Wallet Wins

Time is your best friend when it comes to saving for retirement. Ideally, you’ll start putting money into retirement accounts in your early 20s, but it’s never too late to start. The reason is two-fold: 1) it allows ample time for your money to grow and compound over the years, and 2) it’ll provide the greatest tax benefits – a component of retirement planning people tend to overlook.  Many tax-advantaged retirement accounts limit how much you can contribute per year. To maximize your tax savings, you’ll want to start early. One such account that everyone should consider is an IRA. …

In the world of finance, the phrase “financial independence” is tossed around frequently. The challenge is that this concept isn’t one-size-fits-all; it means different things to different people. For instance, for someone in their golden years, financial independence might signify the ability to retire comfortably without the burden of a 9-to-5 job. However, for hardworking adults, it often boils down to breaking free from the paycheck-to-paycheck grind.  This article addresses the latter – helping working-class adults build confidence and peace of mind, knowing they’re financially equipped to handle whatever comes their way. Explore the four components of modern financial independence…

With the holiday season right around the corner, you may already be thinking about your travel plans.  Whether you’re heading home to be with family, visiting friends, or going on a well-deserved vacation, travel costs can consume a significant portion of your holiday budget.   In this article, we’ll explore ways to reduce travel expenses and keep your money and accounts safe on your journey.   Save on Holiday Travel Expenses  Flights   While airlines offer one of the quickest means of transportation, tickets typically cost the most. To prevent your budget from being depleted before the holidays even begin, review the following…

In early August 2023, the Federal Reserve Bank of New York revealed that US consumer credit card debt surged to its highest level – topping $1 trillion.1 This upswing in credit card spending comes as individuals nationwide grapple with managing their finances amidst escalating prices.   While rising credit card balances are worrisome, it’s the potential long-term consequences of higher interest rates that are cause for alarm. In this article, we’ll reveal tactics you can implement to reclaim your budget and reduce your dependency on credit cards. But first, it’s essential to understand the cause of these record-setting balances.   The Foundation…

Navigating between rising interest rates and higher car prices can feel like driving on winding roads. While the current market conditions might not seem ideal for purchasing a new car, there are many ways to make your hard-earned dollars go further.   So, buckle up and enjoy a few savvy tips that will help save you money and steer you toward an excellent car-buying experience.   Do Your Research First  The last thing you want to do is walk mindlessly onto a dealer lot, especially as prices and financing costs are rising. Spending a few hours researching could save you hundreds, or…

Sometimes you need quick access to money. The car engine light came on. The refrigerator is on its last legs. You’re facing a reduction in hours at work. Unplanned expenses and financial hiccups pop up regularly. All these scenarios have one thing in common – they can throw off your budget instantly and put you in a financial pickle.   While payday loans might seem like a quick fix in a pinch, other, more affordable alternatives are available. Knowing your options ahead of time can prevent costly headaches down the road.  What Not to Do in a Financial Pinch:  Facing large,…

An excellent credit score will unlock plenty of financial perks. Loan approvals are much easier, and you’ll qualify for the best rates – potentially saving you thousands of dollars. However, if your goal is to push your credit score over the 800-line, you likely already know quite a bit about this subject.   Going from a “very good” to an “exceptional” credit score is like losing those last five pounds after shedding a significant amount of weight. It can be challenging, but it’s so worth it once you get there. In this article, we’ll share some tips to help you reach…

Everyone holds their own perspective when it comes to handling finances. While friends and family may offer well-intentioned guidance, not everything you hear is necessarily accurate or beneficial. Much of it can be misleading or misguided – causing you to overlook opportunities or make poor financial decisions.   We put together a list of common money myths to help right the ship on managing your money and steer clear of financial pitfalls. You’ll learn why this guidance is mistaken and the steps you can take to strengthen your financial position.  Myth #1 – You must carry a balance on your credit…