How much do I contribute to my 401(k)?
Most employers now offer some type of employer-sponsored retirement plan. There are many different types, including 401(k)s, 403(b)s, Simple IRAs, SEP IRAs, and 457 plans. For this blog, we’ll simply use the term “401(k).” As a general rule-of-thumb, it’s a best practice to set a goal to save 15% of your gross income for retirement. …
What do I do with health insurance?
When it comes to group health insurance options, it can be difficult to choose from the myriad of options. Typically, the options can be broken down into two separate categories: high-deductible plans and low-deductible plans. High-deductible plans have a lower monthly premium but a higher deductible, just as the name suggests. One major benefit to…
Educational Tax Credits
Educational tax credits are a valuable tool within the realm of tax policy that seeks to encourage and support higher education pursuits. These credits are designed to alleviate the financial burden of education expenses by allowing eligible taxpayers to claim a credit against their income tax liability. Typically, there are two main types of educational…
Funding: Childcare Expenses
The Dependent Care Tax Credit and the Dependent Care Flexible Spending Account (FSA) are both financial tools designed to assist individuals and families with the costs of child or dependent care. These resources aim to alleviate some of the financial burden associated with ensuring the well-being of dependents while caregivers work or pursue other responsibilities.…
Funding for Higher Education – 529 Plans
As the cost of education continues to rise (and often outpace inflation), many parents and guardians have taken an interest in proactively saving for their children’s education. The most common vehicle used to save for education is called the ‘529 Plan.’ These accounts have been around for several years, and they are popular due to…
Family Finances: Teaching Teens About Money
As children age into teens, they become more independent and more capable to learn about basic financial concepts. Many teens work in some capacity, whether that be after school, during the summers, or even doing a larger share of the chores around the house. As they start to earn more income, the teenage years are…
Family Finances: Teaching Kids About Money
It’s never too early to start learning about money! While young children won’t understand complicated financial jargon, they will certainly pick up on the actions and habits of the way their parents handle money. One of the best ways to teach good money habits in children is to establish a routine set of chores and…
Family Finances: Financial Roles
When it comes to communication regarding the family’s finances, assigning roles within the marriage can help lead to success and clarity. This can be a great opportunity to utilize each other’s strengths in a positive manner. One spouse may be more analytical, while the other spouse may be more of a ‘big picture thinker’. In…
Family Finances: Communication
One of the most important keys to financial contentment and success is spousal unity. It’s critical to have a strong line of communication with your spouse regarding the household’s financial goals and concerns. Without the two of you moving in the same direction, it’s nearly impossible to gain traction and move forward. On the contrary,…
Fixed vs. Adjustable Mortgage Rates
Should I Utilize a Fixed-Rate Mortgage or an ARM? Over the past decade, fixed-rate mortgages have ruled the housing market. Interest rates have been extremely low, and it made perfect financial sense for households to utilize a fixed-rate mortgage. Fixed-rate mortgages operate exactly how they sound – they have a fixed interest rate for the…