Finances FYI

Reverse budgeting, also known as the "pay yourself first" method, involves prioritizing savings and investment goals, and then allocating funds for essential expenses and discretionary spending, making it easier to hit savings goals and avoid overspending.

Cashback or travel rewards credit cards can save you money on holiday shopping and travel, but it's important to ensure that they don't end up costing you more, and to maximize rewards by taking advantage of sign-up bonuses and matching higher earning rates with your top spending categories.

Financial success is achievable if you set goals and make a plan to achieve them, understand your money psychology, educate yourself, and practice good money habits.

Starting a successful business requires market research, a business plan, a value proposition, and a revenue model, as well as securing funding, getting legal affairs in order, setting up a bank account, and networking to build a community of mentors and peers.

Financial milestones such as buying a car, paying for college, getting a job, getting married, buying a house, and having children can be prepared for with a good credit score, a savings account, and investment accounts, as well as life insurance and mortgage options.

The Federal Reserve's recent interest rate cut has paved the way for lower borrowing costs on mortgages, which can help prospective home buyers save money in mortgage payments.

Buying a home requires careful financial planning, including considering upfront costs, getting financially healthy, and knowing what you can afford, in order to make the process as smooth as possible.

To prepare for a career change, it is important to review your current financial situation, understand the costs and consequences, calculate your needs, and seek advice from professionals to ensure your financial health remains intact during and after the transition.

Retirement planning is essential for a comfortable retirement, and financial consultants recommend saving 15% of pre-tax income, starting early and investing in a 401(k) or IRA, with target-date funds being an option for those who don't want to do their own research.

JPMorgan Chase is offering financial literacy resources to help teens learn about bank accounts, savings vs. checking, credit and debt, investments, retirement savings, college accounts, budgeting, and tracking income and spending, in order to prepare them for financial independence.