Money Management

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One of the best things I’ve done for myself in the last few years was changing careers to one that is fully remote. I spent more than a decade working in-person for museums, and while I loved the work itself, I did not love being tied to a firm location for jobs — it’s part of why I’ve had to move so often.Beyond the significant financial (not to mention emotional and mental) costs of uprooting my life every few years, there are a few other ways I’m saving money now that I can work from anywhere.
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If you’re considering ditching your in-person employer for one that allows remote work, here’s a closer look at how you can save money in the process.1. Commuting costsThis is perhaps the most obvious and significant way that working remotely can save you money. Whether you drive to the office or take public transportation, you likely spend a chunk of money getting to and from work every day if you’re not a remote worker. Clever Real Estate found that the average commuter spends $8,466 and 19% of their annual income on getting to and from work.
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This data is skewed toward people who drive their own cars to work (and must therefore pay for gas, wear and tear, and auto insurance), but public transportation isn’t free, either. If you live and work in New York City, you can expect to pay $132 for 30 days of unlimited bus and subway rides, for example.None of this accounts for the less tangible costs of a terrible commute. How much time do you spend getting to and from work? How bad is the traffic? How crowded and unpleasant is the bus or train? And if the weather is bad, how much additional time and stress does it add to your commute? For the vast majority of my museum career, I had a fairly short commute of just a few miles (yes, I was lucky). But I spent a fair number of those years living in areas that have severe winter weather, and I hate driving in the snow. The stress of a longer-than-usual white-knuckle drive to work made me extremely unhappy. And now that I’m a remote freelancer, the fact that I never have to drive to work, period, let alone in a foot of snow, is sincerely amazing.2. Work wardrobeThe cliche is that remote workers roll out of bed and spend the workday in their pajamas. Let me dispel that myth for you — I have designated “work loungewear,” and do in fact shower every single day before I officially start my work day. If I have a Zoom meeting or something special happening, I might dress up a little more, but my work wardrobe these days is a far cry from the days when I worked in museums and might have to give a tour, meet with high-profile donors, present to the public, or install/take down an exhibit on any given day.While it’s difficult to pin down just how much the average person spends on their work wardrobe, it’s fair to say that the clothes I wear to work these days (chosen for warmth and comfort; I watch my heat at home to save money in winter) are far cheaper than what I used to buy for my in-person jobs.According to research from The Ascent, an average American household spent $162 on apparel and related costs per month in 2022. With remote work, I have had many months where I bought no apparel of any kind — and my most recent clothing expenses were items for a vacation, rather than work.3. Vacation timeWhile I do believe it’s important to actually take time off work, if you can do your job from anywhere, you might not have to take off as much time as you might otherwise. For example, you might be able to use the time you spend getting to and from a vacation destination doing some work, thereby meaning you can take less paid vacation time, if you get that at work. Imagine getting to work a full or partial day from a plane or train, for example.For those of us who are self-employed, doing our job from anywhere could mean getting to take less unpaid time off. I recently found myself with an entire day to kill in an airport after my flights home from vacation were unexpectedly rebooked (and I didn’t find out until after arriving at the airport at 5:15 a.m.).While I was a little bitter that I could’ve slept in and taken one last walk on a tropical beach had I known about the change earlier, I made lemonade from those lemons and spent the day working from an airport lounge. That was time I would’ve lost to travel anyway, and instead I got to defray some of the cost of my trip.Despite the complaints of high-profile CEOs and demands that workers “return to the office,” remote work isn’t going away. A lot of American workers love the flexibility it gives — as well as the personal finance benefits like those discussed above.Where to invest $1,000 right now
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*Stock Advisor returns as of February 12, 2024We’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.”}]] [[{“value”:”

One of the best things I’ve done for myself in the last few years was changing careers to one that is fully remote. I spent more than a decade working in-person for museums, and while I loved the work itself, I did not love being tied to a firm location for jobs — it’s part of why I’ve had to move so often.

Beyond the significant financial (not to mention emotional and mental) costs of uprooting my life every few years, there are a few other ways I’m saving money now that I can work from anywhere.

If you’re considering ditching your in-person employer for one that allows remote work, here’s a closer look at how you can save money in the process.

1. Commuting costs

This is perhaps the most obvious and significant way that working remotely can save you money. Whether you drive to the office or take public transportation, you likely spend a chunk of money getting to and from work every day if you’re not a remote worker. Clever Real Estate found that the average commuter spends $8,466 and 19% of their annual income on getting to and from work.

This data is skewed toward people who drive their own cars to work (and must therefore pay for gas, wear and tear, and auto insurance), but public transportation isn’t free, either. If you live and work in New York City, you can expect to pay $132 for 30 days of unlimited bus and subway rides, for example.

None of this accounts for the less tangible costs of a terrible commute. How much time do you spend getting to and from work? How bad is the traffic? How crowded and unpleasant is the bus or train? And if the weather is bad, how much additional time and stress does it add to your commute? For the vast majority of my museum career, I had a fairly short commute of just a few miles (yes, I was lucky). But I spent a fair number of those years living in areas that have severe winter weather, and I hate driving in the snow. The stress of a longer-than-usual white-knuckle drive to work made me extremely unhappy. And now that I’m a remote freelancer, the fact that I never have to drive to work, period, let alone in a foot of snow, is sincerely amazing.

2. Work wardrobe

The cliche is that remote workers roll out of bed and spend the workday in their pajamas. Let me dispel that myth for you — I have designated “work loungewear,” and do in fact shower every single day before I officially start my work day. If I have a Zoom meeting or something special happening, I might dress up a little more, but my work wardrobe these days is a far cry from the days when I worked in museums and might have to give a tour, meet with high-profile donors, present to the public, or install/take down an exhibit on any given day.

While it’s difficult to pin down just how much the average person spends on their work wardrobe, it’s fair to say that the clothes I wear to work these days (chosen for warmth and comfort; I watch my heat at home to save money in winter) are far cheaper than what I used to buy for my in-person jobs.

According to research from The Ascent, an average American household spent $162 on apparel and related costs per month in 2022. With remote work, I have had many months where I bought no apparel of any kind — and my most recent clothing expenses were items for a vacation, rather than work.

3. Vacation time

While I do believe it’s important to actually take time off work, if you can do your job from anywhere, you might not have to take off as much time as you might otherwise. For example, you might be able to use the time you spend getting to and from a vacation destination doing some work, thereby meaning you can take less paid vacation time, if you get that at work. Imagine getting to work a full or partial day from a plane or train, for example.

For those of us who are self-employed, doing our job from anywhere could mean getting to take less unpaid time off. I recently found myself with an entire day to kill in an airport after my flights home from vacation were unexpectedly rebooked (and I didn’t find out until after arriving at the airport at 5:15 a.m.).

While I was a little bitter that I could’ve slept in and taken one last walk on a tropical beach had I known about the change earlier, I made lemonade from those lemons and spent the day working from an airport lounge. That was time I would’ve lost to travel anyway, and instead I got to defray some of the cost of my trip.

Despite the complaints of high-profile CEOs and demands that workers “return to the office,” remote work isn’t going away. A lot of American workers love the flexibility it gives — as well as the personal finance benefits like those discussed above.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

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*Stock Advisor returns as of February 12, 2024

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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Al Mourjan Business Lounge at Doha Hamad International Airport is a luxury experience complete with top notch amenities. Here’s what you can expect. [[{“value”:”

In the world of air travel, where the journey is just as important as the destination (if you want to be comfortable), the quest for the ultimate airport lounge has become a topic of much discussion among frequent flyers. To get to the heart of the matter, I reached out to several seasoned travelers, those globe-trotters who have seen it all and experienced the best (and worst) of what airport lounges have to offer.

Their insights and my own experiences paint a clear picture: the Al Mourjan Business Lounge at Doha’s Hamad International Airport is a standout. But what makes this lounge rise above the rest? Here’s everything we know.

The space

Despite being housed in a single terminal, Doha’s Hamad International Airport is vast. The Al Mourjan Business Lounge is located near the Louis Vuitton store and the famous giant teddy bear, a 23-foot-tall icon. To reach the lounge, head towards the A Gates and look for a steep escalator with a Qatar staff member at the bottom. Once you flash your boarding pass, you’ll ascend to the third-floor lounge, where the shimmering silver reception desk and exceptional service welcome you.

Entering Al Mourjan Business Lounge is like stepping into a different world. Encompassing a massive 32,808 square feet, it offers a grand scale of luxury rarely seen in airport lounges. The design is a harmonious blend of modern elegance and traditional Arabian aesthetics. Imagine wandering among high ceilings, walls adorned with beautiful calligraphy, and a tranquil water feature that seems more like a serene lake than a simple decoration. It’s a space that doesn’t just impress; it captivates.

The amenities

Now, let’s talk about what’s inside. The lounge’s Business Centre is a dream come true for those who need to stay connected. It’s got private workstations, open-plan areas, and super-fast wifi. But it’s not just about work. The bathrooms are like mini-spas, stocked with fancy Diptyque toiletries and plush shower suites.

And for those seeking a quiet spot, the lounge has these pods that are cozy and private — perfect for a quick nap. Trust me, once you’re in one of these, you won’t miss your hotel room.

For families, there’s plenty to keep everyone happy. A nursery for the little ones, a games room (did someone say Formula 1 simulator?), and private rooms where you can chill out and watch TV.

The food and drink

The dining here? It’s something else. From light snacks in the cafe to a full-on feast in the restaurant upstairs, this lounge has it all. The restaurant on the mezzanine level is a must-visit. It’s got everything — from tasty Arabic mezze to delicious international dishes. The buffet spread is impressive, but if you’re feeling fancy, go for the à la carte options. And let’s not forget the bar. It’s stocked with all kinds of champagne. Breakfast, lunch, dinner — it’s always a good time for a glass of bubbly, right?

How to access Al Mourjan Business Lounge

So, who gets to hang out in this swanky Al Mourjan Business Lounge? Well, if you’re flying Qatar Airways First Class or Business Class — that’s Elite, Comfort, or Classic — you’re in, no extra charge. Flying Oneworld First or Business Class? You’re also good to go.

But here’s a neat option: even if you’re in Qatar Airways Business Class (Lite) or Economy Class, you can still get into this lounge. You must purchase access (starting at around $137), which you can do online, at the check-in counters, through preferred travel agents, or at any Qatar Airways sales office. So, pretty much, there’s a way for everyone to experience this bit of luxury no matter their personal finance situation.

Other top lounges

While Al Mourjan is a jewel in Doha, it’s not alone in luxury lounges. Frequent travelers often speak fondly of other lounges, each with its unique charm. For example, the Lufthansa First Class Lounge in Frankfurt, Germany is more than just a lounge; it’s an experience. With its own terminal and security, it offers exclusivity at its finest, complete with luxury car transfers to your aircraft.

There’s also Air France’s La Première Lounge. Here, you’ve got Chef Alain Ducasse picking out wines and whipping up meals that’ll make your taste buds dance. And the lounge has Sisley beauty treatments — think 30-minute refreshers to longer facials and body treatments, just what you need to kickstart your journey feeling refreshed before taking off.

Al Mourjan Business Lounge is more than just another spot to chill before your flight. It’s like its own little world of luxury right inside the airport. We’re talking huge space, gorgeous design, top-notch facilities, and food that’ll have you returning for seconds. It clearly shows that Qatar Airways isn’t playing around when giving travelers an excellent experience. If you get the chance to swing by Al Mourjan, trust me, it’s not just a pit stop — it’s one of the best parts of the whole trip.

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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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It’s a debate that’s as old as the hills: CDs or savings accounts? Read on to learn which is better for your money in 2024 here. [[{“value”:”

No pun intended but this is certainly one of the most interest-ing years to have some savings to play with. Everywhere you look, there’s another bank purporting to have the most competitive APYs — from CDs to high yield savings to money market and checking accounts.

But when it comes to choosing a savings account or certificate of deposit (CD), a clear winner will usually emerge. Both can earn high interest right now, but, depending on your goals and time horizon, one might be the better investment for you.

CDs: Better for a guaranteed rate of return

If there’s one thing that CDs have going for them, it’s the ability to lock in a savings rate for the length of your term. This ability guarantees that you’ll earn a certain amount of interest, no matter what happens in the overall market.

Currently, the best CDs are paying out at rates above 5%. While many high yield savings accounts are also paying out at comparable rates, they typically can’t lock in those rates for a specific period of time. Instead, savings accounts have variable annual percentage yields (APYs), which fluctuate with macroeconomic conditions. So, if the Federal Reserve decided to cut interest rates in 2024 — which is likely — your bank could cut the rate in your savings account almost immediately.

In contrast, a CD has a fixed interest rate. The APY you agree to is the rate you’ll have throughout your term. This makes long-term CDs a particular attractive investment. If you lock in a high APY today, you could theoretically prolong today’s high rates into a period when ongoing CD rates are much lower.

This ability to lock in rates comes with some downsides, like limited access to your savings. But, for some people, this could actually double as a benefit. By locking your savings into a CD, you won’t be tempted to spend it. This might help you hit your savings goals, especially if you don’t trust yourself with your money.

Savings account: Better for flexible withdrawals

Savings accounts don’t have fixed interest rates, but they do let you withdraw money with greater flexibility. While some high-yield savings accounts have limits on how much you can withdraw per month (per Regulation D), cash money is usually only an electronic transfer or ATM withdrawal away. This makes a savings account better for money you plan on using in the near-term, as well as emergency funds.

Standard CDs, in contrast, have early withdrawal penalties, usually equal to a few months’ worth of interest. Worse, you can’t make partial withdrawals with a CD; you have to liquidate your entire account. So if you had $25,000 in a 12-month CD, and you needed $5,000 to cover an emergency bill, you would have to withdraw the full $25,000 and close your CD account.

Aside from flexibility, savings accounts may have another advantage over CDs: no minimum deposits. Many CDs require you to deposit a certain amount to earn the advertised interest rate, anywhere from $500 to $50,000. In contrast, many online savings accounts have no minimum deposits (some, especially those at brick-and-mortar banks, may require a minimum balance to waive fees). This could make a savings account more accessible, especially if you don’t have a lot of savings.

All in all, both CDs and savings accounts present a unique opportunity to earn interest at a decent rate of return. A CD could freeze that rate for the foreseeable future, while a savings account could yield generously now and give you flexibility to withdraw later. Make a choice for which is better for you, then take a look at our list of bank reviews to discover the best offers for both.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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If you can’t pay your housing expenses, it’s a stressful experience. Learn the steps to take if you’re coming up short on rent money. [[{“value”:”

If you’ve never been in the position of being unable to afford rent or a mortgage payment, you are very fortunate indeed. Many of your fellow Americans struggle to cover their housing costs, and help can be hard to find. If you are worried about how you’ll make your next rent payment, read these tips to see how to best approach the problem.

Speak to your landlord

Your first call should really be to your landlord if you know for sure you’re going to be late with the rent payment — or can’t swing it at all. If you think you have a way to come up with the money on time (see below for ideas), you could avoid this step — but it’s always better to be upfront about not having the cash before rent is late.

Ideally, your landlord is also human and if this is the first time you’ve come up short, they might be willing to work with you, perhaps by allowing a partial payment or giving you a longer grace period than what’s in your lease (which might be a few days). But you won’t know if you don’t ask.

Ask friends or family for a loan

Hitting up a friend or family member for a loan so you can make rent is extremely fraught. You might not have anyone in your life who can help you — or is willing to do so without attaching the kind of strings no one wants.

If you are fortunate enough to have someone to ask, I recommend putting everything in writing, and don’t make them bang down your door to get repaid. Lay out clear repayment terms before the Venmo transfer hits your checking account and do your best to actually pay what you owe — don’t burn a bridge.

Tap other income sources

For the record, I don’t think it’s a great idea to dip into your retirement account for expenses that aren’t retirement. But if you’re facing a choice between homelessness now and having less money a few decades from now, the choice seems obvious. You generally won’t be able to access money in a tax-advantaged retirement account (like a traditional IRA) without IRS penalties and paying taxes on it, but if you have a Roth IRA, you may be in luck. You can withdraw your contributions (but not any investment gains) at any time from one of these accounts.

Another option to get rent money is to take on a temporary side hustle. You’ll have to jump through some hoops to get registered and work as a ride-hailing driver, but you’ll be able to do the work on your own schedule. Plus, depending on where you live (perhaps a big tourist destination?) and your availability, you might be able to earn a fair bit of money doing this. Any kind of extra work can be a boon to your personal finances, both for paying rent this month and beyond.

Get help from a local agency

Some cities and states have help for renters who are struggling to pay the bills. Get in touch with your town or city, county, or state — Google is a good place to start. Resources vary, but you might be surprised. For example, New York State maintains a list of local departments of social services. You might have to call or email a few times; it’s unfortunate, but many agencies are likely understaffed and overworked.

You’ll likely have to prove your financial difficulties to qualify for help, but getting the ball rolling sooner rather than later is a good idea. You can also call the United Way at 211 and be connected to people who can help.

Learn your rights as a tenant

If all else fails, it’s a good idea to investigate what protections you’re entitled to as a tenant in your state or municipality. Being unable to pay rent for a single month is unlikely to lead to an immediate eviction, for example — and according to the Consumer Financial Protection Bureau, you have options. Google your state or city and “tenant’s rights” to get the scoop for your area. The U.S. Department of Housing and Urban Development (HUD) also has a list of resources for tenant rights by state.

It’s scary to find that you don’t have enough money to cover your rent, but panicking about it is unlikely to generate a favorable result. Instead, take a deep breath and run through the steps above.

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*Stock Advisor returns as of February 12, 2024

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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Want to pay the IRS less? Read up on some valuable credits you may be eligible for. [[{“value”:”

Taxes can be a burden, no matter how much money you make. But the good thing about the U.S. tax code is that it’s loaded with options designed to help filers save money.

If you’re gearing up to file your 2023 taxes (remember, this season, you’re filing taxes for the year before), you may be eager to squeeze out all the benefits you can. And to that end, it pays to see what tax credits you qualify for.

Now as a quick refresher, a tax credit differs from a tax deduction in that it’s a dollar-for-dollar reduction of your tax liability. A tax deduction simply exempts some of your income from taxes, and the value of your deduction will hinge on the tax bracket you fall into.

To better clarify, here’s an example. A $1,000 tax credit will shave $1,000 off of your tax bill regardless of your earnings or tax bracket. A $1,000 tax deduction will be worth $220 to you if you fall into the 22% tax bracket. For someone who falls into the 32% tax bracket, a $1,000 deduction will result in $320 of tax savings.

With that out of the way, there are some tax credits out there that have the potential to save you thousands of dollars on your 2023 taxes. Here are a few you should know about. Keep in mind that all credit values and income thresholds apply to the 2023 tax year, not the current year.

1. The Child Tax Credit

If you had children in your household under the age of 17 last year, you may be entitled to a $2,000 Child Tax Credit for each one. Now the Child Tax Credit is only partially refundable to the tune of $1,600. This means that if you’re eligible for the credit for one child but owe the IRS no tax prior to applying the credit, you won’t get the full $2,000 value, but rather, just $1,600. However, lawmakers are voting on a bill that could expand refundability for the Child Tax Credit for 2023.

Meanwhile, there are income limits associated with the Child Tax Credit. The credit begins to phase out if you earn $200,000 as a single tax-filer or $400,000 as a married filer with a joint tax return.

2. The Earned Income Tax Credit

The Earned Income Tax Credit, or EITC, is a credit designed to help low- and moderate income households. The amount of your credit will hinge on your income and the number of qualifying children you have in your household. There are also other restrictions — for example, you can’t have more than $11,000 in investment income.

You can use this table to determine whether you’re eligible for the credit and what your credit might amount to:

One really nice thing about the EITC is that it’s fully refundable. So let’s say your household has three children or more and you’re married with a joint income of $60,000. Even if you owe the IRS $0, you can still anticipate a credit in the amount of $7,430 for 2023.

3. The adoption tax credit

The cost of adopting a child can be substantial. The adoption tax credit is a non-refundable credit you can use to help offset the cost of bringing a child into your family.

The adoption tax credit has a maximum value of $15,950 for 2023. However, the credit does begin to phase out at an income of $239,230. And once your income exceeds $279,230, you lose the credit.

The credit applies to expenses that include:

Adoption feesCourt feesAttorney feesTravel expenses associated with your adoption

These are just some of the numerous tax credits that are part of the U.S. tax code. One thing you may want to do to ensure that you’re claiming the right credits is work with a tax professional. They can help guide you through the filing process and make sure you don’t lose out on money from the IRS that you’re entitled to.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

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*Stock Advisor returns as of February 12, 2024

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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