Tag Archives: personal finance

piggy bank saving

Money Monday: Help your kids gain financial knowledge

piggy bank saving
photo from 401kcalculator.org

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: Wise ways to use your tax refund

Image from 401kcalculator.org

If you filed your taxes and not an extension, you’ve already seen any tax refunds. Here’s some suggestions from Forbes on how to use it:

  • Catch up on old bills
  • Bulk up your emergency fund
  • Pay down debt with high-interest
  • Contribute to your HSA
  • Put it in retirement savings
  • Put it in education savings
  • Last, spend it on a splurge

Read about Forbes’ different suggestions here: “7 Ways To Make The Best Use Of Your Tax Refund.”

Money Monday: Last-minute tax advice

Taxes are due. Have any last-minute questions?

Yahoo has published an advice article put together by certified public accountants: “Your last-minute questions about taxes answered”.

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?

Image from 401kcalculator.org

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 much to save for retirement

retirement

“Determining the amount you need to save for retirement is a daunting task. It’s impossible to predict future life events and associated expenses, so future retirees often rely on general expense or portfolio withdrawal “rules” to make educated guesses about their needs. However, the standard ways of computing expected retirement expenses may not reflect reality, and future retirees may be better served by taking another approach.”

Read Forbes’ article on the topic here: “How Much Should You Save For A Secure Retirement?”

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.”