Thanks to the pandemic, we have an extra month until we have to file taxes for 2020, so there is still time to refine your tax strategy. Don’t forget to include your kids in your tax planning. The rules change when tax planning with dependents, so it pays to review the tax regulations centered around claiming your children or other relatives as dependents.
You can never truly plan for an emergency. How many of us could have predicted the impact of the COVID-19 pandemic? However, when an emergency does occur, you want to be as prepared as possible—and that includes having a financial emergency plan in place.
Side hustles have become a common phenomenon in the gig economy. More people are taking on extra work to supplement their income, and in a time of global crisis, the need for lucrative side hustles is more acute. However, if you take on a side hustle, you want to take on something you can do at home so you don’t have to risk exposure to the coronavirus.
Just as everyone has to take care of their physical well-being, they also need to take care of their financial health. Eighty-five percent of Americans report that they feel some degree of anxiety around money, but the best way to alleviate financial stress is to have a plan. Everyone should have a strategy to promote their own financial wellness.
The COVID-19 crisis has had an impact on everyone, especially in the pocketbook. Stay-at-home orders and closed businesses are affecting paychecks for many Americans.
Crises like the coronavirus pandemic may create financial uncertainty as the global economy reacts. Family finances can be affected by layoffs, lost wages, job uncertainty, and other factors that make it difficult to stay afloat until the crisis diminishes. That’s why your financial well-being needs the same attention as your physical well-being.
Worrying about keeping up with household expenses seems to be a universal concern, and many Americans continue to plod along through jobs they hate because they need to pay the bills. However, you don’t have to be a slave to your paycheck. With the right kind of financial tools and financial planning, you can realize your own financial freedom.
Are you ready for the big 3-0? Turning 30 is an important milestone, and where your 20s are relatively carefree, your 30s are when you start to become more serious about saving. Traditionally, most people get married, buy a home, and start a family in their 30s. This is also the time when your career usually takes off, giving you more stability and more income. It’s also the time to review your plans for the future and how to achieve them, including new money management strategies.
Every family wants financial security. You need enough money to put food on the table and a roof over your head, but how much is enough to be comfortable? Do you have sufficient income to cover all your expenses each month? Are you saving for the future? What exactly do we mean by financial well-being, and what is the best way to achieve it?