If you're building a first aid kit, there are a couple of important things to take into consideration. Your comprehensive personal needs, the kit's placement, and situational supplies are all key. You want to make sure your gear is not only fully stocked with the things you need but that it's conveniently placed and easy to get to when you need it. Following these guidelines, you can make sure you're building the best protection possible.
Making A Kit Your Own
Cover wounds with a little color.Getty Images
It's easy to buy a basic first aid kit, and there are plenty of distributors from the Red Cross to Amazon to your local drugstore. These include things like bandages, antiseptic wipes, pain medication, etc. This a fantastic place to start, but if you're looking for a first aid kit that's more personalized, then you should start taking note of your specific needs. If you have medication that you need, whether it's for physical or mental health, then carry a backup of that medication. Be sure to check out the basics of other kits so you don't accidentally miss an important component when building your own.
Making It Fit Your Space
Buying supplies in bulk makes it easier to build multiple kits and keep them restocked.Getty Images
If you're building or buying a first aid kit, you should get more than one, as you never know when an emergency might occur. It's a great idea to design your larger office kit with disasters or emergencies in mind. It's also important to consider your environment and the type of supplies you'll need. If you're packing a kit and in an area prone to blizzards, pack some hand warmers for the cold. First aid is a key element of every earthquake preparedness kit. Simple changes like this can up the usefulness quotient of your personal first aid kit. Disaster kits are much larger and more comprehensive, but adding some disaster kit supplies into your regular first aid can be lifesaving.
Make Sure Its Office-Approved
Keep your kit in a safe place where it won't get damaged.Getty Images
If you're making your official office first aid kit, then you need to check the OSHA regulations. If you go to the US Department of Labor's website they clearly list out the mandatory components of your workplace first aid kit. Every office is different, so make sure your kit is suited to your space. Think about where the safest location to keep it is, whether you need a waterproof container or something that can fit into a smaller space.
Making a kit can be easy and is definitely important. Just remember to keep an eye on it because kits are not meant to be forgotten about. Keep the medication and supplies up to date, replenish anything that gets used up, and keep your kit in a safe place away from fluctuating heat, cold, and moisture.
Be prepared and stay safe!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.