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AdvertisementA few months later, she canceled the wedding due to the domestic violence she experienced from her fiancé. I found out by seeing a post on social media. Her husband posts pictures on social media washing brand-new four-wheelers they purchased for him and their two kids and an expensive truck. Research from the University of Wisconsin-Madison's Center for Financial Security tells us that 99% of domestic violence cases have a financial element. Certainly, remember what may happen before you give your niece money in the future, but don't stop showing up for her in other ways.

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However, as a financial planner, I always recommend being deliberate when it comes to your annual bonus. AdvertisementHere are four things you should avoid buying with your hard-earned bonus money — and some advice on what you should do with it instead. These costs can add up and crunch your budget long after the bonus money is spent. But technology changes and upgrades so rapidly that pouring bonus money into flashy new gadgets often means buyer's remorse sets in fast. But make sure you're using it wisely so that short-term excitement doesn't result in long-term financial regret.

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I get my tax documents in early. I've since found a reliable accountant who specializes in working with small business owners and I've leveled up my tax preparation to make tax season even smoother for me and my accountant. I've aligned my processes with my accountant'sMy first tax season working with Danny involved a learning curve and some unavoidable back-and-forth. This year, when I send him my tax documents for his next steps they'll basically be turnkey for him — plug and play. Aligning with Danny's systems makes my review and approval of the completed tax documents he shares with me that much easier as well.

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CEO of Barstool Sports Announces She's Leaving, Saying 'The Work I Came Here to Do Is Done'Erika Ayers Badan is stepping down as the CEO of Barstool Sports

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AdvertisementA long-term care policy isn't the same thing as your health insurance policyWallace first explained that a long-term care policy is a financial tool that covers the risk of care related to loss of activities of daily living, like bathing, eating, using the bathroom, and more. Since I only have a health insurance policy, I asked if that would cover any of that type of care, so I didn't have to take out a long-term care policy. "But a long-term care policy pays for people to take care of you, whether in your home or in a facility." "You can take out a long-term care policy now at a lower premium because you're 35. If I'm eager to go ahead and get a long-term care policy now, he did say that there is an option to do a 10-year limited pay policy.

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For Love & Money is a column from Business Insider answering your relationship and money questions. Write to For Love & Money using this Google form. After my grandma gave me a large check to help me out, my sister got upset because I had "plenty of money" and didn't need it. Instead, set up two different accounts and put your retirement savings in one and an emergency fund in another. Write to For Love & Money using this Google form .

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As my living expenses have increased after moving from a condo to a townhouse , I've been assessing how I can spend with more intentionality. I've always prided myself in being somebody who frequently declutters my physical belongings, but four boxes of beauty and wellness products begged to differ. Going into 2024, here are four ways I'm making an effort to spend and save with more intentionality. In that time, I usually find that my desire to buy those items goes down significantly. Build a Budget The best budgeting apps can help you get your finances in order and track your monthly spending.

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It's important to start saving for retirement as soon as you can and plan for healthcare expenses as you grow older. These challenges can put your retirement savings at risk and make the quality of your retirement uncertain. AdvertisementHere are three risks to your retirement savings you may not have considered. However, procrastinating with your retirement savings means losing time and money you will never recover. Outliving your moneyThere is a risk that you could outlive your retirement savings.

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Still, there are factors to consider before signing up for one, even for a high CD rate. I compared it to my high-yield savings account interestWe already have several high-yield savings accounts for different purposes. One of these accounts holds the interest that we are currently accruing from an already opened CD. The new CD offered a higher rate (1.09% higher, to be exact), so opening a second CD with this higher rate could be beneficial, depending on the other factors. AdvertisementTo fund a new CD, we'd need to take some cash from our emergency savings to open it.

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As a financial planner, I have clients asking about investing in real estate on a regular basis. Real estate shouldn't be seen as passive income — it takes a lot of work and a lot of risk. But most people who are curious about investing in real estate have a lot of false assumptions and little knowledge or experience. Start Investing in Real Estate without Getting a Mortgage Fundrise is one of the best real estate investing apps for non-accredited investors looking to make long-term investments in real estate. But virtually no real estate investment is truly passive income.

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The stock market had quite the November — the best month of 2023. The stock market is inherently unpredictable, and past performance does not always indicate future results. Consider rebalancingAs the stock market surges, some of your investments have grown significantly, potentially skewing your portfolio's balance. The stock market's upward trajectory can create a false sense of security, as profits seem endless. Keep a cash cushionWhile investing in the stock market is a great way to build wealth, it's equally important to maintain an emergency fund.

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For Love & Money is a column from Business Insider answering your relationship and money questions. This week, a reader gave their son money years ago, and their husband thinks he should repay it now. AdvertisementDear For Love & Money,I gave my adult son money when he was getting a divorce eight years ago. When you gave your son the $16,000 eight years ago, did you call it a gift or a loan? You said you gave your son "the money with no strings," implying you originally intended it to be a gift.

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I didn't grow up giving a lot of gifts, and I've never been excited about getting more things. I spend my gift giving budget on big experiences, like a trip to my fiancée's favorite Broadway show. I spend my money on a big experience instead of small giftsI take inspiration from my fiancée. I found a $99 flight to New York and got us tickets to see the Waitress together, which ended up being our last big trip before the pandemic. When the pandemic hit, I still wanted to provide special experiences for my fiancée.

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Most grandparents offer some form of financial help to their children and grandchildren. Between inflation, rising housing costs, and increasing interest rates, it makes sense that grandparents and parents may want to help support their children and grandchildren financially. If parents weren't supporting their adult children, they'd have almost $3,000 more annually to put into their retirement funds, that same research found. Studies show that many grandparents are sabotaging their own financial future to help their adult children and grandchildren." Or grandparents might consider cohabitating with adult children and grandchildren to save money.

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My income changes month to month, so I need to approach how much rent I can pay with caution. While I might feel I could afford a higher rent on paper, that could be risky in an emergency. Avoiding financial strainRight now, my partner and I pay a total of $3,200 to rent our one-bedroom apartment. Build a BudgetI shouldn't forget about other expensesEven when I looked to find ways to afford a higher rent, Willardson says I should remember my other financial obligations. If not, we will have to be open to leaving the neighborhood in search of a rent we can afford.

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The better your credit score, the better your interest rate on a car loan is likely to be. You should look at the monthly cost of the loan, but also the total cost long-term. Before applying for a car loan, it's crucial to check your credit score and take steps to improve it if necessary. It's important to leave room in your budget for unexpected expenses and to avoid becoming financially strained due to excessive car loan payments. A substantial down payment can work wonders in reducing the total cost of your car loan.

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High-yield savings accounts, CDs, and I Bonds are good options depending on how soon you want to buy. As a financial planner, I have seven creative ways to save for a first home down payment. Automate monthly contributions to a high-yield savings accountOne of the easiest ways to grow your home down payment is to save in a high-yield savings account. Currently, many high-yield savings accounts are offering 4% to 5% or higher. Set up automatic transfers from your checking account to this high-yield savings account.

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For Love & Money is a column from Business Insider answering your relationship and money questions. Write to For Love & Money using this Google form. Dear For Love & Money,My spouse and I want to travel abroad more, but we're not sure where to start when planning a vacation budget for anything other than an all-inclusive resort. The key isn't to make a budget fit your destination but to make your destination fit your budget. Get Travel Insurance Quotes OnlineProtect your trip with the best travel insurance .

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I decided to buy a Tesla this year, and I'm buying one new thanks to the tax credits on electric cars. As a result, I'm breaking with my long held tradition and purchasing a new 2023 Tesla Model 3 Performance edition. The federal tax credit for a used electric vehicle is $4,000. Note that these are tax credits, not tax deductions. However, the federal tax credits offered will vary, based on whether the battery was manufactured in the US.

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A friend suggested substitute teaching as a way to get extra income in a way that fits my schedule. The pay isn't great, but every little bit helps, and it's nice getting involved in my kids' schools. Substitute teaching is the perfect side hustle for meA friend suggested substitute teaching to me this summer when I was spinning in pre-holiday financial anxiety. But the difference is that, unlike volunteer PTA work, substitute teaching will also pay for my family's Christmas. I'm sure I'll have less time and more money someday, and substitute teaching will be the necessary trading card.

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Just because a deal is good doesn't mean it's the best deal — be sure to comparison shop. Look closely at travel package dealsOne of the most popular travel deals that often pop up around the holiday season are full travel packages. "Just because a package travel deal is advertised as the best deal offered, it might not be true," she says. Myers cautions me against that habit, because I might not end up with a good travel deal. Travel expert Nadia Podrabinek emphasizes the importance of making sure a travel deal offers value for the money and not just a reduced price tag.

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As a financial planner, here are seven strategies I recommend to help ensure your budget covers all your holiday shopping expenses. Determine how much you can afford to spend on holiday shopping without compromising your financial well-being. Set shopping deadlinesOne thing that I have learned about holiday shopping is that last-minute gifts are much more expensive. Have a separate high-yield savings account earmarked for holiday shoppingOnce you've crunched the numbers and created a holiday spending budget, it is a great idea to create a separate savings account earmarked for holiday shopping. Bundle giftsOne of my favorite ways to save on holiday shopping is to bundle gifts per family or group.

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Keeping my credit score high will also help if I take out a small business loan as an entrepreneur. I decided to ask certified financial planner Patrick Marcinko for ideas for how I could leverage my high credit score to help with future financial goals. "With a high credit score, lenders are more willing to give you a better deal on mortgage rates. How I can keep my credit score highSince it's taken me quite some time to achieve this high credit score, I asked Marcinko for ways that I can maintain it in the new year. Additionally, Marcinko says that with a high credit score, I might have access to perks and benefits that credit card companies reserve for those with strong credit.

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For Love & Money is a column from Business Insider answering your relationship and money questions. Our columnist says that just because hard work is virtuous, not doing that hard work isn't wrong. Write to For Love & Money using this Google form. But we've all struggled to do hard things, and that sense of achievement we feel when we're done speaks for itself. Write to For Love & Money using this Google form .

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For people who don't need more things, buying experiences is a great way to feel good giving a gift. While I don't throw budgeting out the window around the holidays, I do prioritize feeling good about how I'm spending my money. This way, I'm all ready to shop those good, good markdowns. Even if I'm not spending money on the item, someone is. I'm taking my Dad out for dinner and a dance performance as the main part of his Christmas gift this year.

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