Homeownership is an aspiration for most Americans. During the COVID-19 pandemic, there has been a spike in home sales. According to the U.S. Census Bureau, there were approximately 82.8 million homeowners in the United States, which is an increase of 2.1 million over the previous year. Anyone can buy their own home if they can get a mortgage.
Too many of us worry about making enough money to pay bills and stave off mounting debt. Rather than focusing on making enough, you should focus your energy on achieving financial freedom. Freeing yourself from everyday money worries can eliminate most of your day-to-day stress and help you live longer, but few people know how to achieve financial freedom.
Wedding season is upon us. Many couples who had planned to get married in 2020 put their nuptial plans on hold because of the pandemic, so 2021 has seen an increase in weddings. Budgeting for weddings is different these days, with couples planning unusual wedding venues, bigger or even multiple receptions, and more extravagant weddings to compensate for COVID-19 claustrophobia.
You found the love of your life and you can’t wait to get married. However, you don’t want to get so caught up in your wedding plans that you fail to lay a solid foundation for your future together. Talking about money before you tie the knot is one way to avoid future conflict. Conversations about money are always awkward, but laying your financial cards down on the table before you get married is always a good idea.
Understanding personal finance is an essential survival skill. No matter what your job or how much money you have saved, understanding how to manage your money and make it work for you is the only way to achieve financial independence. Just as you can learn any other skill, you can learn how to manage your personal finances. However, it goes well beyond knowing how to balance a checkbook.
Emergencies are difficult to plan for, but there are steps you can take to prepare yourself, no matter what crises may lie ahead. Most personal emergencies, such as loss of a job, an auto accident, or a health crisis, require ready cash. That’s why having an emergency fund foundation should be part of your financial strategy.
The deadline to file your taxes for 2020 has been extended to May 15, so there is still time to map out your tax strategy. One area of ongoing confusion is how to claim stimulus checks. Everyone received two or more government stimulus checks in 2020 to help with expenses during the pandemic, but do you need to claim those checks as taxable income?
There are many ways to save for retirement. When choosing how to save, you want your retirement savings to be secure and yield a maximum return on your money, In addition to simple savings and individual retirement accounts (IRAs) that have a fixed interest rate, you should include a retirement investment strategy as well.
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.