Solutions to Make Better Decisions with Your Money

5 Money Lessons for Millennials Other Generations Can Learn From

5 Money Lessons for Millennials - TaxACT

Generation Y has been called lazy, entitled know-it-alls.

But the harsh reality is that this generation also graduated into one of the toughest job markets with some of the highest student loan debt, so they’ve had to be scrappy to find their financial footing in an uncertain economic climate.

As a result, today’s twenty and early thirty-somethings have largely eschewed purchases that previous generations consider a rite of passage and have forged their own way in the job market.

Of course, there are exceptions to these generalizations, but in broad strokes, here are five money lessons for millennials that other generations can learn from.
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Understand These Tax Breaks When Buying a Home

Tax Breaks for Homeownership - TaxACT

Buying a home can help lower your tax bill. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own home. To make sure you get the maximum benefit from your home purchase, however, it's important to … [Continue reading]

What Babies Really Cost and How to Set a Budget

What Babies Really Cost and How to Set a Budget - TaxACT

When my husband and I first got married, we had an instant family of four with his two daughters as my “bonus” babies! Then we added five more children in the first seven years of marriage. So I know a thing or two about economizing when it comes … [Continue reading]

4 Tips on How to Improve Your Credit Score

4 Tips for How to Improve Your Credit Score - TaxACT

Your credit report and credit score are two of the most vital measurements of your financial health. Tweet this Properly caring for them puts you in the position to save thousands of dollars during the course of your life. Why? Because your … [Continue reading]

6 Do’s and Don’ts for an Energy-Efficient Home

Energy-Efficient Home - TaxACT

Fall is coming, and with it higher energy bills. You're on the right track if you're already thinking of ways you can save money this winter. Not all measures you can take to have an energy-efficient home are equal, however. Here are some do's … [Continue reading]

How a Summer Job Affects Your Taxes

How a Summer Job Affects Your Taxes - TaxACT

You had, or still have, a summer job - or you've created one for yourself. You're going to make some spending money, hopefully save for college or other goals, and have some good experiences at the same time. Yay! Before you go out and … [Continue reading]

How Unemployment Affects Your Taxes

How Unemployment Affects Your Taxes - TaxACT

If you lose your job or otherwise become unemployed, one of the first things you should do is determine how your new financial situation affects your income taxes. Tweet this Take note of these areas that may change: Unemployment benefits are … [Continue reading]

How Tax Brackets Work: Examples and Myth Busting

Tax Bracket 2014

What tax bracket are you in, and what does that really mean? Your tax bracket, roughly speaking, is the tax rate you pay on your highest dollar of taxable income. Your tax bracket is not the tax rate you pay on all of your income after … [Continue reading]

7 Personal Spending Pitfalls and How to Avoid Them

7 Personal Spending Pitfalls and How to Avoid Them - TaxACT

When it comes to controlling spending, sometimes everything seems to be working against us. There are so many ways to spend money - and so many reasons it's difficult not to. It's possible to take control of your spending, however. Many people … [Continue reading]

Is Cancelled Debt Taxable?

Is Cancelled Debt Taxable? - TaxACT

If a credit card company or other creditor cancels your debt, that’s really good news, right? Such cancellation of debt usually happens when the creditor gives up on collecting the debt, or when the statute of limitations on collecting the debt … [Continue reading]

6 Offbeat Ways to Retire Early

6 Offbeat Ways to Retire Early - TaxACT

If you really, really want to retire early, here are some ways to do it. In an ideal world, we'd all save money year after year until we had enough stashed away to maintain us in the style to which we have become accustomed. Then we'd retire, … [Continue reading]