It’s that time of year. When we consider how to improve our lives. Ever wanted to better understand and manage your personal finances? J.D. Biersdorfer for the New York Times offers these tips: The Easy (and Free) Way to Make a Budget Spreadsheet. She discusses a wide range of spreadsheet software and apps that will give you the “big picture” and may make managing your finances easier. After an initial time investment these programs offer the freedom to use on the go or when you have a moment. The prices make these tools available to all as well, ranging from free to about $70/year.
Category: Personal Finances
Time-Banking
Ever wanted help with a project? What if you could exchange needed services with your friends and neighbors? This group did just that through the time-banking model.
Time-banking is a model for trading skills, goods, and labor instead of money—a sort of barter system where members “deposit” hours doing things like teaching, cooking, or repairing things, and “withdraw” hours of other members’ services. It’s been around in the U.S. since the 1980s, and there are close to 500 such banks across the country today. No Price Tags: These Neighbors Built Their Own Economy Without Money
Most function on a one-hour to one-hour system that helps members meet their needs in non-monetary ways, often saving money. This allows stay-at-home mothers, retirees, and business professionals alike to contribute.
A List To Save Money
Looking for ways to save money? Want to better organize your thoughts before heading to the grocery store, find useful coupons, and create an easy meal plan? Then this site is for you! In a society where we so readily waste food, it’s nice to know these organizational tools are there to help us save, be more healthful, and conserve our resources.
Plan For The Future
Financial planners often encourage clients to plan ahead, but what if the life change you are considering is divorce? There are many factors to consider when separating, including: alimony, prenuptial agreements, business valuation, and other shared assets. Deciding when to end the marriage on paper may be affected by a number or variables in the current tax climate. Paul Sullivan for the New York Times Wealth Matters, sheds light on a number of these elements in his article, Should You Get a Divorce Now or Later?
Economists Study Current Wealth
In a new study this month, economists from the Federal Reserve Bank of St. Louis examined whether Americans are now wealthier or poorer than previous generations were at their age.
What they found may surprise you. People born before 1960 are in a better financial position than their predecessors while those born after 1980 are in a much worse situation. This generation is facing an array of money drains, such as student debt, auto loans, and credit card balances making it almost impossible for them to gain wealth quickly enough to match previous generations.
Eighties Babies Are Officially the Brokest Generation, Federal Reserve Study Concludes
Grandparent’s Gift
Are you interested in saving money for your grandchildren? David LaMartina for ThinkAdvisor examines this subject in his article, Investing for Grandchildren (There are a few well-established ways advisors can help clients invest in their grandkids futures without putting client’s own retirements at risk.) In this article, he examines best practices for maintaining your own retirement and savings while setting aside specific funds for grandchildren in a variety of ways. Everything from 529 plans to inventive uses of life insurance polices.
New Tax Changes Affect Gifting Money to Minors
As the end of school approaches, many parents and grandparents consider college expenses for their children. What once was an easy and low-tax way to give money to younger children will soon cost a good deal more. Ashley Ebeling for Forbes explores the changes in the so called “Kiddie Tax” in her article, The Kiddie Tax Grows Up: Beware The IRA Trap
Saving Money Collectively
Just the other day, our garage door spring broke. Putting out a request for suggestions on a Facebook group brought a great amount of feedback and ultimately a free, brand-new garage spring. There are many of these sites available that can help you network with others who may have what you need or need what you’ve got. Read more and learn about the best ways to save money in your community. How to Save Money With the Help of Your Community
The New Pension Plan
With such a variety of retirement plans, many current workers will not have an actual pension. Ann Carrns, for the New York Times suggests a variety of ways to make your savings work for you in her article, No Pension? You Can ‘Pensionize’ Your Savings.
Her top recommendations include working longer, delaying Social Security payments, and, creating a budget for the amounts that you are required to withdraw from your retirement accounts.
Portfolio Planning
Wondering about Bitcoin? Consider first if it fits within your investment portfolio. Carl Richards for the New York Times reminds us that investing is very different than speculating. Our decisions should be based on the process and not the outcome, which no one can actually predict. Plan your goals and focus on diversification and then decide if Bitcoin or any other investment opportunity is right for you.