Money Management

Are you wanting to visit a museum, but have limited extra funds for pricey admission fees? Find out how your library card could unlock savings. 

If you’re a proud library cardholder, you probably use your card to check out books for free. Doing this lets you improve your knowledge and be entertained without spending money. But you may be missing out on other benefits offered through your library system.

Many libraries continue to provide new services to meet their communities’ growing needs. Whether you use your local library or are a student who frequents your college library, it pays to review the perks provided to patrons. You may get access to museums or cultural activities and events at a discount or, even better, for free. Don’t miss out on valuable perks like this.

Spend an afternoon at the museum without feeling financial upset

Spending the day at a museum can be a lot of fun. You can learn more about a subject that interests you and leave feeling inspired. But most museums require guests to pay an admission fee. Admission prices vary by museum, but paying $20 or more for adult admission is not unusual. Life is expensive, so a pricey admission fee can quickly impact your wallet.

Before you plan your next museum outing or purchase a ticket online, check to see if your library offers discounted or free admission benefits. Many libraries provide this benefit to library cardholders. Thanks to such perks, you may be able to keep more money in your bank account while experiencing something new.

If this perk interests you, contact your library to inquire whether it offers similar benefits. Each library has its own policies, so library staff members are the best people to ask. You may need to request a pass before your intended visit date, so keep this in mind as you make plans.

Attend cultural events or activities

If you’re a lifelong learner, there may be other ways to put your library card to use, as some libraries host free cultural events or activities. You can fill your free time, learn something new, and meet other community members by participating.

Examples of available offerings include language classes, pop-up museum exhibits, film screenings, cooking classes, and live musical performances.

Program availability may change and can vary by age group, so check to see what events your library will be hosting soon. One easy way to stay more informed is to follow your library on social media to learn about new activities and events that are happening soon.

Look for opportunities to spend less money

You’re not alone if you’re working hard to keep your spending in check. Art, educational, and cultural experience discounts and freebies are one way to use your library card membership perks to save money. You may want to consider getting a card soon if you don’t have one. It’s free and you’ll likely only need to provide proof of residency (like a utility bill).

Benefits like this are a reminder that you can improve your finances by taking advantage of every opportunity to reduce your spending. It’s possible to stay on budget without sacrificing having fun. Check out our free personal finance resources for additional tips.

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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.The Motley Fool has a disclosure policy.

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The clock is ticking down to a new year. Learn why it’s not too late to lower your 2023 tax bill with IRA contributions. 

There’s so much to do at the end of the year — planning for winter travel (or a quiet solo holiday), buying gifts, and wrapping projects up at work so you can have some relaxing time off. Adding extra money to your retirement account (or even striving to max out your contributions) might be at the back of your mind, and that’s certainly understandable. But if you are hoping to boost that balance, you might be out of luck this late in the year.

If you participate in an employer-sponsored retirement plan, like a 401(k), you only have until the end of 2023 to add money that will count as 2023 contributions, and therefore lower your taxable income. But if you have an IRA account as well (or instead, if you don’t have access to an employer plan), you actually have longer to add money. Here’s the good news on that, as well as a few tips to carve out more retirement account contributions in 2024 and beyond.

You have until tax day 2024 to contribute to your IRA

If you’re hoping to add more money to your IRA, be it traditional or of the Roth variety (meaning tax savings in retirement, rather than now), you can keep contributing beyond Dec. 31, 2023. In fact, you have up until the annual tax-filing deadline, which is Monday, April 15, 2024. It’s important to note that if you get an extension on your tax return that gives you an additional six months to file, you are not allowed to count money added to your IRA after that April 15 deadline toward 2023 taxes.

This is great news for people with IRAs, because the end of the year is a notoriously expensive time for a lot of people. The winter holidays eat up a decent chunk of money, for example — a survey conducted by the National Retail Federation found that consumers intend to spend an average of $875 apiece on gifts, food, and other core holiday purchases. If your own tab for December will come close to that, you likely don’t have much cash available to invest. But your situation could change come the new year.

If you end up receiving cash gifts for the holidays, or you get an end-of-year bonus from your employer, you might want to put some (or all) of that money toward retirement. And since you can contribute money to your IRA for 2023 after 2024 has technically begun, you’ve got a way in. Just make sure you select “2023” as the contribution year in your account. If you’re now very close to the contribution limit for your IRA (for 2023, $6,500 if you’re under 50, or $7,000 if you’ll be 50 or older by the end of the year), this could give you the ability to max it out.

How can you save more next year — and beyond?

It isn’t easy to put some of your earnings aside to invest for the future, so any amount of money you can put into a retirement account (or even a taxable brokerage account) is great. That said, you likely want to make it a point to increase your contributions, as the more you invest, the more wealth you can build over time.

If you struggle to find money to invest and are currently waiting until after your bills and any discretionary expenses are paid for, it might be time to rethink that. I met a major savings goal for 2023 by paying myself first, and just about anyone can use this technique.

Treat your retirement investing as a must-pay bill, and include the amount you want to save in your monthly budget. You can really make this stick by automating your contributions — set up an automatic transfer from your checking account to your IRA for the same day you get paid. If the money is out of your account before you can spend it, you’ll be on track for a comfortable retirement — no fuss or remembering required.

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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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No-cost tax filing sounds pretty good, right? Read on to learn more about the IRS’s free filing option. 

Filing a tax return is a hassle for many people. This can hold true even for folks without any deductions to claim. That’s because tax forms have the potential to be confusing when you’re not sure what you’re doing.

And then there’s the cost to think about. This year, taxpayers with incomes of $73,000 or less were eligible to file their taxes for free online, and that option included tax help. Those making over $73,000 had the option to use the IRS’s Free File Fillable Forms, which are the electronic version of the agency’s paper forms, but that option didn’t come with tax help.

Now, the IRS is looking to expand its free filing option with a new Direct File program being launched in 2024. And it could make the process of submitting taxes a lot easier.

A better experience

Taxpayers often find it stressful to submit their federal tax returns. And there are also state tax returns to worry about. The new IRS program seeks to integrate state and federal taxes into one program that filers can use.

Beginning in 2024, taxpayers in Arizona, California, Massachusetts, and New York may be eligible to use the new system. Filers in Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming may also be eligible for the new program — the reason being that these states don’t charge income taxes. This means they don’t necessarily need to integrate state filing systems into the larger program.

However, the IRS has made it clear that the program is designed for filers with relatively simple tax returns. This means that those looking to itemize deductions, or those with self-employment or business income, may not qualify.

How to make filing taxes easier in 2024

The IRS’s new program will ideally make the process of filing taxes easier. But if you don’t qualify, or your state isn’t participating, worry not. There are steps you can take in the coming weeks and months for a stress-free 2024 filing season.

First, start gathering your paperwork ahead of time. You don’t want to be scrambling at the last minute to find documents like mortgage interest statements and 1099 forms. Make a list of the forms you think you’ll need so you can check items off as they arrive or as you find them.

Next, line up accounting help sooner rather than later if your tax situation requires it. It could pay to use a professional if you’ll be itemizing, are self-employed, or own a small business.

Finally, think about steps you can take at the very end of 2023 to lower your tax bill during the 2024 filing season. Selling some investments at a loss in your brokerage account, for example, is a good way to offset capital gains and a limited amount of ordinary income.

It’s nice to see the IRS trying to simplify the process of filing a tax return. But it may take time for the new Direct File program to become broadly available. And even then, it may not be available for everyone and in every tax situation. So do your own part to take the edge off of filing your taxes.

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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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Tired of paying taxes when buying period care products? Here’s how the Tampon Tax Back Coalition can help. 

Period care essentials are expensive. On top of that, many U.S. states still impose taxes on them even though they’re necessary personal care items. If you get a period and live in a state that charges this tax, you can expect to pay more at checkout. But some relief is here thanks to the Tampon Tax Back Coalition. Several period care brands have come together to offer reimbursement for the taxes paid on these items. Here’s what you need to know.

Introducing the Tampon Tax Back Coalition

Several period care brands have joined forces to fight to stop the tampon tax. Known as The Tampon Tax Back Coalition, these businesses don’t believe period products should be taxed. After all, they’re as necessary as products like toilet paper. The like-minded brands include August, Cora, DIVA, Here We Flo, The Honey Pot, LOLA, Saalt, and Rael.

Behind the scenes, these companies provide education and encourage legislation to abolish tax on necessary menstrual products. But they’re also helping people with periods in the 21 states that still charge taxes on these essential products, because life is expensive enough without being forced to pay unfair taxes.

Menstruators can get reimbursed for any tampon tax paid when buying period care products from any of the above eight brands at a retail store. Yes, you read that right. You can get your tampon tax money returned after filing a claim online. Don’t ignore this program.

Here’s how to file a claim

Follow these steps to file a claim and get the reimbursement process started:

Visit Tampontaxback.com.Enter your phone number to enroll and receive a text confirmation.Send your receipts within 10 days of purchasing qualifying items.You’ll receive payment on the taxes paid (usually within 48 hours).

Payment options include Venmo or PayPal. So you can cash out the payment to your bank account. As a reminder, to qualify for payment, the products purchased must be from the brands included in the Tampon Tax Back Coalition.

Yes — the period tax sucks. But progress is happening, even if it’s slow. This program can provide financial relief to people with periods. And initiatives like this can help spark more conversation around period product taxation so that more progress is made in the future.

Three ways to save money when buying period care items

Most of us feel the strain on our wallets as everyday costs rise. If you’re sick of the high price of menstrual products like pads and tampons, you’re not alone. But you may be able to reduce your spending when buying these must-have items. Here are a few suggestions:

Buy in bulk: If you can afford it and have the space, buying period care items in bulk can provide substantial savings. Consider purchasing larger boxes at retail stores or join a warehouse club like Costco to get a deal. As a bonus, you can stock up for a while.Don’t ignore virtual coupons: Many retailers have free rewards programs that can help you save money. You may be able to clip virtual coupons in the store’s mobile app for additional savings. Before buying menstrual products, check if a coupon could offer savings.Use HSA or FSA funds: If you have a health savings account (HSA) or flexible spending account (FSA), you can use these pre-tax dollars to buy qualifying period care products. While you won’t get a discount, you can save money by not having to charge your credit card.

For additional ways to save money on personal care items and beyond, check out our personal finance resources.

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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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and PayPal. The Motley Fool recommends the following options: short December 2023 $67.50 puts on PayPal. The Motley Fool has a disclosure policy.

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