The danger is especially high for women and older adults. Eli Mordechai / Shutterstock.com
Changing weather conditions may impact heart health in surprising — and potentially tragic — ways, according to a recent study. Weather events that feature soaring heat, plunging cold or high levels of certain air pollution can significantly raise the risk of death from heart attack, according to a large study published in the American Heart Association’s journal Circulation.
Your ad-free Spotify Premium plan just got more expensive. Find out how much more you can expect to pay, depending on which Spotify Premium plan you have.
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Lately, it feels like we can’t go more than a couple of weeks before another company announces a price increase. If you subscribe to streaming services, you’ve likely dealt with rising subscription prices in the last year or two. Music lovers who subscribe to Spotify Premium should prepare to pay more to use the app. The music streaming platform announced that Premium plans have increased. Here’s how this news could impact your checking account.
With more than 550 million users, Spotify is a popular music streaming service. While the streaming platform has a free plan available to those on a limited budget, the capabilities are minimal compared to the features available to Premium subscribers.
Users who subscribe to one of Spotify’s four Premium plans enjoy music without ads, offline download capabilities, and higher music quality. On July 24, the company announced that prices for all Premium plans now cost more. Plans now cost an additional $1 to $2 per month, depending on which specific plan you subscribe to.
While the price increases are relatively small, it’s worth knowing if you’re a current subscriber or have been considering subscribing. Every price increase adds up and impacts your personal finances. The new rates shown below apply to users in the United States.
Here’s a breakdown of the previous prices and the new prices for each plan:
Wondering when the new rates will go into effect? Existing subscribers will receive an email explaining the rate increase and will be given a one-month grace period before the new price becomes effective.
Current users who want to avoid the price increase can cancel their subscription before the grace period ends. The new rates apply for new subscribers immediately, after a one-month free trial period. If you’re currently on a free trial offer, you’ll get your first paid month at the original price. After that, you’ll be charged the new rate.
If you’re disappointed by this news, you’ll need to decide whether it makes sense to continue subscribing to Spotify Premium. Here are a few options to explore to save on this expense.
If the new rate is too expensive for your budget. Premium Duo or Premium Family subscribers may want to consider switching to a Premium Individual plan to save a few bucks. If you have a Premium Individual plan, check to see if you’re eligible for the low-cost Premium Student plan.
Individual users may want to upgrade to a Premium Duo or Premium Family plan and share the expense with other family or household members. A Premium Duo plan includes access for two users, and a Premium Family provides access for up to six users. A shared plan could be a financial win for everyone in your household.
Some subscribers may want to switch music streaming platforms to save money. While Apple Music subscription fees are comparable to the updated Spotify Premium plan fees, switching to a Pandora Plus or Pandora Premium plan could offer savings.
Alternatively, Spotify Premium users can switch to Spotify’s free plan. But by doing this, you’ll lose out on ad-free content and other Premium features.
It’s important to consider how increased monthly expenses impact your finances. If you need help managing your monthly expenses and could benefit from following a budget, check out our list of the best budgeting apps. Technology like this can help you stay organized and on track as you work to reach your financial goals.
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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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
When you’re buying a house, you need many different documents. Here’s what not to forget if you want the mortgage application process to go smoothly.
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Buying a house can be a really fun process. Getting a mortgage, on the other hand, can be a huge hassle. That’s true in large part because you are going to need to produce so many documents when you apply for a home loan from a lender.
So, just what kinds of financial paperwork are you going to need to provide? Here’s a list of the documents that are going to be required when you’re purchasing a property.
Mortgage lenders want to make sure you’re gainfully employed so you can afford to pay back your loan. Not only that, but they’ll likely want to see you’ve stuck with the same employer for the past few years so you have a stable job and aren’t likely to lose it soon after getting your mortgage.
Because of this, lenders are going to want to see some type of proof of employment. Sometimes, lenders will accept pay stubs and tax returns but in other cases, they may want to talk with your company’s human resources department to confirm you work there.
Lenders need to know how much you make so they can determine how much they think you will be able to repay. They will want to see pay stubs showing your earnings. Typically, you’ll need to verify a minimum of 30 days of income when you send in your financial documents.
Tax returns are important for a lender, as they also provide proof of income. If you are a self-employed borrower who is running your own business, tax returns will be even more important because they will show details about your company’s earnings and expenses. You can expect to be asked to provide two years of tax returns. You’ll likely also have to sign release forms allowing the lender to get copies of your tax returns directly from the IRS.
Lenders are going to ask for three months of financial statements from your bank and brokerage accounts. There are a number of things they’re looking for with this request.
One thing lenders want to do is to check how much money you have for a down payment and closing costs. They may also want to see how much money you have in financial reserves, which would be extra funds you’d have left after making your down payment and closing on your loan that you could use to pay your mortgage if you ran into financial trouble.
Lenders may also be checking for any unusual deposits or withdrawals. They’ll want to confirm your down payment money didn’t come from a gift that was deposited into your account, for example, and they’ll also want to be sure you aren’t going on a spending spree.
Mortgage lenders look at your debt-to-income ratio when you’re purchasing a home. Specifically, most lenders want your total debt including new monthly mortgage payments to be below 36% of your income.
Since lenders want to know what else you owe, you may be expected to provide loan statements. These will help lenders to see what your other obligations are, so they can determine if adding a mortgage payment on top of your existing loans is a good idea.
Finally, lenders will need to see the purchase contract with the home sellers. This will help them learn important details like when you are closing on the house, how much earnest money you put down, and how much you are paying for the home.
It’s important to get all of these documents ready when you apply for a mortgage, so you can be prompt in providing them to your mortgage lender. This will ensure your loan goes through as quickly as possible.
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Americans’ savings balances have fallen significantly and are now lower than they were before the pandemic. Find out how this drop could impact your finances.
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The amount of money in Americans’ savings accounts has fallen by $5.5 trillion since April 2020, according to Barchart. The financial data providers tweeted, “U.S. personal savings have fallen to lower levels than before the pandemic began.”
Many people used pandemic-era stimulus checks to boost their savings, pushing balances to unprecedented levels in 2020 and 2021. Since then, surging living costs have caused many households to dip into their reserves. Unfortunately, that cash is now starting to run out.
There are two ways this could impact your finances.
Economists fear the steep reduction in savings could signal an impending recession. You may feel as if the storm clouds of a recession have been gathering for over a year. The difficulty is that, per Business Insider, consumer spending is one of the factors keeping the recession storm at bay. A drop in that spending could be the last straw.Without savings, it could be harder for Americans to weather any economic difficulties.
If you’ve had to use your savings to stay afloat, you’re not alone. An April report from Pymts.com showed that around 60% of Americans are living paycheck to paycheck, and around 20% of them said they’d recently spent a significant amount of their savings.
In short, many of us don’t have a lot of financial wiggle room. This could be problematic, as economic downturns often cause job losses and hiring freezes. Boosting your savings before a potential recession would make you better able to handle whatever unfolds.
Here are four steps to take:
Make a budget: If you find the word “budget” off-putting, try to rethink it. It might be less scary to view it as understanding where your money goes. Using a budgeting app might help. Alternatively, sit down with your recent bank statements and map out what you spend and earn.Cut unnecessary spending: Whether it’s shaving your grocery costs or finding ways to reduce your utility bill, any reduction in your monthly costs could translate into a savings boost. The average American household spends over $200 on subscriptions, so perhaps there are one or two you can live without. Look for ways to increase your earnings: Might you be able to take on extra hours at work? Or take on a side hustle? Perhaps you have space (whether a room, storage, or parking) you might rent out. There’s only so much you can cut back, but there may be several ways you can earn more. Pay down debt: If you’re carrying a balance on your credit card, the interest payments can eat into your available income and add up over time.
Many Americans have used their savings to stay afloat in recent years, but it isn’t sustainable and that money is running out. Look for ways to save more in case a recession does hit the U.S. economy.
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