Wise Money Moves

Ideas for saving money, avoiding fees, and simplifying your personal finances.

  • Take advantage of free tax preparation services and resources. Info about free options is available at www.irs.gov and click on the free file option.
  • Develop a realistic cash flow management plan then automate bill paying, saving, and investing.
  • Keep your spending and investment goals realistic and avoid dipping into retirement plans.
  • If your emergency fund is depleted and you need money for the unexpected, understand that you can withdraw contributions from a Roth IRA account without penalty. However, there are penalties for non-qualified withdrawals of earnings.
  • Look to retirement accounts in the workplace first for retirement saving. In addition to company contributions or match, these plans may come with the less fees.
  • Consider low-cost index funds. Many studies have found that over the long-term these passive funds outperform
    actively managed funds.
  • Take a long term approach to investing by avoiding panic selling and bubble buying. Include equities in your portfolio as a hedge against inflation.
  • Understand your money personality. If retail therapy is an issue avoid carrying credit cards when shopping and 1– click ordering.

Pledge to be a Tampa Bay Saver and receive non-commercial personal finance updates and motivational messages www.TampaBaySaves.org 

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