Tips for Successful Personal Finances
It’s never too late to invest in your future. Whether you are starting out now or picking up where you left off, make a plan.
Real Simple Magazine has information on investing from $5.00 to $50,000. A new year and it’s time to invest in your future.
Yes, I know it’s a busy time of year to add anything to your do to list. As the year begins, it’s important to make time to complete this check list of items to make 2018 the best year possible.
Investment Accounts
Think about maxing out your 2018 contributions, especially if you have an employer match. You don’t want to miss out on the free matched funds. If you can’t max out, then add as much as you can. Now is the time to look at your investments, it may be time to re-balance and/or make changes to your accounts.
Health Insurance
Understand what your health insurance covers and what it doesn’t. If you have a deductible to meet,if possible schedule your appointments so that you can afford the bills. Remember you may be able to use your FSA (Flexible Spending Accounts) or HSA (Health Savings Account) to plan for some or all of these expenses. Your plan has a list of eligible items you can use the money towards.
Charitable Giving / Donations
If you itemize your taxes, make sure to discuss your charitable giving with your tax preparer as the new tax rules are in effect.
Starting the new year off right will help you throughout the year.
It ‘s that time of year. Your teens are making their college choices for the fall and all the excitement that goes with it. What school should they go to? Will they stay near or go far? What will I need to do next?
First let ‘s start with the paying for college. If you have the money saved for the cost of college for all four years (or more), then you can stop reading. If not, you need to start or continue to figure out the finances. FAFSA – Free Application for Federal Student Aid – is the first step. Apply now, even if you don’t think you qualify – you may be surprised.
Here is a great article by Consumer Reports for financial aid that will tell you what you need to know.
As we get older one of the things that is always on my mind is retirement. What does it look like for me? Where do I want to live – stay where I am or move? Stay in my current house or downsize (maybe condo)? The list of questions goes on and on for me.
Wallet Hub has come out with a list of 2018 Best and Worst States to Retire To. Where is your state? This might be something to take into consideration in your planning.
It’s the start of a new year and it’s time to revisit your finances. Take a look at your finances.
Here’s a great article from AARP’s give Yourself a Financial Checkup to see if you have a plan in place for these five areas. In addition, the article gives you suggestions to tackle this area of your life.
In my next life, I think I want to be an organizer. I am not a hoarder, but living in the same home for years, things and stuff just seem to accumulate. Over the past few years, I have scanned many documents, going from 3 four draw file cabinets down to 1. Gone are the paper medical records, tax returns and other paper work. Yes, I have burned up a shredder or two.
So this summer, I took a break from this newsletter. I accomplished so much. We tackled the family movies, photos and slides. We looked through thousands and saved some, but mostly gave them to family members and had the others scanned and archived. This was a big accomplishment.
Earlier in the year, we started going through the collectibles, things that have meaning or are possibly valuable, so I didn’t want to just toss them. I wanted to find a place for them and this was a lengthy process. For my dad’s sports memorabilia, we gave it to the local high school’s hall of fame to be displayed. That felt good. They are out of our home and somewhere I can go see with a visit. His leather football helmet was one of the display items at the induction ceremony.
There is still more to go but we are seeing progress. Are their items that you want to get rid of but don’t know what to do with them. Check out the Resources Page on my website, as I keep updating it with the places that we have used.
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It’s that time of year again for open enrollment for medical insurance. For Medicare you have until December 7 to make any changes to your secondary insurance and/or prescription coverage until December 15.
To enroll and/or make changes to your Affordable Care Act health insurance, you have from November 1 to December 22 in Connecticut. Check your individual state for your specific deadlines.
If you are coverage is through your employer, fall is typically the time to make changes as well. Please check with your individual state or company for possible changes to the deadline date.
If you want some general questions to think about to compare your options, here are some that you can consider when making your health insurance selection that is best for you:
1. What type of insurance is this?
2. What is the monthly premium cost and how much am I responsible for paying?
3. Are there subsidies available for us?
4. Do I have out of network coverage?
5. How much are the deductibles for both in and out of network care?
6. How much do I have to pay to see a healthcare provider?
7. Do I have medical coverage out of state and out of the country?
8. Will I be able to use my current doctors?
9. What additional benefits are included (prescriptions, dental, vision, etc.)?
10. Are preventative visits (physicals, routine tests etc.) covered without a deductible?
11. What is the procedure for going to a specialist and/or the emergency room?
12. How are disputed claims handled?
Ask these and more questions to make sure you have all the information to make the most informed choice for you and your family. Mark your calendar today to do this during your open enrollment each and every year as medical plans changes and so do your needs. If you miss the open enrollment period, you can only make changes if you have a life changing event.
Here are 12 suggestions / tips to help you get into that savings mentality. Let me know how you save.
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Christmas Holidays in July! You may think I am going crazy but I have a plan. Now is the time to start to think about the holidays. You are at the mid-point of the year, which means there are 21 weeks to save between now and Black Friday.
This year Black Friday is November 24, Chanukah is December 13 and Christmas is December 25.
To stop the January debt hangover, start to save now and have the money you need by automating this process! Set it up once and then you will be at your goal in no time.
First determine how much you want to save and when you get paid (weekly, every other week, etc.). Calculate the amount you will need to save based on the paydays between now and Black Friday. Set up an automatic transfer from your checking to your savings account for the day after your direct deposit.
Do this now and you won’t be scrambling in November. You will be eating turkey for Thanksgiving knowing that you are all set with the cash for the holidays and won’t have to start January off with your holiday debt.
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Spring is a great time of year! One of my favorites, as the weather turns warmer and the days are longer. For us, it means more time outside and that can be from getting my garden planted and the thrill of fresh vegetables right in my backyard, to having meals outside; either just us or with friends and family. We can open the windows to air out the winter stale indoor air and sleep comfortably with the windows open all night. It means exploring the outdoors, maybe taking a walk in a new neighborhood or park, picnics and movies in the park.
With spring comes weddings and graduations – new beginnings. This can be true for all of us, even if we don’t have a milestone event coming up.
Traditionally, spring makes me think of spring cleaning and tackling the heavier cleaning throughout the house. We can do the same for our finances. For the graduate, you can start them off with the gift of good finances – being able to start to plan their money and finance proactively and make planned purchases versus impulse buying. A great way to start would be the gift of my book, Cash Credit and Your Finances: The Teen Years.
For those who want to get your own finances back on track, 111 Ways to Save or Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day will give you the push you need to get your finances in order.
You can order my books through my website or by order form. If you use the order form, you have the option of me personalizing the book. Just print the order form, fill out the recipient information section, and mail it to the address on the form or fax it to 203-504-7995. For the month of June 2017, we are also offering free shipping on all book sales that are ordered with the order form via mail or fax.
Click here to download the order form.
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