If you’re like most Americans, you make the majority of your donations to charitable organizations in November and December. But as you get ready to pull out your checkbook to write that check or go online to make a donation from your favorite organization’s website, make sure to perform some due diligence; particularly if you’re considering giving to an organization for the first time.
So, what should you know about the organization you are interested in giving to? Here are a few things to look for:
Whether a formal budget is put together or not, everyone has a budget they live by in life. You can only spend as much money as you can access on an annual basis, whether that is directly through your paycheck or through loans and credit cards. Ideally, you are spending less than you make each year and not taking on too much debt. However, debt is inevitable and so is the need for a rainy-day fund, or emergency savings. One of the toughest financial decisions most people face is what to do with the money they have. Should you be paying down debts or saving for emergencies?
Going to college is an expensive endeavor. While most people fret about the cost of tuition and the rising price of textbooks, it is often room and board that can sink many college students financially. The average annual tuition in the United States at a four-year, public institution is $9,139 for in-state students and $22,958 for others. The average annual tuition at a private, non-profit school is $31,231.
When children head off to college, they are leaving the nest for the first time. This is the first experience many will have with taking care of their own living needs, shopping for groceries and household goods, and also the first time many will encounter their own fiscal decisions. Once your child graduates from college, they are going to face numerous financial challenges. Helping them start a budget to keep track of their finances is the best tool you can give them. If you are unsure of where to start, here are some tips to help them setup a budget to follow.
It is vital that you consider your retirement needs long before you approach retirement years. Your number one priority must be to find ways to make your retirement funds last. Your retirement considerations should include three tasks:
Develop an income plan
You cannot spend your retirement money during your retirement years. You need to live off the earnings from that money. You must develop an income plan that allows you to live off 6% to 7% interest on your retirement savings, so you will not deplete it.