What is Earned Income Tax Credit (EITC)
The Earned Income Tax Credit or EITC is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements. You must also file a tax return even if you don’t owe any taxes or are not required to file. The EITC reduces the taxes you owe and may even…
Read MoreWhat Are the Best Alternatives to a Traditional Savings Account?
Are you wondering where to put money instead of a savings account? A basic savings account can be a great place to start when you’re new to saving. It’s also an excellent choice if you have a small balance. However, there are alternatives to a savings account if you need a more robust savings plan or want…
Read MoreHow to Teach Your Kids About Budgeting for Special Events and Purchases
Hooray to anyone willing to teach their children about budgeting for special events! Successful money managers don’t become that way overnight. It’s a skill that needs to be taught and practiced from an early age. By teaching our children while they are under the safety of our roof, we can guide them through mistakes and…
Read MoreHow Does Paid Family Leave Work?
When money is tight and a loved one is sick, how do you decide if you should go to work or stay home to care for them? What if you are the one who is ill, and you need time to take care of yourself? Who is going to earn money to pay the everyday…
Read MoreWhat Is Adjusted Gross Income?
It’s that time of year when you hear tax terms being tossed around, whether on the news, at work by the HR Department, or over coffee with friends. But what exactly do all these terms mean? A commonly used term is Adjusted Gross Income or AGI. What is AGI, and how do you calculate it?…
Read MoreIf I Can Pay off My Debt, Is it Better for My Credit to Pay it off Slowly or All at Once?
I think I’m going to receive a large tax refund this year that could help me pay off my debts. If I’m able to pay off all of my debt, should I do it all at once or is it better for my credit to pay it off slowly over time? Submitted by an anonymous…
Read MoreHow to Improve Your Credit
Improving your credit score won’t happen overnight, but you can make a difference over time by taking certain actions. Step 1: Check for Errors To start with, pull your credit report from from all three credit bureaus using AnnualCreditReport.com. Normally, you get to do this once a year for free, but because of the pandemic,…
Read MoreA Side Hustle Can Fix Your Budget
There are lots of articles written about cutting expenses in order to make your budget work. But there is an alternative. You can make more money to achieve the same desired result! Getting a side hustle, and bringing in more money each month, will correct the deficit of your budget just as quickly as spending…
Read MoreShould I drain my emergency savings because of coronavirus?
First off, congratulations for having an emergency fund! Approximately 25% of Americans couldn’t cover an unexpected $400 bill, let alone a month of expenses. To answer the question of whether or not you should drain your emergency fund because of coronavirus, that all depends on your situation. Do you need to drain your emergency fund?…
Read MoreWhat to Do If You Need Help Paying for Prescription Medicines
If you’ve ever been in the situation where you have to decide whether to pay for your prescription or put groceries on the table, you know how scary that can be. What many people don’t know is that there are several programs that can help you pay for those prescriptions. They are called Patient Assistance…
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