Creating a will, estate planning, and maintaining a life insurance policy are all wise financial moves. However, there is a very simple way to ensure your funds pass directly to your loved ones. It’s called a beneficiary.
Every parent wants the best for their child, and schooling plays a significant role in determining what opportunities await them later in life. While there are many techniques to help children excel in school, a commonly debated topic is whether you should pay your child for good grades.
When working with a financial advisor for your retirement planning, they may suggest that you open a Health Savings Account (HSA). But what exactly is a health savings account, and how can it benefit you – both in retirement and for health-related expenses?
Opening your first credit card can be both an exciting and daunting experience. On the one hand, a credit card offers more financial freedom and flexibility. On the other hand, you likely heard horror stories of people falling into a debt cycle that’s hard to escape.
More businesses and financial institutions are embracing digital documents. With protection against paper statements or bills being lost, stolen, or misplaced, digital versions are quickly becoming the norm.
You can probably guess that an emergency fund is for financial emergencies just by the name. Everyone can agree that most financial challenges tend to pop up when they’re least expected. They can range from unexpected car repairs or medical expenses to a sudden job loss or a decrease in work hours.
It’s no secret that having a great credit score is beneficial today. It makes being approved for loans easier and ensures you pay less interest on those financial obligations. But its benefits stretch beyond loans. For instance, some employers will check your credit score before hiring you.
In a roller-coaster-type fashion, consumer saving and spending have seen their ups and downs during the Covid-19 pandemic. First, when the pandemic started, not only did spending on travel come to a screeching halt, but entertainment rapidly declined, as did in-person shopping. In general, people were spending less of their money, preferring to hold onto their cash partly or fully due to the unknown.
Everyone has months where their budgets take a detour and get off track. Whether it’s because of an unexpected expense or a much-needed, unplanned vacation, a hit to your monthly budget can definitely cause stress.
Every parent knows that feeling when a child is begging for candy at the checkout line or your teen asks for cash before going out with friends. Do you give in or make them use their allowance money? While paying allowances to children is common today, it’s wise to use this practice as a means to teach responsible money management and important decision-making skills.
