Money Girl's Quick And Dirty Tips For A Richer Life

Summer Saturdays: Best of QDT Encore Episode: This episode originally aired in June 2022.733. Ever wonder if using a balance transfer credit card could help you get out of debt faster? Laura interviews Mary Gameng, MBA and Credit Card Specialist with Citizens, and answers a listener question. Here are a few topics Mary and Laura talk about on this week's show:How many Americans have credit card debt and how much.Steps to create a debt pay-off plan.Ways using a balance transfer card can improve your finances.How card issuers evaluate you when applying for a transfer card.Whether using a transfer card can hurt your credit.Shopping tips for finding the best balance transfer card offer.Find Money Girl on Facebook and Twitter, or subscribe to the newsletter for more personal finance tips.Money Girl is a part of Quick and Dirty Tips. Hosted on Acast. See acast.com/privacy for more information.

1036. Is Social Security in trouble, or is it just a lot of political noise? Laura answers a listener’s question about what the changes to the retirement fund mean for your financial future. You’ll learn the new tax caps that employees and the self-employed must pay and how to protect your retirement safety net.Key takeawaysAccording to the latest 2026 Trustees Report, the Social Security retirement fund is now projected to face a shortfall by 2032, sooner than previous estimates.The Social Security wage base has increased to $184,500 for 2026. High earners will pay a maximum of $11,439 as employees, while the self-employed face a maximum cap of $22,878.Retirement benefits for Social Security participants are based on your highest 35 years of earnings.While you can claim benefits as early as age 62, doing so permanently reduces your benefits by about 30%. Delaying benefits past your Full Retirement Age (FRA) pays 8% more per year until age 70.Social Security benefits may be taxable if your "combined inco

1035. Host Laura Adams sits down with Plannie founder Annie Lee to expose the most common financial pitfalls couples make. Annie breaks down the "macro approach" to wedding design, explaining how to test-drive a planner and focus your budget for a luxury feel at a fraction of the cost. Key takeaways:Why overinvesting in a wedding venue is the most common budget mistake.How to focus on event expenses that are impactful and instantly set the mood for guests.Why locking in the lowest number of guests on catering and venue contracts is wise.Leave a buffer in your budget for overlooked expenses, such as administrative fees, taxes, and tips, which can drive your final bill up by 30%.How Plannie’s hourly expert consultants can help tackle budget creation, contract reviews, day-of timeline coordination, and much more.Working with a Plannie consultant on one or two small hourly assignments (like a venue search or budget review) to test their communication, speed, and compatibility is wise before making a full com

1034. Watching the young adults in your life navigate their first "real" job is an exciting milestone—but it can also be stressful if you notice them carrying credit card debt or skipping out on savings. Laura answers a heartfelt question on this topic with five non-judgmental strategies to guide a young person toward financial success without sounding overbearing. Key takeawaysTo help a young adult improve their personal finances, trade lectures for personal storytelling, like sharing your money blunders.Ensure a first-time Gen Z earner understands that paying only the minimum on high-interest debt is a trap that escalates the cost of original purchases.Frame credit cards as sophisticated financial tools with excellent benefits that need to be handled carefully, such as with automated payments to avoid interest.Investing when you’re young allows you to build wealth for less out-of-pocket than waiting until you earn more. Not maximizing an employer’s retirement match is like turning down a salary ra

1033. Host Laura Adams sits down with family law attorney Cari Rincker to unpack the crucial intersection of love, law, and your wallet. Cari reveals why every couple already has a prenuptial agreement (whether they signed one or not) and discusses legal differences between states for divorce. You’ll learn how to protect your assets, open the lines of communication, and build a secure financial future together.Key TakeawaysWhy your state’s default divorce laws may not be the prenuptial agreement you want in force if you break up.Start the prenup process at least three months before your wedding to ensure ample time for financial disclosures and any tough conversations.In states with equitable division (like Illinois and New York), assets are divided in divorce based on factors the courts use to determine what’s “fair.”In community property states (like California and Arizona), there is a more straightforward split of assets and liabilities than in equitable states.The laws of the state where you actually file

1032. Do you have extra side hustle income that’s pushing you into a higher tax bracket? In this episode, Laura answers a listener’s question about whether new self-employment earnings mean it's time to switch from a Roth to a traditional 401(k) or IRA. You’ll learn how to use retirement contributions to lower your taxable income today, the fundamental tax differences between these accounts, and how to choose the best strategy for your small business income. Key takeawaysTraditional retirement accounts allow tax-deductible contributions, but withdrawals in retirement are fully taxed.Roth retirement accounts don’t have an upfront tax benefit, but allow your investment growth and future retirement withdrawals to be entirely tax-free.Choosing between a traditional and Roth account depends on guessing about your future tax rate, but could also be a preference for having taxable or tax-free income in retirement. If you believe your tax rate is lower today than it will be in retirement, choose a Roth. If

1031. Are you curious about hiring a wedding or event planner? Amanda Savory from Amanda Savory Events (ASE), a premier agency in New York City, joins Laura to discuss tips for working with a planner, ways to cut costs, and how to have an unforgettable wedding day.  Find Amanda Savory on Instagram @amandasavoryevents.Key TakeawaysA wedding planner should help you clarify your top priority, such as food, music, or location, and create a realistic budget to achieve it.Taxes and gratuities are a couple of expenses that are easy to forget, but that an event planner should automatically incorporate into a budget.A destination wedding could save money, but the number of attendees is likely the primary factor that affects the cost.Modern weddings can mean splitting the cost between the couple and their families in any way that makes them comfortable. Working with a wedding planner is an investment; however, their experience can save time, prevent mistakes, and help you spend your budget efficiently.Di

1030. If you have federal student loans or plan to use them to finance higher education, you must understand significant upcoming changes to the program. Find out the benefits and downsides of new legislation and how it could affect your finances if you’re a current or future student loan borrower. Key takeawaysDue to the One Big Beautiful Bill, massive changes to federal student loans will roll out on July 1, 2026, including annual and lifetime borrowing limitsThe SAVE repayment plan is shutting down, and those currently enrolled must choose a new repayment plan within 90 days of notification from their lender.Borrowers who miss the SAVE deadline will be automatically enrolled in standard repayment, which could spike their monthly payments.Federal student loan repayment plans will be cancelled or phased out and replaced by the new Repayment Assistance Plan (RAP), which launches on July 1, 2026.RAP sets payments at 1% to 10% of your adjusted gross income, waives any unpaid monthly interest, matches up to

1029. Does the cost of a summer vacation mean you have to stay home this year? Rising prices for travel, gas, food, and lodging can make a family getaway feel out of reach. But with the right strategies, you can enjoy a memorable summer trip without overspending or going into debt.In this episode, Laura shares practical ways to stretch your travel budget, from choosing affordable destinations closer to home to saving money on fuel, food, accommodations, and entertainment. Whether you're planning a road trip, a weekend getaway, or a staycation, you'll learn how to create meaningful family experiences while keeping costs under control.Key TakeawaysConsider destinations closer to home to reduce transportation costs and maximize family time.Save money on road trips with smart planning for fuel, meals, and routes.Cut lodging expenses by traveling during shoulder season and choosing accommodations with kitchen access.Find free or discounted activities that deliver fun without straining your budget.Build an affordab

Do you know the difference between good and bad debt? Laura explains why it's a critical concept for saving money, building wealth, and creating more financial security. Plus, she covers a simple 7-step plan for paying off debt fast.Encore Episode: This episode originally aired on Wednesday, March 6, 2024.Money Girl is hosted by Laura Adams and is part of the Quick and Dirty Tips Network. Hosted on Acast. See acast.com/privacy for more information.

1028. Laura answers a listener’s question about investing a lump sum or using a dollar-cost averaging (DCA) strategy. Find out what DCA is and its pros and cons whether you have a little or a lot to invest.Key takeawaysDollar-cost averaging (DCA) is a simple strategy where you invest a consistent amount at regular intervals.DCA benefits include reducing market risk, needing smaller amounts of cash, and making investing less emotional.DCA can also be a wise strategy when you have a large amount to invest, such as a cash windfall. The main DCA downside is potential missed growth when the market is rising over time.Making a lump sum investment can be wise when your finances are in good shape, don’t need to be systematic, have a high risk tolerance, and want to maximize returns.Discover more from Money Girl!FacebookNewsletterTranscripts available at QuickandDirtyTips.com.Email: [email protected] or leave a voicemail: (302) 364-0308. Hosted on Acast. See acast.com/privacy for more information.

749. If you’re worried about a recession or just want to strengthen your finances, Laura covers seven steps to take now to ease the impact of a future hardship. Encore episode: This episode originally aired in November 2022.Discover more from Money Girl!FacebookNewsletterTranscripts available at QuickandDirtyTips.com.Email: [email protected] or leave a voicemail: (302) 364-0308. Hosted on Acast. See acast.com/privacy for more information.

Think you need to make monumental changes to achieve your financial goals? Think again. Money Girl has 8 micro money habits to help you take control of your finances, feel secure, and reach any realistic financial goal you desire.Encore Episode: This episode originally aired in June of 2022.Money Girl is hosted by Laura Adams. Find Money Girl on Facebook or subscribe to the newsletter for more personal finance tips. You can read the transcript here. Visit www.quickanddirtytips.com for more. Hosted on Acast. See acast.com/privacy for more information.

1027. New graduates can create financial freedom by consistently following a few fundamental money rules. Laura reviews seven tips that can set young adults up for a lifetime of financial success.Expert advice for navigating life after graduation — for new grads and the people cheering them on. From finances and freelancing to nutrition and knowing when to ask for help, find it all in our "Life After Graduation" playlist on Spotify.Key takeaways:Accepting various types of financial help from family can be part of a new graduate’s launchpad to independence.Maintaining a cash cushion in a high-yield savings account should be a top priority for creating financial security. Building your credit scores is an excellent way to get access to credit at lower interest rates and save on various products and services.   Keeping debt to a minimum and understanding any student loan repayment options can improve your current and future financial well-being.The power of compounding makes it wise to invest

1026. Travel insurance expert, Christina Tunnah of World Nomads, breaks down the benefits of coverage and costly mistakes travelers should avoid. From medical emergencies abroad to unexpected trip interruptions, get insider tips on how to travel and explore the world with less risk and financial stress.Interview topics coveredHow to choose a travel plan based on your health, belongings you take on a trip, and the cost of a trip.Whether you should rely on travel protections offered by a credit card.Mistakes travelers make when buying travel insurance and filing claims.How to know if ‘cancel for any reason (CFAR)’ is worthwhile coverage you should purchase. Pre-existing medical conditions and other exclusions to watch for when shopping for a travel policy.The difference between expat healthcare and travel insurance.Why having travel medical coverage is essential when traveling abroad.Which countries are affected by war, sanctions, and travel restrictions.Discover more from Money Girl!FacebookNewsletterTran

1025. If you’re considering selling a home, you may wonder how it will affect your taxes. Laura answers a listener’s question on this topic and explains how to use a legit, massive tax exclusion that allows many homeowners to skip home sale taxes altogether.Key takeawaysSelling an asset, such as a home, for a profit results in capital gains tax, with a rate that depends on your income and how long you owned it.The Section 121 exclusion, known as the home sale capital gains tax exclusion, allows eligible single taxpayers to exclude up to $250,000, or joint tax filers up to $500,000 of capital gains on their primary residence.Homeowners qualify for the gains exclusion if they owned and lived in the home for at least two years during the five years preceding the sale.There are legal exceptions where you qualify for the full or partial gains exclusion even if you sell your home before living in it for two of the previous five years.Discover more from Money Girl!FacebookNewsletterTranscripts available at QuickandD

1024. Are you ready to quit working or to begin a financially independent lifestyle? Laura covers four ways to access your retirement funds without paying a hefty 10% early withdrawal penalty before 59.5. Key takeawaysUsing a tax-advantaged retirement account has many benefits, but one downside is typically paying a 10% penalty for withdrawals before age 59.5.The rule of 55 is an IRS rule that allows employees to take penalty-free retirement plan distributions when they leave during or after the calendar year of their 55th birthday.With a Roth IRA, you can withdraw your original contributions at any age, for any reason, entirely tax- and penalty-free. A SEPP or 72(t) payment plan is an IRS rule that allows you to take equal distributions from a retirement account penalty-free, no matter your age, if you follow strict guidelines. A brokerage account allows you to take distributions penalty-free, no matter your age, but doesn’t offer the tax perks of a retirement account.Upcoming Wedding Series C

1023. Are you worried about the future cost of education for yourself or a child? Laura reviews ten ways a 529 savings plan supercharges education savings and can even be used for young students, non-traditional coursework, and professional career pivots.Key takeawaysContributions to a 529 plan get taxed upfront, but the account growth and withdrawals for qualified expenses are tax-free.States sponsor 529 plans with various benefits and fees; however, you don’t have to be a state resident to participate in the plan.There are no income restrictions to contribute to a 529, and owners typically name a child, who is the future student, as the account beneficiary. Qualified 529 expenses include many costs associated with traditional college, but also include trade schools, vocational training, and professional certifications.You can spend up to $20,000 per year on younger students from kindergarten through high school at public, private, or religious schools.Leftover 529 funds can be rolled over into a benefi

1022. If you were expecting interest rates to drop, rising inflation is making it more likely for them to go up this year. Laura reviews six moves you shouldn’t overlook in a rising-rate environment to make your money work harder for you.Key takeawaysWhen inflation rises, the Fed raises interest rates to slow down spending and demand, eventually causing prices to decrease so spending increases.With sticky inflation and the expectation of rate hikes, borrowers need to watch interest rates on their debt, using a tool like my PFS.When variable-rate debts, such as credit cards, increase, it’s wise to pay them off faster and reduce the interest expense.If you’re considering a large purchase, like a home or vehicle, maintaining good credit and locking in a lower interest rate sooner rather than later are wise strategies.Higher interest rates benefit savers, so using a high-yield savings account can maximize your earnings.Upcoming Wedding Series Coming Up: We want your questions about wedding finances! Whether you'r

1021. Looking for a mortgage but are unsure what’s best for you? Laura answers a question from a listener who’s ready to buy a home but is overwhelmed by mortgage choices. Find out whether a fixed- or adjustable-rate loan, with or without mortgage points, is right for you.Key Takeaways:Fixed-rate mortgages are popular because they lock in a rate, providing financial stability no matter what happens in the economy.Adjustable-rate mortgages (ARMs) can be good when interest rates are high, you don’t expect to own your home for the long term, or you can pay it off early.Conventional loans are the most common type of mortgage because they’re backed by federal agencies, reducing risk for lenders.Jumbo loans are high mortgage amounts that aren’t federally-backed and typically require stricter qualifying criteria by lenders.There are various loans backed by the federal government, including FHA, VA, and USDA products, that come with lenient underwriting standards, making homeownership more affordable.Buying mortgage