FINANCIAL EDUCATION
New Year, New Money Mindset
The start of a new year is the perfect time to take control of your financial health. Instead of crash budgeting—an approach that's too restrictive and often unsustainable—focus on small, manageable changes that lead to long-term success.
1
Reflect on Last Year
Review your spending habits and savings from the past year. Identify areas of improvement and celebrate your wins. Did you consistently save or make progress on debt? Use these insights to inform this year’s goals.
2
Prioritize Your Goals
Start with one or two achievable financial goals. For example:
+ Increase your 401(k) contributions by 1%.
+ Pay off one high-interest debt.
+ Build an emergency fund covering three months of expenses.
3
Create a Flexible Budget
Budgets don’t have to feel restrictive. Allocate funds for essentials, savings, and a discretionary category to add flexibility. Adjust as needed to avoid burnout while staying on track. Think of this as financial “self-care”.
4
Automate Your Savings
Set up automatic transfers for savings or retirement contributions.
This “set it and forget it” strategy makes it easier to stay consistent.
5
Celebrate Progress
Each small win adds up.
Reward yourself for meeting milestones—whether it’s paying off a debt or hitting a savings goal.
6
Use Tools to Help
Track your expenses and set goals with tools like: GoodBudget, YNAB or RocketMoney.
Consider scheduling a financial check-up with an advisor to kick off the year on the right foot.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
FEBRUARY
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Couples & Money:
How Savers and Spenders Can Work Together
Relationships often bring different money styles to the table—one person might be a saver, while the other loves spending. These differences don’t have to cause tension. By embracing open communication and shared goals, couples can align their financial plans.
Understand Each Other's Money Style
Identify whether you or your partner are savers, spenders, avoiders, or planners. This understanding fosters empathy and helps create a financial strategy that works for both.
Schedule Money Dates
Set aside time each month to review your finances together. Discuss bills, upcoming expenses, and any financial goals or concerns.
Agree on Shared Goals
Create short- and long-term goals, such as saving for a vacation or contributing to retirement accounts. Shared objectives strengthen financial trust and teamwork.
Budget Together
Design a budget that reflects both partners’ priorities. Allocate “fun money” for discretionary spending to prevent conflicts.
Build a Financial Safety Net as a Team
Ensure you both contribute to an emergency fund and protect your income with life insurance and disability coverage.
What You Can Do Next...
Download a joint budgeting app to streamline money management and align on goals. Try HoneyDue or GoodBudget
Schedule a meeting with a financial planner to ensure you’re building a solid future together.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
MARCH
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Celebrate America Saves Week by Saving for the Past, Present and Future
America Saves Week comes around each April and is the perfect opportunity to refocus on your financial goals. Whether tackling debt or saving for retirement, you can create a balanced approach to address your financial past, present, and future.
Address the Past
Start by tackling high-interest debt, such as credit card balances. Paying off debt frees up money for other priorities and improves your financial health.
Secure the Present
Build an emergency fund that covers 3–6 months of living expenses. This safety net protects you from unexpected financial shocks, like medical bills or home repairs.
Plan for the Future
Maximize retirement contributions, especially if your employer offers a match. Take advantage of compound growth by starting early and contributing consistently.
Mark Your Calendar!
America Saves Week kicks off April 7! Let this week be your starting point to a more secure financial future.
Take the pledge, set a goal, and make a plan!
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
APRIL
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Loud Budgeting: Embracing Financial Transparency
Loud budgeting is as a powerful way to break financial taboos and foster accountability. By talking about financial boundaries, goals, and even mistakes, individuals are building stronger habits and forming supportive communities. Here's why this trend is making noise:
Destigmatizing Money Conversations
Money often feels like a taboo topic, but loud budgeting helps dismantle the shame associated with financial struggles. Open discussions make it easier to explain financial priorities and set boundaries. Saying no to plans or events that don’t align with your budget becomes less daunting when you embrace transparency and normalize conversations about financial constraints.
Accountability
Sharing your financial goals makes it harder to backslide. Knowing others are aware of your progress—or setbacks—can motivate you to stay on track.
Community Support
Budgeting in isolation can feel overwhelming. Publicly sharing your journey invites encouragement, advice, and solidarity from others in similar situations.
Inspiration and Motivation
Real-life examples of people navigating financial challenges can be a source of inspiration. Seeing others overcome obstacles reminds us that progress is possible, even when it's not linear.
Normalizing Financial Mistakes
Loud budgeting emphasizes that no one has a perfect relationship with money. Sharing both wins and losses empowers individuals to learn and grow without fear of judgment.
Put it into Action
Explore online budgeting communities or social media groups to connect with others who share their journeys. Whether you choose to join the conversation or observe, loud budgeting can reshape how you approach your financial goals.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
MAY
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What to do with your old 401(k)
A new job is exciting, but it can also raise important questions about your finances. You may be wondering what to do with your old 401(k). Rolling it into your new plan or IRA may simplify retirement savings management and potentially avoid penalties and taxes.
Review Your Options
Consider rolling your 401(k) into your new employer’s plan, moving it to an IRA, or leaving it with your old employer. Each option has unique advantages based on fees, investment choices, and consolidation preferences.
Avoid Tax Pitfalls
Direct rollovers prevent tax consequences. If you withdraw funds instead of rolling over, you may face penalties and taxes.
Locate Forgotten 401(k)s
Use tools like the National Registry of Unclaimed Retirement Benefits or Capitalize to find old retirement accounts.
Keep Your Information Updated
Check that your retirement and other financial accounts align with your current life situation by updating beneficiary, mailing, and login information.
Deciding if rolling over your old 401(k) is right for you depends on your individual financial situation and long-term goals. Take the time to evaluate your options and consider speaking with a financial advisor to weigh the pros and cons.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
JUNE
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Unlocking the Hidden Power of HSAs
Health Savings Accounts (HSAs) aren’t just for covering medical expenses—they can also be a powerful tool for retirement savings. Used strategically, an HSA can help grow your retirement funds while offering tax advantages along the way.
How to Maximize Your HSA for Retirement
Pay current medical expenses out of pocket. Let your HSA grow by paying for current medical expenses from other accounts. Then, you can reimburse yourself in retirement, allowing your balance to continue building over time.
Visit IRS.gov to learn more about how to use your HSA
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
JULY
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Roth vs. Pre-Tax Contributions
When contributing to a workplace retirement plan, you may have the option to make pre-tax and Roth contributions. Each has distinct advantages based on your financial goals.
Pre-Tax Contributions
Traditional contributions are made with pre-tax dollars. These contributions lower taxable income now, deferring taxes until withdrawal. This can be beneficial if you anticipate a lower tax rate in retirement.
Roth Contributions
Pay taxes upfront, allowing contributions to grow tax-free. The funds you withdraw in retirement are tax-free**. This can be useful if you expect a higher tax rate later.
Splitting Contributions
Some retirement plans allow contributions to both Roth and Pre-Tax accounts, offering flexibility and balance.
Next Steps:
Assess Your Tax Situation. Consider current and future income, tax brackets, and retirement needs. You can use an online calculator to help, but be sure to contact a tax professional for specific advice on your personal situation.
**A distribution from a Roth 401(k) is federal tax-free and penalty-free, provided the five-year aging requirement has been satisfied and one of the following conditions has been met: age 59½, disability, or death.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
AUGUST
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529 Plans: A Smart Way to Save for Education
A 529 plan is a tax-advantaged savings account designed to help families cover education costs. Commonly associated with college expenses, these plans offer flexibility and financial benefits, making them a popular choice for parents and grandparents.
How can 529 Plans be Used?
529 funds cover a range of qualified education expenses, including:
- Tuition at eligible colleges, universities, trade schools, or technical schools.
- Room and board for half-time students or more.
- Books, computers, and necessary supplies.
- Up to $10,000 annually for K-12 tuition.
- Student loan repayment (up to $10,000 for beneficiaries or siblings).
What Next:
Research and consider opening a 529 plan today or review your current plan to maximize its potential for your family’s educational goals.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
SEPTEMBER
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What to Consider When Refinancing Your Mortgage
Refinancing your mortgage can help you save money, lower monthly payments, or access home equity. However, making the right decision requires a clear understanding of your goals, financial situation, and associated costs.
Define Your Goals
What do you want to achieve with refinancing? Some common goals are:
- Lower Interest Rates: Reduce monthly payments and save on interest.
- Shorten Loan Term: Pay off your mortgage faster (payments may increase).
- Switch Loan Types: Move from an adjustable-rate mortgage (ARM) to a fixed-rate for more stability.
- Access Home Equity: A cash-out refinance lets you take out a larger loan and use the difference for other needs like home improvements or debt consolidation.
Assess Your Financial Situation
Lenders look at:
- Credit Score: A higher score earns better rates. Check your report for errors.
- Debt-to-Income Ratio (DTI): A lower ratio indicates stronger financial health.
- Income & Employment: Steady income shows you can repay the loan
Understand Your Costs
Refinancing isn’t free. Be aware of:
- Closing Costs: Typically 2%–5% of the loan amount for fees like appraisals and title insurance.
- Prepayment Penalties: Check if your current loan has fees for paying off early.
- Private Mortgage Insurance (PMI): If your new loan exceeds 80% of your home’s value, PMI may apply.
Calculate the Break-Even Point:
- To determine if refinancing is worth it, divide total refinancing costs by your monthly savings. If you plan to stay in your home past the break-even point, refinancing may make sense.
Shop Around:
- Compare offers from multiple lenders. Focus on the APR (Annual Percentage Rate), which includes interest and fees, to find the best deal.
Next Steps:
Refinancing can be a great financial strategy when aligned with your goals. Do your research to determine if it’s the right move for you.
- Try Using a refinance calculator like NerdWallet or Mortgage Calculator.org
- Consult a loan officer to see how refinancing fits into your financial strategy.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
OCTOBER
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Estate Planning: A Necessity for Every Family
Estate planning isn’t only for the wealthy—it’s a vital tool for anyone wanting to ensure their wishes are honored and their loved ones are cared for. It’s about more than distributing assets; it involves making critical decisions about guardianship, healthcare, and financial management.
What is Estate Planning?
Estate planning outlines your preferences for asset distribution and decision-making in the event of your passing or incapacitation. This includes appointing guardians for children, specifying medical care preferences, and naming individuals to manage your finances.
Why it Matters
- Protect Your Loved Ones: Make certain your assets go to those you choose, preventing disputes.
- Guardians for Children: Designate who will care for your children if needed.
- Manage Healthcare and Finances: Assign trusted individuals to make decisions if you’re unable to.
- Avoid Probate: Streamline asset transfer while avoiding the time, cost, and publicity of probate.
- Minimize Costs: Reduce taxes and administrative expenses, preserving more for your beneficiaries.
Key Elements of Estate Planning
- Will: Designates asset distribution and guardianship for children.
- Power of Attorney: Authorizes someone to make financial or healthcare decisions for you.
- Living Will: Outlines medical care preferences in critical situations.
- Beneficiary Designations: Ensure accounts like insurance and retirement plans are updated—these override your will.
- Trusts: Provide control over asset management and may reduce taxes.
- Letter of Intent: Not legally binding, but communicates preferences for funeral arrangements or pet care.
What Next:
Estate planning is for everyone, regardless of income or assets. Be sure to regularly revisit your plan to reflect life changes.
Schedule a meeting with an estate attorney or use trusted online tools to start the estate planning process. Try LegalZoom.com or Nolo.com
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
NOVEMBER
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Preparing for Life's Curveballs
When life happens, be prepared.
Unexpected events like medical bills or car repairs can throw off even the best financial plans. That’s why having a “Plan B” is essential. Here are some tips to help you build a financial safety net:
- Create an Emergency Fund: Aim for 3-6 months of living expenses.
- Review Your Insurance Coverage: Do your health, home, and life insurance meet your needs?
- Update Your Estate Plan: Keep your beneficiaries, wills, and trusts current.
- Track and Adjust Debt: Pay down high-interest debt to free up resources.
- Stay Flexible: Revisit your financial plan regularly to account for life’s changes.
What Next:
Small steps today can make a big difference tomorrow. Start by using an emergency fund calculator to find your target savings goal.
Try these resources: Forbes.com or NerdWallet.com
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
DECEMBER
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The Hidden Costs of Sports Betting
Even if you’re not into sports betting, chances are you know someone who is. While it may seem like harmless fun, the financial impact of sports betting can be significant—especially when it comes to saving for retirement and reaching your long-term financial goals.
Why Sports Betting Could be Hurting Your Wallet:
- Chasing Losses: Many bettors end up in a cycle of chasing their losses, leading to more financial strain.
- Missed Savings Opportunities: The money spent on sports betting could be better used to build your retirement savings or emergency fund.
- The Emotional Side: Betting can lead to impulsive financial decisions, especially when emotions run high, and it can even become addictive.
What You Can Do:
- Set a Budget: Set limits on your entertainment spending and stick to them.
- Prioritize Savings: Contribute to your retirement account before making discretionary purchases.
- Make Informed Choices: Educate yourself on the risks and rewards of sports betting to make better financial decisions.
By understanding the hidden costs of sports betting, you can help protect your financial future—and share this knowledge with others who may need it.
This material is for educational and informational purposes only and is not intended to provide ERISA, tax, legal, or investment advice. MJ Retirement does not endorse or recommend any products, services, or entities mentioned or cited. Consult with a qualified professional for personalized advice tailored to your specific needs.
