Big Money Goals Archives - Prioritized Living

Your One-Year Money Makeover: Powerful Steps to Improve Your Finances

January 21, 2021

Your year is powerful.

I firmly believe that — with the right tools, motivation, and action plan — a person can accomplish amazing things in a single year.

And that feeling you get when starting out? When you embark on a new journey with resolve and enthusiasm, you know you have the chance to make real, positive changes that can last a lifetime.

In a single year, you can master and transform your money.

No matter where you are on your journey to financial health and security. No matter what setbacks you’ve had. No matter what obstacles lie ahead.

You can improve your finances, making incredible strides in a single year.

These 11 steps offer a path to establishing strength and security with your family’s finances. Maybe you’ve already tackled some of them! Or maybe you’re just starting out.

Either way, jump in and make this the year that you create peace of mind and financial health for yourself and your loved ones.

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Ready for Tax Time? My TurboTax 2019 Review

February 3, 2020

Note: This post contains affiliate links. Read my policy here.

At heart, I am a die-hard numbers nerd. So it’s a fact that I used to find actual enjoyment in creating spreadsheets to calculate the figures I entered on each year’s tax return.

Then life got more complicated.

I got married. We got a house. Had a kid. Started a business. And more. And my spreadsheet became increasingly complicated until it couldn’t keep up with my complex life and an even more complex tax code.

So, several years ago, I finally abandoned my spreadsheet and bought TurboTax to handle my taxes. And I haven’t looked back since.

Now, maybe you’re wondering if it’s right for you. Should you go old school with your tax forms, a pencil, and a trusty calculator? Should you shell out for the expertise of a CPA or other tax professional? Or should you DIY with a little help from TurboTax?

In this TurboTax review, I’m sharing the low-down on what it actually does, the pros and cons of TurboTax, and what you need to know before you decide to use it. [Read more…]

Here’s Why Your Budget Needs a Sinking Fund

December 16, 2019

When it comes to saving, you’ve got your eye on a few different buckets.

There’s your emergency fund, your retirement savings, and maybe even a college savings plan for the kids.

But there’s another type of savings that many people haven’t heard about . . . but it’s one that can dramatically improve your financial life!

It’s the sinking fund.

They’re simple to set up, easy to manage, and oh so important in reaching your financial goals. Here’s how you can use sinking funds to plan your expenses without messing up your budget. [Read more…]

Your HSA is Actually a Retirement Secret Weapon

December 2, 2019

Sure, you’ve heard about the traditional tools for retirement planning. IRAs and 401(k) plans offer unique benefits for saving your cash now to enjoy when you’re older.

But what about a Health Savings Account? Most people think an HSA is just a place to keep short-term savings to cover your family’s medical costs this year.

But an HSA is actually an incredible and often-overlooked tool for funding your golden years. And its special treatment by the IRS may get you the most bang for your buck when you include an HSA in your retirement plan. Here’s how: [Read more…]

How to Organize Your Passwords: My LastPass Review

October 8, 2019

This post is part 6 in the series How to Organize It.

Note: This post contains affiliate links. Read my policy here.

How many passwords do you have?

Until relatively recently, I didn’t realize just how many login credentials I own — more than 100!

Think about it: You have logins for your E-mail accounts, bank accounts, credit cards, investment accounts, your streaming video accounts, online retailers, travel sites, social media sites, utility providers . . . the list goes on!

And you might think you’ve got it under control by using variations of a few passwords across all these sites . . . uuuuuntil the day that there’s a security breach.

Yeah, that happened to me.

One day, one site was compromised. So my logins at a bunch of sites were suddenly potentially vulnerable. I knew I needed to beef up my passwords and have different passwords for every site I visited. But how on earth would I keep track of them???

The answer is a password manager.

I latched on to one out of necessity, but I will seriously never go back. Here’s why I’m obsessed with LastPass, an awesome password manager. [Read more…]

Estate Planning 101: Protect Your Family with a Trust

September 23, 2019

At eight months pregnant, I eased into a chair at a law firm specializing in estate law, and my husband and I signed and initialed a full set of estate documents.

We’d gotten the car seat, the crib, and the onesies. But doing this — ensuring our child and each other were protected — was one of our highest priorities in those last few weeks before our son was born.

Five years later, we just paid our lawyer another visit to make a few updates to our documents. And having those protections in place continues to bring us immense peace of mind.

Of course, my husband and I wanted to ensure that our son was taken care of and our wishes respected in the unlikely event that both of us died. And we wanted to spare our family the time and financial burden of chasing our assets through probate court.

But we were also able to deal with a situation that a basic will just can’t cover — what would happen to us, our son, and our assets in the event that we were temporarily or permanently incapacitated. And that’s where a living revocable trust comes in.

I am a HUGE proponent of setting up trusts for yourself and your spouse! The benefits are enormous. And trusts are not nearly as complicated as you might think.

So what is a living revocable trust? And is a living revocable trust right for you? [Read more…]

6 FIRE Movement Rules That Will Transform Your Money

August 21, 2019

Note: This post contains affiliate links. Read my policy here.

Right now, the FIRE movement is revolutionizing the way that Americans envision retirement.

FIRE — which stands for financial independence, retire early — began with the book Your Money or Your Life, authored by Vicki Robin and Joe Domingez. First published in 1992 and most recently updated in 2018, the book continues to galvanize young adults in particular in pursuing the dream of retirement in their 40s or even 30s.

But retirement for FIRE followers rarely means doing nothing. Instead, it translates to freedom to pursue the kind of work and passions you love instead of working exclusively for the paycheck.

Mr. Money Mustache, a prominent FIRE proponent, states the goal of FIRE as “complete freedom to be the best, most powerful, energetic, happiest, and most generous version of you that you can possibly be.”

Maybe FIRE is something you’d love to pursue yourself. But, even if early retirement isn’t your plan, you can mine some incredible money principles from the FIRE philosophy — principles that can put you on the path to financial health, help you grow your money, and build a secure financial future! [Read more…]

How to Manage (and Master!) Your Money with a Budget Binder

July 30, 2019

Money is . . . well, it’s messy! And complicated.

Just think about all the pieces that make up your financial life! You may have multiple sources of income, savings accounts, retirement or investment accounts, bills for your home, bills for your family, expenses that are coming up, and things you want to do with your money!

How on earth do you keep it all straight and get it all done?!

A budget binder, like My Budget Binder from Prioritized Living, is an amazing tool for mastering your finances. It takes the mess and stress of money management out of the equation and gets you moving toward your financial dreams.

CLICK HERE to grab your copy of My Budget Binder from Prioritized Living!

Here are just a few of the many things a budget binder can do for you when you incorporate it into your life: [Read more…]

5 Proven Ways to Tidy Up Your Spending

June 24, 2019

Overspending has never been easier.

In mere seconds from just about anywhere, you can mindlessly type and swipe your way to a pricey online impulse buy. And, surprisingly, overwhelming living expenses aren’t typically to blame for overdoing it with your wallet.

One NerdWallet study found that one in two Americans overspend not out of necessity but for emotional reasons like stress, excitement, and sadness. And the numbers are even greater for younger generations, with two out of three millennials admitting to emotional overspending.

Self-awareness is the first step in avoiding overspending that’s driving you into debt. And if you’ve already taken the time to tidy up your money mindset, you’re well on your way.

But there’s more you can do.

As you know, countless Americans are currently on a mission to declutter their lives and organize their homes, Marie Kondo style. But what if you could tidy up your spending?

Check out these top tips for cleaning up your spending habits: [Read more…]

How to Save Money on Prescription Medications

May 13, 2019

Sticker shock is alive and well at every pharmacy across the country.

Prescription medication is expensive.

Plenty of people shell out continuously to cover treatment for chronic medical conditions. And, other times, getting a prescription is an unpleasant, pricey surprise. Your kid gets an infection. You’re injured in an accident. Or you face an unexpected diagnosis.

In fact, a recent survey by RxSaver found that the average American adult spends $33 each month — that’s $400 a year! — on prescription medication. And kids’ prescriptions add an additional $341 a year to your budget.

Any way you slice it, it feels like your wallet is completely at the mercy of your pharmacist.

So what can you do? How can you ensure that you have the money you need to cover your essential medical costs?

If you want to know how to save money on prescriptions, try these smart strategies for saving what you need and growing what you already have. [Read more…]