This week we’re sharing habits that can sabotage your finances, how to budget with a fluctuating income, and how to get tax breaks from charitable giving.

  • There are a number of habits that can lead to financial sabotage.  Jeff Rose of Daily Finance shares which habits you should break to avoid a dire financial situation. He warns not to constantly eat out or stop at your local coffee shop during the work week, which tends to add up over time, and to not have more credit cards than you can pay off in full each month. He also recommends being aware of your current financial situation and shaping your spending budget and lifestyle around it.
  • Establishing a budget can be a challenge for people with a fluctuating, and at times unpredictable income. Holly Johnson of The Simple Dollar shares a few strategies that can help freelancers take control of their money. To begin, she suggests knowing your baseline, or the bare minimum expenses, then calculating any non-essential costs, like entertainment, hobbies, and dining out. Looking at a breakdown of spending from this point of view can help you analyze where to cut costs. In addition, she recommends building an emergency fund that can cover at least three to six months of no income.
  • With Colorado Gives Day on the horizon, you might be looking for ways to give back this season. Susan Garland from Kiplinger explains how to ensure your donations are eligible for a tax break.  First, she suggests visiting the IRS database of exempt organizations to make sure the charity is eligible to receive tax-deductible contributions. She also suggests making donations in the current calendar year, keeping detailed records for all donations, and deducting any out-of-pocket expenses.

Leave a Reply

Your email address will not be published. All fields are required.

This site uses Akismet to reduce spam. Learn how your comment data is processed.