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One money move at a time, short enough to read in two minutes. Pick one and act on it today.
A new car loses value fastest in its first years, so let the first owner absorb that drop. Shop for cars two to three years old that still have the factory warranty on the engine and transmission. Line up your loan first, since used-car loans usually carry higher rates than new-car loans.
If you earn self-employment income, run your business expenses through a business credit card and keep personal spending off it. The statement becomes a running record of your business costs at tax time, and you earn rewards on spending you’d do anyway. Pay the balance in full each month.
Most raises are a percentage of your current pay, so the salary you agree to when you’re hired can be the base your earnings grow from for decades. Before you accept any offer, counter with a specific, researched number, and push for higher base pay rather than a one-time signing bonus.
Debit card fraud pulls money straight from your checking account, and your bank can take 10 business days to return it. A fraudulent credit card charge is the issuer’s money while you dispute it, and federal law caps your loss at $50. Pay with a credit card you clear each month, and keep debit for the ATM.
Owning a new car costs about $12,900 a year on average once you count depreciation, financing, insurance, fuel, upkeep, and fees, according to AAA. Before you buy, add up those costs for the exact model you want, and judge the car by that total instead of the monthly payment.
Every few months, audit your subscriptions against your card and bank statements and your phone’s app store, and cancel anything you haven’t used since the last check. Recurring charges keep billing whether or not you remember them. Make your first audit cover a full year, since annual renewals show up only once.
If your side income is taxed as self-employment, run it through its own checking account and move a fixed share of every payment into a separate tax savings account. No one withholds tax from side income, so that account covers your payments to the IRS, unless you have extra withheld from a W-2 paycheck instead.
A donor-advised fund lets you donate stock you’ve held more than a year, skip the capital gains tax on its rise, and, if you itemize, deduct its full market value now. The money stays invested while you pick charities over time. If you give every year and own winners like that, open one before your next donation.
When you want something you didn’t plan to buy and don’t need, put it in your cart and wait 24 hours, or longer for a big purchase. The 24-hour rule lets the rush of the moment fade, so tomorrow you judge the item itself. If you still want it at that price, buy it.
The mortgage payment your lender quotes leaves out upkeep. Before you buy a home, add 2% of its price per year for maintenance, plus any homeowners association dues, and check that the property tax estimate uses your purchase price. Then bank the gap between that total and your rent for three months to test whether you can carry it.
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