For most Americans, a 401(k) is more than just an employer-sponsored plan. It is an ideal way of saving and keeping a contingency option open when required. So, while retirement savings is the primary function, there are some basics of 401(k) loans that you should know about in case you face an emergency, like personal bankruptcy. Here’s what you should know: Your loan is repaid through deductions in your payroll Depending on the amount you borrow from your 401(k) and the interest rate applicable, you would need to repay the loan in equal installments through your monthly payrolls. So, ensure that you are aware of the repayment schedule and how much you earn monthly so that you do not default on repayments. You end up paying interest to yourself The interest rate levied on your 401(k) is based on the plan you are invested in, and it is calculated with a simple formula of “prime rate+1%” to derive the amount. However, this interest is paid into your account itself, so you end up paying yourself. An old 401(k) plan is off-limits for a loan One of the most forgotten 401(k) loan basics is that if you had an old 401(k), borrowing from it is not possible.

Most of us try to follow a healthy diet regularly. Not only does this make us fit, but it also helps us feel better about ourselves. Eating right and healthy becomes all the more essential when one is suffering from the risks of developing any disease. For example, individuals with a higher chance of developing cardiovascular diseases or cancer must be careful about their diet and lifestyle at all times. Consuming proper food may make all the difference. Superfoods are nutrient-dense and a must-have in diets geared towards preventing the risk of diseases. Apart from fruits, vegetables, there are a few staple superfoods that you must have in your pantry. Read on about a few of them given below: 1. Turmeric This spice has of late found acceptance among the modern medical community. It is being used in cooking as well as in external applications. Research has shown that curcuminoids, a compound found in turmeric has antibiotic and anti-inflammatory properties. This compound has also proved to be effective in destroying molecules and free radicals that can cause damage to our DNA. Ongoing research has shown that turmeric may be able to stop the growth of tumors. However, doctors caution against taking curcumin supplements without consulting a doctor.

Reverse mortgages are slowly coming under the limelight, but for many years people were in the dark when it came to understanding what they offered. Reverse mortgages are a great means of getting finance so do read on to understand the basics of a reverse mortgage. What exactly are reverse mortgages? A reverse mortgage involves the homeowner getting an amount for their house’s equity. Instead of paying a monthly installment, the mortgage lender would give the owner of the house a monthly installment, or a big lump sum. The owner of the house has to then pay back the balance, which increases as time passes by. This payment is done once they sell the house, move out, or pass away. The property is held as collateral in both traditional mortgages as well as reverse mortgages. A reverse mortgage can only be availed by senior citizens of the age of 62 years or more. What are the different types of reverse mortgages? There are three types of reverse mortgages, namely single-purpose reverse mortgages, proprietary reverse mortgages, and home equity conversion mortgages. Single-purpose reverse mortgage This type of mortgage is considered to be the most economical choice among all the types of reverse mortgages.

Classic cocktails like cars have a long history and many stories spun around them. Well, drinkers like to hear and tell stories during their indulgence, so here are some clues that can entertain your guests to keep the mood high during your cocktail party. Daiquiri This rum-based cocktail is named after the beach near Santiago de Cuba and was invented by a miner during the early 1900s. Originally, this cocktail was made by filling a glass with crushed ice, a teaspoon of sugar sprinkled, and lemon juice. Finally, two or three ounces of white rum was poured over this mixture. The mixture was then stirred well with a long-handled spoon. The earlier versions of the cocktail were served in a tall glass filled with chiseled ice. However, today, the mixture is mixed with a shaker and then poured into a chilled coupe glass. It is to be noted that this cocktail was one of the favorites of John F Kennedy and Ernest Hemingway. Jack Rose A brandy-based cocktail containing gin, lime juice, grenadine, and apple juice was first popularized by Ernest Hemingway in his classic, The Sun Also Rises, which was written in 1926. This is one of the six basic cocktails featured in David Embury’s “The Fine Art of Mixing Drinks” and references date this cocktail to the early 1900s.

The pros and cons of savings accounts for students Most people think of saving money only when they start working a full-time job, but it is never too early to start saving. If you are a student looking to start your first savings account, here’s a list of the pros and cons of this type of account. Pros of a savings account for students When banks or financial institutions offer savings accounts for students, they take the extra step to offer as many advantages as they can. They do this knowing that students are not yet earning, so they need incentives to open an account. Listed here are some benefits of savings accounts for students: No fees The best students’ savings accounts charge no fees for transactions and for keeping the account open. In fact, this is one of the most important features a student should look for when searching for a bank to open an account with. Easy withdrawals Students can see their money online and make withdrawals and transfers easily, and they can get instant access to their funds whenever needed. This definitely works in the case of an emergency when students need access to money immediately and do not want to rely on a credit card.

Buying a new house for the first time is a bit overwhelming. With all the documentation and processes to follow, it can get somewhat intimidating as well. However, avoiding some common mistakes made when getting a mortgage can streamline the way ahead and ease things for you. If you are a first-time homebuyer, applying for a mortgage can seem to be relatively more cumbersome than it may seem to others, but that is no excuse for a lender to not reject your mortgage application. Let’s take a look at some common mistakes made when getting a mortgage so that you can steer clear of these. Not having a pre-approval If you are not getting a pre-approval, it can prove to be a big roadblock in the process of getting a mortgage for your home. For first-time buyers, it is helpful to know the budget beforehand as it can help adjust the expectations and other expenses before taking a mortgage loan. Also, in most cases, first-time buyers are not fully aware of their credit score. Getting the amount pre-approved helps buyers become aware of their credit score and also learn about the terms and conditions that will be offered while getting a mortgage loan.

Gardening is indeed a lot of fun. Who wouldn’t want to get their hands dirty in the mud and play around with the water pipe? It can be a great weekend activity with friends and family. Gardening brings with it a plethora of health benefits. Here are some of them: Physical activity It might just be all the exercise you need! It is both a pleasurable and goal-oriented activity, and people would want to stick to it instead of letting go or not being consistent at it. Any other form of workout has a high risk of inconsistency but certainly not gardening. However, if you are looking at a good level of cardiovascular fitness, you really have to haul your wheelbarrow and not just stick to moving, shoveling or pruning. Gardening activities like digging, planting, weeding and other repetitive tasks do give you low-impact exercise, which is still a great achievement. If you have elderly people at home or even those who have a chronic disease, gardening could help them with good blood flow. This is a major health benefit of gardening. Antidepressants Gardening does wonders for people with a mental illness. Study shows that people with such illness are advised to get their hands on horticultural therapy – a garden which has a combination of fruits and vegetables and scented plants to nourish their senses.

The good news for investors these days is that even checking accounts come with so many benefits that make them worth having. You even get checking accounts with reward points. This is really amazing for those just starting out their savings at the beginning of their professional career. So, to help you out, here are some tips for optimizing a checking account. Know some selection criteria When selecting a checking account to open you must keep certain points in mind. First up, always opt for a stable financial institution that has been around for a while and is a trusted name. Also, look for a bank that is consistently good. Finally, look for the maximum rewards that you can earn on the checking account. But, try to prioritize consistency over sudden sharp gains. It is better to have steady growth than sudden spurts that may not last. Swipe a single payment in several parts You may fret that you are not making the minimum number of transactions required by your checking account debit card to earn sufficient points on it. There is an easy and quick way to work around this. You can try paying a bill in installments. For example, if you have a network provider’s bill that needs paying, you can pay them once a week in four swipes as four installments instead of a single payment in the month.

A credit card is often associated with financial freedom. However, this might not always be the case. This is because, with such a card, the risk of a credit card debt is higher. Once the credit card debt starts building up, it can get very difficult to stop its accumulation or to repay it completely. Thankfully, there are certain tips to avoid credit card debt, which can let you enjoy financial freedom without any risks. Here’s discussing some of them. Keep a fund for emergency Hefty credit card debts are often a result of an unforeseen expense such as a medical emergency or an important car repair. These expenses are met with a credit card in cases where a person has not saved for an emergency. Do not treat credit cards as your savings. To avoid dependency on your credit card, you have to make sure that you keep aside some amount of your income as a part of an emergency fund to meet all your unprecedented expenses. Do not stretch your limits of affordability Surely, credit cards provide you a sense of financial freedom, but that does not mean you can stretch your financial limits. Most credit card owners make the error of buying things that they cannot afford.

Bad odors are caused when the freezer goes inactive due to accidental unplugging or power cuts. The food stored could rot or perish, and if left unattended in the freezer, the odor spreads to the other parts of the freezer. As soon as the odor develops, check and remove any spoiled food. Checking each item of food and fruit and vegetable trays is a helpful tip to identify the source of the odor. If you are unable to identify it, the entire contents should be removed to clean the freezer thoroughly. This should be done quickly to control the odor before it spreads. Tips to banish strong freezer odors Defrost The first step of this tip to banish freezer odors is to unplug the freezer and defrost and drain it. For thorough cleaning, the freezer has to be unplugged and left open for a few hours or a day for the moisture to dry completely. Clean the shelves Remove all the shelves and trays and clean them with soap. Then, repeat the process with clean water before wiping them dry. If the cleaning is done without removing the individual trays, food particles may remain hidden in between the corners, where bacteria would continue to grow.