Warning: this material might cause anger and frustration in some readers. But don’t shoot the messenger here. Oh, how I wish I could tell you that this post is based on a joke, but I cannot because it’s the cold, hard truth. So here it is: if you have gotten relatively large tax returns in recent years, those days are probably far behind you. Don’t count on it this year. Things have changed. Our refunds will be much smaller for the 2022 tax year. Why? Many Americans thought that the stimulus payments they’d received were basically “free money” and were excited to get them at the time. But, unfortunately, nothing is ever free, and those stimulus payments are returning to bite us now. A couple of tax credits have expired ; the expanded Child Tax Credit and certain Covid-related breaks are no longer in existence. During the pandemic, the IRS also gave breaks to those who filed their taxes late. That, too, has been taken off the table. Sorry to be the bearer of bad news, but you...

If you know me at all, then you know I love Dave Ramsey. In fact, I not only attended a Dave Ramsey affair when it once came to an event center near me, but when I went through Tennessee on a road trip, I hunted him down and visited his studio. I have a picture to prove it (well, it’s somewhere). I always listened to Dave when his show was featured from 1:00 to 4:00 pm on my local talk radio station. One of the things he said frequently (something that he actually borrowed from somebody else–John C. Maxwell) was, “A budget is telling your money where to go instead of wondering where it went.” If you are getting a tax “refund” this year, I will first invite you to review last week's blog post and the three links to previous blog posts. I would then encourage you to plan for that “refund” money, and I don’t mean blow it as most Americans will do. Be smart. Use it to pay off some debt if you, as most Americans do, have some. If not, save it appropriately.  We've discussed deb...

I’m about to say something every parent wants to hear their child say yet seldom gets to. Here goes: I wish I had listened to my mom when I was a teenager. I probably–not probably, DEFINITELY–would have avoided some heartache and learned a few lessons quicker had I done that. I know there were times my mother tried to give me advice about the same subject REPEATEDLY, but I was too stubborn to listen; at 17, I thought I knew it all. Yeah, right. Well, I am now a mother of four adult daughters and a grandmother to five (one of which is a teenager, ugh), and I KNOW I have given the SAME advice MORE THAN ONCE to all of my girls at one point or another. So, it will be no surprise to you that I’m going to do the same for you. Again. You might have your taxes done by now. You might be getting a “refund” that isn’t really a refund but a return for overpayment of taxes–you can learn more about that by reading my blog post where I first mentioned it. If you are due a “refund” and have bee...

We would be hard-pressed to find someone who wasn’t familiar with the term entombed in today’s title. And while I LOVE to clean and organize things, this time that isn’t the type of spring cleaning I’m talking about. Spring also brings about some financial deadlines. This year Tax Day falls on Tuesday, April 18. It’s obvious to every tax-paying American that if you are required to file, this is the last day to do so. But, did you know that it’s also the last day that you can contribute to certain retirement (and tax-deferred) accounts for the 2022 tax year? Yes, sometimes things with our government happen retroactively, just don’t get me started on that subject. I’ll bet that now you’re thinking IRA/ROTH IRA and HSA contributions are the subjects of this post. NOPE! There is another type of account that is designed to help save on taxes, and that is an FSA or Flexible Spending Account. You can learn a little more about them here . If you have one of these, have contributed to it,...

In honor of America Saves Week, we would like to share a few more quotes on smart money habits. Like this and want to read more? Start at the beginning of my blog here .   "When prosperity comes, do not use all of it,” Confucius. “China’s most famous philosopher dispensed enlightened advice on many aspects of life over 2,500 years ago, including finances. With only nine words, Confucius emphasizes how wealth and prosperity can come and go, so it’s imperative not to behave as though they’re here to stay. And the way to do that is to live within your means and set aside some of today’s wealth for a proverbial rainy day ( CreditOne ).” Proverbs 13:22: “A good man leaves an inheritance to his children’s children"  (NKJV). "This verse keeps our life goals, our vision and our legacy front and center when we’re choosing how to use our money today. When we weigh what we want  now  against what we  really  want  later , we realize how temporary satisfact...