If you thought home offices are for people with space to spare, you thought wrong, my friend. Whether you're part of the tiny house nation or squeezed into a studio apartment, you deserve a spot in your home that inspires your creativity and motivates your inner-workhorse. So enough lounging in bed with your laptop. It's time to carve out a small but sensational space in your home that's dedicated to making your career dreams a reality.
The #CareerGoals Closet
If your closet is stuffed with boxes and cluttered with clothes, you're looking at a missed opportunity. Get yourself a bureau or a hanging rack for your clothing and then turn that space into a dream office. You can even use the racks and shelves to store your office supplies and files. All you need to do is take some measurements and head over to Lowes or Home Depot for customized shelving units, including one deep enough to serve as a desk.
Depending on the size of your closet, you may want to remove the doors and pretty up the back wall with a coat of paint or some peel-and-stick wallpaper (Wayfair has a variety of options.)
You can also paint the door-frame so that your office looks more picturesque. When it comes to lighting, swap out any overhead lights for a softer, more decorative pendant light.
If DIY shelving is daunting, IKEA's ALGOT system makes it easy to install your tiny desk wall unit.
ALGOT Wall upright/shelves - IKEA www.ikea.com
If your closet isn't very deep or wide, you can keep it simple by purchasing a narrow, laptop or "mini" desk. This West Elm version is only 20" deep and 36" wide.
IKEA's laptop desk is even narrower at 14 1/8 inches deep.
VITTSJÖ Laptop table - white/glass - IKEA www.ikea.com
The Nook Look
Is there an awkward indentation or an unused corner in one of your rooms? How about a space under a staircase or lofted area you've totally neglected? These are all ideal spots for a tiny office.
Desk nooks can be placed anywhere—even in the kitchen and can serve dual purposes as eating spots as well. One thing to consider is your light source. If you work better in front of a window, find the brightest spot in your place and set up shop.
The key is to keep your newly designated desk as minimal as possible. In addition to a desk surface, all you need is a small lamp and a few key sources of inspiration: A framed photo, a small plant, a decorative cup of pens. Make sure there's a uniformity to your look and keep the paperwork hidden away: a clean desk area = a clear mind.
If you're looking for some ready-made office nooks, The Container Store has a built-in version they'll install for you.
The Hideaway Desk
Your home office doesn't have to be on display 24/7. In fact, there's something comforting about putting your work away when you're finished with it. These days, there are plenty of ways to do just that—by blending your desk into your cabinetry or walls.
You can even disguise your desk as a cabinet in your own bookcase.
Something to keep in mind if you're hiding your desk: finding a desk chair that can also double as a side chair. You might want to skip the wheeled office versions and instead go for a cozy side chair or an extra dining chair draped in faux sheepskin that can double as seating for guests when your office is closed for business.
Depending on how much space you have for your desk area, you can score a bookcase with a flip-top desk like this one from Walmart.
Meanwhile, Wayfair's wall-mount desk converts to a wall cabinet in seconds flat.
Some desks double as armoires, which make them particularly bedroom-friendly.
Natalie Standing Accent Chest www.wayfair.com
Others, like this one from AllModern, convert from a desk console to a dining table when guests are ready to get their grub on.
So now you know, home offices aren't just for people with boatloads of square footage. Sometimes, the smaller the area the more creative you can get.
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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.