Money Management

Negotiating your salary is likely to get you a bigger paycheck, but most workers don’t negotiate. Learn five errors to skip when you’re offered a new job. [[{“value”:”

Most people don’t negotiate their salary when they accept a job — and they’re leaving money on the table. A Pew Research Center study found that just 32% of men and 28% of women asked for more money when they received a job offer.

Of those who asked for more money, 28% received the full amount they asked for, while 38% received less than they asked for but more than the initial offer. In other words, two-thirds of those surveyed successfully negotiated a higher salary than the company offered.

If you’ve received a job offer, not negotiating is the biggest mistake of all. Once you’ve decided you’re willing to negotiate, here are five mistakes to avoid.

1. Not doing your research

There are hosts of tools out there that can help you estimate what a role should pay in your area. Salary.com, Payscale, Glassdoor, LinkedIn Salary, and the U.S. Bureau of Labor Statistics Occupational Outlook Handbook are all great resources for estimating what other people in similar fields are earning.

If the salary offer is below the market value, you can politely tell the recruiter, “Based on my research, a typical salary for this role would be around $X. Would you be able to offer that?” Even if they can’t match the full amount you’re asking for, perhaps you can meet in the middle. Any amount over the initial offer is more money in your checking account every payday.

2. Asking for a vague range

If you’re asked about the salary you’re seeking, you may be tempted to give a wide range, i.e., “I was hoping to find something in the neighborhood of $70,000 to $80,000.” But researchers at Columbia Business School actually found that it’s better to give a precise number, like $78,500.

The reason? When you offer a very specific number, the person you’re negotiating with assumes you’ve done extensive research and have an accurate sense of your market value. You’re more likely to get a final offer that’s in line with the salary you’re seeking.

3. Making it only about money

If extra money is off the table, see if there’s flexibility elsewhere in the offer. Perhaps you can negotiate an extra week of vacation time or the ability to work from home a few days a week. For some people, the extra time could actually be more valuable than extra money. Or maybe the company would be willing to offer relocation assistance if you’re moving or pay a signing bonus.

4. Focusing on your needs when you ask for a raise

Once you’ve been with your company for at least a year, it’s reasonable to ask for a raise if you’ve been a strong performer. In fact, if you don’t get an annual raise, you’re essentially getting paid less because your money loses purchasing power due to inflation.

But even if your bills are rising astronomically, leave that out of this. Focus on your market value, as well as what you’ve accomplished over the past year. If you’ve exceeded expectations, you’re worth more to your company than you were last year, and you should be paid accordingly.

5. Never applying for new jobs

According to Zippia research, the average raise for switching jobs is 14.8%, while wage growth is 5.8%. It’s worth applying for new roles at least every couple of years to see what kind of opportunities are out there. In fact, research shows that people who stay at the same workplace for more than two years tend to earn less money.

You could land an offer for a higher-paying job. You could accept the offer, but you could also take it to your current company and see if it’ll match the offer. Doing this can be risky, though. You should be prepared to follow through and take the offer if your company refuses to budge on salary or questions your commitment for interviewing elsewhere.

Why it’s not just about salary

Don’t just look for the highest salary possible if you’re in the market for a job. Also, consider whether a job offers a good health insurance plan and 401(k) company match, as well as whether it has a generous paid time off (PTO) policy. A great benefits package can sometimes make up for a salary that’s slightly less than you were seeking.

Also scrutinize every agreement you’ll be required to sign if you accept the job. For example, many companies require workers to sign non-compete agreements that can make it difficult to get hired by companies in a similar field — even if you get laid off or fired. Some companies also restrict outside employment, which could limit your ability to earn extra money through a side hustle.

You want to hold out for the best salary possible — a higher salary can do great things for your personal finances. But be very cautious before signing anything that could make it harder to earn money in the future.

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Love Trader Joe’s? Here are some of the winners from its 15th Annual Customer Choice Awards. [[{“value”:”

Trader Joe’s is known for a lot of things — its friendly customer service, its tasty in-store samples, and its rotating line of unique products. Recently, the supermarket chain released the winners of its 15th Annual Customer Choice Awards. Here are the products fans seem to enjoy the most.

No. 1 pick overall: Chili & Lime Flavored Rolled Corn Tortilla Chips

If you enjoy a spicy chip — think flaming-hot Cheetos only tempered slightly — then this is one Trader Joe’s product you need to pick up the next time you visit the store. These sharp yet tangy chips offer a world of crunch. Eat them as a snack, crumble them over a salad, or work them into a taco — the choice is yours. A nine-ounce package costs just $2.99. You should also know that these tortilla chips weren’t just the top pick overall, but also won the No. 1 snack distinction.

No. 1 beverage: Apple Cider

Sadly, you won’t find spiced Apple Cider on the shelves at this point, because it’s a seasonal item that’s already gone. But you may want to put it on your shopping list for later on in the year. If it makes an appearance again in the fall (which it’s likely to do given its popularity), you’re apt to appreciate its tasty blend of cinnamon, allspice, and other comforting spices.

No. 1 cheese: Goat Cheese

Trader Joe’s fans voted the store’s goat cheese as their favorite cheese — notably, the Chevre version. (Side note: Chevre is actually French for goat cheese). It’s smooth, creamy, and a great thing to toss on salads or spread on crackers. This tasty delight sells for $2.99 for a five-ounce package.

No. 1 produce item: Bananas

Okay, so let’s be real. There’s probably nothing particularly special about Trader Joe’s bananas. What’s more notable is the price. At just $0.19 apiece, bananas are a deal that’s hard to pass up.

No. 1 appetizer: Creamy Spinach & Artichoke Dip

Whether you’re hosting a party or are craving a midday snack, this dip is utterly divine and worth every penny of the $3.79 you’ll pay for an 8.8-ounce container. It features a delicious blend of Swiss and Parmesan cheeses plus a nice mix of herbs. Grab some crackers or toasty bread, and you’ve got the makings of something spectacular.

No. 1 breakfast and brunch: Hashbrowns

Trader Joe’s Hashbrowns come in cake form, so they’re easy to heat up and serve. You can even grab some with you on the go if need be. But if you’re not in a rush, whip up some eggs and bacon and serve them up for a complete, hearty meal. A 22.5-ounce package costs just $2.79.

No. 1 lunch and dinner: Butter Chicken with Basmati Rice

Sometimes, you’re just too tired or busy to cook dinner. You could order takeout, but that might result in a hefty credit card tab. A better bet? Bust out a box of Trader Joe’s Butter Chicken with Basmati Rice. For just $4.49 for a 12.5-ounce package, this entree features a delicious curry sauce, fragrant rice, and a notable but not aggressive amount of spice. It’s an easy solution to dinner when you’re out of time and energy.

No. 1 Bath, Body, and Home: Brazil Nut Body Butter

If smooth skin is something you crave, this body butter is a great buy — assuming it makes a reappearance on Trader Joe’s shelves. Right now, it’s sadly unavailable. But if you happen to see it, you might appreciate its soothing feel and luxurious scent. It’s like body lotion taken to the next level.

No. 1 sweet treat: Sublime Ice Cream Sandwiches

Chocolate chip cookies are good. Vanilla ice cream is good. Put them together, and you’ve got something delicious. At a cost of $4.99 per 20-ounce package, why pay that much or more for a single ice cream sandwich at a local shop when you can bring home multiple ice cream sandwiches from Trader Joe’s to enjoy?

The nice thing about shopping at Trader Joe’s is that the prices are generally affordable. But if you’re on a tight budget, be careful when buying grocery items that aren’t necessities. It’s easy to see why chili and lime chips or spinach and artichoke dip might tempt you. But if you’re on a budget, stick to the basics for a smaller hit to your checking account.

Trader Joe’s is constantly introducing awesome products, and some of the items above have been store staples for years. So if you need to wait a bit until your financial situation improves to try more of these products, all isn’t lost.

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Food insecurity is a real problem in the U.S. Here’s how to know if your household qualifies for food assistance this year. [[{“value”:”

The amount of money your household spends on groceries each month depends on factors such as how many people you feed and where you live. However, new census data shows that the average American household spends about $270 weekly on groceries. That’s nearly $1,200 per month.

If that amount is out of reach for your bank account, you may be interested in learning more about what it takes to be eligible for the Supplemental Nutrition Assistance Program (SNAP) in 2024. Eligibility varies by state, but the following information released by the Center on Budget and Policy Priorities provides a good overview.

How eligibility is determined

According to federal guidelines, to be eligible for SNAP benefits, a household’s personal finances must meet these three tests.

Gross monthly income

This is how much you earn before taxes and other deductions are taken out. Generally, gross monthly income must be at or below 130% of the poverty line. For example, in 2024, the poverty line used to calculate SNAP benefits for a family of three is $2,072 monthly. 130% is $2,694 a month, or $32,328 a year. The poverty line is higher for larger families and smaller for smaller families. Note: SNAP considers income from all sources, including earned income, cash assistance, Social Security, unemployment, and child support.

Net income

This is the amount you earn after taxes and other deductions are taken out. Net income must be at or below the poverty line. So, if the poverty line for a family of three is $2,072 monthly, your net income must be $2,072 monthly or less if you have a family of three. Again, the line is higher for larger families and smaller for smaller families.

Assets

This is the resources you have available to purchase food, such as money in bank accounts. Any household without a member aged 60 or older or with a disability must have assets of $2,750 or less. Households that include a person age 60 or older or someone with a disability must have assets of $4,250 or less. Note: Items like your home, personal property, and retirement savings do not count as assets.

Who is not eligible?

There are some categories of people who are not eligible for SNAP benefits, regardless of income or assets. They include:

Individuals on strikeUndocumented immigrantsSome students attending college more than half timeSome people with drug-related felony convictions (in some states)

Further, in many areas of the U.S., adults aged 18 to 52 who don’t have children in the home and do not have disabilities are limited to three months of SNAP benefits every three years unless they are working or in a work training program for at least 20 hours per week. Exemptions may include those who live with children in the home, those determined to be physically or mentally unfit for work, and pregnant individuals.

SNAP benefits by household size for 2024

The important role deductions play

There’s more to SNAP eligibility than meets the eye. For example, whether you’re eligible is not determined until all deductions are subtracted from your sources of income. They include:

Standard deduction: Takes into account basic unavoidable expensesEarnings deduction: Equal to 20% of your earningsDependent care deduction: The out-of-pocket money you pay for child care or other dependent care expensesChild support deduction: For child support a household member is legally obligated to payMedical expense deduction: For out-of-pocket medical expenses over $35 a month for a household member who is an older adult or has a disabilityExcess shelter deduction: For housing costs that exceed half of a household’s net income after all other deductions

In other words, don’t simply look at 2024 income limits and assume you don’t qualify for benefits. You can’t know for sure until you’ve also subtracted all eligible deductions. In the meantime, your local human services office can help you determine whether you’re eligible for SNAP this year.

To find your state’s website and contact information, check out this helpful map.And if you have an immediate need for food assistance, you can find a local food bank here.

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Home prices are up in a big way. Read on to see if buying a home is feasible for you. [[{“value”:”

In 2023, the median existing home sale price reached a record high of $389,800, according to the National Association of Realtors. As a prospective home buyer, that’s a daunting thing to hear.

Not only are home prices up today, but mortgages are expensive to sign. While mortgage lenders have reduced their borrowing rates modestly since the start of the year, all told, prospective buyers are looking at shelling out a lot of money to own a home.

Given the state of the market and where mortgage rates are sitting, you may be wondering if you can afford to buy a home today. There’s a fairly simple formula you can use as a starting point to see if you’re in a good position to buy or not.

Make sure your housing costs don’t exceed 30% of your take-home pay

Generally speaking, if your monthly housing costs are kept at or below 30% of your take-home pay, you’re in a good position to buy. There can be exceptions, which we’ll discuss below, but as a general rule, that 30% benchmark is a good one to follow.

To be clear, though, that 30% needs to include all of your recurring, predictable housing costs, including your:

MortgageProperty taxesHomeowners insuranceHOA fees, if applicable

Now, ongoing maintenance and repairs aren’t always predictable. For example, you might know that your monthly mortgage payment is $1,220 a month, and your monthly HOA fee might be $270. But the cost of upkeep can change from month to month.

You don’t necessarily have to incorporate maintenance and repairs into that 30% limit. But if you can, you’ll be in that much better a position to buy.

So let’s say you bring home $6,000 a month, giving you up to $1,800 a month to comfortably spend on housing. If your mortgage, property taxes, insurance, and HOA fees come to $1,500, and you’re estimating your monthly maintenance and repair costs at $300, you’re in pretty good shape.

Consider your personal expenses and goals, too

The 30% limit is a good guideline when you’re trying to assess your ability to afford a home. But it shouldn’t be the only factor you consider. Think about your personal expenses and financial objectives.

Maybe you have two hefty car payments to cover each month, or two young children in daycare. Given those large expenses, it may be better to try to keep your housing costs to 25% of your take-home pay or less. And if you can’t do that, you may want to wait to buy.

Similarly, let’s say you’re behind on saving for your kids’ college and want to ramp up in the coming years since that milestone is getting closer. In that case, taking on the expense of a home might prevent you from meeting that goal. Or, you may be able to afford both a home and college savings — provided you keep your housing costs to, say, 20% of your take-home pay.

Buying a home in today’s market is no easy feat. You may decide that even if you can technically afford to buy one based on the aforementioned guidance, it’s still not the right time. And that’s OK.

There’s nothing wrong with waiting until home prices and mortgages are less expensive. And if you decide to keep renting for a few more years, saving money all the while, you might end up in a really strong position to buy down the line.

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If you’re planning a wedding, look for ways to cut costs, not quality. Read on for budget-friendly, elegant wedding ideas. [[{“value”:”

Wedding season is a time of joy and celebration, marking the beginning of a new chapter for many couples. It’s a season filled with dreams of perfect ceremonies, heartwarming vows, and unforgettable receptions.

However, these dreams often come with a significant financial burden, as the average wedding cost is around $30,000. This daunting figure can overshadow the joy of wedding planning, leading many couples to face tough choices about their special day. But it doesn’t have to be a journey of compromises and cutbacks. With the right strategies, hosting a dream wedding without succumbing to financial strain is possible.

We’ve delved deep into the wedding industry, consulting with numerous experts to unearth some lesser-known but highly effective strategies for planning a dream wedding on a budget. These strategies are not your run-of-the-mill cost-cutting tips; they blend practicality and creativity to help you plan your special day without breaking the bank.

1. Bring your own alcohol

Kayli Brooks, a wedding planner with Brooks Bridal events, offers a clever, budget-friendly wedding strategy: choosing a venue that allows you to bring your alcohol. “This approach can lead to significant savings, especially when purchasing alcohol in bulk from retailers like Costco, known for its favorable return policies on unopened bottles,” said Cooke.

While this tactic drastically reduces the alcohol budget by avoiding the high markups typical at many venues, hiring a professional bartender, ideally one who is TIPS-certified, to handle legal and liability issues is crucial. This method offers considerable financial relief and provides an opportunity for personalization. Couples can select their favorite drinks or craft a signature cocktail, adding a unique and memorable element to their celebration.

2. Opt for a Friday wedding

While Saturdays have traditionally been the preferred day for weddings, Fridays are emerging as a popular, budget-friendly alternative. “Many venues and vendors recognize Fridays as a less in-demand day and often offer lower rates accordingly,” said Kristine Cooke, an event planner with Simply Charming Social. “Hosting your wedding on a Friday can kick off a weekend-long celebration, providing extra time to spend with guests, especially those who travel to attend.” Choosing a Friday can lead to significant cost savings, which can be reallocated to enhance other aspects of your wedding, like decorations, entertainment, or a more luxurious honeymoon.

3. Negotiate with vendors

Engaging in negotiation with your wedding vendors can be highly beneficial. For instance, when the initial quote from a florist was beyond my budget for my 2015 wedding, an open conversation led to a revised package that met my aesthetic preferences while staying within financial limits. Many vendors have the flexibility to adjust their services to fit various budget ranges. Effective communication and negotiation can result in advantageous arrangements for both parties, ensuring you receive the desired services at a price that works for you — and your checking account.

4. Prioritize impactful elements

It’s essential to focus your spending on the elements of the wedding that will have the most significant impact. “Instead of trying to splurge on every detail, invest in a few key areas that are important to you, such as the altar, the head table, or the lighting,” said Cooke. “When thoughtfully and creatively executed, these focal points have the power to transform the entire ambiance of your wedding.”

By strategically allocating your budget to a select few elements, you can create an unforgettable experience for your guests while maintaining control over your finances. This approach allows you to have the wedding of your dreams without the stress of an overwhelming budget.

5. Ask friends and family to help

Involving your friends and family in your wedding can add a deeply personal touch while helping save costs. In my own wedding experience, a friend designed the card basket, another generously sponsored a violinist for the cocktail hour as their wedding gift, and my cousin styled my hair.

These contributions not only helped to reduce overall expenses but also brought a more intimate and heartfelt dimension to the wedding, making it a truly personal and memorable celebration. Tap into the skills of your friends and family and save some dough in the meantime.

The journey to your perfect day doesn’t have to be paved with financial worries and compromises. The key is to approach wedding planning with a mix of clever strategies and smart decisions. These tips provide a roadmap for managing costs without sacrificing the quality or uniqueness of your special day. It’s about being resourceful and focusing on what’s truly important. With careful planning and a bit of ingenuity, you can create a memorable day that reflects your personal style and still fits your personal finances.

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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 positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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There’s no reason to be alarmed if your 2023 tax refund is lower than expected. It’s likely due to one of these four reasons. Read on to learn more. [[{“value”:”

Figuring out why your tax refund was lower than expected is a lot like trying to figure out why your world-famous (well, nearly world-famous) chocolate cake came out of the oven looking as if it had been run over by a truck. It could be due to a multitude of issues, including one simple mistake. Here, we’re looking at some of the most common factors that can lead to lower-than-expected refunds.

1. Income changes

A change in your annual income can affect the amount of your expected refund. For example, if your income increased in 2023, it could have pushed you into a higher tax bracket, resulting in a higher tax rate. Unless you plan to pay more taxes, a smaller refund could be an unpleasant surprise.

On the other hand, if your income decreased in 2023, you may not have had enough money withheld from your paychecks. Any time you don’t have enough money withheld, you’re likely to see a smaller refund (if you receive a refund at all).

Tax tip: Once you realize that your income is about to increase or decrease, make it a point to adjust your withholdings.

2. Life changes

When your life changes, it’s easy to forget to do things like adjust a W-4 to reflect those changes. For example, if you got married in 2023 or welcomed a new child to the family, adjusting your W-4 could have helped keep you on track — especially if you count on a hefty refund each year.

By the same token, if you were divorced in late 2022 or early 2023, you may have learned the hard way that single filers don’t get the same tax breaks as married couples.

Tax tip: Any time you face a significant life change — whether it’s selling a home, getting a divorce, or getting married — speak with a tax professional about how to minimize the amount of tax you’ll owe for the year.

3. Tax law changes

In 2017, the Tax Cuts and Jobs Act (TCJA) increased the standard deduction as follows:

From $6,500 to $12,000 for individual filersFrom $13,000 to $24,000 for married couples filing jointly or qualifying surviving spousesFrom $9,550 to $18,000 for head of household

What’s more, the amount is indexed annually for inflation. The standard deduction for the 2023 tax year is:

$13,850 for individual filers.$27,700 for married couples filing jointly or qualifying surviving spouses$20,800 for head of household

At the same time, the TCJA restricted many itemized deductions. If one of the reasons you’re accustomed to a large refund check hitting your checking account each year is that you usually itemize but didn’t have enough eligible expenses in 2023 to justify doing so, your refund is likely to be smaller.

Tax tip: If itemizing deductions on your tax return is important to you (and your bottom line), keep careful records. The last thing you want after you’ve gone to the trouble of itemizing is an IRS audit.

4. Simple errors

When a taxpayer finds a letter from the IRS in their mailbox, it tends to be a harmless notification that there is a small mistake on their tax return. Sometimes, the mistake works out in the taxpayer’s favor, but more often than not, it benefits the government. And even a small mistake can dramatically alter the refund amount you receive. Before filing your return, take the following steps to reduce mistakes:

Double-check the amount of income you reportedEnsure that you’ve claimed all the deductions and credits you’re entitled toMake sure you (and your spouse if you’re filing jointly) have both signed the returnCheck your mathMake sure all necessary tax forms and documentation have been attached to the return

Finally, unless you’re filing electronically, double-check the address of the IRS office and remember to add a stamp to the envelope.

Tax tip: There’s no reason to panic when the IRS contacts you. Even if you owe money, the IRS is surprisingly easy to work with.

As nice as it may feel to receive a tax refund, there’s an argument to be made for not receiving a refund. After all, if you don’t receive a refund (or your refund is very small), you keep more of your hard-earned money throughout the year rather than giving the government an interest-free loan. That’s money you could have used to build an emergency savings account, invest for retirement, or pay down debt — all three pretty great options.

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