For many, no day is complete without a trip to the neighborhood coffee shop. Many of us have been known to enjoy our triple nonfat caramel lattes, double espressos or half caffeinated mochas – whether we are shuttling our kids from school to the little league game, congregating with other parents to organize PTA functions [...]
If you’ve found that talking about family finances with your spouse is difficult or completely uncomfortable, we have some suggestions that can help.
Before doing anything, think about whether or not you and your spouse are on the same page in regards to how to budget money. Each of you is an individual, especially when it [...]
An emergency can happen at any time. A special fund that you create for an unforeseen circumstance like an unexpected job loss or illness will see your family through it – all the while preventing unnecessary debt and the associated finance charges that could be very easy to accumulate.
How Much Is Enough?
The answer depends on [...]
Are multiple 401(k) plans from former employers just sitting on your shelf, collecting dust? If so, we highly recommend that you roll them over into an IRA. You’ll find that the advantages are many, while the disadvantages are few:
Pros:
IT’S SO MUCH EASIER: By consolidating multiple 401(k) accounts into a single IRA, you eliminate the hassle of having [...]
We’ve all walked away from the holidays with useless items in tow. Remember the teddy bear tie that Aunt Mary thought was just too cute?
It’s our kids that get this the most. Let’s not forget the sheer overwhelm that comes from opening all those presents — many of which get used once and then tossed aside. [...]
As parents, most of our time is spent managing our day-to-day lives. While making sure our kids master life’s lessons, it’s easy to put saving for college on the back burner. Experts say we should start early and balance our efforts between saving for retirement and college. It’s a juggling act, but a necessary feat [...]
Make sure you have an emergency fund that will cover 3 to 6 months of living expenses. That’s a recommendation you will likely get from most financial advisers. It is good advice, and will buy you a surprising amount of peace of mind.
We’ve received quite a few questions regarding where do I park [...]
Most of us have the option of saving for retirement in a 401K plan (Wikipedia) which is usually, but not always, the best way to save for retirement.
Pros
Tax-Deferred: Save on taxes now. You will need to pay for it later though. Your tax rate now will most likely be higher than during retirement. If this [...]
Most of us save by taking the leftover money at the end of each month or end of each year and move it to a savings or investment account. If we are honest with ourselves, there’s not much left at the end for savings.
Instead, we should save by making it a fixed monthly expense, just [...]
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