Tag Archives: Money Monday

Money Monday: Millennial money habits

Here’s how the millennials, on average, are managing their money.

  • 63% are saving money (many for emergency funds, retirement, or to buy a house — call me to shop for a house in San Diego County!)
  • 59% feel financially secure
  • 57% have a savings goal
  • 54% are budgeting

How are you doing on developing solid money habits? There’s plenty of tips, advice and information that I publish on my blog every Monday –> Click to view all Money Monday posts!

Millennial Money Habits - infographic from CALIFORNIA ASSOCIATION OF REALTORS

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Financial plans, and why you need one

“You may hear the term “financial plan” and imagine thousands of dollars spent and hours in a stuffy broker office discussing the benefits of a diversified portfolio. Or maybe you think financial plans are only for those who, well, have finances. Not so and not so. Every adult needs a financial plan, no matter how much money you have (or don’t have) and how old you are.”

Think through your finances and set up a plan. Consider the following questions:

  1. What’s your current financial situation?
  2. Where do you financially want to be in the short-term, and also in the long-term?
  3. How can you get there?

Read up on Forbes’ advice here: “What Is A Financial Plan, And Why Every Adult Needs One“.

Day After – Money Monday: Do this after filing your 2017 tax return

“Relieved that you won’t have to think about taxes for another year now that you’ve finally submitted your 2017 return or will soon? It’s best not to put taxes on the back burner yet. Instead, take advantage of being in tax mode to make a few moves that can help with next year’s return and improve your finances overall.”

Image from 401kcalculator.org

Read Forbes’ article to find out “Smart Tax Moves After You File Your 2017 Tax Return”.

Money Monday: Stretching your tax refund

“The average tax refund was $2,895 last year, according to the IRS. Whether you’re looking to use it for travel, invest it or use it to build an emergency fund, there are certain steps you can take to stretch your tax refund dollars.”

Forbes has some ideas: “Simple Ways To Stretch Your Tax Refund”

Money Monday: 3 Ways to Cut Taxes

Nobody likes to pay more in taxes than they absolutely have to. By the time you start preparing your return, it’s too late to use some of the smartest tactics to control the size of your tax bill. Instead, you have to plan in advance to make sure your refund is as big as possible.

Read them here: “3 simple ways to cut your taxes.”

Money Monday: Tax scams to avoid

Here are 12 of the biggest tax scams the IRS is flagging this year:

  1. Phone scams
  2. Phishing
  3. Tax return preparer fraud
  4. Falsely inflating refunds
  5. Falsely inflating income
  6. Falsely padding deductions
  7. Improperly claiming business credits
  8. Making frivolous tax arguments
  9. Abusive tax shelters
  10. Fake charities
  11. Hiding money offshore
  12. Identity theft

Read up on these: “12 tax scams you’ll want to avoid.”

Money Monday: File your tax return

If your return is fairly simple and you’re up for the challenge, preparing your taxes solo could save you a bit of money. In fact, an estimated 33% of Americans file their own taxes each year, so if you’re ready to join their ranks, here are a few tips for getting through the process.

1. Prepare your return early

2. Figure out whether you’ll be itemizing this year

3. File electronically

Read more about filing your taxes yourself here on CNN’s article: “3 tax-filing tips to make preparing your tax return easier.”

Money Monday: Financial Milestones

How do your financial milestones compare with the average consumer’s?

The CALIFORNIA ASSOCATION OF REALTORS averaged consumers’ answers to when they:

  • Started saving for retirement
  • Attained a good credit score over 700
  • Saved $10,000
  • Paid off student loans
  • Purchased first home

average consumer financial milestones

This infographic is from CAR.org.