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1/10/11: Creating Your First Budget

Budgeting is one of the first great lessons of personal finance, yet relatively few people are taught the basics of creating one. Or if they’re taught, they forget. The inability to measure how much money is coming in and how much is going out is a primary reason for financial illiteracy in this country.

So it’s a good idea to go over those basics. The Webster’s definition for budget is simple: “A plan for the coordination of resources and expenditures.” A budget is both a noun and a verb – a plan and a process. So it makes sense to go over the basic process of budgeting – learning exactly what money is coming in to your life, what’s going out and how effectively you’re using the difference.

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1/10/11: New Federal Consumer Protection Rules Went Into Effect Jan. 1 – What You Should Know

On Jan. 1, new federal consumer protections went into effect on issues ranging from transparency on credit reports to safeguards against identity theft. MORE »

1/4/11: New Wi$eUp Handbook Available!

The Wi$eUp Handbook has been revised and updated with a wealth of new information. It is now available for purchase in the AgriLife Bookstore, so check it out! MORE »

12/1/10: How to Evaluate a High-Deductible Healthcare Policy

According to an August survey from America’s Health Insurance Plans, an industry trade group, as of January 2010, 10 million Americans were covered by high-deductible health plans with a health savings account (HSA) feature. That’s up from 8 million in January 2009 and 6.1 million in January 2008.

The advantage? These companion policies allow individuals and families to keep monthly premiums relatively low while being able to deposit pre-tax dollars into its companion HSA account that allow account holders to use those pre-tax dollars to pay out-of-pocket medical costs. Earnings on those accounts are also tax-free as are withdrawals used for qualified medical expenses.

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12/1/10: Set your Money Resolutions for 2011

If financial stress is part of your life, resolve to extinguish it over the next year. Consider the following resolutions to lead a better financial life in 2010. MORE »

12/1/10: Favorable Tax Treatment on Roth IRAs Set to Expire Dec. 31

While individuals with adjusted gross income of more than $100,000 have been eligible to convert their traditional IRAs to Roth IRAs since the beginning of the year, there’s a tax consideration that may make it a good idea for some who haven’t made the move to do so by the end of the year. MORE »

11/1/10: Strategies to Keep Your Healthcare Spending Under Control

Healthcare reform promises to offer health insurance coverage to a wider variety of Americans, but it doesn’t mean healthcare is going to become cheaper, at least not in the short term. A September study by Hewitt Associates notes that 2011 health care cost increases will be at their highest levels in five years with an average 8.8 percent premium increase for employers, compared to 6.9 percent in 2010 and 6 percent in 2009.

So what can you do? You need to make a big change in your mindset about what you spend on healthcare, no matter how great your coverage. Increasingly, people will need to shop for healthcare coverage and services much like they comparison-shop for food and merchandise. Employers and insurers will continue to shift costs to individuals for a variety of healthcare services, and though the initial adjustment might be scary, those that get the hang of it early will become better at selecting healthcare overall.

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11/1/10: Making Your Dollars Go Further at Holiday Time

One of the few good things about a tough economy at holiday time is that it underscores the need to consider what’s really essential. And while what’s essential isn’t always about money or presents, setting spending priorities early is a way to keep the year’s biggest spending season worry-free and most important, debt-free. MORE »

11/1/10: Don’t Wait Until Dec. 31 to Do Your End-of-the-Year Tax Planning

For most people, the last week of the year is almost too late to make the tax moves that make the most sense for them. It’s best to review options now before the holidays – and holiday spending – potentially derail opportunities to save money. MORE »