Before you embark on an online shopping journey to buy a piggy bank from a retailer, take a moment to delve into the origins of this charming savings tool. Close your eyes and transport yourself back about six centuries. According to Mandi Woodruff from Business Insider, in the Middle Ages, people stored their money in… Continue reading Buy the Piggy Bank
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Three Letter Fee You Didn’t See Coming
PMI stands for private mortgage insurance, and it’s a type of insurance that lenders require you to pay if you put less than 20% down on your home purchase. PMI protects the lender in case you default on your loan, but it doesn’t benefit you at all. In fact, it can cost you thousands of… Continue reading Three Letter Fee You Didn’t See Coming
Should you buy your life insurance through your employer or through a separate company?
When it comes to life insurance, the choice between getting it through your job or from an agent depends on what works best for you. Employer Plan: But it might not cover everything: Agent or Online Purchase: But there are some things to think about: To pick the right one, think about what you need,… Continue reading Should you buy your life insurance through your employer or through a separate company?
2024 IRS Savings Limits Announced: What You Need to Know
There’s good news for savers in workplace retirement plans. The IRS has just announced that savings limits on retirement account contributions will increase due to adjustments for inflation. Here are the details: Contribution Type 2023 Limits 2024 Limits 401(k), 403(b), 457(b) plan contributions $22,500 $23,000 Catch-up Contributions (for those age 50 and older) $7,500… Continue reading 2024 IRS Savings Limits Announced: What You Need to Know
Is a UGMA account right for my kids?
A Uniform Gifts to Minors Act (UGMA) account is a custodial account that allows adults to make financial gifts to minors. While UGMA accounts can be a useful tool for financial planning, they come with both advantages and disadvantages. When it comes to advantages, UGMA accounts are easy to set up and maintain and they… Continue reading Is a UGMA account right for my kids?
The Benefits of Having a Taxable Individual or Joint Brokerage Account
You’ve probably heard of IRAs, 401(k)s, and other tax-advantaged accounts, but have you ever considered opening a taxable brokerage account? Whether you’re a novice or an experienced investor, there are compelling reasons to add this financial tool to your arsenal. Here are some of the key benefits: It’s Easy to Set Up First of all,… Continue reading The Benefits of Having a Taxable Individual or Joint Brokerage Account
Think Again About HSAs During Open Enrollment
We all know that HSAs can be used to pay for current medical expenses. But did you know that you can use an HSA to save tax free for retirement and even build a tax free emergency fund? Watch this money message to learn more about the advantages of using an HSA. Visit the Learning… Continue reading Think Again About HSAs During Open Enrollment
Halloween Spending Tips
The foliage is in full bloom, and as you stroll around the block, the leaves beneath your feet crunch. The air inside is infused with the delightful aroma of pumpkin spice, signaling that Halloween is approaching! Here are four tips to ensure that the ghouls and goblins don’t haunt your savings. Tip #1 – Shop… Continue reading Halloween Spending Tips
Blended-Family Estate Planning – QTIP
It’s an all-too-common story, an adult child is unhappy that their stepmother inherited their late father’s estate. Even if the father had a last will and testament that indicated his wishes for his wife to be cared for and for any remaining assets to ultimately pass to his children, they were just wishes, lacking any… Continue reading Blended-Family Estate Planning – QTIP
Will SAVE help you save money on your student loans?
The SAVE Plan is the newest income-based repayment plan for your student loans. It looks at how much money you make and how big your family is to calculate your monthly payments. And guess what? It offers the lowest monthly payments out there for almost all student borrowers. The SAVE Plan is slashing monthly payments… Continue reading Will SAVE help you save money on your student loans?
