The Top 5 Personal Finance Goals to Have Right Now and How to Achieve Them
2020 was a tough year for most, given the pandemic. Everyone was affected in some way, with many being affected financially. 2021 has been the year of financial cleanup. Whether you’re just starting out in managing your money, or have years of experience, we’re here to provide you with the top 5 personal finance goals to have right now and tell you how to achieve them.
1. Personal finance goal: Pay off your debt
Yes, for many this sounds like a daunting goal. Especially because the debt more than likely didn’t happen overnight. Depending on your situation this could View full post…
Do You and Your Spouse Fight Over Money?
If so, you may be surprised to know how much damage it can do to your marriage. The problem usually isn’t just short-term either…it can result in a lingering resentment. Couples that fight over money often times don’t have a money discussion before the marriage.
The American Institute of CPA’s conducted a study a few years back regarding this issue, and the results were eye-opening to say the least. They reported that View full post…
How Managing Your Money Can Keep You Out of Trouble
Managing your money effectively is not hard to learn. The very first thing you need to understand is your monthly bills don’t determine how all of your money is spent. You do! Spend as much time as you need, to know exactly where your money goes, and why.
If you ask the typical person “where does your money go”, after a blank stare, he may say, my bills. They may, in fact, go to the bills, but what bills? Most of us have rent or a mortgage payment, maybe a car loan, and today especially, student loans. Many others have high credit card balances too.
If you really want to get a handle View full post…
5 Tips for Couples to Manage Their Joint Financials
Financial issues often lead to frustrations when they are not organized well enough. When it comes to couples, it is even more important to have strict and tight administration, as it can slowly but steadily build up unwanted tension even in the best relationship. In this article, we gathered a few tips and tools that make our lives easier.
Tip #1 – Be open about it
Both members of the couple will join the relationship with some kind of history. One may have had an adventurous life, while the other may have had an eventful financial past. If you are open about your economic background from the beginning View full post…
Creating an Emergency Fund for Difficult Times
We all have our own definition as to what an emergency is, but in this article, we’ll give you the true meaning of an emergency, and how to prepare for one. Creating an emergency fund is one of the most important steps to take.
There’s two things for sure about any emergency – they can hit you from anywhere, and they will always happen at the worst possible time. And, if you don’t have a cash buffer handy, you’re in for some hard times.
Does Covid-19 ring a bell? Those who set up an emergency fund are having an easier time meeting their living expenses than most others. This is a perfect example of how and why the need to create an emergency fund.
There’s no need to panic if View full post…
5 Ways to Manage Your Money Better & Take Charge of Your Finances
Do you put off making changes to better manage your money? If you have financial fears, does the prospect of financial planning seem next to impossible? If so, you’re not alone. Almost one half of Americans find this scary, and it doesn’t have to be.
There’s no need to postpone a much-needed review of your financial situation any longer. Getting your finances back on track and knowing where your hard-earned money is going, is not that difficult. Over 80% of Americans say that they would like to be in better control of their finances.
For that reason, we offer a simple checklist of five options that you can review to fit your specific personal circumstances. By following them, you will be well on your way to being able to manage your money better.
- First and foremost, get rid of credit card debt. Many individuals are carrying several credit cards with high balances with high fees and very high interest rates. Many are only able to pay the minimum payments required, and in doing so, will be paying on those cards into old age.
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5 Managing Money Tips for Newlyweds
Getting married is still at the top of the list for being one of the most important decisions that we make. It’s amazing how those two words “I do” or “I will” can change our lives in very significant ways, especially in managing money.
In some states, marriage can change our financial picture whether we intended it to or not. There are a number of issues that newlyweds will need to discuss, but we’ll touch on the five that should be dealt with first. It’s very important that both spouses get on the same page as quickly as possible to avoid potential conflict.
File a Joint Account or Married Separate
The first important issue to discuss is the area of taxes. Usually this will focus on whether to file separate tax returns or to file jointly. Generally, filing jointly will result in lower overall taxes, however, this is not always the case. There are some situations where filing separate returns result in less taxes.
Some other caveats to consider. When filing jointly, both spouses are liable on the return. If, as an example, one of the spouses makes an error in reporting or not reporting income, both are View full post…
4 Money Management Tips for Newlyweds
If you think getting married is a tremendous emotional step, you would be correct. But, it’s also a major financial one too. Each one has their own individual goals and ways to handle money. We offer these money management tips in an attempt to get both spouses on the same page and frame of mind.
It’s best to discuss money management before marriage and decide on the method of handling the finances. Both long term and short term goals should be discussed. A lot of stress can be avoided later in marriage if these financial issues are taken care of early by View full post…
5 Tips for New College Grads on How to Manage Money
The big day has finally arrived and now you are about to see what the real world has in store. One thing for sure, you’re about to assume a lot of responsibility. Some of you who haven’t yet found a job will probably move back in with your parents. Others who have already entered the workforce may have moved into your first apartment. Either way, you’re about to get your first taste of learning how to manage money.
These five important tips weren’t View full post…