Tax-Advantaged Contribution Limits for 2020

November 11, 2019 By Deanna 6 Comments

The IRS has announced most tax-advantaged contribution limits for 2020. I was waiting to release this post until they announced the Flexible Spending Account (FSA) contribution limits. For some reason, that one was the last to be released.

Being that I’ve started saving for retirement late, I max out all the tax-advantaged accounts I can get my hands on now. That being said, I have an end of the year calendar reminder to notify the accountant who handles payroll at my job to up my contributions accordingly. Each year as the IRS raises the allowable contribution limits, I raise my pre-tax contributions.

This post is to inform you of all tax-advantaged contribution limits for 2020. If I’ve missed any, please feel free to let me know. Additionally, if you are not able to max out any of these accounts, don’t let that intimidate you. Just begin!

Inspiring Women in Recovery – A Story of Powerlessness Featuring Shari

November 4, 2019 By Deanna 5 Comments

I’ve been very excited to begin this interview series, inspiring women in recovery. However, first I had to line up some interviews. If you are a woman in recovery for anything and would like to share your story here on Recovering Women Wealth, please reach out to me. It can be wholly anonymous or not.

Without further ado, here is the story of my good friend, Shari, who tells her story of powerlessness…

Shari’s Story of Redemption

My name is Shari and I am 55 and remarried. I live in Northeast Ohio with my husband of 11 years. I have a 23-year-old son, who by the grace of God, is nothing like I was in my youth. As a child, my mother often expressed her wishes that I would someday have twins, just like me. Thank you, God, this has not happened!

On November 19^th I will celebrate 20 years of continuous uninterrupted sobriety.

Having a Healthy Relationship with Money

October 31, 2019 By Deanna 2 Comments

I was blessed to be a guest on two different podcasts in the last couple of weeks. When I have the opportunity to do this I really take the time to think about what to talk about in hopes of helping others.

Maintaining a Long-Lasting Healthy Relationship with Money

In my humble opinion there are five main ingredients to having a healthy relationship with money:

Debt-freedom
Value-based spending
Automation
Savings goals
Budgeting

Before I go into these five main ingredients, I want to disclose my initial mindset shift. During my recovery, I changed my mind about money. I saw it as God’s money and that I was entrusted with some of it. When I looked at it that way, I realized I wanted to manage it well. I started tithing in response to this mindset shift. Additionally, this is where the conviction to pay off my debt came in. Furthermore, it drove me to want to learn to be an investor.

$1,000 Scholarship for Students Seeking to Help Those Impacted by Addiction

October 28, 2019 By Deanna Leave a Comment

My friend J from Budgets are Sexy sent me an email about a scholarship opportunity for students seeking to help those impacted by addiction. I am a BIG fan of both of those things:

College scholarships
Helping those impacted by addiction

With a website name, Recovering Women Wealth, it’s no secret I have a personal story of recovery from addiction. Furthermore, part of my life’s work is helping women in recovery and I’m supportive of anyone looking for recovery.

I’ve seen amazing and miraculous stories of recovery like with the son of my good friends, Fred and Cathy. Unfortunately, I’ve also seen (too many times I care to count) the heartbreak that can occur with addiction like the death of the son of my good friends, John and Liz.

Addiction is a scary reality and it seems that we all know someone impacted by it. Education, awareness, and Christ are the things that can break the chains of addiction.

Obviously, I’m passionate about recovery. That being said I’m writing this post to share how one can go about applying for this scholarship. If you know someone who might be interested please pass this along!!