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In the next five years, more than 4 out of 10 high school students in the U.S. will be enrolled in high schools where a personal finance course will be required before graduating. Since 2013, there has been a significant increase in the number of states requiring students to take a personal finance course before graduation, according to a report from Champlain College. “Once you graduate from high school, not a day will go by that you don’t think about money, how to make it, how to spend it, how to save it. You will be thinking about this until the day you die,” said John Pelletier, director of Champlain College’s Center for Financial Literacy. The surge in personal finance courses is partly a response to the pandemic, which focused attention on difficult household finances and growing income inequality. Higher inflation and the resumption of student loan payments has also renewed worries about low financial literacy in the U.S. In the next five years, more than 4 out of 10 high school students in the U.S. will be enrolled in high schools where a personal finance course will be required before graduating. By 2028, when new laws and policy changes are fully implemented, 23 states are projected to require high students to have taken a personal finance course before graduation. Studies show personal finance education can make a significant difference in financial behaviors for many teenagers and adults. According to Carly Urban, a professor of economics at Montana State University who studies financial literacy, financial instruction can improve credit scores, lower loan delinquency rates, and reduce the use of risky services like payday lending. “We are currently collecting signatures in support of financial education for all high schoolers,” said Tim Ranzetta, co-founder of Next Gen Personal Finance, a financial literacy advocacy organization. “We are far outpacing our estimates, demonstrating what we all inherently know: that personal finance is an impactful and easy-to-implement course with strong demand from both students, parents and the general public.”

Spending anxiety is real, so take some of the pressure off yourself and your loved ones by opting for gifts that matter The holiday season is synonymous with joy, togetherness, and generosity. However, for many, it also comes with a side of anxiety, especially when it comes to managing the budgets for gift-giving. The pressure to find the perfect presents for friends and family can lead to worry about overspending. In this guide, we'll explore effective strategies to manage anxiety around holiday spending and provide practical tips on budgeting for gifts without sacrificing the festive spirit. Set Realistic Expectations Before diving into your holiday shopping list, take a moment to set realistic expectations. Understand that the true value of a gift lies in the thought behind it rather than the price tag. Communicate with friends and family about setting reasonable spending limits to alleviate the pressure for extravagant gifts. Create a Comprehensive Gift List Start by listing all the people you want to buy gifts for, from family and friends to coworkers and neighbors. This will help you visualize the scope of your gift-giving and prevent last-minute panic purchases, where you might accidentally overspend. Consider grouping people into categories and assigning a budget to each category. Establish a Budget Determine how much you can realistically afford to spend on holiday gifts without compromising your finances. Be honest with yourself about your financial situation and set a firm budget. This will serve as a guide to prevent impulse purchases and keep your spending in check. Take Advantage of Deals and Discounts Keep an eye out for sales, promotions, and discounts both online and in-store. Many retailers offer special deals during the holiday season, so plan your shopping accordingly. Utilize cashback and rewards programs to get the most value out of your purchases. Consider DIY and Other Alternatives Not every meaningful gift comes with a hefty price tag. Consider creating personalized, do-it-yourself gifts or opting for experiences instead of physical items. According to Bill McKibben, the author of “Hundred Dollar Holiday: The Case for a More Joyful Christmas,” his family practices the $100 holiday challenge. With this challenge, his family tries to only spend $100. “Give things that are rare — time, attention, memory, whimsy,” McKibben writes. “We run short on these things in our lives, even as we have an endless supply of software, hardware, ready-to-wear.” Grandparents can record themselves reading their grandchildren’s favorite children’s books. Teenagers can give parents coupons for pet-sitting, housecleaning, or baby-sitting. Siblings can gift each other handmade cards with heartfelt messages. Parents can give children thrifted toys or clothing. Grandchildren can give grandparents a calendar with each month of family photos. Track Your Spending Keep a close eye on your expenditures throughout the holiday season. Use budgeting apps or tools to track your spending and ensure you stay within your allocated budget. Regularly reviewing your financial progress will help you make necessary adjustments and avoid any unpleasant surprises. Communicate Openly If financial constraints are particularly tight this year, don't hesitate to communicate openly with your loved ones. Most people would appreciate honesty and understanding rather than receiving a gift that puts undue strain on your budget. Suggest alternative ways to celebrate, such as a potluck dinner or a holiday movie night. You can also set a dollar limit of $10 per person or decide to only buy gifts for the children. Setting expectations now can make everyone relieved about gift-giving without worrying about giving or receiving an expensive present. Conclusion The holiday season is a time to celebrate and express gratitude, and it's essential to approach gift-giving with balance. By setting realistic expectations, establishing a budget, and adopting thoughtful strategies, you can navigate the holiday shopping season with confidence and joy.

Don't stress over pricey gifts this year. Try these creative and thoughtful alternatives this season instead! The holiday season is a time for joy, love, and giving. However, the pressure to find the perfect gift can often lead to anxiety and overspending. This year, let's shift our focus from expensive presents to thoughtful, creative gestures that don't break the bank. Homecooked Delights A homecooked treat is a classic way to show you care, and it doesn't have to be extravagant. Put together a basket of homemade cookies, a jar of your signature pasta sauce, or a mix for hot cocoa. Personalize it with a handwritten recipe card and some festive packaging. This not only saves you money but adds a personal touch that store-bought gifts often lack. Albums and Scrapbooks Create a trip down memory lane by compiling a photo album of nostalgic moments shared with your loved ones. You can either print photos and put together a scrapbook, or create a digital photo album online with services like Canva. Although it seems simple, sentimental gifts like this are always simple but sweet. Skill-Sharing Vouchers Share your talents and skills by creating custom "skill-sharing" coupons. Whether you're a whiz in the kitchen, an expert at organizing, or a tech-savvy individual, your skills can be a valuable gift. Offer a coupon for a tech tutorial, a cooking class, or assistance with organizing a space. It's a unique and personalized gift that doesn't cost a dime. Unsure if you have a giftable skill? Consider giving your time to friends and family, by creating personalized gift vouchers for services that others will truly appreciate. For instance, offer a few hours of dog-sitting to friends or family with pets; or arrange a wine and Netflix night for friends. Below are a few templates for gift vouchers for you to download and send this holiday season: Nature-Inspired Gifts Create a personalized terrarium with small plants or succulents, propagate one of your plants, or gather pinecones and evergreen branches to make a festive centerpiece or wreath. These nature-inspired gifts not only reflect the season but also add a touch of tranquility to the space of your friends and family. Customized Playlists In the age of Spotify, a carefully curated playlist can be a fun and inexpensive gift. Craft a playlist that suits the taste of your friends or family. Include songs that hold special memories or that you believe they'll enjoy. Pair it with a handwritten note explaining why each song made the cut. Conclusion Whether it's the gift of time, a homemade treat, or a shared skill, these thoughtful gestures leave a lasting impact. Don't be afraid to explore your creativity and show your loved ones that the most valuable gifts don't always come with a hefty price tag.

These financial pros can't turn back time, but that doesn't mean you can't learn from their mistakes and lessons 1. Save for retirement as soon as you can “I wish someone told me about the importance of saving for retirement sooner. Even if it’s not through a 401(k), an IRA is always another great alternative. Many people wait for the opportunity to utilize an employer-sponsored 401(k). While it might be a little easier to set one up through an employer, considering an IRA might be a sound plan if people want to start saving sooner than that.” — Angela Ruth, Due 2. Take a holistic view of your financial health “Evaluate your financial health holistically and for the long term. It’s easy to focus on your near-term future or become hyper-focused on one aspect of your financial journey, such as Roth IRA contributions and performance. People often overlook less obvious but equally important factors, such as their tax, legal or insurance policies. And of course, it’s OK to ask for help from a trusted source.” — H. Adam Holt, Asset-Map 3. Know how much your skills are worth “My advice is universal, but I want to especially advise women: Do not undervalue yourself when negotiating your salary early in your career. When I interview women and men for positions, women typically will undervalue their skill set and be willing to accept a lower starting wage. That one strategic error will set the pace of their earnings for years to come. It is a very costly financial mistake.” — Elizabeth Graham, Riggs Asset Management Co., Inc. 4. Understand what a fund's "average growth" means “The term ‘average growth’ did not mean what I thought it did. So many funds advertise YY% average growth for the last XX years. The market might have grown an average of YY a year over the previous 100 years, but that does not mean the value of your portfolio increases YY every year — oops. It took me a while to get over that misconception with my investments. That was an expensive lesson.” — Deborah W. Ellis, Cogent Independent Advisors, Inc. 5. Leverage tax diversification to manage your tax bracket “I wish I knew about the importance of tax diversification. Yes, it is important to take advantage of tax deductions and tax credits to lower your tax liability today, but it is equally important to include tax-free accounts and taxable accounts to be able to proactively manage your tax bracket.” — Marguerita Cheng, Blue Ocean Global Wealth Originally published by Kiplinger Advisor Collective

Navigating the Downsides of the Digital Nomad Lifestyle The digital nomad lifestyle has become increasingly popular in recent years, with many people opting for a location-independent career that allows them to work from anywhere in the world. Since lots of areas have a lower cost of living than the United States, a digital nomad lifestyle could help you boost your savings account too. While the idea of traveling and working simultaneously may sound like a dream come true, it's essential to acknowledge that the digital nomad lifestyle comes with its fair share of challenges. In this post, we will explore the downsides of being a digital nomad and shed light on the less glamorous aspects that are often overlooked. Isolation and Loneliness One of the most significant downsides of the digital nomad lifestyle is the potential for isolation and loneliness. Constantly changing locations and living out of a suitcase can make it challenging to establish meaningful connections with others. The lack of a stable social circle and the transient nature of relationships can take a toll on one's mental health, leading to feelings of loneliness and isolation. Unpredictable Work Environments While the allure of working from exotic locations is undeniable, the reality is that the quality of work environments can vary significantly. Digital nomads often find themselves working in crowded cafes, noisy co-working spaces, or cramped hotel rooms and hostels. Dealing with unreliable internet connections and cramped spaces can definitely impact your productivity and job performance. Financial Insecurity Maintaining a steady income as a digital nomad can be challenging, especially for those who rely on freelance or contract work. The lack of job security and benefits such as health insurance can create financial stress. Additionally, the cost of constantly moving from one destination to another, coupled with unexpected expenses, can strain a digital nomad's budget. Time Zone Challenges Working across multiple time zones is a common reality for digital nomads, especially if their clients or team members are based in different parts of the world. While this flexibility can be advantageous, it can also lead to disrupted sleep patterns, difficulties in scheduling meetings, and a constant need to adjust to different time zones, contributing to fatigue and burnout. Lack of Routine and Stability The absence of a consistent routine and a stable living environment can be disorienting for some digital nomads. The constant need to adapt to new cultures, navigate unfamiliar surroundings, and deal with logistical challenges can be mentally exhausting. This lack of stability can impact work-life balance and make it challenging to maintain healthy habits. Conclusion While the digital nomad lifestyle offers the freedom to explore the world while earning a living, it's crucial to be aware of its downsides. Isolation, unpredictable work environments, financial insecurity, time zone challenges, and the lack of routine and stability are all factors that can contribute to the complexities of this lifestyle. Aspiring digital nomads should carefully weigh the pros and cons, considering their personal preferences and priorities, before embarking on this unique journey. Ultimately, finding a balance that works for each individual is key to making the most of the digital nomad lifestyle while mitigating its inherent challenges.

How to Build Your Emergency Fund with Automated $5 Deposits In the face of unexpected expenses, having a solid emergency fund is crucial for financial stability. Saving $400 may seem daunting, but with the right approach, it's completely achievable with little work or stress. In this guide, we'll explore a simple yet effective method to build your emergency fund by automating $5 daily deposits into a high-yield savings account over the course of three months. Why $400 to start off an emergency fund? According to a Federal Reserve survey, almost 40% of adults that are unable to cover a $400 emergency expense. $400 is a reasonable starting point for an emergency fund, covering many common unexpected expenses such as car repairs, medical bills, or appliance replacements. It serves as a financial safety net, preventing you from relying on credit cards or loans during challenging times. Step 1: Set Up a High-Yield Savings Account Before you start saving, choose a high-yield savings account to maximize your returns. Look for accounts with competitive interest rates and minimal fees. Online banks often offer higher interest rates than traditional brick-and-mortar institutions. Below are a few places to open a high-yield savings account: SoFi Bank Citizens Bank CIT Bank Platinum Savings Discover Bank Online Savings American Express® High Yield Savings Step 2: Create a Dedicated Savings Goal Most banks allow you to set up specific savings goals within your account. Create a dedicated goal for your account, naming it something like "Emergency Fund" to keep you focused on your objective. Step 3: Calculate Daily Savings To reach your $400 goal in three months, you'll need to save approximately $4.44 per day. Round it up to $5 to make the process simpler. By automating daily deposits, you're creating a consistent savings habit without feeling a significant impact on your daily budget. Step 4: Set Up Automated Transfers Log into your online banking portal and set up an automatic transfer of $5 from your checking account to your dedicated emergency fund goal every day. Automation ensures consistency and removes the need for manual intervention, making the savings process seamless. Step 5: Track Your Progress: Regularly monitor your savings progress to stay motivated. Many high-yield savings accounts provide visual trackers, allowing you to see how close you are to reaching your goal. Celebrate milestones along the way to maintain your enthusiasm. Step 6: Adjust if Necessary Life is unpredictable, and circumstances may change. If you encounter unexpected expenses or income fluctuations, be flexible in adjusting your daily savings amount. The key is to stay committed to the overall goal of building a $400 emergency fund. Conclusion Building a $400 emergency fund over three months with automated $5 daily deposits is a practical and manageable approach. By setting up a high-yield savings account and leveraging automation, you're not only safeguarding your financial well-being but also cultivating a habit of consistent saving. Remember, the key is persistence, and this small daily commitment can lead to significant financial security in the long run.

Important terms that every U.S. consumer needs to know and learn An increasing number of consumers have been making delinquent credit card payments 30 days late or more, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit. Given the pressure of inflation and rising interest rates over the past few months, it's unfortunately no surprise that there's been a rising rate of late credit card payments. A recent Clever Real Estate survey found that 3 in 5 Americans are in credit card debt, owing an average of $5,875. In addition, 23% say they go deeper into credit card debt every month and 14% say they’ve missed a payment in 2023. With credit card debt developing into a serious financial problem for many U.S. consumers, it's important to know key terms when it comes to your Visa and Mastercard. Here are three terms to learn: Annual percentage rate (APR) The APR is the interest rate or cost you pay yearly to borrow money for purchases. The average APR on a credit card is more than 21%, according to Bankrate, and nearly 30% for retail store credit cards. A LendingTree survey of 100 cards found some retail cards can have interest rates as high as 35%. 0% APR card 0% APR cards means you’ll pay no interest for a certain period of time for the ability to borrow money to make purchases. The best 0% APR cards will allow you to pay no interest for up to 21 months. Pay close attention to when that 0% interest period will end, because when it does, the rate will spike up to the national average — or higher — and as rates continue to rise. It's also important to understand if there are any penalties for late credit card payments. Late payments are normally a violation of the introductory offer terms for 0% APR cards; and you may end up with a penalty APR that’s higher than the card’s standard variable APR. "Buy now, pay later" (BNPL) plans "Buy now, pay later" plans, or BNPL plans, are another popular way to finance consumer purchases. The most popular BNPL apps include Affirm, Apple Pay Later and Klarna. Here’s how BNPL plans work: You purchase an item and pay for that item over time after an upfront initial payment. BNPL plans generally don’t charge interest, which makes them an attractive alternative to credit cards. But they may charge a fee, especially if you miss a payment. Although BNPL plans typically don't charge interest, you only have that short window of time to pay it off as an installment loan. Credit cards, on the other hand, provide more flexibility on balance payments.

The Eras Tour: A "Swift" Boost to the US Economy Taylor Swift is a force to be reckoned with. However, her impact extends far beyond Billboard charts and the entertainment industry. With her groundbreaking Eras Tour, Swift has not only captivated millions of fans, but has also orchestrated a significant economic boost for the U.S. Let's delve into the ways Taylor Swift's Eras Tour has contributed to the U.S. economy this summer. Eras Tour Revenue and Job Creation The U.S. leg of the Eras Tour has grossed $2.2 billion in ticket sales alone. On top of that, the tour has sparked an additional $5 billion in consumer spending, with Swifties spending an average of $1,300 in travel, hotel, food & beverage, and merchandise. That level of spending is on par with the Super Bowl, but multiple that Super Bowl effect over 53 different nights in 20 different locations across the U.S. Here’s a snapshot at the local economics impact on some of the cities in the tour: Pittsburgh generated $46 million in direct spending. Hotel occupancy averaged at 95% and pushed average daily room rates (ADR) to $309, a 106% increase. Los Angeles benefited from a massive economic impact of $320 million, including $20 million in sales and local sales tax and another $9 million in hotel room taxes. Denver’s two concerts resulted in visitor spending that contributed an estimated $140 million to the state’s GDP. Cincinnati’s impact was estimated at $48 million, of which $20 million was from visitors. Moreover, the Eras tour has created employment opportunities on a massive scale. From event staff and security personnel to local vendors supplying goods and services at concert venues, the Eras Tour has been an engine for employment. Taylor's six-night stint in Los Angeles alone created 3,300 jobs alone. But there's more: Taylor has also paid an estimated $55 million in bonuses to her entire tour staff. Putting on a "once in a lifetime" concert is complex; it requires significant logistics, stage production, and operations. As a reward for that work ethic, each of her 50 truck drivers received a $100,000 bonus, for ferrying her enormous production across the U.S. Dan Egan, VP of behavioural finance and investing at Betterment, notes these windfalls, which often outstrip their recipients' yearly salaries, can be hugely influential. In some cases, he expects much of this money to pay down high-interest debt and increase people's spending power--all which funnel more money into the U.S. economy. Egan also notes that these bonuses can "take the weight off both financially and psychologically...[which] really, really improves lives". Eras Tour Film Sales The Eras Tour hasn't just been a series of concerts; it's been a cinematic phenomenon at theaters. Shortly after wrapping the U.S. leg of her tour, Taylor released a concert film across 8,500 theaters. Before the film was even released, AMC Theatres announced worldwide ticket pre-sales had already exceeded $100 million. First-day sales alone topped $26m, breaking box office records. However, since Swift cut a deal with AMC Entertainment to release "The Eras Tour" film instead of a traditional studio, the box office numbers are an even bigger win for Taylor, AMC Entertainment, and local AMC theaters. According to Matthew Belloni, who first reported the terms of Swift’s theatrical deal in his Puck newsletter, 43 percent of the movie’s gross profits will go to theaters, and the remaining 57 percent will be shared by Swift and AMC. Look What You Made Me Do...for the U.S. Economy From boosting local economies and creating jobs to influencing tourism and theater revenue, the Eras Tour has left an indelible mark on the U.S. economy. Taylor underscores the high potential of the entertainment industry--that concerts, travel, and experiences can be an economic catalyst.

As the year winds down, it's time to start thinking about one inevitable task – preparing your federal income taxes. While the process may seem daunting or too far ahead in advance to start, proper and early, tax prep can maximize your returns. Below are a couple of tips to best prepare for your federal income taxes. Gather Your Documents Early The key to a stress-free tax season is organization. Start by collecting all the necessary documents, including W-2s, 1099s, receipts for deductible expenses, and any other relevant paperwork. Create a designated folder for these documents to avoid last-minute scrambling. Stay Informed About Tax Law Changes Tax laws are subject to change, and staying informed about the latest updates is crucial. Regularly check the IRS website or consult with a tax professional to ensure you are aware of any changes that may affect your tax situation. Being informed will help you make strategic decisions and take advantage of available deductions. Explore Deductions and Credits Take the time to understand the deductions and credits available to you. Common deductions include mortgage interest, student loan interest, and charitable contributions. Additionally, look into tax credits, such as the Child Tax Credit or the Earned Income Tax Credit, that can significantly reduce your tax liability. Organize Your Financial Information Organize your financial information in a way that makes sense to you. Consider using accounting software or apps to track income, expenses, and receipts throughout the year. Having a clear overview of your financial situation will streamline the tax preparation process. Consider Hiring a Tax Professional If your financial situation is complex or if you find the tax code overwhelming, consider seeking professional help. A certified tax professional can provide valuable advice, ensure accurate filings, and help you identify opportunities to minimize your tax liability. Plan for Retirement Contributions Contributing to retirement accounts not only secures your financial future but can also provide immediate tax benefits. Explore options like 401(k)s and IRAs and contribute the maximum amount allowed. These contributions may be tax-deductible, reducing your taxable income for the year. Review Your Filing Status Your filing status can impact your tax liability. Whether you're single, married, or a head of household, make sure you choose the filing status that aligns with your situation. Some statuses may offer more favorable tax rates or additional credits. File Electronically for Faster Processing Filing your taxes electronically is not only convenient but can also result in faster processing and quicker receipt of any refund. The IRS offers various e-filing options, and many tax preparation software tools simplify the process, guiding you through each step. Conclusion Preparing for your federal income taxes doesn't have to be a scary or mundane task. By staying organized, informed, and proactive, you can navigate tax season with ease. Whether you choose to tackle the process yourself or seek professional assistance, the key is to start early and be thorough. With the right preparation, you can ensure a smooth tax filing experience and potentially maximize your refund. Happy filing!

You might think celebrities never worry about money. But don't forget that many actors, musicians, models, and athletes came from humble beginnings. Below are 10 thoughtful quotes from celebrities on their perspective from money, investments, careers, and more. "If you stop at general math, you're only going to make general math money." - Snoop Dog "I always thought money was something just to make me happy. But I've learned that I feel better being able to help my folks. We never had nothing. Just to see them excited about my career is more of a blessing than me actually having it for myself." - Kendrick Lamar "I'm scared to death of being poor. It's like a fat girl who loses 500 pounds but is always fat inside. I grew up poor and will always feel poor inside. It's my paranoia." - Cher "What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do." - Bob Dylan "Some people want to be models and they want the parties and the recognition. Then there are people like me. I come from a simple family. For me getting into modeling was a chance to make money and create a business." - Gisele Bundchen "Every once in a while I treat myself with a special purchase. The most extravagant I've been is when I bought a Tesla not too long ago. I like the way it drives, and I really like the idea of reducing my carbon footprint. But often, I've found, the least expensive things can be the most personally rewarding. Take my wedding, for example. The whole event cost a total of $500." - Woody Harrelson "Part of the reason I don't worry about what other people think about me is because I know that even if I lose all my money and my job and my opportunities tomorrow, I’m very capable of creating meaning without all of the stuff around." - Constance Wu "I don't like spending money on anything that goes away. I live in a big, expensive house, because I know that will appreciate in value. But I like to fly coach and I like to drive a Toyota." - Mark Duplass "It doesn't matter how much money I make, unfairness in prices really fires me up. Like shopping in L.A and a T-shirt costs $150." - Jennifer Lawrence "For the most part, I'm careful to save money, because I get a little nervous that the success I've been finding just won't keep going. I also work hard all the time to ensure it won't all go away. But lately, because I work so much, I've been feeling a bit like a workaholic...now the thought crosses my mind: What am I working for if I'm not going to get to enjoy things? So I've actually started to splurge on myself in ways I never have before." - Abbi Jacobson

Intuit Inc. announced this week that it will shut down Mint on Jan. 1, 2024. The company’s decision to discontinue the budgeting app could leave millions of users scrambling to find a replacement. Here’s what the news means for consumers and what to consider when choosing a new budgeting tool. What is the Mint budgeting app? Mint, acquired by Intuit in 2009, is a free personal finance app. Mint has been one of the top online budgeting tools for years. According to Bloombergy, the app had 3.6 million active users in 2021. Mint links to nearly all types of users’ financial accounts, such as credit cards, investments and loans; and was known for its comprehensive features, including the ability to review spending, track net worth and personalize goals and budgeting categories. What’s happening to Mint? Intuit said on Tuesday that it was “reimagining” Mint as part of Credit Karma and encouraged Mint users to switch to Credit Karma, its money management and credit score service. Credit Karma will absorb Mint by Jan. 1, Intuit said in a statement on Friday. While several Mint features will live on in the Credit Karma app (such as spending and net worth tracking), setting monthly budgets and customized categories won't be migrated over. It’s unclear whether these capabilities might move over eventually to the Credit Karma app. What should Mint users do next? First and foremost, save any stored information you don’t want to lose. You can download your existing Mint transaction data as an Excel spreadsheet by following the instructions on Mint’s help center page. Taking screenshots of helpful charts or insights is another great option. Then, make a list of the Mint features you used most often or that were most helpful to you. Refer to this list when exploring what replacements for Mint. What other budgeting tools & apps should Mint users consider? For Mint users looking for a new budgeting app, here are some other suggestions: Simplifi: Simplifi users can sync their bank accounts, credit cards, investment accounts and loans in one comprehensive dashboard. The interface is especially useful in tracking net worth, especially across multiple cash and investment accounts. Pricing: After a free trial, $5.99 per month or $35.88 annually. PocketGuard: PocketGuard allows users to create monthly spending limits in the app and utilizes a simple pie-chart visual reveal spending habits, which can be helpful in highlighting areas for expense reduction. Another popular feature: PocketGuard can help users negotiate their recurring monthly bills, such as cellphone bills. The service carries no additional charge unless a bill is lowered. Pricing: Four options — free version; $7.99 per month; $34.99 annually; $79.99 for a lifetime. You Need a Budget (YNAB): YNAB is a zero-based budgeting app, which has you make a plan for every dollar you earn. As soon as users get paid, they assign their income toward various categories, including spending, savings and debt. The app then prevents users from budgeting dollars they don’t yet have (when waiting for payday, for example). Account balances, monthly bills, and debt are then displayed on one dashboard for easy and simple tracking. Pricing: After a free trial, $14.99 per month or $99 annually. Goodbudget: Users who leverage an envelope budgeting might gravitate toward Goodbudget. The app uses the “envelope system,” in which users portion out their monthly income into spending categories. Every expense must be taken out of its designated envelope--no double-dipping allowed! The app is rated highly by couples and households that share a budget, since users can sync with others. But it does not sync with with bank accounts, so account balances must be added manually. Pricing: Three options — free version; $8 per month; $70 annually.

Every year, the IRS updates its contribution limits on retirement accounts to adjust for inflation and changes in costs of living. For 2024, those limits are rising. Below are the new 2024 investor contribution limits for 401(k) plans, individual retirement accounts and other retirement accounts: The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans. Contributions for individual retirement accounts are now $7,000 for 2024, up from $6,500 The Roth IRA contribution phaseout for married couples filing together will rise to between $230,000 and $240,000 in 2024, up from between $218,000 and $228,000 Catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The IRS also increased income ranges to qualify for the retirement savings contributions credit and the ability to deduct pretax IRA deposits with a workplace plan. What does that mean for you and your retirement savings? Only about 1 in 7 retirement savers manage to max out their 401(k), according to a recent Vanguard study. If you aren’t sure whether you are saving enough for retirement, there are plenty of rules of thumb. Many financial planners recommend saving 10-15% of your salary, but only you can determine what percentage is best based on your situation.