Manage Your Money

School is out, the temperature is rising, and summer is in full swing! However, for many families with high schoolers or recent grads, this summer season also comes with a big shift in focus: thoughts of college and how to pay for it.

This time of year can feel like a mix of excitement and worry. There’s pride in seeing your child grow and plan for their future, coupled with real concern about the rising costs of higher education. Between campus tours, orientation sessions, and shopping for dorm essentials, it’s easy for the financial planning part to get lost in the shuffle.

At ARK Financial Wellness, we understand these emotions because we are living them too. Preparing your child for higher education is an incredible milestone, but it can also bring an immense amount of financial stress if you’re not properly prepared. That’s why we work alongside families to help make this transition as smooth and intentional as possible.

From building a college savings strategy and understanding financial aid options to planning around scholarships, student loans, and long-term affordability, our goal is to help you and your student feel equipped and empowered for the road ahead.

1. Start the Conversation Early College costs don’t sneak up on anyone overnight, but we understand that it’s oftentimes easier to avoid talking about them because the numbers can be intimidating. One of the best ways to reduce stress is to start the conversation early—long before application season arrives. Discuss expectations openly. What can you realistically contribute as parents? What costs will your student be responsible for? Setting these expectations early helps avoid surprises and fosters responsibility in your child. It also opens the door to conversations about budgeting, student employment, and what it means to make a financially sound choice in school selection.
2. Build a Realistic Budget Planning for college isn’t just about tuition. There are plenty of additional costs to consider such as room and board, books, transportation, technology fees, meal plans, and personal expenses. Take time to understand the full picture. Start by researching average costs at different types of schools (public vs. private, in-state vs. out-of-state). Once you have an estimate, you can begin building a plan that breaks the total amount down into manageable annual and monthly savings targets.
3. Explore All Funding Options When it comes to paying for college, the key is to leave no stone unturned. Before jumping straight to loans, it’s essential to explore a variety of funding sources that can ease the burden on both you and your student. Start by researching available scholarships and grants. These can be need-based, merit-based, or even awarded for special interests or community service. Another critical tool in college savings is the 529 plan. These tax-advantaged savings plans are specifically designed to help families set aside money for education costs. Contributions grow tax-free, and withdrawals are tax-free when used for qualified expenses like tuition, room and board, books, and even some technology needs. Many states also offer tax deductions or credits for 529 contributions, adding another layer of benefit. Families should also consider work-study opportunities and part-time employment, which not only provide financial support but also help students build responsibility and valuable work experience.
4. Remember to Support Your Child’s Future While Protecting Your Own This is truly the heart of it all: Helping your child pursue their dreams shouldn’t mean sacrificing your own financial security. It’s natural to want to do everything you can to set your student up for success, but draining retirement savings or taking on unmanageable debt to pay for tuition can have lasting consequences for you and them. At ARK Financial Wellness, we help families find the balance. We work to create plans that support your student’s future while protecting your own goals. Our process includes taking a clear look at what you can realistically contribute without jeopardizing your other priorities, identifying funding strategies like 529 plans and scholarships, and mapping out how to fill any gaps without overextending. We also help you plan for the ripple effects like ensuring your emergency savings remain strong and your retirement contributions stay on track even while you’re helping with college costs. By creating a comprehensive, values-based financial plan, we empower you to support your child’s dreams while still confidently pursuing your own. Because true financial wellness means securing not just their future, but yours, too.

As tax season comes to a close, many people breathe a sigh of relief, ready to push off any thoughts of tax filing for the next year. However, this might not be the best strategy. Instead, by taking proactive steps throughout the year, you can help minimize your tax burden, avoid last-minute surprises, and keep more of your hard-earned money. In this blog, we are going to explore some smart strategies to help you get ahead of tax season and maximize your savings for next year.

1. Maximize Retirement Contributions

One of the most effective ways to reduce taxable income is by contributing to tax-advantaged retirement accounts. Contributions to a 401(k) or Traditional IRA reduce your taxable income, potentially lowering the amount you owe. If your employer offers a matching contribution, take full advantage—it’s essentially free money that can help grow your retirement savings faster! Consider increasing your contributions early in the year to spread out the impact on your paycheck while maximizing your savings potential.

2. Utilize a Health Savings Account (HSA) or Flexible Spending Account (FSA)

If you have a high-deductible health plan, contributing to an HSA offers triple tax advantages: contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are tax-free. Similarly, an FSA allows you to set aside pre-tax dollars for healthcare expenses. If you aren’t taking full advantage of these accounts, now may be the time to adjust your contributions for next year.

3. Review Your Withholding and Estimated Payments

If you ended up owing a significant amount this year, it might be time to adjust your tax withholding. Employees can update their W-4 form to withhold more taxes from each paycheck, helping avoid a large tax bill next April. For self-employed individuals or those with additional income sources, making quarterly estimated tax payments can prevent a hefty year-end bill.

4. Take Advantage of Tax Credits

Tax credits reduce your tax liability dollar-for-dollar, making them more valuable than deductions. Some key credits to explore can include:

● Child Tax Credit – Available for parents of qualifying children.

○ Important to Note: Max $2,000 per qualifying child under age 17 at the end of tax year, subject to income phaseouts.

● Education Credits – Credits such as the American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) can help with the cost of higher education by reducing the amount of taxes owed on tax return

○ Important to Note: Individuals filing to claim an education credit must meet all three of the following rules as listed by the IRS.

5. Consider Gift-Giving and Charitable Contributions

Giving to others, whether through charitable donations or personal gifts, can be a meaningful way to support loved ones and causes you care about while also offering potential tax benefits. If you itemize deductions, charitable contributions can reduce your taxable income, and strategies like donating appreciated stock instead of cash can help you avoid capital gains taxes. Additionally, “bunching” donations, consolidating multiple years’ worth of gifts into a single year, can help you exceed the standard deduction threshold and maximize your tax benefit.

When it comes to personal gift-giving, the IRS allows you to give up to $19,000 per recipient per year without incurring gift taxes. Beyond this, you can leverage the lifetime gift and estate tax exemption or make direct payments for medical or educational expenses to provide financial support without triggering tax liabilities

6. Keep Track of Tax-Deductible Expenses

Throughout the year, maintain organized records of potential tax deductions. These might include:

● Mortgage interest and property taxes

● Student loan interest

● Business expenses (for self-employed individuals)

● Medical expenses exceeding a certain threshold

Good record-keeping makes it easier to claim deductions and ensure you don’t miss any potential savings.

7. Work with a Financial Professional

Tax laws change frequently, and everyone’s financial situation is unique. Working with a financial professional can help you develop a personalized tax strategy tailored to your income, expenses, and goals. Rather than scrambling during tax season, proactive planning can help you take full advantage of deductions, credits, and tax-efficient savings opportunities.

Start Planning Today for a Smoother Tax Season Next Year

The stress of tax season is often a great reminder of why early planning is so important. By implementing these tax-saving strategies throughout the year, you can reduce your tax liability, avoid last-minute surprises, and keep more of your earnings. If this year’s tax season left you feeling overwhelmed, let’s start the conversation now about how you can be better prepared for next year!

When we think about showing love to our family, we often imagine heartfelt moments, thoughtful gestures, and shared experiences. But one of the most meaningful ways to express love and care is through estate planning. While it may not seem as glamorous as a surprise gift or as exciting as a family vacation, estate planning is a deeply responsible and loving act that ensures your family is emotionally and financially protected, no matter what life may bring.

At its core, estate planning is about preparation. No one likes to imagine what might happen if we’re no longer around, but having the necessary legal documents in place, you can prevent confusion, minimize stress, and help your loved ones avoid unnecessary additional challenges during already difficult times.

Why Estate Planning Matters

Ensures Your Wishes Are Honored

An estate plan gives you control over what happens to your assets, your healthcare, and your legacy. From deciding who inherits your property to outlining your healthcare preferences in case of incapacity, an estate plan makes your wishes clear and legally binding. Without it, these decisions could be left up to the courts or others who may not know or honor your intentions.

Reduces Stress for Your Loved Ones

Losing a loved one is already a difficult and emotional experience. Adding confusion and uncertainty about financial or legal matters only makes it harder. By organizing your legal documents—such as a will, power of attorney, and healthcare directive—you can prevent unnecessary stress for your family during a challenging time. Instead of focusing on paperwork and decision-making, your loved ones can concentrate on grieving and healing.

Helps Avoid Unnecessary Legal Battles

Unfortunately, a lack of clear planning can sometimes lead to disputes among heirs or even legal challenges. This is especially true if multiple people have differing interpretations of your intentions. By creating a detailed and well-thought-out estate plan, you can minimize the risk of conflicts and ensure your family avoids unnecessary legal expenses or emotional strain.

Where To Start

Estate planning is one of the most thoughtful and responsible ways to show love to your family. It is more than just a set of legal documents; it’s a tangible way to care for your family’s well-being. By taking the time to organize your wishes and protect your legacy, you’re giving your loved ones a priceless gift: peace of mind. It’s a lasting reminder of your care and consideration, one that will continue to benefit them for years to come.

If you’re ready to begin your estate planning journey, or if you have questions about where to start, we are here to help. Creating an estate plan might feel overwhelming, but you don’t have to do it alone. At ARK Financial Wellness, we’re here to guide you through the process and ensure you’re fully prepared to meet with your attorney. To help you get started, visit our Wellness Resources for a copy of our “Estate Plan Meeting Checklist.” This resource will help you gather all the necessary information and documents for a productive and efficient meeting.

Together, we can help you create a plan that honors your wishes and protects your family’s future. Because remember, love doesn’t just have to be about the moments we share—it can also be about the plans we make to ensure our loved ones are taken care of, no matter what.

You may have noticed that the stock markets saw an increase in volatility within the last few months. When navigating market ups and down it’s natural to feel overwhelmed and anxious, but here’s the thing—market volatility isn’t unusual. In fact, after the strong performance over the past year, it was almost expected that we’d see a pullback. Plus, we’re entering a time of year that’s a bit more unpredictable— with the approach of an election and September, historically, often being a weak season for the market.

But should you be worried? Should you sell everything now and wait for the dust to settle? The short answer is no. While it might be tempting to react to news headlines and short-term changes, history shows us that the market’s “average” performances are no guarantees. There will likely be sectors that do well even when the overall market isn’t at its best. During volatile periods the key is to remember the following:

1. Stock markets have cycles: Just as the seasons change, so do market conditions. What goes up will eventually come down, and vice versa.
2. It’s normal to feel anxious: Your concerns are valid, but it’s essential not to let fear drive your decisions.
3. Selloffs are a normal part of investing: While painful, they are integral to the market’s natural ebb and flow.

Strategies for Navigating Market Volatility

Diversification

Market narratives can change on a dime and a well-diversified portfolio can help manage risk and smooth out returns over time. Diversification is a strategy that involves spreading your investments across various asset classes—such as equities, bonds, and other fixed-income assets—rather than putting all your eggs in one basket. By combining different types of investments, you reduce the overall risk of your portfolio, making it easier to weather the storm during periods of market volatility. Nobody knows how long this new narrative will last. The goal of diversification is to balance risk and reward by allocating your portfolio according to your risk tolerance and financial goals, providing a buffer during market downturns.

Maintaining a Long-Term Perspective

It’s also vital to keep your long-term financial goals in mind. When the market gets rough, it can be tempting to make emotional decisions, such as selling off investments to avoid losses. However, these short-term reactions can derail your long-term plans. Instead, stay focused on your financial objectives, whether that’s saving for retirement, buying a home, or funding your child’s education. Remember, markets go through cycles, and what seems like a big deal today will hopefully not be a concern tomorrow.

How ARK Financial Wellness is Here to Help

Navigating market ups and downs can feel challenging, but you don’t have to go through it alone. Professional guidance can make all the difference during uncertain times. At ARK Financial Wellness, we’re here to help you through every twist and turn. Whether you want to discuss the current market outlook or explore strategies tailored to your goals, we’re here to support you.

Investing doesn’t have to be overwhelming. With the right approach and a little help, you can stay on course and keep working towards your personal financial goals.

As we find ourselves midway through the year, it’s an opportune moment to conduct a thorough mid-year financial wellness check-up. Just like regular doctor’s check-ups are necessary for maintaining physical health, financial check-ups are essential for maintaining financial health. This serves as an important milestone to assess your financial health, ensuring that you are on track to meet annual goals, and make any necessary adjustments. At ARK Financial Wellness, we understand that achieving financial success is not solely about accumulating wealth but also about having the health, time, and confidence to enjoy a fulfilling life. Let’s explore the key components of a comprehensive mid-year financial check-up to get your financial health and wealth aligned.

Review Financial Goals

The first step in your mid-year financial check-up is to review your financial goals. Whether you’re saving for a down payment on a house, planning a vacation, or building an emergency fund, it’s important to assess your progress. Have you met any of your goals already? Are you on track to meet others by the end of the year? If you find that you’re falling behind, don’t be discouraged. This review gives you the opportunity to recalibrate your goals, adjust timelines, and set more realistic targets if needed.

Evaluate Budget

Next, evaluate your budget. Think of this as checking your vital signs. Are you spending within your means? Are there areas where you can cut back? Review your income and expenses to ensure you’re living within your budget. If you’ve experienced changes in your income or expenses, now is the time to update your budget accordingly. Staying mindful of your spending habits and making necessary adjustments will help you stay financially healthy.

Check Emergency Fund

Your emergency fund is your financial safety net. Ideally, it should cover three to six months’ worth of living expenses. Mid-year is a great time to check the status of your emergency fund. Have you had to dip into it this year? If so, make it a priority to replenish it. If you haven’t started an emergency fund yet, begin setting aside a small portion of your income each month. A well-funded emergency fund provides peace of mind and financial stability in case of unexpected expenses such as medical emergencies, car repairs, or job loss.

Evaluate Savings and Investments

Now, turn your attention to your savings and investments. Are you taking full advantage of employer-sponsored retirement plans and other tax-advantaged accounts? Are your investments aligned with your risk tolerance and financial goals? Mid-year is a good time to review your portfolio’s performance and make any necessary adjustments. Consider consulting with a financial advisor to ensure your investment strategy is on track to meet your long-term goals. Remember, consistent contributions and a well-balanced portfolio are key to building wealth over time.

Conclusion

A mid-year financial wellness check-up is not just about ensuring your savings and income support your objectives; it’s about creating a balanced life where you have the health, time, and financial confidence to relish in family time, retire early, make career changes, start a business, take dream vacations, and enjoy countless other life experiences.

Just as you wouldn’t neglect your physical health, don’t overlook the importance of your financial health. By reviewing your financial goals, evaluating your budget, checking your emergency fund, and assessing your savings and investments, you can make informed decisions for a more prosperous financial future. Take this opportunity to make any necessary adjustments and set yourself up for a successful second half of the year!

With the warmer months often comes an increase in spending, whether it’s on vacations, outdoor activities, or cooling your home. However, with strategic planning and smart choices, you can enjoy the season without derailing your budget. At ARK Financial Wellness, we believe that financial health and enjoying life are not mutually exclusive. Here are some practical tips to help you make the most of your budget this summer!

Budget-Friendly Vacation Ideas

Instead of splurging on expensive travel, consider a staycation. Exploring local attractions such as parks, museums, and historical sites can be an enjoyable and cost-effective alternative to traveling far. Many of these places offer free or discounted admission for residents. Planning activities in your local area allows you to enjoy new experiences without the added costs of travel and accommodation.

If you do plan to travel, try to do so during off-peak times. Airfare and hotel rates are often lower during weekdays and outside of traditional vacation periods. Planning your trip for early or late in the season can result in significant savings. Additionally, embrace the great outdoors with camping, hiking, swimming, and other outdoor activities.

            Here are 7 Creative Activities to Guarantee Happy Campers this Summer

1. Backyard camping – Set up a tent in the backyard and have a camping adventure under the stars. Roast marshmallows, tell stories, and enjoy the simplicity of being outdoors together.
2. DIY water park – No pool? No problem! Create your own water park in the backyard with sprinklers, water balloons, slip ‘n’ slides, and kiddie pools. It’s a fun and refreshing way to beat the summer heat.
3. Outdoor movie night – Set up a projector and screen in the backyard, grab some blankets and popcorn, and enjoy a movie night under the stars. Let each family member take turns choosing their favorite film — here are a few suggestions to get you started.
4. Plant a garden – Gardening is a great way to teach children about the cycle of life, nature, and the science of plants. Plus, if you plant vegetables or herbs, you’ll have fresh produce to enjoy. The easiest ones to grow? Bell peppers, blackberries and raspberries, cabbage, and cucumbers.
5. Visit nearby state parks and museums – In the busyness of the school year, it’s easy to overlook the place you call home. Take advantage of the beautiful weather this summer and plan a day trip to explore a nearby state park. It’s a great opportunity to experience nature, take memorable photographs, and maybe spot some wildlife.
6. Serve your city – Dedicate a day (or more!) to volunteer as a family, engaging in activities that contribute to the well-being of your community, such as local clean-ups, helping out at a community garden, or offering your skills and time to a neighborhood project. Find family-friendly opportunities near you here.
7. Plan a “Yes Day” – Set aside a day where you say “yes” to your kids’ reasonable requests, whether it’s an ice cream breakfast, pillow fort construction, or a late-night movie marathon. Read more about the “Yes Day” trend here.

You might also check out STL Moms Guide to Summer in St Louis, with TONS of fun ideas around town for families, kids and adults alike!

Energy-Saving Tips for Your Home

To optimize your cooling system and reduce energy costs, consider installing a programmable thermostat. This allows you to set the temperature higher when you’re not home and lower it when you are, leading to significant energy savings. Additionally, use ceiling fans to circulate air and reduce the need for air conditioning. Make sure fans are set to rotate counterclockwise, which pushes cool air down.

Check windows and doors for gaps and seal them to prevent cool air from escaping. Simple weather stripping or caulking can improve your home’s energy efficiency. Using blinds, curtains, or shades to block out the sun during the hottest parts of the day can also reduce cooling costs.

By implementing these savings tips, you can enjoy all that the season has to offer without straining your budget. Small changes can lead to substantial savings, allowing you to fully enjoy the season while staying financially healthy. Happy summer saving!