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5 Items Not to Buy in January
Tweet Share on Facebook January 22, 2013 CommentIf you are shopping early in the New Year, it’s important to consider market timing. Due to supply and demand and new model releases, some items simply aren’t a good buy this time of year. Oftentimes patience, research, and timing are required to snag the best deal. If you can wait to buy these five items, you will score significant savings down the road:
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Married Money: Steps to Managing Your Combined Finances
Tweet Share on Facebook January 18, 2013 CommentWhen you are single, you get to make your own decisions about how you want to manage bill payments, where to put your money, how to invest your cash, and what your savings goals are.
When you get married, those decisions are no longer just yours to make. It can be a rude awakening when combining two people’s finances, especially if both people in the relationship seek to control the finances.
Conversely, there can also be bitter feelings that come to the surface when one person is deemed solely responsible for all things money and the other simply goes along for the ride. In some relationships, separate finances can work.
While there is certainly no single solution for managing combined money matters, it may be that a mix of all three styles may be best. Ideally, both spouses should take an active participation in the financial management of their incomes.
Here are some valuable steps to take if you are about to be married, are newly married, or are just plain tired of fighting about money:
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3 Debt Reduction Shortcuts to Handle With Care
Tweet Share on Facebook January 17, 2013 CommentWhen you’re in debt, there are shortcuts you can take to reduce the amount of interest you’re paying or even the amount of money you owe. They can be tempting but be aware that each of these shortcuts comes with a risk. If you don’t pay attention to these details, you may wind up losing money to interest and fees that could have been spent paying off your debt.
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How to Beat the Social Security Tax Hike
Tweet Share on Facebook January 17, 2013 CommentIf you've received your first paycheck for 2013, you're probably steamed that your take-home pay was a little short. The fiscal cliff deal passed by Congress and signed by President Obama ended the temporary reduction in FICA tax—the tax that feeds the Social Security Trust Fund. As of January 1, there is a 12.5 percent tax on all earned income up to $110,000, which will be split evenly between the employer and the employee. That means that most of us saw a 2 percent tax increase in our most recent paycheck.
For someone earning $50,000 a year, that's a $1,000 tax increase—or $83 a month they won't have available to spend or save.
We won't get into the merits of whether the tax should have been raised. What we will do is show you six tools that could help you make up the difference in your take-home pay:
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Often Overlooked Tax Write-Offs for the Self-Employed
Tweet Share on Facebook January 16, 2013 CommentIf you’re self-employed, are you getting all the tax write-offs you’re entitled to? With the rising costs of doing business and the high costs of securing your own health insurance, it’s important that you analyze your business expenses to ensure you’re receiving all possible tax deductions. Your hard work and will to overcome the risks accompanying self-employment have earned the right to deduct these expenses. Here are several that are frequently overlooked:
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Don’t Let Your Unwanted Gift Cards Go to Waste
Tweet Share on Facebook January 16, 2013 CommentAmericans love to receive gift cards for the holidays. The National Retail Federation surveyed Christmas shoppers and found that 3 in 5 Americans expected to receive a gift card this year. Total gift card sales for 2012 totaled over $110 billion, according to CEB TowerGroup’s annual gift card report—that amounts to a little more than $950 in gift cards for every American household. Most of those people will tell you that receiving a gift card is not the same thing as receiving the gift card you want.
Not all retailers and restaurants are created equal. Odds are, if you’ve received gift cards from several retailers, there might be a few gift cards that leave you less-than-excited. Although a large number of Americans tend to stash their unwanted gift cards in a forgotten drawer, there are better options to deal with these types of gift cards.
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Getting In Shape Doesn't Have to Put a Heavy Strain On Your Wallet
Tweet Share on Facebook January 15, 2013 CommentThe start of the New Year typically comes with resolutions. Losing weight and working out are often found at the top of people’s lists, along with saving money. When we think of working out, we rarely think of working out as a great money saver , but there are ways to reverse that thinking— especially if you skip the gym.
Working out doesn't have to entail going to a fancy gym and using special equipment. Instead, consider spending time outside or building an inexpensive home gym. Once you get into the habit of working out, you can save money, as well as enjoy the physical benefits of better health. Here are ways to get fit at a healthy price:
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6 Discounted Items You Should Buy After Christmas
Tweet Share on Facebook January 14, 2013 CommentEven if you missed some of the post-Christmas sales and New Year’s deals, you still have the rest of January to scoop up some great bargains on items that might not have made it under the Christmas tree. While stocking up on gift wrap, discounted holiday décor, and other holiday basics during the after-Christmas sales is a great way to save money for next season, don’t overlook some of the seasonal sales and specials on non-holiday merchandise during your shopping rounds. Many retailers mark down certain items after the post-holiday rush to entice customers to start shopping again, and also to clear out some of last year’s inventory.
Here are six kinds of items worth purchasing this month:
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Do You Need a Financial Adviser?
Tweet Share on Facebook January 11, 2013 CommentNot everyone needs a financial adviser, but they can help people get their financial lives in order. Some financial advisers work clients on positioning all of their finances, while others simply guide them in the right direction. So how do you know if you need a financial adviser in the first place? And if you do need one, how do you know who to hire?
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Why Your Financial Resolutions Quickly Fade Away—And How to Revive Them
Tweet Share on Facebook January 10, 2013 CommentHere's a great conversation starter: Sometime around February 1st ask people how their New Year's resolutions are coming. On second thought, that topic may not garner many smiles, as chances are only a few people will be successfully moving towards their goal. Most of them will reluctantly admit that they're not doing so well, but still hope to do better.
Such failures are not because the resolution was unattainable. Often lack of success is caused by misunderstanding the resolution or poor planning and execution. So even if you're already failing in your New Year's financial resolutions, don't despair—there's still a way to keep them and achieve your goal.
Consider these questions and see how many relate to you and your resolution. Then take the action suggested to put yourself back on the track to success:
