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Your direct deposit could net you a whole lot more with a prize-linked account. Keep reading to find out how.
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If you could win thousands of dollars for keeping your cash in the bank, would you save more? That’s the question that credit unions and fintech firms alike are asking. And for many Americans, the answer appears to be a resounding “Yes!” Prize-linked savings accounts, which offer a cash lottery just for depositing your money, are on the rise. What does that mean for you, and should you make the switch?
The concept behind a prize-linked account is simple: The more you save, the better your chances of winning a large cash prize. Prize-linked savings accounts use the same social engineering principles as lotteries like the Powerball and Mega Millions, but with one big difference: savers keep their deposits.
While specific rules vary by institution, savers will usually have to grow or maintain a balance in their prize-linked account to be entered to win. For example, some credit unions in Wisconsin award lottery entries for every $25 a saver deposits in a given month. Meanwhile, one California credit union gives all savers with over $500 in their account a chance to win a cash prize. Cash prizes can range from hundreds to tens of thousands of dollars, which savers can win without buying a lottery ticket.
A major benefit of prize-linked savings accounts is that they have the potential to boost the low savings rates of some Americans. As lottery organizations know, it can be difficult for consumers to quantify small odds, and to overestimate their chances of winning a multi-million dollar prize. Substituting a traditional lottery, which typically results in an immediate loss, with a no-cost prize-linked savings account helps savers win, whether they rake in the jackpot or not.
Since being introduced in 2009, prize-linked savings accounts have become increasingly popular. A majority of states now allow the accounts, and some even help local credit unions to set up and operate prize-linked lotteries. However, traditional financial institutions aren’t the only ones getting involved in the action.
Credit unions in Michigan kicked off the trend with the “Save to Win” program nearly fifteen years ago. The passage of the American Savings Promotion Act in 2014 opened the door for financial institutions to offer prize-linked savings accounts in other states. Currently, 34 states have passed laws allowing such accounts, with legislation pending in three additional states.
While credit unions and banks offer some of the largest prize-linked savings programs, other financial institutions are rolling out their own sweepstakes programs. Financial technology company Yotta offers daily drawings for savers using their mobile app. And in 2016, Walmart began offering a prize structure for savers using reloadable debit cards.
Prize-linked savings accounts offer an alternative to traditional lotteries, and have the potential to boost consumer saving rates. Instead of an almost-guaranteed loss from buying lottery tickets, such accounts offer a chance at a cash reward without having to pay to play. Savings in a prize-linked savings account are yours to keep, whether you win or not.
While there may not be an upfront cost associated with these accounts, savers should consider the opportunity cost of stashing their cash in them. Many prize-linked savings accounts offer savers a fraction of a percent in interest. Compared to high-yield savings accounts, which may offer over 5% interest, savers have a choice to make: either take the chance to win big but earn next to no interest, or earn high interest without the chance to hit the jackpot.
Prize-linked savings accounts entice savers by offering cash rewards using a familiar lottery structure. Currently, a variety of financial institutions in many states offer prize-linked or similar savings programs. While consumers won’t pay an upfront cost to enter, prize-linked accounts typically do not offer competitive interest rates, which may be a deal breaker for some savers.
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Whether you prefer a hands-on budgeting approach or need hand-holding, there’s an app for you. Read on for options that will help you cut back on spending.
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When you’re trying to reduce your monthly expenses and save money, it can feel a little bit like trying to put out a fire. You can see an immediate problem that needs to be addressed, but panic can set in if you don’t know where to start.
Budgeting apps are like a fire extinguisher with a good set of instructions on the side of it. Follow the directions and aim it at the problem.
If you’ve got your own fire burning in your personal finances or maybe just need to cool down a few embers, here are three excellent apps to help you do so.
Cost: $14.99/month or $99/year
If you’ve ever had a friend who was once in debt and now isn’t, you’ve likely heard of the YNAB app. The app has a loyal following among the many people who have used it to help them figure out where their money is going and how to cut unnecessary spending.
The most important thing to know about the YNAB app is that you’ll use it to give every single dollar you have a job. This no-dollar-left-behind approach ruthlessly accounts for everything you do with your money, ensuring you know exactly what you’re spending your money on, where you can cut back, and how much you can put into paying off debt or adding to savings.
It can take some time to figure out how to use this app, but once you do, it’s one of the best budgeting apps for tracking expenses.
Cost: Free for the basic version, $7.99/month, $34.99/year, $79.99/lifetime
If you need extra assistance tracking your bills’ due dates and paying them on time, then the Pocketguard app may be your best bet. The app monitors your accounts and subscriptions and sends you automatic reminders to pay them, potentially saving you money on late fees.
The app can create custom spending reports, which is helpful if you have difficulty seeing where you need to cut back on spending. And if you need help lowering some of your monthly bills, Pocketguard can do that, too. The app partners with Billshark, which negotiates with some financial companies to lower your bills. If it successfully lowers a bill, Billshark will take a small cut of the savings.
You can build a budget and set savings goals with Pocketguard, all while receiving helpful reminders to pay your bills and assistance in negotiating lower payments.
Cost: Free for the basic version, $8/month, $70/year
One of the biggest hurdles people encounter when using a budget app is…using the budgeting app. Goodbudget solves this by offering a straightforward app that’s easy for anybody to use.
If you don’t want an app to have access to all of your banking information, this app may be the way to go. You’ll log your spending amounts manually, keeping track of your money in the same way people do using the envelope system. This electronic version of putting your money into specific envelopes helps you keep track of every dollar, allowing you to track spending, saving, and paying off debt easily.
Goodbudget’s low price and simplicity make this budgeting app a great choice if you’re just getting started with budgeting and want to manage some of the tracking manually.
All of these budgeting apps will go a long way toward helping you know exactly what you’re spending and help you reduce unnecessary bills. Each offers a different approach to putting out a financial fire, but they’re all doing a great job addressing the problem and giving you the tools to fight it.
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It’s not too late to shop the best Black Friday finds. Amazon has plenty of deals to help you save. Find out more about some of the top Black Friday deals.
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Black Friday is here, but there’s still time to shop for the best deals. You’ll be happy to know that Amazon has some worthwhile sales running this year for Black Friday. But with so many discounts, figuring out which ones are worth your time and money can be challenging. In the following article, I’ll outline a few Amazon Black Friday finds you don’t want to miss.
Whatever you do, don’t gift a family member a vacuum cleaner as a present — trust me. But that doesn’t mean you can’t upgrade the one you have without overspending. You can get the BISSELL SurfaceSense Allergen Lift-Off Pet Upright Vacuum this Black Friday for 40% off on Amazon. Instead of the usual $299.99 price tag, you’ll pay only $179.99. This upright vacuum is an excellent option if you have pets or have allergies.
If you’ve had your eyes on the Apple AirPods Max but were discouraged by the high price tag, Amazon has a deal that will leave your wallet feeling less sad. For Black Friday, you can get a pair in one of a few colors for $449.99 instead of $549.99. These headphones not only look great, but they also provide up to 20 hours of listening time with one charge. Don’t miss out on this $100 discount.
This deal is for shoppers who appreciate high-quality beauty items. Amazon has the Anastasia Beverly Hills Brow Wiz on sale for $17.50 instead of $25. I have personally used this eyebrow tool, and I love it. I’ve tried cheaper versions, and they don’t provide the same results. As a note, this sale price is also available at Sephora and Ulta on Black Friday.
A stand mixer can help you take your cooking and baking skills to the next level. Whether shopping for a gift for a loved one or yourself, you can get a great deal on the KitchenAid Artisan Series 5-Quart Tilt-Head Stand Mixer, thanks to Amazon’s Black Friday sale. You’ll pay $349.95 instead of $449.99. That’s a nice price to pay for a top-rated kitchen tool. Even better, multiple color options are available at this discounted rate.
Having an extra charger around can be helpful if you live in an Apple household. The Apple MagSafe Charger is on sale for $33 instead of $39 on Amazon. But if you clip the attached coupon, you’ll save an additional $4 and pay only $29. This wireless charger is compatible with the iPhone and AirPods. As a note, the power adapter is sold separately. I have one at my office, and I love how quickly it charges my iPhone 14 Pro.
Here’s another option if you’re shopping for someone who appreciates high-quality beauty and personal care items. Amazon has the Dyson Supersonic Hair Dryer discounted by $100. This fast-drying hair dryer doesn’t use extreme heat. If you’ve been planning to buy this popular hair care tool, ordering one today could be a win for your bank account.
If you’re working hard to stretch your money further, don’t ignore shopping deals like the ones highlighted above. Black Friday and other sale-focused holidays offer the perfect opportunity to get the items you’ve been meaning to buy for a more affordable price. Don’t forget to use a cash back credit card at checkout so you get rewarded when you swipe your card. Check out our free personal finance resources for more ways to save money.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Apple. The Motley Fool has a disclosure policy.
The Tax Cuts for Working Families Act could boost your 2024 standard deduction by $4,000. Read on to find out how.
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Think you’re paying too much in taxes? So do House Republicans, who are pitching a temporary increase in the standard deduction. Meant to relieve Americans hit hard by inflation, the Tax Cuts for Working Families Act would add a “bonus” deduction on top of the standard deduction used by most Americans. In a closely divided Congress, what are the odds this bill faces?
The standard deduction is a popular way for Americans to reduce their taxes, but may not be intuitive to all taxpayers. How does this line item on your tax return save you hundreds of dollars each year? And why doesn’t everyone use it?
When calculating your annual tax bill, deductions can make a big difference in what you owe Uncle Sam. Certain expenses, such as state and local income taxes and mortgage interest, are excluded from your taxable income. Taxpayers can choose to itemize, or calculate all of their qualifying expenses for the year, or they can opt to take the standard deduction. As with all tax strategies, consult with a tax professional to understand which option is best for you.
RELATED: What Is a Tax Deduction?
For many Americans, the standard deduction is the clear choice for saving the time and headache of calculating their qualifying deductions. If those deductions don’t add up to more than the standard deduction, which is $27,000 for joint filers in 2023, it often makes sense to elect to take the standard deduction. Some taxpayers can maximize their tax savings by calculating their qualifying expenses one by one, so you should know what expenses qualify and how much of a deduction you can recognize. However, an estimated 90% of Americans use the standard deduction.
Recent legislation introduced in the House would expand the standard deduction and give it a new name as the “guaranteed deduction.” The increase would be temporary, but would mark a significant reduction in the taxable income of many Americans.
RELATED: Best Tax Software
The bill calls for a “bonus” deduction that taxpayers can claim in 2024 and 2025, which would sit on top of the current standard deduction. That bonus would amount to $4,000 for joint filers and surviving spouses. Head of household filers and single filers would be eligible for a bonus of $3,000 and $2,000 respectively.
The bill also provides for the bonus deduction to be increased in line with inflation for the 2025 tax year. Additionally, joint taxpayers with income of over $400,000 and single filers with income over $200,000 will not be eligible for the bonus. Dependents will also not be able to claim the bonus deduction.
House Republicans have largely embraced the Tax Cuts for Working Families Act. Originally introduced by Committee on Ways and Means chairman Jason Smith (R-MO), the bill will likely pass the Republican-controlled House. The measure will likely garner broad support from the Republican party, as Republicans continue to focus on the effects of inflation on middle class Americans.
Support for the bill may be harder to find in the Senate, where Democrats hold a slim majority. However, the measures of the bill are relatively moderate and could earn the buy-in of some centrist Democrats. Only a handful of defectors would be required to pass the bill through both chambers of Congress and land it on President Biden’s desk.
The standard deduction is one way for Americans to cut down their tax bill, and it’s used by the vast majority of taxpayers. The Tax Cuts for Working Families Act would increase the standard deduction through a so-called “bonus guaranteed deduction” of up to $4,000 in 2024 and 2025. The political fortunes of the proposal are mixed and will hinge on bipartisan support for the legislation, so don’t count on a lower tax bill just yet!
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
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 Intuit. The Motley Fool has a disclosure policy.
Christmas shopping can be exciting, but don’t get carried away. Here are the top mistakes we make when shopping for Christmas gifts.
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Growing up, my dad and I had a really weird Christmas shopping tradition: we’d wait until Christmas Eve to buy everyone’s presents. It’s no surprise that, throughout my teens and early 20s, everyone had pretty low expectations for my gifts.
As you can guess, this was a bad idea. Waiting until the last minute meant drawing from a pool of rejects and missing out on some of the best holiday shopping deals. Occasionally, we would buy something that someone wanted, but even then we were buying it last minute, which didn’t always mean getting it at the lowest price.
As Christmas music takes over in shopping malls, here are four other mistakes you don’t want to make.
Expedited shipping may be the quickest way to get your gifts, but it’s also a quick way to negatively impact your personal finances. This is especially true if you’re sending gifts, as USPS expedited delivery can cost hundreds of dollars during the holidays.
So don’t hesitate: buy your online gifts now or have them delivered before it’s too late. The closer we get to the holidays, the more expensive shipping will become.
You bought the gift. Now you want the recipient to enjoy it for a long time. That’s where the extended warranty gets you: For an extra $20 to $50, you can get some peace of mind, knowing that if your kids drop the new iPad in the toilet, you can have it repaired or replaced.
The truth is, most electronics and appliances come with a manufacturer’s warranty that will cover the item for defects. Not only that, but many great credit cards have extended warranties built into them, often doubling the manufacturer’s warranty. For example, multiple Chase credit cards offer extended warranty coverage.
If you’re worried that you’ll be responsible for breaking it — like if you’re a Mr. Bean type — extra protection might be wise. Otherwise, you can forgo the extra warranty at checkout.
A 0% intro APR period on a credit card gives you time to pay off a balance before high interest rates kick in. These cards can serve a useful purpose in a financial plan, especially if you already have credit card debt and decide to transfer it to a 0% APR card to pay it off.
When it comes to Christmas shopping, however, don’t let 0% APR deals replace your budget. These cards give you a no-interest period, usually somewhere between 12 and 18 months, but when that period ends, you’ll pay high interest on your balance. Again, using one of these cards can be practical, but only if you have a plan to pay off the balance. All in all, I’d say set your credit limit to the cash in your savings account and don’t overcharge, even if you’re not paying interest.
If you ever want to feel sad, go to your supermarket’s clearance section in mid-January and take a gander at the stock of novelty Christmas candy, flavored Christmas coffee, and peppermint bark just begging to be bought.
At the risk of sounding like Ebenezer Scrooge, the holiday-flavored stuff just isn’t worth the space in your budget. Take the money you would have spent on Ghirardelli chocolates and holiday-flavored jelly beans and boost your spending on other items. If you really like Christmas chocolates, buy them when they’re 85% off in January.
Ultimately, the most expensive Christmas mistakes are pretty easy to avoid. Steer clear of overcharging on credit cards and paying for unnecessary add-ons, like warranties and expedited shipping. Holiday-flavored foods can evoke the spirit of Christmas, but so can acts of kindness and radical generosity, which is what Christmas is all about.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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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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