Money

When I purchased my first electric car, my primary consideration was the positive impact on the environment, not my personal finances. However, as gasoline prices surged during the summer, I found satisfaction in avoiding the escalating costs at the gas pump.

Fortunately, the advantages of owning an electric vehicle (EV) extend beyond environmental consciousness and financial savings at the fuel station. Explore these benefits of electric vehicle ownership that might persuade you to test drive one or even bring it home.

1.Convenient Charging

Charging an EV is as straightforward as charging your smartphone. With access to an outdoor outlet or a charger at home or work, simply plug in your car, and it will be charged and ready to go. This eliminates the need for regular visits to the gas station. Ronald Montoya, Senior Consumer Advice Editor at the auto research guide Edmunds, emphasizes the significant time savings for those with home charging capabilities, as charging can occur during sleep or other activities. However, he notes that for those relying on public chargers, the convenience factor may not be as pronounced.

2.Racecar-Like Acceleration

Many EVs can accelerate from zero to 60 miles per hour in under six seconds, providing a thrilling driving experience. The rapid acceleration of EVs, driven by electric motors, offers instant torque, a feature that sets them apart from traditional gas-powered vehicles. According to Montoya, this performance aspect is a game changer, making the driving experience in an EV more enjoyable and potentially contributing to increased demand as consumers discover the unique benefits of electric transportation technology.

3.Tax Benefits

Although the prices of electric vehicles (EVs) remain somewhat higher than their gas-powered counterparts, tax incentives play a crucial role in narrowing this cost gap. The Inflation Reduction Act, effective in 2023, will augment tax credits for EV owners. This means that purchasers of certain EVs or plug-in hybrids can qualify for a tax credit of up to $7,500, and there is no restriction on the number of cars from a specific manufacturer that can benefit from this credit.

4.Reduced Service Center Visits

Owning an EV means bidding farewell to frequent visits to the service center, especially for tasks like oil changes that are imperative for combustion engines. The absence of an internal combustion engine results in significantly lower maintenance costs. While periodic tasks such as tire rotations and fluid top-offs are still necessary, routine maintenance becomes more economical and less frequent. Moreover, the likelihood of expensive repairs is diminished in EVs due to their fewer moving parts and the absence of engine-related breakdowns. Critical components like the battery and electric motor are typically covered by warranties extending up to 10 years.

5.Simplified Vehicle Registration

One notable advantage of EV ownership is the streamlined vehicle registration process in many states. Given that EVs produce no emissions, several states exempt them from mandatory smog checks. Ronald Montoya emphasizes this perk, stating, “Since EVs don’t release tailpipe emissions, there is no need for smog checks.”

6.State-Specific Perks

Beyond federal incentives, various states offer additional benefits to EV owners. These perks can include state tax rebates, discounts on home charging equipment, or the privilege of using carpool lanes for faster commuting. To explore the specific advantages available in your state, you can refer to the U.S. Department of Energy website.

7.One-Pedal Driving Experience

A notable feature in many EVs is the option for “one-pedal driving,” allowing the vehicle to come to a stop when the driver releases the accelerator without utilizing the brake pedal. Ronald Montoya highlights this feature’s advantages, particularly in stop-and-go traffic. Beyond providing a more comfortable driving experience, one-pedal driving enables the capture of kinetic energy, returning it to the vehicle’s battery. This regenerative braking process has the potential to conserve energy and extend the vehicle’s range.

8.Quiet and Peaceful Driving

The near-silent operation of electric vehicles, especially at speeds below 20 miles per hour, necessitates the addition of soft noises to alert pedestrians and animals. As speeds increase, EVs remain exceptionally quiet, transforming the driving experience into a peaceful journey. According to Montoya, the substitution of a silent battery for a traditional roaring engine results in a much quieter cabin—a particularly welcomed feature for individuals with lengthy commutes or those embarking on road trips.

9.Environmental Impact

Choosing an EV contributes to a positive environmental impact by replacing combustion engines, thereby reducing carbon pollution. EVs draw power from the local electrical grid, and depending on the energy sources of your state’s grid, driving an EV can be virtually emissions-free. To assess the emissions profile of your EV compared to a gas-powered car in your region, you can utilize the Union of Concerned Scientists’ tool. As the adoption of renewable power sources such as wind and solar increases, the emissions figures for EVs are expected to further improve.

The impact of inflation is palpable, particularly when it comes to the quintessential Thanksgiving feast. Escalating grocery prices, as evidenced by data analyzed by The Balance, reveal a substantial increase in the costs of holiday staples. Turkey and potatoes have surged by approximately 17 percent, sweet corn registers an 11 percent spike, ham sees an 8.1 percent rise, and pumpkins experience a 2.5 percent uptick.

Amidst these economic challenges, there exists an array of strategies to curtail expenses without compromising the quality or flavor of the festive Thanksgiving meal. Here are several approaches to mitigate the impact of inflation on your holiday table. These tactics, when combined, contribute to an optimal Thanksgiving celebration that doesn’t burden you with credit card debt.

1Host a Holiday Potluck

Potlucks offer an enjoyable and host-friendly alternative. Create a shared sign-up sheet well in advance, allowing guests to plan and organize contributions. By volunteering to prepare the turkey and main dishes, you can encourage attendees to bring starters, sides, and desserts. This approach not only distributes the workload but also provides an opportunity for diverse family recipes and favorite holiday dishes.

Embrace Meatless Options

Opting for plant-based meals proves not only cost-effective but also environmentally conscious. Plant-based dishes are often more budget-friendly than meat-centric alternatives and cater to vegetarian and vegan guests. Consider alternatives such as tofurkey, wild rice and butternut squash bake, mushroom pot pie, creamy butternut squash pasta, or red lentil curry. Embracing a meatless Thanksgiving may also offer the chance to focus on the heart of the celebration—the array of delectable side dishes.

Maximizing Utility from Food Scraps: An Economical and Sustainable Approach

The adage “wasted food is wasted money” rings particularly true, especially when navigating the intricate costs associated with preparing a Thanksgiving feast. An innovative strategy to optimize resources involves repurposing food scraps that would typically find their way to the trash bin. During meal preparation, refrain from discarding peels, stems, leaves, and roots; instead, set them aside to create a flavorful vegetable or turkey-based stock at a later stage. Consider incorporating visually imperfect or bruised produce into dishes like stuffing, where aesthetics play a minimal role, and leverage squash or pumpkin seeds by toasting them for a delectable appetizer.

Streamlining Your Thanksgiving Menu: A Lesson from Restaurants

In a climate where various restaurants are trimming their menu options due to escalating labor and ingredient costs, adopting a similar approach for Thanksgiving can yield both economic and practical benefits. Craft a sophisticated, restaurant-worthy menu that enhances the overall dining experience. To impart an elegant touch, produce a menu on cardstock, contributing to a refined dining atmosphere. A curated selection comprising an appetizer, soup, entree, a couple of sides, and dessert strikes a balance between indulgence and manageability.

Strategic Shopping for Savings: Buying in Bulk and Cooperating with Others

Given the streamlined menu, there is a heightened need for larger quantities of individual ingredients, presenting an opportunity to capitalize on cost savings through bulk purchases. Collaborate with neighbors or loved ones to share expenses, whether it’s dividing a sizable bag of potatoes or an industrial-sized package of walnuts to secure lower prices. Advance planning is crucial; deciding on your Thanksgiving menu a few weeks in advance enables you to monitor sales, seize promotional offers, and procure the necessary items at the most favorable prices.

Maximizing Culinary Flexibility: Tailoring Your Turkey Selection

While it’s common knowledge, a gentle reminder underscores the culinary freedom available – you’re not obligated to prepare an entire turkey. Opting for turkey pieces such as legs, wings, or breast caters to diverse preferences, with a particular appeal to white meat enthusiasts. For an economical and straightforward approach, exclusively featuring drumsticks, priced at approximately $2 per pound, ensures simplicity in roasting and eliminates the need for intricate carving. Enhancing the dining experience, encourage guests to savor the flavors with their hands, setting the stage for memorable and engaging table moments. Proactively provide paper towels for a seamless and enjoyable dining experience.

Financial Wisdom in Kitchen Equipment: Embracing Borrowing and Secondhand Solutions

For first-time hosts, the prospect of acquiring new kitchen equipment may seem enticing, yet a judicious approach is recommended. Rather than hastily investing in items like a baster, roasting tray, or specialty cake pan, explore borrowing options. Neighbors, friends, and local libraries may possess surplus equipment available for free or at a nominal rental cost. A sustainable alternative is the burgeoning trend of secondhand kitchen equipment. Platforms like Facebook Marketplace or social sharing apps often offer compelling deals. Alternatively, harness the community spirit by posting an “in search of” message on platforms like NextDoor, fostering neighborly collaboration to secure items like a gravy boat without unnecessary financial outlay.

A Collaborative Approach to Beverages: BYOB Thanksgiving Tradition

In a departure from the conventional expectation for hosts to provide the entire array of beverages, a collaborative and cost-effective initiative involves implementing a “Bring Your Own Bottle” (BYOB) tradition. Encourage each guest to contribute a bottle that symbolizes their gratitude, transforming the gathering into a thematic celebration of diverse preferences. For instance, a California wine might evoke fond memories of a past trip, while a low-proof aperitif could symbolize a commitment to a health-conscious lifestyle. This crowdsourced approach to the bar not only alleviates financial burden on the host but also transforms the beverage selection into a communal and engaging activity.

Embracing Culinary Efficiency: Leveraging Meal Kits for Thanksgiving

In navigating the challenges posed by rising food prices and the inevitability of inflation impacting Thanksgiving feasts, strategic culinary choices emerge as essential. One notable solution is the utilization of meal kits renowned for their cost-effectiveness and resource efficiency, effectively curbing food waste. This year, Purple Carrot presents an enticing option with its $75 plant-based Thanksgiving feast, meticulously crafted to serve four individuals. Alternatively, Blue Apron extends a Thanksgiving box catering to eight people at $99, complemented by a vegetarian alternative priced at $68. Recognizing the inherent value of time, meal kits offer a compelling advantage by eliminating the need for extensive shopping, streamlining preparation, and providing precisely measured ingredients for the selected recipes. For those seeking a hassle-free culinary experience, Goldbelly presents an enticing option, shipping ready-made turkey dinners for four individuals at $120.

Strategic Leftover Management: Maximizing Thanksgiving Bounty

An essential aspect of post-Thanksgiving planning involves the strategic management of leftovers, allowing for a seamless transition into subsequent days. While the precise quantity of leftovers may remain uncertain, proactive planning based on the anticipated types of remaining food proves invaluable. Light meal planning becomes a key strategy, ensuring optimal utilization of the culinary bounty. Essential provisions include bread for crafting delectable turkey sandwiches, a stockpot or slow cooker for transforming turkey bones into flavorful stock, and eggs to create satisfying scrambles with leftover vegetables. For those with an eye on future enjoyment, judicious freezing of surplus turkey serves as a practical option, extending its culinary relevance beyond the holiday season.

Moreover, recognizing the potential surplus in Thanksgiving fare, proactive measures can be taken to minimize waste and foster community engagement. Contacting neighbors to offer them a plate of leftovers or participating in social media food share groups provides avenues for sharing excess food with those facing food insecurity in the local community. Additionally, when sending guests home with leftover delights, suggesting that they bring their own containers ensures a thoughtful and sustainable approach, minimizing the depletion of food storage resources.

I’ll be the first to admit that managing credit card spending hasn’t always been my strong suit. I’ve succumbed to boredom shopping, indulged in excessive grocery store snacks, and fallen for sales, often buying items I don’t truly need.

Even as inflation shows signs of slowing down, the overall cost of living remains high. Recent data reveals that by the end of May, Americans were spending an additional $460 per month on various expenses compared to the previous year. Escalating inflation is compelling many individuals, myself included, to reassess their spending habits and reconsider their purchasing priorities.

Recognizing the need to adapt to the rising costs of living, I decided to take action and address my credit card spending. It became essential to develop healthier financial habits and break free from detrimental spending patterns. Despite ongoing debates about whether the U.S. is entering a recession, the impact of inflation is undeniably affecting everyone.

Motivated by this realization, I embarked on a personal challenge, focusing on prioritizing needs over wants in my spending habits. Over the course of a few months, I conducted an experiment to identify areas where I could cut costs in my credit card spending. After just one month, I was astonished to discover that I had successfully halved my credit card bill. This trend continued into the second month, highlighting that change was not only possible but also more attainable than I had initially thought.

For those grappling with credit card spending, implementing a few straightforward lifestyle adjustments can lead to significant savings—potentially amounting to hundreds or even thousands of dollars, depending on one’s individual circumstances. Here’s a detailed account of my approach and some expert advice on how others can adopt similar strategies to achieve financial success.

Step 1: Eliminating Shopping Apps from My Phone

Recognizing my tendency to impulsively browse and shop through various apps on my phone, I acknowledged that having immediate access to online purchases increased convenience but also heightened the likelihood of unnecessary and impulsive spending. Specifically, apps like the Express clothing app would often lead to spontaneous dress purchases. To instigate substantial changes, I took the decisive step of removing most major shopping apps from my phone, retaining only one or two that I utilized regularly, such as the Target app for curbside pickup groceries. The absence of these apps on my phone diminished the allure of impromptu purchases, providing a sense of liberation and improvement. Additionally, this action had the unexpected benefit of reducing my daily phone usage by up to an hour.

Step 2: Establishing a Modest Allowance for Non-Essentials

Rather than adopting a complete abstinence approach towards non-essential purchases, I opted to grant myself a modest monthly allowance ranging from $100 to $150 for indulgences that fell into the ‘want’ category—items I liked but didn’t necessarily need, such as takeout meals or new makeup. This approach allowed me to proceed with my financial experiment without feeling excessively constrained, introducing changes in manageable increments. The strategy proved effective in enabling occasional treats while remaining mindful of the impact of rising inflation.

Levon Galstyan, a certified public accountant with Oak View Law Group, suggests simplifying budgeting by employing a straightforward formula. Begin by compiling a comprehensive list of all expenditures, organizing them into broad categories such as insurance, subscriptions, food, and home supplies. Subsequently, categorize each expense as either a ‘need’ or a ‘want.’ Once the totals for each category are computed, set priorities accordingly. For the ‘wants’ category, establish a reduced yet reasonable allowance. While my chosen range of $100 to $150 proved effective for me, the optimal amount may vary for each individual.

Step 3: Implementing Pre-Made Grocery Lists

The grocery store emerged as a significant challenge in curbing my spending tendencies, with impulsive snack purchases, excess food buying, and the allure of buy-one-get-one-free wine sales contributing to unnecessary expenditures. To address this issue, I introduced pre-made lists for grocery shopping, meticulously detailing the essential items required and refraining from superfluous purchases. I allowed myself the flexibility to buy one non-essential item, emphasizing restraint beyond that single indulgence.

Upon the initial implementation of this strategy, I observed a substantial reduction in my grocery store expenses, ranging from $25 to $75 per trip, solely by circumventing impulsive purchases. This approach not only resulted in financial savings but also minimized food wastage, ensuring the consumption of all purchased items. Additionally, I consciously opted for non-name-brand items, particularly choosing the store’s own 365 brand at Whole Foods, resulting in further cost savings.

Scott Nelson, CEO of MoneyNerd Limited—an online platform dedicated to financial education—endorsed the practice of avoiding name-brand products as an effective means of expenditure reduction. Nelson emphasized that opting for the store’s own version of products like Doritos could cost significantly less than their brand-name counterparts, with negligible differences in quality. He also recommended leveraging store reward schemes, utilizing coupons, and collecting gift cards as supplementary strategies to alleviate overall spending.

Step 4: Eliminating Boredom-Driven Shopping

This proved to be the most challenging phase of the experiment for me. My penchant for perusing Home Goods for home decor inspiration often culminated in impulsive and unnecessary purchases. Despite my genuine enjoyment of such activities, it became evident that they led more to unplanned spending than creative inspiration. Consequently, I bid farewell to Home Goods and other stores that triggered boredom-driven shopping. In lieu of these excursions, I redirected my time towards more constructive endeavors, such as rearranging items in my home. This not only fostered a realization that I possessed everything essential but also helped me resist the allure of unnecessary acquisitions.

Brendan Sheehan, managing director at Waymark Wealth Management, emphasized the social nature of shopping trips and the strategic methods employed by stores like Costco, Sam’s Club, BJ’s, Target, and Walmart. According to Sheehan, these establishments entice customers with a shopping list of 10 items but strategically encourage them to leave with 20 items, comprising both necessary and impulse purchases. He shared valuable advice received, advocating for a 50% reduction in the frequency of these visits, leading to longer shopping lists but a decrease in impulsive spending.

Step 5: Resisting Temptation from Sales

The allure of sales, often featuring enticing banners boasting discounts like “40% off,” can be irresistible. While sales present an excellent opportunity to save money, especially on significant purchases, they can become counterproductive when the discounted items aren’t essential, resulting in unplanned expenditures. Brendan Nelson recommends adopting a cautious approach by sleeping on significant financial decisions. Taking the time to reflect on the necessity of a purchase before succumbing to impulsive desires is a prudent strategy. During my experiment, I abstained from participating in sales unless the purchase had an immediate and practical utility, ensuring a more intentional and mindful approach to spending.

Step 6: Prioritizing Genuine Needs

Achieving success in this experiment necessitated the cultivation of tunnel vision, redirecting my focus exclusively towards genuine needs while allowing a modest allowance for discretionary purchases. This entailed a recalibration of my mindset, honing in on essentials such as pet food, home supplies, and other fundamental elements that sustain our needs and overall quality of life. Conversely, it meant eschewing superfluous items like excess clothing and frequent carryout orders. As the experiment unfolded, the absence of these non-essential expenditures revealed their limited impact on my overall quality of life.

The concluding results of the experiment were nothing short of surprising, showcasing substantial savings and a consistent halving of my credit card bill. The invaluable lessons learned during these past few months have equipped me to navigate the challenges posed by inflation and the escalating costs of living. I am committed to incorporating these insights into my financial habits, irrespective of economic circumstances. This strategic approach enhances my financial acumen, promotes healthier spending habits, and facilitates savings accumulation. It is crucial to acknowledge that individual financial strategies may vary, and what proved effective for me may not be universally applicable. Thus, tailoring one’s spending patterns to align with personal circumstances remains imperative.

You may have observed a noticeable uptick in food prices, whether perusing the meat aisle, selecting a carton of eggs, or receiving a surprisingly high total at the checkout for your weekly groceries. This escalation in food prices is not entirely unexpected. Increases in food prices are a natural occurrence influenced by various factors. In the past, chocolate bars and vending machine drinks were priced much lower, but the disparity in food prices between previous decades and the present is primarily a consequence of the inflation of the U.S. dollar, steadily driving up costs.

Typically, this inflation takes place at a gradual and often imperceptible rate, becoming evident only when examining food price differentials over extended periods. As of February 2023, the Bureau of Labor Statistics reported a 6.4 percent increase in food prices over the past year. Projections from the U.S. Department of Agriculture anticipated beef and pork prices to surge by as much as 4.7 percent in 2023, with processed fruit and vegetable prices expected to rise by 9.9 percent and eggs by a substantial 37.8 percent. The rapid surge in food prices raises the question of how such an acceleration could occur. Shang-Jin Wei, a professor of finance and economics at Columbia University, highlights several interrelated reasons for this phenomenon.

Supply and Demand Dynamics Since March 2020 As we enter the third year of the COVID-19 pandemic, its lingering impact continues to disrupt the flow of products and food globally. “Various parts of the world experience lower than expected full production due to pandemic-related reasons,” explains Wei.

The onset of the pandemic in March 2020 significantly disturbed both local and global production, triggering widespread supply chain challenges. These disruptions affected diverse sectors, ranging from car manufacturing and sales to the availability of essential medical supplies. The food industry was not immune to these disruptions, as exemplified by the COVID-19-related concerns that impeded meatpacking plants in 2020, leading to price spikes and posing threats to the workforce. Nationwide, disruptions in the food supply chain caused by the pandemic have contributed to the surge in food prices. Wei emphasizes that labor shortages persist across various segments of the food supply chain, encompassing production, point-of-sale staffing, and even delivery services.

Central Banking and the Major Forces Shaping Monetary Dynamics Central banks wield control over the currency in the countries they oversee, and their actions can significantly impact inflation, consequently affecting food prices. In the United States, the Federal Reserve plays a pivotal role in regulating the inflation of the U.S. dollar through various economic strategies. According to Wei, recent policies pursued by the Federal Reserve have contributed to an increase in inflation. He notes that the consequences of “years and years of loose monetary policy” are now evident in the form of higher prices.

The impact of loose monetary policy on inflation extends beyond the realm of food prices, encompassing other essential commodities such as gasoline. Wei anticipates the possibility of even higher prices in the future, as he observes substantial increases in producer and factory-to-factory prices. These upstream price hikes, he predicts, will eventually be transferred to consumers.

The Impact of China Tariffs Several years ago, there was a substantial increase in tariffs on goods imported from China by the U.S., as highlighted by Wei. With expertise in Chinese business and economy, he asserts that these elevated Chinese tariffs directly contribute to the escalation of food prices. According to Wei, these price hikes are ultimately transferred to consumers, characterizing a tariff on imports as essentially a tax on consumer products.

The complexity arises from the fact that the U.S. annually imports several billion dollars’ worth of food from China, making the exploration of alternative import sources less straightforward. Prospects of Continued Food Price Increases Wei foresees a persistent rise in food prices but suggests that the aforementioned factors are not insurmountable. He proposes the potential softening of tariffs and emphasizes the capacity of central banks to counteract inflationary trends. Without substantial changes, Wei asserts that the ongoing increases in food prices will endure.

Navigating Financial Challenges Amid the COVID-19 Pandemic: Smart Strategies for Economizing on Grocery Expenses

Amidst the adjustments to remote work, financial uncertainties, and the need for emergency fund planning induced by the COVID-19 pandemic, managing expenses has become a critical aspect of everyday life. Particularly, as we grapple with working from home or adjusting to changing employment statuses, financial prudence has never been more crucial. In these challenging times, avoiding unnecessary expenditures, such as overspending on groceries, is paramount.

While the allure of takeout may be strong, especially during busy seasons like summer, opting for homemade meals remains a consistently cost-effective choice. The financial advantages of preparing meals at home are substantial, and embracing this practice is a commendable step towards saving. For those keen on optimizing their grocery budget further, the following insightful tips from Lauren Greutman, the savings expert for Flipp, offer practical and ingenious approaches. Following these suggestions can result in significant savings, prompting the realization: “Why didn’t I think of this sooner?”

1. Develop a Weekly Meal Plan: Before embarking on your grocery shopping journey, it’s essential to formulate a strategic plan. Outline the meals you intend to prepare throughout the week, compile a well-organized grocery list on your phone, and arrange items by aisle. This approach minimizes impulse purchases, reduces food wastage, and expedites your shopping experience. Additionally, preparing extra portions to create leftovers for subsequent meals enhances both food utilization and cost savings. Greutman emphasizes the importance of foresight in meal planning, stating that “planning ahead can save you hundreds per month.

2. Assess Your Pantry Before Shopping: Before heading out for groceries, it’s prudent to take stock of your pantry’s inventory. Overlooking items tucked away in the freezer, fridge, or pantry can lead to redundant purchases, resulting in unnecessary expenses. Avoid the oversight of accumulating multiple items, such as three bottles of coriander, by ensuring you are aware of existing ingredients that can serve as the foundation for a meal.

3. Create Your Own Snacks: Opting for do-it-yourself (DIY) snacks proves to be a cost-effective alternative to purchasing pre-packaged, snack-sized items. Often, the price difference between snack-sized portions and their larger counterparts can be substantial. For instance, buying the largest available size, typically offering the best value, and repackaging into smaller, snack-sized containers can yield significant savings. Greutman highlights this approach with examples such as choosing a regular container of Jif peanut butter over Jif To Go singles, resulting in a 40 percent cost reduction per ounce. Employing a similar strategy with yogurt, cheese, fruit cups, and using reusable snack bags for chips, pretzels, and candies further enhances savings.

4. Strategically Plan Meals Based on Sales: A common oversight in grocery shopping is operating on autopilot, neglecting to leverage sale flyers for strategic planning. Greutman emphasizes the significance of planning meals around weekly sales, stating, “A big mistake that people make is that they shop on autopilot.” By adapting meal plans to coincide with discounted items, such as incorporating salmon when it’s on sale, shoppers can capitalize on cost-effective opportunities. Additionally, stocking up on items during sales periods and aligning meal plans with pantry inventory and ongoing promotions contribute to efficient and economical grocery shopping.

5. Opt for Grocery Delivery: Eliminate the inconvenience of facing long queues at Whole Foods or succumbing to takeout temptations by opting for grocery delivery services like Instacart. This allows you to seamlessly conduct your shopping while attending to other responsibilities, ensuring that all the ingredients for a week’s worth of meals are delivered to your doorstep within two hours.

6. Explore Clearance Racks: Even in supermarkets, clearance racks offer significant savings, often with markdowns of 50 percent or more. While these sections may appear disorganized, they present opportunities to capitalize on discounts as stores clear out inventory to make room for new products. Prioritize checking expiration dates to ensure the quality of discounted items.

7. Embrace Basic Ingredients: Favoring basic ingredients over specialty items provides a cost-effective and versatile approach to cooking. By focusing on fundamental, affordable ingredients, you not only unleash creativity in your meals but also maintain budgetary constraints. Instead of investing in ingredients limited to a single meal, consider purchasing a variety of basic items and explore their diverse applications in your cooking.

8. Utilize Bulk Purchases (Within Consumption Limits): Purchasing staple items like rice, grains, and dried fruit in bulk can yield substantial savings, ranging from 30 to 96 percent, according to Greutman’s insights. However, it’s crucial to exercise prudence and buy in quantities that align with your consumption patterns to prevent wastage.

9. Streamline Breakfast Preparation: Simplify your mornings and adhere to your budget by preparing breakfast in large batches ahead of time. Creating batches of muffins, pancakes, and waffles during the weekends and freezing them allows for quick and stress-free breakfasts during busy mornings. A brief reheating in the microwave ensures a convenient and time-efficient start to your day.

Beside heating and cooling, the most significant energy consumption in a household is attributed to heating water, closely followed by appliance usage. Typically, washers and dryers contribute to around 5 percent of a home’s yearly electricity consumption, as reported by Perch Energy.1 Your individual laundry practices can substantially impact your expenses, either leading to unnecessary spending or facilitating significant savings in electricity and water.

Thus, we consulted with experts to identify laundry habits that might be draining your finances. Continue reading to discover effective ways to economize on your laundry routines.

Avoid impulsive laundry sessions

If you despise seeing a pile of dirty clothes, the temptation to start a cycle whenever a few soiled items accumulate can be strong. However, as per David Steckel, a home expert at Thumbtack, there’s a risk of running your machine excessively. “Whenever possible, wait until you have a full load before starting a wash cycle, to avoid unnecessary rounds,” he advises. Spontaneous washing and drying not only waste electricity and water but can also lead to premature wear and tear of your appliances.

Travis Sewell, a field consultant and licensed plumber from Bluefrog Plumbing and Drain in Dallas, Texas, concurs that washing larger loads can lead to cost savings. “This approach not only decreases the frequency of washing but also optimizes the washing machine’s capacity, making it more efficient,” he emphasizes. According to Sewell, reducing the frequency of laundry activities enhances efficiency. “Moreover, washing larger loads allows for better utilization of the washing machine’s capacity,” Sewell adds.

Thomas Dougherty, VP of operations at Benjamin Franklin Plumbing, highlights that, irrespective of the number of clothes, a washing machine typically consumes around 14-20 gallons of water per cycle. “To maximize your washing machine’s efficiency, aim to load it with as many clothes as possible, but avoid overfilling it,” he advises. Overfilling prevents the laundry from moving freely, impeding a thorough cleaning process. For smaller loads that can’t wait, consider using a portable washing machine.

Pay attention to your water settings

It might be habitual to choose the same settings for every laundry load, but this approach might lead to unnecessary expenses. “Always adjust the water level setting on the washing machine to match the appropriate load size,” Dougherty suggests. This simple practice can significantly reduce water usage and associated costs.

Choose the right wash cycle

Another method to save money is to ensure that you’re using the appropriate cycle for the laundry load you’re cleaning. “At times, a quick express rinse might suffice rather than a full cycle. So, whenever possible, adjust your settings accordingly to save a significant amount of water,” Steckel recommends. He advises against utilizing “bulky” or heavy-duty settings as they consume a substantial amount of water. “A load of towels can still be adequately washed without the need to increase the setting and use additional water,” he explains.

Nelly Martinez, Senior Brand Manager at Whirlpool, supports this advice and adds, “Some washing machines offer a ‘quick wash’ cycle that can effectively clean small, lightly-soiled loads in 15 to 40 minutes while consuming less water and energy compared to longer cycles.” However, Martinez explains that larger loads require more water to saturate the clothes for an efficient wash.

Use less detergent

Contrary to the common belief, using more detergent doesn’t always guarantee cleaner laundry. According to Martinez, reducing detergent usage can contribute to long-term cost savings. “By using less detergent, not only will you need to purchase it less frequently, but it can also prevent longer cycle times, higher water usage, and potential damage to clothing.” Some washing machines are equipped with a “Load and Go” dispenser that automatically dispenses the appropriate amount of detergent for each load, promoting more efficient use of detergent and water.

Launder during non-peak hours

Peak electricity consumption hours in certain regions may result in higher costs for energy usage. For instance, Alabama Power designates Monday to Friday from 1 p.m. to 7 p.m. as peak hours from June 1 to September 30. From November 1 to March 31, the peak hours are from Monday to Friday, between 5 a.m. to 9 a.m. “The simplest method to save money during laundry is to schedule washer and dryer usage during non-peak hours,” advises Steckel. “Consult your utility company for information on lower electricity usage times and consider doing laundry during these off-peak periods.

Use cold water

A common misconception regarding laundry is the belief that hot water is always necessary. “Using cold water for laundry can be a simple yet effective method to cut costs,” Sewell points out. The use of hot water consumes more energy. “Opting for cold water significantly reduces energy consumption, leading to a decrease in your overall utility expenses,” Sewell emphasizes. Additionally, if you’re not prepared to switch entirely to cold-water cycles, Steckel suggests a cost-saving approach. “Consider choosing a cold rinse when doing laundry,” he suggests. “Though seemingly small, it can make a substantial difference in the long run.”

Avoid excessive laundry

While it’s essential to wash dirty clothes, Martinez suggests that understanding the appropriate frequency of washing can lead to more efficient use of laundry appliances. “Certain items such as jeans, sweaters, jackets, and sleepwear can be worn multiple times before needing to be laundered,” she notes. “Furthermore, if your dryer features a steam cycle option, you can refresh clothing quickly without washing an entire load.

Turn off supply hoses

To prevent potential leaks and subsequent expenses, Dougherty suggests taking precautions once you’ve completed using the washing machine by turning off the supply hoses. “Consider upgrading to auto shut-off connector hoses, which can detect excess water and automatically turn off,” he adds. This not only prevents minor leaks but can also prevent significant flooding in your laundry room or basement.

Air dry laundry

Reintroducing the practice of air drying laundry is recommended by Sewell as an effective means to cut down on laundry costs by reducing energy consumption. Additionally, air drying can benefit the quality of your clothing. “Fabrics might shrink or get damaged in the dryer, but air drying naturally helps preserve them, whether you hang clothes outside or use a drying rack,” Sewell notes. Martinez further supports this suggestion, saying, “If time and space allow, or if you have a smaller laundry load, consider air-drying clothes rather than using the dryer.

Perform regular maintenance

While washing clothes and bedding, don’t overlook the maintenance of your cleaning appliances. “Cleaning the lint filter before each load is crucial for efficient dryer performance,” advises Sewell. “A clogged lint filter can cause the dryer to operate less effectively, resulting in higher energy usage and prolonged drying times.” For optimal efficiency, it’s recommended to clean the lint filter before every cycle.

Moreover, it’s essential to regularly clean your washing machine. “Using washer cleaning tablets is effective in cleaning the machine,” notes Steckel. “This process eliminates mildew odors and eliminates built-up grime, reducing the necessity for multiple wash cycles.” Additionally, leaving the washing machine door ajar post-cycle aids in drying it out. Steckel recommends this practice to extend the lifespan of your gaskets and prevent mildew and unpleasant odors.

Last year, you may have reaped the benefits of several specific tax credits and deductions that aimed to assist families affected by the pandemic—resulting in a substantial tax refund. However, many of those benefits ceased in the 2022 tax year, meaning your tax refund is likely to be noticeably reduced this year (especially if you have young children).

“Most temporary COVID-19 relief measures and programs have expired this year,” states Kathy Pickering, chief tax officer at H&R Block. “Taxpayers need to be mindful of these changes as they could affect their refund. Being aware of these changes can help minimize surprises when filing taxes or planning how to allocate their refund.”

Amid ongoing concerns about inflation in the economy, a reduced tax refund (or potentially even a tax bill) is undoubtedly unwelcome news for many families. An H&R Block survey revealed that 69% of Americans are extremely worried about inflation and its repercussions on their taxes. Moreover, a substantial number of their clients are witnessing a decrease in their tax refunds compared to previous years.

As the deadline of April 18 for filing taxes this year approaches, here are some key changes in income tax rules that might affect your final tax bill. It’s wise to hold off on planning significant expenses based on expectations of a substantial refund.

The Child Tax Credit Has Decreased

Last year, the child tax credit saw an increase to $3,600 per child under 6 and $3,000 for kids aged 6 to 17, a measure instated as part of the American Rescue Plan to aid individuals facing economic challenges due to the pandemic. However, this year, the child tax credit has reverted to its typical amount of $2,000. Consequently, many parents, particularly those with young children, might confront a notably larger tax bill compared to the previous year. H&R Block anticipates that the reduction in the child tax credit will significantly impact taxpayers’ tax obligations.

This reduction particularly affects lower-income families who were previously entitled to the full credit refund, even if their income or tax payments didn’t meet the criteria for the full amount. This year, they will only receive $1,400 per child. It’s important to note that the child tax credit diminishes for individuals with an adjusted gross income of $200,000 or higher if filing as single and $400,000 or higher for those who are married and filing jointly.

The Child and Dependent Care Tax Credit Has Decreased In response to the pandemic, the child and dependent care tax credit was temporarily increased to aid families in covering child care expenses. Last year, you could claim up to $8,000 for one qualifying individual and $16,000 for two or more children, encompassing up to 50 percent of your overall care expenses, as per the IRS guidelines. (And as any individual managing child or dependent care knows, it’s easy to surpass those figures quite swiftly!)

This year, the IRS child and dependent care tax credit is reduced to $3,000 for one individual and $6,000 for two or more dependents. Additionally, while the credit was fully refundable last year, this year, it will only offset your owed taxes with the credit. Therefore, if your tax bill is lower than the tax credit, your refund will only reflect the actual tax amount you paid.

The Earned Income Tax Credit Reverted to Pre-Pandemic Levels The earned income tax credit, claimed by individuals earning below $59,187, was increased to $8,000 in 2021 but has returned to its standard amount of $2,100 this year.

Charitable Donations No Longer Apply for Standard Deduction Filers In recent years, donating to charities yielded a significant benefit beyond the sense of philanthropy. You could receive a tax deduction of $300 for single filers and $600 for married couples, even when claiming the standard deduction. However, this year, that benefit has been removed, and the deduction will only be available for individuals who itemize their tax deductions.

Let’s acknowledge the reality: Discussing finances can be a mood-dampener for couples and a significant source of stress. Nevertheless, money’s impact on a partnership is far-reaching, spanning from the initial stages to the very end. Who covers the expenses of the first date? How are bills shared? What is your debt situation? How will we manage retirement? Any one of these discussions, while essential, can induce discomfort.

Mitigating the discomfort associated with financial discussions can be achieved through various strategies. One approach is to infuse an element of enjoyment into these conversations by engaging in shared activities while talking, as advised by Denise Hughes, a financial coach and the author of “Earn, Save, Spend, Give: 4 Things to Do with Your Money and How to Make It All Work.

I believe that when it comes to discussing finances, it’s important to introduce an element of lightness and maintain an open-minded approach, tailored to the unique dynamics of each couple,” she suggests. “This may involve going out for a pleasant dinner or preparing a special meal at home while engaging in a conversation about their aspirations for the upcoming year.”

She adds, “My husband and I have a tradition of embarking on a hike at the onset of every January to deliberate our financial objectives. As we revel in the beauty of nature, we contemplate necessary household tasks, dream of vacation destinations, and exchange thoughts.”

Doesn’t that sound delightful? Whether you opt for a mountaintop discussion or a cozy meal at home, whether you’re six months into a relationship or sixteen years into marriage, the following are some questions Hughes recommends you consider.

Surprisingly, many couples inhabit a realm of ambiguity or even concealment when it comes to their finances. Thus, posing the question ‘where are we?’ necessitates a keen, open-eyed awareness,” remarks Hughes.

Data stemming from the National Survey of Families and Households, encompassing 4,500 households, has revealed that financial disputes represent the most significant predictor of divorce. Therefore, the initial discomfort of discussing financial matters is a worthwhile investment in preventing a tumultuous future. For couples in the early stages of commitment, this entails the disclosure of income, savings, and debt. For more established couples, the focus may shift towards evaluating bills, expenses, and formulating strategies to align with their financial goals.

The question of whether our financial needs are being met is a pivotal one for couples to ponder. If an initial conversation reveals deviations from spending or savings objectives, Hughes recommends embarking on a one- to two-month journey of meticulously tracking all financial expenditures as a couple.

Examine these expenses without judgment to gain insights into the flow of your finances,” she advises. “Analyze both the inflow and outflow of funds.” Subsequently, raise pertinent questions: What drives our spending in these areas? What underlying psychological needs are being fulfilled through these expenditures?

Although it might sound emotionally driven, Hughes argues that if certain expenses fail to “nourish the couple,” they may need to be reconsidered. While some expenditures, such as utility bills, might not evoke a sense of joy akin to Marie Kondo’s philosophy, they are non-negotiable. Yet, what about funds allocated for double dinner dates with friends? Perhaps reallocating that time and expenditure for quality couple outings is worthwhile. After all, it’s less likely that additional wine bottles or extra desserts will find their way into the bill when it’s just the two of you.

Given that life’s priorities evolve over time, often influenced by major life events such as the arrival of children, it’s crucial, according to Hughes, to pinpoint your foremost objective. This provides a clear focal point for your financial decisions, whether it involves debt reduction, vehicle replacement, or college savings.

“Some couples may declare, ‘Our primary focus is funding our children’s private education,’ while others might emphasize, ‘This year, our primary objective is an unforgettable vacation,'” Hughes explains. “Yet another couple may resolve to build substantial savings due to unforeseen expenses causing debt last year.” In essence, aligning on a common objective ensures a shared direction and harmony in financial decision-making.

Investigating the origins of one’s financial beliefs and values is an enlightening endeavor applicable to various stages of a relationship. Hughes envisions it as an opportunity for “two individuals to share their personal money narratives: What their financial upbringing was like, their current perspectives on money, and the significance it holds in their lives.”

It’s plausible that either you or your partner hails from a family where money was a perpetual source of concern, or perhaps one was raised by a spendthrift mother or a grandfather who stashed cash under the mattress. “Everyone possesses a unique money narrative that has both positively and negatively influenced their life,” Hughes observes. By connecting these narratives, a deeper comprehension can be attained, shedding light on why, for example, an extravagant back-to-school shopping spree might evoke anxiety in your partner.

Hughes draws a parallel between discussions about sex and money, emphasizing their equal significance in a relationship and the potential for associated feelings of shame. “Be it a substantial credit card debt or insufficient savings, whatever the concern, we all contend with financial matters,” Hughes remarks.

She recommends addressing these confessions with an attitude of inquisitiveness and empathy rather than criticism and condemnation, recognizing that neither party can make progress or rectify the issue if an open and comfortable dialogue is not established.

Determining the nature of financial contribution in a relationship is an essential consideration. With few exceptions, disparities in income between partners are common, which naturally results in variations in financial contributions to the household. According to Hughes, it’s fundamentally a matter of equitable division and devising a system that aligns with your comfort levels.

Would a joint checking account be designated for fixed expenses like the mortgage and car payments? Alternatively, would it be more preferable to allocate a portion of your earnings to a personal account, affording a degree of financial autonomy without sharing every minor expense with your partner?

As Hughes stresses, the precise allocation of financial responsibilities within the relationship is of secondary concern. What truly matters is that both partners possess a comprehensive understanding of their financial affairs. “Contribution can take numerous forms,” she emphasizes. Through open and constructive dialogues, couples can ensure financial stability and maintain a harmonious financial outlook.

Personal Finance Self-Care: A Step Towards Reducing Stress

Whether it involves a brisk run, a therapeutic session, or sipping on a green juice, we all incorporate self-care routines into our lives to alleviate stress. While initially, integrating these practices into our daily routines might feel uncomfortable, over time, activities like exercising, discussing our emotions, or even acquiring a taste for kale can significantly contribute to our overall well-being.

This concept extends to managing your personal finances. If the thought of tasks like reviewing your bank account balances or settling your monthly credit card bill triggers a sense of discomfort, rest assured that you are not alone. According to a study conducted among over 19,000 adults in the United States, 60 percent reported experiencing anxiety when contemplating their personal finances, and 50 percent expressed stress when discussing this topic.

What’s the secret to alleviating the stress associated with handling your finances? According to Monell, the key lies in establishing a daily financial health routine, similar to other self-care practices. She asserts, “Since reducing financial stress is pivotal to achieving long-term well-being, we should begin incorporating sound financial health practices into our daily lives. This practice helps instill confidence in our ability to surmount financial challenges, make informed decisions, and optimize our financial well-being to lead fulfilling lives.”

Below, you’ll find seven manageable financial tasks that can assist in reducing your money-related stress. Attempting to tackle all seven tasks at once may seem overwhelming, so consider starting with one productive financial task and gradually expanding from there.

One simple and effective initial step is to download a financial app. Whether it’s a dedicated personal finance app such as Nav.it or the free app provided by your bank or credit card company, it represents a positive stride in the right direction. Access to your financial information at your fingertips can provide a sense of empowerment. Depending on your financial institution, you might also have the option to receive notifications such as credit line increases and fraud alerts.

Outline Your Financial Goals

Are you looking to purchase a new home, establish college savings accounts for your children, or contribute to a retirement fund? Monell advises writing down these financial goals and subsequently creating a strategy for each of them. “Start by delineating both short-term and long-term financial objectives, and then chart a monthly, weekly, and daily routine to progress toward achieving those goals,” she suggests. Having a well-defined timeline for your objectives can offer you a clearer perspective of your progress and alleviate the stress associated with uncertainty.

Address Account Issues Promptly

Have you recently received a fraud alert notification from your bank? Suspect that you’ve been double-charged for a single purchase? Encountered a declined payment for a mere $5 coffee? Such situations can occur to anyone, irrespective of their bank account balance.

Even if you regularly monitor your account balances and transactions, it’s essential to address any issues immediately. It could be a minor concern, such as a technical glitch or a false alarm, but it’s crucial to act promptly. After all, while checking your accounts during inconvenient times, like during work or a social gathering, can be stressful, dealing with a problem in its early stages is much simpler than unraveling the complexities of identity theft after your account is drained or spending extended periods on hold with customer service.

Regularly Monitor Your Account Balances

“Justine Carino, a therapist, emphasizes the importance of regularly monitoring your bank accounts to manage financial stress. Ignoring your financial situation and avoiding budget planning can exacerbate stress because it leads to a lack of awareness and a sense of financial helplessness,” she explains. “Avoidance, although a common coping mechanism for anxiety and stress, is the least helpful. Developing a habit of checking your bank accounts on a weekly basis can help you reach your financial goals and reduce stress.”

Therefore, create a schedule and add it to your calendar. For instance, set a reminder to check your bank account balance every Wednesday at noon and review your credit card statements every Sunday at 6 p.m. The more consistently you do this, the less daunting it becomes.

Establish a Monthly Budget

Budgeting may not be the most enjoyable task, but it proves beneficial in the long run. It helps you save money, enhances your financial awareness, and provides greater control over your finances. Whether you choose to use a budgeting app, create a spreadsheet, or stick to traditional pen-and-paper methods, opt for the approach that best suits your needs.

Empower Yourself with Financial Knowledge

Are you seeking to demystify money matters or educate yourself on effective methods to optimize your finances? Consider borrowing a book on financial wellness from your local library or exploring affordable titles available online. Dedicate yourself to reading a few chapters each week or tailor the pace to your preferences, and you’ll soon find yourself more confident and informed about personal finance.

Prefer listening to reading? Simply hit the subscribe button for one of the numerous free podcasts dedicated to money management and investment. Search for personal finance on your preferred podcast platform and look for a host and content that resonates with you.

Consulting with a Financial Expert

Managing your finances single-handedly can be daunting and anxiety-inducing. So, why not consider seeking professional guidance? Financial planners and coaches possess the expertise required to optimize your financial resources, reduce interest costs, and maximize investment returns. “Engaging in a conversation with a seasoned financial advisor through organizations such as the Foundation for Financial Planning can be a great start. Alternatively, you can begin your financial education by exploring resources like The Financial Diet, I Will Teach You To Be Rich, or All the Colors,” advises Yáñez.

We live in a world where saving time has become remarkably convenient. While most of us are familiar with major time-saving measures such as grocery delivery and product subscriptions, there are numerous smaller actions that can streamline daily life and minimize frustration. Here are eight practical strategies to efficiently organize your space, freeing up valuable minutes in your daily routines.

1.Donating as You Declutter

Professional organizer Amy Cha, from Every Day Organized, recommends having a designated donation bin in each closet. “Whenever something no longer serves you, drop it into the bin. Once the bin is full, donate its contents to a local charity.” This advice is especially beneficial for parents with young children who outgrow clothing at a rapid pace.

2.Creating an Efficient Self-Care Routine

Are your moisturizers hidden away under the bathroom sink, making them hard to reach? Do you often struggle to locate your weekly face mask? It’s time to introduce order into your routine and reclaim those precious minutes each week. “Organize your products, categorizing them for morning and night use, in easily accessible turntables or drawers. No more searching for what you need,” suggests Cha. Alternatively, if your routine is minimalistic with just a few products, consider displaying them on a decorative yet functional tray near your sink.

3.Streamlining Grocery and Household Shopping

Cha suggests utilizing a list-sharing app that can sync with your roommate or partner. “We recommend AnyList for its plethora of features and its role in preventing countless household disagreements. Never arrive at the store without a clear idea of what you need (or don’t need).” iPhone users can use the Notes app, which is free and allows for synchronization between users. While it may lack fancy features, it effectively serves its purpose.

4.Strategize Tonight, Triumph Tomorrow

Dedicating a few minutes at night to organize your tasks can significantly enhance your productivity the following day. “Note down the tasks for tomorrow before bed. The traditional pen and paper approach sets the tone for a focused start,” recommends Cha. Another time-saving tip is to plan your outfit for the next day, considering the weather forecast.

5.Place a Recycling Bin by Your Entryway

There’s no need to retain those circulars or postcards from stores you seldom visit, particularly when they accumulate rapidly. Keep a compact recycling bin in your hallway or entryway for convenient access, effectively eliminating concerns about clutter piling up.

6.Establish a Central Charging Station for Your Electronics

Struggling to keep your devices organized and fully charged? Consider creating a centralized charging station for all your gadgets, ranging from phones to tablets and smartwatches. Opt for a strategic location like the kitchen counter (away from the sink) or designate a side table for this purpose.

7.Revamp Your Pantry Organization

Are you constantly on the hunt for extra napkins or that elusive bottle of condiment while preparing your morning lunch? It’s high time to streamline your pantry. Discard anything old or past its expiration date, and prioritize placing frequently used items at the front of the pantry for effortless access.

8.Streamline Your Spice Storage

Did you find yourself spending a good 10 minutes searching for fennel last night? Fear not. Consider reorganizing your spice rack for efficiency. Implement aids like a Lazy Susan or position your most frequently used spices at the forefront of your spice rack.