Tag Archives: MoneyTalk
When you are in a pinch, it might seem like dipping into retirement savings is the best way to pay off debt. Usually, this isn’t the case. Why You Shouldn’t Pay Off Debt with Your Retirement Savings It might be possible to pay off another way: If you are looking at a sizable, but not massive debt, the best option may be a debt payment plan. Rather than incurring the taxes that come from pulling money from retirement, you can instead sit down and build a plan to pay off debts a little bit at the time. If the size of the debt seems too daunting, you can work with professionals to create a debt settlement plan. Savings won’t go as far as you think: If you pull from retirement you’ll be shortchanging your future. You’ll have to pay income taxes on that money, then you will also typically get…
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Many Americans know how tough it can be to keep a budget during the holidays. While these celebrations are supposed to be about family and togetherness, there is also a major pressure to spend. If things are already somewhat tight financially, it might be tempting to break out the credit cards, only to wake up with a debt hangover come January. Here’s how to avoid breaking your budget in the upcoming season. How to Keep a Budget During the Holidays Make a plan: The most important thing is to go in with a plan. If you just spend by and by, you will end up going over budget. Some people create a special savings account for the holidays. You don’t have to go that far, but you need to know what you plan to spend on large areas such as travel, gifts and food. If you keep running number of…
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There are hundreds of different money mistakes you can make in life. It’s unavoidable that you are going to make some occasionally. There are a few especially bad ones, however, that many people make repeatedly. Here are a few financial slip ups that you should vow never to make again. 5 Money Mistakes You Should Never Make Again Quit loaning money to friends who won’t pay you back: Many of us have done this before, and often it’s with the best intentions. We want to help people close to us. The truth, though, is that if you know a friend is unlikely to pay you back, you shouldn’t lend them anything you can’t afford to lose. They might need the money, but if you need it too you shouldn’t let them pull you down. Only give this kind of friend money if you can afford to never see it again….
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