Personal Finance Archives - Super Saving Tips

Are Personal Finance Blogs Really Important?

January 17, 2020 January 16, 2020

I’m not the kind of person who thinks of himself as really important. I mean, yes I am important to my family and friends, but I mean important in the sense that I should be treated “special” in some way when it comes to discussing and writing things about personal finances. I don’t get much recognition or praise and that’s fine. Sure, it would be nice, but I am happy that so many have reached out to me over the years with comments and views and that number has kept on growing every year. Thank you so much. But I don’t do it for attention. Why I write is based on a couple of things:

Recently some people have suggested that personal finance blogs are repetitive and boring. But they are really important. Here are two reasons why.

I think that sharing my money experiences in life—both the good and bad—can help others
I have definite opinions about money habits that make sense if you apply them to yourself

Retirement

The SECURE Act: The New 2020 Retirement Plan Rules

January 14, 2020 January 13, 2020

With all the news we are bombarded with every day, you may have missed this information which is new and will affect every single person in some way in their life. It is the passage of the new SECURE Act which became the law effective January 1, 2020 and changes retirement plan rules.

The new SECURE Act has made some important changes to retirement plan rules that you need to know. Here are some of the details and how they may affect you.

The new law has 29 new provisions or major changes, but I want to focus on just a few major areas. Some of this news is good news and some of it could be bad.

Health, Personal Finance

How Someone with a Disability Can Plan Now to Make Long-Term Care Fit Your Financial Picture

January 10, 2020 January 9, 2020

For today’s guest post, please welcome Ed Carter, a retired financial planner who uses his expertise to help people with disabilities plan their futures.

It’s an unfortunate reality that many adults with disabilities are faced with financial challenges. According to a report from the National Disability Institute, adults with disabilities are three times more likely than others to have trouble paying medical bills, and 55% of individuals with disabilities do not have savings to cover a financial emergency. These concerns are troubling at any age, but when you think about paying for care later in life, financial planning takes on a new meaning. This is why it’s so important to make a financial plan now to safeguard your future.

It's important for individuals who have a disability to plan financially for their long-term care. Here are three steps to take in planning for the future.

Make Sure You’re Covered

If you haven’t done so recently, start by reviewing benefits you may be eligible for, including Medicare, Medicaid, Social Security, and more. You may be surprised by the types of services you can access, such as housing assistance and special savings accounts for individuals with disabilities. Make sure you’re also taking advantage of all tax benefits that you’re eligible for.

Budgeting, Personal Finance

How to Get 20/20 Financial Vision for 2020

January 3, 2020 January 2, 2020

It has arrived…2020. Wow, it almost seems it should be followed with the words “A Space Odyssey” to someone like me. After all, it’s been over 50 years since that great sci-fi movie “2001” hit the screen and now we are living in 2020. You can imagine that feeling by thinking how 2070 might be now if you had to guess what life would be like then? A bit scary, isn’t it?

In order to have a clear financial vision, it's important to know how you did financially in 2019, and to create a budget you can live with for 2020.

But having said all that, there is the real fact that we have to deal with 2020 right now using pretty clear vision, a la “20/20 eyesight”. The reason is obvious: if we don’t, we will be working with a handicap. And here’s the problem, without a 20/20 view to guide your finances, you are bound to fall short of your goals and there just aren’t any type of corrective lenses that will make your financial vision clear.

More, Personal Finance

6 Money & Lifestyle Predictions for 2020 and Beyond

December 17, 2019 December 16, 2019

I know that no one has a crystal ball that predicts the future. It is at best a guess and at worst voodoo when you try to make predictions on the future of things like the stock market, economic forecasts, and other money-related areas, but it’s all just so damned tempting to try to project on some of the “what-if” scenarios and give it a try. At least in my world it is.

No one knows what the future holds, but still I can't help but make some predictions on what will happen in the 2020s when it comes to money and lifestyle.

With that in mind, here are six 2020 and beyond predictions that I think are trending and very possible and could really happen in the coming decade.

Personal Finance

Dealing with the Hell of Living Paycheck to Paycheck

December 13, 2019 December 12, 2019

The subject of living paycheck to paycheck is as old as working for a living is. Despite the fact that we all strive to be financially well off or even financially independent, we have to face reality. Many of us aren’t well off and many of us struggle just to get by week to week. That’s true even in a country where the economy is strong and the stock market is breaking records almost every minute these days. Here are a few startling statistics from a survey taken in 2017 by CareerBuilder.

It's time to stop living paycheck to paycheck. Here are the steps you need to start taking control of your finances and building your future.

78% of U.S. workers live paycheck to paycheck
About 10% of workers making $100,000+ live paycheck to paycheck
More than 25% of workers do not set aside any savings each month
Nearly 75% of workers say they are in debt today and more than half think that they always will be
More than half of minimum wage workers say they have to work more than one job to make ends meet

Personal Finance

A 2020 Look Ahead at Inflation and Interest Rates

December 10, 2019 December 9, 2019

As the dust settles here on 2019, it’s a really good time to take a look at where we are in the world of money, particularly inflation and interest rates. The end of any year gives you a chance to look back at it and then project ahead. Money smart people always do that.

Inflation and interest rates are related, and both are changing! Here's the outlook for 2020 and what it means for you and your finances.

Perhaps it’s just me, but anytime I see and hear someone talk about the inflation numbers, I immediately think about everything that I purchase that costs me more today than yesterday. One of the detriments of getting older is that you can actually remember the prices of things from 10, 20, 30, and 50+ years ago. So yeah, I may have a distorted view of rising prices (at least just a little bit). But reality tells me that prices keep going up. It reminds me of that great song, “The Beat Goes On”, cause it certainly does.

Money Mindset

Money Lies We Tell Ourselves That Make Us Poor

December 6, 2019 December 5, 2019

Ok, level with me…when it comes to finances, have you ever told yourself a “little white lie” to justify spending or debt? If I were to ask you why you owe money to your credit cards, auto loans, or your friends, you would probably have an answer ready for me. It’s probably the same answer you tell yourself whenever you think about your debts. Whatever those answers might be, are you being totally honest? If you are lying to yourself, you are hurting your chances for financial success. Today we’re going to face some of those money lies and break out of the financial traps they create.

I feel pretty certain that most of us go through a stage in our lives when we try to justify our spending habits that then spiral out of control into mounting debt. I know that I have done it myself and the way I justified my actions was to try to fool myself, lie to myself if you will. When I did that, I temporarily would feel a little better about the debt. But, deep down inside, I knew what I was really doing. It sometimes takes a serious wake-up call to make your behavior change for the good.Continue reading“Money Lies We Tell Ourselves That Make Us Poor”