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Tag: budget

Caring for elderly parents can put a dent in your budget

Caring for elderly parents can put a dent in your budget

Finance
If you think you might end up caring for Mom or Dad in their twilight years, be aware of an issue that catches many caregivers off-guard: The big hit to your own pocketbook.More than two-thirds of caregivers (68 percent) report providing financial support related to their role, according to Northwestern Mutual's 2018 C.A.R.E. Study. A third spend at least 20 percent of their own monthly budget on caregiving-related expenses such as medicine and medical supplies ($ 273), food ($ 159) and personal-care items ($ 151)."There's an alarming financial impact from being a caregiver," said Kamilah Williams-Kemp, vice president of long-term care at Northwestern Mutual. "For some people, those costs can take up a lot of their financial budget."About 41.3 million people age 15 or older provided unpaid...
US government shuts down as Congress fails to vote on budget

US government shuts down as Congress fails to vote on budget

World
The US government has officially shut down for the second time this year because Congress failed to meet a deadline to vote on a new budget.Senators struggled with last-minute objections from Republican Rand Paul, but have now passed the bill, which has gone to the House for its vote.Federal funding for government services expired at midnight (05:00 GMT).The 600-page plan proposes an increase in spending, by about $ 300bn (£215bn), on defence and domestic services.If the plan is passed in the House of Representatives and signed by the president in the next few hours, the shutdown could be rescinded before the US working day begins on Friday. But it is not clear how the House will vote, and how public services would be affected on Friday if the shutdown were to continue.What does a shutdown
Why you need to budget weekly (not monthly)

Why you need to budget weekly (not monthly)

Finance
How to save $ 1,000 this yearSometimes it can feel like you've got a lot of balls in the air, money-wise. In the midst of all this juggling, how long can you keep your eye on your budget? About a week, says behavioral economist Dan Ariely. Even though many popular budgeting programs are set up to help you allocate your money by the month, monthly budgets are not setting you up for success. You'll gain greater control by budgeting weekly. A month is way too long for us to keep our financial impulses in check, says George Friedman, CEO and founder of Qapital, a banking app that offers tools for customized saving. A better time span, he says, is a week. "It is a manageable amount of transactions to look at," Friedman says. "It is very clear this is the way to go since it is so easy to see p...
Budget 2018 may roll out tax sops for home buyers

Budget 2018 may roll out tax sops for home buyers

Finance
The government may use Budget 2018 to make owning a house slightly more affordable and even rekindle the interest of home buyers. These measures could be in the form of tax sops for home owners and those looking to buy property. Tax benefits help in bringing down the effective interest burden in properties that are financed through a home loan. Here are few things that Budget 2018 could do to help taxpayers own a home and save tax simultaneously. Principal repayment enhancement In Budget 2018, the tax benefit on the principal amount repaid on a home loan for a self-occupied property may get an additional benefit of Rs 50,000 or more within the section 80C limit. While existing home loan takers can use the prepayment feature to benefit from it, new borrowers get an add...