Money tight? Ways to adjust your budget
You’re not the only one with a tight budget. Millions of Americans are currently struggling with unemployment, lost hours and lowered wages. We talked to financial experts for advice on getting more mileage out of the money you have available right now. Here are their tips for finding extra money in your monthly budget: Go line by line You’re probably spending a lot of time at home ... READ MORE
Steps you should take to protect your car
If you’re sheltering at home during the coronavirus pandemic, your car is likely spending a lot of time sitting in your driveway. But, much like people, cars need exercise and don’t do well if they sit for too long. How long is too long? Well, that varies, but with lockdowns in many places running into three months now, that’s too long for a car to go with little or no use. The... READ MORE
Maryland tax credits for owners, renters
As the COVID-19 pandemic continues, thinking about the impacts on your household can be overwhelming. But now is an ideal time to learn about the resources available to you and your family. The Maryland Consumer Rights Coalition (MCRC) is ramping up its “Take the Credit” campaign, which reminds Maryland homeowners and renters about two sometimes forgotten tax credits. The... READ MORE
It’s smart to make end-of-life plans now
The coronavirus pandemic has more people addressing their end-of-life planning. For those who haven’t done so yet, it’s a great time to take it on. People are traditionally rather hesitant to take the steps that experts suggest — creating an advance directive, writing a will and more — in part because they don’t want to ponder their own mortality. But the pandemic has... READ MORE
How to ask your bank or lender for help
Many banks, credit card issuers and other lenders have promised to help those impacted by the coronavirus pandemic. They’re offering to defer or reduce payments and waive interest charges and rebate fees for those who have lost jobs, had their hours reduced or otherwise lost income due to the COVID-19 crisis. The help usually isn’t automatic, however. You have to ask for it — and... READ MORE
Coronavirus relief act waives 2020 RMDs
The recent coronavirus relief legislation, or CARES Act, made several important changes affecting charitable deductions as well as Required Minimum Distributions (RMDs). It increased the charitable contribution deduction that a taxpayer is entitled to claim for cash contributions made to most public charities during the 2020 calendar year. Prior to the CARES Act, contributing to... READ MORE
Tips before you adopt or buy a puppy
Puppies provide us with comfort, happiness and love. But bringing a four-legged friend into your daily life is quite an investment — a pup requires a considerable amount of your time, money and attention. Here’s what to know and do before bringing Fido home: Evaluate your budget, lifestyle Ensure that you’re ready for a puppy and everything that goes along with one. Your new... READ MORE
Stop ‘dollar-cost ravaging’ your portfolio
If you aren’t familiar with the 4% rule, it asserts that retirees are unlikely to run out of money as long as they withdraw approximately 4% from their portfolios, adjusted for inflation, each year. It was created in the 1990s, based on stock and bond returns over a 50-year period, from 1926 to 1976. And it made sense for many folks — for a while. But times change, and so does... READ MORE
How to raid retirement funds in a crisis
In an ideal world, your retirement accounts would be left alone for retirement. But you’ve probably noticed that we’re not living in an ideal world. Early withdrawals can have serious repercussions, including big tax bills today and potential shortfalls in the future. Please look for other solutions first. You might: — Halt ongoing retirement contributions to free up... READ MORE
Where to turn amid bond market chaos?
I won’t mince words: “Lower for longer,” my overriding view of fixed-income yields, is trending toward “lowest imaginable.” Expect the imminent return of zero, or near-zero, rates on money market funds, three- and six-month certificates of deposit (CDs) and bank deposits. Bonds with 4% and 5% coupons will be called in bunches by their issuers. Mortgage refis will cut the payouts... READ MORE
Money 2024
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