Even if your employer doesn’t offer a retirement plan, you can still save for retirement, and get some tax benefits in the process, by putting money in an Individual Retirement Account (IRA). And now you can start saving with myRA, a new retirement savings account from the United States Department of the Treasury. Who qualifies to…
Now that we are in April, it is time to look back and review your first quarter of the year. Just like corporations are reporting how they did in the first quarter, you should do the same for your household finances. Use this process as an opportunity to see where you have done well and…
Saving wisely is an important component of your financial stewardship. Last week, I wrote several posts about saving because it was America Saves Week: Along with all the great advice in those articles, it is important not to get so caught up with your saving approaches that you forget to balance it with investing. In…
Nearly a quarter of savers who take the America Saves pledge chose “emergency savings” as their first wealth-building goal. And they have the right idea. Research shows that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount. Yet most Americans don’t have…
Basic skills and attitudes form early and lay the foundation for later financial well-being. When children are ages 3 to 5, help them learn to stay focused, make plans, follow directions, complete tasks, and solve problems. Help your child build key skills with: Building money habits and values Kids in middle childhood begin to absorb…
The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union. How to Save Automatically The best automatic saving is when you make a decision to do…