Money Management

A writer expects to spend more on home maintenance in 2023. Read on to see why. 

When you buy a home, you don’t just commit to making a mortgage payment every month. You also sign up for a host of additional expenses, from homeowners insurance to property taxes to maintenance.

For some of those expenses, you really don’t get a say in the cost. Sure, you could try to appeal your property tax bill and shop around for better homeowners insurance rates. But for the most part, you’re told what to pay, and you then have to factor those costs into your budget.

Home maintenance is a little different. Not only can the cost be variable, but the more of it you’re willing to do yourself, the less money you might end up spending. But this year, I expect my home maintenance costs to go up for one very big reason.

I’m planning to do less hands-on work

Normally, my husband and I do our share of home maintenance but also outsource certain tasks when it makes sense to do so. Take gutter cleaning, for example. That’s hazardous work that could result in serious injury. So it’s well worth it to pay a service $180 to clean out our gutters rather than risk bodily harm and an emergency room bill.

We also pay a landscaping company to mow our lawn during the year. Our cost ends up being about $30 per cut, whereas to do that work ourselves, it would easily take 60 to 90 minutes if not longer.

This year, however, we plan to outsource even more home maintenance because we both have a lot going on. My husband and I volunteer in our community in different ways. He runs a Cub Scout den, and I run programs and fundraisers at my daughters’ school. We also both work full-time and have our kids in a lot of activities, which means on evenings and weekends, we’re busy shuttling them places.

All told, that doesn’t leave us a lot of time to tackle home maintenance. And rather than give up our limited downtime, we’ve decided that this year, we’re going to throw a bit more money at upkeep to free up hours for ourselves.

A decision that makes logistical and financial sense

Paying for home maintenance so I don’t have to do it myself makes sense on multiple levels. First of all, I value my downtime, and I don’t get all that much of it. So I’d rather pull a few extra hundred dollars out of my bank account than give up time with my kids, my books, or my friends.

Also, I happen to be self-employed, so I can easily justify the extra costs. The way I see it, if I spend some of the time I’m not doing maintenance on work, I can boost my income and make up the difference.

As an example, I often spend an entire day on a weekend with my husband painting our deck. We might spend a few hundred dollars to hire someone to do that work. But I might be able to work half a day on a Saturday or Sunday, make up the cost, and then have the remainder of the day to myself.

All told, home maintenance tasks aren’t something I particularly enjoy. So I’d rather carve out room in my budget to pay someone else to do them.

Now, if you feel differently about home maintenance, then by all means, save your money. A recent Angi survey found that 59% of men said home maintenance is rewarding. So if you enjoy getting your hands dirty, great. If not, and you can afford to outsource that work, there’s nothing wrong with that.

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Credit cards may be convenient, but they also be a source of unease. Read on to see how to manage yours savvily. 

There’s a reason U.S. consumers routinely use credit cards on a regular basis. Not only do they make it more convenient to pay for purchases on the spot (as opposed to having to run to the nearest ATM for cash), but many reward cardholders with cash back on the things they buy.

But while credit cards might make it easier and even more financially rewarding to shop, they also have the potential to wreak havoc on your mental health. A recent survey by Debt.com found that 34% of credit card users feel stressed. That’s up from 21% who said the same in 2022.

Also, this year, 43% of credit card users said that the simple act of looking at their monthly statements was a source of stress. Last year, only 39% said the same.

If credit card usage has been a source of stress for you, one option is to simply stop. There’s no rule stating that you have to have a credit card to function in society. But if that’s not feasible or desirable, then here are some steps you can take to keep calm in the course of using credit cards.

1. Know your credit card due dates

Some of the stress related to credit card usage might stem from worrying about how you’ll pay your bills. So it’s very important to have a sense of when your bills are due. You can use that information to swipe your credit cards strategically.

Let’s say you have the same spending limit on two different cards, only one has a billing cycle that has you owing a payment a week earlier than the other. If money is tight, it would make sense to use the card with the later due date in a situation where you can’t put off the purchase in question.

2. Check your balances weekly

When you have no idea how much you’ve racked up on your credit cards, having to look at those monthly statements might send you into a panic. To avoid that, check your balances weekly. Not only will that give you a strong sense of the final bills you’ll be looking at, but it might prompt you to pull back on spending if those balances are climbing higher than what you’re comfortable with.

3. Set a budget so you don’t charge too much

Following a monthly household budget could make it easier to avoid credit card debt. If you know how much you can afford to spend in different categories, from food to apparel to personal care services, then you might avoid a scenario where your credit card bills are higher than what your paycheck can manage.

You can set up a budget on a laptop using a spreadsheet or even go old school with pen and paper. And if you’re a little more savvy than that, using a budgeting app might be a good bet.

4. If you have to carry a balance, choose the card with the lowest interest rate

These days, inflation is forcing a lot of people to fall back on their credit cards. Even if you do your best to spend carefully and track your balances, you might end up in a situation where you can’t pay off a given credit card in full by the time its bill is due. But if you’re aware of what interest rates your credit cards charge, you’ll be able to minimize the financial pain in that scenario by opting for the card with the lowest one.

It’s easy to see why credit card users are stressed in general — and are more stressed these days than they were a year ago. But if you follow these tips, you might manage to alleviate some of your stress — and avoid or limit your debt in the process.

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Anyone who says learning can’t be fun hasn’t visited the right places. Use this trick to check out all the best institutions for cheap. 

Although they’re often maligned with the dreaded “educational” label, museums, science centers, zoos, and aquariums can actually be tons of fun for the whole family. (I don’t care how old you are, sharks and dinosaurs are always cool!)

They can also be a great way to have an adventure without hitting your personal finances too hard. For one thing, most of these institutions are fairly affordable for a one-time visit. They also typically offer something even more economical: annual memberships.

An annual membership with your local institution typically gives you unlimited access. This can be a huge savings if you’re going to visit at least a few times a year (these spots make awesome rainy-day getaways!).

However, that’s not the only — or, arguably, even the best — reason to join. A membership with a local museum, zoo, or aquarium can also unlock free or discounted tickets to hundreds of reciprocal institutions around the country — and even the world.

Reciprocal associations

Many of these institutions are part of larger organizations that participate in reciprocal networks. In other words, if you’re a member of a participating institution, you can receive reciprocal benefits — including free or reduced-price admission — to any other institution in the organization.

Here are some of the most popular reciprocal programs:

Association of Science and Technology Centers (ASTC)North American Reciprocal Museum Association (NARM)Association of Children’s Museums (ACM)Association of Zoos and Aquariums (AZA)

Typically, your reciprocal benefits will mean you get 50% or 100% off admission prices. If the reciprocal institution is already free to the public, you may get other valuable perks, such as gift shop discounts.

For example, the Museum of Science in Boston, Massachusetts is a member of the AZA that offers a 100% discount at any other institution in the AZA reciprocal program. This means getting an annual membership at the Museum of Science would get you free admission to hundreds of participating institutions, from the Toronto Zoo to the Shedd Aquarium.

Investing in cheap fun — and a good cause

The cost of a membership can vary a lot from place to place, and is based on the membership tier and/or number of people. Most institutions have plans for singles and couples as well as families. (Or, if you’re feeling particularly generous, you could get a sponsor-level membership that comes with extra perks at your local institution.)

In general, expect to pay $50-$100 per adult, per year, to become a member. While this might sound a little pricey on the surface, a membership often pays for itself in just two or three visits.

Even if you don’t manage to make up every penny of your membership every year, I don’t consider it a waste of money. Why? Because that money usually goes right back into the institution. So, your membership fee helps feed the fish, preserve the artifacts, and educate the masses.

Other ways to save

If the cost of a museum membership still feels a bit prohibitive, there are a few other ways you can save. For example, many institutions will run deals on discounted memberships for students, as well as offers for returning members.

And don’t forget about credit card rewards. A good entertainment card can earn you 3% to 5% in rewards on your membership, as well as for food and gift shop purchases.

Folks who don’t want to join their local institution — or who may not have one nearby — can instead look into CityPass. This program bundles tickets to a variety of destinations in the same city, usually at a great discount.

As exciting as theme parks and sporting events can be, don’t underestimate the entertainment value of destinations like museums, science centers, zoos, and aquariums. Not only are they far more fun than we give them credit for, they can also be a fantastic deal for hours of quality entertainment.

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Sethi says you must know what you value if you want to live a rich life. Find out why he’s spot-on with this advice. 

Living a rich life is a good goal when it comes to managing your money. After all, the point of working hard isn’t just to have a big bank account balance — it’s to accomplish financial goals that are important to you and do things with your hard-earned cash that make you happier throughout your life.

It’s difficult to figure out how to live a rich life, though. If you aren’t sure how to make that happen for yourself, this advice from Ramit Sethi can help.

Here’s what Sethi says is necessary for a rich life

According to Sethi, there’s one key thing you must do if you want to live a rich life. “To live a Rich Life, we have to know what we value,” Sethi said. “You intuitively know this. It’s the area of life where you’d happily spend more.”

But, he explained that while many people may think casually about the areas where they would increase their spending if they could, they never really take the time to consider what this would actually look like.

“Most of us have never actually thought about what spending more would look and feel like. We never get specific,” he explained in a tweet.

Sethi thinks this is a problem because many people focus on making a budget and depriving themselves or setting restrictions when it comes to managing their money, rather than figuring out how to spend consciously to make the most of their hard-earned funds without jeopardizing long-term security.

How to make a plan for a rich life

Sethi is absolutely right to stress the importance of using your money in a way that brings you the most happiness — and to focus on this, rather than just on things you can cut out of your life. If you want to find a balance so you end up with plenty of cash in your brokerage account and so you get to enjoy life now, the key is to take care of the essentials first and then be conscious about where you want the rest of your cash to go.

I’ve actually done this personally — and here’s how I made it happen.

First, I set some hard-and-fast money rules to make sure I didn’t end up off track from my long-term financial goals. These included:

Avoiding high-interest consumer debt so my money isn’t sucked away in interest costs.Keeping my housing costs below 25% of my income.Saving 20% of my income.Automating my savings so it goes where it needs to each month, and setting up autopay on my credit cards to ensure they’re always paid in full.

After that, everything left over was mine to spend. Then, the key was to decide where to spend it. For me, I wanted to increase the amount of time I spend traveling, so I actually tripled my travel budget. In order to make that happen, I also thought about what I didn’t value as much.

For instance, since I work from home, I don’t really care very much about clothes at all. I decided to change where I buy my clothing to a less expensive store, to cut the amount of new clothes I buy in half, and to primarily start shopping at secondhand stores for clothes for my kids since they outgrow things quickly. This ended up freeing up about $2,000 dollars a year — enough to fund an extra vacation.

I didn’t have many other things I wanted to cut from my spending since I was already being pretty reasonable with most things — and I wanted to make my life rich, not feel poor and deprived by stripping every last luxury from my budget. So I opted to try to increase my income to come up with the rest of the money I needed. I committed to working an extra few hours a week in order to fund two additional vacations a year.

Now that my spending is done more consciously, I don’t have to stress about money because I know it’s going where it should and I get to take more awesome trips.

You may find if you tweak spending on things you don’t care about, you can actually spend the amount you wish to on the things that matter the most. If you do, you’ll be able to live your rich life simply by allocating your money smartly. And if you still fall a little short, this can create the incentive to increase your income so you can hit your target number — so that rich life can become yours to enjoy.

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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.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuit and Target. The Motley Fool has a disclosure policy.

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Sometimes, it pays to throw money at home maintenance. Read on to learn more. 

Owning a home doesn’t just mean committing to paying a mortgage every month. You also have to do your part to keep your home in great shape.

Now there are certain home maintenance items you might need to tackle all year long. But a number of outdoor maintenance items tend to become necessary during the spring. And you may be wondering whether it pays to do those jobs yourself versus hire help.

To see what makes the most sense, you’ll need to ask yourself a few questions:

How much does it cost to outsource this work?How dangerous is the work?Do I have time to do the work myself?

Here’s an overview of some common spring maintenance items — and how costly and hazardous they tend to be.

1. Landscaping

Spring is a popular time to plant flowers, trim your shrubs, and get your lawn and backyard into great shape. Plus, you’ll need to start mowing your lawn on a regular basis to prevent it from getting overgrown.

None of this is particularly dangerous work if you know what you’re doing and have the right tools (wearing gardening gloves, for example, is a must). But whether you have the time is a different story.

HomeGuide says that landscapers typically charge $50 to $100 an hour for a two-person crew, but rates vary based on the scope of the job at hand. You might also be able to sign up for a seasonal package if you’re looking for a recurring service, like having your grass cut weekly.

2. Gutter cleaning

Gutter cleaning can be dangerous work. Although it’s not particularly difficult, it generally requires you to balance on a tall ladder to access your gutters and remove the gunk, leaves, and grime that’s accumulated.

Angi says that gutter cleaning costs an average of $162 to hire someone. That might seem like a lot of money to pay for what could be a 20-minute job or so. But think about it this way. By not doing the work yourself, you’re not only keeping yourself safe, but also, keeping away from the ER. And a hospital bill in the event of an injury could end up costing you far more than $162.

3. Pressure washing

It’s common to pressure wash your deck, patio, and siding during the spring so your exterior looks nice. The cost to rent a pressure washer is $100 on average, says HomeAdvisor. Angi, meanwhile, says that the average cost to hire a pressure washing company is between $190 and $400.

Now obviously, your cost will depend on the size of your home. But either way, doing the work yourself could be a source of savings.

Operating a pressure washer isn’t as easy as you might think it is, though. And it might take you several hours to finish cleaning your property. Plus, if you’re not careful, you could hurt yourself or damage your property by mishandling your rented pressure washer. So you’ll need to decide if it’s worth it to pay someone to tackle the work for you.

4. Deck painting

If you have a wooden deck, painting it every year won’t just help it look nice. It might also serve the very important purpose of protecting your deck from the elements and ensuring that it lasts.

Forbes says that the average cost to hire someone to paint your deck is $25 to $100 per hour. Clearly, that’s a wide range, so your best bet is to get quotes if you’re looking to outsource this particular project.

Now the good news is that painting a deck isn’t particularly hazardous to your health. On the other hand, it can be time-consuming. So you’ll need to figure out if it’s worth giving up what could be an entire Saturday or Sunday to get the job done.

The less money you have to spend on home maintenance, the more you get to keep tucked away in your savings account. But in some cases, it really can pay to outsource some of the items above.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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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