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From Frugal to Free
Frugal adventures on the road to financial freedom.

401(k)

  • Frugal Tips

Ways To Save Money On Your Taxes

Posted on October 16, 2021by Shay Huntley
Save money on your taxes

Tax season is officially over. If you are unfortunate like me, you have to pay taxes to the IRS each year. No matter if it’s a couple hundred or a couple of thousand, it always hurts. While taxes go to programming and infrastructure, it feels better in our pockets. Most of us would love to […]

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  • Personal Finance

What is a Solo 401K?

Posted on September 4, 2019by Kathryn Vercillo

If you are self-employed, then you might want to establish a Solo 401k. It is a retirement savings option available to people who work for themselves. If you own your own business and your only other “employee” is your spouse, then you still qualify for a Solo 401K. However, if you have your own business […]

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  • Personal Finance

Don’t Use Your 401K to Pay Off Debt

Posted on May 29, 2019May 21, 2019by Kathryn Vercillo

People often move money around especially to pay off debt. This can make a lot of sense. However, be careful about the choices that you make when shifting your money. For example, don’t use your 401K to pay debt. Virtual Money Makes Moving Money Easy I rarely carry cash. I don’t write checks. When people […]

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  • Personal Finance

Do You Know What Your 401(k) Fees Are?

Posted on May 4, 2018May 7, 2018by

High fees on investments can really bring a retirement portfolio down over time. Because the time horizon is so long for many retirement portfolios, the bite that these fees can take really compounds over the years.

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Frugal’s Financial Guidelines

Start with these simple guidelines to save money and invest in your future:

  1. Write down own the top three reasons you want to save money. Post it as a reminder to keep on track with your goals.
  2. Learn to budget. Then do it, diligently.
  3. Cut costs. Reduce spending by 10% across all categories.
  4. Direct deposit 10% of every paycheck directly into savings. Build up an emergency savings fun with a minimum of $1000. Aim for six months of living expenses.
  5. Maximize retirement savings. Contribute as much as you can, especially if you have an employer-matching plan.
  6. Begin investing in small ways. Use apps to begin investing with just a tiny amount of money. Learn how it works.
  7. Build credit wisely. Use a credit card for monthly expenses. Pay it off on time every month.
  8. Learn to communicate about money. With everyone. The better you get at talking about money, the more you’ll set yourself up for financial success in all areas of your life.

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