April is National Financial Literacy Month. What better time to put your financial knowledge to the test? Or to learn more?
Take our seven-question Personal Finance Literary Quiz below to test your understanding of some of the basics. Think you have what it takes to earn a perfect score? After tallying your points, you’re welcome to share your score with us and on social media.
Perhaps the biggest financial decision we make in life is whether to buy or rent a home, be it a house, townhouse, condo, co-op or multi-family dwelling. It is not a decision to be taken lightly and it involves numerous factors, including for new or expecting parents who may need more space and are looking to provide stability for a growing family.
Every family’s situation is unique. There isn’t a one-size-fits-all answer. When deciding between renting vs. buying a home, and the timing, start by asking yourself the following questions:
- How long do I plan to live in this location?
- What are my future plans, both short-term (within the next 5 years) and long-term (five or more years from now)?
- Do I have enough money to buy a home or would I need to get mortgage financing, and do I have enough additional money to cover expected and unexpected expenses?
According to the 2015 Insurance Barometer Study by Life Happens and the life insurance association LIMRA, more than 40 percent of Americans don’t have life insurance. That equates to more than 128 million people without coverage.
Reasons that people give for not having life insurance vary, from “life insurance is too expensive” to “I still have time, I don’t need life insurance yet” to “I don’t know how to get coverage.” However, its purpose remains the same: Life insurance can provide loved ones with financial protection when they need it most, just like automobile insurance, health insurance and home insurance.
If you don’t have life insurance, here are five reasons for life insurance that you may have not yet fully considered:
Free Online Tools for Filing Your Taxes
Taxes are inevitable and often unpredictable. For families living on a tight budget, paying a certified public accountant (CPA) to calculate, prepare and file taxes each year may not be feasible financially. Instead, consider using the many free resources provided by tax preparation companies and the IRS. From tax planning calculators that you can use year-round to user-friendly software that makes filing a cinch, there are plenty of online resources that can help ease your tax season.
A 529 plan, which is also known as a qualified tuition plan, is an effective investment tool you can use to save money for your children’s college expenses. While the Internal Revenue Service does not permit account owners to take a 529 plan tax deduction on their federal income taxes, it may be possible to claim a state tax deduction for contributions you make to the plan. However, the rules for taking this deduction vary by state.