It’s never easy to watch family members struggle with their finances. Even though it can be tempting to loan them money, it is only a temporary fix that won’t last if they’ve instilled bad money habits in their financial routine. When it comes to addressing your concerns with a family member who’s struggling with money management, it can be scary. On one hand, you want your loved one to get his or her financial situation under control, but you don't want to destroy your relationship in the process. Read on to learn more about how to better help family members who are bad at money.
It’s tax season, which means you may be coming into some money in the near future. According to U.S. News and Money, in 2016, 111 million Americans received a tax refund, with the average amount being $2,860. On the flipside, you may not be due anything. The IRS anticipates that 30 percent of taxpayers will not receive a refund this year. If you do receive a refund, deciding what to do with it can be a challenge. Should you invest it? Save it? Treat yourself? While the options are endless, here are just a few ways to wisely spend that money.
There are many financial “bad habits” that can leave you in debt. Sometimes they lure you in with the promise of being a "smart financial move" while others are more glaringly obvious to avoid. Unfortunately, you can’t hop into a time machine to go back and undo your past financial mistakes. However, you can take steps to avoid common pitfalls and hang on to more of your hard-earned cash. The most important bad money habits are not adhering to a budget, making emotional purchases and only having one source of income.