In a recent study conducted by the ‘National Retail Federation and Prosper Insights and Analytics’, it was found that the average American family will spend just south of $700 for back-to-school costs in 2019. Is your child soon to be a college student? The same survey reported you should be ready to spend a little less than $1,000 alone for start-up school supplies. While this cost seems large, it’s just a part of your financial portfolio. Back-to-school time is not only a great time to plan a scholastic budget, but also reviewing and reassessing your financial plan.
Below is your Official 2019 Back-To-School Financial Guide to make sure your student, and your financial goals, stay on track:
How has your year progressed in terms of finances? Have you met or succeeded in your goals? Developing a spreadsheet and comparing where you were at the beginning of the year to where you are now can help you asses how aligned you are with your financial goals. Building this report toward the latter of the year will also give you time to adjust your plan (if needed), throughout the remainder of 2019.
Life happens, which is why insurance was invented. Whether you want to provide for your family in case of an emergency or someone forgets to turn off the stove…again; insurance of all sorts can help cushion the blows to your wallet and financial well-being. However, just as life is always changing, so too are your insurance needs and costs. Once a year, you should reevaluate your insurance needs and coverage for any change. While you may not be able to change health insurance in the middle of the year, items like car and home can be changed with a little research and not much effort.
Regardless if you are married, single, with or without dependents, it is crucial to create and maintain a workable budget. Life changes on a regular basis and your budget must coincide with your current income, needs wants, and goals. Back-to-school time is an ideal time to revisit your budget. It’s a relatively slow time on the tail end of summer travels and on the steps leading up to the holiday season. Budgets should be regularly checked throughout the year and especially after any life changes like marriage, death, education, etc.
Now is the best time to make sure you are receiving the most tax breaks you can on income for 2019. Items like 401(k), charitable contributions, and retirement contributions are all fantastic ways to reduce your tax liability. Consider boosting certain contributions to reduce what you’ll pay in taxes. While ‘tax season’ is still months away, it’s important to start looking at your 2019 year from a financial perspective and start looking out other ways to save on taxes before years end.
Back-to-school season signifies the approach of cooler weather, the quick onset of school costs, and the ultimate approach of years end. Make sure you have a great start to 2020 and finish off 2019 by utilizing this guide when looking at the remainder of your financial year. Although these are good recommendations to start with, you should connect with a financial professional to see where you are on your financial journey and how these tips could benefit you.
Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
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In today’s low-interest-rate environment, there are fewer fixed income alternatives for retirees seeking income. With rates on traditional staples such as CDs and money market accounts at or near all-time lows. Fixed-income annuities are an alternative to consider for retirees seeking income and safety. The issuing insurance companies back the claims-paying ability of all annuities. Once thought of as only a standalone retirement income solution, a fixed-income annuity is now commonly recognized as one of many components of a retirement portfolio.
For people that have been diagnosed with a terminal illness or are in poor health, the idea of not having life insurance when needing it can be unsettling. For others who have a chemical dependency or have had one in the past, guaranteed issue life insurance (GI life) ignores the health risk of the dependence and provides the death benefit to their beneficiaries after the two-year waiting period. With other types of life insurance, the health risks the individuals face would be an automatic decline for coverage. Guaranteed issue life insurance may be the only life insurance available to these individuals.
What does Summer remind you of? Maybe it’s the feeling of jumping into a cool pool after a day in the summer heat, or maybe it’s the sound of the ice cream truck as you are bolting out the door with whatever change you could get your hands on. From lazy days in air conditioning to random road trips and more; summer is full of memories, and more importantly, financial choices.