Personal saving
‘It’s belt-tightening time’ — How to save as food inflation jumps more than 11% in a year
Going to the grocery store isn’t getting any cheaper. Rising food costs helped push inflation higher again last month, despite a drop in gas prices. The food index alone rose 11.4% over the past year, according to the latest consumer price index figures — marking the biggest 12-month jump since May 1979. The food-at-home index, a measure […]
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Taxpayers can avoid a ‘very nasty surprise’ by making quarterly payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency. “It’s a pay-as-you-go […]
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Secondhand shopping is booming: Here’s how much you can save
Largely out of necessity, consumers are getting creative about stretching their dollars. After inflation hit back-to-school budgets hard and as families are feeling the weight of holiday expectations, more are considering thrift shopping as a way to save. Bargain hunting is certainly not new. But with the Covid pandemic came a surge in “thrifting” and […]
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Companies are slashing parental leave benefits as their ‘purse strings have tightened.’ Here’s how to prepare
After boosting paid parental leave during the pandemic, many companies are now cutting or reducing the popular employee benefit. In 2022, organizations with paid maternity leave dropped to 35% from 53% in 2020, according to the Society for Human Resource Management’s employee benefits survey. And fewer than one-third, 27%, now provide paid paternity leave, down […]
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You may owe taxes for federal student loan forgiveness if you live in one of these states
Marko Geber | DigitalVision | Getty Images If you’re one of the millions of Americans expecting student loan forgiveness, you won’t owe federal taxes. But that doesn’t mean you’re off the hook at the state level. Indiana is the latest to confirm forgiveness will trigger state income taxes, and some borrowers may owe county levies […]
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Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors
Nirunya Juntoomma | Istock | Getty Images If you’re feeling unsteady amid stock market volatility, high inflation and rising interest rates, you may wonder how much cash you really need to have handy. But the right amount to have in your emergency fund depends on your family’s situation and needs, financial experts say. Still, with […]
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‘No one wants to be the state taxing student loan forgiveness.’ Here’s where borrowers may see a bill
dmphoto | E+ | Getty Images There’s good news if you’re eligible for student loan forgiveness: It won’t trigger a federal tax bill. And while some may still owe state taxes, it may be fewer borrowers than expected. It depends on whether and when states conform to federal tax laws, including the American Rescue Plan […]
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Despite recession fears, most 401(k) investors haven’t changed their portfolios. Here’s what advisors suggest
Morsa Images | E+ | Getty Images Many investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven’t changed their portfolios, according to research from Fidelity Investments. Only 5% of 401(k) and 403(b) investors shifted asset allocations during the second quarter of 2022, the report […]
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Who wants to be a billionaire? 6 in 10 Americans strive to be mega-wealthy, report finds
Michael Bloomberg, (right) founder of Bloomberg LP, and Lloyd Blankfein, chairman and CEO of Goldman Sachs Group, at the 10,000 Small Businesses (1OKSB) Partnership Event in London on Dec. 14, 2016. Chris Ratcliffe | Bloomberg | Getty Images Mixed feelings about extreme wealth At the same time, most Americans have a love-hate relationship with extreme […]
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Education Department cancels $1.5 billion in student debt for 79,000 borrowers subjected to ‘false promises’ by Westwood College
Tero Vesalainen | Istock | Getty Images The U.S. Department of Education on Tuesday announced it will cancel all remaining federal student debt for former students of the now-defunct for-profit Westwood College, delivering $1.5 billion in relief to 79,000 borrowers. The cancellation covers students who attended any location of Westwood College, including online programs, from […]
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