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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Depending on whom you ask, the average cable TV plan costs anywhere from $83 to $217 per month. So even in the cheaper case, a new DIY package of streaming services highlighted by Consumer Reports can knock more than two-thirds…
Don’t give up on getting stimulus money that’s owed to you.
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In 2020 and 2021, the federal government issued a total of three stimulus checks to struggling Americans. This money went into bank accounts in order to help the population cope with the financial consequences of the COVID-19 pandemic and to help them cope with the consequences of the lockdowns that occurred as a result of it.
Most people received these payments a long time ago — but not everyone did. Some people who did not file tax returns never got their money. If you’re one of them, the good news is, you may still have options to get the payments you are owed. But, there’s a catch.
If you did not receive the full amount of any of the first three stimulus checks authorized by the federal government, you can still claim these funds, but the catch is that you must file a tax return now for the relevant year.
In other words, you would need to either file a 2020 tax return or a 2021 tax return even though we are now in the midst 2023 when returns are being accepted for the 2022 tax year.
It is very important to be aware that these past stimulus checks were authorized and delivered in different tax years. So, if you are missing all three payments, you would need to file separate tax returns for the 2020 and 2021 tax year. That’s because you can only claim the first two payments by filing a 2020 return and you can only claim the third payment by filing a 2021 return.
The good news is, if you did not owe any taxes for these tax years, you can file a late return without incurring a penalty for failure to file. You can submit your forms and get any refund you are owed, including stimulus money that went unpaid, with no adverse consequences to you.
And if you filed a return but didn’t claim the credits, you can submit an amended return.
If you missed out on stimulus funds you were owed, you may have received a letter from the IRS alerting you to the fact you were entitled to this payment. If you got this letter and didn’t act yet, you should do so now and get your tax returns submitted ASAP.
You can also check your online IRS account to access your tax records and see the total amount of all three stimulus checks to help you determine if you are missing any of the money.
If you didn’t receive your payments and are owed stimulus money, don’t leave it on the table. Get your tax returns in ASAP for the relevant tax years to get the money the government owes you. There’s no reason to pass up thousands of dollars in financial relief that could help put food on your table or pad your emergency fund when it’s just a matter of some paperwork.
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Don’t miss out on valuable credit card perks that could help you reach your health goals.
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Sure, credit cards offer a convenient way to pay for everyday purchases. But credit cards can also come with perks that may make your life better. If you’re working to reach your health and fitness goals, your credit card could help you be more successful. Some of the best rewards credit cards offer fitness and health-focused benefits and allow you to earn rewards on eligible wellness purchases. Here’s how your credit cards can help you stay healthy.
You could earn rewards by using an eligible credit card to purchase branded fitness equipment and other fitness essentials for your home. If you prefer to work out in the privacy of your home, you can create your ideal fitness oasis by investing in equipment and sporting goods that helps you reach your health goals. Before spending money, check to see if your credit cards offer the chance to earn rewards on these purchases.
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If you’re looking to take your fitness goals to the next level, you may be planning to purchase fitness equipment. Before doing this, don’t forget to look at your credit card benefits. Some credit cards give users a statement credit (a credit applied to the account) when they use their cards to buy qualifying fitness equipment. This benefit could be an excellent way to save money as you create the perfect fitness space in your home.
If you’re paying for a gym membership or fitness classes, don’t miss out on the chance to earn rewards. You could earn cash back rewards for these purchases if you pay with the right credit card. It turns out investing in your health could be a win for your body, mind, and wallet.
Some credit cards offer statement credits for eligible fitness membership expenses. You may be eligible to earn monthly or yearly statement credits for in-person or digital fitness membership fees. This credit card perk could make committing to your health goals more affordable.
Some cash back credit cards offer rewards on drug store spending. Whether you’re loading up on protein bars, vitamins, nutritional supplements, or other health-related essentials, you can boost your rewards by paying with the right card at checkout. Don’t miss out on the chance to earn rewards on these purchases.
While making health choices comes at a cost, it’s important to remember that your health and well-being are always No. 1. If you want to invest in your health this year, check to see if you can earn rewards or take advantage of money-saving discounts by getting a new rewards credit card. If you don’t yet have a credit card that rewards you for making healthy life choices, check out our list of the best credit cards to learn more.
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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.
Make sure to cross these off your list.
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Retirement is a period of life to get excited about. After all, it means getting to live on your own terms without being bound to a job.
But the closer you get to retirement, the more you might need to buckle down on the savings front. And these moves could help ensure you’re not only set financially for retirement, but that you benefit from a tax perspective along the way.
Discover: Find the best tax software for your situation here
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Ideally, you’ll be nearing retirement with a decent chunk of money in your IRA account. But it certainly wouldn’t hurt to pad your long-term savings, especially if you’re not so confident in the amount you have socked away.
Fidelity recommends having 10 times your salary saved by the time you retire. So if you’re within 10 years of retirement and you earn $75,000 a year, it means you’d ideally want a $750,000 nest egg.
Now, all isn’t lost if you haven’t saved that much. There are ways you can compensate for having less savings, such as relocating to a less expensive part of the country or working part-time as a retiree to generate income.
But if you have an opportunity to make catch-up contributions in your IRA, you should probably do so. Those are worth $1,000 a year, and while that may not seem like a ton of money, every little bit helps. Plus, that’s an extra $1,000 of income the IRS won’t get to tax you on along the way.
Healthcare is commonly a major expense for retirees. So it pays to pump money into a health savings account, or HSA, if your health insurance plan is compatible with one.
The great thing about HSAs is that you don’t have to use up your plan balance year after year. You can invest money you don’t need right away and carry it into retirement.
This year, HSA contributions max out at $4,850 for workers 55 and over with individual health coverage, or $8,750 for those 55 and over with family-level coverage. And the money that goes into your HSA isn’t taxed, so you get that benefit, too. Plus, HSA withdrawals are tax-free as long as that money is used to pay for qualified medical expenses.
Maybe you’ve saved in a traditional IRA all your life because you wanted to get a tax break on your contributions. Now’s the time to think about converting some of that money to a Roth IRA.
Unlike traditional IRA, Roth IRA contributions don’t result in an immediate tax break. But Roth IRA withdrawals are tax-free, whereas traditional IRA withdrawals are not.
Money might get tight or harder to manage in retirement. So not having to pay taxes on some of your income could be a huge perk.
Now to be clear, when you do a Roth IRA conversion, you move over a sum of money you must pay taxes on immediately. So moving $20,000 from a traditional IRA to a Roth will mean owing taxes on that money this year. But you won’t owe taxes on it later, so if you can swing that near-term tax bill, it may be worth it.
It’s a good idea to do your share of retirement planning from an early age. But as that milestone nears, it’s especially important to focus on it. All of these moves could set you up for financial success in retirement, so they’re worth putting on your list.
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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.Maurie Backman 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.
Maybe love doesn’t quite conquer all.
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While people usually don’t start pulling out paystubs on a first date, it’d be naive to pretend that income doesn’t matter at all to potential partners. A massive salary certainly isn’t a necessity. But a low salary could be a dealbreaker, and where people draw the line may surprise you.
Americans say that the minimum salary they’re looking for a partner to make is $29,878, according to a survey by Western & Southern Financial Group. That’s not far off the median personal income, which was $37,522 in 2021. So, if that’s the median, it’s safe to say that a sizable portion of the population is below that “undateable” threshold.
This doesn’t mean you should feel bad about your salary or that your chances of finding someone are doomed. But it never hurts to raise your income, especially if it’s currently on the low side.
Making more money may seem like a daunting task. It’s actually far more achievable than many people realize. There are all kinds of ways to earn more, so let’s look at some of the best options.
Often, the simplest option is to ask for a raise at your current job. That doesn’t mean it’s the easiest option — asking for a raise can be nerve-wracking. But if you do a good job, you deserve to be compensated for your hard work. Keep track of your achievements, present them to your manager, and request a higher salary.
Another option that involves moving up with your current company is to get a promotion. Big earners are always looking for opportunities to make more. Talk to higher ups about what openings are available and apply for anything you qualify for.
If you feel undervalued where you work, start looking elsewhere. While some workers have success getting a raise, often, the best way to increase your salary is to change jobs. Get your resume ready, start browsing job boards, and look for networking opportunities.
Another great way to make more is to add a new source of income. Starting a small business is one option, and there are some that you can launch online with minimal startup costs, such as buying and flipping products. You could also become a freelancer offering a service you’re good at, such as graphic design, photography, or teaching a second language. With either option, you can build it around your work schedule, and then potentially make it your main source of income after it grows.
If you’re in a low-paying job that doesn’t offer advancement opportunities, consider working on skills that you can leverage into a high income. You could pursue higher education and get a degree or complete a certificate program. But there are also career paths you can enter with classes and other resources that are available online. It’s easier than ever to build your skill set, so make sure to take advantage.
It may be disheartening if your income is below or near the minimum salary Americans said they wanted a partner to make. Keep in mind that $29,878 is just the average minimum number based on survey responses. It doesn’t mean everyone has the same salary expectations for a partner.
The average income varies quite a bit depending on factors such as where you live and your age. It stands to reason that people in areas with a low cost of living, as well as younger adults, have lower salary expectations than people in high-cost-of-living areas and older adults established in their careers.
Last but not least, it’s usually not so much your income that matters when dating. Most people are primarily concerned with their partner’s financial stability and work ethic more than the exact amount they make. The concern if someone has a low salary is more that they may also have money issues or a stagnant career.
If someone has a low salary, tons of credit card debt, and puts in no effort to advance their career, that combination of issues can certainly be a turnoff. But your salary alone doesn’t need to be a dealbreaker. If you still manage your personal finances well, don’t have any big money problems, and are working hard to move ahead in your career, that all goes a long way.
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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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