fix your financesWellness. It's not just about your waistline any more... Researchers have long known that financial stress can take a toll on physical health. The American Psychological Association says that "for people coping with existing health problems, financial and interpersonal stress can exacerbate their conditions." Now a new survey finds that sticking to financial resolutions helps people stick to fitness goals. TD Bank surveyed 1,444 American adults about their New Year's resolutions and found that 80% made health-related resolutions and 69% set financial goals. The respondents who were satisfied with their current financial condition were more likely to stick to their … [Read more...]
Holiday Budgeting Tips For Conscientious Shoppers
The decorations, the shopping mall and, of course, all those screaming retail deals mean it is time for consumers to start their holiday shopping. One of the few good things about a sluggish economy at holiday time is that it underscores the need to consider what's really essential. It's not just about being frugal; it's about being smart with our money. Setting financial priorities early is the best way to keep the year's biggest spending season worry-free and most important, debt-free. Here are some suggestions that can help you stay in line with your spending goals during the holidays and position yourself for a financially healthy and happy New Year. Revisit your gift policy: … [Read more...]
Web-Only Banking – Advantages and Disadvantages
web-only bankingMost American banks offer online banking services, but now there are banks that exist only online, and you get a good many of the services offered by traditional brick-and-mortar banks. You can scan and deposit checks and transfer funds at any time, and on any day of the year. There are savings, checking, and money market accounts available, as well as CDs, retirement accounts, educational savings plans, loans and mortgages. These "online only" banks offer free transfers, online bill pay, mobile banking and telephone banking. The question is: Are they a good place to put your money? There are advantages, and disadvantages. In the busy 21st century-world we live in, one … [Read more...]
Retiring to a College Town
Retirees are flocking to university towns, drawn by the intellectual life, health care, culture, and youthful vibes. They are looking to some of the nation's most dynamic college towns for intellectual stimulation, top-shelf medical care, and new homes. According to one Oregon couple, "Why not move to Austin, Texas?", and spend the time enjoying the "cultural stimulation of a university," a better climate, great restaurants, a music scene that is "off the charts," plus no state income tax. In the past, the great magnet for retirees was Florida, but today more of them are looking beyond the Sunshine State. Now, college towns, with their vibrant cultural scenes and intellectual … [Read more...]
Money “Wasters”
money waster's Nearly everyone has holes in their budgets... And as with other kinds of leaks, you may have hardly noticed some of them. But those small drips can quickly add up to big bucks. The trick is to find the leaks and stop them so you can keep more money in your pocket. Here are a few to think about. Overspending on Auto Maintenance...Are you still paying for an oil change every 3,000 miles? Many models nowadays can last 5,000 to 7,000 miles between changes, and some even have built-in sensors to tell you when it's time to change the oil. Check your owner's manual to find the best time for your car's routine maintenance. Not Pulling the Plug on Electronics...U.S. … [Read more...]
Rethinking the Tax Refund
rethinking the tax refund Everybody loves a tax refund. But as good as it can feel to get a fat check from Uncle Sam; the best strategy for maximizing your dollars in many cases is to minimize your tax refund. A tax refund typically means you have been paying more than the appropriate amount of income tax to the U.S. government over the course of the year, providing Uncle Sam with what amounts to an interest-free loan directly from your paycheck in the form of withholding. The tax refund essentially is the government repaying you for the loan. Trouble is, not only can’t you charge Uncle Sam interest for the right to borrow your money; you’re also losing the opportunity to put that … [Read more...]
Helping Grand-kids Pay for College – A Quick Course for Grandparents
helping grand-kids pay for collegeWith college tuition costs continuing to escalate, grandparents are taking a more active role in helping to fund a college education for their grandchildren via vehicles such as a tax-favored 529 savings plan. More than half (53%) of grandparents are saving or plan to start saving to help pay for college costs, Fidelity reports in its recent 2014 Grandparents and College Savings Study. All told, those grandparents indicated they expect to contribute a median of $25,000 in college education funds for all their grandchildren, with 35% anticipating contributing $50,000 or more. Given the financial ramifications of investing in a grandchild’s education, it’s … [Read more...]
Six Tips for Tax-Smart Charitable Giving
tips charitable givingWhen done the right way, charitable contributions can lower your tax bill. Of course, this only applies if you itemize your deductions. If you take the standard deduction, you're not eligible to deduct charitable contributions from your tax bill. Here are some key pointers in giving to charity while also reducing your tax burden. 1. Audit the charity. This tip isn't even tax-smart - it's just the first thing you should consider in giving, and a way to ensure that your money is going to the right cause. Guidestar keeps records of a charity's actions so philanthropists can audit them for their legitimacy, impact and finances. Sign up for a free account and you … [Read more...]
Eight Commandments of Building a Strong Financial Foundation
commandments financial foundation 1. Compare your monthly income versus your monthly expenses. Establishing a spending plan can help you get a hold of your financial situation. Live within your means and do not spend more than you make! 2. Pay off credit card balances each month. If you have current credit card debt, attack it each month by paying more than the minimum payment and go for the smallest balance first. When the first card is paid, add that amount to the payments on the second card. Repeat for the next card, and keep going until you've paid them all. 3. Create a "safe and sound" fund. Build a cash reserve of 6 months (or more) of your living expenses. It may be a … [Read more...]
Midyear Budget Checkup: Are your current finances still healthy?
When you're halfway through the year, it's time for a fiscal checkup. Just as you do with your annual physical, you need to determine if your budget is healthy or if expenses are bleeding enough red ink to cause financial anemia. Are you shedding pounds of debt or are you over-stressed? Will you reach your goals for savings this year? Will you have enough to spend on splurges or holiday gifts? Examining your current financial health is going to take more than simply confirming that you have money in your checking account. We hope you are using some sort of online tool or spreadsheet software. If not, you need a complete physical. Like the familiar, "I'm going to lose 10 pounds" New … [Read more...]
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