Each year, Financial Finesse releases a research report on Trends in Employee Financial Stress Research. Last year’s report identified that 83% of employees report some financial stress. If you are experiencing overwhelming financial stress and anxiety you should take action immediately. Check out this list of ways to deal with financial stress and anxiety. Continue reading “Ways to Cope with Financial Stress and Anxiety”
How high is your financial anxiety? Hopefully, it is low or at least manageable. Last month, my anxiety level went up briefly as financial stress crept into our family’s financial plan in the form of unexpected but thankfully minor surgery for our son, an emergency vet visit for our dog, and tuition bills for grad school (for me) and pre-school (not for me). Thank goodness we have an emergency fund and health savings account to offset some of the costs! Expected and unexpected expenses like these can wreak havoc on our financial plans if we don’t maintain some flexibility and adapt our plans as those “surely this won’t happen to me” events occur. Continue reading “Are Money Issues Causing Stress and Anxiety?”
Time is running out to stay off of Uncle Sam’s naughty list and complete those income tax returns prior to the April 15th deadline. (Even if you choose to file an extension until October 15, 2014 taxes are still due by April 15 to avoid paying interest and penalties.) Beyond making sure you aren’t missing out on any itemized deductions or tax credits, there are still some moves you can make to reduce your tax bill or increase your refund. Last minute contributions to deductible IRAs and HSAs are two effective strategies to lower your 2013 tax bill (or increase your refund). Continue reading “The Deadline to Reduce Your Tax Bill is Approaching”
Have you ever looked at a dirty old sock and thought, “Hey, that sure looks like a delicious treat. Should I eat that?” Hopefully not! But then again, you’re not a dog. Continue reading “Are You Doing Enough to Protect Your Pet?”
I get the unique opportunity to speak with employees taking part in our Ask-A-Planner consultation service offered through their employer as a financial wellness benefit. Every session is unique and last week was no exception. One moment I was meeting with a recent college grad feeling overwhelmed with student loan debt and a few minutes later, I was talking with a parent trying to save for their kid’s college without overlooking their own retirement savings. A conversation about establishing an income plan for retirement quickly transitioned to an emotional discussion about the death of a loved one and concerns about protecting one’s family through a well-crafted estate plan. Continue reading “How to Make the Financial Planning Process Work for You”
This past weekend, I enjoyed a wonderful visit from my mom. As I was enjoying a morning cup of coffee (and not adequately caffeinated for a serious discussion), she told me about her retirement plans. Actually, she mainly shared how she was financially prepared to leave the workforce within the next year but not quite sure she was ready for full retirement. Continue reading “Retiring Within the Next 10 Years? 10 Things to Do Now”
Have you heard about the 52 week savings challenge? Apparently this challenge has been pretty popular on social media sites and there are some pretty creative money jars out there on Pinterest and Facebook. It wasn’t until a recent financial planning consultation that I’d ever talked to someone actually using this approach and it came up again in multiple sessions with others just last week. Continue reading “Are You Doing the 52 Week Savings Challenge?”
Do we place too much emphasis on credit scores in America? Probably, but most of us aren’t completely debt-free. I’ve mentioned before that credit scores are not the “be all and end all” of your financial situation – but your credit score can help you lower the cost of borrowing money. A higher credit score could save you thousands of dollars if you are in the market for a new home or refinancing because scores over 760 typically help you qualify for more competitive interest rates for a mortgage. It is also important to note that routinely checking your credit report can help identify potential risks related to identify theft. It can even be difficult to obtain a job in some careers without a good credit report. Continue reading “Personal Finance Tool Review: CreditKarma”
Mint is one of those financial tools that I have talked about so much since they appeared on the online budgeting scene that I often take for granted the fact that not everyone out there knows about their service. This week, we will look at Mint and review some of its most popular features. Mint has been around since 2007, boasts over 10 million users and has numerous awards, which is great and all, but all that really matters if you have an account is one thing – are you taking control of your money and making the smartest decisions possible? Here is a little more information about how it works and how you can potentially use Mint to help you reach your most important financial life goals. Continue reading “Personal Finance Tools Review: Mint”
How did your team do in the Super Bowl? If you are a Seattle Seahawks fan (or at least pretended to be last night) the final scoreboard doesn’t tell a lie and your team was victorious in Super Bowl XLVIII (that’s 48 if you’re a bit rusty on the understanding of Roman numerals). Continue reading “Retirement Saving Benchmarks for All Ages”
Save for a rainy day. Avoid debt by saving for goals in advance. Those are some of the oldest pieces of financial advice out there but they can also be the hardest to follow. Continue reading “Personal Finance Tools Review: SmartyPig”
Last week, Financial Finesse released our annual Generational Research Report and all I can say is, “I resemble that remark.” The good news of our findings is that my generation, Gen X, is getting better across all areas of financial wellness. The bad news is that we were the hardest hit generation by the Great Recession and we are lagging our counterparts in many areas, especially cash management. Continue reading “Why Gen X Isn’t Doomed”
It is playoff time in the NFL and just four teams are left with a shot at the Super Bowl. (That’s Denver, New England, San Francisco or Seattle just in case you aren’t a fan of pro football or have managed to avoid the fanatics in your life that do care about the proverbial pigskin.) In the spirit of playoff season, I thought that I would accept a challenge from a colleague to put today’s blog post on the clock. Continue reading “Save Money With This Quick Two-Minute Drill”
Did you make any financial New Year’s resolutions this year? According to Fidelity, approximately 54% of Americans planned on making one this year. Whether you avoid making New Year’s resolutions or embrace the challenge of making financial changes in the New Year, we all have financial goals that require some attention. Continue reading “7 Ways to Blow Your New Year’s Resolutions”
The holidays present numerous financial challenges, not to mention the positive and negative stress associated with spending some quality time with friends and family. (Insert your own mental image of Cousin Eddie from Christmas Vacation here.) Generosity is a wonderful characteristic to possess, but if left without monitoring, it can lead to overspending and debt. Additionally, travel costs can be expensive if you hit the road or the occasionally friendly skies to be with family. There is a well documented outbreak of financial stress and regret that occurs every January in our consumer-driven culture when the reality of holiday spending arrives in the form of a credit card statement. Continue reading “A New Way For Couples to Manage Their Finances in 2014”
Last week, my wife wrote a blog post to kick off the “couples and money” series. One of the hot button “budget busters” she talked about was the urge to splurge on non-essential luxury items like clothes, purses, household items, etc. (I thought her timing was perfect for the busiest shopping period of the year.) Admittedly, she isn’t the only one in our household with a taste for big ticket items as I have a long list of wants (definitely not needs) on my list for Santa. I would love to have a paddleboard, upgraded golf clubs, football season tickets for next season, or a trip to Brazil for the World Cup. Continue reading “How Your “Time Perspective” Can Impact Your Marriage”
This week, I will begin a series of blog posts about money and relationships. My wife, Heather (and the real brains of our family), had the idea to start off this series by exposing some lessons that we have learned along the way. Heather is self-employed full-time as an occupational therapist and specializes in working with incredible children who have developmental challenges. Despite occasionally minimizing the role she plays in managing our household finances, the reality is that Heather is also a co-financial planner in our household. Continue reading “Being Married to the “Money Doc””
Are you doing enough these days to prepare for retirement? If not, you’re not alone. Nearly four out of five people feel they aren’t on track to meet their retirement income goals. Continue reading “Retirement Saving Strategies: Going Beyond Your 401(k)”
During a recent series of retirement workshops geared toward early and mid-career employees, I received numerous questions regarding the role of target date funds in their 401(k). This brought up an interesting discussion about hands-on vs. hands-off investing options. Target-date funds are supposed to provide simple solutions for people seeking an all-in-one fund that is diversified. Yet, a tremendous amount of confusion surrounds these seemingly basic asset allocation tools. Furthermore, not all target date funds are created equal so it’s essential to first look under the hood if target date funds are a part of your investment plan for retirement. Continue reading “Understand the Facts About Target-Date Funds”
I recently received a nice reminder about why our family maintains an emergency fund. While sitting in a car line getting waiting to drop my daughter off at school (and trying to play the role of referee during an early morning brother/sister quarrel), I noticed that the SUV was severely overheating. A few days and about $1,300 later, my daddy chauffeur business is now once again back up and running. (Note: I am still working on getting the cute little monsters to get along though.) Continue reading “Simple Car Buying Rules That Can Save You Money”
