Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
I always assumed that we should all contribute as much as we can to our 401(k) accounts. After all, an employer sponsored retirement account allows our savings to grow tax-free, which is a major benefit, especially for those of us in higher tax brackets.
Maxing out your 401(k) means contributing the maximum dollar amount permitted for the current year. The annual contribution limit for 401(k) accounts is $16,500 in 2010 and in 2011. If your annual salary is, say, $100,000 per year, that’s 16.5% of your pre-tax income, which is a good amount to save annually according to experts.
But even if you manage to save that much, should you put it all into your 401(k)? Some say you shouldn’t. [ continue reading… ]
According to the Pew Research Center, the percentage of American homes with landlines has dropped to 74 percent — in comparison to its 2001 peak of 97 percent. The number is dropping with increasing speed, and there are plenty of reasons why.
For most households, a cell phone is more useful — and why should you pay two different telephone bills? For others, there are still telephones other than cell phones in the house, but they use VoIP, rather than a line connected by the telephone company. Either way, getting rid of the landline comes down to cost. If you’re thinking about doing the same, here are some things to think about. [ continue reading… ]
Many of us will make the resolution to become more physically fit in the coming new year. Exercising and eating well are great investments in our future health and will help save money on health care. The good news is that we don’t have to spend a fortune to get in shape. Check out what you can do this year to stay physically and financially fit. [ continue reading… ]
Unemployment is still close to double digits. Tax laws are governed by the state of the economy, and the government makes amendments from time to time mainly with a view to giving relief to tax payers.
If you have been unemployed for more than a year you still need to file a federal income tax return. It is important to remember that all unemployment compensation is taxable. In addition, because you may be in a lower income bracket, you may qualify for more deductions or different types of deductions than you have in the past. Also, keep in mind that certain job search expenses can be deductible for some taxpayers. [ continue reading… ]
As a reader of MoneyNing, being frugal – certainly not being wasteful – is probably important to you. But even if we’re trying to be frugal, we all have things we save on and others we splurge on. For many of us, it’s a matter of priorities and what we ultimately deem important. [ continue reading… ]
With the holidays upon us, you’re likely planning trips to a list of various stores, not just to purchase gifts, but also to return well-intentioned gifts. There are quite a few reasons you might want to return a particular item to the store, but there are also plenty of reasons that you may never get around to it, letting something sit in the back of your closet collecting dust or, worse, throwing out something that you paid money for and never used.
The key is creating a returns strategy that actually lets you get things back to the store and replace them or get your money back, rather than hanging on to something you don’t want or need. [ continue reading… ]
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