10 Types of Financial Goals to Work Towards

February 3, 2017 by jlmdiscovery

There is a lot of talk about budgeting, cutting spending, and living within our means. We know we should be saving money, but what are we saving it for?

Last week I completed an exercise for a course that asked me to brainstorm my goals for the next three years. It then asked me to estimate how much those goals would cost and how I would need to adjust my current income and budget. I made me realize the importance of setting clear financial goals alongside our personal ones.

There are many different goals you may want to save up for. Take a look at your long-term and short-term goals and have an open discussion with your family about what your priorities are.

Here are 10 ideas for financial goals to work towards:

1) Emergency Fund

Dave Ramsey fans know the importance of having a financial reserve in case unexpected expenses arise. He recommends saving at least $1,000 in addition to 3-6 months of living expenses.

2) Paying Off Debt

No one likes having debt hanging over their heads, be it credit cards, car payments, or student loans. Becoming debt-free is a goal of many.

3) Buying a Home

Whether it’s saving up for the down payment on your first new home or upgrading to a better one, investing in a new home is a reward in itself.

4) Saving for Retirement

The earlier you start saving for retirement, the longer your account has time to grow. Do some research on potential retirement accounts and start adding to them a little at a time. A financial advisor can help you determine how much you’ll need to save to live the retirement lifestyle you want.

5) College or Private School

If you want to be able to provide financial assistance to your kids through private school or college, start putting aside savings towards their education. Work with an advisor to estimate how much they’ll need and the best accounts to open.

6) New Car

It’s exciting to drive off the lot with a new car, and even more so if you can pay it off in full. Research the car you want ahead of time and start setting aside funds.

7) Vacation

Whether you want to travel the world or just take the family to Disney World, setting aside funds lets you know you can enjoy yourselves within a clear budget that won’t break the bank.

8) Large Purchases

Are you looking forward to redecorating your home? Have a hobby you’d like to invest in? Save up for your large purchases instead of putting them on your credit card.

9) Charity

Have you always wanted to make a large donation to your favorite cause? Perhaps your goal is to make annual contributions to several organizations.

10) Starting Your Own Business

Setting up a new business typically involves a financial investment. If one of your dreams is to be your own boss, this may be a priority for you.

Your goals will likely be a combination of the types listed above. However, the following goals should be included in any financial plan:

Become Financially Literate – Learn more about personal finance so you are better prepared to make decisions for your family.
Get Focused With Your Spending – Set up a budget and stick to it so you can put any extra funds towards your goals.
Plan for Life’s Twists and Turns – Make sure you have your insurance policies in order and plan ahead for potential emergencies.

Money is a tool that gives us the freedom to pursue our dreams. It’s up to us to decide how best to use it. So when you’re setting up your goals for the year, be sure to include these options in your plans.

How to Organize Your Home With the 5S Method

January 13, 2017 by jlmdiscovery

Feeling overwhelmed by clutter? Wishing your home was a bit more organized? I’d like to share a process I learned in my time as an engineer that will help you tackle any space. It’s called the “5S Method”.

The 5S Method originated in Japan and became popular in the west in the 1980’s. It is now used in a variety of industries including health care and aerospace. The 5 “S’s” stand for:

Sort
Set in Order
Shine
Standardize
Sustain

What started out as a manufacturing organizational method can be easily applied at home. I love this process because it is focused on giving every item a place. It also helps you to group items by function in “kits” that help your day run more smoothly. Here is how you can organize your home using the 5S method.

The 5S Process

5S will help you go from a cluttered work space to a streamlined one in just a few simple steps.

Before You Begin

Focus on a single work space at a time. Choose one to start with and identify its main function.
Create a “red tag” area. This is a place to temporarily put items that do not belong in your work space. Create zones for the following categories:
1. Relocate
2. Donate
3. Sell
4. Return

Step 1: Sort

Empty the work space completely. Be sure to clear items out of drawers, off surfaces, and out of shelves.
Remove obstacles, unnecessary items, and those not currently in use.
1. Dispose of any trash immediately.
2. Move other items that don’t belong to the “red tag” area.
Categorize each remaining item by function.

Step 2: Set in Order

Arrange items in work space by category.
1. Create zones for each function and group all related items together. Use baskets, bins, or dividers to keep groups contained.
2. Put more frequently used items closer to the front.
3. Create and label (if desired) a “home” for each item and/or group.
Ensure that your “work flow” is smooth.
1. Make sure everything is easy to retrieve and replace in its location.
2. Make sure items you use frequently are within easy reach.

Step 3: Shine

Determine a routine to keep your work space clean.
“Clean as you go” throughout the day to minimize workload later on.

Step 4: Standardize

Review your system periodically to see what works and what doesn’t.
1. Make adjustments as necessary.
2. Identify “best practices” and apply them in other areas of your home.
Verify that every item has a dedicated “home” to return to.

Step 5: Sustain

Perform regular inspections of your work space to make sure it remains organized.
Determine a routine for clearing out your “red tag” area.

Tips:

Make a shopping list of any organizers (boxes, bins, dividers, trays) you need as you categorize items.
Clear out your “red tag” area as soon as possible (trust me, it will become a new problem area if you don’t).
If you’re stuck on where to store an item, put it aside for a moment and continue organizing. Return to it when you’re finished and see if you can find a place for it.
Nightstands or under-sink cabinets are great places to start.

The goal is to follow this method for every area of your home, one work space at a time. When everything has a clear, easy place to return to you’ll find that there is less clutter overall.

Which space are you going to organize first?

How to Declutter and Organize Your Computer

February 16, 2016 by jlmdiscovery

For the past few weeks I’ve been following the popular “Home Organization 101: A Bowl Full of Lemons 14 Week Challenge” in order to finally get our house unpacked and decluttered. It’s been a great motivator, yet I noticed that there’s one important category missing: electronic organization. Many organization articles suggest that you digitize your files, but few remind you that, like your home, your hard drive has a finite amount of space. And, if your computer isn’t treated well, you could find yourself dealing with a computer crash at the wrong time. I’m currently in the process of updating my computer, and I came up with a list to follow to guide me through the clean up. Here are my tips to declutter and organize your computer too.

Purging
The first step to cleaning out your computer is to get rid of all the files you don’t need anymore (kind of like clearing out your closet). This step takes the longest, but it will take less time in the future if you schedule routine reviews of your digital content. For fun, check your hard drive space before and after you complete this step (it’s fun to see a significant change). Here are the areas you want to check:

Documents: don’t forget those from your desktop, downloads folder, cloud drives, and external hard drives
Photos/Videos: you don’t really need to save photos from that lunch you made two years ago
Music: if you don’t listen to it or you’re content to use streaming stations for it, get rid of it
Emails: go through both your inbox and your archives (don’t forget to review your “sent” box)
Bookmarks: check your browser and delete any sites you don’t visit
Programs/Toolbars/Plug-Ins: uninstall any program you don’t use
Recycling Bin: save this for last and be sure to empty the bin completely once you’re sure you’ve saved what you need

If you’re debating on whether or not to keep old documents, refer to this article on how long you should keep those “important” files (although you can be slightly more forgiving with electronic versions). Keep an eye out for duplicate versions of photos or documents; you probably don’t need to save multiple copies in the long run.

Organization
Now that you’ve pared down to the files you want to keep, it’s a lot easier to organize them the way you’d like. Here are some suggestions for setting up your system:

Match your electronic filing system to your paper one: use this guide to Home File Storage to make it simple to find everything you’re looking for
Replicate the format of your filing system on any cloud drives or external hard drives: know where to move files to when backing up your computer
Ensure all your files are labeled correctly: correct anything with an unclear name and be consistent
Determine which folders and files need to stay on your desktop: use a desktop organizer or just arrange them neatly (minimize desktop clutter)
Setup a system to streamline emails: create organized inbox and archive folders to direct incoming emails

Backup
The best thing you can do for piece of mind is to routinely back up your important digital files. You never know when a hard drive may fail or get damaged, so creating copies of your files will allow you to recover quickly. Aim to backup copies of both your complete set of files and your system image, but at a minimum your personal files (documents/photos/programs/etc). There are several ways to do this:

External Hard Drives: these can be portable, stationary, or cloud-based and come in a wide range of storage capacities (I use this 8TB cloud drive but I’m also a fan of the Western Digital My Passport series)
Cloud Service: programs like DropBox, Google Drive, iCloud, and others allow you to backup either small amounts of content for free or large amounts for $50-$100/year
CD’s/Flash Drives: although not as recommended (and definitely not worth it for large batches of content), keeping a CD/flash drive of important files and photos in a fireproof safe provides some extra security

You can perform these backups using either good old-fashioned copy/paste (easy enough for personal files) or dedicated backup software (better for system-wide backups). Whichever method(s) you choose, ensure that you have enough space for all of your current storage needs with plenty of room to grow. The safest bet is to have three copies of your data: one on your primary computer and two backups in different locations. If that seems like too much at first, start with one solid backup option that you can maintain easily.

Scanning & Computer Cleanup
Okay, so your computer is decluttered and backed up. Now it’s time for a deep clean.

Run an anti-virus program: you should have one installed already; set it up for routine scans in the future to delete malicious files
Run disk cleanup: this deletes unnecessary files from your computer and can be run from the “Start” menu
Defragment your hard drive: this rearranges system files for faster performance and can also be run from “Start”
Install any updates: check for any system or program updates that you’ve been putting off (be sure to restart afterwards)
Physically clean your computer: use electronics wipes and compressed air to wipe down the screen, keyboard, slots, and casing

Preventative Tools
You’re really all set to go, but there are a few further steps you can take to help maintain your computer’s performance and organization.

Use an app like Unroll.me to unsubscribe from emails you don’t wish to receive anymore
Set up a browser tab suspender like OneTab to reduce the burden of multiple web tabs on performance
Disable unnecessary startup programs
Set periodic reminders for yourself to backup and clean out your computer every 6 months or so

Following this process should help your computer to run faster and more efficiently, plus ensure your files are protected in the unfortunate event of a crash or virus. So next time you’re working to organize your home, don’t forget electronic organization too!

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How to Live the Christmas Spirit All Year Long

December 25, 2015 by jlmdiscovery

Recently, my husband and I were discussing how short-lived the Christmas season can be and how all the good will can sometimes seem artificial. Of course, the lead-up to the season has started earlier and earlier each year, but as soon as January 1^st hits we are typically back to focusing on ourselves and stripping away all the joyous intent: no more cheerful music, no more family get-togethers, significantly less charity. We decided that the issue isn’t the traditions and facets of Christmas, but instead the fact that we associate them only with Christmas and thus leave them behind in the new year. But why can’t we keep that spirit going?

I’ve been considering all of the elements that comprise the Christmas season, and I want to make it my mission to incorporate them throughout the year. There’s no reason we can’t enjoy this spirit all year round and use it to greatly improve our lives. Here is what I thought of:

Connection with the Church – While there are many who spend Advent fervently preparing for Christmas, there are others who return to the church only annually as a pilgrimage to the source of the occasion. Those who retain the religious core of Christmas view it as one of the chief times to reconnect with the church. However, this connection can happen weekly, daily even, with simple actions and intents to strengthen your faith. This year, in whatever manner your practice, try to reach out further through routine Mass and prayer.

Family & Friends – This time of year we almost always look forward to spending quality time with those closest to us. We travel for miles, balance logistics, make phone calls, send cards, and more just to let our loved ones know we are thinking of them. Yet I know I am guilty of those calls lapsing the rest of the year. Any time is a good one to send a letter or gather people together, so why not make it a point of staying in contact continuously? All it takes is a quick message or visit from time to time.

Seasonal Traditions – Each family has their own set of events set off by the Christmas season: tree trimmings, Advent calendars, Elf on a Shelf, ice skating, cookie baking, readings of “The Night Before Christmas”, sledding, etc. Especially in situations where change is ever present, such as with military families, those traditions can be the constants we anticipate all year. But such traditions can exist in each and every season, if we so choose. They are the events and activities we cherish and pass down, and while they may evolve and adapt over time, they keep us present in the times.

Gifts & Charity – Of course it’s the kids who run to the presents under the tree in excitement, but the truth is that everyone enjoys a thoughtful gift. One of my favorite parts of Christmas is searching out that “perfect gift” for someone, anticipating what their reaction will be when they receive it. But I’d like to think that from time to time I could make or find simple gifts to surprise those I care about, either to honor minor occasions or to cheer them up. Also, starting with Thanksgiving, this time of year is when most of us try to be more generous through coin donations and acts of service. Yet organizations such as the Salvation Army and St. Jude Children’s Research Hospital need such help every day. This year, make it a point to volunteer your time or funds towards good causes, even if it’s as small as gifting some food to someone in need.

Cheerful Music & Media – Every year I have a list of “must-see” holiday-themed TV and movies I need to watch in order to consider my season complete, along with playlists full of Christmas music. It’s hard to stay in a bad mood singing along to Jingle Bell Rock or watching The Grinch grow his heart. So why is it that the rest of the year I forget to use such feel-good media as a tool when I’m feeling down? No one says you can’t dream of a white Christmas starting in July, and nevertheless there is plenty of other cheerful music in this world for us to appreciate. Make a playlist and collect videos that make you happy, and hold onto them for a rainy day.

Decorations – I love those calm, quiet nights that you can bundle up, stroll down the street, and wander among the lighted houses. Or sitting by the Christmas tree after everyone has gone to bed. For only up to a month we strive to make our homes beautiful and deliberate, filling them with reminders of the season. And yes, some of you are already expert decorators and I applaud you, but a lot of us focus our efforts on Christmas. But there are simple ways to incorporate those sentimental trinkets, those seasonal displays, and those twinkling lights. See what ways you can think of to carry these through the other eleven months.

Homemade Items & Feasts – Some of the best gifts are homemade. When you know someone has spent not only money, but time on your present it means a lot more. Funny enough, sometimes those gifts are even easier (a warm batch of chocolate chip cookies can go a long way). This goes even further with the typical homemade feasts we enjoy on Christmas Eve or Christmas night. Generally, this is a time we drop the processed convenience and make wholesome meals to sit down and share with our families and friends. Now, I don’t know about you, but there’s no way I could make a turkey dinner after work. But there’s no reason I couldn’t choose to make it on a weekend. And striving for home-cooked meals for our families is always a good thing.

Good Will – Especially during this time we often speak of “good will towards men” and try to be friendlier with those around us. As shy as I am I still try to wish those I encounter “Merry Christmas” or “Happy Holidays”. But why does this effort stop with the last “Happy New Year”? We don’t have to begin elaborate conversations with everyone we meet, but even a simple “hello” or “have a nice day” can cheer someone’s spirit.

Miracles – It is sometimes too easy to forget the core of Christmas and the miracle it is celebrating. It is then too easy to stop recognizing miracles in our everyday lives. Whether it’s through church or being present in our gratitude, miracles are granted all the time. Be grateful for the gifts you receive and celebrate them.

While nothing can, or should, replace the glory of Christmas Day, I hope this list has given you some ideas for ways to continue the Christmas spirit throughout the year. Most of all, I wish you and your families a very Merry Christmas.

“My idea of Christmas, whether old-fashioned or modern, is very simple: loving others. Come to think of it, why do we have to wait for Christmas to do that?” – Bob Hope

Simple Ways to Go Seasonal

December 17, 2015 by jlmdiscovery

Every time I browse Pinterest my feed is filled with photos of beautifully and meticulously decorated homes, each christened with the marks of the next holiday over the horizon. When it comes to Christmas, often these rooms are completely transformed into winter wonderlands. I have to admit: I’m jealous. I’d love to have the time and energy to create a magazine worthy home, even if it’s just for a few weeks. That being said, for those of us with limited budgets and resources, there are several simpler ways to enjoy the seasons.

Scented Candles: I know, I know, I’m starting off with perhaps the most feminine item on this list, but the truth is that they really do make your home more pleasant. One strategically placed Christmas Cookie candle may be enough to make you feel like Santa is on his way. They’re not just for Christmas though – choose one of your favorite scents per season and switch them when the weather turns.

Lotions & Soaps: Okay so maybe this is more girly than the first, but even guys will use hand soap that smells like citrus in the summertime and secretly appreciate it. I know some people keep decorative towels to put out for the holidays, but since they’re not always meant for actual use I’m sticking with these more functional items. If you have people in your home who don’t share your affinity for seasonal cleaning products, stick to a lotion that you can enjoy all to yourself.

Wreaths: Obviously the most common ones we see are for Christmas, but there’s been a trend all year for seasonal wreaths that span all 12 months. Check out Pinterest for tons of DIY ideas and try to choose a single wreath that can be adapted to each of the four seasons (add boughs of holly, blossoming flowers, tropical palms, harvested wheat, etc). Seasonal flags could also suit this idea if you’re a fan of them (although the American flag works all year round!).

Artwork: If you’re the type of person who has collected too many prints to hang up on your wall, why not change one or two out every few months? Alternatively you could have one set of holiday-themed frames that you switch out as needed. If you have kids, you could always have them draw up a new batch of pictures each season as a fun project (and hanging them on the fridge is even easier than leveling frames).

Recipes: We all know of the benefits of eating fresh produce that’s in season, so why not keep a batch of recipes handy for each one. I’m not just talking about the 50 pumpkin spiced desserts you have for the fall; you could find new ways to use asparagus in the spring or eggplant in the summer. Try to find a new family favorite each year using the fresh ingredients that you can all look forward to. And if fruits and veggies aren’t your thing (I’m in this group), you can always set a tradition of making holiday themed meals.

Music: So again, Christmas music is the obvious choice here. But why not make a point to listen to other holiday themed music throughout the year? Valentine’s Day love songs, St. Patrick’s Day Celtic jigs, and Independence Day marches are all fun ways to appreciate the seasons. Or make it a point to listen to tropical music throughout the summer during those years you just can’t get away. Music is one of the easiest ways to lift your mood.

Books: This one may be a stretch, but it’s something I would like to try. Most of us would like to read more, but I think the problem is that we get overwhelmed by choices. Here’s an idea: pick a different genre to read each season. My picks would be classics for the winter, personal development for the spring, fun fiction for the summer, and biographies for the fall.

Family Traditions: This encompasses all the activities, crafts, trips, and other tasks that you associate with the seasons. Even if you’re not the type to keep a running bucket list, try to have at least one activity or project that the whole family can look forward to every year. Here are some examples: camping, apple picking, spring cleaning, gingerbread houses, volunteer events, beach trips, flower picking, or even just an elaborate s’more night. Tailor it to your family and make it something special.

I hope this has given you some ideas for simpler ways to enjoy the holidays and appreciate all four seasons. We can’t all be Martha Stewart, but we can adjust the little things to be more present in the time of year. What are your favorite ways to decorate and spend the holidays?