When I found out I was pregnant, a decade of working as a personal finance reporter didn't shield me from all the worries new parents face about how they'll afford to have a baby. As I prepared to become a mom to my now-18-month-old, I sharply increased my emergency fund, started a new savings account for my daughter and upgraded our family's insurance policies. I hope sharing my experience can benefit any new parent—and validate that no matter how much financial expertise you have, becoming a mom or dad is all about learning on the fly. Here's how I had to adjust my finances as a new mom. Ram ..read more

Media reports and social media posts increasingly warn of a scheme you may not be familiar with—the "say yes" scam. So what is the "say yes" scam? A caller poses a simple question in hopes of prompting you to respond with the word "yes." If you answer, it can lead to more calls from scammers or even credit or debit card fraud. Can You Get Scammed by Saying "Yes" on the Phone? It may be hard to believe, but you can get scammed by responding with the word "yes" to a question that a caller asks. Here's how this scam might work: A "say yes" call might originate from an unknown number that appears ..read more

As credit cards became ubiquitous, consumers no longer had to dig for bills or coins in their wallets or await change. Everyone got used to swiping and signing, and later, inserting a credit card into a machine. That sped things up compared to cash, but if you traveled to Asia or Europe in the last decade or two, you were probably shocked to see the proliferation of contactless payments. In recent years, this technology has finally taken off in the U.S., making card payments even faster—and safer. Contactless payment is a way to pay in person with a debit or credit card, either by tapping an e ..read more

A budget is a tool for managing your spending and achieving financial stability over time. Without one, it can be easier to overspend and harder to plan ahead for emergencies. Not having a budget may also result in you struggling to reach your goals or falling into debt. Creating a budget is a way to break these cycles and start directing your income toward improving your financial health. Here's more on what a budget is and how to create one you can stick with. What Is a Budget? A budget is a plan for how you'll direct your money toward your necessary expenses, the things you want and your lo ..read more

Opening a joint bank account with an elderly parent can help you streamline their finances and keep an eye on their account. Sharing a joint bank account may be a convenient option for paying a parent's bills and care costs if you're charged with managing their finances. But before you head to the bank, consider the potential benefits and risks of opening a bank account with an aging parent. Here's what you need to know. Pros of Opening a Joint Bank Account With an Elderly Parent Sharing a bank account could give your parent a second set of eyes on their account, which could be helpful in the ..read more

Gathering mortgage offers from multiple lenders can be important if you want to get the best possible loan. Various lenders may have access to different types of mortgages, or offer you different rates on an otherwise identical loan. And speaking with or getting preapproved by several companies can help you narrow in on the potential best fit. These may include retail lenders, mortgage brokers and correspondent lenders. What Is a Correspondent Lender? A correspondent lender is a mortgage lender that initially funds a mortgage loan and then sells the loan to a sponsoring investor. The investor ..read more

A pension freeze can significantly impact your retirement plan. A company may freeze pensions, which limits new enrollment and the accumulation of new benefits. If your employer announces a pension freeze, knowing your options can help you navigate the transition and continue to prepare for retirement. What Are Pension Freezes? A pension fund guarantees a steady stream of fixed, monthly retirement benefits based on your years of service, earnings or both. Under a pension freeze, new benefit accumulation is limited or halted. Current employees lose some or all of their ability to earn additiona ..read more

Working for yourself has its perks, but without a traditional 401(k), you'll have to find other ways to save for retirement. Investing early and often is the general rule. Whether you're a one-person operation or own a small business with employees, there are lots of tax-friendly ways to build your nest egg. Consider these five options if you're looking for a self-employed retirement account. 1. Traditional Individual Retirement Account (IRA) You can open and fund a traditional IRA on your own, apart from your business. That can allow for tax-deductible contributions as you save for retirement ..read more

Credit cards offer a variety of benefits that can help you save money, get out of a bind or both. To get the most out of your credit card, it's important to fully understand the benefits it offers. Here's how. Understanding Your Credit Card Benefits Always read the fine print in your credit card agreement to understand the terms and features of your credit card, and how to use them. Exclusions and limits often apply to credit card benefits, so it's important to know the coverage you have. Credit card issuers typically send a summary of credit card benefits shortly after account opening. If you ..read more

Having kids can be one of life's greatest joys, but raising them is expensive. When you're a working parent—especially one who works at home with less separation between your job and family—you might face additional challenges, on top of the motherhood penalty. If you need some help getting your finances in better shape while juggling parenting, working from home and other obligations, try these proven tips. 1. Set Specific Goals Sometimes, just surviving another day is a parenthood victory. But your future self will be grateful if you find time to set specific financial goals and make an inte ..read more