Summer is here, and so are all the activities. But as we know, these activities cost money. Here are a few ways you can still have fun and, while doing so, save some cash. Look at Your Calendar Summer months are filled with holidays, birthdays, cookouts, weddings – the list goes on. Take a look and make an estimate of how much you want to spend on each event. When you can plan ahead and figure out your budget, you won’t be faced with surprise expenditures at the last minute. Nobody likes that. Go on a Spending Cleanse We’re not talking for months on end – just a few weeks. During this time, make a point to spend only on […]

Now that spring is here, it might be a great time to give your finances a fresh look. Here are a few key items to put on your May to-do list. Say Bye-Bye to PMI If you bought your home for less than 20 percent down, there’s a good chance you’ve been paying private mortgage insurance (aka PMI) on your loan, which is usually an extra 1 percent of what you paid. But here’s the good news: the rise in home prices over the past few years has meant one thing — a bump in your home equity. If your equity position is now at least 20 percent of the original purchase price, you might not have to keep paying […]

It’s that time of year again: tax time. And while many of your money-saving options might be limited after Dec. 31, there’s still a lot you can do to help lower your taxes, save money and avoid penalties. Here’s a quick snapshot. Contribute to Your Retirement Accounts Yes, doing this will help lower your tax bill. So, if you haven’t already maxed out your contribution for 2022, you can still do so up until April 18 for a traditional IRA (deductible or not), and a Roth IRA. If you have a Keogh or Simplified Employment Pension Plan (SEP), you can apply for a tax filing extension until Oct. 16; however, it’s best not to wait that long to contribute to […]

The idea of starting your own business is inherently romantic, if not exhilarating: You get to run the show, flesh out your ideas and live your dream. But where do you begin? Here are seven smart steps to get you started – and help improve your chances of success. Come Up With a Concept What’s your idea? Is it profitable and something you’re passionate about? Would others consider you an expert in this area and seek your advice? What kind of funding do you have? Will you partner with someone or go solo? When you can determine all of these things, then you’ll be off and running. Know Your Competition and Market Do your research. Learn about the industry you’re […]

So, we’re a month into 2023, and the sheen might’ve dulled from all your shiny New Year’s resolutions. Though diet and exercise are the top things you might want to change, there’s one you might not need to touch – your budget. Here’s a discussion about who does and doesn’t need to revamp their finances. Who Needs a New Budget? Budgets are always a good idea. They help you save money and pay off debt. But only a few folks need to create a new one. According to Annette Harris, founder of Harris Financial Coaching, you need a new budget if you are: Unable to keep up with expenses Falling behind on debt payments Borrowing money from others Relying on […]

For the most part, New Year’s resolutions are hard to keep because many times you either list too many things or ones that aren’t manageable for the long haul – especially those that involve money. Here are a few simple tricks to help you make changes that are bite-sized, easy to implement, and more likely to stick. Do a five-minute daily money check-in. Life is so busy that sometimes it’s easy to just spend money, then move on to the next task at hand. You might think, “I’ll check my bank balance later,” and then you never do. But if you’re serious about getting a handle on your finances, you might want to try this one thing: give yourself a […]

Believe it or not, the year is coming to a close. If you want to finish strong and set attainable goals for 2023, here’s a handy, actionable checklist to help you navigate upcoming expenditures. Review Your Spending and Create a Budget This might seem like Finance 101, but it’s a tried and true method that works. Take a look back to see where your money went. When you’ve evaluated your patterns of spending, you can reset priorities for the New Year, assuming you want to make changes. If you do, sit down and create a budget. Your tax professional will probably have a downloadable tax planning guild so ask them first, but here’s an example of a family-friendly free, downloadable template […]

There’s no better time than the holidays to show your employees and your clients how much you appreciate them. Here are five simple steps to help you craft the perfect email in no time. Decide on the Audience and Purpose Before you begin, determine who will be your recipients. For instance, if you’re writing to your team, it will be a bit different than writing to your clients. However, no matter who you are addressing, you’ll probably want to start by expressing your gratitude. After that, you can further refine your message. If it’s to your employees, acknowledging their hard work and dedication is a great place to start. After that, you might tout the many wins you’ve all experienced […]

Fall is here and so are many of the holidays we love. Whether it’s Halloween, Thanksgiving or December holidays, here are some fail-safe things you can do to make sure everyone shows up and has a good time. Throw a Potluck One of the easiest ways to lure people away from their desks is – you guessed it – food. Create a sign-up sheet with different categories to make sure you have enough savory and sweet dishes, and provide options for those with dietary restrictions. If you’re the organizer, you might supply the drinks and utensils, maybe even some appetizers or snacks. Depending on the holiday, you might also suggest a theme. If it’s Halloween, you could ask folks to […]

In our current economy, or anytime actually, it can’t hurt to have a side hustle to bring in extra cash. Some of these options can be quite lucrative, but like everything, it takes a little work to create a steady income stream. However, with a little pre-planning, you can do it. Let’s take a look. Become a Tutor Are you a math whiz? A wordsmith? History nut? Whatever your specialty, you can earn between $10 and $75 an hour. You might vary your price based on whether you’re tutoring high school, college or adult education classes. You can conduct your sessions online or in-person –totally up to you and your comfort level. All you have to do is create a […]

Even though summer is still somewhat in full swing, school will be starting soon. Yes, you heard that right. This means that you probably need to get prepared for the inevitable cash outlay ahead. But it doesn’t have to cost an arm and a leg. Here are some ways to navigate the upcoming expenditures and save a penny or two. Start Early We’re talking a few weeks ahead, if possible. If you wait until the last minute, supplies might run out. You may have to spend time online searching and/or driving from store to store – and paying the premium both in terms of products and gas. If you spread out purchases a little at a time, you won’t feel […]

We’re all feeling the pain at the pump. Unless you decide to walk, bike or take public transportation, you might feel stuck. But all is not lost. Here are some fuel-efficient driving techniques that can help you save hundreds of dollars in fuel each year. Don’t Drive Too Fast Of course, when you’re on the highway, you must maintain a certain speed. However, cars, vans and pickups are typically the most fuel-efficient when driving between 50 and 80 mph. If you go any faster, you’ll use more gas. Consider this: When you’re driving roughly 75 miles per hour, you use 20 percent more fuel than you would if you were going around 60 mph. On a 15-mile trip, if you’re […]

If you think saving money is a waste of time, think again. It all comes down to having the right mindset and strategy – even if you don’t have a penny to spare. Here are some ground rules that have proven effective for many. All you have to do is be willing to dive in, change your choices, and revisit the way you approach your finances. Create a budget and track your expenses. Yes, you’ve probably heard this a million times and you might be thinking: how can I save money if I don’t have any? Here’s what you do. For the next 30 days, try this experiment: track every dollar that’s coming in and going out. Here are things […]

You may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one – one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it to spend this way: 50 percent on your needs, 30 percent on wants and 20 percent on savings. Below are more details on how to do this. Spend 50 percent on needs. These bills are those that are necessary for survival, such as rent/mortgage, groceries, utilities, health care, insurance and paying the minimum amount on your debts. Other things like Starbucks, Netflix and dining out might feel like needs, but if you get honest, they really aren’t. (They […]

Taking over your aging parents’ finances is not easy. But it’s something that can be handled in an organized, compassionate way. Here’s a roadmap that shows how to embrace it and do the right things for everyone involved. Start the conversation early. Right now, your parents might not need any help. They might be handling everything just fine. But there will come a day when they can’t – and they’ll need your help. The National Institute on Aging recommends that parents give advance written consent to designated family members so they can discuss personal matters with doctors, financial representatives and Medicare officials. If you don’t have this, you’ll be faced with some road blocks. If you open the dialogue now, […]

According to statistics from the Society for Human Resource Management (SHRM), employer-budgeted healthcare costs increased to an average of $12,792 per employee in 2021. Employees can help keep employer healthcare costs – and their premiums – down by planning ahead and negotiating fees for service. Call Before Your Treatment When you’re busy, sending an email might expedite your request. However, it’s best to stop, take a little time to pick up the phone and talk to a real person. Ask for the hospital’s billing department and get an estimate of how much your procedure might cost. (Write down the name of the person you speak with, plus the day and time.) Send this to your insurance provider to find out […]

Believe it or not, the New Year is here. If you’re trying to wrap your head around everything that’s ahead, one of the best things you can do is prepare yourself financially. Here are a few tasks you can get started on right away. Look Back at 2021 Depending on how in-depth you want to go, this could take a couple hours or more. That said, ask yourself these questions: Did you spend as planned? Where do you want to adjust, increase or decrease spending thresholds? What kind of unexpected expenses came up? How did you handle it? Think about what you’ll do for the upcoming year. When it comes to money, the cliché “hindsight is always 20/20” will often […]

The holidays are a season of giving. While much of this involves financial expenditures, you can also give in ways that are more affordable and may hold more meaning. Here are some suggestions about how you can engage in acts of generosity and return to what the season is all about. Cook Food Nothing nourishes the heart and soul, not to mention your stomach, like food made with love from your own kitchen. Baking cookies is always an easy and fun thing to do, but a main dish (with protein) or hearty casseroles are also good options. People who are homebound due to an illness, those going through financial difficulties or even new moms will appreciate the gift of a […]

If the thought of paying off your student loan causes a bit of anxiety, worry no more. Here are some ways to pay it off faster. Check them out. Sign Up for Auto-Pay This might seem like the most obvious thing to do, and yet, some alums don’t take full advantage of it. The psychology of this works well. When you decide to put your payment on auto-draft, you never miss it. You get used to living on a certain amount of money. Better still, there are lenders who offer refinancing at lower rates, ranging from 1.8 percent to 7.84 percent. But there’s more: Some lenders offer cash-back bonuses. With that said, the catch is you give up important benefits […]