Many people have specific financial goals (e.g., filling a rainy-day fund, buying a house, paying down debt, or starting to invest), and most of these goals involve saving money. If you are struggling to put money away for your financial plans, reducing your spending may be necessary. Consider these tips to help you cut expenses and build your savings to facilitate your future financial plans.
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Money can be a big challenge for relationships, especially for couples on a budget with limited income or a lot of debt. Overwhelming debt, lack of communication, and financial secrets can lead to arguments, guilt, finger-pointing, and resentment. Here are the steps to help.
Understanding what a budget is, what it can do, and how to build one together can help couples address problems in a healthy, positive way as they work toward mutual financial goals.
A budget is simply a roadmap for dividing household income into expenses (including mortgage, groceries, and discretionary spending). Building a budget together means agreeing on the roadmap and helping each other stick to it.
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The millennial generation has grown up in an era dominated by rapid changes in the economy. In recent decades, the responsibility of saving and investing has been largely delegated to individuals, as opposed to previous generations where this was mainly the role of governments and employers. Improved standards of living have also translated to increased life expectancies among millennials. The implication of this is that young people today have to make sound financial decisions to achieve financial security in retirement.
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This month is Bank Account Bonus Month! If you haven't started a bank account, this is the month to do so.
Topics: finance Financial Security
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Many people have very strong opinions on reverse mortgage loans. Frequently, those opinions are based on misconceptions about what reverse mortgages are and how they work. One such fallacy that continues to live on is that reverse mortgages are just a loan of last resort—something that’s only for cash-strapped homeowners to utilize when all other viable solutions have been exhausted.
In a recent New York Times article titled Reverse Mortgages Are No Longer Just for Homeowners Short on Cash, the author writes: “It was conventional wisdom that a reverse mortgage was a last-resort option for the oldest homeowners who desperately needed cash. But a growing number of researchers say these loans could be a good option for people earlier in their retirement […] who are not needy at all.”
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We all want to be financially free, right? Living under the burden of bills, saving, and trying to figure life out feels impossible and overwhelming at times. What if we told you that achieving financial freedom is within your reach – you just have to know the do’s and don’ts of handling your personal finances.
Here’s what you should know.
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When you buy a home, the lender will require an appraisal. It sounds scary and like it could stop you from getting the loan you need or the home you want. While an appraisal can be a stumbling block when you’re trying to buy a home, it’s there to protect you and the lender. Understanding the appraisal, how it works, and what your options are if the appraisal doesn’t come in high enough is important.
"A lack of planning has immediate consequences and possibly consequences that will reach 20 years into the future," says Golden in her new book, "How Not to Tear Your Family Apart". Golden has been bringing the concept to both financial advisors and consumers that we need to get the conversation started far sooner than anyone expects so that dire consequences do not occur that possibly impacts generations to come.
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Each year, many Americans struggle to manage their medical expenses. Routine healthcare procedures can be expensive enough, but there are even more significant costs associated with emergency medical care, chronic illness management, and childbirth. Too many Americans are finding themselves drowning in the medical debt they’ve accrued from essential treatment and medication, with or without health insurance. Three major mistakes can cause patients to rack up more significant medical debt than is necessary, but fortunately, these strategies can help.
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Natural disasters such as hurricanes, wildfires, floods, tornadoes, and earthquakes can paralyze your finances when they strike. Unfortunately, many people fail to prepare financially and are caught unaware when natural disasters hit.
Here are two ways to prepare financially in the event of a natural disaster.