There are also specific refinance rules that you should follow. If you’re having a difficult time paying your mortgage, refinancing may help by lowering your monthly payment. A refinance could save you money, lower your monthly payments, and free up room in your budget—if you follow the rules. As with any mortgage, before you sign the papers, you should be sure that the interest rate and terms of the loan are the same as what you were originally quoted....

Bank Debit Cards Bank debit cards are traditional debit cards, and getting one is typically as easy as opening a checking account and letting the bank know that you want a debit card during the account-opening process. In most cases, you’ll get one regardless. Your debit card is linked to funds in your account, so you can only spend as much as you have. Trying to spend more will result in your card getting declined, or the bank may “lend” you the money or transfer it from a linked savings account....

But the IRS imposes a lot of rules regarding what’s tax deductible and what’s not, and you may only be able to claim a percentage of your costs in many cases. It depends on whether an expense serves only your home office area or if a portion of it also serves the personal living areas of your home. Taking the time to understand and navigate the rules can pay off at tax time....

Mixing Personal Relationships With Business Many spousal, family businesses, or partnerships between friends are successful, and the notion of starting a business with someone you know and trust can be very attractive. However, money can change everything. Any successful business partnership should be based on the complementary strengths, talents, personalities, and experiences of the prospective partners. A relative or friend needs to bring much more to a potential business partnership than just their personal relationship with you....

What You Contribute to a 401(k) Is Yours to Keep All the money you’ve contributed to a company retirement plan is still yours. If you were eligible for an employer match, you may also have rights to your employer’s contributions, depending on your vesting schedule. A company may require up to five years before granting you complete ownership to its contributions. Your Employer Retirement Account Options It can be reassuring to know that you still have access to your contributions and those vested employer-matching contributions....

Fact 1: Worker’s compensation programs are administered by states. Employers pay into state workers’ compensation funds or self-insurance. Then benefits are paid to workers who become ill or injured while on the job. The federal government administers separate worker’s compensation programs for specific groups, including federal employees, longshore workers, and coal miners. Employees do not contribute to workers’ compensation premiums. Fact 2: Workers’ compensation is required for all employers. That statement is essentially true, but the level and type of coverage are different for each state and one state doesn’t require this coverage....

The outlook for inflation in the next year ticked up to its highest rate on record, according to the Survey of Consumer Expectations released Monday by the Federal Reserve Bank of New York. Expectations increased to 6.8% in June from 6.6% in May, the highest since 2013, when the survey began. Expectations for losing a job in the next year worsened, too, ticking up to 11.9% from 11.1%, (though still below pre-pandemic levels) along with the probability of finding a new one in the event of a layoff, which dipped to 56....

Using a debit card for international travel is useful for withdrawing local currency from an ATM for expenses like tipping or paying merchants who don’t accept credit or debit cards. You wouldn’t want to use a credit card at an ATM, since the transaction would be treated as a more expensive cash advance. So which are the best debit cards for international travel? Let’s take a look. Fidelity Cash Management Account As a customer of the Fidelity Cash Management Account, you’ll receive the Fidelity Visa Gold Check Card, which is one of the best debit cards for international travel....

Survey results released Tuesday by American Express’s Kabbage show the share of businesses that describe themselves as “fully open”—or without any pandemic-era measures—shrunk to 63% in its most recent survey (taken July 27-Aug. 17) from 85% in May. Another 31% reinstated COVID-19 restrictions voluntarily, and the remaining 6% said they were still closed due to the pandemic. Restrictions encompassed any limit triggered by the pandemic, Kabbage said, including reducing store or restaurant capacity, eliminating in-store shopping, mandating face masks, or imposing vaccination requirements for customers....

An increasing number of Americans are choosing to spend their retirement overseas. According to a survey from Provision Living, 21.3% of Americans say their dream retirement involves living abroad. The reasons for retiring abroad are numerous. A chance to see the world, explore new cultures, and perhaps most importantly, save money. When choosing a retirement destination, some countries may prove more affordable than others. If you’re interested in the idea of retiring outside the U....

If you’re having trouble getting on board with budgeting, think of it like using a fitness tracker. You use a fitness tracker to help you lose weight. So why wouldn’t you use a budget to successfully cut back on your spending, reach a long-term financial goal, or pay off debt? Still not convinced? A budget can help you get your financial situation under control. Once you do that, it is a lot easier to find the time to do things that you love....

But there are also some bad financial habits that you should work to avoid. Even the small things may end up costing you a lot more in the future. Here are five habits that can wreck your budget – and how to avoid them. Find out how much this habit is costing you is to look at your credit card bill. Each monthly statement has a box that tells you how much you paid in interest this month, how long it will take you to pay off the card by paying the minimum, plus and the amount that you need to pay to pay it off in X number of years....

Now that we’re entitled to free annual credit reports, it’s a given that you should check your credit report once a year. But, there are other triggers for checking your credit report. You’re Preparing for a Major Credit-Based Purchase Your credit history is one of the primary factors used for loan approval. You’d be surprised at the credit report entries that could get your application denied. Even an unpaid $16 library fine from four years ago can keep you from your dream home....

There are several different ways to diversify your portfolio, but keep in mind that any big financial decisions should be made with a trusted financial advisor or after you’ve done a lot of important homework. It’s also important to remember that too much diversification can be dilutive and costly. Security Diversification The most fundamental level of diversification is security diversification. Here, the risk is reduced by increasing the number of different stocks in the portfolio....

Yet purchasing a home has many advantages. For one, building equity is a great financial move and can help lay the groundwork for future financial health. Having a set mortgage payment can also help you budget month-to-month since rent payments usually increase each year, especially in areas with a high cost of living. But getting a mortgage isn’t always that easy, and depending on where you live, you may find it difficult to qualify for a mortgage or afford the monthly mortgage payments....

Learn more about Taiwan’s promising economy and how investors can gain exposure through exchange-traded funds (ETFs), as well as some important risk factors to consider. Taiwan’s Promising Economy Taiwan’s economy is perhaps best known for its electronics industry. Since the 1960s, the country has evolved to become a leader in many areas of electronics, including the manufacturing of integrated circuits for computing. The country’s exports totaled more than $388.49 billion in 2019, primarily to China, Hong Kong, and the U....

Find out how much you’ll pay in Social Security taxes if you’re self-employed, how to do so, and how to claim your benefits. How Do Self-Employed Workers Pay Social Security Taxes? If you own a business, freelance, or work for yourself, you are self-employed. That means that when you file your federal income tax return, you must report your earnings for Social Security. In a typical job arrangement where an employer sends you a W-2 form, you and your employer pay 6....

According to a report by the National Association of Realtors, 11% of all buyers, 25% of buyers between the ages of 22 and 30, and 18% of buyers between the ages of 31 and 40 cited saving for a down payment as the most difficult step in the homebuying process. What Is Down Payment Assistance (DPA)? Down payment assistance (DPA) helps homebuyers who can’t afford the down payment required to purchase a home....

Depreciation is the accounting method that captures the reduction in value, and accumulated depreciation is the total amount of the depreciated asset at a specific point in time. These changes can affect the value of your business and your taxes. How Depreciation Works The change in the value of business assets is depreciation. This term means two things: The value of business assets is shown on your business balance sheet, a financial report that shows assets on one side, with liabilities (amounts owed by the business) and the business owner’s equity (the difference between assets and liabilities, or the amount the owner owns) on the other side....

If you have home, condo, or renter’s insurance, additional living expense (ALE) coverage prevents you from being “homeless.” It can help keep you from needing to couch surf at your in-laws’ or friends’ houses while you wait for repairs to be done. Here are some key factors behind this coverage and how it works. What Is Additional Living Expenses Coverage? Additional living expense (ALE) insurance may come with homeowner’s, renter’s, or condo owner insurance....