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Personal Finance
Staying on top of your personal finances is easier said than done. Expand your financial education by learning more about budgeting, debt management, personal financial planning, college funding, career changes, inflation, tax deductions, divorce finances and much more.
Revenge spending refers to overspending or splurging on wants rather than needs, often fueled by credit cards, as a reaction to pandemic restrictions; it can quickly derail financial goals if not kept in check through budgeting, avoiding debt, automating savings, and finding low-cost social activities.
To plan your finances for 2024, take stock of your current situation, shore up your emergency savings, pay down debt, revisit your investment strategy to make sure it aligns with your goals, and update your estate plan.
Before the end of the year, maximize tax-advantaged contributions, offset gains with losses, take RMDs if required, donate to charity, and adjust withholding to optimize tax savings and avoid penalties.
A debt management plan provides a structured strategy to pay down debt over time, often by working with a credit counseling agency to negotiate lower interest rates and consolidate repayments.
Improve your financial situation by creating a budget, building an emergency fund, paying down debt, using coupons, planning meals ahead, decluttering, and seeking help. By devising a plan and sticking to it, you can pave the way towards saving more and improving your financial well-being.
The average total cost of raising a child to age 18 in a middle-income household is $374,634, covering expenses like healthcare, childcare, housing, food, and education.
You should have enough money in savings to cover 3-6 months of basic expenses in an emergency fund, plus additional savings allocated to medium-term goals and long-term retirement needs based on your individual circumstances.
Budgeting is essential for managing your spending, reducing debt, and reaching financial goals, but creating a budget can seem daunting. This step-by-step guide outlines the key steps to build an effective, realistic budget in just 7 straightforward steps.
New parents can avoid financial struggles by saving for retirement, using tax breaks, funding flexible accounts, getting life insurance, and writing wills.
The main types of payroll deductions and withholdings are mandatory taxes for income, Social Security, and Medicare that fund public services and programs, as well as voluntary pre-tax deductions for retirement savings and insurance premiums.
The ten ways to save money on a tight budget are planning meals and using coupons for groceries, decluttering and selling unused items, canceling unnecessary subscriptions, and paying down high-interest debt more aggressively.
Yes, supporting adult children can hurt your retirement. It is recommended to prioritize your own retirement savings over supporting adult kids and setting limits on support through methods like monthly allowances or estate planning instead of open-ended assistance.
Helping to protect parents from elder financial abuse and fraud is important. To do so, you should have conversations about their finances, look for red flags, consider joint accounts, build relationships with financial representatives, and set up power of attorney to help protect them.
When budgeting for a second child, re-evaluate spending to find areas for cost-cutting, leverage family support for childcare savings where possible, consider insurance bundling for discounts, and start saving early via gifting to children's savings accounts or 529 college plans to set your growing family up for long-term financial stability.
Managing family finances jointly with open communication, financial education, and dividing tasks can empower all members, reduce stress, prepare for the unexpected, and achieve shared financial goals.
A Vial of Life Kit is an emergency preparedness tool containing critical medical information for first responders to access quickly when it's needed most.
Managing divorce finances involves carefully dividing assets and debts, creating a new budget, reviewing insurance coverage, retaining investments and retirement accounts, and planning for the future.
To set your marriage up for financial success, have open conversations about debt, account merging, responsibilities and contributions, lifestyle spending habits, and practical protections like insurance before saying "I do."
Budgeting for a baby involves estimating costs of medical care, parental leave, increased living expenses, childcare, and life insurance, with total costs possibly reaching over $370,000 from birth through age 17.
Successful money management for couples requires open communication, honesty, goal-setting, and equal involvement from both partners when handling finances in order to avoid conflict.
Budgeting could be the key to meeting your financial goals. Consider these five questions that could help you master your personal budget.
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