Personal Finance

Many people have trouble managing their personal finances, but you don’t have to be one of them. Achieving healthy personal finances is all about understanding the factors that come into play and developing healthy money habits. Whether you’re living paycheck to paycheck, can’t seem to find the discipline to save, or just want to improve your financial health in general, Community Tax’s personal finance guide is a great starting point. From immediate matters like paying your bills and managing debt to long-term goals like savings and retirement, we can help guide you to a better financial future. 

Personal Debt

Personal debt is money that you’ve borrowed and are personally responsible for paying back—think credit cards and car loans. While personal debt is inevitable when building credit, it can also be detrimental to your finances if you let it get out of control.

Is Paid Interest on Debt Tax-Deductible?

Paying interest is a reality that most of us deal with, whether we like it or not. Be it your student loans or home mortgage,...

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How to Bounce Back from Holiday Debt

It’s the most wonderful time of the year—snowflakes are falling, bright lights are shining, and credit cards are constantly...

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Personal Loans vs. Debt Consolidation Loans

Personal debt in the United States is a major issue for many consumers today. From student loans to high credit card balances,...

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Personal Finance Tips

These and many other tips can be found in our personal finance articles.

How to Stay Financially Healthy During COVID-19

How to Stay Financially Healthy During COVID-19

With the current COVID-19 continuing to wreak havoc worldwide, it’s extremely important to take action to ensure the health...

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What is a Cash Flow Statement?

What is a Cash Flow Statement?

The cash flow statement (CFS), sometimes called the statement of cash flow, is a financial statement that shows how much...

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A Guide to Nondischargeable Debt

A Guide to Nondischargeable Debt

Life is expensive. From mortgage payments to food and utility bills, there’s a lot of things you need money for to keep...

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Budget and Savings

As you well know, budgeting is the key to financial well-being. After all, you can’t save if you’re spending all your money shopping or going out. Many of our personal finance articles on our blog include tips on how to carefully budget, so you can meet your financial goals and still enjoy the things you love. While your bills will always have to come first, savings shouldn’t be far down the list of your financial priorities. Whether you’re planning to buy a car, want to purchase a house in the future, or even just recognize the value of having money set aside for a rainy day, having a healthy savings that you regularly contribute to is essential.

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Savings

While your bills will always have to come first, savings shouldn’t be far down the list of your financial priorities. Whether you’re planning to...

6 Weird Methods People Use to Save Money

Has your budget been a little tight lately? Try getting a bit creative with your saving methods. Our infographic highlights...

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Financial Goals: How to Set and Implement

Financial Goals: How to Set and Implement If you’re ready to boost your savings, fund your next vacation, or establish...

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How to Develop Healthy Money Habits

As you head into the new year, you may have a lot of goals on your mind. Perhaps implementing healthier habits, spending...

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Investing

Whether you’ve invested before or not, it can be tricky to do so on your own. If you want to put yourself in the best possible position when investing, you need to have a strategy.

Can I Buy a House if I Owe Back Taxes?

If you’re looking for your dream home, it can get complicated if you owe back taxes to the IRS. While it’s still possible...

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Form 1099-R Instructions & Information

If you’re one of over 44 million retired Americans, there’s a good chance you’ve come across tax form 1099-R. In addition...

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How to Find a Financial Advisor You Can Trust

Managing your own finances is no simple task—especially when you have investment assets, a mortgage, and of course, complicated...

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Personal Credit

Building personal credit is necessary for many reasons including the ability to rent an apartment or purchase a vehicle. And, it’s important to understand that your credit score matters, which requires smart management of debt. Keeping your credit score as high as possible is essential to getting the best rates.

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Retirement

It’s never too early to plan for retirement. In fact, the sooner you get started, the better position you’ll be in when you’re ready to finally enjoy some hard-earned rest and relaxation. If you haven’t already, start contributing to a 401(k) or IRA as soon as possible.

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Borrowing + Lending

While it’s typically better to save up and pay cash for the things you need and want, sometimes borrowing is the only option. While you may have no choice but to borrow, you do have the ability to shop around to get the best rate and save yourself substantially over the course of the loan.

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Personal Finance FAQs

Having a solid understanding of personal finance will impact your quality of life both now and in the future. From being able to afford basic necessities to growing a healthy savings, personal finance should be a priority, no matter your income.

Personal finance encompasses all of your money matters, including your income, spending habits, debt, investments, savings, and more. In general terms, it can be broken down into three primary categories: spending, saving, and investing.

While there’s no set amount of money you should have tucked away in your savings, ideally you would save as much as possible to maintain financial stability in whatever circumstances arise. However, it is typically recommended that you have enough in your savings to cover at least three to six months worth of your typical living expenses.