TessMore Finance Blog

We know that raising kids is expensive — but just how expensive is it? According to a 2015 U.S. Department of Agriculture (USDA) study, the average cost of raising a child from birth until the age of 17 is $233,610 . This estimate is based on a middle-income family of four and excludes any college costs. Taking into account the inflation in the economy, you can expect to spend $292,017 raising a child in 2022, or more considering child care expenses are rising rapidly.  A recent study done by the Brookings Institution for the Wall Street Journal found that due to unprecedented inflation rates, parents can expect to spend at least $300,000 raising a child born in 2015 until age 17. While that may sound overwhelming, we’ve broken down eight major expenses for prospective parents to consider and provided some tips on how to prepare mentally and financially for your child’s future.  Costs of Raising a Child in 2022 Housing, food, and child care take up the largest percenta...

Most people don’t get into serious credit card debt overnight. Instead, things go wrong little by little until they realize they’ve got a serious problem.  The first credit card mistake is not paying attention to your cards and balances. Your debt can turn into something serious and not so small. If you’ve ended up in credit card debt, it can seem overwhelming. Even though it can be painful, be sure to find all your debt and track it. The good news is that credit card debt is almost always manageable if you have a plan and take disciplined steps to reduce it. Credit Card Traps To Avoid Seventy-five percent of Americans claim they don’t make major purchases on their credit card unless they can pay it off immediately. Yet from looking at actual spending behaviors, over 70 percent of Americans carry a balance, and fewer than half are willing to reveal their credit card debt to a friend.   Those numbers are an indication that American consumers are ashamed of their deb...

In this article, we will look at some concrete steps you can take to find out all the debt you owe and get a plan to pay it off. Debt can come in many forms so it’s important to know all of the debt you have, whatever types they may be. Next important thing is to have a plan. Without a plan to pay it off it’s possible that your debt will only get worse and you’ll continue to be stuck paying interest forever. Figure out how much debt you owe You wouldn’t believe how many people don’t do this and continue blindly paying off any bills that come in with no strategic plan. This is exactly what the credit card companies want, because you’re essentially just dumping money into their pockets.  You can’t make a plan to pay off your debt until you know exactly how much you owe. It might be painful to learn the truth, but you have to bite the bullet. Then you’ll see that it’s not hard to end this bad habit.  In fact, you can get the credit card companies to help you: Look at the ba...

Do you track your net worth and watch how it changes over time? Whether it’s for fun, to compare your financial progress to others, or to help make early retirement plans, there are tools that can make your job easier. Many different apps offer features that not only calculate and track your net worth but also help you budget and manage your investment accounts. The premium ones cost money, but there are free apps you can use, too. To help you choose the right net worth calculator, I’ve compiled a list of the best ones available today. However, before we get to the list, what is a net worth calculator anyways? Table of Contents What are Net Worth Calculators? Best Net Worth Calculators Personal Capital Kubera NewRetirement Topia Tiller YNAB Mint Quicken Manual Budget Spreadsheets How Do Net Worth Calculators Work? Why Are Net Worth Calculators Important? How Do You Calculate Net Worth? Final Thoughts What are Net Worth Calculators? A net worth calculator co...

I didn’t really develop a full-fledged financial plan until I was well into my 30s. I waited too long. Many people avoid getting help with financial planning despite its importance because it seems complicated or overwhelming. This is the issue that “ Fortunately ,” the financial planning software, tries to address. Fortunately is a platform that tries to “keep your financial future on-course, despite life’s unpredictability”. Whether you need to plan for retirement or simply want to save for a rainy day, Fortunately strives to get your finances in order. Here’s what you need to know about this new, up-and-coming financial planning tool. The Challenges of Financial Planning Planning your financial future can be tough, to say the least. And with half of Americans predicted not to have enough money for retirement, you’re not alone in feeling anxious about your prospects. Now, more than ever, it is important to start saving early and often for your retirement. No doubt, it can be ...

Cash back credit cards offer flexibility by giving you several ways to redeem your rewards. Most cards allow you to apply your earnings as a statement credit, purchase gift cards and other merchandise, and receive cash payments via a check or bank account deposit. The Wells Fargo Active Cash SM  Card is no different. The no-fee card from America’s 3rd largest bank also features an earn rate higher than most flat-rate competitors, at 2%. But who is the card best suited for, and how does it compare to more expensive premium rewards cards? This Wells Fargo Active Cash Card review covers the pros and cons and some Active Cash Card alternatives. Table of Contents What is the Wells Fargo Active Cash Card? Wells Fargo Active Cash Card Requirements Wells Fargo Active Cash Card Fees Wells Fargo Active Cash Card Benefits $200 Signup Bonus Unlimited 2% Back No Annual Fee 0% Introductory APR Flexible Redemption Options Free Cell Phone Protection Visa Signature Benefits ...

It can be tempting to cut and run when you quit a job – especially if you’re leaving a particularly nasty situation. But if you have an investment account tied up with that employer, it’s important to transfer those funds as soon as possible. Rolling over a 401(k) is relatively easy, but there are a few things you should know beforehand. We’ll break down the details in the article below. Why You Should Roll Over a 401(k) One of the main reasons to roll over a 401(k) is because you might forget about the account. If you switch jobs every few years and never roll over your 401(k)s, you may end up with multiple retirement accounts which can be hard to manage. Also, some companies will charge an extra fee if you have a 401(k) but are no longer an employee. If you have less than $5,000 in your 401(k), the company may force you to move the funds elsewhere. What to Know When Rolling Over a 401(k) Rolling over a 401(k) isn’t as easy as it should be. Read below for the important things to...

Two of the most popular credit card “families” are American Express (AMEX) and Chase, and both are known for their reward points. Not only for their generous welcome bonuses but their ability to transfer points to partners, redemption flexibility, etc. But which is the better of the two? To find out, I’ve compared the two credit card giants using five criteria: Points offers, point transfers, points redemption options, other card benefits, and fees. It was a close race, but I managed to find a winner. Table of Contents 1. Points Offers American Express Chase Points Offer Winner: Chase 2. Point Transfers American Express Chase Point Transfers Winner: Chase 3. Points Redemption Options American Express Chase Points Redemption Options Winner: Chase 4. Other Card Benefits  American Express Chase Other Card Benefits Winner: American Express 5. Fees American Express Chase Fees Winner: Chase The Overall Winner: Chase 1. Points Offers American E...