Financial Education (2) Blogs

Losing your job can hit you like a ton of bricks, especially as you think of all of the financial obligations you have. Having a budget can help you manage your finances to get you through this difficult time.

If you are trying to figure out the best way to pay down debt on your own, you should consider which method works best for you – the debt snowball or debt avalanche.

Emotions and impulses influence how we spend our money. To some degree, it is natural to seek emotional gratification from the fruits of our labor, but it is important to remember that emotional spending and impulse shopping are two of the archenemies of healthy personal finances.

Do you ever find yourself buying something impulsively? According to newneuromarketing.com, the average consumer spends more than $5,400 per year on impulse shopping for food, clothing, household items, and shoes.

A traditional budget is an exercise in basic arithmetic. Knowing your fixed income, you set spending targets and try to stick to them. This means, however, that any substantial unexpected expense can upend your budgeting. Some people find it difficult to stick to their budgets due to this inflexibility.

When you think about making purchases with credit, the question to ask is not: "How much will my monthly payment be?" The real question is: "How much is this debt going to cost me?"

The best way to pay off your credit card debt quickly is to spend less and save more; however, if you don’t have enough income to save, you may have a harder time lowering your debt.

To pay off your debt quickly, you need extra income. Follow these tips to secure extra income and potentially become debt-free!

Boosting savings and paying off debt are two of the most popular uses for Americans’ tax refunds year after year. According to a recent survey, around 31 percent of tax refund recipients expect to drop their windfall into their savings accounts. Twenty-four percent of them plan to put a dent into their debts with the money.

According to a recent survey by Highland, a majority of Americans have been hit hard financially since the global pandemic of 2020. Though 53% reported they were not doing so before the pandemic, now 63% admit that they are living from paycheck to paycheck.

Disclaimer: ClearOne Advantage does not offer tax advice. Please consult with your accountant or tax professional for advice regarding your specific tax situation.

If you want to receive your tax refund as soon as possible, file your tax return at the first available opportunity. This year, that opportunity comes about later than usual.