Just starting out? Raising a family? Getting ready to retire? Whatever your age, follow our moves for tending your finances and you'll reap big rewards.
PLANT THE SEEDS
Get Off to a Strong Start
Wealth may seem a far-off prospect when you’re in your twenties. But the personal finance habits you establish now will help you manage (and accumulate) money in the years ahead.
Know where the money goes. By creating a budget, you earmark for spending money that you’ve already made, not what you expect to make, says Philip Olson, a certified financial planner (CFP) in Austin, Texas. You also set priorities. Track your spending using a spreadsheet or a budgeting tool (see “Budgeting Made Easy,” on page 41), breaking your monthly expenses into a few categories (such as housing, entertainment, debts and savings). Then impose limits based on your spending history and monthly income. If you bust the limit on one category (or fall short on saving), you’ll have to pull money from another. Be realistic: If the limits are overly ambitious, the budget won’t stick.
If you’d rather keep things simple, forget about categories. Cristina Guglielmetti, a CFP in New York City, recommends calculating an overall cap for your variable monthly expenses, including food, entertainment and bills that you could reduce if need be (such as clothing or your cell-phone plan). To come up with your variable expense cap, subtract from your monthly income all fixed expenses— rent, utilities, debt payments, and savings for your emergency fund or future goals. Use a rewards credit card for the variable charges. That way you can easily track spending, set up alerts when you’re nearing your cap, and earn some cash back in the process.
هذه القصة مأخوذة من طبعة April 2016 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة April 2016 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.