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Money Talks: Save Money By Planning Encore
ENCORE FROM 03/29/2022
At Money Talks we can’t give you money but we can remind you that you might save money by planning ahead. Compounding interest, buying in bulk, watching for sales are all ways that might put you in a better financial position. We’ll discuss saving money by planning ahead today. We’ll also take your general personal finance questions.
In the news: job rate, yield curve.
Income Tax payments and filings are due Monday, April 18th this year. https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes https://blog.taxact.com/planning-next-years-taxes/
- Have a bank account. The fastest way for you to get your tax refund is by filing electronically and choosing direct deposit.
- Consider adjusting your withholding if you owed taxes or received a large refund last year.
- Take action when life changes occur
- Decide if bunching deductible expenses can help you.
- Try to match major deductions to high-income years.
- Contribute to an IRA for next year now.
Atlantic and Gulf hurricane season starts until June 1st. Now is the time to prepare disaster supplies.
https://www.webmd.com/a-to-z-guides/is-it-safe-to-reuse-plastic-water-bottles
5/8/2018 Money Talks: Financial First Aid Kit http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d84
03/30/2021 Preparing for Emergencies http://moneytalks.mpbonline.org/episodes/money-talks-prepare-for-emergencies
9/7/2017 Money Talks: Emergency Financial Preparedness http://moneytalks.mpbonline.org/episodes/5cd31f1633f6c1be55607da4
- Rotate your disaster kit’s non-perishable food in your regular pantry so you don’t let food expire and go to waste.
- Reuse water jugs, safely by washing between uses. We can have a link on how to do this.
- Watch for sales at the grocery store and stock up when regularly used items have lower prices.
- Keep your generator maintained or buy one if you think you might want one during a disaster.
- Keep your vehicle’s fuel topped off.
Families can lock in tuition rates and prepay their child’s tuition and fees. Currently for newborns who would enter college in 2039, parents could pay $38,812 one time or pay $395 monthly for 4 years of university tuition.
Treasurer David McRae was a guest on Money Talks September 15th of 2020 and discussed this and our other college savings program. http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae
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