Money Management

Is your emergency fund up to par? Read on to get a sense of whether you need more savings or not. 

The whole purpose of having an emergency fund is to buy yourself financial protection when life throws you a curveball. That curveball could be the loss of a job, a home repair, a car that refuses to start, or a large pile of medical bills.

In a recent CFP Board survey, 38% of respondents found the state of their emergency savings “very concerning.” And that’s concerning in its own right. The question is, are you all set with emergency savings? Or do you need to make padding your savings account a priority?

You need a three-month emergency fund at a minimum

When it comes to what constitutes the ideal emergency fund, everyone is different. You may feel the need to have more savings if you have several kids to support and a mortgage to cover, whereas someone else might be comfortable with a lower level of savings if they’re single and rent an apartment on a month-to-month lease they can break easily.

That’s why, at a minimum, you’ll need to make sure your emergency fund has enough cash to cover three full months of essential expenses. Beyond that, it’s really up to you as to whether you need to be saving more.

READ MORE: Emergency Fund Calculator

If you’re not sure whether you have enough money in your emergency fund at present, comb through your expenses from the past 12 months and see what your essential monthly spending amounts to. It’s important to do this exercise over the past 12 months, and not just over the past one or two months, because you might discover certain bills that only come up once a year or once a quarter (think property tax bills and life insurance premiums). And those are expenses your emergency fund should account for.

So, let’s say you spend $3,200 a month on essential bills and you have $5,000 in savings. Well, that’s not bad — and it’s far better than having no money saved. But ideally, you should be aiming for a minimum of $9,600 in that situation. If you were to find yourself out of work and ineligible for unemployment, you wouldn’t even have enough money to cover your essential costs for two months.

Consider your personal comfort level

Let’s say you spend $3,200 a month on essential bills and have $9,600 socked away in the bank. At that point, you’ve hit the three-month mark, which is great.

But you still may want to consider boosting your emergency fund beyond that point if doing so brings you more peace of mind. Three months, unfortunately, isn’t a very long time to find a job when you’re forced out of one. And if you get hit with a giant home repair, it could be enough to deplete your emergency fund, leaving you with no cash reserves to fall back on.

So while a three-month emergency fund is perfectly acceptable, you may want to aim beyond the bare minimum. Doing so could really make it easier to get through a financial crisis if one happens to strike.

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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. Maurie Backman 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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Want to bring in extra income without being stuck inside? You may want to get an outdoor side hustle. Read on for a few that cater to nature lovers. 

If you’re unhappy with your current financial situation, increasing your income could be helpful. Getting a side hustle could be worthwhile if you have time to do extra work. Another benefit is a side hustle could help you explore a new interest while you increase your checking account balance. For outdoor lovers, there are several exciting side hustle opportunities to explore. Here are a few ideas to consider in your quest to make more money.

1. Dog walker

If you’re an animal lover, becoming a dog walker could be a fun way to boost your income. Now that many more workers are returning to office jobs, their fur babies need to be looked after during the daytime. If you love dogs, this can be a fun way to spend your free time. One option is using a service like Rover to find dog walking and sitting opportunities. But to maximize your earning potential, consider working directly with clients instead.

2. Do landscaping tasks

Not everyone has enough time to take proper care of their lawns. If you feel confident doing landscaping tasks such as lawn mowing, weed whacking, and leaf removal, you can start a side hustle offering these services to homeowners in your community. This gig is ideal for anyone who likes to be active and soak up the sunshine.

Before starting a side hustle like this, determine whether you want to work with people who provide their own tools and equipment or if you’ll bring your own. If you don’t have proper tools or equipment yet, that will be an extra expense to budget for as you set your prices.

3. Sell items at local markets

Many communities throughout the country host outdoor markets when the weather is nice. Farmer’s markets and local artist markets are two popular events that are usually held in the spring and summer months. If you’re crafty, like to cook, or have other items, you may want to rent a booth at a local market to sell your goods. You’ll get to interact with locals and spend time outdoors as you work to boost your savings account balance.

4. Pressure washer

Another outdoor gig you can do is pressure washing. Many residential and commercial property owners don’t have the time or proper equipment to clean their driveways, walkways, or siding. If you already have a pressure washer and take care of your property, you may want to consider offering this service to others to help and bring in additional income. If you’re new to this kind of work, you may want to start with small projects until you feel more comfortable.

5. Pool cleaner

If you live in an area where you experience nice weather for the majority of the year, this may be the perfect side hustle for you. Many homeowners who invest in a pool struggle to keep up with cleaning and maintenance tasks. You can take care of the cleaning and maintenance for pool owners in your community and make money in the process. Before starting, consider what equipment and supplies you’ll need to do the job well.

Get creative to find the ideal gig for you

If these side hustle ideas don’t feel right for you, that’s okay. Take some time to think about what type of work you might enjoy doing in your spare time. You may be able to find a creative opportunity that fits your interests and skills better. It’s essential to choose a side hustle that you like. Otherwise, staying motivated may be challenging. If you’re looking to improve your financial situation, check out our free 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.The Motley Fool has a disclosure policy.

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Homeownership comes with many responsibilities that can be hard to manage. Luckily, these professions give substantial discounts. Find out what they are. 

Owning a home is a dream come true for many people. It’s a significant milestone that marks a sense of security, belonging, and comfort. However, the process of acquiring a house and getting a mortgage can be costly, time-consuming, and overwhelming. Fortunately, some professions open up access to exclusive discounts to make homeownership more affordable. Here are some of the professions that qualify you for huge discounts on house purchases.

1. Medical professionals

If you work in the medical field, congratulations! You could be eligible for a substantial discount on your future home from Nurse Next Door. The home buyers program offers grants of up to $8,000 and down payment assistance of up to $10,681. It also offers a free appraisal (up to a $545 credit at closing), free access to (MLS) home listings, a discount on title fees for first-time home buyers, and more.

Here’s who is eligible for the program:

Nurses (RN, LPN, NP)CNA’sDoctorsMedical assistantsMedical staffSpecialistsOrthodontistsEndoscopy/radiology techsLab techsChiropractorsDentistsVeterinariansHospital employeesPharmacist

Plus, there are many different federal, state, and local programs available to nurses and healthcare workers, including the State Housing Initiative Program (SHIP), Keystone Challenge Fund, and USDA Rural Program.

With these discounts, medical workers can save tens of thousands of dollars on their home purchases. You only need to show proof of your employment, and you’re good to go. So, if you’re a medical professional looking forward to owning a house, this could be your chance.

2. Teachers

Teachers play a crucial role in shaping the futures of many people across the nation. That’s why there is a wide range of programs offering educators a special discount for home purchases.

The Good Neighbor Next Door Program offers pre-K through 12th-grade teachers a 50% discount off the list price of homes in certain neighborhoods. Teachers need to live in the house for at least 36 months as their principal residence.

Another home-buying program offering discounts to teachers is Teacher Next Door. Similar to Nurse Next Door, it offers grants up to $8,000 and down payment assistance up to $10,681. There are also many other federal, state, and local programs teachers can apply for.

3. Military personnel

Soldiers who serve in the military face unique challenges and risks to keep the nation safe. To honor their service, there are many federal and state programs offering special discounts on housing purchases.

Soldier Next Door is a home-buying program offering, among other things:

Grants of up to $8,000Down payment assistance of up to $10,681A free appraisal (up to $545.00 credit at closing)Free access to (MLS) home listingsFree home buyer representationDiscount title fees

In addition, there are numerous non-profits, such as the Military Housing Assistance Fund, that pay for the closing costs for military members and veterans. If you are a veteran, do your research to find the program right for you. The VA Loan program is another popular program that offers substantial benefits for those who qualify.

4. Police officers and firefighters

Police officers and firefighters play an essential role in protecting communities and saving lives. Therefore, there are many programs offering them exclusive discounts on home purchases.

Two popular programs are Firefighter Next Door and Officer Next Door. Both programs offer many benefits, including:

Grants of up to $8,000Down payment assistance of up to $10,681A free appraisal (up to $545.00 credit at closing)Free access to (MLS) home listingsFree home buyer representationDiscount title fees

Anyone working in law enforcement, such as crime scene technicians, park rangers, and substance abuse counselors, qualify for the program. Similar to the other professions, there are other programs officers and firefighters can apply for.

Take advantage of discounts available to you

Owning a home is a significant investment that increases your net worth and provides a sense of stability and pride. While it can be a challenge to acquire a home, discounts targeted at specific professions can make it more affordable. For example, another popular program is Homes for Heroes, which helps all of the professions listed above save on average $3,000 when they buy or sell a home.

If you work in any of these professions, explore the home-buying discounts you are eligible for. You could be closer to owning your dream home than you think!

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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 positions in and recommends Target. The Motley Fool has a disclosure policy.

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The IRS might owe you money. Read on to see what you can do about it if you act quickly. 

The 2020 tax-filing season was an interesting one, to say the least. That year, the nation was upended due to the pandemic, and the IRS itself made the decision to close its field offices due to health-related concerns.

Because so many people were dealing with so many things at the time, the IRS moved its normal mid-April tax-filing deadline to mid-July in 2020, giving filers three extra months to submit their 2019 tax returns. But since it was such a chaotic time, many 2019 tax returns inevitably fell by the wayside.

At this point, the IRS estimates that nearly 1.5 million people have failed to submit a 2019 tax return and are missing refund dollars because of that. All told, the agency thinks taxpayers are owed $1.5 billion from 2019. But the clock is ticking down to get that money, so if you never filed a 2019 tax return, it pays to get moving quickly.

You still have time to get your tax refund

The IRS gives filers three years beyond when a given tax return is due to submit that return and request an associated refund. Since the tax-filing deadline for 2019 returns was pushed to July of 2022, those looking to file a return for that year can do so until July 17, 2023. But if you don’t submit your 2019 taxes by then, you’ll forfeit any refund you would’ve gotten.

Meanwhile, the IRS estimates the median unclaimed refund for 2019 at $893. So your refund may be more or less.

But the reality is that no matter what refund you’re due, you should make a point to arrange to have that cash hit your bank account rather than give it up. These days, many people are struggling to cover their bills due to inflation. So even if you’re only due a $100 refund from 2019, that’s an extra $100 you won’t have to charge on your credit cards.

There’s no penalty to worry about

You may be concerned that the IRS won’t take kindly to receiving your 2019 tax return three years late. But actually, when you’re due a refund from the IRS, there’s no penalty for being late with a return. The logic is that since the IRS gains financially in that scenario by getting to hang onto your refund for longer, it’s not going to then impose a financial penalty on you for being late.

When you’re late filing a tax return and you owe the IRS money, it’s a different story. But if you’re convinced you’re due a refund from 2019, it pays to get moving quickly. At this point, you have less than two months to claim money that could do a lot of good things for you.

The good news is that now that this year’s April 18 tax-filing deadline has passed, tax professionals are likely to be less swamped. So if you need help filing your 2019 tax return, you may be able to line someone up without a hassle.

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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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You don’t need a bachelor’s degree to earn six figures. Check out these five high-paying jobs you can get without going to a four-year college. 

I think we’ve all heard someone say “You have to go to college if you want a good job” at least half a dozen times in our lives. And while there’s no denying that a college education opens the door to many higher-paying positions, there are still quite a few jobs that offer great salaries to those who took a different path in life.

Here are five careers that pay upwards of six figures and are available to those with less than a bachelor’s degree.

1. Air traffic controller

Air traffic controllers made about $129,750 on average in 2021. Though many in this field have bachelor’s degrees, they’re not required. It’s possible to become an air traffic controller with an associate’s degree from an Air Traffic Collegiate Training Initiative Program. You’ll also have to be a U.S. citizen and submit yourself for medical, background, and other pre-employment tests. Once you’re hired, you’ll undergo more than 12 months of on-the-job training.

All of this is necessary because you’ll literally have thousands of people’s lives in your hands every day. But if you can handle that responsibility, you should be able to put quite a bit into your savings account each year.

2. Commercial pilot

Sticking with the air travel theme, you can also make great money as a commercial pilot. The median salary in 2021 was $134,630, and some pilots earn much more than this.

You don’t need a bachelor’s degree to become a commercial pilot, though some employers may prefer it. But you will need to attend a flight school and put in a lot of hours up in the sky. This isn’t always cheap because you’ll need to pay to rent or buy a plane and pay for its fuel.

3. Elevator installer

Elevator installers and repair people had a median salary of $97,860 in 2021, and there are plenty who earn six figures as well. This is a great option for those who are mechanically inclined, especially those who live in urban areas where elevators are a common fixture.

You don’t need any sort of advanced degree to be an elevator installer, though most states require you to be licensed. In order to obtain that license, you’ll have to apprentice yourself to a practicing elevator installer to learn the ropes.

4. Nuclear technician

Nuclear technicians work in the offices of nuclear power plants to monitor the reactors and make sure everything is running smoothly. The median salary for this position in 2021 was $99,340, and you only need an associate’s degree to enter this field.

The high pay makes sense when you consider there’s a chance you’ll be exposed to nuclear radiation working in a power plant. You could also have to work nights, weekends, or even holidays.

5. Software developer

Software developers are in high demand right now, with the median salary in 2021 sitting at $109,020. Many people in this field have at least a bachelor’s degree, and there are some employers who will only hire candidates with a college education. But this isn’t always the case.

Some companies are willing to hire software developers without a degree as long as they can demonstrate that they actually know how to do the work. You may need to show them some projects you’ve done in the past or outline the extent of your self-education if you learned software development through online courses.

These are just a few examples of the kinds of well-paying opportunities available to those without college degrees. In pretty much all cases, you still have to be willing to put in the time and money to obtain some sort of education, whether that’s an associate’s degree or on-the-job training. But don’t let that discourage you. Decide on your long-term goal and then break it down into smaller steps. It might take some time, but it can make a huge difference to your long-term personal finances.

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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.Citigroup is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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What could be better than french fries from McDonald’s? How about a discount? Check out these can’t-miss money-saving deals in the McDonald’s mobile app. 

Fast food isn’t the healthiest option, but it’s a convenient solution when life gets busy and you need a quick meal. The Dollar Menu may be a thing of the past, but you can still score a great deal at McDonald’s. The secret to getting the best prices is to download the McDonald’s mobile app. You’ll find deals for your favorite menu items and can earn rewards that can be redeemed for free food and drinks. These are the best deals you can get at McDonald’s right now.

1. $2 breakfast sandwich

First, a confession: I’m slightly obsessed with McDonald’s McGriddle sandwiches, so this deal is one that I know a little too well. During breakfast hours, you can score a $2 breakfast sandwich. Many of the more popular breakfast sandwiches from McDonald’s are usually between $4 and $5 or more, so this deal is worthwhile, especially if you’re on a budget.

Most McDonald’s breakfast sandwiches are eligible for this promotion — except for sandwiches that have steak on them. If you’re looking for inspiration, I recommend trying the sausage, egg, and cheese McGriddle. It’s the perfect combination of sweet and savory.

2. $1 Big Mac

You’ll love this deal if you’ve got a thing for the McDonald’s signature sandwich. Mobile app users can get a Big Mac for $1. This famous double-patty sandwich usually costs more than $5 when ordered a la carte, so this deal is a win for your wallet. This is the perfect promotion if you’re looking for a quick, filling, affordable lunch.

3. BOGO double cheeseburger or 6-piece McNuggets

Are you looking for a quick but affordable snack for you and your sweetie? Another fantastic deal available in the mobile app is a free double cheeseburger or 6-piece McNuggets when you buy one. This BOGO deal will save you around $3 — so it’s a win if you’re looking to satisfy your fast food cravings without draining your checking account. The hardest part will be deciding whether you want chicken nuggets, a double cheeseburger, or one of each.

Look for ways to save money when dining out

It can sometimes feel like it’s impossible to get a good deal now that prices are higher than they were in recent years. However, whether you’re ordering fast food or takeout from a restaurant, you can save money on your order if you’re strategic. You may be able to pay less for your food by taking advantage of promotions like the ones mentioned above.

Here are some ways to save money on takeout food costs:

Use mobile apps to access special deals.Join free loyalty rewards programs to earn freebies.Look for daily or weekly promotions.Order off the lunch menu for smaller portions and lower prices.Take advantage of delivery app credits and deals.Order pickup instead of delivery to save on delivery fees.Use the right credit card, as some offer perks and extra cash back on dining.

Employ some of these tips the next time you order food at the drive-thru or your favorite restaurant. While a discount of $2 or $3 may not feel like a big deal, even a little money saved can make a difference in the long run. Check out our personal finance resources if you’re looking for additional ways to save money on everyday expenses.

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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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