2020 | FIGuide

Plan Ahead for Next Year’s Taxes

Nov 03 2020

The Huffington Post writes, “You might still be focused on surviving 2020, but when it comes to taxes, it doesn’t hurt to plan ahead.” There are some people who plan all year and work with professionals like an accountant and a Fee-Only financial advisor. Others might start thinking about the following year’s taxes after the winter holidays.

At the end of last month, the IRS shared changes to the tax code that will be in place for 2021. The tax brackets did not change but they did adjust the income amounts for each bracket because of inflation.

We tend to …

Fight Financial Fears with Knowledge

Oct 27 2020

In 2018, Bankrate addressed common financial fears and how to overcome them. Two years later, people are still facing the possibility of a financial emergency, in addition to a pandemic. All of these things are frightening but you do not have to give in to fear.

Medical Emergencies: The article not only advises having a good health, most importantly it reminds readers to be aware of their coverage. If you already know what is covered, what is not covered, and what kind of deductible you have, you will be armed with information before you need medical care. Many …

How to Build Good Money Habits

Oct 23 2020

Dealing with personal finances can be daunting. They could be a new venture for you or your current way of dealing with them is less than ideal. Here are some tips that can aid you in developing good personal finance habits.

Use technology. Whether developing a budget, savings plan, etc. the use of technology can make life easier. App such as Mint.com or spreadsheet software like Excel can assist you in getting organized and making clutter more organized.

For example, an app like Mint consolidates all your finances, accounts, and can give you a snapshot of what you’re spending, saving, …

Thoughtful Ways to Spend a Windfall

Oct 20 2020

Kiplinger.com offers suggestions for ways to spend a windfall of at least $1000. Should you find yourself with extra money you can pause and think about how to use it. These are uneasy times and one impulse would be to spend it on something fun. That is not a bad impulse because taking care of your wellbeing is an investment. The list includes things like taking a vacation, upgrading your bike (or investing whatever pastime brings you joy).

There are also ways to spend a windfall so that you can put a little down payment towards a more secure financial …

Archive - 2020

Worried about your future Social Security benefits? Fleshing out current concerns and common myths.