From lower bills to better weather, many people are looking beyond the UK and choosing to retire abroad, but there are risks to look out for.

The number of Britons looking to retire abroad is “rapidly growing”, said Sky News, but there are hurdles before they can fulfil their dream of a life “in the sun”, especially since Brexit.

Due to a range of factors there is a “massive gap”, said Aegon, between the life people imagine in retirement and where they eventually choose to live.

Why are people retiring abroad?

An estimated 200,000 to 250,000 British retirees currently live overseas, said PensionBee, with many possibly swayed by “warmer weather, a change of lifestyle or a more affordable way of living”.

In some cases, older people are looking further afield in places such as Thailand for care homes, due to “higher standards and lower costs”, said The Times.

Popular places to retire to

France, Spain and Australia have historically been “prime candidates” for expat Brits to retire to, said Hoxton Wealth, but a “new roster of destinations” is becoming more popular due to cost of living rises, visa rule changes post-Brexit and changing tax landscapes.

Cyprus is popular among retirees, said MoneyWeek, due to the lack of inheritance or wealth taxes in place, “as well as its climate and outdoor lifestyle”, plus English is widely spoken across the country. The Republic of Ireland is also popular as “under the Common Travel Area (CTA), UK citizens have the right to live, work and retire” there without the need for a visa and there’s no formal application process for residency, “unlike a host of other EU countries post-Brexit”.

Malta and Portugal also rank high among retirees, added the financial website, thanks to their proximity to the UK as well as “balmy climates, access to healthcare and low crime levels.”

What to consider when retiring abroad

One of the biggest factors to consider when retiring abroad is your state pension.

Expats are denied the “triple lock uplift” on state pensions, said The Telegraph, if they live in around 100 countries including much of the European Union, Canada, Australia and New Zealand.

This means state pension payments are frozen at the rate first received and the financial impact can be “increasingly severe”, said Rathbones, meaning people miss out on around £77,000 over 20 years.

Depending on where you take money from, you need to consider “inevitable fluctuations” in exchange rates, said Experts for Expats, as you need to be sure your income will continue to support you, even if your disposable income drops. The “default position”, may be to sell your home and move abroad, but consider whether you may decide to return to the UK and how hard and expensive it may be to get back onto the property ladder.

It is worth testing out an area first either by renting or just having a holiday, said Aegon, and working out what stage of retirement it is best for. This way you can find out what daily life actually feels like “before you redesign it entirely”.

When you get married, you might assume your taxes are now a joint venture. But that does not necessarily have to be the case.

Filing jointly tends to be the more popular option among married couples, both because it’s easier and because it can offer more tax benefits, potentially resulting in a lower tax bill. For some spouses, however, filing separately may be the preferable choice.

What is the difference between married filing separately vs. jointly?

Married couples have two filing status options come tax time: married filing separately and married filing jointly. When couples file jointly, they submit just one tax return that combines “income, deductions and credits with a spouse’s, all on one tax return with the same tax rate,” said Fidelity. Meanwhile, married filing separately means that you each file your own return, keeping your income, deductions and credits, and thus tax liabilities, separate on two different tax returns.

This choice has consequences beyond whether or not you can work together on your return. It also affects your effective tax rate and your eligibility for tax deductions and credits, which in turn determines how much you pay and get back at tax time.

When can it make sense to file separately?

While married filing jointly will generally result in the lower tax bill, “filing separately might be advantageous in situations where one spouse has significant deductible expenses or concerns about joint liability, as it allows for more individualized tax treatment,” said Chase. More specifically, couples may consider married filing separately in the following situations:

One of you has high medical bills. “If one spouse’s out-of-pocket medical expenses exceed 7.5% of their individual adjusted gross income (AGI), but don’t exceed 7.5% of their joint AGI, they might be able to lower their taxes by filing separately and taking the medical deduction,” said Intuit TurboTax.

Either you or your spouse has student loan debt. “If you’re on a student loan income-driven repayment plan, filing separately could reduce your bill since it would be based on your income alone, instead of your spouse’s income and yours combined,” said Fidelity.

There are tax liabilities or other issues. “If you don’t want to be liable for your spouse’s taxes and suspect that they are hiding income or claiming deductions or credits falsely, then filing separately is probably the best option,” said Investopedia. If you sign a joint return, you are assuming responsibility.

Another factor worth evaluating is your incomes and how combining them (or keeping them separate) influences your total tax bill. For instance, “dual-income households with similarly large paychecks could be pushed into a higher tax bracket than if they filed separately,” said CNBC Select.

When is married filing jointly a better choice?

The reason filing jointly is typically more advantageous is because “joint filers usually have higher income thresholds for certain taxes and deductions,” which “means they can earn a higher income and still qualify for certain tax breaks,” said Intuit TurboTax. They can also “more easily qualify for various tax credits,” including the Earned Income Tax Credit and Child and Dependent Care Credit.

The laws of your state are also worth weighing. If you live in a community property state, where all assets earned during marriage are considered jointly owned, “couples filing separately there each have to report half of the income both spouses earned, which could nullify most of the advantages of filing separately,” said NerdWallet.

There are a lot of myths and misconceptions when it comes to bankruptcy. But it is also a process that an increasing amount of Americans are facing.

Filings at the end of March this year “were up almost 12% from a year earlier,” said NPR. This suggests that a “growing number of Americans have reached the point where the pressure of their debt has overcome the stigma of bankruptcy.” While it’s still a last resort option, it can also be a lifeline back to financial solvency.

What is bankruptcy?

Bankruptcy is a legal process that people can go through when they are unable to pay back their debt on their own. Obtaining it requires filing a petition with the courts requesting relief.

The exact form this relief will take depends upon what type of bankruptcy you qualify for. Chapter 7 bankruptcy “can discharge eligible debts entirely, but requires the filer to forfeit nonexempt assets and property,” whereas with Chapter 13 bankruptcy, you “won’t have to forfeit any property, but you’ll need to set up a repayment plan to pay back creditors,” said LendingTree.

Why do people file for bankruptcy?

In short: relief. As soon as you file for bankruptcy, an “automatic stay takes effect, temporarily halting creditors from pursuing collection actions against you, including lawsuits, foreclosure and wage garnishment,” said Investopedia. And while it is generally a last resort, if you have “exhausted all other alternatives, bankruptcy may be the only way to get the financial relief you’re seeking,” potentially even offering a “fresh financial start” after you do the requisite work, said Experian.

However, it is worth noting that bankruptcy is not a guaranteed fix. Not everyone who files will qualify. Further, “certain debts, like child support and unpaid taxes, are ineligible for discharge through bankruptcy,” said Investopedia, which means it might not be the right solution for every situation.

What are the consequences of bankruptcy?

The financial reboot that bankruptcy can offer does not necessarily come easy. For one, bankruptcy has the potential to do major damage to your credit score, remaining on your credit report for up to 10 years. “It can take several years to rebuild your credit history,” said Experian, and in the meantime, you might have limited access to borrowing opportunities, such as a mortgage, credit card or car loan. If you are approved, you will likely pay a steeper interest rate.

Bankruptcy can also result in you losing some of your assets. For instance, under Chapter 7, if you “have a lot of home equity and your home isn’t protected from sale, your trustee might choose to sell it,” said LendingTree.

As such, before you go down this path, it is worth considering some bankruptcy alternatives. Depending on your situation, a debt management plan, debt consolidation or simply negotiating directly with creditors may be a better option.

A key question when budgeting is how much of your income you should be stashing away in savings. But when you start to get into the numbers, it’s not uncommon to find there is a gap between how much it is recommended you save and how much you can actually save after all of your expenses.

This reality, intensified by persistent inflation, is why the 60/30/10 budgeting method has been rising in popularity. The ratios offer a little more room for expenses by putting a little less toward savings than the longstanding gold standard, the 50/30/20 budget.

What is the 60/30/10 budgeting method?

The 60/30/10 budgeting method breaks down your monthly income into three categories: 60% of your income will go toward essential expenses (think housing, food and transportation), 30% will go toward discretionary expenses (like going out to eat and streaming services) and the remaining 10% goes into savings or toward paying down high-interest debt.

This budgeting framework differs from the go-to 50/30/20 budget in one major way, which is how much it allocates to savings. With the 50/30/20 rule, you put only 50% toward essential expenses, instead allocating 20% to savings and debt pay-off.

How does it stack up against the classic 50/30/20 budget?

The truth is, “many individuals may find that 50% of their income just isn’t enough to cover all necessary expenses,” said Kiplinger. For people feeling strapped by steep costs, the 60/30/10 budget can offer a more forgiving framework to follow.

Some experts worry, however, that the reduced rate of savings and debt pay-off could end up hampering long-term financial progress. Setting aside 10% instead of 20% can translate to “slower progress on savings and debt repayment, which may leave you carrying high-interest balances longer,” said NerdWallet. It may also make it challenging to, say, save enough for retirement or a down payment on a home.

The reallocation from savings to essentials could sidestep addressing root problems, too. For example, if “high rent is driving costs, downsizing or relocating might be a better solution than raising your ‘needs’ to 60%,” said NerdWallet.

How can you determine the right budgeting ratio for you?

Ultimately, the “exact ratios someone should use are flexible and many people find that they need to shape it to their needs,” said Stephen Kates, a certified financial planner and the principal financial analyst for Annuity.org, to U.S. News & World Report.

The 60/30/10 budget may work well for “young adults who have higher ‘startup’ costs like a first apartment, buying a car, moving to a new city for a job, student loan repayments, etc.” said NerdWallet. On the other hand, “older individuals may want to prioritize savings over spending, leading them to trim down the 30% allocation on discretionary spending and save more for retirement,” said Kiplinger.

Whichever ratio you land on, keep in mind that it does not have to be a permanent choice. As your financial situation evolves, so, too, should your saving habits.

If you are trying to save on your next car, you may be considering buying used instead of new. Used cars do usually cost less than new cars — but that does not mean you will automatically get a good deal on one.

“Today’s shoppers are facing record-high prices and a dwindling supply of budget-friendly inventory,” said The Washington Post, citing a new second-quarter report from car-shopping website Edmunds. Largely due to an imbalance between supply and demand, the current average price of a three-year-old used vehicle — $32,461 — is “4% higher than a year ago and a 15.5% increase from 2021.”

If you are in the market for a used car, here is what to keep in mind while shopping.

1. Know your numbers

Before you approach the negotiating table, it’s essential that you have done your homework. The first thing to figure out is how much you can actually afford to spend. “If you’re taking out a loan to pay for your car, a good rule of thumb is to cap your car expenses at 10% of your take-home pay, including your car payment and other ownership costs, such as fuel and insurance,” said Edmunds. And “if you plan to buy a car that’s out of warranty, it’s also a good idea to set aside a ‘just-in-case’ fund to cover unexpected repairs.”

If you know you need an auto loan, this is also a good time to verify your creditworthiness. Consider getting prequalified, which will not only provide a sense of how much you may be able to borrow and potential rates but also give you leverage when shopping and negotiating.

2. Make sure to comparison shop

Once you get to the point where you are eyeing up one car in particular, “look up the current market value — what other buyers have paid for that used car — in pricing guides such as Edmunds or Kelley Blue Book,” said NerdWallet. “Current pricing information from these impartial sources will give you confidence and show you how much to negotiate on a used car.”

It can also help to look at different sources. For instance, certified preowned vehicles tend to “cost the most, given that they typically have fewer miles, are often in better condition and have some warranty coverage,” whereas “private-party sales typically cost less,” though there is more effort involved, said Edmunds.

3. Dig into a vehicle’s history

A low price on a vehicle that turns out to be a lemon is not such a good deal in the end. This is why it’s important that you ask questions, and verify everything the former owner says before you sign. “Get the vehicle history report (Carfax and AutoCheck are two popular choices) to confirm the odometer reading, ownership history and reports of accidents and flood damage,” said Investopedia. And if you are “buying from a private seller, you can also ask to see a copy of maintenance records.”

Your own eyes — and nose — are a good resource too. “Visually inspect the car on a dry, sunny day to see imperfections and potential problems better,” said Consumer Reports. If you “smell mildew, the car may have been in a flood or there may be a leak somewhere, which could mean unseen water damage.”

Egg freezing is becoming an increasingly popular and visible choice among women. Rep. Alexandria Ocasio-Cortez recently joined the ranks of public figures who have shared their experience, detailing on social media her own decision-making and the realities of undergoing the process.

The procedure, in which eggs are harvested from the ovaries and then frozen for storage, can offer women an option if they are not yet ready to conceive or have health concerns and anticipated treatments that could later impact fertility. For many people, however, the cost of egg freezing is a major obstacle.

What is the average cost of freezing your eggs?

A single cycle of egg freezing “nationally averages around $16,000,” said The Sacramento Bee, citing FertilityIQ’s patient-reported data. This “includes roughly $11,000 for the clinic procedure and about $5,000 for fertility medications.” In addition, “egg storage is typically billed separately and can cost up to about $1,000 a year, depending on the facility,” said CNN Health.

Of course, there are a number of variables that influence how closely the actual cost aligns with these averages. One is location: “Clinics in mid-size cities may charge around $10,000 per cycle, while coastal metros like New York or San Francisco can exceed $18,000 for the procedure alone,” said The Sacramento Bee.

Also, “many women need to undergo multiple cycles to get their desired egg count,” said Dr. Marcelle Cedars, a professor and director at the University of California, San Francisco’s Center for Reproductive Health, to CNBC. That multiplies the initial estimate. Finally, when women are ready to use their eggs, they have the cost of IVF to navigate, which “averages roughly $23,000 per cycle,” said The Sacramento Bee.

How much does it cost if you decide to freeze embryos instead?

Despite the price tag, there is no guarantee that egg freezing will lead to a successful pregnancy. Freezing embryos can yield a higher success rate, which is why some women opt to freeze both their eggs and their embryos. Of course, this further compounds costs.

Since the process of embryo freezing also includes sperm banking and fertilization, it generally has a higher starting cost, averaging around “$10,000-$20,000 per cycle,” said the North Carolina Center for Reproductive Medicine. Storage is also necessary; this can run up to $1,000 a year.

What options are there to help cover the costs of egg and embryo freezing?

While “some high-profile tech companies, including Meta and Apple, have advertised egg freezing as an employee perk,” the reality is that “most insurance does not cover the cost unless there is a medical reason, such as ahead of cancer treatments that will damage or destroy a woman’s eggs,” said CNN Health. In fact, said The Sacramento Bee, “only about 20% of large U.S. companies include egg freezing in their benefits.” Still, the first step when assessing costs for the procedure is to check with your health insurance plan to see what costs it may help cover, if any.

A total of “21 states have fertility preservation mandates, which means they may cover some aspects of medically necessary egg freezing (and/or sperm freezing) for qualified patients,” said CCRM Fertility. The fertility clinic itself may be willing to offer discounts or payment plans, and there are various organizations that offer financial assistance and even grants or scholarships. You might also consider using your Health Savings Account (HSA) or Flexible Spending Account (FSA) funds toward qualified expenses.

You finally got a raise at work. Now you feel a little more comfortable ordering in a few times a week, and you are not thinking twice if you need to opt for an Uber over taking the bus. Your quality of life may have improved, but when you look at your bank account, the numbers are more or less the same — even though your salary went up.

This phenomenon is what is known as lifestyle creep, and it’s not uncommon for it to occur when you start bringing in more money, whether due to a pay increase, a bonus or a new job. While there is a case to be made for leveling up as your career does, doing so in lockstep with your income can leave you right back where you started financially.

What is lifestyle creep, and why is it a problem?

Lifestyle creep, sometimes called lifestyle inflation, “occurs when your spending gradually increases as your income rises,” said U.S. News & World Report. Basically, what happens is those two figures move up in tandem, squeezing out the opportunity that a higher income should provide to save and invest more.

What makes it so insidious is that “it happens little by little, so you may not even realize it,” said Investopedia. In other words, “it sneaks (or creeps) up on you.” The small shifts you are making in your lifestyle, whether that be splurging on slightly nicer clothes or making your weekly latte a daily occurrence, can have big impacts. Unfortunately, “lifestyle creep can deplete your savings and prevent you from achieving long-term financial goals.”

What are the warning signs of lifestyle creep?

Improving your lifestyle and overall quality of life is not inherently a problem. To “some degree, lifestyle creep is expected,” said U.S. News & World Report. There are signs, however, that you may have taken it too far.

One sure sign that “your lifestyle may be creeping up too much can be that you begin saving and investing less and less,” said Fidelity. Another tip-off is that you have started accumulating debt, perhaps carrying a credit card balance.

You may also notice your attitude toward budgeting and tracking your spending has changed. For instance, maybe “you have stopped following your budget because you assume you’re earning enough not to have to worry about spending,” or you now “feel as if you can afford to buy whatever you want and no longer stick to previous limits,” said SoFi.

How can you avoid lifestyle creep?

To avoid falling into the trap of lifestyle creep, follow these three steps.

Make a budget. “Give all income a job to do,” said SoFi. Before you start spending, put a portion into savings and invest another amount, making sure to reserve enough to cover essentials. Anything that remains, you can allocate toward fun splurges or upgrades.

Track your spending. Often, lifestyle creep is not an intentional choice but an accrual of small shifts in spending. To make sure that does not happen, keep tabs on where your money is going. Budgeting apps make this easy to do.

Set goals. A new pair of shoes may feel nice, but reaching a financial goal, whether that is finally buying a house or being able to retire early, will arguably feel even better. “One key to avoiding lifestyle creep is to set long-term financial goals and keep your eye on the prize,” said SoFi.

At a certain point, a “swelling retirement account isn’t really about retirement,” said Daniel de Visé in USA Today. The average American family has a little more than $268,000 saved up in an individual retirement account. But at least 32,000 people have amassed more than $10 million in workplace and individual retirement accounts like a Roth IRA, which can grow without taxes due on the earnings, according to the Joint Committee on Taxation. And “at the top of the wealth heap, 208 taxpayers have $85 billion saved in IRA-type accounts” that were originally designed for the middle class. “One might wonder how any American, no matter how wealthy,” could amass so much given the restrictions that govern contributions. After all, even “at its most generous,” the federal government only allows certain older Americans to contribute a maximum of $35,750 to a 401(k). Yet some people have found ways around the guardrails.

The “mother of all tax breaks” comes to those who stash startup shares in a Roth, said Brian Contreras in Inc. Entrepreneurs, hedge fund managers, and Silicon Valley insiders who have access to early and promising startups will often deposit “that stock in an IRA or workplace retirement account” and watch it pile up “massive gains while still enjoying substantial tax benefits.” Because those shares are cheap at first, they remain within annual contribution limits. Roblox board member Gregory Baszucki, for instance, has “at least $68 million worth of Roblox stock in his Roth IRA, and potentially about $158 million in tax-free holdings total.”

That’s how retirement accounts have become “an artifact of ever-expanding wealth inequality,” said Michael Hiltzik in the Los Angeles Times. While 40% of working Americans “don’t have any retirement savings at all,” the rich abuse the system to amass millions tax-free. “The outsize growth of plutocrats’ retirement accounts has bubbled up to public notice” again recently, after Sens. Ron Wyden (D-Ore.) and Richard Neal (D-Mass.) proposed legislation to cap IRAs and 401(k)s at $10 million. Even that amount seems “excessive.”

But anyone can supersize their retirement account with some savvy execution, said Anne Tergesen and Theo Francis in The Wall Street Journal. A “little-known fact about 401(k) plans” is that employees can really set aside “as much as $72,000 in these accounts every year, rising to as much as $80,000 for those 50 and older.” To go beyond the usual $24,500 limit, a worker can contribute as much as another $47,500 after taxes—and then convert that money to a Roth 401(k). “Someone who saved the equivalent of today’s $72,000 maximum” every year from 1984 to 2019 would have had $20.6 million by the end of 2024, “assuming returns consistent with the S&P 500 index.”

Speculation is rife with just a couple of months to go until the first Autumn Budget for new Prime Minister Andy Burnham and Chancellor John Healey.

“It’s an unusual high-stakes moment,” said Coutts, as Burnham has only just returned to Parliament as an MP and Healey is “fresh to the chancellorship, succeeding Rachel Reeves”. The Budget will be delivered to Parliament on 28 October.

It will come at a time when public finances are “expected to be gloomier than forecast at Rachel Reeves’ spring statement”, said The Guardian, when the Iran war had only just started.

Burnham has already announced a “handful of cost of living measures”, said Which?, which include a £2 cap on bus fares, the removal of VAT from electricity bills and a business rates tax cut for pubs and clubs.

There are plenty of clues on further cost of living support but no certainty yet on what will be announced. Healey has said, however, he wants to move “power and money out of Westminster, and into every postcode around Britain”.

Here is how the Autumn Budget could impact your finances.

Tax threshold tinkering

Burnham has committed to keep Labour’s manifesto pledge not to raise income tax rates. But during the Makerfield by-election campaign he did hint at “revising the personal tax allowance”, said Which?, to amend when people’s earnings move into different tax bands.

Wealth taxes

Former chancellor Reeves unveiled a mansion tax in her final budget, which Healey is expected to “push ahead with”, said The Sun.

Other wealth taxes are still “much discussed”, said BDO, but there are fears that a straightforward wealth tax would lead to the wealthy leaving the UK. Other taxes on wealth, such as raising the capital gains tax rate, “might prove better at raising revenue”.

Property tax changes

Burnham has previously described the UK's property tax system as “outdated”, said Fidelity, and has “expressed support” for a land value tax to replace stamp duty and council tax. However, he did say during the summer that there were “no immediate plans” to abolish either one.

Social care strategy

One “bold idea”, said The Independent, is to scrap inheritance tax and replace it with a social care levy. But tax moves to fund a social care overhaul “may simply be delayed until a future budget”, added BDO, as Baroness Casey’s independent commission on adult social care is not due to report until summer 2027.

Pensions

Get set for “another period of speculation on pensions”, said Saxo.

The previous two Labour budgets had all kinds of speculation about limits being cut, such as pension tax relief, “leading to withdrawals and investors pulling money out of portfolios”.

Healey is “broadly expected”, said The Sun, to continue with plans to add pensions to estates for inheritance tax from April 2027.

Burnham has already committed to keeping the state pension triple lock but there is “persistent speculation about cutting the tax-free pension lump sum”, said WealthR. Trimming pension tax relief “could also be on the radar”.

If you have ever looked into how to make a budget, you’ll quickly find the calculations typically hinge on how much money you earn each month. But what if you don’t know how much you will make next month, let alone six months from now?

This kind of income uncertainty can create a wrinkle in the budgeting process for gig workers, seasonal employees, freelancers and commission-based workers. However, that does not mean they should skip budgeting altogether. Rather, those with irregular or unpredictable incomes just have to approach the budgeting process a bit differently than those with steady paychecks.

1. Plan around your worst month — not your best

If your income is high one month and low the next, you may think the best way to approach that from a budgeting perspective is to work based on the average amount you’re earning. But it’s actually “way better to start low than to start with an average,” said Ramsey Solutions, a personal finance blog. “If you budget low, you can always go up from there,” whereas if you end up “overestimating and then having to scale back later, that can put you in a real tight spot.” So find the month in which you earned the least, then build from there.

2. Make sure every dollar you earn has a purpose

When figuring out how to budget with irregular income, “one of the most effective strategies is the zero-sum budget,” said Discover. With this budgeting method, you assign every dollar that hits your bank account a specific purpose, whether that is covering groceries, contributing to your retirement account or paying off student loans.

You can use the lowest-income figure that you determined in the prior step to set a baseline for assigning purposes. Using that amount, figure out how you will put every last dollar of your income to use. Then, if there is some extra one month, you can top off your savings.

3. Create a buffer with savings

An emergency fund becomes especially important if you do not have the reliability of a regular paycheck. If one month goes off the rails — maybe you lose your most important client or have a health issue — then your savings account is what will see you through. To keep steadily building up that balance, a “good strategy is to put at least a portion of every paycheck you get into savings,” said NerdWallet. And if you aren’t “making enough to do that, you may need to branch out.”

4. Remember to plan ahead for taxes

Many people who do not earn a paycheck from a traditional employer are responsible for paying their own taxes, rather than having them automatically deducted from their paycheck. The impact can be surprising, adding another element of unpredictability. But planning can help lessen the blow. “A good rule of thumb for commissioned and self-employed people is to set aside 25% to 33% of every payment for federal and state taxes,” stashing that in a separate account reserved exclusively for quarterly estimated tax payments, said U.S. News & World Report.

When tackling something challenging, coming up with a plan is often a good first step. That is certainly the case when it comes to paying down debt, especially when your balance is already overwhelming and still ballooning thanks to interest.

Debt management plans, which are created and administered by credit counseling agencies, aim to give you a roadmap toward getting debt-free. They can also streamline the number of monthly payments you have to worry about and potentially lower the interest rate and fees you are paying, smoothing the path even further.

What’s a debt management plan?

A debt management plan is a strategy for paying off certain types of debts, specifically unsecured debts like personal loans and credit cards. Offered by credit counseling agencies, a debt management plan “lumps your debt payments into a single payment with a reduced interest rate,” which in turn “gives you a structured path to pay off the debt over three to five years,” said NerdWallet.

Once you meet with a credit counselor to create a plan and decide to enroll, the counselor will reach out to each of your creditors, informing them of the plan and potentially negotiating the debt owed, asking them to waive fees or reduce interest. You will then make a payment each month to the credit counseling agency, which will in turn pay your creditors on your behalf. Typically, you’ll owe a one-time fee for the plan’s set-up as well as recurring monthly fees.

What are the pros and cons?

The most obvious benefit of a debt management plan: It can help you pay down your debt. “Your counselor works with you to develop a livable budget that makes room for debt payment and savings,” and they may also “negotiate with creditors to secure lower interest rates, enabling you to pay off your debts faster,” said Experian. Further, with a debt management plan, you will need to worry about just one monthly payment to the credit counseling agency.

There are trade-offs, however. “With a debt management plan, you typically must close any open credit accounts,” and “you usually can’t open new accounts until you’ve repaid your debt,” said Discover. You may initially see your credit score drop due to these closures “but not as drastically as it would with a bankruptcy or debt settlement,” which a debt management plan will help you avoid, said Experian.

And remember: This help does not come free — or fast. You will typically owe a fee for the service. In addition, the “plans often take several years to complete, and not everyone can stay the course,” said The New York Times.

When can a debt management plan be the right solution?

“People who have stable income but who find themselves juggling payments for several high-rate credit cards are generally good candidates,” said the Times. To see a debt management plan through, you need to be able to make the payments each month, as missing just one can lead to the plan’s cancellation. But with a plan, you will at least be making these payments under the structure and guidance of a professional (and hopefully with a lower rate).

Keep in mind that these plans only work for certain types of debt. It “may not be as beneficial if your largest debts are secured, such as an auto or home loan, since these can't be included,” or “if several creditors refuse to participate in the plan and reduce interest costs or fees,” said Experian.

If you need cash and happen to own your home, the equity you have built up there can be a good place to look for it. There are a variety of ways you can tap into those funds, one of which is a cash-out refinance.

This particular option has become “increasingly popular” in recent years. “These loans are up 13% year-over-year and are expected to account for more than 40% of all mortgage refinancings in 2026,” said The Wall Street Journal, citing the Federal Housing Finance Agency. But just because cash-out refinancing is growing in popularity does not mean it’s always a good idea or the right fit for everyone.

What is a cash-out refinance?

Cash-out refinancing lets “homeowners convert part of their home equity into cash by replacing their current mortgage with a larger one,” with the “difference between the two loans paid out in cash,” said Investopedia. This distinguishes it from a typical refinance, where the new loan is for an equal amount, leaving no leftover funds.

Typically, lenders set an 80% loan-to-value (LTV) ratio, which means “you can borrow up to 80% of your home’s value — minus your outstanding mortgage balance,” said LendingTree. There are often not many restrictions on how you can use the funds, whether that is home repairs or renovations, debt consolidation or a major cost, like college tuition. Keep in mind that this is a secured loan, with your home serving as collateral. It is also necessary to meet eligibility requirements to qualify.

What are the pros and cons of cash-out refinancing?

A cash-out refinance gives you access to cash, typically at a lower interest rate compared to options like credit cards or unsecured loans. Plus, if your financial profile and credit have improved since you took out your original mortgage, you could qualify for better terms.

A better rate is not a guarantee, however. If interest rates have “risen since your original mortgage, you’ll pay more on the new loan even with a credit score of 740 or higher,” said Bankrate. And “since the new mortgage is larger, that higher rate applies to more debt.” The larger balance will also often mean higher monthly payments, with your home on the line if you cannot make them. In addition, you can usually expect to pay closing costs and fees when you refinance.

When can a cash-out refinance make sense?

A big part of the decision comes down to the numbers. You will want to figure out whether you even have enough home equity to qualify — lenders will likely require at least 20% — and how much closing costs and fees will cut into the loan amount you receive. It’s also vital to consider whether the new monthly payment is feasible for your budget.

Your plan for the funds is a deciding factor as well. While some uses, like “funding a renovation that adds resale value or paying off high-interest debt,” can make sense, “if you’re covering a vacation, a car or other discretionary spending, you’re trading long-term home equity for short-term spending, and the math rarely works in your favor,” said Bankrate.

When taking out student loans, most borrowers are aware of two options: federal student loans and private loans. But amid new limits on federal loans for graduate students in particular, the availability of a third option — state-backed student loans — is becoming increasingly widespread.

While technically “states have had their own student loan offerings for decades,” a number of them have “recently moved to expand their loan offerings in anticipation of the added restrictions on federal borrowing,” said CNBC. These loans do not necessarily offer the same protections as federal loans. Still, they may be an alternative to private loans worth considering.

What are state student loan programs?

State student loan programs are offered by select states as opposed to the federal government or a private lender, and they are often overseen by a state’s department of postsecondary education. As of July, “at least 16 states offer state-run loan programs for students pursuing a postsecondary degree or credential,” said the National Conference of State Legislatures, a bipartisan organization that serves the legislators and staff of all 50 states.

In general, state-backed loan programs “have similar requirements and benefits to federal loans: low, fixed interest rates and flexible repayment plans,” said SoFi. Specifics, however, vary by state, among other factors. For instance, “interest rates on state education loans vary by state, and can also depend on the degree program and borrower qualifications, such as income and credit score,” said CNBC. Eligibility requirements and borrowing limits can also vary.

How do state student loans compare to federal loans?

It’s “important that borrowers understand state student loan programs are excluded from federal relief options and protections,” Tiara Moultrie, a fellow at The Century Foundation, a left-leaning think tank, said to CNBC. This includes federal repayment plan options like income-driven repayment and Public Service Loan Forgiveness (PSLF), though some states do offer their own alternatives.

Further, while interest rates can be comparable to federal loans, they can also be a good bit higher. Interest rates on “some state student loans can exceed 10%,” according to a July analysis by The Century Foundation, whereas the “U.S. Department of Education’s Direct Unsubsidized Loans for graduate and professional students currently come with a flat interest rate of 8.07%,” said CNBC. But the opposite can also be true: “The interest rate for a borrower with a co-signer and a 10-year repayment term, for instance, is 6%” in Minnesota’s SELF Grad Loan program, said The New York Times.

Another major difference is in the qualification process. Federal direct subsidized loans do not have credit score requirements, but state loans may. Debt-to-income ratio and financial history could also be taken into consideration.

Who can use state loan programs?

State residency may or may not be a factor in eligibility, depending on the specific program. For example, “Minnesota’s program is open to students who are either residents of the state or out-of-state students attending a participating in-state college or university,” while “Connecticut’s program is available to Connecticut residents, or residents of seven other states (Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont) who are attending an eligible Connecticut institution,” said the Times. Additionally, approval usually takes into consideration factors like “credit score, annual income, credit history, debt-to-income ratio and whether a borrower is attending a qualifying institution,” said The Century Foundation.

From girl math to loud budgeting, social media has gone through its fair share of financial trends. The latest one, however, may have some staying power.

Known as moneymaxxing, this new fad focuses on making the most of, well, your money. “While the tactics can vary, the underlying goal is simple: Make sure every dollar is doing as much as it reasonably can, so you’re able to put your money where it really matters,” said Northwestern Mutual. Here’s what to know.

What is moneymaxxing?

In short, moneymaxxing “encourages people to maximize their budgets by trimming recurring expenses, redeeming rewards points — a related trend known as ‘pointsmaxxing’ — and stashing extra cash in a high‑yield savings account,” said CNBC. Other actions aligned with the movement might include evaluating how you are allocating your money and setting clear financial goals.

Admittedly, the concepts that moneymaxxing espouses are not really new, though social media has given it a fresh spin and name. “It’s kind of like the FIRE movement — financial independence, retire early — but gamified. It makes saving feel like something you can do without going the normal route,” said certified public accountant and financial planner Felicia Greenwald to Parade.

Why is moneymaxxing getting popular right now?

The rise of moneymaxxing may have something to do with the financial reality many Americans are currently facing. “Largely because of rising costs, young adults are having a hard time making it on their own,” said CNBC, with many still relying on their parents and viewing financial independence as a far-off prospect.

Moneymaxxing “helps close these gaps by encouraging people to pay more attention to their finances,” said Northwestern Mutual. From there, they can start to make more meaningful, intentional decisions, whether that means focusing on paying off debt, building an emergency fund or saving enough for a rental deposit.

The social aspect of the trend can also be motivating. “When those numbers are real, and people are talking about real figures, it’s easy for people to understand and not feel so alone in their own financial struggles,” said Greenwald.

How can you start moneymaxxing?

Moneymaxxing is a trend — but it can also be a smart way to maximize the funds you have, making the most of your financial situation no matter what it looks like. A great first step into moneymaxxing is to get a handle on how much money you have going in compared to how much is going out, and where specifically that money is going. You can then use that information to identify what is and isn’t working as efficiently as it could be.

The next step is to determine your financial priorities. “Whether the objective is to reduce debt or build a savings cushion, having a clear milestone can help you stay motivated,” said Jack Howard, the head of money wellness and behavioral finance expert at Ally Bank, to CNBC.

Finally, there is the task of figuring out how to actually achieve your financial aspirations. You might consider breaking down intimidatingly lofty goals — like building an emergency fund with six months of expenses — into smaller, more manageable chunks, like aiming to set aside a small amount each month. Financial tools can also help offload some of the work, whether that is choosing a budgeting app to help you stay on track or using automation to ensure consistent transfers to savings.

Sticking to your budget can be hard enough without inflation. But when prices on everything from gas to groceries are steadily creeping upward, sticking to your plans for spending can feel like a losing battle.

When your money is not stretching as far as it used to, creating a budget — and sticking to it — becomes more important than ever. And while you may not be able to push the price of gas back under $3 a gallon, there are still steps you can take to better stay on track financially amid inflation.

1. Get a handle on your current spending habits

Sure, inflation can play a role in you going over budget. But whether or not you would like to admit it, your own spending habits matter just as much. “If you haven’t already, track your purchases for a month,” then “consider whether increased expenses are due to inflation, habit creep or a little of both,” said NerdWallet.

Equipped with this information, you can make informed adjustments accordingly. Maybe you see an area where you tend to overspend, and you can commit to cutting back there. For example, perhaps you’re underestimating the actual cost of groceries each month; in this case, you could allocate more to that line item and away from others, or you might instead look for ways to get creative with meal planning and work with less.

2. Reevaluate debt

Paying down debt should not fall to the wayside entirely, even when your budget feels tight. The longer you stretch out repayment, the more you may pay in interest and the more time you will have that burden hanging over your head. You can, however, explore ways to make your debt payments take up a smaller chunk of your budget.

Taking advantage of options like a credit card balance transfer or debt consolidation loan could allow you to repay your loan at a lower interest rate. So could refinancing, a possibility for both student loans and mortgages. Just make sure you understand the drawbacks, alongside the benefits, before committing.

3. Take advantage of automation

Budgeting admittedly takes work. But using budgeting apps and automated features can help offload some of it. Not only can automation “simplify saving money and paying bills” through options like automated bill pay and automatic account transfers, but “money that goes automatically into your savings also means it’s not sitting elsewhere — like in your checking account, where you’re more likely to spend it,” said Bankrate.

Especially when prices are uncertain and trending upward, a bit of cushion in your savings can come in handy. “If possible, keep a few hundred dollars extra in your spending plan to account for costs that are higher than expected,” said NerdWallet. “That way, you can handle it when factors outside of your control put you over budget.”

4. Check in regularly

Even if you employ some tools to handle tasks automatically, your finances should never become a set-it-and-forget-it situation. That is especially true when economic conditions are shifting rapidly. A “budget loses a great deal of its value if you don’t check to see if you're sticking to it,” said TD Bank.

Plan check-ins at a regular cadence, perhaps monthly, and use that time to “review all your spending and savings to see if you're hitting your targets,” said TD Bank. If you are not, this is the time to make changes proactively — rather than reactively.

Having a good listing agent can mean the difference between a frustrating home-selling process with disappointing results and one that is easy and lands the best possible offer. But how do you figure out which realtor will do a solid job representing you in the transaction? While there is never a guarantee that a relationship will be smooth sailing, there are a number of factors you can evaluate in your search to help you find the right fit. Here is how to know you have found the best realtor for the job.

They have the right qualifications and experience.

Step one when choosing a real estate agent is ensuring they are actively licensed in your state. Search for them in a real estate licensing database and also reference your state’s licensing division, noting “when the license was issued and if there are any temporary suspensions or complaints on file,” said HomeLight, a real estate matching service.

Experience also matters. “Ask potential listing agents how long they’ve been selling real estate and how many houses they’ve sold recently,” said NerdWallet. “If someone hasn’t closed a deal in several months, that’s a reason for concern.” Ideally, they will also be familiar with your particular area and housing market.

They answer your questions clearly and are professional.

Personality and communication style are worth weighing when choosing a realtor, as this will be a working relationship. “I see so many consumers get stuck with an agent who looked good on paper but was awful to deal with,” said Wendy Gilch, a fellow at the Consumer Policy Center, to The New York Times.

The best way to evaluate prospective agents is to interview at least a few of them. See whether they will clearly address your questions and assess their demeanor when they do so. Recommendations and reviews from trusted sources and former clients can also be helpful here.

They have a plan for pricing and marketing your home.

An experienced listing agent should have a solid handle on comparable homes in the area (often referred to as “comps”) and an informed explanation for their suggested list price for your home. “If they can’t have a full discussion about pricing and comparables, that’s a red flag,” said Gilch to the Times.

In addition, a “good real estate agent will have a robust plan to promote your listing to find the right pool of buyers,” whether that is through open houses, professional photography or specific staging recommendations, said NerdWallet. It’s important that you feel aligned on the approach and confident it will deliver.

They have a fair rate and transparent contract terms.

Before signing anything, make sure you understand what your realtor will charge for their services and what exactly is included. “A full-service real estate agent will provide a high level of offerings that go toward giving you a great selling experience and boosting exposure to your home,” said HomeLight.

And remember: “Agent compensation is fully negotiable and not set by law,” said the National Association of Realtors. You should not feel pressured or like you cannot push back.

The message is clear that you should be saving for retirement. What may be less clear: what, exactly, you are saving for. There are the obvious costs most retirees can predict, such as continued basic life expenses, or some they will even look forward to, like the expense of additional travel and time spent on hobbies.

Then there are costs that retirees often end up overlooking when they are meting out their retirement account balance. These can inevitably end up complicating what seemed like a smart retirement plan. Here are some of the most common hidden costs to look out for.

1. Out-of-pocket healthcare costs

Most retirees are aware that healthcare costs are a reality of aging. What can fly under their radar, however, is just how rapidly healthcare costs can rise and how much they may have to pay out of pocket.

“Once you retire, you’ll still be responsible for premiums, deductibles, copays and services that Medicare doesn’t fully cover, like dental, vision and hearing,” said GOBankingRates. Not to mention “long-term care or extended rehabilitation after a surgery or illness.”

A surprising or devastating health event can easily throw a wrench into things. “Without insurance and depending on the severity, unexpected medical costs can range from $20,000 for a two-night hospital stay to $100,000 or more for longer stays and critical conditions,” said certified financial planner Jeffrey Stouffer to Kiplinger.

2. Taxes

When you are working, taxes are often automatically deducted from your paycheck, which means you do not have to think about them when budgeting. That is not the case in retirement. Nor do you get to skip out on taxes in your golden years because you are no longer bringing in a regular paycheck.

The reality is, “distributions from traditional individual retirement accounts (IRAs) and 401(k)s are taxed as ordinary income,” and “depending on your combined income, up to 85% of your Social Security benefits may be taxable,” said Citizens Bank. You may also end up owing taxes on any income from investments or pensions, not to mention property taxes if you own your home.

3. Rising insurance premiums

Even if you have a line item in your budget for home and auto insurance, that may soon become obsolete as premiums continue to go up. “While overall inflation has hovered between 2% and 3% in recent years, home insurance rates surged by 11% in 2023 and 11.4% in 2024, according to a July 2025 LendingTree analysis,” said AARP. Further, “federal data shows motor vehicle insurance premiums have risen at double or triple the overall inflation rate for most of 2025.” Retirees may therefore end up paying a lot more than they initially expected over time.

4. Inflation

While you may hear a lot about inflation on the news, “retirees routinely cite inflation as one of the most surprising ongoing costs in retirement,” said Kiplinger. It can creep into just about everything, from groceries to utilities to housing. “Even at a moderate historical average of around 3% per year, the cost of essentials” can “more than double over a 25-year retirement,” said Citizens Bank.

You have worked your whole life to save up enough to retire. And now you have — but you are afraid to spend those hard-earned savings.

Being frugal in retirement may seem like a good thing. You are most likely living on a fixed budget with no more paychecks flowing in. For many retirees, however, concerns about outlasting their savings leave them limiting themselves unnecessarily.

Why do people tend to underspend in retirement?

For many retirees, the “biggest hurdle is psychological rather than financial,” said U.S. News & World Report. “Many retirees have spent decades living below their means, making thoughtful financial decisions and consistently saving for the future,” which means that “by retirement, those behaviors have become second nature.” It can be hard for these retirees to suddenly change their money mindset and pivot to spending the retirement savings they worked so hard to accumulate.

Fear is another component. “According to a recent survey by the Employee Benefit Research Institute, more than three in four retirees agree they can afford to spend freely — but nearly half say they still underspend out of fear they’ll run out of money,” said Charles Schwab.

Then there is the very real puzzle of figuring out an appropriate amount to spend. After all, it is impossible to know how long you will live or how well your investments will perform.

What are the risks of underspending in retirement?

The risk of overspending in retirement is obvious; the risk of underspending may be less so. But “according to financial advisors, it ultimately amounts to something similar: not living as fulfilling a life as one could have,” said CNBC. “It represents a life not lived, the vacations you didn’t take because you were afraid you were going to run out of money,” said certified financial planner Marianela Collado to the outlet.

Sure, you can ultimately pass on what remains to your heirs or to a charity or another organization of your choosing. But by playing it safe and never tapping into what you worked so hard to accrue, you never get to reap the rewards of all that labor.

How can you figure out a safe rate of spending in retirement?

Admittedly, the “‘right’ withdrawal rate is far from settled science, in that you’re trying to figure out how much to extract under uncertain market conditions and an unknowable time horizon,” said Morningstar. Instead of trying to come up with a hard-and-fast withdrawal rule that will last throughout your retirement, think of it as something you can continually reassess as your circumstances shift.

Known as “flexible withdrawal strategies,” these “ebb and flow with a portfolio’s balance,” said Morningstar. Such strategies may allow you to withdraw more of your portfolio during your own lifetime “rather than leave behind big balances after death.” Maybe you slow down your spending after a big year of travel, for example, or a market downturn. As long as you allow yourself to ramp it up when things are going well and you have golden years you want to live to the fullest.

A law aimed at curtailing surprise medical billing has been surprisingly lucrative for doctors, said Anna Wilde Mathews and Tom McGinty in The Wall Street Journal. Health-care providers were awarded nearly $15 billion last year from arbitrators called in to settle medical billing disputes, more than triple the amount in 2024. It’s an unintended result of the No Surprises Act, passed by Congress in 2020 in response to a surge of complaints from patients about “huge, unexpected bills from doctors who weren’t in their insurers’ networks.” Patients are no longer responsible for those bills, but their insurers now battle doctors in arbitration hearings “over how much they will pay.” Doctors are winning around 80% of the cases. Some insurance groups allege that the system is getting “gamed,” said Sarah Kliff in The New York Times. Seeing the favorable results, “a growing number of medical providers and billing firms have begun using it to obtain higher payments for scheduled procedures”—and then winning payments “that are 10 or hundreds of times as high as what insurance typically pays.”

The No Surprises Act has spared millions of Americans from unexpected medical costs, said Lisa Jarvis in Bloomberg. It “addressed a real problem many Americans regularly experienced.” Unfortunately, that great bipartisan achievement is getting abused, which means patients will start “paying the bill in other ways.” Several insurers, like UnitedHealthcare of New York, have already said that “costs associated with the dispute process accounted for a portion of its premium hike for next year,” which could be as high as 9%. “What began as an exercise in consumer protection” is instead becoming “another force pushing health care out of Americans’ reach.”

It’s a perfect example of a policy with consequences “nearly the opposite of what was intended,” said The Wall Street Journal in an editorial. The Biden administration estimated there would be 17,000 disputes every year; last year, there were 2.6 million. Part of the problem is that “arbitrators don’t often throw out ineligible claims.” The government should audit and discredit the obvious money grabs. However, the Trump administration “finalized a Biden-proposed rule aimed at making arbitration more efficient and less expensive.” This will only “encourage more claims.”

Early drafts of the No Surprises Act foresaw this very issue, said the Washington Examiner. Those drafts required “insurers to pay out-of-network providers a clear, market-based benchmark rate,” which was usually tied to the median in-network price for the same service in the same area. “This was the simplest and fairest solution.” But hospitals and medical groups argued this would be too favorable for insurers. And so instead the arbitration process has become “a racket.” Congress must fix its mistake.

Winning a scholarship can help make covering the cost of college much more manageable. And unlike student loans, which you have to pay back, scholarships are money that is gifted to you free and clear — well, almost.

In some cases, you may have to pay taxes on that scholarship money. So, what are those cases? The problem with that question is “answering it often seems to require a Ph.D.,” with confusion abounding among both parents and students, said The Wall Street Journal. Figuring it out in advance, however, is key to minimizing tax impacts or at the very least being aware of them.

When do taxes not apply to scholarships?

Perhaps it is first easier to understand when you do not owe taxes on scholarship funds. “A general rule is that your college scholarship is tax-free when it is used to pay for ‘qualified education expenses,’” said Kiplinger. These are the costs that are “typically limited to items required for all students to attend a particular institution” — think “tuition, fees, books and supplies.”

The student, as well as the school, must also meet certain requirements for the scholarship money to be tax-free. Specifically, the student must be a “candidate for a degree at an educational institution that has regular faculty, regular curriculum and a regularly enrolled population of students in attendance,” said H&R Block.

When do you owe taxes on scholarships?

If you use your scholarship funds for costs beyond what is absolutely required for all students in attendance at the program, then income taxes will generally apply. So, for instance, “if a student uses scholarship dollars to buy a computer that’s not required, those funds are likely taxable,” said the Journal. The same goes for “funds used to pay for room, board, most travel and optional expenses,” as well as any “money the student receives for other services, such as office work,” alongside “stipends for living expenses.”

Additionally, for your scholarship to be tax-free, the amount cannot exceed your qualified education expenses. “If your scholarship exceeds the amount of your qualified education expenses, you may need to report the excess amount on your tax return,” said Kiplinger.

How should you report a taxable scholarship?

If your scholarship is indeed taxable, you will need to report that to the federal government. The process for doing so is the same as it is for any other income.

You will report the taxable scholarship amount using either Form 1040, Form 1040A or Form 1040E Z on the line labeled “Wages, salaries, tips.” If “no W-2, Wage and Tax Statement was received, also enter ‘SCH’ by the taxable amount,” said H&R Block.

Summertime heat can bring sky-high electric bills, which may have you searching for new savings opportunities. Solutions can range from the low-cost option of increasing the temperature by a few degrees to the high-cost solution of installing an entirely new cooling system. A middle-of-the-road option that may be worth exploring? Upgrading to a smart thermostat.

These devices make it easy to set your system on your schedule, so you are not running it unnecessarily when you are at the office or away on vacation. Some are even more advanced, automatically detecting your absence and switching to a more energy-friendly mode. While these shifts can cut down on usage and increase efficiency, calculating the actual electric bill savings you will see is not necessarily clear-cut.

How can a smart thermostat save you money?

The potentially cost-saving feature most smart thermostats offer is an app that you can use to easily set a schedule for the heating and cooling of your home. “Technically, you can do this with any thermostat, but smart thermostats make it especially easy with their eco modes and suggestions, which means the average user typically starts saving more money when they adopt a smart thermostat,” said CNET. The app can also display your energy usage habits, which can help you course correct going forward.

Some more advanced smart thermostats take things a step further. They figure out when “nobody is home, most commonly with motion or occupancy sensors, or by checking the location of your phone,” and then they flip to an “energy-saving model” if no one is around, said Consumer Reports.

What is the average savings a smart thermostat offers?

Compared to the savings some smart thermostat manufacturers claim, “independent research tends to paint a more conservative picture,” said CBS News. Many studies show “average savings closer to 10% to 15%.”

The savings rate you see will depend on a variety of factors. In general, the “largest savings are often seen by homeowners who previously left their thermostat at the same temperature around the clock,” said CBS News. If you were already scheduling your thermostat, you may not see as big a difference. Same goes for if you are home most of the time, or if you live somewhere with more moderate temperatures.

When can installing a smart thermostat make sense?

Whether a smart thermostat “makes financial sense for your budget depends largely on your current habits, your HVAC system and how long you expect to stay in your home,” said CBS News. Consider how much you are currently adjusting your home’s temperature based on your occupancy and how often you are there; switching modes during absences is the main way smart thermostats offer savings.

Some HVAC systems, such as “an older HVAC system without a C-wire” and “electric baseboard radiators,” tend not to work with smart thermostats, said Consumer Reports. Systems like “modern variable-speed air conditioners, and especially heat pumps,” may become less efficient with a smart thermostat, since they are “designed to work better and more efficiently when they run constantly at a fixed temperature.”

Lastly, it is important to account for the cost of the thermostat itself, which runs from “around $100 for the cheapest models to more than $350 for top models with all the bells and whistles,” said CNET. You will also need to pay for installation. Still, with the average savings most smart thermostats offer, you can expect to offset those costs “within a year or two.”

Picking up the phone and realizing a debt collector is on the other end is a stomach-dropping experience. It is also a conversation that can have numerous potential implications, which is why it’s essential to know ahead of time how to navigate the call when the time comes.

Unfortunately, these conversations are becoming more prevalent amid soaring credit card bills and unpaid medical debt. “Lawsuits filed by debt collectors over unpaid credit card bills and other outstanding balances have surged to their highest levels in years,” said the Pew Charitable Trusts, per The Wall Street Journal. Here is how to prepare.

You have a right to know the facts.

Believe it or not, “many sold debts have errors about the amount owed or even who owes it,” said NerdWallet. So, as soon as you hear from a debt collector, first verify all of the details to ensure they are accurate.

When a debt collector contacts you, they are legally required to provide you with certain information about the debt within five days. But do not just take their word for it — you should also “gather your own records, including information on the original creditor and your history of payments,” said NerdWallet.

You should be cautious about what you share.

Watch what you say when speaking with debt collectors, as it could work against you later. For instance, avoid offering personal financial information, including your bank account number or details on your assets, as this “might be used to collect from you through a wage garnishment, bank levy or property lien if the creditor or collector gets a judgment against you,” said Nolo.

Similarly, avoid making any promises regarding the debt. “Your acknowledgment of the obligation might revive the statute of limitations” or the length of time the creditor has to take legal action to collect the debt, said Nolo.

You should absolutely keep detailed records.

As you navigate communicating with debt collectors, make note of what is said and who you talk to, as well as the date and time of the call. This is important because it “will help you determine who’s calling you from where and what debt each collector calls about,” said Nolo. You can also “track how often a particular collector calls and document inconsistencies in what collectors say to you from one call to the next.” You will be glad to have this info in case you need to file a complaint or you end up in court.

You can tell a debt collector to stop contacting you.

While working with a debt collector can help you resolve your debt, if it feels overwhelming or you have any hesitations, you have the right to ask them to stop contacting you. You can draft a letter saying as much using one of the forms on the Consumer Financial Protection Bureau (CFPB) website, and the debt collector is obligated to comply. Just keep in mind that if the debt is yours, “stopping communication with a debt collector doesn’t make the debt go away,” said the CFPB.

You have protection against certain types of communications.

Under the Fair Debt Collection Practices Act, debt collectors cannot harass or threaten you. Prohibited behavior ranges from “repeatedly calling you at any time, day or night or before 8 a.m. or after 9 p.m.” to using “any false, deceptive or misleading representation,” said Experian. If you think a debt collector may have violated your rights, be sure to submit a complaint with the CFPB.

When summer is sweltering, there is nothing more luxurious than a swimming pool in your own backyard. But is it actually a smart investment?

Installing a swimming pool is certainly not cheap nor is it a quick and easy project. Once it’s there, it’s hard to undo, and you will need to commit to the necessary maintenance and upkeep costs. On the flip side, how nice would it be to splash around with your kids on any given day or swim laps each morning? Couldn’t it even attract potential buyers if you decide to sell someday? Here are the pros and cons to evaluate before making the splash.

How much does a swimming pool cost overall?

The cost of a pool varies hugely depending on the type you install. “On average, expect to pay $2,146 to install an above-ground pool and $49,638 for an in-ground pool,” said Citizens Bank.

Even if you feel fine about that number, keep in mind that the costs do not stop there. You will also have to cover the expense of maintaining the pool and the higher electric bills that pool pumps, filters and heaters can generate. You will most likely also deal with a higher home insurance bill for the added coverage. And if anything goes wrong, you will need to pay for that as well. For instance, a “tear in a swimming pool’s lining is a common issue encountered by pool owners,” and “repairing it can cost anywhere between $1,000 and $6,000 depending on how big the tear is,” said Kiplinger, based on data from HomeServe, a home repair administrator.

Can a swimming pool increase your home’s value?

It depends. A major influence is your home’s location and the climate there. “In some markets, especially those with warm climates, in-ground pools may add more value to the property than in colder climates where a pool would get only a few months use each year,” said Zillow.

The popularity of pools in your neighborhood also has a bearing. “If you live in a neighborhood where many of your neighbors have swimming pools, your investment is probably solid,” and “in those circumstances, not having a pool might decrease your home’s marketability,” said HGTV.

A lot comes down to your specific pool and its condition and features, too. “Older pools, especially those requiring significant repairs or updates, can drag down the overall value of the property,” said Zillow. By contrast, “homes with saltwater pools sell for 1.5% more than comparable homes without one — and they sell two days faster.”

What else should you consider to decide if a pool is worth it?

Before getting a pool, it is absolutely worth running the numbers, both to assess the total overall cost and to determine how much of your investment you may get back in resale. But money is not the only factor to ponder.

Particularly if you have young kids, pool safety is a major consideration. You will want to include at least a locked fence around the pool. This can add to the cost of the project, not to mention the stress of ownership.

It is also important to weigh your options for paying for the pool and the benefits or disadvantages of each of them. If you have significant equity in your home, you may be able to get a lower interest rate on a home equity loan or home equity line of credit (HELOC). A personal loan or credit card can also be an option, though you should be aware of the added cost of interest on those.

If you are saving for retirement with a 401(k) plan, there is a good chance you enjoy matching contributions from your employer. Those using an IRA do not have that same opportunity, however, as the retirement saving option is opened independently outside of an employer. The Saver’s Match, set to roll out in 2027, will finally give some IRA owners (and workplace savers) a chance to claim a matching contribution.

Created under the Secure 2.0 Act of 22, the Saver’s Match program will “provide income-eligible retirement savers with a matching annual contribution worth up to $1,000 for single tax filers and $2,000 for joint filers,” said CNBC. The Treasury Department will deposit these contributions directly into retirement accounts.

What is the IRA Saver’s Match?

In short, the Saver’s Match is a “government-funded contribution to an eligible retirement account,” said U.S. News & World Report. Under the program, the Treasury Department will direct deposit matching contributions into the retirement accounts of eligible account owners.

These contributions will be “equal to 50% of retirement contributions up to $2,000, for a maximum yearly match of $1,000,” said CNBC. Eligibility for matching contributions, and the amount of the contributions, is income-dependent.

Who is eligible for the Saver’s Match?

“Eligibility for the Saver’s Match is based on income: single filers with a modified adjusted gross income of $20,500 or less in 2027 (or $41,000 for joint filers) are eligible to receive a 50% match on up to $2,000 of their contributions,” said Investopedia. As income increases, the amount of matches goes down, phasing out for single filers earning between $20,500 and $35,500 ($41,000 to $71,000 for those filing jointly).

Another asterisk in eligibility is that it also matters what type of IRA you have. “Although contributions to an IRA may qualify workers for the match, any money the worker is entitled to can only go into a traditional IRA — not a Roth IRA,” said CNBC. Effectively, this “means that workers who save via a Roth” would “need a traditional account to receive the match.”

Those with workplace retirement plans, such as 401(k) plans, are also eligible for the Saver’s Match if they meet income thresholds.

How does the Saver’s Match compare to the Saver’s Credit?

The Saver’s Match is replacing the Saver’s Credit, which is a nonrefundable tax credit designed to encourage low- and middle-income savers to contribute to a retirement plan. A tax credit is designed to directly reduce the amount of taxes you owe.

The problem with the credit, however, is that it was something “low-income savers largely couldn’t use since they owe little or no taxes,” said Investopedia. With the Saver’s Match, it is not necessary to pay taxes to get the matching contribution. All you have to do is meet eligibility requirements and contribute to your retirement account.

A financial trick that uses credit card debt to make money has returned because of relatively high savings rates.

Financial conditions are now in a “sweet spot” for the strategy known as stoozing, said The Telegraph.

A “successful stoozer”, said MoneySuperMarket, effectively turns credit card debt into a short-term interest-free loan while keeping their actual money in a high-paying savings account.

The difference between the savings interest and any credit card fees is your profit. But while the concept is “relatively simple”, successful stoozing “requires careful organisation and financial discipline”.

What is stoozing?

Stoozing is a way of “manipulating 0% spending credit cards to make money”, said MoneySavingExpert.

The method means you can “maximise interest earnings”, said The Independent, by spending on a 0% interest credit card “while diverting your actual cash into high-yield savings accounts”.

How stoozing works

Stoozing involves taking out a long-term 0% spending credit card and using it for your normal daily spending, while any unspent money from your bank account – such as your wages – goes into a top savings account to earn interest.

You need to make sure you pay off the credit card bill each month. When the 0% deal is about to end, you will need to either “pay off the balance using the money from the savings account or transfer it to a new credit card with a 0% balance transfer”, said Go.Compare. Meanwhile, any interest you earn on the money in the savings account ends up as profit.

Pros and cons of stoozing

The method can be “lucrative”, said MoneySavingExpert, but it will not work if you are “not very financially organised, unsure of how it works, have a poor credit history, don’t have financial self-discipline, or have other credit card, overdraft or loan debt”.

It is a “relatively low-effort” way to earn some extra money and maximise savings interest, said Moneyfacts.

But there are risks. You could be hit with interest charges if you don’t clear the debt, said CompareTheMarket, “undoing all the good work of having your money in a savings account”.

Taking out too much debt can also have a “negative impact” on your credit score, said Money to theMasses, which may make it harder to borrow money for a “legitimate reason” such as if you need a mortgage.

Plus, you may regret “locking away your savings” if you suddenly need the money sooner than expected, as there may be penalties for early withdrawals.

Is stoozing worth it?

Stoozing “only really works”, said uSwitch, when “savings interest rates are high”.

The method can be “worth the hassle”, said Go.Compare, if you have “strong credit” as well as “discipline for timely repayments”. Stoozers also need to be able to invest borrowed funds “profitably”. It is risky if you will struggle to pay the credit card bill or “the returns are too small for the effort involved”.

There are alternatives to stoozing, such as reward or cashback cards that pay “a percentage of your money back or build points to redeem in shops”.

When it comes to a major purchase like a car, you likely want to save any money you can. Unfortunately, car-buying deals are not so easy to come by these days.

Though increases in new car prices have slowed since they shot up during the pandemic era, the “average cost of a new car remains historically high,” said Nerdwallet. “At the end of 2025, the average transaction price hit an all-time high of $50,326 according to Kelley Blue Book — and despite recent moderation, prices haven't strayed far from that peak.” And unfortunately, used cars are not that easy on the wallet either lately, especially given rising financing and car insurance costs.

But for many, a set of wheels is a necessity. If you are in the market, here are some ways you can try to trim costs.

1. Do your research

Doing your homework before you set foot in a dealership is essential. Get familiar with car models in the class you are interested in, and see what is well-rated for factors like performance, reliablity and value. Figure out what a fair price is for that vehicle using “online pricing guides, such as Kelley Blue Book, Edmunds or NADA guides, to know what price you should pay,” said Nerdwallet.

2. Get pre-approved

Equally important is getting prepared financially. “Before you start visiting dealerships, get a pre-approved financing offer,” as this will ensure that the “dealer has to offer a better deal if they want to earn your business for this part of the transaction,” said U.S. News & World Report. Be sure to shop around, too, before you settle on any one offer from an auto lender, to ensure you get the best rate.

3. Keep your eye out for incentives

“Check dealership and manufacturer websites for local and national incentives such as cash-back offers, low-rate or even 0 percent financing, and lease deals with low monthly payments, said Consumer Reports. It is not uncommon to find these sorts of offers “among less-popular offerings — such as sedans, small hatchbacks, and front-wheel-drive (as opposed to all-wheel-drive) SUVs,” said the outlet. Certain times of year to buy a car are also better than others if you are after a good deal.

4. Brush up on your negotiation tactics

Whether you are working with a car dealer or a private seller, it never hurts to ask for a better offer. One “good negotiation tip is to focus on the car’s total price,” said TaxAct. “A salesperson will sometimes try to gauge how much of a monthly payment you can afford instead of your total budget, which can lead to you spending more money than you anticipated,” especially once car ownership costs are factored in.

The trump card in a negotiation, however, is being comfortable walking away. “Just showing the willingness to get up and leave is often a powerful enough message to get the dealership staff to take notice and make you a better offer,” said U.S. News & World Report.

5. Stay flexible

Staying open about which car you get and the features it has can go a long way towards getting a better price. For instance, “note which brands have more or fewer cars in stock,” as those with more inventory will typically be more willing to negotiate, said Kiplinger (a sister site of The Week). Also consider the different trims offered in a vehicle, and which features seem like a necessity and which you are fine living without. If you feel like you need certain add-ons but the price is not matching up with your budget, “consider downsizing or shopping among models that aren’t as popular,” said Consumer Reports.

In an ideal world, you would enter your golden years debt-free. By erasing what is usually among the biggest debts anyone has, your mortgage, you would undoubtedly make the math on your monthly retirement budget much easier. But whether or not paying down that debt is feasible to do — let alone the most financially responsible move to make — is a whole other question.

The answer will depend on the specifics of your financial situation and mortgage loan. After all, the “right answer for a homeowner carrying a 2.875% mortgage, a solid brokerage account and a reliable pension looks very different from the one facing someone with a 6.5% loan heading into heavy IRA withdrawals,” said Kiplinger.

Why prioritize paying off your mortgage before retirement?

The most obvious benefit of paying off your mortgage before retirement is that you will cut a major expenditure from your budget. “Without the monthly mortgage payment, your Social Security, retirement funds, or pension will go much further, providing more funds for living expenses, hobbies, and travel,” said Investopedia.

You also stand to save a significant amount on interest, particularly if your mortgage has a high interest rate. “Depending on a home loan's size, interest rate and term, the interest can cost hundreds of thousands of dollars over the long haul,” said Charles Schwab. You can then put those funds towards other uses or invest them.

When does it not make sense to pay off your mortgage before retiring?

Even if the peace of mind a paid-off mortgage offers sounds appealing, it is not necessarily the right move financially. “Tying up too much of your savings or net worth in your home can create challenges,” if down the road you lack the liquidity to cover an emergency expense or a significant healthcare bill, said Investopedia.

It is also important to weigh the costs—both literal and opportunistic—to an early mortgage paydown. Depending on your lender, you could end up owing prepayment penalties for paying off your mortgage ahead of schedule. Or, if you have higher-interest debt, such as credit card debt, but focus on your mortgage instead, that could end up costing you more overall due to the accrual of interest.

Shifting your focus to your mortgage could also result in you putting “retirement savings on the back burner, which could come back to bite you when you stop working,” said Northwestern Mutual. And, depending on your mortgage rate and how it compares to potential investment returns, you might actually be better off investing those funds instead of putting them toward an early mortgage payoff.

What should you consider when deciding whether to pay off your mortgage?

A lot of the decision comes down to the numbers. You will want to consider, “Does your mortgage rate cost you more than what you can likely earn elsewhere? If it does, then paying it off might be better,” said Investopedia.

Additionally, you will want to determine how paying down your mortgage would affect your cash reserves. If you need to drain your savings to do so, then it might not make sense for your overall financial health.

You could have sworn you did not spend that much, but once again, you get to the end of the month, and the numbers in your bank account are not quite adding up. So, what gives? There is one easy way to get to the bottom of this mystery: expense tracking. By taking note of every time you spend throughout the month, you can more easily see where you might be overspending and where you might be able to cut back.

What are the benefits of tracking your spending?

Tracking your spending is effectively an exercise in attention. When you get into the nitty-gritty of your day-to-day expenditures, you can quickly start to see where exactly your money is going and identify patterns in your spending.

That noticing is only the first step, however — “pairing action with that attention is what really makes a difference,” said Nerdwallet. With increased awareness, perhaps you can figure out what is causing you to veer off budget each month and then make adjustments there. Or, maybe you will spot spending you did not even totally realize was happening, such as on subscriptions or other recurring purchases. Once you cut those out, you free up room in your budget to put towards building your emergency savings account, paying off debt or inching closer to your long-term financial goals.

Ultimately, “not only is tracking spending fundamental to understanding where your money is going, but it also ensures that your spending truly aligns with your goals and priorities,” said Daniel E. Milks, certified financial planner and co-founder of Fiduciary Organization, to Fortera Credit Union.

Is expense tracking the same thing as budgeting?

Expense tracking and budgeting certainly can go hand in hand, but they are not one and the same. Tracking your spending simply refers to the act of “monitoring where your money goes,” whereas “budgeting is more of a proactive approach to managing your money,” said Chase.

You can think of expense tracking as an information-gathering step, with the data you gather there informing the budget you create and adhere to.

How can you track your spending?

There are a number of ways that you can go about tracking your spending. The best option will be whichever feels easiest to you.

A “notebook or printed tracker,” for instance, can be “good for people who remember better by writing things down,” while a spreadsheet can work well for those who “like totals, categories and monthly comparisons,” said MoneyFit, a nonprofit financial education and counseling organization.

There are also a variety of budgeting apps and tools available. “For those who prefer the convenience of automation, linking checking and savings accounts to a budgeting app can often simplify the process,” said Milks to Fortera Credit Union.

Covering the cost of fertility treatment can feel like yet another hurdle in a process that is already physically and emotionally draining. Not only do you have to go through the testing and medical procedures involved, you can also end up paying tens or even hundreds of thousands of dollars.

For families who want to have kids or women who want to afford themselves a little more time, though, this can feel like a price well worth paying. But the process may necessitate some financial planning. Research can also go a long way, as insurance companies increasingly offer coverage.

How much can fertility treatments cost?

The cost of fertility treatments can vary widely depending on the specific treatment that is necessary. A “typical egg preservation cycle is about $10,000,” while a frozen embryo transfer “could total about $2,500,” said The Bump. Meanwhile, a procedure like in vitro fertilization (IVF) “could add up to a total of $13,000 to $14,000.” Opting for a surrogate, meanwhile, can run anywhere from $80,000 to $100,000.

There is also the reality that a fertility treatment is not always a one-time thing. In fact, “most people will need more than one cycle to achieve pregnancy,” said The Wall Street Journal.

Can insurance help cover fertility treatments?

Over the past decade, “more companies have already stepped up to help employees,” said Jaime Knopman, a reproductive endocrinologist for CCRM Fertility of New York, to the Journal. Now, said the outlet, “more than 40% of companies offer overall fertility benefits, according to a 2024 survey of employee benefits plans from the International Foundation of Employee Benefit Plans.”

Still, this does not mean you will get full coverage, and certain parts of the treatment process may not be covered. For example, “your plan may cover fertility medications, but only those of a specific brand. Or it may cover routine lab work, but only at designated labs,” said Discover. This makes it absolutely vital to do in-depth research and ask questions.

If your company does not offer coverage, it could be worth asking HR. “Some patients even successfully lobbied their human-resources departments to change a company’s policies and benefits plans,” said the Journal.

What are other options for covering the cost of treatments?

There are options besides your own bank account or insurance for helping to cover the cost of fertility treatments. Some alternatives include:

FSA or HSA funds: Flexible spending accounts, or FSAs, and health savings accounts, or HSAs, “may be used to help pay for IVF and other fertility treatments,” said First Citizens Bank.

Provider payment plans or financial assistance: Your doctor “may offer a payment plan, discounts for uninsured patients or even a shared-risk program,” said Discover.

Nonprofits and charities: There are many “national and local nonprofit organizations that support fertility treatments and related costs,” said Discover. They may have eligibility requirements, however, as some are “established to assist with specific types of patients, while many include income thresholds.”

While everything from algebra to essay writing may have been covered in school, a subject area often left off the curriculum is personal finance. Unfortunately, most people are far more likely to run into questions of budgeting and investing than, say, calculating the area of a triangle (some professions aside).

The good news: It is never too late to play catch-up. And with these personal finance books, doing so does not have to feel like homework.

‘Get Good with Money: Ten Simple Steps to Becoming Financially Whole’ by Tiffany Aliche

This book by financial educator Tiffany Aliche, aka “The Budgetnista,” offers a breakdown of financial foundations and daily money habits. Perhaps unsurprisingly, given her moniker, the book helps with establishing a baseline budget, but it also offers guidance on other staples like saving, investing, insurance coverage, credit scores and more. Ultimately, Aliche succeeds in presenting an “ethos of financial wholeness that rejects the unnecessary complexity and unrealistic nature of traditional financial advice,” said U.S. News & World Report.

‘Your Money or Your Life’ by Joe Dominguez and Vicki Robin

This book encourages readers to get clear about their personal values around money. “The simple premise: How much money are you willing to trade your life for? Whenever you’re working, you’re trading your life and energy for money. What does that mean to you?” said Grant Sabatier, a personal finance blogger, to The Strategist. The idea is that “once you’re clear on the ‘why’ behind your saving and spending, making decisions about investing and budgeting becomes much easier,” said the outlet.

‘The Intelligent Investor’ by Benjamin Graham and Jason Zweig

Once your budget and debts are ironed out, you are in a good place to start investing, a practice foundational to building wealth. This book was originally published in 1949, though it has since been updated and now remains a classic for a reason. It provides a guide to “investing for individuals looking to develop sensible strategies and protect their investments,” said GOBankingRates. Business magnate Warren Buffett has called it “by far the best book about investing ever written.”

‘The Psychology of Money’ by Morgan Housel

The “biggest impediment for most people building wealth is their emotional decisions that get in the way of doing what should provide the greatest outcomes,” said Mitchell Kraus, a financial planner with Capital Intelligence, to The Wall Street Journal. This book helps readers learn the signs of those pitfalls so they can better steer clear of them. Think of it less as a how-to guide and more as a psychological unpacking and broader money mindset shift.

‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together’ by Erin Lowry

This book is for the millennials out there (though there is a good chance other generations may relate — looking at you, Gen Z). It is “aimed at 20- and 30-somethings who are dealing with both paying off debt and beginning to plan for the future,” said The Strategist. There are chapters on everything from navigating the decision of whether to move back in with your parents to making preparations for retirement.

Weddings, and the amount they cost, can run the gamut from a small, DIY ceremony in the backyard to a massive bash that shuts down Madison Square Garden. Obviously, the latter may only be within reach for certain pop stars and their football-playing partners, but that still leaves a wide range for how much you and your soon-to-be spouse could potentially spend.

When making the determination, it is important to weigh two things: making your big day a special one and honoring your financial reality. Your wedding may mark the start of your next chapter, but your finances are what will largely shape your future as a married couple.

What is a typical wedding budget?

As a benchmark, the average wedding costs $34,200, said wedding planning website The Knot, based on findings from its 2026 Real Weddings Study. You can expect the bulk of that to go toward your venue and any necessary rentals, such as tableware and tables themselves, as well as catering and drinks. But there are countless other small costs that can quickly add up: cake, photographer, flowers and decor, music, outfits, rings, wedding planner.

How can you determine how much is right for you to spend?

How much you “should budget for a wedding depends on your financial situation,” said NerdWallet. While this may seem obvious, it is easy to get carried away with a grand vision when you sit down to start planning. Consider what savings you and your partner have set aside for the wedding, how much of your upcoming earnings you can set aside and whether you are getting any outside financial help, such as from your parents.

It is also important to put your wedding in context with your other financial goals. “Zoom out and identify short- and long-term financial goals you have individually and as a couple,” said Charles Schwab, whether that is paying off student loans, buying a house or retiring early. Figure out how you would “prioritize them in order of most importance and allocate your resources appropriately,” keeping in mind that “ideally, your wedding spend shouldn’t get in the way of other financial goals.”

How can you make an effective wedding budget?

One of the first steps in making a wedding budget is to “sit down and have open and honest discussions about what your must-haves are, and what you’re comfortable leaving off as you build your budget,” said Minted, a wedding stationery brand. This will give you a guiding vision as you start allocating available funds.

As you build the budget, do not forget to leave some wiggle room ahead of your absolute maximum, which you should also make sure to set and agree to honor. “Even the best planners who budget early on might forget to add items or will inevitably have things they need to add on,” said Andrew Westlin, a certified financial planner at Betterment, to The Knot. This could include anything from add-on service charges to a last-minute rain tent to extra time on the dance floor.

Contrary to popular belief, prenuptial agreements are not just for the ultra-wealthy. Nor are they necessarily unromantic, or a sure sign that at least one person involved in the relationship is thinking about its eventual demise. They are actually a smart, clear-eyed way for two people to enter into what is not only a commitment in love but also a financial intertwining.

Increasingly, more couples approaching the altar are starting to understand the distinct purpose a prenup can serve, whether they are entering the union with significant savings (or debt) or have children from a prior relationship. The most recent Harris Poll on the topic “found that 15% of couples who had been married or were engaged in 2022 reported signing a prenup — up significantly from the 3% who had done so in 2010,” said Investopedia.

What does a prenup cover?

A prenuptial agreement is a “legally binding, written contract signed before marriage that outlines how assets, debts and property division will be handled in the event of divorce or death,” said Charles Schwab. A couple can tailor their prenup to their unique needs (and the state in which they live can also shape requirements), but in general, prenuptial agreements often include:

• A list of each partner’s assets and debts and instructions for how those will be divided in the event of divorce
• Financial rights and responsibilities during the marriage, such as the management of household expenses and joint accounts, as well as taxes
• Provisions for any children from a previous relationship, which may include preserving certain assets for their inheritance
• Expectations for spousal support or alimony in the event of divorce

When is a prenup worth considering?

The major benefit of a prenup is that it gives you the right to decide how assets are divvied up if you and your spouse should ever part ways. Rather than “relying on your state’s laws, a prenup allows you to set clear terms for how you want to handle assets and debts in a divorce,” said Experian.

Entering the marriage with this sort of clarity can especially make sense if “you may be bringing significant savings to the partnership, anticipate getting a significant inheritance in the future or co-own a business that you want to protect,” said Fidelity. It can also be useful if you have children from a previous relationship or if you “foresee taking time from the workplace for childrearing or caregiving, and earning less as a result.”

Debt is also another worthwhile consideration. If “your spouse has major debt,” a prenup “can specify which debts remain separate, reducing the risk you’ll become responsible for your spouse’s major debts,” said Experian.

Finally, the agreement can go a long way toward ensuring financial alignment when entering a marriage, helping couples get on the same page about “their plans to handle everyday marital finances, such as contributing to a joint account or keeping retirement savings separate,” said NerdWallet.

What are the risks of not having a prenup?

Without a prenup, “decisions about how you divide the property and assets you own together, as well as those you brought into the marriage, will be made at an emotionally fraught time,” said Fidelity. And if you cannot reach an agreement, the court will make one for you. For couples living in a community property state, this may mean assets get divided 50/50. You could even end up responsible for your ex’s debts.

So, while a prenup conversation may not be the easiest to have amid the excitement of wedding planning — and the cost of creating one is not necessarily cheap — it could save you from emotional and financial strife down the road should your happily ever after end sooner than expected.

Retired Americans who worked all their life while paying into Social Security may assume that both men and women are entitled to the same amount. But that belief doesn’t appear to align with reality, as according to recent studies, women may receive significantly less in Social Security benefits than their male counterparts. Looming benefit cuts could widen the gap even more.

How big is the Social Security gender gap?

Women receive $4,800 a year less than men in Social Security benefits on average, said AARP. The disparity is largely because women “still tend to earn less than men,” said CNBC. Over half of caregivers, 61%, are also women, said AARP, and as a result they are “more likely to take time out of the workforce or reduce their working hours to make time for those caregiving responsibilities,” said CNBC. Both of these factors “tend to leave women with less retirement savings.”

Other data from the personal finance website FinanceBuzz claims that there is an even larger gap in Social Security pay. According to FinanceBuzz’s research, women “receive an average of $1,760 per month in Social Security, 19.9% less than the $2,198 men receive, a gap of $438 every month or $5,254 per year.” Women make up about 55% of all Social Security recipients, but the “total monthly payout to men is higher ($54.4 million vs. $53.5 million), meaning women collect far less per person.”

How does this impact retirees?

While the pay gap has been improving in recent years, the “median earnings for American women working full-time are only 83% of those of their male counterparts,” and the financial consequences may be “felt long after women have retired from the workforce,” said FinanceBuzz. The “result is a retirement income system that faithfully mirrors the inequalities of working life.”

The ongoing disparity also means that Social Security cuts, which are slated to occur in 2032, would “more deeply impact women,” said USA Today. Elderly women are “far more likely than men to rely on Social Security to meet their basic needs,” Courtney Anderson, a social insurance legal fellow at the National Women’s Law Center, said to the outlet. Her organization is pushing for policymakers to “strengthen and expand — not weaken and cut — Social Security.”

These cuts would come at a time when women, especially elderly women, are already more likely to live in poverty than men. Between 2023 and 2024, the national poverty rate “significantly increased from 15.0% to 16.2% for older women while remaining unchanged for older men,” according to a National Women’s Law Center report. But these rates “would be far higher without Social Security, which has protected millions of older women from falling into poverty.”

Some “potential solutions are in the mix,” though they would require congressional intervention, said Fast Company. One recent proposal from the Committee for a Responsible Federal Budget “would cap Social Security payments to $100,000 per couple, reducing the amount paid out to wealthy retirees who rely on the monthly benefits the least.”

Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Moreno (R-Ohio) have also “floated the idea of lifting the payroll tax cap to make the Social Security program’s math work once again,” said Fast Company. This plan would “replenish the Social Security trust by collecting more for Social Security withholding” above the current income cap — a “limit that only benefits the highest earners.”

The time it takes for a property to sell has hit a record high, and there are plenty of reasons for delays.

A mix of “buyer financial uncertainty and a shortage of conveyancing firms”, means it now takes “longer than at any time in at least a decade” to sell a property, said The Times.

Figures from property data firm TwentyCi show that it takes an average of 211 days – or 6.9 months – between a property being listed for sale and new owners moving in.

Meanwhile, almost half of homes listed on property portals over the past three years have failed to sell, according to Zoopla.

Unrealistic pricing

The “biggest sticking point” is pricing, said Zoopla. “Overambitious and unrealistic” values are the “biggest reason homes remain unsold”.

In many of these cases, the appropriate course of action is to lower the asking price, as this is often “the only way to attract a buyer”.

Reduced demand

Sellers are also suffering from a lack of demand, amid concerns about geopolitical tensions, while “political uncertainty is emerging as another headwind for the market”, said the Royal Institution of Chartered Surveyors.

High mortgage rates are also impacting buyer budgets, and leading to hesitation.

Competition

Data from property website Rightmove shows the number of homes for sale is at its highest level since 2015.

This makes it a “buyers’ market”, said MoneyWeek, so sellers need to be “more flexible on pricing to attract interest amid high levels of competition”.

Poor first impressions

Lower levels of demand and high supply make it more important that your home is accurately priced and attractive to sellers.

Think about “first impressions”, said the HomeOwners Alliance, such as the state of your garden and whether your wheelie bins are on show.

Buyers may struggle to look beyond the wear and tear inside your house, so you may need “enhancements or staging to help it sell”.

Additionally, while buyers expect to do “some work to a house” they buy, it could be worth your while sorting out problems such as damp, subsidence, or anything that could be flagged in a survey, before listing, rather than “waiting for a buyer to find out”.

Market conditions

There may be market conditions outside your control such as high mortgage rates and economic uncertainty. These can “shape how confident buyers feel and how quickly properties move”, said the Guild of Property Professionals. This may mean sellers have to “adapt their expectations and strategies accordingly”.

Many sellers don’t realise how much “seasonality matters”, said Lynch Brother Homes, with January, February and March producing the “quickest average time to sell”, while late November to Christmas is typically the “deadest period”.

The wrong estate agent

Not all estate agents are “created equal”, said agency brand Tucker Gardner. Factors such as “dark, blurry photos or a minimal description” on online listings may mean potential buyers “simply scroll past to the next property”.

So, if you aren’t getting viewings and your agent seems to have put your property “on the back burner”, it might be time for a change.

For many Americans, an auto loan is a sizable chunk of their monthly budget. Refinancing can be one way to get that payment down. This is particularly true lately, as auto loan refinance rates have been falling at a faster pace than rates for original auto loans, making the potential savings that much more notable.

“Drivers who refinanced in the first quarter of 2026 saw a 2.24 percentage point interest rate decrease on average from their original loan, compared with a 0.47 point decrease two years earlier,” said Experian, per The Wall Street Journal. In terms of real dollars saved per month, “buyers with high payments found that refinancing drove their costs down by an average of $81 a month in the first quarter,” said the outlet.

Here is what to know about how auto loan refinancing works and how to determine whether the payoff is actually there.

How does auto loan refinancing work?

When you refinance your auto loan, you effectively take out a new loan with its own interest rate and terms. This loan replaces your existing auto loan. Upon approval, the new lender pays off your existing loan and then assumes the remaining balance.

Ideally, the new loan will offer more favorable terms than your existing loan, such as a better interest rate or lower monthly payments. You will go through the loan application process again for a refinance loan, and the terms will hinge largely on your credit profile.

What are the benefits of auto loan refinancing?

As mentioned, refinancing your auto loan could result in paying a lower interest rate. Maybe your credit has improved since you initially applied, and you have since consistently made on-time payments on your loan. Or, “you might have accepted a higher rate at a dealership than you could have qualified for elsewhere, and you now want to reduce that rate through refinancing,” said NerdWallet. An improved interest rate environment could also open up more competitive rates.

Refinancing may additionally allow you to pay off your loan sooner, which in turn could save you in total interest charges over the life of the loan. You could also refinance to lower your monthly payments, which will come in handy if you are struggling to repay your car loan. Just keep in mind that “while extending your loan term can lower your monthly payments, it will take longer to pay off your car, which could result in higher overall interest costs,” said PNC Insights, PNC Bank’s personal finance blog.

When should you think twice before refinancing?

A baseline to evaluate when deciding whether to refinance your auto loan is whether or not it will save you money. But even if it will, there are still downsides to consider, and in certain situations, it may not be worth pursuing.

In some cases, “financing fees outweigh the benefits,” such as if you have to pay a hefty prepayment penalty to your existing lender alongside origination or application fees, said Credit Karma. Applying for a new loan also has an impact on your credit, which you may want to avoid if you are planning to apply for other new credit soon, like a mortgage on a home purchase.

It is lastly important to evaluate the value of the car itself. “Refinancing to extend your term or taking cash out of your equity could leave you owing more than what your car is worth, referred to as being upside-down on your loan,” said NerdWallet. In this case, “if you decide to sell or trade in your car, you would have to pay the lender the difference.”

If you were to die with a mortgage balance remaining, mortgage protection insurance — also known as mortgage life insurance — would ensure it got paid off. That way, your loved ones could continue to live in your home without worrying about continuing to make payments.

This might sound like a good arrangement, especially considering how big an investment a home is and how much of a family’s budget monthly mortgage payments can comprise. But is mortgage protection insurance really necessary, and is it actually the best way to achieve that peace of mind?

What is mortgage protection insurance?

Mortgage protection insurance (MPI) is a type of life insurance, often offered by mortgage lenders and insurance companies, that ensures any balance remaining on your mortgage is paid off in the event that you pass away. “Some mortgage protection insurance policies also offer payment protection for a limited time if you lose your job or experience a disability during the term, although that is not necessarily standard with all policies,” said Yahoo Finance.

This is different from a typical life insurance policy where a death benefit is paid out to your beneficiaries. Instead, with mortgage protection insurance, the payout goes directly to the mortgage lender. Note that MPI typically will “only cover the principal and interest portion of a mortgage payment,” meaning “other fees like HOA dues, property taxes and homeowners’ insurance would still be your responsibility,” said Bankrate.

Should you get mortgage protection insurance?

Mortgage life insurance is by no means necessary; it is entirely optional. But if you are looking for peace of mind, “most MPI policies are issued on a “guaranteed acceptance” basis, which “can be advantageous if you have a health condition,” as there is no health exam required to qualify, said Bankrate.

Even so, “mortgage protection life insurance policies are generally ill-advised,” said Investopedia. For starters, MPI serves a very limited purpose, and the money a policy pays out will go to the mortgage lender, not your beneficiaries. Premiums can also be steep and are “often much higher than term life insurance,” said NerdWallet.

Further, those premiums stay the same over time, even as the payout decreases as you pay down your mortgage. Particularly if your mortgage is “nearly paid off or you paid for the home with sale proceeds from another home, paying for an MPI policy might not make the most financial sense,” said Bankrate.

How does mortgage protection insurance compare to life insurance?

If you are worried about protecting loved ones from mortgage payments in the event of your death, a “term life insurance policy typically provides more bang for your buck,” said NerdWallet. For one, life insurance is “more flexible than MPI because the money goes directly to your beneficiaries” as opposed to your mortgage, allowing your beneficiaries to use the money as needed, said U.S. News & World Report.

Additionally, while the value of MPI declines over time as you pay down your mortgage, the “death benefit on a standard term policy remains the same,” said Experian. That said, mortgage protection insurance does not require a medical exam to qualify for coverage, while life insurance does.

The reach of Trump Accounts is growing under a new initiative known as Fostering the Future Accounts. An offshoot of the youth savings and investment accounts that the president introduced as part of the One Big Beautiful Bill (OBBB) Act, these accounts are specifically targeted for children in foster care.

Under the program, announced in June, states will be able to open Trump Accounts on behalf of foster youth in the U.S. The hope is that this opportunity “gives foster children the same chance at asset ownership and long-term wealth as every other child,” said First Lady Melania Trump, per The Hill.

What are Fostering the Future Accounts?

Trump Accounts, “which are similar to retirement accounts, have to be established by the child’s parent or guardian,” said The Hill. This could “make it complicated for a child in foster care to have an account created for them.” But Fostering the Future Accounts make it possible for foster youth to gain access to a Trump Account.

“Under the program, the Treasury Department will recognize state child welfare agencies acting as guardians to open accounts for foster youth in their care, which the children can gain access to when they turn 18,” said The New York Times. Aside from differences in account opening, Fostering the Future Accounts “function the same as a standard Trump Account — investing in stock market index funds to grow tax-deferred savings,” said Kiplinger.

How could these accounts benefit foster youth?

More than “400,000 children are in foster care in the U.S., and many are considered financially vulnerable, according to federal data,” said CNBC. When these youth age out of the system, many of them are “largely on their own and likely to lack access to financial resources,” said the outlet, citing a 2024 white paper by The Foundation for Research on Equal Opportunity, a nonpartisan think tank.

Alongside opening the accounts, which anyone can contribute to, the new initiative “allows states to invest benefits that they receive on behalf of foster children in their care, such as Social Security survivor and disability benefits, into the new accounts in the same way parents can contribute to their children’s accounts,” said the Times.

Who can get a Fostering the Future Account?

Technically, any foster youth under the age of 18 with a valid Social Security number is eligible. The catch is, “because Fostering the Future Accounts are managed at the state level, access depends on local legislative approval,” said Kiplinger. As of June, only the following 23 states have pledged to open the accounts:

• Alabama
• Arkansas
• Florida
• Georgia
• Idaho
• Indiana
• Iowa
• Louisiana
• Mississippi
• Missouri
• Montana
• Nebraska
• Nevada
• New Hampshire
• North Dakota
• Ohio
• Oklahoma
• South Carolina
• South Dakota
• Tennessee
• Texas
• Utah
• West Virginia

The Trump administration has set a goal for all 50 states to be signed on by December 2027.

You usually have to wait until you reach age 59 ½ before you can dip into your retirement funds penalty-free. Otherwise, you end up forfeiting 10% of the amount you withdraw from your 401(k) or similar tax-deferred retirement plan. But what if you want to retire sooner than that and need access to your money?

If you are at least 55 years old, you may be in luck, thanks to what is known as the Rule of 55. This IRS provision has saved one retiree “about $24,000 in tax penalties,” and another says they “wouldn’t have been able to retire from teaching early” without it, said The Wall Street Journal. And yet, it remains a “tax break few people know about, and even fewer use.”

What is the Rule of 55?

The Rule of 55 is an “IRS provision that allows you to withdraw money from your 401(k) or other qualified retirement plan without the 10% early withdrawal penalty if you leave your job in or after the year you turn 55,” said Kiplinger. Typically, you pay this penalty on top of the other taxes you owe on withdrawals from tax-deferred retirement accounts, like 401(k) and 401(3)b plans. But if you meet the eligibility requirements, the Rule of 55 lets you skip that early withdrawal penalty, though you will still owe taxes on the amount withdrawn. Note that the rule only applies to employer-sponsored retirement plans; it does not apply to IRAs.

Who is eligible for the Rule of 55?

Generally, “to qualify, you must leave your job — either voluntarily or involuntarily — in or after the year you turn 55,” said Kiplinger. This timeline gets moved up a bit for “public safety employees, such as police officers, firefighters, EMTs and air traffic controllers,” for whom the rule “applies in the calendar year in which they turn 50,” said Charles Schwab.

Further, you can only withdraw funds penalty-free “from the plan specific to your most recent employer,” meaning the account you were contributing to when you stopped working, said Charles Schwab. The money also needs to stay in that plan for you to continue to access it without penalty, at least until you turn 59 ½. You cannot roll over the funds to an IRA or other retirement account and still make penalty-free withdrawals.

When does it make sense to use the rule for early withdrawals?

The Rule of 55 can make a major difference “if you’ve decided to retire during or after the year in which you attain age 55 and need immediate financial support,” said Fidelity. But it is not necessarily a magic bullet for an early retirement. “Remember, if you’re withdrawing money from your retirement savings, they can no longer benefit from potential compounding returns,” said Charles Schwab.

Generally, the approach tends to make sense either as a bridge to cover short-term needs in the interim, such as in the case of an unexpected late-career layoff, or if you have an ample balance in your 401(k). “If you’ve managed to save well in your current 401(k), you may be able to retire early with enough income to take some withdrawals now and support yourself in your future retirement years,” said Fidelity.

Aging can already be a touchy subject, and when it intersects with something as personal and private as finances, having a conversation about it can feel daunting. Parents may be hesitant, or even embarrassed, to ask for help in managing their financial situation as they get older. Meanwhile, their adult children may feel unsure about how to — or even whether to — insert themselves.

The reality is, putting off having these discussions does not do anyone any favors. Here are some tips for how to approach the topic.

Start the conversation sooner rather than later

“Even if your parents aren’t yet ready to cede control of their finances, the key is to start talking now,” said TIAA. Otherwise, you run the risk of waiting too long and ending up in a position with no system in place should an issue or emergency arise.

Starting sooner also allows you to gradually integrate yourself, as opposed to a sudden takeover. For example, “if you’ve taken on the responsibility of paying bills (or balancing their accounts), start by doing it together,” as “this kind of gradual, sensitive approach gives them (and you) some time to get comfortable with the new arrangements,” said Better Money Habits, Bank of America’s financial education platform.

Come from a place of understanding

“Lead with love, not logistics,” said Jessica Smith, a co-founder and an adviser at Vitality Wealth, to The New York Times. “Before getting into paperwork and bank accounts, ask your parents what they want and how you can support them.” Learn what their current routines are when it comes to financial tasks like paying bills and budgeting, as well as where their income is coming from.

Throughout the process, try to keep in mind how they may be feeling, both when it comes to this shift in their independence and in their longstanding financial habits and preferences. “All you can do is share information and offer to partner on the strategy they want to take,” said Charles Schwab.

Ensure account access of some form

Having some form of access to your parents’ financial accounts is important, both for monitoring and in case you need to step in if something were to happen to them. But that does not necessarily mean becoming a joint account owner. That status not only creates potential tax consequences, it also “means that your creditors or anyone suing you can tap those assets,” as “they legally become yours,” said Dinon Hughes, a partner at Nvest Financial, to the Times.

Instead of being a joint account owner, consider becoming an authorized user, which will still “allow you to deposit, withdraw and transfer funds; pay bills; and create a unique user ID and password to manage their accounts,” said Smith. Another option is to simply become a trusted contact on their accounts. In this case, “if a bank or investment company suspects an older client might be a victim of financial fraud, they can put a temporary hold on withdrawals and notify a trusted contact — usually a close relative — who can then reach out to the potential victim,” said TIAA.

Andy Burnham is preparing his bid for No. 10 after returning to Parliament as a Labour MP.

Burnham is “widely considered a frontrunner”, said The Independent, but now that Keir Starmer has announced his resignation, there are still a couple more weeks for other leadership candidates to throw their hats in the ring.

Some voters, though, are “terrified”, said The Sun, at what a perceived “hard-left Burnham government will do to their bank balances”.

Tax

Labour’s manifesto promise not to increase the rates of income tax, VAT or employee national insurance contributions “will stay”, said The Times, but Burnham has suggested he would raise the £12,570 tax-free personal income allowance for workers.

The former Greater Manchester mayor told the BBC’s Question Time that the personal allowance had been a topic raised “on so many doorsteps” and that, as a result, he would be willing to “have a proper look at this” to develop policy.

Inheritance tax changes “could also be a possibility”, said MoneyWeek, highlighting that, as health secretary in 2009, Burnham suggested a flat 10% charge applied to all estates, “with the money being used to fund social care for all”.

And, in a move that will “terrify middle England”, said The Sun, he has floated reintroducing the “hated” 50p top rate of tax.

Property taxes

Burnham has also “shown enthusiasm for taxing wealth more heavily”, said IFA Magazine.

Writing for The Guardian in 2010, Burnham proposed a land value tax on the market rental value of land. He argued this would “allow for the abolition of stamp duty”.

Such a move would “discourage land hoarding and encourage productive development”, said Tembo Money, but it could raise “legitimate concerns about fairness” for “asset-rich, income-poor homeowners” who might find it difficult to meet higher annual bills.

Mortgages

The credibility of Burnham in the markets, said Sky News, “will matter most for our borrowing costs”.

Burnham has sought to reassure bond investors that he will stick to the government’s existing fiscal rules. But if doubts were to emerge in markets, “mortgage borrowers could be among those to feel the consequences”, said the Financial Times.

Any massive spending plans outlined by Burnham could “trigger a bond market meltdown”, said The Sun, which would push fixed mortgage rates up.

Pensions

In good news for pensioners, Burnham has “reaffirmed the government’s commitment to the triple lock”, said Morningstar, despite “intense scrutiny” of the policy.

But he could use changes to pension tax relief or reductions in the pension tax-free lump sum as a “means of targeting wealth, and raising revenue, without deploying headline wealth taxes”.

The importance of the chancellor 

The “choice of chancellor” will also influence how bond markets react, said The Independent. Currently, Rachel Reeves is seen “as stable, consistent and predictable – all things the market likes”.

A chancellor with a “reputation for fiscal discipline” might “reassure markets”, said MoneyWeek, but a “less disciplined” candidate “could have the opposite effect”.

Credit is a decisive factor in your financial life. The three-digit number influences everything, from whether you are approved for a loan to whether you can rent an apartment or even get hired for some jobs.

With the stakes that high, it’s important to be clear-eyed about what does and does not influence your credit score. The problem: There are a number of credit-related myths floating around that commonly trip people up. Here are some big ones to watch out for.

Myth #1: It boosts your score to carry a balance.

“Nearly 6 in 10 cardholders (59%) say carrying a small balance on their cards will improve their score,” said LendingTree, based on a recent survey it conducted. But this is broadly not true. “In fact, the opposite is more likely to be true.” Carrying a balance from month to month will not only lead you to pay interest on that amount, but it can also drive up your credit utilization rate, which, when high, negatively impacts your credit score.

Myth #2: Checking your credit score can lower it.

When you check your credit score — a good financial habit to have, actually — it does not affect your score. The misunderstanding here is likely due to a lack of clarity around soft credit pulls and hard credit pulls. “Checking your credit score is considered a ‘soft pull,’ which doesn’t affect your credit score,” said CNBC Select. Instead, it is “actions, such as applying for a credit card,” that involve a hard pull, which is what “temporarily dings your credit score.”

Myth #3: Closing an account will improve your score.

Paying off an account in full and then closing it, or doing the same for an account you no longer use, may seem like good credit hygiene. But in actuality, it can have the opposite effect on your score. That is because when you do so, “your score may take a hit if your credit utilization ratio drops,” said Bankrate. Additionally, the “length of your credit history may change, which could also negatively affect your score,” especially if the account you closed was one of your older ones.

Myth #4: Your income affects your credit score.

When lenders are reviewing your application for a credit card or a loan, they will likely take into consideration your income, as that influences your ability to repay the amount borrowed. Your income does not, however, have a bearing on your credit score. Put simply, “your salary and income are considered measurements of your capacity to pay bills, not your potential credit risk,” said CNBC Select.

Factors that do influence your score include your payment history, credit utilization rate, length of credit history, mix of account types and applications for new credit.

Moving into a new apartment can require putting down a lot of money up-front. One of the main costs prohibitive for many renters is the security deposit, a lump sum that the landlord will typically keep until you move out in case of any damages. But with security deposit alternative services offered by financial technology companies, renters are now getting the opportunity to bypass this requirement altogether.

While these options can be “useful in the short term because they help keep cash in your pocket,” they do carry risks, said The New York Times. And they are certainly not cost-free. Here is what to know.

How do security deposit alternatives work?

They replace the “need for a large up-front payment with other financial products or payment structures,” said Rentable, a security deposit management and assistance app. Instead of paying the traditional security deposit in a lump sum, “renters may pay a non-refundable fee or monthly fees, which are paid directly to the service provider and are typically not refunded.”

The exact model depends on the service, which the landlord will usually choose. Generally, “these alternatives tend to cluster into three categories: surety-bonds, insurance-type models and installment financing products,” said Tax Credit Adviser, an outlet covering the affordable housing industry. “The surety bond structure requires an initial payment,” while “an insurance-type model adds an additional premium to tenants’ monthly rents.” Meanwhile, the installment option involves making smaller payments over time (a personal loan is a common example of an installment debt).

Why are renters using them?

It is estimated that “millions of renters use the services,” said the Times. The reason? Many “struggle to cobble together cash for the up-front costs needed to sign a lease.” Not only does a security deposit alternative allow you to avoid that large lump sum due at the outset, that money is also not tied up for the duration of the time you rent.

Typically, a security deposit runs “about $800,” said the Times, citing a 2025 survey of renters by Zillow. And that cost is often in addition to a number of other initial expenses, such as an application fee and first and last month’s rent.

Are there any risks or drawbacks to these services?

Although it is possible a security deposit alternative could save you — or, at least, save you from forking over a large amount at once — they do still involve handing over money. For example, “if you used an alternative service with an annual fee of $130 at a property that required an $800 security deposit, and you stayed at a property for 10 years, you would have paid $1,300,” said the Times. Unlike a traditional security deposit, however, these amounts are not refundable.

There are also potential “legal and regulatory issues” involved in these alternatives, since they are “relatively new” and “some areas may limit use,” said Buildium, a property management software company. The protection offered is not necessarily the same, either. “If your landlord files a damage claim during your lease, none of the fees paid to the alternative services apply toward those costs,” said the Times, potentially putting renters in the position to pay more.

Mortgage rates that are high, or higher than they have been in recent memory, can be a real blocker for buyers and sellers. It may feel psychologically challenging to buy at a steeper rate than you would have gotten just a few years ago. And for sellers looking to exit one house for another, the same conundrum can apply.

But what if instead of getting a new mortgage, you could simply take over the current homeowner’s existing lower-rate loan? Though not common, this is possible through what is known as an assumable mortgage.

What is an assumable mortgage?

A type of home loan that “transfers the responsibility for the mortgage to a new person without changing the mortgage's terms,” said Experian. This means the seller takes on responsibility for repaying the loan’s remaining balance according to the previously agreed-upon repayment timeline and terms, notably including the existing mortgage rate.

Usually, when someone buys a house, they will apply for and take out a mortgage of their own, with the seller using the proceeds from the sale of the house to pay off the remaining balance on their mortgage. But with an assumable mortgage, “rather than starting over with a new 30-year mortgage at current market rates, the buyer essentially steps into the seller’s loan,” said Kiplinger.

What are the benefits of assuming a mortgage?

The most apparent benefit is the potential to get a loan at a lower rate. “If the seller purchased the home when rates were lower, you can get a better rate on an assumable loan than you’d be able to get on a new one,” said Bankrate. Plus, “when you assume a mortgage, you avoid some usual mortgage closing costs, including an origination fee.” Buyers will also have a shorter loan term, which can lead to savings over time.

On the seller’s side of things, if they have “an assumable mortgage with a relatively low rate, they may be able to draw more interested buyers and a higher sale price,” said Bankrate.

Are there any drawbacks to assumable mortgages?

Perhaps the most obvious caveat is that these mortgages are not very easy to come by. “Only about 6% of listings are eligible, and in most circumstances must either be an FHA, USDA or VA loan,” said Realtor.com. Conventional mortgages, the most common type of mortgage, are generally non-assumable. Further, “unless you’re inheriting an assumable mortgage, you’ll still need to qualify for the loan you want to assume,” said Bankrate.

Even if your loan is eligible and you do qualify, the option is not always worthwhile. For example, it is possible the “loan you’re taking on may not be large enough to cover the home’s current market value, which could leave you responsible for paying the difference,” said U.S. Bank. Alternatively, maybe the seller has built up significant equity in the home, in which case you will need to make a large payment upfront.

There can be downsides for sellers, too. Namely, the seller may “remain legally responsible for the mortgage even after the sale, unless the lender specifically releases them from the obligation,” said U.S. Bank.

Artificial intelligence has become part of our daily lives, and many younger users are turning to it for help with managing their money.

Research by Fidelity International found that more than a third of 18- to 34-year-olds use AI when making investment choices.

AI tools are useful for “opening access”, said MoneyWeek, for those who may not understand investing or just want to check financial information. But there are limits on “how good AI is at giving advice”.

Analysis by consumer watchdog Which? found that AI tools can “make mistakes, misread information and even give risky advice”. That means relying on it too much “could prove costly”.

Seek basic financial education

Many people “feel shame” about their lack of money knowledge, said Moneybox’s director of personal finance Brian Byrnes in The Independent. AI can help “remove this barrier” and assist with “translating and explaining complex finance jargon into plain English” without any judgement.

AI can also be useful for “getting a better understanding of financial topics”, said NerdWallet, such as basic information on budgeting, estate planning or insurance.

Don’t rely on AI for tailored financial advice

Despite the access to information, said Byrnes, you should “never rely on these tools for actionable financial or tax advice”.

Analysis by Which? found that AI tools can come up with “glaring errors”, such as getting the ISA allowance wrong, and they may provide “incomplete advice”.

More importantly, AI tools aren’t regulated to give advice, and won’t know your goals, your tax position, your time horizon or how you actually feel about risk. Crucially, “it can’t take responsibility if the guidance is wrong”, unlike a regulated financial adviser, said MoneyWeek.

Double-check information

AI tools can “sound confident even when they’re wrong”, said MoneyHelper, so you should always check information against “trusted sources”.

It is best to view AI as a “well-meaning but sloppy assistant”, said Fidelity International: “eager to please you but potentially happy to take shortcuts”.

Don’t give away sensitive information

There are also data and privacy risks with AI, as your information may be stored, and personal data could be misused, said MoneyHelper. As a result, it is wise to “keep anything sensitive to yourself”, including account details.

You wouldn’t hand over credit card details to a stranger, said Byrnes in The Independent, so “take the same approach when you are thinking about your personal financial information online”.

Home insurance is must-have protection for what is likely your most valuable asset, and oftentimes mandatory if you have a mortgage. Losing it unexpectedly, whether due to your insurer’s decision not to renew or a sudden cancellation of coverage, is therefore an understandably stressful situation.

The first step in sorting it out is to determine why your insurer has either cancelled or not renewed your policy and what your rights are. From there, it is important to act quickly to avoid gaps in coverage.

Why do insurers not renew or cancel policies?

There are technically two ways insurers can cut off your homeowners insurance: a non-renewal, where the “insurance company decides not to renew your policy when it expires,” and a cancellation, which “can happen during the policy term,” said NerdWallet.

“Within the first 60 days of purchasing a homeowners insurance policy, insurers may be able to cancel it for any reason,” said Experian. After that, the insurer can cancel only for certain reasons. This can include missed premium payments, insurance fraud — such as misleading statements on your application or a failure to disclose certain details about the property — or a decline in your property’s condition that significantly increases the insurance company’s risk.

Non-renewal, meanwhile, “may happen for reasons outside your control,” said Experian, though that is not always the case. For instance, you may lose coverage for making too many claims or simply because your insurer has stopped selling policies in the state, a common occurrence in high-risk areas with frequent wildfires or hurricanes. It could also happen if you get a new pet that is not eligible for coverage under your insurance.

What are your rights after a homeowners insurance cancellation?

While specifics vary from state to state, “generally, most homeowners have the right to receive written notice of a non-renewal,” said NerdWallet. This “must arrive within a specific window of time and include an explanation of why the policy is not being renewed.”

Based on that information, you can determine how to proceed. “If you disagree with the reasoning or you want more details, reach out to the insurance company to learn more” and possibly have them reconsider, said Kiplinger. “If you believe that the decision is unfair, you may choose to contact your state’s insurance department for assistance.”

What should you do if you get dropped by your home insurer?

If you get dropped from your home insurance, you generally have two options: try to get reinstated or find new coverage. In either case, being proactive — whether by making home improvements or mitigating the risk of home damage — can make a difference. For instance, if your policy was dropped because of the condition of your roof, “you may be able to address the issue that caused the policy to be cancelled and get it reinstated,” or at least “help reduce your chance of being denied by a new insurer,” said Bankrate.

And beware what happens if you do not find replacement coverage in time: In this scenario, if you have a mortgage, “your lender may purchase a policy for you and pass the cost onto you.” The bad news there is that “it can cost double what you’d pay for a standard home insurance policy,” said Kiplinger.

There are a lot of ways you can save for retirement. There are 401(k) plans, provided through employers, and IRAs, which you can open on your own. Drilling down further, there are two classifications of those accounts: traditional and Roth.

While a traditional account allows you to save money pre-tax, a Roth account is funded after-tax. Paying taxes sooner rather than later may not sound beneficial, but depending on your specific situation, it absolutely can be, as many younger savers are starting to realize.

In recent years, the “youngest savers are flocking to Roth individual retirement accounts,” with Gen Z in particular embracing Roth IRAs, said The Wall Street Journal. “Overall, IRA contributions for people of all ages hit record highs in the first quarter of this year, with nearly 30% more dollars flowing into these accounts than in the same period last year.”

What benefits do Roth IRAs offer?

Because you pay taxes on the money you put into a Roth IRA, that means you do not have to pay taxes later. As a result, “your money grows tax-free, and you’ll be able to withdraw it tax-free at retirement,” said Bankrate. Plus, if you are in a lower tax bracket now than you expect to be when you are older, you will end up paying a lower rate.

Another perk is that the Roth also can do “double-duty as an emergency account,” said the Journal. This is because Roth IRAs allow withdrawals of your contributions penalty-free (there are, however, stipulations for withdrawing earnings). And if you do not end up needing the money immediately in retirement, Roth IRAs do not have required minimum distribution (RMD) requirements like traditional 401(k) and IRAs do.

When you eventually take out money in retirement, those tax-free withdrawals can help “supplement taxable income without moving into a higher tax bracket or triggering costly Medicare premium surcharges,” said the Journal.

Are there downsides to Roth IRAs?

The “most obvious disadvantage of contributing to a Roth IRA is that your contributions are made with after-tax dollars,” which “means you won’t get a tax benefit in the year you make the contribution,” said Bankrate.

There are also restrictions on who is eligible to contribute. Those whose income is above a certain level (adjusted each year for inflation) are technically not able to contribute to a Roth IRA, though there is the workaround of the backdoor Roth IRA.

Who can a Roth IRA make sense for?

“Most advice on the Roth IRA vs. traditional IRA topic begins with a question: Do you think your tax rate will be higher or lower in the future?” said NerdWallet. Generally speaking, a Roth IRA can make sense for those who are just starting out in their careers. This is because earnings are typically lower at that point, meaning a lower tax bracket, and because you are less likely to run up against income limits for contributions.

There are other advantages worth weighing as well. For instance, a Roth IRA could make sense if you want to use the funds for a “home purchase or for higher education expenses” due to “certain exceptions to Roth IRA early withdrawal penalty rules,” said Experian.

You might also consider a Roth account even if you already have a traditional account, whether a 401(k) or IRA. Since the two types of retirement plans offer different tax benefits, having both can diversify your retirement tax picture.

High oil prices mean drivers of petrol cars are now spending more to run their vehicle than those who have gone electric.

Analysis by The Electric Car Scheme showed the annual cost of fuelling the typical petrol car has risen to £1,353 in 2026. This is compared with £592 for an electric vehicle (EV) driver charging at home.

The firm identified 9 June as Electric Car Day 2026, marking when the average petrol driver has spent “the equivalent on fuel” as an EV driver does running their vehicle for the whole year.

It comes as the Iran conflict has “significantly disrupted the production and transportation of energy across the Middle East”, pushing up fuel prices such as petrol, said the BBC.

The sale of new petrol and diesel cars is to be banned in the UK in 2030, amid a push towards EVs. But as well as running costs, it is also important to look at the “total cost of ownership”, said CarWow, when weighing up a petrol car against an EV.

Upfront car costs

One of the “big sticking points” with EVs compared with “polluting petrol and diesel engines” is the higher upfront costs, , said The Guardian.

However, most private buyers of new cars tend to pay on a lease or personal contract plan, said Top Gear, or through salary sacrifice.

Prices of EVs have also come down thanks to the taxpayer-backed electric car grant, said This Is Money, and zero-emission vehicle targets, which has “intensified pressure on manufacturers and their dealers to provide more discounting”.

Running costs of electric car vs. petrol

Running an EV is “extremely cheap” compared with a petrol-driven car, said Which?, especially if you can charge it at home.

Electric cars can travel up to 300 miles on one charge depending on the weather. But it is important to keep track of your journeys as public charging is “much more expensive” and you could end up spending more per mile than with a petrol car.

There are some downsides, as the higher value of EVs can mean “higher insurance premiums”, said MoneySavingExpert. Drivers also have to take repairs into account, and these “can cost more” if a specialist mechanic is required.

Drivers will still have to pay for car tax, servicing and MOTs with an EV, plus the government is planning to introduce pay-per-mile charges from April 2028 as a replacement for shrinking fuel duty revenues.

This will “narrow the gap” between electric and petrol cars when it comes to how much drivers spend on fuel, said Auto Express.

What is the verdict?

At the moment, the “choice is clearer than you might think”, said Regit. If you don’t have a home charger, a petrol car will “likely save you money and a lot of hassle”.

But if you can charge at home, leasing an EV can be the “cleverest way to drive a new vehicle”, avoid the worst of depreciation and keep your monthly running costs down.

Moving back home after college may seem like a failure to launch, both on the part of parents who thought their work was finally done, and young adults who thought they were poised to start building a life of their own.

But increasingly, it is a decision many recent graduates are making, often out of economic necessity but also because of the practical benefits the arrangement can offer. “Nearly half — 44% — of U.S. parents with adult children ages 18 to 35 say a child has moved back home at some point,” said The Washington Post, citing a recent poll by the financial services company Thrivent.

Just because the arrangement is common does not mean it is automatically easy. Even if you all lived peacefully under the same roof for 18 years, things can — and should — be different when cohabitating again after college. Here is how to navigate things smoothly.

Communicate about financial impacts and expectations

For parents, there is a “difference between providing a safety net and enabling financial immaturity,” said the Post. The latter benefits neither party.

Instead, plan to “have regular discussions with your child to see if they need assistance in any areas and check their progress toward achieving their goals,” said Fidelity. For instance, if they are moving back in because they have student loan debt, “their budget needs to reflect that they are treating this as a priority,” said the Post.

Parents should prioritize transparency about their own financial situation as well — including how the living arrangement may be affecting their current finances and long-term planning, such as saving for retirement.

Discuss divvying up costs

Just because you are the kid (or the parent) does not mean it is set in stone who pays for what. “Once your adult offspring move back home, you and your kids will need to decide how much they’ll chip in for household expenses,” said Kiplinger.

Exactly what that division looks like will vary depending on the financial situation of everyone involved. Maybe the child “can contribute a percentage of their wages to cover the mortgage or rent, for example, or agree to pay a set amount — say, $200 to $300 a month,” said Kiplinger. Alternatively, if they “can’t help with the mortgage or rent, consider having them pay a portion of utility, phone or insurance bills.”

If your child truly has nothing to contribute monetarily (maybe they are currently job-searching), there are still ways they can contribute to the household. “Doing regular yard work or other household chores can make the relationship feel more balanced,” said Earnest, a student lending platform.

Establish a clear plan and timeline

While living together may be fine for now, most likely it will not be fine forever. “Have a conversation with your parents about your plan for moving out and finding your own place,” said Earnest, and make sure you are both clear on the steps it will take for you to get there, whether that is paying down debt within a certain period of time or saving up a certain amount for a security deposit and a few months’ rent.

The plan you come up with should include a “clear timeline, as well as some contingency plans if you don’t reach those goals as soon as expected,” said Earnest.

Filling up your tank is pricey, and the total cost is more than just the price of gas alone. Every time you fill up, a federal gas tax and a state tax gets tacked on to each gallon of gas you put into your car.

With the price of gas skyrocketing of late, in large part because of the war Donald Trump started with Iran, the president has floated the idea of suspending the federal gas tax altogether. But how much would that really save consumers?

What is the federal gas tax?

It is an “excise tax that’s paid on any fuel that’s sold in the US.,” said Intuit TurboTax. Initially, the tax “was meant to be temporary when President Herbert Hoover signed it into law in 1932 to help pay for national defense spending,” said The New York Times. “But persistent budget deficits kept it in place, and the money it raises is used for road maintenance through the Highway Trust Fund.”

How much is the federal gas tax?

The current federal gas tax costs drivers 18.4 cents, a charge that applies per gallon of gas. For those filling up with diesel fuel, the cost is a bit higher, at 24.4 cents per gallon.

Keep in mind, that is just the federal gas tax. All states and the District of Columbia also tax motor fuels, with per-gallon gas tax rates ranging “from 8.95 cents in Alaska to 62.9 cents in California,” said the Tax Policy Center. Additionally, “10 states also levy a general sales tax or gross receipts tax on purchases of motor fuel,” which can further increase the overall cost of filling up.

How much could drivers save if the gas tax is suspended?

Will nixing those cents on the gallon actually allow drivers to save on gas? Yes, but only minimally. If the federal gas tax were to drop by the full 18.4 cents, that would mean “for a 15-gallon tank, that’s $2.70 saved,” said CBS News. “When filled up weekly, that’s about $10.80 a month.”

However, “experts say the price drop would be less than 18 cents,” said CBS News. Some of that gas tax would instead “end up staying with the gas station itself, maybe the producers or anyone else in the supply side of the gas market,” added the outlet, citing tax policy expert Adam Hoffer.

Gas taxes ultimately make up just a small portion of the amount consumers are paying at the pump. Even with the suspension of both federal and state gas taxes, “prices would still average 35% more per gallon than they were at the start of the Iran war,” said NBC News. Since the war began in late February, “prices nationwide are up more than 50%.”

Staying on budget does not have to mean staying in all the time. But going out can often be a slippery slope — especially if you are doing so with friends who have different financial situations and spending habits. Your friend might suggest another round or two of drinks or grabbing dinner at a pricey restaurant, and the next thing you know, your bank account balance is not where you would like it to be.

How can you balance having a good time with friends and feeling good about your spending? Read on for some tips and tricks.

Make a budget before going out

“Setting aside a specific line item in your budget for parties, trips or weekend brunches lets you enjoy your social life without the stress of overspending,” said Money. By doing the math on the front end, you can know exactly how much you can afford to spend in a given month. This will also give you a clear way to track how much of that allotted amount you have already gone through at any point throughout the month, which is helpful to know prior to meeting up with friends.

Come up with lower-cost activities

“Meaningful experiences with your friends don’t have to be expensive,” said Ally. If you want to spend time with a friend and are nervous about shelling out, consider suggesting something free or fairly inexpensive — who knows, they may even breathe a sigh of relief for their own budget. Some easy ideas include going on a hike, checking out a free museum or outdoor concert or attending a local book club together.

Invite people over

Having people over is an easy way to get the crew together while skipping the bar tab or the restaurant bill. Maybe you can ask everyone to bring over a dish for a potluck, or you could even cook as a group. Perhaps someone brings over a bottle of wine, and you pull out a board game or put on a movie. The bonus of this approach is that everyone can stay as long as they (or you) would like.

Be open with your friends

Maybe you have been trying to dance around your financial reality because it feels embarrassing or like a potential buzzkill. But “discussing money openly with friends can help dismantle the shame around financial struggles and is a great way to explore affordable ways to spend time together,” said Ally. It also gives you a more honest way to say no to an invitation in the future, if you need to.

Spend on what matters to you most

“Look at money as ‘a tool to enhance your values and your experiences,’” as opposed to just a default way to socialize, said Jack Howard, the head of money wellness at Ally, to CNBC Make It. Evaluate what you really enjoy spending money on, versus when you are spending just to spend, and adjust your expenditures accordingly. “If costly activities like going out to dinner or traveling with friends are important to you, you may have to make cuts in other areas of your life in order to prioritize them,” said the outlet.