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spending

Thursday’s need-to-know money news

March 13, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Finding the best tax software. Also in the news: The cost of the marriage tax penalty, how to convince your spouse to stop spending, and the hidden costs of buying a home.

Which Tax Software Is Best for You?
Which program best serves your tax needs?

How Much the Marriage Tax Penalty Will Cost You
Your spouse’s higher income could bump you into a new tax bracket.

How to Persuade Your Spouse to Stop Spending Money
Compromise could make all the difference.

The Hidden Costs of Buying a Home
Fees, fees, everywhere fees.

Should You Put Your Tax Refund On A Prepaid Card?
Faster access to your money could mean less of it.

Filed Under: Liz's Blog Tagged With: marriage tax penalty, prepaid cards, spending, tax refunds, tax software

Can you be too cautious about spending money?

December 23, 2013 By Liz Weston

Dear Liz: I think I have a phobia about spending money. I’m a young professional who has devoted a lot of time to building up my savings account. I also contribute sizable amounts to my 401(k) and IRA each month. I pay off my credit cards each month, and I am making larger-than-necessary payments on my small student loans. Still, I feel as if every time I spend money on something — clothing, travel, furniture, etc. — I am undoing my hard work. It makes me scrutinize every decision until I either give up or make an impulse purchase. Is this normal? How do I know when it is OK to actually spend the money I have worked to save?

Answer: Being cautious about spending money is fine. If making purchases causes you great anxiety, though, or you’re unnecessarily compromising your quality of life, then you may want to seek help.

People with irrational fears of spending money may put off necessary doctor visits, buy unhealthy food because it’s cheap (at least in the short run), refuse to make charitable contributions or forgo pleasurable experiences. Instead of using money as a tool to live a good life, they make saving an end in itself.

Since you’re by nature a saver and a planner, you should use those strengths to free yourself from unnecessary concerns about spending money. If you enjoy travel, for example, plan a few trips and set aside money in advance to pay for them. Do the same thing with clothing or furniture upgrades. Planning and knowing how much you have to spend can help you dispel some of your anxiety and minimize the chances of regret.

Talking to a therapist or a financial planner could give you some additional strategies for dealing with your worries.

Filed Under: Q&A, Saving Money, The Basics Tagged With: phobias, saving, spending

Wednesday’s need-to-know money news

December 18, 2013 By Liz Weston

Today’s top story: Financial tips that should be ignored. Also in the news: Lessons from Millennials, questions to ask about your health-care costs during retirement, and learning the basics of the 401(k). Hope

5 Financial Tips That Can Lead You Astray
Tips that belong on the Do Not Follow list.

20 Lessons We Can Learn From 20-Year-Olds
From the mouths of Millennials.

4 Questions to Ask About Your Health-Care Costs in Retirement
What you must ask while planning your retirement.

401(k)s Made Easy: The 7 Things You Really Need to Know
401(k) basics explained.

It’s Time to Start Tracking Every Single Dollar You Spend
That dollar you used yesterday to buy a losing lottery ticket? Track it.

Filed Under: Liz's Blog Tagged With: 401(k), financial tips, health care costs, millennials, Retirement, spending

Tuesday’s need-to-know money news

September 24, 2013 By Liz Weston

Offering AdviceControlling shared credit card use, the pros and cons of a high-deductible health plan, and ways to save while grocery shopping.

What to Do if an Authorized User Is Abusing Your Credit Card
Setting boundaries for shared credit cards. r

6 Tips for Navigating the New Health Insurance Exchanges
Don’t be intimidated by the new health exchnages.

Is a high-deductible health plan right for you?
When choosing a high-deductible plan makes the most sense.

Break the spell of spending mindlessly
Tips on how to become a conscious spender.

How to Trim Your Food Budget
Ways to save at the grocery store.

Filed Under: Liz's Blog Tagged With: affordable care act, Credit Cards, grocery savings, Insurance, obamacare, spending

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