Prioritized Living

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Your HSA is Actually a Retirement Secret Weapon

Your HSA is Actually a Retirement Secret Weapon

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 Lower Your Credit Card Interest Rate

How to Lower Your Credit Card Interest Rate

When it comes to your credit card debt, you have much more power than you probably realize.

You already know your card’s interest rate plays a major rule in how quickly your debt adds up . . . and how soon you’ll be free of it. But did you know that the interest rate you’ve got isn’t necessarily the rate that you’re stuck with?

Here’s a little-known secret: You can actually negotiate your interest rate with your creditor. A poll conducted by CreditCards.com found that only 25% of cardholders contact a credit card issuer to negotiate. But the astounding news is that nearly 70% of those who did landed a lower interest rate!

Best of all, joining that 70% is easier thank you think. Here’s how you can successfully negotiate your own interest rate: [Read more…]

Estate Planning 101: Protect Your Family with a Trust

Estate Planning 101: Protect Your Family with a Trust

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

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…]

5 Proven Ways to Tidy Up Your Spending

5 Proven Ways to Tidy Up Your Spending

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

How to Save Money on Prescriptions

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…]

Can’t Stick to a Budget? How to Overcome 6 Common Obstacles

Cant Stick to a Budget? How to Overcome 6 Common Obstacles

You know that a budget is invaluable for sticking to your money goals. And a great financial plan can help you prioritize those goals, manage your debts, and focus your money where it matters.

But living on a budget is sometimes easier said than done. And 6 common problems routinely trip up people with good financial intentions.

Ready to troubleshoot your pain points? If you’re struggling to figure out how to stick to a budget, these solutions are just what you need. [Read more…]

Why Your Credit Score Is Dropping: Should You Be Worried?

Why Your Credit Score is Dropping: Should You Be Worried?

Tracking your credit score is easier than ever. An increasing number of lenders provide their clients with unlimited, free access to credit scores.

But being able to watch your score so closely over time means that you may notice something unsettling — bumps and dips in that all-important number. So what’s going on from month to month? Why has your credit score dropped?

And, more importantly, should you be worried?  [Read more…]

How to Get Your Kids to Do Chores: Secrets of Organizing Pros & Rockstar Parents

How to Get Your Kids to Do Chores: Secrets of Organizing Pros & Rockstar Parents

Raise your hand if you’ve ever wanted to move to a new home just to get away from the mess at the one you’ve got!

It’s hard enough when you’re single to keep your home organized and tidy. But when you mix in a spouse, kids, and maybe some pets, it can feel as though you’re fighting a losing battle.

So how do you do it??? How do you get your busy family unified and working together? How can you get everyone to conquer that never-ending chore list so that it’s actually done — without tears or screaming? And how can you get organized quickly and easily?

To find the answer, I collaborated with Citi to find the real experts — organization gurus and parents who have successfully rallied their families to maintain ship-shape homes!

I rounded up their secret strategies and recommended tools. And I’m sharing those with you today.

There’s no better time than now to get your family organized. So get ready to conquer your crew’s collective goals and manage your household responsibilities with this easy action plan.

[Read more…]

Should You Cosign a Loan? What You Need to Know

Should You Cosign a Loan? What You Need to Know

Co-signing a loan can saddle you with some surprising — and unpleasant — consequences.

When a friend or family member asks you to co-sign a loan, it doesn’t seem like a big deal. You’re just helping out a loved one, right?

But co-signing a loan comes with serious, often hidden risks to your finances and your relationships. Here are some things to consider before you agree to lend a hand.  [Read more…]