Negotiating For Remote Work

Is Remote Work for You? 

Do you feel limited by the lack of career opportunities in your rural community? Are your skills being underutilized in your current position? Are the only job opportunities miles away from your hometown? Remote work or telecommuting allows you to work from anywhere without leaving your community! Register before July 28 to participate in the August Remote Work Certificate course. The course begins August 2.

I participated in the Remote Work Certificate course in November of 2019 because the idea of not having to travel for work in the winter appealed to me. A year later, Iowa State University Extension and Outreach became an affiliate member of the Remote Online Initiative of Utah State University…all before we fully knew the impact COVID was going to have on Iowa.

Remote work is challenging. Team work is especially difficult when teams are not in the same physical location. It affects communication, brainstorming, and problem-solving and Supervisors need to adjust how they manage their remote teams. To date, 18 Human Sciences Extension and Outreach specialists at Iowa State University have completed this professional development course, assisting with their transition to a remote workplace. The educational programming in Family Life, Nutrition and Finance did not slow when we were all sent home to work.

With approximately a fourth of the FY20 program year affected by COVID-19 and the Derecho, Human Sciences Extension and Outreach provided educational information and programs in nutrition and wellness, family life, and family finance across the state, resulting in over 93,000 direct contacts. 5,284 participants attended online mental health/stress related offerings.

Nationwide, the drive to get employees back into offices is clashing with workers who’ve embraced remote work as the new normal. The pandemic may be winding down, but that does not mean all will return to full-time commuting and packed office buildings. The greatest accidental experiment in the history of labor has lessons to teach us about productivity, flexibility, and even reversing the brain drain.

Currently, employers are facing pressure to adjust their workplace policies, if just to reflect shifting attitudes toward remote work among other tech giants. There has never been a more opportune time to negotiate remote or flexible work arrangements with your boss. In this online workshop, Dr. Paul Hill, Extension professor with Utah State University, will present the evidence-based steps to help you prepare for successful negotiation for remote or flexible work arrangements with your boss. Register to join Dr. Hill on Wednesday, July 21 at 1 PM CDT for this free webinar at Negotiating Your Remote Work Arrangements Tickets, Wed, Jul 21, 2021 at 12:00 PM | Eventbrite.

Brenda Schmitt

A Iowa State University Extension and Outreach Family Finance Field Specialist helping North Central Iowans make the most of their money.

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Spring! Money?

This clump of allium is always a happy surprise later in spring.

The other day, a friend of mine posted a picture of crocuses blooming in her yard. That’s on top of a string of beautiful weather that we Iowans have been delighting in. It’s a good reminder for all of us that many of the best things in life are completely independent of money.

Most people have days (or weeks or months) when money is tight, or money decisions are overwhelming, or it’s clear that you will need to choose to do without something that you normally spend money on, When those days occur, let’s all remind ourselves of the crocuses, or the greening grass, or the beautiful sunset, or the smiles and hugs of our children.

Money does matter. But it is never the most important thing. It is encouraging to remember that.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Excited for your Tax Refund?

Tax refund season is an exciting time for many families, because the tax refund is often the biggest financial event of the year. If your family is expecting a sizable refund this year, now is a good time to plan for how you will use that money.

Before making specific plans, I encourage you to think about this: the tax refund is a once-a-year event. That means it’s smart to think about the whole year’s worth of possible uses for that money. It’s a good idea because that reminds you to consider whether you’ll want to set aside some of it for things like…

  • Back to school costs
  • Winter coats for next winter
  • 2021 birthdays and holiday expenses
  • Summer day care costs when children are out of school
  • Car repair needs that might arise (or new tires)

If you think through possible expenses for the year ahead, you will be glad you did. It will help you reduce your overall stress load, since you’ll know you have a head start on meeting some of those needs. Of course I understand that if you have past-due bills right now, you’ll probably need to use your tax refund to catch up on those. I also understand that providing something special for yourself and your family right now may be important – whether that be a new piece of furniture or a trip to a restaurant. Only you can sort through all your options and decide on your highest priorities, but your plans will be stronger when you consider the whole year.

Keeping the whole year in mind as you think about your tax refund makes sense, doesn’t it? It’s just like when you get paid weekly or monthly, and you think about the whole week or the whole month before spending. Your tax refund may not be enough to cover all your special needs for the year ahead, but it sure can help.

Important Note: The IRS announced last week that it will not start processing tax returns until February 12. Why? Because the new law passed in the last week of December made several changes, and they need to make sure their computers have those changes programmed in. Result? Chances are your tax refund will be a little slower this year. No refunds will be issued at all until about a week after February 12. Build that delay into your plans.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Curious Behaviors That Can Ruin Your Retirement

This week, I discovered a fun tool that can help us all be more ready for retirement. I don’t think it’s new, so I am surprised I hadn’t seen it before, because I pay a lot of attention to retirement information. I guess that just goes to show that we always have more to learn, no matter how much we think we already know!

The tool is provided the Center for Retirement Research at Boston College — one of the premiere sources of quality information on retirement. I tell you that because I want you to know it’s trustworthy. They have other great resources too.

The fun (and enlightening) part is that it prepares us to make better decisions about retirement issues by alerting us to natural human tendencies that can work against us. It’s called “Curious Behaviors That Can Ruin Your Retirement.” I enjoyed it — it took about 10 minutes, and explained things in clear language with great examples.

I’d encourage everyone to check it out — at least everyone who wants the best retirement possible, especially if you’re over 50. Personally, I think I might go back to it about once a year, just to keep myself on my toes!

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Pandemic-Induced Goals?

The current period of job loss and reduced income has affected people in different ways. The result? Different households face different financial challenges at this point. Whatever your situation, now is s a good time to assess your financial situation, evaluate your priorities, and take steps to improve your situation as necessary. If you’d like some help, your local ISU Extension financial educator is available to work with you, providing free, non-commercial information and a sounding board as you make your plans.

  1. Some of you have been living with seriously reduced income – and still are. Your task has been to find every possible way to reduce your expenses and/or find new income and make use of new resources, including public assistance if you qualify. You must communicate with all of your creditors, but avoid making promises you cannot keep. If returning to something like normal looks unlikely, you may need to consider major lifestyle changes.
  2. Some of you lost income for a while, but are now back to an income you can live on. It is likely that you got behind on bills, built up credit card debt, and/or depleted your savings during your crisis. Strong focus on repaying those debts and building up emergency savings will get you ready in case of an unexpected expense or another loss of income. Careful examination of your spending choices will help you regain equilibrium and then build a strong cushion.
  3. Others of you had stable income, but have realized that if you did lose income, you would be in a very difficult spot. Facing the reality that you lack basic financial security can motivate you to build up savings and pay down debt. Start by cutting your living expenses so that your regular monthly expenses are 10-25% less than your income. Putting the extra funds toward savings and expedited debt payment will build you a cushion that will bring peace of mind and make your life easier if/when hardship strikes.
  4. Still others have stable income, and have felt secure that even if you did have a cutback, you would be okay. In your case there is no obvious need for change, but it’s wise to maintain control of your finances through good planning. You may wish to build an even stronger savings cushion, after seeing others struggle with lost income for six months or longer. As you build savings, seek out accounts that pay slightly higher interest while still providing ready access to your funds.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Surviving a Crisis

The container flew from my hand and crashed on the ground of the farm lot. My husband stood and watched as I unloaded my frustration and anger. My job that day, while my husband was at his off-farm job, had been to visit with the agriculture lender. It had not gone well. A banker’s pen had drawn lines through our spending plan. The lender, the third in a revolving door of employees, had edited our Cash Flow statement to reflect his view of our potential for success. Our hard work and determination not to default on loans had not been acknowledged. There was no sign of a continued partnership, and our communications with the previous loan officer were not in our file. We were expendable as loan clients during the 80’s farm crisis.

Personal finance is not just about numbers – balancing a checkbook or keeping good records. It reflects our values, priorities, and goals. It’s personal. We define who we are as we provide for our families and participate in the communities where we live. This personal investment makes it difficult for us to acknowledge that we have no control over certain outside events – events that sometimes send a wrecking ball through it all.  COVID-19 will have this impact on families, just like the Farm Crisis of the 80’s did in rural Iowa.

We survived that unpleasant time. We focused on our priorities and recognized that not all financial lenders would be able to support our goals. When rejection seemed likely, we found new partnerships.  When resources became available to reduce our dependence on others, we repaid debts.  It took time. 

Emotional balance is essential if we are to use our minds to identify solutions and put together steps toward resolving financial problems.  Dealing with your feelings is a priority. Communication with family and supportive people can sustain you while you improve your financial situation.

This summer my husband and I will post a Heritage Farm sign on the original 80 acres purchased in 1870 by his Great Great Grandfather.   Life events can be survived! Understanding and taking control of finances is a powerful thing, often requiring assistance. Don’t hesitate to find that trustworthy assistance.

Retirement begins for me at the end of this week and I want to thank you for reading the Money Tips blog. I hope you continue to find this a place for financial news, management advice and resources.

Joyce

Joyce Lash

Joyce Lash is a Human Sciences Specialist in Family Finance who wants to keep you ahead of the curve on financial information.

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Seek Additional Resources

Audio Blog

In all aspects of life, when we face any kind of shortage (time, money, food, etc) we generally have two choices. We can prioritize and narrow down our goals, which we have discussed in earlier posts. OR we can expand our available resources. In most cases, it’s smart to do a little of both!

The current public health crisis is wreaking havoc with the economy at large and with the economic well-being of many individual households; the widespread nature of the crisis has led to availability of expanded public supports for those whose income is disrupted. Find out if you are eligible for the unemployment relief available during the COVID-19 crisis, and apply. Learn about food pantry options in your community; spending less on food can free up funds for other critical needs and bills.

In addition, consider your personal resources. Do you own something you can sell to help you through this crisis?  If you have a boat or a snowmobile or other item of value, selling it can provide a boost. If you are currently laid off from your regular job, is there temporary work available in your community? Keep an open mind and consider all options for dealing with your current situation.

If you have lost your health insurance, check on the free or subsidized health insurance available through the Affordable Care Act: contact DHS at 855-889-7985 to see if you are eligible for free insurance, OR for subsidized insurance through the marketplace, go to www.healthcare.gov or call 800-318-2596. Through the marketplace, your share of the insurance premium is on a sliding scale depending on your income: people generally pay premiums equivalent to 2% – 8% of their income, and the government pays the remainder.

Seek other public or community assistance as well if you qualify. These resources exist because we live in a society that wants to ensure all can stay safe and healthy. Perhaps you are new to seeking help, but consider that others have needed them in the past and others will need them in the future; now is the time when you need them. If you don’t know much about available resources in your area, dial 211 or go to the website. This free service provides information and referral on a wide range of issues.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Prioritizing when money is tight

Audio Blog
Weighing Priorities

As we focus on what we can control in our personal finances, the most obvious thing we control is our spending. When money is tight, choosing your top priorities is critical. Prioritizing includes expenses like groceries, household supplies and personal needs: think about needs vs. wants and use your limited funds on the things that truly bring value to your family. Prioritizing can be even more important when it comes to paying bills.

Before going to the point of skipping a bill or making a partial payment, start by getting a complete picture of all your bills and debts – total owed, monthly payment, current standing (i.e. are you currently caught up), and interest rate or fees for late payment.

Then consider each bill’s importance. They will all need to be paid eventually, and it is never desirable to leave bills unpaid or partially paid, but in times of real financial shortfall, people sometimes have no choice. So how do you choose among your many bills?

Consider what you have to lose if a bill is unpaid. Losing housing, core utilities or a vehicle is generally the greatest possible loss to a household – therefore those payments may be top priorities for many families. By contrast, getting behind on a credit card account, student loan, or medical bill payment plan may not affect your immediate well-being. Note: it may affect your credit score, and is not something to take lightly, but that is an impact you can recover from.

In addition to prioritizing among your existing bills, it is also wise to consider what bills you will continue to incur. You may have on-going monthly subscriptions – to video services, cable, newspapers, weight-loss programs, wine clubs, (the list is endless). Stop and think about whether to continue them during this time. Those are often things we enjoy, and we don’t like the idea of giving them up, but if you’re worried about paying the car insurance or water bill, then it’s appropriate to include these subscriptions as you consider options.

If your situation has left you unable to pay all your bills, be sure to communicate with those creditors. That is the topic for tomorrow’s post, so stay tuned!

The Consumer Financial Protection Bureau also offers tips for protecting your finances during this time.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Crisis: Focus on what you can control

If you are experiencing financial challenges due to income loss or unexpected expenses during this time of pandemic and shut-down, you’re probably feeling tremendous stress. As always, one key to managing uncertainty and stress is to focus on what you can control. There’s no benefit to expending mental and emotional energy on things outside of your influence, and that energy drain will prevent you from focusing effectively on what you CAN do.

What do you have control over? Perhaps more than you realize. You control what you do, including what bills you pay and what money you spend. You may even control the option to return purchases you haven’t yet used!

You control what you say, including to your family members and to your creditors. You also control your attitude — keeping a positive attitude focused on problem-solving will help you be open to new ideas and opportunities.

What do you NOT have control over? Prices. Your past behavior (such as building up credit card bills). The stock market. Your employer (although you may have influence – if you do, consider how to use that influence in a productive way). Don’t waste time and energy stewing over these things. They are what they are. You have choices about how to respond.

Stay tuned the rest of this week for 3 more posts about managing through a challenging time.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Flexible Thinking

We have all had an overload of opportunities to exercise flexible thinking in the past few weeks. Some individuals shifted the workplace from the office to their home. The normal routines are not working. A number of workers lost all income security. School-age children are on an extended holiday in March!

Most of us are comfortable following routines; we don’t like to change our habits. In “normal” times, when nothing else in our life is changing, any suggestions for financial changes tend to be ignored. A time like this, when so much in our lives is being upended, can be an opportunity to make positive changes in our financial habits! Why not take advantage of the chance to change and grow? 

  • Think about others. There are many who don’t have the luxury of working at home or the security of a steady paycheck. If you can, let family and friends know you are willing to help if finances get strained. Sometimes a message of support can lessen stress and prevent someone from feeling they don’t have options.
  • Challenge your current spending habits. If you have survived a week or two without eating out, recreational shopping, or going to the movies; can you feel better about using a part of those funds to repay a debt or add to savings and not feel deprived?
  • Define some of your benefits in a different way. Hard earned vacation pay reserved for “fun”, might be easier to use now if you think of it as “paid time off.” A restricted definition of how available funds should be used can be a deficit when there are essential bills to pay.
  • Measure your workplace adaptability. It’s a great time to be an amateur, many individuals are being thrown into an online work environment or being asked to take on new responsibilities. Some new ways of working may become standard procedures and you can be the expert from all the practice!
  • Share what you are learning, especially if it pertains to alternatives for toilet paper!!!

I wish you all the best during these challenging times, we’ll learn some things about ourselves and have some new skills when it’s over.

Joyce Lash

Joyce Lash is a Human Sciences Specialist in Family Finance who wants to keep you ahead of the curve on financial information.

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