Tag: Saving
Why Most Money Challenges Don’t Work And What Does
Here we are, at the beginning of another new year. One of the major New Year’s resolutions that many people make, behind losing weight and quitting smoking, is saving more money. To that end, you’ll likely find hundreds of webpages filled with money challenges. However, save your time. Most money challenges don’t work, but there is a strategy that does work. Money Challenges You Might See There are many money challenges you’ll likely see if you search the web. Save Your $5 Bills One is to use cash for all of your purchases and then, every time you get a $5 bill in change, save it. By the end of the year, you should have at least $1,000. Save Your Change Another money challenge again urges you
How Everyone Can Afford to Own a Boat
When regular people think about the hobby of boating, more likely than not, they imagine wealthy people, mimosas in hand, enjoying the sun and surf on their 40-foot yachts. For most people, maintaining this type of luxurious hobby is out of the question budget-wise. However, the truth is that boating can be as affordable as it is gratifying — if prospective boat owners are smart in how they save and spend on their vessels. Owning a boat certainly isn’t cheap, but for those who are enchanted by the hobby and savvy with their budgets, boating can be reasonably priced and particularly rewarding. Saving for a Boat Saving for a boat is just like saving for any other major investment, like a house or a car.
New 529A Plans Help Disabled People Save Tax-Free
Now that the government backed down on its proposed changes to 529 plans for future education expenses, we can expect the same tax benefits present for education to be applied to families and individuals who face expenses caring for disabled people. Families will be able to deposit funds into special savings accounts, called 529As, and earnings in these accounts will grow and can be withdrawn without any tax consequences. The annual contribution limit will start at $14,000, linked to the amount of the gift tax exclusion, and accounts can grow to $100,000 without being counted against qualification for Social Security benefits. The actual account maximum will be defined within each state’s regulations. As long as the money withdrawn will be used to pay for qualified expenses, like
What Do You Do With Your Savings?
One of the basic pieces of advice that we are often given about money is to save more. But where do you put that money? And what should you do with it? Create Goals for Your Savings While saving money just to save money does make sense in some ways, the reality is that few of us are willing to keep doing something “just because.” As a result, it makes sense to carefully consider your desired outcomes and figure out what you hope to accomplish with the money you are saving. First off, really think about what you hope to have happen with your money. Do you want some of it to go toward creating a comfortable retirement? Do you hope to save up enough
