Shopping online is especially popular during the holiday season, when many people prefer to avoid the crowds and purchase gifts with a few clicks of a mouse. However, with this convenience comes the danger of having your personal and financial information stolen by computer hackers. Before you click, you might consider the following tips for a safer online shopping experience. Pay by credit instead of debit. Credit card payments can be withheld if there is a dispute, but … [Read more...]
Shopping for a New or Used Car
Should you buy a brand-new car or a used one? Consider these factors. It's time to replace your current car. But should you buy a new car or a used one? Consider the following advantages and disadvantages of each as you shop around for the vehicle that's right for you. Buying a new car Advantages. That new-car smell, a clean interior, and the latest technology and safety features...there's no denying the appeal of buying a new car. Aesthetics aside, there is an … [Read more...]
When should I submit college financial aid forms?
For the 2019-2020 school year, the federal government's financial aid form, the FAFSA, can be filed as early as October 1, 2018. It relies on current asset information and two-year-old income information from your 2017 tax return, which means you'll have the income data you need when you sit down to complete the form. This is a relatively new process. A few years ago, parents had to wait until after January 1 to file the FAFSA and use tax data for the year that had just ended, which forced them … [Read more...]
Is buying an extended warranty worth it?
If you've ever purchased an electronic device, a major appliance, or a vehicle, chances are you've been asked if you also wanted to purchase an extended warranty or service contract. Extended warranties are offered by retailers for an additional cost to customers and provide repair or product maintenance for a specific period of time. Selling extended warranties may be quite profitable for retailers. It's an easy way for them to make money because they get to keep a percentage of what they … [Read more...]
What to Do If Your Term Life Insurance Policy Is About to Expire
One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family's financial interests after a significant life event, such as getting married or the birth of a child. You may have done the same for your family when you purchased your policy years ago. And chances are, other than paying the premiums, you probably haven't … [Read more...]
Have You Made Any of These Financial Mistakes?
As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s Raiding your home equity or retirement funds.It goes without saying that doing so will prolong your debt and/or reduce your nest egg. Not quantifying your expected retirement income.As you near retirement, you should know how much money you (and your spouse, if applicable) can … [Read more...]
Quiz: Financial Facts That Might Surprise You
If you have a penchant for financial trivia, put your knowledge to the test by taking this short quiz. Perhaps some of the answers to these questions will surprise you. Questions 1. The first organized stock market in New York was founded on Wall Street under what kind of tree? a. Maple b. Linden c. Buttonwood d. Elm 2. Who invented the 401(k)? a. Congress b. Ted Benna c. The IRS d. Juanita Kreps 3. Which three U.S. bills together account for 81% of the paper … [Read more...]
What are some tips for creating a budget and sticking to it?
It's a common problem for many individuals — wondering exactly where your paycheck goes each month. After paying expenses, such as your mortgage, utilities, and credit card bills, you may find little left to put toward anything else. Creating a budget is the first key to successfully manage your finances. Knowing exactly how you are spending your money each month can set you on a more clear path to pursue your financial goals. If you become sidetracked when it comes to your finances, consider … [Read more...]
Government Report Details Household Finances
Every three years, the Federal Reserve sponsors the Survey of Consumer Finances (SCF), which collects information on the financial state of U.S. households. The survey is one of the nation's primary sources of information on the financial condition of different types of households. Here are a few interesting observations gleaned from the most recent surveys conducted in 2013 and 2016, with the latter comparing changes during that timeframe. Income The typical household's median family income … [Read more...]
Don’t Delay: The Potential Benefits of Starting to Save Now
For long-term investment goals such as retirement, time can be one of your biggest advantages. That's because time allows your investment dollars to do some of the hard work for you through a mathematical principle known as compounding. The snowball effect The premise behind compounding is fairly simple. You invest to earn money, and if those returns are then reinvested, that money can also earn returns. For example, say you invest $1,000 and earn an annual return of 7% — which, of course, … [Read more...]
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