Here are some ways to give less-expensive foods a flavor boost. Crazy nook / Shutterstock.com
Most people living on a tight budget are well-acquainted with the bargain bin at the grocery store. Not having a fat bank account puts people constantly on the lookout for the cheapest foods possible, even if that means those eats are boring, bland or a bit past their prime. However, there are ways to make cheaper food a little more appetizing — keep reading for some ideas.
Discover whether one of America’s rapidly booming towns might be the right new home for you. adriaticfoto / Shutterstock.com
Small areas of the U.S. grew a little bigger last year. Around 60% of all U.S. counties saw their population increase in 2023, according to the U.S. Census Bureau. That includes 58% of the 538 micropolitan areas of the nation. The Census Bureau defines a micropolitan area as including at least one urban center with a population between 10,000 and 50,000 residents. Some of these small areas…
Auto insurance is a cost that could rise for several reasons. Read on to learn about some common ones. [[{“value”:”
Image source: Getty Images
When you own a car, there’s no getting around the cost of auto insurance. Data from U.S. News & World Report puts the average annual cost of an auto insurance policy at $1,547. But the amount you’ll pay will hinge on different factors.
It’s also possible for your auto insurance costs to rise over time. Here are a few reasons that might happen to you.
Getting into an accident is one reason you might see your auto insurance rates rise. Unfortunately, it may not matter whether you were the one who caused the accident or not. Simply having to file a claim against your auto insurance policy could result in higher premiums.
Your driving history plays a big role in determining how much you pay for auto insurance. If you’re caught speeding or are issued another moving violation, that’s something your insurer is unlikely to take kindly to. From there, you’re likely to be considered a more risky driver, which means you might see the rate on your auto insurance premiums rise.
Your location, like your driving record, plays a role in your auto insurance costs. If you move to an area with a higher crime rate, it may result in an uptick in your premiums, since there may be a greater chance of your vehicle being stolen or vandalized in some way. Similarly, the simple act of moving from a suburban area to a city might result in higher auto insurance rates — even if the city in question is a relatively safe one.
Aging is clearly something you can’t help. But auto insurers tend to view older drivers as more of a risk. The thought is that their reflexes may not be as sharp, and they may not have the same ability to potentially avoid an accident as younger drivers. Of course, this line of thinking does not apply to all senior drivers. And you can easily have a driver in their 70s or 80s who’s sharper and has better reflexes than a 30-something driver. But still, auto insurers tend to generalize for rate-setting purposes.
Maybe you used to work from home and used your car sparingly. If you’re now a full-time commuter, that change in your driving habits could result in higher auto insurance costs, because you’ll probably lose the low-mileage discount you were previously entitled to.
If the cost of auto insurance has risen for you, there may be steps you can take to eke out some savings. First, shop around with different insurance companies. There’s no reason to assume the insurer you’ve used for years has the best rates in your area.
Also, see if you’re eligible for a discount based on factors like limited driving (if that applies to you because, for example, you’ve recently taken a remote job) or a safe driving record if it’s been years since you’ve had a moving violation. Finally, if you own a home, see whether you can save money on your premiums by bundling your auto and homeowners insurance policies. You may be able to shave a little off your costs by using the same company for both.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Capital gains taxes can eat away at your profits when you make money from investments. Read on for ways to lower yours. [[{“value”:”
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Taxes are a part of life. And the IRS pretty much has the right to impose them on any income you earn with limited exceptions.
When you sell investments at a profit, the IRS can impose capital gains taxes. And those, frankly, aren’t so fun to deal with. But there’s good news: You can take steps to lower your capital gains taxes by doing these things.
The amount of capital gains tax you pay will hinge on how long you’ve held your investments before selling them. Investments held for a year or less are subject to short-term capital gains taxes, which are comparable to ordinary income taxes. In other words, for short-term gains, your tax rate depends on the tax bracket you fall into.
But when you hold investments for at least a year and a day before selling them at a profit, you’re bumped into the long-term capital gains tax category. And that category means you’ll pay a lower rate of tax on your profit.
That rate will depend on your income bracket. But if you’re single with an income of $44,625 or less, your long-term capital gains tax rate is 0%. For an income of $44,626 to $492,300, you’re looking at a 15% long-term capital gains tax rate, while earnings above $492,300 are subject to a 20% rate. By contrast, if you’re single earning $492,301, your ordinary income/short-term capital gains tax rate is 35%.
While your goal in investing is to make money, sometimes, a given investment may not work out. But if you sell an asset of yours at a loss, you can use that loss to offset capital gains (up to $3,000 per year).
So let’s say you’re looking at $2,000 in short-term capital gains, but you then sell a stock you own at a $2,000 loss. That loss will effectively cancel out your gain so you don’t owe the IRS money on it.
You’ll often hear that it’s important to invest in a retirement-specific account to ensure you have funds earmarked for your senior years. But using a tax-advantaged retirement plan like a Roth IRA or 401(k) can also benefit you financially.
When you invest in one of these accounts, your investment gains are never subject to taxes. So if you put $10,000 into a Roth IRA and it eventually grows to be worth $100,000, you’ll walk away with a $90,000 profit without having to pay the IRS an extra dime.
Capital gains taxes are, to a large extent, a part of life. But there are steps you can take to lower them or, in some cases, potentially get out of paying them entirely. If you’re worried about capital gains taxes, it’s a good idea to sit down with a tax professional and review your financial situation and portfolio when it comes time to file your taxes. They may be able to offer customized advice on ways to keep your IRS burden as low as possible.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Pets can be so expensive, but not every vet bill is inevitable. Here are ways to avoid five particularly expensive vet bills. [[{“value”:”
Image source: Getty Images
According to the Synchrony Pet Lifetime of Care study, 25% of pet owners will have a financial issue with an unexpected vet bill of $250. Another 21% will be seriously stressed over a bill between $250 and $500. If you’re anything like almost half of pet owners, you’d rather avoid an expensive vet bill than have to figure out how to make it work later.
Not every expense related to pets can be dodged, but there are plenty of high-dollar vet bills you can avoid, if you’re careful. With a little bit of extra work, you’ll save yourself a ton of cash and help your pet live a healthier, happier life. Try these tips on for size.
Believe it or not, a huge amount of money is spent by worried pet owners every year due to things they gave their animals. Dogs are notorious for swallowing things like parts of rope, bones, or indigestible food from the trash, like corn cobs, and ending up having emergency surgery to remove them. But it doesn’t stop there, as foods like grapes can kill dogs quickly and treats can damage teeth.
When my dogs were younger, my vet was constantly reminding me not to give them anything too hard to chew on. How hard, you ask? He said if it was hard enough I’d not want to hit myself in the elbow with it, that it risked fracturing their teeth (he’s also a certified veterinary dentist). Pet insurance can help ensure that you’ll be able to cover any of these events, but it’s always best to avoid them the best you can so your pet can live their best lives.
Vaccinations are the number one thing you can do for your pet to keep them healthy for the long run. There are all kinds of things in the environment that will make your pet impressively sick if they don’t have protection, and rabies vaccines are pretty much required by law everywhere in the United States.
One of the most preventable and tragic diseases a young dog can get is called parvo. It comes from micro-organisms in the environment and can linger for years. Without proper vaccination, even the best pet insurance for your dog can’t always save them, so it can be a real gamble. Too many dogs are lost to preventable disease simply because they’re not vaccinated.
Having your pet spayed or neutered is considered par for the course most of the time, but having a female pet spayed is absolutely crucial. Female animals can develop a deadly uterine infection called pyometra that can cause sepsis and a painful death if not treated immediately.
That treatment is generally a spay operation, along with antibiotics and other supportive measures. Routine spays are cheap, emergency spays at 3 a.m. when your cat or dog is going downhill fast are much more costly.
I mentioned above that my primary vet is also a certified veterinary dentist, so I am constantly reminded about dental checks. They’re so vital to your pet’s health. Without knowing that your pet is having dental problems, it can lead to huge bills, like the one a coworker had from his cat’s oral surgery.
One of my terriers nearly lost a canine in a freak accident (he’s prone to those) but fortunately, his teeth were in great shape due to regular dental checks. In my case, the tooth was able to be saved for a few hundred bucks, versus the four-figure bill it might have been if I’d not been better with regular dental care.
Perhaps the most important thing you can do to avoid super expensive vet bills is to get your pet to a healthy weight and keep them there. High-quality pet food is a good start, but dosing it out as regular meals, rather than free-feeding also helps. Not all pets can self-limit their consumption, which can lead to severe obesity, increasing their risk of problems like arthritis and diabetes.
I have a friend with a diabetic cat, and the insulin alone is frighteningly expensive. Not to mention the blood sugar checks, dealing with complications, and the endless parade of shots the poor creature gets (and my stressed-out friend, who has to be present to give all those shots). If your cat has pet insurance, it will cover some of these expenses, but you’re likely to meet your caps with many plans.
According to a USA Today Blueprint survey, 91% of pet owners have experienced some amount of financial stress due to their dog’s bills in the past year, but you can avoid a lot of expensive vet bills just by being proactive and caring for your pet like you would a child.
Simple moves like having their regular check-ups, making sure they get all their shots, feeding them nutritious food, and making sure they’re not putting weird stuff in their mouths will come back to you in the form of lower pet-related bills and longer, happier lives for your pets.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Late payments can derail your credit. Read on to find out how and what you can do to get things back on track. [[{“value”:”
Image source: Getty Images
American credit card debt recently reached a record $1.13 trillion. With inflation still elevated and the cost of nearly everything being more expensive than it was just a few years ago, it’s no surprise that many consumers are reaching for their credit cards.
All this debt means that some Americans are having a hard time keeping up with their payments. Unfortunately, late credit card payments negatively impact your finances and budget in several ways.
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If you’re having trouble paying your credit card balance, here are a few things you should know and some suggestions on how to get back on track.
Capital One says your credit card’s APR could increase if your payments are 60 days or more late. Not all credit issuers will raise your interest rate after a late payment, but some will — and it could be up to 30% more than your current credit card interest rate.
For example, let’s assume you have $4,000 in credit card debt with an APR of 17% and pay $200 per month toward the balance. If you miss payments for more than 60 days and your rate jumps to 22%, it will take you one month longer to pay off that amount, and you’ll spend an additional $292 in interest.
Many credit card companies charge a late fee each time your payment isn’t made on time. The fee usually costs between $32 to $41. That might not seem too expensive, but more than one late payment can add up quickly.
Let’s say you have a credit card balance of $3,000 with a 20% APR and pay $100 toward it every month. It’ll take 42 months to pay off, and your total interest will be $1,193. But if you miss two payments and get charged $50 in fees, then your balance goes up to $3,050. It will take you one additional month to pay off, and you’ll spend $1,245 in interest.
So, the two late payments cost you $50, plus $52 extra in interest on your balance, for a total of $102 extra.
Even a payment that’s 30 days late can show up on your credit report, and it often stays there for up to seven years. The result is that your credit score will likely go down.
Your payment history is one of the most important factors determining your credit score, accounting for 35% of your overall score. Even one late payment could lower your score by up to 180 points.
The good news is that your late payments have less influence on your credit score over time.
Your credit card company could lower the amount of credit you have access to if you make a late payment. According to the Fair Credit Reporting Act, your credit card company has to inform you before lowering your credit limit. It can do this either by phone or by mail.
What’s bad about having a lower credit limit, in addition to having access to less credit, is that the lower limit will probably negatively affect your credit score. Using more than 30% of your available credit usually results in a lower score.
For example, if you have a credit limit of $10,000 and a balance of $2,500, your utilization rate is 25%. But if your credit card company cuts your limit to $8,000, your utilization rate would automatically go up to more than 31%, which could result in a lower score.
The best way to avoid missing a payment is to set up automatic payments via your bank account. This will ensure that you’re making at least the minimum payment every month. Making minimum payments won’t help you pay your balance off quickly, but it will keep you from missing payments.
If you happen to miss a payment, make it right away. Most credit card companies don’t report late payments until they’re 30 days past due. So, paying your bill as soon as possible can help keep the late payment off of your credit report.
It’s also a good idea to give your credit card company a call if you miss a payment. Your card issuer may be willing to waive the late fee or not raise your interest rate if you explain why your payment was late.
Finally, if you need help with your credit card debt, talking with a credit counselor can help. You can find certified counselors at the National Foundation for Credit Counseling, which is the largest nonprofit credit counseling organization.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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