Money Management

The best pet foods are worth the splurge for your furry friend’s health and happiness. Keep reading to learn more. [[{“value”:”

Picking the right chow for your fur babies is like walking a tightrope between splurging on the fanciest feasts to keep them bouncing with joy and health, and keeping your wallet from crying out in despair. The average dog parent shells out about $1,130 a year on food, and if you’re on the vegan dog food train, brace yourself — costs can skyrocket to $4,274!

The price tags on top-shelf pet munchies might give you a mini heart attack at first glance, but diving deeper into what they offer can change your tune. So, let’s chat about a few posh pet foods worth their weight in gold, not just for the fancy stuff inside but for making your pets the happiest campers around.

1. Prescription diets

These aren’t your ordinary kibbles. Prescription diets are like the custom suits of the pet food world, designed to tackle health issues from itchy skin to the more serious stuff like kidney disease. Yes, they’re pricier — imagine paying double or more than your standard fare — but they’re all about hitting the right nutritional notes. They can ease disease symptoms, maybe even dial down those pricey meds, and perhaps give your buddy a few more candles on their birthday cake.

Hill’s Prescription Diet is the big kahuna here, with recipes for weight management and more. The company’s k/d formula is a particular standout, acting like a kidney whisperer. It’s not cheap, but the research and brains behind it justify every penny for your pet’s pep and vitality.

2. Organic and non-GMO foods

Just as we’re all about quinoa and kale, there’s a growing appetite for pet foods that shun pesticides and GMOs. Honest Kitchen is a star in this realm, serving up dehydrated, human-grade meals far from the usual kibble or canned mystery meat. The Whole Grain Chicken Recipe? It’s like the pet food equivalent of a Michelin-star meal, promising top-notch nutrition and taste. Yes, it’s a bit of a splurge, but for that level of wholesomeness and safety? Probably worth it.

3. Grain-free and high-protein diets

These diets are all the rage for pets with a no-grain mantra or those believing that pumping up the protein is the way to go. They can be more expensive, with price tags that might make you blink (around $90 a month), thanks to premium protein sources like fancy fish or bison. But, a word to the wise: chat with your vet before going grain-free, as there’s some buzz about potential health risks.

Orijen is the top dog (or cat) in this category, boasting foods that mimic what your pet would munch on in the wild — think free-range chicken and wild-caught fish. It’s not the budget choice (one 23-pound bag will set you back over $100), but it might just be the splurge your four-legged friend deserves for a diet as close to nature as possible.

4. Artisanal and customized meals

If you’re looking to dial the luxury up to 11, artisanal and customized meal services are where it’s at. Picture this: freshly prepared, chef-made meals tailored to your pet’s dietary needs, delivered right to your doorstep. It’s the crème de la crème of pet dining experiences, with a price tag to match. Nom Nom leads the charge with its bespoke, human-grade meal plans that make generic pet food look downright pedestrian and will set you back $74 for a pack of seven meals.

But for the pet parents who want nothing but the best and can afford it, it’s an easy call. It’s all about giving your pet a tailored dining experience that’s as unique as they are, without you having to lift a finger — except to open the package, of course.

Why it’s worth the investment

Splurging on high-end pet food is a balancing act. It’s about weighing those upfront costs and your personal finances against the shiny coat, bright eyes, and happy zoomies of your pet. Plus, think of the potential savings on vet bills and the peace of mind of knowing you’re feeding them the best. And let’s not forget the feel-good factor of supporting sustainable and ethical farming practices.

Before jumping on the gourmet pet food bandwagon, chat with your vet, especially if your furball has special dietary needs. And hey, if your vet does prescribe a ritzy diet, peek at your pet insurance coverage. Policies offered by the top pet insurers might help take the sting out of the price. You could save hundreds of dollars yearly if your insurance covers even 70% of the costs. Because in the end, ensuring your pet is thriving, not just surviving, on their diet can make all those extra dollars feel like money well spent.

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What if you could double your salary with a side hustle? This software entrepreneur did it. See how the founder of Merchynt created a successful small business. [[{“value”:”

Software developers are known for earning good incomes and working for successful tech companies — but sometimes, even software executives need a side hustle. The recent tech layoffs have been a strong reminder that even if you have a successful career and in-demand professional skills, it’s important to have a backup plan.

Justin Silverman worked at a software company for over 10 years until he was laid off. Fortunately for Justin, he was already working on a side hustle to earn extra income — and that side hustle became a successful B2B marketing company called Merchynt.

Let’s look at a few of Justin Silverman’s insights about how he built Merchynt starting from a side hustle — and what other small business owners can learn.

From software executive to side hustler

Even though Justin Silverman was a software executive with a good salary, he still saw opportunities to build additional financial security. Starting a side hustle can be a great way for people to build their emergency savings or earn money to invest for the future.

“I wanted to have financial freedom and be able to live the same life my parents were able to afford,” Justin Silverman said. “The reality is that even if you’re a software executive, you need to do more if you want to get ahead today.”

Justin used his software savvy and marketing skills to launch Merchynt, a B2B software and services company that helps small businesses improve their rankings on Google Maps and Google Business Profile. If you’ve ever used Google Maps to find a restaurant or look for store hours, you know how powerful it can be to help you make choices about where to spend money. Small businesses want to put their best foot forward on Google so they can “get found” and connect with customers more easily — Merchynt helps them do just that.

“I side-hustled my business for years before eventually going full-time,” Justin Silverman said. “I was a software exec then and was making double that salary with my side hustle. My side hustle became my full hustle, earning almost $1 million per year. This has significantly helped my financial goals, although there’s still a lot more work to be done.”

How to make big money from a side hustle: Short-term pain for long-term gain

Not everyone is cut out to be an entrepreneur. If you generally like your job, and you enjoy the stability of a steady paycheck and employer-sponsored retirement accounts, health insurance, and other benefits, there’s nothing wrong with that.

But if you have a business idea that won’t get out of your head, if you want to do more with your skills, if you want to be a little busier and get a little extra out of life, if you’re wired to work harder than most people…you might be a side hustler. And don’t quit your day job too soon — use it as a safety net.

“If you want to start a side hustle, you need to sacrifice your mornings, nights, and weekends so you can still give your 9-5 your all and use those funds to fuel your side hustle’s growth,” Justin Silverman said. “Many people quit their full-time jobs early, but that really starves your passion project of the capital it needs to be successful. You cannot save your way to growth!”

Learn more about Justin’s business at Merchynt.com or follow Justin Silverman on LinkedIn.

Bottom line

Running a small business requires extra effort and unusual hours. This is especially true if you’re starting a side hustle while holding down a full-time job; you might need to stay up late, wake up early, and forego most of your usual social activities and hobbies.

But having a side hustle can transform your personal finances. It feels incredibly empowering to see that “extra” money coming into your bank account. And sometimes, if you work extraordinarily hard for the short term while launching your small business, you can enjoy better work-life balance in the long run.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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Home price gains may start to decline soon enough. Read on to see how to get ready. [[{“value”:”

For the past couple of years, it’s pretty much been bad news for would-be home buyers. Not only have mortgages gotten increasingly expensive to sign, but home prices have risen despite the higher cost of putting a mortgage into place.

In January, U.S. home prices increased 5.8% on a year-over-year basis, according to data from CoreLogic. But the news isn’t all bad. CoreLogic also projects that annual home price growth will slow to 2.6% by January of 2025.

Furthermore, the Federal Reserve is expected to start cutting interest rates later on this year. Once that happens, it could lead to a modest drop in mortgage rates. So all told, it may be easier to buy a home around this time next year than it is now. And if you make these moves in the next 12 months, you can put yourself in an even better position to purchase a home.

1. Boost your credit score

Mortgages tend to be large loans by nature. So mortgage lenders want some degree of reassurance that you’re likely to repay your home loan as you’re supposed to.

The higher your credit score, the more confident a mortgage lender might be in your ability to repay your loan. So it pays to boost your credit score ahead of your mortgage application to not only increase your chances of getting approved for a home loan, but also, to potentially snag a more competitive interest rate.

There are different steps you can take to boost your credit, but one of the most effective ones is to pay your incoming bills on time consistently. That’s because your payment history carries more weight than any other factor when calculating your credit score.

Another option for boosting your credit score is to pay off existing credit card debt. The lower your credit utilization is, the higher your score might climb. Plus, having less credit card debt can be a good thing from a mortgage application perspective because lenders also tend to look at your debt-to-income ratio, which measures your total monthly debt payments relative to your paycheck.

Finally, don’t underestimate the importance of reviewing your credit report for errors on a regular basis. Spotting and correcting a mistake could lead to a higher credit score. You’re entitled to a free copy of your credit report every week from the three major credit bureaus — Experian, Equifax, and TransUnion.

2. Sock money away for a down payment

While home price gains might slow in the course of the next year, that doesn’t mean a 2025 home purchase will be inexpensive. To put yourself in the best position to afford a home, focus on saving as much as you can for a down payment.

If you’re able to put down 20% on a conventional mortgage, you can avoid private mortgage insurance, a costly premium that’s tacked onto your housing costs. And even if making a 20% down payment on a home isn’t doable, remember, there’s not a lot of housing inventory on the market these days, so you may have to settle for a home that needs work. The more money you’re able to save in the coming months, the more options you’ll have for tackling necessary repairs early on.

It’s definitely been a challenge to purchase a home in recent years. And it may not exactly be a piece of cake in 2025, either. But the fact that home price growth is expected to slow is a good thing for buyers. So now’s the time to make a plan that allows you to jump on that opportunity.

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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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There are some tax breaks that aren’t as well known as they should be. Read on for a few deductions that could help you save. [[{“value”:”

The United States tax code is rather complex, and the reality is that because of its complexity, many people don’t get all of the tax deductions they qualify for. Could any of the following deductions help reduce your tax bill?

1. Medical expenses

Taxpayers can deduct medical expenses that exceed 7.5% of their adjusted gross income, or AGI. So, if you have an AGI of $100,000, any medical expenses over $7,500 can be deductible.

Far too many people do a quick calculation in their heads and decide their medical expenses cannot possibly be more than this amount. But you might be surprised.

Qualifying expenses don’t just include obvious medical costs like doctor’s bills and prescription medications. Deductible medical expenses can also include contact lenses and glasses, hearing aids (and their batteries), any medical insurance premiums, pregnancy tests, programs to help you stop smoking, and the cost of transportation to and from medical care.

In short, your medical expenses can be far higher than you might think.

2. Saver’s credit

Formally known as the Retirement Savings Contribution Credit, this provides a tax credit of as much as $1,000 per year ($2,000 for couples) if you save in a retirement account like an IRA or 401(k). There are strict income limitations ($73,000 for joint filers in 2023, for example), but this can be a valuable credit.

And while this article is technically about deductions, not credits, it’s important to mention that this can be used in addition to the deductions you get for contributing to retirement accounts, such as the traditional IRA deduction.

3. Home equity loan interest (maybe)

If you itemize deductions, mortgage interest is one of the biggest tax deductions available. However, the tax law says that you can deduct the interest on as much as $750,000 in qualified personal residence debt, and this doesn’t include the mortgage you used to buy your home — it can include home equity loans as well.

In order to be eligible, the home equity debt must have been used to improve, maintain, or repair your home. In other words, if you used a home equity line of credit (HELOC) to renovate your kitchen, it could qualify. If you used a home equity loan to consolidate credit card debt, it wouldn’t.

4. Charitable mileage

It’s common knowledge that taxpayers who itemize deductions can deduct charitable contributions. However, if you use your vehicle while contributing to a qualifying charitable cause, you can also deduct the mileage you drive at a $0.14-per-mile rate.

This may seem small, but it adds up. If you drive 20 miles round-trip to donate to your local food bank each weekend, for example, that’s almost $150 per year.

5. Gambling losses

If you win money at a casino, from a state lottery, or from another type of gambling, you may receive a tax form and be required to report it.

However, many taxpayers don’t realize they can use gambling losses to offset their winnings. One tip is to use a casino’s players card to track your win/loss activity, and save any losing lottery tickets to have proof of losses in case you end up winning a sizable amount of money.

Not an exhaustive list

These are just a few examples of commonly overlooked tax deductions, but the United States tax code is complex, and there are plenty of others you might qualify for. Fortunately, most tax preparation software does a great job of walking you through each and every possibility.

As a final tip, if you truly want to maximize your deductions, take the time to go the long way through your tax software. Let the software ask you all of its deduction-seeking questions, even if you’re fairly sure they won’t apply to you. You might be surprised at what you find.

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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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