Mortgage rates have settled into a holding pattern, giving homebuyers a clearer picture of borrowing costs even if financing remains expensive. The average 30-year fixed mortgage rate was 6.49% for the week ending June 25, according to Freddie Mac, and has hovered around the mid-6% range for the past six weeks. While that's lower than the 6.77% average a year ago, it hasn't been enough to reignite home sales.

At the same time, housing inventory is improving in many markets, sellers are becoming more willing to negotiate, and the national median listing price has declined year over year while inventory has climbed to a two-year high, according to Realtor.com. Yet despite more choices and relatively steady mortgage rates, many buyers remain on the sidelines.

That's because today's affordability challenge extends well beyond the interest rate. Homeowners insurance, property taxes, utilities, HOA fees and maintenance costs have all climbed sharply in recent years, making the true cost of homeownership much higher than the monthly mortgage payment alone.

Mortgage rates are only part of the affordability equation

For the past several years, mortgage interest rates have dominated conversations about housing affordability. And for good reason.

Even a one-percentage-point change in mortgage rates can significantly affect a monthly payment. But many prospective buyers are discovering that lower rates don't automatically make homeownership affordable.

While rates have eased somewhat, home prices remain elevated in many markets, and other ownership costs continue to climb. Mortgage interest rates may influence whether someone can qualify for a loan, but taxes, insurance, utilities and maintenance costs determine whether they can comfortably afford the home after closing.

The monthly mortgage payment is only one line item in a much larger budget.

Home insurance costs are rising across the country

One of the fastest-growing housing expenses is homeowners insurance.

Insurance premiums have increased in many states over the past few years due to higher rebuilding costs, more frequent severe weather events and increased claims activity. Some insurers have reduced coverage in high-risk regions altogether, limiting competition and pushing premiums higher.

States prone to hurricanes, wildfires, tornadoes and flooding have experienced some of the steepest premium increases, but rising insurance costs are no longer confined to high-risk regions. According to LendingTree, homeowners insurance rates nationwide climbed nearly 47% between 2020 and 2025, adding hundreds of dollars or more to many homeowners' annual housing costs.

A property that seems affordable based on the mortgage payment alone may carry insurance costs hundreds of dollars higher per month than expected. And unlike a fixed-rate mortgage, insurance premiums can continue rising year after year.

Use the tool below, powered by Bankrate, to compare some of today's top home insurance offers and save:

Property taxes, HOA fees and utilities add up

Property taxes are another major expense many buyers underestimate. Tax bills vary widely by state, county and municipality, so two similarly priced homes can come with dramatically different annual property taxes. In many areas, rising home values can also trigger higher assessments over time, increasing tax bills even if your mortgage payment stays the same.

Homeowner association (HOA) fees can further increase monthly housing costs. Many condominiums, townhomes and planned communities charge monthly dues that range from $200 to $300 for single-family homes, according to RubyHome, though fees can be significantly higher in some communities. HOA fees have become a growing consideration for buyers, as 67% of newly completed homes in 2024 were part of an HOA. Some associations also levy special assessments to pay for major repairs or capital improvements.

Utility costs are another expense that can strain a household budget. As electricity, water and natural gas prices continue to rise in many parts of the country, monthly utility bills can add up quickly. When combined with property taxes, insurance, and HOA fees, these ongoing expenses can add hundreds or even thousands of dollars each year to the true cost of homeownership.

The real cost of owning a home

Many buyers focus on the principal and interest payment when estimating affordability.

But a more realistic housing budget includes:

• Principal and interest
• Property taxes
• Homeowners insurance
• HOA fees
• Utilities
• Maintenance and repairs
• Landscaping and lawn care
• Emergency home expenses

Consider a $400,000 home purchased with a 10% down payment and a 6.5% mortgage rate. While the monthly principal and interest payment would be about $2,275 (based on a $360,000 loan), that's only one part of the cost of homeownership.

Once you factor in property taxes, homeowners insurance, utilities and ongoing maintenance, the true monthly cost can be more than $3,300.

Estimates are for illustrative purposes only and will vary by location.

For many first-time buyers, these ongoing expenses come as a surprise. Financial experts generally recommend setting aside 1% to 2% of a home's value each year for maintenance and repairs.

On a $400,000 home, that's about $4,000 to $8,000 annually, or roughly $333 to $667 per month.

Why many buyers are still priced out

Mortgage rates are only one reason housing affordability remains strained. Home prices are still significantly higher than they were before the pandemic, even as appreciation has slowed in some markets. According to Zillow, U.S. home values have increased 45.3% since February 2020, meaning roughly 11 years of typical home-price growth occurred in just five years.

Meanwhile, wage growth has struggled to keep pace with the combined increases in housing costs.

Many buyers who can technically qualify for a mortgage are finding it difficult to comfortably absorb higher insurance premiums, taxes and maintenance costs alongside everyday expenses like groceries, healthcare and transportation.

That's one reason inventory is growing in many areas while sales remain relatively slow. Buyers may have more options to choose from, but affordability remains a challenge.

How buyers can lower their housing costs

While buyers can't control mortgage interest rates or home prices, they can take steps to reduce the overall cost of homeownership and avoid unpleasant surprises after closing.

Shop for homeowners insurance before making an offer: Insurance costs can vary significantly between carriers and neighborhoods. Comparing quotes early can help buyers identify potential affordability issues before they commit to a property.

Compare property taxes between communities: Two similarly priced homes may come with very different tax bills. Looking beyond the purchase price and comparing local tax rates can reveal long-term savings.

Factor HOA fees into affordability calculations: A lower-priced home with high HOA fees may end up costing more than a slightly more expensive home without them.

Consider smaller homes or different neighborhoods: A lower-priced home with high HOA fees may ultimately cost more each month than a slightly more expensive home without them. Be sure to include association fees when evaluating affordability.

Consider smaller homes or different neighborhoods: Expanding your search radius, choosing a smaller home or exploring nearby communities can reduce both upfront costs and ongoing expenses such as taxes, insurance and maintenance.

Build maintenance into the budget: Homeownership comes with ongoing repair and replacement costs. Whether it's a new water heater, HVAC repair, roof replacement or plumbing issue, unexpected expenses are inevitable. Setting aside money in a dedicated home maintenance fund can help you cover these costs without relying on credit cards or dipping into your emergency savings.

Affordability doesn't end at closing

It's easy to focus on mortgage rates when you're thinking about buying a home, but they're only one piece of the affordability puzzle. Homeowners insurance, property taxes, utilities, maintenance costs and HOA fees can add hundreds or even thousands of dollars to the true monthly cost of ownership.

The good news is that buyers have more options today than they did a year or two ago. Inventory is improving in many markets, and sellers are becoming more willing to negotiate. But before making an offer, it's important to look beyond the mortgage payment and evaluate all the costs that come with owning a home.

Understanding the full picture can help you choose a home that not only fits your budget today, but remains affordable for years to come.

Use the tool below, powered by Bankrate, to compare some of today's top mortgage offers:

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You've done everything right, and you're still losing ground. That's the sentiment many feel, as rising inflation takes bigger bites out of paychecks when you pump gas, pay your electric bill or go to the grocery store.

It used to be that you could turn to a high-yield savings account to outpace it. Yet, with inflation at 4.20% and not likely to cool soon, most savings accounts don't earn returns keeping pace with inflation.

"It’s not just about earning interest," says Eric Bernstein, president of LendFriend Mortgage. "When your savings are sitting idle, you’re missing out on the compounding power that could strengthen your homebuying profile. For those targeting a purchase, inflation isn't just an annoyance — it's a direct reduction in your future purchasing power."

Stop letting the status quo erode your wealth. Here are three strategic pivots to shield your cash from inflation and crush your debt for good.

1. Stop chasing yields

For a long time, savings accounts offered exceptional rates of return that outpaced inflation. In the interim, those days are likely over. The ongoing war with Iran will keep fuel prices high, and even if there is a permanent resolution soon, energy prices might not stabilize fully into 2027.

The problem is that you need a high-yield savings account as part of your financial plan. Instead of shopping around for rates every few months, I'm recommending a savings account I've found that consistently offers good returns and has no monthly fees.

Once you reach your emergency fund and short-term savings goal, you want to shift your focus away from saving.

2. The debt-first pivot

Debt robs you of future wealth, especially if you're carrying high-interest debt. Credit cards and HELOCs also feature variable rates that can compound faster than any return you would earn on a savings account.

Therefore, when you view these debts as an emergency, you restore your purchasing power and improve your monthly cash flow.

Here's a debt repayment checklist to help you devise a plan that works:

• Make a list of all your outstanding debts, including balances owed, interest rates, etc.
• Use a budgeting app or a personal banker to see if you can free up cash in your budget or curtail spending
• Use the debt avalanche method (focusing on the debt with the highest interest rate) first, or do the debt snowball, in which you tackle your lowest balance to build momentum
• Set up automatic payments to ensure you never miss one
• Allocate any surplus cash from bonuses, commissions or tax refunds to pay off the debt with the highest interest rate first
• Review goals at least quarterly to ensure you remain on track to pay off debt

Along with debt repayment, now is a vital time to re-evaluate how you approach buying everyday items.

Use the tool below, powered by Bankrate, to connect with a financial professional that can help you build a plan to reach your financial goals:

3. Spend with intention

Debt repayment takes center stage, but you must also plug any spending holes you have in your budget. To demonstrate, inflation won't show up as a line item in your budget, but rising per-unit prices create stealthy paycheck erosion.

I'm going to show you a few ways to rein in spending.

Everything in life seems to revolve around subscriptions, so this is a good place to start. Look for apps or memberships you haven't used much in the past few months and pause them. If you can go a few months without them, then you won't need them back.

If you want to save on streaming moving forward, do this:

• Use your credit card and cellphone plan perks to lower total streaming costs
• Buy annual plans around Black Friday, in which deals are usually the best
• Use shopping subscriptions such as Walmart+, which offers a free membership to Peacock Premium or Paramount+ Essentials plans, you can switch options every 90 days

The next area is mastering the art of grocery shopping. Instead of impulse buying, plan meals. Shop ethnic markets for produce, as they tend to be cheaper and offer better quality than most grocery stores, in my experience.

Use warehouse clubs for pantry bulk supplies, where per-unit prices are often lower than at your regular markets.

Another tip seems simple, yet it's effective. Kiplinger personal finance writer Rachael Green reached out to her service providers to ask if they could lower her bills. She saved more than $700 annually, so it definitely pays to reach out.

Lastly, if you find something you want to buy that isn't essential, implement the 24-hour rule. I do this often and find that after sleeping on it, I don't really need the item. This can help you rein in impulse spending, giving you more money to devote to debt repayment.

Ultimately, inflation can erode some of your purchasing power, but you can control its impact. The key is to move away from an all-savings strategy and implement other solutions impacting your finances.

Attacking high-interest debt with urgency and treating every dollar you earn with intention helps you not only save money but also buy back your financial freedom. These small shifts can help you weather the storm of higher prices so you can reclaim the ground inflation tried to steal.

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It can feel like there's always a sale happening. Right now, shoppers are being bombarded with promotions from Amazon Prime Day, Walmart Deals and other summer sales events, all promising big discounts and limited-time offers. But just because something is on sale doesn't mean it's the best time to buy.

Many of the biggest savings happen when retailers are clearing out seasonal inventory, making room for new models or trying to boost sales during slower shopping periods. That's why timing can matter just as much as the item you're purchasing. Buying a refrigerator during a major holiday sale, waiting until the end of summer for patio furniture or shopping back-to-school promotions for electronics can often lead to bigger discounts than shopping during a headline-grabbing sales event.

Instead of focusing on a single shopping holiday, it helps to look at the retail calendar as a whole. Certain products tend to go on sale at the same times every year, making it easier to plan larger purchases and avoid paying full price. Here's a month-by-month guide to some of the best times to buy household goods, electronics, seasonal items and more throughout 2026.

January

Best buys: TVs, fitness equipment, gym memberships, bedding, towels, linens, holiday décor and winter clearance items

January is one of the strongest months for bargain hunters. Retailers heavily discount TVs ahead of the Super Bowl as shoppers upgrade their home entertainment setups. You’ll often find markdowns on large-screen TVs, soundbars and streaming devices throughout the month.

Fitness equipment and gym memberships also go on sale as companies capitalize on New Year’s resolutions. Expect deals on treadmills, weights, exercise bikes and fitness subscriptions.

January is also prime time for clearance shopping. Holiday décor, wrapping paper and winter seasonal items are deeply discounted after Christmas. Many department stores also hold traditional "white sales," which focus on bedding, towels and linens.

February

Best buys: Mattresses, furniture, appliances, winter apparel and winter sports gear

February is one of the best months to find deals on big-ticket household purchases thanks to Presidents Day sales. Mattress retailers often compete aggressively during the holiday weekend, offering deep discounts, free delivery and bundle deals that can rival some of the best promotions of the year.

Furniture stores also begin clearing older inventory to make room for new spring collections. If you're shopping for a sofa, dining table, bedroom set or other large furniture purchase, February can be a good time to buy before new styles arrive and prices reset.

You'll also find growing clearance sales on winter clothing, boots and cold-weather gear as retailers shift their focus to spring merchandise. Ski, snowboard and other winter sports equipment may also be marked down as the season winds down.

March

Best buys: Vacuums, carpet cleaners, storage and organization products, tax software, and lawn and garden supplies

March is a strong month for home organization and cleaning deals as retailers lean into spring-cleaning season. Shoppers can often find discounts on vacuums, carpet cleaners, storage bins, shelving units and other products designed to help tackle household projects after winter.

Tax software providers also frequently offer promotions as the filing deadline approaches, particularly on basic and DIY filing packages. If you haven't filed yet, March can be a good time to compare pricing and take advantage of limited-time discounts.

You'll also begin to see early-season deals on lawn and garden supplies before demand peaks later in the spring. Purchasing outdoor tools, hoses, planters and gardening essentials early may help you avoid higher prices later in the season.

April

Best buys: Airfare, hotel stays, smartphones, tech devices, luggage, outdoor gear and camping equipment

April can be a surprisingly good month for travel deals. As part of the spring shoulder season — the period between winter travel and peak summer vacation demand — travelers may find lower airfare and hotel rates, especially if their plans are flexible.

It's also a good time to shop for slightly older smartphones and tech devices. Retailers sometimes offer discounts on existing models ahead of anticipated summer and fall product launches, creating opportunities to save without sacrificing many features.

Outdoor gear, luggage and camping equipment can also be attractively priced before summer demand ramps up. Buying early may help you avoid the higher prices that often arrive closer to peak travel and camping season.

May

Best buys: Appliances, patio furniture, grills and mattresses

May is one of the best shopping months of the year thanks to Memorial Day sales. Large appliances, including refrigerators, washers, dryers and dishwashers, often see significant discounts as retailers make room for newer inventory arriving later in the year.

Patio furniture and grills are also heavily promoted ahead of the summer entertaining season. While the deepest clearance prices typically arrive at the end of summer, May sales can still offer strong value while providing a broader selection of styles and models.

Mattresses remain another major Memorial Day sale category, giving shoppers a second opportunity to find deals after Presidents Day promotions.

June

Best buys: Tools, grills, lawn equipment, home improvement products, cookware, small kitchen appliances and fine jewelry

June offers a mix of seasonal promotions and holiday sales that can create savings opportunities across several categories. Father's Day sales often drive discounts on power tools, lawn equipment, grills and garage organization products, making it a good time for homeowners and DIY enthusiasts to shop.

The month is also closely tied to wedding season, prompting retailers to offer deals on cookware, small kitchen appliances and fine jewelry as they target gift buyers and newlyweds. If you're furnishing a kitchen or replacing household essentials, June sales can provide opportunities to save.

In recent years, June has also become a major month for online shopping events. Retailers such as Amazon, Walmart and Best Buy frequently launch summer sales and competing deal events ahead of peak back-to-school and holiday shopping seasons. While timing varies from year to year, shoppers may find discounts on electronics, smart-home devices, laptops, TVs and everyday household items throughout the month.

July

Best buys: Electronics, laptops, tablets, TVs, smart-home devices, furniture, mattresses and summer apparel

July has become one of the biggest shopping months of the year thanks to major mid-summer sales events. Retailers compete aggressively for shoppers' attention, creating opportunities to save on electronics, tech products and smart-home devices. Laptops, tablets, headphones, TVs and other popular gadgets are frequently among the most heavily discounted categories.

Fourth of July sales can also bring strong deals on furniture and mattresses as retailers use the holiday weekend to attract shoppers making larger household purchases.

By mid- to late July, many stores begin marking down summer clothing, footwear and seasonal apparel to make room for incoming fall inventory. Shoppers who don't need the latest styles can often find some of the season's best clothing discounts during this transition period.

July sales happening now:

Home Goods and Decor

• Crate & Barrel

• Macy's

Furniture

• Ashley Furniture

• Gardner White Furniture

Grills and Outdoor Living

• Home Depot

• Sam's Club

• Target

August

Best buys: Laptops, tablets, office furniture, dorm essentials, desks, office chairs, organizational products, summer apparel and jewelry

August is one of the best months to shop for back-to-school deals. Retailers frequently discount laptops, tablets, printers and other technology products while offering bundles that include accessories, software or student-focused incentives.

The back-to-school shopping season also creates savings opportunities on office furniture, including desks, office chairs and organizational products. Even shoppers who aren't students can often benefit from these promotions when setting up a home office or workspace.

Meanwhile, summer clothing and seasonal apparel typically move deeper into clearance as retailers prepare for fall merchandise. Some jewelry categories, including engagement rings, may also see softer pricing before demand begins to increase ahead of the holiday shopping season.

September

Best buys: Vehicles, grills, patio furniture, gardening tools and appliances

September can be an excellent time to shop for a vehicle. As dealerships begin making room for next year's inventory, outgoing model-year vehicles may be discounted to encourage sales. End-of-quarter sales goals can also create opportunities for buyers to negotiate more aggressively on price, financing or trade-in offers.

It's also one of the best months to find clearance deals on outdoor living products. Grills, patio furniture, gardening tools and other seasonal items are often heavily marked down as retailers shift their focus to fall and holiday merchandise.

Appliances may also see promotional pricing during September as manufacturers and retailers prepare for new model introductions and year-end sales events.

October

Best buys: Lawn equipment, camping gear, outdoor recreation products and post-Halloween clearance

October is a transitional shopping month that can offer overlooked bargains for shoppers planning ahead. As colder weather approaches in many parts of the country, retailers often begin clearing out lawn equipment, camping gear and outdoor recreation products to make room for winter inventory.

Some retailers also start rolling out early holiday promotions on electronics, home goods and seasonal gifts ahead of the major shopping events that arrive in November. While the biggest deals may still be weeks away, October can provide opportunities to buy before inventory becomes limited.

One of the best savings opportunities comes immediately after Halloween. Costumes, decorations, party supplies and seasonal candy are often marked down significantly as retailers clear remaining inventory. Shopping post-Halloween sales can be a smart way to stock up on costumes for future school spirit weeks, themed work events and next year's celebrations at a fraction of the original price.

November

Best buys: TVs, laptops, gaming systems, smart-home devices, small appliances, streaming services and holiday gifts

November remains the heavyweight champion of shopping deals. Black Friday and Cyber Monday continue to deliver some of the year's best discounts on TVs, laptops, gaming systems, smart-home technology and small appliances. Retailers often compete aggressively in these high-profile categories to attract shoppers and drive traffic.

Holiday gifts, kitchen gadgets, coffee makers, air fryers and other popular household products also see widespread promotions throughout the month. Many retailers extend sales well beyond Thanksgiving weekend, giving shoppers more opportunities to compare prices and avoid the rush.

November is also one of the best times of the year to save on streaming services. Providers frequently offer limited-time promotions on both new and returning subscriptions, making it a good month to lock in discounted rates on entertainment services for the year.

Despite the abundance of deals, not every sale represents a true bargain. Comparing prices ahead of time, using price-tracking tools and sticking to a shopping list can help shoppers avoid impulse purchases during the year's biggest sales events.

December

Best buys: Vehicles, holiday décor, toys, winter apparel, storage containers and travel bookings

December can offer surprisingly strong savings opportunities, especially for car buyers. As dealerships work to hit month-end, quarter-end and annual sales goals, shoppers may find some of the year's best opportunities to negotiate pricing on new vehicles.

After Christmas, retailers begin clearing out holiday inventory, leading to steep markdowns on decorations, wrapping supplies, toys, gift sets and seasonal merchandise. Winter apparel may also see discounts as stores look ahead to spring inventory.

Post-holiday clearance sales can be an especially good time to buy storage totes, ornament organizers and other storage solutions. Purchasing these items after Christmas can help you protect holiday decorations and family keepsakes while paying a fraction of peak-season prices.

December can also be a smart time to start planning next year's travel. Booking flights, accommodations and other travel arrangements early, particularly for popular summer vacation periods, may help travelers secure lower prices before demand increases in the months ahead.

The best strategy isn't always buying immediately

Retailers often rely on urgency and impulse buying to drive sales, but many products follow predictable discount cycles throughout the year.

Waiting a few weeks — or even a few months — for the right sales window can significantly reduce the cost of major purchases without sacrificing quality. Whether you're shopping for a new TV, appliance, mattress or vehicle, buying at the right time can lead to savings.

If you're looking to stretch your budget in 2026, timing your purchases strategically may be one of the simplest and most effective ways to save money.

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Amazon Prime Day is here. This is a four-day sales event running from Tuesday, June 23, through Friday, June 26.

While many of these sales don't have deep discounts, I use them as a chance to score discounts on items that improve my home's functionality and safety. On this end, Prime Day doesn't disappoint.

But first, make sure you have an Amazon Prime membership to shop the event. If you don't have one and you're new to Prime, you can sign up for a 30-day free trial. Now, here are a few items that can give you peace of mind, improve your home's functionality and potentially save you money.

This deal protects your biggest asset

I bought an older home a few years ago, and one of my main concerns was its electrical. Then, I found out about the Ting sensor. It's a smart home sensor you plug into a wall that detects electrical irregularities that could result in a house fire.

Once you install the plug, you download the free Ting app on your phone to monitor it. You'll receive real-time alerts when it detects issues. Some issues it detects include micro-arcing, caused by faulty wiring, malfunctioning devices or loose connections.

Now, I have peace of mind knowing that if any hazards arise, I can fix them before a fire occurs. During Prime Day, you'll save $20 on a Ting sensor.

This deal adds another layer of protection to your home

Smart locks are among the smartest home security upgrades you'll make. They're easy to install. And I like them for the convenience and security they offer.

These devices typically feature a keypad for PIN codes or biometric sensors, allowing you to secure your home without fumbling for physical keys. You can install them on any entry point, such as your front door, and even assign temporary codes for guests or service providers.

Worried you didn't lock your front door when you left home? Access the app and lock it remotely, instead of driving back home. You should also look for ones, like the one I recommend here, that offer weatherproofing and battery backup, so you still have access during a power outage.

And during Prime Day, you can save up to $65 on this option:

Lower your home's energy costs with this deal

Electric bills continue to surge. With the summer months driving up demand, the average household will spend 10.5% more, per the National Energy Assistance Directors Association.

The main culprit behind your energy costs? Your air conditioner. This is where a smart thermostat helps you control costs. If you plan to be away from home for days or weeks at a time, you can set your thermostat at a higher temperature. This reduces the demand placed on your AC unit and the energy it uses.

Over time, setting your thermostat by 7 to 10 degrees warmer when you're away from home lowers your energy costs by around 10%. This could equate to hundreds of dollars per year. On top of that, you can save $50 on a new unit during Prime Day.

Ultimately, while Prime Day isn't overflowing with deep discounts, it doesn't mean you can't find good deals. Being strategic when shopping can help you find deals that add value to your home, both now and into the future. These three deals represent ways you can improve your home's functionality, ensure it remains safe and save money on energy costs.

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When people talk about closing costs and other expenses to prepare for when you buy a new home, they often forget to mention furniture, gadgets and new decor. And after 15 years of living in apartments, when I moved into a house, there was a lot to purchase.

Suddenly, I had a separate dining room. And a living room that can fit an L-shaped couch. And a kitchen with enough storage space to finally fit my KitchenAid stand mixer. A backyard where we could grill! A basement where we could work out! Wonders never ceased, but those wonders have a price attached.

My husband and I have been slowly filling up the space, and I try to take advantage of sales seasons so we can save at least a little on all the purchases. Now is a great time to do that as Amazon Prime Day kicks off this week, setting off sales at other retailers, and as we approach annual Fourth of July season sales. We're starting our first full summer in the house, and here's what I'm looking out for. If I already made (or am specifically planning to make) a purchase, I'll let you know what I went with.

Items for hosting

One of the best parts of having a house is getting to host your friends and family, but it helps to have some key supplies. Here's what I'm looking at.

Drink pitchers

My ideal symbol of hosting is a pitcher of iced tea or lemonade at the ready when someone comes over, so I need pitchers. I looked for a glass pitcher over plastic so I can potentially run it through the dishwasher, but mostly so I don't have to think about microplastics.

Amazon option: This 1-gallon square pitcher has a strainer option on its lid, which is useful if you're making something like sangria or lemon-infused water. The list price is $41.23, and it's currently listed for $32.99.

Alternative option: This 64-ounce glass pitcher from Walmart is smaller than the Amazon option but has a more appealing design. It's typically $13.99 but currently lists for $12.59.

What I ended up getting: The lidded options are definitely functional, but I liked the aesthetic of this 80-ounce glass pitcher from Crate & Barrel for $14.95. If you've just moved, Crate & Barrel has a "new mover" promotion for a discount.

Drink dispensers

Along with multifunctional pitchers I can use for bringing water to the dining room table, I wanted a glass drink dispenser I could use for making batch cocktails.

Amazon option: This highly rated dispenser comes with a blackboard sign so you can write what the drink is along with the dispenser. It comes in 1-gallon, 1.5-gallon, and 2-gallon sizes, and it also has the option of getting two dispensers that sit side-by-side on a stand. There is a Prime Day Deal on it, and the 1-gallon set of two with a stand is $32.75 (list $38.99).

Alternative option: Target has a lot of handy home goods, including this stylish 1.8-gallon dispenser with a wooden stand. It's $34.99.

What I ended up getting: We're back at Crate & Barrel with a splurge: This 1.5-gallon dispenser with a marble stand is on sale as part of the company's 4th of July Warehouse Sale. Originally $154.90, it's 10% off.

Cornhole set

If you're having friends and family over, it's nice to have a noncommittal activity available to them, like cornhole. I thought this would be a simple purchase, but there are many different cornhole set options available, from regulation-sized to strictly portable. Let's get into it.

Amazon option: Amazon Basics has a portable set available made out of plywood. It has 4.5 stars from 2,500 reviews and is priced at $73.49.

Alternative options: You can get a Rec League regulation-sized set from Dick's Sporting Goods. It's usually $169.99 but is on major sale for $99.98.

REI sells a backpack cornhole game if you want one to be able to bring somewhere easily, for $39.95.

What I ended up getting: Believe it or not, this was a Costco purchase. Costco has a basic GoSports all-weather set with a simple but classic design. It's $159.99. If you're not already a member, you can get $40 back on a Costco membership.

Backyard fun

I'm excited to have a backyard to relax in. Here's what will make it more fun.

Grill

It's not a backyard summer without a grill. Grills come in all shapes, sizes and price points, so this is where it would help to do some research and pick out what you want, then see if it goes on sale.

Amazon option: Amazon has many Traeger grills, including this portable electric wood pellet grill and smoker. There is a Prime Day Deal on this for $422.61 (list price $499.99).

Alternative option: Lowes has some short-term sales on grills now, including this black pellet grill from PitBoss that has smart compatibility. Normally $749, it's $649 until June 24.

What I ended up getting: Following a friend's lead, we want to get a Weber grill — and you can get those at Costco, with delivery available. This gas grill, for example, is currently $110 off through June 28, coming in at $889.99. There's also a promotion going on through July 25 to save money if you buy multiple Costco Direct items on the same order. If you're not already a member, you can get $40 back on a Costco membership.

Patio umbrella

I was lucky to get a set of patio furniture from my parents that they didn't use anymore, but it's missing an umbrella. Here are some new options.

Amazon option: This 9-foot table umbrella comes in a multitude of colors and has 4.4 stars from over 5,000 reviews. The list price is $58.99, and it's currently on sale with a Prime Day Deal for $39.99.

Alternative options: If you don't have a table to put the umbrella in, try this 15-foot umbrella with a base from Walmart. It's typically $209.99, but certain colors are on sale for $119.99.

If you're a Sam's Club member, check out their patio furniture option. This 10-foot cabana umbrella is selling for $159.97.

Inflatable pool

If you don't buy a house with a pool, you might as well get the next best thing. Inflatable pools are great to have handy if you have grandchildren or nieces and nephews who visit — or if you're an adult who wants to relax outside on a hot day without going to a public pool.

Amazon option: This actually is the option I'm purchasing, based on a recommendation from a friend: An inflatable "tanning pool" lounger made for adults with a pillow to lean back on and cup holders for your lemonade. An extra-large option is typically $45.99 but is currently on sale with a Prime Day Deal for $31.99.

Alternative options: If you're looking for something more for kids, Target has an inflatable pool with a play center and a mini slide. It's usually $117.99 but is on sale for $45.99 (a whopping 61% off), and it has just over four stars from 79 reviews.

If you want something to imitate a real backyard pool, Walmart has an above-ground inflatable pool. A 12-foot version is usually $169.99 and is currently on sale for $109.99.

Summer activities

An exciting part of moving to a new place is getting to explore its public spaces. My new town has a lake and parks accessible to residents, as well as lots of summer concerts and movie screenings. Here's what I'm looking at to make the most of those resources.

Picnic blanket

Whether you're heading to a park or a beach, it's helpful to have a large picnic blanket. Here are some options I found.

Amazon option: This large beach blanket is made with sand in mind, and it has 4.7 stars from over 14,600 reviews. The list price is $28.98, and it's currently on sale with a Prime Day Deal for $18.97.

Alternative option: Target has an extra-large picnic blanket (70 by 80 inches) that's quilted for extra comfort. It's usually $39.99 and is currently on sale for $25.59.

What I ended up getting: I envision using this mostly for relaxing at a local park, so I needed something large and water-resistant for dewy grass. This XL picnic blanket tote from Macy's seems to fit the bill, according to reviews. It's usually $80 but has a Limited-Time Special price of $48.

Beach towels

I wanted to make sure I had extra beach towels so I have something to offer visiting friends if we go to the town pool. Here's what I looked at.

Amazon option: Amazon Basics has a couple of options of 100% cotton beach towels with the classic cabana stripe design. Their list price is $23.26.

Alternative options: If you want to get a few towels to have on hand, Walmart has a 4-pack of colorful beach towels. Usually $40.99, it's on sale for $29.99.

What I ended up getting: This was another Macy's purchase for me during their most recent sale: Striped cotton towels from The Beach House. Their list price is $50 each, but they currently have a Today Only price of $16.99.

Practical items

Now, living in a house is not all fun (inflatable pool!) and games (cornhole!) all the time. There's also upkeep to take care of. Here's what I'm managing, if it helps give you ideas.

Smart thermostat

Pretty much every time there's a sale season, I check for sales on smart thermostats so I can slowly but surely change out my outdated system.

Amazon option: Amazon has its own branded smart thermostat that you can link up with your Alexa. The list price for one thermostat is $79.99, and it's currently on sale with a Prime Day Deal for $57.99.

Alternative option: You can also buy thermostats directly from the manufacturer. Many HVAC experts I've talked to speak highly of the Ecobee; the Premium thermostat is usually $259.99, but is currently on sale for $209.99.

What I ended up getting: Once you start with one system, you basically have to keep going with it, so I always look for sales on Google Nest thermostats. A 4th gen learning thermostat is on sale at Best Buy for $239.99 (list price $279.99).

Dryer vent cap

This is a small detail, but homeowners know the value of paying attention to small details. In this case, a proper dryer vent could mean the difference between enjoying your summer or spending your summer fending off a wasp nest in your dryer vent.

Amazon option: Amazon offers a 4-inch dryer vent cover with a magnetic door and lint trap. It's usually $12.99 but has a Prime Day Deal for $9.99.

Alternative option: If a magnetic door seems a bit too much, Walmart has this classic dryer vent cover designed for airflow. It's $10.

What I ended up getting: My dryer vent is a good target for birds because of where it is on the house, so I went for this airtight dryer cover from Home Depot. It's $19.97.

Weeding tool

As your yard soaks in the sun and warmth, so do weeds. If you, like me, are in a battle against weeds, here are some good buys.

Amazon option: When I told the editor of the Kiplinger Retirement Report that I'd started gardening, he told me I needed to get a Japanese weeding tool for the most efficiency. This weeding sickle from Suizan is on Amazon for $27.80, and I'm keeping an eye out to see if it goes on sale.

Alternative options: Target has a 40-inch weed puller tool that allows you to do more while standing. It's usually $69.99 and is on sale for $39.99.

You could also skip the individual tools and invest in a whole set. Home Depot has a 9-piece gardening tool set with a functional tote bag from Misopily. It's usually $77.62 and is on sale for $72.27.

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Amazon Prime Day can be a great opportunity to save on everything from electronics to household essentials, but not every deal is as good as it looks. Running June 23 through June 26, the annual shopping event features thousands of discounts from Amazon and third-party sellers.

While Amazon is known for convenience and competitive pricing, some products are actually cheaper elsewhere. Others carry risks such as counterfeits, quality concerns or significant markups from third-party vendors.

Before you click "Buy Now," here are several categories of products that deserve a closer look.

Frequently returned items

Amazon places a "frequently returned item" badge on products with higher-than-average return rates compared with similar items. While the badge doesn't necessarily mean a product is poor quality, it can be a sign that buyers were disappointed by factors such as sizing, color, performance or overall quality.

Because online shoppers can't inspect products in person before buying, expectations don't always match reality. As a result, some items are returned more often than others.

If you see an item that’s frequently returned, check the reviews to see if there’s information about the issues that buyers had with the product. It may be safest to shop for another product that isn’t returned frequently.

Trader Joe's products

Trader Joe's doesn't sell products directly on Amazon, including its popular seasonal and viral items. Products listed on Amazon are typically sold by third-party resellers, often at significantly higher prices than you'd pay in a Trader Joe's store.

There's also less transparency around how those products have been stored and handled before they reach your doorstep. As a result, you may end up paying a premium for an item that doesn't meet the freshness or quality standards you'd expect from Trader Joe's.

Costco Kirkland Signature products

Kirkland Signature is Costco's private label brand, and the products are intended for Costco members. The third-party sellers who sell these products on Amazon often charge substantial markups.

For example, a 52-ounce container Kirkland Signature H.K Anderson Valencia Peanut Butter Filled Pretzel Nuggets are available on Amazon for $16.90. A 55-ounce container of the same product retails for $11.99 at Costco.

While you’ll need a Costco membership to shop at the warehouse, it might be worth the cost if you plan to regularly buy Kirkland Signature products.

Competitors' smart-home technology

Amazon sales might not be the best deals on smart-home technology. Manufacturer websites often run their own promotions, and these deals may be more competitive than Amazon’s.

For example, the Google Nest Hub Max is currently available through Google for $229. On Amazon, it retails for $93.25. Unless Amazon discounts it by nearly 50%, you’ll get a better deal buying it for full price from Google than you will buying it on sale from Amazon.

Since manufacturer prices are often lower than Amazon, be sure to comparison shop before checking out.

Impulse purchases disguised as deals

Events like Amazon Prime Day are full of deals structured to encourage you to quickly make buying decisions. Features like Lightning Deals, which are often only available for a number of hours, pressure you to check out quickly. Countdown timers and limited deals which are gone once the available number of products are sold can further pressure impulse buys.

This perceived scarcity makes buyers worry that they’ll miss out if they don’t act quickly, and it can encourage unnecessary spending. If you’re worried about missing out on what seems to be a good deal, you might not take the time to comparison shop to ensure that the deal is actually worth it.

Try to resist the urge to make purchase decisions quickly. Price-tracking tools like CamelCamelCamel can also help you determine whether a sale is really a good deal compared to the product’s recent price.

Apple chargers and accessories from unknown sellers

Because Amazon allows third-party sellers to list products on its marketplace, it's important to pay attention to both the item you're buying and the seller you're buying it from. Counterfeit products remain a concern, particularly for accessories such as Apple chargers and cables.

Before making a purchase, verify that the seller is an authorized retailer or buy directly from the brand's official storefront when possible. Counterfeit or low-quality chargers may not perform as expected and could pose safety risks.

While products from reputable sellers may cost a little more, the added reliability and peace of mind can be well worth the extra expense.

Birkenstock footwear

Birkenstock footwear is another product category where authenticity can be a concern on Amazon. The company stopped selling directly through Amazon years ago, but some third-party sellers continue to list Birkenstock products on the marketplace.

If you're considering a purchase, take the time to verify that the seller is reputable and that the product is authentic. When buying premium footwear, a lower price isn't always a bargain if there's a risk you're not getting the genuine product.

Food sold by third-party vendors

Food can be another risky purchase when it's sold by third-party vendors on Amazon. Because you don't know how products were stored, handled and shipped, there's a greater chance of receiving items that are nearing their expiration date or have been damaged during transit.

Before buying, review the seller's ratings and recent customer feedback for complaints about freshness, packaging or product quality. A few minutes of research can help you avoid an unpleasant surprise when your order arrives.

Beauty and skincare products from unknown sellers

Beauty and skincare products are another category where shoppers need to be cautious. Counterfeit cosmetics remain an industry concern, and products sold by unauthorized sellers may not always be authentic.

In some cases, items may also be expired or improperly stored, which can affect their safety, quality and effectiveness.

To reduce your risk, purchase beauty and skincare products directly from a brand's official storefront or an authorized retailer whenever possible.

Collectibles and luxury goods

Think twice before buying collectibles and luxury goods, like designer handbags, high-end watches, and trading cards from Amazon.

These items often command premium prices, making authenticity a critical concern.

Because verifying these products can be difficult, shoppers may be better off purchasing them from authorized dealers or reputable specialty retailers that offer authentication services and product guarantees. Paying a little more for added confidence can help you avoid an expensive mistake.

How to avoid common Prime Day shopping mistakes

While some Prime Day deals are worth considering, it's still important to shop strategically. Before the sale begins, make a list of the items you actually need and set a budget to help avoid impulse purchases.

Don't assume Amazon automatically has the lowest price, either. Many retailers run competing promotions during Prime Day, so taking a few minutes to comparison shop could help you find a better deal elsewhere.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you create a personalized plan for building wealth and reaching your financial goals.

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Summer often brings higher discretionary spending. A weekend trip to the beach, extra outings with friends or that must-have ice cream machine can quickly eat into your budget. But summer can also be an ideal time to build savings without making major lifestyle changes.

Because the holiday season is still months away, even small weekly contributions can add up over time. Whether you're building a holiday fund, boosting your emergency savings or paying down debt, setting aside a little money each week can make a difference.

The goal of a summer savings challenge isn't to eliminate fun. It's about being intentional with a portion of your spending while still enjoying the season. Building your savings doesn't have to be complicated. Follow these five steps to make the most of the summer months and put yourself in a stronger financial position by fall.

Step 1: Choose a savings goal

Before you start saving, decide what success looks like. Giving every dollar a job can help you stay committed when summer spending temptations arise. Here are several ways you could use the money you save:

• Holiday spending fund: Use the summer to save up for your holiday spending. Knowing you have funds available can make it easier to buy holiday gifts or plan special celebrations.
• Emergency savings: Experts recommend having at least three months of living expenses in savings, though given the uncertain economy, having six months of expenses saved up may give you greater peace of mind.
• Credit card debt payoff: Consider using your summer savings to pay off some or all of your credit card debt. Once you’ve paid off that debt, you can continue to save the money that was going to your monthly credit card payments.
• Back-to-school expenses: If you have kids who will be heading to school or college in the fall, saving throughout the summer can make it easier to stock up on essential supplies.
• Travel fund: Consider adding your savings to your travel fund. You might use that money for family vacations, or save up for that once-in-a-lifetime trip that you’ve always wanted to take.

Once you've chosen a savings goal, make sure your money is working as hard as you are. Parking your funds in a high-yield savings account can help your balance grow faster.

Use the tool below, powered by Bankrate, to compare some of today's top savings account options.

Step 2: Pause one recurring expense

Once you've identified your savings goal, look for an easy way to free up money in your budget.

Go through your bank account or credit card statements to see where your money is going each month. Chances are you'll find at least one expense you can live without for a few months. Redirecting that money to savings can help you make steady progress toward your goal without dramatically changing your lifestyle.

You might be able to pause one of these common expenses:

• Streaming service
• Weekly takeout habit
• Convenience-store purchases
• Subscription box
• Daily coffee shop visits
• Food delivery orders
• Unused gym memberships or coaching subscriptions
• Impulse online shopping

Choose one realistic cutback that you can make temporarily while you focus on saving money.

Step 3: Redirect rewards and unexpected cash

Cutting expenses isn't the only way to save more money this summer. You can also accelerate your progress by redirecting unexpected cash and everyday perks into your savings account. Because this money isn't part of your regular budget, you may be less likely to miss it. Consider whether you'll receive any of these sources of extra cash this summer:

• Cashback rewards: It's easy to treat cash-back rewards like free spending money. If you're carrying credit card debt, consider applying those rewards directly to your balance to reduce interest charges. Otherwise, transfer the rewards to your savings account and put them toward your summer savings goal.
• Credit card statement credits: Statement credits can lower your monthly bill and free up cash in your budget. Rather than spending those savings elsewhere, transfer the equivalent amount into a high-yield savings account. If a credit creates a negative balance, your card issuer may allow you to request a refund check.
• Cell phone perks and discounts: Many wireless plans include free streaming subscriptions, discounted services or other perks. If you're no longer paying for those benefits out of pocket, move the money you would have spent into savings instead.
• Rebates and loyalty rewards: Whether it's a manufacturer rebate, store reward or loyalty-program payout, treat these bonuses as found money and deposit them directly into your savings account.
• Tax refunds or side-hustle income: Consider earmarking all or part of a tax refund, freelance income or earnings from a side gig for your savings goal. Since this money isn't part of your regular paycheck, it can be easier to save without affecting your day-to-day budget.

Direct those perks and windfalls into the account you're using for the summer savings challenge. Because the money never sits in your checking account, you'll be less tempted to spend it. Over time, those extra dollars can add up faster than you might expect, and watching your balance grow can help keep you motivated.

Step 4: Automate your savings through Labor Day

Set a savings goal and decide how much you can realistically set aside from each paycheck throughout the summer. Then, schedule automatic transfers from your checking account to the account you're using for the challenge. Setting those transfers to continue through Labor Day can help keep your savings on track.

Consider giving the account a name that reflects your goal, such as "Holiday Fund," "Emergency Fund" or "Vacation Fund." Seeing that name each time you check your balance can serve as a reminder of what you're working toward and help keep you motivated.

Automating your savings removes the need to make a decision every payday. Instead of relying on willpower, you'll build saving into your routine, making it easier to stay consistent and reach your goal.

*Based on saving consistently from mid-summer through Thanksgiving.

Step 5: Track your progress and stay motivated

Staying motivated is often easier when you can see your progress. Consider using a budgeting app such as Monarch, Quicken Simplifi or YNAB to track your savings goal throughout the summer. If you prefer a low-tech approach, create a simple chart or tracker on paper and update it each week.

If you're saving toward a shared goal, such as a vacation, holiday spending fund or emergency fund, check in regularly with your spouse or partner about your progress. Seeing your balance grow can reinforce positive habits and make it easier to stay committed to the challenge.

Remember, the goal isn't to eliminate summer fun. It's to be more intentional with your spending while consistently setting money aside for a larger financial goal. By Labor Day, those small weekly contributions could leave you with hundreds — or even thousands — of extra dollars heading into the fall.

A summer savings challenge doesn't require a complete budget overhaul. Instead, focus on consistently setting aside even a small amount of money each week. Over time, those contributions can help reduce financial stress and put you in a stronger position heading into the fall and holiday season.

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With Amazon's Prime Day event set for June 23 to 26 and retailers rolling out competing summer sales, shoppers are seeing no shortage of opportunities to save. But while many stores are relying on limited-time promotions to drive purchases, Costco is taking a different approach by quietly lowering prices on some of its Kirkland Signature products.

The warehouse club recently confirmed price reductions on several popular items across food, household goods and sporting equipment categories. Unlike temporary sale events that last just a few days, these lower prices are part of Costco's ongoing effort to deliver value to members while maintaining its reputation as one of the most affordable places to shop for everyday essentials.

Even better for shoppers, company executives say additional price reductions could be possible if costs continue to improve.

Costco is lowering prices on popular Kirkland products

During Costco's third-quarter earnings call, executives highlighted several Kirkland Signature items that recently received price cuts. Company leaders said the reductions reflect Costco's commitment to passing savings along to members whenever possible.

Kirkland Signature plays a major role in Costco's value proposition. The private-label brand spans everything from groceries and household supplies to clothing and sporting goods, often offering prices below comparable national brands.

Costco CEO Ron Vachris said the company's goal is to be "the first to lower prices and last to raise them" when market conditions allow.

These Kirkland products recently got cheaper

The following Kirkland Signature products were specifically mentioned by Costco executives as receiving price reductions.

While these reductions may not seem dramatic on their own, they can add up for members who purchase these products regularly throughout the year.

Why Costco is cutting prices now

Several factors appear to be working in Costco's favor.

Commodity costs have fluctuated in some categories compared to the peak inflation years, and supply chains have generally become more stable. Costco executives also noted that the company actively looks for opportunities to lower prices when costs allow.

The strategy isn't new. Costco has a history of lowering prices on select products when market conditions improve. In previous years, the retailer reduced prices on items including macadamia nuts, olive oil, laundry packs and bakery products.

Unlike some retailers that rely heavily on promotional sales, Costco often focuses on everyday value. That approach helps reinforce the value of a membership while encouraging customer loyalty.

How much could shoppers actually save?

A few dollars here and there may not sound significant, but frequent Costco shoppers know small savings can compound over time.

For example, a household that purchases Kirkland snack foods, household products and seasonal items throughout the year could easily make dozens of Kirkland purchases annually. Saving just $1 to $3 per item across multiple shopping trips could add up to $50 or more in annual savings.

Those savings become even more meaningful when combined with Costco's lower gas prices, bulk purchasing discounts and member-only promotions. The key is making sure bulk purchases actually fit your household's needs. A lower unit price doesn't help if products expire before they're used.

How Kirkland products compare with national brands

Kirkland Signature has evolved far beyond a generic store brand.

Many Kirkland products compete directly with well-known national brands, often at a lower price point. For example, Kirkland Signature golf balls have developed a loyal following among golfers who compare them to premium balls from brands like Titleist, particularly the Pro V1 line. While serious golfers may still prefer Titleist's top-tier performance, Kirkland golf balls often cost significantly less per dozen.

Kirkland Signature batteries compete directly with Duracell. In fact, Duracell has manufactured certain Kirkland battery products for Costco in the past, helping fuel comparisons between the two brands.

Kirkland coffee products are another example. Costco sells Kirkland Signature coffees that compete with premium offerings from Starbucks and other national coffee brands. Some Kirkland coffee varieties have even been roasted by Starbucks under a longstanding partnership.

Household staples also play a major role in Kirkland's success. Products such as paper towels, toilet paper and laundry detergent compete against brands like Bounty, Charmin and Tide, often at a lower cost per unit.

This ability to offer comparable quality at a lower price point is one reason Kirkland Signature has become one of the largest private-label brands in the world. Industry analysts estimate that Kirkland generates more than $90 billion in annual sales, making it larger than many standalone consumer brands.

For shoppers, the appeal is straightforward: finding products that perform similarly to national brands while keeping more money in their wallets.

Could more Costco price cuts be coming?

Costco hasn't announced specific future reductions, but company leadership has suggested that additional price cuts remain possible.

Executives reiterated that they actively monitor costs and look for opportunities to lower prices when market conditions permit. The company has followed a similar strategy in the past, reducing prices on select products as commodity and supply-chain costs improved.

If additional reductions occur, grocery items, household essentials and other high-volume Kirkland products could be among the most likely candidates.

Of course, pricing can vary by warehouse location, regional costs and changing market conditions.

A small win for Costco members

Costco's latest Kirkland price cuts are welcome news for shoppers looking to stretch their budgets a little further. While savings of $1 to $10 per item won't transform a household budget overnight, they reinforce the retailer's reputation for delivering value when consumers need it most.

Still, even at Costco, the smartest savings strategy is buying intentionally. Bulk purchases only save money when you'll actually use what you buy. Focusing on products your household regularly consumes remains one of the best ways to maximize the value of your Costco membership.

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Some people may not agree on where to shop, but they seem to agree that value matters more than ever.

Costco and Dollar General are two stores that may seem like complete opposites, but they're both attracting shoppers who are trying to make their money go further. Dollar General recently reported stronger-than-expected sales growth as more shoppers looked for low-cost essentials and convenient locations. Meanwhile, warehouse clubs like Costco and Sam's Club continue to attract members willing to pay annual fees in exchange for lower prices on groceries, household supplies and gas.

Both retailers are helping shoppers solve the same problem: how to get the most value from every dollar they spend.

Consumers are paying closer attention to household budgets

Even after several years of rising prices, many household expenses continue to climb, stretching budgets and changing shopping habits.

Groceries, insurance, housing costs and everyday essentials continue to take a bigger bite out of many budgets. As a result, shoppers are becoming more intentional about where they spend their money.

And it's not just lower-income households looking for deals. Retailers across the board have reported that shoppers with higher incomes are also becoming more price-conscious and looking for ways to cut costs on everyday purchases.

Many of the shopping habits people developed over the past few years, like comparing prices, shopping sales and looking for value, appear to be sticking around.

The difference between saving money and managing cash flow

One reason warehouse clubs and dollar stores can both be successful at the same time is because they're helping shoppers in different ways. Saving money and managing cash flow aren't always the same thing.

Saving money is about getting the lowest cost per item. That's where Costco and Sam's Club often shine. Buying a giant pack of paper towels may cost more upfront, but each roll usually ends up costing less.

Cash flow, on the other hand, is about what you can comfortably afford right now. If you're trying to make your grocery budget last until payday, spending $6 on a smaller package may be easier than spending $25 or $30 on the bulk version, even if the bulk package is technically the better deal.

Both approaches can make sense depending on your situation.

Why warehouse clubs continue to attract shoppers

Warehouse clubs have built their entire business model around one simple idea: buy more and save more.

For families that regularly use household essentials, the savings can add up quickly. Many shoppers find that the membership fee (often ranging from $50 to $65 per year for a basic membership) pays for itself through lower prices on groceries, gas and everyday necessities.

Even if you shop at Sam’s Club once each month and pay a $50 annual membership fee, that adds up to only $4.16 per store visit to gain access to certain bulk items that offer a better deal.

Warehouse clubs tend to work especially well for:

• Larger families
• Households with pets
• People who have storage space
• Shoppers who like stocking up on essentials

Some of the most popular bulk purchases include paper products, cleaning supplies, pantry staples, pet food and personal care items.

There's also a convenience factor. Buying a month's worth of household supplies in one trip can mean fewer errands and fewer opportunities for impulse purchases throughout the month.

Why dollar stores remain popular

Dollar stores offer a different kind of value.

Instead of focusing on the lowest cost per unit, they focus on keeping the total amount spent today as low as possible. That's especially helpful for shoppers who only need a few items or are working with a tight budget.

Dollar General locations are also incredibly convenient. Many stores are located in smaller towns and neighborhoods where shoppers may not have easy access to a large grocery store or warehouse club.

Dollar stores can be useful for:

• Buying only what you need right now
• Filling gaps between grocery trips
• Managing tight budgets
• Reducing transportation costs

For some households, the ability to spend $10 today instead of $50 matters more than achieving the lowest possible unit price.

For some shoppers, buying smaller quantities can help reduce waste by limiting purchases of items that may not get used.

Which products make sense to buy in bulk?

Warehouse clubs often provide the best value on products that are used consistently and have long shelf lives.

Some of the strongest bulk-buy candidates include:

• Paper products
• Cleaning supplies
• Laundry detergent
• Pet food and litter
• Shelf-stable pantry items
• Personal care products

However, bulk buying isn't automatically a bargain. Products that may not make sense to buy in large quantities include:

• Fresh produce
• Perishable foods
• Specialty snacks
• Seasonal items
• Products you're trying for the first time

If items expire or go unused, any savings quickly disappear.

When a dollar store may actually be the better choice

Sometimes spending less today is the smartest move.

Dollar stores can make more sense for:

• Single-person households
• Renters with limited storage space
• People trying to reduce food waste
• Shoppers on a tighter cash-flow budget

It's also worth remembering that warehouse club shopping can lead to bigger spending trips overall. It's easy to walk in for paper towels and leave with a cart full of items you didn't plan to buy. Buying less can sometimes help you spend less overall.

How Costco, Sam's Club, Walmart, Aldi and Dollar General compare

Every retailer has its strengths, and the "best" place to shop often depends on your budget, household size and shopping habits. Warehouse clubs can offer some of the lowest unit prices, while stores like Aldi and Dollar General may make it easier to keep spending under control on a week-to-week basis.

Walmart falls somewhere in the middle, offering convenience and competitive pricing without a membership fee requirement. Here's a look at how these popular retailers compare across a few key categories.

Value looks different for every household

There probably isn't one perfect store for every household. In fact, many of the most budget-conscious shoppers use a combination of retailers depending on what they need.

Maybe you buy paper towels, pet food and cleaning supplies at Costco. Then you stop by Dollar General during the week to grab a few items without making a big shopping trip.

That's becoming a common strategy.

The real lesson from the success of both Costco and Dollar General is that value looks different for different households. The smartest strategy may be using both approaches, depending on what you're buying and where your budget stands that week.

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Given rising energy costs, renters are looking for alternative ways to save on electricity. Plug-in solar panels are one potential solution, and they're quickly gaining traction because of their ease of use. Lawmakers in Maine, New Hampshire, Vermont, Massachusetts, Connecticut and Rhode Island are all advancing proposals that would allow residents to use plug-in solar systems that connect to standard home outlets.

Plug-in solar systems, also called balcony solar systems, are smaller alternatives to traditional rooftop panels. These systems typically feature a compact solar panel that can be placed on a balcony or patio, without the need for complex installation.

That simplicity makes balcony solar a more practical option for renters who want to offset some electricity costs without making permanent changes to a rental unit. As interest in plug-in solar grows, states are beginning to revisit regulations around the technology, while renters weigh whether the potential savings justify the upfront cost.

Why renters are suddenly interested in portable solar

Rising electricity costs are likely driving the growing interest in portable solar systems. According to the National Energy Assistance Directors Association, average summer residential cooling bills are projected to reach $778 in 2026. That's an 8.5% increase from last year's average bill of $717 and a 37.2% increase since 2020.

Traditional rooftop solar panels can help offset those costs, but they remain out of reach for many renters. Rooftop systems are expensive, require professional installation and permanently alter a building's structure, meaning tenants would typically need a landlord's approval before installing them.

Balcony solar systems offer a more flexible alternative. These smaller systems generally cost less upfront, don't require permanent structural changes and can move with a renter from one property to another.

How much money can renters actually save?

Balcony solar setups will not power an entire rental property, but they can help offset some everyday electricity use. Most plug-in systems on the market range from about 400 to 800 watts, which is typically enough to help power smaller appliances like a Wi-Fi router and standby electronics.

The exact savings will depend on the size of the system you buy, your electricity usage, local utility rates and how much direct sunlight your panels receive. In many cases, renters may save anywhere from about $10 to $50 per month, with higher savings possible in states where electricity costs are more expensive, according to EnergySage.

Over the course of a year, a well-placed system in a sunny location could offset several hundred dollars in electricity costs.

How much do balcony solar systems cost?

Balcony solar systems can vary significantly in price depending on their size, battery storage capacity and portability features. Smaller plug-in systems designed to offset basic apartment electricity use may cost a few hundred dollars, while larger systems with battery backup and indoor power storage can range from about $2,000 to more than $3,000.

Some of the most recognizable brands in the portable solar market include Jackery, EcoFlow and Anker. Many of these systems combine portable solar panels with battery storage, allowing renters to store power for later use or provide backup electricity during outages.

More expensive systems typically offer larger battery capacity, faster charging speeds and greater flexibility for indoor and outdoor use. But renters should also consider whether the potential energy savings justify the upfront cost. In some cases, it could take several years of lower electricity bills to offset the price of a premium solar energy system.

Before buying a balcony solar kit, renters should consider portability, balcony space, sunlight exposure and whether the unit has appropriate safety certifications. Smaller apartments with limited direct sunlight may not generate enough electricity to justify a larger setup.

Below are a few standout solar power kits we found:

The legal gray area around plug-in solar in the U.S.

While plug-in solar adoption is already widespread in countries like Germany, regulations in the United States are still evolving.

Some states are beginning to ease restrictions on balcony solar systems. Utah has passed legislation making it easier for renters to use plug-in solar panels, while California and Illinois are considering broader legalization efforts. In some cities, renters may still need permits or approval before installing a system, so accessibility can vary depending on where you live.

Many of these regulations stem from utility and safety concerns tied to how solar systems connect to the electrical grid. Traditional rooftop solar systems are professionally installed and include technology designed to prevent excess electricity from flowing back into the grid.

Most balcony solar systems work differently. Rather than feeding large amounts of power into the grid, they are typically designed to help offset electricity used directly inside a rental unit. But some laws and local regulations do not yet distinguish between rooftop and plug-in systems, meaning renters may still face permit requirements or installation restrictions.

What renters should know before buying a system

Before you buy a plug-in solar system, consider the following factors:

• Landlord and HOA considerations: Rental agreements and HOA regulations may restrict the use of balcony solar systems. Before buying a system, check your lease and any building or community rules to confirm that plug-in panels are allowed.
• Safety certifications: Since these systems connect to your home's electrical system, safety certifications matter. UL Solutions has developed a testing and certification standard for plug-in solar systems based on UL 3700. Look for certified systems and avoid cheap or uncertified products.
• Sun exposure: Your savings will depend heavily on how much sunlight your panels receive. Balconies with limited direct sun or heavy shade may produce far less energy, reducing the return on your investment. The direction your balcony faces can also affect performance.

Could balcony solar become mainstream?

Europe has already embraced balcony solar, offering a glimpse at how the technology could expand in the United States. Germany has become one of the leading examples of adoption. According to Euronews, more than one million plug-in solar systems were installed in Germany between 2022 and 2025. Government incentives and falling solar equipment prices have likely helped fuel that growth.

Alternative energy sources like solar may help renters and homeowners reduce electricity costs, but the future of balcony solar in the U.S. will likely depend on how quickly states update regulations and make the systems easier to install and use.

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Energy is something we can't do without. It's been that way since homo sapiens were living in caves. Wood-burning fires helped protect people from dangerous carnivores, kept caves warm and provided light at night. In short, it was basic.

But in much of this century, many of us have taken the availability of affordable energy for granted. We expect that when we turn on the heat at home, it will work. Since the energy shocks of the 1970s, we've expected the cost won't break the bank. Likewise, getting gasoline from the filling station is easy and has been readily available at a reasonable price.

That's changed since the U.S. and Israel attacked Iran. It's brought energy-related matters to the forefront. Across the world, electricity, gasoline, diesel fuel, crude oil, fertilizer and natural gas have all seen sharp price rises. It's not always obvious to most people why that's happened.

We asked some experts why and what's happening, and at the same time, dug out some credible data that could tell us what's coming down the pike.

1. Extracting crude oil, refining and distributing are complicated.

Oil companies usually start by locating an oil deposit, then extract it from the ground or from undersea reserves. Next, the oil needs to be refined, so it's often shipped on massive vessels known as VLCCs (very large crude carriers).

When it gets to a refinery, the oil is converted into a variety of distillates, typically gasoline, diesel fuel, heating oil, and others. After refining is complete, the distillates are trucked to distributors, such as filling stations, across the U.S. If any part of the process is interrupted, prices can change.

The size of the price change will depend on the magnitude of the disruption.

2. Middle East at war in an energy zone.

On February 28, the U.S. and Israel attacked Iran. With 89 million people, Iran is the second largest country (behind Egypt) in the Middle East, where 30% of the world's oil is pumped.

But what happens in the Middle East doesn't stay in the Middle East. If there's a worry about access to oil, no matter where it's happening, traders in New York, London and Chicago quickly bid up the price.

"U.S. oil prices are sensitive to global prices," says Rob Haworth, senior investment strategist at U.S. Bank.

3. What matters about the Strait of Hormuz?

The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Indian Ocean. At its narrowest point, the navigation lane is a vulnerable and easily mined two miles wide — half the range of a World War II-era torpedo.

As of this writing, the strait is shut down, choking off as much as 25% of the world's oil. It's not just the belligerents who have shut down shipments. Insurance companies have driven up the cost of insuring vessels while shipping companies want to stay out of harm's way.

"We are hearing shipping crews are reluctant to take on this role due to the risk of life," Haworth says.

4. Who's the king of crude oil output?

The U.S. is No. 1 in oil production — 13.7 million barrels per day in mid-March. Although the U.S. is the king of the oil patch, it doesn't control the price of its own oil.

Remember those traders in New York, London and Chicago? They've driven up the price of a barrel of crude oil to more than $100, vs about $65 before the war. According to AAA, the national average for a gallon of regular gas was $3.96 the last week of March, up more than a buck since before the war started.

To put it another way, the attack on Iran and the subsequent closing of the strait drove up the price of filling your car 35%. It now costs about $360 more to fill the tanks of a long-haul semi-truck than it did in February.

5. Don't expect quick drops in gasoline prices.

History shows that oil prices jump up quickly even on the potential of an oil blockade or a possible disruption.

In 2022, Russia invaded Ukraine, and the price of benchmark West Texas Intermediate crude shot up from $78 a barrel at the beginning of the year to $116 by May 30. It took until December 15 to fall to $57. The slow drop was due to production cuts by OPEC (Organization of the Petroleum Exporting Countries) plus Russia, says Rob Thummel, a senior portfolio manager at Infrastructure Capital Advisors.

"The supply was restricted," he says. Goldman Sachs warned in late March that the price of oil, and therefore, gasoline, could remain elevated until 2027.

6. The war has delivered profits to energy investors.

Since January, the energy sector has delivered exceptional returns. The State Street Energy Select Sector SPDR exchange-traded fund, which tracks a basket of energy stocks, had gained 34% excluding dividends by late March.

In contrast, the S&P 500 index lost 3.9% over the same period. It also helped that energy companies are better run than ever. "They generated free cash flow and paid down debt," Thummel says.

7. Energy is vital for food.

When you buy a loaf of bread, the cost includes energy.

Farmers typically use diesel-powered tractors to plant and harvest the wheat, plus fertilizer, which is often derived from natural gas. That must be milled into flour (using energy), made into bread in an oven (which uses energy), and taken to the store (likely via a diesel-powered truck).

"The cost of food will rise," says Jay Hatfield, CEO of Infrastructure Capital. "There is a huge bleed-through because food is 50% energy. Unless we open up the Strait, food prices will skyrocket."

8. Expect an inflationary surge.

When the price of energy increases, it tends to have an impact on costs across the board. The elevated prices of crude oil, gasoline, heating oil and natural gas will trickle through the global economy, raising prices of almost everything.

"The reality for this economy is that there's nowhere in the economy that fossil fuels don't touch," Haworth says.

9. Another energy risk: Artificial intelligence.

As anyone who has paid an electric bill lately knows, AI data centers demand enormous amounts of electricity and strain the power grid. In the U.S., about 45% of electricity is generated with natural gas and petroleum products. AI demands on energy are expected to double by 2030.

"The U.S. will need a lot of electricity to benefit data centers," Hatfield says.

10. All of the above.

The latest Middle East war has brought energy awareness back to the forefront. But the constraints on oil distribution and the rapidly rising demands for more electricity suggest a long-term adjustment in both the U.S.'s and the rest of the world's energy infrastructure.

It looks like we will need more oil, more coal, more hydro, more wind, more solar, more nuclear, more of everything to power the 21st century.

As Rob Thummel puts it: "The need for electricity is the new oil."

Note: This item first appeared in Kiplinger Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that's right on the money.

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You’re checking out online and see the message: "Add $10 more to get free shipping." You’re in the grocery aisle debating a buy-two-get-one-free cereal deal.

In both cases, the offer nudges you to spend more than you planned.

That behavior has a name: "spaving", or spending more money now to save money later. While it can feel as if you’re getting a deal, those extra purchases often add up quickly.

What seems like a smart move in the moment can quietly drain your budget over time. Understanding how spaving works is the first step to spotting it and avoiding it.

What is spaving?

Spaving is the act of spending more money now in an effort to save money over time. For example, you might plan to spend $50 at a store, but after seeing an offer for a free $50 gift card if you spend $100, you double your purchase to qualify for the deal.

The concept itself is not new. Shoppers have been influenced by promotions and thresholds for years, but spaving gives a name to a common habit that can quietly undermine your budget. This behavior isn’t new; it’s just newly labeled.

Why 'spaving' can actually cost you more

When you spend more to get a deal, you might feel as if you came out ahead, but spaving can cost you more. Let's say that you were ordering $50 worth of items from an online retailer that offered free shipping on orders of $75 or more. To get the free shipping, you had to buy $25 more than you were planning to.

In this instance, you spent an extra $25 to get free shipping, but chances are you didn't actually save — you spent more than you would have paid for shipping. You also ended up with some items that you didn't necessarily plan to buy.

Psychological factors contribute to spaving. You might spend more because of fear of missing out on a great deal. Many websites now feature prompts that encourage the behavior, such as "Only $10 more until free shipping" prompts when you check out.

Retailers design these thresholds intentionally to drive sales and maximize the value of each order. Those deals aren’t designed to benefit you, but to increase the retailer’s sales and profits.

The most common spaving traps

As you shop, be on the lookout for these common spaving traps:

• Free shipping minimums: It’s easy to get trapped in the idea that you have to spend just a little more to get free shipping, but that temptation can cause you to overspend.
• Buy one, get one deals: These offers might be tempting, but unless you actually need both products, they may not be worth it. You might save more by waiting for a single item to go on sale.
• Spend X, save Y promotions: When retailers give you a threshold to meet to save money, it encourages you to spend more than you planned. These promotions are only good deals if you were already planning to spend that amount.
• Free trials: Many free trials might seem appealing, but they typically turn into subscriptions. It can be difficult to keep track of subscriptions, and the price often increases after an introductory period, so you might spend more than you expected.

When spending more actually does make sense

Spending more can make financial sense in certain situations. If you're buying bulk essentials that you'll use, then buying in bulk or spending a little more to get a deal can help you save, since those products won't go to waste.

Annual subscriptions that are discounted compared to what you would pay monthly can also make sense, as long as you're confident you'll use the subscription for the entire year. If you're trying a new subscription, then choosing the monthly rate until you're confident you’ll keep the service for the whole year is the safer bet, even if it costs a bit more.

Spending more on higher-quality items that last can also make financial sense. If you're buying a cheaper product, such as a cheaper blender, but it only lasts for a few months, a more expensive blender that lasts for years will ultimately be the better buy.

How to stop spaving and actually save

These tips can help you stop spaving and save your money:

• Use a 24-to-48-hour rule: When shopping online, don't check out immediately. Instead, leave items in your cart for 24 to 48 hours. That extra time allows the initial excitement to fade, so when you return, you can better decide whether you want and need those items.
• Calculate your total spend: It's easy to justify a larger purchase when you're focused on the savings, but look at your total spend instead. Focusing on what you're spending can put the purchase in perspective and help you decide if it's truly a good deal.
• Shop with a list: Sticking to a list of items you need can help keep you focused, so you're less likely to browse, discover new items and make impulse purchases. This is especially true when shopping online.
• Turn off your deal alerts: Retail notifications and deal alerts can tempt you to buy items you would not have otherwise purchased. Turning them off removes that extra nudge to spend.
• Set a shipping rule: Set a "free shipping is not free" rule. Remind yourself that retailers set these thresholds to increase your total spend, not to help you save. Commit to not adding extra items just to qualify for free shipping.

How to spot spaving before it costs you

Spaving is not about making bad decisions, but about subtle ones that can add up over time. Paying close attention to your spending habits and taking a closer look at so-called deals can help you spot when extra spending doesn't make financial sense.

If you weren't planning to buy an item before the deal, you're not actually saving. You're spending more, and you might regret it later.

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Are you stuck in savings purgatory? I've been there. It's easy to feel stuck and like you're falling behind.

But, in many cases, you're not. Higher energy bills, gas prices, and the soaring costs of everyday goods have made it difficult for many to reach their savings goals. The Bureau of Labor Statistics found that gasoline prices rose 21.2% while energy commodity prices rose 21.3% in March.

This is why you have to find creative ways to bridge the gap between staying where you are and gaining momentum to where you want to go. I'll show you a trick that's helped me over the years, and how much you can earn from it.

Creating a forced habit could unlock your savings potential

About a year ago, I was freaking out a little. My wife was eight months pregnant with our first child, and even though we were doing well financially, being a first-time parent can create undue financial stress because you want to make sure you have more than enough money in case there are problems.

Thankfully, that didn't end up being the case. We have a delightful and amazing baby girl who keeps us very busy in the best ways possible. But at that time, I wanted to squeeze more juice from the lemon if I could.

So I used the power of fiction to alter my spending habits: I found some excess money in our budget and created a fictionalized expense. Then, I paid that expense by depositing money into a high-yield savings account. It wasn't much, but it was enough to provide peace of mind in knowing that I was making my money work smarter for us.

Using the Netflix example

Now, I know what some people are thinking: It's easy to say that money bags, but my finances are tight, like needing to breathe tight.

And that's okay. This strategy can work in any situation or any budget. The goal isn't to take money away from the things you need; it's creating a purpose for the money you have. Whether that's $10 a month or $150, any money saved is money you won't have to earn again.

Take streaming services, for example: Netflix's premium plan is $26.99 + taxes. That comes out to at least $28. Say you discontinue Netflix or find perks to get the ad-supported plan for free through select T-Mobile plans, that's saving you $28 per month.

Instead of just shuffling that money back in with everything else, where you're likely to spend it, create a line item in your budget. Call it anything you want, and once a month, transfer $28 from your checking account to a high-yield savings account.

Why a high-yield savings account? Because online banks offer the best returns. It can also be more difficult to withdraw money easily since many banks don't offer ATM cards.

On top of this, most online banks don't impose fees or minimum balance requirements, and you receive FDIC insurance to protect your assets up to $250,000 per account holder.

Use this Bankrate tool to find the best savings rates quickly:

How much can I earn with this approach?

It won't make you rich overnight. Instead, what you'll discover is incremental momentum.

Using the Netflix example of $28 per month, if you deposit it into a HYSA earning 4.20% APY, here's how much you can earn:

In one year, you'll save almost $350 more than you would have by continuing to do the same thing. Over 20 years, you'll earn more than $10,000 for making one minor change to your budget.

Now, if your savings are in good shape, then you have the potential to earn much more. Say you invest that $28 per month into an index fund tied to the S&P 500, earning an average return of 7% per year, you'll earn close to an extra $15,000 for your retirement. That's not bad for one budget adjustment.

Of course, inflation and the Federal Reserve's future policies can influence your future earnings. If the Fed cuts rates and you have a high-yield savings account, your APY will likely dip. Still, earning thousands of dollars for a minor change can create momentum, renewing your hope that you're on the right track.

That's why I recommend analyzing your budget, finding one thing you know you can do away with or using any excessive money without a purpose, and creating a forced expense instead. Devote this money to savings or investments, and over time you'll see your balances grow, putting you back on the road towards achieving your goals.

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For decades, the retirement playbook looked pretty similar: get a stable job, contribute to a 401(k), increase your savings over time and let compounding do the heavy lifting. But for Gen Z, roughly those born between the late 1990s and early 2010s, that path is not always realistic.

Many younger workers are entering adulthood in a high-cost environment, where rent, groceries and insurance take up a larger share of their income. At the same time, student loan payments have resumed, and building emergency savings often feels more urgent than long-term investing.

There is also a structural shift underway. More Gen Z workers are earning income through freelance work, gig jobs or contract roles, positions that typically do not come with employer-sponsored retirement plans. So it's not that Gen Z isn't thinking about the future. It's that their financial reality is forcing them to prioritize differently, at least for now.

The data tells a mixed story

If you zoom in on the numbers, Gen Z's retirement picture is not as straightforward as it may seem. On one hand, balances are still relatively low. The average Gen Z worker has about $13,500 saved in a 401(k), according to a Fidelity retirement analysis. While that is the smallest amount of any generation, it largely reflects the fact that many are just starting their careers.

At the same time, contribution habits are more encouraging. Gen Z workers are saving at a total rate of about 10.9% of income when employer matches are included, also based on the Fidelity survey, which is not far off from older generations.

In some ways, they are even ahead. Roughly 76% of Gen Z workers are already saving for retirement in some form, whether through a workplace plan or independently, according to a Nationwide survey. Many are also starting earlier, with contributions beginning around age 23, nearly a decade sooner than previous generations.

There are also signs of increasing engagement. Participation and savings rates among Gen Z have been rising in recent years, even as living costs remain elevated.

Why starting early still matters more than the amount

One thing has not changed: time is still the most powerful factor in building retirement savings.

Starting early, even with modest contributions, can make a significant difference over the long term because of compounding. That is when your investment earnings begin generating their own earnings.

For example, someone who starts contributing in their early 20s, even at a low rate, has a meaningful advantage over someone who waits until their 30s or 40s to begin.

The hardest gap to close is not necessarily how much you save, but the years you miss. That is why consistency matters more than perfection. Even small contributions today can build momentum over time.

A simple comparison shows how much time can matter, even when contributions are the same.

This example uses consistent annual contributions, a 7% average return and no withdrawals.

Common mistakes Gen Z (and new savers) are making

With so many competing financial priorities, it's easy to see why retirement can take a back seat. But a few common missteps can make a long-term difference.

• Waiting until income increases: It's tempting to delay saving until you feel more financially comfortable. But higher income often comes with higher expenses, making it just as hard to start later.
• Skipping the employer match: If you have access to a 401(k) with a company match, not contributing enough to get the full match is essentially leaving free money on the table.
• Treating retirement as optional: There's a growing mindset that retirement can be flexible or delayed indefinitely. While flexibility can be helpful, it shouldn't replace having a plan.

How to build a retirement strategy in your 20s

If you're in your 20s, retirement can feel far away. Then, with everything else competing for your money, it's easy to push it down the list. But this is actually one of the most valuable windows you have to get started and build a simple system you can stick with.

1. Start small and make it automatic

You don't need to max out your contributions right away. Starting with just 1% to 3% of your income is enough to build momentum. If it's deducted automatically from your paycheck, you're less likely to miss it or skip it.

2. Increase contributions gradually

As your income grows, aim to increase your savings rate little by little. Even bumping it up by 1% each year can make a noticeable difference over time without feeling overwhelming.

3. Take full advantage of employer benefits

If your job offers a 401(k) match, try to contribute enough to get the full match. It's one of the easiest ways to boost your savings early on, and it doesn't require earning more to benefit from it.

4. Use Roth accounts when it makes sense

Early in your career, you're often in a lower tax bracket. That can make Roth contributions especially valuable, since you pay taxes now and can withdraw funds tax-free later.

5. Balance retirement with short-term goals

It's okay if you're also building an emergency fund or paying off debt. A balanced approach where you contribute something to retirement while handling immediate needs is often more sustainable than trying to do everything at once.

6. Focus on consistency, not perfection

There will be months when you can contribute more and times when you may need to scale back. What matters most is staying engaged and getting back on track when you can.

In your 20s, your biggest advantage isn't how much you save. It's that you're giving your money time to grow.

What older generations can learn from Gen Z

While Gen Z faces unique challenges, there are also some strengths in how they're approaching money.

They tend to be more adaptable and willing to adjust strategies based on their circumstances rather than sticking to a rigid plan. They're also more comfortable using technology to manage their finances, from budgeting apps to automated investing tools.

And perhaps most importantly, they're open to rethinking what retirement looks like. For some, that might mean a traditional retirement. For others, it could mean more flexibility like part-time work, phased retirement or career shifts later in life.

Start early, stay consistent and adjust as you go

Gen Z may not be saving for retirement the same way previous generations did, but that doesn't mean they're doing it wrong. They're navigating a different financial landscape where short-term pressures are real and flexibility matters.

The key takeaway for any generation is this: retirement success doesn't come from getting everything right upfront. It comes from starting where you are, staying consistent and adjusting as your situation evolves.

Even in a high-cost environment, small steps taken early and repeated over time can add up in a meaningful way.

Ready to start saving now? Use the tool below, powered by Bankrate, to explore and compare some of today's top savings account offers:

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Oil markets are reacting quickly to the Iran conflict, but consumers tend to feel the impact more gradually. According to the International Energy Agency, the conflict has created a significant disruption in global oil supply.

After recent remarks from President Donald Trump suggesting the disruption could extend for weeks, concerns about supply have intensified. The Strait of Hormuz — a key global shipping route for oil — has seen limited access, pushing crude prices higher and lifting costs for fuel-related goods.

Because pricing moves through multiple stages before reaching consumers, there’s often a delay before higher oil prices fully show up in your budget. That timing matters: as summer travel demand increases, those costs are likely to build rather than fade.

Why the impact hasn't fully hit your wallet yet

You may have noticed you're paying more to fill up your car or heat your home, but the full impact of rising oil prices has not reached your wallet yet.

That is because oil pricing does not move all at once. According to the American Petroleum Institute, prices flow through several stages, from crude oil to refining, then shipping and finally retail. Crude prices can change daily based on supply, demand and geopolitical events, but it takes time for those increases to filter through the system.

In other words, what you are seeing now may only be the early stages of a broader price shift.

That delay creates a small but important window to act. Knowing that higher costs tend to build over time, not hit all at once, gives you a chance to make a few strategic moves before summer demand pushes prices even higher.

Where you may see prices rise first this summer

As fuel demand rises this summer, prices are likely to follow. Seasonal shifts in travel and consumption typically push costs higher, especially for:

• Gas stations and road trips
• Airfare and travel packages
• Delivery, shipping and service fees
• Groceries and seasonal goods

You can prepare for and avoid some of the greatest impacts of these price hikes by preparing now.

1. Book summer travel before fuel costs rise further

Since airlines adjust pricing based on fuel costs, flight prices tend to rise as summer approaches. If you are planning a trip, booking early may help you avoid some of those peak increases.

When booking in advance, look for flexible fares that allow you to change or cancel your flight if needed. These options can help you avoid steep fees and often provide a credit for future travel. While flexible fares may cost more upfront, they can offer added peace of mind if your plans change.

Price tracking tools can also help you time your purchase. Platforms like Google Flights and Skyscanner make it easier to compare fares across airlines and monitor price changes, so you know when to book.

2. Compare travel options beyond flying

Before you book a flight, compare all of your travel options. Higher summer demand, combined with rising fuel costs, can put additional pressure on airfare.

Consider alternatives such as a train or road trip, and compare total costs to find the option that works best for your budget. "Instead of flying, I planned a birding trip by rail and turned the journey into part of the experience," says Carla Ayers, eCommerce and Personal Finance Editor at Kiplinger.com. "I will use rewards points for a rental car when I arrive, which helps offset costs, and I get to enjoy the scenery along the way."

Planning ahead becomes more important when prices are elevated. Map out your route and itinerary in advance, and book lodging early so you have a clear picture of your total costs. Be sure to factor in meals, snacks and other expenses, and track your spending as you go to stay on budget.

If you are driving, small efficiency adjustments can help reduce fuel costs. Removing unnecessary items from your trunk or taking off a roof rack can improve fuel efficiency and lower what you spend at the pump.

3. Plan for higher gas costs during peak driving season

Higher gas prices are inevitable during peak driving season, and they’ll impact your summer plans. As fuel prices climb, the impact extends beyond the pump. Transportation, shipping and packaging costs all tend to increase, and those changes gradually make their way into the prices you pay for everyday goods.

Because these costs filter through the system over time, the biggest increases often show up weeks later, not overnight.

Consider how frequently purchased items, such as groceries and household staples, may be affected and plan accordingly. Buying shelf-stable goods in advance or stocking up on items you regularly use can help you avoid paying higher prices later as costs continue to rise.

4. Watch for rising delivery and convenience fees

Fuel surcharges often show up indirectly through higher delivery and convenience fees. Many service-based businesses pass these costs on to customers, and they can add up quickly.

To limit the impact, look for ways to reduce how often you rely on delivery. Consolidating purchases or placing fewer, larger orders can help. You might also consider picking up food orders instead of using delivery services.

You can also offset some fuel costs at the pump by using store loyalty discounts or cash back credit cards.

5. Time large purchases before prices adjust

Furniture, appliances and other shipped goods are likely to become more expensive if oil prices continue to rise. If you are planning to make a large purchase this summer, buying sooner rather than later may help you avoid those increases.

This may also be a good time to top off your home heating oil, if your budget allows. Prices could remain elevated later in the season when many households begin preparing for fall.

Retailers often adjust prices as new inventory arrives, so purchasing seasonal items now may help you lock in lower costs. If a purchase is already on your list, timing it strategically can make a difference.

Why diesel is the signal to watch

You're probably watching gas prices at the pump, but diesel is often the more important signal. Diesel fuels trucks, rail and much of the supply chain, so changes in diesel prices tend to show up more in the cost of goods and services.

According to the American Automobile Association (AAA), the national average for regular gas is about $4.09 per gallon, while diesel has climbed to roughly $5.53. A year ago, those prices were closer to $3.26 for regular and $3.64 for diesel, highlighting how quickly fuel costs have escalated.

That gap matters. Diesel prices tend to rise faster during supply disruptions, and those increases are often passed through to consumers in the form of higher shipping, food and retail costs. In many cases, a sustained rise in diesel is an early signal that broader price increases are still working their way through the economy.

Rising oil prices and summer demand can amplify costs

Rising oil prices are already taking effect, but their full impact is often delayed. As summer drives higher demand for travel and energy, those costs are likely to build gradually rather than all at once. That means the price increases you are seeing now may only be the beginning.

Making small, early decisions can help offset those rising costs. Planning ahead, adjusting spending habits and timing key purchases can all make a difference as prices continue to move higher.

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Buying in bulk can offer valuable savings, helping to combat the continuously rising grocery prices we're facing and helping you spend less on groceries. Understanding what to buy in bulk is key to getting a good deal, though, since bulk buys can backfire and cost you more.

When buying in bulk, your total spend on an item might be higher, but you should be paying a lower price per unit. Storage challenges and spoilage risks can eat into your savings, highlighting the importance of careful planning and strategic buys.

Deal psychology can also prompt you to overbuy and overconsume. When you're purchasing grocery items that you don't need or wouldn't have otherwise bought, bulk buying isn't saving you money — it's costing you more.

These tips can help you make smart purchase decisions to maximize your savings and avoid costly mistakes.

When buying in bulk saves you money

Buying in bulk works best in certain situations:

• You use the item regularly. Stock up on items you already buy often. Frequent use lowers the risk of waste and ensures the purchase fits your routine.
• Products have a long shelf life: Bulk buying only works if you can use everything before it spoils. Shelf-stable items give you more flexibility and reduce the risk of waste.
• You have storage space. Make sure you have a cool, dry place to store bulk items. Limited space can lead to spoilage or clutter that offsets savings.
• You have checked the price per unit. Sometimes bulk buys are disguised as a good deal. Compare the price per unit to what you'd pay if you bought a single unit of that same item. When buying in bulk, the per-unit price should be significantly lower to justify the purchase.

The best groceries to buy in bulk

You can get the best value by buying certain types of groceries in bulk. Use this list to help focus your shopping.

The worst groceries to buy in bulk

Certain groceries don't work as well for bulk purchases. Buying these items can cause your savings to quietly disappear.

Hidden costs of bulk buying most shoppers overlook

Many shoppers overlook the hidden costs of bulk buying. These costs can eat away at savings or even cause you to lose money on bulk buys:

• Food waste. If part of your bulk buy expires or is otherwise damaged, you're throwing money away.
• Storage containers and space. Be sure to budget the cost of food storage containers into your bulk buying strategy. If you're buying frozen goods, you might need to invest in a chest freezer and the electricity needed to power it, which will eat into your savings.
• Membership fees. Warehouse clubs such as Costco and Sam's Club sell groceries in bulk, but you'll need to buy an annual membership to take advantage of those savings. Look for membership deals, which often crop up in the summer, to save on the cost.
• Time, Buying in bulk takes time and effort, and your time is valuable. The urge to impulse spend in bulk stores can also be expensive, since you might not save as much money as you think you are.
• Price volatility. In today's economy, prices are highly volatile. You might make a bulk purchase, only to find that those prices later drop. Choosing a retailer with a good price match guarantee can help reduce this risk.

How to bulk buy without wasting money

You can save money by strategically buying in bulk. These tips can help maximize your savings so you're not wasting money on bad buys.

• Compare price per ounce or unit. When deciding what to buy in bulk, compare the price per ounce or per unit to verify that you’re actually getting a good deal.
• Start with a short list. Keep it simple. Focus on items you already use and build your bulk purchases from there.
• Use a freeze or portion system. Freeze what you can to extend shelf life. Portion items such as soups and meats before freezing so you can thaw only what you need. Invest in quality freezer-proof containers so you can easily thaw one or two portions at a time, preventing waste.
• Label and rotate. Clearly label what you buy and use older items first. This applies to pantry and freezer goods and helps prevent forgotten food from going to waste. You can buy food labels that make this process easier to help keep you organized.
• Split bulk purchases. Consider sharing bulk items with family or friends. This reduces upfront costs and makes storage more manageable.
• Avoid shopping when hungry. Hunger can lead to overspending. Studies from the University of Minnesota found that hungry shoppers at a mall spent 64% more money than those who were less hungry, suggesting that hungry shoppers are more likely to buy more than shoppers who aren't hungry. Impulse purchases while buying in bulk can be expensive mistakes, so eat a snack or meal before you shop.

Buying in bulk can be a solid strategy to lower your grocery bill, but approach this technique carefully and gradually. Knowing what to buy in bulk and having a clear plan in place can set you up for success and savings.

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When oil prices climb, most people brace for higher gas prices and stop there. But the impact of oil goes far beyond what you pay at the pump.

Oil is one of the most important inputs in the global economy. It powers transportation, supports manufacturing and plays a role in food production. When prices rise, the effects ripple outward and are often quiet at first.Then it shows up in places you might not immediately connect to crude oil.

With ongoing geopolitical tensions, including the conflict involving Iran, markets are reacting quickly. Even modest increases in oil prices can gradually push up the cost of everyday goods and services. Here’s how that chain reaction works and what it could mean for your budget in the coming weeks and months.

Oil touches more of your budget than you think

A barrel of crude oil doesn’t just become gasoline. After refining, it’s broken down into multiple products that power large parts of the economy.

Gasoline gets the most attention, but it’s only part of the story. Diesel fuels trucks that move goods across the country. Jet fuel powers air travel and cargo shipping. Petrochemicals are used to make plastics, packaging, clothing and electronics. Even agriculture relies on oil-based products, including fertilizer and fuel for farm equipment.

That's why oil price changes don't stay contained; they move through supply chains and eventually reach consumers in different ways.

What comes from a barrel of oil

A standard 42-gallon barrel of oil produces a range of products that influence everyday spending. Because so many industries depend on these outputs, even a small increase in oil prices can spread across multiple categories of spending.

How rising oil prices move through your budget

One of the most important and often overlooked aspects of rising oil prices is timing. The effects don't show up all at once. Instead, they move through the economy in stages, which can make the impact feel delayed or even disconnected from the original headlines.

It starts with crude oil prices themselves, which react almost immediately to global events. News of geopolitical conflict, supply disruptions or even the threat of instability can send prices higher within hours or days as markets adjust expectations.

From there, refiners begin adjusting how much they produce and what they charge for fuel. This is where the shift starts to move from global markets into the real economy. Wholesale fuel prices typically begin to change within a matter of days to a couple of weeks.

Retail gas prices are usually one of the first places consumers notice the impact. However, even here, there can be a short lag. Gas stations often adjust prices within a few weeks as higher wholesale costs work their way through the system.

Broader effects take longer to filter through. As transportation and production costs rise, businesses begin adjusting prices. This is when increases in airfare, delivery fees, groceries and retail goods tend to emerge, typically within a few weeks to a couple of months, depending on the industry.

Where you'll likely notice price increases first

Some costs react faster than others. Here's where consumers tend to feel the impact early:

• Gas stations (most immediate and visible)
• Airline tickets and travel costs
• Delivery fees and shipping charges
• Groceries, especially items transported long distances
• Household goods tied to manufacturing and packaging

These increases often appear gradually, making them easy to overlook at first until your overall spending starts climbing.

Why diesel matters more than you think

While gasoline gets the spotlight, diesel might be the bigger driver of rising costs across the economy.

Diesel powers trucks, trains and heavy equipment, making it the backbone of the supply chain. When diesel prices increase, it becomes more expensive to move nearly every physical product, from groceries to furniture.

Because of this, diesel is often a leading indicator. If diesel prices rise sharply, broader price increases in stores might follow soon after.

How global conflict moves oil prices

Oil markets are highly sensitive to geopolitical events, especially in key producing regions. Conflicts or threats to supply can push prices higher quickly, even before any actual disruption occurs, because traders price in risk and uncertainty, not just current supply levels.

Critical shipping routes and production hubs amplify this effect. One of the most important is the Strait of Hormuz, a narrow waterway through which roughly 20% of the world’s petroleum supply passes.

If tensions escalate in this region, markets often price in potential supply disruptions before they happen. But the reverse is also true: If tensions ease, prices can fall just as quickly. This volatility is why oil-driven price changes can feel unpredictable.

How to prepare for rising costs

You can't control oil prices, but you can adjust how you respond to them. Here are a few actionable ways to prepare.

• Expect gradual increases. Prices often rise over time, not overnight.
• Budget for transportation. Plan for higher gas, flights and commuting costs, and set aside extra for road trips.
• Watch grocery spending. Food prices can climb as supply costs rise, so shop sales and be mindful of spending.
• Time big purchases carefully. Consider locking in prices before costs move higher.
• Focus on controllable expenses. Audit your subscriptions, curb energy use and adjust driving habits to help offset rising costs.
• Plan for higher home energy costs. Heating oil refills might get more expensive, so budget ahead, reduce energy use and limit energy vampires.

Small adjustments can help offset the broader impact of rising prices.

It's not just oil — it's timing and momentum

Oil shocks rarely hit all at once. The real impact depends on how long prices stay elevated. Short-term spikes might fade before they significantly affect consumer prices. But sustained increases can work their way through supply chains and contribute to broader inflation.

In other words, it's not just the price of oil that matters. Another thing to consider is how long it stays high. If elevated prices keep up, the ripple effects could show up in more places than you might expect.

Related Content:

• Who Controls Gas Prices in the US?
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• Kiplinger Energy Outlook: Drivers Feel the Effects of War in Iran

Family phone plans are designed to lower costs by bundling multiple lines under one account, often with multi-line discounts that reduce the overall bill.

Added perks like shared data pools and simplified billing can make them especially appealing for households with teens or multiple users.

In many cases, these plans offer real savings and convenience. But as your lifestyle, usage habits and travel needs change, what once worked well may no longer be the best fit. In some situations, switching to individual plans can offer better value and flexibility, sometimes even at a lower cost.

Everyone has very different data needs

Family phone plans often feature shared data, allowing everyone on the plan to use data from a collective pool. While shared data can save on the cost of individual data plans for each line, as children become adults, their data usage patterns change, and that shared data may no longer be sufficient.

For example, one person might constantly stream, while another might mostly use WiFi and another may only need their phone for calls and occasional texts.

Shared data limits may create friction among users, and if multiple people on the plan are heavy data users, the group might exceed the pooled data's monthly limit. In these instances, individual unlimited data plans may be cheaper and more practical.

Travel and lifestyle differences create new needs

Changing travel habits can also be a sign that a family plan no longer fits. As children become adults, they may travel more frequently for work or relocate to different regions, which can require different coverage and plan features.

At the same time, parents entering retirement may spend more time on the go or traveling internationally. In these cases, features like international roaming, hotspot access and reliable coverage across regions can become more important. Perks tied to travel, such as airline WiFi or global data access, may shift from being occasional extras to everyday needs.

When each person's lifestyle and location begin to vary, a single family plan may struggle to support everyone equally. Plans with limited coverage or fewer travel features can leave some users underserved, making individual plans a better fit.

Perks and bundles may be wasted or mismatched

As your family grows and evolves, how each person uses their phone begins to change. At the same time, the perks and bundles tied to your plan may no longer align with everyone's needs. What once added value for the group may now benefit only one or two users.

For example, extras like streaming subscriptions, hotspot allowances, international features and device upgrade programs may have made sense when you first signed up. Over time, those benefits can become less relevant. If only one person regularly uses hotspot data while others do not, that feature is largely going unused.

It's worth taking a closer look at how each member actually uses the plan's perks. If benefits are mismatched or underused, switching to individual plans that better reflect each person's needs may offer greater overall value.

Managing the plan becomes a hassle

Most family plans are set up with one person responsible for managing the account, including billing, device upgrades, usage issues and adding or removing lines.

That structure can work well when parents are managing plans for younger children or teens. But as children grow older and become financially independent, it can start to feel impractical.

At that point, separating accounts may make more sense, allowing each person to manage and pay for their own plan.

Compare single line plans before you switch

If you are considering leaving a family plan, it is worth comparing the cost of single-line options that match your actual usage. In some cases, switching to an individual plan can offer similar features at a lower monthly cost.

For example, Visible Wireless offers a straightforward pricing structure that may appeal to users who want unlimited data without the complexity of a bundled family plan.

Its base plan starts at $25 per month and includes unlimited data, talk and text on Verizon’s 5G and 4G LTE networks, along with mobile hotspot access and spam call protection. That is roughly in line with what many people pay per line on a family plan, but without the need to share data or manage a group account.

If you are also planning to upgrade your device, switching plans may unlock additional savings. New Visible customers can receive up to $600 in service credits when purchasing an eligible iPhone and enrolling in the Visible+ Pro plan. To qualify, you will need to open a new line, purchase the device either in full or through a payment plan, select the qualifying plan and activate service.

Taking time to compare pricing, features and current promotions can help you determine whether moving to a single line plan offers better overall value for your needs.

When staying on a family plan still makes sense

Family phone plans can still offer strong value in many situations. Multi-line discounts can lead to savings, especially when your household also takes advantage of included perks like streaming services.

Shared data plans can further reduce costs, particularly for families with similar usage patterns. When everyone uses data at roughly the same level, a shared pool can be an efficient and cost-effective option compared to separate single-line plans.

These plans are also a practical choice for parents who are covering phone costs for younger children or teens, offering both convenience and potential savings.

How to decide whether a family plan still makes sense

Some families stay on family plans for years and remain satisfied with the arrangement. Others begin to run into challenges as the plan no longer reflects each person’s changing needs.

To decide whether a family plan still makes sense, start by comparing single-line pricing based on each member’s usage, including factors like international roaming and coverage. Price is important, but it should not be the only consideration.

If the plan is no longer meeting everyone's needs, it may be worth paying a little more for individual lines that offer a better fit. In some cases, you may be able to remove one user while keeping the existing plan and its perks.

It is also important to evaluate which perks your family actually uses and which ones go unused. If usage patterns have shifted significantly and needs are no longer aligned, moving to separate plans may provide better value and flexibility for each person.

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For many households, hosting a Super Bowl party has quietly become one of the most expensive "fun" nights of the year right up there with a family birthday dinner out or a weekend road trip. You head to the grocery store with a short list and a rough budget in mind: wings, chips, something bubbly to drink, maybe a veggie tray so your meal can be more balanced. But by the time you reach the checkout, the total can feel closer to a car payment than a casual Sunday gathering.

That sticker shock is happening even as broader grocery inflation has cooled. The disconnect comes from what people actually buy for game day.

Add in Americans' growing preference for convenience and social gatherings, and the cost of feeding a crowd for football’s biggest night can rival a monthly utility bill. Here's what the numbers show this year, and what's driving them.

How much does it cost to host a Super Bowl party in 2026

Most national estimates peg the average cost of hosting a Super Bowl party for about 10 guests between $120 and $150, depending on how much food is homemade versus store-prepared and how much alcohol is served.

That total typically covers wings or other protein, chips and dips, a veggie or fruit tray, dessert and a mix of beer, soda and bottled water.

Average cost for 10 guests

A "middle-of-the-road" spread might look like this:

• Protein (wings, sliders or sausage): $45 – $55
• Snacks and sides (chips, dips, veggie tray): $30 – $40Beverages (beer, soda, seltzer, water): $35 – $45
• Dessert and paper goods: $10 – $15

Total: $120 – $150

Households that lean heavily on store-prepared platters or premium beer and spirits can easily push that total closer to $175.

Comparison to last year and pre-pandemic costs

In 2025, similar party estimates clustered closer to the $110–$130 range. Before the pandemic, hosting a comparable gathering often cost under $90–$100.

More recent data reinforces that upward trend. One 2026 analysis found hosting a 10-person Super Bowl party costs about $167 — roughly 43.9% higher than in 2020. Taken together, those estimates suggest the cost of hosting a Super Bowl party has climbed roughly 30% to 45% over the past five to six years, even as broader grocery inflation has cooled.

The biggest cost drivers for game-day parties

The biggest drivers behind rising Super Bowl party costs come down to a few key categories. Protein, beverages and convenience foods tend to account for the largest share of game-day spending, and all three have seen notable price pressure in recent years.

Meat and seafood price increases

Chicken wings remain one of the most popular items in the grocery store. While prices are lower than the peaks seen during avian flu disruptions, they’re still elevated compared to historical norms.

Beef for sliders or chili and shrimp for party platters also carry higher price tags, making protein the single largest line item on most Super Bowl shopping lists.

Price breakdown:

• Fresh or frozen wings: $2.99 – $4.49 per pound
• Feeding 10 people: 5–7 pounds = $20 – $30

Alcohol and beverage spending

Beer, hard seltzer and soda add up quickly. A single case of domestic beer can run $18 – $25, while craft or imported options often cost more. Multiply that by two or three cases for a crowd, and beverages can rival the cost of the food itself.

Price breakdown:

• Two cases of beer + soda and water: $30 – $45
• Add a bottle or two of wine: +$15 – $25

Prepared food vs. homemade spreads

Convenience comes at a premium. A deli veggie tray or wings platter can cost two to three times more per serving than making the same items at home. For hosts short on time, that tradeoff is often worth it, but it shows up clearly in the final total.

Price breakdown:

• Pre-made tray: $12 – $20
• DIY version: $7 – $10
• Chips, salsa, queso, nuts: $15 – $25

Why Super Bowl parties are getting more expensive

There are several reasons why Super Bowl parties are getting more expensive mainly due to the cost of food. ​​While headline inflation has slowed, food-away-from-home and prepared foods continue to rise faster than basic grocery items.

That matters for Super Bowl hosts who rely on deli counters, frozen appetizers and catering-style platters. For example, beef prices jumped more than 16% year over year, meaning burgers, sliders and other protein dishes are more expensive to put together than just a year earlier.

On the supply chain side of things, higher wages in food processing, transportation and retail continue to feed into prices, particularly for labor-intensive items like meat and ready-to-eat foods.

Also, more households are willing to pay extra for time-saving options, which encourages retailers to expand premium party offerings, often at higher margins than raw ingredients.

How much Americans spend overall on the Super Bowl

The Super Bowl isn't just about chips and wings. It’s one of the biggest annual consumer spending events in the U.S. According to the National Retail Federation and Prosper Insights & Analytics' 2026 Super Bowl spending survey, Americans are projected to spend about $20.2 billion on food, drinks, apparel, decorations and other game-day purchases this year, with an average of roughly $94.77 per person.

That total reflects everything from party groceries and beverages to themed gear and festive décor, underscoring how deeply the event has become woven into household entertainment budgets.

Ways to host a Super Bowl party for less

Hosting a great Super Bowl party doesn’t have to mean blowing your budget. With a few smart strategies and simple swaps, you can still feed your crew and keep the celebration fun without the expensive grocery bill or convenience-food markup.

Budget-friendly strategies

• Plan and budget ahead: Set a spending limit before you start shopping so you don't get swayed by impulse buys or convenience items at higher prices. Knowing what you want to spend helps you shop more intentionally and avoid overspending.
• Buy on sale and choose store brands: Many grocery stores discount popular game-day items like chips, chicken wings and beverages in the week leading up to the Super Bowl. Going with store-brand versions instead of national labels can shave dollars off your total without noticeable taste differences once it’s all on the table.
• Stretch ingredients with multipurpose dishes: Use a single protein in several ways. For example, one pack of chicken can become sliders, tacos and a hearty dip to offer variety without buying extra items.

Should you budget differently for large gatherings in 2026?

For many households, big get-togethers are starting to feel less like spontaneous fun and more like a line item that deserves its own spot in the budget. One approach is to treat entertaining as a form of discretionary spending like dining out or travel, rather than folding it into everyday food costs.

Setting aside a small "hosting fund", even $25 to $50 a month, can make events like the Super Bowl feel more manageable when they roll around, instead of becoming a surprise hit to your checking account.

It can also help to think in terms of per-guest costs. If you know your typical party runs about $12 to $15 per person, you can scale your menu and your guest list accordingly. That kind of planning makes it easier to enjoy hosting without second-guessing every item in your cart or feeling the financial hangover long after the final whistle.

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Car ownership has gotten a lot more expensive. From January 2020 to August 2025, ownership costs surged by 41%, according to an index from Navy Federal Credit Union. That compares with a 25% climb in overall consumer prices over the same period, based on the consumer price index.

Steep increases in auto insurance premiums following the COVID-19 pandemic have been a major contributor. Costs for auto repairs have swelled, too, up 15% year over year in August, according to CPI data. Tariffs of 25% on imported car parts are driving up repair costs, as are more-complex repairs for vehicles packed with advanced technology, such as sensors that assist with blind-spot monitoring or warn you when you drift out of your lane. After a crash, fixing damage to these systems can add up to 37.6% to repair costs, according to AAA.

To mitigate ballooning car ownership expenses, try making these moves.

Consider ownership costs when you choose a car

As you decide which model to buy, think beyond the purchase price. Picking a vehicle with solid fuel economy rather than a gas guzzler could save you hundreds of dollars a year. You can select vehicle models and compare their fuel economy and estimated annual fuel costs at the U.S. Department of Energy’s fueleconomy.gov (in the “Find & Compare Cars” section, click on “Compare Side-By-Side”).

Reliability ratings of car brands can help you determine the likelihood of a car needing frequent repairs. In its most recent assessment of vehicle dependability, which tracked problems in the first three years of car ownership, J.D. Power found that Lexus rated highest overall. Among mass-market brands, Buick, Mazda and Toyota topped the rankings.

With online calculators, you can assess a car’s overall ownership costs. The tool from automotive-research site Edmunds estimates a car model’s total five-year costs, including insurance, maintenance, repairs, fuel and other factors. At Kelley Blue Book, a vehicle valuation and research company, offers a tool that lets you do a side-by-side comparison of five-year costs for various models.

Manage the ongoing expenses

If you haven’t compared quotes on auto insurance policies in a while, it’s worth shopping around; you can gather quotes on sites such as Policygenius.com and TheZebra.com. Take advantage of any discounts you qualify for, such as for automatic bill payments or low annual mileage.

Stay on top of routine maintenance, such as oil changes and brake inspections, to help avoid costly repairs down the road. You may spend less at an independent garage or oil-change shop than at the dealership, according to Edmunds (although certain tasks, such as work on sophisticated electronic systems, are best performed at the dealer). Look for coupons or specials that offer discounts on maintenance services.

When you buy gas, use an app such as GasBuddy to check for the lowest prices at stations near you. Some credit cards provide extra rewards on fuel purchases. The Costco Anywhere Visa Card by Citi, available to Costco Wholesale members, offers 5% cash back on gas purchased at Costco and 4% on fuel you buy elsewhere (you’ll earn those rates on a combined $7,000 in annual fuel spending and 1% thereafter).

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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As winter approaches, home heating bills are giving Americans chills across the country.

Driven by a projected 20% rise in wholesale natural gas prices for 2026, the cost of keeping your home toasty could rise sharply, depending on where you live and the type of fuel you use.

Electricity is expected to lead the price hikes, with double-digit jumps in some parts of the country, followed by more modest increases in the cost of residential natural gas. The price of home heating oil, though still the most expensive way to keep a house warm, is expected to remain flat or even drop in some areas.

“Even with temperatures forecast to mirror last winter, home heating costs are expected to rise about 10% overall, as utilities pass higher fuel costs directly to consumers,” says Mark Wolfe, executive director of the National Energy Assistance Directors Association.

How can you ease the pinch? “The smartest and cheapest thing homeowners can do is focus on efficiency first,” says Laura Bowler, design lead with Ramboll, a sustainable architecture and engineering consulting firm. “Simple steps can make a big impact.”

Here are some to consider.

1. Seal air leaks

Check your windows and doors for leaks that let in cold air and moisture. For the windows, you can use rope caulk (about $6 at your local hardware store) to seal any openings or damage to sealant you find, says Kriss Swint, marketing director with Westlake Royal Building Products in Columbus, Ohio.

For the doors, you can install a door sweep, a type of weather stripping that plugs the opening at the bottom ($10 to $20). Reducing these drafts can cut your energy bill by 5% or more, according to the U.S. Department of Energy (DOE).

2. Unblock vents

Check around your home to make sure your vents aren’t blocked by furniture, which wastes heat and forces your system to work harder. Don’t want to rearrange couches and beds? You can instead connect a small plastic extender or deflector to the vents ($7 to $20), which can steer warm air to the areas of your home that need it most.

3. Use a smart or programmable thermostat

To save on heat while you’re out of the house, consider installing a programmable thermostat, which lets you set an automatic schedule for adjusting the temperature.

Turning down your thermostat by 10% to 15% for eight hours a day can reduce your bill by 10%, according to the DOE. Or spring for a smart thermostat linked to your cell phone that will track your location and daily patterns, then adjust the temperature in your home accordingly. A basic programmable model is about $50; a smart thermostat goes for around $100 to $200.

Below are a few top-rated smart thermostats from Amazon:

4. Insulate the attic

“Roughly 25% of heat loss occurs in the attic,” says Swint. To help prevent that, add more insulation, such as fiberglass, wool, or cotton, between the attic joints to trap heat. “If you’re a DIYer, this project should take a weekend,” says Swint.

'Average cost: $1,500 to $3,500, depending on the size of your attic and the material used.

5. Replace old heating systems

This could be an ideal time to spring for a new furnace or boiler, while some tax credits are still available for energy-efficient upgrades. One such credit, which expires at the end of 2025, can cover 30% of your energy-efficient home upgrades, for a total savings of up to $3,200. You may also qualify for state and local rebates, depending on where you live.

While you’re at it, also consider replacing an old attached garage door, which can be a significant source of heat loss. New versions have more insulation and improved sealing.

A bonus: Sellers recouped nearly double the average $4,513 they paid for a garage door replacement in 2024.

For more-targeted guidance, consider working with a professional home-energy auditor. “An audit will help identify where heat loss is happening and what improvements make the most sense,” Bowler says. For information on finding an auditor, visit energy.gov/energysaver/professional-home-energy-assessments.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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A quality cellphone plan can help older adults stay connected with loved ones, access important information on the go and call for help in an emergency, making it an important safety precaution, as well as a modern necessity.

With the Mint Mobile 55+ plan, you can get unlimited talk and text and 5 gigabytes (GB) of data for just $15 per month. The plan runs on T-Mobile’s nationwide network and offers key benefits such as free scam protection and international calling.

Before you sign up, we’ll help you review your phone habits and data usage and walk you through the details so you can decide if the Mint Mobile 55+ plan fits your needs.

How the Mint Mobile 55+ plan works

The Mint Mobile 55+ plan at a glance. It includes:

• Unlimited talk and text
• 5 GB data on the T‑Mobile U.S. network (4G/5G) from Mint Mobile
• Free international calling to the U.K.
• Free roaming in Canada
• Free scam protection
• Option to bring your own compatible, unlocked phone to Mint
• Option to bring your own number

Mint Mobile offers this plan for $15 per month, but you’ll need to meet certain requirements to qualify for and retain that price.

Key terms and caveats

To qualify for the plan, you must be age 55 or older. Additionally, new activation is required, and you’ll need to pay $45 upfront to cover the first three months of your plan. Taxes and fees are extra.

After your first three months are up, you will need to commit to a 12-month Mint Mobile plan to keep the $15-per-month pricing. Because Mint is prepaid, you’ll pay the full 12-month cost upfront at the equivalent of $15 per month, or $180, with taxes and fees extra.

While the plan includes free talk and text, data usage is capped at 5 GB per month. If you exceed the limit, your speeds could be throttled for the rest of the month, which will make using the internet slow and frustrating.

Mint Mobile offers an online screening tool that can help you determine which data usage plan is right for you.

You’ll also want to consider where you’ll be using your phone, since coverage and speed might vary based on your location.

Mint Mobile operates as a mobile virtual network operator (MVNO), which means it uses another mobile provider’s network. Mint Mobile uses the T-Mobile network, so your calls will be sent to T-Mobile cell phone towers. You might experience varying coverage and speed, particularly in rural areas.

Why this deal is notable for seniors

The Mint Mobile seniors' cellphone plan offers several appealing perks. The $15-per-month rate is low compared with many senior-targeted plans from major carriers. It’s also a relatively simple plan. There’s no multiline bundle requirement and no long-term contract beyond the prepaid term that you choose.

This plan could be a solid choice for seniors who use a moderate amount of data each month. The unlimited talk and text feature means you can communicate freely without worrying about being charged if you exceed your plan’s limits.

Mint Mobile doesn’t have brick-and-mortar stores that you can go to for help, so this plan is best for seniors who are comfortable with online billing and setup. If you need assistance, Mint Mobile has a help center library of videos and guides, plus you can call and receive help over the phone.

When the deal might not be the best fit

While this seniors’ cellphone plan is ideal for certain users, it’s not best for everyone. If you frequently use your phone to stream media, perform video calls or make large downloads, you might use significantly more than 5 GB of data per month. This plan’s 5 GB cap might feel restrictive, especially if you run out of data partway through the month.

If you prefer in-store support, Mint Mobile probably isn’t for you. The online-only structure might leave you feeling frustrated.

While the plan includes free roaming in Canada, it’s not ideal for travelers who often go overseas. If you frequently travel internationally, you might find that more premium carrier plans for international travel might offer better perks and save you money in the end.

How it stacks up to alternatives

As long as you don’t need significant data, the Mint Mobile plan is the most affordable option for age 55 and above when compared with other top carriers.

The T-Mobile Essentials Choice plan for 55-plus costs $45 per month for one phone line. It includes unlimited talk and text, but it also includes 50 GB of data, which is significantly more than the Mint Mobile plan offers.

The AT&T 55+ plan is a bit more affordable, but is designed for two lines. It costs $35 per month, per line, and includes unlimited talk, text and data in the United States, Canada and Mexico. This plan might be the best option for seniors who use significant amounts of data and need multiple lines.

Consumer Cellular also offers unlimited talk, text and data. For two lines, you’ll pay $55 per month total, or $27.50 per line. This plan is more affordable than the AT&T plan, but you’ll need to be an AARP member to qualify.

Sign-up tips for seniors

Before you sign up for Mint Mobile, follow these steps to ensure a smooth transition:

• Check your phone compatibility. Make sure that your device is unlocked and compatible with your new mobile network. Mint Mobile’s phone compatibility page provides more information on determining if your phone will work.
• Verify that there’s coverage in the areas where you’ll use your phone. You can check this using the Mint Mobile coverage map, as well as the T-Mobile network map.
• Read the full terms. Study the contract and understand the upfront cost, renewal process, data cap and hot spot policy.
• Keep your old account active. If you’re transferring your old number, keep your old account active until porting is complete.
• Use Mint’s support. Mint’s MINTech Advisors are wireless experts who can guide you through problems you might have with your phone. For $15 per year, you can get access to these experts, which is valuable since Mint doesn’t have brick-and-mortar stores where you can for help.

Is Mint's 55+ plan for you?

If you’re 55 or older, use moderate data and want a very low-cost wireless plan, the Mint Mobile 55+ is a great choice. At $15 per month, it offers excellent value and can be an affordable way to stay connected and save on your cellphone plan.

That said, the plan has some downsides. Data limits, online-only service and a required upfront payment mean it’s not the right choice for everyone. It’s also important to consider your usage, location and willingness to manage setting up the new account on your own before you commit.

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Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at questions on expiring tax credits for energy-saving upgrades to your home. (Get a free issue of The Kiplinger Tax Letter or subscribe.)

1. When does the tax credit for solar panels expire?

Question: I'm planning to install solar panels in my house. I heard that the “One Big Beautiful Bill” (OBBB) is ending the federal income tax break for this. When does the tax credit expire?

Joy Taylor: The residential clean-energy credit is a nonrefundable income tax credit for people who install an energy system in their home that relies on a renewable energy source, such as solar. Solar panels and solar electric equipment are eligible for the credit, whether they are installed in a primary residence or vacation home. The tax credit is equal to 30% of the cost of equipment and installation, with no maximum dollar limit.

Under the OBBB, the residential clean-energy credit ends after this year. More specifically, it is repealed for property placed in service after December 31, 2025. Paying for the solar panels before January 1, 2026, is not enough to secure the credit. You will need to pay for them and get them installed by the end of 2025.

2. Can I carry over tax credits?

Question: I installed solar panels in my house earlier this year, and I think the tax credit I am eligible for will be less than the federal income tax that I will owe for 2025, so I plan to carry forward the credit to 2026. Now that the credit is repealed as of Dec. 31, if I don’t use up the full credit amount on my 2025 tax return, can I carry over the excess to next year or do I lose it?

Joy Taylor: The residential clean-energy credit for solar panel installation in your home is not a refundable credit. It can only be used to reduce the amount of income tax owed. If the credit exceeds your tax liability, the IRS won’t refund you the difference. Instead, any unused portion of the tax credit can be carried over to future tax years.

It seems to me that since you paid for and installed the solar panels in your home in 2025, you are entitled to the full tax credit, even if you can’t use the full amount on your 2025 tax return and have to carry forward any unused excess credit to future years. That’s because the credit is repealed for property placed in service after December 31, 2025, and you paid for and completed the installation before this date.

3. Is there a tax credit for a new central air system?

Question: I am thinking about replacing my central air conditioning system in my home with a new, energy-efficient model. Is there a federal income tax credit for this upgrade?

Joy Taylor: Yes, but you must install the new model in your home and pay for it by December 31, 2025 if you want a tax credit.

The energy efficient home improvement credit is for homeowners who install smaller home energy-saving upgrades, such as heat pumps, exterior doors and windows, central air-conditioning systems and boilers. Like the larger residential clean energy credit discussed above, the energy-efficient home improvement credit ends after this year, thanks to the OBBB. More specifically, it is repealed for property placed in service after December 31, 2025. Paying for the new central air conditioning system and installation fee before January 1, 2026, is not enough to secure the credit. You will need to pay for it and get it installed in your home by the end of this year.

The basic credit is 30% of the cost and installation of certain types of insulation, boilers, central air-conditioning systems, water heaters, heat pumps, exterior doors and windows, etc., that you put into your home. These items must also meet certain energy-efficiency requirements, depending on the product. There is a $1,200 general aggregate annual credit limit. But many specific upgrades have lower monetary credit limits and others have higher ones. Here are the item-by-item yearly caps:

• $150 for a home-energy audit
• $500 in aggregate for exterior doors (a maximum of $250 per door)
• $600 for exterior windows or skylights; natural gas, propane or oil water heaters; electric panels; central air conditioners; or natural gas, propane or oil furnaces or boilers
• $2,000 for biomass stoves or biomass boilers; electric or natural gas heat pump water heaters; or electric or natural gas heat pumps

4. How do caps work with multiple energy-saving upgrades?

Question: I know that there are monetary caps for specific items that qualify for the energy efficient home improvement credit. Can you explain how these caps work if you install multiple energy-efficient upgrades in your home at the same time?

Joy Taylor: Here are two examples that illustrate how the various credit limits baked into the energy efficient home improvement credit work. Let’s say that in 2025, you purchase and install in your home two exterior doors at a cost of $1,000 each, windows and skylights at a total cost of $2,200, and a $6,000 central air conditioner. Let’s assume for this purpose that each of these upgrades meet the energy-efficiency requirements for taking the credit. Your 2025 tax credit amount is $1,200. Now, change the facts. In 2025, you purchase and install in your home a natural gas heat pump that costs $7,000, a $4,000 natural gas tankless water heater, and a $6,000 central air conditioner. Again, let’s assume that each of these upgrades meet the energy-efficiency requirements. Your total maximum credit is $3,200 -- $2,000 for the heat pump. $600 for the water heater and $600 for the air conditioner.

About Ask the Editor, Tax Edition

Subscribers of The Kiplinger Tax Letter, The Kiplinger Letter and The Kiplinger Retirement Report can ask Joy questions about tax topics. You'll find full details of how to submit questions in each publication.
Subscribe to The Kiplinger Tax Letter, The Kiplinger Letter or The Kiplinger Retirement Report.

We have already received many questions from readers on topics related to tax changes in the OBBB and more. We will continue to answer these in future Ask the Editor round-ups. So keep those questions coming!

Not all questions submitted will be published, and some may be condensed and/or combined with other similar questions and answers, as required editorially. The answers provided by our editors and experts, in this Q&A series, are for general informational purposes only. While we take reasonable precautions to ensure we provide accurate answers to your questions, this information does not and is not intended to, constitute independent financial, legal, or tax advice. You should not act, or refrain from acting, based on any information provided in this feature. You should consult with a financial or tax advisor regarding any questions you may have in relation to the matters discussed in this article.

More Reader Questions Answered

• All Ask the Editor Q&As
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• Ask the Editor: Tax Questions on The SALT Deduction
• Ask the Editor: Questions on Four New Tax Deductions
• Ask the Editor: Questions on Inherited IRAs
• Ask the Editor: Questions on Home Sales and Taxes

You may have heard mentions of No-Spend September from friends and colleagues. The month-long spending freeze challenge has gained great popularity on social media, and the sense of community behind the challenge can help motivate a spending reset and positive personal finance decisions. Whether you’re ready to reset your spending habits after the summer or want to save money for a financial goal, the challenge could help – and there’s still time to join in.

What is No-Spend September — and why is it trending?

No-Spend September has been making the rounds on social media as a month-long challenge to spend only on essentials. The idea is simple: cover your regular bills like rent, mortgage, gas and groceries — but cut back on discretionary spending, such as dining out or impulse online purchases.

The trend has gained traction in recent years as a way to hit pause on habits that creep up over time. By removing nonessential spending, participants often discover just how much money slips away on everyday extras. On TikTok alone, the hashtag #nospendchallenge has racked up tens of thousands of posts, with users sharing strategies, struggles and wins.

And while the challenge is tied to September, you don’t need to start on the first of the month to benefit. You can jump in anytime — whether for a week, two weeks or the rest of the month — and still use the framework as a reset for your spending habits.

Why a one-month freeze works as a financial reset

A one-month freeze on discretionary spending can serve as a powerful financial reset. With the ease of online shopping and contactless payments, it’s never been simpler — or faster — to spend without fully registering the impact on your budget.

Taking the time to identify what counts as “extra” and then cutting it out for a set period can be eye-opening. Start by reviewing last month’s credit card statements or budget to spot purchases you could have skipped. Even small, everyday habits, like grabbing a $3 coffee on your way to work, add up faster than you might realize.

When you see how much money is left at the end of the challenge, it’s often a motivating reminder to rethink your spending patterns and approach discretionary purchases with more intention.

Navigating challenges and avoiding burnout

A no-spend challenge isn’t easy. Burnout can set in after a week, so give yourself permission to adapt the challenge to your lifestyle.

Everyone has different tolerances for discretionary spending and eliminating those purchases. If you deprive yourself of spending for a month, you might be tempted to overspend in October. That effect negates the intended value of the challenge, so think about what you’re comfortable with.

You may also need to modify the challenge around certain life situations. If you’re traveling for a wedding, spending a week in a different state for work or have a family vacation scheduled, then avoiding discretionary spending is going to be difficult. Schedule your challenge so it works around your life and isn’t excessively restrictive, which can leave you frustrated and feeling burned out.

The goal is progress, not perfection, and flexibility will keep the challenge sustainable.

What happens after the challenge ends

No-Spend September is a temporary challenge, and it’s not realistic to be able to entirely avoid discretionary spending during the rest of the year. However, you can maximize the value you receive from this challenge by setting some financial goals.

Maybe you want to save up money to pay down a bill, or maybe you’re working to build up a larger emergency fund, which can help ensure your financial security and reduce your stress. Consider using the challenge to purposefully save money; at the end of the month, you’ll be able to see the results of your hard work and determination.

Keeping track of what you save during the month can also help motivate you to spend more carefully once the challenge ends. You might break some spending habits during the challenge, and at its end, you can focus on building new, better money habits.

Final verdict: Is it worth it?

No-Spend September can be a powerful way to shine a light on where your money goes each month. By cutting out extras, you may uncover expenses you didn’t even realize were adding up, free up cash to put toward a financial goal, and gain a clearer sense of how intentional spending can support your long-term plans. For many, the challenge ends up being as rewarding emotionally as it is financially.

That said, every financial situation is different. Challenges like No-Spend September are tools, not rules. If you’re already stretched thin or juggling major expenses, it may be better to adapt the challenge to your circumstances — whether that means trying a shorter version, focusing on one spending category, or combining it with a goal like boosting your emergency fund.

With a little flexibility, you’ll likely still find value in the process. Even small adjustments can give you more control over your finances, help you build awareness of your spending habits, and set you up to carry some of those good money behaviors well beyond September.

Explore and compare some of today's top savings offers with the tool below, powered by Bankrate:

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Target is changing its price-matching policy with competitors like Amazon and Walmart. In the past, Target customers were able to purchase a product from Target, and if they found a lower price at Walmart or Amazon within 14 days of purchase, they received a refund of the difference.

Starting on July 28, Target will discontinue price-matching with competitors, CBS News reported. Instead, Target customers can price-match items they bought from a Target store or Target.com within 14 days of purchase.

They're not the only retailer that discontinued competitor price-matching. Walmart did away with it in 2019, while other retailers, such as Best Buy and Home Depot still have price-matching policies in place.

Target price-matching: Why it's changing

The biggest reason why Target discontinued its price-matching with competitors comes from its shoppers' behaviors. In a statement to CBS, Target said, "Guests overwhelmingly price match Target and not other retailers."

The news comes on the cusp of struggling sales performance from the retailer. Target (TGT) announced a 3% drop in sales from the first quarter, compared to the previous year's sales.

Target CEO Brian Cornell said Target was navigating a tough environment with declining customer confidence and uncertainty of how tariffs will impact prices moving forward. Cornell added that price hikes from tariffs would be the very last resort.

The retailer also faced its share of customer backlash, resulting from the company scaling back its DEI (diversity, equity and inclusion) program. This triggered boycotts, with foot traffic in stores declining by 6.8% in March, per Retail Brew.

How to price-match and save moving forward

With Target's price-matching policies changing, you still have ample tools at your disposal to compare prices quickly to find the best deals.

ShopSavvy is a free app you can download on your phone or tablet. I tried it out and found it very easy to use, and they won't share your data with retailers. Each day, they curate deals on everyday items, so you can find the best prices and buy quickly.

Another tool that can help you save money is Capital One Shopping. I've also used this, as it can help you find discounts as you shop and price-match Amazon items.

You download the browser extension for free, and every time you go to a website like Amazon or Target, it will populate any discounts available. Best of all, you don't need a Capital One account to sign up.

Overall, Target's discontinuation of its competitor price-matching policy signals the retailer's step into trying to reengage customers and drive foot traffic. Even with them discontinuing price-matching with competitors, there are many tools you can use to compare prices and save. That way, changes in retailers' policies won't impact you as much moving forward.

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In not ideal news, Comcast's Peacock raised its monthly plan prices by $3 starting on July 23.

New Peacock Premium subscribers will see a monthly rate rise from $7.99 to $10.99. Meanwhile, Premium Plus members can get ad-free content for the new price of $16.99 per month, up from $13.99. If you already have a plan, the price change will be effective around August 22 or whenever your August renewal is.

Annual billers will also notice a substantial increase in costs. Both annual plans will rise by $30, bringing Peacock Premium to $109.99 and Premium Plus to $169.99.

So, this begs the question: Is Peacock still worth the money? And are there ways around paying these higher rates?

Here's what Peacock offers

I've had Peacock for years since it houses a lot of diverse content from original NBC and Bravo shows, such as "Love Island USA" and the Real Housewives series, as well as Premier League matches. The platform is clean, easy to use and includes new movie releases.

The service is also user-friendly for streaming movies if you have the ad-supported plan. It used to be they would play about three minutes of commercials up front, then you had your movie ad-free.

Unfortunately, Peacock caught on, adding a three-minute commercial break in the middle of the movie. That said, it's still better than many ad-supported streaming services where you encounter frequent ad breaks.

The service is also a smart buy for casual sports fans. Select NBA, NFL and college sports air on the platform, as do soccer matches, NASCAR and golf tournaments. And if you're a WWE fan, you can stream premium live events.

Is Peacock good value with the price increase?

It depends on your viewing habits and budget. If you enjoy NBC and Bravo shows, then the extra costs could be worth it, as you can stream new episodes of current shows the day after they air. It makes it less expensive than any live-streaming app.

However, for my home, better options exist. The Hulu and Disney Plus bundle is $10.99 per month for ad-supported versions of each plan, and offers a much more diverse lineup of shows, documentaries and movies. This makes it a better overall deal for us.

HBO Max also has tremendous value now compared to Peacock. HBO Max's ad-supported plan is $9.99 and includes original HBO content, TCM and a larger library than Peacock. So, there are options out there that are less expensive and offer more content.

How to save on a Peacock subscription

If you're still interested in Peacock, buying the annual subscription is one of the best ways to save money, as the discount equates to only paying for 10 months of service. The ad-supported Premium Plan is $79.99 annually, while the Premium Plus plan is $139.99.

Another tip is to wait until around Black Friday when streaming providers offer deals. Peacock has offered exceptional deals in the past, where its annual ad-supported plan was $19.99.

You can also earn Peacock for free if you're an Instacart Plus member or subscribe to Xfinity Now TV. And if you're a new subscriber, you can try the service for free for seven days, giving you time to determine if it's the right fit for you.

Overall, Peacock's price hike is significant, making its ad-supported plan more expensive than Netflix, Hulu and HBO Max. This is why I'm dropping it. However, if you enjoy streaming NBC and Bravo content and select sports, this service could still be a good value.

Buy the annual subscription as it will save you 17%, or wait until Black Friday to see what kind of deal Comcast cooks up.

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Home insurance rates have skyrocketed over the past few years as natural disasters and extreme weather become more frequent and the costs of home repairs keep climbing.

While homeowners everywhere are feeling the pinch, some states have been hit harder than others. U.S. homeowners are paying an average of $2,424 per year for $300,000 in dwelling coverage, according to a recent Bankrate report. However, homeowners in eight states are paying significantly more than the national average.

That figure doesn't even include additional coverage for events like floods, earthquakes and other disasters that standard home insurance doesn't cover.

8 states with the most expensive home insurance in 2026

If you're looking to move to cut down on housing costs, you might want to check out the states with the cheapest home insurance, especially if you live in one of the states below.

Before seeing who's paying the most to protect their homes, use the tool below from Bankrate to see how the best rates for you compare to the national average:

8. Colorado

Coming in eighth place, Colorado homeowners are paying an average of $3,412 per year for standard home insurance. Nestled between tornado alley to the east and fire country to the west, the Rocky Mountain state faces an above-average risk of both natural disasters.

It's the growing wildfire risk that has driven the surge in home insurance prices in the state this year. To combat soaring rates, Colorado lawmakers recently passed legislation to make the wildfire risk scoring models used by insurers more transparent.

While it won't take effect until later this year, the new law also establishes clearer guidelines on fire-proofing steps homeowners can take to protect themselves (and earn discounts on their premiums). If you live here, the law in question is House Bill 1182, and you can keep an eye out for when the new law takes effect.

7. Kentucky

In Kentucky, homeowners pay an average of $3,540 annually for home insurance. This is actually down slightly from last year, when the average premium was $3,643. The state is too far inland for hurricanes, but it's still prone to strong summer storms.

Come winter, freezing temperatures and heavy snow can cause damage, too. Many counties in Kentucky also have a high flood risk. So, additional flood insurance is a good idea here.

6. Texas

Even insurance premiums are bigger in Texas. Homeowners in the state pay $3,899 per year on average. While that's almost $1,500 above the national average, it's about $200 less than $4,101, Texas's average premium in 2025.

Some areas see even higher costs, though. In Galveston, for example, home insurance premiums averaged $9,831.

The Lone Star state faces multiple threats, though the risks vary in different regions. In winter and spring, tornadoes roll through the state on their way north. By summer, hot, dry conditions increase the risk of wildfires statewide. On the southern coast, hurricanes coming in from the Gulf can cause severe damage.

If you do live near the coast, double-check your policy. In addition to excluding flood damage, standard policies in this region sometimes don't cover wind damage. Without flood or wind coverage, you'll be more or less on your own next hurricane season. So make sure you know what your policy covers and purchase any additional coverage you need to fully protect your home.

5. Kansas

Homeowners in Kansas pay $4,444 per year on average for standard homeowner's insurance. If you've seen The Wizard of Oz, you know exactly why Kansas made the list of states with the most expensive home insurance.

It's right in the middle of tornado alley, seeing an average of 96 tornadoes per year, according to the National Weather Service. The risk is highest in summer. While these are typically covered in a standard policy, it's important to track any damage and be ready with relevant documents before making a tornado-related claim.

4. Oklahoma

Like Kansas, Oklahoma residents face above-average home insurance premiums due to the higher risk of tornadoes and wind-heavy thunderstorms. The average premium for the state is $4,695 per year, according to the Bankrate report. Tornadoes are most likely to happen in spring here.

Homeowners in the eastern half of the state also face higher risks of flooding, a disaster that typically isn't covered by standard insurance. So they need to pay even more to add flood coverage.

3. Florida

Florida comes in at third place, with average home insurance premiums of $5,838. While that statewide average isn't the highest in the U.S., some Florida homeowners face even more exorbitant prices. In Tavernier, for example, home insurance averages an eyewatering $18,950 per year.

Florida is often in the path of powerful storms, which is a major reason why home insurance is so expensive in the state.

The state also has a very high risk of flooding, something that's excluded from standard coverage. So, if you are planning a move to the Sunshine State, make sure you budget for additional flood insurance as well as above-average home insurance premiums.

2. Louisiana

In Louisiana, you can expect to pay $6,274 per year on average for a standard policy. The state experiences more than its fair share of hurricanes each year, and many parts of the state also face an extremely high risk of flooding. This is not the place to skimp on flood insurance.

Likewise, it may also be worth checking your deductible for hurricane-related damage. The slight increase in premiums to lower your deductible could pay off next time you have to file a hurricane insurance claim.

1. Nebraska

You might be surprised to see this midwestern state beating out Florida for the highest average home insurance premiums. But Nebraskan homeowners are paying $6,587 annually for coverage, according to Bankrate.

The reason for the sky-high premiums largely comes down to Nebraska's harsh storm season – it's one of the worst states for hail damage and intense winds.

While there are certainly some parts of the state paying more than others, no one in Nebraska is paying nearly as much as the $18,950 premiums found in some parts of Florida.

The highest home insurance bill in Nebraska is found in Sidney, where homeowners pay "just" $8,215 per year. If you happen to live in Sidney, at least you know it could be about $10,000 worse.

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Heating and cooling your home is expensive, but if you set your thermostat to the right temperature, you could save up to 10% a year in energy costs. And energy prices will continue to rise.

With more AI data centers installed, increased drilling and energy demand from prolonged weather patterns, energy bills continue to increase. On average, your electric bills are 5.5% higher than they were last year; however, some areas have seen spikes of up to 18%.

But while you can’t control the cost of energy, there are several things you can control to lower your overall energy bill in both the summer and winter months. These range from simple fixes, such as relying more heavily on fans, or extensive upgrades, like installing a heat pump. 

One of the easiest ways to save is by properly setting your thermostat. Here’s what temperatures are ideal for saving on energy costs during the summer and winter. And if you have a smart thermostat, it’ll be even easier to follow these guidelines.

Best temperatures to set your thermostat in winter

According to the Department of Energy, the lower the interior temperature, the slower the heat loss. During the winter months, set your thermostat to 68°F while you’re awake and lower it when you’re away or asleep to save as much energy as possible.

You can always bundle up at night or use a space heater for a few hours to heat a specific area of your home if you get too cold. 

Installing a heat pump may also be a wise move if you're looking to save in the long run and are willing to pay the up-front costs. Heat pumps can help you save on both cooling and heating and there's even a tax credit for installation.

A National Renewable Energy Laboratory (NREL) study found that heat pumps would lower energy bills for most Americans (62% to 95% of households, depending on the heat pump's efficiency).

Best temperatures to set your thermostat in summer

According to the Department of Energy, the less the difference between indoor and outdoor temperatures, the lower your overall cooling bill will be. The department has recommended leaving your thermostat at 78°F when you’re at home, and in the 80°F range when you’re away or sleeping.

The following Energy Star table shows recommendations on starting points for setting energy-saving temperature settings. 

Sure, you could save a good bit of change by keeping your home this warm during the summer, but for many, it’s way too hot. That’s why this number is more of a suggestion than a hard rule. Energy Star advises consumers to just use these temperatures as starting points but acknowledges the need to adjust the settings to fit your lifestyle.

So, if 78°F or higher is out of the question, the DOE recommends “setting the thermostat to a setting as high as is comfortable for you when you are at home and need cooling and to ensure humidity control if needed.”

In fact, hotter temperatures can decrease the quality of sleep. Many experts agree that 65°F is the best temperature for sleep. This temperature will surely run up your power bill, so it’s key to find the right balance between saving money and remaining comfortable.

One way to do so is by staying cool without air conditioning — which can be done by using ceiling fans properly, installing an exterior window shade or awning and keeping sunlight out with window coverings, for example. 

Bottom line onwhere to set your thermostat

According to the DOE, setting your thermostat back 7°F to 10°F for 8 hours a day from its normal setting can help you save up to 10% in energy costs. This means keeping your thermostat around 78°F in the summer (higher when you're asleep or away) or around 68°F to 70°F in the winter (lower when you're asleep or away).

However, these are just starting points. You'll likely need to make adjustments to fit your lifestyle and find the right balance between savings and comfort.

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Utility bills have surged for many homeowners, with electricity costs up 5.5% year-over-year. Natural gas prices, in particular, have been rising steadily since the summer of 2023 and are now sitting at a national average of $1.75 per therm, according to the Federal Reserve Bank of St. Louis. That's just pennies away from the all-time high of $1.82 per therm reached in January 2023.

Why are bills rising so much? When demand grows, prices tend to follow. Between he increased energy demands from data centers and the Iran conflict cutting off oil supply, demand could quickly outstrip supply. Neither the demand nor the price hikes is likely to diminish soon.

The U.S. Energy Information Administration forecasts electricity rates could rise by as much as 18% in the coming years. With summer approaching, now is the time to protect your home from rising costs. Here are 18 ways to reduce energy use at home and cut your utility bills.

13 everyday changes you can make today

1. Shop for better electricity prices

If you live in a state that allows you to choose who supplies your electricity — 13 states and Washington, D.C., do, according to the Retail Energy Supply Association — compare rates to make sure you're getting the best prices. Some states offer online tools that make it easy to shop around, such as Maryland's MD Electric Choice and Connecticut's Energize CT.

2. See whether your utility provider offers time-of-use pricing

Another way to cut your electricity costs is to take advantage of a dynamic pricing plan, through which a utility supplier charges customers higher or lower rates depending on when they consume electricity.

"If you're on a time-of-use rate, you can plan your energy consumption around that by doing more energy-intensive tasks, like running your clothes dryer, during off-peak hours to save money," says Jennifer Amann, a senior fellow in the buildings program at the American Council for an Energy-Efficient Economy. Off-peak hours can vary depending on the time of year and your region.

Note that some states, such as Colorado, have implemented "opt-out" programs. In these states, every household is automatically placed in a time-of-use price plan, so you may already be enrolled in one without knowing it. Contact your utility provider to learn more about your plan.

3. Get a smart thermostat

If you still have a manual thermostat, you may want to consider upgrading to a smart thermostat, a device that allows you to control the temperature of your home from an app. Because it lets you adjust your thermostat from anywhere, it's convenient if, say, you forget to lower the temperature before you leave for a trip during colder months (or you fail to raise the temperature during a summer vacation).

Some smart thermostats also offer features such as geofencing, which uses your smartphone's location to adjust the temperature automatically, based on occupancy sensors and temperature-learning programs that adapt to your behaviors. Homes equipped with an Energy Star–certified smart thermostat save 8% on their heating and cooling costs, on average.

Turning your thermostat down 7 to 10 degrees from its normal setting for eight hours a day in the winter and dialing it up 7 to 10 degrees for eight hours a day in the summer — say, while you're at work — can cut your home's heating and cooling costs by as much as 10% a year, according to the Department of Energy.

4. Keep your HVAC system in tip-top shape

Maximizing your HVAC system's efficiency can help reduce your home's heating and cooling costs. Replace the air filters every three months or according to the manufacturer's instructions. Signing up for an air filter subscription could save you some money.

It's also a good idea to schedule an annual tune-up with an HVAC technician, who can check for signs of a leak or damage that could be hindering your system's performance.

5. Use ceiling fans, vs AC, strategically

"Ceiling fans can make it feel like the temperature in a room is 2 to 3 degrees cooler than it actually is," says Amann. The labor cost to install a ceiling fan is approximately $250 to $700, according to HomeGuide, a marketplace that connects homeowners with construction and home-maintenance professionals. Ceiling fan prices typically run between $50 and $300.

Make sure to rotate ceiling fans counterclockwise during the summer to allow the blades to push the cooler air down, Amann says; in the winter, blades should move clockwise to distribute warm air around the room. Also, turn off ceiling fans when you leave the room to conserve energy.

6. Block out sunlight in the summer

Heat gain from sun exposure can drive up your cooling bill, so on summer days you should close draperies or blinds on windows that receive direct sunlight. Consider installing medium-colored draperies with white-plastic backings, which the Department of Energy says can reduce heat gain by 33%, on average.

For maximum effectiveness, drapes should be hung as close to windows as possible and fall onto the windowsill or floor.

You could also install heat-control window film on windowpanes to help block the sun's rays. The total cost to place film on a 30-by-60-inch window yourself is just $10, on average, according to the Efficient Window Coverings Collaborative.

7. Harness natural light in the winter

Keep curtains and blinds open, especially on south-facing windows, to let sunlight naturally heat your home during the cold-weather months.

8. Plug openings

Air leaks can drive up your utility bill. "Seal up all of the nooks and crannies that are leaking air into and out of your house,” says Joel Rosenberg, a researcher at the nonprofit Rewiring America and author of Electrify Everything in Your Home.

Pay close attention to gaps or cracks around air vents, windows and doors. Caulking air leaks throughout your home — an inexpensive DIY project — can trim your energy bill by 10% to 20%, according to the DOE.

Another way to tighten your home's envelope is to add insulation in the attic, basement and crawl spaces. "Weatherizing a home typically has the biggest cost savings in colder or hotter climates," says Ryan Shea, of RMI.

Moreover, if you have a wood-burning fireplace, close the chimney flue when it's not in use; an open chimney provides a clean shot for warm or cool air to escape your home.

9. Install energy-efficient lighting

If your home still has incandescent light bulbs, replace them with LEDs, says Bahareh van Boekhold, an energy-efficiency policy and program expert and senior managing consultant at ILLUME Advising, an energy-industry consulting firm.

"Installing LED lights is a no-brainer, since they provide a great return on investment," she says. Incandescent bulbs consume about 60 watts of electricity, while LED bulbs use about 10 watts on average. LED bulbs also last up to 25 times longer, according to the DOE.

10. Adjust your water heater

Water heating is typically the second-largest home energy expense after space heating and cooling. Some manufacturers set water heaters to 140 degrees — an unnecessarily high temperature. Lowering the temperature to 120 degrees could save you more than $400 a year and reduce the risk of scalding.

Also, "if you have an older water heater that you're not quite ready to replace, a water heater blanket can help" prevent heat from escaping, says Amann.

11. Cook efficiently

When it comes to energy consumption, it's better to use a toaster oven instead of a full-size oven. In fact, cooking a meal in a toaster oven can save over 50% of the energy used to cook the same meal in a conventional electric oven, according to Consumer Guide to Home Energy Savings, a book that Amann coauthored. "If you're just reheating leftovers, it's better to do it in a toaster oven, which can heat up faster than a full-size oven," Amann says.

When you need to cook in a full-size oven, avoid opening and closing it frequently, which can reduce the oven's efficiency.

According to one estimate, the oven temperature can drop 25 degrees when you open the door a single time. Use a kitchen de-greaser to gently clean the seal on your oven door so that the appliance retains the maximum amount of heat.

12. Wash clothes with cold water

Water heating makes up about 90% of the energy it takes to run a washing machine, the Environmental Protection Agency says, so consider using your washer's cold-water cycle for most loads; reserve hot water for heavily soiled clothing and linens and towels, as well as white garments that easily show dirt. Cleaning your dryer's lint filter before each cycle can help your clothes dry more quickly.

13. Slay energy vampires

According to the Natural Resources Defense Council, nearly one-fourth of home energy use is consumed by "vampires" — devices that suck electricity even when they're turned off.

The average home has 20 to 40 energy vampires — TVs, printers, computers, device chargers, small electric appliances and gaming consoles, to name a few. Using stand-by power is responsible for about 1% of global carbon emissions, according to the Lawrence Berkeley National Laboratory.

Unplugging devices when they're not in use can reduce your home's energy usage. If you have a cluster of energy vampires in a specific area, plug them into a timer power strip, which allows you to set a schedule for when they're turned on and off, reducing their phantom load.

4 Larger-scale improvements for even bigger savings

1. Order an energy audit

Many experts recommend that before you make any home improvements, you should get an energy audit, a whole-house diagnostic assessment by an energy professional that will identify ways you can make your home more efficient.

"An energy audit is a great first step because it can help you create a plan and prioritize what repairs and changes you should make to your home," says Amann.

"Without an energy audit, you're flying blind in terms of what opportunities you have and what challenges you might encounter when making your home more energy-efficient." A home energy audit typically costs between $200 and $700, depending on the size of your home, according to Angi, a home-services website.

"Some energy audits will include a Home Energy Score that grades your home's energy efficiency between zero and 10, with 10 being the most efficient," says van Boekhold.

"A Home Energy Score is like a mile-per-gallon rating but for your home. With it, you can understand how efficiently your home is running and take steps to make it more efficient." The score was developed by the U.S. Department of Energy and its laboratories.

See whether your utility company provides a subsidy or rebate for an energy audit, advises Rosenberg.

2. Get a customized plan with this online tool

Rewiring America recently released a Personal Electrification Planner, which you can use to create an energy-efficiency plan tailored to you based on your home, lifestyle and goals. "It’s very easy to use and provides a lot of valuable, specific information," Shea says of the tool.

Plug in your home's address, square footage and a few other details, and the planner will generate a list of home improvements, including cost estimates for each project, as well as the annual energy savings and carbon-emission reductions they'll provide.

3. Outfit your home with energy-efficient appliances

Over their lifetimes, Energy Star–certified appliances can reduce greenhouse-gas emissions by about 130,000 pounds and save an estimated $11,000 on your home's energy bills, according to the EPA.

You can see whether your utility provider offers rebates for Energy Star appliances. You may also be eligible for a rebate through the Home Electrification & Appliance Rebates program, depending on your income and where you live; for more, see Rewiring America.

4. Consider solar panels

It costs approximately $30,000 to purchase and install a 10-kilowatt solar system, according to EnergySage. For a typical home, it takes around seven to eight years to break even. Homeowners who install a solar panel system can save anywhere from $28,000 to $120,000 over the course of 25 years.

Wondering whether your home is a good candidate for solar panels? Enter your address into the tool at Google Project Sunroof to see how many hours of usable sunlight your house receives each year, the recommended size of a roof solar installation for your home and the estimated net energy savings over the course of 20 years.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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No doubt you’ve been looking for ways to stay cool this summer, considering how hot it is outside, not to mention how much it costs to keep your home at a comfortable temperature using an air conditioner. Electricity costs have already risen 24% between April 2021 and April 2024, according to Jim Patterson, managing editor of The Kiplinger Letter, and they’re expected to rise even more before the summer ends. A new report from Utility Dive found that the average U.S. electric bill over the June-through-September period is projected to be $719, a nearly 8% increase year-over-year and the highest average in 10 years. 

Different regions should expect higher, or lower, changes in average cooling costs as the summer continues. The Mid-Atlantic (12.2%), Pacific (12.2%) and East South Central (10.1%) will see the largest price increases, according to Utility Dive, while the New England (5.3%) and West South Central (1.8%) areas will see the least amount of change.

Another study, performed by Texas Electricity Ratings, narrowed this data down even further, finding the specific states that are paying the largest change in average cooling costs this summer.

States paying largest change In average cooling costs 

If you live in one of the following states, expect to pay more for cooling costs this summer.

1. Arizona

Average monthly bill: $134.38 

Summer monthly bill: $234.53 

Change from average cost: $100.15 

2. Nevada

Average monthly bill: $127.02 

Summer monthly bill: $227.07 

Change from average cost: $100.05 

3. Texas

Average monthly bill: $149.76 

Summer monthly bill: $229.54 

Change from average cost: $79.78 

4. Oklahoma

Average monthly bill: $115.71 

Summer monthly bill: $189.99 

Change from average cost: $74.28 

5. Georgia

Average monthly bill: $128.60 

Summer monthly bill: $201.47 

Change from average cost: $72.87 

6. Missouri

Average monthly bill: $113.42 

Summer monthly bill: $184.98 

Change from average cost: $71.56

7. New Jersey

Average monthly bill: $97.53 

Summer monthly bill: $167.44 

Change from average cost: $69.91 

8. Alabama

Average monthly bill: $147.16 

Summer monthly bill: $213.85 

Change from average cost: $66.69 

9. Kansas

Average monthly bill: $105.41 

Summer monthly bill: $167.88 

Change from average cost: $62.47 

10. Louisiana

Average monthly bill: $129.74 

Summer monthly bill: $191.00 

Change from average cost: $61.26 

"Sizzling temperatures are expected to linger around the U.S. until at least August, with some speculating July's average temperature might surpass the scorching record of 76.77°F set in 1936, says Karl Trollinger, CEO ofTexas Electricity Ratings. “This soaring heat means skyrocketing cooling bills.

Heat waves have caused scorching temperatures on both the west and east coasts this summer. In fact. July 2024 was found to be the warmest July on record for the globe in NOAA's 175-year record, and according to the Weather Channel, was the 14th consecutive month that a global heat record was set.

In the face of rising temperatures, where will cooling costs change the least? That would be Alaska, Washington, Hawaii, Montana and Wyoming. According to Texas Electricity Ratings, these states will actually enjoy a decrease in their bills. Residents of Alaska are expected to save $15.48 a month, while residents of Washington are slated to save $13.13 on average.

To learn how to save the most on energy costs this summer, read up on our energy-related articles:

• Heat Pumps: Can You Save on Home Cooling and Heating?
• Heat Pumps vs Solar Panels: Which Saves You More on Energy Bills?
• Save More with Tax Credits for Energy-Efficient Home Improvements
• Home Energy Improvements to Save Money and Go Green
• Swamp Cooler vs. Air Conditioner: The Best for Dry Heat

If you're a Wisconsin resident, you can now save even more on home energy improvements, thanks to the state's recent launch of the Home Efficiency Rebate (HOMES) program. Depending on your household income, you could receive a rebate for up to 100% of the costs (on up to $5,000) to purchase and install a heat pump or other energy-efficient home improvements. 

The HOMES program will benefit not only Wisconsin families but also the environment. White House national climate advisor Ali Zaidi says that these rebates will "both reduce emissions and lower energy costs for Wisconsin families using tried-and-true insulation, heat pumps, and efficient appliances and lighting." These savings may be stacked with existing energy efficiency incentives.

Here's what you need to know about the program, which could be heading to your state soon.

What is the Home Efficiency Rebate Program? 

Wisconsin just became the first state to launch the nation’s first-ever Home Efficiency Rebate (HOMES) program, supported by the Inflation Reduction Act. The rebate program, in partnership with the U.S. Department of Energy, will enable Wisconsin residents, particularly those with lower and middle incomes, to save on energy-saving home improvements, which includes insulation, air sealing and heat pumps that reduce whole-home energy consumption. It's just one part of the Biden-Harris Administration’s initiative "to provide $8.8 billion in Federal funding" to "lower energy costs and increase efficiency in American homes."

How much can I save?

By participating in the HOMES program, households could save up to $14,000 for energy-efficient home upgrades, not to mention the hundreds more you'll save on monthly energy bills.

According to the National Renewable Energy Lab (NREL), a majority of Americans (62% to 95% of households, depending upon heat pump efficiency) would see a drop in their energy bills by using a heat pump — $300 to $1,500 annually, according to the DOE. And since heat gain and loss through windows is responsible for 25% to 30% of residential heating and cooling energy use, installing or upgrading windows to be more energy efficient is likely to lower your power bill.

To qualify for the program, Wisconsin residents will first need to get a home energy audit to understand how their home uses energy and where they can save.  Certain tax credits can offset the cost of the energy audit, and low-income households are eligible for a rebate. 

Both single-family and multifamily properties are eligible for the program. Qualifications for rebates are based on both household income and how much energy can be saved. Single-family homes making less than 80% of their area median income (AMI) can save up to $10,000, while those making between 80% to 150% AMI can save $4,000. Those making at or above 150% AMI can save up to $3,000. If you are unsure what your AMI is, you can look up your AMI through Fannie Mae.

Review the following chart from Focus On Energy to learn more about how much you can save.

Wisconsin will also launch the Home Electrification and Appliance Rebates (HEAR) later this year, which also offers up to $14,000 off high-efficiency electric appliances and home upgrades. This program is only for households earning 150% of Area Median Income or less. One thing to note about the program, however, is that households will not be eligible to receive a rebate from both programs for the same upgrade. 

The following chart from Focus on Energy shows how much low- or moderate-income households can save with HEAR later this year.

Ten other states — Arizona, California, Hawaii, Indiana, Maine, New Mexico, New York, Rhode Island, Washington and Wisconsin — have also received funding from the DOE to launch one (or both) of the above rebate programs. You can use this map to check your state’s progress toward launching its rebates.

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There's nothing like getting ready for a trip. As part of your prep, there are a few energy-saving measures you can do.

These are easy to implement. Best of all, they can help your home conserve energy, so when you arrive back, you won't have a larger energy bill awaiting you.

Save money on energy bills the easy way

During an especially warm summer, homes can consume around 82% of their normal energy even when unoccupied — averaging an unnecessary expense of about $590. And with energy prices on the rise, implementing these steps can help you save even during peak energy demand.

1. Program your thermostat

Setting your thermostat at a higher or lower temperature when you leave can save you money on your utility bill. If you have a programmable or smart thermostat, set it to ‘vacation’ mode.

Adjusting your manual unit a few degrees up or down can also have a significant impact. In fact, according to Duke Energy, a change of just three degrees for 24 hours a day can save 30% on your energy costs. Or, if you’re not leaving for an extended time and the forecast calls for mild weather, consider turning the system off. 

2. Unplug appliances and electronics

When electrical appliances, "energy vampires," are plugged into an outlet, they use energy even when turned off, which can account for up to 10% of your energy bill. To save money, unplug all large and small electrical appliances, such as your computer, cable box, coffee maker, microwave, printer, television and toaster. 

Another option is to use smart plugs. How these work is you plug appliances and devices into them and remotely control them. In turn, you could be hundreds of miles away from home and still have the ability to power on and off devices. That way, if you forget to turn something off when you leave, you still have a way to do so.

3. Turn off or turn down the water heater

“Water heating accounts for up to 25% of the energy a home consumes, and you won’t even be there to use it,” says Mark Feygin, founder and CEO of PowerSetter. “Switch off the water heater at the breaker while your home is vacant … but remember to leave yourself a note to turn it back on again when you return.” Turning off your water heater also prevents any unexpected malfunctions while away, like a water leak and flooding. 

Many water heaters also have a vacation setting, usually found on the temperature dial. Adjusting it to 50 degrees Fahrenheit or the lowest setting available can help you save money while away. 

4. Put lights on timers

Although simply turning off the lights saves you money while on vacation, many people choose to keep the lights on for security reasons. Instead of leaving the lamps lit all day and night, install timers and take the worry out of how much energy you’re using.

Keep in mind that while incandescent bulbs can get hot and overheat, LED lights save more energy and can be left on for extended periods of time without overheating, according to energy.gov. 

5. Keep window coverings half-way or all the way closed

Your house will stay cool, and you’ll save energy by keeping window shades and blinds closed when the temperature climbs. Feygin recommends keeping window coverings closed while away. “If the sun has had weeks to raise the temperature in your home uninterrupted, it’s going to take a whole lot of work for your air conditioner to cool it once you get back.” Plus, the afternoon sun can make your home hot and unbearable for pets if left alone. 

Similarly, Feygin adds, “Reflective film can stop heat from entering your home by bouncing back the sun’s rays, making it easier to maintain a comfortable temperature. Less heat buildup while you’re away means less reliance on air conditioning once you return.”

However, you may not want to advertise you are physically away, and closed curtains can give the impression that nobody is home. So, before you leave on an extended vacation, the experts at Duke Energy suggest leaving your curtains or blinds halfway open and investing in a smart security system.

6. Keep your refrigerator half-full

A fully stocked refrigerator stays colder than an empty one. Although you may want to remove all the food from your fridge when leaving town, keeping your refrigerator and freezer at least half full is actually more energy efficient. 

But if you just can’t fathom the thought of coming home to sour milk, fill your fridge and freezer with full water bottles or ice trays, and adjust the thermostats on your refrigerator and freezer to a higher setting — 38 degrees F for the refrigerator and 5 degrees F for the freezer. If you leave for more than four weeks, you will probably want to empty and unplug your fridge. 

7. More ways to save while away

Before you walk out the door, add these other “to dos” to your list and save even more on your energy bill. 

1. Turn off both ceiling and personal fans.
2. Drain and winterize your hot tub, or unplug the hot tub heater.
3. Turn off or lower the temperature on the heater for your swimming pool, but leave the pool pump on.
4. Unplug your window air conditioner.
5. Unplug any landscaping water features if not absolutely needed, or set them to come on less often or for a shorter period of time.

Related Content

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There will be little relief from soaring electricity costs or hot temperatures this summer. The Farmers' Almanac is predicting 2024 to be one of the hottest summers on record and it is expected to be a warm, hot and muggy season for most of the nation. 

Staying cool will be a challenge and a necessity. Is it better to use a fan or air conditioner to beat the heat? The best answer can vary from person to person, depending on several factors. To determine which cooling solution is best for you, we first need to look at how both technologies work, when they work best and how much they cost to install and operate. 

Here are some facts that can help get you through the hot summer months without dramatically increasing your energy consumption and expenses.

Fans vs. air conditioners: how do they keep you cool?

Fans and air conditioners help you stay cool in very different ways. But both are primarily leveraging the cooling power of evaporation. 

Part of what makes fans so energy efficient is they aren’t cooling down the whole room, just you. Fans blow air over your skin, which promotes moisture evaporation. Evaporation is an endothermic process, meaning the moisture absorbs heat from its surroundings as it turns into vapor. A fan helps by replacing this hot, humid air with cooler, drier air, allowing for more evaporation.

An air conditioner provides cold air inside your home by removing heat and humidity from the indoor air. It returns the cooled air to the indoor space and transfers the unwanted heat and humidity outside.

A standard air conditioner or cooling system uses a specialized chemical called refrigerant and has three main mechanical components: a compressor, a condenser coil and an evaporator coil. These components work together to quickly convert the refrigerant from gas to liquid and back again.

Fans vs. air conditioners: The cost of cooling

Cooling yourself with a fan vs. an air conditioner is significantly more energy efficient and cheaper. Fans use around 1% of the electricity consumed by air conditioners. You could leave a fan running for 24 hours and still use less energy than 15 minutes of air conditioning.

On average, an air conditioner costs between $0.06 and $0.88 per hour to use, according to inspirecleanenergy.com data. To get a general idea of your daily energy costs, multiply the wattage of your air conditioner by the number of hours of energy consumption.

The average cost to run central air conditioning is $30 to $270 per month, depending on the unit size and efficiency. A three-ton unit (or 36,000 BTU) can cool a 1,500-2,000 square foot home and consume 2,400 – 4,500 watts per hour. The average monthly cost to run a unit that size is $86 – $162, according to homeguide.com data. 

A standard window air conditioner costs an average of $19 to $55 per month. The typical master bedroom is  224 square feet and would need a unit with 8,000 – 10,000 BTUs. An air conditioner this size consumes 800 to 1,000 watts per hour for $29 – $36 per month. 

Most ceiling fans range between 55 and 100 watts, with an average of around 75 watts. For instance, a large 72-inch ceiling fan with a wattage of 180 will only draw 0.18 kilowatt-hour. The average cost in the U.S. for electricity (as of March 2024) per kilowatt hour is 16.68 cents. Let's do the math $0.167 x 0.18 kWh = $0.030. It only costs around $0.03 per hour to run a large ceiling fan. If you’re someone who loves the cool breeze and white noise, you’ll pay 72 cents a day to keep the fan running for a full 24 hours. 

Pros of fans

Using fans to cool your home can help you save on energy costs because they’re cheaper to operate. However, they may not work effectively to cool your house when the temperatures and/or humidity is high. 

Fans, such as ceiling fans, desk fans and window fans are best when used at close range. While the strongest fans can circulate air throughout an entire room, they're much more effective if you're sitting right in front of them.

Electric fans offer the following benefits:

• Fans cost less.  Buying and installing a new ceiling fan can cost between $85 and $625 without complex wiring. The average cost is $249, according to Angi.com data. Adding wiring where there is no ceiling wiring is a big job that might cost up to $2,000.  Your electrician will have to open walls, run wires, install boxes, and hook up your junction box. 
• They don't harm the environment. Electric fans don’t use coolants and require less energy than air conditioners.
• Portability/Ease of installation. Adding a ceiling fan to a room is a breeze compared to installing central air conditioning. Except for ceiling fans, you can move fans around the house and use them where you need them. 

When fans just aren't enough

Using a fan can be more harmful than helpful when indoor air temperatures are hotter than your body temperature. When indoor air temperatures are hotter than about 95°F, using a fan may cause your body to gain heat instead of lose it. On very hot, humid days, sweat evaporates off the skin slower than normal, and fans make it even more difficult for the body to lose heat by sweating.

Limitations of electric fans include:

• Inferior cooling power. Fans don’t cool the air, so even if you run several fans, they won’t be able to match the cooling power of an air conditioner, especially during extremely hot and humid days
• Fans don’t improve air quality. Fans don’t have filters, so they can't reduce the amount of dust, pollen and other harmful particles in the air
• Humidity issues. Fans don’t suck the moisture out of the air. They make you feel cool by making your sweat evaporate. To reduce the moisture in the air, you'll have to run a humidifier in addition to a fan. 
• Safety risks. Floor and tabletop fans can pose some risks for small kids who might poke their fingers through the grills

Pros of air conditioning  

Using an air conditioner can be your best friend during scorching weather as it can quickly bring the room temperature down to a comfortable level. They’re much better at cooling larger areas because they reduce the ambient heat in your environment. Your body dissipates heat more efficiently because air conditioners reduce humidity by removing moisture from the air. However, air conditioners consumer a significant amount of electricity.

Here are the benefits you and your home can get from air conditioners:

• Improves air quality. ACs can filter out dust, outdoor pollen, and other allergens. They also reduce humidity, which keeps the growth of mold and mildew in check. 
• Effective at reducing humidity. When the moisture is higher than 50%, the humidity can lead to mold growth. An air conditioner can suck the moisture out of the air, making a room more comfortable during sweltering days and reducing conditions that irritate allergies.
• Can cool large areas. An air conditioner can bring room temperature down quickly, while fans can only increase air circulation
• Prevents dehydration and heat stroke. Exposure to high temperatures leads to profuse sweating and can lead to dehydration. ACs reduce sweating, thus preventing dehydration and bringing down air temperature reduces the risk of heat stroke.

Drawbacks of using an air conditioner

• It costs more. The average cost of a new central air conditioning system is $5,856, but it can range from $3,800 to $7,500, according to architecturaldigest.com data. Central AC systems are the most popular choice in hot climates and are the most expensive to install and run. 
• Central air conditioners and scale of installation. Installing a central AC system. requires the services of an installer to cut into your walls, put in the ductwork and possibly install the unit outdoors.   
• Cheaper options are still costly. Window units cost less and many can be installed without professional assistance.  A window-mounted air conditioner can cost anywhere from $150 to $550 depending on its size and cooling capacity. 
• Maintenance costs. Regular air conditioner maintenance servicing costs around $75 to $200 for simple tune-ups, with a national average of $100, according to homeadvisor.com data. Recharging AC refrigerant costs around $100 to $350
• Can cause health problems. Lack of proper maintenance can reduce energy efficiency and make people sick. A clean filter improves air quality by removing dust and allergens. Filters can become clogged without regular cleaning and replacement. Dirty filters spread harmful particles that can trigger or worsen respiratory ailments. 

Which option is best for you?

A head-to-head comparison between using a fan vs. air conditioner has limited use because each one helps you cool down in different ways. Figuring out which one is better for you depends on current weather conditions, your needs and the size of your space.

Use a fan if:

• The humidity is at or below 50%
• The temperature is less than 95°F. Use a fan when outdoor air temperatures are cooler than indoor air temperatures. 
• You can locate yourself close to the fan
• You want to use less electricity

Use an air conditioner if:

• The humidity is at or above 60%
• If the temperature is more than 75°F 
• You’re looking to cool a large area
• You can afford a higher electrical bill

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Temperatures are heating up. In fact, scientists are now warning that 2024 could surpass heat records for the second year in a row. That’s saying a lot, as 2023 was the warmest year on record. Typical residential customers' monthly electricity bills are forecast to average $173 this summer, up from $168 last year, according to the latest estimates from the Energy Information Administration.  

With nearly 20 million households behind on their utility bills, according to the National Energy Assistance Directors Association, you may be wondering how to stay ahead and save money on your summer energy bills. 

You’re in luck. We’ve put together (along with some advice from the experts) ten ways you can cut your utility bills and stay cool this summer. 

1. Shop around for better rates

Milwaukee has the highest utility costs in the U.S., according to a 2023 study from doxoINSIGHTS, with households paying an average of $538 per month or $4,196 per year in utility bills. 

“Many states have deregulated their energy markets, so customers can shop around for the best deal," said Mark Feygin, Founder and CEO at PowerSetter. "When picking a supplier, you don’t have to worry about quality — It’s all the same. You just need to figure out which company is offering the cheapest price and the best terms for your needs, and there are tools out there to help.”

2. Update your thermostat

Another way to save on summer energy costs is to update your old or faulty thermostats, says Lucas Haldeman, CEO and Founder at SmartRent. “Outdated hardware that isn’t easily adjustable or can’t be programmed is often left to run AC and cooling systems too long.” Smart thermostats improve efficiency and energy consumption, and they can help achieve the most efficient temperatures and eliminate costly temperature fluctuations.” 

3. Take advantage of state programs

“Many utility companies offer free energy efficiency programs for their ratepayers, as well as complimentary energy efficiency audits and generous incentives and rebates for equipment replacement,” said Christine Ciavardini of Baltimore, Maryland-based MD Energy Advisors. If you need help paying your cooling bills, you may qualify for the Low Income Home Energy Assistance Program (LIHEAP). 

Or, if you make improvements to your home that will save money on energy, you may qualify for help through the Weatherization Assistance Program (WAP). If available in your area, you may try taking advantage of the Community Solar program, where most subscribers can save an average of 15% per month on energy costs.

4. Make use of low-demand periods

“Electricity prices fluctuate depending on demand. Prices creep up in the early evening as people get home from work, switch on the TV, and start cooking,” said Mark Feygin. "Then, later in the evening as everyone goes to bed, electricity prices fall, which is the perfect time to schedule your dishwasher or washing machine.” 

5. Clean your air conditioner, ducts and vents

If your air conditioner is clogged with dust and debris, it ends up working harder than it needs to. “Ideally, you should change your filter every three months and get the system serviced at least once a year, which can reduce its energy consumption by as much as 15%,” Feygin said. It also pays to keep your air ducts and vents clean. That way, any dust and dirt that has accumulated won't bog down your HVAC system. 

6. Switch to energy-saving appliances

Most modern-day appliances have built-in energy-saving features and use significantly less electricity than their older counterparts. Besides saving you money on your utility bills, the energy-saving features provide a long-term return on your initial investment and potential access to various rebates and incentives. 

7. Close the blinds and draw the curtains

Something as simple as closing the drapes or pulling the blinds on south-facing windows can help block the sun and keep your house from heating up. Installing insulated drapes can also keep your home warm in the winter — a win-win. Or, install a reflective window film. By reflecting back the sunlight, the safety film can help keep rooms cooler. 

8. Use fans to keep you and your home cool 

It’s natural to feel cooler under a ceiling fan, because your body cools by evaporating sweat. “Turning on a ceiling or floor fan means you can turn up your thermostat by 4 degrees and still be comfortably cool,” Mark Feygin asserted. “Position a couple of fans on window ledges on opposite sides of a room to create a cross-ventilation effect. Essentially, one fan blows hot air out while the other pulls cool air in, creating a low-cost air conditioning system that won’t break the bank."

9. Turn down the water heater

Energy.gov explains that water heating for showers, laundry or washing the dishes accounts for about 18% of your home's energy use and is the second largest energy expense in any home. Turning down the temperature of your water heater can help reduce your energy consumption and save money.

10. Switch to energy-efficient lighting

Incandescent light bulbs use about 60 watts of electricity, while LED light bulbs use about 10 watts on average. LED bulbs also last nearly 25% longer. So, replacing your incandescent bulbs for LED bulbs can save a ton of energy and money over time. The average price of a LED bulb is $5 to $7, while the average price of an incandescent bulb is $2 to $3. Even so, the savings overtime far outweigh the upfront costs of the bulbs. 

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Never heard of a swamp cooler? You're not alone. Sometimes called an evaporative cooler, these efficient appliances can help beat the heat in certain climates and may be a better option than air conditioning for some homes. With record-breaking heatwaves and high electric bills, consumers need to find ways to stay cool without paying a fortune.  

Here’s what you need to know about swamp coolers vs air conditioners.

Swamp cooler vs air conditioner: mechanical differences

A swamp cooler lowers your home temperature by adding humidity to the air. It works by passing air over a damp pad, letting the moisture from the pad evaporate, which cools the air by 15°- to 40°F before it is directed into the home, as per the DOE. Because of this, swamp coolers are only suitable for low-humidity areas, making them good options for homes in the Western and Southwestern parts of the country. 

Unlike an air conditioner, a swamp cooler is an open system. This means that you’ll need to have doors or windows at least partially open while running the cooler. Swamp coolers “rely on the flow of air through the building to direct the cool air, and since they always need hot, dry air to evaporate the water, it needs to displace the air already in the house,” according to HowStuffWorks. The warm air has to escape somewhere. That may be a deal-breaker if you have allergies and want to avoid pollen or pollution.

Swamp coolers can be installed on the roof, in a window or on the ground, although most commonly, they’re installed in a down-flow arrangement on a roof, reports the DOE. Small coolers can be installed in a window to heat a specific room in your home, and small, portable evaporative coolers on wheels are now available.

On the other hand, air conditioners cool your home by transferring heat from the interior of your home to a warm outside environment. And it’s a bit more complicated. Here’s how it works, according to the DOE. Basically, an air conditioner contains a liquid refrigerant that evaporates in an interior evaporator coil, “pulling heat out of indoor air and cooling your home.” After which, “the hot refrigerant gas is pumped outdoors into the condenser where it reverts back to a liquid, giving up its heat to the outside air flowing over the condenser's metal tubing and fins.”

Unlike a swamp cooler, installing air conditioning is a more difficult and lengthy process, but can be used in homes in both humid and arid climates. Although they do tend to dry the air.

Upfront costs

The unit's price is a big difference between swamp coolers and air conditioners. How much each cost ultimately depends on the size and type of the unit and how it is installed. However, on average, swamp coolers have lower installation costs, making them cheaper.

The average cost for a swamp cooler installed in a 1,500 sq. ft home is $3,900, while an air conditioner averages $5,000, according to Fixr.

Here’s a price breakdown for swamp coolers, as per Fixr. 

• Portable swamp coolers: Range from $100 to $1,500 or more
• Mounted swamp coolers: range from $500 to $1,500
• Window swamp coolers: Range from $300 to $1,000
• Installation costs: Range from $100 (for a simple freestanding unit) to $1,000 (for a mounted unit)
• Overall costs: Range from $100 to $2,500

And here’s a price breakdown for air conditioners, also courtesy of Fixr.

• Portable unit: Range from $200 to $700
• Window unit: Range from $300 to $1,200
• Installation costs: Range from $100 (do it yourself) to $800 (professionally) 
• Central units: $1,500 on average, installation costs range from $2,000 to $5,000
• Overall costs: Range from $200 to $6,500

Cost to run and efficiency

Electricity: A swamp cooler uses 60% to 80% less electricity than a standard AC unit, meaning big savings on electricity costs. That efficiency is becoming an ever-more important factor for consumers. According to the U.S. Energy Information Administration (EIA), you can expect to pay more for electricity this summer than last year. The EIA forecasts that residential customers’ monthly electricity bills will average $173 from June to August. Last summer's average was $168. 

The EIA also found that monthly costs remain high in dry regions of the country, where swamp coolers might be a good option. The Southwest has the highest average monthly electric bill of $203. 

Water: One downside of swamp coolers is their use of water — often a scarce commodity in the arid environments where these appliances are most useful. Estimates of swamp cooler water use vary widely. While air conditioners do not require any water, swamp coolers may use between about 3,000 and 12,500 gallons of water annually, depending on location, size and other factors, according to the New Mexico Office of the State Engineer.

Swamp cooler vs air conditioner: sustainability differences

Overall, swamp coolers are more eco-friendly than air conditioners. They don’t contain any toxic chemicals and typically have lower levels of CO2 and greenhouse gas emissions. If refrigerant from an AC unit leaks, it can have a significant impact on the environment. For example, R-410A, a common refrigerant, has a global warming potential (GWP) of 4,260 over 20 years, according to the Natural Resources Defense Council (NRDC). If a pound of this refrigerant leaks into the atmosphere, it packs 4,260 times the climate wallop as a pound of CO2. 

So, if you live in a dry, arid region of the country, not only will using a swamp cooler save you money, but it’ll also pose less of a risk to the environment and reduce your carbon footprint.

Bottom line

Simply put, swamp coolers cool your home by adding humidity to the air, while air conditioners cool your home by pulling heat from inside your home to the outside. And while swamp coolers use significantly less energy and are cheaper than air conditioners, they have a huge drawback. They're most effective in dry climates and aren't suitable for areas with high humidity levels. They may also consume significant amounts of water. However, if you live in a dry climate, such as in the West or Southwest, you can reduce your carbon footprint and help the environment by installing a swamp cooler.

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Most Americans should expect to pay more for their electric bills and other utilities this summer. June's heat wave has plunged over 100 million Americans into extreme heat, according to the National Integrated Heat Health Information System (NIHHIS). From April 2021 to April 2024, electric prices have increased by 24%, and you’ve no doubt been feeling the strain on your wallet. Here's a look at what's causing this rise in energy prices and what you can do to save money. 

Where are electric bills rising the most?

The Mid-Atlantic, Pacific and Eastern South will see the greatest monthly increases in electric bills, according to a recent report from the U.S. Energy Information Administration (EIA). Although New England and West South Central states will see declines in their monthly electric bills, they will still pay over the national average.

Why are energy prices rising?

Increased costs are due to several factors, including increased demand, especially among energy-intensive data centers. Electricity consumption is expected to grow 4.7% in the next five years, up from the 2022 forecast of 2.6%. “Data centers whose chips run artificial intelligence are especially energy-intensive, and more are coming,” Jim Patterson writes in the Kiplinger Letter. “Data centers in general account for 4.6% of demand. By 2026, that figure stands to rise to 6%." 

He also shares that increased construction of high-tech manufacturing facilities, appliances switching from natural gas to electricity and more electric vehicles are also driving up electricity consumption. But along with this increased demand comes supply constraints. And this all results in higher rates on electric bills. 

“How much higher depends on a lot of factors, such as your region, the price of natural gas (the leading fuel source for generation) and how quickly government officials try to ramp up renewable power,” Patterson writes.

2024 one of the hottest summers ever

This summer's heat waves will surely cause you to crank up your air conditioning and, in turn, your power bill. The more energy you use to combat those roasting temperatures, the more money you’ll inevitably spend.  

From June through August, temperatures are expected to reach 2 degrees above historical averages across more than half of the country, Accuweather notes. Experts believe that there’s a good chance this summer could be one of the hottest on record in the U.S., especially from the Rockies to the East Coast.

“We expect electricity consumption will grow in all major consuming sectors this year, but especially in the residential sector, which we expect will increase by 4%” reports the U.S. Energy Information Administration in the March edition of its Short Term Energy Outlook. “Much of the forecast year-over-year growth in residential electricity occurs during the summer months of 2024.”

How to cut your electric bill summer 2024

While you can't directly control how much your electricity costs, you can control how much you use. One of the best ways to save on energy bills, and also one of the easiest, is to keep your thermostat at the right temperature. According to the U.S. Department of Energy (DOE), the smaller the difference between indoor and outdoor temperatures, the lower your overall cooling bill will be. 

They recommend keeping your thermostat set to 78 degrees in the summer months while you're at home, and even higher while you're away. You can easily control the temperature in your home by opting for a smart thermostat. "Programmable thermostats will avoid any discomfort by returning temperatures to normal before you wake or return home," states the DOE. 

This is also a great time to invest in more efficient heating and cooling systems, like a heat pump. There's solid evidence that a heat pump will help most people save money over standard air conditioning. While there are pretty steep upfront costs for installing a heat pump, your state could soon be launching an energy rebate program to help you save on those costs. 

Wisconsin just became the first state to launch the Home Efficiency Rebate (HOMES) program, which could cover 100% of the costs (up to $5,000) to purchase and install a heat pump or other energy-efficient home improvement, depending on household income.

There are a few other ways to stay cool this summer. Check out our 12 tips to stay cool without air conditioning, which include maximizing shade in your home, prioritizing good insulation and properly using fans to beat the heat. Did you know your fan should rotate in a different direction depending on the season? Particularly, counterclockwise in the summer months? By reading the article, you'll find more information on how to save money — and not sweat to death in those record-setting temperatures.

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• Heat Pumps Can Help You Save on Home Cooling and Heating — and There's a Tax Credit for Installation

Heat pumps can keep your home cozy in the winter and — despite their name — cool your home efficiently in the summer. You can save up to $2,000 with federal tax credits by installing a heat pump, and some states and utilities provide additional incentives. But should you install a heat pump or make do with your current HVAC system? 

I talked to homeowners in cold climates like Maine to see if they effectively heat in the deep cold. And I was surprised to learn that some historic homes can stack heat pump incentives for a tidy tax credit or rebate. 

Whether a heat pump makes sense for your home depends on several factors: the condition of your home, how old your existing HVAC system is and how it is powered or fueled, where you live and your preferences. Read on for a comprehensive guide to this technology.

How do heat pumps work?

Ask a technician how a heat pump works, and you may get an answer that sounds almost magical. In layman's terms, heat pumps absorb heat from the air and move it from inside your house to the outside (when you want to cool your home) or from outside to inside (when it is heating your home). Even when the air outside is frigid, a heat pump will "find" the warm air and bring it inside your house.

Heat pumps can replace or complement your furnace and your air conditioning systems. Most models are extremely energy-efficient and are thus better for the environment. In fact, heat pumps are three to five times more efficient than natural gas boilers, according to the International Energy Agency. Yet most U.S. home heating systems still run on fossil fuels like natural gas, heating oil or propane. Old-school space heaters rely on electricity but are inefficient and expensive to operate. About 2% of homes use wood pellets or logs for heat.

The most common type of heat pump is "air-source" and can be "ductless" or a "mini-split" system. If your home has vents for forced air heating and/or cooling, you may replace both the furnace and the AC unit with an outdoor heat pump. If you don't have ducts or, like me, you added an addition to your home and want to save on the cost of extending an existing duct system, you can install a mini-split on the wall. Contractors usually site mini-splits near the ceiling so that you can adjust the vents to blow overhead, and they connect to an outdoor compressor. Most mini-splits come with a remote control wand to help you select heating and cooling. Some also have a "dry" setting to dehumidify.

There are other types of heat pumps not covered here. Heat pump water heaters use similar technology for heating water. Geothermal heat pump systems take advantage of the near-constant temperature of the earth for heat exchange rather than air. 

How much does a heat pump cost?

The cost of buying and installing a heat pump depends on the system's size and efficiency, your location and other variables. Ductless mini-splits are the cheapest, averaging $4,000 to $5,000. For a ducted system, the average cost is about $5,600 but can exceed $10,000. Ask your contractor whether your area requires permits and how much they will cost.

Will a heat pump save me money?

The short answer? It depends, but with the generous federal and other incentives outlined below, it's worth your time to crunch the numbers. 

Like electric vehicles, heat pumps tend to have steep up-front costs but may save money over many years by virtue of greater efficiency. A recent National Renewable Energy Lab (NREL) study found that heat pumps would lower energy bills for most Americans (62% to 95% of households, depending upon heat pump efficiency).

Your existing HVAC system is one of the biggest determinants of how much you can save. Almost 50 million U.S. homes use electricity, fuel oil or propane for heating and cooling. NREL found that almost 100% of these homes would enjoy energy bill savings; median savings would be $300 to $650 per year depending on heat pump efficiency. 

If you rely on natural gas for heating, installing a heat pump is less of a no-brainer. EnergySage can help you estimate your potential savings or whether you might lose money by replacing your gas unit with a heat pump.

Your home's level of weatherization is also important. The NREL report's co-author, Prateek Munankarmi, said homeowners can "save thousands of dollars on average" by installing a small heat pump with improved insulation and energy efficiency.

Your location is also key. Heat pumps have enjoyed the greatest adoption rates — across income groups — in locations where electric prices are low and the climate is mild, according to a study by the U.S. Energy Information Agency as reported in MIT Review.

For more help parsing the economics of heat pumps, check out Consumer Report's helpful buying guide.

What incentives are available?

Federal tax credits

With incentives from the Inflation Reduction Act, homeowners may claim a credit for up to $2,000 or 30% of the project cost. There are important conditions, so review the rules before you begin an installation project.

Federal incentives for low- or moderate-income households

Low- and moderate-income households may be eligible for a heat pump rebate of up to $8,000 in the near future. There are many requirements, so be sure you qualify. This program is managed by the Department of Energy and requires that states apply and receive approval. Only New York has received approval, and 13 states have applied and are waiting for approval, according to the Energy.gov rebate tracker.

Existing state and utility incentives

Several states and utilities also offer incentives. For example, California provides $1,000 to state residents, and some California electric utilities also offer rebates up to $3,000. Some towns, like Newton, MA also provide incentives. To see incentives offered by your local utility, go to the Energy Star rebate finder and search by zip code. 

These incentives are stackable with the federal $2,000 tax credit, substantially reducing the cost of a new system. You can also access advice and planning help from Rewiring America, whether you are a homeowner or renter. Live in Maine? You will pay less for your electricity if you install a heat pump.

And if you're a Wisconsin resident, you can now save even more on home energy improvements, thanks to the state's recent launch of the Home Efficiency Rebate (HOMES) program. Depending on your household income, you could receive a rebate for up to 100% of the costs (on up to $5,000) to purchase and install a heat pump or other energy-efficient home improvements. 

Nine U.S. states have committed to increase heat pumps

To speed the transition from gas furnaces to electric heat pumps, these nine states recently signed an agreement to increase new heat pump installations to 65% of residential HVAC and water heating projects by 2030, and to 90% by 2040. 

The states involved are California, Colorado, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon and Rhode Island. Most of their efforts will focus on training technicians and working with manufacturers, so it is unclear if residents will benefit from additional incentives.

Historic preservation tax credits

Your heat pump project may qualify for state or local government incentives if you live in a historic home. For example, The Town of Washington Grove, MD offers up to $1,500 rebates for a heat pump conversion. Some state programs provide even higher amounts for HVAC work, but may not mention heat pumps as qualifying technology. 

For example, programs offered to historic homeowners by New York State allow for a range of energy-efficient improvements as long as they do not change the property's appearance. The program covers 20% of qualified rehabilitation expenses up to a credit value of $50,000 per year. 

The National Trust for Historic Preservation publishes a guide to historic tax credits by state. Contact the historic preservation society, council or state agency before planning your project to check on HVAC replacement requirements.

Heat pumps in cold climates

To understand how heat pumps perform in very cold climates, I turned to Tina Holt, a family doctor from South Portland, Maine. She's installed a heat pump on her own property and has seen some of her patients use them. Surprisingly, extreme heat is a growing concern in South Portland, Maine, where most homes do not have air conditioning, adding to the burden of cold and snowy weather. Since heat pumps can cool as well as heat a home, she has seen how they may benefit her elderly patients hoping to age in place. Maine has been a leader in heat pump adoption.

Holt's 1910 home has a finished apartment above the garage that she rents out as an accessory dwelling unit (ADU). With an oversized oil heat system, the unit used to cost about $1,000 per winter to heat. Holt modified her home in the proper order, focusing first on overall weatherization and efficiency. Under the Efficiency Maine program, she had an energy audit and added insulation, snagging a $2,500 rebate.

A few years ago, she added a mini-split heat pump to the ADU but kept the oil heater in place. Her tenant finds the heat to be quieter and at a more constant temperature. However, a few days a year the heat pump has trouble managing the very cold temperatures, and the tenant supplements with the oil heater. 

With a more efficient heat pump, Holt likely wouldn't need the oil heater. Such efficient heat pumps are costly, however, and for many homes in cold climates, it makes sense to keep supplementary heating. This hybrid approach to home heating is becoming more common in places like Alaska and Minnesota, according to research by Yale Climate Connections. 

Holt thinks that heat pumps may play an important role in local public health. When she worked in a small town in coastal Maine, she found her patients with asthma and COPD were relying on wood stoves for heat, since firewood was free or cheap. Some of these patients asked her to write a doctor's note asking the power company to keep their electricity on if they were behind in payments. "They were probably just using resistant electric heaters like baseboard or space heaters," she said, recognizing how inefficient and expensive they would be for low-income patients to operate compared to heat pumps.

Heat pumps for a historic home

Jay Lee and his family have lived in a 100-year-old home in the Takoma Park, Maryland Historic District for nearly twenty years. Like many historic properties, it had outdated HVAC systems and poor insulation. Their home only had AC window units, which were noisy, inefficient and ineffective. The home's heating system relied on a gas furnace and radiators, resulting in "huge" energy bills in the winter.

In 2022, Lee's family installed a heat pump on the main floor and upstairs, giving them zones that they can control separately. Through a program sponsored by the Maryland Historical Trust, they got a tax credit of 20% of the project's cost for adding the heat pumps and painting, or about $7,000. They also received a tax credit through their county's Historic Preservation program.

Was it worth it? Financially, Lee isn't sure they are saving money, because the house is still leaky. Under historic preservation rules, they can't replace windows, so he's been adding costly storm windows piecemeal. "I knew we wanted a heat pump because it generally saves money and is good for the environment," he said. "But having the confidence that it is indeed saving us money is something we need to substantiate." 

Still, Lee said he would do it again. And as they consider adding an Airbnb apartment in their basement, he's sizing up adding a mini-split for comfort and efficiency.

FAQs on heat pumps

Can a heat pump replace an air conditioner?

Yes, heat pumps can replace window units or ducted air conditioning systems. For smaller spaces, a mini-split on the wall may provide enough capacity for a room or two. You can also take a look at our breakdown of heat pumps vs air conditioning. 

What is the return on investment (ROI)?

When you sell your home, how much of the cost you incurred from installing the heat pump will you recoup? As discussed in our article on the home features today's buyers want most, energy-efficient HVAC is highly prized. According to Remodeling magazine’s 2023 Cost vs. Value report, the highest return on investment (ROI) comes from swapping an HVAC system from oil or gas heat to an electric heat pump, yielding 104% ROI. 

Can a heat pump cool a house in 100-degree weather?

Yes, a heat pump performs better than other technologies when it comes to maintaining a cool home when it's hot outside. A study by Rocky Mountain Institute modeled the home temperature and cost of running no AC, a typical AC system, a high-capacity system and a heat pump in the three-day Seattle heat wave of 2021. 

They found that the heat pump was best for comfort and cost $228 less per year to operate than a dual-fuel AC and gas furnace system. The graph below shows the indoor temperature in the four scenarios, with the heat pump maintaining a comfortable 75 degrees throughout the heat wave:

Do heat pumps actually help reduce emissions if they rely on electricity powered by fossil fuels?

Yes, several studies have shown  that heat pumps lower emissions even when powered by a "dirty" grid.

Read More Articles on Home Energy Savings

• Home Energy Improvements to Save Money and Go Green
• How to Stay Cool Without Air Conditioning: 12 Tips
• Save More with Tax Credits for Energy-Efficient Home Improvements
• Heat Pump vs Air Conditioner: Which is Cheaper to Keep Your Home Cool?

You may have heard that homeowners can use generous home energy improvement tax incentives and rebates to install solar panels or insulate their homes. Such projects often pay for themselves within a few months or years, and buyers often highly value these home features. Less well-known is the use of Home Energy Management Systems (HEMS), a relatively new technology that is quickly catching on in some areas of the country.

As the U.S. relies more on electricity and less on fossil fuels like oil or gas, the fragility of electricity grids has become more apparent. For example, the 2021 Texas deep freeze overtaxed the state-run grid, causing a blackout for 4.5 million customers and 57 deaths. Such extreme weather, inflation, geopolitical unrest and demand growth have contributed to a 30% rise in electricity prices since 2021, according to the Consumer Price Index. 

The home energy management industry has stepped in to provide solutions for homeowners who want their electricity supply to be more resilient and affordable. Some of these products, such as home solar systems, are already commercially successful. But storing that energy in home batteries (for example, overnight or on rainy days) is just starting to take off. One energy management company, Scheider Electric, is rolling out connected home products that will utilize battery storage.

The work done by Schneider Electric revolves around digitizing, electrifying and decarbonizing home energy. I spoke to Michael Lotfy Gierges, executive vice president of Schneider Electric’s Home & Distribution segment, to learn more about how energy improvements to your home, particularly the role of smart home technology — such as a home energy management system (HEMS) —  can benefit both your wallet and the environment.  

Home energy technology

Gierges touches on the three main challenges facing consumers in their daily lives that Schneider aims to address: the climate crisis, the significant increase in energy prices and the impact this has on the consumer.

“[The] climate crisis is real. It affects the pattern of our daily lives. It also affects the reliability and stability of the grid,” says Gierges, adding that energy prices are at a record high. "What does it mean for the daily homeowner user, whether it's your owner or a tenant? It means that you have unreliable power. You have a very expensive source of energy.”

The climate crisis is severely affecting our way of life. From extreme cold to heatwaves and wildfires, higher energy consumption and more expensive utility bills are the result. According to a study from Bank of America, the average total utility payments per customer was nearly $300 as of March 2024, a nearly one-quarter rise in cost since 2019. 

Furthermore, according to Gierges, homes represent 22% of all global greenhouse gas emissions, with all buildings representing around 40% of emissions. And these greenhouse gases are one of the main causes of the climate crisis.  

“This is where Schneider and my business comes into play because we can help you solve all those three challenges,” says Gierges. “Imagine [that] you live in a home where you have a prosumer (a mix between a producer and a consumer). . . . You have your energy, your solar panel on top of your home, you have a battery and an inverter, and you are driving an electrical vehicle. You have our final distribution and our home energy management system running all this for you.”

Such energy management helps you understand your overall energy consumption and be more intentional with how you use energy, which can significantly lower your energy bills. It lets you know the best time to charge your car, for example, or the best temperature to set your heater or cooler. And all this can be controlled within an app. You can click on, say, "reduce my bill" or "use more sustainable energy sources," and it will be done for you. In this way, a home energy management system can keep your home comfortable while helping manage your production and consumption of energy sustainably. 

Home energy and sustainability

In addition to Schneider, companies providing home energy management systems include Generac and Tesla. As the price of residential battery storage declines, these systems will enjoy greater uptake. For now, they are most popular in states with extreme weather or high electricity prices, particularly in California, Texas and Florida. California has an incentive program through 2024. Texas and Florida do not have state-level incentives, but some utilities offer extra benefits to customers who install solar systems with battery storage. 

These systems may save you money and are guaranteed to reduce greenhouse gas emissions. The less energy you use, the less emissions you’re producing. Here are several other home changes you can make, according to the EPA, to reduce greenhouse gases and save money. 

• Change your lights: By replacing your five most frequently used light fixtures or bulbs with ENERGY STAR  lightbulbs, you can save up to $70 a year on energy bills, as these bulbs generate 75% less heat, use about 75% less energy and last from 10 to 50 times longer.
• Purchase ENERGY Star appliances: These appliances can reduce greenhouse gas emissions by around 130,000 pounds, saving you $11,000 on energy bills.
• Heat and cool your home properly: Replace old equipment, change your air filters regularly and use the right thermostat settings (or use a smart thermostat) to reduce emissions and save money.
• Insulate your home: Caulk, weather stripping and insulation can be used to seal your home and keep the cold air in and the warm air out (or vice-versa). 
• Use water efficiently: Change your habits and update appliances to avoid wasting water. For example, take shorter showers, turn the faucet off when brushing your teeth and only run your dishwasher when full. Fix all leaky appliances or replace them with WaterSense products.
• Compost: Both food scraps and yard waste make up 20% to 30% of what is thrown away. Instead of sending this garbage to a landfill, compost it instead.
• Calculate your carbon footprint: Using a carbon footprint calculator can help you gain a better understanding of how much greenhouse gas emissions you are causing.

Gierges tells Kiplinger that cost savings go hand-in-hand with decarbonization. Whatever reason you choose, “you still come to the same solution and you still come to the same result. You call it sustainability, you call it savings, you call it energy independence. It's still all the same, right? You want energy independence. You want to save money for the average consumer and the average citizen. Then sustainability is also the solution.”

Also, check out Kiplinger's list of home energy savings articles for additional ways you can save:

• Save Big by Going Green at Home
• Electric Heaters vs Radiators
• Electric vs Gas Heat: Which Is Cheaper?
• Fan Heaters vs Oil Heaters
• Dishwasher vs Hand Washing

Related Content

• 10 Energy-Efficient Moves to Do in a Weekend
• How to Find the Best Energy Stocks
• Save More with Tax Credits for Energy-Efficient Home Improvements
  

Homebuyers on a budget are more likely to make their home owning dreams a reality in several cities across the U.S., according to a new study from insurance broker Insurify. 

In 2024 homes became increasingly more difficult to afford, especially for first-time buyers, due to high mortgage rates and real estate prices, along with low housing stock. In the first half of 2020, thanks to the pandemic, the difference in mortgage refinancing savings between high and low-income borrowers increased by 10. And as of January 2025, the median U.S. home selling price was $418,489, up 7% compared to the previous year, reports Redfin. The number of homes for sale increased by 2.5%.

"Low mortgage rates in 2020 and 2021 allowed a lot of people to stretch their budgets and buy slightly more expensive homes," Cassie Sheets, Data Journalist at Insurify tells Kiplinger. “But people who didn’t get in when rates were low have more limited choices. This is causing further wealth disparity.” 

In order to help homebuyers bridge this gap, Insurify has determined the most affordable and desirable cities that a median household income of $75,000 (the average as of 2022) could afford.

Best affordable cities for homebuyers on a budget

In order to determine the 10 best cities for homebuyers with a household income of $75,000, Insurify compared several factors — housing costs, broader cost of living, increases in home values, population growth, crime rates, and unemployment rates. Housing costs were based on a 5.5% interest rate and a 20% down payment in order to eliminate the variable of private mortgage insurance (PMI). 

The study also followed the “30% rule” which instructs individuals to spend no more than 30% of their gross income on housing. Therefore, a household earning $75,000 annually should spend at most $1,865 a month on housing costs. As such, Insurify only considered metro areas with average monthly housing costs below this amount. 

These are the best cities to buy affordable homes with a $75,000 income in 2024.

1. Champaign, Illinois

Monthly housing costs: $1,422

Median home value: $196,732

Average annual home insurance rate: $1,753

2. Peoria, Illinois

Monthly housing costs: $1,090

Median home value: $141,649

Average annual home insurance rate: $1,753

3. Detroit, Michigan

Monthly housing costs: $1,697

Median home value: $240,338

Average annual home insurance rate: $3,060

4. Mansfield, Ohio

Monthly housing costs: $1,075

Median home value: $166,899

Average annual home insurance rate: $1,192

5. El Paso, Texas

Monthly housing costs: $1,527

Median home value: $210,010

Average annual home insurance rate: $1,976

6. Duluth, Minnesota

Monthly housing costs: $1,468

Median home value: $229,846

Average annual home insurance rate: $1,989

7. Bangor, Maine

Monthly housing costs: $1,495

Median home value: $250,233

Average annual home insurance rate: $1,208

8. Lansing, Michigan

Monthly housing costs: $1,457

Median home value: $216,402

Average annual home insurance rate: $1,671

9. Rochester, New York

Monthly housing costs: $1,728

Median home value: $235,391

Average annual home insurance rate: $1,942

10. Syracuse, New York

Monthly housing costs: $1,597

Median home value: $215,724

Average annual home insurance rate: $1,942

Overall, if you’re looking for affordable housing, look at small-to-midsize Midwestern cities, where individuals can get the most for their money. Many of these cities have undergone revitalization projects and have plans for future development.

“Small-to-midsize cities offer more opportunities for homeownership on a median household income. The houses are more affordable, home insurance is cheaper, and many have seen some downtown revitalization,” says Sheets. "First-time homebuyers can contribute to these community improvements and can benefit from their home values rising as a result." 

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To help you understand what we expect to happen when it comes to energy and home heating trends, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest…

As winter nears, it looks like most heating fuels should be a bit cheaper at the start of the season than they were a year ago, when the supply issues resulting from Russia’s attack on Ukraine caused significant spikes in energy prices.

Supplies of natural gas should be abundant when the weather turns cold, which is good news since roughly half of U.S. homes are heated with gas. Gas stockpiles are modestly higher than normal for this time of year. Autumn temperature outlooks suggest milder-than-normal weather across much of the country. If that comes to pass, gas supplies should build up further, helping to hold prices down for most consumers. On average, gas users paid about 17% less for natural gas in August than they did a year earlier. 

The story is similar for propane. With ample supplies in storage, a mild autumn would let those stocks build up further before they are drawn down during winter. Spot propane prices are down about 25% from this time a year ago, so retail users should see at least a bit of a break this fall, relative to the prices they paid last fall. 

Heating oil supplies aren’t so robust. Prices are down from a year ago. But, they’re on the rise, driven by a run-up in chemically similar diesel fuel. A cold winter and continued tightness in diesel supplies could cause a sizable jump in heating oil.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Forking out thousands of dollars each year for home insurance can be annoying. That's especially true if you've been claim-free for years but are still watching your home insurance costs surge year after year. So it's not surprising that more and more homeowners are asking if they really need it anyway.

The short answer is yes, if you're still paying a mortgage. But even if you don't need home insurance to keep your mortgage lender happy, it's still usually a good idea to keep it.

Here's what you need to know about the legal requirements regarding home insurance and what your finances would need to look like for you to consider canceling it.

Is home insurance required?

There is no state with laws mandating homeowners buy home insurance. However, if you're still paying a mortgage, your lender most likely requires you to maintain coverage for the life of the loan.

Some may even require you to buy additional coverage, like flood insurance, depending on the unique risks in your area. This is your lender's way of protecting their investment against the risk of a total loss.

If you live in a condo or co-op, your board might also require you to keep paying for home insurance even if your mortgage is paid off. Keeping each individual home insured helps protect the entire complex in the event of a disaster.

Just because you might be required to keep home insurance for now doesn't mean you need to accept whatever rates your current insurer is charging. See how your home insurance compares to others using the tool below, powered by Bankrate:

With that said, if your home is paid off and you're not living in a shared complex of any kind, you aren't legally required to keep paying for home insurance. But if you're considering dropping it to save a few thousand per year in premiums, it's important to consider the decision carefully.

Can you afford to cancel your home insurance?

If you've paid off your mortgage or you're a few years away from doing so, you might be wondering whether it's worth canceling home insurance altogether and just paying for damages yourself.

For the majority of homeowners, the math simply does not add up. But if you're curious about what it would take, here are some numbers to help figure out whether you're in a financial position to stop paying for home insurance.

As a rough starting point, you should have 200% of your home's current value set aside in savings if you want to self-insure your home. This is about how much home insurance would pay out in a total loss, according to the Insurance Information Institute.

It's important to note that this lump sum of cash should be separate from any retirement savings, emergency fund or other money. Otherwise, a total loss could end up derailing your other financial goals.

You should also consider how easy it would be for you to save that sum up again if disaster strikes and you're forced to spend it on rebuilding or relocating.

Even if you could set that much money aside, the amount you'd save by dropping home insurance might not be worth it.

The national average cost of home insurance is $2,424 per year for $300,000 in dwelling coverage, according to Bankrate. At that rate, you'd need to skip paying for home insurance for over 123 years to save the $300,000 you'd have gotten in a total loss payout.

Even after factoring in the annual rate hikes, you're still probably looking at decades before the savings make it worthwhile – and that's assuming you never experience any claim-worthy damage to your home over those decades.

In the meantime, you're locking up hundreds of thousands of dollars of your money in a savings account in case of emergency rather than putting it toward something more worthwhile. If you kept paying for home insurance, for example, you could throw that cash into an investment portfolio or a jumbo CD where it could be earning interest for you.

Even if your retirement is fully funded and you don't need that cash to work for you, it might be better to enjoy your generous nest egg rather than stashing it away for the sake of saving a couple of thousand dollars per year.

Instead of canceling it altogether, consider switching home insurance or adjusting your coverage to cut your home insurance costs without exposing yourself to too much risk.

Canceling your home insurance probably isn't worth it

If there's no mortgage lender or condo board demanding you keep paying those premiums, you technically don't need home insurance. But the amount of cash you would have to set aside to protect your home from disaster if you canceled your insurance is probably better spent elsewhere.

That's even more true when you consider how many years of saved premiums it would take to even make up the coverage limit in your policy.

Instead of self-insuring, consider other options like boosting your deductible or excluding certain perils, like opting out of earthquake insurance or other extra coverage. Moves like this can lead to substantial savings on home insurance without leaving you completely exposed to every risk your home faces.

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This article only reviews the Rocket Signature Credit Card. We may get compensation if you visit partner links on our site. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our website. However, our selection of products is made independently of our relationship to advertisers. 

Rewards checked as of July 26, 2023 

Rocket Signature Credit Card was launched by Rocket Company, parent of Rocket Mortgage, to help you get closer to your dream of owning a home or paying off your mortgage. Paying for everyday expenses with the card will rack up points you can convert into cash rewards.

"Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country," said Haroon Mokhtarzada, co-founder and CEO of Rocket Money. 

What do cardholders get? 

Rocket Visa Signature Card offers many ways to increase your cash flow. For starters, Rocket offers a $200 balance credit if you spend $3,000 in the first 90 days after your account is opened. And if you have a Rocket mortgage—the $95 annual fee is waived. 

You will earn 5 points for every $1 spent. Points are redeemable towards a new Rocket mortgage transaction, additional principal payment toward an existing Rocket mortgage, or a statement credit. You get more bang per point when you redeem points to pay off costs related to a Rocket mortgage, as the example below demonstrates.

Redeeming Rocket points:

You spend $5,000 on your Signature Card and you now have 25,000 points as your Rocket Rewards balance.

You can redeem those 25,000 points for either:

•  $250 towards Closing Costs, including Down Payment (5% Cash back value) 
•  $100 towards Rocket Mortgage Principal (2% cash back value) 
•  $62.50 Statement Credit (1.25% cash back value) 

Perks. You receive free access to the services offered by Rocket Money, including bill negotiation and subscription management. When using your card for purchases, you may be eligible for extended warranty protections up to a year, receive up to $10,000 coverage for eligible stolen items through its “Porch Piracy Protection” and when you pay your wireless bill each month, you get up to $750 of cell phone protection coverage for theft and damage.  

How the Rocket Visa Signature card helps homebuyers 

Touted as “the card made for homeownership,” exactly how does this card get you closer to closing on a home? For fledgling homebuyers, the card offers the opportunity to get 5% cashback — up to $8,000 — to use toward a down payment and closing costs. There’s more good news. Homebuyers can combine their Rocket Rewards and Rocket Signature Card points

You may use an additional $2,000 in engagement points earned from the Rocket Reward program. Rocket Rewards is a free loyalty program where consumers can accrue points. That’s a total of $10,000 to defray your home buying costs.

How the points are applied. The value of the card points can be redeemed towards a new Rocket Mortgage transaction and are recorded as a credit to your closing statement. This option is not available in conjunction with non-Rocket mortgages or Charles Schwab partner loans.  

How the Rocket Visa Signature card helps homeowners 

Homeowners holding a Rocket mortgage can get help paying off the principal of their home loan. When you redeem your Rocket Rewards points for loan balance credit, it’s applied directly to your mortgage loan balance, also called a principal balance. While this won’t reduce the amount you owe for your monthly mortgage payment, it helps you pay off your loan faster and pay less in interest over the life of the loan.

Your points can only be used toward an additional principal payment on an existing retail Rocket Mortgage loan. You can not use the points for third party originated loans, Charles Schwab partner loans or if the servicing of your Rocket loan is sold to another party.

Do you need a Rocket Mortgage to apply for the card? 

Anyone can apply for the credit card and take advantage of most of the perks. You have access to various benefits including phone damage, delivery protection as well as extended warranties on qualifying purchases. 

All cardholders receive a premium subscription to Rocket Money so they can manage all recurring payments and subscriptions in one place. The Rocket Money app can identify recurring expenses, notify you about upcoming bills and can cancel subscriptions with the push of a button. 

You still earn points that are redeemable for a statement credit. But as the example above illustrates, the best redemption rates go to Rocket mortgage holders.

Bottom line 

The benefits of having extra money to go toward buying a home or saving on interest by paying off a loan early are pretty obvious. The Rocket Visa Signature Card is focused on helping people with their down payment and paying off their mortgage faster. 

If you already use credit cards to pay regular bills and expenses and are looking to buy a home, this card may give you that extra monetary boost you need to close the deal. Otherwise, the benefit of earning points doesn’t pack the same punch. Users of Rocket Money may see an upside to a free premium subscription. But, if you do not have or have no interest in obtaining a Rocket mortgage, it’s just another credit card with rewards.  

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Consumers would save a total of $11.4 billion annually on water and energy bills under the Department of Energy’s (DOE) newly proposed energy efficiency standards for water heaters.

The standards, which are mandated by Congress, would require replacing common-sized traditional electric resistance storage water heaters with heat pump technology and gas-fired instantaneous water heaters to achieve efficiency gains through condensing technology. The standards are expected to reduce 501 million metric tons of carbon dioxide emissions cumulatively over 30 years, the agency said.

Over the life of an appliance, the new heaters would save a consumer an average of $1,868, the DOE said. The savings would be even higher for renters and low-income households who spend a higher percentage of their income on utility bills, it added. As Kiplinger recently reported, high utility bills have forced some households to scale back on other expenses.

Water heating is responsible for roughly 13% of both annual residential energy use and consumer utility costs, said the DOE, which last updated residential water heater efficiency standards in 2010. If this proposal is adopted, the new rule would apply to new water heater models starting in 2029.

So far this year, the DOE has issued proposed or final efficiency standards for 18 product categories, including this one. Separate standards would raise the minimum efficiency levels for gas-fired storage water heaters, gas-fired instantaneous water heaters, and oil-fired storage water heaters based on technology improvements for those products.

“Today’s actions, together with our industry partners and stakeholders, improve outdated efficiency standards for common household appliances, which is essential to slashing utility bills for American families and cutting harmful carbon emissions,” Energy Secretary Jennifer M. Granholm said in a statement.

Under various incentives in the Inflation Reduction Act, signed into law last year, homeowners can look to make green home improvements and save money on utility bills, as Kiplinger previously reported.

Homeowners and renters can visit the DOE website for energy-related tips and incentive programs aimed at cutting costs.

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Homebuyers are gaining leverage again. Sellers gave concessions to buyers in 44.4% of U.S. home-sale transactions in the first quarter of 2025, according to Redfin. That’s up from 39.3% a year earlier and just shy of the 45.1% record high set at the start of 2023.

With mortgage rates remaining high, more sellers are sweetening the deal. The average 30-year fixed mortgage rate sits at 6.27%, down just 0.17 percentage points from a year ago, according to Freddie Mac. As a result, sellers are offering incentives such as covering buyers' closing costs, paying for home repairs, or buying down mortgage rates to make monthly payments more affordable.

Even with these shifting dynamics, many buyers don’t realize just how much room they have to negotiate. “Many times, home buyers aren’t aware that they can negotiate for things other than a home’s sale price,” says Jason Gelios, a real estate agent at Community Choice Realty in southeast Michigan.

Here are five things home buyers can negotiate in addition to home prices.

Mortgage rate and lender fees

Around seven out of 10 prospective buyers said in a 2023 survey conducted by John Burns Research and Consulting that they’re waiting for mortgage rates to drop below 5.5% before they purchase a home. According to Freddie Mac, as of May 2, 2024, the 30-year fixed-rate average has increased for the fifth consecutive week, reaching 7.22%.

However, mortgage rates aren’t set in stone. “Buyers tend to let the lender set the rate, but the interest rate is often negotiable because lenders want their business,” says Gelios. That’s especially true in today’s market, where lenders are competing for a limited number of buyers.

It’s also a good idea to shop around. Nearly half of borrowers that compared rate offers said the first quote they received was not the lowest mortgage rate, a May 2022 LendingTree survey found. That mirrors a study by Freddie Mac, which determined that buyers who obtained two rate quotes during October and November 2022 could have saved as much as $600 annually, while buyers who obtained at least four rate quotes could have saved more than $1,200 annually.

Use our tool below, powered by Bankrate, to compare mortgage rates today.

Some lender fees are also negotiable, says Brendon DeSimone, a real estate broker at Houlihan Lawrence in Bedford, New York. “Sometimes there are ‘processing fees’ that are basically junk fees,” he says. Loan origination and application fees are up for negotiation, too, per Gelios. (The average origination fee is between 0.5% and 1% of the loan amount, according to Rocket Mortgage.)

When making an offer on a house, see if the seller is willing to pay for a “buydown,” a one-time fee at closing that would lower your mortgage rate, either for the full duration of your loan or for a few years.

Home repairs

Don’t want to buy a house that turns into a money pit? Include a home inspection contingency in your offer.

This contingency gives you the right to have the property inspected by a professional. Based on the results, you can either back out of the deal or ask the seller to make certain repairs.

Gelios advises you to keep your eye on the end goal. “Focus on major issues when asking for repairs,” he says. “A leak in the roof or a busted water heater are important to fix.” Don’t harp on cosmetic flaws. “A missing light bulb or a broken latch on a window are things that you can do yourself without the seller’s help,” per Gelios.

If the seller pushes back, see if they’d be willing to offer you a credit at closing to offset some of the repair costs.

Seller-paid closing costs

Closing costs are fees paid at settlement to third parties that facilitated the sale. Usually, the buyer pays the lion’s share — typically around 2% to 6% of a home's sale price. But a growing number of sellers are offering to cover a portion of the buyer’s closing costs.

These seller-paid closing costs can make a home purchase significantly more affordable. Make sure to negotiate them upfront so that they can be woven into the purchase agreement.

Fixtures

A real estate fixture is any object that’s permanently attached to a property. “The general rule is if you turned a house upside down, whatever sticks to the house is supposed to stay with the property,” Gelios explains. For example, built-in bookshelves, ceiling fans, and window treatments are typically seen as fixtures included with a home.

Some fixtures, however, are up for negotiation. These could include things like refrigerators, washer and dryer sets, chandeliers, outdoor furniture and playground sets.

“Your purchase agreement should state all of the specific fixtures that you want to stay,” Gelios recommends. To protect his buyers, Gelios typically writes in offers, “All appliances and fixtures, as shown, convey with the property.”

Home warranties

If you’re buying an older home, a home warranty can provide some financial protection and peace of mind.

A home warranty covers the cost of repairing or replacing certain home appliances when they break, such as refrigerators, dishwashers, ovens, water heaters, and heating and cooling systems — though coverage can vary, depending on the policy.

A home warranty typically costs $360 to $900 a year, according to a 2024 MarketWatch study of 39 providers. For many sellers, that’s a drop in the bucket, so see if the seller will pay for a one-year warranty. “Sellers can provide it as a credit at closing if the buyer wants to choose the home warranty company,” says Gelios. “It’s a good, low-cost way for sellers to seal the deal.”

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It's been a brutal stretch for U.S. homeowners' utility bills. According to the U.S. Energy Information Administration (EIA), electricity prices are lingering close to the two-decade high of 16.31 cents per kilowatt hour set in September 2022. EIA also reports that natural gas prices set a February record high of $15.20 per thousand cubic feet in 2023, after reaching an all-time record $25.52 in August 2022. 

When you take inflation among other staple goods into account, it all adds up to a hefty burden on Americans' budgets. Some are taking drastic measures to save money, even switching up their housing at a time of high mortgage rates and home prices.

Utility bills cause Americans to scale back expenses

A new survey of 1,000 Americans conducted by utility provider Payless Power reveals the variety of ways consumers are cutting back on expenses in the face of higher utility bills. Seventy-seven percent of respondents have seen their utility costs rise in the past year. The Northeast in particular stood out with a consumer price index increase of nearly 5% on non-food and non-energy items in the past year (compared to just over 2% for the rest of the U.S.).

In 2022, the average cost of electricity increased more than 15%, which helps explain why 76% of respondents reported higher electric bills. The next three most common increases occurred in gas (55%), water and sewage (53%), and internet (32%).

A majority of respondents have taken somewhat lighter steps to reduce their non-utility expenses in the past year:

• 62% cut back on their entertainment budgets
• 45% cut back on grocery purchases
• 38% cut back on personal care

However, many respondents resorted to more drastic steps:

• 36% cut back on child care
• 28% cut back on health care
• 20% reduced their insurance coverage
• 19% downsized their homes
• 17% cut back on debt payments

Among all nationwide survey respondents, fully 91% cut back on other expenses to accommodate rising utility prices. 

How to cut utility bills without ditching your  home

There's no reason you should have to downsize your home or skip medical treatment before exploring all your utility bill cost-cutting options first. Explore these selections from our savings tips archives: 

Shop around for streaming deals

The streaming giants are constantly competing with each other as they scramble to keep subscribers in the fold. Netflix, Disney Plus, Hulu, HBO Max, and Paramount Plus all offer various pricing tiers, including affordable ad-supported plans. And then there's Amazon Prime Video, which is probably the best streaming deal on the market, at the cost of free with Amazon Prime. Check the latest prices streaming prices below:

Lower electricity costs

Up to 70% of survey respondents found the most low-hanging fruit for cutting electricity bills: turning off lights and unplugging electronics when not in use. You can also invest in energy-efficient appliances like mini-split HVAC units and washing machines, which save money throughout their constant usage.

Lower your heating costs

To cut electricity and natural gas bills in the colder months, spot heat only the rooms you use, rather than running your whole system. Keep your thermostat setting at 68 degrees for the majority of each winter day. Consider getting a home energy audit to find fixes that optimize efficiency and comfort, like caulking, weather stripping, insulation, and air filter changes.

Energy efficiency tax credits

Major energy-efficiency renovations like new windows, doors, water heaters, furnaces, air conditioners, and the like can unlock significant utility bill savings over time. But they can be pricey up front. To that effect, homeowners can now access raft of useful energy efficiency home improvement tax credits from the Inflation Reduction Act (IRA) of 2022. 

The IRA lets you deduct 30% of the cost to install solar, wind, geothermal, biomass or fuel cell power to produce electricity, heat water or regulate the temperature in your home. It also lets you write off the following amounts:

• $150 for home energy audits;
• $250 for an exterior door ($500 total for all exterior doors);
• $600 for exterior windows and skylights; central air conditioners; electric panels and certain related equipment; natural gas, propane, or oil water heaters; natural gas, propane, or oil furnaces or hot water boilers; and
• $2,000 for electric or natural gas heat pump water heaters, electric or natural gas heat pumps, and biomass stoves and boilers

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Summer is here, and it’s shaping up to be a scorcher.

According to the Farmers’ Almanac’s summer 2026 forecast, most regions in the United States can expect the hottest temperatures in recorded history. The Almanac predicts a warm, hot, and muggy summer for most of the nation, except the Upper Midwest and Heartland, where more seasonable summer temperatures are expected.

The Southwest and Pacific Northwest are expected to see dry conditions for most of the summer. New England and most areas east of the Mississippi River are on track to have yet another wet summer. Thunderstorms are predicted to be plentiful in the Great Lakes and Midwest region.

To keep your home comfortable and protected during this extreme weather, now’s the time to tackle a few smart summer prep projects. The following are a few ways to stay cool.

1. Tune up your HVAC system

An inefficient HVAC (heating, ventilation, and air conditioning) system can drive up summer cooling costs. If you haven't serviced your HVAC system, hiring a professional HVAC technician to give your system a tune-up before summer begins ensures it will run smoothly during the hot months.

According to Angi data, a tune-up costs an average of $250 — less than half of the cost of the average HVAC repair bill.

2. Change HVAC air filters

A clean HVAC filter can reduce allergens in your home and help your system run more efficiently. For best results, change the filter at least once every three months — or more often if you have pets, allergies or live in a dusty area.

Buying a box of replacement filters in advance can make it easier to stay on schedule. Most homeowners can learn to change the filter themselves in just a few minutes, saving time and money compared to calling in a pro.

3. Rotate ceiling fans counterclockwise

When used properly, a ceiling fan can help keep a room cool. In the summer, you should set your ceiling fans to rotate counterclockwise. “This will help circulate cool air and push it down into your room, creating a cooling effect throughout,” Kate McKenna, a senior editor at home improvement site The Spruce, tells Kiplinger.

4. Plug air leaks

A poorly insulated house can jack up your utility bill, but you can combat it with a combination of air sealing and proper insulation. Check your home’s attic, windows and exterior doors for gaps, and seal them before the summer months to help keep cooled air inside your home.

Bonus: Adding insulation also means you’ll save money in the winter by keeping warm air inside. Homeowners can save an average of 15% on heating and cooling costs by air sealing their homes and adding insulation in their attic, floors over crawl spaces and basements, the EPA estimates.

5. Program your lawn sprinkler system

Your lawn may need extra hydration to stay healthy during long, hot summer days. Make sure your sprinkler system is working efficiently. Check for proper coverage, water pressure and any signs of leaks or misaligned heads.

Many homeowners tend to overwater, which can lead to wasted water and shallow root growth. To conserve water and help your lawn absorb moisture more effectively, run your sprinklers early in the morning or in the evening when temperatures are cooler and evaporation is lower.

6. Aerate your lawn

Aeration entails making small holes in your yard to allow for better water penetration, helping the soil breathe and soak up nutrients.

You can do it yourself by renting a core aerator from a local home improvement store, or hire a professional aeration service. Depending on the size of your lawn, aeration typically costs from $75 to $205, according to Angi data.

7. Deep clean your outdoor grill

Cookouts are synonymous with summer, so make sure your grill is ready for barbecuing. If you have a gas grill, first scrub the grates with a grill brush, then soak them in a mixture of 2 cups of vinegar and 1 cup of baking soda.

Dust off any cobwebs from your grill, which can cause a flare-up if they ignite, and clean the outside of the lid and bowl with soap and water.

Cleaning methods can vary based on the type of grill you own. Home Depot provides step-by-step cleaning guides for gas, charcoal and pellet grills. If you’ve recently purchased a flat top grill, cleaning it requires a slightly different approach, check out this video for a step-by-step guide:

8. Clear out gutters

Heavy rainfall can spell disaster if your gutters are clogged. Clearing out dirt and debris can help prevent water backups.

While some homeowners choose to clean their gutters themselves, the job can be risky without the right tools or experience, especially on multi-story homes. Improper cleaning can also damage your gutters or roof. Hiring a professional is often the safest option.

A professional gutter cleaning costs from $119 to $234, on average, HomeAdvisor reports. (Gutter cleaning for two- and three-story structures tends to cost more than single-story homes.)

9. Keep indoor humidity in check

Generally, your home’s indoor humidity level should stay around 40% to 50% in the summer. Humidity levels of 60% or higher can lead to mold, mildew and dust mites, according to the EPA.

You can monitor your home’s humidity with a simple hygrometer. Signs of excess moisture include musty odors, foggy windows or mold spots. If needed, a dehumidifier can help draw excess moisture from the air. Just be sure to choose the right size for your space to get the best results.

10. Consider getting flood insurance

Floods can happen anywhere; more than 25% of flood insurance claims are filed by people who live outside high-risk flood areas, according to FEMA. However, flooding isn’t covered by most standard home insurance policies.

You can purchase flood insurance coverage through the National Flood Insurance Program (NFIP). Nationally, the average annual flood insurance premium is $947, according to NerdWallet; rates for homes in areas with low-to-moderate risk of floods typically cost $628 per year. That's a worthwhile investment when you consider that flood damage can be expensive to repair, even from a relatively small amount of water. Just one inch of water in a home can cause thousands of dollars in damage

Use the tool below, powered by Bankrate, to compare some of today's top home insurance offers:

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No Mow May is an easy life hack that can save you money and deliver a host of side benefits. It’s as simple as mowing your lawn less frequently or not all during the month of May. This pause allows wildflowers time to bloom, serving up a nectar-rich buffet for bees, butterflies and other pollinators. Without this help, many such insects will emerge in the spring with little food to sustain them. 

In turn, you can save money and time by reducing your mower’s gas or electricity use, or by skipping the mowing service. Depending on where you live, you may also save on fertilizer, water and other lawn treatments. 

How No Mow May can help you save money 

You can participate in three ways: stop mowing just a section of your lawn, mow less frequently, or stop mowing your entire lawn altogether. All three will help pollinators and use less of your time and resources. 

According to Home Advisor, the average cost of basic lawn mowing service is between $30 and $80 per visit. So, if you pay for lawn maintenance once a week in the spring, you may save between $120 and $320 by participating in No Mow May. 

White clover is one of the most common wildflowers that will likely benefit from a mowing respite. Rather than fighting it with pesticides and other measures, pause your mowing so that it flowers and spreads throughout your lawn. As a member of the legume family, white clover improves soil health by fixing nitrogen in the soil, making nearby grass healthier and greener. Let the clover have its way and you can often ditch expensive and polluting lawn pesticides and fertilizers. 

 How No Mow May can benefit people 

If you are of a certain age, you may remember riding in the car on summer nights, bugs splattered against the windshield. Those days are gone. Now, habitat loss and other stressors are driving a profound deterioration of insect and pollinator health; a 2019 study estimated that as many as one in three insect species is in danger of extinction. 

That spells trouble for humans, as we rely on insects for pollination of many varieties fruits and vegetables. In the garden, fewer insects mean less food for birds and other predators. 

Healthy ecosystems, even in our yards, make for better human health. One study found that a greater diversity of bird species in urban and suburban yards protected nearby people from West Nile Virus. And having a rich array of bird and plant species is good for our mental health.  

Talk to your neighbors

Before you store your mower for the month, consider your neighbors. If your property is under strict Homeowners Association rules, review guidance on lawn and yard maintenance. If any of your immediate neighbors has a bee allergy, you may need to keep up with mowing for their safety. 

Bee City USA, the organization that launched No Mow May, has toolkits and other resources to get you on your way. 

Community solar is a growing way to save money with solar energy, shaving between 5% and 15% off your electric bill without owning or leasing a rooftop system. You can reap savings even if you have a shaded roof or are a renter.  

How community solar works

Private energy companies build large “farms” of solar panels that provide renewable energy to the electricity grid. These farms take advantage of the plummeting cost of solar power and economies of scale, usually generating electricity more cheaply than an electric utility. You can then purchase shares of one of these community solar projects, and the savings are passed on to you through your local utility. 

Also sometimes called “shared solar” or “solar gardens,” community solar projects add capacity to your local electric utility, but are privately owned. Aside from the cost savings, community solar is an efficient way to help your region reduce fossil fuel emissions and improve air quality.

How to sign up to save money with solar energy 

Not all states or utilities allow community solar. To find out if there are projects open to subscribers near you, go to https://communitysolar.energysage.com and enter your zip code. You’ll see available projects, estimated cost savings and cancellation terms. Some projects even offer sign-up bonuses. Your savings may be lower in the winter and higher in the summer.

If there are no projects available for customers in your zip code, you can sign up to be notified when a project launches near you.

Before signing a project contract, make sure you understand the terms. Compare the subscription fee (if any), estimated savings, cancellation terms, project location and payment model. If you think you may be moving soon, be sure to ask about the portability of your contract. And some projects won't save you money, so be sure to compare your last electricity bill with the rates offered by the project.

Finally, do a little research to ensure the company you sign on to is reputable. Check the company's rating on the Better Business Bureau website. You can also see if the company has committed to higher levels of transparency, ethics and sustainability by checking if it has a B-Corp report.

Where is community solar available?

There are community solar projects in 41 states and the District of Columbia, according to the Solar Energy Industries Association (SEIA). States adding the most capacity in this way are New York, Massachusetts and Minnesota; in general, the 20 states that have the most capacity are those that have passed regulations supporting community solar. 

According to a 2022 report by Wood Mckenzie and SEIA, economies of scale and grants from the Inflation Reduction Act will double the community solar market by 2027.

Pros and cons of community solar

Community solar is not for everyone. If you own a home with abundant sun throughout the day, installing a rooftop solar panel system may save you far more on electricity bills than community solar ever could. Here are a few more considerations.

Pros:

• Projects are available to renters, people in shared buildings and institutions like houses of worship.
• There are no solar panels or systems on your own roof. Instead, you are renting part of a solar farm nearby.
• You may save between 5% and 15% on your monthly electricity bill, with some seasonal variations. Just be sure to read the terms carefully.
• Community solar creates local jobs and environmental benefits near your home.
• Many community solar farms are built on unused land, such as former landfills or parking lot roofs.
• Low-income households are often able to qualify for higher levels of savings, depending on the state and the project.

Cons:

• By buying a subscription to a community solar project, you miss out on considerable cost savings from federal and state incentives for rooftop solar power. Though you will likely still save money, it will be far less than if you own a solar system.
• Not all solar farm project developers focus on environmental benefit. In some cases, they may clear forest or farmland for projects. You should be able to review these details in the project description. 
• Community solar isn't an option everywhere in the U.S.

Becoming a homeowner has become increasingly more challenging, with the median monthly mortgage payment reaching an all-time high of $2,661 (at a 7.19% mortgage rate), according to Redfin.com. They also found the median sale price of a home to be $374,975. And sky-high mortgage rates have left both homebuyers and owners feeling increasingly pessimistic about the housing market outlook. 

So, if you're in the market for a mortgage or a refinance, it’s more important now than ever to ensure you can secure the lowest mortgage rate possible. One way you can find the best 30-Year mortgage rates is by prioritizing a good credit score.  

Credit score impact on mortgage rates 

Lenders take into account a variety of factors when determining the interest rate on your mortgage, including your down payment, desired loan term and the price of the property. However, the biggest factor determining your mortgage rate is your credit score. Most lenders will take into account your FICO score, which can range from 300 to 850, or from poor to exceptional credit. 

• 800 or higher: Exceptional
• 740-799: Very good
• 670-739: Good
• 580-669: Fair
• 579 or lower: Poor

To qualify for a mortgage loan, you’ll likely need a credit score of at least 620. However, having an even higher credit score can ease the financial burden of a mortgage, as it can help you score lower rates. And the knock-on benefits continue — securing a low mortgage rate can help lower your monthly payments substantially, as shown in this data from MyFICO. 

The chart shows how much you’d pay on current rates as of November 30, 2023, based on a 30-year fixed mortgage of $350,000.  

How much you can save

Based on data from the chart above, if you start with a credit score of 620-639, here’s how much you’d save over the course of your mortgage by boosting your credit score. 

• If your score changes to 640-659, you could save an extra $48,076
• If your score changes to 660-679, you could save an extra $85,292
• If your score changes to 680-699, you could save an extra $103,590
• If your score changes to 700-759, you could save an extra $118,608
• If your score changes to 760-850, you could save an extra $137,293

Use our tool to find a mortgage deal that's right for you.

How to improve your credit score

Your credit score matters to lenders as it shows them how likely you’ll be able to repay your loan. If you have a higher credit score, lenders won’t see you as a risky borrower. And while you can still get approved for a mortgage with a bad credit score, you won’t be able to secure the lowest rates possible. If you’re looking to save on your mortgage rates, try following these steps to boost your overall credit score before applying.  

Check your credit report: Before applying for a mortgage, get a copy of your credit report. You’ll be able to see a complete rundown of your credit history, helping you identify areas of your credit that are hurting your score, while also checking for any inaccuracies in the report. Having errors on your credit report is more common than you may think, so it’s important to get those fixed, by filing a dispute if any are found.

Make on-time payments: Payment history is the largest factor affecting your credit score, accounting for 35% of your total score. Because of this, it’s vital to always make payments on time, as missing payments can significantly decrease your score.

Pay off credit card balances: Credit utilization is the ratio between any debt you have compared to your total credit limit, and it makes up 30% of your overall credit score. Therefore, keeping your credit utilization ratio as low as possible can help you up your overall credit score. A good rule of thumb is to keep your credit utilization below 30%.   

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The Atlantic hurricane season is winding down, but the risks are far from over. So far, nine named storms have developed — four of them hurricanes, including three major systems with winds topping 115 mph. While the U.S. mainland has largely avoided catastrophic landfalls, experts warn that even late-season cyclones can unleash destructive winds, torrential rain and flooding. For longtime Florida resident Rich Franco, that’s reason enough to stay vigilant.

As a resident of storm-prone central Florida for close to 40 years, Rich Franco prepares for pretty much anything Mother Nature throws his way. He has two generators at the ready, one with 5,500 kilowatts of power and a second with 9,500.

He keeps important papers and family photos in plastic bins, and valuable artwork is earmarked for a protected closet, along with hard drives and his desktop. As for Franco’s lawn, it might not be flood-proofed, but it’s close, thanks to a drainage trench he dug in 2004 after four hurricanes hit the Sunshine State in just six weeks.

“It was one of the most depressing times of my life,” says Franco, who spent 10 days in a dark house without power as temperatures outside soared past 80 degrees. During the day, he picked up branches and drove around looking for ice; at night, he slept on his porch.

Franco, 74, says the experience was bad enough when he was 55, but today, it’s one he can’t imagine repeating.

“That stress, you don’t want it, especially as a senior. When you’re younger, you’re oblivious to the potential. You think if it’s bad, I’ll get out. By being prepared, instead of being 100% stressed, I’m 50% (to) 60% stressed."

How to prepare for a hurricane, wildfires or other natural disasters — a checklist

How do you get ready for a natural disaster? Prepare. Prepare. Prepare.

Whether it’s a hurricane, wildfire or flood, the key to staying safe is planning ahead. The best time to start is before the threat is near. Begin with a simple step-by-step plan you can build on over time.

Here are five ways to prepare early for any natural disaster:

• Arrange for a place to meet family, friends and pets.
• Know how you'll communicate, where you'll go and practice that escape plan.
• Put together a document with emergency contacts, a list of physicians, any special needs or limitations you have and insurance information.
• Pack a seven-day supply of medications and food, and seven days’ worth of cash.
• Prepare a “Go Bag” with important papers in waterproof containers, a flashlight, batteries, a first aid kit, canned foods and a can opener, a NOAA weather radio and water, among other items.

For more in-depth guidance, several trusted organizations offer detailed checklists and emergency planning tools to help you prepare for natural disasters and weather-related emergencies.

Here are a few of the most comprehensive resources available:

• AARP Weather Safety Checklist
• FEMA Disaster Supplies Checklist
• CDC Natural Disasters and Severe Weather Guides
• Red Cross Hurricane Supply List

Some places are more prone to specific types of calamities than others — wildfires in the West, and hurricanes on the Gulf Coast, for example. Here are some specific items that might be more relevant to note, depending on where you live:

How to prepare for wildfires

• Be sure you have the right number of smoke alarms for your house. Test them monthly, and replace the batteries annually.
• Make sure your roof has a Class A rating for fire resistance.
• Clear potentially flammable items from your lawn.
• Store flammable materials in safe containers away from the house.
• Use fire-resistant materials for repairs.
• To make your house more visible in smoke, turn on outside lights and leave a light on in every room.
• Wear an N95 mask to protect your lungs.

How to prepare for a hurricane

• Know the difference between a hurricane watch — typically announced 48 hours ahead of tropical-force winds — and a hurricane warning, which is more serious.
• Put outdoor furniture and lawn items into storage.
• Move your furniture and valuables to higher floors if possible.
• Fill plastic bottles, bathtubs and sinks with clean water.
• Fill your car’s gas tank.
• Clear rain gutters.
• Use storm shutters or nail pieces of plywood to outside window frames.
• Be ready to turn off your power.
• Stay away from windows.

How to prepare for tornadoes and twisters

• Remove heavy items stored on high shelves, and make sure any toxic substances are stored safely.
• Know the difference between a tornado watch — which means a tornado is possible — and a tornado warning — which means the twister is already underway or will be soon. Know your area’s warning sirens for each.
• Designate an area of your home as a shelter, preferably an underground or windowless room. Keep blankets handy to shield yourself.
• If you live in a mobile home, be sure you have a place to which you can evacuate.
• If you're in a car when a tornado is approaching, don't try to drive away. Get out of the vehicle and take shelter in a nearby building.
• If there isn’t time to get to a building, get out of the car and find a ditch or low area away from the vehicle.

Older Americans could be at particular risk, since they tend to retire to coastal areas that are vulnerable to flooding, and to the rural West, which is plagued by wildfires.

During 2018’s Camp Fire in California, the average age of the 85 people who died was 72. The victims of Hurricane Ian, which shredded many of Florida’s beachfront towns in 2022, were overwhelmingly 60 or older.

With more chronic illnesses and mobility issues, seniors can also find it more physically and emotionally challenging to evacuate ahead of or during an emergency. Many seniors live alone and worry about their safety, whether they choose to leave or stay behind, but feel they have little choice, given their health issues.

Yet, many retirees and non-retirees drag their feet when it comes to preparing for the worst.

Only 40% of adults ages 50 to 80 have spoken with family members or a friend about an evacuation plan, a little more than half have a seven-day supply of food and water, and fewer than half have signed up to receive local emergency news, according to the National Poll on Healthy Aging, from the University of Michigan.

Consider natural disaster insurance

It's important that you have homeowners insurance, and that you review your policy with your agent so you understand what is and isn't included.

Depending on where you live, consider separate or enhanced policies that cover different emergencies.

Flood and earthquake policies are always separate from standard homeowners' insurance. Learn more about flood insurance on FEMA's Floodsmart website, and the California Department of Insurance has more information on earthquake insurance.

You might be able to minimize claims and get a discount on your insurance if you make upgrades that improve your house’s defenses against disasters. If there are upgrades that will make your house safer, such as permanent storm shutters, make them as soon as possible.

For people who can’t afford policies with all the bells and whistles, there are a few strategies to bring down the cost, says Amy Bach, executive director of United Policyholders, an advocacy group that helps consumers settle homeowner-policy claims.

• Reduce your contents coverage, which insures personal items such as jewelry, art and computers.
• Trim coverage for structures you can live without, such as a covered garage or tool shed.
• Consider an “actual cash value” policy, rather than the standard “replacement cost” policy, if money is very tight, Bach says. In an actual cash value policy, an insurer covers only the depreciated value of your home or belongings. It’s far from optimum, warns Bach, though better than no policy at all.

Explore and compare some of today's top home insurance offers with the tool below, powered by Bankrate:

You might also want to brace yourself for negotiating with your insurer in the disaster’s aftermath. It's not uncommon for an insurance claims adjuster to say the cost to repair is X and your contractor says it's 3X, says Bach.

If that happens, start by trying to solve the issue yourself, she advises, noting that her organization will provide free guidance. Get an estimate in writing of the reasonable cost of repair from a professional, and use that to make your argument. Option two is to go to your state’s Department of Insurance, which will have a consumer division to assist you without a charge.

Alternatively, if you have the means, you can hire a professional to take over the fight. A reputable public adjuster will charge about 7% to 10% of what they recover, but will also know how to navigate the system.

Lawyers should be the choice of last resort, says Bach. “They don’t speak construction, and as soon as you hire one, the insurer will lawyer up, as well.”

Finally, for maximum peace of mind, invest in your community. Time and again, those with strong social connections fare better during disasters, regardless of age, income, or background.

If you’ve moved to a new area, especially in a high-risk region such as Florida, take the time to build relationships with your neighbors. In an emergency, those connections can make all the difference.

Note: This item first appeared in Kiplinger’s Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that’s right on the money.

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