Money Management

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What happenedHybrid working models mean Manhattan workers are spending $12.4 billion less each year. “People have changed their lifestyle and their behavior,” Michelle Meyer, North America chief economist at Mastercard Economics Institute told Bloomberg, who analyzed the data.The Bloomberg investigation showed that the average worker in New York spends $4,661 less each year on meals, shopping, and entertainment because they’re working about 30% fewer days in the office.So whatIt’s one thing to save over $4,000 a year through remote work, and quite another to contemplate the impact returning to work could have on your bank account balance. Sure, office life in other parts of the country may not be as expensive as New York. All the same, as more and more employers push their staff to come back to in-person work, it’s good to be conscious of the potential changes in your transport, childcare, and other costs.Now whatHere are some extra expenses to factor into your budget if your company wants you to return to the office, as well as some ways you might minimize them.Coffee and lunches: Like many things, nipping out for a sandwich or salad is more expensive than it used to be. March 2022 data from Square shows that sandwiches were 14% more expensive than the year before, while wraps had increased by 18%. Dubbed “lunchflation,” bringing food from home could save you $9 or $10 a day.Smart clothes: Joining video calls in your pajama bottoms is not an option when you’re physically in the office. If you need new clothes for work, reduce costs by shopping in a thrift store or organizing a clothes swap with friends.Commuting costs: Cutting transport costs can be challenging, but it’s not impossible. Look into car sharing, public transportation, or even biking to work. If you can’t avoid driving, use a gas rewards credit card to get maximum rewards from the money you spend.Childcare: For some families, a transition back to the office means spending more money on childcare. And unfortunately, a study by Child Care Aware® of America showed the cost of childcare has outpaced inflation over the past three years. It says the national average price of child care was around $10,600 annually.Depending on your situation, a return to the office won’t necessarily be all bad. Not least because some people miss the collaboration and social aspects of working in person. And remote work does carry some extra costs too. For example, higher electricity bills and office furniture. But generally speaking, more in person days will translate to more costs and it’s good to be ready for them.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If 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. Read our free reviewWe’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.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy. 

What happened

Hybrid working models mean Manhattan workers are spending $12.4 billion less each year. “People have changed their lifestyle and their behavior,” Michelle Meyer, North America chief economist at Mastercard Economics Institute told Bloomberg, who analyzed the data.

The Bloomberg investigation showed that the average worker in New York spends $4,661 less each year on meals, shopping, and entertainment because they’re working about 30% fewer days in the office.

So what

It’s one thing to save over $4,000 a year through remote work, and quite another to contemplate the impact returning to work could have on your bank account balance. Sure, office life in other parts of the country may not be as expensive as New York. All the same, as more and more employers push their staff to come back to in-person work, it’s good to be conscious of the potential changes in your transport, childcare, and other costs.

Now what

Here are some extra expenses to factor into your budget if your company wants you to return to the office, as well as some ways you might minimize them.

Coffee and lunches: Like many things, nipping out for a sandwich or salad is more expensive than it used to be. March 2022 data from Square shows that sandwiches were 14% more expensive than the year before, while wraps had increased by 18%. Dubbed “lunchflation,” bringing food from home could save you $9 or $10 a day.Smart clothes: Joining video calls in your pajama bottoms is not an option when you’re physically in the office. If you need new clothes for work, reduce costs by shopping in a thrift store or organizing a clothes swap with friends.Commuting costs: Cutting transport costs can be challenging, but it’s not impossible. Look into car sharing, public transportation, or even biking to work. If you can’t avoid driving, use a gas rewards credit card to get maximum rewards from the money you spend.Childcare: For some families, a transition back to the office means spending more money on childcare. And unfortunately, a study by Child Care Aware® of America showed the cost of childcare has outpaced inflation over the past three years. It says the national average price of child care was around $10,600 annually.

Depending on your situation, a return to the office won’t necessarily be all bad. Not least because some people miss the collaboration and social aspects of working in person. And remote work does carry some extra costs too. For example, higher electricity bills and office furniture. But generally speaking, more in person days will translate to more costs and it’s good to be ready for them.

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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.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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It’s a bird, it’s a dog — it’s a glizzy?! 

Have you ever learned something so disturbing you vehemently wished you could just, you know, unlearn it? As if you’d never been cursed with the information in the first place? I experienced a lot of that as I dove into the lore of the Forbidden Glizzy.

In case you’re like me and have never heard the term, “glizzy” is, apparently, slang for “hot dog.” And that’s just the tip of the weird little iceberg that is this “forbidden” Costco monstrosity.

Sit back, kids, and learn the tale of the Forbidden Glizzy — including why your finances are begging you not to give in to the curious temptation to try this concoction on your own.

Part 1: The Costco Hot Dog

At the center of the Forbidden Glizzy lies something most Costco fans adore: the hot dog.

Costco’s infamous $1.50 hot dog and soda combo is as classic as it gets. Not only has it been available at that same $1.50 price point for decades, but the company is dedicated to keeping it there, inflation be darned.

How serious are they? So serious, former CEO Jim Senegal was reported to have threatened the current CEO with bodily harm should he even think of raising the price. Now that’s dedication!

So, step one in assembling your Forbidden Glizzy is to grab the iconic combo. (Though it’s recommended that you skip the free toppings!)

Part 2: The Costco Chicken Bake

Here is where we start to get a little weird. It’s time for the chicken bake.

For the uninitiated, the Costco chicken bake is, in itself, a fairly strange creation. Costco takes its popular pizza dough and stuffs it full of what seems to essentially be the ingredients for a chicken Caesar salad (plus bacon): grilled chicken, Caesar dressing, green onions, bacon, and three kinds of cheese. It’s then baked into a crunchy, doughy, gooey Hot-Pocket-esque handheld.

The chicken bake comes with a price tag more than double that of the hot dog combo, tallying up to $3.99. That puts the cost of our Forbidden Glizzy’s “ingredients” up to $5.49 — plus tax.

Part 3: The Forbidden Glizzy

Now, the assembly.

First, bite the ends off your chicken bake. Then, simply slide your hot dog into the center, being careful not to displace any of the cheese, chicken, or sauce.

Voila! You’ve created the Forbidden Glizzy.

How to try it yourself (but why?!)

Accounts vary as to the tastiness of this creation. Some folks claim it’s downright delicious. Others say it’s a waste of a perfectly good hot dog. Still more folks (myself included) are too weirded out to even try it. (I’m sorry, you lost me at Caesar dressing with a hot dog.)

If you’re one of the many ready to give it a go — perhaps for the social media cred? — you’re going to need a Costco membership. At the least, you’ll need a friend with one, since you can’t enter the store unless you are, or are with, a member.

And here’s where we pipe up to say, maybe skip the Forbidden Glizzy, if not for your stomach’s sake (and we’re certain your stomach would thank you), then for your budget. Even if you have the $5.49 to waste on something that can’t possibly be good for you, why risk it on something more than likely to be downright gross?

For that same price, you could pick up Costco’s popular rotisserie chicken and potentially get multiple meals out of it. That’s a much better use of your grocery budget, in my opinion.

What’s more, if you don’t already have Costco access, you’d need to drop a whopping $60 for a base-level Costco membership just to get in the door. That increases the price of those social media likes to $65.49, which hardly seems worth it.

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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.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Image source: Getty Images
What happenedLast week, the IRS told taxpayers who received a state stimulus check in 2022 to hold off on filing their returns while the agency worked to determine how those payments would be treated from a tax perspective. Now, the IRS has confirmed that taxpayers will generally not need to report state stimulus payments as income on their 2022 taxes.So whatIn 2022, many people struggled to keep up with inflation and rising gas prices. States with excess funds in their budgets stepped up and offered rebates, or stimulus checks, to eligible residents.
Discover: Find the best tax software for your situation hereSave: We researched free tax software and put together a list of the best here
At first, it was unclear as to whether those stimulus funds would count as taxable income, and so filers were urged to delay their tax returns until the agency could sort things out. But the IRS has released an update stating, “In the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.”Residents of Alaska, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania, and Rhode Island do not have to report state rebate checks on their tax returns this year. For residents of Georgia, Massachusetts, South Carolina, and Virginia, if the payment is a refund of state taxes paid and the recipient claimed the standard deduction or itemized their deductions but did not receive a tax benefit from doing so, their state stimulus checks aren’t subject to taxes.Now whatWhile many people received a state stimulus payment in 2022, some of those payments might continue hitting recipients’ bank accounts in 2023. Plus, some states might choose to uphold the practice of sharing surplus funds with residents this year, especially if inflation levels don’t drop.While the IRS has determined that these payments generally will not be taxable for the 2022 tax year, the agency might change its tune for funds received in 2023. And so those in receipt of a state rebate or stimulus check should consult a tax professional for advice on reporting that income. In fact, it’s generally a good idea to seek out tax help due to nuances not only in the federal tax code, but at the state level, too. Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If 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. Read our free reviewWe’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. 

What happened

Last week, the IRS told taxpayers who received a state stimulus check in 2022 to hold off on filing their returns while the agency worked to determine how those payments would be treated from a tax perspective. Now, the IRS has confirmed that taxpayers will generally not need to report state stimulus payments as income on their 2022 taxes.

So what

In 2022, many people struggled to keep up with inflation and rising gas prices. States with excess funds in their budgets stepped up and offered rebates, or stimulus checks, to eligible residents.

At first, it was unclear as to whether those stimulus funds would count as taxable income, and so filers were urged to delay their tax returns until the agency could sort things out. But the IRS has released an update stating, “In the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.”

Residents of Alaska, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania, and Rhode Island do not have to report state rebate checks on their tax returns this year. For residents of Georgia, Massachusetts, South Carolina, and Virginia, if the payment is a refund of state taxes paid and the recipient claimed the standard deduction or itemized their deductions but did not receive a tax benefit from doing so, their state stimulus checks aren’t subject to taxes.

Now what

While many people received a state stimulus payment in 2022, some of those payments might continue hitting recipients’ bank accounts in 2023. Plus, some states might choose to uphold the practice of sharing surplus funds with residents this year, especially if inflation levels don’t drop.

While the IRS has determined that these payments generally will not be taxable for the 2022 tax year, the agency might change its tune for funds received in 2023. And so those in receipt of a state rebate or stimulus check should consult a tax professional for advice on reporting that income. In fact, it’s generally a good idea to seek out tax help due to nuances not only in the federal tax code, but at the state level, too.

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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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It’s time to get serious about building savings if you have little to no money in the bank. 

Even if you’re the type of person who spends money wisely and pays off their credit cards in full each month, your finances could take a major hit if a surprise bill comes your way and you don’t have the cash to pay for it. An estimated 25% of Americans have less than $100 in savings, according to recent data from YouGov. And that’s problematic.

If you own a car or a home that ends up needing a sudden repair, your bill might amount to hundreds or thousands of dollars. So if you’re sitting on less than $100 in your savings account, you’re not equipped to handle that sort of situation.

Similarly, as a general rule, it’s a good idea to have an emergency fund with enough money to cover at least three full months of essential bills. That way, if you lose your job, you’ll have cash reserves to tap so you can keep up with your expenses while you look for work. But if you have less than $100 in savings, it’s fair to say you probably don’t have enough money on hand to pay for three months of essential bills.

Now, the idea of building up cash reserves can be daunting, especially at a time when inflation is making life so expensive for everyone. But if you don’t build up more savings, you could find yourself in dire straits if you lose your job or face an emergency expense. With that in mind, here are a few things you can do to build up your savings quickly.

1. Get on a budget

I know: Budgeting is boring. But it’s an important step toward managing your money and saving more of it. Once you set up a budget, you should have a better sense of where your money is going. And that makes it easier to carve out more room for savings.

2. Think twice before paying for non-essentials

It’s natural to spend some of your paycheck on things that make you happy, like store-bought coffee, subscription boxes, or streaming services. But before you hand over your hard-earned money, think about how important a given purchase or expense really is. If, for example, you could really do without that streaming service you only watch on occasion, then you’re better off canceling it and putting the money into your savings account instead.

3. Boost your income with a side hustle

Building savings may prove difficult if you don’t earn such a high wage. But today’s gig economy is booming, so there’s plenty of opportunity to go out and snag a side hustle. Since that money won’t be earmarked for existing bills, you should be able to stick all of it in the bank (minus what you might have to set aside for tax purposes, depending on how you’re paid).

Having less than $100 in savings is not an ideal situation for anyone. If your savings need work, employ these tips to boost them so you have the protection you need.

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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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It’s not a common occurrence, but it can happen. 

While not everybody realizes this, you can have a negative balance on your credit card. It doesn’t happen often, because your card balance is the sum of your unpaid transactions. That means balances on your credit cards will usually be a positive number. But there are a few situations where your card balance could go negative.

Why would you have a negative balance on your credit card?

Your credit card will have a negative balance if you’ve paid more than you owe. Here are the reasons this can happen:

You overpay your credit card bill. For example, your card’s balance is $50, but you accidentally submit a payment for $500.You get a refund on a purchase after you’ve paid for it on your credit card bill. If you return an item after paying the full balance on your credit card statement, that could result in a negative balance.You get a refund on a card fee after you’ve paid for it. One situation where this could occur is if your card issuer charges you a late fee after you missed a payment, but you later call and are able to get that fee refunded.You use rewards to get a statement credit toward previous purchases. Many rewards credit cards let you use your cash back or points as a statement credit. If you’ve already paid your bill, but also use rewards to get a statement credit, it could lead to a negative balance.

To provide a detailed example, let’s say you buy a $1,000 computer with your credit card. Later, you decide to return it. The store refunds the money to your card. If you haven’t paid your bill yet, then the credit will even out with the previous $1,000 purchase. But if you’ve already paid your credit card bill, then you’ll have a $1,000 credit.

This won’t matter if you’ve made enough new purchases since then. If you’ve made $1,500 in purchases by the time the refund processes, then your card issuer will deduct the $1,000 from that, and your new balance will be $500. If you haven’t made enough new purchases yet, then you’ll have a negative balance.

What happens next

A negative balance on your credit card isn’t a big deal. Your card issuer will apply the amount to future purchases you make. If you have a negative balance of $100, that will cover your next $100 in purchases. Simply using your credit card is the easiest way to resolve a negative balance.

You can also contact the card issuer and ask it to refund you. Some card issuers give you this option online. If not, contact customer service by live chat or the phone number on the back of your credit card.

What if you don’t make any purchases or request a refund? For example, you might be wondering what would happen with a negative balance on a card you rarely use, if you forget to request a refund. There’s nothing to worry about here.

The card issuer will eventually issue a refund itself, normally by check or direct deposit to the cardholder’s linked bank account. Card issuers must make a good faith effort to refund negative balances that have been on the account for more than six months, to comply with the Truth in Lending Act. While that’s the legal requirement, many card issuers will refund negative balances more quickly.

A negative balance on a credit card isn’t something people encounter much, so it could be confusing when you first see it. It doesn’t have any sort of negative impact, though. You’ll get that money back as you use your credit card or through a refund from the card issuer.

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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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Being single doesn’t have to mean having a hard time paying your bills. 

There are certain benefits single people get to enjoy. When you’re not part of a couple, you don’t have to constantly take another person’s needs into account. Want to take a last-minute vacation to Paris? As long as it won’t lead you into credit card debt, go for it. It’s not like you have to consult your partner to make sure they’re okay with that expense.

Also, when you’re single, you don’t have to deal with a partner’s frustrating habits. Hate clutter? If you live alone, that’s something you can control. You won’t have to spend your days being annoyed over dishes left in the sink and packages left strewn about in the hallway.

But while being single can have its perks, there’s a financial downside. People who are single don’t have a partner to share their expenses with. And that could be a burden. Let’s say your rent or mortgage payment costs $1,500 a month. Your landlord or lender isn’t going to charge you a different amount based on the number of people living under your roof. But if you’re single, there’s no one to split that tab with.

Also, in some cases, you might face an actual surcharge for being single. Singles who book a cabin on a cruise, for example, are sometimes charged more for not having someone to share with.

This collective set of financial burdens is often referred to as the singles tax. And in a recent Forbes Advisor survey, 93% of singles acknowledged that the singles tax is a problem. If it’s been an issue for you, here’s how to cope with it.

1. Set your own financial goals and priorities

Maybe traveling is more important to you than owning a home. If you’re single, you don’t have to give up on trips and vacations to sock funds away for a home purchase — so don’t. Spend your money as you please, and carve out room in your budget for the things you want to prioritize.

2. Build up emergency savings

When you’re part of a couple and you run into a financial hiccup, you might have two sets of income to tap for addressing the issue at hand. When you’re single, that option isn’t on the table. But you can make up for it by socking away plenty of money in savings. That way, if you’re hit with an unplanned bill, you’ll have cash reserves to tap.

3. Boost your income with a side hustle

Being single means you don’t have to worry about upsetting a partner if you choose to spend some of your free time growing your income. Take on a side hustle to make it easier to cover your bills, and to carve out more money for the things in life that are most important to you.

Being single isn’t always easy. But rather than bemoan the fact you aren’t currently part of a couple, try to make the most of it. Focus your energy on your career, your hobbies, or just about anything else that can make your life better. And realize, too, that you’re not doomed financially just because you don’t have a partner to split the bills with.

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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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