It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
President Biden's new plan will forgive up to $20,000 in student loans for many borrowers, including those who owe more than they originally borrowed, low-income earners, and those who have not successfully applied for other relief programs. The plan also cancels loans for borrowers whose degrees are from "low-value" institutions or who are experiencing financial hardship.
A recent survey reveals widespread financial stress among adults in various countries. Half of respondents in the U.S., Australia, Spain, and Mexico reported feeling "stressed or somewhat stressed" about money. A significant portion of middle-class individuals described themselves as "living paycheck to paycheck." Inflation, lack of savings, and economic instability were cited as major sources of concern. Notably, many adults felt they were worse off financially than their parents and pessimistic about their children's financial prospects.
Overspending can sabotage financial goals, whether it's big purchases like homes and education or smaller habits like dining out. Financial advisors recommend being mindful of spending and setting priorities to avoid overspending. By tracking expenses, adjusting small habits, and considering emotions in big purchases, individuals can ensure their spending supports their financial well-being. Consulting with a financial advisor can provide objective guidance on whether spending is aligned with financial goals.
Many Americans dislike budgeting because it feels like deprivation. Experts suggest reframing it as "raising funds" or setting financial goals to make it more positive. Identify strategies that meet needs while saving money, such as using streaming services alternately or raising insurance deductibles. By committing to small spending reductions, you can create extra cash flow to pay down debt or save for the future.
Inflation is slowing, which means Social Security checks may not increase as much in the future. To prepare, retirees can:
* Earmark extra cash to stash away for emergencies.
* Take advantage of higher interest rates on savings accounts and certificates of deposit.
* Review monthly expenses and cut back where possible.
* Consider investments, such as annuities, to supplement income.
* Seek guidance from a financial advisor to plan for retirement needs.
