THE DOWNLOAD MONEY MATTERS
Studies have shown that we waste up to $100 a month on various services we never really use.” — Howard Dvorkin, chairman of
Debt.com
30 years. You can’t lose principal with a TIPS. At maturity, you are either paid the original amount you invested or the infl ation-adjusted principal, whichever is greater. Go to
TreasuryDirect.gov.
3
RENT THINGS YOU ALREADY OWN
There are ways to earn more money that don’t require much work, particularly if you have assets other people want. For example, rent out your car on
Turo; your highly coveted parking space on SpotHero; your pool on Swimply; your RV on RVshare; and a rental property or spare room on Airbnb.
4
DOUBLE-CHECK YOUR SUBSCRIPTIONS
“Studies have shown that we waste up to $100 a month on various services we never really use,” says Howard Dvorkin, chairman of
Debt.com.
“I can’t tell you how many people I’ve
counseled who have gym memberships they never use and
streaming
services they forgot they
subscribed to.” 5
CONSOLIDATE CREDIT CARDS
Transferring a high-interest rate credit card balance to a zero-percent card can save big
bucks. Look for low-balance transfer cards at sites like
CardRates.com.
6
SHOP CERTIFIED USED GOODS
Retail prices are up, but you can get great products that aren’t new. Money-saving expert Andrea
Woroch says you can score up to 60% off electronics, appliances, and power tools by purchasing certifi ed refurbished models from reputable retailers like Amazon and Best Buy.
7
TAKE LOSSES FOR A TAX BENEFIT
If you sell an investment (i.e., stock, bond, ETF, etc.) that’s underperforming and losing money in this calendar year in a taxable account, you can then use that loss to reduce your taxable capital gains on your 2022 taxes, says Clark Kendall, president and CEO of Kendall Capital.
8 MAKE A BUDGET
It can be one of the most valuable things you ever do. After all, you can’t save
money until you know how much you’re spending in the fi rst place. “I see smart people
panicking over the
rising price of gas, when
they have no idea how much they spend on bigger items,” Dvorkin says.
“For instance, you probably know the cost of a gallon of
gas in your neighborhood, but do you know what the interest rate is on your credit card?”
HEALTHCARE SAVINGS Healthcare is getting less
expensive for some folks, thanks to the new Inflation Reduction Act. For example, people who get their health insurance on the ACA marketplace may save up to $800 a year on premiums. Medicare is now able to negotiate prices on 100 drugs over the next decade, something it has never done previously. And it will require drug companies to rebate price increases that are higher than inflation.
TEEN INVESTING A free Fidelity youth account can
help teens save money they rack up from part-time jobs and learn about investing. They can spend, save, and invest in stocks by depositing a portion of their paycheck or allowance into the account. They can also transfer money via Venmo or PayPal and put money in a cash- management account. There are educational finance videos for them to view as well. A no-fee ATM card comes with the account.
SMALL BIZ ORGANIZER If you provide consulting services, have a side gig, or freelance, the banking platform Lili Pro off ers some accounting organization features for sole
proprietors. For a $5 per month fee, you can access tools like figuring out how much you should save for tax time, as well as an invoice organizer. Snap a photo of each invoice as it comes in, and Lili will save, organize, and allow you to track and manage them.
LOAN FORGIVENESS
President Joe Biden canceled up to $10,000 in federal student loans for all borrowers and up to $20,000 for borrowers who were Pell Grant recipients. To be eligible, you must make less than $125,000 or less than $250,000 if married or a
head of household. You can expect forgiveness by the end of the year.
NOVEMBER 2022 | NEWSMAX MAXLIFE 79
GUSTAVO FRAZAO/SHUTTERSTOCK
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