Discover the apps that can help you talk like a local. Vadym Pastukh / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Learning a new language is not only fun, but it can also help you score a new job, make new friends while traveling or to talk to bilingual family members. And nowadays there’s no need to leave your house to do so since there are so many apps at our disposal. Plus, knowing another language is a marketable skill in a variety…
Want to pay the IRS less this year? There’s an easy way to slash your tax bill. Read on to learn more.
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Paying taxes is something nearly everyone has to do. And while you don’t have to be happy about that, you might as well accept it.
But that doesn’t mean you can’t take steps to eke out some tax-related savings. In fact, if you’re eager to pay the IRS less money in 2024, then contributing money to these accounts could be your ticket to slashing your tax bill.
Anyone with earned income can contribute to an IRA for retirement savings purposes. Now, if you put money into a Roth IRA, it won’t serve as an upfront tax break. But if you fund a traditional IRA, your contribution will go in on a pre-tax basis, which means every dollar you contribute up to the annual limit will be a dollar of income the IRS can’t tax you on (as long as you don’t exceed the income limits set by the IRS).
This year, IRA contributions max out at $7,000 for workers under age 50. Those who are 50 and older can contribute an extra $1,000 for a total of $8,000.
To be clear, contributing $8,000 to an IRA will not mean saving $8,000 in taxes. Your personal savings will hinge on your tax bracket. But if you’re in the 22% bracket, an $8,000 traditional IRA contribution could mean lowering your tax bill by $1,760.
If you’re a salaried worker, you may be eligible for a 401(k) plan through your employer. Like IRAs, 401(k)s come in both the traditional and Roth variety. But contributing to a traditional 401(k) could leave you paying the IRS less this year.
In 2024, 401(k) contributions max out at $23,000 for workers under 50, and $30,500 for those 50 and over. If your employer matches your 401(k) contributions, the money it puts in does not count toward your annual limit. So if you’re 35 and get a $3,000 match from your employer, you can still put in $23,000 of your own if you can afford to part with that much of your earnings.
If you’re enrolled in a high-deductible health insurance plan this year, then you may be eligible to fund an HSA (health savings account). HSAs only come in one variety (there’s no traditional versus Roth), and contributions to that account go in tax free as they do with a traditional IRA or 401(k).
This year, HSAs max out at $4,150 for savers with self-only coverage under 55, or $8,300 for savers with family coverage under 55. The limits are $5,150 and $9,300, respectively, for savers aged 55 and over.
To be eligible for an HSA, you must have a minimum deductible of $1,600 for self-only coverage or $3,200 for family coverage. Your out-of-pocket maximum also can’t exceed $8,050 for individual coverage or $16,100 for family coverage.
Also, some employers contribute money to HSAs on workers’ behalf. Those contributions do count toward your annual limit.
There’s no reason to pay the IRS any more money than you have to. Contributing to these accounts could help you enjoy a nice amount of tax savings this year.
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Looking for a new TV? Read on to see why Costco is one retailer worth checking out.
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A lot of people’s finances have taken a hit due to the extended bout of inflation we’ve all been dealing with. If that’s the boat you’re in, then something like a new TV purchase may not be in the cards right now.
But if your financial situation is generally strong, and you didn’t rack up debt during the holidays that you now have to pay off, then you may be thinking about upgrading your TV. That could be a worthwhile purchase, especially since it’s an item you might use every day.
You have plenty of retailers to choose from when shopping for a TV. But you may want to buy a TV from Costco this month for these reasons.
A certain major football game tends to take place during the first half of February every year. In the weeks leading up to the big game, retailers tend to slash prices on TVs. And chances are, 2024 will be no exception.
During the second half of the month, we could see a range of TV deals at Costco. And even if Costco doesn’t offer steep discounts, you may find that its prices are more competitive than other retailers’ — even if those other retailers do have sales running.
When you’re plunking down a good amount of cash for a purchase like a TV, you want some reassurance that it’s going to last. Not only does Costco stand behind its products, but it also offers a free second-year warranty on electronics, TVs included.
Also, you’ll get free technical support with your TV purchase, so if you run into problems setting it up, you won’t have to pay for assistance.
When you buy a TV at Costco, you get 90 days to take it back if it doesn’t meet your needs or expectations. That gives you plenty of time to try it out and work through any issues you encounter.
Sometimes, a new electronic device has hidden “gotchas” that don’t always become obvious right away. So getting 90 days to try out your new TV makes it more likely that any such issues will reveal themselves in time for a return.
If you have an Executive membership at Costco, you get 2% cash back on all of your purchases — TVs included. So a $1,000 TV purchase could put $20 in your pocket. And that Executive member cash back is on top of any cash back you may be entitled to from your credit card.
If a new TV is something you’ve saved for and can afford, then now may be a good time to start researching models. And while you should definitely look at competing retailers to see which one has the best prices, it pays to at least put Costco on your list for these reasons.
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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 Costco Wholesale. The Motley Fool has a disclosure policy.
A personal loan can be a great way to borrow money — if you consider the payments. See what the monthly payment would be on a $10,000 loan.
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If you need to borrow $10,000 for a big purchase or to accomplish an important financial goal, a personal loan can be one way to get the money you need. Personal loans usually have more affordable interest rates than credit cards and it may be easier to borrow $10,000 using a personal loan rather than a card, since your credit limit may not be that high.
Before you move forward with a $10,000 loan, though, you need to make sure you understand how much it will cost you.
The amount you will end up paying for a $10,000 personal loan is determined by your interest rate and the loan repayment timeline you choose when you borrow. The table below shows how much your loan might cost you at different rates (including the national average personal loan rate of 12.35%).
The longer the loan term, the higher the total interest costs — but the lower the individual payments are. While it may be tempting to choose a loan with a long payoff period so it seems more affordable each month, this only increases the amount you’re paying for your purchases over time.
To make sure you are getting an affordable loan, take a look at both total costs and monthly payments. If the monthly payments don’t fit into your budget, you shouldn’t borrow. And if you aren’t comfortable with the total costs — after seeing interest tacked on — you should also avoid borrowing.
Be sure to shop around carefully to get the best rate possible. The difference between a loan at 15% and a loan at 8% is huge, but even just jumping from 8% to 10% can add up — especially if you’re choosing a loan with a longer repayment timeline. Since your rate can vary from one personal loan lender to the next, you should try to get at least three or four different quotes before deciding which financial institution to borrow from.
Of course, you also want to make sure you’re borrowing for a good reason that will improve your life in the long run, rather than for something that will be gone and forgotten before you have even finished paying for it!
Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.
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Great credit comes with many pleasant surprises. Read on to learn more.
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Some people don’t think much about their credit scores until they’re ready to borrow money. But it’s a good idea to keep tabs on yours, since you never know when that need might arise. And the higher your credit score, the easier it becomes to borrow more affordably.
If you’re signing a 30-year, $200,000 mortgage, for example, a higher credit score might leave you with an interest rate of 6.4%. A lower credit score might leave you paying 6.8% interest on that loan instead. That’s a difference of $54 a month, or over $600 per year.
When we discuss having a higher credit score, in the context of FICO, the most commonly used scoring model, that usually means a score in the upper 700s or 800s. A score of 850 is perfect, so your score can’t climb beyond that point. But the closer you get, the more borrowing options you’re apt to have.
But a higher credit score won’t just make it more likely that you’ll get approved for a loan, or snag a lower interest on one. Here are a few surprising things a higher credit score can do for one.
Credit scores usually come into play in the context of borrowing money. A higher score tells a lender you can be trusted to repay your loan on time. When a lender is giving out a loan, it’s easy to see why they’d want that reassurance.
Car insurance is a whole different beast. When you apply for auto insurance, you’re not borrowing money. What you’re doing is paying money for a service, kind of like how you hand the cashier at the supermarket money and they let you bring your groceries home.
But believe it or not, your credit score could play a role in the rate an auto insurer offers you. People with higher rates tend to be viewed as safer drivers. So boosting your credit could help you pay less to insure your car.
Like auto insurance, life insurance isn’t a loan — it’s a financial product you’re buying to protect your loved ones. But Experian says that life insurers are increasingly checking on credit as part of the application process. And if you have good credit, you may be more likely to not just get approved for a policy, but also, snag a more competitive rate on your premiums.
To be clear, your age and health are more likely to impact your premium costs than your credit score. But if you can build up your credit and snag some savings on life insurance, why not?
You’d think the process of getting a cellphone would go something like this: Go to a store that sells cellphones. Pick the cellphone you want. Pay for your cellphone. Enjoy your cellphone.
The process could work that way as far as a new phone is concerned if you have the cash in your savings account to pay for a new phone upfront. But if you need to finance it, then your credit score will absolutely come into play, the same way it would for any loan or credit line you’re opening.
Also, a cellphone won’t do you a lot of good if it’s not associated with a wireless account. To get that, you’ll also need good credit.
If you can’t remember the last time you checked your credit score, you may want to give that number a look. These days, many banks and credit card companies give account holders access to their credit scores, so it may be easier to get that information than you’d think. All you most likely need to do is log into one of those accounts.
Surprisingly enough, one place you probably won’t find your credit score is your credit report. Your credit report will list your various outstanding loans and credit card balances, but usually not your credit score itself. That would just be too simple, wouldn’t it?
A higher credit score could clearly work to your benefit. To boost yours:
Make sure to pay all bills on timeWhittle down existing credit card balancesAsk for credit limit increases as your income rises, but don’t increase your spending to follow Become an authorized user on someone else’s long-standing credit cardCheck your credit report for errors, and dispute inaccuracies that paint you in a negative light
Even a modest increase in your credit score could result in surprise savings in different corners of life. It pays to keep tabs on your credit score and do your best to get that number as high as possible.
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Jan. 20 is designated as National Use Your Gift Card day, but participating only makes sense if doing so won’t cost you money. Learn more here.
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Gift cards are a popular holiday gift, but not always a useful one. An estimated $15 billion worth of gift cards go unspent, which means people are spending a lot of money buying gift cards at stores that are never redeemed.
To help encourage people to actually use the gift cards they bought or received, the third Saturday in the month of January has been designated as “National Use Your Gift Card Day.” This year, that falls on Jan. 20, 2024. This is the fifth annual National Use Your Gift Card Day, and there are a number of big-name brands promoting the event.
So, should you participate and use the cards you received either this holiday season or in past years? Here’s how you can decide.
There is one obvious benefit of participating in this designated day: You will be able to use up the funds that have been provided to you on a gift card, rather than having those cards sit around and be wasted. Not spending the money is essentially leaving free cash on the table.
If you can use the gift cards to buy things you’d otherwise put on your credit cards, then participating also makes sense. After all, why ding your personal finances if you can pay for essential purchases with a gift card instead?
However, if you have a gift card that you could use to buy essentials, chances are you would have used it already or would be planning to soon. You wouldn’t need to be encouraged to spend it on a special day.
The reality is, many of the gift cards that go unused do so because they can only be used for items you wouldn’t otherwise buy or are for stores you would not otherwise shop at. And if that’s the case, participating in National Use Your Gift Card Day could be a mistake for a couple reasons:
It’s silly to purchase items you don’t want or need just to use up the card. They’ll end up cluttering up your house.You could find yourself spending money on items you don’t actually want. Around 59% of people who redeem gift cards spend over face value. That means you’ll essentially be buying something just to use the gift card and wasting that extra cash out of your checking account to do so. Say, for example, you got a $25 card for a clothing store you don’t shop at and the cheapest thing to buy there was $35. You’d now be spending $10 out of your own pocket for something you wouldn’t have bought if you didn’t have the card.
If you’re in this situation, then you’d actually be worse off for spending the money than if you just let the card sit in a drawer (especially since, by law, gift cards generally can’t expire for at least five years).
If you have a gift card you don’t really want to use, don’t just take it out and spend the money because retailers are encouraging you to do so by designating a National Use Your Gift Card Day. Instead, consider:
Donating the gift card to charity (you may be eligible for a tax deduction).Selling the gift card (although you’ll probably get less than face value, it’s better than spending extra money just to use it).Buying something you could resell.Regifting the card (just be sure you give it to someone who would like it, so you don’t make using an unwanted card someone else’s problem).
Any of these approaches could be smarter, so unless you really want to buy something with your card, just say no to National Use Your Gift Card Day.
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