Tis the Season | Cheers to Executing Tasks & Planning

The last month of 2020 is finally amongst us. This was a rough one… financially, mentally, and physically. This year has driven me to realize how important it is to remain balanced in all aspects of life. Taking breaks are vital, checking in with yourself and loved ones are key and always try to remaining grounded and focused on what’s important is paramount. This month I’ve centered my post on tips for executing tasks and some relevant finance topics as always. I hope you enjoy!

Possible Student Loan Relief | CARES Act

The CARES (Coronavirus Aid, Relief, and Economic Security) Act passed earlier this year in March provides fast and direct economic assistance for American workers and families, small businesses, and preserves jobs for American industries. Just recently, I discovered that this Act allows employers to contribute up to $5,250 tax-free annually to their employees’ student loans until December 31, 2020 (praying for an extension). For the rest of 2020, repayment assistance won’t count as taxable income whereas prior to the CARES Act, any money received toward student loans counted as income for the employee (which means you would have to pay taxes on that money). As soon as I read this information, I shared this template with my employer and so should you. The worst they could say is no.

Refinancing your Mortgage… New Fee starting Dec 1st

Beginning December 1st, Fannie Mae and Freddie Mac will charge a new “adverse market fee” when refinancing your mortgage. This new fee will be taxed to the lenders which will require an extra .5% of the loan as a one-time charge. This fee will likely be pushed to the homeowners as lenders are expected to pass down that cost. According to the Mortgage Bankers Association, that comes out to about $1,400 on the average mortgage. Keep in mind, if your loan balance is below $125K, you’re one of the lucky ones as you’ll be exempt from the fee. Other exempt parties such as Jumbo Loans and borrowers getting FHA, VA, USDA Rural and other loans not conforming to Fannie Mae or Freddie Mac standards will not be subject to the adverse market fee either.

There’s an option to avoid this fee by refinancing through an online bank or private lender, but keep in mind… their rates are typically higher. You didn’t think all the mortgage and renters relief we received would be free, did you? Ha! Not at all! This fee will be used to help recover billions in COVID related losses due to pandemic protection initiatives (forbearance programs, and modifying mortgage terms to reduce monthly payments.)

My advice is to take a moment to determine if refinancing is right for you. Here are a few pointers:

Is the rate at least 1% lower than what you currently have?
How much are the fees? (Refinance charge, closing, appraisal, etc)
Take all those cost and divide them by how much you’d be saving on your refi to determine how long it will take you to break even. If the numbers make sense, make the move!

Time Management Tips to help Execute Goals

Beige and Black Refined Collage Step by Step Skincare Instagram Story.png — As we approach year end and prepare to welcome 2021, I can’t go without mentioning the Pomodoro Technique. This is a time management tool that has been proven to work. It’s simply gathering a list of to-do items, planning focused work sessions with frequent short breaks to sustain focused concentration and avoid burning out. I’ve provided a step-by-step guide for convenience.
Another time management tip is planning ahead the night before. Just before bed have a look at your calendar and plan the day. There may be something you’ve completely forgotten about that you may have time to prepare for. Remember, time is a resource we lose by the minute, so plan realistically and carefully.
This last one is HUGE. Learn how to say NO. As I mentioned in a previous article, I have a weakness for being a people pleaser. I say yes waaaay more than I should. I’m getting better with setting realistic goals for myself by asking for deadlines upfront and honestly… saying no. I will say, before saying no, I check in with my team to determine if it’s something they’d have time to help with. Always put yourself first when it comes to being realistic and maximizing your time.

Important Dates

Giving Tuesday, Dec 1

Hanukkah & Human Rights Day, Dec 10th

National Free Shipping Day, Dec 14th

National Ugly Sweater Day, Dec 20th

Christmas, December 25th

Kwanzaa, December 26th

Mel’s Wine Pick | Scherrer

Last week, I had the opportunity to try a fruitfull, fresh plum wine with savory/herbal notes from Scherrer Winery. This wine is very full and rich with surprising freshness. The plum flavor really stands out making it a very silky and easy to libation. This Pinot Noir is a 2011 Sonoma Coast Big Brother Wine which runs for about $55 per bottle. It’s more than I’d normally spend, but it’s well worth it. It could be a very nice wine to drink around the holidays, so drink up and enjoy!

I’m going to wrap up this month’s post with a small tribute to a woman I discovered a couple months ago- Dr. Yaba Blay. As always, I hope you enjoyed!