Posts Tagged ‘expenses’

73% of Americans Have Financial Regrets

Posted on June 06, 2017 by Laura Lam

Nearly 3-in-4 U.S. adults have financial regrets, according to a new Bankrate.com report. The most common is not saving for retirement early enough, followed by not saving enough for emergency expenses and taking on too much credit card debt. Taking on too much student loan debt is fourth, however, it tops the list among older millennials (27-36 year-olds). Fifth overall is not saving enough for your children’s education and sixth is buying more house than you could afford. Baby Boomers are the most likely to regret not saving for retirement earlier; remorse over this issue grows steadily from age 18-62. It’s…

29% of Americans Have No Savings

Posted on June 23, 2015 by Saldutti

Almost 3 in 10 Americans say they have no emergency savings, according to a survey just released by Bankrate.com.  That’s the highest number since Bankrate began tracking savings 5 years ago, and the culprit is a lag in income growth, which has failed to increase even as stocks and home prices have recovered. “The missing link in the economic recovery over the last few years has been the lack of growth in household income,” said Bankrate chief financial analyst Greg McBride. “That makes it very difficult for people to ramp up their savings.” Every time the car dies, an appliance…

'Tis the Season: Start Your Holiday Budget Now

Posted on October 17, 2014 by Saldutti

Are you aware that there are only 10 weekends left before Christmas?  Have you been planning for it? Or are you going to wing it the week before Christmas and slap down a bunch of plastic?  And don’t forget that there are a couple more holidays coming up before Christmas, like Halloween and Thanksgiving. These three (plus Easter) are the most expensive holidays of the year. With all this holiday spending on the horizon, you need to have a serious spending plan in place. It doesn’t matter if you add extra line items to your budget or group them into existing categories….

Money 101: Your Savings

Posted on July 19, 2011 by Saldutti

How much of your income should you be saving?  A common rule of thumb answer used to be that 10% of income should go into savings.  Saving that kind of money seems so daunting that most people don’t even try, which is why the national savings rate ended up actually being negative in the mid-2000’s. Today, consumers are spending less and saving more, but the national savings rate is still in the low single digits – well below the 8 to 10 percent rate in the 50’s and 60’s. 10 Percent Is Not Enough!  Here’s the real kicker: based on…

In The Know … Tax Season 2011

Posted on February 16, 2011 by Saldutti

As a result of the late-breaking tax legislation signed into law at the end of December, the IRS announced that taxpayers who itemize deductions and those claiming the Higher Education Tuition and Fees deduction or the Educator Expense Deduction will need to wait to file their 2010 tax return until at least mid-February. The majority of taxpayers – the more than 60 percent who claim the standard deduction – aren’t affected by the delay and can e-file their return in early January.  Even if you are claiming one of these deductions, don’t wait to start your return.  Turbo Tax and other tax…

Here's to Better Financial Health in 2011 …

Posted on January 04, 2011 by Saldutti

With the fresh start of 2011, many Americans have set forth a new year’s goal to better manage their finances.  “It’s a popular goal because people tend to get in over their heads with debt and they tend to look at their situation on January first and say what can I do to really better the situation,” says Scott Hemauer, Senior Financial Advisor with Ameriprise Financial.  However this situation can quickly fall apart if an unwanted expense presents itself.  Most people don’t reserve enough money for something unexpected – costly medical bills, replacement appliances or an auto or house repair.  According…