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The holiday season is supposed to be joyful. However, financial stress can make you feel less like Santa Claus and more like the Grinch.   You might feel obligated to spend beyond your means to keep up with others. Increasing your debt load can lead to anxiety and stress in the new year.   Holiday spending stress and the post-holiday blues can contribute to feelings of guilt. Comparing your holiday to others impacts your relationships and well-being.   Fortunately, you can ta

Many people take on debt during the holiday season. They prioritize decorating, gift-giving, traveling, and hosting parties over staying on track with their financial goals.   Fortunately, navigating your finances during the holiday season can help you celebrate without taking on additional debt. The following nine strategies can help.   1. Develop a Gift List Determine which family, friends, and service providers will receive holiday gifts. Then, write down each name with a

The holiday season is here again! Time for festive music, decorations, and celebrations.   Although gift-giving is common during the holidays, it shouldn’t be the main focus. The following holiday spending and saving tips can help you reevaluate how you spend your time and money to maximize the wonder of the season.   Determine Your Philosophy on Gift-Giving Consider what gift-giving means to you: Do you enjoy finding the perfect gifts for the people on your list? Do you want

If the thought of holiday spending sends your heart racing, you’re not alone. For many people, holiday shopping is among the most stressful times of the year.   Fortunately, holiday spending doesn’t have to drain your budget. The following tips can help you save money and maintain the holiday spirit.   Cut Back in Other Areas Reduce other parts of your budget to accommodate holiday spending. You might dine out less for several months or reduce the number of streaming platfor

The holidays are a time of joy and festivity. Making memories with family and friends is what truly matters.   If decorating, gift-giving, hosting or attending parties, and traveling are among your holiday traditions, you can engage in these activities without financial stress. Careful planning can help you enjoy the holiday season without additional debt.   Start Saving Early Begin saving for holiday spending as early as possible. Regularly setting aside a small amount of mo

The holiday season is a time for festivities and togetherness. Spending time with family and friends who live far away is a perfect way to relax and rejuvenate.   However, going home for the holidays during one of the busiest travel seasons can strain your budget. Therefore, planning is needed to reduce your travel expenses so you can focus on making memories with your loved ones.   The following tips can help you travel home for the holidays on a budget.   Set a Flight Track

The holiday season is a time for joy and gratitude. With careful preparation, you can enjoy the festivities while keeping your finances secure and working toward your goals.   Proactively creating a spending plan can help you manage holiday costs and maximize savings. Smart planning and mindful spending enable you to enjoy the holidays.   Consider implementing the following tips to prep for holiday spending guilt-free.   1.  Set a Realistic Holiday Spending Plan Evaluate your

The holidays are a time for glad tidings and cheer. The holiday gatherings, festivities, and celebrations provide excitement and anticipation.     Budgeting for the holidays helps you experience the joy of this festive season. Controlling your spending and staying within your means enable you to create memories with family and friends without financial stress.   The following strategies can help you budget for the holidays.   1.  Review Last Year’s Holiday Expenses Consider y

The holiday season is known as the most wonderful time of the year. The music, gift-giving, and celebrations are designed to create merriment and cheer for the end of one year and the beginning of the next.   However, purchasing gifts, hosting celebrations, and traveling to visit loved ones can create significant financial stress. Rather than experiencing joy, connection, and gratitude, you might feel overwhelmed by economic demands.   If your financial situation is keeping y

Taking out a mortgage helps you purchase a home without paying the entire cost up front. Paying off the mortgage over time enables you to become a homeowner.   Because mortgages can be complex, you might be wondering how the payments work. Understanding what is included in a mortgage payment can help you feel more confident in your homebuying decisions.   The following are the main components of a mortgage payment.   1. Principal The principal is the amount borrowed from your

A 403(b) is a tax-advantaged retirement plan for employees of public schools and nonprofit organizations. Employees can make contributions from their paychecks and let the earnings grow tax-deferred until withdrawn in later years.   Understanding the tax implications of a 403(b) account can help you determine the best time to withdraw funds. The following guidelines can help.   Tax Implications of a Traditional or Roth 403(b) Consider the tax implications when deciding whethe

A fixed annuity is a stable, long-term investment product offering guaranteed returns and predictable payouts. Insurance companies sell the contracts as stable options for retirement savings.   Tax-deferred growth and protection from market volatility are attractive features of a fixed annuity. However, the investment product lacks inflation protection unless riders are added, and the surrender charges for early withdrawals limit liquidity.   Learning about the pros and cons

If you’ve seen movies involving characters who are beneficiaries of a will, they often immediately receive their inheritance to keep the storyline moving. Movies usually skip the court system and quickly provide the characters with the assets.   Of course, people who receive an inheritance in real life might wait months or years to obtain the assets left to them. Understanding how the beneficiary of a will receives an inheritance can help create realistic expectations if you

If you are changing jobs or nearing retirement, understanding your options for your 401(k) account is essential. Controlling where your money is provides peace of mind.   Whether you withdraw your money or roll it into another retirement account impacts your financial goals and tax obligations. The following information can help guide your decision.   Option 1: Cash Out Your 401(k) Account Cashing out your 401(k) account typically is not recommended: You can ask your former e

Before training to become a financial coach, I knew little about how money worked. Now, I have a more comprehensive understanding of how to earn, save, invest, and spend my income. I make educated financial decisions, resulting in additional savings and retirement investments.   Understanding the basics of personal finance provides many benefits. Managing your spending plan, saving for emergencies, and investing for retirement lead to long-term financial stability, security,

Your monthly mortgage payment is likely your biggest expense. Therefore, you might want to lower your payment to free up funds to meet...

Like most employees, you might have a 401(k) account through your employer. This retirement plan helps you save money for your later...

Financial stability is important for everyone. Having adequate income to cover expenses, save for emergencies, and invest for future...

Purchasing a home is one of the biggest financial decisions you can make. Therefore, determining how much you can afford to pay each...

If you’re an employee of a nonprofit organization, you might be able to participate in a 403(b) plan. This employer-sponsored,...