Money Management

Winter storms can put your home at risk. 

When the temperature drops, the cold wind blows, and snow falls from the sky, homeowners have to be ready. I’m sure you already knew that homeownership has costs beyond just your mortgage loan. But if you’re a new homeowner, you might be surprised by all you have to do (and pay for). After all, all those home maintenance costs are on your shoulders, not a landlord’s. If you don’t want to drain your emergency fund to pay for a winter-related home mishap, check out this to-do list so you can be ready for whatever the cold weather throws at you — and your home.

1. Check on your roof

Your home’s roof is your shelter from winter storms, so you want it to be in good shape. Have a walk around the outside of your house and look for anything amiss with the roof, like sagging or curled shingles. If anything seems hinky, it’s a good idea to call on a roof inspector to have a closer look and recommend crucial repairs to tackle ahead of winter’s full brunt of cold precipitation.

2. Clean out your gutters

You can hire out for this task, but if you’re fairly comfortable on a ladder, it’s worth getting on your work gloves and making sure you don’t have leaves and other debris clogging up your gutters. If you neglect this task, you may end up with ice dams. This is when snow and ice melts on your roof during the day, then refreezes overnight when the temperature drops. If your gutters are clogged, the water has nowhere to go, and the ice buildup, melting, and refreezing can cause damage to your roof, gutters, and even the walls and ceilings indoors.

3. Keep your pipes from freezing

Frozen burst pipes are one of those very special and expensive potential hazards of winter. Homeowners insurance does often cover plumbing issues, including damage from frozen pipes, but it’s a hazard best avoided. The American Red Cross notes that it’s best to take a multipronged approach. Insulate pipes in unheated areas or against exterior walls, and for outdoor faucets, turn off the water supply from inside and keep the outside valves open, so water can drain out without freezing and expanding, breaking the pipe.

4. Get your furnace inspected and serviced

It’s a good idea to call in an HVAC professional to check your furnace and ensure it’s in good working order, as you’ll be relying on it until spring. Energy Star notes that this kind of maintenance will include checking the temperature settings and lubricating moving parts in the system. While you’re at it, check the filters and change them if necessary. You don’t want to be breathing in dust and other allergens.

5. Have your fireplace and chimney inspected

If your home has a wood-burning fireplace, call in an inspector before you use it in the winter. The Chimney Safety Institute of America recommends that your chimney and fireplace be inspected every year, and a certified inspector will check for cracks, leaks, and other damage, along with creosote buildup and anything that increases your risk of house fire or carbon monoxide entering your home. These can be deadly, so this is an extremely important winter maintenance step.

6. Check windows and doors for drafts

You don’t want your precious heated air escaping to the outside, so be sure to check any openings in your home (like doors and windows) for drafts when it gets cold. You may need to caulk or otherwise seal openings and install new weather stripping. You can purchase draft guards for under your doors, or in a pinch, use a heavy towel or blanket to keep the warm air in and the cold air out.

7. Have any loose tree limbs removed

I don’t recommend climbing large trees yourself to check the strength of the limbs and cut loose ones down with a chainsaw — this is likely a job to leave to the professionals. If you do have large trees near your home, though, it’s worth calling a tree service to come have a look. The last thing you want to deal with this winter is needing to file a homeowners insurance claim for repairs after a snow-laden tree limb splinters and falls on your home.

8. Get ready to shovel snow

Finally, it’s a great time to head out to your garage or basement (or wherever you keep your winter equipment) and check out the state of your snow shovels and supply of ice melt. If it looks as if those shovels have seen better days or your trusty bag of rock salt from last year is empty, head over to your local hardware store to get some new supplies. You’re going to need them to keep snow and ice cleared away from your home and to keep your sidewalks and driveway safe to walk on.

Winter can be a beautiful time of year — who doesn’t love looking at snow-covered trees and sunshine on sparkling walkways? But if you don’t want it to cost you, get a jump on these home maintenance tasks.

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Diamonds may be forever — but their value isn’t. 

For nearly as long as there have been humans, there have been decorations for said humans. When we had clay, we made beads. When we figured out how to work metal, we made bracelets and torques. And when we figured out how to encrust those things with sparkly bits — well, an entire industry was born.

Today, jewelry holds a lot of places in our lives. It’s seen as a status symbol, an accessory, and, by some folks, as an investment.

As we head into what is arguably jewelry’s biggest day of the year — Valentine’s Day — it’s time to question at least that last bit. Because if you’re going to shell out hundreds (or, worse, thousands) of dollars on a diamond ring or ruby bracelet, it’s probably a good idea to know what you’re getting into.

So, is jewelry really an investment, like from a personal finance perspective? Or is that all just marketing — and wishful thinking?

Most jewelry won’t hold its value

The sad fact is that the vast majority of jewelry is simply a poor investment. In many cases, it won’t just lose its value over time — it loses value as soon as you buy it.

A really good analogy for jewelry is a new car. That new car will probably never be worth as much as it is the moment you buy it. Once you drive it off the lot, it’s almost instantly worth less than it was just hours ago.

The same thing can be said for jewelry.

You could easily spend a few grand on a piece of jewelry in one store, immediately walk into another jewelry store, and be offered half the cost of it (or less). That’s because jewelry tends to have significant markups well beyond the prices of the parts.

Jewelry stores have a lot of overhead (yes, even online ones). And that overhead is built into the price of the jewelry they sell. But when you look to resell your jewelry, you’re not going to get that premium back; instead, you’ll be looking at whatever value the stones and metal have themselves.

Even the parts can depreciate

Of course, even when you break down your jewelry into its constituent parts, you’re looking at a questionable investment, at best. That’s because the value of precious gems and metals is capricious. It varies based on any number of market factors, including current demand.

Take diamonds, for example. While, in general, diamonds are thought to hold their value (note we’re talking about the value of the gem itself, not the setting or jewelry that houses it), that value can vary significantly based on any number of factors. Part of the problem is that, although there is certainly a finite number of natural diamonds in the world, that finite number isn’t anywhere near as low as the diamond companies want you to believe.

And then there’s the lab-grown diamonds. Demand for man-made diamonds is growing, and for many good reasons. They’re more affordable, often better quality (in terms of the four Cs — carat, color, clarity, and cut), and they don’t rely on, you know, slave labor.

Even the metals aren’t guaranteed to increase, or even hold, value. The price of gold, for instance, actually decreased in value between 1980 and 2000. And its rebound has been slow, at best.

The (intangible) value of love

In the end, I’m sad to say that your jewelry box is not akin to an investment or savings account. Sure, it might hold some resale value, especially if you have more sought-after pieces, but don’t count on it being worth anything close to what was paid.

But you know what? That’s OK.

For many people, the value of their jewelry is an intangible value. That is, they appreciate its sparkle, its aesthetics. And, often, we value the sentiment even more than the stones or metals; an engagement ring or locket can be worth far more to the person receiving it than its price tag would imply.

That last bit is key. Because it really is more about the giver than the gift.

So, instead of shelling out the big bucks for jewelry this Valentine’s Day, consider some more personal alternatives. At the end of the day, the very best gifts are those that show you really thought about the other person — not that you simply threw money at the situation.

Here are some budget-friendly ideas to get you started:

Plan to take a class or do an activity togetherPack a simple meal and have a picnicMake a gift and/or card by handBake their favorite dessertWrite a love letter full of sweet nothingsHave a weekend away (no phones allowed)Put together a basket of goodies for romantic night in

At its heart (pun intended), Valentine’s Day is about showing your partner that you care. Happily, you can do that while also showing your finances that you care. That’s a win-win!

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The president addressed a divided Congress Tuesday evening. 

President Biden’s second State of the Union address was a politically charged event featuring audience participation in the form of name calling and finger pointing. However, the annual speech provided the president with an opportunity to highlight the nation’s progress during the last two years and signify to Americans the direction of upcoming policy. A variety of the president’s remarks could have a direct impact on the personal finances of millions of Americans.

A strong economy

Economic outlook plays a major role in the political popularity of a sitting president. Consider that, when faced with a recession in the last two years of their first presidential term, only once has a president won re-election. Put more simply by the 1992 Clinton campaign, “It’s the economy, stupid.”

President Biden hasn’t shied away from touting a stronger-than-anticipated jobs report, and he again reiterated the point on Tuesday. The president referred specifically to the 12 million jobs added to the economy in the last two years along with the 50-year low unemployment rate. In line with his stated mission of growing the middle class, Biden highlighted the more than 800,000 manufacturing jobs created during his tenure.

The president also pointed to other economic indicators as proof of his administration’s success. He referred to falling inflation rates despite global instability and supply chain challenges. Additionally, Biden presented 10 million small business applications in the last two years as “an act of hope.”

The Junk Fees Prevention Act

The Biden administration’s mission against “junk fees” took center stage for a few minutes as the president rallied lawmakers to his cause. Aiming to save Americans “up to hundreds of dollars a month,” the initiative is clearly a high priority on the administration’s agenda.

The president first addressed steps his administration has already taken to protect consumers from hidden fees. A recent Southwest Airlines meltdown led the Secretary of Transportation to demand fee transparency and made it easier for Americans to get a refund in the case of a delayed or canceled flight. Biden also referenced saving Americans over a billion dollars annual in bank overdraft fees, and slashing credit card late fees by 75%.

The next step for the Biden administration is to pass the Junk Fees Prevention Act, which would place new restrictions on surcharges that airlines, cell providers, resorts, ticket brokers, and others can charge consumers. The bill will require bipartisan support in order to land on the president’s desk. Biden made a clear appeal to lawmakers, asking them to “Pass the Junk Fee Prevention Act so companies stop ripping us off.”

Domestic investment

The president also addressed investing in American families in the form of expanded access to education and more flexibility for families. Pointing to the success of universal K-12 education in making America the best-educated nation in the world, Biden appealed to lawmakers to once again increase educational investment. In his address, the president asked lawmakers to expand universal education to include preschool and two years of community college.

Biden put forth a variety of family-oriented proposals in his remarks. He called for an expansion of paid family and medical leave as well as more affordable childcare options. Additionally, Biden rallied for the restoration of the Child Tax Credit, which he claimed to have cut the child poverty rate in half.

Despite proposing a slate of largely left-leaning policies, the undercurrent of President Biden’s address encouraged unity and bipartisanship. While the lasting legacy of the Biden administration is yet to be seen, a variety of proposed initiatives hinted at in the presidential address could have a large impact on Americans and their families for years to come.

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Discuss these questions before saying “I do” to sharing a credit card. 

Once you’re married, it’s a good time to talk about potentially combining finances. Lots of couples share at least some financial accounts. One popular option is sharing a credit card, with 62% of married couples saying they did this in a survey by The Ascent.

Getting a credit card with your spouse has its benefits. You two could earn credit card rewards together, and it may simplify your finances, too. But it’s important to make sure you’re on the same page first. Money fights among couples are all too common, and they’re the second-leading cause of divorce after infidelity, according to a Ramsey Solutions survey.

Effective communication now can help you avoid those dreaded fights about money later. To ensure you two are on the same page before you start looking for good couples credit cards, here are the right questions to ask each other.

1. What’s your credit score?

Even when you’re married, you still have your own individual credit score. There are a couple of reasons why you and your spouse should each share these with each other.

A credit score is a measure of how a person has handled credit. If either of you has subpar credit, it’s important to figure out why and what can be done to improve it. Let’s say your spouse has a low credit score because they have lots of credit card debt. That’s something to work on before getting a card together.

Also, if you two are planning to open a new card, one of you will need to apply for it and add the other as an authorized user. Most credit card companies don’t offer joint credit cards anymore. It generally makes sense for the person with the higher credit score to apply, since they’ll have better odds of getting approved.

Don’t know your credit score? Here’s how to find out your credit score in three steps.

2. How do you normally pay your credit cards?

When your credit card bill is due, you have a few options. You could pay the:

Minimum payment amount: The smallest amount that will keep you current on your bill. Only paying the minimum isn’t recommended, because your balance will accumulate more interest and take a long time to pay off.Statement balance: The full amount on your credit card statement. If you always pay your card’s statement balance, you won’t be charged interest on your purchases.Current balance: When you view your account online, the current balance includes the statement balance plus any more recent charges you’ve made. You can pay the entire current balance, or if you pay the statement balance, then those more recent charges go on your next credit card bill.Custom amount: You can also send a payment for any amount you want.

The best way to use credit cards is to pay in full, meaning either the statement or current balance, every month. This way, you avoid credit card interest. If you or your spouse don’t do that already, it’s a smart goal to set for yourselves.

3. Who’s going to be the primary cardholder?

As mentioned earlier, joint credit cards are few and far between. It’s far more common nowadays for one person to apply for a card, and then add their spouse as an authorized user. Or, one spouse could add the other on a credit card they already have.

Activity on the card impacts both people’s credit scores. So, if the bill is paid on time, it can boost the credit scores of both the primary cardholder and the authorized user. However, the primary cardholder is the one responsible for managing the account and making payments.

4. What type of credit card is right for us?

There are quite a few types of credit cards available. The right choice for you and your spouse will depend on your financial goals. Here are some of the most popular card types:

Cash back credit cards are a great way to save money on everyday expenses. You’ll get a set percentage back on purchases you make. Some of these cards offer more back in bonus categories, such as groceries, dining, or gas.Travel rewards credit cards earn points or miles that you can redeem for travel. Most also offer extra travel perks, too. If you go on multiple trips per year, one of these cards is an excellent choice.0% intro APR credit cards help you save on interest. During the intro period, which can last 12 months or longer, your card won’t charge any interest. If you want to pay off purchases over time, go with this type of credit card.Balance transfer credit cards are designed for paying off credit card debt. They have a 0% intro APR that applies to balance transfers.

For consumers with good credit and zero credit card debt, cash back and travel rewards cards are often the way to go. Read about types of credit cards together with your spouse to see what best fits your situation.

5. When do we need to discuss spending in advance?

Before you and your spouse start sharing a credit card, set ground rules on when you’ll need to discuss purchases in advance. For example, you could decide that if a purchase is over $300, you both talk about it first. If it’s less, that’s a purchase either partner can make unilaterally.

Doing this is a great way to avoid arguments and any awkward feelings about spending money. Neither of you will have to wonder if it’s okay to buy something, and there won’t be any expensive surprises on the credit card bill.

Sharing a credit card with another person is a big step. It’s worth spending some time going over the above questions first. They’re all important financial topics to talk about, and they’ll ensure you and your spouse are ready to get a card together.

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I hope this never happens to you. 

Have you ever had your wallet disappear? I have once. I was a brand-new college student, and I lost it in the gym one afternoon. I discovered it was missing later that day while away from campus. This story has a happy ending — two fellow students from my Ethics class (how ironic) found my wallet and turned it into campus security, who contacted me so I could pick it up when I got back to school that evening.

While I got off lucky that time, if you lose your wallet, you may end up facing a world of financial hurt. When I was 18, I had only a driver’s license, a debit card, and a little cash in my wallet. As full-fledged adults, we tend to carry credit cards, insurance cards, and more. Keep reading to see what steps you should take if your wallet goes AWOL.

Step 1: Figure out what you’ve lost

Once you’ve made sure your wallet is truly missing, take a deep breath and sit down to make a list of what you had in it, so you can address each piece. You don’t want to forget anything, so if you’re reading this and HAVEN’T lost your wallet, take a few minutes to familiarize yourself with what’s actually in there (and maybe take some less-necessary items out).

Step 2: Call your bank and credit card companies

If you had your bank card and credit cards in your wallet, call those companies ASAP to cancel your existing cards and have new ones sent to you. Time is really of the essence here, as the longer you wait to notify your bank about a lost debit card, the greater your liability will be. Most of the best credit cards come with $0 liability for a lost or stolen card, but you’re still going to want to call right away to get new cards issued and to alert the card issuers to possible fraudulent charges.

Step 3: Freeze your credit

It’s possible that if someone stole your wallet, they may have enough of your information to open new accounts in your name. I don’t say this to scare you, but to note that it’s a good idea to freeze your credit. Doing so basically locks down your identity to prevent anyone from accessing your credit reports with each of the three major credit bureaus. This way, no one can open fraudulent accounts. You may also want to sign up for a credit monitoring service while you’re at it.

Step 4: Notify the police

It’s unlikely your wallet will be recovered, but you may want to file a police report anyway. This way, you’ll have proof that you were the victim of a crime if you experience identity theft or fraud as a result of losing your wallet. Your bank or credit card companies may want the police report number, too, so remember to fill them in after you talk to the police. And hey, sometimes good samaritans do give found wallets to the police, so you may get lucky.

Step 5: Contact the Department of Motor Vehicles

It’s likely that your driver’s license is the main piece of ID you carry around in your wallet, so get the ball rolling on getting that replaced. You can likely find out what steps you need to take by visiting your state government’s website.

Step 6: Call your insurers

If you had cards for medical insurance in your wallet, you’ll need to get those replaced as well. The last thing you need is to have a medical emergency and be unable to show proof of insurance, so don’t put this off.

Step 7: Contact the Social Security Administration

It’s not a great idea to carry such a vital piece of your identity around, but if your Social Security card was in your lost wallet, you’ll need to contact the SSA to get a replacement. And double down on monitoring your credit — although I really recommend freezing it if you lost this card.

Mitigate your risk of potential loss

While it’s tempting (and possibly convenient) to keep multiple credit cards and pieces of identification in your wallet at all times, if you lose your fully loaded wallet, you’ll need to call even more card issuers and government offices. I recommend keeping just your daily financial essentials in your wallet, along with perhaps one piece of ID (like your driver’s license). For me, that’s my two most-used credit cards as well as a debit card for one of my two checking accounts, in case I need to take out cash. Everything else stays in a safe place at home for when I need it.

Consider taking some time to pare down the contents of your wallet to help save time and money should you lose it, and follow the above steps to move forward from it.

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Image source: Getty Images
What happened The Starbucks Rewards program will change on Monday, Feb. 13. At the end of 2022, the coffee chain revised its rewards program terms and conditions to reflect upcoming redemption changes. Starting next week, customers will need more points (stars) to earn some food and drink items. On its website, Starbucks had the following to say about why these changes are happening. “Beginning February 13, 2023, there will be changes to Star Reward Redemption Tiers. We continually monitor the health of Starbucks Rewards and occasionally need to make changes to meet the changing needs of our members. This change allows us to improve the health of our program while making member favorites like iced coffee easier to earn.”So whatStarbucks alerted members that it had revised its terms and conditions at the end of 2022. Many Starbucks regulars use the company’s free rewards program to earn free food and drinks, and some members may not realize that these redemption changes will go into effect next week. Starting on Feb. 13, the following redemptions will become more costly: Hot coffee or hot tea: You’ll need 100 stars instead of 50 stars to earn a free one of these drinks. Bakery item: You’ll need 100 stars instead of 50 stars to earn a bakery item. Hot breakfast item: You’ll need 200 stars instead of 150 stars to earn a hot breakfast item. Handcrafted drinks: You’ll need 200 stars instead of 150 stars to earn a free handcrafted drink. Lunch sandwich, packaged protein box, or packaged salad: You’ll need 300 stars instead of 200 stars to earn one of these items. Some redemption changes are a win and allow members to earn some items with fewer stars. Rewards members will be able to earn these items faster when the changes begin: Iced coffee and iced tea (excluding cold brew beverages and iced tea lemonades): You’ll need 100 stars instead of 150 stars to earn a free iced coffee or iced tea. Select merchandise items: Select merchandise will now cost 100 stars instead of 200 stars. Packaged coffee item: You’ll need 300 stars instead of 400 stars to earn a packaged coffee item. Now whatStarbucks Rewards members should know about these changes and decide how to best use their stars. It may be worthwhile to redeem your accumulated stars before Feb 13. for maximum value. If you typically use your stars for any items that will soon cost more, now is the time to redeem them. Using restaurant and eatery rewards programs is smart, especially if you’re working on important personal finance goals. Earning free products is a win for your wallet. But it’s essential to keep up to date on loyalty program changes because they can be updated at any time. It’s also best to redeem your points soon after you earn them. If you let them sit unused, they may become less valuable. Redeeming your rewards right away can ensure that you get the most value out of 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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Starbucks. The Motley Fool recommends the following options: short April 2023 $100 calls on Starbucks. The Motley Fool has a disclosure policy. 

What happened

The Starbucks Rewards program will change on Monday, Feb. 13. At the end of 2022, the coffee chain revised its rewards program terms and conditions to reflect upcoming redemption changes. Starting next week, customers will need more points (stars) to earn some food and drink items.

On its website, Starbucks had the following to say about why these changes are happening. “Beginning February 13, 2023, there will be changes to Star Reward Redemption Tiers. We continually monitor the health of Starbucks Rewards and occasionally need to make changes to meet the changing needs of our members. This change allows us to improve the health of our program while making member favorites like iced coffee easier to earn.”

So what

Starbucks alerted members that it had revised its terms and conditions at the end of 2022. Many Starbucks regulars use the company’s free rewards program to earn free food and drinks, and some members may not realize that these redemption changes will go into effect next week.

Starting on Feb. 13, the following redemptions will become more costly:

Hot coffee or hot tea: You’ll need 100 stars instead of 50 stars to earn a free one of these drinks. Bakery item: You’ll need 100 stars instead of 50 stars to earn a bakery item. Hot breakfast item: You’ll need 200 stars instead of 150 stars to earn a hot breakfast item. Handcrafted drinks: You’ll need 200 stars instead of 150 stars to earn a free handcrafted drink. Lunch sandwich, packaged protein box, or packaged salad: You’ll need 300 stars instead of 200 stars to earn one of these items.

Some redemption changes are a win and allow members to earn some items with fewer stars. Rewards members will be able to earn these items faster when the changes begin:

Iced coffee and iced tea (excluding cold brew beverages and iced tea lemonades): You’ll need 100 stars instead of 150 stars to earn a free iced coffee or iced tea. Select merchandise items: Select merchandise will now cost 100 stars instead of 200 stars. Packaged coffee item: You’ll need 300 stars instead of 400 stars to earn a packaged coffee item.

Now what

Starbucks Rewards members should know about these changes and decide how to best use their stars. It may be worthwhile to redeem your accumulated stars before Feb 13. for maximum value. If you typically use your stars for any items that will soon cost more, now is the time to redeem them.

Using restaurant and eatery rewards programs is smart, especially if you’re working on important personal finance goals. Earning free products is a win for your wallet.

But it’s essential to keep up to date on loyalty program changes because they can be updated at any time. It’s also best to redeem your points soon after you earn them. If you let them sit unused, they may become less valuable. Redeeming your rewards right away can ensure that you get the most value out of 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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Starbucks. The Motley Fool recommends the following options: short April 2023 $100 calls on Starbucks. The Motley Fool has a disclosure policy.

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