The summer growing season can mean free or low-cost produce if you know where to look. MintImages / Shutterstock.com
While many fruits and veggies are at their peak during the summer, grocery prices are still on the rise. Whether you’re on a tight budget right now or you’re just looking for more ways to be frugal, these strategies can help you find free produce or low-cost veggies during the summer.
There are definitely benefits associated with growing older, including wisdom and the occasional tax break. Here, we look at some of those breaks. [[{“value”:”
Image source: Getty Images.
As nice as the fantasy of retirement may be, the reality can be a little scary. For some, retirement means having a set amount of money that needs to last the rest of your life. Fortunately, there are tax breaks that can help you maximize every dollar.
So whether you’re already enjoying your retirement years or just dreaming of the day, be sure to take advantage of every potential tax break available to you.
Once a person turns 65, the IRS provides a larger standard deduction. For example, for the 2023 tax year, a single taxpayer was able to claim $15,700 rather than the $13,850 claimed by those under 65. That’s a bump of $1,850. For the tax year 2024, the standard deduction for a single taxpayer under the age of 65 is $14,600.
If you’re 65 or older, you can increase that amount by $1,950 to $16,550. That means you could have a little extra to slip into a high-yield savings account.
Did you know that if you don’t need the required minimum distribution (RMD) from a traditional IRA, you can transfer it directly to a charity and avoid taxes on the funds altogether? Thanks to qualified charitable distribution (QCD), you are able to transfer up to a whopping $100,000 annually to an eligible charity if you’re age 70 1/2 or older. It’s a win for the charity and a win for you.
While you typically have to earn income to contribute to an IRA, you can contribute to a spousal IRA if your spouse is still working. The money you contribute is in your name alone, even if your spouse is the one earning the lion’s share of the money. The contribution limit for a spousal IRA in 2023 was $6,500, but has been raised to $7,000 for the 2024 tax year. It’s a smart way to pad your retirement budget.
One caveat: If both you and your spouse are over the age of 50, your total household contribution to an IRA cannot exceed $16,000.
Medical deductions cover all kinds of expenses, including trips to the doctor, medical tests, eye care, hearing aids, and dental work. As long as your total medical expenses are more than 7.5% of your adjusted gross income (AGI) and you itemize deductions on your taxes, here’s a sample of deductions that can help reduce the amount you pay:
Medicare premiumsPrescription drugsFees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitionersHospitalizationInpatient treatment for alcohol or drug addictionAmounts paid for false teeth, reading or prescription eyeglasses, contact lenses, hearing aids, a guide dog or other service animal to help a visually impaired or hearing disabled person, or a person with other physical disabilities, crutches, or wheelchairsWeight-loss programs for specific medical issues, including obesityNursing home careTransportation for essential medical careLong-term care insurance premium
While this list is not complete, it does offer a peek at the wide range of medical services that are deductible. Let’s say your AGI in retirement is $60,000. That means as long as you’ve spent $4,500 or more on medical-related expenses and itemize your taxes, you have a hefty deduction on your hands.
Another sweet tax break is a Solo 401(k). There is no age limit on who can contribute, so if you have a side hustle or own a small business with no employees, you can contribute for as long as the business remains active. Better yet, if you’re married and pay your spouse for their work in the business, they can also open a Solo 401(k). Like most employer-sponsored 401(k) plans, contributions are made pre-tax, meaning you won’t pay taxes on those funds until you withdraw them.
What makes a Solo 401(k) even more attractive than a traditional 401(k) is the fact that small business owners over the age of 50 can contribute up to $76,500 in pre-tax dollars. It’s an amazing way to make the most of a side hustle small business.
Growing older does have its advantages, and knowing enough to make the most of every dollar in retirement may just be one of them. Whether you hand your taxes off to a professional tax preparer or use free tax software to help you tackle them at home, every single tax break helps.
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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.
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Costco is known for its bulk items and notably low prices. But is membership worth it for a solo household? Learn how Costco can help a single person save. [[{“value”:”
Image source: Getty Images
Costco membership is an easy call for big families. A basic Gold Star membership currently costs $60 per year, and you can save money on tons of products, ranging from gift cards to travel packages to gas and electronics.
But for those who are single with no kids, the question isn’t always so clear cut. After all, even if you did eat enough Nutella to justify buying a 6.6 pound tub of it, would you even have the cabinet space to store the comically large portions of things that Costco sells?
Truth be told, you don’t need to buy food in bulk to get the best value out of Costco. While it’s certainly not for everyone, a Costco membership can still be worth it if you’re single without kids. Here’s how.
When single people ask me why they would ever consider a Costco membership, my answer always begins with “Costco services.” Costco members get significant discounts on a variety of essential services, even when they’re outsourced to a third party. These services include]:
Bottled water deliveryBudget truck rentalCar buyingCostco travel packagesHome improvementInsurance (auto, home, pet, and life)OpticalPharmacyVirtual primary care and therapy
The savings on these services alone could justify having a Costco membership. For example, Costco claims that members who switch to its car insurance provider (CONNECT) save an average of $596 in their first year. If you saved that much on car insurance, you would cover almost 10 years of Gold Star membership dues.
Costco Kirkland Gasoline is often significantly cheaper than other gas stations. While you might have to wait in line — especially in New Jersey where self-service gas pumping is illegal — the savings at Costco could very well help cover your membership dues.
Costco also sells TOP TIER™ gasoline, which, according to AAA research, is supposedly cleaner and more efficient.
Costco sells cheap gift cards. While the savings aren’t life-changing, you can save about 10% to 30% on face value just by purchasing a gift card at Costco.
One of my favorite gift cards right now is for Uber. Costco members can get two $50 Uber gift cards for $79.99. Essentially, you’re spending $80 to get $100 of Uber value. These cards are valid for Uber rides and Uber Eats orders and can be used to purchase Costco groceries through the Uber Eats app.
There’s usually a limit on how many gift cards you can buy per membership. For instance, members can purchase two Uber gift cards, but are limited to one transaction of them. In other words, you would need to buy both Uber gift cards in a single transaction to get the maximum value ($200 for $160).
Regardless of your marriage status or number of dependents, your house will need some basic supplies, like toilet paper, dish soap, laundry detergent, trash bags, paper towels — and rotisserie chicken. Likewise, you’ll also need pantry staples, like oil, sugar, and flour. These are all items you can purchase in bulk at cheaper per-unit prices than most other retailers.
Let’s look at Costco’s trash bags. Costco’s Kirkland Kitchen Trash Bags come in a pack of 200 and cost $19.99, which comes out to about $0.10 a bag. Meanwhile, at Walmart, you can purchase 120 of the same kind of trash bag on sale for $16.73, or about $0.13 per bag. You’d pay more money at Walmart and get fewer trash bags per package than at Costco.
The per-unit savings don’t always work in Costco’s favor — olive oil is often cheaper elsewhere, for instance — but more often than not, shopping at Costco will help your budget.
Even if you’re the only human in your home, you might have pets to take care of. In this case, Costco’s bulk pet food is cheap, and its flea and tick treatments also cost less than at other stores. Costco sells eight doses of Frontline Plus Flea & Tick Treatment for Large Dogs (45 to 88 pounds) for $79.99. Meanwhile, Petco and Petsmart sell eight doses of the same treatment for $96.99.
Costco may not have the same variety of pet supplies as other stores, but for basic pet essentials, it’s hard to beat it.
Even if you’re not sure a Costco membership is right for you, it doesn’t hurt to try one out. Costco will refund your membership dues if you decide it’s not for you. Give it a shot and see if Costco is selling something that could make paying $60 for an annual membership worth it for you.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
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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 positions in and recommends Costco Wholesale, Uber Technologies, and Walmart. The Motley Fool has a disclosure policy.
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Are you working a side hustle that you love? You may be able to turn it into a full-time business. Here are some tips to help you scale your part-time gig. [[{“value”:”
Image source: Getty Images
A side hustle can be a great way to boost your income. You may have started a side hustle to help reach your financial goals sooner. Many people like their side hustles so much that they take steps to transition into full-time work.
Are you hoping to take your side hustle to the next level? Here are some tips to help you scale your part-time gig into a full-time enterprise.
Outlining a clear picture of your business goals and the steps you plan to take as you scale up can make a huge difference in your success as a small business owner.
Developing a business plan during your early part-time days is a smart decision. While it takes extra time to do this, you can make more strategic choices throughout every step of your journey.
If you’re a busy business owner, good organization is key. As you begin to do part-time side hustle work, I recommend improving your organizational skills and implementing good day-to-day management systems. This will help you immensely as you grow your venture.
Digital tools can help you stay organized. You can use project management software to keep track of important projects and tasks. When it comes to finances, you can use one of the best business accounting software solutions to manage your cash flow and make informed decisions about your finances as you scale your business and increase your earnings.
Working for yourself requires significant effort and hard work. It can be stressful in the early days, especially when you’re constantly making essential business decisions.
As a new gig worker, you’re left to guess your way through many choices. But you don’t have to do it alone.
I recommend looking for opportunities to build a supportive network. Social media groups, for example, can help you network with others doing similar work, and you can look to these people for support when needed. With the right support system, you can easily navigate challenges and grow your part-time gig into a full-time enterprise.
When scaling your small business, you may feel tempted to overwork. But it’s important to take good care of yourself. You can only do so much before you burn out. Make sure that you take care of your body and mind as you continue to take steps to grow your business. That includes scheduling time to rest, even though putting in more hours at your gig may be tempting.
Many people start a side hustle while working full-time. As you take steps to grow your side hustle, don’t be in a hurry to quit your full-time job. Why? It can take time to increase your earnings. Learning and growing while you earn a steady income is a great strategy.
If you quit your full-time job too soon, you may feel financial stress if you don’t earn enough money to cover your living expenses.
Before I became a full-time freelance writer, I spent nearly two years doing part-time writing work. This gave me plenty of time to build my client base so I could afford to cover my bills when I jumped in full-time. I’m thankful I did this because it took time to increase my earnings.
No matter what phase of your business journey you’re in, it’s crucial to stay committed. Don’t give up hope. Progress isn’t always linear; unfortunately, there will be difficult days. But with hard work and good planning, you can make your small business dreams a reality. For more guidance, check out our small business resources.
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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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Shopping for Instacart can be a great way to earn extra cash while you’re out and about. Here’s how much you can expect to make. [[{“value”:”
Image source: Getty Images
Usually, when we think of grocery shopping, we think about how much money we have to spend to get the food we need. But when you work for Instacart, grocery shopping can be a great way to make some extra cash while helping out others in your community who may not be able to make it to the store on their own.
Of course, you’ll also be giving up your free time and putting extra miles on your car, so you want to know the work you’re doing is worth the effort. So, let’s break down how much Instacart shoppers get paid to help you decide if it’s right for you.
Instacart shoppers get paid in three ways:
Batch pay: This is the base pay shoppers get. It varies based on the distance you’ll have to drive and the number of items in the order. You can always see this when viewing offers. Two factors may increase batch pay:Boosts: If there aren’t enough shoppers in the area to meet customer demand, Instacart will boost the batch pay to incentivize drivers to travel further away to complete the orders.Heavy pay: When an order contains several heavy items, you’ll get at least a $2 boost to your batch pay. The order will also note this clearly, so you can avoid heavy orders if you’d like.Promotions: Instacart may run promotions when there is high customer demand. You may be able to earn these on specific orders or on batches of orders.Tips: Instacart customers may tip you at any point and you get to keep 100% of these tips.
Because so much depends on where and when you work, it’s impossible to predict exactly how much you’ll make as an Instacart shopper. But the average shopper in the U.S. earns about $18 per hour, according to ZipRecruiter. This is about on par with other delivery services, like DoorDash and Grubhub.
Drivers can choose between two payment methods: Either they can receive a direct deposit to their bank account weekly or they can cash out their earnings immediately after a delivery. If they choose the latter, their money will show up in their bank account within two hours.
Drivers hoping to maximize their Instacart earnings can try the following:
Pay attention to peak earning times: The Instacart app can help you identify peak earning times in your area, so you know when to work in order to earn the greatest profits.Look out for boosts and heavy pay: Scan the offers available in your area for boosts and heavy pay if you’re comfortable taking on a little extra work.Check the promos section: The promos section of the Instacart app lays out all the details of current promotions in your area. Consider taking advantage of these to earn extra money on top of your base pay.Be professional and prompt: Customers may be more likely to tip you well if you’re courteous and deliver items quickly.
Your income will still fluctuate over time, depending on demand and how much you’re willing to work. You can always try it out for a while to see how you like it. If it’s not for you, there are plenty of other side hustles that can help you fill your savings account.
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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.
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Side hustles don’t have to involve long hours of tedious work. Here are five options that let you show off your creative side. [[{“value”:”
Image source: Getty Images
You don’t have to look far to find side hustles these days. But a lot of the popular ones, like driving for a ride-hailing app or a food delivery service, can be, well…boring. You might have difficulty motivating yourself to work beyond your regular 9-to-5 job if you don’t like the work you’re doing. That’s where finding a side hustle that enables you to use your creativity is helpful.
There are a lot of these out there — including the five options outlined below. It can take a little longer to get them going because you need to build a platform. But if you pull this off, you might even earn enough to kiss your day job goodbye.
I have to start with writing since that’s how I make my living. Though some worry about AI taking over many of these jobs in the future, there are still plenty of opportunities for us humans right now. A strong command of the language is essential, but it also helps if you have some sort of niche. More specialized knowledge can open the door to better-paying opportunities.
There are several ways you could take this. You might start your own blog or you could work as a freelance writer for existing publications. You could also do both at the same time. Just make sure you read the terms of any contracts you sign carefully to ensure you understand what you’re agreeing to.
Photographers can make serious money, especially if they work events. The average wedding photographer in the U.S. makes about $48 per hour, according to ZipRecruiter. If you’re there for eight hours, that’s $384 in one day’s work.
Or you could go the route of stock photography. You can upload your photos to popular sites like Getty Images or Shutterstock. When people purchase them, you’ll get a portion of that sale. This could provide passive, albeit inconsistent, income after you’ve posted the photos. Just make sure you get any people who appear in your photos to sign waivers permitting you to upload the image for sale.
This is another area where AI appears to be gaining popularity, but there’s still a lot of graphic design work these technologies aren’t able to handle as well as a human. If you have skill designing logos, formatting ads, or page layouts, you could turn this into a valuable side gig.
Freelance work is an option here, or you could turn your talents to custom crafts. You might design T-shirts, mugs, or other goods that you can sell through online marketplaces.
Some of these sites enable you to upload your designs and earn money on sales without requiring you to actually make the product or ship it to the customer. This could be your best option if you’d like to limit your work to just the graphic design aspect.
The internet makes it possible for anyone to write their own books and create their own educational courses — either text or video — and share them with others anywhere in the world. There’s upfront work in creating the materials, but after you’ve finished this, it can lead to a passive income source.
This side hustle pairs well with some of the others on this list, including freelance writing. Many bloggers offer courses or e-books to supplement the advertising revenue they earn from their blog.
Social media influencers can make hundreds of thousands of dollars in some cases, if they manage to earn some lucrative sponsorships. This isn’t likely to happen for most people, but you could still earn some ad revenue by getting others to watch your videos or otherwise engage with your content.
Much as with writing, having a niche is crucial here. Posting regularly is also important for building up a fan base. Keep track of how each piece of content does over time, so you know how to direct your future efforts to get the greatest bang for your buck.
Most people with side hustles focus on filling their bank account, but it’s important to remember the costs associated with these accounts as well. You’ll have to budget for your own taxes and pay these in quarterly installments.
You may also face other start-up costs, like purchasing materials or a website domain. Using a business credit card for these purchases could help you earn valuable rewards that could save you money compared to paying out of pocket. Just be careful not to carry a balance.
You ultimately must decide if the side hustle is a good fit for you right now. If you go ahead with it, be patient. It takes time and practice, but if you stick with it, you could make quite a bit of money.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
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.
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