Money Management

1 in 7 Americans have unclaimed property. Don’t miss out on funds that belong to you. Learn how to search for unclaimed funds and make a claim. [[{“value”:”

Unclaimed Property Day is coming up on Feb. 1. Now is the perfect time to claim any money that you’re owed. According to the National Association of Unclaimed Property Administrators, nearly 33 million Americans are owed money. If you’re owed unclaimed property, like an uncashed paycheck, refund check, or security deposit, you can claim to collect your cash. Learn here how you can check whether you have unclaimed property so you don’t miss out.

What is unclaimed property?

The National Association of Unclaimed Property Administrators is a group that works to return unclaimed property to rightful owners. Each year, Unclaimed Property Day serves as a way to bring more awareness so Americans can reclaim property that belongs to them.

Unclaimed property is held within financial institutions or companies. Property becomes unclaimed after a set time period of inactivity and must then be turned over to the state.

Each state maintains a database of unclaimed property. If your state’s database shows you have some, you can file a claim to collect it. You’ll need to provide proof of ownership during the claims process. After the validity of your claim is verified, you’ll get paid.

Some examples of unclaimed property include the following:

Uncashed payroll checksCustomer overpaymentsRefundsMoney in checking accounts or savings accountsUtility security depositsTrust distributionsContents of safe deposit boxes

Find out if you have unclaimed funds

According to the National Association of Unclaimed Property Administrators, 1 in 7 Americans have unclaimed property. You or someone you know could be one of them. Here are two ways to find out if your state has property that belongs to you.

Check MissingMoney.com

An easy way to check whether you have unclaimed funds is by searching on MissingMoney.com. This website is endorsed by the National Association of Unclaimed Property Administrators and the National Association of State Treasurers. According to the website, the average claim value is $2,080.

To search, enter your first and last name. This tool makes it easy to search across multiple states, so it’s a great resource if you’ve lived in several states. If unclaimed property of yours is found, follow the instructions to get more information and start the claims process.

Search your state’s unclaimed property database

Each state maintains an unclaimed property database. You can go directly to your state’s database to search. It’s free to search and make a claim. Before filing a claim, verify that you’re accessing an official state government website. Unfortunately, online scammers are getting more creative with their efforts, so it’s essential to consider your online safety.

My experience making a claim

I found unclaimed funds after searching my state’s database a few years ago. My husband was owed a few hundred dollars from his former college due to an overpayment for his tuition. He never cashed the initial overpayment check because we had lost it during a move.

After realizing we were owed money, we started the claims process through our state. It took a few weeks to process the claim, but we eventually received payment and put it in the bank. I now make it a point to check to see if we have any unclaimed property at least once a year.

File a claim to collect your cash

If you’re owed money, make sure you claim it. Every extra dollar makes a difference, especially in today’s expensive world. You could boost your savings account balance or reduce your debt faster using extra money. Check out our personal finance resources for more tips.

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Gearing up to file your taxes well ahead of the April 15 deadline? Read on to see why you may want to sit tight. [[{“value”:”

Each year, taxes are due on April 15 (or the closest non-holiday business day afterward if the 15th happens to fall on a weekend). And this year is no exception.

However, you don’t have to wait until April to file your 2023 tax return. The IRS will begin accepting tax returns as early as Jan. 29 this year. And filing your taxes earlier in the season could benefit you in several ways. That said, you may not want to file your taxes too early for one big reason.

The upside of filing your taxes early

Getting your tax return done well ahead of the filing deadline could benefit you. First, if you’re due a refund, the sooner you send the IRS your return, the sooner your refund might hit your bank account.

Filing your taxes early might also help you avoid falling victim to fraud. Mark Steber, Chief Tax Information Officer at Jackson Hewitt Tax Services, says, “Filing as soon as you’re able protects your personal information from being used by someone else.”

If a criminal gets a hold of your Social Security number, they might use it to try to file a tax return in your name and divert your refund to a bank account only they have access to. If you file your tax return first, their fraudulent return will be flagged as a duplicate by the IRS.

Also, while many people get a tax refund each year, you may be in a position this year where you owe the IRS some money. The sooner you get your taxes done, the sooner you can devise a game plan to pay whatever balance you owe.

Finally, Steber says that filing early might just plain reduce your stress. “If you file your tax return early and not wait until the deadline, you just don’t have to worry about it.”

You may not want to file too early

Filing your tax return in, say, mid- or late February might be a good idea. But filing at the end of January could backfire on you.

For one thing, companies that issue 1099 forms (forms that summarize different types of income you earn, like interest in a savings account) are required to issue them by Jan. 31. If you file your tax return on Jan. 29, you may file at a time when you haven’t yet received all of your necessary tax forms. That could be a problem, because if your return is missing income that the IRS receives a record of, you’re more likely to get audited.

Also, it’s not unheard of for companies to issue 1099 forms by Jan. 31 and then send out amended 1099s later in the tax season. Granted, this could happen at any time, but waiting a few weeks to file your taxes gives those companies time to sort out the right information and issue amendments as needed. If you file your taxes and then receive an amended 1099, you might, in turn, have to file an amended return, which could be a hassle.

All told, filing your taxes well ahead of the April 15 deadline could work to your benefit this year. But you may not want to be that person who files a tax return on the very first day of the season.

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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.
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On some flights, you’ll have the option of business class or first class. Find out what makes them different so you know which one to choose. [[{“value”:”

If you want a high-end experience the next time you travel, premium airfare is a great way to start your trip. Depending on the flight, you may have two options: business class and first class.

While there’s some overlap between what these types of tickets offer, they’re not the same thing. By knowing the difference, you can figure out which one works with your travel plans and your finances.

Business class vs. first class: The basics

Business class and first class are premium cabins with larger seats, better food and drinks, and other perks. When available on the same flight, first class is the best option, followed by business class, and then economy.

However, many flights don’t have each option. You typically only see economy, business class, and first class on some long-haul international flights. On everything else, there’s economy class and one premium cabin, referred to as either business class or first class. If there’s only one premium cabin, then it’s just a matter of which term the airline uses.

First class is another level of luxury

On flights that have business class and first class, many of the features will be the same or similar. Both business-class and first-class passengers normally get:

Priority check-in, priority boarding, and priority checked bag deliveryComplimentary airport lounge accessComfortable, lie-flat seatingA high-quality meal serviceDedicated cabin crew

It’s an excellent travel experience either way. The difference is that first class is much more luxurious.

The exact perks vary depending on the airline and the route. But here are examples of what international first-class airfare often has over business class:

If you’re flying out of an airline’s home airport, it may offer a complimentary car service to pick you up. For example, Air France offers this with passengers flying out of Paris in its La Premiere cabin.Airlines may offer separate airport lounges: one for business-class passengers and another, better lounge for first-class passengers. Some airlines even offer a separate first-class terminal. Lufthansa is one example, as it offers a first-class terminal in Frankfurt.First-class seats are much more spacious and private. Many have privacy doors you can close, and some airlines even have full-on suites. Singapore Airlines is known for its suites, which include a reclinable swivel chair and a separate bed.First class tends to have much better food and drinks. Since first-class cabins usually have 10 or fewer passengers, meals can be more carefully prepared than in business class, which may have 40 or 50. The airline can also offer more expensive beverages — some have champagnes that retail for over $300.

First-class tickets have a much higher price tag

With all the luxury perks, first-class airfare delivers an incredible experience. It also has an incredibly high price. Business class, which also isn’t cheap, can often cost $3,000 to $5,000 each way. An international first-class ticket can easily be $8,000 to $10,000, or more.

You get a much better deal if you pay for your ticket with miles instead of putting it on your credit card, but prices in miles are also high. Business-class tickets are frequently available for 50,000 to 75,000 miles, if you’re flexible about when you travel. First-class tickets are normally 100,000 miles or more. On many flights, first class costs at least 150,000 to 200,000 miles.

It’s certainly possible to earn that many miles, especially if you use travel credit cards. However, finding award availability for first class is challenging for a few reasons:

The first-class cabin has far fewer seats than the business-class cabin.Airlines generally release a limited number of award tickets for first class — they’d rather sell those seats for $10,000 than 100,000 miles.Everyone wants to fly in first class without paying cash, so award tickets get snatched up quickly.

Should you book business class or first class?

For most travelers, business class makes more sense than first class. While it’s not as luxurious, it’s still a premium cabin and a comfortable way to fly. It’s also easier and more affordable to book. Even if you’re paying with credit card miles, the number of miles you need for a first-class ticket could cover two business-class tickets.

Flying first class over business class only makes sense if you want the most extravagant experience and you’re willing to splurge for it. If you have a ton of travel points, or if money is no object, then you might decide you want the best of the best. Short of flying private, first class on international flights is as good as it gets.

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

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Putting money into CDs could work out well for you. Just check out the success my friend had this past year. [[{“value”:”

Last year, my friend Trish did a bang-up job saving a good portion of her paycheck. She and her partner are trying to buy a home in a few years, but definitely not within the next year or two. Because of this, she wanted to earn some nice interest on her savings without taking on the risk of investing it.

Given her situation and timeline, I encouraged her to put her money into a CD instead of a savings account. I also helped her capitalize on CD rates when they were higher than they are today.

When you get your timing right

In the context of buying stocks, investors are often warned not to try to time the market. But CDs work a bit differently.

It can be very tough to predict when stock values will rise or fall on a broad or company-by-company basis. But CD rates can be a touch more predictable because they tend to rise and fall in line with actions taken by the Federal Reserve.

When the Federal Reserve raises its benchmark interest rate — the rate banks charge each other for overnight borrowing — savings account and CD rates tend to rise. When the Fed cuts rates, savings accounts and CDs commonly start to pay less. So it’s somewhat possible to try to time the opening of a CD to follow an interest rate hike or get ahead of a rate cut.

In July of 2023, the Fed raised interest rates for the eleventh time since early 2022 as part of its inflation battle. Meanwhile, a few weeks prior, Trish had come to me seeking advice.

I told her that based on her situation, putting money into CDs could be a good idea for her. But I encouraged her to wait until after another Fed meeting or two to open a CD.

The Fed then decided to pause interest rate hikes at its September meeting. And after that, I said “go.” I told Trish to open her CD because rates were strong, but were probably only going to go down from that point onward.

And sure enough, she did. The result? She was able to snag a 5.3% APY on a 10-month CD at Capital One. That was a higher rate than what was available prior, and it’s a rate that’s no longer available on any of Capital One’s products. At this point, the highest rate available is 5% on a 1-year CD.

To be clear, 5.3% wasn’t necessarily the best APY available at the time across all banks. And it may be possible to find a better APY than 5.3% today on a CD — especially a shorter-term one.

However, Trish didn’t want to go through the hassle of opening an account at a new bank. So she was willing to accept what may have been a slightly lower APY to open a CD in under two minutes, as opposed to having to take the steps to apply elsewhere.

Advice I took myself as well

I’m someone who likes to practice what I preach. So not only did I tell Trish to pounce on that 5.3%, 10-month CD when it became available, but I also opened one that same week myself.

Now I have that rate locked in through next summer. And that’s a good thing, because not only are rates already lower at Capital One now, but I expect them to continue to fall this year — at Capital One and in general.

The Fed is expected to cut rates at some point in 2024. Some big names in the banking industry, like Goldman Sachs, don’t anticipate that happening before March. But the Fed is set to meet later this week, and it’s possible that a rate cut could happen sooner. So for this reason, I’m confident I got my timing right — for a friend as well as myself.

Of course, CD timing could be a bit risky in its own right. But if you’re really in tune with economic news, you may find that you’re able to snag a great interest rate on your money just by virtue of paying attention to what’s happening around you.

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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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.

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