On the heels of record-breaking inflation and rising interest rates, economists predict a recession will hit the U.S. in 2023. Higher prices for goods and services, along with a possible loss in income due to unemployment, could leave a gaping hole in the middle of your finances. But households that shield their finances now will be in a better position to face the inevitable downturn. Even if the...

Planning a vacation that doesn’t break the bank is like assembling a jigsaw puzzle. You might need to review numerous options before piecing together the right combination of flights, hotels, and activities to fit your budget. And without a strategy, you could waste hours scanning deals that are a complete mismatch for your finances. Instead, solve your vacation challenges with these six creative...

The sooner you plant and nurture smart money habits, the better prepared you’ll be to weather financial storms that may arrive later in life. Individuals under age 25 who’ve learned to live within their means are often better equipped to shield themselves from the devastating effects of an income loss or other financial emergency. Plus, weeding out bad decisions makes it possible to grow a...

Predatory lending can cause significant hardship for vulnerable consumers – although many don’t realize it until it’s too late. If you’re in a dire financial situation, being able to pocket cash the same day could be exactly what you need to bring much needed relief. But it’s crucial to understand what predatory lending is and how to avoid it since signing on the dotted line could make matters...

Scammers continue to use the same slick tactics to steal money and valuable information from unsuspecting victims. But there’s good news. Because these crooks stick with tried-and-true methods, you can more easily identify these fraud schemes. While they might tweak their strategies to fit the situation, you can still keep your financial data and personal information secure when you know how to...

First things first, what exactly is FICO short for? FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score, and named after Bill Fair and Earl Isaac, the founders. What is a credit score? A credit score is a numerical expression of your creditworthiness. Scores typically range between 300 and 850 and are based on credit history data...

Here are three main areas of contrast between the two types of financial institutions. Relationship Does the financial institution see you as a customer or a member? Banks are publicly traded or privately owned institutions with customers. Credit unions are not-for-profit institutions with members. As a customer, expect a relationship where the bank holds power and typically answers to its...

Here are seven ways to save for an annual splurge. 1. Open a separate savings account. It’s essential to designate a specific account as your splurge fund. Earmarking a separate account will help you stay disciplined and focused on your financial goal. Plus, keeping some funds somewhere besides your checking account reduces the desire to spend that money on something else. 2. Commit to a realistic...

Combining certain tax strategies with routine planning and other opportunities such as charitable gifting can help to maximize deductions, especially in a high-tax year, says Alvina Lo, Wilmington Trust’s Chief Wealth Strategist. Here are some tax moves to keep in mind for every year, not just 2023: Contribute to Tax-Advantaged Accounts Contributions made to 401(k), 403(b), and Health Savings...

If you went through anything out of the ordinary in 2022, here’s a rundown of what to consider as you (or your tax professional) prepare to file. If You Lost Your Job If you received unemployment benefits in 2022, you should receive form 1099-G in the mail. It will show the gross amount of unemployment income you received and how much was withheld for taxes. If it seems counterintuitive that you...