KristiLyn Wilkinson, Empowering Financial Wellness Program Manager
When I say “it’s that time of year again,” I know most of you wish I was talking about pumpkin spice everything and not taxes. I bet most people don’t enjoy doing their taxes or owing money for taxes, but I know a lot of people who do look forward to getting their tax refunds. When it comes to saving money on your taxes, tax credits are your best friend. Adjustments and deductions lower your taxable income by a certain percentage (this is based on your marginal tax bracket). Tax credits, however, let you reduce the amount of tax you owe dollar for dollar and that means more money back in your pocket!
Jerevie Canlas, Ph.D., CFLE
Empowering Financial Wellness Program Coordinator
If there’s one thing I learned from the events of 2020, it’s that I need to be on top of my finances just in case something unexpected happens - like a job loss (which happened to me in May), or when we needed a new car (something we had to purchase in November), or somebody needs to be hospitalized (which happened to a lot of people).
They say prevention is better than cure, and that’s the principle behind annual physicals. You go see your primary care provider at least once a year so your general health can be evaluated, and you visit your dentist at least twice a year. Based on a number of factors, your doctor might recommend that you do a couple of things such as exercising more, cutting back on certain foods, increasing your fiber intake, or even referring you to a specialist if necessary. Seeing your doctor at least once a year can detect health conditions that can lead to chronic health issues. The biggest benefit of an annual physical is KNOWLEDGE - and this knowledge can potentially save your life.
AMANDA H. CHRISTENSEN, AFC, USU EXTENSION ASSOCIATE PROFESSOR, UMM EDITOR
Clearly, it’s important that all adults have a rudimentary understanding of money management. You don’t have to dig too deep to see the critical issues that make this all the more important for women. Research shows specific issues that make it CRITICAL for women to understand the basics of personal finance are threefold: they live longer, are more likely to stop working mid-career, and they earn less. Let’s break down the “So What?”
If you’re still waiting for your Economic Impact Payments, you might be getting a debit card instead of a check in the mail. This, of course, is the money that’s meant to give relief due to the Coronavirus pandemic. You may have already gotten your payment by direct deposit or by check. But if you’re still waiting, watch your mailbox for either a check OR a VISA debit card. IMPORTANT REMINDER: the government will never, ever call, text, email, or ask you to click on a link they sent to activate your card or get your money. Here's the 101 (the 4-1-1, the "need to know", etc.) if your payment comes in the form of a debit card...
Welcome to Financial Literacy Month 2020! Woot Woot! The Utah Money Moms team is excited to bring you personal finance content that can help you stay on track with financial goals, make smart money decisions and enjoy financial freedom. Here's what's coming your way this month:
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1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
Gold Award in Blog Site category at the 7th annual Education Digital Marketing Awards.
Silver Award in New Media category at the 34th annual Educational Advertising Awards.
Platinum Award in Digital Media, Web Design category at the International Marketing and Communication Awards.