Check Your Dependent Care FSA: Covid-19 Update
Have you found your daycare plans completely changed in the wake of COVID-19? You’re not alone. Many families elected to save money in a Dependent Care Flexible Spending Account during open enrollment in 2019 and never dreamed there would come a time when daycares were closed and camps would be cancelled. (Are you a working parent and not using a Dependent Care FSA? Learn more about this employee benefit here.) Under current law, a married couple filing jointly can save up to $5,000 in a Dependent Care FSA each year (if you are married filing separately you are capped at $2,500). A $5,000 contribution to a Dependent Care Flexible Savings…
Smart Financial Planning Tips For People With Disabilities
Guest Post! We're excited to share a guest post with Words on Wealth readers today from Mr. Ed Carter of ABLEfutures.org. Leave your thoughts and questions in the comments below! -Lauren People with disabilities have different needs when it comes to finances. From physical therapy and specialized equipment to frequent doctor’s visits and medications, you may have all kinds of unique expenses to save and budget for. Financial planning will ensure that you can afford the level of care you require and maintain your quality of life no matter what unexpected events come your way. Here are some tips for developing a solid financial plan for your future. Start…
How Outsourcing Can Improve Your Life
Grocery shopping. Cooking dinner. Washing (and folding, ugh) the laundry. Mowing the lawn. Some call them chores, others adulting, but the simple truth is that they are necessities for most people. When you are trying to balance growing your business (or career), family, and friends, they often create conflicts that lead to stress and dissatisfaction. Friends of ours who both own businesses know the secret to interrupting the vicious cycle of working or doing chores until they go to bed. They simply replicate what they do at work – they hire competent people to do the things they can't or don't like to do at a pay rate that's less…
How To Boost Your Credit Score
“Bad Credit? No Credit? No problem, your job is your credit!” scream shady used-car salesmen. Unfortunately, that’s not true. Bad credit is a problem. It makes your life more expensive in the form of higher interest rates on loans. Bad credit can make it harder for you to rent an apartment and can even keep you from getting your dream job. Your credit score is a widely misunderstood measure of your cash flow health and financial habits. It’s possible to have a great credit score and terrible overall financial health and vice versa. Credit scores range from 300 to 850, the higher your score is, the better. The way your…
More Money, More Problems aka Lifestyle Creep
Let's face it, you're a fun person. You like to do fun things. Fun things cost money. Do you think you will want to do fun things when you're 65? Probably, right? (YES.) Do you ever feel like even though you are earning more money you still struggle to save? You may be dealing with lifestyle creep. Find out what it is and why it matters in the video below!
How to KonMari Your Spending
I love Marie Kondo's book "The Life Changing Method of Tidying Up: The Japanese Art of Decluttering and Organizing." I'll be honest, my home is still a little cluttered but I do periodically go through and try to pare down my belongings. I just went through my old work clothes this week. Wow. There were a lot of items I felt I "needed" to hold on to "just in case" that in reality, I never wear anyways! Did you know that you can use the same KonMari method to "declutter" your spending? We all spend money on things, food, and experiences that really don't bring us lasting joy. In fact,…
CarMax 2019 Open Enrollment
“It’s the most wonderful time of the year!” No, not Christmas – Open Enrollment! For CarMax employees it’s time to make some big financial decisions. In an attempt to make the selection process easier (and help you make better financial decisions) I’ve created a summary of what you need to know and think about as you navigate CarMax Open Enrollment 2019. For the record, I assume you have at least reviewed the CarMax 2019 Open Enrollment booklet. Let’s dive in. 1. CarMax Group Health Insurance Options First, use the ALEX tool CarMax provides you to get an initial view of what is being offered and what might work best for…
4 Simple Estate Planning Ideas Parents Need to Consider
Have you put off creating an estate plan because it seems depressing? Or perhaps you don’t agree with your parenting partner over who should get custody of the kids should something happen to you? Mariah Daniel, Estate Planning Attorney with the Daniel Law Office, has some motivation for you, “Think about how your kids would feel knowing you did nothing, or knowing that you did your best.” Don’t let perfectionism prevent you from taking action. If you don’t have a guardianship plan for your children, the state does. And you may not like it. The good news is it’s really easy to get this taken care of, and you will…
Stocks and Bonds for Kids
Parents want the best for their kids. You want to teach them how to be successful and a large part of their success involves financial literacy. You know by now that I am a huge fan of talking about money. Talk to your partner. Talk to your kids. Talk to your parents. This article I wrote for Richmond Family Magazine is a primer on stocks and bonds. It's useful for parents and kids. Let me know what you think. What money topics do you want me to tackle in a kid-friendly way? How did the conversation go at your house?
How Will The Tax Cuts & Jobs Act Affect Families?
Wondering how the Tax Cuts and Jobs Act of 2017 (TCJA) will affect your taxes next year? The tax law will affect families in a myriad of ways. While there were a variety of changes made that affect everyone, this post will focus on the ones that are most impactful to families with kids. Keep in mind that many of these provisions are set to expire in 2025, but this will at least give you something think about as you move through 2018. Tax Rates Were Reduced Tax rates were reduced for all brackets except for the lowest bracket, which remains at 10% of taxable income. There was some shifting…