Festival of Frugality

Welcome to a Festival of Frugality. This is a blog carnival that shares financial resources so what better place to share it than here.

Here are my favorite articles:
JP presents No. You Don't Need to Buy Life Insurance for Your Children posted at My Family Finances.

Daisy presents Planning For Homebuying posted at Add Vodka.

Suba presents Brown Bag It: Tips For Making Cheap Lunch posted at Broke Professionals.

Aloysa presents How Much Money Are We Supposed to Spend on Friends? posted at My Broken Coin.

Miranda Marquit presents Four Extreme Lifestyle Choices That Save Money posted at Bargaineering.

Evan presents Increasing My Annual Income 10% posted at My Journey to Millions.

Steve presents Is it OK to get a discount if you are good looking? posted at Canadian Personal Finance.

CF presents Fiverr should be called fourer posted at The Outlier Model.

Best of the rest:
A Blinkin presents The Ideal Budget for a Single Guy Age 24 posted at Funancials.
Eddie presents The Cold Hard Truth On Being a Personal Finance Blogger - What I Learned In Less Than 2 Years! posted at Finance Fox.
MR presents Is A Roth IRA One Of The Best Protection Against High Future Tax Rates? posted at Money Reasons.
Passive Income Earner presents Is RIM a Good Investment? posted at The Passive Income Earner.
Jon the Saver presents Lack of Liquidity May Be Why You Don't Feel Rich posted at Free Money Wisdom.
Jen presents Preparing Our Finances 4 Home Ownership posted at Master the Art of Saving.
Amanda L Grossman presents My Advice to a Person Budgeting for the First Time posted at Frugal Confessions.
YFS presents 2 Home Buying Tips That People Never Tell You! posted at Your Finances Simplified.
SBB presents Is Budgeting Worth Your Time? posted at Simple Budget Blog.
Miss T. presents 8 Ways to Save Money on Groceries without Coupons posted at Prairie Eco Thrifter.
Beating Broke presents Take an Off Season Fall Vacation and Save Big posted at Beating Broke.
Peter presents Spend Money to Slash Your Budget posted at Bible Money Matters.
Paul Vachon presents Deciding When to Retire posted at The Frugal Toad.
Melissa presents The Best Things to Buy at Garage Sales (and What to Skip) posted at Bargaineering.
Echo presents 35 Ways To Save Money posted at Boomer & Echo.
SB presents How to Manage financial Accounts posted at One Cent at a Time.
Rebecca presents Frugal ways to give back posted at Doggone Thrifty.
Jim presents The Best Things to Buy at Garage Sales (and What to Skip) posted at Bargaineering.
Mama Squirrel presents Funky Doll Sofa, Almost Free (Tutorial) posted at Dewey's Treehouse.

Thanks to everyone that submitted their posts. Maybe I will do this again sometime.

Tricky Times for Baby Boomers

The Baby Boomer generation is known for their careful financial planning, frugal savings and determination to experience a relaxing retirement that is free from financial worry. However, the current financial situation has introduced new concerns regarding a boomer’s financial planning. While many people have already retired, others are just entering retirement and discovering that several common life events can suddenly pose a challenge to their financial plans. 

For this reason, it is important to be aware of several major life events that can cause a boomer to need to make changes in their financial strategy so that they can continue to live out their retirement in peace.

Selling a Business 

Self-employed Baby Boomers who are entering retirement must first contend with selling their business. This can be particularly tricky as the legalities of business sales are often complicated. However, legal fees are often expensive and can easily take a large chunk out of the profits that can be gained from selling a business. For this reason, boomers are encouraged to learn as much as they can about the selling process and carefully research real estate agents and lawyers before making any major decisions. Staying involved throughout the selling process is vital to emerging from a business sale with a substantial profit.

Divorce

No one ever wants to imagine that divorce can happen to them, but after the kids leave the nest many boomers are discovering that their marriage has come to an end. Splitting assets during a divorce, coupled with legal fees, can wreak havoc on a person’s retirement plans. 

For this reason, it is important to seek out the advice of people such as Walter Wisniewski Paragon Capital financial planner who have dedicated their careers to helping people to plan for their financial future. Because divorce is often an emotional time, it can be difficult for a boomer to think clearly about their financial plans. Therefore, a qualified financial planner can be an important asset to ensure that a person’s financial affairs are in order throughout the entire divorce process.

Losing a Spouse 

Divorce is not the only hardship that can occur within a person’s relationship during retirement. Baby Boomers must also face the concern of losing a spouse. When a spouse dies, grief can cloud financial judgment. If the surviving spouse was financially dependent upon their other half, then there is also the concern about how the estate will be divided. 

For this reason, boomers are encouraged to plan for their estates before a crisis has occurred. A qualified financial planner can help to ensure that a legal will has been established that will designate how possessions should be distributed in the event of the loss of a spouse.

Medical Bills and Lawsuits 

Finally, as boomers begin to make their way into retirement age, health can become a major concern. Even in the event of a minor illness or injury, medical bills can quickly skyrocket and begin to deplete a person’s savings. In order to avoid a person’s retirement funds being depleted by medical bills and lawsuits, boomers should look into purchasing the best insurance plans that they can afford. Long-term insurance plans can offer excellent packages that will ensure that unexpected problems do not become a financial burden.

While Baby Boomers have planned their entire lives for their retirement, it is possible that they may need to make a few changes to their financial plans if they experience a major life event. Because medical mishaps, divorce or the loss of a spouse could occur to anyone without warning, it is best to be prepared before they ever happen. For this reason, a qualified financial planner can be a Baby Boomer’s best ally when planning for their post-retirement financial future.