Financial planning Archives - DIYmoneytrack.com

Will your rewards survive the CCCA?

Maximizing cash-back rewards is one of the simplest ways to fight back against rising costs. It’s a straightforward move that turns your everyday spending into a tool for protecting your purchasing power.

Those rewards and financial benefits are at risk of being reduced or even eliminated, depending on how the Credit Card Competition Act (CCCA) plays out.

Please keep reading if you are interested in learning more about the bill, its potential implications for consumers, and what you can do about it right now.

Level up your life: Why financial planning is your ultimate cheat code

Do you ever feel like adulting comes with a secret rulebook no one gave you? One of the most powerful “secrets” to a smoother future is something that might sound a little boring at first: financial planning. In truth, though, it’s far from dull. It’s less like sitting through a math class and more like playing a strategic game where every smart move sets you up to win. Think of it as your personal advantage—the closest thing life has to a cheat code.

This isn’t just about stashing cash for a new phone. It’s about laying the groundwork for your dream life—no matter how you define it. Want to travel the world? Buy your own place? Start a business? Financial planning makes it possible.

If you are interested in learning more about the benefits of financial planning and how to get access to the spreadsheet template that I use, keep reading.

What level of financial advice do you need?

Recently, I’ve had multiple conversations related to the same question: How do you balance my DIY tools with professional financial advice? Many of you are looking for that ‘hybrid’ sweet spot where self-management meets expert guidance.

When it comes to managing money, there’s no single “right” way to get financial advice. Some people prefer to do everything themselves, others want professional guidance, and many fall somewhere in between.

Today, financial advice generally falls into three categories: DIY (do-it-yourself), hybrid, and full-service. Understanding the differences can help you choose the method that best matches your finances, confidence, and long-term goals.

If you are interested in learning about the different methods, including costs and benefits, and how to determine what level of financial advice you may need, please read on.

Why so many Americans live paycheck-to-paycheck and how to break the cycle

More Americans than you might expect are living from one payday to the next. Some are struggling on low wages, others earn six figures and still feel fragile.

The good news: while the problem is widespread and driven by real economic forces, there are clear, practical steps people can take to build stability. Below I share recent statistics that reveal the scale of the problem, explain the main causes, and offer access to a plan you can start using today if you need help breaking this cycle.

Are you prepared for growing healthcare costs?

Healthcare is one of the single biggest — and fastest-rising — lifetime expenses for most Americans. The exact number depends on your age, health, location, and the benefits you carry, but the total estimated lifetime healthcare costs may surprise (or even shock) you.

Concerningly, many Americans don’t have a clear picture of their potential healthcare costs while working and during retirement, or how to estimate these fast-growing living costs for planning purposes.

For example, a 25-year-old could pay anywhere from $400K+ to ~$1.5M for healthcare over their lifetime depending on personal decisions, medical needs, insurance coverage, and inflation rates.

Does your financial plan include annual estimates for healthcare costs with projected inflation?

Below I’ll sketch projected lifetime (or remaining lifetime) healthcare costs, and explain why tracking and managing these costs over time is crucial for your financial stability and well-being.

How to avoid the rising cost of ATM fees

ATMs were once a symbol of banking convenience, but today they’ve become a hidden drain on many consumers’ wallets. According to Bankrate’s 2025 checking account survey, the average out-of-network ATM fee is now $4.86 per transaction, the highest on record. In some large cities, fees are nearly $6.

If you withdraw cash often, that’s not pocket change—it’s a recurring cost that adds up fast.

To learn more about the true cost of ATM fees and how you can avoid these costs, please read on.

Your first 401(k): How to start strong and build wealth for the future

Starting your first job often comes with a big perk — access to a 401(k) retirement plan. Enrolling might feel confusing at first, but the choices you make now can have a huge impact on your financial future.

Here are eight ways to make the most of your 401(k) from day one (and beyond), with real numbers to show the difference your decisions can make and digital tools available to help you optimize your accounts.

How to lower your rising energy bills

With high heat and humidity blanketing NJ this summer, our AC is working overtime to keep us cool.

The cost of staying cool (and warm) continues to rise with prices for residential energy services forecasted to continue outpacing overall inflation in the US.

To control these rapidly growing costs, many renters and homeowners have turned to energy efficient methods ranging from simple habit changes to significant home upgrades.

If you are interested in learning more about energy costs and how to lower your monthly bill to reduce your energy burden, then please read on.

How to maximize your return on savings to reach financial goals faster

Are you maximizing your short-term savings return?

If your answer is “I don’t know” or “probably not,” then read this post to find out how to make ‘easy’ money simply by moving shorter-term savings to higher yielding accounts.

Whether you’re saving for an emergency fund or a vacation, improving the return on your savings accounts will help you reach your goals faster.

The difference between leaving cash in a traditional bank or brokerage savings account and investing it in a high-yield savings account can be worth thousands of dollars. Opening and moving money between savings accounts has never been easier, so chasing short-term yields online can be done with a few ‘clicks’.

And with annual inflation currently around 2.4% in the U.S., a short-term savings account yielding over 3% (assuming 20% tax rate) may even increase your purchasing power.

Read on to learn more about maximizing your short-term savings rate and where to find the best accounts.

How to stop financially subsidizing your adult children

Our second child just graduated college, and will be starting a new job soon. This is a pivotal time in her life and ours. Like many parents with college students, we have been paying for most of her living costs for past 22 years.

For the last few years, we have been easing her into self-funding her life by transitioning specific discretionary expenses to her, like clothing and eating out. Now that she has graduated and working full-time, the transition will expand to all subsidized expenses.

If you are also in the process of helping guide your child toward financial independence, then you may benefit from a worksheet application we deployed with our children when they started working full-time.

Using this worksheet, called Financial Independence Transition (FIT), can help you and your child get on the ‘same page’ about their financial future. Specifically, what they will be expected to pay for and when. Following a transparent and structured approach, like FIT, will also improve your relationship by reducing the chances of misunderstandings and disagreements about money, now and in the future.

To learn more about FIT, please read on.