Money Management

A custom remodel can get expensive, especially if you’re installing new cabinets. Keep reading to see why it may not be as costly as you think. [[{“value”:”

I am currently in the middle of a major remodel after buying a home that needed huge changes. I’ve also built a house in the past and done a few smaller remodeling projects, as well.

I bought the home I’m remodeling using a mortgage, but I’m funding the remodel out of pocket, which means I need to stick to my budget. But the good news is, as I’ve gone through these remodels, I’ve found a really surprising way to save money that I never would have anticipated.

Fully custom cabinets could be a cheaper option than stock cabinets

When you’re remodeling, chances are good that the kitchen will be the most expensive room you do — and that’s often because cabinets come at a high price. The average cost is between $4,000 and $12,000 for new cabinetry, but a large kitchen or one with special details can cost much more — often tens of thousands of dollars.

One of the most surprising facts I have found when doing remodeling projects over the years is that it can often be cheaper to get completely custom cabinets rather than to get semi-custom or stock cabinets sold by most major kitchen suppliers.

When I built my home over a decade ago, I got a price on some stock cabinets from a big box store. It was way out of my budget, so I tracked down a local custom cabinet maker with a small shop. I ended up saving well over $10,000 on my cabinets by getting fully custom, higher-quality cabinetry.

The same thing happened to me recently when I was doing a remodel. I once again got a quote from a semi-custom cabinet shop, and again, it was way over budget. I contacted my original cabinet makers who agreed to travel from Pennsylvania to Florida to build me a custom kitchen — and even with the travel, it’s still many thousands of dollars cheaper than going with the semi-custom place.

While this may be surprising, there’s a simple reason for it. If you have unusual spaces or any custom details you want to add beyond just very basic cabinets, there’s a huge upcharge from semi-custom or stock cabinet makers because they simply aren’t set up to do that kind of work. For custom cabinet makers doing everything by hand, though, there’s not such a big upcharge since they’re just hand-making the cabinets anyway and it’s not such a big deal to deviate from the standard process.

I belong to a home decorating group online, and a huge number of people across the country have had a similar experience. They found that when they want anything beyond just very basic cabinets, they are often better off with the custom option from a small local shop rather than the pre-fab option that may seem cheaper at first glance.

Always be sure to compare prices from multiple sources

If you’re remodeling a kitchen or bathroom and need cabinets, it’s worth checking out custom cabinet makers in your area to see if you can find a better price. But the lesson of this goes beyond just cabinets.

Don’t assume the source that seems like it’s going to be cheaper always will be. Get quotes from different suppliers for the big-ticket items in your project so you can make a fully informed choice about where to get the best quality items at the best price.

Doing so just may leave you with some extra cash in your bank account — or with a lower loan balance if you’re covering the cost of the remodel with a home equity loan or a special renovation loan from one of the best mortgage lenders.

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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.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool recommends Maker. The Motley Fool has a disclosure policy.

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Waiting for a much-needed tax refund can be hard. Here’s how to avoid delays. [[{“value”:”

The funny thing about taxes is that, technically, the best result is no one owes anyone anything — when, in reality, many of us are happy to get that check every spring. And you may even already have it designated to a specific bill, upgrade, or investment.

Whatever the case, you probably want that refund ASAP. If you’re a resident of New York State, there are two main things you can do to make sure that happens.

1. Double check everything (twice)

One of the most common reasons your refund will be delayed is because of an error in your tax return. Even a small error in a name, address, or bit of arithmetic can cause weeks of delay in your return being processed.

Before you submit your return, make sure you’ve double, triple, even quadruple-checked that everything is spelled correctly, completely filled out, and signed on the dotted-line. If you’re filling out your taxes manually, go over your calculations a few times, as well.

If you’re worried about making mathematical mistakes (or missing any tax breaks) tax software could be the solution. Tax software does the math for you, and asks questions to make sure you’re not forgetting anything important.

2. Ask for direct deposit instead of a check

Once you’re sure your return is right, it’s time to submit it. At this point, you’ll be asked whether you want your refund via a check in the mail or through direct deposit into your bank account.

Choose direct deposit. Your money will get to you much faster, for a couple of reasons:

Checks not only have to be physically printed and packaged, they have to travel through the mail. That second part can take a week or more in and of itself.Going to the bank takes time. Even if you use a bank app for a mobile deposit, most checks take at least one business day, if not longer, to clear.

All you need to set up direct deposit is the routing number for your bank and your account number. Make sure you check these are correct (multiple times!) before you submit your return.

You can check your return status online

For most things in life, waiting is the worst part. If you haven’t heard anything about your return, you can always contact the New York Department of Taxation and Finance for a status update on your return. You’ll need to know your Social Security number and the amount of your New York State refund.

You can check your status online via the New York State government website using this link. For amended returns, call at: 518-457-5149.

A few ideas for putting it to good use

If you’re expecting a refund but still aren’t sure what to do with it, consider these personal finance moves:

Top off your emergency fund: Everyone should have at least a few months’ worth of expenses put away in an emergency fund. Just in case.Invest in a certificate of deposit (CD): You can find some great CD rates (5% and up) right now, making them a sound investment.Open a high-yield savings account: If you like the idea of a high APY, but don’t want to tie up your money, pick up a high-yield savings account. You can get APYs nearly as good as CDs offer, but keep full access to your funds. (This is a great place for your emergency fund.)Pay down high-interest debt: If you’re carrying any debt with a high interest rate, such as credit card debt, paying it down can save you a lot of money in interest fees.

If you’re tired of giving the government a free loan — and are not concerned about getting a refund each year — consider re-evaluating your tax withholdings. Ideally, you want to pay what you owe and nothing more.

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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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Becoming a digital nomad is a major life change. Discover the most common misconceptions about how it will affect your finances so you’re better prepared. [[{“value”:”

Once a niche pursuit, the digital nomad lifestyle has exploded in popularity. In 2023, there were 17.3 million Americans who described themselves as digital nomads, according to MBO Partners. That’s up from 7.3 million in 2019.

The most exciting part of being a digital nomad is getting to see more of the world. People also often talk about the financial benefits. But there are a lot of misconceptions about the financial side of this lifestyle.

I have firsthand experience here, as I’ve been a digital nomad for several years. If you’re thinking about trying it yourself, it’s important to know about the common financial lies and half-truths so you don’t go in with false expectations.

It’s easy to mix work and travel

You’ve probably already seen the cliche digital nomad pictures. Working on the beach. Working by the pool. Working at the bar in your hostel, with a fruity cocktail right next to your laptop.

It paints the picture of a dream life, where you’re always making money while simultaneously having a blast. Sorry to be the bearer of bad news, but it’s nothing like that.

Successful digital nomads don’t mix work and play. When you try to do both, you don’t get the best of both worlds — you get the worst of both worlds. It ruins your productivity, because you’re constantly getting distracted. You can’t let loose and enjoy yourself, either, because you’re still ostensibly trying to get work done.

Finding a work-life balance is actually one of the hardest parts about being a digital nomad. You need to work, but you may end up feeling guilty about it. You’re in this amazing new place, and instead of exploring, you’re stuck on your computer.

Life will be less expensive

Lots of people get excited when they check out the cost of living in the places they plan to visit. Say goodbye to those high U.S. prices that drain your savings account; say hello to a more affordable lifestyle, where you’re able to save much more on all your bills.

This one can be true, but it’s easy to underestimate how much your new lifestyle will cost. Those cost of living estimates you see online could be quite a bit less than what you end up spending, for a few reasons.

First, you’ll probably live in short-term, furnished rentals. This tends to be the most expensive type of housing. Housing in general might be much cheaper in your new city compared to your old one. But if you rented an unfurnished apartment with a long-term lease in your old city, and you’re moving to a furnished monthly rental in your new one, you could spend a similar amount.

You may also have extra costs as a digital nomad that you didn’t have before. Since you’ll be traveling more often, you’ll likely spend more on travel. You may want to go out more and do more activities. And if you want to stay longer in a country than a tourist visa allows, you’ll need to apply for a visa. That means paying visa fees and maybe even hiring a lawyer.

Managing money will be just like it was back at home

You might think that personal finance doesn’t change much as a digital nomad. In all likelihood, it’s going to get much more complicated.

There are financial issues you’ll deal with as a digital nomad that you didn’t have before. Here are a few examples:

Your budget quickly becomes obsolete. Your bills will change every time you move. Rent, food, and other expenses can be much different from one country to another. That means a spending plan that worked for you in one place may not work in the next one.You’ll have a more complicated tax situation. If you’re an American, you still need to file tax returns in the United States. You may also need to file a tax return with any other country where you work or live long-term. And you’ll need to report to the IRS if you have over $10,000 in foreign accounts at any time during the calendar year.You may need to open new financial accounts. If your favorite credit card charges a 3% foreign transaction fee, you’ll need to open a new one without this type of fee. While you can continue using your U.S. bank accounts, you might also eventually need to open one in another country if you decide to settle down there.

You’ll make as much money as before

This is another common assumption that isn’t true for everyone. You certainly can make as much money, or even more than you did before. But there are also ways that being a digital nomad can negatively affect your income.

Many businesses aren’t open to employing digital nomads in the first place. If you want to travel the world, that will limit your job opportunities. And if you’re already employed, it’s a good idea to check your employer’s remote work policies. Even companies that allow remote work often put limitations on this, requiring that remote employees live in the same country or state.

The lifestyle can also hurt your productivity. You lose a lot of time when you’re frequently traveling, looking for new homes, and moving. You’ll run into your fair share of frustrating issues that get in the way of working, too. A lousy internet connection. Noisy neighbors. Nightmare rentals — I’ve booked a few places that were so bad, I had to immediately find a new one, so I ended up moving twice in two days.

Spending time as a digital nomad can be an incredible experience. Even with the drawbacks and inconveniences, I’m happy to have done it. By knowing what to expect financially, you can be better prepared before you jump in.

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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.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends U.S. Bancorp and Visa. The Motley Fool has a disclosure policy.

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File smart to shave five months down to three weeks or less. Find out the fastest way for Californians to get their money back. [[{“value”:”

So you’re banking on a fast refund to pay the bills. No sweat. The fastest way to get your tax refund is straightforward. All you have to do is file early, file online, choose direct deposit, and make sure the details of your papers are up to date. More on each below.

File early

Tax season is a speed game. The sooner you file, the sooner the IRS will process your refund. If you have a choice between filing your taxes today and filing by the 2024 deadline, choose now.

The tax-filing deadline is April 15, 2024.

File online

Filing online is the fastest way to get your California tax refund. According to the State of California Franchise Tax Board (FTB), e-filings are processed within three weeks and paper filings within three months.

You can file taxes online in several ways. Tax-filing platforms like TurboTax guide you through the process, though the best tax software will charge you for the privilege, eating into your refund. But if you want help filing your taxes, it’s worth considering.

You can also file state taxes with CalFile, a free tax-filing service for Californians. Note that you’ll have to file your federal taxes separately.

Choose direct deposit

You can typically receive your tax refund via mail (as a check) or direct deposit. Choose direct deposit to get your refund fast. According to the FTB, Californians who want to get the fastest refund possible through CalFile should choose direct deposit as their refund method.

Check the details of your tax return

You want your first submission to be your last. According to the FTB, amended tax returns can delay refunds big-time. It could take up to five months for an amended return to process.

The FTB may contact you to confirm the details of your return. If so, you’ll want to ensure your contact information is up to date. This applies even if you file through third-party platforms.

What to do when your refund is late

If you’re waiting longer than typical for your refund, there are a couple of things you can do.

The first is to check your refund status. You can do so on the FTB website. To access your refund info, you’ll need your Social Security number, ZIP code, exact refund amount, and the numbers in your mailing address.

(Tip: Save your estimated refund amount to access it later. Your online tax processing platform will typically provide it as you file.)

The second option is to contact the FTB directly. Californians can call 800-852-5711, which is open from 8 a.m. to 5 p.m. on weekdays. The FTB website details a couple of other ways to contact them, including via snail mail and chat.

The quick-and-dirty recap: the fastest way to get your California tax refund is to file early, file online, choose direct deposit, and straighten out the details, especially your contact information. Most filers who do so should get their refund within a few weeks.

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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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Homeowners insurance covers a lot, but it still has some holes in it. Learn about one that could cost you big time if you’re not careful. [[{“value”:”

Filing a homeowners insurance claim is stressful under the best of circumstances. Even when everything is covered, there’s still a deductible to worry about, and life can be pretty disrupted until the repairs are complete. But it’s a whole lot worse if the insurer denies the claim because the damages aren’t actually covered under the policy terms.

People tend to think that homeowners insurance covers any major mishap with their home, but the truth is, it has some pretty significant gaps. And there’s one that could cost more than $100,000. Here’s what homeowners need to know to prepare themselves.

It’s only a bit of water

Floods may not be as violent as hurricanes or tornadoes, but don’t let that fool you. They can still cause massive amounts of damage in a short time. Just one inch of water in a 2,500-square-foot, one-story house can cause $72,162 in damages, according to the Federal Emergency Management Agency (FEMA). And four feet of water could push the damages over $103,000.

Floods can sweep away personal property, destroy appliances and fixtures, and even damage the foundations of homes. And because they’re so expensive, even the best homeowners insurance companies don’t cover them. Those interested in this protection must invest in a separate flood insurance policy.

What flood insurance covers

A flood insurance policy includes coverage for the home itself, including its:

Electrical and plumbing systemsFurnace and water heaterRefrigerators, stoves, and other built-in appliancesPermanently installed carpetingPermanently installed cabinets, paneling, and bookcasesWindow blindsFoundation walls, anchorage systems, and staircasesDetached garagesFuel tanks, well water tanks and pumps, and solar energy equipment

It also covers personal property, including:

Personal belongings, like clothing, furniture, and electronicsCurtainsWasher and dryerPortable and window air conditionersMicrowavesCarpets not included in building coverageValuable items such as original artwork and furs (up to $2,500)

But it doesn’t cover everything. Homeowners will still have to pay for these things on their own:

Temporary housing and additional living expenses incurred while the home is being repairedProperty outside of the insured building, like landscaping, septic systems, decks and patios, fences, seawalls, hot tubs, and swimming poolsFinancial losses caused by business interruptionCurrency, stock certificates, precious metals, and other valuable papersCars and most self-propelled vehicles, including their partsPersonal property kept in basements

How to obtain flood insurance

Homeowners can purchase flood insurance through the National Flood Insurance Program (NFIP). Contact a flood insurance provider from the program’s list to get started. Homeowners will need to call the insurer to get the ball rolling, since it’s not possible to get flood insurance quotes online.

Those applying for a mortgage may be required to purchase flood insurance if their new home is in an area at high risk for flooding. They’ll have to provide proof of insurance to the mortgage lender for the loan to be approved.

Costs will vary depending on the size and construction of the home and its location. Homeowners who live in low-lying or coastal areas will likely pay more than those who live farther inland on higher ground.

Homeowners who have any questions about their flood insurance’s costs and coverage should contact the NFIP for more information. Keep in mind that all flood insurance policies have a 30-day grace period, so it’s best not to wait. The sooner a homeowner purchases a policy, the sooner they’ll be completely protected.

Our picks for best homeowners insurance companies

There are many homeowners insurance companies to choose from. We’ve researched dozens of options and short-listed our favorites here. Looking for a green build discount or easy bundle policies? Want an easy-to-use interface? Read our free expert review and get a quote today.

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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You might be shocked to hear this but — women didn’t have the right to get credit cards until 1974. See how America has made progress on financial inclusion. [[{“value”:”

Credit cards might seem like an inescapable part of everyday life, but it wasn’t long ago that half the population wasn’t allowed to have one. That’s right: until 1974, women didn’t have the right to open their own credit cards.

A big part of women’s history is about money: when, whether, and how women are allowed to earn their own money, control their own money, and make their own decisions about personal finances. Within living memory, just 50 years ago, women didn’t have the right to control their own banking decisions.

Let’s look at the history of women being denied credit cards, and see how it relates to ongoing progress (and challenges) toward financial inclusion in the banking industry today.

History of credit cards: 1950-1974

The first modern credit card was the Diners Club “charge card,” introduced in 1950 to help businessmen pay for restaurant meals. American Express started issuing its own charge cards in 1958, and the companies now known as Visa and Mastercard were launched in 1966.

But it wasn’t until 1974 that women were allowed to open a credit card under their own name. Before 1974, if women wanted to open a credit card, they would be asked a bunch of intrusive questions, like if they were married or whether they planned to have children. If a woman was married, she could (hopefully) get a credit card with her husband. But single, divorced, or widowed women weren’t allowed to get a credit card of their own — they had to have a man cosign for the credit application.

Under the laws of that era, women weren’t treated entirely like actual people with economic rights and earning power of their own. Then in 1974, the Equal Credit Opportunity Act made it illegal for companies to deny people credit based on their gender, race, religion, or national origin.

Why access to credit is a civil right

Getting access to credit is a big part of financial freedom, and until 50 years ago, half the population didn’t have it. The word “credit” is based on the idea of trust. When a bank issues you a credit card, it is expressing trust that you are a responsible adult who will pay your bills. Not giving women credit cards was a way of treating women like children, and keeping women under men’s control.

Getting to control your own credit cards and spending decisions is not just about personal finances; it’s about fundamental rights to privacy, autonomy, and human dignity:

What if a woman was in an abusive relationship with a controlling spouse who wouldn’t let her spend money?What if a woman was the primary breadwinner in her household, and was better equipped to manage credit card bills than her lower-income husband?What if a woman just wanted to spend some “fun money,” or spend frivolously or even recklessly?

Denying women credit cards was really bad for business. Think of all the money that banks and credit card companies have made in the last 50 years, since they started issuing credit cards to 100% of the adult population, instead of just 50%! Imagine, sabotaging your own business because you thought women shouldn’t have credit cards.

Financial inclusion is the right thing to do, and it’s good for financial institutions! We all benefit when more people can participate in the global economy, without having to ask some guy for permission.

Bottom line

During Women’s History Month, and all year long, it’s important to reflect upon the progress that America has made in creating a more just, equitable, and prosperous society, where everyone has a chance to pursue happiness, make money, spend money, and participate in public life. Access to credit can mean freedom, options, and opportunity. Our country is better off when everyone can participate in the free market economy — as employees, as business owners, and as credit card customers. Financial inclusion helps make all of us richer.

We still live in a country where half the population is struggling with a gender pay gap, and not getting an equal chance for promotions and pay raises. Only 10.4% of Fortune 500 CEOs are women, while single mothers are much more likely to be unbanked. Much of the everyday financial and economic system of banking, credit, business loans and venture capital, and access to highly-lucrative career paths is still heavily male-dominated.

It’s important to remember how recently women were excluded from financial life in the most basic and intimate ways. An ongoing question in American history and politics is: “Are we all human beings, or not?” I hope that, maybe even within my lifetime, America will get closer to finding the right answer.

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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.American Express is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Mastercard and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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