How to Find Your Money ‘Why’

How to Find Your Money ‘Why’

By Katherine Fusco

There are lots of reasons to spend money, some good, some bad, most compelling. Of course, this is by design.  Not spending money, though… that’s a trickier thing. The reasons not to spend—or to save, if you’d like to put it more positively—are often vague, rooted in a fuzzy sense of what one should do.

When people are tired or temptations are especially aggressive (hello, holiday season!), the vague thought: I should pay off my debt, crumbles in the face of beautiful store displays or delicious scents wafting from strategically open bakery doors.

More than this, advertising often appeals to our sense of self, frequently tying products to concepts or feelings that we truly believe in. How many bath bombs have been purchased on credit cards in the name of self-care? How many unused vitamins and supplements under the name of wellness?

Pink things for breast cancer awareness? Maybe an embarrassment of water bottles and reusable bags under the name of environmentalism, even though the environmental thing would be shopping less overall? Against all these compelling, ego-supporting reasons to shop, the vague adulting calls to save more and spend less don’t stand a chance.

Just as advertisers know to tap into your sense of self through fairly specific identity appeals—Are you a dog-loving hiker? Here’s a four-wheel-drive station wagon—you can also meet your own financial needs by developing your own money mantra, or “why.”

The importance of considering our feelings and values when it comes to money has gained traction in the field of economics. As the journal Applied Economics reports, “individualized cultural values measures do indeed explain part of the financial behavior of households.” Becoming more concretely aware of cultural, familial and personal values might thus be an important key to better personal finance.

Here are a few techniques to use for getting in touch with your money “why”:

1. Tap into your core values.

What’s most important to you? Unlike with the next two exercises, you’re allowed to be a bit vague here. You might find yourself naming things like “beauty,” “health,” “community,” “family” or even something grander, like “justice.” Faced with spending decisions, you might ask yourself whether a purchase supports your core values. Now, sometimes the answer is an obvious “no.

” This new lip-gloss/headset/hamburger does not contribute to social justice. But sometimes advertisers will attempt to target your core values in sneaky ways. For example, a fuel-efficient car seems like a truly environmental choice; however, it’s not as environmental as simply not buying something.

In her book Loaded, behavioral economist Sarah Newcomb writes about these values in terms of “needs” and explains that the infamous “latte factor” can in fact be scratching the need for “social connection.” If you enjoy visiting your local coffee shop.

If this is the case, then simply saying, “I’m cutting the coffee” isn’t going to work, because the latte was never just about the caffeine hit to begin with; it was about the bond with the other regulars at the coffee shop. As you spend time reflecting on your values, start listing low-cost and free ways of sustaining them.

For example, if you feel advertisements for green juice are exploiting your value of “good health,” turn to your list of other habits and consider a vigorous workout or make a water-drinking chart for yourself in your notebook. You may still get the “hit” of supporting what you value without the hit to your wallet.

2. Do the priority exercise.

Prioritization can be a painful practice because it involves choosing one option above all others. Not wanting to make such choices can be part of how we end up in consumer debt.

TO READ MORE: https://www.success.com/how-to-find-your-money-why/

15 Folks Who Lost Everything Are Revealing What Actually Happened And It Shows How Broken Our System Really Is

15 Folks Who Lost Everything Are Revealing What Actually Happened

 And It Shows How Broken Our System Really Is 

Aaron Ant  Sun, April 20, 2025  BuzzFeed

Money isn't a measure of character, but society acts like it is. And that couldn't be further from the truth. It's important to hear that at a time when financial anxieties are at an all-time high.

Jobs are vanishing, the stock market is fluctuating, medical bills are piling up, and government budget cuts are putting Social Security and other public services at risk. For some, the economic situation we're currently facing mirrors previous recessions.

Bankruptcy and financial loss aren't personal failures in any capacity. More often than not, it's a case of someone in a system that's already working against them.

Last week, I asked members of the BuzzFeed Community to open up about experiencing bankruptcy or losing it all, and these submissions shared some honest insight into how they handled or are currently handling debt and stress.

Note: Some submissions have been edited and condensed for clarity. Some responses are from this Reddit thread. 

1."So, I was a stay-at-home mom at the time, because my old job hadn’t paid enough to cover daycare. My ex-husband made enough for us to live on, but nothing more, really. My parents helped put him through grad school. Then he committed crimes and was fired (of course), and I was unemployed with two kids and no daycare openings.

I scrambled to find a job and a place to live, and am eternally grateful for my parents’ support. That said, my job paid about a quarter of what his did, so there was no choice. I’m a little more than halfway through."

"That’s the backstory, but here’s the truth: it’s MORTIFYING. The bank I’d been using since I was 15 closed my account unceremoniously. Didn’t matter that I hadn’t had any loans through them that were discharged. Just cut me off and mailed me a check weeks later. I can’t get a cellphone plan or any reasonable insurance, I had to pay cash for a car, and thank heavens, my parents were willing to have their names on my utilities because the WATER company refused to give me an account.

Before this, I’d never missed payments or fallen behind, and had good credit. It was so good that most of the debt was in my name, which probably worked out great for my crap bag ex. So that’s it, I pay for someone else’s mistakes every day. And if it weren’t for my parents, it would have been catastrophically worse."   —shannonmiz

2."I'm a bankruptcy paralegal, and honestly, people think it will be so much worse, but it's a fairly simple process. Even the 341 meeting of creditors isn't that bad. Bankruptcy forms are free online, and if you want to file, my biggest advice is to fill out forms A/B (personal property), I (income), and J (expenses) because a lot of the holdup is just trying to get that info. So many people will call crying after their discharge, thanking us because they feel the weight off their chest."   —monikap6

3."American here. My husband and I filed after I got sick and couldn’t work for two years, racking up medical debt without the income to pay it, and using credit cards to buy groceries and basic needs. We had to move back in with my family because we couldn’t afford rent. We filed a Chapter 13, which meant we still owed a large portion of the money, but a fraction of the total. We've just paid it off after five years of payments."

"We’re wiser about our budget now, we’ve completed credit counseling, and our income has now increased to where we rent and our only debt is student loans. We’ll have to get secured credit cards and build credit back up slowly. It’s a long process, but I’m so thankful we did it. The payments were tough, but manageable, and we now have a sense of accomplishment, as well as a sense of how to build a nest in savings that can be there if one of us is out of work due to illness. It sucked, but I’m forever thankful."   —carak4a8cd43e8

 4."21 years ago, I'd just had a child. He turned 1, my spouse came home, and decided he wanted a divorce! I didn’t even know we were having issues! I mean, we just had a kid! I was always a happy-go-lucky type! Came out of nowhere! Discovered we were $100,000 in debt!"

TO READ MORE:  https://www.yahoo.com/finance/news/americans-doom-buying-coffee-olive-224100006.html 

7 Ways To Recession-Proof Your Savings

7 Ways To Recession-Proof Your Savings

Protect your money by taking these seven steps.

Kat Tretina   Updated Tue, April 15, 2025  Yahoo Personal Finance

2025 has been off to a rocky start. Consumer confidence has plummeted thanks to persistent inflation, market volatility, and other challenges created by the new administration's aggressive tariff policies. Now, we can add recession concerns to the list.

According to the latest CNBC CFO Council quarterly survey, 60% of CFOs expect a recession in the second half of the year, while another 15% say a recession will hit in 2026. In early April, global investment bank Goldman Sachs also raised its estimate of the likelihood of a U.S. recession from 35% to 45%.

Although the country is not in a recession yet, there's a good chance it could be in the next few months. Taking some steps now can help you recession-proof your savings and protect your finances.

What Is A Recession?

A recession is a term that inspires fear in politicians, economists, and business owners, but what does it really mean? Although precise definitions vary, the National Bureau of Economic Research (NBER) — a private, nonprofit organization that analyzes economic conditions — defines a recession as a period of significant economic decline that lasts for several months.

The NBER looks for several factors to determine if a recession has occurred, such as higher unemployment rates, home prices and sales, stock market declines, and wages.

Recessions are a natural and unavoidable part of the economic cycle. In fact, there have been over a dozen recessions since World War II. The most recent recession was in the spring of 2020, when the COVID-19 pandemic affected the country.

In general, recessions occur every few years, and they typically last for about 10 months.

7 Ways To Recession-Proof Your Savings

During a recession, you may experience the following issues:

• Savings interest rates may decline: To stimulate the economy and encourage spending, the Federal Reserve will often slash rates. As a result, loans will become less expensive, but the rates on deposit accounts — such as savings accounts and certificates of deposit (CDs) — will also decline. That means any money you have saved will grow at a much slower pace.

• Earnings may stagnate: During a recession, unemployment levels are up, and workers' wages tend to stagnate, so you may not qualify for a raise. Many businesses also initiate layoffs.

• Lenders may tighten their standards: During a recession, lenders often institute stricter lending requirements for borrowers, making it more difficult to qualify for new credit or loans.

To minimize the impact of a recession on your financial well-being, follow these steps:

TO READ MORE:  https://www.yahoo.com/finance/personal-finance/banking/article/recession-proof-savings-181158511.html

Government Impersonation Scams On The Rise

Government Impersonation Scams On The Rise

Christy Bieber Fri, April 18, 2025  Moneywise

This California man lost everything when phone scammers pretended to be US Marshals. Here's what they said

The Ventura County Sheriff’s Office has Southern Californians on the alert for a new strain of phone scams that cost one Ojai resident his life savings.

Someone claiming to be a law enforcement agent with the United States Marshals Service called him and told him to send all his money to an out-of-state location.

As KTLA 5 reports, after the Ojai man complied with the instructions, he met with local police and discovered he’d been conned.

**********************************

The Sheriff’s Office issued a release warning people to be wary of this and other scams involving government impersonation.

Government Impersonation Scams On The Rise

Their warning is relevant nationwide, as a growing number of con artists impersonating government agents are scamming Americans out of their hard-earning savings.

Last year, the U.S. Marshals Service warned of a spike in similar scams in Cincinnati, as reported on the local station WLWT 5.

Of course, government impersonation scams aren’t limited to phone calls.

In 2023, the FBI’s Internet Crime Complaint Center (ICC) reported a spike of more than 60% in online government impersonation scams that robbed 14,190 people — the majority of them older adults — of more than $390 million in savings.

What Can You Do If You're Scammed?

If you’re the victim of an impersonation scam (whether it’s someone posing as a federal agent, IT professional or a bank rep) you can try to get your money back.

But it’s important to act fast.

The Federal Trade Commision advises that you immediately attempt to stop payment or reverse the financial transaction.

TO READ MORE:  https://www.yahoo.com/news/california-man-lost-everything-phone-203000550.html

5 Biggest Financial Regrets of Older Americans — And How You Can Avoid Them

5 Biggest Financial Regrets of Older Americans — And How You Can Avoid Them

David Nadelle  Fri, April 18, 2025  GOBankingRates

As one continues down the road of life, it’s a journey filled with unique experiences, challenges and opportunities for growth, shaping who you are and what you become. Enjoying the adventure isn’t without its difficulties, however, and many can’t help but regret the things they didn’t do along the way.

Regrets might be inevitable, but you can’t let them consume you. It’s always best to get a head start and avoid things you feel could come back to haunt you when you’re older. But even if you’re already “up there” in age, it’s never too late to practice sound financial strategies.

Business Insider asked over 1,000 Americans between the ages of 48 and 90 their views on retirement regrets, and their insights shed light on how challenging retirement and planning for it can be. People retire at different ages and for different reasons, but here’s what Business Insider and others had to say about five common financial retirement regrets, starting with under-saving for their retirement years.

Not Having Enough Retirement Savings

Not surprisingly, not having enough money to enjoy a comfortable lifestyle in retirement was the biggest regret most retirees have, according to not only Business Insider but the 2022 working paper “Financial Regret at Older Ages and Longevity Awareness,” published by Abigail Hurwitz (Hebrew University of Jerusalem) and Olivia S. Mitchell (University of Pennsylvania’s Wharton School).

Not saving more was the biggest regret for 52% of Hurwitz’s and Mitchell’s survey respondents.

Saving early and consistently through your working years is the smartest course of action, but it’s really never too late to get started learning and earning. If you’re retired, you can try to play the market and up the risk in your investment portfolio, but it might be a better idea to adjust your spending and find ways to increase your income.

Taking Social Security Benefits Early

Assuming it still exists when the time comes for you to retire, Social Security is one of the steadiest income streams and inflation hedges you can have later in life. However, unless you have serious financial or health difficulties or expect to live a shorter life, starting Social Security early decreases the amount of benefits you’ll get over your lifetime.

According to Transamerica’s 24th annual retirement survey, the median age at which retirees began receiving benefits is 63, and nearly three in ten retirees began receiving benefits at age 62, the earliest age available, resulting in a significantly reduced payment. Only 4% of retirees waited until age 70 to receive benefits.

If you’re nearing the age where you can start claiming Social Security, holding off until you’re 70 should be a goal you take very seriously.

Not Pursuing Education More

TO READ MORE:  https://www.yahoo.com/finance/news/5-biggest-financial-regrets-older-110325306.html

Robert Kiyosaki’s Top 4 Tips To Save Retirees From Financial Disaster

Robert Kiyosaki’s Top 4 Tips To Save Retirees From Financial Disaster

Jennifer Taylor  Thu, April 17, 2025   GOBankingRates

We all know that retirement involves a major financial shift in a person’s life. If you’re planning to leave the workforce in the near future, Robert Kiyosaki — founder of the famous “Rich Dad” franchise — has plenty of advice that might differ from the traditional guidance you’ve been given.

Going into retirement fully informed by money experts like him can help you avoid financial disaster. Here are four of Kiyosaki’s top tips to help you enjoy a financially sound retirement.

Don’t Expect Your 401(k) To Last

Generally speaking, if you worked hard to put money aside in your 401(k) throughout your career, you may assume it will last through retirement. However, Kiyosaki is adamant that this isn’t the case.

In a September 2024 post on X, he shared a story about having dinner with a baby boomer friend who said many of his peers are coming out of retirement because inflation has depleted much of their 401(k).

“Printing fake money causes assets such as gold, silver, and Bitcoin to rise in price,” he posted. “Printing fake money also causes food, fuel and fun to go up in price too.”

He said printing money might make the Feds richer, but it causes the poor and middle class to lose money.

“That’s why boomers are coming out of retirement,” he posted. “Their nest is filled with fake assets and fake money.”

Kiyosaki has long been a vocal critic of 401(k) plans.

On his “Rich Dad” website, he has covered the shift from defined benefit plans to defined contribution plans, which took place around the 1974 Employee Retirement Income Security Act. He noted that defined benefit plans provided employees with a set amount of income, but in the post-ERISA shift, the responsibility for retirement income has fallen on employees.

This, he noted, has left people with no financial education in charge of investing their retirement funds. While they can work with a financial planner, he indicated this might not necessarily be in their best interest.

Consider Alternative Investments

TO READ MORE:  https://www.yahoo.com/finance/news/robert-kiyosaki-top-4-tips-220017518.html

Preparing For The Escalation That’s Likely To Come

Preparing For The Escalation That’s Likely To Come

Notes From the Field By James Hickman (Simon Black)   April 17, 2025

There’s rumors floating around alleging that top secret plans from the Chinese Communist Party have been leaked, indicating that China’s President Xi Jinping views this conflict with the US as the opening to a complete and total war.

Personally I’m skeptical if these leaked documents exist, and if they are legitimate. I don't think anyone has any way to know.

But I will reiterate my view that, while I don’t believe war is imminent or certain, it’s clear that the US and China are closer to conflict now than they have been since at least the 1960s when China participated in the Vietnam War.

It’s not hard to understand why. The two largest economic powers in the world are deliberately trying to hurt one another. And history is full of examples of economic wars which escalate into much larger conflict.

We can certainly hope that cooler heads prevail. But as we used to say in the military, hope is not a course of action... and it’s imperative to acknowledge that this major risk exists.

How might things escalate?

First on the list is the very real and immediate risk of a cyberattack from China.

In fact that’s already happening.

Remember SolarWinds— the massive cyberattack in 2020 where state-sponsored foreign hackers compromised a widely used IT management platform to infiltrate US government agencies and major corporations?

That single attack gave the CCP access to countless US networks.

More recently, a top Chinese official admitted Beijing’s responsibility for the Volt Typhoon cyberattacks targeting US infrastructure, in a closed-door December 2024 meeting.

In 2015, Chinese hackers breached the US Office of Personnel Management and stole sensitive data on over 22 million federal employees, including security clearance files and fingerprints. They were inside the systems for months before they were detected.

And just this week, major US banks including JPMorgan raised the alarm after discovering the email system of the Office of the Comptroller of the Currency (OCC)— a US banking regulator— had been hacked, potentially to steal credentials that gain further access to systems and information.

It doesn’t really matter which of these can be directly linked to the CCP. Russian hackers, North Korean infiltrators, Chinese non-state entities— they are all in it together.

And the fact that China seems to leave everything intact after their attacks, without damaging or disrupting systems, is actually the scariest part.

We’re talking sleeper viruses. Malware that’s already inside the system.

And the target? Some of the most critical infrastructure in the country. The power grid. Water systems. Financial institutions. These aren’t exactly hardened digital fortresses. In fact, many of these systems are laughably insecure.

The US energy sector in particular still operates on shockingly low-tech infrastructure with outdated code. Same story with large parts of our financial system.

I’ve written before about how SWIFT—the nerve center of global financial transfers—was recently running outdated Windows (version 7!!) operating systems.

Bottom line, Chinese hackers and malware are embedded in vulnerable US systems. They have access. They have credentials. Let’s not be naive about this.

Imagine waking up one morning and your bank app doesn’t load. Your credit card doesn’t work. You can’t send a wire, can’t make payroll, can’t even pay your rent. Maybe you don’t even have electricity, or clean running water.

A Plan B for this scenario has never been more important.

The first step is easy— buy a secure home safe, and keep enough cash on hand to pay for a month or two of necessities.

Add some precious metals which allow you to maintain physical custody of some savings, with no third party in between you and your money. Have gold and silver coins and bars in a variety of weights so you could spend them in an emergency.

Holding some cryptocurrency isn’t a bad idea either— offline, on a hardware wallet that can also go in the safe. Again, this takes some of your savings out of the vulnerable financial system, and allows you to maintain physical custody of your funds.

Here’s another key point aside from money: China manufactures over 40% of the world's active pharmaceutical ingredients— the chemical compounds which make up drugs— and up to 95% of particular compounds, such as crucial ingredients in the antibiotic penicillin.

So even if the final product isn't labeled "Made in China," the underlying ingredients may still originate from Chinese manufacturers.

That’s a significant role in the global pharma supply chain that could cause massive disruptions if they chose to weaponize it. 

So if you take regular medication, make sure to keep extra on hand.

Having a power generator is another good backup plan, whether it runs on propane or gasoline, or solar panels and batteries. The same goes for extra water storage.

Again, I’m not saying that there’s some imminent danger. But we shouldn’t ignore the risk. And the point is that there’s no downside to taking sensible precautions.

That’s the basic premise of a Plan B: identify the biggest threats against your safety and prosperity, and take reasonable steps now that give you confidence in the face of uncertainty.

These are all fairly easy steps to take that give us options to respond to whatever happens, since none of us know exactly how any of this will play out.

Soon, we’ll discuss additional Plan B strategies that give you even more dexterity in the event of prolonged system disruptions, and equally disruptive potential emergency responses from the US government.

To your freedom,  James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/preparing-for-the-escalation-thats-likely-to-come-152552/?inf_contact_key=6f0cbd6941df8d38cfa6f0a90e96eddd0c973b8936282bcfa17ad90af1aa6cc5

10 Most Awesome Things You Can Do for Your Finances

I’m a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances

Cara Danielle Brown  Wed, April 16, 2025  GOBankingRates

Looking to make the most of your finances, starting today? Some may think that taking financial risks or chasing trends is the key to maximizing potential.

But, according to Michael Fiammetta, financial advisor at 4 Generations Wealth Management, the best thing one can do this year is the same thing he or she can and should be doing every year: master the basics.

Maximize Retirement Contributions

Contributing as much as you can as early as you can to your 401(k) or IRA — within annual limits — “is one of the smartest moves you can make for your future self,” Fiammetta said.

This is because nothing helps grow your retirement savings over time like compound interest. Can’t afford to contribute the maximum amount? That’s okay. Fiammetta argued that boosting contributions by a mere 1% in 2025 will impact your financial future.

Diversify Your Portfolio

If your investments are concentrated in one sector or asset class, consider diversifying stat.

“A diversified portfolio–spanning stocks, bonds, real estate, and more — reduces risk and positions you for long-term success,” said Fiammetta. This way, if one or two investments don’t perform well, others can balance out the loss.

Create an Estate Plan

No one likes to think about it. But what would happen to your money if you meet your untimely demise? In the absence of an estate plan, the state would determine who gets your assets based on unique intestacy laws that establish priority order beginning with closest living relatives.

But what if you wish to dictate particular amounts to specific individuals, or you prefer to pass assets to extended family and charitable organizations? Make sure a trust or will is put in place. Having a say in how your money is divided up ensures your preferences are honored and your legacy is carried on. It could also help loved ones avoid probate.

Review and Update Beneficiaries

TO READ MORE:  https://www.yahoo.com/finance/news/m-financial-advisor-10-most-140127402.html

6 Things You Should Never Put in a Living Trust

6 Things You Should Never Put in a Living Trust

Preston Hartwick Tue, November 12, 2024 GOBankingRates

Estate planning provides for the smooth handling of your assets after death. However, only around 32% of American adults have a will, indicating that most people haven’t taken the appropriate steps to prepare for the management of their estate, according to LegalZoom.

One essential tool for estate planning is a living trust. It allows your assets to bypass the lengthy, costly probate process and maintains your financial privacy.

Since a living trust can be amended or revoked at any point during your lifetime, it also serves as a flexible way to control your assets, avoid family disputes and ultimately provide peace of mind knowing that your estate will be managed according to your wishes.

However, not every type of asset belongs in a living trust. This article will cover the assets you should exclude from your living trust and why.

Things To Leave Out of Your Living Trust

Including certain assets in a living trust can complicate estate management, trigger tax consequences or negatively impact the asset’s value.

While it’s always a good idea to consult an estate planning attorney for legal advice, consider excluding the following assets to maximize the benefits of your living trust:

1. Retirement Accounts

Retirement accounts like 401(k)s and IRAs can trigger tax consequences if you include them in your living will.

Since your living trust is a separate legal entity, any transfers you make from a retirement account count as a withdrawal. This makes transfers taxable and subject to penalties for early withdrawal.

One way to avoid this issue is to name the living trust as a beneficiary on the retirement account. Any funds in the account transfer to the trust upon your death and are distributed to other beneficiaries according to your will.

2. Health Savings Accounts and Medical Savings Accounts

Health savings accounts (HSAs) and medical savings accounts (MSAs) only offer tax-free growth if you use the money for medical expenses. Therefore, transferring an HSA or MSA to a living trust would cause you to lose this tax protection.

By keeping HSAs outside your trust and designating beneficiaries directly, you can continue to enjoy the tax benefits of your HSA or MSA.

3. Active Bank Accounts

You can include checking accounts or other active financial accounts into your living trust, but there are easier ways to transfer funds to your heirs and bypass the probate process.

TO READ MORE:  https://finance.yahoo.com/news/6-things-never-put-living-190103941.html

77% of Americans Plan To Use Tax Refunds for Essential Expenses: 5 Tips for Using Yours

77% of Americans Plan To Use Tax Refunds for Essential Expenses: 5 Tips for Using Yours

Dawn Allcot  Tue, April 15, 2025   GOBankingRates

For Americans who usually receive a tax refund, that spring windfall sometimes helps cover a treat, like a family vacation, a pool or new patio furniture. But for a majority of people this year, their tax refund is going toward necessities, according to a study from Talker Research, commissioned by TaxSlayer.

The study found that 77% of Americans will spend their tax refund on necessities this year. What’s on the top of their list? More than half (52%) of those polled said the money will go toward rent or utility bills. Meanwhile, 44% will put the money toward groceries and essential goods. Thirty-seven percent are using the cash to pay down credit card debt, with 56% of that group still paying off holiday bills.

This is common — and nothing to be ashamed of — in today’s financial environment.

“If your refund is going straight to keeping the lights on and food in the fridge, that probably says more about the cost of living than your decision-making,” said Taylor Kovar, CFP, founder and CEO of 11 Financial. “That kind of pressure is real.”

However, there are ways to plan ahead to remove some of that financial sting throughout the rest of 2025. Try spending what you can of your tax refund strategically to try to get ahead.

Look at Your Spending Patterns

If you’re consistently running behind on fixed expenses, like your car loan, rent or utility bills, you should “zoom out and look at the patterns,” Kovar advised. “It’s worth seeing if there’s a monthly expense that’s quietly draining your budget.”

See if you can change due dates on bills so everything doesn’t hit your bank account at the same time too. If you have good credit, consider consolidating some of your credit card debt to a 0% interest credit card that you can aim to pay off within 12 to 18 months.

Sometimes, small tweaks like changing due dates and reducing interest payments can provide the breathing room you need.

Use Your Refund To Build a Small Cushion

If you can, deposit part of your refund into a high-yield savings account to provide a buffer for months when emergency expenses crop up or cash gets tight.

“The goal isn’t perfection,” Kovar said. “It’s just trying to make the months ahead feel a little less like a juggling act.”

Plan for the Holidays

TO READ MORE:   https://finance.yahoo.com/news/77-americans-plan-tax-refunds-170500998.html

What Does A Financial Advisor Do And When Should You Get One?

What Does A Financial Advisor Do And When Should You Get One?

Brian Baker, CFA  Mon, April 14, 2025   Bankrate

Most people are aware of financial advisors and may even hire one at some point in their lives, but what exactly do financial advisors do? Financial advisors provide advice and guidance on a variety of financial issues you’ll encounter over the course of your life such as investments, retirement planning, insurance and even taxes.

Here’s what else you should know about financial advisors, including the advantages and disadvantages of using one and when you should consider hiring one.

Financial Advisors: What They Do And How They Can Help Manage Your Money

A financial advisor is someone who helps you manage various aspects of your financial life. People most often associate financial advisors with planning for retirement, but they can also be involved in general investment management, budgeting, insurance, taxes, estate planning and more.

Financial advisors charge a fee, often expressed as a percentage of your assets, in return for their services. They can assist you with several different aspects of your financial life, but not all advisors or firms provide the same services.

Here are some of the common areas financial advisors provide guidance on:

Goal planning: One of the first things an advisor typically does is ask clients about their short- and long-term financial goals. A financial plan is then built around achieving those goals while taking into account the unique circumstances of each client.

Budgeting: If you’re just starting out in your financial journey or even if you’re more established, advisors can help you construct an overall budget and identify ways to boost your savings, if necessary.

Investments: Financial advisors also provide advice on your investment portfolio and can assess things such as your overall asset allocation. They can also answer questions and recommend investment products such as mutual funds and ETFs.

Retirement planning: Nearly every financial advisor will be able to assist with retirement planning, which is often the biggest long-term financial goal for most people. They can help you navigate your employer’s 401(k) plan and offer guidance on other choices such as a traditional or Roth IRA.

Taxes: Financial advisors can provide guidance that takes into account current and future tax considerations.

Insurance: Financial advisors can also help you determine whether life insurance or annuity products make sense for you, but be sure to understand whether the advisor will receive a commission on the product they’re selling to you.

Estate planning: Planning for the end of life isn’t easy, but financial advisors may be able to guide you through the estate planning process, which will make it easier on your heirs when that time comes.

Types Of Financial Advisors

TO READ MORE:  https://finance.yahoo.com/news/financial-advisor-215453387.html

What It Really Means To Help Someone — And The Consequences That Can Follow

What It Really Means To Help Someone — And The Consequences That Can Follow

He borrowed $20K from his brother — then crashed the car he bought instead of going to law school

Victoria Vesovski  Moneywise   Sun, April 13, 2025

When a loved one is in need, lending a helping hand can feel like second nature — even with a price tag.

On a recent episode of his new Netflix talk show, Everybody’s Live With John Mulaney, the comedian explores what it really means to help someone — and the consequences that can follow.

He’s joined by actor Michael Keaton and Jessica Roy, a personal finance columnist for the San Francisco Chronicle. Their first caller was Dylan from Montville, New Jersey, who borrowed $20,000 from his brother to attend law school. But instead of cracking open textbooks, Dylan bought a car. Then he crashed it. After selling the wreck for scrap, only $1,200 of the original $20,000 remained.

Now, Dylan finds himself in a bind: no money, no law degree, a totaled car and a $20,000 lie he has to repay.

It’s a cautionary tale and one that might hit closer to home than you’d expect. Whether you’ve loaned money to a loved one or considered asking for help yourself, navigating finances within personal relationships can be tricky.

Being a good friend

When money enters the mix between friends and family, the emotional toll can often outweigh the financial loss. A LendingTree survey found that 31% of Americans are owed money by a loved one — with friends and siblings being the most common borrowers.

The top reason? Covering debt payments and everyday expenses like meals and gas. But personal lending often comes with strings attached: nearly half of the respondents said they regretted lending money to someone close, and one in six admitted it had damaged a relationship.

In the episode, Roy emphasized that lending money to someone you care about requires a mental shift.

“Any money you loan someone you need to be psychologically detached from it,” she explained. “It’s a gift and I’m not going to get it back.”

It’s a mindset that protects more than just your wallet — it safeguards your relationships, too. When lending to friends and family, boundaries are just as valuable as budgets.

Stuck in a tough spot

TO READ MORE: https://www.yahoo.com/finance/news/borrowed-20k-brother-then-crashed-102500592.html

Hoarding Cash and Delaying Purchases

Hoarding Cash and Delaying Purchases: Anxious Retirees React To The Stock Market Selloff

Alicia Adamczyk  Updated Mon, April 7, 2025  Fortune

Though few people are enjoying the tariff-induced market meltdown, it is an especially tough time for retirees and those near retirement, who have been hit with a double financial whammy: Not only are their portfolios losing value at a time when they can least afford it, but they are also often the people least able to absorb higher costs on their fixed incomes.

Though financial advisors generally advise clients to remain calm in the face of market volatility, they say some clients have made a few key moves over the past few days to put themselves in better positions.

"I have been advising my retiree clients for months to build up their cash reserve to about one year's worth of withdrawals from their portfolio, at minimum," says Katrina Soelter, California-based certified financial planner (CPF). This allows retirees the ability to avoid taking disbursements, withdrawals from a retirement account, at a loss. "If retirees don't have that cash reserve right now, then building that up strategically over the next several months would be key."

For many, a key consideration is distinguishing between money needed now and money needed later, says Brenna Baucum, an Oregon-based CFP.

"One client who reached out this week was understandably anxious, but we were able to revisit a decision we made in January to move this year's required minimum distribution into cash," says Baucum. "Knowing they won't need to sell anything from their investment portfolio again until, at the latest, December 2026 gave them real peace of mind."

Other clients are postponing large or nonessential discretionary purchases in order to keep some liquid breathing room in their budget. That said, it can also make sense for pre-retirees and retirees on fixed incomes to speed up some spending. At a time when headlines are warning of potential $2,300 iPhones, consumers need to think through how their spending could be impacted.

"With new tariffs on the horizon, it's worth being intentional about spending," says Baucum. "If you were already planning to buy goods from soon-to-be-tariffed countries…it may make sense to accelerate those purchases. That's not market timing, it’s thoughtful consumption."

It's important to be proactive and track expenses closely, says New York CFP Melissa Caro.

"Retirees may need to adjust spending or consider inflation hedges like TIPS or a refreshed asset allocation to stay on track," says Caro, referring to Treasury Inflation-Protected Securities, which are bonds whose principal and interest rate payments increase with inflation.

Shifting investment strategies

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https://www.yahoo.com/finance/news/hoarding-cash-delaying-purchases-anxious-131537855.html