Creating a budget is an essential step in achieving and maintaining financial health. Without a clear understanding of where your money is going, overspending becomes too easy, leaving many people feeling like they’ll never gain control of their finances. However, budgeting isn’t just about limiting your expenses; it’s about designing your financial future and taking active steps toward your goals. Whether you favor spreadsheets, apps, or pen and paper, the method doesn’t matter as much as the discipline to start and stick with budgeting. We’ll walk through the basics of creating a personal budget, examine different tools, and explore practical…

During COVID-19, the Bureau of Prisons (BOP) implemented a policy to allow phone calls to be free to adults in custody (AIC). Each month AICs could make up to 500 minutes of calls at no cost. However, with the end of the pandemic declared over a year ago and the BOP under budgetary constraints, that program is coming to an end. According to the BOP, effective January 1, 2025, the Federal Bureau of Prisons (FBOP) is returning to its pre-pandemic phone and video service operations in addition to implementing a phone incentive in accordance with the Program Statement on First…

Economists and business leaders have regularly pointed to consumer spending as a good sign for the economy. Understandably why, because about 69% of gross domestic product — GDP, the typical economic measure — is consumer spending. A red flag of credit card defaults has gone up that should make everyone take much greater care. Why consumer spending is critical Without that seemingly indefatigable consumer spending engine, things would freeze up. Even worse, there would be chain reactions. Companies that did direct business with people would see their revenues drop. They would conserve resources by laying off employees and spending less…

The Education Department has paused application processing for a key student loan forgiveness program for borrowers who have severe medical impairments. The processing suspension, which is part of a long-planned overhaul to streamline federal student loan programs, adds yet another hurdle in an already chaotic landscape as student loan borrowers struggle to navigate their options. The Total and Permanent Disability, or TPD, discharge program can allow borrowers to eliminate their federal student loan debt. To qualify, borrowers must be unable to engage in substantial, gainful activity due to a medical condition that is either terminal or has persisted for the…

The end of the year is more than just a season of celebrations—it’s the perfect time for self-reflection, renewal, and financial planning for the future. As 2024 comes to a close and January 2025 rapidly approaches, it’s natural to think about the goals we’ve accomplished (or haven’t), the lessons we’ve learned, and the opportunities that await us. This transitional period provides a valuable chance to pause, evaluate your current situation, and decide on your next steps. By taking action now, you can enter the new year feeling energized and prepared instead of rushed or overwhelmed. With this financial planning checklist,…

As 2024 winds down, there is still some time left to optimize your tax strategy. Potential tax increases loom after 2025. However, these actionable tips can help lower your tax bill and set you up for long-term tax planning success. 1. Max Out Tax-Advantaged Contributions Retirement Accounts: Contribute to 401(k), 403(b), or other workplace plans by December 31, 2024. The limit is $23,000 (plus $7,500 for those 50+). Health Savings Accounts (HSAs): For high-deductible plans, contribute up to $4,150 (self) or $8,300 (family) by the April 2025 tax deadline. Contributions reduce taxable income, funds can roll over for future medical…

Millions of borrowers with defaulted federal student loans may soon be facing significant credit reporting and collections consequences, as an extension on paused actions against defaulted borrowers is set to expire. That extension, which will end in early January, is the final period of relief before draconian collections efforts may resume. Borrowers in default on their student loans still have options to cure their defaulted status and return to good standing. Doing so may allow them to access affordable payment plans and potentially get on track for eventual student loan forgiveness. But remaining in default could have dire consequences including…

What’s your New Year’s resolution? We all make them, but unfortunately, they rarely stick. The second Friday in January is even known as “Quitter’s Day.” According to Drive Research, 23% of adults give up on their New Year’s goals by the end of the first week of January. If you’re reading this article, you resolve to declutter, get organized, and save money. Here are three ways to start your New Year’s resolution and keep it for the entire year. Digital Declutter Subscriptions, streaming services, and recurring payments can sneak up on you if not monitored carefully. Every January, we do…

As of the date of this writing, Dec. 29, the folks at the Financial Crimes Enforcement Network (known as FinCEN) are enjoined from enforcing the Beneficial Ownership Information (BOI) reporting requirements under the provisions of the Corporate Transparency Act (CTA) passed by Congress in 2021. And, yes, you know you are dealing with the government when everything has an acronym. The BOI reporting mandate applies to the beneficial owners and controlling persons of certain business entities. These entities include nearly all business entities such as corporations, limited liability companies, limited partnerships and the like. In the vast majority of situations,…

Back in October 2024, Oxford Economics made a call for a “window of opportunity” for commercial real estate (CRE) investment. The take was that over the next 12 to 18 months — essentially through 2025, would “offer the best entry point for direct real estate investment this cycle.” The firm saw Europe and the industrial CRE segment as offering the best opportunities. From a global perspective, that might be true. In the U.S., however, data and analysis suggest two good places to look: the fast food (often called quick-serve restaurants or QSR) and convenience store (C-store) parts of retail. What…