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There’s talk that consumer credit card debt may set a record and potentially exceed $1 trillion this year. We already set another record, with the largest net increase in consumer debt since 2007 ($80 billion). Wow!
But should we see accumulating more credit card debt this year as inevitable? I, for one, don’t think so. Consider this advice for proving the prediction wrong – even if only on a personal level.
Face the music (or rather, the numbers).
Forcing yourself to look at what you owe on your credit cards and use interest payback calculators to reveal how much more you’ll spend before they’re paid off can be just the rude awakening you need. If you’re overwhelmed by the data, ask a friend who enjoys number-crunching to help you sort it out. It won’t be fun, but you’ll be more motivated to stop creating more debt and deal with what you have. [ continue reading… ]
Are you someone who avoids making resolutions because you know you’ll fail at following through with them? You’re not alone. A recent roundup of statistics shows that about 38 percent of us never make resolutions.
Although this approach may save some disappointment, the need to sell slightly-used workout gear online, or even some wishfully-invested financial resources, giving up entirely still won’t help you accomplish your goals – whether to improve your physical fitness, mental fitness, or fiscal fitness.
Even if it helps to ditch the negativity associated with making formal resolutions, the beginning of the year is a good time to start a new financial habit like budgeting, set a savings goal, or otherwise improve your fiscal fitness. It’s hard but not impossible to stick with these resolutions, and these tips can help. [ continue reading… ]
Gift cards make great presents for a number of reasons. If you still aren’t sure what to get for the special people in your life, gift cards make a good choice. Here are five reasons gift cards are the perfect gifts:
1. You Can Easily Stay on Budget
When you provide gift cards, it’s easier to stay on budget. You don’t have to worry about spending just a little bit more for something you see that would be “perfect” but outside your limit. With gift cards, you just decide on an amount and that’s it. It’s easier to keep to your budget because it’s sort of like having cash in your hand for a specific store. [ continue reading… ]
‘Tis the season of giving, and not just presents for loved ones and friends. Whether you’re picking up giftables or baking holiday treats, don’t forget to appreciate those who provide services and personal care for you all year long.
Although it might seem like our culture is becoming more narcissistic by the moment, a recent care.com survey indicates that 70% of American families plan to give between $100-$250 in special holiday tips. Of these, 41% budgeted for this giving, and 18% plan to give more than they did last year.
In some settings, tipping has become almost obligatory. For instance, many upscale restaurants automatically add a 15% gratuity to your bill now. Still, holiday tipping is a whole different situation. That same survey also shows that 85% of those who plan to give holiday tips are doing so out of a desire to express gratitude to those who provide consistently great care or services, while only 21% do so because it’s expected. This leads to my #1 tip for holiday tipping: make sure you’re giving from the heart. It’s not so much about how much you give, but the spirit behind it. With that in mind, let’s look at a few more practical guidelines for holiday tipping. [ continue reading… ]
I don’t know about you, but December crept up on me. How is it the end of the year already?
As I consider what’s next and get ready for the coming year, I’m aware that there are a few things I haven’t taken care of with my finances. In fact, I’ve been borderline neglectful of my finances because of the crazy nature of the last six months.
What have you been spending money on? Does it match your priorities? Did you overspend more than you should have? Are most of your purchases planned, or do you make a lot of impulse purchases?
If you want to get your finances under control, it’s essential to know where your money is going. Personal finance software is a great way to keep track. All you have to do is run a report to see which categories get the most attention from your pocketbook. [ continue reading… ]
In the craziness of last-minute holiday preparations, your health care coverage is probably one of the farthest things from your mind. Nevertheless, December is a very important month for some financial to-dos, and one of them is your flex spending account.
If you’re someone who signed up for an FSA during your annual benefits enrollment period but then pretty much forgot about it, you’re not alone. After all, since it’s funded with before-tax payroll deductions, it’s “out of sight, out of mind.” Unfortunately, it’s also “use it or lose it,” and December 31st is the deadline (although some allow either a three-month grade period or a $500 roll-over allowance). Some statistics indicate roughly two percent of FSA contributions are forfeited this way every year. Since the maximum contribution is $2,500, there’s a potential for this much of your hard-earned money to be ‘donated’ back to your employer for FSA program costs and losses.
If you haven’t engaged with your FSA since signing that form, you may not know what your balance is, how to redeem the funds, or even what you can use it on. Those answers will vary depending on the specifics of your employer’s FSA, but here are some guidelines to help you “use it” to your advantage and avoid losing this valuable tax offset to the rising cost of health care. [ continue reading… ]
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