While 2016 is in full swing, if you haven't thought about a resolution yet, don't give up. Maybe it's time to make one that has the potential to stick. If you're often wondering how money slips out of your wallet, consider becoming the crash test dummy for better spending habits. Test drive some of these ideas below to develop better ones.
Be your own cheerleader.
Patting yourself on the back after following through on a behavior you want to increase goes a long way to help cement a behavior. Ginger Dean, psychotherapist and website owner of GirlsJustWannaHaveFunds.com explains the power of rewards: "When making smart money choices, celebrate them by rewarding yourself. Yes, make rewarding yourself a habit. For example, when you make it through a pay period and adhere to your spending plan, treat yourself to something nice that doesn't break the bank." She points out that this creates what we call positive reinforcement, which helps you connect good decisions with positive rewards.
According to research by Wendy Wood, a social psychologist and provost professor of psychology and business at the University of Southern California, a behavior only has to be rewarded initially to form a
Retiring comfortably — never mind wealthy — may seem out of reach to many people, given current savings rates. Consider that median savings accumulated by workers ages 51 through 60 years is $49,000, while the number for people ages 30 through 40 is $30,000, according to professional services firm Towers Watson.
Don't let the statistics scare you. With a little advance planning and self-discipline, you can have a golden nest egg at retirement. Here's how:
Rule 1: Spend less than you earn
The formula for retiring rich starts with you actually putting money in the bank. Social Security alone isn't enough to have you living the good life during your golden years.
Money Talks News founder Stacy Johnson recommends you spend only 90 percent of the money you make and sock away the remaining 10 percent.
If you have zero savings right now, concentrate on building up an emergency fund in a savings account first. Once your rainy-day fund is full, put that 10 percent you're not spending into a dedicated retirement fund.
If you're currently spending more than 90 percent of your income each month, you may want to read about how to save $1,000 by summer.
Rule 2: Start
For new cardholders and those just beginning their journeys into the complicated world of credit ratings and credit cards, managing and understanding the many types of credit cards and their terms can become confusing.
While several areas of life allow wiggle room for trial and error, credit scores are less forgiving.
It's very easy to make a simple mistake that can cost not just a significant drop in your credit score, but also thousands of dollars in the future. That's why it's important to beware of these five common mistakes millennials often make with credit cards.
1. Carrying Balances and Paying Just the Minimum
A common belief is that to build a positive credit rating, you have to get a credit card and also carry a balance from month to month. The problem, however, is that credit cards designed for new cardholders generally carry high APRs – as high as 25 percent. If you carry a balance from month to month and only pay your minimum monthly payment due, you are paying considerable cash in interest on purchases, which can potentially create a mountain of debt you can't pay down. Build your credit rating and save on
Often on the Internet can be seen attractive ads and offers on the stock exchange Forex. They often promise instant forex earning, millions of profits and little or no work. However, things are not quite so, and the real work on the stock exchange is a systematic and quite hard work. Earn Forex is realistic, but it is necessary to make certain efforts.
What is Forex currency market
In English the word - a composite comes from Foreign Exchange, «currency exchange». Foreign exchange transactions - is the foundation of the market, which operates around the clock to 2.00 Monday to Saturday 2.00.
Here, as in any other market, the process of buying and selling, but no goods and services, and currency. Principle: to buy more cheaply and then sell expensive. The difference between the buying and selling is called the margin, it is the trader's profit.
Today, thanks to Internet technologies, have access to the Forex everyone. To be there is any profit, you need to have a fairly large initial capital. The more you invest, the more profit can get later. Of course, not everyone can provide such funds, so there are middlemen - the brokers who provide players on the stock exchange
Food is among the most expensive costs in the average American family's budget. And we don't make it any easier on ourselves by dining out so often in restaurants.
In fact, the average U.S. consumer spends nearly one-third of his or her food dollars in restaurants, according to the U.S. Department of Agriculture.
By cutting back on dining out, and enjoying the occasional home-cooked meal — you remember those, right? — you can save a lot of money.
Following are nine great websites and apps that can help you save at the grocery store, or that suggest ways to stretch your ingredients further.
Cash-back and coupon websites and apps
1. iBotta: This app is a frugal favorite, and it's no wonder why: The app pays you cash back for groceries you need to purchase anyway.
Here is how it works: First, download the iBotta app. Then, look for deals on popular products. Once you find a deal you like, qualify for the offer by performing a simple activity, such as watching a video or filling out a survey.
Then, go to an eligible store — including Walmart, Target and many major grocery chains and drugstores — and purchase the item. After you have done so, take a
In a decade-long Prudential survey that studied the financial experiences of women, research data showed that since the 2008 financial crisis, women have made significant improvements in their financial behavior. Still, many continue to admit a lack of knowledge and understanding of sophisticated financial products.
That lack of knowledge causes more than 50% of women to rely on someone else to make financial decisions regarding their future. On the other hand, the study dispels several myths about female financial behavior, casting a more positive light on women's money habits.
Here are four common money misconceptions about women.
1. Women Are Impulse Shoppers
One of the most common misconceptions is that women are impulse shoppers. Data from the survey showed that often, the last-minute purchases referred to as impulse buys are made using funds already set aside within a budget. And the majority of respondents (70%) claimed to spend based on need, not wants.
2. Women Don't Know How to Manage Money
Most people don't fully understand money management — but that's a problem for both sexes, and not unique to women. However, a majority of women distrust the process of turning planning over to a financial professional — six in 10 prefer the help of family
Leasing is now more popular than ever. In fact, Millennial car buyers are leasing 46% more over the past five years because they are able to afford their dream car at a much lower cost. If you've thought about leasing a vehicle, then we've provided what you need to know before visiting the dealer.
Benefits of Leasing
You will pay for the car while you need it, and at the end of your lease, you'll simply return it.
There are a number of other benefits associated with leasing a vehicle, such as:
Lower repair costs, because the warranty will cover most of them.
- Lower sales tax, since you'll only be responsible for paying sales tax on the portion of the car you finance.
- Lower monthly payments compared to buying.
- Typically, there is no down payment, or a very low down payment, required.
- Fewer obligations — at the end of your contract, you simply turn in the keys and walk away.
- New vehicles every few years. Once your lease term is up, you can choose a new lease and enjoy all the benefits and features of a new car. This also means that you can drive a better car for less money every month. On the other hand, you
Congratulations on your promotion! You've just made another step toward a successful future.
Still, this isn't the time to become complacent. A promotion comes along with new challenges and tasks. To help you make the very best out of your new job, here are the 10 money moves to make after a promotion.
1. Revisit Your Tax Withholding
Most promotions don't come with just a title upgrade, they come with a well-deserved raise. If that's your case, calculate whether or not you need to adjust your W-4 form and submit it to your HR department.
Let's assume that you file a joint return with your spouse and your combined taxable income was $90,000. Your tax due would be $18,293.75 ($5,156.25 + 25% of the amount over $37,450). After your promotion, your new combined taxable income is now $100,000. Your new tax bill is $21,071.25 ($18,481.25 + 28% of the amount over $90,750). Assuming no offsets to your salary bump and no changes to your W-4, you would be $2,777.50 short of your tax bill! (See also: Top Three Tax Facts to Know for 2016)
Use the IRS Withholding Calculator and determine if you need to update your W-4.
2. Calculate Vesting of Company Shares
Vested company shares
You're in your 30s now. If you're finally looking to get settled in your financial life, you may want to consider ways to build wealth over the long term. But that checking account alone isn't gonna cut it. It's time to examine the options out there for someone in their 30s who finally has a little bit of money to invest.
Here are seven essential investment accounts all 30-somethings should have.
1. 401K, If Available to You
If you're employed full-time, your company may offer a retirement plan that gives you access to a number of mutual funds and other investments, plus the great tax advantages that come with it. Under a 401K, 403B, or similar plan, contributions are deducted from your pre-tax income, and most employers will match a certain percentage of what you put in. Now that fewer employers are offering pensions, the 401K has become the primary vehicle for saving for retirement. Pumping cash into this account while you're still relatively young gives your investments plenty of time to rise in value and give you a sizable nest egg. Even better, your investment is tax-deferred until you begin making withdrawals.
2. Traditional IRA
You don't necessarily need a traditional Individual Retirement Account
NEW YORK — When some 120 million employees start filling out their open enrollment choices this fall, they will be presented with the usual health, dental and vision options. But a slew of other voluntary benefits are now popping up, ranging from critical-illness coverage to pet insurance.
Some group deals your employer will offer are true group discounts. Others merely make it easier for employees to sign up for coverage but provide no real cost savings.
Spotting the difference between a good deal and merely a convenient one requires shopping around to know the market value of the policies you are considering, according to benefit consultants.
“Some of those policies are going to be a perfect fit and valuable, and other things are not going to be useful,” says Jennifer Benz, who runs her own benefits firm based in San Francisco.
Here is what you need to know before you sign up:
For employees with a high-deductible health plan, which now accounts for about 25 percent of the workforce, a supplemental policy like critical illness insurance (for cancer and other major illnesses) can be helpful as a hedge, said Karen Frost, senior vice president of health strategies and solutions for Aon Hewitt, a benefits
On February 1st, the World Health Organization (WHO) took the unusual step of declaring an international public health emergency regarding the mosquito-borne Zika virus and its suspected link to the birth defect microcephaly. The move by WHO highlights the seriousness of the outbreak, coordinates the global effort against the virus and helps countries where it has shown up – the U.S Centers for Disease Control and Prevention (CDC) now lists more than 30, mostly in the Caribbean and South America – to get access to the funding they need to fight Zika.
Brazil was the first country to raise the alarm last May, when the current outbreak began. Doctors first noticed an increase in Guillain-Barré syndrome, a rare autoimmune disorder. Then, in October, there was a surge in the number of babies born with microcephaly, a birth defect that results in an unusually small head and in most cases, some degree of brain damage. As of late January 2016, 4,180 cases had been reported in Brazil, according to the Washington Post, which also noted that some may not end up being microcephaly or Zika-linked. WHO estimates four million people worldwide could be infected by the end of the year. In March
No one buys a house with their spouse expecting to get divorced, but unfortunately sometimes that’s what happens. You might be ready to break free from your romantic relationship, but sometimes a marital mortgage is not as easy to divorce. As far as your mortgage lender is concerned, you are still married and liable for the house unless you refinance or sell.
Here are a few things every couple in the midst of divorce needs to know when it comes to splitting up the mortgage. (Don’t miss this read: Get Through Divorce With Your Finances Intact.)
Selling the House is the Easy Option
The easiest solution is to sell the house in the case of a divorce. However, this solution is easier said than done, especially when there are emotions and children involved.
Ultimately, it is best to set emotions aside, and to think about your finances. Both parties will be better off financially if you sell the house and split the difference. This way you can both make start fresh with a new mortgage and not have to bother with tricky liability issues.
Refinancing in a Divorce is Possible
Refinancing the house in one spouse’s name is another option, as long as you do not
The rules and compliance headaches that come with using a broker-dealer have caused many independent financial advisors to move to a registered investment advisor (RIA) platform that affords them greater freedom and fewer compliance trip wires. But this transition must be handled with great care in order to minimize potential errors and unforeseen circumstances.
Here are several steps that you can take to help ensure that your company makes a smooth transition into the RIA arena and protects both you and your clientele. (For related reading, see: RIAs and Brokers: What’s the Difference?)
Before you do anything else, look around at other RIA shops to see how they operate. Talk to some of them to find out what issues they encountered when they switched and how their clients reacted to the change. Try to get a feel for the different types of platforms and approaches there are available to advisors in this sector and how well they fit with your style of management. And, of course, make certain that any platform that you move to has all of the products and services that your clients will need, such as alternative offerings, private equity and other money management services.
If your clients will