Don’t try to mail Fido or Fluffy — and no fireworks either. StunningArt / Shutterstock.com
The winter holidays are coming up, when even the most hardcore texters and emailers turn to the U.S. Postal Service to deliver greetings and packages. In 2022, the Postal Service processed more than 11.7 billion mailings and packages during the holidays, and on average, it took just 2.5 days to deliver those items to their destination. But you can’t send just anything through the mail.
Banks typically close for major holidays like Thanksgiving and Christmas. Find out what you need to know about how this affects your money.
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The holiday season is almost here, and for most people, that means food, family, and lots of spending. Between travel, feast, and gift costs, you could easily spend hundreds or thousands of dollars more than normal. And of course, you’ve still got your routine bills you need to pay.
That’s already a lot to focus on. You don’t want to worry about not being able to access your money on top of all of that. Here’s what you need to know about when banks will be open this holiday season so you aren’t caught off guard.
The Federal Reserve has declared the following days as federal bank holidays:
Thanksgiving (Nov. 23, 2023)Christmas Day (Dec. 25, 2023)New Year’s Day (Jan. 1, 2024)
Most banks are closed on bank holidays, but this is an individual choice. Some may decide to remain open. If you’re unsure about your bank, you can always contact it by phone or check its website. Most list upcoming holiday closures in a banner on the site so customers are aware.
Even if your bank is open on a federal bank holiday, deposits and transfers, including bill pay, may not work as they would on a normal day. Most banks treat transactions done on a bank holiday the same as transactions that occur on a weekend.
That means if you try to transfer funds, deposit a check, or pay a bill, those transactions aren’t actually processed until the following business day. So your bank account balance online won’t reflect the change until the day after the bank holiday. You can still use your online or mobile banking tools to initiate a deposit, transfer, or bill pay though.
If you need quick cash on a bank holiday, you can still visit an ATM and withdraw the funds you need. The only time this wouldn’t be possible would be if you needed a large sum that exceeded your bank’s daily ATM withdrawal limit. In that case, you will likely have to wait until the day after the bank holiday if you don’t do it before.
If you have bills due around a bank holiday, it’s best to send those payments a few days early so you know they’ll be processed on time. This is especially important for credit card payments. If you’re late, your balance will begin accruing interest right away, and then you’ll have even more to pay back.
Once you understand how your bank handles bank holidays, it’s not too difficult to work around them. If you have any questions about when your transactions will be processed or what services, if any, the bank offers on holidays, reach out to the institution and ask.
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There are quite a few investment options available. Check out the three most common ways to invest, so you can decide how to build wealth.
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Investing is one of the most effective ways to build wealth. If you save $500 per month for 30 years, you’ll have $180,000. If you invest that $500 per month and earn 8% per year, you’ll have $679,699 after those 30 years. That kind of return isn’t abnormal, either. The average stock market return is about 10% per year.
But how should you invest your money? Thanks to the 2022 Survey of Consumer Finances (SCF), we have data on the most common ways to invest. Here are the three top options.
Retirement accounts are by far the most popular way to invest. According to the SCF, 54.3% of Americans have retirement accounts. That makes them the second-most common financial asset, behind transaction accounts (any type of bank account).
There are retirement accounts you can set up yourself and employer-sponsored retirement accounts. The biggest benefit of retirement accounts is that they can help you save on taxes. However, they have annual contribution limits, which depend on the type of account. They also have early withdrawal penalties, which normally apply if you withdraw money before age 59 1/2.
Here are a few types of retirement accounts:
A 401(k) plan is an employer-sponsored retirement account. You can have contributions taken directly out of your paycheck, and contributions are tax-deductible.An individual retirement account (IRA) is an account any individual can open on their own. Contributions are tax-deductible.A Roth IRA is an IRA, but contributions aren’t tax-deductible. Instead, withdrawals are tax-free. That isn’t the case with traditional 401(k) plans and IRAs.
Because of the tax savings that retirement accounts offer, they’re a smart choice for just about anyone. It’s normally a good idea to invest through a 401(k) if you have one available through your employer. An IRA or Roth IRA is also worth having, either in addition to or in place of a 401(k).
Stock ownership has been on the rise, as 21% of Americans now own stocks, compared to 15.2% in 2019. To be clear, this refers to direct ownership of stocks. Direct ownership of a stock means an investor has bought that individual stock. It doesn’t include stocks held as part of an investment fund.
Stock picking is popular among investors who want full control over their portfolios. One of the reasons it has gotten more popular is because of commission-free trading. Robinhood pioneered this, but it’s now a standard feature. You can buy and sell stocks commission-free with all the best stock brokers.
This approach isn’t right for every investor. Most investors are better off sticking to investment funds that do the work for them. Stock picking is time-consuming, and it’s rare to beat the market. If you want to do it, consider putting most of your money in safer investment funds, and do the stock picking with a small portion of your portfolio.
In a pooled investment fund, a group of investors pool their money together. The fund manager decides how to invest that money. In the latest SCF, 11.5% of Americans owned shares of pooled investment funds. Note that this doesn’t include Americans who buy investment funds through their retirement accounts.
Some of the more popular types of pooled investment funds include:
Index funds: Investment funds that aim to follow the performance of a market index. For example, an S&P 500 index fund will aim to track the S&P 500. That’s an index of 500 of the largest publicly traded companies on U.S. stock exchanges.Target-date funds: Investment funds designed with a specific retirement year in mind. For example, a 2050 target-date fund is for investors who want to retire in 2050, and management of it will be based around that retirement year.Real estate investment trusts (REITs): Companies that own income-producing properties. Through REITs, everyday investors can invest in real estate.
Investment funds are a great choice, whether you buy them through retirement or non-retirement accounts. While there are a lot of fund options, index funds that invest in the S&P 500 or the total U.S. stock market provide a nice balance between long-term security and competitive returns.
Make sure to research any funds you’re interested in, and pay attention to fees. If an investment fund has much higher fees than similar offerings, that can cut into your returns.
When you start investing, the first thing to decide is the type of account you’ll use. It usually makes sense to start with retirement accounts for tax savings. Many investors also have individual brokerage accounts, since these don’t have early withdrawal penalties like retirement accounts do.
Once you have your account (or accounts), you can choose your investments. This will depend on several factors, including your age, risk tolerance, and how hands-on you want to be with your portfolio. For most investors, pooled investment funds are the most appropriate option. If you’re interested in picking your own stocks, you can do that, too. But it requires a lot more time and effort.
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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.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
There are some costs associated with buying a new car that won’t be included when insurance pays you for your old vehicle. Here’s what you need to know.
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When a motor vehicle is damaged, auto insurance should pay for repairs. This could be a driver’s own collision coverage, or the property damage liability insurance policy of another motorist who caused harm.
In some cases, though the damage done to a car is so substantial that repairing it is impossible or would cost more than the car is worth. In those circumstances, the car is declared a total loss or is “totaled.”
Unfortunately, while insurers do pay for totaled cars, anyone who experiences this undesirable outcome after a covered incident is likely to face some out-of-pocket costs from their checking account — even after getting a check from their insurer. Here’s why.
When an auto insurer makes a payment for a totaled car, typically the auto insurer will only pay the fair market value of the vehicle at the time of the incident minus any deductible that applies. Sadly, this is rarely enough to cover the full costs of getting a new vehicle for a few different reasons:
Cars depreciate quickly and are unique assets. Say, for example, a driver has a five-year-old car that has been impeccably maintained in perfect condition. If the insurer pays them the fair market value, that five-year-old car may not be worth a lot. And it’s very unlikely that the driver would be able to find and buy the exact same five-year-old car with a perfect maintenance record, so they may need to buy a newer (more expensive) vehicle to get the same level of reliability.There’s a deductible that must be paid if the claim is made under the driver’s own collision or comprehensive coverage. This could be anywhere from around $100 to several thousand dollars, depending on the deductible chosen.There are other costs associated with buying a new car, including sales tax, a vehicle registration fee, and document fees. This means that a driver who gets paid the fair market value of their vehicle can’t just swap out that car with a similar one at the same cost. They’ll have to cover all of these purchasing costs.
Often, drivers end up being out several thousand dollars because they can’t get the equivalent car and they have all of these additional fees and their deductible to pay.
When a car is totaled, drivers need to understand their rights. It is sometimes possible to negotiate with an insurer to pay more money than the first offer they make. Those whose car is totaled should do the research on what vehicles of the same make, model, and year are selling for and can make a counter offer to an insurer if they aren’t offered enough.
It’s also a good idea to have gap insurance on any vehicle for which there is a car loan, as otherwise a motorist with a totaled car could be left paying out of pocket to the lender if the insurer doesn’t provide enough money to pay off the loan balance in full.
Say, for example, you have a 4-year-old car with a remaining car loan balance of $16,000. Now imagine you total that car in an accident and your insurer determines that the car is only worth $13,500, and they write a check for that amount. Unfortunately, without gap insurance, you would be on the hook for repaying your auto loan provider the additional $2,500 out of your own pocket to pay off the loan before you even begin shopping for a new car. This would make having a totaled car significantly more expensive.
Finally, motorists should always have an emergency fund with several months of living expenses saved. This emergency fund can be tapped to cover the costs that are incurred if a car is totaled, so the driver can get back on the road.
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Some common items do go bad — or worse — even if you thought they would last forever. ronstik / Shutterstock.com
All good things must come to an end, including a lot of the stuff filling your home. While stocking up can seem like a smart move, not everything can be stored indefinitely. Following are some items that might be about to go bad — or worse — in your stockpile.
Without permits, I could have to tear out upgrades or I could find myself having a hard time if I want to sell the property. Find out more.
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I’m in the process of buying a home. As soon as I get my mortgage loan and close on the property, I will be doing some major remodeling work. I’m planning to basically gut the house and rebuild it. During this process, I’ll be taking out building permits.
Getting permits costs money and takes extra time. It is a hassle. But I’m doing it for every project where it is required. Here’s why that’s the case.
Permits are required for many types of work, including constructing, demolishing, or moving structures within the property. If you don’t get a permit for your work, you could find yourself facing fines and even criminal penalties.
The specific consequences of not getting a permit can vary depending on where you live, but it’s simply not worth the risk of failing to get the proper permissions before starting work.
One of the reasons to get a permit is to ensure the work being performed on a house is up to code. If you do unpermitted work and it turns out it’s not up to code, you could find yourself in a situation where the county you live in makes you redo the work. This could be extremely expensive.
It’s better to pay upfront to get the proper permissions and to ensure the work is done in a way that meets the basic safety standards. Not only will this save you from having to redo work, but it will also give you the confidence of knowing that your project was done to modern building code standards.
Finally, the last important reason I’ve chosen to get a permit is to make sure that I don’t run into any problems later on if I want to sell the home.
When you sell a property, the potential buyers — or their real estate agent — may check to see if any permits have been pulled and updates have been done. If you advertise the property as being remodeled but the buyers see that there have not been any permits pulled for the work, they may decide they don’t want to buy it.
That’s because if they did go through with getting a mortgage and making the purchase and the county later discovered the unpermitted work, they could end up stuck with the fees and costs of redoing anything that’s not permitted.
I don’t want to deal with all of these potential problems that could result if I didn’t get permits for the work. And if you are doing some remodeling work of your own, you should also avoid these serious issues.
You may be able to apply for a permit yourself online, although some states require licensed contractors to obtain permits for certain projects. You should ask your contractor what the process is and make sure they are getting all of the necessary permits, so you don’t get into trouble later on when the contractor is long gone.
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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
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