This budgeting rule will help increase your savings account.Tis the season when financial advisers trot out suggestions for saving money, cutting taxes and making other smart money moves for the new year. Many of the suggestions haven't changed much from this time last year, except that substantially higher inflation and interest rates give year-end planning a new urgency.
"Such advance-buying motives can make expectations of future inflation a self-fulfilling prophecy, as accelerated buying creates further upward pressure on inflation," noted the University of Michigan in an updated survey of consumer finances. It can be psychologically difficult to take chips off the table from your winners while pumping more money into holdings that have suffered big losses. Just remember that rebalancing provides a discipline for buying low and selling high. If you don't want to sell any of your winners, another way to rebalance is by directing new investment dollars or income such as dividends into your laggards.Obtaining a fresh copy of your credit report is another task you should do at least once a year.
Savings contributions, from both employees and employers, have inched higher. The employer portion has reached record highs, with companies kicking in 5.6% of pay in matching funds on average on behalf of workers, reports the Plan Sponsor Council of America in a new study. Workers contributed another 8.3% on average.
Meanwhile, the Internal Revenue Service is cautioning taxpayers about card-related scams. Crooks posing as IRS agents often contact potential victims demanding payment for a fictitious tax bill. Typically, they will demand that you purchase a gift card then reveal the card number and PIN, or personal identification number, allowing the crook to take over the card's value.
Inflation? Can a Leftist paper say that?
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