Staff

10
Apr

April is Financial Literacy Month

April is Financial Literacy Month

Do you consider yourself financially literate? According to a study by S&P Global, 57% of American adults are financially literate, ranking the U.S. 14th in the world. As a way to increase financial understanding, April is considered Financially Literacy month!

Whether you’re a financial guru or consider yourself a newbie, here’s 3 ways to make a difference in your finances this April!

  1. Pick & Learn: Always wanted to understand how taxes work? Now’s the time to do so! Pick a financial topic and learn as much as you can about it for the month of April! If taxes aren’t your thing, pick another topic such as mortgage, investing, annuities, and the list goes on. While you most likely won’t be an expert, you can feel more confident on your next financial decision!
  2. See Where You Stand: A lot can change in a year, from a new car payment to moving across the country, April is a great time to see how your unique circumstances have changed. Determine where you stand and see if you need to pivot your finances to better support your journey.
  3. Create Long-Term Financial Plan: While planning year-to-year when looking at finances is good, creating a long-term financial goal is great. Determine major financial goals such as purchasing a home, assign a cost, and develop a time horizon. Beyond financial goals, look at investments and portfolio volatilities to make sure they coincide with your current and future financial goals.

Financial Literacy Month is a great excuse to take extra time on finances and make sure you are on the right track toward your retirement and lifestyle goals. While these tips are a great start to any planning, speaking with a financial professional will help you get a better understanding of your unique circumstances and what is best for your goals.

Content derived from www.investors.com, www.autopayplus.com , and www.money.usnews.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post April is Financial Literacy Month appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

26
Mar

3 Tips to Spring Clean Your Finances

3 Tips to Spring Clean Your Finances

With the official start the Spring being March 20th, the entire country can now start shedding layers after a record-breaking winter. Along with spring comes nice temperatures, fresh crisp smells, and most importantly, spring cleaning. Typically, spring cleaning will consist of throwing out or donating unused items, organizing the house and cleaning the shed no one has touched since last spring; however, Spring is also a great time to clean up.

Check out these 3 ways to spring clean your finances:

  1. Set a goal: Although this sounds like an obvious tip, spring cleaning can engulf you if you don’t set parameters beforehand. Spring cleaning finances is usually even worse, so make sure you set goals up front. Some goals could be:
    1. Sort the top two drawers of the file cabinet
    2. Organize the dreaded ‘paperwork closet’
    3. Track and record receipts for the last 3 months
  2. Clear out the clutter: Just like cleaning out the garage, you should take time to go through old paperwork and see what you no longer need. Don’t go overboard and throw away everything. Here’s a quick breakdown of do’s and don’ts
    1. Tax Returns: Keep these forever, the IRS says this will help prepare future tax returns and show proof of filing taxes.
    2. Insurance Documents: If the document involves a claim, ask your insurance agent or company how long to hold on to them, just in case.
    3. Electronic Copies: Any paperwork or documents that are stored online should be ok to discard; BUT, if electronic documents are held by your bank, a financial company, or 3rd party, ask how long they retain electronic copies.
  3. Do A Financial Audit: With holidays in the rearview and summer fast approaching, now is a great time to see where you stand on your financial journey. Some questions to ask yourself would be:
    1. Are you on track for your retirement plan?
    2. Do you have the best tax exemptions for your situation?
    3. When was the last time you looked at your insurance coverage?

Spring Cleaning is looked forward to by some and dreaded by others. Regardless, it is an important part of the year because it allows you to review, renew, and refresh and regrow not only your household, but also your finances. These are just a few ways to stay on track with your finances, before making changes to your financial plan, speak to a financial professional today to understand your unique situation.

 

Content derived from www.consumerfinance.com, www.creditcards.com, www.moneytalksnews.com, and www.money.usnews.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post 3 Tips to Spring Clean Your Finances appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

1
Feb

Your 2019 Financial Calendar

Your 2019 Financial Calendar

There are 12 Months, 52 weeks, 365 days, 525,949 minutes in a year. From holidays, to appointments and birthdays, a lot can happen and even more can be forgotten.

To help you worry about less and focus on more; here’s 5 important dates you should remember when it comes to planning your financial journey:

  1. April 15th – This day is most well known as the last day to file taxes for the prior year; but, this day is also the last day to boost your savings! You can do this by funding previous years IRA’s and Health Savings Accounts!
  2. June 30th – Are you or your child attending college this year? If so, June 30th is the last day to file for financial aid, or FAFSA. If this is not submitted in time, students cannot access federal loans and/or grants.
  3. October 1st – November 1st: During this time, keep an eye out for open enrollment period, which is the time span your employer will allow you to update/change your benefits for the upcoming year.
  4. November 1st – January 31st: Unemployed, Self-Employed, or Retired? During this time, you can enroll in new health insurance for the upcoming year through Healthcare.gov.
  5. December 31st – This date not only marks the end of the year but also is the last day to take required minimum distributions for IRA, 401(k) and inherited IRA’s!

Along with these important dates listed above, here are 3 annual financial reminders you should set up as well!

  1. Free Credit Score – Every 4 months, you should check your credit report for any errors or unwanted surprises. You can pull one free credit report from each of the three credit reporting bureaus at www.annualcreditreport.com
  2. Self-Employed and Business Owners – Small business owners and self employed individuals should mark their calendars 4 times a year as deadlines to pay estimated tax bills. These dates are April 15th, June 15th, September 15th, and January 15th.
  3. Birthdays – Whether its yours or a close family member or significant others birthday, make sure you are aware of age milestones. From the official move from parents’ insurance, to retirees ability to access Medicare and Social Security, its important to be aware of your close families birthday milestones!

A year of planning can be hard; a life time of planning finances can be even harder! Make it easier by utilizing this Financial Calendar and reaching out to a financial professional, today!

Content derived from www.money.usnews.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post Your 2019 Financial Calendar appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education