When gathering your previous year’s tax information or planning for the current year’s taxes, it is important to consider how you keep your personal records. Some basic records that everyone should keep include: W-2 Forms, bank statements, invoices, insurance records and various investment information. For more information on which records are vital to keep and organize for the tax season, read this C.P.A. Insight.
When creating a budget, it is helpful to assign percentages to major categories. This article lists typical family budget percentages.
When creating a budget, you need to separate your expenditures into required or optional categories. This article contains a sample list of mandatory and discretionary expenses.
Creating a budget should allow you to see precisely where your money is spent each month. The basic steps include recording all of your income, and then divide your expenses into mandatory and discretionary. For more guidance on creating a budget, read this C.P.A. Insight.
In a little over 40 days, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 takes full effect. This act alters how credit card issuers market, advertise and manage consumer credit cards. For more information on the changes and what your options are as a consumer, read this Financial Strategy.
Debit cards work like cash—when you use one, money is automatically deducted from your checking account. While this may save you from having to carry cash in your wallet, owning a debit card does come with risks. For a list of pros and cons of owning a debit card, as well as some security tips, read this Financial Strategy.
You stopped for coffee, dropped off some mail and picked up your dry cleaning, but at your next stop to pick up Fluffy from the groomer, you find your wallet is missing. Before this nightmare happens, know there are a few easy steps to help you minimize the loss–all in this Financial Strategy.
With students preparing to leave home for school, now is a good time to introduce your college students to creating a budget. It is important for your children to view a budget as a tool that will help them save for large expenditures like a Spring Break trip, rather than a method of control by you. For more information on budgets for college students, read this C.P.A. Insight.
Great-uncle Harry passed away and left you a fortune in coins. What a windfall! However, later you find out the coins are rare antiques and no longer U.S. currency. If you find yourself in a situation where you want to sell a rare coin collection and need to know how to obtain a fair and reasonable price, read this Financial
If you have a complex financial life, or if you are unsure of your ability to recognize a good investment, you should seek the advice of a financial adviser. A financial adviser should look at your whole financial picture taking into account your taxes, insurance and estate plans. For more information on when you should seek an adviser’s help, read this Financial Strategy.
