Money Management

Brain fog can impact our work and financial lives. If you want to focus better and get more done in 2024, check out these tried-and-true productivity tips. 

According to Microsoft’s 2023 Work Trend Index Report, around 2 in 3 employees don’t have enough time or energy to get their work done. During lockdown, many of us struggled with productivity and what people started to call “pandemic brain.” Those productivity challenges have continued in the post-pandemic world. So if you’ve found your attention span is shorter and it isn’t as easy to concentrate, you are not alone.

As a freelancer, there is a direct correlation between the amount I get done and the amount of money in my bank account. If you work full time, increased productivity can also impact your personal finances. Being productive can mean a better chance of scoring a promotion, pay rise, or more time for your passion projects. Plus, being unproductive is frustrating and can be stressful.

Here are four productivity hacks I’ve found success with in recent months.

1. Plan out time for big tasks

Emails, text messages, and phone calls are important. But if you let them, they drown out other important but less urgent tasks. Let’s say you have a big presentation to prepare, a budget to make, or a piece of planning to do. Block out concentration time so you can get those important things done.

I love the way FranklinCovey illustrates this: Imagine you have a big jar. You need to make six large stones and a pile of sand fit into the jar. If you start by filling the jar with the sand (the smaller tasks), you’ll never be able to fit in the stones (the bigger tasks). If instead, you put the big stones in first and pour the sand around them, there’s space for everything. Map out your big tasks each day and week, and prioritize them over the little ones.

2. Use focus mode on your phone and computer

I use focus mode every day. It temporarily silences my notifications so I don’t get interrupted by calls or messages. You can customize it and set up exceptions for certain people or apps, either temporarily or permanently. For example, when I’m trying to finish up my taxes, I add my accountant to the exception list so I will receive his messages no matter what.

Experiment to see what works best for you. If you work in logistics, you might not be able to switch off notifications for long periods of time. But in many walks of life, shutting off notifications for set periods of time can make a dramatic difference to your productivity.

3. Take breaks

It feels counterintuitive to walk away from your computer when you’re falling behind or want to get more done. However, a number of studies show that regular breaks are key to productivity. For example, one recent Slack survey found that half of all desk workers rarely take breaks during the day, making them 1.7 times more likely to burn out. It showed colleagues who take breaks are better able to manage stress and scored 13% higher for productivity.

If you are wondering how to take more breaks, you won’t be surprised to learn there’s an app for that. Both an app and a technique in fact. I’ve been using the Pomodoro Technique for the past few months, and it was a game changer in my productivity quest. It may sound like a type of pasta dish (it is Italian for “tomato”), but the name comes from the tomato-shaped timer that student Francesco Cirillo used to track his study times.

It breaks down your workday into 25 minute sections, with small breaks. I use the Pomofocus site, but any timer, including the one on your phone, will do. Work on one task until the timer pings. You then take a five-minute break. After four 25-minute work segments, you take a longer 15-minute break.

You can play with the timings to find your concentration sweet spot. The thinking behind 25 minutes is that it’s relatively short, which feels achievable and promotes focus. What’s important is that you ignore all other distractions during your work slot. I keep a notepad by my computer to jot down any ideas or tasks I want to come back to later.

4. Find your flow

After months where I felt like I never got enough done, I took drastic action. I tracked my time in half-hour increments for two weeks. I learned two important lessons:

I am over-ambitious in what I want to achieve each day. I thought I was being unproductive, but in fact I was unrealistic in what I thought I could get done. By reducing my expectations, I was able to increase my productivity.I concentrate better between 6am and 9am. I achieve very little between 2 p.m. and 4 p.m. I am lucky in that I have a lot of control in how I plan my day. Knowing when I am more able to concentrate means I can use those sluggish afternoon hours to exercise, do admin, or make phone calls.

Everybody is different, which is why it’s worth doing this exercise. You may be surprised to learn where your time really goes.

Be kind to yourself

Productivity and focus are more than workplace buzzwords. They help us live more fulfilling lives and mean we have more energy for other important things, such as managing our savings accounts and investments. Practicing mindfulness, making lists, and regular exercise are other great ways to improve your concentration.

If you’re struggling to get everything done, try not to be harsh on yourself. Instead, break things down into manageable chunks and use some of the tips above to get back on track.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.

 Read More 

The rules for EV tax credits in 2024 are changing. But it’s easier to get an immediate discount at the dealership. See how to save money on new or used EVs. 

The U.S. government is providing tax credits to help people buy new or used electric vehicles (EVs). But in 2024, the rules for these EV tax credits are changing. Let’s take a look at the new landscape of EV tax credits in 2024, and how you can buy an EV while saving money.

How to get new EV tax credits (up to $7,500) in 2024

Want to get EV tax credits for buying a new electric vehicle? The amount of tax credit you get will depend on a few factors.

Where the car and EV battery were made and sourced

The only new EVs that can get the full $7,500 tax credit in 2024 are vehicles with final assembly done in the U.S., and critical battery materials sourced from the U.S. or countries that have a free trade agreement with the U.S. Also, the electric vehicle’s manufacturer suggested retail price (MSRP) must be $80,000 or less for electric SUVs, pickup trucks, and vans, or $55,000 or less for other EVs.

Some EVs can get a partial tax credit of $3,750, while others get the full $7,500 amount. Some EVs that were eligible for EV tax credits in 2023 are no longer eligible in 2024. According to Inside EVs, prominent EV models like the Cadillac Lyriq, Chevrolet Equinox EV, Ford Mustang Mach-E, and some variants of Tesla Model 3 are losing eligibility for EV tax credits in 2024.

As a car buyer, you can shop online to see which electric vehicle makes and models qualify for EV tax credits. If the EV you want is eligible, the dealership will be eager to help you get the full amount of tax credits.

Your modified adjusted gross income (AGI)

The other factor that decides whether you can get a new EV tax credit is your income. Specifically, your modified adjusted gross income (AGI), or the number on line 11 of your 1040 tax return, before you subtract your standard deduction or itemized deductions.

To get a new EV tax credit, your modified AGI must be:

$300,000 or less for married couples filing jointly$225,000 or less for heads of household$150,000 or less for all other filers — single, married filing separately, or qualifying widow(er) with dependent child

You can use your modified AGI from the year you take delivery of your new EV, or the year before. For example, let’s say that you are a single person buying a new EV in February 2023, and your AGI for 2023 was $145,000. But for 2024, you expect to get a pay raise or promotion that could bump up your AGI over the limit. You can use your 2023 modified AGI to qualify for this new EV tax credit.

How to get used EV tax credits (up to $4,000) in 2024

What if you don’t have the budget for a new electric vehicle? No problem — you can get a used EV tax credit of up to $4,000, depending on the age, make, and model of your vehicle, and your income. The rules for qualifying for the used EV tax credit are a bit simpler. Let’s take a look.

Which pre-owned vehicles qualify for used EV tax credits

There are no “made in the USA” or battery sourcing requirements for the used EV tax credit. Instead, you just have to:

Buy your used EV at a dealershipBuy a used EV with a sale price of $25,000 or lessBuy a model year that’s two years prior than the current calendar year (or older)

The used EV tax credit is limited to $4,000 or 30% of the sale price, whichever is smaller. So if you buy a used EV for $10,000, you’ll only get $3,000 of tax credit. Some older EVs or plug-in hybrid vehicles are too old to qualify. For example, the used EV tax credit is only available for Toyota Prius Prime plug-ins from 2017-2022.

See the full list of used EVs that qualify for the tax credit at fueleconomy.gov.

Your modified adjusted gross income (AGI)

The used EV tax credit is also based on your income. To qualify, your modified AGI must be:

$150,000 or less for married filing jointly or a surviving spouse$112,500 or less for heads of households$75,000 or less for all other filers

You can use your current year’s AGI (the year when you take delivery of your vehicle) or the previous year’s, whichever is lower.

New for 2024: Get your EV tax credit at the dealership

One bit of good news for EV tax credits: Starting from Jan. 1, 2024, you can get your tax credit as an immediate discount right at the dealership. The dealer will file paperwork with the IRS and get reimbursed for the amount of the credit. But be aware that you’re still responsible for filing taxes; if your modified AGI is over the limit, you will have to pay money back to the IRS.

Bottom line: EVs are not cheap, and you still need to pay for costs like auto insurance. The costs of insurance for your EV could be higher than a gas-powered car. But you can save up to $7,500 on a new electric vehicle, or $4,000 for a used EV, in 2024. Do your research or ask the dealership which models qualify for tax credits, get price quotes from car insurance companies, and make sure your income is within the limits to avoid tax issues.

Our best car insurance companies for 2024

Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.

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 Tesla. The Motley Fool has a disclosure policy.

 Read More 

Virgin Atlantic is running a prize draw for a space flight with Virgin Galactic. See how it works and how many points you need to enter. 

You can make some incredible travel bookings if you have enough points. Many people have used travel rewards to reserve five-star hotel stays or international flights in business class or first class. Bookings like these can often cost $5,000 or more.

But the Virgin Atlantic Flying Club can top all those. It’s currently running a prize draw for a sub-orbital space flight with Virgin Galactic. The entry requirement? A hefty 2 million points, but those are only deducted from your account if you’re chosen.

Considering how many points are needed, the prize draw will be out of reach for most people. That’s understandable — flying to space is still very much out of reach for almost everyone. Sadly, we aren’t living like The Jetsons yet. But if you are sitting on a mountain of Flying Club points, here’s how you can potentially use them to blast off.

How the Virgin Galactic Prize draw works

The Virgin Galactic prize draw is open to anyone who has 2 million Flying Club points, with one important condition. Only points earned on Virgin Atlantic flights qualify.

You can’t transfer points from another program to meet the requirement. So if you use any credit cards with transferable points, those won’t help you here. You can’t send over 2 million American Express or Chase points to Virgin Atlantic and submit yourself for the prize draw. You’ll need to be a frequent flyer with Virgin Atlantic to be eligible.

If you have that many points, you can enter the prize draw by calling 0344 874 7747. Virgin Atlantic doesn’t provide an alternative on the prize draw page for callers outside the United Kingdom. But the number to its U.S. customer center is 1-800-862-8621.

Here are more key details about the offer:

The trip is a three-day experience. That includes preparation for the flight and a two-hour space flight with at least five minutes of weightlessness.Some press involvement may be required.Points earned through supplementary Silver Flying Club accounts and/or family accounts may not be used.A Virgin Galactic flight may only be booked for the Flying Club account holder. It can’t be booked on behalf of or for another person.

Other exciting (and more realistic) ways to use travel points

Going to space sounds amazing. It’s arguably the coolest way to redeem points, if you’re one of the few people who have enough. But most don’t have nearly that many Virgin Atlantic points. Fortunately, there are lots of other, more accessible travel experiences you can book with points.

Options will depend on the travel card you have. If you don’t have one yet, start by checking out the best travel credit cards. Many of these cards earn points you can redeem for flights (or the terrestrial variety), hotel stays, and other types of travel.

As a general rule, you get more value when using points for more expensive travel. You can certainly use points to book an economy ticket on a two-hour flight, and you’ll save money this way. But you’ll probably save even more if you use your points on your business class flight to Europe next summer, to give you one example.

So, if you’re looking to get the best possible experience out of your travel points, use them for:

Business class or first-class airfareLuxury (four- or five-star) hotel stays

High-end bookings like these cost more points, so it takes longer to earn enough. But you can also save a lot more. A $600 economy ticket may cost 30,000 points. A $3,000 business class ticket may cost 60,000. That’s twice as many miles, but you get a ticket five-times as expensive. And since many travel cards have big sign-up bonuses, it doesn’t need to take that long to earn enough points.

Staying in a beautiful hotel or flying in a lie-flat seat may not quite measure up to a journey into space. But they’re both still pretty awesome, and they’re the kind of travel experiences you could book every year using your points.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Gala and JPMorgan Chase. The Motley Fool has a disclosure policy.

 Read More