Category: Personal Finance

Learn about a variety of personal finance topics, including budgeting, saving, credit, debt, taxes, insurance, retirement and more

Credit, Debt

Paying Off Your High Interest Credit Card Debt Takes a Real Plan

I have always been a good manager of credit. A big part of that was learning from my mom and pop about spending within my income, but another part of that was that back when I was a kid, credit cards were not the way people paid for what they bought. Today it’s a totally different world and using your credit card is not only popular, it’s almost a requirement and the result is credit card debt.

Hand holding credit card, ready to get out of credit card debt

While Visa and MasterCard didn’t even exist until the 1960s and 1970s, everyone today seems to have one, two, or even more of them, and uses them constantly. That has led to massive overuse and huge debt run up for many people.

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Budgeting, Personal Finance

What Are Sinking Funds and How Can They Keep You Afloat?

Have you ever heard of the term “sinking funds”? What are sinking funds? It sounds like something pretty complicated on the surface, doesn’t it? There is the ring of danger to it and it almost sounds like it’s high finance or big business.

Sinking funds are important tools in planning your finances. Here's how they differ from emergency funds and why you'll want to set them up.

It is, and it does sound scary to some perhaps because it’s a phrase not often found in everyday at-home use. But it is something you need to be aware of, because every one of us at some point needs to have one! Let me tell you about it and how sinking funds can keep your finances afloat.

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Taxes

Missing Your Money Due to a Tax Refund Delay? You’re Not Alone

It’s all over the news every day. May 17th was Tax Day this year and unless you filed for an extension, you had to settle up with Uncle Sam or face interest and penalties on your tax bill if you didn’t. That’s bad news for millions and there’s just no way to avoid it if you failed to file on time.

But what about the situation in reverse?

If the tax refund delay is causing you financial problems, here's how to deal with it and to make sure it doesn't happen again.

The IRS is behind on processing tax returns due to staff shortages and other complications. This tax refund delay could be holding up the money you were counting on to cover your bills.

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Retirement

5 Warnings About the Softer Side of Retirement

When you think about retirement, the planning stages seem to be pretty obvious and simple. You work all the years you want or need to, save some of your money, invest it wisely, and then at some point in time, you retire. Now after you do, life is easy, right? You might think so, but before you get surprised, let me give you some retirement warnings.

Retirement should be a great time in your life. But you'd better heed these 5 retirement warnings about things you might not expect.

Retirement should mean no more waking up at dawn, fighting the morning traffic, and dealing with a boss who you almost never agree with but have to deal with every day. Now you get to call the shots and enjoy life on your terms…finally! The plan seems perfect: work until about age 65 and then enjoy the good life of golfing, travel, gardening, and/or being a grandparent.

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More, Personal Finance

Warning: What Warren Buffett Says About Rising Inflation Matters

If you didn’t believe me or you didn’t want to believe me, then perhaps you will believe Warren Buffett about rising inflation. It really was inevitable and although I’d like to take credit for being one of the very first and only ones talking about the danger of inflation returning to the world economy, the truth is that it had to happen.

I've been talking about rising inflation for months, but now that Warren Buffett is talking about it, consider it a warning and be prepared.

With the economy suffering so much and so many businesses going down and under, there was only one way to see the course that would come when things started to open up and return to normal: Inflation from new higher wholesale and retail prices!

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Money Mindset

Will Your Financial Dreams Ever Come True?

Do you remember that old classic song by the Everly Brothers from way back when entitled “All I Have to Do Is Dream”? Well it’s a classic and it is all about wanting someone that you just can’t seem to ever have. The story of the song is simple, all you have to do is dream and you can get the person you want with one small catch. You may be spending all of your time just dreaming and never actually getting to the goal that you really want!

Will your financial dreams be the first step to success or will they remain just dreams? Here's how to move beyond dreams into reality.

Well, that was true in the song back in 1958 and it’s still true today. In fact, dreaming about what you want may be a great start to getting there, but the reality is this: You may never have your dreams come true, including your financial dreams, unless you actually do something about them!

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Debt

How to Decide Which Debts to Pay Off First

Today’s guest post on paying off debts is sponsored by Credello.

If you have multiple debts you’re trying to pay off, you might feel overwhelmed. Which debt should you pay off first? Does it require high-level math (gulp) or a debt consolidation calculator?

Answers: It depends on your unique financial situation, you don’t need to be a mathematician (fear not, there are no riddles or word problems), and a debt consolidation calculator is very helpful but not absolutely necessary.

If you have multiple debts, you may be confused about which one to pay off first. Here's how to pay off debt in the best order.

If you’re looking to find out which of your debts you should prioritize and how to pay them off, keep reading.

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Personal Finance

What Is Your Big Financial Worry in 2021?

We have just passed the one third marker in the year 2021 and at first glance, it seems like we are in a better place than we were just a few months ago. When it comes to things like the economy for example, markets are at all-time highs, employment numbers seem to be getting back on track, and we finally have some light at the end of the tunnel on vaccinations of our citizens. All of that is good news for sure. But the questions about these things really never cease and are still on your mind, aren’t they? The questions that keep you up at night and worrying, the ones that seem ever present. So what is your big financial worry in 2021 and what can you do about it?

What's your big financial worry? If you have problems with your finances, and have a lack of cash or cash flow, here are some solutions.

Does It Help Knowing You Are Not Alone?

Since we’re all a little (or a lot) more isolated these days, it can feel good to know that you’re not going through financial stress and worries alone. You are not the only one with financial questions and challenges. Just take a look around and you will see that pretty clearly.

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