Tips for Successful Personal Finances
No (or minimal) retirement savings! If you are getting up there closer to retirement, this can be a scary thing.
Suze Orman wrote this great article, that there can be hope and it’s not too late to start or catch up on retirement savings. Help! I’m 55 and Have No Nest Egg
You can do anything you set a goal to do.
Every year around my birthday is the time I check my social security.
No, I am not ready to apply. But it’s something I do annually to make sure all is correct. Every year socia
l security posts your income to your account (the same income you file on your federal tax return). I like to double check to make sure mine is correct. It’s much easier for me to check now, then to figure it out when I apply for social security down the road. My records are easily accessible and easy to review to double check.
When was the last time you looked at your social security account?
A reader asked me about how to save to purchase a home, when your money doesn’t allow much for savings.
That’s a great question. But not an easy one to answer.
We all know that saving should be a priority. But we have monthly obligations. So here are so general steps to achieve what you want (in this case a home).
While it’s hard to save money each and every month. It a necessary step in life to achieving your goals.
We all hear about the college students and the money mistakes they made while in college. I was one of them. This article from US News shares the top six mistakes and gives you ideas to think about. Read more
It’s never too late to invest in your future. Whether you are starting out now or picking up where you left off, make a plan.
Real Simple Magazine has information on investing from $5.00 to $50,000. A new year and it’s time to invest in your future.
Yes, I know it’s a busy time of year to add anything to your do to list. As the year begins, it’s important to make time to complete this check list of items to make 2018 the best year possible.
Investment Accounts
Think about maxing out your 2018 contributions, especially if you have an employer match. You don’t want to miss out on the free matched funds. If you can’t max out, then add as much as you can. Now is the time to look at your investments, it may be time to re-balance and/or make changes to your accounts.
Health Insurance
Understand what your health insurance covers and what it doesn’t. If you have a deductible to meet,if possible schedule your appointments so that you can afford the bills. Remember you may be able to use your FSA (Flexible Spending Accounts) or HSA (Health Savings Account) to plan for some or all of these expenses. Your plan has a list of eligible items you can use the money towards.
Charitable Giving / Donations
If you itemize your taxes, make sure to discuss your charitable giving with your tax preparer as the new tax rules are in effect.
Starting the new year off right will help you throughout the year.
It ‘s that time of year. Your teens are making their college choices for the fall and all the excitement that goes with it. What school should they go to? Will they stay near or go far? What will I need to do next?
First let ‘s start with the paying for college. If you have the money saved for the cost of college for all four years (or more), then you can stop reading. If not, you need to start or continue to figure out the finances. FAFSA – Free Application for Federal Student Aid – is the first step. Apply now, even if you don’t think you qualify – you may be surprised.
Here is a great article by Consumer Reports for financial aid that will tell you what you need to know.
As we get older one of the things that is always on my mind is retirement. What does it look like for me? Where do I want to live – stay where I am or move? Stay in my current house or downsize (maybe condo)? The list of questions goes on and on for me.
Wallet Hub has come out with a list of 2018 Best and Worst States to Retire To. Where is your state? This might be something to take into consideration in your planning.
It’s the start of a new year and it’s time to revisit your finances. Take a look at your finances.
Here’s a great article from AARP’s give Yourself a Financial Checkup to see if you have a plan in place for these five areas. In addition, the article gives you suggestions to tackle this area of your life.
In my next life, I think I want to be an organizer. I am not a hoarder, but living in the same home for years, things and stuff just seem to accumulate. Over the past few years, I have scanned many documents, going from 3 four draw file cabinets down to 1. Gone are the paper medical records, tax returns and other paper work. Yes, I have burned up a shredder or two.
So this summer, I took a break from this newsletter. I accomplished so much. We tackled the family movies, photos and slides. We looked through thousands and saved some, but mostly gave them to family members and had the others scanned and archived. This was a big accomplishment.
Earlier in the year, we started going through the collectibles, things that have meaning or are possibly valuable, so I didn’t want to just toss them. I wanted to find a place for them and this was a lengthy process. For my dad’s sports memorabilia, we gave it to the local high school’s hall of fame to be displayed. That felt good. They are out of our home and somewhere I can go see with a visit. His leather football helmet was one of the display items at the induction ceremony.
There is still more to go but we are seeing progress. Are their items that you want to get rid of but don’t know what to do with them. Check out the Resources Page on my website, as I keep updating it with the places that we have used.