Renting Your First Apartment? The Rent Isn’t the Biggest Expense

July 15, 2026

Nobody warns you that the most expensive part of renting your first apartment happens before you move in. The monthly rent may fit your budget, but that’s only the beginning. By the time you’ve paid the application fee, security deposit, utility fees, renters insurance, bought a few pieces of furniture, and stocked your kitchen and bathroom, your “affordable” apartment may have already cost several thousand dollars.

It’s no surprise that in many college communities, students now spend more on housing than on tuition. Renting your first apartment is an exciting milestone, but it’s also one of the biggest financial commitments you’ll make during college. With the median asking rent for an apartment in the United States hovering around $1,667 a month, understanding the true cost of renting can help you avoid expensive surprises and find a place that fits both your lifestyle and your budget.

Look Beyond the Monthly Rent
When comparing apartments, don’t stop at the advertised rent. Ask for a complete breakdown of what you’ll pay before move-in and every month afterward. Most first-time renters should budget for:

• Application fee
• Security deposit
• First month’s rent
• Utility or community fees
• Renters insurance
• Parking fees, if applicable
• Furniture and household essentials
• Pet fees and deposits
• Moving expenses

According to a budgeting guide from The Student Sublet, many first-time renters underestimate the cost of everyday items like cookware, shower curtains, cleaning supplies, lamps, trash cans, and basic kitchen utensils. Individually, they don’t seem expensive. Together, they can easily add hundreds—or even thousands—of dollars to your move-in costs. Monthly expenses can also be higher than expected. While many student apartment communities include internet, they often charge utility or community fees that cover other services and common-area maintenance. Before signing a lease, ask exactly what’s included in your rent and what you’ll be expected to pay separately. Some costs to watch out for include:

• Electricity: Budget $30–$80 per month
• Gas and Heating: Budget $20–$60 per month
• Water and Trash: Budget $15–$30 per month
• Parking: Budget $80-$300 per month

Build Your Budget Before You Apartment Shop
It’s easy to fall in love with an apartment that’s just a little nicer than the one you planned to rent. Instead, decide what you can comfortably afford before you begin touring properties. Rent is only one part of your monthly budget. You’ll also need money for groceries, transportation, textbooks, laundry, entertainment, and the occasional unexpected expense. According to Bola Sokunbi, founder and CEO of Clever Girl Finance, budgeting isn’t about limiting yourself—it’s about making intentional decisions. “A budget gives you permission to spend because you’ve already made a plan for your money,” says Sokunbi.

Compare the Total Cost of Living
The apartment with the lowest rent isn’t always the least expensive place to live. For example, an apartment that costs $75 more each month may actually save you money if it includes parking, in-unit laundry, or is close enough to campus that you don’t need to pay for parking permits or as much gas. On the other hand, a cheaper apartment may require a longer commute, separate utility payments, laundry fees, or higher transportation costs that quickly erase the savings. Think about your total monthly cost, not just your monthly rent.

Roommates Can Save More Than Rent
For many students, living with roommates is one of the smartest financial decisions they can make. Lauren Sonnenberg, a writer for Forbes, estimates that students who share an apartment rather than live alone can save more than $15,000 over four years. Those savings come from more than splitting the rent. Roommates often divide utility costs, household supplies, streaming services, and other shared expenses, which can quickly add up.

Sharing an apartment, however, requires more than finding someone to split the bills. Before signing a lease together, talk about expectations.

• How will bills be divided?
• Will groceries be shared?
• Who buys household supplies?
• Are overnight guests okay?
• What are the expectations for cleaning?
• What happens if someone wants to move out before the lease ends

Don’t Pay for Amenities You Won’t Use
Apartment tours are designed to impress prospective renters. Resort-style pools, rooftop lounges, game rooms, golf simulators, coffee bars, and fitness centers all look appealing. But ask yourself one simple question: Will I actually use them? If you’re spending most of your day in class, studying, or working, those amenities may not justify the higher rent. Instead, prioritize the features that will make your daily life easier:

• A safe neighborhood
• Reliable maintenance
• Laundry facilities
• Good lighting and secure entry
• A reasonable commute to campus
• Space to study without distraction

Read the Lease Carefully
Most students spend more time touring an apartment than reading the lease. Before signing, understand when rent is due, how maintenance requests are handled, whether parking is included, who pays for repairs, what happens if you break the lease early, and whether subletting is allowed. If something doesn’t make sense, ask questions before signing. A five-minute conversation today can prevent months of frustration later.

Furnish Slowly
Your first apartment doesn’t need to be fully furnished on move-in day. Start with the essentials: a bed, a desk, basic cookware, towels, cleaning supplies, and a few kitchen items. Shop at thrift stores, estate sales, or on Facebook Marketplace, or ask family members if they have furniture they’re no longer using. You can always add decorative items, additional furniture, and small conveniences over time. Buying everything at once often leads to unnecessary spending—and unnecessary debt.

Protect Yourself from Day One
Before moving in, photograph every room and document any existing damage. Keep copies of your lease, receipts, and maintenance requests. Renters insurance is one of the least expensive ways to protect your belongings if they are damaged or stolen.

Plan a Memorable Vacation Without Breaking the Bank

July 1, 2026

Most vacations end twice. The first time is when you unpack your suitcase. The second is when the credit card bill arrives. That second ending has become increasingly familiar to American families. Nearly eight in 10 Americans plan to take at least one vacation each year, yet the average one-week vacation for a family of four costs about $8,000. For many households, the desire to get away competes with rising prices, making travel feel more like a financial burden than a chance to recharge.

Fortunately, a memorable vacation doesn’t have to come with a luxury price tag. With thoughtful planning and making a few strategic choices, you can enjoy travel without spending more than you can afford.

Start with Your Budget, Not Your Destination

It’s easy to fall in love with a destination before looking at the price tag. Instead, determine how much you can comfortably spend before browsing flights or hotels. Include transportation, lodging, meals, activities, parking, souvenirs, and a small emergency cushion.

Planning ahead is one of the simplest ways to save money. According to Sally French, a travel expert at NerdWallet, travelers often underestimate everyday expenses. “People often underestimate what they spend while traveling because they only think about airfare and hotels,” says French. “Planning for meals, transportation, and unexpected expenses makes vacations far less stressful.”

Consider one of these budget-friendly destinations:

• Greenville, South Carolina
• Chattanooga, Tennessee
• Rapid City, South Dakota
• Gettysburg, Pennsylvania
• Cincinnati, Ohio
• San Antonio, Texas
• Bentonville, Arkansas
• Clearwater, Florida

MoneyLion has a list of 20 of the cheapest places to travel in the U.S. in 2026.

Be Flexible

Travel during the shoulder season when hotel rates and airfare are often lower. Flying midweek, considering nearby airports, and comparing similar destinations can all stretch your budget.

Save on the Big Expenses

Transportation and lodging usually consume the largest share of a vacation budget, but they also offer the biggest opportunities to save. Choose accommodations with a kitchenette so you can prepare breakfast or pack lunches. Compare the total cost of a hotel—including parking, resort fees, and taxes—not just the nightly rate. Eat where the locals eat instead of near major attractions, and leave a little room in your budget for unexpected experiences that often become the most memorable parts of a trip.

Look for Free Experiences

It’s easy to assume the best experiences come with the highest admission prices. Some of the best vacation memories are free. Walk through a historic downtown, visit a farmers market, hike a scenic trail, or attend a community festival. According to Pauline Frommer, editorial director of Frommer’s Travel Guides, meaningful travel isn’t defined by luxury. “Travel doesn’t have to be expensive to be meaningful. The best trips are often those that allow you to connect with a place and its people rather than simply check attractions off a list,” says Frommer.

Travel writer Rick Steves shares a similar philosophy. “The most memorable travel experiences often happen when you slow down and connect with everyday life,” says Steves.

Don’t Overlook the Staycation

If travel isn’t in the budget this year, consider taking a staycation instead. Reserve a nearby hotel, explore museums you’ve never visited, spend the day at a local park, or try restaurants that have always been on your list. The key is to treat the time as a real vacation. Put away your work email, silence notifications, and resist the temptation to catch up on household chores. Even a weekend spent exploring your own community can provide the change of pace many families need.

With a little planning, you can make your vacation memorable without making it expensive.

What to Know Before Investing in a Rental Property

April 15, 2026

Even amid inflation and interest rates higher than historical norms, real estate remains a sure investment. “The Wall Street Journal recently reported that in this booming housing market, many homeowners earned more last year from home appreciation than from their jobs,” says Philip White, CEO of Sotheby’s International Realty.

Purchasing an investment property and then renting it out often provides you with more than enough money to pay the property’s mortgage. 

If you’re unsure of where to start, here’s everything you need to consider before buying a rental property.

Determine Affordability First

Before you purchase an investment home, you need to be honest about whether you have the finances to do so and the time to commit to property management. 

The first thing you’ll need to determine before investing is how much potential income it could provide. There’s a widely-accepted guideline known as the 1% Rule: the monthly rent should be 1% of the purchase price. If a home costs $200,000, then rent should be $2,000 per month.

“Run the numbers like a business. Higher prices are here to stay, so instead of waiting for prices to drop, find the properties that have cash flow,” says Nicole Rueth, founder of The Rueth Team, a mortgage lender. “They’re out there; I know because I’m helping investors find them. If it doesn’t have cash flow on paper, don’t buy it.”

Since your property may not always have renters, it’s important to make sure you can still pay that mortgage and all of your other expenses without relying on monthly rent payments. To avoid financial strain during vacancies, it’s best to have at least two months’ worth of expenses saved. 

Work With a Professional 

Realtors and professional property managers can help you with the ins and outs of investing in a specific market. “They can help connect you with an expert who can advise on local tax laws and, especially if you’re looking to invest internationally, visa programs that might be available to you,” says White.

Even if you decide to work with a real estate agent, familiarize yourself with the neighborhood you’re buying in. Drive around yourself and look for sales signs, as well as check real estate listings online. Assess proximity to good schools, review nearby commercial and recreational areas, and evaluate the area’s overall aesthetic appeal and safety.

Learn the Rules

No matter where you decide to purchase property, it’s crucial to look into the various regulations and laws that exist in each state or country. “In the city of Naples, you can rent your property for a minimum of 30 days, three times a year,” says Belz. “But if you get just outside the city of Naples, we have a number of neighborhoods without rental restrictions.” An experienced agent will know about these restrictions and can help steer you in the right direction. 

To reduce regulations and costs, look for desirable neighborhoods and homes without Homeowners Association (HOA) fees. If you have the time and resources, don’t be afraid of choosing a fixer-upper either. While a fixer-upper will have renovation costs, it can be worth it if you negotiate and save on the asking price. 

Manage Your Investment Personally

To eliminate costs on your end, you may opt to manage the property yourself. This is convenient if you live in the area and can stop by the home quickly if needed. But if you don’t live nearby or care to manage your property and tenants personally, then a property management company can help provide the services necessary to keep your investment profitable. 

Property managers can also draw on years of experience, such as recommending higher security deposits, pet deposits, and thorough background checks. “Don’t just assume self-managing saves you money,” Ruth says. “If managing tenants stresses you out, costs you time, or makes you hate investing, you’re paying a price either way.”

Find the Right Tenants 

Even if they look good on paper, screening tenants thoroughly upfront can save you time and money later. You’ll want to verify their current employer and income, contact previous landlords, and run a criminal background check. If anything concerning arises or doesn’t feel right, move on to the next applicant. Ultimately, it’s your decision who you rent to, but a bad experience with tenants can significantly damage your property and diminish your return on investment.

Even if you choose to manage your property personally, a property management company can still help with drafting rental agreements. It’s well worth the cost to have a professional make sure the lease includes everything it should. The more you establish upfront in your lease, the better experience you’ll have with your tenants in the long run. 

Presentation and Upkeep

Properties that generate the most revenue are usually those that have been recently updated. “By far the best way to maximize your return is having a really well-kept property,” Belz says. “It sounds obvious, but it’s critical.” Hiring a professional photographer for listing photos is also highly recommended. 

Investors often put little work into a property after purchase, but when tenants move out, upkeep is just as important. Between renters is the best time to plan deep cleaning, new paint, pest control, addressing deferred repairs, and other design considerations, such as bathroom remodels. 

Even with the best tenants, wear and tear will occur over time. Investors need to prepare for these in-between tenant costs, which can range from appliance upgrades to a new roof. 

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Managing just one property can quickly become a part-time job. You can utilize Insureyouknow.org to keep track of expenses, tenant leases, maintenance schedules, and any other documents involving property management. By treating your investment like a business, property management will become second-nature, making it possible for you to invest in even more over time.

Property Tax Exemptions for Seniors: What Every Homeowner Needs to Know

March 15, 2026

For local governments in the United States, property taxes are the primary source of revenue. However, property tax has historically been among the most unpopular taxes. In November 2025, the City of Atlanta and Fulton County, Georgia, overwhelmingly approved new homestead tax exemptions for seniors, with 73% of 91,169 Atlanta voters supporting the measure.

As home values rise, property taxes have become a growing burden for homeowners nationwide, particularly for older Americans on fixed incomes. Many of them worry that the property taxes alone will eventually price them out of their homes.

To mitigate this, nearly every state offers a homestead exemption for residential property. However, few seniors realize they may qualify for additional exemptions. “These are very big exemptions,” says Colton Pace, property tax expert and CEO of Ownwell. “It’s an aggressive way to keep seniors in their homes.”

Here’s everything you need to know about state property tax relief for seniors and whether or not you qualify.

How Exemptions Work for Seniors

To ease the financial strain of property taxes, 16 states and the District of Columbia offer exemptions for qualifying seniors. Senior property tax exemptions lower your tax bill by reducing the taxable value of your home.

Alaska, for instance, waives the first $150,000 of the assessed home value for homeowners aged 65 and over, while the District of Columbia cuts property taxes in half for all qualifying seniors.

Most states have a government website dedicated to taxes that lists local rules for senior property tax exemptions. A Google search for “senior property tax exemptions + your state” should find yours.

Don’t Forget Freezes, Credits, and Deferrals

In addition to property tax exemptions, many states also offer:

• Property tax freezes, which lock in your current tax amount, prevent increases down the line if your home’s value rises. Both Arizona and Arkansas freeze the property value of a primary residence for qualifying seniors, preventing increases in assessed value.
• Tax credits provide a direct reduction in your tax bill. Instead of adjusting your home’s value to your tax benefit, credits subtract a set amount from the total you owe. New Jersey’s Stay NJ program, for example, reimburses 50% of property tax bills, with a limit of $6,500, and in Wisconsin, eligible seniors receive both homestead and school property tax credits.
• Deferrals allow seniors to delay paying their taxes, sometimes in exchange for a lien against their home. When the owner dies or decides to sell their home, the state collects the tax debt, often with interest. In Maine, eligible seniors may defer their taxes until after sale or death, and in Vermont, they may also defer their taxes until sale or death, with a 0% interest rate.

Legislation is Ongoing

Many states continue to introduce legislation to expand senior tax benefits. Local governments in both Maine and Ohio are trying to eliminate property taxes for qualifying seniors altogether.

In December 2025, Rensselaer County, in Troy, New York, proposed a law to provide disabled seniors with additional tax benefits. “This law delivers real relief for Troy’s seniors and residents living with disabilities who have been struggling with rising costs,” says Mayor Carmella Mantello. “We are making sure our most vulnerable neighbors can stay in their homes and maintain their quality of life.”

Know if You Qualify

In addition to meeting an age requirement, states also require income brackets to fall within and proof of residence in the home for a certain amount of time. Qualifications vary from state to state and sometimes yearly, so it’s essential to meet with a county assessor at your local clerk of courts or a financial advisor who specializes in retirement.

Putting in the time to know whether or not you qualify for any property tax exemptions can be time-consuming, but well worth the chore. According to a recent report by Realtor.com, as many as 40.5% of homeowners could be overpaying on their property taxes.

Saving Home

Ultimately, these senior property tax exemptions are intended to ease the burden of rising costs during retirement and help keep seniors in their longtime homes and communities. Most seniors live on a fixed income, so when taxes become too difficult to pay due to rising home values, even seniors with moderate incomes can find themselves struggling to remain in the home they’ve spent most of their adult life in.

Insureyouknow.org

With Insureyouknow.org, seniors can keep all of their tax research, financial records, and other proof of residential requirements in one organized place. Remember that while it may feel like a lot of work in the beginning to gather this information, you are likely going to save yourself enough money on those pesky property taxes to make it well worth it.

Preparing for Tax Season

February 15, 2026

Taxes aren’t usually a task people look forward to. If anything, many procrastinate or put the chore off completely. In fact, about 5% of taxpayers fail to file their taxes each year, the top two reasons being that it’s overwhelming or they simply object to paying income taxes. But skipping your taxes is a bad idea.

“It does catch up to you, and the penalties and interest are huge,” says David Ragland, a certified financial planner and CEO of IRC Wealth. “If you don’t file your return, you’re going to have to pay interest on any unpaid taxes.”

The penalty for failing to file is 5% of unpaid taxes for each month a filing is late, capped at 25%. So a taxpayer who owes $10,000 would owe $500 each month, with a maximum owed of $2,500.

Filing your taxes can be intimidating and tedious, but by forming a plan and gathering the documents you need in advance, it can go quite smoothly. Here’s everything you can do to make filing your taxes easier this year.

Gather Paperwork First

Get together all of the information you’ll need for your taxes ahead of filing to save time and reduce stress.

The IRS recommends gathering personal information, including:

• Your Social Security number, as well as those of anyone else on your tax return, such as spouses and dependents
• Your bank account and routing numbers, if you wish to receive your refund by direct deposit
• Your adjusted gross income or AGI and the exact refund amount from last year‘s tax return, if you filed

Anyone who paid you during the year is required to report the payments to the IRS. They must file their information and return forms with the IRS and send a copy to you. You should receive these electronically or by mail in January or February.

These forms include:

• Forms W-2, which show your wages from employers
• Form W-2G for lottery and gambling winnings
• Any Form 1099, including from government payments, freelance and contract work, and retirement plan distributions
• Form SSA-1099 for Social Security benefits
• Form 1095-A, Health Insurance Marketplace Statement

If you are self-employed, have multiple jobs, or have a small business, then you’ll need:

• Bank statements and other payment collection records
• Receipts for potential deductions, such as from travel, car expenses, and business supplies
• Proof of training and further schooling

Anything that you spent on investing in your business is a potential deduction and should be collected as a reference for filing.

Deductions to Know

There’s always the chance that the IRS will file your taxes on your behalf if you fail to file on time yourself. “Just because you don’t file the return doesn’t mean you can escape the IRS long term,” says Ragland. If this happens, you’ll likely miss out on deductions that you yourself would have likely claimed.

Other documents for potential deductions include:

• Childcare and dependent expenses
• Mortgage and property tax records
• Any donations made to charity
• Healthcare expenses, including Health Savings Accounts or HSAs
• Retirement contributions
• Specific education and career expenses, such as those with students and teachers
• Student loan interest statements

The One Big Beautiful Bill Act (OBBB) was signed into law in July 2025 and makes significant changes to the tax code. It makes the 2017 tax cuts (like the seven income tax brackets from 10%–37%) effectively permanent while adjusting many bracket thresholds for inflation and substantially increasing the standard deduction (e.g., $15,750 for singles, $31,500 for joint filers). It also adds new deductions (like for tips, overtime, seniors, and certain auto loan interest), raises the SALT deduction cap, and modifies credits such as the Child Tax Credit. Study the more than 60 tax provisions that IRS has adjusted to keep deductions, tax brackets, and other items aligned with the cost of living. For those filing taxes in 2026 (for the 2025 tax year), these adjustments have increased by about 2.8%.

The Right Filing Status

Your filing status is used to determine your correct tax rate, standard deduction, and certain credits. Whether or not you are married, are the head of household, or have dependents are all factors in determining your filing status. The IRS offers a tool to help you choose the filing status that will result in the lowest amount of tax.

It pays to do a little research and know which status is best for your given situation. For instance, filing jointly as a married couple rather than separately comes with certain benefits, such as the most significant standard deduction, tax credits, and a higher income threshold. But if your spouse owes tax penalties, then that’s a situation where filing separately makes more sense.

How to File

When you can claim tax credits or otherwise have money owed to you, filing taxes can be a great thing. The IRS now offers Free File, a way to do your taxes online for free. People with potentially complex tax situations, such as multiple business ventures or multiple streams of income, may opt to work with a Certified Public Accountant (CPA). There are also many companies, like TurboTax that offer both free and fee-based services.

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With Insureyouknow.org, you can get in the habit of storing this information throughout the year. That way, when it comes time to file, everything you need will be in one place.

What Small Businesses Should Do in January: 10 Key Accounting Tasks

January 29, 2026

January can shape a small business’s financial trajectory. The new year brings a chance to complete year-end obligations and an opportunity to refresh your understanding of your finances. Done right, January accounting work can reduce stress and improve clarity for the entire year.

Here are ten accounting tasks every small business should complete in January.

1. File W-2 and W-3 Forms

January is when employers issue W-2 forms to employees for the prior tax year and file the W-3 transmittal with the Social Security Administration by January 31. This task confirms accurate wage reporting and tax withholdings and ensures employees can file their personal returns on time. Consistency with this deadline helps avoid IRS penalties and preserves goodwill with your team.

2. Issue 1099s to Contractors

January also means preparing and sending Form 1099-NEC to contractors and other eligible payees. If your business paid an independent contractor $600 or more last year, you must file this form with the IRS and deliver a copy to the contractor by the end of the month. Timely filing of forms supports compliance and helps contractors meet their personal tax obligations.

3. Make Final Estimated Tax Payments

For many business owners, the fourth quarter estimated tax payment for the previous year is due in January. Paying this by the due date helps reduce potential underpayment penalties. Beyond compliance, it supports accurate cash-flow planning as you begin a new tax cycle.

4. Reconcile Bank and Credit Card Accounts

Reconciliation is a key step in validating your books. It means ensuring that your internal records match your bank and credit card statements. When discrepancies are identified and resolved promptly, your cash balances reflect actual activity.  

5. Close Out the Previous Year’s Books

Closing your books means recording all year-end transactions and adjustments so your financial statements reflect a complete year of activity. This includes depreciation entries, accruals, corrections, and categorization of uncoded transactions. With the year closed, your profit and loss and balance sheet become reliable reference points for tax filing and planning.

6. Review Financial Statements

Once the books are fully reconciled and closed, generate your key financial statements: the profit and loss, balance sheet, and cash flow report. These documents help you assess performance and financial position at a glance. Reviewing them with your accountant or trusted advisor can uncover patterns or opportunities you might not see otherwise.

7. Revisit Your Budget and Forecast

Finalized financials offer a stronger foundation for your budget and forecasts. Compare actual results with your projections from the prior year and adjust assumptions for the coming year. This practical reflection ensures that your financial plan aligns with reality rather than optimism alone.

8. Verify Accounts Receivable and Collect Past-Due Invoices

Assess and follow up on outstanding invoices. Uncollected receivables can constrain cash flow early in the year, and January is an effective window to address overdue accounts. Efficient collections improve your liquidity and make financial reporting more accurate.

9. Prepare for Tax Filing Season

January signals the start of tax filing season. Organize essential tax documents and receipts so you aren’t scrambling to gather them in March or April. Early coordination with your CPA can also clarify updated tax rules or opportunities to plan strategically.

10. Review Your Accounting Systems and Tools

January is also the moment to evaluate your accounting systems. Are you using tools that support reporting and compliance? Cloud-based accounting software can make recordkeeping more accurate and easier to share with advisors. Investing time here can reduce manual work and errors throughout the year.

Completing these accounting tasks in January brings order to your business’s finances so you can spot trends, anticipate challenges, and make decisions with confidence.

How to Prepare for College Living: A Survival Guide for Incoming Students

February 15, 2025

Congratulations! You’ve been accepted into college, and soon, you’ll embark on one of the most exciting adventures of your life, along with 16 million others. But before you start dreaming about campus life, late-night study sessions, and newfound independence, there are some practical steps to ensure a smooth transition. From dorm essentials to financial planning, this guide will help you prepare for college living.

1. Master the Art of Budgeting

Living on your own means managing your finances wisely. Here’s how to stay on top of your budget:

• Create a Budget: Track your expenses, including tuition, rent, food, transportation, and entertainment.
• Use Budgeting Apps: Apps like Mint, YNAB, or PocketGuard can help you stay organized.
• Open a Student Bank Account: Many banks offer students accounts with low or no fees.
• Look for Discounts: Your student ID is your best friend—use it for travel, entertainment, and shopping discounts.

2. Pack Smart: The College Essentials Checklist

You don’t want to arrive at college and realize you forgot something crucial. Here’s what to bring:

• Dorm Room Must-Haves:
  • Bedding (twin XL sheets, comforter, pillows)
  • Storage bins and organizers
  • Desk lamp and power strips
  • Laundry hamper and detergent
  • Shower caddy and flip-flops
• Tech Gear:
  • Laptop and chargers
  • Noise-canceling headphones
  • Portable hard drive or cloud storage subscription
• Kitchen Supplies:
  • Mini fridge (if allowed)
  • Microwave or coffee maker
  • Reusable water bottles and utensils
• Emergency Kit:
  • First aid supplies
  • Medications
  • Flashlight and extra batteries

3. Set Up Your Health & Insurance Plan

Make sure you have a solid plan in place for medical needs:

• Health Insurance: Check if you’re covered under your parent’s plan or if your college offers coverage.
• Locate Healthcare Providers: Know where the nearest doctor, dentist, and urgent care clinic are.
• Stock Up on Essentials: Pack prescription medications, vitamins, and a basic first-aid kit.

4. Learn Basic Life Skills

College is a time to gain independence, so mastering basic skills will help you thrive:

• Cooking Basics: Learn how to make simple meals to save money and eat healthier.
• Laundry 101: Know how to separate colors, use detergent, and read washing machine settings.
• Time Management: College life is busy—use planners or apps to manage assignments and social activities.

5. Prepare for Roommate Life

Sharing a living space can be a challenge, but good communication helps:

• Set Boundaries Early: Discuss sleep schedules, cleaning duties, and guest policies.
• Be Respectful: Small gestures, like cleaning up after yourself, go a long way.
• Resolve Conflicts Maturely: Address issues directly and respectfully to maintain a positive environment.

6. Get to Know Campus Resources

Colleges offer plenty of support services—take advantage of them!

• Academic Support: Visit tutoring centers and writing labs.
• Mental Health Services: Many colleges offer free or low-cost counseling.
• Career Services: Start networking and building your resume early.
• Student Organizations: Join clubs to meet new friends and enhance your college experience.

College is a time of growth, challenges, and unforgettable experiences. By planning ahead, you can make the transition smoother and set yourself up for success. Embrace the adventure, stay organized, and don’t hesitate to ask for help when needed. You’ve got this!

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College graduation prompts transitioning from a school-based existence to one replete with adult responsibilities. By preparing for the unforeseen future, college grads who do their homework and keep their records at insureyouknow.org, can begin living their lives to the fullest.

Medicare Grocery Allowances: Who Qualifies and Is it Worth it? 

January 15, 2025

In 2020, the Medicare Advantage expanded coverage benefits for those with chronic conditions, such as cancer, autoimmune disorders, diabetes, end-stage renal or liver disease, heart disease, and more. The coverage expansion is referred to as the special supplemental benefits for the chronically ill or SSBCI. Some additional benefits include food allowances and prepared meals, but in some instances, they may even include over-the-counter medications, transportation, and in-home support services.

If you’re interested in receiving a grocery allowance or meal benefits or need food assistance, here’s everything you need to know about the additional coverage.

How the Medicare Grocery Allowance and Meal Benefits Work

Grocery allowances and meal benefits are not the same. If you qualify for grocery allowances, they are issued through prepaid debit cards on a monthly or quarterly basis. While the grocery allowance varies by state, it is usually $50 each quarter.

Under the CHRONIC Care Act, as of 2020, Medicare Advantage plans could also provide meals anytime to keep eligible recipients from needing hospitalization. Meal benefits are often more popular than grocery allowances, but it’s usually only offered for a limited amount of time, which is typically four weeks after a hospital stay.

Knowing Which Plans Offer Food Assistance

Not all Medicare Advantage plans include food allowances, so it’s important to determine if you qualify before choosing a plan. Traditional Medicare Part A and Part B and Medicare supplement plans, which are meant to supplement gaps in coverage, do not offer a grocery allowance. Some Part C Medicare Advantage Plans do offer grocery allowances and meal benefits, such as special needs plans or SNPs and dual-eligible special-needs plans D-SNPs. D-SNPs are meant for Medicare members who are also enrolled in Medicaid and who have a chronic condition. Those with Medicare Advantage plans who are disabled or who have a low-income subsidy or LIS may also be eligible to receive grocery benefits.

The CHRONIC Care Act of 2020 gave Medicare Advantage plans the ability to offer non-medical benefits such as funds for groceries. “Therefore, the Medicare Advantage plan can decide if they want to provide those benefits, and those benefits have to be designed only for the chronically ill,” says Alexandra Ashbrook, director of the Food Research and Action Center. “The non-medical services have to be targeted to people who have at least one chronic health condition, such as those at risk of hospitalization or some other adverse health outcome requiring intensive care coordination,” she says.

Qualifications for the grocery and meal benefits vary by plan, so it’s important to check with the plan’s provider to see what they offer and if your health condition qualifies. Choosing a plan based solely on food allowances isn’t the best approach over the long run. So, even if the plan offers a grocery or meal benefit, it may not justify what you pay for the plan. Whether or not the plan covers medical needs should always be the priority. Take into account every benefit the plan offers before making a decision.

What to do if You Don’t Qualify for Medicare Food Allowances

There are still other options for those who do not qualify for the grocery allowance through their Medicare Advantage Plan. Low-income seniors 60 or older can apply for food assistance through the Supplemental Nutrition Assistance Program or SNAP. Many people don’t even realize that they qualify for these benefits. “Unfortunately, only about 48% of eligible older adults are participating in SNAP,” Ashbrook says. “That’s a really important gap that health care providers and health systems could help to close before looking at any of the other additional food programs.”

Those who are 60 or older and have an income below 185% of the federal poverty income guidelines may also qualify for the Senior Farmers’ Market Nutrition Program SFMNP or the Commodity Supplemental Food Program or CSFP. The SFMNP provides coupons for fresh fruits and vegetables, which can be used at farmers’ markets and community farms, while the CSFP is a monthly package of healthy food that the USDA distributes to local agencies for participants to pick up. If eligible, some states even offer package deliveries.

To find out if you are eligible for SNAP or either of these additional programs, you may fill out an application online. If you’re a veteran, for instance, you may be more likely to qualify for USDA food assistance programs. Even if you are not eligible for Medicare grocery allowances, SNAP, or other supplemental programs, you still have options. Meals On Wheels is another program designed to help low-income seniors access prepared meals. The meals are provided on a sliding scale based on a recipient’s income to make them an affordable option for those in need.

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If any food assistance will help you, then exploring every available benefit will pay off. Whether it’s a Medicare food allowance or a USDA-based food assistance program, helping purchase and prepare healthy foods can go a long way in improving the quality of your everyday life. With Insureyouknow.org, you may keep track of your applications, health records, and grocery budgets in one easy-to-access place for all your meal planning needs.

How 2024 Inflation Adjustment Will Affect Your Paycheck

March 15, 2024

This year may come with slightly larger paydays for some Americans. This is because of the new changes to taxable income and deductions that the IRS has put in place in order to help taxpayers with inflation. With the cost of living increasing without wages and salaries doing the same, the new tax adjustments are meant to help consumers deal with higher prices.

As federal income tax brackets are adjusted by 5.4% this year, the change could result in a small paycheck bump, depending on what your withholding is. Since the consumer price index only declined by .1% in November 2023, many Americans are struggling financially.

Here’s everything you need to know about the 2024 tax changes that might affect your bottom line.

Decoding Tax Bracket Creep

The new IRS tax brackets and increased standard deductions have been in effect since January 1st. These adjustments will apply to your next tax return in 2025. It’s standard for the IRS to make changes every year to account for inflation. This is done to help people with the rising costs of living and prevent “bracket creep,” which happens when inflation forces people into a higher income tax bracket without their real income having increased.

So even if you make more money this year, these changes may keep you from falling into a higher tax bracket. You may even find that you have fallen into a lower tax bracket and see an increase in your take-home pay. This becomes even more likely if your pay has stayed the same as in the previous year. For example, if you made $45,000 last year, you would have been in the 22% tax bracket. In 2024, the same $45,000 income places you in the 12% bracket, which means you’ll owe less federal taxes and have less money withdrawn from your checks.

Choose Your Deduction and Know Your Taxable Income

The federal income tax bracket that you fall into determines how much you’ll pay in taxes for the year. Your tax bracket excludes the standard deductions or any itemized tax deductions. Most people with simple taxes claim the standard deduction, which reduces their taxable income. If you receive wages from only one job and receive a W-2, then the standard deduction is usually the best way to maximize your tax refund. But if you are self-employed or have specific deductions you want to claim, then you may elect to itemize your deductions instead.

Once you calculate your taxable income by subtracting either the standard or itemized deductions from your adjusted gross income, then you’ll know which bracket you fall into and how much income tax you should owe. “You always want to keep a running total in your mind of how your income is changing,” says certified financial planner Roger Stinnett. “Because it’s complex.”

2024 Tax Brackets and Standard Deductions

For the 2024 tax year, both the federal income tax brackets and the standard deduction were raised. These amounts will apply to your 2024 taxes, which you won’t file until 2025.

For those married filing jointly with a combined income between $23, 201 and $94,300, the estimated taxes owed would be $2,320. For a single taxpayer with an income between $11,601 and $47,150, they would owe $1,160, plus ten percent of any amount over $11,600.

The standard tax deduction for 2024 for those who file single will be $14,600, which is a $750 increase from 2023. For those married and filing together, the standard deduction will be $29,200, which is a $1,500 increase from last year.

Watch Your Withholdings

The federal and state withholdings on your paycheck will determine whether or not you’ll owe taxes at the end of the year or receive a refund from overpaying throughout the year. Regardless of your changes to your income, you may be placed in a lower or higher tax bracket because of the new adjustments.

It will be important to keep track of any life changes that may affect your filing situation, such as marriage, divorce, the birth or adoption of a child, retirement, buying a home, having to file for bankruptcy, and more. If you know your situation has changed since the previous year, it will be important to adjust your withholding by filing a new W-4 with your employer. If you had a large refund or owed a large amount last year, then this is a sign to check your withholding.

Other 2024 Tax Changes to Know

The IRS also announced higher contribution limits for tax-deferred retirement plans for the 2024 tax year. Americans may now contribute up to $23,000 into their 401(k), 403(b) and most 457 plans, which is $500 more than in 2023. The limit on annual IRA contributions also increases to $7,000, up from $6,500 the previous year. For those that save for added healthcare costs, the FSA contribution limit has also increased to $3,200, which is up from $3,050 for 2023. And if you collect Social Security, then you’ll receive a 3.2% cost-of-living adjustment in 2024.

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The purpose of these tax changes is to help taxpayers feel the pain of inflation less. If you’ve noticed a higher paycheck, then different withholdings may be why. Figuring out whether or not you’ll be falling into a different tax bracket this year will help you determine if you’ll be benefiting from the new changes. Insureyouknow.org can help you store all of your financial information and tax preparation documents so that when it comes time to file, the process will be as painless as paying less taxes in 2025.

How to Cut Down on the Cost of Owning a Car

February 15, 2024

In 2023, the average cost of owning a new car was $12,182 a year or $121 a month according to AAA. In addition to car payments, insurance, and maintenance costs, the price of gas is $5 a gallon,, which means that most U.S. households will spend $2,750 on gas per year. “If you are living paycheck to paycheck, it could put you over the edge,” says Ivan Drury, senior manager for Edmunds.com, a car shopping site. “But even if you are not, it’s very emotional. It’s in your face twice a week.”

The good news is that by cutting your expenses in other areas, such as with car insurance, you can save money and make up for the added charges at the pump. Besides simply driving less, which isn’t an option for many people, here are a few ways to make car ownership more affordable.

1. Shop Around For Car Insurance

According to J.D. Power, only 1 in 7 drivers changed auto insurers last year, but shopping around for lower premiums could save you a lot of money. In addition to your location and the type of car you own, other factors affect your rates, including your age and credit score. If you’ve improved your score within the last year, this one factor may lower your car insurance bill.

You can collect quotes through an insurance agent or use an online search engine, such as Experian, who claims to have saved drivers an average of $961 a year or $80 a month in 2021. Calling around or doing a quick search takes only fifteen minutes and could shave a lot of money off of your premium.

2. Check For Discounts and Adjust Your Existing Policy

Your existing carrier may offer discounts you don’t even know about, such as for paying your bill online and in advance. According to Zebra, paying your bill early online saves the average customer $170 a year. Bundling insurance policies, such as combining your homeowners and auto insurance, is another way insurance companies incentivize their policies through discounted rates.

There are usually three types of coverage on any given insurance policy, including liability, collision, and comprehensive. While most states require drivers to carry some amount of liability coverage, eliminating collision and comprehensive coverage could save you up to $900 a year. You may also opt to lower your car insurance premium by raising your deductible from $500 to $1,000. This makes sense if you don’t have a new or expensive car and can afford to pay the deductible if anything were to happen.

3. Outside Financing And Refinancing

One of the smartest ways to avoid high interest rates on a car payment is by securing outside financing. Compared to what the dealership will offer you, this can save you a ton of money in interest alone. Your local bank or credit union can help you shop around for the best offer. If you already have a monthly car payment, the next best thing to do is to look into refinancing your loan. Drivers who benefit the most from refinancing are those who have improved their credit score since initially securing their loan.

Of course if you can purchase a car outright, avoiding any kind of financing is always the very best option. If it’s possible for you to stick to a budget and save up, you may even be able to negotiate a better deal on the purchase price of your desired vehicle. Forty percent of the cost of owning a car is actually depreciation, which can equal more than $3,000 annually. That means that buying a gently used car is a great deal, without the rapid decline in value.

4. Sell One of Your Cars or Trade it Out

If you have a luxury or oversized vehicle, then trading your vehicle or a more practical car is always an option. Once you have a simpler car, you’ll save money on gas, insurance, and even maintenance costs. “Less fancy cars are more reliable,” says editor of Autotrader Brian Moody. “They have fewer gadgets.”

If your family has more than one car, then you may be able to sell one of them and end up saving a lot of money every month. Many families find that they adjust to sharing a vehicle, and when you need your own car for some reason, using Uber or Lyft periodically may still cost less than owning a vehicle. 

5. Save on Gas

Nearly twenty percent of the cost of car ownership comes from fuelling up. Unless your vehicle requires premium fuel, save by filling up with regular gas. You may also choose to slow down as gas mileage increases at lower speeds. If you can, try driving less, such as by walking to close destinations or starting a carpool for work. If you are able to get your annual mileage below 7,500, then your insurance company might even give you a discount on your coverage for that too. 

6. Save up for Maintenance

The cost of vehicle maintenance is equal to fourteen percent of the total cost of owning a car. By keeping up on routine maintenance and using synthetic oil, you will avoid more expensive issues down the road. When a large repair does arise, always call around to get quotes and go with the best deal. Since emergencies happen, setting up a sinking fund for unplanned car expenses is always a good idea. By putting away only $83 a month, you’ll save up $1,000 a year, which could be used for an unforeseen mechanic bill. “You could set aside money every week,” suggests Lauren Fix of Car Smarts. “Then the money will be available rather than using a credit card at a high interest rate.”

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The less money you spend on your car, the more you’ll have for other expenses in your life, from groceries to vacations. With Insureyouknow.org, you can store all of your vehicle and financial records in one place. That way when it’s time to refinance, shop around for better insurance, or sell your car, everything you need will already be at your fingertips. There’s never a good reason to throw away your hard-earned money on unnecessary expenses.