Deciding on the best living arrangement for your aging parents is a complex and often emotional process. It involves considering the factors that affect their physical health, emotional well-being, financial situation, and overall quality of life. Here are key aspects to weigh as you make this important decision:
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Whether it’s saving for a child’s college fund or putting money away to purchase a vacation home, savings are a critical element of achieving your financial goals. But outside of savings accounts, what are some other ways you can manage your savings? Certificates, also commonly referred to as certificates of deposit or CDs, are a great way to store your savings to accomplish your savings goals.
October is Financial Planning Month, making it a great time to take a closer look at your financial goals and how you’re working toward them. One of the key things to consider when planning your finances is timing. How soon you’ll need the money for a goal—whether over a few months or several decades—should shape how you save or invest. This is called your time horizon, and it plays a major role in determining the best strategy for reaching your objective.
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Are you planning for retirement? It may not seem urgent if you're young, but the earlier you start, the better prepared you'll be. Early planning allows you to harness the power of compound interest, where your investments grow exponentially over time. Even small contributions made early on can significantly boost your retirement savings.
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Do you know the 60/20/20 rule for budgeting? How much you should have in your emergency fund? Or why you should keep your credit card utilization at 30% of your limit? Many Americans are unfamiliar with these financial basics. If you’re new to these rules or just want a quick refresher, read on. Below, we’ll give you the tools to build your financial knowledge, from short-term savings to retirement planning.
Are you a financial procrastinator? It’s easy to put off certain financial tasks, whether they be paying a specific bill, creating an emergency fund, or writing a will. The simple truth is that nothing good can come from procrastinating on these items. A late bill incurs interest, and you unfortunately never know when a will or emergency fund will be needed.
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Whether retirement is right around the corner or decades away, it’s good to be prepared.
As you look ahead, look out for these all-too-common retirement planning pitfalls:
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