Employers sweeten child-care advantages to win over employees

A sign in the window of Bright Horizons Early Education and Preschool indicates that daycare will be closed on April 2, 2020 in the Seaport District of Boston.

David L. Ryan | The Boston Globe via Getty Images

As the offices reopen, employers are sticking to their lessons from the Covid pandemic of the importance of responding to workers’ needs by offering services that extend to childcare more than before.

When working parents juggled jobs and care during the health crisis, companies became aware of this. The result is that services such as accompanying child care are more likely to be offered or day care is planned on site. For companies that have already offered these services, the services are expanded to include offers such as affordable tuition to secure skilled workers. These benefits, along with reduced hours or working days from home, are designed to break down the barriers that hold some parents away from work by doing more to help employees reconcile their work and caring responsibilities.

These benefits are particularly important for women who still bear the brunt of family care responsibilities – a point that became even more apparent as the year went on the pandemic.

Although women make up less than half of the U.S. workforce, they accounted for much of the decline in the workforce in the first year of the pandemic. Data shown collected by the Pew Research Center that 2.4 million women left the labor force between February 2020 and February 2021, compared with 1.8 million men.

One of the biggest hurdles for working parents is the lack of access to affordable childcare. Only 39% of those asked about it McKinsey’s American Opportunity Survey those on incomes under $ 50,000 and with children at home said they could afford childcare. For the online survey, 25,109 people over the age of 18 were interviewed in the United States between March 9 and April 8.

While the lack of affordable childcare was an obstacle for many long before the pandemic, the crisis has put a greater burden on parents. Some were concerned with closed facilities, more restricted offers or struggled with concerns about the possible spread of Covid-19 in day care centers.

As the number of Covid cases has dropped sharply from its peak and vaccination rates are increasing, companies are trying to get women back into the workforce – something like this has not happened for a long time.

“The last time we really saw childcare – and corporate efforts to bend over backwards to increase women’s participation in the labor market – was really in the late 1990s,” said Diane Swonk, chief economist at Grant Thornton.

“There’s no muscle memory we go through in terms of being tight in the job, it’s something unprecedented that we’re all trying to open up at the same time,” she said. “Consumers are spending and businesses are trying to get up and running faster than workers are either able or willing to return.”

The use of Backup Care is increasing

Bright Horizons Family Solutions, which manages employer-based childcare and enables childcare and educational services, is seeing greater demand for its services. Some of its clients include General Motors, Amazon, Apple and Facebook.

More than 100 new Bright Horizon customers added the benefits of backup care over the past year. This service enables employees to take their children to a Bright Horizons daycare at the last minute if their childcare is down.

According to Maribeth Bearfield, chief human resources officer at Bright Horizons, emergency care use was about 20 times higher in the first three months of the pandemic than it was before the pandemic. And it continues to be on the rise during Covids, she said.

“People know that especially for important workers, they need childcare to get to work,” she said.

In a customer survey, Bright Horizons found that without backup supervision during the pandemic, 50% of employees would have had to cut their hours, 33% would have missed important deadlines, and 20% would have taken leave or quit their jobs, Bearfield said.

Companies that have already offered backup care are also adding other services, she said. Bearfield says the number of employees served by Bright Horizons has increased nearly 20% over the past year.

“Ten, 15 years ago, as an employer, we wanted to do everything we could to support our employees, but we haven’t come as far into family support as we do today,” said Bearfield. “An employer would never have thought that he would have to offer his employees tutoring or nanny networks.”

The benefits can range up to the financing or reduction of childcare.

“Whoever thought your employer would pay your babysitter for you, but employers are starting to do that,” Bearfield said. “Forward-thinking employers knew they would have more productive employees if they could help working mothers … get to work and relieve some of that stress and the psychological burden of childcare.”

Other employers might consider converting office space into daycare and hiring a company to manage it.

“It significantly reduces the cost of childcare for its employees,” said Cindy Lehnhoff, director of the National Child Care Association. Lehnhoff supervised day-care centers close to the employer Mercedes Benz and carnival. The overhead cost of renting space can be anywhere from 25 to 35% of the running cost of a normal daycare center, but if the employer pays these costs, they can reduce the parental rate.

Support the whole person

All in all, according to McKinsey, nearly half of companies have started offering or expanding access to parenting and home-schooling resources for employees survey carried out from June to August 2020.

Carters, a children’s clothing retailer and one of Bright Horizon’s customers, held several meetings over the past year to hear the problems of working parents. This conversation showed the importance of family support.

“Our employees were looking for psychological and emotional support for themselves and their children,” said Jill Wilson, Carter’s senior vice president of human interest and talent management. “They were looking for ways to entertain, raise and keep their children busy while they were at home rather than at school or daycare. They needed opportunities to work and take care of children at the same time.”

These discussions inspired the creation of a resource list on Carter’s Benefits website of tools, resources, and organizations that can provide support to parents, sorted by age group of children. The company also added improvements to the package offered by Bright Horizons. New benefits have been added, including tutoring for school-age students, priority enrollment and discounts on the Bright Horizons network of childcare centers, and discounts on enrichment programs and camps.

These family-oriented perks have been added along with additional help for mental and emotional health, as well as tips for better sleep.

“We will continue to strive to support the well-being of the whole person – be it physically, emotionally, socially or financially. As schools and daycare closed we saw the real value of a benefit like Bright Horizons supportive care, and we continue to see valued use as employees get back into a routine, “said Wilson.

Offers for older children and seniors

The shift towards a stronger focus on family-oriented benefits by companies is not limited to just supporting workers with young children. Benefits are also expanding to meet the needs of older children or even the parents of employees.

Since many high school students attended classes from home, employers try to help parents fill the gap created by distance learning, with tutoring services or access to exam preparation, help with orientation at the university or with writing applications.

“During Covids, these resources were no longer only available to high school students, so I think employers go there, ‘we have to do everything we can to keep our employees,'” Bearfield said. “I think the bottom line is that employers risk losing employees if they are not flexible.”

Best buy, which offers additional childcare to its employees through Care.com, is offering tutors a $ 100 monthly reimbursement to tutors for children ages 5-18, and the retailer expanded its paid vacation program to allow employees up to six weeks of paid Vacation. And Best Buy became more flexible and offered employees the opportunity to reduce their working hours or to share a full-time position with another employee.

The care allowance, which offers employees full pay for caring for relatives for four weeks, has been extended to include siblings, in-laws, grandchildren, grandparents and children aged 18 and over. So far, the benefit only covered spouses or partners, parents and children under the age of 18.

The electronics retailer also launched Wellthy, a care concierge who helps individuals find care for family members with complex, chronic, and ongoing care needs, as well as finding nannies or childcare.

With an aging US population, it is important for companies to provide assistance to older parents.

“We have an economy where we need all hands on deck because of aging demographics, and it does so across the developed world,” said Swonk.

It is too early to say whether these efforts to reintegrate more people into the labor market will be successful. It will likely be more obvious at the same time schools reopen, making it difficult to unravel the two, Swonk said.

“One of the things the pandemic did is … [push employers to start] Seeing workers as people who have needs rather than goods that can be exchanged and easily replaced, “Swonk said said. “This is a big change and gives workers a moment of bargaining power that they didn’t have, especially for women who already have the short end of the stick.”

The shift could stay here to stay. Both government and consumers place greater emphasis on the importance of diversity in the workplace. An expansion of family benefits could make it easier for people from different backgrounds to enter or return to work.

“We’ll see this become increasingly important, not just because we know that more diverse job markets and diverse workforce are everywhere [companies], especially in the C-suite, are delivering better financial returns, but we are also seeing market and government demands shifting to demand more diversity, equity and inclusion, “said Swonk.

Trump Group Costs: A Probe of Hush Cash Moved to Fringe Advantages

The indictment against the Trump Organization and its chief financial officer arose out of an investigation into what appeared to be an unrelated matter: the now infamous $ 130,000 payment to adult film actress Stormy Daniels.

The Manhattan Attorney’s investigation into a hush money payment to the alleged lover of former President Donald Trump has since turned into a comprehensive investigation into the Trump Organization’s business practices, including whether it was involved in banking, insurance and tax fraud.

This week, an investigation that stalled several times over three years finally reached a courtroom indicting the Trump Organization and its chief financial officer Allen Weisselberg on tax charges. The prosecutor, who works with the New York attorney general, accused the company and its CFO of running a 15-year tax avoidance program by offering Manhattan apartments, luxury cars, and private schooling as off-the-books compensation.

The Trump Organization and Mr. Weisselberg pleaded not guilty, and their lawyers said they would take action against the charges.

The charges go well beyond the investigation’s original focus – the handling of the payment to Ms. Daniels by the Trump Organization, which was supposed to silence her over her allegations of sexual encounter with Mr. Trump. Former prosecutors said Thursday’s charges could become a stepping stone to bringing broader charges against Mr Trump himself if Mr Weisselberg asked for leniency in return for testifying against his longtime boss.

Danger of the vitality transition is that it solely advantages just a few, CEO says

According to the CEO of the Italian energy company, the coronavirus pandemic has accelerated the transition in the energy industry Enel, However, a number of issues need to be addressed to ensure that change occurs in a measured manner.

In a detailed interview with CNBC’s “Squawk Box Europe” on Tuesday, Francesco Starace was asked about the “energy transition” and how the pandemic had changed the landscape.

“For example, the EU has decided to find the way out of the crisis in order to accelerate these renewable energies and this energy transition,” he said.

“I would say it’s more of a transition than a transformation,” he added. “It’s a big change that affects not just the energy industry, but … the industry as a whole. So I can say, yes, the pandemic has greatly accelerated this trend. “

Change appears to be on the horizon, and in many cases it is closely related to attempts by major economies to recover from the effects of the pandemic.

The European Commission, for example, has described the European Green Deal – a plan for climate neutrality for the EU by 2050 – as “our lifeline from the COVID-19 pandemic”.

The Green Deal is supported by initiatives such as the Just Transition Mechanism. This should mobilize billions of euros between 2021 and 2027 and focus on “regions that are the most carbon-intensive or most people work with fossil fuels”.

As governments around the world are signaling their intention to move away from fossil fuels and pursue net-zero goals, making any meaningful change is a daunting task.

For example, energy companies are still discovering new oil fields, while fossil fuels continue to play an important role in electricity production in countries like the USA.

For his part, Starace was keen to make it clear that every shift would not be without its challenges.

“The transformation is inevitable, it will happen anyway,” he said. “The risk is whether it happens in a disorderly manner or … in an orderly manner.”

“I think the risk is that we don’t really consider all of the consequences for all of the industry and for all of the world’s economy,” he added.

“That means that we try to push it forward in such a way that it causes problems for people or … [u]n fair, in some parts of the world piling up inequality instead of being more just. “

Retraining of the workforce

As governments around the world signal their intention to expand renewable energy capacity in the coming years, the need for jobs in this sector is expected to increase.

According to the Global Wind Energy Council, expansion of the wind energy industry 3.3 million jobs could be created in the next five years.

In the US, the Solar Energy Industries Association says the solar sector will need over 900,000 workers if the country is to meet its goal of “100% clean electricity” by 2035.

Read more about clean energy from CNBC Pro

More than 231,000 workers were employed in the American solar industry last year, a 6.7% year-over-year decrease, according to a recent report from SEIA, Interstate Renewable Energy Council, The Solar Foundation and BW Research.

In his interview with CNBC, Enel’s Starace stated that skilled people were “becoming a scarce … commodity” in the energy industry. Among other things, he emphasized the importance of training people in large numbers.

Clean air, less noise

In recent years, governments around the world have signaled their intention to increase the number of electric vehicles on their roads. This move away from the internal combustion engine is already underway.

At the end of April, the International Energy Agency said that around 3 million new electric cars were registered last year, a record high and an increase of 41% compared to 2019.

According to the Paris-based organization, that leap has brought the total number of electric cars on the streets to over 10 million, a number that is supplemented by roughly 1 million electric buses, vans and heavy trucks.

One of the potential benefits of electrifying transport is improved air quality, as Starace noted. “When we electrify – that means pushing[ing] fossil fuels out of the picture – the fine dust particles, the pollutants that are part of our daily life will disappear … and the quality of life in cities will definitely improve. “

Tax refund for unemployment advantages: When your IRS cash will come and how one can test

The IRS will automatically adjust 2020 tax returns for the unemployment tax break and issue letters with the amount.

Angela Lang / CNET

The IRS has already issued more than 2.8 million federal refunds to those who took out unemployment insurance during the pandemic. The 2021 American rescue plan treats the the first $ 10,200 unemployment benefits last year (or $ 20,400 for married couples filing together) as non-taxable income. This means that around 13 million taxpayers who paid income tax on this money before the law was changed will now get money back.

The specific amount of the refund varies for each person but can be substantial. (The money could also be automatically applied to outstanding balances if you owe taxes or other debts.) The first round of refunds began in late May to single people with no dependents, with the second round expected to occur in mid-June. Married couples and taxpayers with loved ones should expect to see their IRS money later this summer.

Read on to find out how to check the status of your refund online. As for other unemployment news, half of the US states have the $ 300 weekly bonus payments and some offer Re-entry bonuses. If you are a parent expecting your first Child tax deduction Payment on July 15th, calculate how much could you get for your family and three ways to find out if you qualify, including a new one IRS letter about paying your child’s tax credit. We’ll update this story as we get more information.

Important facts about unemployment tax relief and reimbursement

The IRS has already started sending refunds to taxpayers who received unemployment benefits and paid taxes on the money in the past year. After some frustration with the launch delays, many single filers began seeing deposits on their checking accounts as of May 28th, with 2.8 million refunds in the first week of June. The IRS said the next refunds will be made in mid-June.

Here’s what you should know:

  • The tax break applies to those who have earned less than $ 150,000 adjusted gross income.
  • The $ 10,200 is the single parent income exclusion amount, not the refund amount. The amount of the reimbursement varies per person depending on the total income, tax class and amount of unemployment benefit.
  • Not everyone gets a refund. The IRS may seize the refund to: a past due debt, such as unpaid federal or state taxes and child benefits.
  • Refunds were starting to run out in May and will be published in batches over the summer while the agency is evaluating the tax returns. More complicated returns may take longer.
  • The IRS performs the recalculations in two phasesstarting with single filers who are eligible for the tax break of up to $ 10,200. It will then adjust the tax returns for the married taxpayers who are eligible for the tax break of up to $ 20,400.
  • If the IRS determines that you are entitled to a refund of the unemployment tax break, they will automatically send a check.
  • you You don’t need to submit an altered return to apply for the exemption. (That’s how it works Track your tax return status and make a refund online.) Some who have used tax software like TurboTax have reported that their reimbursement amount has changed due to the unemployment reimbursement, even though they do not see a check yet.
  • Refunds are made as a direct deposit if you provided bank account information on your 2020 tax return. Otherwise, the refund will be sent as a paper check to the address available to the IRS.
  • The IRS will send you a notice explaining the corrections within 30 days of the correction.


Running:
Look at that:

Your tax questions answered in 3 minutes

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Check the status of your unemployment tax refund

The IRS says Eligible persons should have received Form 1099-G from their state employment agency, which shows the total unemployment benefits paid in 2020 in Box 1 (if not, you should apply for one online). Some states may issue separate forms based on unemployment benefits – for example, if you have received State Pandemic Unemployment Assistance (PUA).

The IRS online applications like that Where is my refund? Tool and the Changed return status tool, is unlikely to provide any information on the status of your unemployment tax refund. The IRS also says not to call the agency.

As far as we know, the easiest way to find out when the IRS processed your refund (and how much) is by looking at your tax certificate. How to find it:

1. visit IRS.gov and log into your account. If you haven’t opened an account with the IRS, it will take some time as you will have to go through several steps to verify your identity.

2. Once you’ve signed into your account, you’ll see that Account home page Page. click View tax documents.

3rd On the next page, click that Get the transcript Button.

4th Here you will see a drop down menu asking why you need a transcript. Choose Federal tax and let them Customer file number Field empty. Press the Walk Button.

5. The following page shows your Return protocol, Records of bank statements, statement of account and Wages & income Transcript for the past four years. You will want that Bank statement 2020.

6th This will open a PDF of your transcript: focus on that Transactions Section. What you are looking for is an entry that is listed as a Refund issued, and it should have a date in late May or June.

If you don’t have that, it likely means the IRS has not yet reached your return.

Details on the unemployment tax refund will be announced

The IRS has some information about it on its website Taxes and unemployment benefits. We are still unclear how to contact the IRS if there is a problem with your tax refund. If a refund has been issued, you should expect a letter from the IRS within 30 days of the adjustment letting you know if it resulted in a refund or if it was used to settle debt.

Learn smart gadget and internet tips and tricks with our entertaining and ingenious guides.

Here’s What We Know About Contacting the IRS Stimulus check problems. You can find more information on economic stimulus and aid payments here via the Child tax credit up to $ 3,600 per child and details too who qualifies.

Job Openings Spike in WTF Type amid “Labor Shortages” whereas 15 Million Individuals Declare Unemployment Advantages

This messed up job market is finally producing rising wages. But companies can pass them on at higher prices: the beginning of an inflationary spiral.

By Wolf Richter to the WOLF STREET.

This is just insane: 15.4 million people are still eligible for unemployment benefits under all programs, with many receiving the additional $ 300 per week in federal allowances, according to the Department of Labor. And 9.3 million people are still “unemployed” according to the Bureau of Labor Statistics.

Nevertheless, the number of job vacancies rose into the stratosphere as companies complain of “labor shortages” even though there is no shortage of people who could work.

The number of vacancies rose by 1 million from the highest ever record to a new highest record ever, to 9.29 million vacancies in April, seasonally adjusted and to 10.0 million non-seasonally adjusted, according to the JOLTS report from the Bureau of Labor Statistics today. Something is really messed up:

It does so while the number of jobs at employers of all kinds – corporations, governments and nonprofits – is still down 7.6 million from February 2020 (green line) to 144.9 million in May; and while households indicated that the number of employed persons, including the self-employed, was 151.6 million still down 7.1 million from February 2020 (Red line):

In the leisure and hospitality industry – around three quarters of the jobs are in restaurants and bars – the number of vacancies rose by almost 400,000 positions, from an all-time high to a new record of 1.59 million in April (seasonally adjusted) and rose by 55% from April 2019 :

But even though there were 1.59 vacancies in the leisure and hospitality industry that the companies were eager to fill, the number of employees in the industry still fell by 2.54 million compared to April 2019:

In the production, the number of vacancies rose to 851,000 for the second month in a row, an impressive 83% or 388,000 positions compared to April 2019.

Manufacturers have raised wages, and some have paid signing premiums, and they complain that they can’t fulfill orders because they struggle to hire enough people to ramp up production to meet trillions of dollars in demand in fiscal and monetary policy incentives.

This comes after two decades of lawsuits that American companies have relocated manufacturing jobs to low-cost countries.

The number of people currently working in manufacturing – including the new positions that manufacturers have actually been able to fill – has remained roughly unchanged for four months with around 12.3 million employees, according to the BLS job report last Friday. Compared to the Good Times last month, February 2020, that was a decrease of 509,000 employees. And yet there are 851,000 vacancies that manufacturers want to fill:

In art, entertainment and recreation In the industry, job vacancies rose historically to 248,000 vacancies for the third month in a row, more than doubling since April 2019:

Under constructionTheir job vacancies rose by 23,000 to the second-highest level of all time, below just April 2019:

But the number of construction workers hasn’t moved much through May this year (and down 20,000 jobs in May from April) and is still 225,000 lower than it was in February 2020:

In the areas of transportation, warehousing and utilities Job vacancies fell by 18,000 to 411,000 positions in April compared to the record increase in March, an increase of 17% compared to April 2019:

In wholesale Sector, job vacancies rose 79,000 in April to a record 335,000 jobs, up 21% from April 2019:

At retail, job vacancies rose by 208,000 to almost 1 million jobs, an increase of 27% compared to April 2019. This sector includes the currently hot car dealers, grocery stores, hardware stores and the like, but also the dying mall stores:

In professional and business services, job vacancies rose to a record 1.52 million in April, surpassing the previous record in December 2020 and up about 25% over the multi-year average.

In education and healthcare, job vacancies rose to 1.44 million, the second highest ever after the record in February, and grew 4.3% from April 2019.

In the information area, The number of vacancies rose to 116,000, in the mid-range of the multi-year and less than in April 2019. The industry cut fewer jobs in 2020 because it was able to switch to working from home.

Jobs in finance and insurance jumped back to the upper end of the multi-year range, to 315,000 openings in April. By moving to home office, this sector has largely retained employment, and job vacancies have so far not shown any unusual trends – unlike during the financial crisis up to December 2009, when they almost collapsed to zero.

In mining and logging, especially oil and gas drilling, the job vacancies fell to 25,000 in April, roughly in the middle of the broad multi-year range.

Small businesses have a big problem with recruiting.

A record high of 48% of small business owners reported vacancies, according to the NFIB Small Business Optimism Index today. “The labor shortage is holding back the growth of small businesses across the country. If small business owners could hire more staff to take care of customers, sales would be higher and approach pre-COVID levels, ”the NIFB said in the statement.

What does that mean in the bigger picture?

The gap between the 15 million people still receiving unemployment benefits under all programs and the difficulties companies have in filling their jobs is a sign of a messed up job market.

This already results in a mix: finally higher wages, and that’s a good thing; and higher inflation as companies pass their higher labor costs on to consumers, whatever happens and you can get away with it, and that’s not so good. It is the beginning of one of the mechanisms that set in motion an inflationary spiral that is not “transitory”.

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Drone shots of roofs with aluminum and steel shingles. Get a bird’s eye view of the details of each installation.

https://www.youtube.com/watch?v=videoseries

Cash restored for jobless advantages

LIHU’E – The final legislature in Hawaii was effected with changes as the state adapted to COVID-19 emergency rules.

Much of the activity has been moved to an online platform, which the Kaua’i Legislative Delegation said presented some challenges – especially in areas like public engagement.

The four lawmakers, Senate President Ronald Kouchi and MPs Nadine Nakamura, James Tokioka and Dee Morikawa, recently spoke to members of the Lihu’e Business Association in a virtual meeting where they discussed issues such as unemployment, public transparency and Hawaii. i Tourism Authority.

“What best describes our legislative work this year is: ‘Finding a new normal,'” said Morikawa. She again served as head of the house majority and was a member of the Consumer Protection, Water, Land, Corrections, Military and Veterans, and Disability Management Committees.

Morikawa said the challenges at the state capitol included the need for an internet infrastructure that would ensure uninterrupted attendance at hearings. And it turned out to be good for engagement in some ways, she said.

“What stood out to me was the ability of people to testify through some remote process, which showed me that those who had never traveled to the Capitol were now able to engage in face-to-face discussions,” Morikawa said.

“We must do that even after the Capitol is open. Because it is especially beneficial for the residents of the neighboring islands.

Nakamura said one of the biggest accomplishments from the previous session was trying to balance the budget with a loss of revenue.

Laws have been passed to pay off the $ 700 million debt the state borrowed last year to pay unemployment benefits for hundreds of thousands of workers. The state was able to avoid vacation restoring some of the major safety net programs, including general assistance for the disabled, sex offenses, hepatitis C treatment, and the Hawai’i Promise program for Hawaii’s community colleges.

“I’m also delighted that, as the Housing Committee Chairman, we have raised over $ 100 million in affordable housing, infrastructure and housing programs, including $ 20 million in public housing and improvements,” said Nakamura. “Finally, we were able to allocate and update $ 14.3 million to a variety of homeless programs including housing, early rapid rehousing and family assessment centers.”

Mark Perriello, president of the Kauai Chamber of Commerce, said there were several questions about the bill on Governor David Ige’s desk regarding the Hawai’i Tourism Authority. He expressed concerns about how the company would maintain strategic plans, the four pillars of natural resources, culture, community, and branding, and cut the budget by $ 19 million.

Tokioka and Kouchi both said they were surprised that tourism was growing so quickly, and they worked with other lawmakers and HTA members to understand what will be needed by the organization in the future.

“One of the things that HTA touched on was marketing the business,” Tokioka said. “And what I understand is that the number of people just coming back, I don’t think anyone saw it that quickly. So there are naysayers who feel we don’t need HTA. I totally disagree. “

Kouchi added, “It’s an ongoing work of how the legislature works with the visitor industry and what the community expects.”

•••

Stephanie Shinno, Education and business reporter, can be reached at 245-0424 or sshinno@thegardenisland.com.

Befriend cash and reap the advantages

How do you relate to money? Perhaps your personal finances are like a distant cousin you barely think about – or a troubling stranger you avoid. Or maybe money feels like your enemy, frustrates you, and seldom does what you want.

According to a survey by NerdWallet last year, 31% of Americans said they worry when they think about the current state of their personal finances.

That sounds exhausting. What if you thought of money as your boyfriend instead? A more positive relationship can help you feel more secure and get the most out of your money.

Addie McHale, a Denver-based Certified Financial Planner, shares the following tips on how to make friends with your money.

“You can start these things today,” she says. “You don’t even have to pull out a calculator.”

Give your time and attention

If you’ve ever grown apart from someone, you know friendship takes work. It’s important that you take your time and not scroll Instagram while you’re supposed to be listening.

So spend some meaningful time with your money. Schedule check-ins to review your past expenses. Hop into your retirement account to monitor its progress. Look at the debt that you are paying back.

McHale, who is also the founder of the financial services business Moneyfull, says that “miracles happen” when her customers start looking after their money and taking action. You are gaining momentum, she says.

For example, if you spend time tracking your expenses, you can see ways to reduce costs. You make these cuts, and now you’ve saved your money. Next, find where to put the extra money. Look here, you’re investing, contributing to a savings goal, or putting more emphasis on paying off debt – all because you took the time to scan your expenses.

Take an interest

You know the friend you know everything about – their birthday, a drink of your choice, feelings for their mother? You know the stuff because you cared about it and learned it.

The same goes for your friendship with money. As well as devoting time and attention to your finances, make an effort to learn more. Look for articles and books about money, discuss them with friends and family, or seek professional advice, for example from a financial advisor.

McHale recommends trying a money podcast. “There are many ways to learn it and incorporate it into your life very easily,” she says. “Anyone can listen to a podcast while they’re outside.”

SHOW RECOGNITION

Of course you want more money. McHale points out that society often takes the view that “you should never have enough and always buy more, more, more”. But she says, “We have to get off the train and start appreciating what we have.”

Think about what your money allowed you. Or, appreciate yourself for trying to better understand your finances. Or, follow McHale’s advice: “Get in the habit of saying, ‘What am I thankful for today?'”

No, this gratitude isn’t going to make you rich, but it will help you build a more positive relationship with money. It’s like associating your friend with their warmth and thoughtfulness rather than their perpetual delay.

DON’T TALK SMACK

Good friends don’t say mean things to each other. Likewise, saying more positive words about money can help to improve your attitude towards it.

“Pay attention to the language we use for money, because it naturally has to do with our thoughts,” says McHale.

For example, listen to phrases like “I’m terrible about money” or “I don’t care about money”. These types of words can act like crutches. When you are poor with money, why should you try to improve your finances? Why save for retirement if you don’t care?

If you’re unfamiliar with personal finance, consider rephrasing it to say, “I don’t get this, but I’ll take small steps to learn more,” says McHale.

Also aim for a stronger language. Instead of saying that you can’t afford something, McHale suggests saying that you choose not to spend your money.

Let go of the verdict

Any friend who has confided in you likely expected a zone of no judgment. Treat yourself to the same compassion and try to let go of money shame.

McHale suggests that some people are not friends with their money because “it’s an emotional issue that they want to avoid”. But she adds: “If we come from a more neutral place, we may be able to drop some of our luggage.”

Try to be more analytical and less emotional with money by allowing times to review your finances when you are feeling calm and level-headed.

PREPARE TO FORGIVE

“If you’ve ever had a fight with a friend, you know the importance of grace and let things go,” says McHale. Money friendships are also made. Finance can be difficult to understand so you are likely to make mistakes.

You might miss out on bill payments or overdrafts, or run into debt. Beating yourself up is unproductive and can lead to resentment and avoidance.

“You have to forgive yourself past or current mishaps and mistakes,” says McHale. “It doesn’t mean to tolerate, but to accept it and learn from it and move on.”

Laura McMullen is a writer at NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

Befriending cash can reap advantages

How do you relate to money? Perhaps your personal finances are like a distant cousin you barely think about – or a troubling stranger you avoid. Or maybe money feels like your enemy, frustrates you, and seldom does what you want.

According to a survey by NerdWallet last year, 31% of Americans said they worry when they think about the current state of their personal finances.

That sounds exhausting. What if you thought of money as your boyfriend instead? A more positive relationship can help you feel more secure and get the most out of your money.

Addie McHale, a certified financial planner, shares the following tips to help you make friends with your money.

“These are things to start with today,” she says. “You don’t even have to pull out a calculator.”

.

Give your time

If you’ve ever grown apart from someone, you know friendship takes work. It’s important that you take your time and not scroll Instagram while you’re supposed to be listening.

So spend some meaningful time with your money. Schedule check-ins to review your past expenses. Hop into your retirement account to monitor its progress. Look at the debt that you are paying back.

McHale, who is also the founder of the financial services business Moneyfull, says that “miracles happen” when her customers start watching their money and taking action. You are gaining momentum, she says.

For example, if you spend time tracking your expenses, you can see ways to reduce costs. You make these cuts, and now you’ve saved your money. Next, find where to put the extra money. Look here, you’re investing, contributing to a savings goal, or putting more emphasis on paying off debt – all because you took the time to scan your expenses.

.

show interest

You know the friend you know everything about – their birthday, a drink of your choice, feelings for their mother? You know the stuff because you cared about it and learned it.

The same goes for your friendship with money. As well as devoting time and attention to your finances, make an effort to learn more. Look for articles and books about money, discuss them with friends and family, or seek professional advice, for example from a financial advisor.

McHale recommends trying a money podcast. “There are many ways to learn it and incorporate it into your life very easily,” she says. “Anyone can listen to a podcast while they’re outside.”

.

Show appreciation

Of course you want more money. McHale points out that a common perception in society is that “you should never have enough and always buy more, more, more”. But she says, “We have to get off the train and start appreciating what we have.”

Think about what your money allowed you. Or, appreciate yourself for trying to better understand your finances. Or, follow McHale’s advice: “Get in the habit of saying, ‘What am I thankful for today?'”

No, this gratitude isn’t going to make you rich, but it will help you build a more positive relationship with money. It’s like associating your friend with their warmth and thoughtfulness rather than their perpetual delay.

.

No gossip

Good friends don’t say mean things to each other. Likewise, saying more positive words about money can help to improve your attitude towards it.

“Pay attention to the language we use for money, because it naturally relates to our thoughts,” says McHale.

For example, listen to phrases like “I’m terrible about money” or “I don’t care about money”. These types of words can act like crutches. When you are poor with money, why should you try to improve your finances? Why save for retirement if you don’t care?

If you’re unfamiliar with personal finance, consider rephrasing it to say, “I don’t get this, but I’ll take small steps to learn more,” says McHale.

Also aim for a stronger language. Instead of saying that you can’t afford something, McHale suggests saying that you choose not to spend your money.

.

Do not judge

Any friend who has confided in you likely expected a zone of no judgment. Treat yourself to the same compassion and try to let go of money shame.

McHale suspects that a lot of people are unfriendly with their money, in part because “it’s an emotional issue they want to avoid”. But she adds, “If we come from a more neutral place, we may be able to drop some of our luggage.”

Try to be more analytical and less emotional with money by allowing times to review your finances when you are feeling calm and level-headed.

.

Forgive

“If you’ve ever had a fight with a friend, you know the importance of grace and let things go,” says McHale. Money friendships are also made. Finance can be difficult to understand so you are likely to make mistakes.

You might miss out on bill payments or overdrafts, or run into debt. Beating yourself up is unproductive and can lead to resentment and avoidance.

“You need to forgive yourself for past or current mishaps and mistakes,” says McHale. “It doesn’t mean to tolerate, but to accept it and learn from it and move on.”

Befriend your cash and reap the advantages

How do you relate to money? Perhaps your personal finances are like a distant cousin you barely think about – or a troubling stranger you avoid. Or maybe money feels like your enemy, frustrates you, and seldom does what you want.

According to a NerdWallet, 31% of Americans said they worry when they think about the current state of their personal finances survey last year.

That sounds exhausting. What if you thought of money as your boyfriend instead? A more positive relationship can help you feel more secure and get the most out of your money.

Addie McHale, a Denver-based Certified Financial Planner, shares these tips on how to make friends with your money.

“These are things to start with today,” she says. “You don’t even have to pull out a calculator.”

Give your time and attention

If you’ve ever grown apart from someone, you know friendship takes work. It’s important that you take your time and not scroll Instagram while you’re supposed to be listening.

So spend some meaningful time with your money. Schedule check-ins to review your past expenses. Hop into your retirement account to monitor its progress. Look at the debt that you are paying back.

McHale, who is also the founder of the financial services business Moneyfull, says that “miracles happen” when her customers start watching their money and taking action. You are gaining momentum, she says.

For example, if you spend time tracking your expenses, you can see ways to reduce costs. You make these cuts, and now you’ve saved your money. Next, find where to put the extra money. Look here, you’re investing, contributing to a savings goal, or putting more emphasis on paying off debt – all because you took the time to scan your expenses.

Take an interest

You know the friend you know everything about – their birthday, a drink of your choice, feelings for their mother? You know the stuff because you cared about it and learned it.

The same goes for your friendship with money. As well as devoting time and attention to your finances, make an effort to learn more. Look for articles and books about money, discuss them with friends and family, or seek professional advice, for example from a financial advisor.

McHale recommends trying a money podcast. “There are many ways to learn it and incorporate it into your life very easily,” she says. “Anyone can listen to a podcast while they’re outside.”

SHOW RECOGNITION

Of course you want more money. McHale points out that a common perception in society is that “you should never have enough and always buy more, more, more”. But she says, “We have to get off the train and start appreciating what we have.”

Think about what your money allowed you. Or, appreciate yourself for trying to better understand your finances. Or, follow McHale’s advice: “Get in the habit of saying, ‘What am I thankful for today?'”

No, this gratitude isn’t going to make you rich, but it will help you build a more positive relationship with money. It’s like associating your friend with their warmth and thoughtfulness rather than their perpetual delay.

DON’T TALK SMACK

Good friends don’t say mean things to each other. Likewise, saying more positive words about money can help to improve your attitude towards it.

“Pay attention to the language we use for money, because it naturally relates to our thoughts,” says McHale.

For example, listen to phrases like “I’m terrible about money” or “I don’t care about money”. These types of words can act like crutches. When you are poor with money, why should you try to improve your finances? Why save for retirement if you don’t care?

If you’re unfamiliar with personal finance, consider rephrasing it to say, “I don’t get this, but I’ll take small steps to learn more,” says McHale.

Also aim for a stronger language. Instead of saying that you can’t afford something, McHale suggests saying that you choose not to spend your money.

Let go of the verdict

Any friend who has confided in you likely expected a zone of no judgment. Treat yourself to the same compassion and try to let go of money shame.

McHale suspects that a lot of people are unfriendly with their money, in part because “it’s an emotional issue they want to avoid”. But she adds, “If we come from a more neutral place, we may be able to drop some of our luggage.”

Try to be more analytical and less emotional with money by allowing times to review your finances when you are feeling calm and level-headed.

PREPARE TO FORGIVE

“If you’ve ever had a fight with a friend, you know the importance of grace and let things go,” says McHale. Money friendships are also made. Finance can be difficult to understand so you are likely to make mistakes.

You might miss out on bill payments or overdrafts, or run into debt. Beating yourself up is unproductive and can lead to resentment and avoidance.

“You need to forgive yourself for past or current mishaps and mistakes,” says McHale. “It doesn’t mean to tolerate, but to accept it and learn from it and move on.”

____________________________________

This column was provided to The Associated Press by the personal finance website NerdWallet. Laura McMullen is a writer at NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

SIMILAR LINKS

NerdWallet: Gen Zers: How America’s Newest Adults Make Money https://bit.ly/nerdwallet-gen-z-money

Can giving folks added well being advantages truly get monetary savings? | Authorities

Sometimes it pays off generously.

This is the surprising discovery that comes from a review of the chain of improvement that Navajo County has made in its employee health plan over the past several years.

The county has annually cared for the spouses of workers free of charge, hired a consultant to ensure employees with complicated conditions come into contact with top-notch doctors, paid people extra for sports activities, added free insurance for medical helicopter flights, and offered extra care for people with conditions like diabetes.

But here’s the thing: Navajo County estimates the cascade of franchise benefits cut the cost of coverage nearly in half – saving the county at least $ 4 million in damage annually.

“We haven’t seen a rise in staff costs since January 2017 – prices have been flat for five years,” Administrator Eric Scott told the county board of directors last week. “It was amazing to see this happen – we made decisions a little outside the box and saw the payoff.”

How is that possible?

Do more services save money?

In fact, it reflects efforts to cope with the world’s most expensive medical system – which means financial rewards for treating sick people, but also for keeping people healthy.

According to a report by the Peter G. Peterson Foundation, the US spends at least 17% of its gross domestic product on health care, compared to about 9% in most advanced industrial countries. In 2019, we spent $ 11,000 per person on health care compared to $ 5,500 per person in the rest of the developed world.

This partly reflects the much higher cost of procedures in the US – such as MRIs, heart surgery, hospitalizations, and a variety of treatments. The US also spends four times as much on managing its decentralized, mostly private system – around $ 940 per person. Much of this goes to insurance companies that are trying to reduce the claim – often by rejecting claims, squashing benefits, or accumulating large co-payments and deductibles.

Despite wasteful healthcare spending in the US, we remain the only developed nation without universal health coverage – with at least 10% to 20% uncovered for at least part of the year.

Additionally, we remain mediocre when it comes to health outcomes as measured by life expectancy, management of chronic conditions like diabetes, childhood vaccinations, public health infrastructure, and even heart attacks. When it comes to child mortality and prenatal care, we are among the worst in the developed world.

How did Navajo County buck the trend – save money by offering more employee-centric services?

Years of effort began with a decision to hire a consultant to analyze the spending patterns in the system and then suggest ways to save money without harming the health of the county’s 500 or so employees. The health plan includes 874 people, including 418 employees and their families. On average, each employee has two dependents covered by the plan. Employees pay about 21% of health care costs, with Navajo County taking care of the rest.

The analysis showed some surprising trends.

For example, spouses on the plan made twice as many claims each month as the employee – who made about four times as many claims as any child.

This discovery led to the decision to offer free annual exams and other additional prevention services for spouses and children – rather than just for the employee.

A few years later – the results seem clear. The cost per worker rose a modest 13% to about $ 363 per month. That is actually lower than the underlying cost of medical inflation over the same period. However, the cost of the spousal coverage plan decreased 24% to $ 805 per month and the cost per child decreased 25% to $ 89 per month.

Gee: Prevention works. Who would have thought?

Rigorous data analysis yielded some other interesting results. For example, medical claims costs fell 12% over three years – likely due to preventive care, more careful claims management, and other changes. However, the cost of the plan’s drug benefits increased 6% for reasons the counselors continue to investigate.

The data analysis also found a sharp increase in the cost of treating several chronic conditions – particularly diabetes. Diabetes claims this year increased 27% last year. This prompted the county to sign a deal with Virta Health in 2021 based on a treatment, education, and lifestyle change program that the company has sometimes used to actually reverse type 2 diabetes.

The county also adds a contract with Edison Health to manage complicated, costly claims by connecting patients to experts across the country.

“We’ve all heard stories of people who get misdiagnosed and end up paying a lot of money to take care of something they don’t need,” said Scott. “One of the things Edison Health can do. If someone develops an illness, they can have direct access for a second opinion. That can save a lot of money right away. Once they have verified the diagnosis, they will have access to the best care in the country. “

The county has also experimented to pay employees to adopt health habits by adding extra cash to their medical savings accounts.

Scott discussed a number of other innovative changes that have been made in recent years to reduce costs. Some of these ideas are:

• Provision of ambulance insurance in the event that people in the plan need an emergency flight to the hospital – often in the valley. The plan saved the county $ 330,000 in a single year.

• Paying people to be physically provided annually and to participate in the county’s quarterly health challenge – to encourage people to eat healthily, exercise, or make other life changes.

• Introducing a new program to educate people about the importance of their diet and more effectively treat things like heartburn, obesity, stress and other conditions that affect health and nutrition.