Saving & investing

With the New Year just around the corner, now is the perfect time to make some financial resolutions to help you ring in 2012 with confidence. According to a survey by Fidelity Investments, most people are likely to say they want to save more and spend less. If the recession is grinding on a little longer than you thought or you’re ready to change the way you look at your money, it’s time to create a plan to go above and beyond the basics.

Unless you’ve been stuffing your life savings in your mattress, you probably have your money in either a bank or a credit union. You may not have given the financial institution where your money is stashed much thought before now, but banks and credit unions offer different benefits, depending on what you’re looking for. And you might be better off making a change. With a little research, you can determine which type of financial institution best meets your needs.

Are you happy with your child’s understanding of money? Many people want to ensure their children learn positive values when it comes to money, but they are not sure how to instill them. The Ohio Society of CPAs offers these five tips for parents who want to teach their children how spending—and saving—work.

The leaves are falling and so is the temperature. Take steps now to winterize your roost and save money on your heating bills. With energy costs climbing, it makes sense to take advantage of savings opportunities, say personal financial planning experts at The Ohio Certified Public Accountants. But you don’t have to spend thousands in home improvements. A few simple steps can help you save.

You may never have thought of yourself as the environmentally-friendly type, but what if going green meant saving cash? There are many simple ways to make changes, save money and help the environment at the same time say personal financial planning experts at The Ohio Society of CPAs. Here are seven ways to get started.

Americans save a little over 5% of their personal disposable income, according to the Department of Commerce’s Bureau of Economic Analysis. It’s not surprising, then, that many people wonder at the end of each month where their money has gone. But don’t despair! There are many easy ways to pump up your nest egg without trying too hard. The Ohio Society of CPAs offers these practical tips.

Each year on January 1, millions of us make resolutions to change our lives in the coming year. Losing a few pounds and quitting smoking are some of the most common New Year’s resolutions. This year, how about making a pledge to improve your finances?

Are you and your spouse completely familiar with each other’s financial situation? Are critical documents up to date? Are you prepared if a spouse is incapacitated or dies? Failure to share information can magnify problems in a crisis.

At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses while at the same time looking after the needs of your aging parents. Squeezed in the middle, you've joined the ranks of the "sandwich generation." It’s a challenge millions of Americans are currently facing.

The nation has been facing uncertain economic times for a while now, a fact that has had an impact on many Americans. That means that many families have had to tighten their budgets and cut back on some of their spending. As this occurs, kids may have a tough time understanding why their parents can no longer afford the toys, electronic gadgets, activities or trips that they want. Here's some advice on how to address the economy with your children.

Money issues are one of the leading causes of marriage stress. Making sure both of you are on the same page when it comes to finances before you walk down the aisle can help avoid problems once the honeymoon is over.

With unemployment soaring, foreclosures are at record levels and Americans having trouble paying off loans. What can you do to protect your finances?

Perhaps you’re recently divorced or widowed. Maybe you just landed a job after a long period of unemployment or you recently completed bankruptcy proceedings. All of these life events present a common challenge: the need to reestablish yourself financially. The following steps can help get you back on sound financial footing.

Many people dread the prospect of planning for a funeral, but a little forethought can ensure that your loved one receives the funeral he or she desires. It can also minimize unnecessary expenses and stress during a difficult time. Be aware that the expense of a funeral can rise very quickly. In fact, the median cost is over $7,000, according to the National Funeral Directors Association, which does not include cemetery and monument expenses, flowers or obituaries, and many cost more than $10,000. The Ohio Society of CPAs offers this advice to help keep your costs in line.

If you’re like most adults, your goals may include raising a family, building your dream home and retiring in comfort. But without a clear plan to achieve these, it’s easy to get sidetracked. Young families often are strapped with college loans, mortgages, medical premiums and the never-ending costs of raising children. It’s easy to put off saving until later. But later comes all too soon for many of us. Fortunately, with good planning, it is possible to achieve a more secure financial future.

If you work in a company run by your family or plan to start one, then you’re not alone. It is estimated that up to 90% of all businesses in the United States are family owned. They range in size from the corner store to large corporations. These dynamic businesses are a great opportunity for relatives to work together, but they also come with some special challenges. The Ohio Society of CPAs offers advice on how to address some of the unique problems these businesses may face.

As a parent, some of the best lessons you can teach your children are how to handle money wisely. If you begin teaching the importance of money management early, you’ll be passing on a fundamental skill that will serve your children well throughout life.

During uncertain economic times, everyone is searching for ways to cut back on spending. Maybe you’ve already started brown-bagging lunch and stopped buying that $5 latte, but there’s no reason to stop there. The Ohio Society of CPAs advises that there are other simple steps you can take to keep more money in your pocket.