Money in Your 20s/30s/40s/50s/Retirement Archives

28Jun 2017 by Women's Money No Comments

Money Talks. You Should, Too.

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money

I think we can all agree that talking about our finances is uncomfortable, especially if your finances are not in the best health. Fortunately, you do not need to broach this subject with everyone you meet. However you do need to be able to communicate with your significant other about money, especially in serious relationships. The 2016 Stress in America Report produced by the APA found that 64% of women and 57% of men reported money and family responsibility as one of their most significant stressors. Because money is such a huge source of stress for many people, couples need to talk about it. Ensuring that you and your partner are on the same page with how you spend money and what your individual situations are helps prevent future arguments and…

22Jun 2017 by Women's Money No Comments

The Wonderful World of Robo-Advisors

Entrepreneurship / Making Money, Goals / Taking Action, Money in Your 20s/30s/40s/50s/Retirement

Investing money is an effective way to grow your wealth, but knowing how to invest and what to invest in can be difficult when starting out. Until recently, the only options for investing were doing it on your own (a rather intimidating prospect for a newbie) or hiring an investment advisor, which comes with its own research burden to find the right advisor. Fortunately, there is now a third option available - using a robo-advisor. Do not let the odd name throw you off, they are actually very helpful tools. A robo-advisor automates the asset allocation of your investments using a computer algorithm. In other words, it is a type of software that acts in place of a traditional investment advisor to help you make investments. Human financial advisors may…

02Jun 2017 by Women's Money No Comments

The Facts Behind your Credit Score

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

By Julie Macc, Certified Credit and Identity Theft SpecialistWhat is Fico?FICO is an acronym for the Fair Isaac Corporation the creators of the FICO score.The FICO scoring system is used in the United States for extending or offering credit, employment credit checks, landlords, and in States that legally allow it, insurance rates.How is a score made? The FICO score is computer generated using mathematical models. The score takes into account various factors in five different areas to determine credit risk: payment history, current level of indebtness, types of credit used, lenght of credit history, and new credit.People that have a FICO score will range between 300-850.Not everyone has a Credit Score. In order to have a credit score, your credit file has to meet certain minimum standards. Failure to meet…

26May 2017 by Women's Money No Comments

Credit that Cares for You

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

Real talk: Paying for medical care is stressful and expensive. Even if you are fortunate enough to have insurance through your employer, coming up with co-pays on top of the premiums can make your budget, or your savings, cry. When you pay for an individual insurance plan, the situation often becomes more stressful. This is a thorny issue. The cost of healthcare is prohibitive, yet sometimes you genuinely need to see a doctor. So what can you do to ease the financial burden? Unfortunately I have no solutions for the cost of insurance or healthcare. However, the CareCredit card can help make getting the medical care you need a viable possibility.CareCredit is a credit account specifically designed to assist with medical bills that insurance does not cover. Like a regular…

19May 2017 by Women's Money No Comments

The Life of an Emotional Shopper

Budgeting, Goals / Taking Action, Money in Your 20s/30s/40s/50s/Retirement

Let’s be honest. Spending money is emotional. Finding a “bargain” is very emotionally satisfying, and buying things for loved ones feels good - even when it makes more financial sense not to spend. While it is important to train your rational brain to manage your money, you also need to acknowledge the emotional motivations that drive your spending habits. Understanding why you spend helps guide you to the most effective method for you to change that spending habit. Personally, I have always enjoyed shopping. I love poking around in different stores, finding deals, gifts for friends and family, and little splurge items like candles and nail polish for myself. It was never that I needed those things. Often, I would go the store to buy one or two specific items,…

11May 2017 by Women's Money No Comments

Simple Ways to Establish Good Credit

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

So, you are interested in building your credit history, but not sure where to start. Here are a few simple ways to begin building your credit. Always make sure that any credit you decide to use fits within your budget, especially if you choose to take out a loan.1. Start with a Credit Card The first option to build your credit is to apply for a credit card. There are some things to keep in mind if you choose this route. Credit cards can quickly become dangerous to your financial health if you spend more than you can afford to repay every month and become trapped by the interest rates attached to your card.To avoid this, limit your credit card spending to purchases you already make. A common strategy is…

06Apr 2017 by Women's Money No Comments

Preparing for Unexpected Financial Challenges

Budgeting, Goals / Taking Action, Money in Your 20s/30s/40s/50s/Retirement, Take Action

I think most of us agree that saving money is important, but are we putting our money where our proverbial mouths are? According to a 2015 survey, 35% of American’s had no savings, and 34% had less than $1,000. This means that 69% of Americans are financial fragile. When life starts throwing curve-balls at them, these individuals and families likely will not have the necessary funds to meet the challenge(s). It also begs the question: “Is just one savings fund enough to meet all my life’s financial challenges?” The answer is not really. If all you have is one savings fund, it is still worth taking pride in. Saving money can be very difficult and any progress you’ve deserves celebration. But don’t stop with one. There are three basic types…

30Mar 2017 by Women's Money No Comments

What are You Saving for?

Budgeting, Goals / Taking Action, Money in Your 20s/30s/40s/50s/Retirement, Take Action

We all know that saving a little bit of money here and there throughout the month is one of the best strategies for accumulating savings. However, it can be difficult to keep that in mind while you’re shopping, especially if your goal is generalized to “save money”. Using coupons is a popular method for saving money, and can absolutely be an effective way to generate savings. There is a mental trap that many people, myself included, fall into. When you save $3.00 with a coupon, it becomes very tempting to turn around and use that savings on another item. In other words, you feel like you saved money with the coupon, and want to reward yourself.But really, this means that you didn’t save any money. Yes, it stretched farther, but…

22Mar 2017 by Women's Money No Comments

Are the Budget Blues Bringing You Down?

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Take Action

If you’ve followed my writing, I’m sure you’ve noticed several articles on budgeting. Why so many? Because a budget is one of the most valuable tools for understanding, managing, and growing your money. Yet it seems to me that many people break-out in a cold sweat the moment I say “budget”. If the B-word induces anxiety in you to the point you can’t bring yourself to write one, try changing your terminology. A budget is just a plan for how you are going to spend your money, so try calling it a “Spending Plan”. Using a Spending Plan is a small lifestyle adjustment to help you reshape your spending habits. It takes time and practice to write and use Spending Plans that are reasonable and accurate, but as you develop…

01Mar 2017 by Women's Money No Comments

Plan your Meals; Plan your Spending

Budgeting, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money, Take Action

Making food at home is an easy way to trim your spending, but it can often feel difficult to fit in cooking, and clean-up, within daily life. A few months ago, my boyfriend and I started meal planning to save money and eat healthier and so far, we’re achieving our goal. There are different kinds of meal planning. In one of the most popular methods, you plan and prepare every single meal for the week in one day. We chose to adapt this method slightly and only plan our meals for the week, but planning and preparing on the same day is very effective for many people. Here is some more information on the strategy, as well as a guide to help you start out. Because Sunday is our day…