Monthly Archives: March 2018

Like most of us you may be in a quandary… We like to eat out, but we also want to SAVE money. If saving money is important to you, then regular restaurant meals will have to go! Restaurants are the biggest roadblock to frugality. Yes, food IS a necessity, but expensive food is NOT. Planning ahead is the greatest weapon against last minute meals on the road. If you can cut down on eating out, the money you save can boost your emergency savings account, and help you pay down debt. If you spend most of you time outside your home. Remember to pack a lunch or snack, eat a meal before you go out, and if you must eat out try to use coupons, discount days, or menu items that don’t break the bank.

https://www.treehugger.com/green-food/how-avoid-eating-out-restaurants.html

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A recent international study found that few adults are able to calculate change, work out unit prices, and read basic graphs. These are all basic tools used to function in daily life. The ability to perform these functions means that an individual can thrive as they navigate their financial environment. We can change this finding by talking to our children and encourage financial resilience and confidence in our youth.

https://www.treehugger.com/culture/adults-show-striking-weaknesses-financial-literacy.html

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Financial clutter has a way of piling up and spring is a great time to “unclutter”your finances. Here is how to take your finances to the next level. First, take a look at your financial plan to review your retirement, education, estate planning, emergency fund strategies. Be deliberate and purposeful to make sure your financial plan serves you well. Second, review your old investments as well as long and short term goals. Third, re-evaluate your life and auto insurance coverage. Last, update your estate plan to include your living will, health care proxy, and health care directive. These documents provide support for you when you are no longer able to make financial or health care decisions for yourself. Most important, have an attorney certify the documents to ensure these items are in compliance with the laws in your state.

https://www.cnbc.com/2018/02/21/how-to-reduce-financial-clutter.html 

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There are many things to consider when planning to retire and unexpected costs associated with retirement. The biggest expenses are health insurance, long term care, home renovations, social security taxes, needy adult children, inflation, and a long life. Many times the costs increase based on our age and living longer. It is so important to save for retirement. For many it is difficult to continue to work if one has physical limitations. Ask yourself, should I sell my home and move into a condo or an apartment to alleviate these expenses? The best remedy is to SAVE to build a cash reserve for unexpected expenses. Of course, we cannot ward against every uncertainty, but we can cut expenses and spend on necessities. You may need to talk to a certified financial planner or an accountant to get the best advice for your particular situation.

https://www.moneytalksnews.com/slideshows/dont-get-blindsided-know-these-7-unexpected-costs-of-retirement/

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Americans collectively hold almost 1.5 trillion in student loans. It is shocking to hear that roughly two-thirds of all student debt is held by women. It is also true that women are attending college at higher rates than their male peers. However, there are three main reasons why women tend to owe more. First, women are less likely to understand the complexities of their loan agreement. Second, families are more likely to save for their sons’ college education in comparison to their daughters’. Third, women earn less than their male counterparts. This may also contribute to women being financially less capable of saving for retirement, purchasing their first home and other crucial life decisions. Women tend to live longer than men and may be adversely affected by paying their student loans as they often experience work interruptions while raising their families.

https://www.cnbc.com/amp/2018/03/13/american-women-hold-two-thirds-of-all-student-debt-heres-why.html

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More than half of Americans are not prepared for an income emergency. A sudden loss of income can turn us into a tail-spin if we are living from paycheck to paycheck.  To get started, plan to have at least $1000 cash reserve in case of an emergency. To get started, take your income tax refund and place $1000 or more into your case reserve. Plan ahead by cutting your expenses such as credit card debt and refinance debt to make lower payments. Discipline is crucial to ensure you don’t risk loosing your home or apartment in the event of income loss. BE creative and try to live below your means and SAVE, SAVE, SAVE to create a buffer in the event of income loss.

http://www.moneytalksnews.com/how-prepare-for-and-deal-with-income-emergency/

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Congress is considering student loan forgiveness IF the individual plans to delay their social security benefit. There are questions one may need to answer, such as if your entire loan will not be forgiven, will your social security benefit be garnished for the remaining loan debt? These and other questions are something the loan holder should thoughtfully consider before making a decision that can affect beneficiaries and your social security benefits for a lifetime.

https://www.usatoday.com/story/money/personalfinance/retirement/2018/01/05/would-you-trade-your-social-security-for-student-loan-forgiveness/109119928/

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If you loan your credit card to family members, friends, co-workers or anyone else you may end up with the bill! Think about it, if someone does not have their own credit card they may not be as careful or responsible with using credit. You may be the one who pays the price if others use your credit card irresponsibly. Decide ahead of time not to lend your credit card to anyone. Those who borrow money or credit cards usually cannot or are unwilling to reimburse you. This can affect your credit report and your credit rating, which can be difficult to rebuild. Be wise and be careful about how and when you use your credit card. Take control! It’s totally up to you!

http://www.moneytalksnews.com/half-of-credit-card-users-admit-to-this-risky-behavior/

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Financial Literacy is the ability to read, write, and understand financial information for the benefit of the individual throughout their lifetime. The benefits of financial literacy extend to our children and generations to come… Managing your resources and especially your money has repercussions for everything you do that is connected to your credit rating and your credit report. Those who aspire to be financially literate make decisions based on the facts rather than on emotion. Do you need to make that purchase Or do you want to make that purchase are two sides of the same coin. Strategic spending means you only buy what you need— rather than what you see and want… to feel better or to make others feel good about you.

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It has been reported that the U.S. Department of Education (USD) is placing significant pressure on states who are making efforts to regulate student loan collection companies. The USD is being accused of unfair consumer practices by interfering with states who are providing consumer protections against student loan debt collectors. Historically, State Attorney General offices have enforced consumer protection laws. USD is accusing states of undermining federal authority by enforcing consumer protections. This battle may continue for some time as the student loan debt is currently at record highs of 1.4 trillion and threatens the U.S. economy if large portions of student loans go into default similar to the mortgage crisis in 2009. This is a developing story that will continue to unfold as regulators seek a remedy in the future.

https://www.bostonglobe.com/metro/2018/03/09/department-education-blocks-states-student-loan-debt-collectors/y5aFCuXozDIlW8Onghh35H/amp.html

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