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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.
Financial mistakes happen often, but learning from them can help secure your future. These mistakes can arise from emotional choices or overlooking duties. This article lists 18 financial mistakes and provides solutions to avoid them.
To achieve financial stability as a single parent, supplement your income, budget for emergencies, save for retirement, get appropriate insurance, and create an estate plan that provides for your child.
A Solo 401(k) is a retirement plan designed for self-employed individuals with no employees, offering similar benefits to regular 401(k) plans but with specific eligibility and contribution limits.
The cost of assisted living varies, with an average of $66,126 per year in 2024, and planning for payment options such as long-term care insurance, health savings accounts, and Medicaid can help prepare for these expenses.1
The cost of a funeral can vary significantly depending on factors such as location, type of service, and additional expenses, but on average, it can cost over $8,000.
Personal finance is the process of planning and managing money to achieve financial goals. It includes budgeting, saving, investing, paying off debt, and planning for retirement.
Financial fraud, such as identity theft, credit card fraud, and romance scams, is a growing concern. Monitoring your accounts, limiting personal information sharing, using secure websites, and being cautious with online interactions could help safeguard your finances.
A death benefit can be used to pay off a mortgage, clear existing debt, establish a college fund, create an income stream, or invest for the future, depending on individual needs and priorities.
Paying for college requires advance financial analysis through vehicles like 529 savings plans and FAFSA, as well as exploring scholarships, grants, federal student loans, and other aid to cover tuition.
To prepare for tax season, understand your filing status, gather all tax documents, decide whether to file yourself or use a tax preparer, maximize retirement contributions, and adjust your tax withholding to ensure you pay the proper amount throughout the year.
Revenge spending is splurging on wants over needs, often with credit cards, as a reaction to restrictions. Stay on track with budgeting, saving, and low-cost 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.
College students should budget for smaller expenses like books and transportation, consider part-time work, and explore scholarships and student loans to manage costs.
Improve your financial situation by creating a budget, building an emergency fund, paying down debt, using coupons, planning meals ahead, decluttering, and seeking help. Create a plan and stick to it to save more and improve your finances.
Raising a child is a rewarding journey but comes with significant financial responsibilities. The average 18-year cost for a child born in 2023 is nearly $375,000.1 Learn more about the breakdown of childcare expenses and get some practical tips for managing your family's finances.
You should have enough money in savings to cover 3-6 months of basic expenses in an emergency fund, plus additional savings allocated to goals and long-term retirement needs based on your circumstances.
To plan for a recession, consider diversifying your investments, utilizing the bucket system for liquidity, monitoring debt for refinancing opportunities, maintaining a sufficient emergency fund, and adjusting retirement planning to ensure financial stability during economic downturns.
Licensed to sell insurance and financial products – a financial representative works with individuals and businesses to understand their financial needs and provide guidance on insurance and financial products.
Discover the keys to financial wellness and learn how to achieve financial stability and freedom. Gain the knowledge and tools to make smarter financial decisions and live with less stress.
The financial planning checklist provides a step-by-step guide to taking control of your finances through budgeting, debt management, saving, financial goal setting, insurance review, retirement planning, and seeking guidance from a financial professional.
Personal finance for women is important as more women take on key roles in households. Learn budgeting tips, income management, retirement planning, salary negotiation, and more.
Improve your financial health by reviewing your finances, creating a budget, planning debt repayment, setting savings goals, and seeking advice from a financial advisor.
A 529 savings plan is a tax-advantaged investment account that allows families and individuals to save and invest money specifically for future college expenses; contributions grow tax-deferred and can be withdrawn tax-free when used for qualified higher education costs like tuition, fees, room and board, and required supplies.
Consider trade school, community college, or online degrees for affordable, flexible career-focused training if a 4-year college doesn’t align with your goals, schedule, or budget.
To save for college, start early by opening tax-advantaged 529 and Coverdell accounts to maximize earnings potential, and supplement savings with scholarships, grants, federal student loans, and savings bonds; developing a comprehensive savings strategy that utilizes multiple options can help families offset the high cost of college over time.
By 25, aim for an emergency fund covering 3-6 months of expenses and start contributing to retirement savings, even in small amounts, to benefit from compound interest.
Should you pay off student loans early? It depends on your financial situation, including other debts, interest rates, emergency savings, loan forgiveness, and goals.
To effectively manage bills, stay organized using tools like calendars, spreadsheets, and payment reminders to track due dates, and establish habits like a regular bill-paying day each month and auto-pay options when possible.
Going back to college as an adult can open up new career opportunities and personal growth, but requires weighing the costs and being strategic about paying for continued education.
To teach children about money, discuss financial concepts often, use games and activities for hands-on learning, let them earn and manage money, and explain real-world examples like paychecks and budgeting.
Retirement savings can be protected from creditors in certain situations, but exceptions exist such as divorce proceedings, tax debts, and state-specific laws.
Unlock tax-free withdrawals by spending from your 529 plan on qualified expenses such as tuition, school fees, textbooks, equipment, and even room & board. This covers not just college, but also qualified elementary, secondary, and vocational schools.
Budgeting for couples include calculating income and expenses, agreeing on financial responsibilities, considering a financial mediator, and deciding on a budget manager while maintaining open communication.
By understanding your loans, picking the right repayment plan, making extra payments, side hustling, and celebrating milestones, you could pay off student loans before 30 like Lauren did.
In your 20s, focus on creating a budget to understand your finances, building an emergency fund, managing debt through organized payments, building strong credit, and starting retirement savings.
Liquid assets like cash and stocks convert easily to cash, while non-liquid assets like real estate and collectibles take longer and may lose value in the process.
Yes, you can use your IRA to buy your first home by taking a penalty-free withdrawal of up to $10,000 for a down payment, though income taxes will still apply on the withdrawn amount.
To avoid penalties on unused 529 college savings, you can save the money for graduate school, transfer it to another family member's 529 plan, or change the beneficiary to another eligible relative attending college.
New parents can avoid financial struggles by saving for retirement, using tax breaks, funding flexible accounts, getting life insurance, and writing wills.
Critical illness insurance pays a lump sum for specific diagnoses, while disability income insurance replaces income if you can't work. Combining both boosts financial protection.
This guide to personal finance basics can help you take control of your finances by understanding your current situation, setting goals, budgeting, building emergency savings, and contributing to retirement over time.
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.
A health savings account (HSA) is a tax-advantaged account that allows you to set aside pretax income to pay for current and future qualifying medical expenses if you have a high-deductible health plan.
Some financial gifts to consider giving are 529 college savings contributions, shares of stock, custodial accounts, savings bonds, prepaid debit cards, and personal finance books can help teach money skills.
The ten ways to save on a tight budget include meal planning, using coupons, selling unused items, canceling subscriptions, and tackling high-interest debt.
Common financial issues in college can be avoided through proper financial aid utilization, budgeting, distinguishing between wants and needs, responsible credit card use, and future financial planning.
Supporting adult children can impact your retirement. Prioritize your retirement savings and consider setting limits, like monthly allowances or estate planning, to manage support.
Refinancing student loans allows borrowers to consolidate multiple loans into one new loan potentially with better terms, but may cause the loss of certain federal repayment protections.
Helping to protect parents from elder financial abuse involves discussing finances, spotting red flags, using joint accounts, working with financial reps, and setting up power of attorney.
Preparing children for leaving home requires teaching them financial literacy and having ongoing discussions to help ensure a smooth transition into adulthood and independence.
Teaching money management for teens like budgeting, saving, and building credit responsibly is important for setting them up for financial success when they start earning and managing money independently.
A rainy day fund is a small pool of money set aside to cover minor unexpected expenses until your next paycheck, as opposed to an emergency fund which covers larger, longer-term costs.
Regularly reviewing your finances, whether monthly or quarterly, is critical to taking control of your financial situation, tracking progress on goals, and making timely adjustments to spending, saving, and investing.
Tax deductions reduce taxable income, lowering the taxes owed and helping taxpayers keep more money. Knowing which expenses qualify can maximize savings.
Health insurance covers medical treatments, while critical illness insurance provides a lump sum for serious conditions. They complement each other by covering ongoing expenses and out-of-pocket costs.
Grants, scholarships, work-study, and 529 plans are great alternatives to student loans. Using these options can minimize future debt. Researching, applying for aid, and saving early are key strategies to reduce loan dependence.
When budgeting for a second child, reassess spending, explore childcare savings, bundle insurance, and start early with children’s savings or 529 plans for lasting 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.
As you enter your 60s, budgeting tips like reviewing retirement income, paying off debt, downsizing, and meeting with a financial advisor can help you confidently prepare for your future retirement years.
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.
Purchasing long-term care insurance at a young age locks in lower, affordable premiums to prepare for future care needs without burdening loved ones, as life expectancy rises.
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."
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 tips for 30-somethings include knowing your financial goals, prioritizing savings, reducing unnecessary spending, planning for large periodic expenses, and making gradual changes over time.
Adulting 101 is all about getting your finances in order through budgeting, saving, addressing debt, and earning extra income, so you can smoothly transition into independent adulthood.
Are bills paid on time? Are assets protected? Is insurance organized? What’s their health coverage? Do they need caregiving help? How does this affect your own financial plans?
The 5 key questions to help you master your personal budget are: track expenses, align spending with goals, prioritize saving, use tools to track spending, and review/re-evaluate the budget regularly.
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