A financial emergency is any expense or loss of income you do not plan for, like a missed paycheck, a damaged roof, a flat tire, or a medical bill. According to FEMA, 6 out of 10 households...
The Consumer Expenditures 2023 report was recently released from the U.S. Bureau of Labor Statistics and gives some insight into how people are spending their money in U.S. households. Consumer spending is up 5.9% from 2022 to 2023....
As most schools are in session, many kids are back to learning in a formal classroom setting. While financial literacy may be a piece of the standard curriculum in schools, children may be learning more about money from home. Whether intentional or not, the way adults handle money around children...
Big purchases can be overwhelming! While having reliable transportation may be a necessity, find ways to benefit your financial well-being by learning how to make decisions that fit your values. While public transportation is typically the most economical choice, the options may be limited in many...
In the Midwest, the summer months can bring the heat. Many people look forward to this season for a variety of reasons like possible vacations or camping, baseball season (for local kids and professional teams), and fun summer activities like gardening, swimming, and biking. The part of the season...
Financial wellness goals often include feeling financially secure in the future. While this may look different for everyone, building financial reserves may be a challenge. The reported personal savings rate as a percentage of disposable income for...
As a new season begins and the weather starts to change, many people like to have a fresh start to spring with a seasonal cleaning. Whether you set some financial resolutions for the year or not, you can always work on a fresh start to your finances....
Borrowing money can be a big decision. Some large purchases like buying a home, a vehicle, or continuing your education may not be possible without taking on debt. Other types of borrowing may be for smaller items, like the items you purchase using a credit card or borrowing money with buy now pay...
Have your groceries been eating up your budget lately? If you have noticed the increased cost of buying food, you are not alone. Some current financial wellness challenges are inflation outpacing income, the cost of expenses continuing to rise, and savings levels are lower recently. Food costs are...
With the start of the new year, many people set some goals or resolutions for the year. When it comes to New Year’s resolutions, do you think about your financial goals? With the recent increase in the cost of living, it may be time to consider your...
A season of gifting does not have to mean taking on debt. Do you take on debt for holiday gifting? Debt comes in many forms, such as using a credit card, borrowing money from a friend, or using a buy now pay it later service. As a previous blog post...
The holiday shopping season is upon us. The upcoming Black Friday and Cyber Monday sales will be here soon. Don’t forget occasional expenses, like gifts, when creating a spending plan. When shopping for presents, comparison shopping and shopping on sale may be good practices. A concern with sale...
When trying to bring awareness to your spending habits, do cashless purchases register the same for you? The pain of paying is a term used to describe the negative emotions experienced during a monetary transaction (...
Is retirement part of your financial plan? It is never too early to think about retirement, but many people of all ages do not know where to start. Retirement is a financial goal for most people. The age you are able to retire depends on how prepared you...
Right now is the time of year that kids are getting ready to return to the classroom. For some, this is a welcome excitement; for others, this may be an unprepared expense. Going back to school may bring some financial challenges, but you can account for them in a well-planned budget. Are there...
Acknowledging seasonal and occasional expenses is an important part of your spending plan or budget. Tracking these expenses allows you to plan ahead in case you need to save up. Vacations, kids’ summer camps and daycare, and property taxes may...
Does the thought of debt make you feel stressed or anxious? You are not alone if that is the case. Debt is linked to financial worry and lower life satisfaction (Tay et al., 2016). Research suggests that a lack of financial literacy is linked to higher levels of stress and anxiety (Pierce &...
As food is necessary for everyone, it is an important expense in your regular budget. Some ways to minimize your food expenses may be to keep a list of necessary groceries and stick to the list when shopping. With the option of online grocery ordering...
Money is a topic that impacts almost everyone. Money is necessary for basic needs, such as food, shelter, clothing, etc. Once basic needs are met, purchases may be made based on personal desire, or money may be saved/invested for future use. Learning what you value and how to balance your...
