.

 

Ok friends go get financially and physically fit for 2021.

 

Don’t forget to like, share, and follow us on IG @_CompletelyUnbothered.

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10 Sure Ways to Help You Save While Grocery Shopping!

Hi BFF’s,

 

Grocery shopping can be EXPENSIVE. It’s easy to go in for a few things and come out with a cart full of items you really did not need. I know I’ve done it plenty of times. The purpose of me going grocery shopping is to save money from eating out. But, if I’m not being a responsible grocery shopper, it defeats the purpose.

 

Some days grocery shopping can be a job within itself requiring you to have an art and science approach. I’m sure this is a skill I should be able to put somewhere on my resume. If you feel you’re spending too much on groceries, you’re not the only one.

 

Here are 10 ways to help you save while grocery shopping.

 

1-         Create a weekly/biweekly menu –

Food wasting is something I have been guilty of. I’d shop like I’m feeding a football team and half of it goes to waste. Now, I shop by the week and according to the meal plans, we’ve identified.

 

2-         Check your pantry, cabinets, and refrigerator before going shopping –

See what you have and what you need. Toss out the old. If you live with someone like my husband, he cleans the refrigerator out every weekend and is ready to toss everything out. Communicate with the tosser (aka bae) and let them know what needs to stay and what can go, so you’re not wasting money.

 

On the flip side, sometimes I forget what’s in there and the fact he cleans it weekly he’ll ask, and I can incorporate the item into next week’s meal.

 

3-         Create a list, and shop with it –

I used to wander around the store and pick things up. I’d get home and realize I spent $60-$80 and I still can’t make a complete meal. Don’t buy anything that is not on the list. Have discipline.

 

Would you believe something so simple as creating a list and sticking to it can save you thousands, yes thousands of dollars on groceries each year? Real Talk!

 

4-         Pay attention to sales and create your meals around them –

Don’t buy a bunch of something just because it’s on sale. That’s a sure way to waste money. If you can freeze it cool, just make sure you use it before it gets freezer burn.

 

5-         Buy in-season produce or buy them frozen

I know my granny is rolling her eyes at me from heaven as I mentioned frozen. She preferred fresh. I don’t blame her. However, I’m cool with some things being frozen. I like smoothies in the morning, my frozen strawberries last longer than fresh. Plus, mangos and papayas aren’t in season all year long, frozen will suffice.

 

6-         Don’t buy toiletries at supermarkets –

While it may be convenient, they are also more expensive.

 

7-         Don’t shop with your children –

Leave your kiddies at home as often as possible. They are normally the culprit of extra spending. For some, it might not be easy for you to say no to that cute face.

 

8-         Use a smaller cart or basket –

If you are only going in for a few items, use a smaller cart or a basket. The times I go shopping for one- or two-nights meals, I don’t get a cart I only buy what I can fit in my arms.

 

9-         Sale Days –

Figure out the sale days for your local supermarkets and buy items on those days.

 

10-       Don’t go to the store HUNGRY!

Many of us go shopping right after work which is when we are typically hungry. Shop on a full stomach not empty.

 

Ok friends! Now you have the tools to help you save money while grocery shopping.

 

Have a great week. Don’t forget to like, share and follow us on IG @_CompletelyUnbothered

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6 Ways to Make the Holidays Memorable – Without Breaking the Bank!

Hi BFF’s!

The holidays should not be about how much, you spend or how much you receive. It’s being able to spend time with your loved ones, create new memories, and have fun! Especially with this roller coaster of a year. Some of the best gifts are the least expensive. Don’t believe me, ask my husband. If he comes home with a snicker or an apple fritter, it’s just like he walked through the door with two dozen long-stemmed roses. That’s how excited I get.

Now I’m not saying I don’t like flowers, because I do. However, if we’re looking to retire sooner than later, I’ll take a dollar and some change snickers over $40-$50 flowers any day! But I must say, my #mancrushmonday (aka bae) does a great job balancing the two. And that brings us into this week’s post – How to Make the Holidays Memorable – Without Breaking the Bank!

Whether you celebrate Thanksgiving, Hanukkah, Christmas, or Kwanzaa; there is no reason to be broke at the end of the season. CNBC reported Americans in 2019, accumulated roughly $1,300 in holiday debt. On what you ask gift buying, traveling expenses, and other holiday-related costs. You know why it was debt because they failed to plan. These holidays come around the same time every year. What if you started saving for them at the beginning of the year, or the day after the holiday each year. You would have money aside and you won’t accrue additional debt.

I know you are working diligently to pay off the debt you currently have, you don’t want to add to it. If you’re on the get Financially Unbothered bus (cheaper than flying), then let’s roll into 2021 with little to no debt.

Here are 6 ways you can do so:

1. Write out your values and identify what is important to you. Are you working to pay off your car early? Did you want to save $2,000 by the end of the year and are a little short? Are you looking to retire early? – If you answered yes to any of these questions, or the ones you created for you, then spending a lot for the holiday goes against your goals.

2. Create a holiday giving plan – write out who you want to give a gift to and the amount you feel you should spend on them. Add your estimated cost and see if it fits within your budget. If it doesn’t start cutting people off the list and reduce your anticipated gift cost per person. Or as we do in my family, we like secret Santa, this year secret Kwanzaa. We only purchase a gift for one person and our spouse.

3. Get creative with your gifts. Invite 2-3 friends for Brunch or dinner at your place. Or make holiday cakes, cookies, eggnog (coquito), and package it up as a gift.

4. Pay with CASH. Don’t charge your gifts, if you don’t have enough CASH you don’t need to purchase it. If you don’t like carrying cash, put the money on a prepaid gift card, do not use your credit cards or charge cards.

5. Shop sales. Don’t by full-price. Everything gets marked down eventually.

6. Don’t shop for yourself! I know in the past I would buy a gift for someone else and then a gift for (don’t judge). Don’t be like the old me. Stick to the gifts on your pre-written list.

Be diligent and intentional about your spending. God won’t bless you beyond your current state if you do not learn to be a great steward over what he’s already given you.

Ok friends, that’s all I have today. Don’t forget to follow me on IG@_CompletelyUnbothered

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National Financial Awareness Day!

Hi BFF’s!

Did you know Friday, August 14, 2020, is National Financial Awareness Day?

I’m sure you didn’t, and it’s cool. I didn’t either until someone told me about National Chocolate Chip Cookie Day! (Don’t judge me) and I went looking. Although you’re still judging me, it’s cool. Let’s discuss National Financial Awareness Day and how we can celebrate it.

National Financial Awareness Day needs to be an actual holiday. In my opinion, corporations need to give employees the day off to celebrate either being Financially Unbothered or taking steps to get there. I know I’m not the only one who gets excited knowing bills are paid, money is in the bank, and you’re not stressed about finances. If you are stressed, it’s ok. I’ve been there before. I know it sounds cliché-ish, but it starts with baby steps.

Money is essential to our overall peace, and what day better than Financial Awareness Day to evaluate where you are and where you’re going financially. Let’s not let poor financial decisions ruin the best days and years of your life.

Here are a few ways to celebrate Financial Awareness Day:

  • Invest – You can start small.  It doesn’t have to be a considerable investment.
  • Have a financial literacy conversation with your children, teaching them the value of a dollar or how to save.
  • Create a BUDGET – Find out where you’re spending money and where you can cut back. I know budgeting is trash, but you’ll thank me later.

Take a deep breath, relax, and get financially unbothered–you got this. If you need help, I’m here for you.

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @_FinanciallyUnbothered

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Couples and Finances

Hi BFF’s!

Talking about finances to your partner can be challenging. Trust me, I know!

Heck, it may seem like a war zone, a hostile environment, everyone take cover; especially if you have different spending and saving habits. 

My husband and I are both spenders and savers. The problem was we didn’t do it at the same time (smh). Planning our wedding helped us get on the same page. We created a wedding budget in which we both agreed we were not going to go over. Neither of us wanted to get married on credit. We did not want to spend a year to three years of our marriage paying for our wedding. This meant we needed to create a wedding budgeting and stick to it. Matter fact, we came in under budget.

Multiple studies have shown that finances are the top reason for divorce or at least part of the top three. I read an article on insider.com, and from their poll, the number one reason was lack of commitment, finances were number five.

So I sat back and let that process for a minute. I looked up the definition of commitment and varies sources said a commitment is an agreement or a state of being dedicated to something in the future such as a cause or activity.  

Now, do you see why marriages fail? 

It’s not the finances. It’s one or both spouses not being committed to the end result, whatever it may be. For this blog – it’s about finances. So whether it’s being committed to paying off debt, saving to buy a home, or planning for a vacation (you fill in your blank). 

Imagine you’re the saver and your partner is the spender, year after year you’re saving for a vacation, a new car, or paying off student debt because you’re on the road to being debt-free and financially unbothered. Yet, you never get to take the vacation, kiss that new car goodbye, and the credit collectors continue to call because you’re behind on your bills.

Jesus take the wheel, the car, the tires, take it all! 

Now sometimes you both may be savers yet; your expenses are higher than your income. Sit down and create a budget. See where you can cut back. If you’re already running a lean budget, it may be time to look for a new job or a side hustle.

No matter where you’re at with your finances, here are a few steps that can turn your war zone into a noncombat zone and make talking about finances peaceful!

  • First things first, have an honest moment with yourself! Like, be really real with YOU.
    • Are you a saver –  money hoarder, or a spender – shopping Ms. Daisy.
    • Do you like paying bills or nah?
    • Is your partner better at budgeting and saving, and you’re making things complicated? Be brutally honest with you – face your truth. 
  • Have an honest moment with your partner. Sit down and discuss where you guys stand financially.
    • What are your financial values and priorities when it comes to money?
    • What are your joint and individual goals? Example – I want a new desktop computer, and my husband wants more stocks. We’re both going to get what we want; it’s a matter of prioritizing and saving. Not to mention, we will get there faster working together.
    • What’s the plan for handling emergencies or loss? 
      • Create a list that constitutes an emergency. If it’s not on that list, you cannot tap into your emergency fund.
    • What’s the plan for building wealth?
      • Are you going to invest in stocks, real estate, trading, entrepreneurship, etc..
  • Map out your short term and long term SMART goals. A SMART goal is a goal that is
    • Specific – We will pay off our credit card debt
    • Measurable – We will pay our debt down to $0 from $5,000
    • Attainable – Heck yea! You can do it, put your mind into (say it to the beat of Ice Cubes – You can do it a song)
    • Realistic – Are you able to make this happen with your current income? Are you both onboard the financially unbothered train?
    • Time-bound – Give yourself a due date. 6-months, 1-year, 3-years, what realistic time will it take

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @_FinanciallyUnbothered

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Traditional vs. Roth 401(k)

Hi BFF’s –

Are you investing in your 401(k)? Are you familiar with which option is best for you? Let me school you a bit.

Let us dive in – a 401(k) is a retirement savings account offered to you by your employer. They take your contributions and invest it for you typically, in mutual funds. Keep in mind; YOU must make contributions. It’s not going to grow on its own. Some employers only offer the traditional 401(k) while others provide both traditional and Roth.

So now I’m sure you’re asking what the difference is? I’m glad you asked.

The main difference is when the money you contributed will be taxed. With a traditional 401(k), you pay taxes on your contributions when you withdrawal from the account at retirement around 59 ½. With a Roth 401(k) it is taxed in the beginning when you make your contribution, and your withdrawals will generally be taxed free.

How do you know which one to use?

Think of it this way, if you plan on making more money by the time you retire, which means you’ll be at a higher tax bracket, Roth might be best. Pay the taxes now as you gradually increase your salary.

However, if you plan on making less money at retirement indicating a lower tax bracket traditional might be best for you.

Keep in mind your max contributions, if under fifty (50) is $19,500 a year. Over fifty (50) is $26,000. If you hit your max and still want to invest more, no worries. Look into an IRA (individual retirement account). They have Traditional and Roth options as well.

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @_FinanciallyUnbothered

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