Taking Financial Inventory: Examining Your Spending Habits
Understanding how and where you spend your money is a big step toward hitting your financial goals. Even if you do not fall victim to the problem of having “month left at the end of the money,” you may not be mindfully spending or saving…
DIY Tasks That Save (And Some That Don't) [Infographic]
With a lot of Americans tightening their belts and spending less on home and car repairs, do-it-yourself tasks are rising in popularity. There are a lot that can save you money but there are a few that can only waste your time.
Financial Fitness: Staying on Track [Infographic]
INFOGRAPHIC: There are many reasons why people have trouble sticking to a budget. They give in too easily to impulse, they’re consumed by debt, or sometimes they don’t have a steady income.
Should You Withdraw Funds from Your 401k to Buy a House?
Access to Funds One circumstance in which a 401(k) loan might benefit you, according to Joseph A. Cannova, a Certified Financial Planner and Certified Public Accountant practicing in Toms River, New Jersey, is if you have bad credit. With a 401(k) loan, there’s no credit…
Money Management for Retirement: Savings Plans That'll Fit Into Your Budget
It is often debated whether Social Security will be around in 20 to 30 years. But the reality is that you won’t be able to survive solely on Social Security benefits. Organizing your priorities so that you give the same attention to your future retirement savings that you give to your current household and personal expenses is fundamental to securing that proverbial nest egg.
Make Your Golden Years Great: Money Management & Budgeting Strategies for People Close to Retirement
Life Does Not Get Cheaper in Retirement “In my experience, clients are often surprised to find that their expenses do not go down after retiring, and some new budget realities need to be included in the plan,” Briboneria says. After retirement, unless you pay off…
Real Estate & Personal Finance: How Do Mortgage Brokers Help in the Home-Buying Process?
Many mortgage brokers are experts at getting you ready to buy a home. In fact, some real estate agents require that you talk to one before you even start looking at houses. “For many borrowers, the work gets done before they ever apply for a loan. Between getting the information they need to apply for a loan and cleaning up credit issues, there’s a lot to do,” explains Jonathan Mosca, a seasoned mortgage professional. Since mortgage brokers work with many lenders, they have a keen understanding of what lenders look for in a borrower and can help you to prepare yourself to meet the lender’s scrutiny.
How to Track A Household Budget
Maryland-based financial adviser Lamont Corprew, a Certified Public Accountant, is an advocate for having an household budget emergency fund. “Make saving for an emergency a a priority, because you never know when you’ll need it,” Corprew notes. “But keep it separate from your regular savings account. Commingling your emergency fund and other savings can be a spending temptation that’s difficult to resist.”
Personal Finance Checkup: How to Tell if You're On Track with Retirement Savings
Know Your Current Financial Status The first step is knowing the status of your personal finances. “Getting from point A to point B, financially speaking, starts by knowing where point A is,” says certified public accountant, Mark Noel. You need to consider your current income,…
Taking Inventory of Your Personal Finances: How Much of Your Paycheck Should You Budget for Bills
Whether you get paid an hourly wage or a monthly salary, at the end of the pay cycle, chances are that your paycheck is less than your earnings. Your employer is typically required by law to withhold a percentage of your paycheck for income taxes, Social Security and Medicare. You might have additional withholding for retirement contributions or health insurance. The federal tax system is pay-as-you-go, so even if you are self-employed you’ll have to file quarterly tax reports. The bottom line is, not all of your earnings are available to pay your living expenses.