Money Advice

When Leticia Barr is ready to start back-to-school shopping, her first stop is going to be her own closets.

A former teacher turned blogger, Barr knows that her family probably has on hand much of what they need already—from last year's binders that are still good to stashes of pencil-top erasers. With her daughter about to start seventh grade and a son going into fifth in Washington, DC, Barr's goal is to keep a lid on spending by focusing only on what they do not already have.

The average family with kids in grades K-12 is forecast to spend an average of $673.57 this year, according to the National Retail Federation, much of that going toward clothing and electronics.

Los Angeles (REUTERS) - If you are in the process of preparing your 2015 tax return and find yourself horrified by the amount you owe or disappointed by the paucity of your refund, you have one last chance to cut the bill by paying yourself instead of Uncle Sam.

Whereas most other deductions are off the table as of Dec 31, contributions to Individual Retirement Accounts and Simplified Employee Pension Individual Retirement Accounts, better known as SEP-IRAs are available up until the April 18 tax deadline.

LOS ANGELES (REUTERS) - Taxpayers face a cliffhanger again this year as Congress dithers about extending more than 50 expired tax breaks, including popular deductions for college tuition and fees, mortgage insurance and sales taxes.

As we wait for lawmakers to act, though, we still have time left in the year to make adjustments based on changes that have already happened. Here are four ways to adjust your tax planning:

NEW YORK (REUTERS) - Joseph Shonkwiler, the proud father of newborn twin boys, owns a life insurance policy.

Like many millennials, the policy was not a priority for the 34-year-old from Cambridge, Massachusetts, until the twins were due. He will start paying down close to $200,000 in student debt after completing his MBA from the Massachusetts Institute of Technology's Sloan School of Management.

A study from Life Happens, a consumer group formed by insurance providers, and LIMRA, the life insurance trade association, found that 29 percent of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing their coverage.

With much of the nation locked in bitter cold and snowstorms, what could be better for a winter slump than shopping? Still have gift cards to cash in? Presents sitting in the garage you still need to exchange? Luckily many stores still have discounts to take advantage of. Now is the time to take full stock of the sales and mark-downs. Here are some tips to help you strategize during those dreary days when you and your spouse are looking for something fun to do.

1. Make a plan. What do you actually need?

Black Friday: the day the shopping frenzy begins for the holidays. This year even more retailers are opening their doors a day early (on Thanksgiving Day) for those looking to get a jump on their holiday shopping. So, do you just bust in and fight the crowds or is there a better way? Here are some etiquette tips that can help you have a successful and drama-free shopping day this holiday season!

1. Use your manners and indoor voice. Don’t push, shove or yell at fellow shoppers… even if they push, shove or yell at you first!

The American Dream has evolved past the humble "white picket fence." Way past. We all strive for the "nice" home (as defined by HGTV and Pinterest) as opposed to the cozy one, keep a perpetual car payment instead of driving an older model, and chauffeur kids to an endless array of pricey activities rather than sending them outside. Call it creeping consumerism, entitlement, or plain old peer pressure. The point is, we see our hectic and expensive lifestyles as normal—and it’s time we realized that keeping up with the proverbial Joneses is actually extravagant and irresponsible.