This strategy combines all your debts into a single, more manageable loan, usually with a lower interest rate. By streamlining your debts, you'll simplify your monthly payments and reduce the chances of missing payment dates. Debt consolidation loans can be particularly effective if you have ...
12 Steps to a Happy Retirement Follow these 12 steps to find fulfillment and retire happy. Rachel HartmanApril 15, 2025 Tax Day Poses New Dilemmas for Retirees You may find filing your taxes to be more complicated than when you worked full time. ...
To increase retirement savings, maximize your 401(k) employer match, utilize tax-advantaged accounts like IRAs and consider additional contributions as your income grows. Focus on paying off high-interest debt and prioritize retirement savings over low-interest debt payments. Balance your portfolio wit...
Transferringcredit card debtto a new account has advantages, as many transfer offers may have an introductory period with aninterest rate of 0%. A balance transfer can also reduce multiple payments to one, with a single payment date. But keep an eye on your calendar so you’re aware of wh...
Shortening the time it takes to pay off your debt. A balance transfer credit card or a debt consolidation loan are the main ways to consolidate, but note that you’ll likely need a good credit score to qualify or get a good rate. Each lender sets its own requirements, but generally scor...
balanced portfolio of investments that fits your time horizon and risk tolerance. Instead of picking individual stocks, many experts recommend that you look to mutual funds, exchange-traded funds ortarget-date fundsto diversify your investment portfolio, reduce your risk and still achieve attractive ...
Eliminate Smaller Balances– We’ve established that lowering the balance on most loans won’t reduce your monthly expenses. But, paying off an entire balance can make a huge difference. Typically, we suggest thatborrowers pay down their highest-interest debts first. However, one notable exception...
One effective strategy to build equity faster is to make extra mortgage payments. By paying more than your required monthly amount—whether it’s a little extra each month or a lump sum—you reduce your principal balance more quickly. For example, if your monthly payment is $1,500, adding ...
Strategies using certain types of life insurance can help reduce your taxes. Ask your advisor how you can ensure your loved ones receive as much as possible after you are gone. Am I paying money in income tax that I could invest? What can I do to control long-term tax impacts on my ...
If you’re using a significant portion of your available revolving credit, such as by carrying a large credit card balance, it’s worth trying to pay off some or all of it. If you can pay down your balance and reduce your utilization, your credit score may improve as soon as your bal...