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Showing posts from January, 2022


How To Put Your Tax Refund To Good Use

It's tax return season, and your refund may be coming soon. You may have goals for your future, such as saving for a vacation or paying down debt. How do you stick to the goals you set at the beginning of the year when you get your tax refund? Here are four tips on how you can save, budget, and even spend your tax refund. Photo by Towfiqu barbhuiya on Unsplash Create A Budget A budget for your tax refund can help you spend it in the areas that you designate are the most important. You may need your tax refund to pay for rent, groceries, childcare, saving for an emergency fund, or your child's education. Creating a budget for your refund can help you ensure that every dollar is helping you achieve your goals. Once you determine how much your refund will be, create a list of how much you are going to pay towards each category. For example, will you spend $600 toward your rent, $500 to start an emergency savings account, and $100 on entertainment? Having your tax refund budgeted

How To Save Your Money Automatically And Achieve Goals

Do you sometimes find it challenging to save money? If you've set a savings goal, but your account balance never seems to increase, you may need to try a different approach. If you transfer your money to your savings account manually each month, you may forget to make the transfer or not transfer it at all. If this sounds like your situation, then setting up automated transfers can be the solution to achieving your savings goals.  Automatic Transfers There are a couple of ways to transfer money into your savings account automatically. The first way is to directly deposit the funds from your paycheck into your savings account. This is one of the easiest ways to save automatically. You can contact your HR or payroll department to get the proper forms or complete them within minutes online. The second way to automate your savings is to set up an automatic transfer from your checking account to your savings account. Many banks offer the option to set up automatic transfers weekly, semi

Money Conversations With Teens

Over the years, I have been teaching my children how to manage their finances. With this comes questions, and I may not always have the answers. This is common when parents teach their children about finances because we think they should know the answers or the questions have never come up in our personal lives. My youngest daughter continually asks questions about investing, credit, and budgeting. Here are a few of the questions.  When Did You Start Investing? My daughter began investing when she was 14, and I have encouraged other family members to start investing for their children even earlier than that. I started investing in my twenties. This combination of investments included savings bonds, certificates of deposits (CDs), and retirement accounts. At that time, I was focused on saving instead of building my wealth using stocks, money market accounts, or ETFs. Now, I invest heavily in these investment vehicles and have started dabbling in cryptocurrency.  Whether you started in

How We Saved For Our Vacation

Do you want to learn how you can pay cash for your vacations? Well, here are a couple of ways that my husband and I fund our vacations without using credit cards. It helps us keep our vacation budget in check and eliminates the financial impact on our regular monthly expenses. We started taking semi-annual trips about three years ago, so we've learned a few traveling tricks.  Annette Harris jumping in Blue Hole Mineral Spring Plan In Advance When planning for a vacation, it's essential to plan as far as possible in advance. Planning allows you to know what to expect financially for your vacation. Many hotels and resorts will enable you to book at least 18 months in advance, which will make it easier to plan. If you know how much it's going to cost, you will be able to adjust your budget and save accordingly. Take Advantage of Paying Later If you are going on a cruise or booking an all-inclusive resort (my favorite), you may have the option to pay later. Many popular vacat

Why Do We Pay Taxes?

I am sure you've heard the phrase that 'nothing is certain but taxes and death.' There are many types of taxes that individuals must pay that consist of federal, state, payroll, self-employment taxes, and more. Taxes paid fund schools, roads, the government, and many other things. So, why do we pay taxes, and which ones apply to you? Here are four types of taxes that you need to know.  Photo by Jon Tyson on Unsplash Federal & State Income Taxes You may see federal income tax deducted from your gross pay if you work for an employer. When you completed your W-4, you would have selected the allowances or adjustments you wanted to withhold from your paycheck. You can adjust these withholdings throughout the year if you think too much or too little tax is deducted from your gross pay. State income tax is also deducted from your gross pay like federal income tax. There are seven states with no payroll income tax. Many fixed-income retirees live in states with minimal to no s