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.

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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Tipping has always been part of everyday life, whether you're dining out, getting a haircut or ordering food delivery. But in recent years, you may have noticed that tip prompts seem to be appearing in more places than ever before.

At the same time, inflation has pushed up the cost of restaurant meals, personal services and other everyday expenses. That means even when you're leaving the same percentage tip you always have, the dollar amount is often higher simply because the bill is higher.

The result is that many people are taking a closer look at their tipping habits and wondering what's expected, what's optional and how to be generous without stretching their budget too thin. Some services still have well-established tipping norms, while in other situations, gratuities are entirely up to the customer. Understanding the difference can help you make confident decisions the next time you're faced with a payment screen asking for an extra 20% or more.

Here's a practical guide to who to tip, how much to tip and when it's perfectly reasonable to skip the extra charge.

The services where tipping is still expected

Today, customers are being asked to tip almost everywhere. Digital payment screens now appear at coffee shops, bakeries, food trucks, self-checkout counters and even some retail stores.

Shoppers and media outlets began using the term "tipflation" to describe the combination of rising prices, higher suggested gratuities and tip requests appearing in more everyday transactions. Meanwhile, workers in many service industries continue to rely on tips as a significant part of their income.

While tipping norms continue to evolve, there are several situations where gratuities remain an established part of compensation.

Places where tipping is optional

Not every tip prompt requires a tip. Many people encounter gratuity requests in situations where tipping was uncommon just a few years ago, including:

• Coffee shops
• Frozen yogurt shops
• Retail checkout counters
• Self-service kiosks
• Grab-and-go food counters
• Convenience stores

In these situations, tipping is usually optional rather than something customers are expected to do. That doesn't mean you should never tip.

If a barista remembers your order, prepares a complicated custom drink or provides exceptional service, leaving a dollar or two can be a thoughtful gesture. Likewise, if a worker goes above and beyond to help you, a small gratuity may be appropriate.

However, customers shouldn't feel obligated to leave 20% simply because a payment screen suggests it. If there is little or no personalized service involved, selecting "No Tip" or entering a smaller custom amount is perfectly reasonable.

Should you tip on the pre-tax amount or total bill?

Traditional etiquette suggests calculating tips based on the pre-tax subtotal rather than the final amount after sales tax. While many people tip on the total bill because it's easier, tipping on the subtotal avoids paying a gratuity on taxes as well.

In the example below, tipping 20% on the pre-tax bill results in a $16 tip, while tipping 20% on the total bill results in a $17.60 tip.

Restaurant bill:

• Food and drinks: $80
• Sales tax: $8
• Total bill: $88

The difference isn't enormous on one meal, but it can add up over time.

Either method is acceptable, but tipping on the pre-tax subtotal aligns with traditional etiquette guidelines.

How inflation changes the math

One reason tipping feels more expensive today is that menu prices and service costs have increased significantly. Consider a restaurant meal that cost $50 in 2020. A 20% tip would have been $10.

Now imagine that same meal costs $70 in 2026 due to higher food, labor and operating costs. A 20% tip jumps to $14. The tipping percentage hasn't changed, but you're spending 40% more because the underlying bill is higher.

That's one reason many diners feel stretched. They're paying more for the meal itself and more for the gratuity attached to it.

Inflation and higher suggested tip percentages have combined to create what many describe as tipping fatigue. At the same time, workers are also facing higher living costs, creating tension on both sides of the transaction.

What to do when the payment screen starts at 25%

Many modern payment systems now display suggested tip options of 20%, 25% or even 30%. Seeing those numbers can make consumers feel pressured to spend more than they planned.

The good news is that you almost always have another option.

Most digital payment systems include a "Custom Tip" button that allows you to enter your own amount. If your personal standard is 15% or 18%, you can simply select a custom gratuity instead of choosing the suggested options.

A quick way to estimate a tip:

• 10% = move the decimal one place left
• 20% = double the 10% amount
• 15% = calculate 10% and add half of that amount

For example:

• $50 bill
• 10% = $5
• 20% = $10
• 15% = $7.50

Experts generally agree that customers shouldn't feel guilty for choosing a reasonable gratuity that fits their budget and aligns with the level of service received.

Create your own tipping rules

One of the easiest ways to reduce tipping stress is to establish personal guidelines before you're standing at the register.

You might decide:

• Always tip 20% at sit-down restaurants.
• Tip food delivery drivers at least $5 or 15%.
• Leave $1 at coffee shops for custom orders.
• Skip tips at self-service kiosks.
• Tip more during bad weather or when service exceeds expectations.

You can also create a monthly "tipping budget" just as you would for dining out or entertainment expenses.

Having a plan helps remove the guilt and uncertainty that many feel when confronted with endless tipping prompts. Instead of reacting to pressure on a screen, you're simply following rules that fit your finances and values.

Tipping doesn't have to be stressful

Tipping culture continues to evolve, but customers don't have to feel obligated to tip everywhere they're asked.

A practical approach is to prioritize workers who traditionally rely on gratuities, understand where tipping is optional and set personal guidelines that fit your budget. With inflation continuing to strain household finances, consistency matters more than giving in to every suggested tip screen. In these cases, it's perfectly reasonable to decide your tip amount based on your budget and the experience you had.

Need help building a financial plan? Use the tool below, powered by Bankrate, to connect with a financial professional who will help you reach your financial goals.

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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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Americans will celebrate the 250th birthday of the country this July Fourth, but some families may also be celebrating something else: the launch of the Trump Account, a new, tax-advantaged investment vehicle for children.

Essentially a starter IRA, the account can help build long-term wealth for children, with some kids qualifying for free seed money from the federal government, employers and philanthropists.

"The main idea is to give kids a head start on retirement savings," says Judd Meinhart, director of financial planning at Modera Wealth Management in Winston-Salem, N.C. Unlike IRAs, Trump accounts, which were created under the One Big Beautiful Bill Act of 2025, don't require a child to have earned income.

Any child younger than 18 who is a U.S. citizen and has a Social Security number is eligible. Parents, grandparents, and other relatives and friends can collectively contribute up to $5,000 a year (the maximum will be indexed to inflation starting in 2028), and babies born between 2025 and 2028 get an additional, one-time deposit of $1,000 from the U.S. government to help kick-start the account. (You can sign up at TrumpAccounts.gov.)

Contributions, which must be invested in low-cost mutual funds or exchange-traded funds that track a U.S. stock index, grow tax-deferred and typically can't be withdrawn until the year the child turns 18. Earnings on money taken out after that point will be taxed as ordinary income, with a 10% penalty on withdrawals made before age 59½, unless they're used for qualified expenses such as education or a first-time home purchase. Intrigued?

Whether the accounts make sense for your family depends on your goal for the money and personal circumstances. Here's how experts suggest you make the call.

Open a Trump account if…

You can get free money to fund it. "If you qualify for free seed money, the decision is a no-brainer," says Marianela Collado, a certified financial planner with Tobias Financial Advisors in Plantation, Fla.

There are no income limits to get the $1,000 contribution from Uncle Sam to accounts opened for children born between 2025 and 2028, nor do you need to contribute yourself. Meanwhile, some big companies have pledged to match the federal gift or otherwise contribute to the accounts on their employees' behalf (maximum contribution: $2,500 a year per employee). Among them: Bank of America, Intel and Uber.

A few philanthropists are offering help with funding as well. For example, Michael and Susan Dell will donate $250 to each account opened for children 10 and younger who live in areas where the median household income is below $150,000 (see whether your neighborhood qualifies at ), and similar initiatives have been announced for Connecticut, Indiana and San Francisco. (Find a list of corporate and philanthropic programs here.)

Skip the Trump account if…

Your primary goal is to pay for college. Trump accounts work best as lifelong wealth-building tools, meant to compound for decades. Although you can withdraw money for higher education without penalty, you'll pay taxes on earnings, and it's not yet clear how these assets will impact financial aid.

For education funding, 529 accounts remain a better choice for most parents. Contribution limits are significantly higher and investment earnings and withdrawals are tax-free as long as they're used for qualified education expenses.

Your investment options are broader too, typically including target-date portfolios that shift to a more conservative investment mix to minimize losses as college approaches. "With a 529 account, you're not as limited," Meinhart says.

Consider a Trump account if…

You can afford to set aside money for your child's or grandchild's future after saving for retirement, college and other goals. The extra decades of compounding mean that even small contributions to Trump accounts could create significant wealth.

If you contribute just $1,000 a year from birth to age 18, on top of the $1,000 seed money from the government, for example, the balance could grow to nearly $1 million by the time the child reaches age 59½, assuming an 8% average annual return, according to Adam Bergman, founder of IRA Financial in Sioux Falls, S.D. Increase those contributions to $5,000 a year and the account could be worth more than $4.5 million.

Says Bergman, "It's an unbelievable golden ticket for the families who are able to make contributions consistently."

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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Is your high-yield savings account costing you money? With inflation at 4.20%, your money is losing value unless it's in an account that earns at least a rate that keeps pace with inflation.

The bad news is that many savings accounts, including high-yield savings accounts and CDs, are currently not outpacing inflation, and since the Federal Reserve is not raising interest rates, that's not likely to change very quickly.

There is good news. First, if there's a concrete end to the war in Iran, inflation could be at its peak, per David Payne of The Kiplinger Letter, meaning that you could regain purchasing power as inflation slows. Second, it takes some digging, but there are some savings accounts that earn rates to keep you on pace or ahead of inflation.

I'll start by showing you why not shopping around for better high-yield savings account rates erodes your purchasing power, and we'll find the savings account outpacing inflation. Finally, I'll outline three steps to get you back on track towards achieving your savings goals.

The savings strategy costing you money

I understand the appeal of keeping your cash in the same place. However, most savings accounts (including high-yield) or CDs don't earn rates outpacing inflation currently. It means if you're still using these accounts, you're losing purchasing power.

This is why it's important to pivot as economic circumstances change.

How much does inflation eat into your savings? If you have a high-yield savings account with $50,000 in it earning 3.50% APY, while inflation is at 4.20%, you'd effectively lose $350 a year in purchasing power by keeping it in that account.

That's why even if your high-yield savings account was doing well before, you want to re-evaluate it to find better options.

The savings solution that keeps you on pace with inflation

I review savings accounts weekly and haven't found many that keep pace with current inflation, aside from this account from Newtek Bank:

What I like about it is that it has retained higher rates even amid Fed rate cuts and inflation. It's also easy to set up an account; you don't have monthly fees, and if inflation cools and eventually lowers, your cash will have more purchasing power.

If you're looking for any savings accounts outpacing inflation, I found one more option for you.

Are there any savings accounts outpacing inflation?

While the high-yield savings account from Newtek Bank will be the best fit for cash access, CDs also offer exceptional rates. The only caveat is that you must keep your money in one until the term expires, as CDs have early-termination fees.

With inflation at 4.20%, the only CDs currently outpacing inflation are jumbo options. The best jumbo CD rates are 4.35%, but you'll need at least $50,000 to $100,000 on deposit to open one with many banks.

The good news is that maturity windows are only a year at most, allowing you to earn thousands effortlessly, while keeping ahead of rising prices.

Use this Bankrate tool to compare options fast:

The one thing to consider is that CDs have steep early-termination fees. For jumbo CDs, this could be months of earned interest, costing you hundreds to potentially thousands of dollars. Only do this approach if you're confident you won't need the money in the interim.

Meanwhile, if you're struggling to hit your savings goals, let's outline some strategies to help you get back on course.

What to try: 3 steps to maximize your savings yield

1. Audit your current APY: If you have a high-yield savings account earning less than 4.20%, you're losing ground with rising inflation. Instead, look at Newtek Bank or a jumbo CD to increase your purchasing power.
2. Designate a purpose: By setting specific savings goals, you give your cash purpose and direction.
3. Know when to shift: Once you reach your savings goals, you'll want to devote more money to paying off high-interest debt or invest it, where you could earn returns much higher than inflation.

Ultimately, where you store your cash now matters more than ever due to rising inflation. Choosing a flexible option, such as a high-yield savings account with Newtek Bank or a jumbo CD if you don't need access to your money right away, allows your cash to retain more of its purchasing power.

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• Inflation Is at 4.2%: These Savings Accounts Are Outpacing It
• Best High-Yield Savings Accounts
• Do You Have a CD Maturing Soon? Here's What to Do Next
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• Where to Store Your Cash in 2026

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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The 2026 U.S. Open is officially underway at historic Shinnecock Hills Golf Club, though players got a later-than-expected start after heavy fog delayed first-round tee times by about two hours Thursday morning.

The weather could remain a major storyline throughout the championship, with tournament officials monitoring the potential for storms and wind gusts of up to 40 mph. If conditions worsen, Shinnecock's fast greens, thick rough and exposed layout could make one of golf's toughest tests even more demanding.

Defending champion J. J. Spaun returns after capturing his first major title last year, while world No. 1 Scottie Scheffler arrives looking to complete the career Grand Slam. Other contenders include Rory McIlroy, Bryson DeChambeau, Jon Rahm and Xander Schauffele. If you're planning to tune in this weekend, here's everything you need to know about the TV schedule and streaming options.

2026 U.S. Open TV schedule

Golf fans can follow every round of the 2026 U.S. Open on NBC, USA Network, Golf Channel and Peacock, with coverage beginning each morning and continuing into the evening.

How to stream the 2026 U.S. Open without cable

If you don't have a traditional cable package, several live TV streaming services carry NBC and USA Network, while Peacock offers additional tournament coverage.

Here's how the major streaming options compare on price, channels and free trial availability.

How to watch the U.S. Open while traveling

If you'll be away from home during the tournament, you may find that some streaming services offer different content depending on your location. That can make it harder to access the channels or subscriptions you normally use.

One option for travelers is a virtual private network (VPN). A VPN creates a secure connection and can let you use the internet through a server in a different location, helping protect your privacy when using public Wi-Fi and potentially allowing access to services tied to your home account.

If you're considering a VPN, be sure to review the streaming service's terms of use. Most VPN providers make setup straightforward, typically requiring you to download an app, sign in and choose a server location before connecting.

New to VPNs? Getting started is relatively simple:

• Choose a VPN service, such as Nord VPN, and follow the setup instructions
• Select a server location that matches your home country
• Open your streaming app and log in as usual

Whether you're tuning in to watch Scheffler chase history, McIlroy pursue another major championship or see if Spaun can successfully defend his title, there will be plenty of drama at Shinnecock Hills.

With coverage spread across NBC, USA Network and Peacock, golf fans have multiple ways to follow every round of the 2026 U.S. Open.

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We test and review VPN services in the context of legal recreational uses. For example:1. Accessing a service from another country (subject to the terms and conditions of that service).2. Protecting your online security and strengthening your online privacy when abroad.We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.

Weeks away from the official launch of "Trump Accounts," the child savings vehicles from the 2025 tax bill, a targeted spinoff is set to roll out.

Dubbed "Fostering the Future Accounts," this new initiative is designed to help children in foster care save for future housing, educational, and career development costs as they transition to adulthood.

First lady Melania Trump and U.S. Department of the Treasury Secretary Scott Bessent announced in a press release that these new accounts will open on July 4, 2026.

“Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child," Mrs. Trump remarked. "By investing in our foster youth now, we help strengthen America’s workforce, communities, and economic future."

But because these accounts will be opened and managed by state infrastructure, states must opt in. Not everyone is on board. Read on for who qualifies and what's holding back the remaining 27 states.

New: Low-Tax States For Middle-Class Families Ranked by Childcare Affordability

Fostering the Future Accounts for kids

The Trump "Fostering the Future Accounts" are an offshoot of standard Trump Accounts structured to help children in foster care save for long-term financial goals, like a down payment on a home or higher education expenses.

To qualify, a child must be:

• Under age 18
• A U.S. citizen with a Social Security number

These accounts might be opened by a state, territorial, or tribal child welfare agency. They can also be opened by designated foster parents or other legal guardians in the foster care system.

Which states are participating?

Because Fostering the Future Accounts are managed at the state level, access depends on local legislative approval. So far, governors in the following 23 states have pledged to offer the program, according to White House officials:

Participating state child welfare agencies must submit IRS Form 4547 (Trump Account Election) to formally open an account for each eligible child in their custody.

Fostering the Future Accounts vs standard Trump Accounts

Although Fostering the Future accounts function the same as a standard Trump Account — investing in stock market index funds to grow tax-deferred savings — there are some nuances in how each is opened and funded.

For instance, when a parent or guardian opens a standard Trump Account, they can claim a $1,000 federal seed deposit directly into the newborn's account, provided their child is born from 2025 to 2028.

However, "a child welfare agency cannot elect to receive the $1,000 pilot program contribution to the child's [Fostering the Future] Account," as the IRS reported in a recent update. Instead, only a foster parent or other qualifying individual who anticipates caring for the child might claim this federal seed money for the child's account.

Here's a table highlighting several other key differences between the two types of accounts:

The Fostering the Future Accounts also have unique funding methods that the federal government doesn't offer for standard Trump Accounts.

For example, state officials can redirect existing state resources — such as unused Temporary Assistance for Needy Families (TANF) block grants — into a foster child's savings, according to the Administration for Children and Families (ACF).

Why isn't my state on the list?

Notably, all 23 states opting into Fostering the Future Accounts are GOP-led, reflecting the partisan divide surrounding Trump Accounts, which were a key component of the 2025 Trump tax bill.

But beyond partisan lines, several other reasons exist for why states might heavily debate signing on:

• Strained budgets. State child welfare departments often depend on federal funding streams such as TANF and the Social Services Block Grant (SSBG) to operate. Because most states have already finalized their budgets for the upcoming fiscal year, adding new, unplanned programs midcycle might be too financially constrained.
• Administrative hurdles. Fostering the Future Account documentation, including individual investment portfolios and private donations for every child, must be monitored. As such, participating state agencies are required to establish new protocols to continuously update this information, which might prove difficult given that children frequently shift between foster homes.
• Legal challenges. Legally, a state, territorial or tribal child welfare agency might open a Fostering the Future account, but the timeline of who holds account management authority can be constantly in flux. If a child is in temporary emergency care, for instance, then switches to kinship care or transitions between different county jurisdictions, it might be unclear who is legally authorized to update the account. (Note: the Treasury and ACF released joint guidance related to this issue.)

Ultimately, the Trump administration has set a target for all 50 states to sign on to Fostering the Future Accounts by December 2027.

However, some child welfare advocates worry that a prolonged state-by-state rollout will deepen economic disparities for children aging out of foster care — especially for children who move across state lines due to interstate adoptions or structural changes in their care.

Ruth Anne White, executive director of the National Center for Housing and Child Welfare, told independent news outlet, The Imprint. "But it's right there in the Child Welfare Policy Manual [released guidance] — as clear as day."

According to data from the National Council for Adoption, there are roughly 330,000 children in the U.S. foster care system. Statistics from the National Foster Youth Institute show that one in five foster youth face homelessness after aging out of the system, and only half secure gainful employment by age 24.

Supporters of the new initiative hope these accounts will disrupt those outcomes.

Yet while supporters have framed Fostering the Future Accounts as a solution to the financial hardships facing youth aging out of care, states will need to overcome complex questions surrounding budget allocations, administrative hurdles and bipartisan support.

Until then, foster parents and child welfare agencies will find that state lines dictate whether children in their care are eligible for these accounts.

Read More

• How to Claim Your Kid’s Trump Account in 3 Steps
• Adoption Tax Credit: What You Need to Know for 2026
• Child Tax Credit 2026: How Much Is It and What's Changed?

In 2024, Bob DeSmidt, 78, of Sioux City, Iowa, wanted to help his adult son buy a home in an area that was closer to his new job. DeSmidt, a retired chief financial officer for a construction company, could afford to help his son with the purchase, but the contribution he and his wife wanted to make exceeded the annual gift tax exclusion — the amount of assets that individuals can transfer to each recipient without filing a gift tax return or reducing their lifetime exemption for federal gift and estate tax.

The gift tax exclusion in 2024 was $36,000 for a married couple, or $18,000 per individual. The DeSmidts ended up giving their son more than $36,000 and filing a gift tax return with the IRS. But that doesn't mean they had to pay tax on the gift, or that their assets will be subject to federal estate tax after they die.

In fact, it's highly unlikely that will happen. The One Big Beautiful Bill Act, signed into law in 2025, permanently increased the federal exemption for gift and estate tax. For 2026, it's $15 million per person, or $30 million for a married couple, and the exemption is indexed annually to inflation. DeSmidt says that while he and his wife are financially comfortable, their estate's value is well below that threshold. Iowa has no estate tax, so state taxes aren't a concern.

Given such a large federal lifetime exemption, only the very wealthy — and extremely generous — gain a tax benefit by keeping their gifts within the annual exclusion. Using this strategy, they can reduce the size of their estate, limiting the amount of it that is subject to tax and preserving the full lifetime exemption amount. Any gifts that exceed the annual exclusion count against the lifetime exemption.

But even if you're not among the ultra-wealthy and want to give away more than the annual exclusion, you'll still have to file a gift tax return on Form 709 unless you meet certain exceptions, which we'll discuss below. For 2026, the gift tax exclusion is $19,000 per person, or $38,000 for married couples.

Financial planners say De-Smidt's situation isn't unusual. Many of their clients want to help their children and grandchildren while they're still alive, instead of making their heirs wait 30 or 40 years to inherit family wealth. “We don't want to see our kids struggle when we can help them,” says Rose Price, a certified financial planner in Vienna, Va. In many cases, particularly when it comes to buying a house, they'd like to give away more than the annual exclusion.

Filing the gift tax form

If you're convinced that your estate will never be worth $15 million (or $30 million if you're married), you may be tempted to skip the hassle of filing Form 709 for gifts that exceed the annual exclusion. Financial planners say that's a bad idea. There's no guarantee that lawmakers won't lower the federal estate and gift tax exemption in the future, exposing more families to estate taxes of up to 40%.

In addition, several states have much lower exemptions. Oregon, for example, has an estate tax exemption of $1 million, making planned gifting even more critical. Annual gifts within the federal exclusion are tax-free under Oregon law, and those gifts will reduce the size of your taxable estate while preserving your $1 million exemption.

Filing a gift tax return can also protect you from future audits, says Lawrence Pon, a CFP and certified public accountant in Redwood City, Calif. Once you file a gift tax return, the IRS has three years to audit it; if you don't file, there is no statute of limitations on audits, he says. In addition, if you help a family member make a down payment on a home, the lender may request a gift tax return to confirm that money was a gift instead of a loan, Pon says.

Finally, by filing gift tax returns, you can track your lifetime giving, says Easton Price, a CFP in Irvine, Calif. That's a useful estate-planning tool, particularly if you want to equalize the amount you give to children or beneficiaries, he says.

Bypassing the annual exclusion

If you'd like to avoid filing a gift tax return — or you're worried about possible future changes to the lifetime estate and gift tax exemption — there are strategies you can employ to avoid the annual exclusion:

Make educational gifts. You can contribute an unlimited amount to a child, grandchild or other beneficiary's tuition as long as the funds go directly to the educational institution.

Contribute to a 529 plan. Contributions to a 529 college-savings plan are considered gifts for federal tax purposes, which means they're subject to gift tax requirements. However, you can front-load up to five years' worth of annual contributions. For example, in 2026 you can contribute up to $95,000 to a child or grandchild's 529 plan ($190,000 if you're married and file jointly).

If you take advantage of this strategy, you can't make additional contributions for the next five years without filing a gift tax return. In the meantime, however, you're giving the money invested in the plan more time to grow and compound, while reducing the size of your estate — a smart strategy if you live in a state with an estate tax.

Offer medical assistance. Want to help a family member with catastrophic medical bills? Payments made directly to the medical provider or insurer are exempt from gift taxes.

You could even give the recipient a debit card that's designated to be used for medical expenses, says Jon Robertson, a CFP in Columbia, S.C. The expenses must qualify as deductible expenses under IRS rules, which include hospital bills, dental procedures and long-term care. As is the case with tuition payments, the money must go directly to the medical provider or insurer, not the family member.

Stagger your gifts. The gift tax exclusion restarts every year. With that in mind, you and your spouse could give an adult child $38,000 in December and the maximum for 2027 (which has not been announced) in January without triggering the requirement to file a gift tax return, says Catherine Valega, a CFP in Burlington, Mass.

Double up. Under federal rules, you can give up to the annual exclusion to as many people as you want without filing a gift tax return. So if you'd like to help an adult child make a down payment on a house, you and your spouse could give $38,000 to your child and another $38,000 to your child's spouse this year, for a total of $76,000. That may not cover the entire down payment, especially in parts of the country with a high cost of living, but it's a good start.

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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Your 40s aren’t just another decade — they’re a critical pivot point for your wealth. While it's tempting to keep your finances on autopilot, especially if you're crushing your goals, this is the time of your life when moving from doing things the same way to intentionally building financial security becomes paramount.

Why? Because it forces you to analyze your finances to ensure your money works as hard as you do. Whether it's budgeting for a down payment on a home, paying off high-interest debt or making sure you're on track to reach your retirement and savings goals, now is the time to flip the switch.

Here are essential money habits to master now to ensure your wealth continues to grow as your career does.

1. Create a personal finance statement

Your personal finance statement is a big-picture overview of your net worth. In it, you should include your assets, such as how much money is in your bank/retirement account(s), real estate you own, the cash value of your life insurance policies and any other assets you own.

You'll also have a section for liabilities. These include outstanding debt obligations you have, like credit cards, mortgages, taxes owed, etc. Then you add up your assets and subtract your liabilities to calculate your net worth.

But I would add another critical section: Goals.

Goals give your finances direction and a purpose. Write down three financial goals you would like to attain. Make one a short-term goal for the next year, such as building an emergency fund.

Also, set a mid-range goal you want to achieve in the next two to five years, such as buying a bigger home or paying off debt. Lastly, set a long-range goal for retirement, such as achieving Work Optional status.

This is where you build a portfolio that generates enough passive income to cover 75% to 80% of your essential living expenses, giving you the freedom to choose your work based on what you love rather than what your financial needs dictate.

If you need help in tailoring a strategy to achieve this in the next 10-15 years, or want a fresh perspective, use this Bankrate tool to find a reputable advisor:

2. Automate your retirement savings

The next step is to pay yourself first when you receive your paycheck. If your company offers a 401(k) with a company match, take advantage of this for several reasons. One, it's free money. Two, if you stay long enough to gain 100% vesting, you can take that money with you when you leave your company.

And three, you can earn tax credits for your contributions through the Saver's Credit. The Saver's Credit allows you to earn a credit of 10%, 20% or 50% of up to $2,000 of your contributions ($4,000 for joint filers), depending on your total income. Those earning less are entitled to higher tax breaks.

Meanwhile, if your company doesn't offer a 401(k) match, consider going with a broker. A broker can help you make sense of your finances, suggesting attainable goals and investment vehicles to reach them. One of our readers' perennial favorites is Fidelity, which offers low fees, responsive customer service, easy-to-use research tools and high satisfaction scores.

Along with building wealth for the future, you should also save money to cover you if an immediate need arises.

3. Save with intention

The other way to pay yourself first is to open a high-yield savings account. I recommend them because they're among the few savings accounts with returns higher than inflation. Plus, many come with no monthly fees and low or no minimum balance requirements.

It's also a smart way to build an emergency fund since cash is easily accessible. Aim to save at least six months of essential expenses, and closer to a year if you work in a specialized field or are self-employed, since it might take longer to find employment if a job loss occurs.

Automate your savings by setting up automatic transfers from your checking account to your savings account on payday. I recommend keeping this savings account separate from your regular account to help prevent impulse purchases.

Use this Bankrate tool to find and compare savings options fast:

Along with building healthy savings behaviors, you'll want to help your future self by tackling debt now.

4. Leverage debt strategically and pay down bad debt

There's good debt and bad debt. An example of good debt is taking out a mortgage on a home. We did this and have already seen sizable gains in our home's value in the short time we have had it.

Meanwhile, there are plenty of examples of bad debt. Carrying balances on high-interest credit cards or having a car loan where your vehicle's value is far less than what you owe are examples.

If you're carrying bad debt, the key is paying this off as quickly as you can without sacrificing your savings and retirement goals. There are two strategies you can use here:

The Avalanche Method: This is where you tackle your debts with the highest interest first. I favor this approach because it allows you to tackle debt that's causing more budget restrictions while still making minimum payments on your other obligations.

The Debt Snowball Method: With this method, you pay off the smallest balance first while making minimum payments on other debts. The goal here is to build momentum to tackle higher balances once you pay off the first one.

Beyond choosing a repayment strategy, there are other ways to manage debt wisely and reduce borrowing costs over time:

• Paying an extra $100 in principal on your mortgage can reduce payoff time by as much as five years
• Don't buy a brand-new car unless you can afford to pay it off in four years; instead, look for certified pre-owned, where you gain many of the benefits of a new car without the higher price
• Treat extra debt payments like a fixed monthly bill to accelerate repayment.

5. The automation paradox: Why human oversight matters

Automating your finances can help you stay on track with savings, investing and debt repayment, but automation shouldn't replace regular check-ins with your money. Budgeting tools such as Monarch Money, Simplifi by Quicken and YNAB (You Need a Budget) can make it easier to track progress and monitor spending, but it's still important to review your finances regularly.

Consider scheduling a quarterly money check-in with a spouse, partner, parent or another trusted person who supports your financial goals. Use the conversation to discuss progress, celebrate wins, identify challenges and make adjustments as needed.

Ultimately, your 40s can be a defining decade for your financial future. The habits and decisions you make now may have a lasting impact on your ability to build wealth, reach retirement goals and create greater financial flexibility. By shifting from a reactive approach to a proactive one, you can put yourself in a stronger position for the years ahead.

Related content

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• The Smart Way to Retire: 13 Habits to Steal From the Wealthy
• What Dave Ramsey and Caleb Hammer Taught Me About Handling Money

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.

Related Content:

• Do You Shop at Costco or Dollar General? Here's What Your Budget May Be Telling You
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• Costco vs Sam's Club: Which Warehouse Club Is Better for Your Wallet?

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.

Related Content:

• Costco vs Sam's Club: Which Warehouse Club Is Better for Your Wallet?
• This Grocery Method Can Save You Time and Money
• Walmart Is No Longer the Cheapest Grocery Store — Here's the Chain That Beat It

The 2026 FIFA World Cup is underway, with 104 matches taking place across the United States, Canada and Mexico in the tournament's largest format ever.

The competition runs through July 19, with English-language coverage airing on FOX, FS1 and FOX One, while Spanish-language broadcasts are available on Telemundo, Universo and Peacock.

Whether you're following Team USA's path through the group stage, defending champions Argentina or tournament favorites such as Brazil and Spain, there are several ways to watch every match live. Here's what you need to know.

Where to watch the 2026 FIFA World Cup

In the United States, English-language broadcasts are available on FOX, FS1 and the new FOX One streaming service.

Spanish-language coverage is available on Telemundo, Universo and Peacock.

The prices listed above reflect each service's standard monthly rate. Depending on when you subscribe, you may qualify for a free trial, introductory pricing or a limited-time promotion, so it's worth checking current offers before signing up.

For viewers looking to watch every World Cup match in English without paying for a full live-TV bundle, FOX One may be one of the most affordable options. The service carries matches airing on FOX and FS1 and costs $19.99 per month, making it possible to follow the entire tournament for little more than a single month's subscription.

Another low-cost option is a digital over-the-air antenna. Many marquee World Cup matches, including games airing on your local FOX station, can be watched for free after a one-time equipment purchase. However, reception varies based on factors such as your location, terrain and distance from broadcast towers, so access isn't guaranteed in every area.

You'll also need a cable, satellite or streaming subscription to watch matches that air exclusively on FS1.

How to watch the World Cup while traveling

Planning to watch the World Cup while traveling? Some platforms limit content based on your location, which could affect how you watch matches away from home.

To maintain access to eligible streaming subscriptions, some travelers use a virtual private network (VPN). A VPN encrypts your internet connection and routes it through a server in another location, providing an added layer of privacy and potentially helping you access services associated with your account while traveling.

New to VPNs? Getting started is relatively simple:

• Choose a VPN service, such as Norton VPN, and follow the setup instructions
• Select a server location that matches your home country
• Open your streaming app and log in as usual

Team USA schedule

As a host nation, the United States automatically qualified for the 2026 FIFA World Cup and opens group play against Paraguay before facing Australia and Türkiye in Group D. The top teams from each group advance to the knockout stage, where the tournament shifts to single-elimination play.

All times and channels are subject to change.

2026 FIFA World Cup schedule

The 2026 FIFA World Cup runs from through July 19 and features 104 matches across the United States, Canada and Mexico.

Listing every match would be overwhelming; the schedule below highlights the key dates for each stage of the tournament, from the group stage through the World Cup Final.

Catch every moment of the 2026 FIFA World Cup

The 2026 FIFA World Cup offers more matches than ever before, but watching doesn't have to mean paying for an expensive cable package.

Whether you choose FOX One, a live TV streaming service or a combination of an antenna and streaming subscription, there are several ways to follow the tournament while keeping costs in check. Compare your options before kickoff to find the best fit for your budget and viewing habits.

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We test and review VPN services in the context of legal recreational uses. For example:1. Accessing a service from another country (subject to the terms and conditions of that service).2. Protecting your online security and strengthening your online privacy when abroad.We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.

Question: Some of my friends have been laid off, prompting my husband and me to take saving money more seriously. How much should we save in the off chance one or both of us lose our jobs?

Answer: Preparing for worst-case scenarios is a smart move as part of financial planning. The more you're able to save, the less you'll have to incur debt to pay for living expenses if you or your husband face a job loss or another financial hardship arises.

So, saving any money is a good start. The key is to determine how much you really need in an emergency fund. I'll show you how to determine this savings goal as well as strategies to reach it quickly.

How much do I really need in an emergency fund?

It's going to depend on several factors, such as:

• How much do you need for essential expenses?
• Do both spouses work full-time?
• Are you self-employed?
• Does one spouse make significantly more than the other?
• The job market/forecast/location of the occupation you're currently in

To begin, review the last six months of bank and credit card statements to calculate your average monthly essential expenses. Using several months of data can help smooth out seasonal spikes in spending and provide a more realistic estimate of what you'll need if your income is disrupted.

For items like streaming, dining out and entertainment, I would only factor in minimal amounts since you'll want to maximize every cent you earn to account for a job loss.

Once you've calculated your average monthly essential expenses, I generally recommend saving enough to cover at least six months of expenses. If both spouses work full-time and earn similar incomes, three months may be sufficient.

Meanwhile, if you're self-employed or in a highly specialized field, aim for nine months to a year of savings. The goal here is to create enough of a cushion where your changed circumstances don't result in you incurring debt.

With this target in mind, I'll show you some strategies that will help you get there quickly.

Conquer your savings goal quickly. Here's how

The first is where you choose to store your cash. I like online banks because they offer higher returns with minimal fees. The best high-yield savings accounts can earn you up to 4.20% APY, keeping you ahead of rising inflation while helping you reach your savings goals quicker.

I also like them because it's easy to add money, and you can keep that money separate from your checking account. This can prevent impulse purchases while also giving you easy access to keep building your savings.

Use this tool, powered by Bankrate, to find and compare options quickly:

How much can you earn with a high-yield savings account? Using one of the top savings account offers we've found, Newtek Bank, a saver who starts with $5,000 and contributes $250 each month could grow their balance to about $8,273 after one year at 4.20% APY. That's roughly $273 in interest earnings, in addition to the $8,000 deposited over the course of the year.

Now, to reach these goals quickly, you'll first want to take stock of your finances. I like budgeting apps because they let me view multiple bank accounts in one hub and identify spending patterns I can adjust. Doing this first helps you maximize savings.

Some popular options include You Need A Budget (YNAB), which focuses on assigning every dollar a job, Monarch Money, which offers customizable budgeting and net-worth tracking tools, and Quicken Simplifi, which helps users monitor spending, savings and financial goals in one place. The best app is the one you'll use consistently, so consider testing a few options to see which fits your budgeting style.

Next, set up automatic transfers. This serves several purposes: First, you'll have steady contributions going into your account, so your balance builds. This gives you momentum and can incentivize you to save more if you receive tax refunds, work bonuses, or other unexpected income. Second, it takes one less thing off your plate, and you treat the transfer as a payment in your budget.

Can I save too much?

Yes, you can save too much. While it's important to build a healthy savings safety net in case the unexpected happens, once you reach your goal, you'll want to tackle other things in your financial checklist.

If you're behind on retirement, redirect the funds normally set aside for savings into your investments. Keep in mind that, even amid market volatility, investments have historically delivered higher long-term returns than savings accounts, and the longer you stay invested, the more you can benefit from compounding.

Alternatively, if you're working toward other savings goals, such as buying a house in the next few years, use the same strategies. Open another high-yield savings account separate from your fully funded emergency account, and build your savings this way.

Ultimately, preparing for worst-case scenarios can give you peace of mind if they happen. You'll also develop sound savings habits that you can apply to other areas of your financial life. Not only can this help you reach your goals, but it also saves you money because you won't have to rely on credit cards to cover essentials until you're back on your feet.

If you'd like personalized guidance, use the tool below, powered by Bankrate, to connect with a financial professional who can help you achieve your goals:

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At a time when college costs are spiraling out of control for many families, city, state and federal governments are offering relief. In the latest example, New York City has a proposal that would give kindergarteners $1,000 into a college savings account, with some families qualifying for up to $3,000.

Who qualifies for the maximum benefit? Jack Lobel, press secretary of the New York City Council, told Kiplinger, "Any participant who is already eligible for Human Resources Administration (HRA) benefits receives an additional $2,000 on top of the $1,000." The HRA is NYC's social service agency serving families by providing food, housing, child support and other services.

The measure would have to be approved by Mayor Zohran Mamdani, who excluded the proposal from his executive budget in May, per the New York Times, although budget negotiations are ongoing. He has expressed interest in expanding contributions into children's savings accounts.

The NYC proposal is one of the latest government initiatives designed to jumpstart college savings. These programs, which offer free funding, represent the most pertinent news for families seeking college relief. Here's a look at other government-backed funds you may qualify for.

Which states offer college aid for families?

Here's a look at states providing some incentives to help you save for college:

• California: Through the CalKIDS program, children can earn scholarships of up to $1,500 if enrolled in low-income public schools.
• Connecticut: The Baby Bond program helps parents by providing up to $3,200 for low-income families with children to attend college, buy a home or start a business.
• Pennsylvania: Thanks to the Keystone Scholars initiative, every child born in the state receives $100 into a PA 529 education savings account.

Along with these, other states offering incentives include Texas, Indiana, Maine, Nebraska, Rhode Island and Nevada. If you live in one of these states, check out their programs and what you would need to do to qualify.

Meanwhile, there's a new national program about to roll out that benefits all qualified families.

Trump Accounts are bringing the concept nationwide

As part of the One Big Beautiful Bill Act of 2025, the federal government will open tax-advantaged college savings accounts for U.S. citizens born between January 1, 2025, and December 31, 2028. These accounts feature a $1,000 contribution to help jumpstart your college savings.

From here, families can make annual contributions of up to $5,000 into U.S. equity funds — think the S&P 500. Employers can also make contributions, but they're capped at $2,500 annually.

You can open one by filling out Form 4547. Next, download the Trump Accounts app on the Apple App Store or Google Play. This allows you to monitor the account and make additional deposits. Once registered, you'll wait for an invite. These will come out in a few weeks as the Trump Accounts officially launch on July 4.

With this in mind, there are a few limitations to using these accounts. One, you won't be able to make any more contributions after your child reaches 18. Withdrawals are also not tax-free like they would be with 529 plans, and you have a narrower window of investment options. Still, even with the limitations, having $1,000 is a great start for families that need a boost with college savings.

In addition to using these programs, there are other options you can fund yourself that help you reach your savings goals, so you minimize how much debt you or your child needs to take on.

How do child savings accounts work, and what are my options?

While those are programs and proposals where the government funds savings, there are many options for savings or investment vehicles funded by yourself, designed to help parents (or grandparents) save for higher educational expenses. Some programs also allow children to use the money to open a business or to make a down payment on a home.

Plans, such as 529 and Roth IRA, also offer tax savings advantages as long as you use the earnings for college expenses. Here's a breakdown of some of the most popular options:

529 plans

This is a tax-advantaged investment account, where you invest after-tax earnings in ETFs, mutual funds or age-based portfolios. The benefit of this approach is that earnings grow tax-deferred, and as long as you withdraw funds for educational expenses, you won't pay federal tax on them.

This is the best option as you receive federal tax breaks (many states offer them too), and your child can use this money for trade schools, graduate programs and some college expenses overseas. Single filers can contribute up to $19,000, while married filing jointly couples can contribute up to $38,000 annually. You can do more in either instance, but it will go against your lifetime gift and estate tax exclusion.

Read more: 529 Plans: Everything You Need to Know

Roth IRA

While this is primarily a vehicle for retirement savings, you can also use it wisely to fund your child's education. Withdraw your contributions tax-free and your earnings tax-free, provided they're used for higher education expenses. The only thing to consider is that annual contributions are capped at $7,500. Meanwhile, with 529 plans, you don't have annual limits.

Read more: Why Every Grandparent Should Consider a Custodial Roth IRA Now + Where to Save Your Kids' Cash

Coverdell Education Savings Account

These accounts work similarly to Roth IRAs in that you contribute post-tax money into self-directed investments like bonds, stocks and more. Unlike Roth IRAs, Coverdell caps maximum annual deposits at $2,000.

There are also income restrictions with these accounts. Single filers have to earn less than $95,000 to $110,000 or more, whereas if you're married filing jointly, you won't qualify if you earn between $190,000 to $220,000 or more.

There's also a new college savings program that all qualified parents should use.

Read more: Coverdell ESAs vs 529 Plans: Which Should You Choose?

What's the best way to save for my child's college education?

I recommended a blended approach. Definitely open a Trump Account if you qualify because it's a free $1,000. Even if that doesn't become your main account for saving for college, over time, that money can grow, giving your child more funds to use when the time arrives.

I also suggest a 529 plan. They're among the best savings vehicles for college due to their flexible investment choices and tax savings. To determine long-term goals and monthly savings targets, consult with your spouse, a trusted friend or a financial advisor, who can guide you on specific savings measurables. And don't forget to take advantage of any local programs, as they can make saving for college more within reach.

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The 2026 NBA Finals could come to an end this weekend, with the New York Knicks holding a commanding 3-1 lead over the San Antonio Spurs and sitting one victory away from their first NBA title since 1973.

The Knicks earned that opportunity with a historic Game 4 comeback on June 10, erasing a 29-point deficit to beat the Spurs 107-106 at Madison Square Garden. OG Anunoby's tip-in with 1.2 seconds remaining completed the largest comeback in NBA Finals history and gave New York a commanding lead in the series.

Every game of the NBA Finals airs exclusively on ABC. Cord-cutters have several ways to watch, with most major live TV streaming services carrying the network. Here's everything you need to know about watching the 2026 NBA Finals.

2026 NBA Finals schedule

The Knicks and Spurs will play a best-of-seven series, with the NBA championship going to the first team to win four games. While seven games are scheduled, the series could end sooner if one team reaches four victories before Game 7.

*If necessary.

Watch the NBA Finals on ABC

The simplest way to watch the NBA Finals is through your local ABC station. If you have a traditional cable, satellite or streaming TV package that includes ABC, you'll be able to watch every game live.

Many viewers can also watch ABC for free with an over-the-air antenna, depending on their location and signal strength.

Best streaming services for the NBA Finals

YouTube TV — $54.99/month

YouTube TV includes ABC, ESPN and more than 100 live channels. The service also includes unlimited cloud DVR storage, making it easy to record games and watch later.

Hulu + Live TV — $89.99/month

Hulu + Live TV combines live sports coverage with access to Hulu's on-demand library, Disney+ and ESPN+ in a single subscription.

Fubo — Sports + News ($55.99/month)

Fubo carries ABC in most markets and is known for its sports-focused channel lineup. New subscribers may qualify for a free trial.

Sling TV — $45.99/month

Sling TV is one of the more flexible streaming options for NBA fans. In addition to its standard monthly subscription, viewers can choose prepaid access for one day, three days, seven days or three months. Sling Orange includes ESPN and provides access to NBA Finals coverage. ABC availability varies by market, so check Sling's channel lineup in your area before subscribing.

DirecTV — $64.99/month

DirecTV offers access to ABC and ESPN along with a broad lineup of sports, entertainment and news channels.

Can you watch the NBA Finals on the ESPN App?

Yes, you can stream games through the ESPN App with a participating TV provider or eligible streaming subscription.

The ESPN App may also offer additional viewing experiences, including alternate camera angles, enhanced statistics and companion broadcasts during the series.

How to watch the NBA Finals while traveling

If you're traveling during the NBA Finals, you may still be able to stream coverage through your existing subscriptions. However, some streaming services may limit access based on your location, meaning your usual coverage could look different while you're away from home.

In those situations, some viewers use a virtual private network (VPN) to access their streaming accounts while traveling. A VPN encrypts your internet connection and routes it through a server in another location, which may help you securely sign in to your streaming services while on the go.

New to VPNs? Getting started is relatively simple:

• Choose a VPN service, such as NordVPN, and follow the setup instructions
• Select a server location that matches your home country
• Open your streaming app and log in as usual

Don't miss the NBA's biggest stage

With every game airing on ABC and multiple streaming options available, fans have more ways than ever to watch the Knicks and Spurs battle for the Larry O'Brien Trophy. Whether you watch through cable, an antenna or a live TV streaming service, you'll be able to catch every moment of the 2026 NBA Finals.

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We test and review VPN services in the context of legal recreational uses. For example:1. Accessing a service from another country (subject to the terms and conditions of that service).2. Protecting your online security and strengthening your online privacy when abroad.We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.

Many Gen Xers feel financially behind and are rethinking their retirement plans. The generation entered the workforce during a major shift from traditional pensions to self-funded retirement accounts, placing more responsibility for retirement savings on workers.

They also faced a series of economic setbacks at key points in their lives, including the dot-com crash early in their careers and the housing market collapse during their prime homebuying years.

Today, many Gen Xers are balancing the rising cost of living, retirement savings concerns and the financial demands of supporting both children and aging parents. As a result, a growing number are looking for ways to catch up and strengthen their financial future.

Why many Gen Xers still feel financially behind

Gen X, now age 46 to 61, hasn’t had an easy go of things financially, and many factors are prompting the generation to feel as if they’re financially behind. Today, Gen X is grappling with inflation, higher living costs and the financial demands of supporting both children and aging parents.

Those pressures are taking a toll on retirement savings. According to the Schroders U.S. Retirement Survey, 24% of Gen Xers with a workplace retirement plan, such as a 401(k), have borrowed from it to cover unexpected personal or family expenses, pay down debt or manage rising costs.

Retirement anxiety is widespread. The survey found that just 16% of Gen Xers believe they've saved enough for retirement, while more than half worry they could outlive their savings.

Why financial experts say Gen X still has time to adapt

While many Gen Xers are concerned about their retirement readiness, experts say there's still time to strengthen their financial outlook. Because Gen X is currently in its peak earning years, many individuals have a greater ability to increase retirement contributions and accelerate savings.

The IRS allows individuals age 50 and older by the end of the calendar year to make catch-up contributions to retirement accounts such as 401(k)s and 403(b)s. In 2026, eligible workers can contribute an additional $8,000, providing an opportunity to boost retirement savings more quickly.

These peak earning years can also be an ideal time to tackle high-interest debt, such as credit card balances. Once that debt is paid down, the money previously directed toward interest payments can be redirected into retirement accounts, high-yield savings accounts or other long-term financial goals.

How Gen X is adjusting retirement expectations

Feeling financially behind has prompted many Gen Xers to rethink their retirement plans. A 2026 Employee Financial Wellness Survey by PwC found that 47% of Gen X employees expect to delay retirement because they haven't saved enough, while 51% believe they might need to tap their retirement savings to cover nonretirement expenses.

To improve their financial outlook, some Gen Xers are turning to side hustles, consulting work and second careers to generate additional income and boost their retirement savings.

Others look for ways to reduce expenses as retirement approaches. Downsizing to a smaller home can lower monthly housing costs, and for homeowners who have built substantial home equity, it might also unlock additional cash that can be redirected toward savings and retirement goals.

Small financial moves can still have a big impact

Even small financial changes can make a meaningful difference in retirement readiness.

Automate retirement savings increases. Many 401(k) plans allow participants to automatically increase their contribution rate each year. Raising contributions by just 1% annually can significantly boost retirement savings over time, especially since many Gen Xers are in their peak earning years.

Review spending leaks. Conduct a budget audit to evaluate your income, expenses and financial goals. Reviewing recurring bills might reveal subscriptions, memberships or other expenses that no longer provide value.

Once you've identified areas of unnecessary spending, look for opportunities to lower monthly costs. Compare home and auto insurance quotes to ensure you're getting competitive rates, and contact your credit card issuer to ask about lowering the interest rate on an outstanding balance. Small savings across multiple expenses can add up over time.

Reassess your investment strategy. As retirement approaches, it's important to review whether your investment allocations still align with your goals, timeline and risk tolerance. Consider how soon you'll need to access your savings and whether your portfolio reflects that timeline.

A financial adviser can help evaluate your portfolio and identify opportunities to strengthen your retirement plan. Yet according to the Schroders survey, only 26% of Gen Xers work with a financial adviser, compared with 53% of baby boomers and 31% of millennials. For those who don't already have professional guidance, working with a financial adviser might be worth considering.

Use the tool below, powered by Bankrate, to explore some of today's top financial planning offers:

Gen X might feel overlooked — but many are still rebuilding

Gen X has weathered decades of economic disruption, and many individuals are still working to strengthen their finances and prepare for retirement. While some might feel behind, focusing on steady progress rather than achieving a "perfect" retirement target can make the process feel more manageable.

The generation's experience navigating financial challenges has also built resilience. That adaptability can be a valuable asset as Gen X continues to adjust spending, increase savings and make strategic decisions to improve long-term financial security.

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Buying a used car from a private seller can be a smart way to save money. New vehicles lose value quickly, depreciating about 30% in their first two years and another 8% to 12% annually after that, according to Kelley Blue Book.

At the same time, dealership prices and fees remain elevated, making even used vehicles a significant purchase. As a result, many buyers turn to private sellers in search of a better deal.

A private-party sale can offer substantial savings, but it also comes with added risks. Unlike dealership purchases, private sales are typically sold as-is and often don't include vehicle warranties or other consumer protections. Before handing over your money, it's important to take a few key steps to protect yourself and make sure you're getting the vehicle you expect.

Understand what 'as-is' really means

Buying a car "as-is" means you're purchasing it without a warranty and accepting responsibility for any existing or future problems, whether they're known or hidden. Because private sellers can't certify vehicles or provide warranties, most private-party sales are conducted on an as-is basis.

That can leave buyers with limited legal options if something goes wrong after the purchase. In many states, lemon laws that protect consumers from defective vehicles don't apply to private sales.

For that reason, it's essential to thoroughly evaluate any vehicle before buying it from a private seller. Taking the time to inspect the car, review its history and verify its condition can help you avoid costly surprises later.

Start with the title before anything else

Before you inspect a vehicle, verify that the seller owns it. Ask to see the title and make sure the seller's name matches the name listed on the document. If it doesn't, the seller might not have the legal right to sell the vehicle.

Review the title carefully for any liens, which indicate that money is still owed on the vehicle. A lien must typically be satisfied before ownership can be transferred. You should also look for title brands such as "Salvage" or "Rebuilt," which indicate the vehicle has sustained significant damage in the past.

A rebuilt title means the vehicle was previously declared a total loss but was later repaired and returned to the road. While some rebuilt vehicles can be safe and reliable, it's important to have an experienced mechanic inspect the repairs and evaluate the vehicle's condition before you buy it. Salvage and rebuilt vehicles generally carry more risk and have lower resale values, so they should be priced below comparable vehicles with clean titles.

Run a vehicle history report

Using the vehicle’s 17-character VIN (vehicle identification number) on the driver’s side dashboard or the driver’s side door jamb, run a search using a platform such as CARFAX or AutoCheck.

Review the vehicle history report for potential issues, including its:

• Accident history
• Odometer rollbacks
• Flood damage
• Title brands
• Ownership history

Look for inconsistencies between the information on the history report and the information the seller is giving you. Those inconsistencies might be a red flag and a warning to walk away from the purchase.

Get the car inspected by a mechanic

Paying for a pre-purchase inspection can be one of the smartest investments you make when buying a used car. During the inspection, a mechanic will evaluate the vehicle's overall condition, including its electronics, engine, transmission, brakes and structural components, while looking for signs of wear, damage or poor repairs.

A professional inspection might uncover hidden problems such as fluid leaks, frame damage, rust, transmission issues or warning lights that aren't immediately obvious during a test drive. Spending a few hundred dollars on an inspection could save you thousands in unexpected repair costs by identifying major issues before you complete the purchase.

Inspect the car in daylight

Inspect the car in daylight so you can more easily spot potential problems. Look for uneven paint, mismatched panels or gaps in the body, which could indicate prior damage or poor repairs. Check the tires, too, since uneven wear patterns might point to suspension or alignment issues.

As you review the interior and exterior, watch for signs of flood damage, such as mud under the seats, a musty odor, moisture in the engine compartment or stained carpeting.

Test the vehicle's electronics and features before you buy. Turn on the heat and air conditioning, check the lights, test the backup camera and make sure the digital console works properly. Electrical repairs can be expensive, especially on newer vehicles, so take your time confirming that these features are fully functional.

Take a real test drive

Take the vehicle on a thorough test drive that includes both city streets and highway driving. Listen for unusual noises and pay attention to how the car handles at different speeds.

Test the brakes, including a firm stop when it's safe to do so, and note whether they feel responsive.

As you drive, check whether the vehicle tracks straight or pulls to one side, which could indicate alignment or suspension issues. Make sure the transmission shifts smoothly and consistently throughout the ride.

Questions every buyer should ask

Be prepared to ask the seller all the right questions:

• Why are you selling?
• How long have you owned it?
• Do you have maintenance records?
• Has it ever been in an accident?
• Are there any current mechanical problems?

Asking these questions ahead of time could help you identify potential issues and decide whether it's worth going to test drive the vehicle. When you go to see the vehicle, be prepared with a list of any additional questions you want to ask.

Red flags that should make buyers walk away

Watch out for red flags that mean you should walk away from the vehicle:

• Seller refuses an inspection: A seller who refuses an inspection might be trying to hide a known issue that could be revealed during the inspection.
• Seller pressures quick payment: A deposit should be enough to hold the vehicle while you arrange the payment for the remaining balance. Determine a payment timeline before you put down the deposit. If a seller pressures you to pay quickly, walk away.
• Price seems too low: Vehicle prices are at a premium right now. A price on a used vehicle that seems too good to be true probably is.
• Title issues or excuses: Look for a vehicle with a clean title. If a seller can’t or isn’t willing to produce the title upfront, there might be issues that you’ll want to avoid.
• Cash-only demands: Some sellers could ask for payment in cash for a lower-value vehicle. Be cautious with these arrangements, and make sure they’re conducted in a safe location. A cashier’s check is a much safer option than carrying a large amount of cash on you.

How to pay safely

When paying the seller, arrange to meet at a bank or a safe-exchange zone at a police station. Use a cashier’s check or a secure money transfer method. Be sure that you and the seller complete and sign a bill of sale, and that you each retain a copy of the document.

Before you complete the purchase, verify your state’s title requirements. In many states, the seller will need to sign and date the back of the title. Don’t complete the transaction unless you receive a signed copy of the title.

Don't let a bargain become an expensive mistake

Buying a used car from a private seller can be an effective way to save money, but those savings can disappear quickly if you overlook warning signs or skip important steps. Taking the time to verify the title, review the vehicle's history, schedule a prepurchase inspection and thoroughly test drive the car can help you avoid costly surprises.

Approach the transaction carefully, and don't let emotions or pressure influence your decision. If something doesn't seem right or the seller is unwilling to answer questions or provide documentation, be prepared to walk away. There will always be another vehicle, but recovering from a bad purchase can be much more difficult.

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Health savings accounts (HSAs) offer a rare triple tax advantage: Contributions are tax-deductible, investments grow tax-free and withdrawals for qualified medical expenses are tax-free.

Those tax benefits come with an important responsibility, though. If you take tax-free withdrawals from your HSA, you should be able to document that the money was used for qualified medical expenses.

While IRS audits involving HSAs are relatively uncommon, they do happen. And when they do, many account holders struggle to locate receipts or remember which expenses they reimbursed themselves for earlier. Creating a simple system to save and organize HSA receipts can help protect your tax benefits and make it much easier to respond if questions ever arise.

What records HSA account holders should keep

Many people don't realize that the IRS requires you to keep records supporting HSA withdrawals. The following documents can help substantiate qualified medical expenses and reimbursements.

• Itemized receipts: Receipts for qualifying medical expenses need to include details specifying the type of item or service purchased, the date, the cost and any taxes or discounts.
• Proof of payment: Keep proof of payment for each purchase, such as a credit card statement or a canceled check. To stay organized, pair the proof of payment with the corresponding itemized receipt.
• Explanation of benefits (EOB): Your insurance provider’s EOB details the services provided and the amount that insurance covers. It also outlines what you may owe and helps prove that a service qualifies for HSA reimbursement.
• Detailed notes: Take notes on who each expense was for and whether your health insurance reimbursed you for the expense.

The easiest ways to organize HSA receipts

Keeping your HSA receipts organized can make tax time easier and help you respond quickly if you're ever audited. Whether you prefer digital storage, spreadsheets or dedicated tracking tools, several methods can help you keep your records in order.

Cloud folders: Storing receipts digitally in the cloud can reduce clutter and make records easier to retrieve if you need them later. Scan receipts and organize them in folders by year, using clear file names so specific expenses are easy to find. Popular cloud storage services, including Google Drive, Microsoft OneDrive and Dropbox, can make it easy to access records from multiple devices and create backups.

Budgeting apps: Many budgeting apps can also serve as receipt-storage tools. Apps like Monarch, YNAB and Quicken allow users to attach receipts, notes and other documents to transactions. Storing receipts alongside the corresponding expense can make HSA recordkeeping easier and help ensure supporting documentation is readily available if you choose to reimburse yourself years later.

Spreadsheet tracking systems: A spreadsheet can help you track key details such as the expense type, date and amount paid. You can create your own tracker or start with a template from platforms like Canva. Tools such as Google Sheets work well if you don't have Microsoft Excel, and you can access them from multiple devices. Just remember that you'll still need a separate system for storing copies of receipts.

Apps designed for HSA management: Apps designed for HSA management can help you store receipts, track expenses and identify HSA-eligible purchases. Popular options include Reimbursable, which is available for Apple devices, and TrackHSA.

Save PDFs from providers: Many healthcare providers make receipts and statements available online. Downloading and saving PDFs directly from provider portals can help you maintain a paperless recordkeeping system.

Use HSA provider tools: Some HSA administrators offer receipt storage, expense tracking or mobile apps as part of their accounts. These built-in tools can be a convenient way to keep your records organized in one place. If you change jobs, transfer your HSA or switch providers, make sure you know how to download and retain your records so you don't lose access to important documentation.

Keep security in mind when using digital tools to store and track receipts. Look for tools that allow you to create backups, and be sure that you create a secure password and keep it safe to protect your data and privacy.

Why some people delay HSA reimbursements for years

HSAs allow you to delay reimbursement for qualified medical expenses for years, provided you keep accurate records. Some account holders intentionally pay medical expenses out of pocket and leave their HSA funds invested, giving the account more time to grow tax-free.

While this strategy can be appealing, it can also backfire. If you lose receipts or other documentation, you may not be able to prove those expenses were eligible for reimbursement years later. If you're considering delayed reimbursement, it's important to create a reliable system for storing and tracking receipts and other supporting documents.

Common HSA paperwork mistakes that can create tax problems

HSA holders sometimes make paperwork mistakes that can create tax issues, especially during an audit. If you lose receipts, you may not be able to prove or claim HSA reimbursement for that expense.

When you use your HSA, be careful about double-dipping with insurance or tax deductions. If an expense is covered by or reimbursed by insurance, you can’t claim it as an HSA reimbursement. And if an expense is reimbursed by your HSA, you can’t claim it as a medical tax deduction.

Reimbursing nonqualified expenses with your HSA is another potential issue. The IRS provides specific guidance about what qualifies as a qualified medical expense, which includes expenses medically necessary for the "diagnosis, cure, mitigation, treatment or prevention of disease." Cosmetic procedures, spa treatments, unprescribed massages and more are nonqualified expenses.

Don’t forget to document over-the-counter purchases or medical necessity letters, too. This documentation is key to proving that your expenses qualified for HSA reimbursement, so gather these documents at the time of the expense and keep them organized and safe.

A simple annual HSA cleanup checklist

At the end of each year and before tax season, take some time and clean up your HSA documentation. Doing so will help keep you organized and will make filing taxes and navigating a potential audit much easier.

The following steps can help ensure you have your HSA receipts and documents organized:

• Download annual statements
• Reconcile reimbursements
• Back up receipts digitally
• Review qualified expense lists
• Store records with tax documents

Your HSA is only as good as your records

Keeping good records can help protect your HSA tax benefits and give you peace of mind. By creating a simple system now, you'll make it easier to track expenses, document reimbursements and stay prepared if the IRS ever asks questions.

The best recordkeeping system is one you'll use consistently. Whether you prefer cloud storage, spreadsheets or an expense-tracking app, a little organization today can help safeguard your tax savings for years to come.

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Pets are an important part of many Americans' lives — and often an expensive one, too.

The lifetime costs of caring for a dog can run anywhere from $16,440 to $52,075, depending on its breed, size and ongoing health conditions, according to a survey from online pet-care marketplace Rover. Cat owners can expect to cover expenses in the range of $10,725 to $61,520, with the cat's size and life span influencing the overall costs.

Luckily, there are ways to reduce how much you spend on your pet without sacrificing the quality of their care. Try these tips to lower your costs.

Healthcare

The average cost of a veterinarian visit for a dog is $220, and for a cat, it's $202, according to the American Veterinary Medical Association. Despite the expense, you shouldn't skip routine vet visits, which are vital to reduce your pet's healthcare costs in the long run.

Regular checkups can help catch illnesses early and avoid expensive medical procedures, says Sarah Wooten, a veterinarian in Silverthorne, Colo. She also recommends taking preventive measures, such as ensuring that your pet exercises and eats a healthy diet in appropriate portions.

During a checkup, ask your veterinarian to outline your pet's estimated medical expenses for the year, Wooten says. That may include vaccines, dental cleanings, geriatric screening for older animals, and other medical exams and services. Wooten recommends setting aside some money to make sure you can cover these expenses, in addition to unexpected illnesses and surgeries.

Ask whether your vet offers a wellness plan that offers a bundle of discounted services, such as vaccinations and routine exams, split into fixed monthly payments, suggests Rebecca Greenstein, a veterinary adviser for Rover.

Typically, you don't have to undergo a credit check or pay interest to use one of these plans. However, they don't include emergency veterinary needs, and not every vet clinic offers them. If you want coverage for emergencies and illnesses, you'll need a pet-insurance policy that covers those events.

For some questions and non-emergency issues, you may be able to use virtual or telehealth options. At , for example, pet-food company IAMS offers a free web-chat service through which you can discuss your pet's nutrition, well-being and behavior with nutrition advisers and licensed veterinary technicians. Pawp offers 24/7 access to veterinary professionals, who create a personalized care plan for your pet.

A yearly membership is $99 — or, if you have a Walmart+ membership, which provides free shipping from Walmart along with other perks, Pawp membership is free. (And if you charge a Walmart+ membership to an American Express Platinum credit card, you get reimbursed for it; the card is one of the honorees in our 2026 Readers' Choice Awards.) But you should take your pet for an in-person vet appointment if it has a recurring illness or serious injury, Bailey says. Annual exams should be done in an office, too.

For affordable vaccines, check out ShotVet, an organization that offers pop-up veterinary clinics at retailers such as PetSmart and CVS. ShotVet also performs some tests, such as for heartworm disease and Lyme disease. Through its Love Care program, Petco offers free vaccines by partnering with local shelters and animal-welfare organizations.

Another alternative to visiting a traditional veterinary office that could save you money: Take your pet to a local university's veterinary school, where students or residents provide care under the supervision of licensed and credentialed veterinarians.

Spend less on medicine. You can make moves to reduce how much you pay for your pet's medications. When your vet orders a prescription, ask whether a generic version is available. Generic medications have the same active ingredients and achieve the same effect as a brand-name version, but at a lower cost.

Look into online pharmacies, which may offer more-affordable medications than your veterinary office or local drugstore. Use an online pharmacy that is accredited by the National Association of Boards of Pharmacy, such as GoodRx for Pets, PetMeds.com, PetCareRx or VetRx- Direct. You can check the legitimacy of an online pharmacy using the tool at the NABP's website.

Check for discounts from the pharmacy. If you sign up for automatic shipments from PetMeds, you get 35% off your first order of eligible items and 5% off deliveries after that. Along with its online pharmacy, GoodRx for Pets offers coupons that can save you from 26% to 67% on medications that you purchase at brick-and-mortar pharmacies, such as CVS, Walgreens and Walmart.

Pet food

Post-pandemic disruptions in the supply chain and rising costs for ingredients have precipitated a steep climb in pet-food prices. Average prices for food and treats have soared by more than 20% over the past four years, according to consumer price index data from the U.S. Bureau of Labor Statistics.

Purchasing food in bulk can help trim your overall spending on it. Recently, for example, Petco sold a 40-pound bag of Purina Pro Plan Sensitive Skin and Stomach dog food for $74.98, for a per-pound price of $1.87, compared with $12.41 for a 4-pound bag, or $3.10 per pound. If you buy food in large quantities, keep it fresh by storing it in sealed containers or refrigerating it, depending on the type of food.

Purchasing food in bulk can help trim your overall spending on it.

Participating in store loyalty programs can help you save on food and treats, too. With the free version of Petco's Vital Care membership, you get access to members-only pricing and offers; dog and cat owners who pay $25 monthly for Premier get 10% off food purchases, $15 in monthly store credit and other benefits. If you have a membership with online pet-supply retailer Chewy ($79 annually after a 30-day free trial), you get free shipping, 5% rewards on every order, and other special discounts and offers.

Some retailers offer discounts if you sign up for automatic deliveries. Chewy, for example, gives you 5% off eligible items if you set up automatic shipments. With Amazon's Subscribe & Save service, you'll typically get a 5% discount on automatic deliveries of qualifying pet food, or as much as 15% if you have five or more items auto-delivered at once to your address.

If you want to take a do-it-yourself approach to feeding your pet, consider preparing meals and treats at home. For example, you may spend about $50 a month making dog food out of chicken, rice and carrots, compared with $80 to buy high-end kibble, according to pet-supply company Houndsy.

But first, consult with your veterinarian to ensure the meals won't trigger your pet's allergies or other chronic health conditions, advises Michael Q. Bailey, president of the American Veterinary Medical Association. You'll also want to ask your vet for guidance on making food that's nutritionally sound for your pet. Use a food scale to make sure you get the portions right, and follow the recipe's storage instructions.

Toys, bowls and beds

You may spend less on toys, bowls, beds and other supplies by shopping at discount retailers, such as Marshalls, HomeGoods or Walmart, instead of pet-supply stores. Walmart, for example, recently sold a medium-size dog bed with support bolsters on the sides for $20, compared with a $45 price tag for a similar bed at Petco.

You might score free or low-price supplies secondhand on sites such as Facebook Marketplace or eBay. Items such as hard plastic crates and metal bowls are generally the safest to buy used. Soft toys, beds and plastic food bowls are more likely to carry bacteria and pet odors and to have tears and stains. Make sure to thoroughly clean previously owned items with pet-safe disinfectants, and place them in sunlight to help kill germs.

If you want to get creative, try making your own pet beds. You can find instructions on how to make them—no sewing required— here.

Training and grooming

If you're up for the task of training your dog yourself, you can save the expense of having a professional do it. Try free online dog-training resources, such as those from Rescued by Training and the American Kennel Club.

There are times, however, when a professional trainer is better equipped for the job. For instance, Ali Smith, a dog trainer in Westminster, Md., and founder of dog-training website Rebarkable.com, suggests that dog owners contact a trainer for a persistent problem, such as biting or ignoring commands.

A group training session with other pet owners may be more affordable than one-on-one training. Smith charges $15 to $40 per group session, while individual training classes are $50 to $80 a session. You can find a dog trainer who is certified by the Certification Council for Professional Dog Trainers or through the Association of Dog Trainers. You can also search for trainers and compare their fees on sites such as Rover and Bark.

As with training, grooming can be a do-it-yourself activity for tasks such as bathing your pet, trimming its nails or cleaning its ears. But you should take your pet to a professional groomer if it has sensitive skin, skin infections or severely tangled fur, says Bailey. Professional groomers can also find parasites, ticks or abnormalities that you may miss, he says.

Dog groomers often charge from $30 to $150, depending on the dog's size and breed and the services included. Salon dog groomers typically charge $40 to $100 per visit, while a session with mobile groomers, who travel to your home and perform services out of a van, may be in the range of $70 to $150.

Traveling

If you're flying with your pet, keep in mind that bringing it into the airplane's cabin with you typically comes with a fee of up to about $150. Among lodging options, some pet-friendly hotel chains, including Kimpton, Motel 6 and Red Roof Inn, don't charge extra fees if you bring a pet.

Leaving your pet at home? See whether your neighbors who own pets are willing to form a group who can provide free pet-sitting for one another. If you need to hire a pet sitter, try looking for one on a site such as Rover.com or Wag. Sitters on these sites set their own rates, with Rover sitters charging an average daily rate of about $22 for a drop-in visit, $55 per day to pet-sit in your home or $49 daily to board a dog in their own home.

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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Second marriages have long been called a triumph of hope over experience — a line rooted in the assumption that remarriage simply repeats the dynamics of a first union. But that notion is increasingly outdated.

Today's second marriages are so distinct from what first unions entail that they almost deserve a moniker of their own (“conscious recoupling,” anyone?). For one thing, people who remarry tend to be older almost by definition, with the fastest rate of growth in second unions happening among men and women ages 65 and up.

And because they've had years of building a life separately before joining forces, these new partners typically come into the relationship with their own — sometimes sizable — assets and obligations, well-established careers and financial habits, often children and maybe ex-spouses from their previous marriage, and perhaps some emotional baggage as well.

That all makes navigating remarriage complex, especially where managing money is concerned.

“You have to come into a second marriage knowing that you're two fully formed entities, personally and financially,” says Jonathan Kolmetz, a financial therapist and certified financial planner with Oaks Wealth Management in Houston. “And you need the appropriate amount of planning to reflect that complexity.”

It's a challenge that millions of older adults are managing as they head toward and through retirement. According to Bowling Green State University's National Center for Family & Marriage Research, 28% of 45-to 64-year-olds and 31% of those 65 and older are remarried—the largest percentage of any age group.

To make sure you and your new spouse live in a state of marital and financial harmony, here's what experts suggest.

Decide what's yours, mine and ours

One of the first and most consequential choices you and your spouse need to make is how to structure your financial life together. To start, how do you handle the assets and liabilities you bring into a second marriage?

It's a complicated question, says Stacy Barrett, a lawyer in Napa, Calif., and an editor at Nolo.com, a publisher of legal guides and software. About two-thirds of divorced couples go on to remarry, according to Pew Research Center, which means one or both spouses in that new union may still be financially entwined with an ex, from support payments to joint expenses for any children they had together.

Remarried couples are also likely to have more investments than people bring to first marriages, such as savings and retirement accounts, which they may not want to share, at least not entirely, with their new partner. And spouses may not want to be on the hook for the other person's prior debts or financial obligations, such as paying for a child's college education or helping adult kids with the cost of a wedding or down payment on a house.

“In many cases, you have to balance the desire to take care of your new spouse and build a life together, while still preserving your assets for your children or grandchildren,” says Barrett.

The other reason to set up a legal distribution of your assets is the risk of what will happen if you don't. “Without the appropriate documents, your property is subject to the default rules of your state, or federal law, if you divorce or die,” Barrett says.

Worse, many people aren't familiar with what those default rules are. What would happen if your second marriage ends in divorce (60% of second unions do) or if you die without a will? In the latter case, the surviving partner might get, say, half of the deceased spouse's estate, with the remaining assets divided between his or her children, although the specific guidelines depend on where you live. When the second spouse passes away, those inherited assets would go to his or her heirs — perhaps the stepkids of the first spouse to die, not that person's own children.

“It's important to brush up on the basics, so you can decide whether you want to adopt the default rules, which vary by state, or come up with your own plan,” Barrett says. (You can find a list of state rules governing the division of assets after a spouse dies here or in case of divorce here.)

A bespoke plan will cost anywhere from a few hundred dollars to several thousand, depending on the documents you need, the complexity of your financial circumstances, and whether you work with a marital or estate-planning attorney or do it yourself using a legal website such as Nolo, LegalZoom.com or RocketLawyer.com. But the price is worth it, Barrett says, to give you more control over the outcome. She recommends using several tools, including a prenuptial agreement, estate plans and trusts, and updated beneficiaries and titles on important accounts and assets.

“Using a combination of strategies allows you to be very specific about how you want your property divided,” Barrett says, “and it can help avoid conflict later on.”

Harness the power of prenups

When Sarah Fields remarried in 2019, for example, she and her new husband felt it was best to keep their income and assets completely separate. “What he brought into the marriage was his; what I brought into the marriage was mine,” she says.

But the couple hit a speed bump when they decided to combine their newly blended family (she had two teens; he had a younger son) and move into the home outside of Boston that Fields had purchased after her divorce.

Fields, 53, wanted to keep the house titled in her name, but her husband balked. “He didn't want to feel like a tenant in his own home, understandably,” says Fields, a historian. “But for me, keeping the house was a point of pride and independence. And I wanted to make sure my kids inherited it.”

The couple agreed to sign a prenuptial agreement that would spell out the terms they decided were equitable for them. Among the items: She would pay the mortgage and any repairs on the house, and she would remain as the legal sole owner. Her husband would cover the utilities. And they would each handle their own personal expenses and any costs related to their kids.

Prenuptial agreements get a bad rap. But for couples in second marriages, like Fields and her husband, they offer important protections, says Michael Craven, a partner who focuses on family law with Harrison LLP, a national wealth-planning law firm based in Chicago. “Prenups protect your assets and your income, and they can protect you from your new spouse's debts and obligations.”

They seem to be gaining traction. Some 20% of married couples report having a prenup, up from just 3% in 2010, according to a 2023 Axios/ Harris poll. And 50% of U.S. adults say they are open to the idea.

The evolution of do-it-yourself legal platforms may be helping to fuel this trend. HelloPrenup and Trusted Prenup are online platforms that can help you create a state-specific prenup for a flat fee of about $600, for example. Or you can hire a lawyer.

For those looking to manage costs, Barrett suggests a hybrid approach: Use a DIY service to draft the prenup, then have your lawyers review it. “This helps ensure that the agreement does what you intend, and it's enforceable if challenged,” she says.

Barrett notes that prenups offer an added benefit for couples getting married for the second time: “A valid prenup requires full financial disclosure from both partners,” she says. Given how challenging some financial conversations can be, Barrett says, “a prenup kind of forces you into it—so you know where you stand.”

Is marrying again a money-smart idea?

A growing number of divorced or widowed older adults in committed relationships are choosing to say “I don't” to remarrying. Money is often a big reason. If you're grappling with the decision to wed for a second time, these are some of the financial factors to consider.

Retirement benefits. “An upside of not getting remarried is that you can preserve certain benefits from your first marriage,” says Stacy Barrett, a lawyer in Napa, Calif., and an editor with legal publisher Nolo.com.

If you're divorced and remarry, for instance, you will no longer be entitled to receive Social Security benefits based on your ex-spouse's work record, if he or she is still alive and those benefits are bigger than what you would be entitled to based on your own earnings.

The rules are different, though, if your former spouse has died or you're widowed, and they depend on the age you remarry: Tie the knot again before you turn 60 and you typically won't be able to collect Social Security survivor benefits based on a deceased spouse's record. But you may be entitled to those benefits if you remarry when you're 60 or older, as long as you meet other eligibility criteria. (For instance, if you're divorced, you must have been married for at least 10 years to qualify for benefits based on a former spouse's earnings.)

Some pension or military benefits that accrue to a divorced or widowed spouse might also go away if you remarry, depending on your age and other factors. The terms of these benefits are complicated, Barrett says, so it's essential to get help reading the fine print from a lawyer or another financial professional if you're thinking of remarriage.

Support payments. If you're divorced and receiving alimony from your former spouse, those payments will most likely end if you remarry. Often these payments end upon your ex's retirement, in any event.

Estate plans. By not remarrying you're spared the need to expend time, energy and money on legal documents to protect your assets and your heirs, says Barrett. If you're single and die without a will, your assets will simply pass to your children or closest relatives under your state's default inheritance rules.

Being able to skip the legal documents common to remarriages, however, cuts both ways. As an unmarried partner, you'd forgo your right to automatically inherit your partner's 401(k) or other assets.

Debt. Another potential plus to staying legally separate: You won't be on the hook for your partner's medical bills or other debts, the way a married spouse would be.

Legal protections. There is one major downside to staying single, Barrett says: “You don't have next-of-kin status, so you don't have the legal authority to make medical decisions for your partner, if needed, or access their medical information.”

That said, it's possible to remedy most marriage-related gaps through other legal means. Becoming your partner's health care proxy and having power of attorney can give you more control over what happens to them and their finances if they fall ill. And while there's less pressure on unmarried couples to do so, each partner could decide to name the other in their will and estate plan for the other person's long-term benefit.

“These steps aren't automatic, like they would be if you were married,” says Barrett. “But it's possible to make spouse-like arrangements without the need to get remarried at all.”

Make your wishes legally binding

As she and her husband went through their own prenup process, Fields found that it was important for them to put a human lens on these formal documents. “You want to make sure there's room for kindness and goodwill,” she says. “These are people you love.”

To that end, Fields updated her estate plan to ensure that her husband and stepson could continue to live in the home for a period after she dies; then the house would pass to her own children via a trust.

Barrett notes that this coordination of documents is an important step in the process. The intentions you set forth in a prenup have to be reflected in other key documents as well. “Otherwise the assets you earmark for your kids in the prenup won't be transferred to them,” she says.

The same is true for how your assets are titled, says Natalie Perry, an estate-planning lawyer also with Harrison LLP. “Many people don't realize that your designated beneficiaries on certain accounts, and how your assets are titled, can trump what's in your estate plan.”

In that vein, trusts are an important estate-planning tool that can help ensure that assets avoid probate and are bequeathed to your children or grandchildren, and not your surviving spouse, if that's your intention.

A common solution when you're trying to balance financial security for your spouse while also preserving your children's inheritance is a qualified terminable interest property, or QTIP. This type of trust can provide lifetime income for your surviving spouse — an important consideration for older couples when one spouse wants to make sure that after they die the surviving spouse lives comfortably — while preserving the underlying principal asset (such as a home or an investment account) for your children and grandchildren.

The benefit of this arrangement is that the surviving spouse cannot touch the principal asset; it passes intact to the next generation upon their death.

Unpacking your financial and emotional baggage

Putting the right legal and financial structures in place protects your future, but it's the here-and-now daily money decisions where tension tends to surface most for remarried couples, says Terry Gaspard, a therapist in Portsmouth, R.I., who specializes in divorce and remarriage and is author of the book Let's Talk About Money: Low-Conflict Conversations for Couples. “Assuming you have your own children, and so does your spouse, you have to decide who's going to pay for what,” she says. “How do you manage not only spending, but also saving for retirement and joint expenses like vacations?”

For most remarried couples, these aren't just financial questions but emotional ones, too. As Sarah Fields puts it, “You're not just dealing with a balance sheet that's from a bank, you're dealing with a balance sheet that's in your heart.”

Coming up with an effective cashflow system often means finding a way to address the emotional baggage that arises simultaneously, says Kolmetz — especially if money was a source of tension in a previous marriage for one or both partners. He says, “If you can have the cashflow conversation in a healthy, structured kind of way, that can support other, more difficult conversations.”

Start by anticipating certain trouble spots that are common to many second marriages. Spending habits, investing styles, and giving strategies to charities or family members are common breeding grounds for conflict, Kolmetz says.

It's not that couples in first marriages don't grapple with these issues too; they do. But in second marriages, spouses may be set in their ways, reluctant to be accountable to a new set of rules, or — particularly for older couples — feel there is less room for error, because there is simply less time to recover from financial setbacks.

In second marriages, one way to cope with these conflicts is to avoid anchoring on what one spouse said or did — or plans to do. Instead, put your spouse's offending behavior in the context of their complex financial history, Kolmetz says. “It's not that they are wrong, per se. Their choices reflect their relationship to money.”

Spending habits, investing styles, and giving strategies to charities or family members are common breeding grounds for conflict.

One spouse may resent the other's extravagant taste in travel, say, or how much money they give to one of their kids. The key is to coax out the underlying emotion (fear, worry, a desire to protect) so you can talk about it. You don't have to resolve the conflict 100%, Kolmetz says, but rather “create opportunities for uncomfortable conversations — and get help when you need it.”

When Fields remarried, she was well aware of the baggage she was carrying from her divorce. Although she and her ex had always merged their money during 20-plus years of marriage, “untangling things during our divorce was really unpleasant,” she says. “I knew I would never commingle my finances again.”

While she and her new husband agreed to keep their assets and expenses separate, “I think I had the delusion that it would always be neat and tidy,” she says. “But you can't keep a Berlin Wall between your finances.”

Over the past few years of their marriage, she says, they've largely kept their personal and kid-related expenses separate but have learned to improvise as needed. For a recent family trip, Fields paid for the plane tickets and accommodations. Her husband covered all the meals. “I didn't do the math to see if it added up, but it felt fair,” she says.

Similarly, when her husband needed a $3,000 dental procedure unexpectedly, she fronted him the money until his insurance kicked in. She says, “As we get older, this is going to happen more — more medical expenses, more procedures, more prescriptions. We have to figure it out.”

Set up a workable spending system

Unless you've decided to keep your money completely siloed, you'll need a reliable way to pay household bills and save for joint expenses. “You're combining two separate entities, to some degree,” Kolmetz says, “and you have to find a way to pay for gas and groceries, the mortgage and insurance.”

Many find that a “three pot” system works best, says Gaspard. That means a shared account for household expenses, paired with individual accounts for personal spending. This can be set up so that each spouse contributes proportionally based on their income, which can reduce resentment if one spouse earns substantially more than the other.

Even with a three-account system, most couples will still need to be transparent about common flashpoints, such as costs associated with kids (including adult children) and grandkids. “Competing priorities around money are an ongoing hazard with blended families,” Gaspard notes.

To work through financial sore spots, the standard advice for most couples is to have regular money check-ins with each other. But Kolmetz suggests upgrading that strategy for second marriages. He says, “Owing to how complex it can be to combine so many separate ingredients in one marriage, it makes sense to get regular help from a third party, such as a financial adviser or a counselor.”

Fields agrees that finding some way to reflect on what's working and what's not is essential when there are so many personal and financial dynamics overlapping. “One thing I've learned from being married twice is that you need to let go of the ups and downs, and remember you have each other's interests at heart,” she says. “That's what any successful marriage is about."

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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Youth sports used to be a relatively simple line item in the family budget. Parents might pay a registration fee, buy a pair of cleats and celebrate the end of the season with pizza. That’s no longer the case.

Today, youth sports have evolved into a sprawling, multibillion-dollar industry fueled by travel leagues, private coaching, tournament circuits and a growing ecosystem of apps and specialized services.

According to recent data from Project Play, family spending on a child’s primary sport has surged by roughly 46% in the past five years, reflecting a broader shift toward year-round, highly structured competition.

For many families, the rising cost of youth sports is straining household budgets and raising questions about whether the price tag is still worth it. Understanding what's driving these higher costs, and where families can realistically cut back, can make it easier to find a balance that works.

Youth sports have become big business

For many families, youth sports used to be relatively simple and affordable. Parents would pay a reasonable, one-time fee to sign their child up for a six- to eight-week league through a local park district or the YMCA.

That fee typically covered the basics: a jersey, shared equipment and a set schedule of games, plus one or two practices a week. Teams were formed, kids played, and the season wrapped up without much fanfare or financial strain.

Those options still exist, and for many families, they remain an affordable way for kids to stay active and involved.

But alongside that traditional model, a more complex and expensive version of youth sports has emerged. Retailers such as Dick's Sporting Goods are investing in youth sports platforms and experiences, while private-equity firms are backing large-scale tournament operators, training facilities and multisport complexes.

Add streaming services for games, recruiting platforms and scheduling apps, and it’s clear that youth sports now extend far beyond the field.

The shift toward year-round play has also created recurring revenue streams. Instead of participating for a few months, many young athletes now compete, train and travel nearly year-round. What was once a seasonal expense has increasingly become an ongoing financial commitment for families.

Travel teams and specialization are driving costs higher

One of the biggest cost drivers of youth sports today is the rise of travel teams and early specialization.

Families are increasingly expected to commit to one sport and commit fully. That often includes:

• Club or travel team fees that can run into the thousands
• Tournament entry fees and long-distance travel
• Hotel stays and rising transportation costs
• Frequent equipment upgrades
• Private coaching, strength training or clinics

Even sports once considered affordable, such as soccer or basketball, can quickly become expensive at competitive levels. Baseball, hockey and gymnastics often come with even higher price tags due to gear and facility costs.

While specialization can help athletes develop skills, it also increases financial pressure. Opting out or even scaling back can feel like putting your child at a disadvantage.

Technology is adding convenience — and more fees

Technology has made youth sports more organized and accessible. It’s also quietly adding to the bill.

Families now encounter a growing list of subscriptions and add-ons, including:

• Registration and team management platforms
• Video analysis and performance tracking apps
• Recruiting highlight services
• Livestream access for out-of-town relatives

Individually, these costs might seem manageable. Together, they create "subscription creep" that's a steady accumulation of monthly and annual fees that can rival the cost of participation itself.

What families are spending on youth sports

The rising cost of youth sports is no longer limited to elite travel teams or specialty programs. According to the Aspen Institute’s (PDF) latest parent survey conducted with Utah State University and Louisiana Tech University, the average U.S. family spent $1,016 on one child’s primary sport in 2024, a 46% increase from 2019.

Parents also reported spending another $475 on additional sports and activities for the same child. Altogether, families spent nearly $1,500 annually per child on sports participation in 2024.

Those figures can climb quickly for households with multiple children participating in sports, especially as athletes get older. The survey found spending increased significantly by age, with families spending nearly $2,000 annually on teens ages 15 to 18.

Certain sports have also become notably more expensive. Since 2019, average annual family spending on baseball climbed from $660 to $1,113, while soccer rose from $537 to $910, and basketball increased from $427 to $876.

Why do parents keep paying despite rising costs?

Even as costs climb, many families continue investing heavily in youth sports, and not just because of the possibility of a college scholarship.

For parents and grandparents, sports can provide structure and routine in a child’s schedule, along with physical and mental health benefits. There’s nothing inherently wrong with wanting children to stay active, spend time with other kids, learn teamwork and develop new skills. Youth sports can also create a strong sense of community and shared purpose.

There’s also a psychological factor at play. As youth sports become increasingly competitive, some families worry that opting out, scaling back or choosing a lower-cost path could leave their child behind. While the financial pressure might strain household budgets, parents might still hesitate to take a season off or encourage their child to rotate sports out of concern they could miss valuable opportunities to develop skills or gain exposure.

But the reality is that only a small percentage of youth athletes go on to receive athletic scholarships, and even fewer become professional athletes. That makes it even more important for families to weigh the financial trade-offs and decide what level of investment makes sense for their budget and goals.

How families can keep youth sports spending under control

The rising cost of youth sports doesn’t mean families must opt out altogether. In many cases, there’s a practical middle ground that allows kids to enjoy the benefits of sports without stretching the family budget too thin.

It starts with being intentional about what you sign up for. Before committing to a new season or travel team, step back and create a realistic annual budget for sports-related expenses. That includes not just registration fees, but also travel, equipment, training costs and the smaller add-on expenses that can quietly pile up over time.

Consider local or recreational leagues

Not every child needs a travel schedule to enjoy sports or develop skills. Community leagues can offer strong coaching and competition at a fraction of the cost. Some families also choose a hybrid approach, mixing one competitive season with lower-cost options during the off-season.

Buy secondhand whenever possible

From cleats to bats to uniforms, gently used equipment can significantly reduce expenses, especially for fast-growing kids.

Limit year-round specialization

Encouraging kids to play multiple sports can reduce burnout and lower costs tied to constant training and travel in a single sport. When it comes to extras such as private coaching or additional tournaments, it’s worth asking whether those investments are truly adding value or just adding pressure.

Revisit why you initially got involved (and let that guide future decisions)

Keep the focus on what matters most: your child’s enjoyment and development. Not every athlete needs a year-round schedule or elite-level training to benefit from sports. Giving kids space to explore different activities or have an off-season, can be just as valuable.

Finding the right balance for your family

Youth sports can still be one of the most rewarding investments a family makes, but they've also become one of the most expensive.

For parents and grandparents supporting young athletes, it’s important to create an experience that fits both your child’s interests and your financial reality. At the end of the day, the value of youth sports isn’t measured by how much you spend, but by what your child gains from the experience.

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When you're looking for ways to cut your monthly budget, the dream is to find cuts you can make that don't feel like sacrifices. You want to save money, but you don't want to live like an ascetic monk.

One of the more popular pieces of advice floating around online is to call your current service providers and just ask them to lower your bill.

It's one of those tricks to save money that sounds nice, but feels like it probably doesn't really work or, at best, you might save a few bucks. Where I live, two of my utility providers have a monopoly in the state, and a couple others have few real competitors, so I was sure I wouldn't be able to negotiate much in the way of savings — especially when my only reason for asking was just that I wanted to give them less money.

But I decided to give this method a shot, and I called my service providers to ask for discounts. As it turns out, spending a couple of hours on the phone and in online chats with customer service representatives saved me an estimated total of more than $720 per year.

How I saved $720 just by asking nicely

Personal finance experts recommend researching competitor offers and calling your provider to ask if the company can match it. The general consensus is that you should be polite but confident and make sure to get any discounts or deals confirmed in writing before you hang up.

To maximize those savings, you can tally up the total amount you were able to save by asking for lower bills and stash that in a high-yield savings account each month to earn interest on it. This can be an easy way to boost your savings without having to make a single change to your monthly spending habits.

With all this in mind, I got to work. After making a list of all the bills I pay, there were some I crossed off from this experiment right away. Those that didn't make the cut included my car and home insurance, because I just reshopped my insurance in March and already saved a few hundred in the process.

Likewise, I skipped calling my gas company and trash service because I switched both earlier this year to take advantage of special offers.

Otherwise, here's how my bill-lowering experiment played out:

Peacock: Saved $70

Getting a discount on Peacock was the easiest on my list. I didn't even have to pick up the phone; I just logged into my account and clicked the "cancel all subscriptions" button. This took me to a page with an offer to keep my annual plan for $40 for the year. I clicked "claim offer," and now it's set to renew at the discounted rate instead of the $110 price I was originally scheduled to pay. The process took less than a minute from start to finish.

This was the only streaming service I tested the process on because all other streaming platforms I use are either bundled into other services or otherwise free or cheap for me already. For example, I have a Disney+ and Hulu bundle that I only pay $2.99 per month for thanks to a streaming credit I get every month from my American Express Blue Cash Preferred card.

With that said, I've heard anecdotes that other streaming platforms are similarly willing to offer discounts if you threaten to cancel.

Fitbit Premium: Saved $80

This one was less of a negotiation and more of a realization that I don't really use the features of this app enough to justify paying for it. I went through the cancellation process with the mindset that I'd keep it if I was offered a dirt-cheap price for it, but otherwise I'd just cancel it.

Going through the cancellation process was easy, but Google's prompt asking me to stay didn't include a discount. I followed through on the cancellation and saved the $80 I would have paid when the subscription renewed next month.

That's one more lesson from this experiment: Sometimes it's helpful to review the subscriptions you have and assess if you actually need them.

Water company: Saved $0

Of all the services I contacted, this was the only "no" I got. As expected, it's hard to negotiate with a company that has no competitors, especially when the service in question is a basic need such as water. They know I'm not going to cancel.

Still, the customer service representative did mention some discount programs that the company offers, but these were largely income-based, and I don't qualify.

Electric company: Saved $156

My electric company also has a monopoly in my state, so I dialed the customer service line with low expectations. I wasn't able to research competing offers because there are none, and my loyalty to the company means little when there's nowhere else to go.

Still, the customer service representative discussed some of the other rate plans they offer, and I discovered one that's a better fit with my power usage habits. After reviewing my bills from last summer, the rate plan I switched to will save me an estimated $39 per month from June through September without changing my usage habits. My bills outside of summer will likely be about the same.

This wasn't a discount per se, but making the call did still result in estimated savings of $156 per year.

AT&T Home Internet: Saved $420

This one was my biggest win by far, but the key to success was getting a human representative on the phone, and that step took some work. When I told the automated system that I was considering canceling my internet service, it started walking me through the cancellation process. I had to interrupt it repeatedly to get a human on the phone before my service was cut.

Once I was talking to a representative, though, the process was easy. Before the call, I'd checked a few other internet providers. Of those that service my neighborhood, the best offer was from Xfinity. I could get a plan for the same 500-megabit speed internet I currently have for $45 per month. I pay $65 to AT&T.

I asked the representative if AT&T could match that deal. She said she'd look around and see what discounts she could offer. After a few minutes, the best deal she found was for the 1,000-megabit plan, the next step up from my current plan.

After the loyalty discount and other credits she found, she offered me the faster plan for $30 per month and locked in that rate for the next 24 months. That's $35 less than I'm paying now, or $420 in savings per year for the next two years.

Asking for lower bills is definitely worth it

All told, I spent about three-and-a-half hours running down the list of services, doing my research to find competing offers and contacting each company. But I came out more than $720 ahead at the end of it, and most of these savings are sticking for a while, so I won't have to do it again for at least another year.

You'll likely get turned down in some cases. My water company said no, and Google didn't even bother offering a discount to keep me on the premium version of the Fitbit app. Overall, the savings you do get from the companies that say yes will likely more than make up for the rejections.

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Lately, I've been getting a lot of news releases about what's being called the Great Wealth Transfer — upwards of $124 trillion that could change hands between generations over the next 10 to 20 years. And much of that inheritance will likely end up in the hands of women — wives, daughters, siblings, granddaughters — if for no other reason than women tend to outlive men.

But before you count on that cash, a word of caution is in order. "I have been hearing about a generational windfall for the last 30 years, and I haven't seen it materialize," says Alexandra Armstrong, a certified financial planner and author of On Your Own: A Widow's Guide to Emotional and Financial Well-Being. She has worked with clients who counted on inheriting from their parents, only to find that "their parents didn't die anytime soon, and there wasn't that much left anyway."

"What gives me pause is the combination of longer life spans and the cost of medical care," says Elizabeth Zelinka Parsons, a lawyer and author of Encore: A High Achiever's Guide to Thriving in Retirement. "I certainly would not suggest that clients build an inheritance into their financial plan."

At the other end of the spectrum, "30% of people who inherit money have basically spent their inheritance within a year," says Natalie Colley, partner and senior lead adviser at Francis Financial in New York City. "For people over age 50, that jumps to 40%."

One problem, she says, is that people often receive an inheritance at "possibly the worst time of their lives." Not only are you likely to be grieving the loss of a family member, but you might also have feelings of guilt or resentment and be faced with managing your new financial situation. "Avoidance is a common reaction," says Colley.

On top of that, navigating the legalities of taking possession of an inheritance can be daunting. "Even people who are savvy with financial matters have trouble with this," says Parsons. "Inheriting is a lot of work."

Where to start

To make the process as smooth as possible, Parsons gives her clients a road map. For the first 30 days, she says, "just catch your breath" and use that time to get all of your documents in order. For example, you would need copies of any will, trust, or estate plan that exists, as well as account statements for all assets, plus any insurance policies, loan documents and real estate deeds. And get at least six copies of the death certificate.

You need to come up with an inventory of everything you have received and the value of those assets, which will determine whether the estate or trust has a tax liability. Your lawyer should be able to help you, and you also might want to consult a certified public accountant or other tax professional or a financial adviser. If you have a clear picture of your inheritance after 60 days, "you're in good shape," says Parsons.

One issue you might face is getting access to certain assets. For example, if your husband had a bank account in his name, with no joint ownership or pay-on-death provision, you might need a court order to access it.

Depending on what you've inherited, you may also be responsible for certain ongoing activities. With real estate, for instance, you may have to make mortgage or tax payments or create a maintenance checklist.

Any planning you can do in advance — say, between two spouses or between parents and adult children—can make the whole process go more smoothly. "Sit down once or twice a year with your spouse to go over your accounts and how to get into them," says Parsons. "Become as literate as you can before there's a compelling need."

Janet Bodnar is editor at large of Kiplinger Personal Finance. Contact her at janet.bodnar@futurenet.com

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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Have you ever noticed that the prices of the things you buy online seem to change for no rhyme or reason? I was recently shopping for my daughter's first birthday, and I had my eye on the Rolls-Royce of kids' wagons — this thing is nicer than some of the cars I drove in college.

But I wanted to do some research first. I put the wagon in the online shopping cart while I read some expert and customer reviews. Not even a day later, I was back — and the wagon was a few dollars more expensive than it was the previous day.

For one item, a few dollars is not a big deal. But this can add up over time with regular purchases. Some stores use surveillance data to determine your shopping behaviors, so they can pinpoint, with scary accuracy, the maximum amount you'll pay for an item. I'll explain how it works and what you can do to avoid it.

How retailers use your shopping habits against you

The Federal Trade Commission (FTC) conducted a surveillance pricing market study and found that retailers use factors such as your precise location, shopping history, demographics and internet browsing history to set prices.

"Initial staff findings show that retailers frequently use people's personal information to set targeted, tailored prices for goods and services — from a person's location and demographics, down to their mouse movements on a webpage," said Lina M. Khan, then-FTC chair, in the January 2025 report.

That might apply to online shopping, but can they also track you in-store? Yes. Retailers employ cameras and AI to determine how long you stay in a specific section, the products you're looking at more and to prevent food waste.

Retailers can also track your smartphone, using Bluetooth beacons, cellular signals and Wi-Fi routers. The beacons work by sending streams of Bluetooth signals that nearby devices detect, triggering app notifications to process data. These tools, with your purchase histories, allow them to track your shopping habits to set prices.

Why are companies spying on you?

Companies employ these tools for several reasons. Of course, the primary driver is to maximize revenue. Retailers can also use this information to monitor inventory levels, lower prices to undercut competitors, and make price adjustments based on customer behavior.

Think of it this way: Say you need to book a last-minute flight to attend a funeral. You shop around for flights, then get in touch with family members to arrange schedules.

You return to the website a day later only to find the fare has increased substantially. Why? Because the website has your browsing information. The algorithm likely knows why you're booking the flight and that you must fly on certain dates, and it raises prices knowing you'll still need to buy. Here's how to fight back.

How to protect your data and prevent price surges

There are a few things you can do to prevent companies from harvesting your data to charge you more:

• Delete cookies regularly: Cookies are like your digital shadow, leaving a breadcrumb trail of what you search for online, what you have in your shopping cart and more. Deleting these regularly means retailers don't have a full picture of your online shopping behavior, which, on its own, won't stop it. But using this practice with a virtual private network can.
• Install a VPN: A virtual private network (VPN) allows you to mask your location data, making it harder for retailers to use it to hike prices.

• Examine permissions for store loyalty programs: Some stores offer lower prices or free perks if you sign up for their loyalty program in exchange for collecting your data. Luckily, many of these programs have permissions you can access to turn data off. Open the app's settings, find the privacy section and look for the "how we use your data." There, you can opt out of some data collection methods, such as location tracking.
• Compare prices: When you shop, compare prices with your phone and computer, as a website might charge more based on the device you use. You can also compare prices by shopping for an item in a regular browser, then look for it again in incognito mode to see if there are any variances.

Along with using these tactics, know that some states also have data privacy protection laws that can shield you from paying more.

Some states are fighting back

Maryland became the first state to ban the use of surveillance data in grocery stores. They're not the only ones tackling the issue. Colorado and Connecticut lawmakers also just passed bans, and other state legislatures are working on similar proposals, including in New York and California.

There are 20 states with data protection laws, including California, Virginia, Colorado, Connecticut, Utah, Iowa, Indiana, Tennessee, Texas, Florida, Maryland, Minnesota, Montana, Oregon, Delaware, New Hampshire, New Jersey, Kentucky, Nebraska and Rhode Island. These laws allow customers to opt out of targeted advertising and the selling of their data. If you live in one of these states, I recommend learning more about the law and your rights under it.

Ultimately, retailers have become more adept at building shopper profiles using surveillance data. Unfortunately for you, this means they're mainly using this information to see how much they can charge you for a good or service.

Your best course of action is to protect your data. Use a VPN, delete cookies regularly and remove location-tracking permissions on store loyalty apps. Doing these things makes it more difficult for retailers to track your information and keeps you less susceptible to price hikes.

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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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Graduation and adulthood are still years down the road for my two young kids, so my focus now is on setting them up for success when they get there. One way my husband and I are doing that is through 529 college-savings plans.

With these investment accounts, you can set aside money that grows tax-deferred and withdraw it tax-free for qualified education-related expenses, including college tuition and fees, room and board, and computers.

A common concern among parents who contribute to 529s is that their kids won't end up going to college, or that the costs will be lower than expected. Luckily, the qualified uses for 529 money have expanded in recent years.

The One Big Beautiful Bill Act, signed into law last summer, introduced additional eligible expenses, including tuition, books and other fees associated with qualifying non-degree credential programs, such as for plumbing, electrical work, HVAC and welding. You can also withdraw up to $20,000 per year for elementary and secondary school tuition, course materials, tutoring, fees for standardized tests, and more. (Not all states follow the federal rules, so check your state's policies.)

If you end up with leftover money, a compelling option — one that I'm keeping in my back pocket in case my kids don't need all their 529 funds — is the ability to roll over up to a lifetime limit of $35,000 of the 529 balance, tax- and penalty-free, to the beneficiary's Roth IRA.

The 529 plan must have been held for the beneficiary for at least 15 years before you can make this move, and you can't roll over more than the Roth IRA contribution limit ($7,500 in 2026 for those younger than 50) each year.

Even if you withdraw 529 money for non-qualified expenses, all is not lost. You'll pay income tax and a 10% penalty on the investment-earnings portion of the distribution, but not contributions.

Picking a plan

Almost all states sponsor a 529 plan, and you can invest in any of them. More than 30 states offer a tax credit or deduction for contributions. Usually, you can get that tax break only if you invest in your own state's plan.

But in Arizona, Arkansas, Kansas, Maine, Minnesota, Missouri, Montana, Ohio and Pennsylvania, residents get a tax benefit no matter which plan they choose.

If you're shopping among plans, compare features, including the investment options and costs. Most plans offer age-based portfolios that gradually dial down the risk, shifting to more-conservative investments as your child approaches college.

When it comes to minimizing fees, opening an account directly with the state, rather than through a broker, is your best bet. You can compare plans with Saving for College's tool here. The site also rates plans based on performance, ease of use and more.

Read: The Best 529 Plans of 2026

Watch for promotions that could give your savings a boost. May 29 is National 529 Day, and some plan sponsors offer a cash bonus or match to families who open a 529 during a specified window near that date.

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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For the past several years, Jody King and Jim Vozar have made it their practice to give their four adult children a sum of money annually to help with their expenses.

The "kids" — the couple each have a son and daughter from their first marriages, ranging in age from 25 to 38 — all have jobs and can cover essential bills on their own. But the financial assistance from Mom and Dad makes a meaningful difference.

"Everything is more expensive these days, from groceries to rent to cars; it's harder to buy a house, harder to save money," says Vozar, 56, who owns a real estate development and construction company in Nazareth, Pennsylvania. "We're happy we have the means to help our children, to create a good foundation for them moving forward, so they're not sweating every payment."

The couple hasn't placed any strings on how the children use the money. "There are really no ground rules, other than our encouragement that they buy something they've wanted but maybe couldn't easily afford and to invest the rest wisely," says King, 58, a commercial real estate broker with CBRE in Allentown, Pennsylvania.

So far, the kids' purchases have included a computer, a treadmill, professional coaching services and new windows for the oldest child's home. All four have invested some, as well — money that Vozar expects one day will help them buy a car or house and build long-term savings.

"We'd know if one of them put it all on black or was driving a Porsche," says Vozar, who adds he has warned his kids not to spend the money on anything stupid.

If that happened, the couple say, their no-rules philosophy on gifting would change — although they make it clear that the children all work hard and want to forge their own ways. Vozar says, "I'm a firm believer in a hand up, not a handout."

A growing number of parents these days are following a similar path, helping their adult children with money in greater amounts and for longer periods than previous generations, research shows. More than six in 10 parents in an Ameriprise survey last year, for example, said they were covering some ongoing expenses for a child 21 or older, from phone bills to everyday living costs. (Participants in the survey had, on average, more than $500,000 in assets.)

More than three-fourths were helping to pay for a big one-time goal, such as a wedding or the down payment on a home.

The average amount of cash support to children 18 and older, according to a 2025 AARP study, is about $7,000 a year, with higher-income households that earn $75,000 or more giving over $10,000 annually.

Studies show that ongoing assistance drops sharply once adult children hit their late twenties, but it doesn't end entirely for many families.

About one-third of Americans ages 30 to 34 still get some financial help from their parents, a 2024 Pew Research Center study found, most commonly for household expenses such as groceries and utility bills, and for rent or mortgage payments.

"Younger generations today are in a very difficult situation in terms of affordability," says certified financial planner Mary Clements Evans, author of Emotionally Invested and founder of Evans Wealth Strategies in Emmaus, Pennsylvania.

"It's not just about the price of eggs and gas for them; it's the price of education, housing, health insurance, childcare, you name it. A lot of boomers have the financial means, and these kids really need the help."

Still, many parents helping adult children with money are feeling the strain. Studies also show that for some, lending a financial hand to kids in their twenties and thirties has cut into their ability to save for retirement, pushed back the timeline for when they can stop working or necessitated belt-tightening their own lifestyle.

Meanwhile, many parents, whether the help they're giving is comfortably affordable or not, worry they might be inadvertently hurting their child by fostering dependence. They might worry that people judge them as helicopter parents, concierge parents, snowplow parents (forever clearing the path of obstacles for their child) or whatever trendy but vaguely disparaging label observers bestow these days.

If you're helping an adult child with money and wondering whether you're doing the right thing for both your child and your own financial health or simply looking to close the Bank of Mom and Dad for good, these insights and moves can help.

Consider the circumstances

Trend data going back at least 50 years from the Institute for Social Research at the University of Michigan confirms that parents today are providing more financial support for adult children than previous generations of moms and dads.

Parents themselves agree: Six out of 10 people helping an adult child with money are providing more support than they received at the same age, the AARP survey found, and nearly half are giving larger amounts than they anticipated they'd need to provide.

That many of these kids really need a helping hand is evident too, with recent economic data documenting the financial strain on young adults compared with what their parents and grandparents experienced in their early grown-up years.

The typical student borrower now graduates from college with more than $35,000 in loans, more than double the average amount that new grads owed 25 years ago, according to the Education Data Initiative. More young people are also getting degrees, which delays their launch as wage-earning employees who can support themselves.

When they do get jobs, the salary isn't what it used to be, with wages for young workers eroding in real terms, especially for those who don't have a college degree — that is, if a young worker can find a job, given that the unemployment rate for college graduates ages 22 to 27 recently hit 5.6%, according to the Federal Reserve Bank of New York.

That's the highest rate in a decade, outside of a brief pandemic-era spike, and a reversal of the longstanding trend of young grads being able to land jobs more easily than workers overall.

Meanwhile, good luck to many young people hoping to buy a home on their own, with housing prices up 50% since the pandemic, according to the S&P CoreLogic Case-Shiller National Home Price Index.

"The helicopter/snowplow parent analogy is way overblown," says Monica Johnson, a sociology professor at Washington State University who studies the transition to adulthood. "What's happening is driven by history and a shifting economy. It's not a personality fault of either the kids or the parents."

That said, Johnson notes, a shift in family dynamics, marked by what she calls the growth of “intensive parenting,” is a contributing factor. "We have fewer children, and we're very invested in them," she says. "We know they're hitting this new economy, this new world, in a way we didn't and our grandparents didn't, so the stakes feel higher."

She adds, "It does mean that some young adults are delayed in learning some of the independence that earlier generations may have gotten."

Understanding the impact of ongoing support

The good news, says Johnson, is that there's no sign that a helping hand from parents generally breeds long-term dependence. The trend data show ongoing support drops sharply by the time most young adults hit their late twenties (keeping your kid on your family cellphone plan doesn't really count).

The research also shows that most parents feel the level of assistance they're currently providing feels right to them, given their child's circumstances. Meanwhile, the economic benefits are clear. Young adults who get financial support from Mom or Dad are more likely, for example, to graduate from college and earn a livable wage later.

Moreover, Johnson says, there's evidence of a strong reciprocity norm in families, so that parents who help young adults with money when they need it are more likely to get help from those kids later on — not necessarily financial aid, but perhaps a hand navigating health care needs, filling out government forms or arranging for home repairs. "It helps keep family bonds strong. There's a lot of give and take," she says.

Where parents are more apt to have concern: "They may be fine with the level of support right now, but worry about what will happen in the future," Johnson says.

"Most important, though, parents worry about what other people think of them, because we tend to judge parents a lot, and partly by how well their kids are doing," Johnson says. "It's less about what the parents are actually doing and more about how it will be perceived by others."

An even more pressing problem is the potential impact on some parents' long-term financial security.

More than one-third of the parents in the Ameriprise survey, for instance, said that supporting their adult children financially could affect whether they'll have enough money to live comfortably in retirement, and 40% of the parents in the AARP study with at least one child 23 or older said it has given them some degree of financial stress.

"We see it with student loans, when parents take out parent PLUS loans or co-sign for private loans that will lead to debt that they are likely to carry into retirement. We see it when parents pay for credit cards or auto loans for their children," says Lori Trawinski, senior director of finance and employment at AARP.

"It is understandable that parents want to help, but they should consider whether they can truly afford it," said Trawinski.

Determine the best path forward

To help figure out what's right for your family, experts suggest asking yourself a few key questions about the kind of monetary help your child needs, what's affordable for you, the implications for your security in retirement, and your son's or daughter's ability to close their account at the Bank of Mom and Dad and forge an independent life.

How much can you truly afford to help?

Financial advisers like to use the oxygen-mask analogy when it comes to helping adult kids with money — you know, the one from airline safety briefings that tells you, in the event of an emergency, to put on your own mask first before you help others.

If subsidizing your kid's rent or paying for auto insurance or helping with the utility or grocery bills strains your budget or hurts your ability to save what you need for retirement, don't provide a cash infusion, planners say. Instead, let your young adult go about the business of adulting and figuring out how to manage those expenses on their own.

Applying logic to the emotional tug of your child needing your help, though, doesn't always work in real life.

Consider the results of a survey last year of consumers with investable assets of at least $150,000 by LIMRA (PDF), a financial services trade group.

Among the 17% of respondents who were providing financial support to an adult child 26 or older, more than half said that doing so has affected their retirement savings.

Yet when asked what trade-offs they'd be open to making to stretch those savings, only 15% were willing to stop giving money to their kids or another family member who needed their help — dead last among the options given — compared with 58% who were willing to adopt a lower standard of living and 54% who were willing to return to work, either full-or part-time.

"Parents are used to making sacrifices for their children, putting themselves secondary to their kids' needs," says Kayla Fernandez, a CFP with California Financial Advisors in San Ramon, California. "Using math to evaluate such an emotional situation may not work."

Still, advisers say that running the numbers to evaluate whether you can truly afford to help your adult kids, considering both your current cash flow needs and the potential impact on your long-term retirement savings, can be an eye-opening exercise.

If you work with a financial adviser or have access to one through your workplace retirement-savings plan or financial services provider, you can run simulations to assess how various levels of support for your kids will affect the likelihood of your savings lasting through retirement. Do-it-yourselfers can use financial planning software such as Boldin (free for the basic version or $12 monthly for more advanced features) or Empower (free) to test different scenarios.

Then tackle the emotional part of the equation. Fernandez asks clients to think about what would happen if they hit an unanticipated setback or the money they're giving now causes their savings to dwindle so much that they end up needing a financial hand from their son or daughter when they're older.

"Think about how you'd feel," says Fernandez. "Ask yourself whether helping now could end up hurting your child more in the long run."

One other aspect to think about: "Parents underestimate the financial compounding effect of ongoing support," says Rick Kahler, a CFP, certified financial therapist and founder of Kahler Financial Group in Rapid City, South Dakota. "Even small subsidies over 10 or 20 years materially reduce retirement assets."

The bottom line, says Kahler: "You cannot fund your child's 30-year-old self at the expense of your 85-year-old self."

Are you helping or enabling?

Kahler says that the most critical question often isn't whether you can afford to help, but rather, will providing support increase or decrease your child's growth toward independence?

Kahler has a simple litmus test. "Helping after a layoff, a health crisis, or during education can be stabilizing and wise," he says. "Helping fund a lifestyle beyond what someone can sustain on their own income shifts from bridge to bailout."

Focus your assistance on essential expenses, not such lifestyle upgrades, says Evans. You might, for example, lend a hand with the deposit on a first apartment and some basic furnishings to launch your baby bird from the nest (think IKEA or Wayfair, not Crate & Barrel or Pottery Barn), but only if your child can manage the rent on their own after that.

Assisting with anything that helps build wealth can also be a good use of your money if you can afford it, whether that's one-time help with a home down payment, say, or offering to match savings in an emergency fund or for other long-term goals.

Ongoing help that makes life a little cushier than they could otherwise afford? Not so much, advisers say.

"Learning to be fiscally responsible when you're young can be uncomfortable — and that's OK," says Fernandez. "If your child never feels the pain of telling her friends that she can't go out to dinner and drinks this week or buy those concert tickets because it's not in her budget, she's not going to learn to live within her means. That is productive pain, in my opinion."

Also, think twice about helping them out of a jam of their own making, such as racking up a boatload of credit card debt not related to a layoff or healthcare bills. If your child is otherwise typically responsible, you might match their monthly card payments to expedite getting the balance to zero. But if it happens again, offer your counsel, not your wallet.

"Be careful if a ‘one-time' situation continues to repeat itself," Kahler says. Besides the potential impact on your own finances, he says, "Repeated rescuing can quietly build entitlement, resentment and shame, and it lowers the child's confidence."

Have you set parameters for support?

Ideally, you will have worked out the basic details about the assistance you're prepared to give before the first dollar exchanges hands. That includes laying out the specific expenses you will help with, the amount you're prepared to pay, how long you'll provide support, and if there's any question about it, whether the money is intended as a gift or a loan.

If not, have the conversation now, so there's no miscommunication and no surprise or hurt feelings on your child's part when you're ready to wind down the family aid plan.

In figuring out what kind of assistance to provide, invite your child into the process, rather than just informing him of your intentions.

"Ask, ‘How would you like us to help you? What would do the most good?' " says CFP Bobbi Rebell, author of Launching Financial Grownups and CEO of Financial Wellness Strategies, a financial education consulting company. "Give them agency. One of the mistakes we sometimes make as parents is treating our adult children as children, not adults."

One practical tool Kahler recommends to parents who anticipate needing to help their child with future expenses is setting up what he calls a child benevolent fund. Parents decide in advance how much they can allocate monthly without harming their own financial plan and regularly shift that money into an account earmarked for that purpose. When the child needs help, the balance in the fund sets the limit for aid.

"It removes guilt-based, in-the-moment decisions and protects long-term security," Kahler says.

Have you constructed an exit ramp?

Ongoing financial support for an adult child should generally be temporary, advisers say. One exception: If your child has a physical or mental health condition — true for about 30% of the parents providing financial support in the AARP survey — that might interfere with their ability to entirely make their own way.

Let your child know your intended end date well in advance so they have time to prepare. Experts also recommend tapering off gradually — say, reducing the amount you provide by 25% a quarter over the course of a year.

If you're looking to end support because it's no longer affordable or you're concerned about your long-term financial security, it's OK to let your child know that. The idea is not to pile on guilt (take care to keep the temperature low there) but to ensure they better understand the circumstances, which lessens the likelihood they'll feel hurt or resentful that they can no longer rely on you for money.

“Your children may feel very differently if they realize that helping them is a strain for you, because children love their parents and want to do right by them,” Rebell says.

Think about other ways to help that don't involve dispensing cold, hard cash — either to show you're still there for them after you've ended direct financial aid or as an alternative or supplement to giving money outright.

If, for instance, they're struggling with credit card debt, you might suggest seeing a debt counselor or allow them to move back home for a while to free up cash to pay down those balances.

Maybe you can help them set up a budget to get a better handle on their cash flow. If they're struggling with childcare costs, and you're retired, live nearby and are so inclined, perhaps you can babysit one day a week to alleviate the strain. "You don't necessarily have to write a check to help," says Rebell.

Adds Kahler, "Often what adult children need most is confidence, guidance and belief — not a subsidy."

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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If booking a flight lately feels more expensive and more confusing, that’s because it is.

Airfare prices are rising again, driven largely by higher jet fuel costs tied to geopolitical tensions, including the war in Iran. At the same time, airlines are leaning more heavily on dynamic pricing systems that adjust fares in real time based on demand, competition and even browsing behavior.

As a result, there are fewer predictable "sweet spots" for booking and more sudden price swings that can leave travelers second guessing whether to buy now or wait.

If you're planning summer or fall trips, the key question isn't just where to go. You'll also want to get strategic about when to book and how to avoid overpaying. Here are some tips to help.

How much more travelers are paying for flights

Airfare hasn't increased evenly across the board, but the trend is clear: Prices are trending higher, especially for peak travel periods and international routes.

Jet fuel prices surged from about $85 to $90 per barrel to as high as $150 to $200 per barrel in recent weeks, creating significant financial pressure across the airline industry, according to Reuters.

Domestic fares have seen moderate increases in many markets, while international flights, particularly long-haul routes, are seeing sharper spikes due to higher fuel consumption and constrained capacity. Flights to Europe and parts of Asia have been especially volatile, with prices fluctuating week to week.

Some routes are being hit harder than others. Flights from major hub cities might remain relatively competitive due to airline competition, while smaller regional airports often see steeper increases due to limited flight options and reduced seat inventory.

Another factor is that airlines have become more strategic about limiting discounted seats. That means travelers are less likely to stumble on the ultra-low fares that were more common even a year or two ago.

Why airfare prices are increasing

Several forces are converging to push ticket prices higher and keep them unpredictable.

Rising fuel costs are feeding directly into fares

Jet fuel is one of the largest operating expenses for airlines, often accounting for 20% to 30% of total costs. When oil prices climb, especially amid geopolitical tensions involving Iran and other key energy-producing regions, airlines typically pass at least some of those costs on to consumers.

What makes this cycle different is the speed. Fuel prices have been fluctuating quickly, and airlines are responding faster than they used to, adjusting fares in near real time rather than waiting weeks or months.

Dynamic pricing

Airlines have long used demand-based pricing, but newer algorithms are far more aggressive and responsive. Prices can now shift multiple times per day based on booking patterns, seat availability, competitor pricing, even seasonal demand signals.

This means travelers are less likely to see stable pricing trends. A flight that looks reasonably priced in the morning could jump significantly by evening if demand ticks up.

Strong demand (despite higher prices)

Even with inflation affecting household budgets, travel demand hasn't slowed as much as expected. Many people are still prioritizing vacations, experiences and visiting family, particularly during peak seasons such as summer and holidays. This sustained demand gives airlines less incentive to discount fares, especially when flights are already filling up.

Tighter seat inventory

Airlines are still operating with tighter capacity in some markets compared with prepandemic levels. That includes fewer routes, reduced flight frequency and, in some cases, staffing or aircraft limitations. Fewer available seats naturally push prices higher, particularly on popular routes or during high-demand windows.

Airlines are managing inventory more strategically

Another subtle shift is that airlines are holding back the lowest fare classes for a shorter period or releasing fewer discounted seats altogether. In other words, the "cheap seats" sell out faster, leaving more travelers choosing from higher-priced options.

7 best ways to save money on airfare right now

Even in a rising price environment, there are still ways to keep costs under control, but it requires a more proactive and flexible approach than in the past. Here are some things smart travelers are doing in an attempt to cut costs.

1. Book earlier, but still monitor prices

The traditional advice to book flights six to eight weeks in advance doesn't always hold up in today's market. For many routes, especially international trips, booking several months ahead can help you avoid last-minute price spikes tied to demand and fuel costs.

That said, it's still worth tracking prices after you book. Some airlines now offer fare credits if prices drop, and third-party tools can alert you to potential rebooking opportunities.

2. Be flexible with timing (even by a day or two)

Small adjustments to your itinerary can lead to meaningful savings. Flying midweek, particularly Tuesday or Wednesday, is often cheaper than weekend travel. Early morning or late-night flights can also come with lower fares.

If your schedule allows, shifting your trip by even one day in either direction can sometimes reduce costs significantly.

3. Use fare alerts and price-tracking tools consistently

Platforms such as Google Flights, Hopper and Skyscanner allow you to monitor routes and receive notifications when prices change. These tools are especially useful in an unpredictable market for travel, since it helps you spot dips rather than guessing when to book.

4. Check multiple airports and routing options

Flying out of or into a nearby airport can sometimes lead to lower fares. For example, choosing a secondary airport within driving distance might open cheaper routes or better airline competition.

Consider flights with layovers instead of nonstop service; it can reduce costs, particularly on long-haul trips.

5. Leverage points, miles and credit card perks

With cash prices rising, travel rewards can stretch further. If you've accumulated points through a travel credit card or loyalty program, this might be an ideal time to redeem them, especially for expensive routes where cash fares are inflated.

Some cards also offer travel credits, companion fares or built-in trip protections that can offset overall costs.

6. Watch for bundled fees and compare total cost

Base fares don't always tell the full story. Budget airlines may appear cheaper upfront but charge for carry-on bags, seat selection and other add-ons. Before booking, compare the total cost across airlines, including fees, to avoid surprises.

7. Consider shoulder seasons and off-peak travel

If your plans are flexible, traveling just before or after peak season can deliver better value. Early fall and late spring often offer a balance of good weather and lower demand, which can translate into lower airfare.

Should travelers book now or wait?

This is where many travelers are getting stuck, and there's no one-size-fits-all answer. If fuel prices continue rising or geopolitical tensions escalate, airfare could increase further. In that case, waiting could mean paying more later.

On the other hand, prices can still fluctuate, and occasional dips do happen.

As a general guideline, for:

• Domestic flights. Aim to book one to three months in advance
• International flights. Aim for two to six months ahead

If you find a fare that fits your budget and travel plans, it might be worth locking it in, especially if the airline offers free changes or credits.

A good rule of thumb is that if a fare is within your historical expectations (or slightly above), it’s often safer to book than gamble on future drops.

Are budget airlines still the cheapest option?

Budget airlines can still offer lower base fares, but the gap isn't always as wide as it seems. Many discount carriers charge additional fees for carry-on bags, seat selection and even printing boarding passes. Once those costs are added in, the total price can rival or even exceed traditional airlines.

Some budget airlines have reduced routes or frequency as well, which limits availability and flexibility. That said, they can still be a good option for short trips or travelers who can pack light and avoid add-ons.

How travelers can stay ahead of rising airfare prices

Airfare pricing is likely to remain unpredictable in the near term. Between fuel costs, global uncertainty and evolving airline strategies, travelers should expect continued fluctuating prices and options.

The good news is that you don't need perfect timing to save money. If you plan ahead, stay flexible and use the right tools, you can still find reasonable fares even in a rising market. Because in today’s environment, waiting for the "perfect deal" might be the most expensive move of all.

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Graduation season is here! While most students fresh out of high school or college welcome a cash gift, you can go a step further by offering it in a way that helps them form good habits and sets them up for a bright financial future. Consider these options.

Give them a savings boost.

One of the best gifts you can give a young graduate is a jump-start on their savings. You could, for example, seed their emergency fund, giving them money to put in their savings account.

Or you could supplement their retirement savings. If the grad is earning income, they can fund a Roth IRA. Contributions to a Roth are made with after-tax money, but withdrawals of those contributions are tax- and penalty-free anytime.

Once the owner reaches age 59½ and has had the account for at least five years, withdrawals of investment earnings are free of taxes and penalties, too.

Offer to make a matching contribution for every dollar that the grad puts into the Roth, suggests Cary Carbonaro, a certified financial planner and managing wealth adviser at Ashton Thomas Private Wealth in Scottsdale, Ariz.

The total contribution (including your gift) that those younger than 50 can make to a Roth IRA for 2026 is $7,500 or an amount equal to their earnings for the year, whichever is less.

Another option: Purchase a Series I savings bond from the U. S. Treasury website, at TreasuryDirect.gov, as a gift.

An I bond's interest rate consists of a fixed rate that never changes and an inflation-based rate that adjusts every six months. The composite rate for bonds issued from May through October 2026 is 4.26%.

An I bond isn't redeemable until the owner has had it for least a year. But it can be an excellent long-term savings tool, reaching full maturity after 30 years.

Whittle their debt.

Student-loan debt can be a heavy burden. The median debt among individual borrowers was in the range of $20,000 to $25,000 in 2024, according to the Federal Reserve.

You might offer to cover, say, a few months of the grad's loan payment, or a portion of the payment for a longer period.

If the graduate has credit card debt, assisting with those payments could be even more impactful. Average interest rates were recently about 22%, according to the Federal Reserve.

And young adults in their twenties have an average of $3,493 in card debt, according to credit-reporting company Experian.

Pay for a financial-planning session.

A graduate who has little in savings and investments may not come to mind as a prime candidate to sit down with a financial planner. But a visit with a professional can help a young adult set a strong foundation.

They might, for example, benefit from a planner's guidance in crafting a budgeting and saving strategy, paying down debt, and reviewing insurance options.

Carbonaro suggests scheduling a one-time, 90-minute session with a CFP. Hourly rates typically run from $200 to $400, according to financial website NerdWallet.

Advisers in the Garrett Planning Network and XY Planning Network offer their services on a fee-only basis — that is, they are paid only by their clients and do not accept commissions for selling financial products — and they don't require clients to meet certain asset minimums.

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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The PGA Championship returns May 14 through May 17 at Aronimink Golf Club in Newtown Square, highlighting a busy stretch of the PGA Tour schedule.

Scottie Scheffler enters the tournament after winning the 2025 PGA Championship and remains one of the sport’s dominant players. He narrowly missed adding another major earlier this season, finishing one stroke behind Rory McIlroy at the Masters.

McIlroy heads into the PGA Championship with momentum following his Masters victory, while many of golf’s top-ranked players are expected to compete in the season’s second major.

2026 PGA Championship TV schedule

Golf fans can watch the 2026 PGA Championship across ESPN, CBS and several streaming platforms throughout the four-day tournament.

Coverage begins Thursday, May 14 and continues through the final round on Sunday, May 17.

CBS coverage times

CBS Sports will air the main weekend coverage during the final two rounds:

● Saturday, May 16: 1 p.m. to 7 p.m. ET

● Sunday, May 17: 1 p.m. to 7 p.m. ET

ESPN will carry early coverage on Saturday and Sunday from 10 a.m. to 1 p.m. ET before CBS takes over. Fans can stream the CBS broadcast live through Paramount+ with the Paramount+ Premium plan.

Where to stream the PGA Championship

If you plan to stream the tournament instead of watching on cable, several services will carry live PGA Championship coverage throughout the week, including early-round feeds and weekend broadcasts.

ESPN+

ESPN+ offers the most comprehensive coverage of the tournament, including:

• Early-round coverage on Thursday and Friday
• Featured groups
• Featured holes
• Additional live feeds throughout the tournament

Paramount+

Paramount+ will stream the live CBS weekend broadcast during the third and final rounds.

Cord-cutters can also watch through live TV streaming platforms that carry ESPN and CBS, including:

Prices listed reflect standard monthly price ranges and may not include limited-time offers or new customer promotions. Check each streaming provider for current free trials, discounts and bundle deals.

How to watch the PGA Championship while traveling

If you're traveling during the PGA Championship, you may still be able to stream coverage through your existing subscriptions. However, some streaming services may limit access based on your location, meaning your usual coverage could look different while you're away from home.

In those situations, some viewers use a virtual private network (VPN) to access their streaming accounts while traveling. A VPN encrypts your internet connection and routes it through a server in another location, which may help you securely sign in to your streaming services while on the go.

New to VPNs? Getting started is relatively simple:

• Choose a VPN service, such as NordVPN, and follow the setup instructions
• Select a server location that matches your home country
• Open your streaming app and log in as usual

Don't miss the PGA Championship this weekend

Whether you're watching on ESPN, CBS, Paramount+ or streaming on the go, there are several ways to follow the 2026 PGA Championship live from Aronimink Golf Club.

With top players like Scottie Scheffler and Rory McIlroy in the field, golf fans will have plenty of storylines to follow throughout the tournament weekend.

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We test and review VPN services in the context of legal recreational uses. For example:1. Accessing a service from another country (subject to the terms and conditions of that service).2. Protecting your online security and strengthening your online privacy when abroad.We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.

The good news is that most people save money from their paychecks. The bad news? Many people don't set up savings goals for those funds.

NerdWallet recently conducted a study analyzing the savings habits of more than 2,000 people. It found that up to 70% of people save money, but don't have any clear goals for those funds.

Without any clear objectives, it can create a murky picture of your finances. This is why it's vital to set savings goals, and I'll show you how to do so in a way that adapts to your financial needs.

The obstacles to setting savings goals

Having a goal isn't about just crossing a financial item off your to-do list. It's about creating accountability.

Greg Welborn, president and financial advisor at First Financial Consulting, told Kiplinger, "There are many reasons why people won't set goals. They could be afraid of failure, or they fear encountering what their financial situation really looks like."

As we know, money means different things to different people. It can denote security, love, power, prestige and status. "For some, they're prioritizing a lifestyle over a financial goal," Welborn adds.

Another common reason is self-doubt. Many people think they'll never be wealthy, so why even try?

That, coupled with the sheer amount of financial resources, can make setting goals seem overwhelming for many. Creating goals, no matter how large or small they might be, is a vital first step to set you on the road to wealth. Here's how to do it.

Charting your road with purpose

Greg recommends you, "Don't be afraid to dream. Write down what you want to achieve financially. Yes, you might not achieve all of them right away, but starting with two or three provides an intention to your budgeting and spending, and it can change the way you think about how your money works for you."

A fresh perspective can also help and provide accountability. Whether it's a financial advisor, budgeting apps or a trusted friend/relative who's good with money, having another person working with you to achieve your goals takes some of the stress off.

Once you set a few goals, open a separate savings account to achieve them. This keeps your money separate from your main account, where it can become lost in the shuffle. I recommend a high-yield savings account because they offer higher returns with no account fees.

You can set up automatic transfers on payday. That way, you have a separate account where you can clearly see the progress, and you're not worried about that money being spent on everyday expenses.

Use this Bankrate tool to find the best high-yield savings account for you fast:

Maintaining accountability

Setting up goals is a great first step. But you also must follow through and assess whether you're reaching them over time. I recommend taking some time once a month or at least quarterly to track your progress.

This keeps your focus on achieving these goals. After a few months, it can also help you pinpoint behaviors that might prevent you from reaching or maximizing your goal, allowing you to make corrections.

And it's important to be flexible. "Maybe you're setting money aside for your child's college education, but then they receive a scholarship. Or they might want to go to grad school. Being adaptable allows you to better plan for future expenses, so you're ready to meet those goals when you need to," Welborn adds.

When you don't hit your target: Flexibility and intentionality

Failing is a part of growth. Greg equates to getting lost while driving. "Everyone becomes lost sometimes. But you don't give up and go back to where you come from. Instead, you get out a map, use GPS, ask for directions, then get back on the road to reach your destination."

The same applies to finances. Any time you make improvements, failure is a natural roadblock. To demonstrate, you might want to save $20,000 a year for a down payment on a bigger home. However, this year you only saved $10,000.

That doesn't make you a failure. Why? Because you still saved half of your goal, and you were intentional about doing it. You made a change that benefited you financially.

The goal doesn't have to change, but the timeline can. Instead of saving $20,000 in one year, maybe you do it in two or three years. What matters most is that you're being intentional with saving money for a stated purpose. Compared to someone saving without a goal, it's likely some of those funds would go for discretionary spending, and they might fall much shorter than what you were able to achieve.

Your savings goal checklist

To recap, here are a few things to help you set savings goals and keep them:

• Share your financial dreams by writing them down
• Pick out two to three that are the most realistic/you want to accomplish first
• Open a high-yield savings account separate from your regular accounts for these savings goals
• Develop accountability by sharing your goals with an advisor, banker or trusted loved one
• Review goal progress monthly or quarterly
• Give yourself the grace to fail
• Adapt as life's circumstances change

Ultimately, setting goals is the foundation of successful savings. By writing your dreams down, picking out a few and pairing them with concrete steps like opening a dedicated savings account, you transform hopes into achievable targets.

Just know, even if you have struggled with this, your situation isn't hopeless. Greg adds, "I've been doing this for over 30 years. We have yet to encounter a situation where we couldn't help you achieve at least one or two of your goals." So, your dreams can become reality with the right approach.

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Like many moms, my mother has always been our family's CFO. I grew up watching her fill in Quicken workbooks, write and document checks and keep us all accountable for our own spending.

As an adult, I recognize now how valuable it was for my sisters and me to watch our mother manage money. It's only in more recent history that it's become socially acceptable for women to manage finances, even within the family, and many women have become financially disadvantaged because a husband mismanaged funds and kept them in the dark.

It was especially valuable watching her because she had good wisdom and tools to impart. As we celebrate Mother's Day, I'm sharing some of the key money lessons I learned from her.

1. Balance your own books

I'm not exaggerating that some of my oldest memories are of my mother tapping away at a big desktop computer, filling in spreadsheets. She wasn't formally an accountant, but she acted like one for our family, making sure that our spending didn't exceed what was coming in and that she had an eye on where every dollar was going.

There's a reason why most financial advice starts with "track your spending." You can't know how to trim your budget if you don't know what makes up your budget. On a broad level, "balancing your own budget" means you can understand it better and thus manage it better.

On a more minute, practical level, it also means that your money is literally in the right place. You avoid overdrawing an account, for example, if you know that a bill is coming up on a certain date to be drawn from a certain checking account, so you know to hold cash there. As another example, you might see that you're holding more cash than you need, so you can set some aside for investing.

2. Keep your files organized

But all that tracking and monitoring can be rendered useless if your files are not organized. As I was growing up, my mother was meticulous about her filing. She always had folders on hand to add to her filing cabinets so she could easily find whatever document she needed when it became relevant.

There's a mix of files you need to keep organized. There are financial documents like bank statements, investment records including savings bonds (especially from the pre-digital-age), and tax records you need to keep. There are practical items like house deeds, car registrations and insurance agreements. Then there are the family documents: Birth and death certificates, Social Security cards, and health records, especially as you get older or face a serious illness.

Each of these can and should be stored differently. Some are better kept in a home safe and some things can be kept in a safe deposit box, while others can fairly safely be in a filing cabinet, and still others, like certain estate planning documents, should be kept in an accessible space in case of emergency. The point is, you do have to do the work of organizing your documents, and I'm frequently grateful my mother did.

Read more: How to Store Your Financial Documents the Right Way

3. Look at multiple options, and negotiate where you can

My mother is the daughter of a contractor, and as such, she's comfortable talking to contractors and other home professionals. I regularly watched her ask questions and press for information, both to make sure she understood what they proposed and to ensure she was paying an appropriate price.

From that, I learned that it's not impolite to ask: Ask for clarification, for discounts with certain concessions (like making a lump-sum payment or putting off a project till a less busy season), for second and third opinions to compare pricing. As she tells my sisters and me, the worst thing someone can do if you ask for something is say "no," which isn't that harsh an outcome.

Since I became a homeowner, I've been working on channeling her voice, recognizing that I don't have to accept every contractor proposal and that, sometimes, there is room for negotiation.

4. Stay informed and up-to-date on the financial landscape

The way my mom operates, you'd think she was a Kiplinger editor (and not just a longtime reader). She is constantly reading up on tools and trends, making sure she's making the smartest possible money decisions — and recognizing you need to adapt.

Some examples:

• She bought one of the first hybrid car models to hit the market while the wider world was still questioning the concept. That trusty Prius stayed in the family a good 15 years and saved us a ridiculous amount on gas.
• She downloaded the Robinhood app before I did because she was so curious about how it worked.
• When I-bonds were having a heyday in the wake of the pandemic, she invested in them and urged her daughters to do the same.
• And my ego is still recovering from her telling me how much better a rate she was getting in a money market account she'd found than I was getting in my high-yield savings account last fall.

Now, this doesn't mean changing your financial strategy every week, it just means staying aware of what's out there and how it could improve your finances.

5. Empower yourself to manage your finances

I'm grateful to my mother for these and many other lessons I've learned from her. It's very possible she was faking it till she made it and learning along the way, but what I saw was a confidence in managing money. She didn't shy away from making decisions, and she educated herself to take care of our family finances.

From that, I understood that I could do the same. It's easy to let someone else take the wheel of your money and to assume finance is too complicated and let your cash languish in a basic checking account. But thanks to her, I grew up feeling empowered to direct my financial destiny, and I'm sure there are many other people out there feeling the same about their moms.

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When Spirit Airlines declared bankruptcy in August of last year, travelers already began to suspect that the budget carrier might not be long for this world. After a prolonged restructuring process and a failed attempt at securing a $500 million government bailout, Spirit Airlines officially announced that it would cease operations altogether on May 2.

The news has been met with conflicting reactions among flyers. The airline didn't exactly have a stellar reputation for customer service. The unbundled fares often left passengers feeling like the low prices were a bait and switch as they ended up paying more by the time they add in seat fees, carry-on luggage fees, booking fees, boarding pass fees and the list keeps going.

But even if you avoided flying Spirit like the plague, the disappearance of a major budget carrier could still impact your wallet. Here's a look at the ripple effect the Spirit Airlines shutdown is likely to have on air travel and how your flight booking strategy needs to change in a world with one less budget carrier.

The ripple effect of the Spirit Airlines shutdown

Even if you've never stepped foot on a Spirit airplane, the airline's existence has probably benefited you indirectly. Before the carrier ceased operations, budget airlines accounted for 14.5% of the U.S. market, according to the Association of Value Airlines (AVA). The group representing budget carriers says that this growing market share has helped put downward pressure on ticket prices over the past decade, falling from an average of $124 for a one-way ticket in 2000 to $54 for a one-way ticket in 2024 (for the lowest cost ticket options).

While the actual price ends up being higher when you factor in all the add-on fees, those dirt cheap prices forced major players like Delta and American Airlines to create basic economy fares to compete with these discount airlines in the mid-2010s.

Those basic economy fares are pretty bare bones, but they're useful for travelers who want to customize their experience. You can pick and choose your add-ons and upgrades while still flying the airline you prefer.

With the loss of Spirit airlines, that's one less competitor pushing the price of basic economy fares down. While airlines might not abandon the ticket class altogether, the deals you find there might not be as good as what you're used to if they're not competing with a strong discount airline market.

Travelers are already seeing higher flight costs due to rising jet fuel prices

While Spirit Airlines had long been struggling and was already bankrupt before the Iran conflict began, the airline cited the sudden rise in fuel prices in response to rising oil prices as a major reason that it couldn't move forward with its original restructuring plans.

In its statement announcing the wind-down of operations, the company said, "the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook."

The cost of jet fuel has doubled since the war began, jumping from around $100 per barrel in February to over $200 by the end of March, according to the International Air Transport Association (IATA). Though costs were starting to fall in April, they're ticking back up in May.

For most carriers, the cost of jet fuel alone accounts for up to 30% of the company's operating costs. So, when fuel prices double, margins get thinner. To compensate, airlines can raise prices or cut capacity (such as dropping less profitable routes or grounding less fuel efficient aircraft).

Delta, for example, said in a recent earnings call that it would cut capacity by 3.5%, primarily by postponing the capacity growth it had planned for the quarter. Delta, United and other major carriers have also hiked baggage fees in an effort to offset rising jet fuel costs. On an earnings call in April, United CEO Scott Kirby said the airline might also hike ticket prices as much as 20%.

With news like that, travelers of all airlines are likely looking at higher travel costs. And one less budget carrier in the mix means there will be less downward pressure to bring these prices back down even after jet fuel costs start falling.

Can other budget carriers keep the price pressure on airfare?

The end of Spirit isn't the end of affordable airlines just yet. Other budget carriers like Frontier and Allegiant are still flying. But with rising jet fuel costs, how long can they keep prices down?

Last month, the AVA asked for a $2.5 billion relief package to offset the sudden spike in fuel costs. But Transportation Secretary Sean Duffy said he didn't think it was necessary at a press conference at Newark Liberty International Airport in New Jersey on Saturday.

Without federal relief, budget carriers will likely be forced to either take on debt or turn to the same capacity cuts and price hikes that major carriers are already using. Allegiant, for example, expects to cut capacity by 6.5% to compensate for higher fuel prices.

As of December 2025, Frontier still hadn't returned to profitability. Passengers may learn more about how the Spirit rival plans to deal with rising costs when it releases its first-quarter financial results tomorrow.

While there aren't any rumors of other budget carriers closing, travelers should probably brace for higher ticket prices even among the most affordable airlines as we head into a summer of soaring jet fuel prices.

How your travel booking strategy needs to change in 2026

This summer, air travel is going to get more expensive as airlines fly fewer routes and raise prices to offset jet fuel costs. So, if you've got any trips planned in the coming months, here are a few ways you can adapt your strategy to keep costs as low as possible:

• Book changeable fares and keep tabs on prices. Aside from basic economy tickets, most fares allow you to make changes for free. So, even if you don't like the price you see right now, go ahead and book it anyway (while doublechecking that the ticket allows for free changes). This ensures that today's price is the highest you'll ever pay, but allows you to keep checking in on prices in the lead up to your actual departure date. When you find a better deal, change your flight and you can pocket the difference.
• Avoid add-on fees. With most airlines raising their baggage fees, now is the time to hone your packing strategy to avoid needing to check a bag. Triple-check the baggage restrictions on your preferred airline to make sure your carry-on and personal item comply. Check for airline credit cards or loyalty programs that come with free checked bags as a perk. Consolidate your belongings into one checked bag if you're flying with your partner. If you can't avoid a checked bag fee, look for other fees (like premium seat selection or economy upgrades) that you can skip instead.
• Find your savings elsewhere. If you can't find airfare prices you like for your next trip, make up the cost difference by saving elsewhere. That might mean smaller tweaks like downgrading the hotel room you planned to book or bigger changes like choosing to visit a cheaper country this summer or shortening the length of your trip.
• Push your trip to the off-season. If you haven't booked yet, consider postponing your trip until fall or early winter. Off-season pricing tends to be lower for both airfare and hotels so if you have flexibility here, the savings could be huge. If you're still craving a summer getaway, opt for a domestic destination during the peak season.

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When people talk about "the 1%," they often picture seven-figure salaries, corner offices and big bonuses. But income alone doesn’t tell the full story. The top 1% is defined by net worth — not just what you earn each year.

Your net worth is everything you own, including investments, retirement accounts, home equity and businesses, minus everything you owe, like mortgages, loans and credit cards. It’s a snapshot of what you’ve built over time, not just what’s coming in.

Understanding that distinction, and how your own net worth compares, can help you make more intentional decisions about saving, investing and long-term planning.

What does it take to be in the top 1%?

While the exact number shifts with the market, a common benchmark is this:

• Top 1% net worth: Roughly $10 million to $12 million or more
• Top 10% net worth: Roughly $1.5 million to $2 million

These figures can vary depending on stock market performance, real estate values and broader economic trends. But they offer a useful reference point, especially for mid-career savers.

How do you stack up right now?

Here’s a simplified way to gauge your position:

• Under $250,000 net worth: Early accumulation stage
• $250,000 to $1 million: Building momentum
• $1 million to $2 million: Entering top 10% territory
• $10 million+: Top 1%

For many households, reaching the 1% can feel out of reach, and in some cases, it is. But understanding the gap between where you are and where you want to be is what helps shape smarter decisions.

Why income alone won't get you there

A higher salary can certainly help you build wealth faster, but it’s not a guarantee. In fact, there are plenty of high earners who never come close to the top 1% because their spending rises just as quickly as their income. The real difference comes down to what happens after you get paid.

High-net-worth households tend to convert a larger portion of their income into assets that grow over time, rather than expenses that disappear. That means consistently directing money into investments, retirement accounts, real estate or business opportunities even as their earnings increase.

It also means avoiding the trap of lifestyle inflation. It’s common to upgrade homes, cars and day-to-day spending as income grows, but when those increases outpace your savings and investment rate, they can quietly stall your progress.

Another key distinction is time in the market. Someone earning a moderate income who starts investing early and stays consistent for 20+ years can build more wealth than a higher earner who delays investing or frequently pulls money out of the market.

How the top 1% actually builds wealth

Despite the perception that the top 1% relies on big wins or risky bets, wealth at this level is typically built through a few repeatable strategies that are applied consistently over time.

Ownership is at the center of it

Instead of relying solely on earned income, top 1% households tend to own assets that can appreciate and generate income on their own.

Equity markets play a major role

Long-term investments in diversified stock portfolios through index funds, mutual funds or retirement accounts can provide steady growth. Reinvesting dividends and staying invested through market cycles allows compounding to do much of the heavy lifting.

Business ownership can accelerate wealth

Whether it’s building a company, owning equity in a private business or developing a side venture, businesses offer the potential for higher returns than traditional employment income alone. Even small ownership stakes can grow significantly over time.

Real estate adds another layer

Primary homes build equity gradually, while rental properties or real estate investments can generate income and long-term appreciation. Over time, leverage and rising property values can significantly increase net worth.

Consistency matters more than timing

Rather than trying to predict the market or chase trends, top 1% households tend to follow a disciplined approach. This might involve investing regularly, holding through downturns and continuing to build even when conditions aren’t ideal.

There’s also a long-term mindset at play. Wealth at this level is usually the result of decades of accumulation, not a single breakthrough moment. While some people may benefit from inheritance, many build their wealth steadily by combining income, investing and ownership over time.

The roadmap: Steps that can move you closer

You don’t need a massive leap to start making progress. The path forward is often built on a few key decisions repeated consistently. Here are some important steps that can help move you closer to building a really high net worth.

1. Increase earning power strategically (not just work more): Focus on career moves, skill-building or opportunities that significantly raise your income and not just working more hours.

2. Invest early and often: Consistency matters more than timing. Regular contributions to retirement accounts and brokerage accounts build momentum.

3. Own appreciating assets: Stocks, real estate and businesses tend to grow over time. Prioritize assets that can increase in value instead of ones that depreciate.

4. Limit lifestyle creep: As income rises, it’s easy for spending to follow. Keeping expenses in check creates room for higher investment rates.

5. Use tax advantages: Maximize accounts like 401(k)s, IRAs and HSAs to reduce taxes and boost long-term growth.

6. Stay invested through cycles: Markets will fluctuate. The biggest gains often come from staying invested during uncertain periods.

Where most people fall behind

Wealth-building tends to stall not because of one major mistake, but because of small decisions that add up over time.

These are common things that cause many people to fall behind:

• Waiting too long to start investing
• Holding excess cash instead of investing
• Chasing trends instead of sticking to a strategy
• Increasing spending in step with income

Individually, these choices may seem small. But over time, they can significantly slow wealth accumulation.

A more realistic benchmark: Why the top 10% matters more

For many people, the top 1% may not be the most practical goal, and that’s okay. While the top 1% tends to get most of the attention, the top 10% is often a more practical and meaningful benchmark for mid-career savers. Reaching this tier typically reflects years of steady progress.

Households in the top 10% are more likely to have a solid emergency fund, flexibility in their career choices, and a clearer path toward retirement without relying heavily on outside support. They may not have unlimited resources, but they often have something just as valuable: financial stability and options.

In many ways, the difference between financial stress and financial stability happens well before the 1% threshold.

Your next move matters more than your rank

It’s easy to focus on where you fall short. But wealth-building is about so much more than hitting a specific number overnight. The habits you build in your 30s and 40s, like how you save, invest and manage lifestyle growth, can have a far greater impact than your current net worth.

You don’t need to reach the top 1% to build meaningful wealth. But if you consistently make decisions that prioritize ownership, investing and long-term growth, you may find yourself closer than you think.

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The Federal Reserve left interest rates unchanged at its June meeting. Looking ahead, don't expect a rate cut anytime soon, either. CME FedWatch projects the Fed is likely to keep rates steady again at its July meeting.

The concern about elevated inflation risks, stemming from higher oil costs, suggests that long-term interest rates will likely remain high, as noted by David Payne of the Kiplinger Letter. Even with a resolution for the Iranian conflict, prices won't drop overnight.

For consumers, the Fed's decision has mixed impacts. While it helps savers by keeping annual percentage yields (APYs) higher on savings accounts, it poses a challenge for those carrying debt or needing to borrow for upcoming purchases. I'll explain how this policy can increase borrowing costs, as well as ways to borrow money and avoid higher rates.

How the Fed's decision impacts your credit card APRs, auto loans

The Fed's decision has different implications, depending on the kind of credit you have/want. To illustrate, the annual percentage rate (APR) on credit cards is directly tied to the prime rate.

What is the prime rate? It's the benchmark that banks use to determine how much customers pay for lending products, such as credit cards, auto or personal loans. Since the prime rate is set at the federal funds rate plus 3%, no movement means credit card rates will remain high.

The current average APR on credit cards is 19.56%, per Bankrate. This means if you're carrying a balance of $10,000 and you only make the minimum payment, of around $225, it will take you 81 months to pay it off. It can lead to a hidden cost of more than $8,000 in interest, almost doubling the balance owed.

Meanwhile, lenders will use the prime rate as part of determining the rate you'll pay on an auto loan. If the Fed raised interest rates, it would increase the APR you'll pay for car financing, which could add hundreds to thousands more in total loan costs.

Other factors will also shape what you pay. Your credit score plays a major role, along with the vehicle itself (its make, model and age) and the length of your loan term, all of which lenders use to determine your final rate and total cost.

Does Fed policy impact mortgage rates?

Not directly, as with auto loans or credit cards, but it does play a small part. For longer-term loans, such as fixed-rate mortgages, the 10-year Treasury yield is a better indicator of what you'll pay.

As its name implies, this yield is the government's borrowing cost for a decade. It's a better benchmark because the average homeowner stays in their home around that long, or they'll refinance somewhere along the way.

Who or what influences the yield? Primarily, it's investors who buy mortgage-backed securities. Their expectations on short-term interest rates have an impact because risks are elevated with longer-term investments.

Furthermore, other factors could influence the yield. When inflation becomes higher, as it is now, the 10-year Treasury yield rises. Inflation is currently 4.45%, showing investors are worried about how gas prices will impact the economy.

Another factor is economic policies. When the Fed sets the federal funds rate, it can give investors a window into the future. Holding rates steady could lead to a murky future, in which a wait-and-see approach is best. When confidence in the economy wanes, investors might require higher rates to feel comfortable with their risk.

Is now a smart time to borrow money?

It will be more expensive, but there are things you can do to lower your borrowing costs, depending on your situation:

If you're carrying high-interest debt

With everyday prices rising, it's common for some borrowers to pay the minimum each month. It's frustrating because even though you're making a payment, it doesn't make a dent in your balance.

This is where transferring that debt to a balance transfer credit card with 0% APR can help. Some cards offer generous 0% APR periods of up to 21 months, giving you almost two years to pay down that balance.

There are a few things to consider before taking this approach: Transferring your balance isn't free; usually, lenders charge 3% to 5% of the balance. Some of these cards come with annual fees, which can also take away from your ability to pay off your debt more quickly.

If you decide to go with this approach, I recommend paying as much as you can each month, which can significantly reduce your debt before the introductory period ends. You'll save in interest and take years off your debt repayment. If you have other debts, this can build momentum to help you tackle them next.

You need to make a bigger purchase, but don't have the cash

If you have an immediate need and don't have the cash on hand, it makes sense to consider credit. But there are smarter approaches than using whatever credit card is in your wallet.

To demonstrate, I don't usually recommend store credit cards. They come with sky-high APRs, but if you shop at the same store regularly (Costco, Lowe's, etc.), you might be missing out on some really sweet card perks.

To demonstrate, Costco's Anywhere Visa by Citi offers 5% back on the first $7,000 charged at Costco gas stations. You'll also earn 2% back on Costco purchases. We made this switch because it allowed us to earn cash back on larger purchases and save on everyday costs, such as gas, prescriptions and groceries.

Other store credit cards offer generous interest-free promotional periods from six months to a year. I use these when buying larger appliances. As long as you pay it off within that promotional window, you won't have to incur the higher interest rates.

That said, if your purchase isn't urgent, it might be worth taking a step back and saving first. Even setting aside a portion of the cost can make a difference. Every dollar you pay upfront is one less you'll finance, helping reduce your total interest costs.

One simple way to do this is to treat your savings like a monthly bill. Set aside a fixed amount in your budget and transfer it from your checking account into a high-yield savings account. This creates a consistent habit while allowing your money to grow, with some accounts offering rates up to 4.20% APY.

Use the Bankrate tool below to find the best fit for your needs:

How to use the Fed's decision to your advantage

Ultimately, the Federal Reserve holding rates steady is good news if you’re focused on building savings. But if you’re carrying debt or planning a large purchase, borrowing costs will remain elevated.

To manage that, consider using promotional financing offers, transferring balances to cards with 0% introductory APR periods or delaying the purchase and saving in a high-yield account to take advantage of today’s higher rates while you work toward your goal.

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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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Federal student loans are undergoing an overhaul. Starting July 1, new students who take out a loan will have fewer repayment-plan options, and some families who already have loans will be forced to select a different repayment plan.

Parents who take out federal loans to help their children pay for college may be subject to new borrowing limits. And for those starting a new graduate or professional degree, Graduate PLUS loans will no longer be available. The One Big Beautiful Bill Act (OBBBA), signed into law last year, ushered in these changes.

If you or your child is already paying off student loans, or if your family is planning to borrow for college in the future, there's a good chance some of these updates will affect you. Here, we offer details on what you should know, as well as strategies for families to make the best choices.

The new student loan repayment plans

The OBBBA narrows to two the options for students taking out a loan on or after July 1. One is an income-based plan known as RAP (Repayment Assistance Plan). Under this new plan, payments range from 1% to 10% of the borrower's adjusted gross income, with a minimum payment of $10 a month. Lower-income borrowers pay a smaller percentage; the maximum 10% applies to those with an AGI of $100,000 or higher, and there's no dollar limit on the monthly payment. RAP deducts $50 from the monthly payment for each of the borrower's dependents. After 30 years, any remaining balance is forgiven.

The other option for new borrowers is the Tiered Standard Plan, with fixed payments over the course of 10, 15, 20 or 25 years, depending on your federal loan balances. If your loan balances add up to less than $25,000, the repayment term is 10 years. For loans of $100,000 or more, the term is 25 years. Borrowers may prefer this option if they want fixed, predictable payments, if they would like to pay off their loan more quickly than they might with RAP, or if their payment with this plan is lower than it would be with RAP.

The Public Student Loan Forgiveness program remains in place. Those who have direct loans and work for a government or nonprofit employer, such as firefighters, teachers and first responders, can have remaining balances forgiven after 10 years of repayments on either plan. To minimize the amount they pay before forgiveness, those who may qualify should evaluate each year whether RAP or the Tiered Standard Plan results in a lower monthly payment.

Choices for those who borrowed before July 1. The OBBBA brings an end to three income-based repayment options: SAVE (Saving on a Valuable Education), PAYE (Pay As You Earn) and ICR (Income-Contingent Repayment). Borrowers who are in one of these plans will have to choose among the remaining options — and those on the SAVE plan will have to make a decision soon.

The SAVE plan was designed to be more affordable than other income-based plans, in part by preventing unpaid interest from accumulating enough to cause the loan balance to grow. Borrowers enrolled in SAVE will need to change plans in the coming months, with their servicer providing information on the deadline. They can choose among existing plans, but if they go with PAYE or ICR, they'll have to switch again before those plans sunset in 2028. Starting July 1, 2026, SAVE borrowers can also select among the new repayment-plan options.

Before July 1, 2028, borrowers on the PAYE or ICR plan will have to switch to the new RAP or Tiered Standard Plan, or they can choose IBR (Income-Based Repayment), the sole remaining option among existing income-based plans. IBR caps monthly payments at 10% or 15% of your discretionary income, depending on when you first took out the loan. Payments can be as low as $0, with a repayment time frame of 20 to 25 years.

Because IBR limits your payment based on income, it may be the best choice for borrowers with higher income and debt levels. For instance, with $100,000 in loans and a salary of $80,000, the monthly payment on IBR would be $334. For a RAP borrower with no dependents, it would be $534.

Borrowers with lower debt and income may be better off with RAP. For example, someone with $30,000 in debt and $50,000 in income who has two kids would have a $25 payment with RAP, compared with $84 with IBR.

Student loan strategies for parents

Parents who take out a PLUS loan before July 1 can borrow up to the cost of their child's attendance, minus the amount of any grants, scholarships and federal loans made directly to the student. For loans disbursed on or after July 1, parents can borrow up to $20,000 per student annually, with a total limit of $65,000.

If your student was enrolled in school before the 2026–27 school year, you can maintain access to Parent PLUS loans under the previous borrowing standard for three years, as long as your child's school and degree type don't change and they don't take a semester-long break from classes other than for an approved medical reason.

If your child is scheduled to start school this fall, you may be able to access Parent PLUS loans under the pre–July 1 borrowing limit if they enroll in classes for the summer 2026 session. If you go this route, apply as early as possible for summer financial aid on the 2025–26 Free Application for Federal Student Aid, or FAFSA (the federal deadline is June 30, 2026). The courses your student takes must count toward their degree and add up to at least half-time status.

Before you take on debt to fund your child's education, however, make sure you have a solid plan for your own financial security. “I discuss holistically with clients how student loans will affect their retirement, vacations, ability to buy a new home and other personal life goals before they decide how much to borrow,” says Jack Wang, a wealth adviser and host of the Smart College Buyer podcast.

To prevent both students and parents from getting in over their heads, families may need to consider such cost-cutting strategies as focusing on affordable schools or having the student start at a community college and then switch to their preferred school later.

Repaying parent loans. Under the rules in effect before July, parents have a few ways to repay their PLUS loans, including a plan with fixed monthly payments for 10 years. Borrowers who owe more than $30,000 can use a plan that spreads fixed payments over 25 years.

Parents who consolidate PLUS loans from different school years into a single federal loan are also eligible for an income-based plan, which could lower their payments, with any remaining balance forgiven after 25 years. But starting in July, new parent borrowers have access only to the standard repayment plan, with fixed payments that are spread over 10 to 25 years.

If you act quickly, you may still have time to consolidate your PLUS loans and then enroll in ICR before July, at which point the new law cuts off this strategy. Even if your payments are manageable now, you may want to do this if income-based payments could benefit you at some point— say, because you expect to be paying off the loans in retirement, when your income may be lower than it is now. As long as you make one payment in ICR first, you can then change programs to IBR.

Note that if you take out a new Parent PLUS loan on or after July 1, you'll lose access to the income-driven repayment option, even on any loans you consolidated before that deadline. To avoid that scenario — and reduce your borrowing — consider other funding options. Most schools offer low-fee tuition-payment plans that allow you to make payments throughout the year.

Student loan updates for graduate and professional students

Until July 1, students earning a graduate or professional degree can access two types of federal student loans: Unsubsidized loans and Graduate PLUS loans. With unsubsidized loans, you must pay interest while you're in school. These loans charge lower interest rates than Graduate PLUS loans, so borrowers should turn to unsubsidized loans first.

For students who can't cover all their education expenses with unsubsidized loans, Graduate PLUS loans can bridge the gap up to the full cost of attendance. But starting July 1, borrowers can no longer take out Graduate PLUS loans. Students can still take out unsubsidized loans, but with some new caps on how much you can borrow.

Graduate students (including those earning a master's degree as well as those in most PhD programs) will be subject to a lifetime cap of $100,000 for unsubsidized graduate loans; the annual limit is $20,500. For students in eligible professional programs, such as medical, dental, law and pharmacy school, the unsubsidized-loan limit is $50,000 annually. The lifetime limit, not including undergraduate loans, is $200,000.

If you were enrolled in graduate or professional school before July 1 and haven't taken out a federal student loan yet, consider getting one for the spring or summer session if you think you may need one in the next three years. If a direct loan is disbursed before July 1, 2026, you can keep borrowing Graduate PLUS loans for up to three years while completing your program. Taking out even a $100 loan gives you the option to borrow more later, if you need it.

Scheduled to start your graduate or professional program this fall? Call admissions and see whether you can apply for the summer 2026 session, starting your program early and potentially allowing you to get a Graduate PLUS loan before the July 1 deadline. Confirm it will not affect any other financial aid you're scheduled to receive in the fall and spring terms.

You'll need to enroll in enough summer coursework to be designated at least a half-time student (and apply for financial aid that is disbursed before July 1, 2026), to be grandfathered into the PLUS loan program, says Sarah Austin, policy analyst for the National Association of State Financial Aid Administrators.

Options beyond federal loans. With Graduate PLUS loans off the table, some borrowers may consider private loans. Generally, however, private loans don't come with the same protections or income-driven repayment options that federal loans do, so you'll need to weigh the decision carefully. And it's best to limit your overall student debt as much as possible. A financial adviser can go over a post-graduation budget with you, factoring in your expected salary.

If you determine that you can afford to take on some private loan debt, consider national non-profits such as MEFA or EdvestinU, says student loan expert Colleen Krumwiede. These providers can offer options for borrowers who may not qualify for other loans because they have a thin credit history or don't have a cosigner. She also recommends looking for lenders that specialize in certain majors. For instance, a lender that focuses on medical student needs may also lend money for residencies.

Check for state lending programs, too. “A small number of states already run their own student-loan programs, some dating back decades,” says Thomas Harnisch, vice president for government relations at the State Higher Education Executive Officers Association.

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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Several Michigan parents are facing fines and car insurance issues tied to garaging rules, after running into problems insuring vehicles for children attending college out of state, according to ClickOnDetroit.

While these cases are surfacing in Michigan, the underlying rules apply nationwide. Car insurance companies base your policy on where a vehicle is primarily kept, and that can create complications in common situations such as college moves, temporary relocations or splitting time between two states.

Understanding how garaging addresses work can help you avoid unexpected fines, denied claims or even canceled coverage.

What 'garaging' means in car insurance

Insurers price car insurance policies based on where your vehicle is typically kept overnight, known as your "garaging address." This is the location where your car is parked most of the time.

While that's often your home address, it could also be a parking garage or another regular location.

That address plays a key role in determining your premium. Insurers evaluate factors tied to the location, including traffic volume, population density and risks such as theft or vandalism, to assess how likely you are to file a claim.

For example, a vehicle garaged in a rural area with fewer cars on the road and lower crime rates generally presents less risk. As a result, drivers in those areas might pay lower insurance rates than those in more densely populated or higher-risk locations.

This isn't just a Michigan problem

Insurers use garaging ZIP codes in every state to price policies, so this is not just a Michigan issue. States such as Florida and New York have stricter and more complex coverage requirements, and moving or temporarily relocating your vehicle can significantly change what you pay.

You're generally required to update your garaging address when your vehicle’s primary location changes. That includes situations in which a child takes a car to college out of state. Even if the move is temporary, insurers focus on where the car is kept most of the time.

Because your garaging address directly affects your rate, failing to update it could violate your policy terms. In some cases, insurers might treat this as rate evasion or misrepresentation, which can lead to denied claims, higher costs or even policy cancellation.

The college student insurance gray area

When students are in college, their cars often split time between their home and school location. Car insurance companies can approach that situation differently.

Some insurers allow students to remain on their parents’ car insurance policy while attending school out of state. Others might require students to buy a separate policy if they register the vehicle in the state in which they’re attending school.

Regardless of the rules an insurer sets about whether a college student can stay on a parent’s policy, most insurers typically require you to update the garaging address if the car is kept elsewhere most of the year.

Confusion and cost surprises can happen when parents don't realize that they need to update the garaging address even when a child makes a temporary move to go to college. Parents might consider that child’s official address as still being their home residence, but for insurance companies, the physical location of the vehicle is what matters.

What happens if you get it wrong

If you fail to update your vehicle’s garaging address, the consequences can be costly. Your insurer might deny a claim or reduce the amount it pays. In some cases, your policy could be canceled for misrepresentation.

In stricter states such as Michigan, there can also be legal consequences. Drivers might face fines or other penalties, even if the error was unintentional and the garaging address was not updated by mistake.

Some families are also being told they must register and insure a vehicle in the state where it is primarily used. In one case reported by ClickOnDetroit, a student from Michigan was pulled over while attending college in Texas and fined $750 because the car was still registered and insured in Michigan, despite being kept out of state.

How to avoid a costly car insurance mistake

To sidestep an expensive insurance error, take a few minutes to confirm where your car is garaged for most of the year and make sure that information is accurate and up to date with your insurer.

Before anyone on your policy moves, heads to college or plans an extended stay elsewhere, contact your insurance provider to update the garaging address. Requirements can vary by insurer, so it is important to ask exactly what is needed in your situation.

If the vehicle will be used in more than one location, such as splitting time between home and school, ask your insurer how to handle a multilocation arrangement so there are no gaps in coverage.

Keep in mind that a change in garaging location can affect your premium. Moving from a rural area to a more urban setting, for example, might increase your rate. Review the updated cost and, if needed, compare quotes from other insurers to see if switching could help you save.

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

Why your car's location matters more than you think

Car insurance garaging rules can have real financial consequences, and many drivers are unaware they exist. While recent stories out of Michigan highlight the issue, these rules apply nationwide, meaning drivers in any state could face similar problems.

Taking a few minutes to check in with your insurance provider can help ensure your garaging information is accurate, especially if anyone on your policy is planning a move or extended stay elsewhere. A quick update now might help you avoid denied claims, higher costs or unexpected fines later.

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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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Maryland is set to become the first state to ban surveillance pricing as the legislature passed the Protection From Predatory Pricing Act this month. Introduced by Gov. Wes Moore in January, the act aims to prevent grocers and third-party apps like delivery services from using surveillance data and dynamic pricing in Maryland grocery stores. It also imposes steep penalties for businesses caught engaging in these practices, including a first-time fine of up to $10,000.

"Marylanders deserve to know that the price they see on the shelf is the price they will pay at the register," said Moore in a press release. "At a time when Marylanders are already stretched by the rising cost of groceries, housing, and everyday necessities, we must ensure that new technologies are not used to drive up the bill for working families."

The act will take effect on October 1 this year. If you're unfamiliar with the practice of surveillance pricing and how it could be making your groceries more expensive, here's a breakdown of how it works and how you can prevent it from raising the costs of the goods or services you buy.

What is surveillance pricing?

Surveillance pricing is the practice in which companies use your personal data to assess how much you would be willing to pay for an item. The data can include your location, browsing history, demographics, searches you make on search engines and more.

The Federal Trade Commission conducted a study into the practice and found that anything from mouse clicks to items you left in a shopping cart to purchase later could influence how much you'll be charged for these items. Companies will also look at the urgency of what you're searching for, such as last-minute flights.

Why do companies use this? While increasing revenue is the core focus, they also use this data to respond to supply and demand. Rideshare companies like Uber change pricing as demand ebbs and flows. Further, companies use it for inventory control to ensure goods and services are sold before they lose value. They can also use this data to undercut competitors or price-match with them on items.

Are there ways to stop surveillance pricing?

Yes, there are several ways you can prevent paying more for items:

• Delete cookies and cache regularly: This removes the tracking data companies use to determine pricing
• Use a virtual private network (VPN): VPNs mask your location data, which makes it difficult for retailers using dynamic pricing algorithms to raise prices
• Be wary of loyalty programs: These programs are ways retailers access your data to determine your shopping habits. The more data they have on you, the more likely they are to predict what you are going to buy, when and how much you're willing to spend.
• Shop with different devices: Before buying online, use your mobile phone and your computer, since prices can differ on each.
• Don't make repeated searches: If you're looking for a last-minute flight, chances are you're going to visit airline and travel deal websites to find the best deals. The only problem is that retailers can follow your searches, seeing your urgency and providing prices reflective of this. If you want to compare shops, use different browsers to do so.

What's next for surveillance pricing bans

Ultimately, Maryland is the first state to try to fight the practice. Did the act go far enough? Consumer Reports doesn't think so.

In response to the legislation, they said, "While it's encouraging to see the Maryland legislature take up this issue, this bill has loopholes that will limit its real-world impact. We urge other state legislatures considering personalized pricing legislation to build in stronger consumer protections and avoid loopholes that weakened this bill."

Some of these loopholes include exempting pricing associated with loyalty programs, and that consumers cannot sue companies engaged in surveillance data. The only person who can sue companies is the Maryland attorney general. Even then, they are required to notify companies and give them 45 days to fix violations. If they comply, no further legal action is required.

At least a dozen states are also considering legislation against dynamic pricing. Pennsylvania recently introduced a bill that would ban retailers from changing prices on essential goods within 24 hours. Other states considering legislation are Arizona, Florida, Hawaii, Oklahoma, Kentucky, Nebraska, Tennessee, Illinois, Vermont, Virginia and Washington. New York passed the Algorithmic Pricing Disclosure Act, requiring businesses to disclose when they use algorithms to set prices.

Overall, your best bet against dynamic pricing is to create layers of protection separating you from their algorithms. Use private browsing as often as you can, don't use loyalty programs unless it's necessary and alternate your searches between mobile and computer. Doing these things can help you pay fairer prices.

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It's not unusual for tech companies to drop certain features or types of support for aging tech. Netflix dropped support for older devices recently itself. At a certain point, the older hardware just can't run modern software. But, typically, the old device is still functional. It just won't be able to do some of the things that newer models can do.

But the latest news from Amazon looks like it could be a bigger deal than that. In May, anyone with a Kindle built before 2013 will no longer have access to the Kindle Store, Kindle Unlimited or the "send to Kindle" service — potentially rendering the device all but useless.

Here's a look at what support is going away, what it means for how you use your pre-2013 Kindle and whether or not you're going to have to upgrade.

Which Kindle features are going away and which devices are affected?

According to a customer service page on Amazon, the tech giant will end support next month for the following devices:

• Kindle 1st Generation
• Kindle 2nd Generation
• Kindle DX
• Kindle DX Graphite
• Kindle Keyboard (3rd Generation)
• Kindle 4
• Kindle Touch
• Kindle 5
• Kindle Paperwhite 1st Generation

On May 20, anyone with one of those devices will no longer be able to buy, borrow or download new books from the Kindle Store or Kindle Unlimited.

You also won't be able to buy or borrow books through the Kindle Store on another device and then use "send to Kindle" to transfer them to your device.

Anything currently downloaded to your device will stay there after the May 20 cutoff date. And you'll still be able to buy and access books in your Kindle library from other devices.

Can you keep using your older Kindle anyway?

Without the ability to get new books directly through your older Kindle or use "send to Kindle" to transfer them from another device, it's possible those with older devices might be left with no way at all to get new books onto their Kindle.

According to an Ars Technica article from last year, Amazon discontinued the "download & transfer via USB" feature for all Kindles regardless of age in February 2025. The feature was originally intended for customers with older Kindles that weren't Wi-Fi enabled to download books from the Kindle Store to their computer and then transfer them to their device via USB.

If that feature truly is gone for all devices, you will have no way to get a new book onto your older device after "send to Kindle" disappears. You should test this out before the May 20 deadline to see if you are still able to transfer books via USB from another device over to your Kindle.

If you can't, your older Kindle will only be usable for personal files that you can download and transfer. That can include PDFs, ePub files and other compatible formats that you download from elsewhere on the web, but likely excludes a lot of copyright-protected eBooks.

Should you buy a new Kindle?

Given how limited the functionality of your older Kindle will likely become next month, you might be better off replacing it. The good news is, if you have a device this old, you could upgrade to a newer but still used Kindle rather than springing for the latest (and priciest) model.

You might want to upgrade to something a few years newer than what you have, though. It's possible that Amazon will continue dropping support for older models as the years go by.

Upgrading from a 2012 to a 2013 model might only buy you a couple more years of device support. But upgrading from a 2012 to, say, a 2020 Kindle will likely buy you a lot more time before you're forced to upgrade again — and you're still taking advantage of used pricing.

What about Libby or similar library apps?

If you use Libby to borrow ebooks from your library, you've likely been enjoying the convenience of the "send to Kindle" feature in the app. So far, it seems like you'll lose that ability to send the books you borrow to your Kindle.

In this case, you will most likely need to upgrade to a newer Kindle or another ereader to maintain access to your borrowed ebooks.

If Libby is your main source of ebooks, consider a Kobo ereader. Many of the newer models come with built-in OverDrive support (the classic version of Libby) so you can browse and borrow library books directly from your ereader.

You can also install the Libby app directly on the Amazon Fire tablet (or any tablet that runs on Android or iOS), though you won't have the e-ink screen or the distraction-free experience of an ereader.

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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 over 50 years, Americans have celebrated Earth Day, taking a day to remember that we have this one planet and should take care of it.

There are lots of different ways to recognize Earth Day, from joining a party at a park to volunteering at a nature clean-up to turning off major appliances for the day. But, we know, it takes more than one day to look out for the planet; we have to develop certain habits and make choices every day to really have an impact.

As an editor at a finance publication, I find the edicts of "green" living fascinating — because so many of them also double as good financial advice. You need to conserve energy overuse in the same way you need to "conserve" overspending, for example, and "reusing" items gives the earth returns in the same sort of way reinvesting dividends and compound interest give you returns.

Plus, many eco-friendly habits also literally save you money. With that in mind, here are five ways I'm celebrating Earth Day, both on April 22 and every day around it, that save me money.

1. Opt for public transportation

I lived in New York City for 15 years, and my favorite part about it was the subway system. Yes, it's grimy underground, but it's also an amazing feature that you can pay $3 to get just about anywhere 24 hours a day.

When you live in a place like New York, a typical question that comes up is, "Should I take the subway or be lazy and waste money on a cab?" The price of a taxi vs the train is exponentially different, like $3 vs $40. And often, because of traffic, the subway will get you to your destination faster.

"Public transportation use is one of the most effective actions individuals can take to conserve energy," says the Kansas City Area Transportation Authority. "Riding public transportation far exceeds the benefits of other energy-saving household activities, such as using energy-efficient light bulbs, adjusting thermostats, or using energy-efficient appliances."

Now that I live in the suburbs and own a car, it's even easier to fall into the trap of driving a car somewhere instead of opting for public transportation. But there are train and bus stations near me that can get me where I want to go.

For example, I can pay about $22 round-trip to get me to midtown Manhattan and back on the commuter train. Alternatively, if I drove, I would spend about $17 on tolls (including New York City's congestion pricing), and if I couldn't find street parking, another $35 or so on a lot, on a good day. That doesn't begin to price in the cost of gas or the mental strain of getting stuck in traffic.

The train and buses can also take me in between towns, not just into the city. And by using the car less, I'll have less wear-and-tear, and so will spend less on maintenance.

2. Avoid disposable water bottles

If you were to ask me my second favorite thing about living in New York City, I'd say the high quality of the tap water. Why do you think the bagels are so good? It's the water.

One of the tenets of Earth Day is to "reduce, reuse and recycle," and one easy way to do that is to use a reusable water bottle instead of plastic disposable ones. Like many people, I bought into the 2020s trend of colorful water bottles to stay hydrated, and while it felt a little crazy to spend $40 on a water bottle, now that I've been using the same one for five years, I can say it was worth it.

If the tap water where you live is not as glorious as New York City's, you can also invest in water filters to refill your bottles.

Reusable water bottles come in handy the most when traveling. What I do is take an empty bottle with me to the airport, then fill it up once I'm past security. Many airports have fill stations for just this purpose. As someone who's gotten dehydrated on a plane (believe it or not, that 4-ounce cup from drink service will not sustain you for a few hours), I consider this one of the most important things to take on a plane.

Now you have a water bottle to use in the air and through your whole vacation. Starting with the airport alone, you've already saved the $7 or so you would spend on a plastic bottle in the terminal.

3. Skip the trends

Buying a reusable water bottle one time was a good decision both for the environment and for my wallet. But it would've been a problem if I went chasing trends, jumping from a Hydro Flask to an Owala to a Stanley depending on which brand was in vogue.

This is true of chasing trends in just about anything, from clothes to home decor to "wellness" and skincare. I have saved an uncountable amount of money simply by skipping trends — and that has also helped the environment.

Because I don't buy fast-fashion, I'm not helping fuel that harmful industry. Because I don't get new makeup or skincare every few weeks, I'm using fewer disposable plastic products. Because I'm not ordering new drapes and peel-and-stick wallpaper, I'm not engaging all the earthly problems that come with shipping and deliveries. Win-win for Mother Nature and my wallet.

Bonus savings: Shop second-hand. You'll save thousands on designer goods through shops like The RealReal and Vestiaire Collective.

4. Use green energy

As I wrote about, I recently bought a house with solar panels. Every month since I moved in, my electric bill has been $20, with one exception: In February, we had to kick into the grid and were charged $140.

That means that, at a very rough estimate, I'm saving $120 every month that I use solar energy. Over the course of a year, that's well over $1,000, even accounting for one month at $140. We know that energy prices will continue to rise, along with everything else, so these savings will grow over time.

I understand that installing solar panels is a big financial undertaking, especially now that federal tax credits have expired, but like buying that $40 water bottle, the savings will add up over time. My next step, as I wrote in that article, is to get an electric vehicle, which will save me on gas prices and essentially run for free thanks to the solar panels.

5. Skip the meat, sometimes

It's well known by now that eating meat contributes to environmental harm. I am still very much a carnivore, but I've been eating less meat at home. That means I save steak to be an occasional treat when I go to a restaurant, for example, rather than cook it at home on a weekly basis. Even just skipping meat for one day a week can help the environment: Each meatless meal saves 133 gallons of water, according to the University of Colorado Boulder.

Honestly, it helps that I learned how to cook in part from my grandmother, who grew up in southern Italy, a heartland of "peasant food." Pasta e ceci (chickpeas) is one of my favorite dishes, and beans never feel like an afterthought or downgrade. One can of beans is about $2.50, while a pound of steak can be $15 or more, so there are obvious cost savings.

The less obvious savings are in health. "Eating less meat and more plant-based foods can lower your risk of chronic diseases, such as heart disease, high blood pressure, type 2 diabetes, and some cancers," according to the Johns Hopkins Center for a Livable Future. Given the high costs of health care, this results in a multitude of savings, while helping the environment.

Bonus savings: Cook more at home, rather than ordering takeout, where you'll be using disposable plastics.

Live an intentional life for your wallet and the planet

With the exception of the solar panels, I hope you've seen that all of the choices represented here are relatively simple. None of this is really about going out of your way or massively changing your life or lifestyle.

For me, these choices are just about making decisions more intentionally. If I'm about to order something on Amazon, for example, I stop and consider if I could instead wait to pick it up on my next pharmacy store trip, thereby avoiding the environmental impact of shipping one item to my house. Before I buy a new purse from an Instagram ad, I stop and think if I can instead "shop my closet." While grilling a pork chop is easy, I wonder if I can serve it alongside beans and then be able to have leftovers to spread the pork chop over another day or two, making my per-meal costs lower.

Just as saving a few dollars every day adds up over time, so too do these decisions for the environment.

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The term "millionaire" has long been shorthand for financial success — and today, more Americans are reaching that milestone than ever before.

According to a Bloomberg analysis, there are now more than 24 million millionaire households in the United States, accounting for nearly one in five households.

What’s driving that growth is just as notable. Roughly a third of those households have crossed the million-dollar mark since 2017, fueled in part by rising home values and a strong stock market. And in many cases, that wealth isn’t sitting in cash. Instead, it’s built through assets like home equity and investment accounts, which have steadily pushed more households into millionaire territory.

But most millionaires are older

The majority of millionaires are older — largely because building wealth takes time. The longer you’re in the workforce, the more opportunities you have to increase your income, invest and benefit from long-term growth.

That pattern shows up clearly in the data. According to Empower average net worth rises significantly with age:

• Gen Z: $86,945
• Millennials: $333,096
• Gen X: $1,132,089
• Baby Boomers: $1,683,641

It’s not surprising, then, that most millionaire households fall into Gen X and Boomer age groups. These generations are in or nearing their peak earning years — typically mid- to late-career — when income is higher and there's been more time to accumulate assets.

Compound interest also plays a major role. By reinvesting earnings, households can generate returns on both their original investments and prior gains. Over time, that "interest on interest" effect accelerates wealth growth, often most noticeably later in life, after decades of compounding.

Why becoming a millionaire young is so rare

While there are younger millionaires, it’s still relatively rare for individuals or households to reach that status early in life. Incomes tend to be lower at the start of a career, when many people are working entry- or mid-level jobs.

At the same time, financial pressures can make it harder to build wealth. Student loan debt and rising housing costs are major factors. According to the Education Data Initiative, the average federal student loan balance is about $39,075, and it can take close to 20 years to pay off that debt.

Time is another key challenge. Investments need years, often decades, to grow, so even those who start investing early may not see significant returns right away. While some individuals may reach millionaire status through an inheritance, building wealth through earnings and investing is typically a long-term process.

The real takeaway: Time matters more than income

Time is one of the most powerful factors in building wealth. One of the clearest examples is compound interest. The ability to earn returns not just on your initial investment, but on your past gains as well.

For example, if you invest $5,000 and earn a 5% annual return, your balance would grow like this over time:

While the early gains may seem modest, the growth accelerates over time as returns begin to compound on themselves.

Starting early gives even moderate earners an advantage. By investing consistently and increasing income over time, households can steadily build wealth and potentially reach millionaire status later in life.

When it comes to long-term investing, consistency matters more than perfection, and establishing strong financial habits early can make a lasting difference.

Use the tool below, powered by Bankrate, to explore personalized financial offers tailored to help you reach your goals.

How to start building wealth even if you're not earning six figures

You don’t have to be earning six figures to start building wealth. Focus on developing consistent financial habits that will make the most of your income:

• Invest early: Start investing early on to take advantage of compound interest. If your employer offers a 401(k), take advantage of it, especially if your employer offers to match your contributions. A Roth IRA is another solid option, since your withdrawals in retirement are tax-free, maximizing the money you have to support your lifestyle.
• Increase your income: Look for ways to grow your income over time. That might mean asking for a raise at work, working your way up the career ladder within your company, going back to school or even changing your career. Side hustles and freelance work can be another helpful way to boost your income.
• Avoid lifestyle creep: As you increase your income and are able to save more money, it can be tempting to spend more money on things you don’t really need, like a nicer car or a larger home. This lifestyle creep can eat into your savings and limit your ability to invest and truly grow your wealth, so stay focused on your financial goals.
• Use "boring" strategies: Some of the most effective wealth-building strategies are also the least exciting. Automating contributions to your investment accounts can help you stay consistent without overthinking each decision. While day trading may seem fast-paced and appealing, it’s rarely a reliable path to long-term wealth. Instead, many investors turn to index funds. They may not be flashy, but their built-in diversification helps reduce risk while supporting steady, long-term growth.

Millionaire status may not mean what you think

Reaching millionaire status can feel like you have “made it,” but it doesn't necessarily mean you are wealthy, at least not in today’s economy. Inflation has pushed up the cost of everything from housing to vehicles, so a $1 million net worth may not stretch as far as you expect.

In fact, many millionaires do not feel wealthy. Where you live, how much of your wealth is tied up in assets like home equity and how much cash you have available all play a role in the lifestyle you can afford.

While becoming a millionaire is still a worthwhile goal, it may be more useful to focus on the lifestyle you want to support. From there, you can build a financial plan that helps you achieve it.

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As you approach retirement, you're likely to reallocate some of your funds to less-risky investments, especially given market volatility. One smart option to consider that can earn you a healthy return without the risk is a jumbo CD.

Jumbo CDs offer many advantages. First, you'll earn rates as high as 4.35%, keeping you ahead of rising everyday costs — March's CPI report showed inflation rose 3.3% year over year. Second, you don't have to tie up your money for a long period of time. Most jumbo CDs come with terms from six months to one year.

In turn, you can put some money in, earn thousands of dollars effortlessly, and have quick access back to your cash. Before signing up for one, let's take a look at how they work and the challenges of using one.

Jumbo CDs: Earning higher rates without the long-term commitment

As its name implies, a jumbo CD refers to the amount of money you deposit in it. Most banks require large deposits — think $50,000 to $100,000.

Because you're investing a higher amount, banks tend to reward you with higher returns than you would find on many savings accounts. Once your term expires in six months to a year, you'll have the option to renew it (some banks do this automatically) or you can close the account and invest in something else.

What's great about this approach is that you don't have to lock in your money for years at a time. If prices continue to rise, you might want to consider something with a little more risk and higher rewards to keep ahead in the future. A jumbo CD gives you the flexibility to earn a healthy return quickly, without overcommitting.

Use this Bankrate tool to compare options:

Before opening one, consider these things…

First, you must be okay parting with that money. Jumbo CDs also have early termination fees, amounting to months of earned interest.

If you need to break open the CD early, it could cost you hundreds to thousands of dollars, so only do this if your cash flow and emergency fund are in a good place.

Furthermore, it won't be a smart move if you're looking to catch up with your retirement savings. While you won't have the risk, moving money from investments (where you can earn significantly more historically) to savings could shortchange your future if you need those higher returns.

How much can I make a jumbo CD?

The other thing to consider is how much you'll gain from opening one. This can help you chart your savings progress to ensure the earnings keep you on course.

Thankfully, a jumbo CD is one of the best ways to grow your cash fast. Here are some examples of how much you can earn in a short period of time:

As this table illustrates, if you can devote $100,000 to a jumbo CD, you'll earn over $4,000 merely for opening an account. And you'll have a few other benefits too:

• If you choose a bank offering FDIC insurance, your assets are protected up to $250,000 per account holder
• In one year, you can reinvest this money in the stock market or try another investing solution
• If the Federal Reserve cuts rates during your term, it won't impact your earnings

Ultimately, the benefits of a jumbo CD make it a smart bridge investment if you're approaching retirement and want to earn a healthy return without the risk.

Just know that any earnings on CDs are taxable as ordinary income, so make sure to include this in your financial planning so you're not surprised come tax day. That aside, this is one of the best ways to keep your cash safe while growing it at a rate that outpaces rising inflation.

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Question: My wife and I were delighted to find we're getting a higher tax refund of around $10,000 this year. I think we're in a good place to use the money for a fun vacation or other splurge, but, she's worried about the future and wants to save it. What should we do?

Answer: When making significant money decisions as a couple, it's common for people to want different things. Money disagreements are signs of a healthy relationship because you're communicating.

Even if those conversations are stressful, it's a good sign. Turning attention to whether you should splurge or save, there's an easy way to figure this out. All you need to do is answer a few simple questions.

1. If you lost your job tomorrow, how long could you pay your bills?

You should have an emergency fund established to cover expenses in case of a job loss. How much do you need to save? It depends on your circumstances.

If your household relies on one spouse to cover all the earnings and expenses, you'll likely need at least six months saved. Meanwhile, if both people earn around the same amount of money, three months is a good benchmark.

Where's the best place to build your emergency fund? A high-yield savings account is a great place to start because you can transfer money from your checking account to that savings account on payday and treat that money as "don't touch." Plus, with rates as high as 4.20% APY, you'll outpace inflation.

Use this Bankrate tool to find the best high-yield savings accounts for you:

2. Are your retirement savings on track to ensure your financial security for the future?

Investing that tax refund could be a huge boon for your future self, who'll thank you, especially if you're behind on where your retirement savings should be. To demonstrate, if you took that $10,000 and placed it all in a Vanguard S&P 500 index fund, in 20 years, that return could balloon to almost $40,000, using historic returns.

Obviously, this approach comes with some risk. There's no guarantee that historic returns are indicative of future performance for index funds, and if inflation continues to rise, it can impact how much your money will be worth when you need it.

Still, hypothetically earning close to $30,000 can be a smart move that helps you catch up with your retirement savings.

3. Are you carrying high-interest debt?

The average credit card APR is 19.58%, according to Bankrate. If you have a $5,000 credit card balance and make the minimum payment with the average APR, it could take you 273 months to pay it off. That's a long time throwing your money away on interest.

If you have any high-interest debt, I recommend paying that debt off first. It'll take payment(s) off your monthly budget (which you can use to pad savings or retirement), improve your credit and help you get on the road to becoming debt-free.

There are several ways of going about this. You can do the debt snowball method, in which you pay off your lowest balance first, while making minimum payments on other debts. If the $10,000 clears all your high-interest debt, consider using it for that, provided your savings are in decent shape.

4. What if none of these apply to me?

You're in the sweet spot. In this scenario, you should devote $7,000 to $8,000 to save and use the rest to splurge. It allows you both to enjoy the windfall of your tax refund.

It's a smart way to shelter from rising inflation. With diesel prices soaring, the costs of everyday goods will rise. Earmarking a significant portion of those funds to a high-yield savings account is a smart way to offset higher prices.

You'll get to benefit from it now and later. You'll get to splurge on a home upgrade or other treat, while she gains peace of mind knowing that your future selves will thank you for saving.

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