One state removed its sales tax on nearly all groceries. May Na Phatthalung / Shutterstock.com
Often, a new year comes with new tax laws — for states as well as at the federal level. Some states have new sales tax laws coming into effect. Some states have reduced their sales taxes, making purchases a little less expensive. On the other hand, some states have raised sales taxes, and those new rates could impact you at the store. The Tax Foundation keeps up with state tax changes…
Before booking a vacation rental, review all costs — including fees.
Image source: Getty Images
For some travelers, staying in a vacation rental is more enjoyable than a hotel. If you don’t love hotels, you can look for vacation rentals that offer more space and home-like amenities. You may be able to save money on accommodation costs by renting someone’s home or apartment instead of staying in a hotel. But before booking your next vacation rental, make sure you consider fees. Here are some fees to know about before reserving an Airbnb rental.
Many Airbnb hosts charge cleaning fees. This one-time fee is charged to help cover cleaning costs between stays. Cleaning fees can vary from property to property, so it’s a good idea to compare multiple rentals as you look for a place to stay. If you look around, you may find a rental that charges more affordable cleaning fees.
Airbnb charges service fees to cover its operating and service costs. Before completing the checkout process, you’ll be shown a breakdown of the total booking costs, including service fees. While this is a standard fee, the total costs can vary by property, so be sure to compare rental options as you look for a place to stay. Some rentals may have lower service fees.
Some Airbnb rentals are pet friendly, but you may need to pay more to bring your furry companion. Airbnb lets hosts charge pet fees, and the fee is built into the nightly rental rate instead of being shown as a separate line-item charge. You can explore pet-friendly rentals by selecting the number of pets you plan to bring during the search process. It’s worth noting that pet fees don’t apply when bringing service animals.
Airbnb wants to make it easier for travelers to compare prices. The company recently introduced a new search feature that allows guests to search potential rental properties by total price, including fees. This tool could help you avoid surprise fees during the checkout process.
Here’s how to toggle on total pricing display: At the top of Airbnb’s homepage, you’ll see a notice that reads, “Show total prices upfront.” Click on the “Learn more” link. You’ll be shown a popup and can click “Try now” to activate this feature or select “Maybe later.”
Once you start using Airbnb’s total pricing tool, you’ll be shown the total cost, including fees, and can easily compare rental options that fit your vacation budget. You can also see a breakdown of all costs when reviewing the booking details before completing the checkout process. Be sure to check the pricing details to make sure you understand all of your travel expenses.
As you plan for an upcoming trip, don’t neglect to compare hotel and vacation rental costs at your destination. You may be able to keep more money in your checking account and stay true to your vacation budget by opting to stay in an apartment or home. But make sure you consider all costs, including fees, to keep on track with your personal finance goals.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
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.
She has one short-term goal and one long-term goal to help you build your savings.
Image source: Getty Images
Saving money consistently is one of the most important financial habits. Everyone needs money for emergencies and future expenses. To be successful with putting money in your bank accounts every month, it helps to have savings goals to work toward.
Popular financial advisor Suze Orman shared two savings goals last month. They’re intended to help you prepare for a recession, since that’s a concern in the near future, and get your emergency savings in order. Here’s what she recommends.
Save: This credit card has one of the longest 0% intro APR periods around
More: Save while you pay off debt with one of these top-rated balance transfer credit cards
Orman says your long-term goal should be to have an emergency fund that can cover you for a year. While Orman used to recommend an eight-month emergency fund, she raised that recommendation in 2022 due to economic uncertainty and inflation.
To figure out how much you need to save for this goal, add up your essential monthly living expenses. Remember that you’re not using the total amount you spend per month, but the amount you spend on the essentials, like your home, groceries, utilities, and everything else you can’t do without. Take the answer and multiply it by 12.
For example, let’s say your essential bills cost $3,000 per month. You’d need to save $36,000 to amass a 12-month emergency fund like Orman recommends. This obviously doesn’t happen overnight, which is why it’s the long-term goal, and why Orman also provides a short-term goal to help you stay on track.
To build up a 12-month emergency fund, Orman suggests pushing yourself right now on your savings. If you currently have a three-month emergency fund, work hard to get it to four months. Once you have four months of living expenses saved, aim for five, and so on.
It takes time to save a year’s worth of living expenses in your bank accounts. There are a few things you can do to save more quickly:
Make saving money a habit. Figure out how much you can afford to save per month. Then, automate your savings by setting up recurring transfers to your emergency fund account.Look for areas where you can cut costs. You may find that there are bills you could reduce or get rid of entirely. To get stricter about your spending, check out budgeting apps that help you keep better track of where your money goes.Use the right type of savings account for your emergency fund. High-yield savings accounts are the best option, because they offer high interest rates.
Orman definitely gives readers the right idea about saving for emergencies. Every adult needs a stout emergency fund, as you never know when you’ll need extra cash. If you experience a job loss, you could spend months without income, so it’s important to be prepared.
A 12-month emergency fund is on the high side. The standard recommendation is between three and six months of emergency savings. However, Orman isn’t the only expert who recommends more than that. There are others, like Ramit Sethi, who also believe that 12 months is the way to go. The exact amount is up to you, but more money does provide more security.
The advice to hustle hard so you can boost your savings is also sound. If your emergency fund isn’t where you want it to be, that should be a financial priority. There may be a recession this year, and if so, a sufficient emergency fund is a key part of being ready. Work on your savings now for more peace of mind later.
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.
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.
There’s no need to spend more money on rent than you can afford.
Image source: Getty Images
There’s a reason rent prices rose in 2022. Last year, a combination of elevated home prices and mortgage rates drove many would-be buyers out of the real estate market. Those people still needed a place to live, though, so they sought out rentals. And that uptick in demand drove the cost of rent upward in a serious way.
But thankfully, rent growth slowed a bit in December compared to November, as per recent Rent.com data. That month, the median rent price dropped to $1,978, representing a 1.41% dip from November and the lowest median price since April of 2022.
That said, in December, rent prices were still up 4.77% year over year. And many people are still struggling to afford housing given the way prices have been surging.
That’s why it’s so important to make sure you’re getting a fair price for your rental.
Let’s get one thing out of the way. While $1,978 might represent the median national rent payment in December, in some parts of the country, that will barely get you a studio apartment. In other parts, meanwhile, you might pay considerably less than $1,978 for a comfortable two-bedroom home.
That’s why it’s more important to focus on your local rental market than the national median rent. If you’re living in New York City and paying $1,978 a month for a decent-sized apartment in great shape, you’re getting a fabulous deal. But if you’re living in a much smaller city where the typical apartment rents for $1,200, then paying $1,978 means you’re likely getting ripped off — either that, or you may be paying for more amenities than you need.
So how do you know if your rent is fair? It’s simple: Do some research. Talk to real estate agents and brokers in your area to get their take, and look at as many similar properties as possible to see how your rent compares. If you’re paying more than renters in similar homes or apartments, and your neighborhood and amenities don’t make the extra cost worth it, then you should consider moving when your lease is up.
You may also be able to renegotiate your lease when the time comes to renew. Show your landlord the average rent for similar properties in the area and make a case for lowering your rent. If you’re in an apartment complex, look for similar apartments on the property that are available for a lower cost. Then tell your landlord you’d like to move into the other, cheaper unit unless they can lower the rent for your current unit. They just might say yes.
Remember that you have some leverage in these negotiations: Your landlord will probably want to keep you if possible, as they will lose money every day your unit sits empty.
If you’re in the market for a new rental, then it’s essential that you do your research to figure out the market rate for homes in your neighborhood. But it’s also important to know how much rent you can afford personally.
To that end, try to limit your rent to 30% of your take-home pay. If you bring home $5,000 a month after taxes and other deductions, your goal should be to keep your rent payments to $1,500 or less.
Now, there is some wiggle room with this formula. Let’s say you’re moving to a city that won’t require you to have a car. That means you won’t have to deal with a monthly auto loan payment, gas, maintenance, parking fees, or car insurance. In that situation, it might be OK to spend 35% to 40% of your take-home pay on rent, or even a touch more if doing so means getting access to a safe, comfortable home in a convenient location.
But otherwise, do your best to limit your rent payments to 30% of your take-home pay. That could help you avoid a scenario where you start to fall behind on your rent payments or other bills.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
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.
30 isn’t the new 20. It’s even better.
Image source: Getty Images
Although the media would have you believe life ends after your 20s, the reality is that it often gets better. You’re smarter, wiser, and better able to tackle the problems life sends your way. What’s more, you’re also part of the primary marketing demographic; people in their 30s make up the largest portion of the U.S. population, with 14% of residents in the 30-39 age bracket.
One of the best things you can do with that age-born wisdom is take better care of your finances. And this extends to your credit cards. Here are a few smart credit card moves you can make in your 30s to improve your financial health — and life in general.
Save: This credit card has one of the longest intro 0% interest periods around
More: Save while you pay off debt with one of these top-rated balance transfer credit cards
This one is a good move no matter your age, but it can be especially important in your 30s. That’s because card debt can be a big red flag when applying for other types of credit, such as auto or mortgage loans.
There are a variety of methods you can use to tackle credit card debt. If you have multiple credit cards with balances, consider using one of these two popular approaches:
The Avalanche Method: With this strategy, you organize your debts according to the interest rates. You pay off the card with the highest APR first, then focus on the next-highest rate, and so on. With this method, you save the most money, since your most expensive debts are paid off first.The Snowball Method: With this strategy, you organize your debts according to the size of the balance. You pay off the smallest balance first to get an early win. Then, move on to the second-smallest balance, and so on. With this method, you get consistent motivation from seeing your debts disappear. You can use our debt snowball calculator to explore this method.
Most of us spend our 20s figuring stuff out. This time can include college, entry-level jobs, and starter credit cards. By the time you’re in your 30s, however, you may be in a much better place in terms of your credit and finances.
That makes now a good time to explore your options for upgrading old credit cards. For example, maybe you still have a student credit card from your first years of college. That card probably isn’t nearly as useful now as it was then, so it may be time to trade it in for something better.
In some cases, you may be able to request a product change from your issuer. This allows you to keep the credit line intact while providing a card that better suits your current needs. The downside to this method is you probably won’t be eligible for any sign-up bonuses.
Alternatively, you can always cancel the card and reapply for a new card with better perks and rewards. Closing card accounts can have credit repercussions, but as long as the rest of your credit profile is strong, they should be minor.
While you’re thinking about new cards, make sure you’re taking into account your current spending habits. The things we spend our money on in our 30s are usually vastly different from what we purchased frequently in our 20s. (I spend way less on bar tabs now, and way more on home utilities).
Aim to maximize your credit card rewards by choosing cards that offer high rewards rates on the categories in which you spend the most. Are your grocery store bills a big chunk of your monthly budget? A card with 6% cash back on grocery purchases could earn you a lot of rewards.
Whether you’re taking your growing family on summer vacation, or exploring international destinations with your partner, the best travel rewards cards can take your experience to the next level.
Several travel cards offer complimentary airport lounge access, for instance. This can turn a long layover into an enjoyable interlude. And hotel elite status, another common card perk, can save you money with free breakfast or room upgrades.
Most travel rewards cards require at least good credit. And the top cards will come with high annual fees, so do the math to make sure they’re worth the cost.
It’s perfectly natural to mourn your 20s. (I personally miss standing up without clicks and pops!) But your 30s can also be pretty awesome. You’re more established, have more confidence, and can use your life experience to avoid some of the silly mistakes you made when you were younger.
So, while it can be tempting to hang on to certain aspects of our youth — your old credit cards may not be worth the sentiment. Your 30s are a perfect time to tackle old debts, upgrade old cards, and take advantage of new access to better cards and rewards.
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read our full review for free and apply in just 2 minutes.
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.
There’s a reason personal loans are so popular, but think carefully before you take one out.
Image source: Getty Images
When you need to borrow money, you could run up a balance on your credit cards and pay it off over time. And if you have a high enough spending limit, you may not even have to deal with the process of asking for a credit limit increase to get access to the money you need.
But borrowing via a credit card could mean paying a lot of interest on your debt. That’s because credit cards not only tend to charge high interest rates, but also, compound interest frequently so your balance grows even more. And so if you need money, a better bet may be to turn to a personal loan.
Discover: These personal loans are best for debt consolidation
More: Prequalify for a personal loan without impacting your credit score
A personal loan lets you borrow money for any purpose. And if you have great credit, you may find that you’re able to snag a competitive interest rate on a personal loan — and a much lower rate than what a credit card might charge.
Furthermore, personal loans are unsecured, so you don’t need to put up a specific asset as collateral on one. This means that not owning a home doesn’t have to be a barrier to borrowing.
During the fourth quarter of 2022, U.S. personal loan balances reached $222 billion, according to recent data by TransUnion. But while there are certainly benefits to taking out a personal loan, there are some drawbacks to consider, too.
Personal loans are among the most flexible borrowing options you’ll find. When you take out a mortgage loan, you must use your proceeds to purchase a home. With an auto loan, you must use that money to finance a vehicle purchase. With a personal loan, you can use the proceeds for any reason you want, whether it’s to furnish your home, renovate your kitchen, or replace your failing roof.
If you have terrific credit, qualifying for a personal loan may not be all that difficult. And there are plenty of lenders who offer personal loans to borrowers who don’t have the best credit. In that case, you’re likely to pay more interest than someone with great credit, but the option might still be available to you nonetheless.
But because personal loans let you use your proceeds for any purpose, you may end up borrowing money for something you should really be saving for in advance, like purchasing electronics or paying for a big vacation. And if you borrow for those purposes, you might then struggle to get a loan when you really need the money to do something like repair your car.
Also, because personal loans tend to come with competitive interest rates, you may be tempted to borrow extra. But remember, you’ll need to keep up with your loan payments, and if you don’t, you could face a host of serious consequences, including major damage to your credit score. So it’s important not to fall into that trap.
All told, it’s easy to see why personal loan balances grew so much in 2022. But if you’re thinking of taking one out, be sure to consider the pros and cons before moving forward.
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.
© 2026 Madam Money®. All Rights Reserved. | Designed by SRJWebsites.com
