Before you rent an apartment, know how utility bills will be handled.
Utility bills may not be the most exciting aspect of adult life, but they are essential for anyone renting a home. Taking many shapes and forms, they can add up to take a significant chunk out of a renter’s monthly budget. This is why, when it comes to effectively managing finances, understanding utility costs is essential. Point2Homes put together a guide on the various utilities you’re likely…
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Retirement might seem far off, but saving consistently is the key to financial freedom later in life. The amount you need to save each month depends on how you want to live in retirement, how old you are, and your investment returns.
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If you’re aiming to retire by age 65, here’s a breakdown of how much you should set aside each month to stay on track.
A good rule of thumb is the “25x rule,” which suggests you should aim to save 25 times your expected annual expenses. For example, if you want to live on $50,000 per year from your savings, you’ll need around $1.25 million in the bank.
It might seem impossible to ever have more than $1 million in the bank, but by starting as early as you can and sticking to a savings plan, you can get there.
The stock market and interest rates will continue to go up and down, so exact financial predictions are impossible to make. But an average 7% annual return is historically a conservative average estimate.
If you want to retire by 65 with $1.25 million in the bank, here’s what you’ll need to save per month based on when you start:
| Starting Age | Monthly Savings Needed (Assuming 7% Annual Return) |
|---|---|
| 25 | $476 |
| 30 | $694 |
| 35 | $1,025 |
| 40 | $1,543 |
| 45 | $2,400 |
| 50 | $3,944 |
Starting early makes a huge difference. Thanks to compound interest, smaller contributions made in your 20s can grow into a sizable nest egg.
Even if you’re behind, there are ways to boost your retirement savings and catch up.
Many employers offer a 401(k) match, which is essentially free money. Make sure you’re contributing enough to your 401(k) to earn the maximum match your employer offers.
Using tax-advantaged accounts like 401(k)s and IRAs is one of the best ways to save for retirement. These accounts offer tax benefits that help your money grow faster. A traditional 401(k) or IRA lets you contribute pre-tax income, reducing your taxable income today while deferring taxes until retirement. A Roth IRA or Roth 401(k) uses after-tax contributions, but withdrawals in retirement are tax free.
Looking to open an IRA, but not sure where to start? Check out our list of the best IRAs to begin your search.
Leaving your savings in a low-interest savings account won’t cut it. Consider opening an online brokerage account and investing in a diversified portfolio of stocks and bonds to earn higher long-term returns. The S&P 500 has historically returned an average of 10%, and is one of the best places to let your money grow.
If you’re behind on savings, don’t panic. Increasing your monthly contributions, delaying retirement by a few years, or adjusting your investment strategy can help you get back on track.
The key is consistency — start saving what you can now, and your future self will thank you.
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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.
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If you’re the type of person who pays off their credit card bills every month, then it makes sense to buy almost everything with plastic. It’s convenient, you can rack up big rewards, and you get strong protections against fraud.
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But there are some cases where using a credit card could seriously backfire. Here are three things you should never buy with a credit card.
Some states allow you to buy lottery tickets with a credit card, and some don’t. However, even if you can, you should never do it.
When you buy a lottery ticket with a credit card, your card company treats the purchase as a cash advance. That’s because your ticket could be turned into cash immediately if you win.
You want to avoid any type of cash advance with your credit card, because:
A little gambling can be fun, so long as it’s not taking up more than a tiny portion of your budget. But the next time you want to buy a scratcher or a lotto ticket, use cash or a debit card.
There are some trading platforms that allow you to buy cryptocurrency with a credit card. However, the transaction will likely be treated as a cash advance for the same reason a lottery ticket purchase is: The thing you’re buying can be quickly converted to cash.
There are some downsides to this on top of the ones mentioned above:
Cryptocurrency investing is risky enough without adding a credit card to the mix. It’s best to make purchases from a savings or checking account.
Want to buy crypto safely and with no unnecessary fees? Check out our list of the cryptocurrency exchanges to get started.
Medical care in the U.S. can be incredibly expensive, so it’s no wonder people sometimes pay with a credit card. And that may be fine if you can repay the full balance right away.
But don’t use your credit card just because you can’t pay the full amount out of pocket. That could leave you buried in high-interest debt that takes years to pay off.
First, explore these options:
Borrowers with good credit scores can get personal loans with APRs as low as 6.99%. Check out our list of the best personal loans to see if you qualify.
And if you’re still unable to pay off your medical debt, you at least have some time before it hurts your credit score. Medical bills don’t show up on your credit report until they’re at least 365 days past due, and amounts under $500 are not reported at all.
Meanwhile, an unpaid credit card bill will show up on your credit report as quickly as 30 days past due.
I love my credit cards. They get me all kinds of discounts, and the points and miles they earn save me hundreds of dollars per year. But it can get a little too easy to use them for everything out of habit. Before you reach for the plastic, make sure you’re not about to cost yourself unnecessary fees or rack up avoidable debt.
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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.
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