Do I Really Need An Accountant For Tax Season?

1. Not automating your savings

When's the last time you actually put money in savings when you said you would? Let me guess: it went towards your fave Chick-Fil-A meal or the Valentine's Day decor you couldn't resist buying. This is a judge-free zone, so I'm not here to make you feel bad, but sometimes our best efforts to save money fall flat. Yet have no fear because there's a solution that stems from something you've been overlooking.

"One of the most common money mistakes is not automating your savings. If you’ve ever gotten to the end of the month and felt guilty because you didn’t save any money (or as much as you hoped), this is one thing you can do to help yourself out," says Dunlap. According to her, this looks like you taking the time to "set up an automated transfer from your checking to your savings, at least once a month." You could "set up the transfer on the first day of the month, maybe on the first and half-way through the month, whatever works for you."

But don't worry about getting things "wrong" because Dunlap doesn't think the amount you transfer has "to be a lot" because "even $20 means we're choosing progress." In her opinion, the very act of automating your savings means "you're doing the hard thing first!"

2. Overlooking high yield savings accounts

In addition to having an automated savings transfer, it also matters what kind of account you're putting your money into. I'm 100% guilty of going beyond a basic savings account as a broke college student because I was terrified I wouldn't understand the terms of what I was doing. Apparently I'm not the only one because Dunlap says we tend to overlook "ensuring that savings money is going into a high yield savings account. But, what is it?

"This is just like a normal savings account, but it’s going to earn you WAY more in interest. Basically, your savings are going to make you more savings," she shares. If you're scratching your head and need more information, we've got your back! Basically, "this is going to be the perfect account to keep your emergency fund in," according to Dunlap.

Instead of being limited to when you can access your funds (like a certificate of deposit or CD), she says "you can take your money out at any time, your money is insured," and "the partner" she and her team "recommend" doesn't have "fees" or "minimums." However, she warns "terms always apply, so check with your bank" before making a hasty decision.

3. Treating your retirement account as an investment

Full transparency moment: I didn't start paying attention to my retirement account until I left my prior job and had to roll the funds over. Even then, I thought I didn't have to focus on investments because I was sure my new IRA covered all the bases. Wrong! "...one of the biggest financial mistakes is believing the misconception that a retirement account itself is an investment–your IRA is not the investment, it's an account that HOLDS your investments," stresses Dunlap.

Her advice? "Don't just put money into a Roth without actually investing it. It’s a two-step process: make sure you transfer money into your account, and then buy investments with that money."

4. Going into debt to enjoy yourself

I fear little treat culturesunk its teeth in us and hasn't let go. I'm a recovering shopaholic who puts things in my cart and empties it if I ever feel the urge to do some unhinged damage to my debit card. Still, there are other people who are still in the trenches of living a FOMO-life.

"We know Millennials and Gen Z-ers are more likely to splurge or go into debt for travel, events and entertainment than their generational counterparts–there’s nothing wrong with having a little fun money (plus, I don’t blame them after the pandemic), but we want to make sure we’re not going into debt or dipping into an emergency fund to make it happen," says Dunlap.

If there's something you really want to do, back away from the credit card and listen to Dunlap's suggestions first. She says, "For something like a big trip or a concert, I would suggest starting a sinking fund or a dedicated high-yield savings account. That way, you know you’ve saved that money for the exact purpose you’re using it for, and you get to protect your emergency fund and credit cards in the process."

5. Waiting too long to start a retirement fund

Be honest: do you have a retirement fund? If your answer is no, Dunlap is ready to have a heart-to-heart with you. "In addition to not investing, I see a lot of women waiting too long to start preparing for retirement," she says. It's so easy for Millennials and Gen Z to think our elderly years are far away, but that doesn't mean we can't start planning for them now.

Also, saving or investing your money while you have debt isn't a sign of irresponsibility. Dunlap says, "You may have heard that all of your debt needs to be gone before you start investing–sure, some of your debt needs to be gone." Of course she'd like to see "your high cost debt like credit card debt" lowered as much "as possible before you prioritize investing," but she doesn't want you to "wait too long to start investing because" you think your "other finances aren't perfect," you're clueless about next steps, or think you "need a billion dollars to get started."

All you have to do is try. "...you’ve got to start somewhere, and something is better than nothing," adds Dunlap.

6. Bypassing investing because you have limited information

Financial literacy is important, but you're not incompetent because you have limited information about investing. Dunlaps says she sees "people believing the misconception that investing means you’re just selecting individual stocks and taking a gamble on them." Though she agrees it's "an option," she wants you to realize it's "not the only one." So, what to do?

"You can also consider investing in index funds. Essentially, this is a group of companies or groups of stocks. So rather than putting all of your eggs in one basket, you’re putting your money towards something more diversified and low-risk, that’s going to be less of a gamble long-term," suggests Dunlap.It's actually something she likes and teaches about in Stock Market School. "...index funds made me a millionaire," she offers.

BRB, going to sign up so I can get my finances together once and for all.

7. Shying away from budgeting because you don't want to be restricted

Friends, we can't keep running away from the "budgeting" word. It hasn't helped us, especially if we've been crying about sneaky expenses that are doing a number on our accounts. There's a reason we keep running from it though.

"A lot of us associate a budget with restriction–the idea that in order to save money, you have to restrict yourself and keep a tighter budget. But if you treat money like a diet, it will inevitably fail," Dunlap points out. Here's a secret she wants you to know: "It’s not your fault that you’re not sticking to your budget, it’s just psychology! If you tell me I can’t have fried chicken, all I’m going to do is want fried chicken. Psychology."

Her point is that "a super restrictive budget just doesn’t work, it's not sustainable" because "your budget shouldn’t stop you from doing things." Instead, she feels "it should be the thing that allows you to do things comfortably." You know like buying those new pair of shoes without calculating if you're going to forfeit part of your cell phone bill.

Dunlap further says, "I’m not going to tell you to stop spending money, because that’s not the solution. I am just going to tell you to stop spending money on things you don’t care about." Her number one suggestion for "helping your budget" is to "establish 3 areas of your life where you get the most joy (ex. eating out, traveling, nesting)."

"When you review your budget, these are going to be the 3 areas you make sure your spending is in line with," she also says.

8. Pretending your debt doesn't exist

How many of us are guilty of ignoring the credit card bill until we get our statement? According to Dunlap, that's a terrible idea. "The first thing is to make sure you know your numbers, and aren’t running from them–the only way to take control of your debt is by avoiding what’s called the Ostrich Effect.

This is when you avoid addressing and accessing a situation because you’re afraid of what you’ll find," she says. Wondering who the ostrich is in this situation? You are because you're keeping your "head in the sand." However, it's "so common when it comes to debt, but conquering it is the first step to making progress."

Next up? Get familiar with "tackling debt" by "building an emergency fund — regardless of how much debt you're in," says Dunlap. Even if things feel like they're going really well, she knows "life is inevitably going to throw you a few curve balls." Here's looking at you unexpected car crash that totaled my car last year.

"If you're not prepared for emergencies, you still need to find a way to navigate them–whether that’s dipping into your savings, using credit cards, or asking family and friends for help. We don’t want you to have to do that–we want you to have an emergency fund that you can use," she says. It "safeguards you from going into more debt in an already stressful situation," according to her.

After you've started building a nice emergency fund, she can't wait for you to use her "favorite debt handling method" called "the Debt Avalanche."

1. Write down all of your debts, listing them from highest interest rate to lowest, and how much the minimum payment is on each.
2. Calculate your total minimum payments to give you an idea of how much you need to pay every month to keep current.
3. Start paying extra on the credit line with the highest interest rate. Keep paying the minimums on the rest. This process works best when you focus on one bill at a time.
4. Once you’ve paid off the debt with the highest interest rate, move down the list to the next one and start paying whatever extra you can towards it each month.

Again, Dunlap doesn't want you to feel like you have to have a fail-proof system in place. "Start where you’re at — you’ll be amazed how fast that debt will start disappearing even with just an extra $15 – $20 a month."

Noted! How can I create attainable financial goals this year?

Now that you're ready to stop making financial mistakes, you can start thinking about your overall money goals for the year. Dunlap says, "One thing you can do to make your goals automatically more achievable is attach them to a mission. It’s one thing to give it a deadline and make it specific, but thinking about what achieving it actually means to you is going to drive you to accomplish it a little more."

An example she gives is you saying "'I will save my first $100K (specific) by the end of 2026 (timely)'," but she asks, "what does that mean to you, what does it get you? Why is important?"

Per her suggestion, "add your answer as a part of your goal statement." She says you could write something like "'because I want to have enough money to quit my toxic job (mission-driven).'"

Doing this "makes accomplishing your goal about more than the money, and reminds you why you're doing it in the first place," she says as her final piece of guidance.

1. Leo (July 23 – August 22)

Leos are natural-born leaders who always make their presence known. They're able to effortlessly command attention with their charisma, creativity, and confidence, and they absolutely love being in the spotlight.

But they don't just draw people in because of their drive for achievement and recognition. They also inspire and motivate those around them to be better, which is why Leos are prime candidates for leadership positions like CEOs or entrepreneurs.

2. Capricorn (December 21 – January 19)

This sign is typically practical, goal-oriented, and disciplined. Capricorns don't believe in cutting corners or doing things halfway. Instead, they commit to all projects fully, and their work ethic is unmatched.

That's what sets Capricorns apart in the business world. They're able to plan strategically and keep long-term goals in mind. Their reliability and determination make them excellent entrepreneurs, company execs, and business partners.

3. Aries (March 21 – April 20)

Aries are trailblazers with a natural ability to lead. The fact that they're always ready for a challenge, coupled with their bold energy, helps them thrive in competitive environments.

This sign isn't afraid to make decisions that push them out of their comfort zones, either. They understand that taking risks can lead to big rewards in the future. Such fearlessness and confidence are invaluable in the business world.

4. Scorpio (October 23 - November 21)

Scorpios are able to focus, strategize, and push through any obstacles in their way. This sign is also able to read people, which is critical when it comes to making decisions and striking deals in business.

They're great at negotiating and building relationships, so Scorpios can hold their own in high-pressure environments.

5. Virgo (August 23 – September 22)

Virgos are known for their sharp minds and practical approach to work. They have an eye for detail and a strategic way of tackling tasks, making sure that nothing falls through the cracks.

Plus, they can break down complex problems and find solutions, which is a daily chore in business. Virgos do best in environments that are organized and structured, which allows their productivity and precision to shine.

6. Sagittarius (November 21 – December 21)

Sagittarians may be known for their adventurous spirits and willingness to take risks. While these traits may sometimes give the sign a bad rap, they can still be very helpful in business.

That's because Sagittarians are always on the lookout for new opportunities, ranging from their personal lives to business and investments. They have the courage to step outside their comfort zones, thanks to their optimism and embrace of the unknown.

7. Taurus (April 21 – May 21)

Tauruses love stability and getting to enjoy the fruits of their labor. Given that this sign is ruled by Venus, the planet of beauty and abundance, they are drawn to wealth and luxury. But that doesn't make them haphazard business people.

Rather, Tauruses are practical and know how to make savvy financial decisions that set them up for long-term success. They're patient, too, so they tend to stay the course and follow their goals until completion.

8. Aquarius (January 20 – February 19)

Last but certainly not least is Aquarius. This sign's forward-thinking and creativity often help them find success in unexpected ways.

They're able to spot opportunities that other people might overlook, especially in fields like technology and humanitarian work. Their strength lies in their ability to think differently, challenge the status quo, and embrace new ideas.

Hailey Bieber can't seem to catch a break in the news. Though we reported she liked Selena Gomez & Benny Blanco's engagement post last year, there was a suggestion she may have other thoughts about them. It's no secret she and Selena allegedly aren't the best of friends, but we never would've suspected she'd do what one person claims she did.

According to TikTok creator @courtneypresto, Hailey liked a video where she admits to being "a little shady to Selena Gomez." She also shared a couple of interesting pictures of her and Benny's Interview Magazine feature with one of them showing Benny smiling while the singer's two feet are on his cheeks.

But Hailey apparently thinks the creator's claim is "fake news" because her rep told Page Six, "This never happened." To make things slightly worse, the rep also threw @courtneypresto under the bus. "This entire story has been fabricated by a content creator looking to capitalize off of an old, tired narrative." You can't see us, but this statement made us choke on our lattes.

Buzzfeed reports the model also shared a personal statement on Instagram, but it's unclear who she was referring to. The message started off with, "pastors and preachers really love to put words together with the same letter and act like it's HITTING so crazy..." before she signed off with "...sh-- drives me bananas."

As for Selena & Benny? They're in their own paradise and the singer's recent post dedicated to the producer proves it. She shared a sweet Instagram carousel that captured intimate moments of their love to celebrate his birthday. "I’m not sure what I did to deserve you but damn am I glad you were born.. happy birthday baby ♥️."

Maybe Hailey Bieber liked the original shady TikTok by accident? Whatever the case, we hope the girls aren't fighting again!