(979) 324.8179
Location
Contact
Menu

Tracy Stewart, CPA

Just another WordPress site

Peace of mind through financial clarity.

Bad Financial Advice: Cutting Insurance Coverage to Save Money

by Leave a Comment

The allure of saving big bucks by dropping your insurance premiums sounds enticing, right? But please, please, please hear me out before you do this — and here’s why.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to talk about why it’s a bad idea to drop insurance coverage to save money. Yes, it may seem like you’re saving hundreds of dollars by ditching your healthcare coverage or homeowner’s insurance… But what happens when calamity comes aknockin’? (And you know it will!)

It costs far more money to pay for disaster situations (that tend to happen when you want to avoid them the most.) Have a major medical situation? You’re going to get a massive hospital bill – that dwarfs those pesky monthly premiums. What happens if your home catches on fire? That’s enough to derail you for a long, long, long time…

Here’s my advice: See if you can get discounts on bundling your coverage. Many insurance providers will offer savings when you purchase more products with them. You may also qualify for loyalty discounts if you’ve been with a provider for long enough. You may also want to take a look at how much coverage you have now, and if it can be adjusted to save you some money.

Financial independence is unbelievably liberating. Making sound financial decisions will help you avoid costly mistakes — letting you stow away more money and prepare for your long-term financial needs.

You can always subscribe to my YouTube channel for even more practical tips on making the most of your money and life in new episodes of Your Money Minute each and every weekday!

The CPA’s Quickstart Guide for Your Post-Divorce Budget

by Leave a Comment

Working with a post-divorce budget seems like a clumsy, uncomfortable idea — especially when you may have never done one before. But it’s incredibly easy to get started — and here’s how.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to share some helpful advice for getting started with your post-divorce budget. A budget seems so scary because it makes us get very, very honest about the money we spend. But working with a budget can be incredibly freeing, and you’ll find you have greater confidence about your finances and that you are able to stow away more money into savings.

So, I’ve already talked about how to capture your expenses for a month to get a good baseline for your budget. I want you to think about necessary and optional expenses you might need to account for when building your budget. A necessary expense would be your rent or mortgage, utilities and food. These expenses could fluctuate in cost, but they’re not going to go away entirely. On the other side of things, you will have optional expenses that can easily be reduced to help offset the outflow in your budget. Do you have to go to the theater every other weekend? Probably not.

Your inflow is going to be what money you bring in each month. This may come in the form of support from your divorce, a salary from work or any other situation where you’re getting money. Remember that your budget should reflect what you actually “take home”, not your pre-taxed amount.

The goal here is to make sure your inflow is greater than your outflow. It’s going to feel like a balancing act at first, but once you wrangle the numbers, you should get to a point where you have a little extra money at the end of your month that you can put into savings.

Financial independence is unbelievably liberating. Mastering your finances will give you total control and complete peace about your future — and that’s the kind of security and stability that will carry you through the rest of your life.

Remember: Subscribe to my YouTube channel to get even more advice on making the most of your money and life. I post a new episode of Your Money Minute every weekday, and I want you to be the first to see them when they’re live.

How to Start a Budget after Divorce: Your 60-second Post-Divorce Budget Bootcamp

by Leave a Comment

If I say the word “budget”, how does it make you feel? Having a plan and purpose for every penny gives you complete control — and here’s why that’s so important after divorce.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to talk about how to start a budget after your divorce. If you’ve never budgeted, you’re definitely not alone.

Starting a budget can feel clunky and unfamiliar. Sometimes you have n no clue what numbers to plug in, how to track your spending, what goals to set… But it’s all about developing good, healthy habits regarding your money. Good habits take time to establish, so take it easy on yourself as you make the changes necessary. Divorce is all about change, right? You’ll absolutely get there, I have no doubt!

For a while, I was the lady carrying around a little notebook in my purse to track every time I swiped a card or spend a penny. I used this to track my expenses so my budget could get even more realistic with time. I eventually started using a credit card for all expenses, so I could more easily track and categorize them. (Reminder: This will ONLY work if you pay the card off at the end of each month. Don’t get yourself into debt and use the excuse that your money lady said you needed to do it for your budget!)

One last thing: You have to write down your budget. Don’t do this in your head — that’s not good enough. It has to be on paper, it has to be on purpose. The more you get into the nitty gritty of your dollars and cents, the better you can predict, prepare, protect and prosper.

Financial independence is unbelievably liberating. A budget keeps you honest and on track to reach your financial goals. Start developing strong money habits now, and set yourself up for financial security for the rest of your life.

Remember: You can subscribe to my YouTube channel for new episodes of Your Money Minute every weekday. I share tips, tidbits and techniques for making the most of your money and life.

5 signs that you are sabotaging your own retirement

by Leave a Comment

How would you like an opportunity to burn your financial security in retirement?

Most people would respond to that with “Are you crazy? Why would I ever do such a thing?” If only that were the truth, America’s retirement picture would look a lot less dire. Sadly, I see lots of people sabotage their retirement in ways big and small.

Here are 5 signs that you are putting your future financial security at risk. [Read more…]

Anti-New Year’s Resolutions for Your Wallet

by Leave a Comment

New Years resolutions list with an "X" checking an item off.Here we are, in July, about half way between two sets of New Year’s resolutions. Whether you have planned to save more, go to the gym or give up your addiction to sugar, chances are much of the steam and excitement has died down by now. Since New Year’s resolutions did not work out, this may be the time for anti-New Year’s resolutions.

What are anti-New Year’s resolutions? They are things that you should keep doing to remain exactly where you are right now. Contrary to the traditional resolutions, these are quite easy to keep. Unfortunately, they do have some bad side effects. Your bank account could take a nose-dive, and you could begin to lose sleep because of money worries. But since these resolutions take no effort to follow, could you really expect a different outcome? [Read more…]

Financial Preparedness in Divorce after 50

by Leave a Comment

For many, the fear of the unknown is common in a divorce after 50 (also known as a gray divorce.) The unknown tends to revolve around finances and how to manage individual needs after the divorce.

Today we’ll explore the “unknown” — and what you need to know as you consider your financial needs during and after divorce. I talk about familiarizing yourself with property accumulated during your marriage and the need to work with a good financial planner to help you make sound financial decisions as you move forward. [Read more…]

3 tips for digging out of debt

by Leave a Comment

That feeling of debt piling up on you: definitely not pleasant but more common than you might think! The combined balance on US credit cards is on track to hit $1 trillion. A recent study by Voya showed that 51% of Americans would rather give up their financial security than part with their smartphones, cars and vacations. Those are some scary numbers for me as a financial planner.

Everyone has a different set of priorities and life circumstances. No matter how you came by that outstanding balance, I want you to know that there are things you can do right now to improve your situation. Here is your roadmap. [Read more…]

Under the same roof: your guide to living with adult children

by Leave a Comment

Oh, summer: the time when hopeful fresh-faced new graduates flood interview offices hoping for that unicorn of a perfect post-college job. While the job market for new graduates is looking better this year, getting a well-paying job is not a guarantee. With student loans looming large and without a stable position to fall back on, many young adults are contemplating their options.

Moving in with the parents is an attractive choice for many of them. In fact, a recent study by Trulia found that 40% of young adults live with their parents, step-parents or other relatives. Since living under the same roof is a real possibility for new graduates, what is the best way to make it work for everyone? If you have kids who are considering their next steps and thinking about moving back in, here is your survival guide. [Read more…]