Tag Archives: Money Monday

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Money Monday: Help your kids gain financial knowledge

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Are you doing enough to help your kids learn about finances?

“When it comes to dealing with financial decisions, many parents wonder whether they’ve done enough to prepare their children to make wise choices, avoid debt problems and be able to become financially independent.” (Forbes. “Give Your Graduates the Gift of Financial Know-How”. Forbes.com)

View Forbes suggestions and recommended resources on their article here.

Money Monday: Personal financial steps for parents

With all of the excitement of adding a new baby to the family, it’s easy for the parents to overlook some key financial steps to take. In honor of Mother’s Day, here are seven tips you might want to share with them or consider for yourself (all from Forbes’s article):

1) Add your child to your health insurance policy
2) Update your will, trust, and beneficiary designations
3) Ensure you have adequate life insurance
4) Plan for childcare expenses

More tips from Forbes: “7 Important Financial Steps For New Parents To Take.”

Money Monday: File a tax extension for these reasons

There are a number of reasons to file a tax extension. Does your circumstance fit the bill?

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The deadline for filing your 2018 tax return is April 15, 2019. If you’re not ready, you can apply for an extension to delay filing until October 15 at the latest. But make sure you’re not just procrastinating, and instead have a valid reason for filing an extension, from Forbes’ article:

  • Forms coming from business, real estate investments, etc that bring in income.
  • You’re just now thinking of hiring an accountant…now is when accountants have too many clients and are too rushed.
  • You don’t have time to get your paperwork in order.
  • Forbes has more reasons for filing an extension here: “Not Ready To File Your 2018 Taxes; Get A Six Month Extension”.

Money Monday: How buyers purchased their home

Here is a look at how recent buyers purchased their home:

  • Median purchase price – $235,000
  • Obtained a mortgage – 88%
  • Down payment amount – 10 percent
  • Down payment sources – savings (59 percent); sales proceeds from previous home (38 percent)
  • Received down payment help from family/friends – 16 percent
  • Obtaining a mortgage was not difficult/easier than expected – 66 percent

Money Monday: Financial advice per age

personal finance

“There are certain times in your life that are prime for specific money moves, times when making the right choice will set your future self up for success…” (Forbes. “The Best Financial Advice at Every Age”.
https://www.forbes.com/sites/arielleoshea/2019/03/15/the-best-financial-advice-at-every-age/?ss=personalfinance#306f80112a43 )

Forbes has several great suggestions on what financial steps you should be making at whatever age you might be: “The Best Financial Advice at Every Age.”

Money Monday: Tax changes for 2019

April is right around the corner. And with it, tax day. Here’s a heads up on the tax changes for 2019.

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“Even though the tax reform bill—formally known as the “Tax Cuts and Jobs Act”—was introduced a full year ago, it didn’t apply to the taxes you filed last year… Now that tax season is officially here, it’s time to figure out what all those new tax updates mean for you. ” (Dave Ramsey. “Your 2019 Taxes: What You Need to Know About the Tax Reform Bill.” https://www.daveramsey.com/blog/tax-reform-bill)

And here’s what Dave Ramsey has to say about 2019 tax changes.

Money Monday: Easy ways to save money

When looking to save more money, look for ways to spend less that don’t require much effort.

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Saving will be much more attractive if it doesn’t affect your entire daily life.

Here’s several different ways from Forbes to save on your bills, that won’t affect your whole life: “7 Ways To Save Thousands On Your Monthly Expenses.”

Money Monday: February mortgage rates

Fixed mortgage rates sank to a 10-month low this month.

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“According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.41 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.46 percent a week ago and 4.32 percent a year ago. The 30-year fixed rate hasn’t been this low since early April.”

“The 15-year fixed-rate average fell to 3.84 percent with an average 0.4 point. It was 3.89 percent a week ago and 3.77 percent a year ago. The five-year adjustable-rate average drifted down to 3.91 percent with an average 0.3 point. It was 3.96 percent a week ago and 3.57 percent a year ago.” (Washingtonpost.com. “Mortgage rates tumble to 10-month low.” 7 February 2019.)

Read the rest of Washington Post’s article here.