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This month saw the return of something we all hate: inflation. The Consumer Price Index went up by 0.5%, which was its biggest increase since summer 2023. This brought overall inflation up to 3%, which means that the Federal Reserve will probably postpone any reductions in interest rates for the foreseeable future. Recent changes within the Consumer Financial Protection Bureau (CFPB) are also causing concern within consumer advocacy groups and the banking industry, although for very different reasons.
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Are You Saving Too Much for Retirement?
Saving for our retirement is the #1 financial priority for Americans, with over half of us putting away at least 9% of our annual income for it. However, quite a few of us are actually overdoing it.
February is the perfect time to check in on your financial goals and make sure you're staying on track for the year. Whether it's budgeting smarter, saving more, or planning ahead, building strong financial habits now can set you up for success all year long. In this edition, you'll find practical tips and tools to keep your financial fitness in peak condition. Let's get to it!
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How To Think Wealthy If You're Not Into Numbers
If you've been avoiding investing, you're not alone. Nearly half of America's adults report owning no investable assets, according to a 2024 survey. However, it isn't because they don't have the funds: it's their mindset that's holding them back. Investing seems too complicated to consider, which isn't surprising as math is not a popular subject for students.
There may be some positive things for potential homebuyers during 2025, especially more properties for sale. Shopping's always less stressful when you have more choices, and homes are no different. Lastly, when you're finished unwrapping gifts, you may want to spend an hour or two making a list and checking it twice...especially one for your 2024 taxes. If you need help, scroll down to check out our links to free tax guides and checklists.
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New Year's Resolutions for Your Money
While some of us still resolve to hit the gym every New Year, most of us go for better money management. Research found that over 50% of us plan to set new money goals for 2025.
With the 2024 elections behind us, quite a few are reconsidering their plans for buying or selling a home. While rates are still higher than many of us would like, there are still plenty of rate-reducing strategies available for first-time and move-up buyers alike. Retirement savings options recently improved, and you can learn how to maximize both 401(k) and Social Security retirement income here.
The holiday season is jam-packed with parties, shopping, cooking, gift-giving, and obligations. With all this going on, you might assume that the festive season is the worst time to buy or sell real estate.
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Can Financial Planning Really Be Life-Changing?
When you think about financial planning, chances are it's not an exciting proposition. However, it could be a truly life-changing event if you take a few minutes to envision the possible results.
Even though the 2024 holiday season is still a few weeks away, plenty of us have already begun our shopping. Since estimates suggest that we'll spend around 3% more than we did in 2023, you'll want to check out our story on planning a gift budget before you hit the stores or surf the Web. Gift shopping may be the only major economic activity many of us choose for the rest of the year, as interest rates seem to be stuck in place for the time being, and early voting has just begun for the November presential election.
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Mortgage Review: Take Advantage of Improving Interest Rates
The Federal Reserve is lowering interest rates, and now is the perfect time to take a fresh look at your mortgage. A quick review could yield lasting benefits, especially if you have purchased a home in the past few years or need to tap into your home equity.
A couple of weeks ago, the Federal Reserve announced a hefty 50-point cut in the benchmark interest rate, which was bigger than the expected 25-point decrease. The Fed's decision to cut rates was mainly fueled by the decreasing levels of inflation, although shoppers are still faced with high grocery prices. It still remains to be seen if the rate cut will encourage more residential home sales, especially as other factors such as labor and economic data also affect real estate markets.
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Using Your Equity to Pay Off High Interest Debt
High interest credit card debt can suck the life out of anyone. Paying off your credit card debt at today's high interest rates can also take major sacrifice—but it doesn't have to. Not if you're a homeowner, anyway.
Last month's Consumer Price Index (CPI) news was positive, as it showed that prices cooled to 2.9% last month (on a 12-month basis), down from 3% in June. This is the first time the CPI dipped beneath 3% since March 2021, and strongly suggests that the Federal Reserve will proceed with a rate cut later this month. Mortgage interest rates also show signs of falling, which has already encouraged some homeowners to refinance their existing mortgages.
If you prefer not to make major financial decisions during an election year, you're not alone. However, history shows that stock markets tend to rise slightly following an election, with no long-term difference in performance. Other positive financial news has appeared lately, such as a slowdown in the overall Consumer Price Index (CPI) and an increase in the number of homes for sale. Also, an additional credit scoring method for home loans was recently approved by the FHFA, which is expected to help millions more potential homeowners achieve their dreams.
Summer has officially begun, so it's a perfect time to take some time off and spend time with friends and family. If you have savings in place, check out our article on Compound Interest and see just how hard your money's working for you, even when you're not. Even though you may be camping indoors this month, don't feel guilty about going online and checking out future purchases. Research has found that this habit, aka dreamscrolling, can encourage better financial management habits.
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Will ChatGPT Replace Your Investment Advisor?
Even though artificial intelligence (AI) already powers everything from thermostats to Netflix recommendations, it can't provide you with the services offered by a bank manager, CFP or financial advisor. However, AI is already improving your overall financial experience in ways you may not realize.
It’s been three years since the last Summer Olympics, and excitement is building for the upcoming Games! Whether you’re a die-hard spectator or a casual observer, there are plenty of ways to celebrate the Summer Olympics in style. So get ready to dive into the spirit of the Olympics with these fun and creative ideas!
