The Health Savings Account, or HSA, is a relatively new option for U.S. taxpayers. Signed into law in 2003 as part of the Medicare Prescription Drug, Improvement and Modernization Act, these accounts were intended to help compensate for the high deductibles and low reimbursements of some healthcare plans. Health Savings Accounts allow workers to make tax-exempt deposits to be used toward medical expenses. The funds can pay for medical bills not covered by insurance, over the counter medications that are prescribed by a doctor, or even non-medical expenses if they are taken after retirement age. Here is some advice and...

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Generally speaking, inflation occurs when the price of goods and services increase over time. For consumers, inflation is usually considered to be a bad thing, because your money will buy fewer and fewer things. If your income is growing at a rate faster than the rate of inflation then you won’t have this reduced spending power. However, many workers are finding that their incomes aren’t rising fast enough to keep up. From a saver’ s perspective, however, inflation isn’t a bad thing. Rising interest rates go hand in hand with rising inflation, including the interest rates that are available...

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The concept of inflation is pretty simple. It is defined as a general rise in prices in an economy over a given amount of time. There is some debate about the causes of inflation, but its effects on consumers are clear. It reduces the value of currency, which means that the same amount of money buys us a lower amount of goods and services than it did before. The rate of inflation varies from year to year. Monetary authorities strive to keep inflation low and steady, but sometimes it rises due to circumstances beyond their control. Fortunately, rising inflation rates...

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Marriage is more than just an affirmation of two people’s love for one another. It’s a joining of two lives. Once you become husband and wife, you become one household with one set of finances. While you might keep separate bank accounts, any money that one spouse makes or any debt that one spouse incurs now belongs to both of you. That’s why it’s so important that newlyweds do some serious financial planning. Ideally, it should start before you tie the knot. At the very least, it needs to get underway as soon as the honeymoon is over. Also...

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Any financial expert will tell you that you need an emergency fund. But how much money should be in that fund? Well, that depends on who you ask. Suggested figures range from a thousand to tens of thousands of dollars. That’s a pretty large spread! As with any financial advice, one size does not fit all when it comes to how much to put into an emergency fund. The right number for you might be completely different from the right number for your brother, your friend, or even your coworker. Here is some advice and tips to help you decide...

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Low interest rates are good news if you are looking to borrow money. But they’re not so good for savings and investment accounts. When it comes to those, the only good news is that once interest rates get so low, there’s nowhere for them to go but up. Once interest rates start to rise, those who have money in savings are often eager to take advantage of the higher rates. That’s certainly understandable, but it’s important not to be too hasty. If you are, you could end up regretting it when rates go even higher. Here’s advice on how to...

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A bank Money Market Account, or “MMA” for short, is a special kind of savings account that allows you to get higher interest rate by reducing the liquidity of your cash. The account is a great way to increase the return on your capital while still having your savings protected by FDIC insurance. In exchange for a higher interest rate, your account will be subject to a number of limitations that are not applicable to more traditional savings accounts. Some of these limitations may be significant to you, depending on your personal financial situation and savings needs. The key is...

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There are many directions that you can take when it comes to cutting the budget. Most people agree that there has to be a roof over the head, clothes on the back and food in the belly. Finding a few savings in the grocery story can help you balance even the tightest budget. Prepare for the shopping trip and limit the funds you take into the store. The right plan and preparations can help you save big at the grocery store. Cutting coupons, working with friends, and watching the sales papers are all great ways to reduce the amount you...

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The first financial service that most people have direct experience with is a savings account. Perhaps you had your own savings account before you were old enough to understand what it was. Even today, in our complex financial world, savings accounts can still serve a vital role in many individuals’ financial planning. Savings accounts are where we store money for significant purchases and investments (such as a down payment for a home), college expenses for our children, or simply as our emergency or rainy day fund. And unlike our mutual funds, stocks, homes or other investments, with...

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Do you wonder how to get ahead in today's economy? Chances are, your spending doesn't seem to be excessive given your take-home pay. Yet, your finances seem to be dwindling rapidly. What can you do to improve your financial situation if you're unable to ask for a higher salary at work? Give yourself a raise, of course! Here is some advice on how to give yourself that raise. When you seem to be on the edge of financial trouble, the best remedy is a combination of two actions: 1. Minimize your spending. Trimming down a shopping habit is clearly the first...

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