Living for today - Planning for Tomorrow
Every year my partner and I usually get a big tax refund. In total, we received about $4,500 this year, which is around $1,000 more than the average tax refund. Many personal finance experts say you should adjust your withholding if you receive large tax refunds to avoid giving the government an interest-free loan. However, getting a large tax refund has some underrated financial benefits.
Inflation reached a 40-year high in May of 8.6%. The price of food is up 10.8% and gas costs an average of $4.88 a gallon. These drastic price increases have caused many Americans to feel financially strained. I’ve been finding it hard to stick to the budget I created two years ago. If you’re frequently going over your budget too, it may be time to
In order to save money, you have to exercise financial discipline and eliminate some luxuries. It probably isn’t possible to meet aggressive financial goals while ordering takeout every night and shopping on Amazon all the time. I’m willing to live a simple, modest lifestyle to have financial security. But there are some things I won’t do to save money because they’re too much of a
In May, inflation hit a 40-year high of 8.6%. The cost of essentials like gas and groceries has risen sharply, so we’re all losing purchasing power and feeling the pinch. This high-inflation environment is also eroding the value of our savings. Bank accounts don’t offer enough interest to outpace inflation, so we’re effectively losing money by parking our cash in savings accounts. With economists predicting
My partner and I just got married in March. We decided to keep the event low-key and have a small ceremony in our backyard with close friends and family. Thanks to their generosity, we’ve received a couple thousand dollars in wedding gifts. Since we didn’t expect to receive this much money, we’ve been trying to figure out the best way to utilize it. If you’ve
A few months ago I wrote a blog post about why I don’t do no-spend challenges. To me they seemed like the personal finance equivalent of crash diets. Instead of outright banning unnecessary spending for a month or more, I believed in taking a more moderate approach. I gave myself a small monthly fun money budget so I could still treat myself occasionally without going
Financial experts often recommend that you open multiple savings accounts, one for each financial goal you’re trying to achieve. I’ve followed this advice for years with pretty good results. But recently I’ve been rethinking whether or not this style of money management is right for me. My freelance writing business has gotten busier over the past few months. I don’t have as much time to
This week my FICO credit score hit 750 for the first time. I got an alert from Credit Karma saying my score was excellent and I’d have no trouble getting approved for loans and credit cards at great rates. However, hitting this new milestone made me wonder if I could ever achieve a perfect credit score. FICO scores range from 300 all the way up
We all turn to celebrities for fashion and lifestyle advice. But did you know your favorite celebs can also teach you a thing or two about personal finance? Over the years I’ve picked up some great money management and business tips from famous stars like Will Smith and Jay Leno. Today I thought I’d pass on that knowledge by compiling some of my favorite personal
Lately economists have been warning that we may be heading for a recession in the next one to two years. Goldman Sachs recently estimated that the chances of the US entering a recession is about 35%. I knew that a recession was likely on the horizon in the next few years. But I didn’t expect it to be a possibility so soon. Economists can’t predict
