Saving and paying off debt are both important aspects of a healthy financial plan. But which do you do first? Here is a good rule of thumb. If you don't have any savings at all, start with saving $1000 to cover unexpected expenses that life inevitably throws at you. The last thing you want to do [...]
Here are five simply steps to successful budgeting: Income - List all sources of income, whether it be a regular paycheck or irregular income streams. Expenses - Know and document your regular and irregular expenses. Prioritize Wants vs. Needs - Make a list of all of the things you spend money on each week and each [...]
This article was published by the IRS. The Internal Revenue Service has released guidance through Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions [...]
This article was published by the IRS. Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster situation, taxpayers should: Update emergency plans. A disaster can strike [...]
Raising children brings with it many exciting milestones. Paying for college isn't one of them. If you are worried about paying for your children's college, here is a guide to help you get started: Step 1: Consider opening a college savings account. There are currently two main types, a Coverdell Education Savings Account and a 529. [...]
