How closely do you monitor your personal spending? Are you worried that every cup of coffee may break the bank? Tim Hererra for the New York Times has some great advice and encouragement for you. Check out his article, Here’s Some Money Advice: Just Buy the Coffee, and for more budgeting with “big picture” finance tips try their 7-day Money Challenge.
Tag: Personal Finances
New Year’s Resolution: Keep Track of Personal Finances
It’s that time of year. When we consider how to improve our lives. Ever wanted to better understand and manage your personal finances? J.D. Biersdorfer for the New York Times offers these tips: The Easy (and Free) Way to Make a Budget Spreadsheet. She discusses a wide range of spreadsheet software and apps that will give you the “big picture” and may make managing your finances easier. After an initial time investment these programs offer the freedom to use on the go or when you have a moment. The prices make these tools available to all as well, ranging from free to about $70/year.
Avoiding Money Decisions?
Many of us, even if trained in the field, often struggle with decisions about our finances and retirement. Thinking about money opens the door to discomfort for most,m as Tim Herrarra for the New York Times states in his article, A Smarter Way to Think About Financial Decisions.
These feelings span all levels of financial training, “I have a Ph.D. in business and an M.B.A. in finance, on top of a degree in architecture, so I think I can understand financial products pretty well,” Professor Sela said. “But still, every time I get a letter from my bank, my instinct is to shove it in some drawer.”
How do we reframe our thinking and make these decisions easier? Try picturing the questions from a lifestyle vs. solely financial product view, such as, I would love to visit Paris or take a cruise around the world, as opposed to just choosing which annuity would suit you best.
$ Get in Shape For The New Year $
Using the closing numbers of the DOW as a measure of your financial fitness may not be as reliable as you might think. In Ron Lieber’s article, Time to Assess Your Financial Fitness, he shares a list of personal markers which may yield a more accurate view of your money’s growth. In the end, he offers this closing statement, “Aiming higher when it comes to saving is almost always a worthwhile goal. But building a safety net beneath you ought to be a higher priority in the new year.”
Can Robots Manage Your Money Better Than You? Startups Say Yes
But can they do your taxes?
Some entrepreneurs say algorithms aren’t biased by commissions or complex fee structures.
Opting for fast cash is in our nature
Ken Krause, who teaches business and marketing at Fitzgerald High School in Warren, Mich., regularly asks his students whether they’d take $100 now or wait one full year to double their money and receive $200.
Don’t forget your credit union
Credit unions have stepped up their lending. In Austin and across the country, many of these cooperatives have posted record lending growth in recent years and are pushing for the ability to do more. Meanwhile, forthcoming crowdfunding rules could open up a new, multibillion-dollar pipeline between small businesses and the investing public at large.
Read more at Statesman.com
Extension of ability to do tax-free Individual Retirement Account rollovers to charity
The American Taxpayer Relief Act of 2012 (ATRA) extended the qualified charitable distribution (QCD) provisions for 2012 and 2013. Several special transition rules were included in ATRA to enable taxpayers to have a donation made before February 1, 2013, treated as a 2012 QCD.
A QCD is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. An IRA owner can exclude from gross income up to $100,000 of a QCD made for a year, and a QCD can be used to satisfy any IRA required minimum distributions (RMDs) for the year. Also, the amount of a QCD excluded from gross income is not taken into account in determining any deduction for charitable contributions.
Have “the Talk”
Many children aren’t learning much about money from their parents, a new survey shows.
Three in 10 parents never talk to their children about money or have had just one big talk with their children on the subject, according to a U.S. telephone survey conducted for the AICPA by Harris Interactive.
Read the whole article:
Plan your meals – Komando.com, Website for The Kim Komando Radio Show®, Komando Downloads
I’ve always heard that the best way to save money at the grocery store is to shop with a list and to avoid impulse purchases. Here’s technological help!
Plan your meals – Komando.com, Website for The Kim Komando Radio Show®, Komando Downloads.