“According to a new survey from the AICPA, Americans are feeling better about their finances than they were three years ago. Only 35% of adults have delayed a major life decision as a result of financial burdens, compared to 51% in 2015.”
photo from 401kcalculator.org
Where was the biggest change? According to Forbes’ article, in the pursuit of higher education. Read more to see what else: “More Americans Making Major Life Changes Without Financial Worries”.
As interest rates increase, it affects home buyers’ monthly payments, as well as the amount of income needed to qualify to buy a home.
This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.
“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:
- What’s your current financial situation?
- Where do you financially want to be in the short-term, and also in the long-term?
- How can you get there?
Read up on Forbes’ advice here: “What Is A Financial Plan, And Why Every Adult Needs One“.
“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”.
“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”
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.”
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.”
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
This infographic is from CAR.org.