Dear Liz: I’m in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen. I have $250,000 saved for retirement. When I’m 58 1/2 years […]
Recent Blog Posts
Soon-to-be ex wants cash-out refinance
Dear Liz: My soon-to-be ex wants to refinance our mortgage to pay for renovations so we can sell it for more money. He also wants to take out some cash to pay off unsecured loans. (I have $11,000 in credit card debt, and he has over $50,000.) The house recently appraised for $310,000 and we […]
How to make saving money easier
Dear Liz: What’s the easiest way to save money? I have the hardest time. I want to save, but I feel that I don’t make enough to start saving. Answer: The easiest way to save is to do it without thinking about it. That usually means setting up automatic transfers either from your paycheck or […]
Even military careerists need a Plan B
Dear Liz: I’m about to marry an active-duty military man. We’re in the process of marrying our finances, and I have several questions. First, what is a good emergency fund for us? We run our household on his salary because I’m recently unemployed. I’ve always had a six-month emergency fund for myself, but because he’ll […]
Tax breaks for helping grandchildren
Dear Liz: I am grandmother to two girls ages 10 and 14. I contribute to their Section 529 college funds and pay for expenses such as dental bills, dance lessons and so on. Is there a way I can deduct these contributions from my income tax? Answer: Most states offer at least a partial tax […]
How to get off credit card marketing lists
Dear Liz: Where can I sign up to have my name removed from the mailing lists for credit card offers? Answer: You can remove yourself from marketing lists provided by credit bureaus to credit card and insurance companies by calling (888) 5-OPT-OUT (567-8688) or visiting www.optoutprescreen.com. You should see a significant reduction over time in […]