Financial Wellness (4) Blogs - Page 4

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 are in the process of paying down your debt, there are certain things to keep in mind at tax time. Here are some tips for filing taxes while you're in debt.

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’re trying to reduce your monthly expenses to help pay down credit card debt, consider how to save on your water bill.

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.

Do you ever find yourself buying something impulsively? Delaying spending helps you save more and avoid impulse buys. It keeps your money aligned with your values and goals.

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.

In an ideal world, we would be saving and paying off debt at the same time, and even have resources to invest in the money market. But ideal worlds are rare and many people have to make a choice between paying off debt or saving for an emergency.

While paying off debt and saving money don’t need to be mutually exclusive, very often your personal finances don’t allow you to do both at the same time. Which one you pick depends on your financial expectations, goals in the future, and the priorities you have set for yourself and your household.

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.

The third stimulus check is expected to be larger than each of the previous payments at $1,400. Here’s what you may be able to expect when the next stimulus checks are released.

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.