Title:Rich AF: The Winning Money Mindset That Will Change Your Life
Author: Vivian Tu
Hardcover: 336 pages
Publisher: Portfolio
Publishing Date: Dec. 26, 2023
Rich AF will equip readers with the tools and knowledge to understand the financial landscape while building a financial strategy of their own. With “Your Rich BFF” at your side, you’ll be able to start your financial journey with an affluent mindset, making the most of your money and growing your wealth for years to come.
Who is this book for?
Anyone who’s ever wondered how to think like a rich person.Readers of any age and demographic who are looking for the way to create smart money habits.
What’s inside this book?
T ikTokstar Vivian’s best personal finance tips and tricks culled from the lessons she’s learned on Wall Street presented with a BFF-giving-advice vibe.Actionable tips at the end of every chapter, plus a QR code for additional resources.
4 lessons you’ll learn from this book:
How to maximize your earnings and get more out of your 9-5 job.How to understand the differences between different types of savings accounts.How to identify the tax strategies and legal loopholes you need for retiring in style.How to overcome your fear of investing and secure wealth for generations.
4 questions this book will answer for you:
Do I have to grow up rich to achieve real wealth?Where should I keep my money?How can I build my own financial strategy?How can I pay down my debt and start investing?
What people are saying about this book:
“I wish this book existed when I was coming up and making money for the first time, because Vivian shows us how to make our finances WORK for us!” – Bretman Rock
“An excellent roadmap for those who want to learn how to make the most of their money.” – Alexa Von Tobel
“Rich AF proves that finance is for everyone!” – Karamo Brown
Q: I’m in a bad financial place now, and I sometimes run out of money before the end of the month. Can I neglect my savings until my finances improve?
A: For many individuals who are grappling with financial challenges, the idea of saving money can seem like an unattainable luxury. How can you possibly squirrel away money for the future when today’s needs are so pressing?
However, neglecting your savings when the going gets tough can make things even more difficult down the line. Here’s why you should continue saving through financially challenging times and practical steps for making it happen.
Why you should continue saving when the going gets tough
Be prepared for emergencies
Life is a roller coaster ride, and you never know what’s waiting for you just around the bend. You may unexpectedly find yourself facing a medical crisis, trying to cover an expensive car repair or shopping for a large home appliance to replace a broken machine. Or, you may be struggling to cover the cost of your wedding a decade before you’d planned to get married, or to pay for the adoption of a baby you’ve just decided you’d like to bring into the household.
Having a financial safety net will help you weather nearly any financial eventuality and avoid letting an emergency send you spiraling into debt.
Build financial discipline
If money is tight right now, there’s a fair chance that you can stand to be a bit more disciplined with how you spend it. Setting aside money each month for savings, even if it’s just a tiny bit, can help foster financial discipline and cultivate a mindset of planning for the future. This proactive approach will empower you to take control of your finances instead of reacting to immediate needs without a long-term strategy. Over time, this discipline can lead to a more secure financial future.
Practice reaching financial goals
When there’s barely enough money to get through the month, saving up for something big can seem ridiculously out of reach. However, setting and reaching small financial goals can be a powerful motivator for fiscal responsibility. Choose a small indulgence you can’t generally afford right now, such as a night out on the town or adding a new pair of shoes to an already sizable collection. Save up for your chosen treat by saving small change, skipping some unnecessary expenses or opting for a cheaper choice whenever possible. Reaching your goal will make you want to try saving up again, perhaps for an even larger goal.
How to save during times of financial difficulty
It’s important to note that savings should never take the place of non-discretionary expenses that cannot be neglected without consequence, such as rent or mortgage payments, car payments and health insurance premiums.
Here are some practical tips for saving during times of financial difficulties:
Start small
Experts recommend putting upward of 20% of one’s monthly income into savings, but if you’re struggling just to make it through the month, you will want to tweak this advice. Instead, start small, with what you can manage to save in a given month. Then, work your way up from there. Start building those saving muscles and you’ll get better at it each month.
Look for ways to trim discretionary and non-discretionary expenses
When money is tight, you have two options: decrease your expenses or increase your income. (Of course, you can do both!) If you feel like you’ve already exhausted all opportunities to trim the fat, think again. Look for unnecessary subscriptions, expensive products that can be swapped for cheaper generics and DIY options instead of paying for services and products.
Next, review your non-discretionary expenses. Yes, you can find ways to cut back here, too. Reach out to your insurance companies to negotiate for a lower premium or shop for a new, cheaper plan, and do the same with your phone and internet service providers. Look for ways to conserve energy, such as insulating your home and switching to LED lights to bring down your utility bills. Also, make an effort to carpool or drive less to decrease fuel costs. For a bigger impact on your budget, consider a major life change, such as downsizing to a smaller home or selling your car for a less-expensive model.
Boost your income
Another obvious way to improve your financial circumstances is to make a sincere effort to bring more money home. You may be working a full-time job, but devoting even a few hours a week to a side hustle can make a big difference in your monthly budget. Consider freelancing for hire, working for a ride-sharing company over the weekend or hiring yourself out as a consultant in your chosen field.
Explore government assistance
In times of financial hardship, it’s essential to be aware of government assistance and support programs, such as food stamps. These programs may provide temporary relief, enabling you to allocate a portion of your income to savings. Research the available resources in your area and leverage them to alleviate immediate financial burdens.
Seek financial guidance
If you find yourself struggling to make ends meet, consider seeking professional financial guidance. Financial counselors or advisors can help you create a realistic budget, explore options for debt management and provide personalized strategies for saving based on your unique circumstances.
While the idea of saving money during challenging financial times may seem overwhelming, it’s important to recognize that saving, even in small amounts, is an investment in your future financial health. Use the tips here to learn why and how to save during times of financial stress.
TikTok Inspo: Are you a savvy saver? Share your tricks in a short video.
Congratulations! You’ve reached the 12th and final step of the 12 steps to financial wellness. In this step, we’ll review each of the previous steps and adjust this part of your financial health as necessary.
Step 1: Track your spending
Are you being responsible in tracking your spending? You can do this with a budgeting app, by keeping a running estimate of how much you’re spending in each category in your head, or by reviewing your receipts and checking account statements at the end of each month. Knowing where your money is going will help you make more responsible spending decisions in the future.
Step 2: Create and stick to a budget
Budgets need to be reviewed and tweaked every few months or so to ensure they still work for your present life circumstances. Fluctuations in consumer prices, your income and various life expenses need to be accounted for in your budget. If your budget no longer works for you, make some changes until it does again.
Step 3: Pay down debt
Take a minute to review where you are in your debt-paying journey. Have you made as much progress as you’d hoped to at this point in time? Can you beef up any payments and make that debt disappear sooner?
Step 4: Talk money with your partner
Have you had the big money talk with your partner? Are you remembering to touch base on money matters on a regular basis? Do you need to revisit any of the topics you’ve discussed, such as sharing accounts, dividing expenses and saving up for a shared dream?
Step 5: Spend mindfully
Review some of your recent purchases. Are you blowing money on stuff you don’t need instead of relieving stress and emotional overload in a healthy manner? If so, look for better ways to de-stress and remember to avoid temptation by disabling one-click purchases and staying away from stores that trigger your overspending impulse.
Step 6: Pay it forward
The money, time and smiles we share are the only moments that are truly ours. Are you remembering to pay it forward? You can volunteer at a soup kitchen or homeless shelter, donate clothing to the less fortunate and help your favorite charity.
Step 7: Pay yourself first
Are you remembering to feed your savings? Remember to prioritize having an emergency fund with three to six months’ worth of living expenses. Once you have that funded, you can work on saving toward long- and other short-term saving goals by automating a monthly transfer from your checking account to your savings account. At this time, you may want to consider increasing the amount you are putting into savings each month by trimming some discretionary expenses.
Step 8: Know when and how to indulge
Living a spartan lifestyle without any indulgences can make you lose your budget–and fast! Instead, make sure you know when and how to indulge. Are you remembering to work your selected just-for-fun expenses into your budget so you can indulge without the guilt? Now is a good time to look back at your indulgences to figure out if they were good uses for your money.
Step 9: Check your credit score
How are those three magic numbers doing? If you’ve been following the rules for boosting and maintaining a high credit score, like paying your bills on time, having several active cards and keeping your credit utilization low, your score should have improved during these last few months, opening the door to low-interest loans and more.
Step 10: Think about retirement
Have you opened and furnished retirement accounts at work and beyond? Take the time now to review these accounts and to assess whether your funds have reached the place you’d hoped they would by now.
Step 11: Start investing
Have you taken the beginner steps toward investing? A crucial part of successful investing is reviewing your portfolio on a regular basis and adjusting as necessary. Make sure your investments are performing well and that your assets are diversified in the most optimal way.
Step 12: Review your overall financial health
In this final step, you’ll review your financial health on a regular basis, just as you’ve done here. Don’t forget to maintain each component of your financial wellness to keep it in top shape.
Reviewing your financial health on a regular basis is an important part of staying financially fit.
Your Turn: How often do you review your financial health? Tell us about it in the comments.
Title: Buy This, Not That: How to Spend Your Way to Wealth and Freedom
Author: Sam Dogen
Hardcover: 336 pages
Publisher: Portfolio
Publishing date: July 19, 2022
Who is this book for?
Financial Samurai fans looking to learn more.
Readers of average economic status who want to learn how to build wealth and achieve financial freedom.
What’s inside this book?
The Financial Samurai’s unique approach to money management, which has been absorbed by an audience of 90 million over the past 13 years.
The Financial Samurai’s innovative 70/30 framework for optimal financial decision-making.
4 lessons you’ll learn from this book:
How to tell the difference between good debt and bad debt.
The best way to invest on your own terms.
How to create your own rules for spending.
How to take the guesswork out of financial planning.
4 questions this book will answer for you:
Can I invest in real estate if I can’t afford to buy property?
How can I build passive income streams that work with my goals and risk tolerance?
What’s the best way to pay down debt?
How do I optimize every dollar I earn so I can maximize my wealth?
What people are saying about this book:
“Financial Samurai and this book have prepared me for life after basketball! A straightforward guide to live a balanced, financially free life. – Shaun Livingston
“A no-nonsense guide to living your best life now while also ensuring a financially independent future.” – Emily Chang
“A one-of-a-kind book! Bold advice from someone who’s not just done the math, he’s lived it. A must read!” – Kumiko Love
“Step-by-step, chapter-by-chapter, Sam shows how to make optimal money choices that focus on wealth building—not just saving for saving’s sake, but for living life on your terms.” – David Mcknight
Your Turn: What did you think of Buy This Not That? Share your opinion in the comments.
[Now that you know how to spend mindfully, pay it forward, and regularly set aside money for savings, you’re ready to learn how to indulge in the occasional expensive treat–responsibly.]
Many people equate financial health with a life of deprivation, but this is far from the truth. In fact, living a life of true financial wellness means being happy with a lifestyle that is within your means, but does not leave you feeling like you are lacking. Like an overly restrictive diet, an overly tight budget is more likely to become broken.
On the flip side, financial wellness means spending your money wisely and learning how to treat yourself for less – or for free. It means money choices are governed by discipline, and not by emotion. And sometimes, it means telling yourself no.
How, then, do you strike a balance between the two?
Here’s how to indulge responsibly.
Live with a budget
The first step to financial wellness is knowing where your money is going and how much you actually have to spend. The best way to always have this information is to create and stick to a budget.
[If you’ve been following all the steps to financial wellness until this point, you’ve already developed and live with a budget. So you know how to stick to it. Let’s take a quick review of this crucial money management tool.]
Create your budget by tracking your spending for three months. Make a list of all your expenses, including fixed, non-fixed and discretionary expenses, and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category each month.
Leave room in your budget for “just for fun” purchases
As you work on building and sticking to a budget, be sure to leave room in your spending plan for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, choose an amount you can easily afford without feeling deprived.
To ensure you don’t overspend in this area, you can borrow an idea from the money-envelope system and withdraw the designated amount from your checking account at the beginning of the month. Place this cash in an envelope, and use it as necessary. When the money is gone, so is your “allowance” for pricey treats this month.
It’s important to note that the indulgences referenced here are spontaneous buys, or small purchases that aren’t part of your normal budget. Large purchases you have planned for and saved toward for months, or even years, are in an entirely different category.
Review your savings
Before giving yourself permission to indulge, make sure you are setting aside a percentage of your monthly income to savings. Savings should be an item line on your budget, with short-term savings like an emergency fund in a savings account, holding enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have, like saving for a house or a luxury vacation.
Choose your “treats”
Everyone’s got their personal vices and their guilty indulgences. Take a look at where your non-discretionary money went during the last month or two. Highlight the more expensive impulse buys and hold them up to these questions:
Did this purchase bring me happiness or positive energy the day I bought it? Did that feeling last until the next day? The next week?
Did this impulse buy blow my budget?
Does thinking about this purchase now fill me with joy, guilt or something else?
If I found myself in the same circumstances today, would I make that purchase again?
Here, too, the answers to these questions will depend on your personal set of circumstances and lifestyle. Use the insight you’ve learned about your indulgences to help you make better money choices in the future.
Lose the guilt
Once you’ve decided how much you want to spend each month on indulgences you can afford, it’s time to let go of the guilt. If you’re spending responsibly and you’ve already fed your savings as well as your future, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, and your choices fill you with happiness or positive energy, you can still maintain your financial wellness.
Your Turn: How do you indulge responsibly? Share your best tips in the comments.
Now that you’ve tracked your spending and kept a careful record of where your money goes over the course of a month, you’re ready to move onto the next step of financial wellness: creating a budget. Budgets play a crucial role in promoting financial awareness, which then helps to facilitate more responsible money choices. This discipline will benefit you individually, as well as all who are part of your household.
Let’s get started by taking a look at how to create a budget and review some popular budgeting systems and how they work. .
Create a budget in 5 easy steps
Track your spending and income. This includes all your financial documents, such as your account statements, bills and pay stubs. [If you’ve followed Step 1, you’ve already completed this step–nice work getting ahead of the game!]
Tally up your totals. Calculate the totals of your monthly expenses and all your streams of income. If your income exceeds your expenses, you’re in a good place. However, if your expenses exceed your income, or the numbers are too close for comfort, you’ll need to trim some discretionary expenses to make it through the month without falling into debt if an unforeseen big expense happens.
List your needs. Your needs include anything that is essential for living and basic functions, such as rent or mortgage payments, savings, food and clothing. Needs always take priority in a budget. As you list each need, write down its corresponding cost. Sum up the total of your needs when you’ve finished.
List your wants. This includes anything that is not essential for living, like entertainment costs, brand-name clothing and eating out. Here, too, note the monthly cost of each item on your list and add up the total when you’re done.
Assign dollar amounts to your expenses. Open a new spreadsheet and copy your list of expenses, starting with fixed-cost needs, then non fixed-cost needs, and finally, your wants. Assign an appropriate dollar amount for each of these costs, making sure the total does not exceed your estimated total for monthly expenses.
Review and tweak as necessary. You will likely need to adjust the amounts in each expense category at least once a year to keep your budget relevant. Likewise, you will hopefully be able to increase the amounts in the income column as you move upward in your career path or find additional income streams.
Budgeting systems
While every kind of budget involves tracking expenses and committing to a maximum spending amount each month, there is a wide range of budgeting systems to fit every kind of personality and money management style.
The traditional budget doesn’t involve much more work than the steps described above. After working out a number for every expense category, you’ll simply need to track your spending throughout the month to ensure you’re sticking to the plan. You can use a spreadsheet for this purpose, or utilize one of the popular budgeting apps, like Mint or YNAB, and do it digitally.
The money-envelope system works similarly. However, instead of simply committing to sticking to your spending amounts for each expense category, you’ll withdraw the amount you plan to spend on all non-fixed expenses in cash at the start of the month. Divide the cash into separate envelopes, using one for each of these expenses. Then, withdraw cash from the appropriate envelope when making a purchase in that category. There’s no way to blow your budget with this system; when the money in the “Dining out” envelope runs dry, that’s all for this month!
The 50/30/20 budget is simpler, but requires more discipline. Set aside 50 percent of your budget for your needs, 30 percent for wants and the remaining 20 percent for savings. Of course, you’ll need to make sure your income and expenses will work with this kind of budget. Does 50 percent of your income cover your needs? If yes, this budget allows for more individual choices each month and less accounting and tracking of expenses.
A well-designed budget can provide its creator with a sense of financial security and freedom. When you stick to a budget, you’ll always know you have enough to get through the month and save for the future. Start budgeting today!
Your Turn: Do you stick to a strict monthly budget? Share your best budgeting tips with us in the comments.
Q: I’m in the market for my first home, and I’m trying to get a complete picture of how owning a home will affect my finances. What are the tax benefits of owning a home?
A: Owning a home can provide you with significant tax benefits. It’s important to learn how home ownership can impact your taxes so you know which home-related expenses to claim on your returns for maximizing your savings potential.
Before we explore the specifics, let’s review how an income tax deduction works. A deduction reduces your taxable income by a percentage, which depends on your tax bracket. You can choose to take the standard deduction ($12,550 for individuals filing as single taxpayers, or $25,100 for married couples filing jointly) or to itemize your deductions, which involves listing each eligible deduction separately. After adding up the total of your itemized deductions, you’ll multiply that amount by your tax bracket for your total deduction.
With this understanding, let’s take a deeper look at the tax benefits of owning a home.
Tax benefits of buying a home
Purchasing a home offers the buyer several tax benefits.
First, with the exception of very large loans, you can generally deduct the cost of the points you paid when securing your mortgage. If you’ve refinanced your original mortgage and paid points when taking out your new loan, the cost of these points can be deducted as well.
Second, if you are an active-duty member of the armed services, you may be able to deduct your moving expenses from your taxable income. However, this tax perk is limited to active servicepeople who need to move because of a permanent change of station due to a military order.
Tax benefits of owning a home
There are multiple ongoing tax benefits to owning a home:
Mortgage interest deduction. Most homeowners can deduct the interest payments they make on their mortgage from their taxable income. There may be limits on how much you can deduct, which is dependent on how large your loan is.
Real estate taxes. The money you pay in property taxes is deductible from your taxable income. If you pay through a lender escrow account, you’ll find the tax amount on your 1098 form. If you pay your taxes directly to your municipality, use your personal records, such as a copy of a check or automatic transfer, as proof.
Private mortgage insurance (PMI). If you took out a loan that was equal to less than 20% of the home’s value, you may be able to deduct your PMI payments from your taxable income. This deduction depends on your adjusted gross income (AGI): If you’re single and your AGI is less than $50,000, you’re eligible for the PMI deduction. For married couples filing jointly, the threshold is $100,000. Once you’ve reached the max income allowed for the PMI deduction, the amount you can deduct begins to phase out.
Home equity debt. If you’ve taken out a home equity loan or home equity line of credit against your home, the interest payments on these loans can be deducted from your taxable income, as long as the loan is used, in the words of the IRS, “to buy, build or substantially improve the taxpayer’s home that secures the loan.”
Home office expenses. If you use a part of your home exclusively for work purposes, you may be able to deduct related expenses.
Are there any tax credits available for homeowners?
Unlike a tax deduction, a tax credit directly lowers your tax bill, dollar for dollar. You may be eligible for a mortgage credit if you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local governmental unit or agency under a qualified MCC program. In addition, depending on your home state, you may be able to claim a credit for a percentage of the costs of buying and installing items that help your home harness renewable energy, such as solar panels or geothermal heat pumps.
Home ownership comes with many advantages, some of which include tax benefits. Keep that in mind as you explore your options, and as with all tax advice, please remember to consult a tax professional for the most current and accurate laws.
Your Turn: How has home ownership benefitted your taxes? Tell us about it in the comments.
Are you ready to join us on a journey toward financial wellness?
Each month, Advantage One Credit Union will focus on one step of a journey of financial wellness. We’ll tackle the topic in detail and help you learn all you need to know about this step. Follow along, and at the end of the year, you’ll have mastered the tools for a life of financial wellness.
Tracking your spending is the first step toward greater financial awareness and, ultimately, toward financial health. However, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple purchases each day?
We’ve outlined how to track your spending in 3 easy steps.
1. Choose your tools
Tracing every dollar’s journey isn’t easy, but with the right tools, you can make it quick and simple. Choose from one of the following money-tracking techniques:
Budgeting apps. If your life happens on your phone, you can download a budgeting app like YNAB or Mint to help you track your spending. Both apps allow you to allocate a specific amount of money for each spending category for each month, and will enable you to track your spending with just a few clicks. It’s important to note that YNAB is not a free app, but that it may be worth the price for users who want to take on a more active role in their money management.
Spreadsheet. If you like to see everything spelled out clearly, a spreadsheet might be a better choice for you. You’ll need to record every transaction, but if you prepare the sheet with all the spending categories you think you’ll need, this step shouldn’t take long at all.
The envelope system. If you’re a big cash spender, consider withdrawing the cash you think you’ll spend in a month (or in a week) and keeping it in an envelope designated for each category. When you need to make a purchase, just use money from the envelope.
Receipts. Hold onto every receipt from the purchases you make this month to help you track your spending.
Pencil and paper. Recording each purchase the old-fashioned way can help you make more mindful money choices throughout the day. Be sure to keep a steady supply of both writing instruments handy at all times so you never miss a purchase.
2. Review your checking account and credit card statements carefully
Along with one of the tools listed above, you can track the purchases you make using plastic by reviewing your monthly checking account and credit card statements at the end of the month. You may receive these in the mail, or you can access them online by logging into your account and downloading.
3. Review and categorize your purchases
At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. If you’ve used an app or a spreadsheet, adding your purchases to find the total amount of money spent will be simple. The app or spreadsheet may have already helped you divide the money spent into separate categories as well. Similarly, if you’ve used the envelope system, you should know how much you spent on each kind of purchase this month. However, if you’ve chosen another method to track your spending, you’ll need to crunch some numbers to get an accurate picture of your spending habits.
When completing this step, don’t forget to include any automated payments you may rarely think about, such as subscription fees and insurance premiums.
Tracking your spending and identifying your money drains is the first step toward greater financial awareness and responsibility. Use the tips outlined here to successfully master the skill of tracking your spending.
Your Turn: How do you track your spending? Share your tips with us in the comments.
As 2021 draws to a close and we prepare to usher in 2022, take a moment to go through this year-end financial checklist for ensuring your finances are in order before the start of the New Year.
Review your budget
Is your monthly budget still working well for you? Are you stretching some spending categories or finishing each month in the red? Take some time to review your budget and make any necessary changes.
Top off your retirement plan
If you have a 401(k), check to see that you are taking full advantage of your employer’s matching contributions. If you haven’t contributed as much as you can, you have until the end of the year (Dec. 31, 2021) to catch up; to a limit of $19,500. If you turned 50 this year, you are eligible for an additional catch-up contribution of $6,500. If you anticipate getting a holiday bonus, consider putting this money toward your debt.
Likewise, if you have an IRA, you have until April 15 to scrape together the maximum contribution of $6,000, with an additional $1,000 if you are age 50 years or older.
Check your progress on paying down debt
Give your debt an annual checkup by reviewing your outstanding debts from one year ago and holding up the amounts against what you now owe. Have you shed debt from one year ago, or is your debt growing? If you’ve made no progress, or your debt has grown, consider taking bigger steps toward paying it down in 2022, such as consolidating your debt with a [personal/unsecured] loan from Advantage One Credit Union.
Get a free copy of your annual credit report
The end of the year is a great time for an annual credit checkup. It’s a good idea to review your statements each month to check for fraudulent charges, but you can also request a free copy of your credit report from all three credit agencies once a year. Get your free annual credit reports here, and take a close look at each report. Look for accurate, updated information and any errors, like charges you don’t remember making, or other signs of possible identity theft. If you find any wrongful charges, be sure to dispute them immediately.
Review your investments and asset allocation
Take some time at year’s end to rebalance your portfolio and to see if your asset allocation is still serving you well. You may need to make some changes to your mix of stocks, bonds, cash and other investments to better reflect the current state of the market.
Review your beneficiaries
Has your family situation changed in the past year? If it has, be sure to switch the beneficiaries on your accounts and life insurance policies to accommodate these changes.
Complete open enrollment and select your employer benefits
The end of the year coincides with open enrollment for health insurance policies. This is your chance to select the employer benefits you want for the coming year. If you miss this window, you will be stuck with the benefits you chose last year or with no benefits at all.
Review your tax withholdings
It’s a good idea to review your W-4 annually and see if the amount of tax being withheld from each paycheck needs to be adjusted. If you’re not a numbers person, ask your accountant for help. Changing up the numbers just a bit can make a significant difference in your tax bill at the end of the year. Or, if you usually get a large refund, adjusting the amount withheld can mean enjoying a larger paycheck throughout the year instead of giving the government an interest-free loan to be paid back in one lump sum at year’s end.
The doors are closing on 2021 and it’s time to give your finances a full checkup. Use this checklist to make sure your money matters are in order before the start of 2022.
Your Turn: What’s on your financial checklist for the end of the year? Tell us about it in the comments.
Title: Single Women and Money: How to Live Well on Your Income
Author: Margaret Price, Jill Gianola
Hardcover: 216 pages
Publisher: Rowman & Littlefield Publishers
Publishing date: Nov. 11, 2021
Who is this book for?
Single women who are struggling to live a financially secure and successful life on a single salary, which is typically less than what men earn.
Soon-to-be single women looking for concrete advice on managing while on one income stream.
What’s inside this book?
Practical tools to help single women achieve and maintain financial independence.
Financial advice from experts on issues specific to divorcees, widows and single moms.
Real-life stories of single women who are financially secure and the steps they took to get there.
Resources for single women experiencing financial difficulties.
4 lessons you’ll learn from this book:
How to save and spend wisely on a single salary.
How to get rid of debt when you’re living alone.
How to find investments that align with your values.
How to plan for a solo retirement.
4 questions this book will answer for you:
How can I support my children and give them a financially secure childhood when I’m living single?
Is it possible to reenter the workforce at age 55?
How can I protect my financial assets and leave a legacy as a single woman?
How can society help single women through financial difficulties?
What people are saying about this book:
“Whether widowed, divorced, or never partnered, single women all too often face greater financial challenges than do single men and married couples. This book contains sound advice and valuable resources for women of all ages seeking financial security and peace of mind on their own.” – George Manne
“Single women face enormous financial problems. This canny guide to personal finance, geared toward a large (66 million) share of the U.S. population, spells out smart strategies to surmount the obstacles. How to handle retirement planning, debt, taxes, single motherhood, landing a job after age 55—all these vital questions get answered, and well, by the intrepid team of Margaret Price and Jill Gianola.” – Janet Marks
“Single Women and Money delivers clear, concise, hands-on information. It’s the breakthrough guide to financial security that America’s millions of single women can use.” – Larry Light
Your Turn: What did you think of Single Women and Money? Share your opinion in the comments.
