Matthew D. Lynch, Product Manager Voya Financial Lifeline, Phone: 866-906-1362 option #2, Email: FinancialLifeline@voya.com, http://financiallifeline.voya.com

It can be reassuring when income exceeds expenses and spending doesn’t outpace earnings. However, as the government shutdown made clear – even those employed in well-paying jobs can run into financial troubles without sufficient savings to cover unexpected expenses or loss of income.

A false sense of financial security can lead to excessive spending on a luxury car, upscale vacations, dining out, overly-generous donations, lavish gifts for special occasions or a grand celebration for a family member’s milestone. Even with a substantial income, one can risk overspending. There are ways; however, to live within your means in order to protect your financial future.

Save some of your income each month. It is vital to have an emergency fund to cover 6-12 months of daily living expenses. Bankrate.com data estimates that 57% of American adults have savings of less than $1,000 as a safety net. Some of your money should be accessible in a safe, interest-bearing account. As your life insurance proceeds were intended to protect your long-term financial security and not intended to cover day-to-day expenses, it would be wise to open a second account so that you have a cushion when times are lean. Earmark the money in that account for unexpected or emergency expenses; and fund it with a tax refund, a gift or a bonus. Replenish the funds as you use them.

Prioritize your spending. Funding your emergency savings and retirement should be your first priority after covering day-to-day expenses. While subsidizing the education of a child or grandchild is a valuable gift, doing so should not jeopardize your own future financial security.

Eliminate debt. Credit card interest and car payments are always due regardless of your current financial situation. Try to pay off card balances each month because the average credit card interest rate is close to 15%. If your mortgage payment is more expensive than you can handle and refinancing won’t help, consider downsizing your living arrangements or reducing expenses elsewhere.

Review your recurring expenses. Is it possible to renegotiate a better rate for your phone or internet service? Go over your auto and homeowners insurance with your agent to see if you have the proper coverage for your current needs at the best price. Be mindful of utility usage and look for ways to reduce your bills.

Save up in advance for big-ticket items or vacations rather than paying with a credit card. Use cash or a debit card to avoid impulse spending.

Resist the pressure to keep up with others around you who have expensive tastes or who spend money frivolously. Your friends may appreciate dining on a home-cooked meal rather than splitting the cost of a dinner at a restaurant. Meet a pal for a walk instead of going shopping together.

Occasional indulgences can be important for a happy lifestyle but be sure to budget for them. Set long-term financial goals and stick with them. With reasonable spending habits and a substantial monetary cushion, financial freedom is possible.

Spring 2019 • Life Matters Newsletter • Volume 26, Number 1

It’s hard to believe that spring is upon us already. Here on the East Coast, winter didn’t start until late when we got about 17 inches of snow in the first week of March. As a native New Englander, I wouldn’t trade the winter and the four seasons that we experience for anything, although I do look forward to spring every year.

It doesn’t take a lot of convincing to believe spring is great. But recently I read that there are scientific reasons why that is. While some of these facts are obvious, did you know the following spring facts can all be explained by science? There is more daylight, baby animals are everywhere, the leaves come back, flowers are in bloom, you are safer, you can get your vitamins naturally, and in spring we become more creative. Who knew?

2 Change of address scam2 Proving your value at your job3 Lessons from Boston marathoner

Kathrine Switzer4 Wash bath towels to prevent bacteria

Voya Life MattersSM

Live within your means

An increase in sunlight and warmer weather, as we know, has a lot to do with these explanations. Spring embodies these characteristics and is a great season to enjoy. If you don’t agree, just check with your local scientist. However, if you have questions on the Voya Lifeline Program, just give us a call. We don’t need science to assist you with your financial future.

Peak moving season is coming up, with an estimated 80% of moves taking place between April and September. With so many details involved in packing, hiring a moving company, alerting utilities, getting a new driver’s license, etc., it can be easy to become distracted. Scammers prey on those who are susceptible, and people preparing for a move are often good targets.

Even something as seemingly straightforward as changing your mail delivery to your new address may inadvertently expose you to scammers. It is easy to click on a bogus website if you search online for “address change.” There are numerous look-alike websites that are designed to mimic the official US Postal Service website. However, the look-alike websites are typically created by people seeking to benefit from consumers’ confusion and may charge $40 or more to supposedly “expedite” an address change, even though the USPS does not offer expedited service. Some of these deceptive operators bury terms and conditions in small print and keep on making additional charges to your credit card.

An address change can be completed simply and on the legitimate and official United States Postal Services website www.usa.gov/post-office. There is a $1.00 processing fee to verify your identity. Better yet, simply go to a post office and request a Mover’s Guide packet which contains a form which you fill out and give to a postal worker. It is free, and you should receive a confirmation letter at both your old and your new address within five business days.

Update your address directly with financial institutions, insurance companies, utilities, credit cards, your employer, your children’s schools, Medicare and Social Security or other relevant government agencies, as even after it receives a change of address form, the post office only will forward first class mail for up to a year, and less time for magazines.

Change of address scams

Proving your value at your jobMore than 60% of Americans didn’t receive a raise in their pay in 2018, according to a Bankrate survey. If you want to buck this trend so as to obtain a raise or promotion this year, it is critical for you to keep track of your achievements at work.

Showing up on time, putting in long hours or working at the same place for many years doesn’t necessarily result in a raise in salary or wages or assure an increase in responsibility. It’s performance that makes a difference.

Your supervisor may not fully recognize your worth to your employer in numbers or dollars, especially if you have a new boss. It is often up to you to effectively prove your value, and in the private sector the bottom line is generally what matters the most.

Begin by creating a document or file with any positive accolades that you receive. Whenever you get a glowing email from a client, praise from your manager, or successfully complete a project, write it down and print out a copy for your file.

Look for data to support your contributions and value and quantify that information. An increase in sales, landing a new account, or improving employee retention are examples to include in your file. That helps differentiate you from others performing similar work. All of this information can be important in making your case when seeking a raise.

Additionally, research the salaries for workers in your position at other companies using such sites as salary.com, glassdoor.com, payscale.com and salaryexpert.com. The going rate in your field and your geographical location are major determinants of the size of the raise that you can reasonably expect.

If your request is turned down, find out why. Clarify if there is anything that you can do to earn a raise and what the relevant timeframe should be.

Keep an ongoing scorecard with your work achievements and regularly communicate your value to your company’s decision-makers as this can help you advance in your career.

mailbox

Lessons from LuminariesBoston marathoner Kathrine Switzer changed the sport of running

Change of address scams

Proving your value at your job

Special event insuranceAre you hosting a big celebration such as a wedding, family reunion, or a graduation or retirement party? If so, consider purchasing special event insurance which are one-day specific event policies that typically cover cancellation, postponement or relocation due to circumstances beyond your control. These include extreme weather, accident or illness involving an immediate family member, damage to the venue due to flood or fire, vendor bankruptcy, or military deployment. Most policies cover just the non-recoverable financial expenses for deposits to the venue, caterer and rental companies, and for pre-paid honeymoon expenses.

The cost for a policy typically starts at $60, although they can increase to well over $2,000 based on the amount and extent of coverage.

Many venues require customers to show proof of liability coverage. Individual liability insurance protects you if you are held responsible for property damage or injury to someone at the event. Even if you host the party at home, additional liability coverage may be warranted. Your homeowners insurance agent should be able to inform you about premises liability coverage. Find out if your credit card provides protection. As always, compare quotes and read all contracts carefully.

Most likely, your event will go off without a hitch, but preparing for the unexpected can ease worries.

Over 27,000 participants ran in the 121st Boston Marathon in 2017. One of the runners was Kathrine Switzer, who celebrated the 50th anniversary of her 1967 attempt at completing the world-famous 26.2-mile marathon when she was a 20-year-old Syracuse University student. While her time to run the course, 4 hours and 20 minutes, wasn’t remarkable, what did make the headlines was the fact that she had registered for the marathon using her first initial to hide her gender and thus became the first official entrant into what was then an all-male race.

Early into the race, Jock Semple, a race official who was riding in a press truck, saw Switzer. He jumped off the truck and tried to grab her entry number. Her boyfriend, running alongside her, blocked Semple. Switzer recovered herself and continued running to become the first woman to complete any marathon as an official entrant. The incident was caught by photographers and was plastered in newspapers. During the race she told her running coach, “I have to finish this race … even on my hands and my knees” to encourage other women.

Her rebellious act opened the doors for women runners. Initially banned from US racing after the Boston event, Switzer started a women’s running club which competed in Canada and other countries where she ran in dozens of marathons. Her efforts helped change the US eligibility criteria and she won the women’s division of the 1974 New York Marathon. She became an outspoken activist for women’s running and was influential in having the women’s marathon accepted as an official Olympic sport in 1984. In addition to her advocacy work, she is an Emmy award-winning television commentator, author and motivational speaker. Today, women make up half of all marathon runners.

The marathon race official, Jock Semple, owned up to his wrongdoing and publicly apologized in 1973. Later, he became an advocate for opening marathons and other athletic competitions to women and reconciled publicly with Switzer. The two became unlikely friends.

Switzer received a very different reception at the 2017 Boston marathon, where she held a place of honor. At age 70, she completed the marathon in 4:44.

lightbulb-on The lessons:

1) Questioning discriminatory rules and taking action can lead to change.

2) Completing a difficult challenge can provide the greatest satisfaction. Switzer trained to finish the marathon, not to win it.

3) One event can alter the course of one’s life. Switzer was able to use her notoriety to champion her cause.

4) There is always time to admit to being wrong and make amends. Mr. Semple waited six years, but his apology and later actions made up for his regretful behavior years earlier.

5) We all make mistakes. How we handle the aftermath is a true sign of one’s character.

3055751.V.C © 2019 Voya Services Company. All rights reserved.

Provided courtesy of Voya Financial Lifeline – proudly serving our customers

This complimentary Advice & Counsel Newsletter is provided as a service to Voya Financial Lifeline customers. While Voya Financial Lifeline is proud to offer this service to Voya customers, we do not take responsibility for materials published herein. We do not independently verify this information, nor do we guarantee its accuracy or completeness. Please contact Voya Financial Lifeline’s customer service team at (800) 625-7440 for specific questions about your account. Thank you for being our valued customer.

Advice & Counsel Newsletter is published by Advice Publications, a unit of Advice Company, 2330 Marinship Way, Sausalito, CA 94965. (415) 339-6510. Publish@AdvicePublications.com. The articles abstracted and this newsletter are for general informational purposes only and not intended as professional legal, financial or tax advice. You should consult with a knowledgeable professional for your personal situation.

Sources used in this issue include: Washington Post, CBS news, Kiplinger, New York Times, The Motley Fool, USPS, BBB, Business Insider, CNBC, Move.org, Marketwatch.com, CBS.com, US News and World Report, Forbes, Wall Street Journal, Fast Company, Bankrate, Boston Athletic Association, Boston Globe, NPR, Kathrineswitzer.com, Debtroundup.com, Coinstar.com, Time Magazine, U. of Washington School of Health

A penny saved may not be a penny earned when it comes time to cash in large quantities of change. If you try to cash in your change jar or the kid’s piggy bank, you need to know that many banks will not accept loose coins or will charge a fee for depositing bags of coins. Some banks may not even accept metal currency in paper sleeves. There may be a 10 business-day lag to process the coins before the proceeds are deposited into your account.

You can always use the coins to make purchases. One easy way is to insert them in the register at a self-check-out line at a store. To cash in a large number of coins, another option is to use a coin machine which automatically sorts them and then tallies the total value. Few banks offer this service, but a company called Coinstar has installed its kiosks in many grocery stores and in some big box retailers throughout the US. You can search for Coinstar locations at coinstar.com.

The big drawback is that Coinstar charges nearly 12% for its service! There is a way around the fee, however. Before depositing your coins, you can choose to receive the payment in a form of an eGift gift card from many of Coinstar’s machines. These cards may be from such merchants as Amazon, Best Buy, Home Depot, Starbucks and Southwest Airlines. There is no fee when opting for a gift card. The minimum card value is $5, and cards are not replaceable if lost or stolen. Some machines offer the option of donating the value of the coins to a handful of large charities and bypassing the fee.

Before depositing or cashing in coins, be sure to separate out silver dimes, quarters and half-dollars dated before 1965, as these contain 90% silver and are worth well more than face value at a coin shop.

Keep your change

While dark bath and hand towels may hide the dirt, the color can’t mask the reality that used towels and washcloths can be a breeding ground for bacteria. Not only are germs and natural skin bacteria transferred into the cloth, but the damp, absorbent material can trap the microbes and allow them to grow. A study from a microbiologist at the University of Arizona found coliform bacteria on 90% of bathroom towels and E. coli on 14% of the towels.

Most people won’t get sick from contact to such bacteria; however, those who

are immune-compromised or who have excessively dry skin or an open cut or wound do risk infection.

The way to rid towels of potentially harmful bacteria is to wash them regularly. The study found a direct correlation – the more often towels were washed, the fewer the bacteria. Replace towels every two-to-four days, depending on how often you use them and the amount of humidity in the bathroom. Wash towels more often if children are using them. Hang up towels — no piles of wet towels on the floor —

so that they can dry completely between use or rotate them using two towels. Wash towels in hot water with a regular or color-safe bleach.

Avoid sharing towels with family members as this increases the chance of spreading germs. Consider placing a roll of paper towels next to the bathroom sink because when people don’t wash their hands thoroughly, bacteria can be transferred to the cloth towels that are used by more than one person.

Wash bath towels