I got active on Twitter over the past year and change and to my surprise (not sure why it’s surprising really), encountered lots of housing bears on the platform.
Many were/still are convinced that the next housing crash is right around the corner.
The reasons vary, whether it’s an Airbnbust, a high share of investor purchases, high mortgage rates, a lack of affordability, low home sales volume, rising inventory, etc. etc.
And the reasons seem to change as each year goes on, all without a housing crash…
So, now that we’re halfway through 2024, the obvious next question is will the housing market crash in 2025? Next year’s got to be the year, right?
But First, What Is a Housing Crash?
The phrase “housing crash” is a subjective one, with no real clear definition agreed to by all.
For some, it’s 2008 all over again. Cascading home price declines nationwide, millions of mortgage defaults, short sales, foreclosures, and so on.
For others, it might just be a sizable decline in home prices. But how much? And where?
Are we talking about national home prices or regional prices? A certain metro, state, or the nation at large?
Personally, I don’t think it’s a crash simply because home prices go down. Though it is a pretty uncommon occurrence to see nominal (non-inflation adjusted) prices fall.
Over the past few years, we’ve already experienced so-called home price corrections, where prices fell by 10%.
In 2022, we were apparently in a housing correction, defined as a drop in price of 10% or more, but not more than 20%.
Ostensibly, this means a drop of 20%+ is something much worse, perhaps a true housing crash.
But you have to look at the associated damage. If home prices fall 20% and there aren’t many distressed sales, is it still a crash?
Some might argue that there’s simply no other outcome if prices fall that much. And maybe they’d be right. The point is a crash needs to have major consequences.
If Homeowner Joe sells his home for $500,000 instead of $600,000, it’s not necessarily a disaster if he bought it for $300,000 a few years earlier.
He’s not happy about it, obviously, but it’s not a problem if he can still sell via traditional channels and even bank a tidy profit.
Of course, this means others who had to sell wouldn’t be so lucky, since their purchase price would likely be higher.
Still, this hinges on a major decline in prices, which historically is uncommon outside of the Global Financial Crisis (GFC).
Stop Comparing Now to 2008
One thing I see a lot is housing bears comparing today to 2008. It seems to be the go-to move in the doomer playbook.
I get it, it’s the most recent example and thus feels the most relevant. But if you weren’t there, and didn’t live it, you simply can’t understand it.
And if you weren’t, it’s hard to distinguish that time from now. But if you were, it’s clear as day.
There are myriad differences, even though they’re quick to mock those who say “this time is different.”
I could go on all day about it, but it’s best to focus on some main points.
At the moment, housing affordability is poor thanks to a combination of high home prices and equally high mortgage rates, as seen in the chart above from ICE.
Despite a big rise in prices over the past decade, the high mortgage rates have done little to slow down the party.
Yes, the rate of home price appreciation has slowed, but given the fact that mortgage rates rose from sub-3% to 8% in less than two years, you’d expect a lot worse.
It’s just that there’s really no correlation between home prices and mortgage rates. They can go up together, down together, or move in opposite directions.
Now, proponents of a housing crash often point to buying conditions right now. It’s a horrible time to buy a house from a payment-to-income perspective. I don’t necessarily disagree (it’s very expensive).
But that completely ignores the existing homeowner pool. And by doing so, it’s a totally different thesis.
You can say it’s a bad time to buy but that the average homeowner is in great shape. These statements can coexist, even though everyone wants you to take one side or the other.
Look at the Entire Homeowner Universe
To put this perspective, consider the many millions of existing homeowners coupled with prospective home buyers.
Your average homeowner today has a 30-year fixed-rate mortgage set somewhere between 2-4%.
In addition, most purchased their properties prior to 2022, when home prices were a lot lower.
So your typical homeowner has a rock-bottom interest rate and a relatively small loan amount, collectively a very attractive monthly payment.
To make matters even better for the foundation of the housing market, which is existing homeowners, most have very low loan-to-value ratios (LTVs).
They’ve also got boring old 30-year fixed-rate loans, not option ARMs or some other crazy loan program that wasn’t sustainable, as we found out quickly in 2008.
These homeowners also haven’t tapped their equity nearly as much as homeowners did in the early 2000s, despite home equity being at record high levels (see above).
This is partially because banks and mortgage lenders are a lot stricter today. And partially because of mortgage rate lock-in. They don’t want to give up their low mortgage rate.
In other words, the low mortgage rate not only makes their payment cheap, it also deters taking on more debt! And more of each payment pays down principal. So these loans (and their borrowers) become less and less risky.
Some have turned to home equity loans and HELOCs, but again, these loans are much more restrictive, typically maxing out at 80% combined loan-to-value (CLTV).
In 2006, your typical homeowner did a cash-out refinance to 100% CLTV (no equity left!) while new home buyers were coming in with zero down payment as home prices hit record highs.
Take a moment to think about that. If that’s not bad enough, consider the mortgage underwriting at that time. Stated income, no doc, you name it.
So you had virtually all homeowners fully levered along with a complete lack of sound underwriting.
Slumping Home Sales in the Face of Poor Affordability Is Actually Healthy
That brings us to home sales, which have slumped since the high mortgage rates took hold. This is normal because reduced affordability leads to fewer transactions.
The worry is when this happens supply could outpace demand, resulting in home price declines.
Instead, we’ve seen low demand meet low supply in most metros, resulting in rising home prices, albeit at a slower clip.
While housing bears might argue that falling volume signals a crash, it’s really just evidence that it’s hard to afford a home today.
And the same shenanigans seen in the early 2000s to stretch into a home you can’t afford don’t fly anymore. You actually need to be properly qualified for a mortgage in 2024!
If lenders had the same risk tolerance they had back in 2006, the home sales would keep flowing in spite of 7-8% mortgage rates. And prices would move ever higher.
That spike in home sales in the early 2000s, seen in the chart above from Trading Economics, shouldn’t have happened. Fortunately, it’s not happening now.
At the same time, existing homeowners would be pulling cash out in droves, adding even more risk to an already risky housing market.
Instead, sales have slowed and prices have moderated in many markets. Meanwhile, existing owners are sitting tight and paying down their boring 30-year fixed mortgages.
And with any luck, we’ll see more balance between buyers and sellers in the housing market in 2025 and beyond.
More for-sale inventory at prices people can afford, without a crash due to toxic financing like what we saw in the prior cycle.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
As predicted the refreshed American Express gold card is now live. Benefits are as follows:
$325 annual fee ($75 increase)
Option of white gold card (alongside gold or rose gold)
Card earns at the following rates:
4x on restaurants (limited to $50,000 per year, previously no limit)
4x on grocery (limited to $25,000 per year)
3x points on flights Booked directly with airlines or on amextravel.com
2x points on On Prepaid Hotels and other eligible travel purchases, booked through AmexTravel.com
1x points on all other purchases
$7 monthly Dunkin donuts credit (new)
$50 semi annual resy credit (new)
$10 monthly Uber cash credit (same as before)
$10 monthly GrubHub/5 Guys (previously not available on 5 guys, but available on mile bar and shake shack purchases)
How good/bad the refresh is really depends on how easily you can use the additional credits. Personally don’t find these types of cards worth keeping long term as I know I’ll forget to use the monthly credits/end up buying stuff I wouldn’t normally purchase. That being said let’s hope we get some links with no lifetime language. For existing cardholders you will get to take advantage of the new benefits without having to pay the increased annual fee until your next annual fee bills (sometimes there is an additional grace period where they keep billing the old annual fee as well).
Solar net energy metering in California (NEM 3.0) is a billing mechanism through which utility companies compensate customers (via credits on their electric bill) for electricity their residential solar systems send to the grid. NEM can make solar more affordable, but some state NEM policies make it less beneficial.
California is one of those states; however, solar panels in California can still be worth it for homeowners. Understanding how net metering works in California can help you get the most out of your solar system.
How net metering has evolved in California
NEM in California has gone through three major versions:
NEM 1.0
California’s first NEM program was implemented in 1996. Under NEM 1.0, solar customers could sell their extra electricity back to the utility at the retail rate (the price at which the utility charged consumers for electricity), they could choose any electric rate plan the utility offered and they didn’t have to pay extra fees for connecting to the grid.
NEM 2.0
NEM 2.0 was introduced in 2016–2017. This version of NEM still compensated customers for excess power at the retail rate, though customers couldn’t offset 100% of the charges (some were “nonbypassable”). It also required solar customers to be on a time-of-use (TOU) rate plan in which the price of power depends on when it’s used, and it introduced an interconnection fee
.
NEM 3.0
Officially called the Net Billing Tariff (NBT), NEM 3.0 is the current version of NEM, adopted by the California Public Utilities Commission (CPUC) in December 2022 and implemented in April 2023. The NBT cut the rate utilities pay to buy excess solar power by about 75%
.
5 things to understand about net metering in California
These provisions affect many solar installations and related electric bills in California.
Low payment for your excess electricity. This is the biggest factor affecting NBT solar customers. Under the NBT, you are paid for the electricity you send back to the grid according to a complicated “avoided cost” formula that takes into account the value of that electricity to the grid at the time you send it to the grid. Your system will likely send excess electricity to the grid during the middle of the day, which is when lots of other people are also sending excess solar power to the grid. That means the utility will buy your electricity for a much lower rate than it would have under NEM 2.0.
Time-of-use (TOU) rate plan. Under TOU rates, what you pay for electricity depends on when you use it. The NBT requires solar customers to pay specific TOU rates that, compared with other TOU rates, are lower at off-peak use times and higher at peak times. That will further affect your electricity costs and solar savings.
Nonbypassable charges. As the name suggests, solar customers pay these charges even if they generate enough extra power to offset them. Under the NBT, nonbypassable charges are based on all electricity you pull from the grid.
Monthly billing, annual true-up. The utility keeps a running tally of whether the value of the power you’ve used from the grid is more than the value of the power you’ve sent to the grid. If you took more than you gave, you’ll get a bill from the utility; if you gave more than you took, the utility gives you a credit on your bill. This reconciliation exercise used to happen once a year; now it’s once a month. “Under NEM 2.0, residential customers of investor-owned utilities do not pay more than the roughly $10 minimum bill if they owe more than that at the end of a month. They pay the cumulative amount owed at their annual true-up date,” said Brad Heavner, policy director at the California Solar and Storage Association (CALSSA), in an email. “Under NBT, if customers owe an amount at the end of a month, they pay that full amount. This avoids surprise annual true-up bills.”
Solar system size limit. Under the NBT, customers can install enough solar to offset up to 150% of their electricity use. To do this, they must sign a statement acknowledging that they are getting more solar than they need to serve their rate of consumption, Heavner said. However, utilities have been inconsistent in implementing this, said Barry Cinnamon, CEO of California solar company Cinnamon Energy Systems, in an email. Be aware of size limits if you already have solar and want to add more, which might bump you from NEM 1.0 or NEM 2.0 to the NBT. “There are ways for customers to increase the size of their existing NEM 1.0 or NEM 2.0 system without triggering a change to the NBT,” Cinnamon said. “Contact your local installer for more information on these solar expansion possibilities.”
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How to make California net metering (NEM 3.0) work for you
Even with the drawbacks of the NBT, solar may still make sense for your California home. Here’s how you can make NEM 3.0 work for you.
Add a battery
A solar battery can make a big difference in the cost-effectiveness of your solar under the NBT. Instead of sending excess electricity back to the grid at a low rate, you can store it in your battery and use it later. You can also avoid high TOU rates by charging the battery when you’re generating the most electricity, then using that electricity during expensive peak TOU hours.
For these reasons, many new solar customers in California are turning to batteries. According to the Energy Information Administration, the number of California solar customers installing batteries with their solar panels jumped from just over 20% in October 2023 to well over 50% in April 2024
. A May 2024 study by the Lawrence Berkeley National Laboratory found that the percentage of California solar installations that were paired with energy storage rose from 10% to 60% .
Batteries are expensive, however. In California, the average cost is $7,706 after the 30% federal tax credit, according to EnergySage
.
Shift your energy use
If you can, use energy when you’re generating the most solar or when rates are low. For example, do laundry in the middle of the day or charge an electric car after peak evening hours. If you work from home, you may already use more electricity during the day, when your system is generating the most.
🤓Nerdy Tip
Solar leasing allows homeowners to rent solar panels. Instead of a big upfront investment, homeowners typically make monthly lease payments. However, the homeowners don’t own the panels, so they typically don’t qualify for tax incentives or rebates, and the lease contract may make it more challenging to sell their houses.
Go solar before export rates go down
Every two years, the CPUC updates the avoided cost calculator, which determines what the utility will pay consumers for their excess electricity.
“Customers lock in the currently calculated export rates for the next nine years,” Heavner said. “These numbers change each year, but you know what they are according to the current calculation of export rates. This lock-in will no longer be available to customers installing after 2028.”
Export rates have been coming down, Heavner said. They could also go up in the future, becoming more favorable to NBT customers, as the value of energy sent to the grid increases because of rising electricity demand.
“It is not clear how the utilities will change the NBT export rate,” Cinnamon said. “The original export rates were already effectively reduced by utilities, so I expect that these export rates will continue to change in the utilities’ favor.”
Look at the big savings picture
Solar panels usually last 20–30 years. Although the NBT lengthened the solar payback period (now nine years, by some estimates), you may still save money over time. In addition, rapidly rising electricity costs could shorten that payback period
.
Frequently asked questions
What’s the difference between net metering and net billing?
Under net metering, you sell solar-generated electricity to the grid at the retail rate. Under net billing programs, you sell your excess energy to the grid at a below-market rate.
In California, this lower rate is based on a calculated value of the electricity at the moment it’s sent to the grid. This is also known as the “avoided cost” rate because it reflects the costs the utility avoids by buying power from you instead of producing that power or purchasing it elsewhere.
Can I install solar now and add a battery later?
Yes. If energy storage isn’t right for you at the moment, you can still go solar now and add a battery later if costs come down.
Will there be a new version of the NBT in California?
NEM policies have been shifting across the nation, and it’s possible that the NBT in California will change.
Investing in stocks can seem overwhelming, but it doesn’t have to be. With a few simple steps, you can start your journey toward building wealth and securing your financial future. This guide will walk you through the basics of stock investing, from understanding what stocks are to choosing the right investments for your goals. Whether you’re a complete beginner or just looking to brush up on the fundamentals, these easy-to-follow steps will help you confidently enter the stock market and begin growing your money. Let’s dive into the simple steps to start investing in stocks.
What are stocks?
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Stocks represent shares of ownership in a company. By buying stocks, you can own a part of a business and potentially grow your wealth as the company grows. They are a popular way to make money and increase your net worth over time.
Learning stock market basics
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Understanding the stock market is key to successful investing. Learn the basic concepts like how stocks work, what affects their prices, and how you can start investing to grow your wealth and secure your financial future.
Investing in stocks for beginners
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Investing in stocks can be a great way to make money, but you need a solid strategy. This guide offers simple tips for beginners to help you start investing, grow your wealth, and work towards financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Is Now a Good Time to Buy Stocks? The Real Answer
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The stock market is on the rise. Is now the right time to buy stocks? If you want to make money, learn the proper steps to start investing today and take advantage of market opportunities to grow your wealth.
To learn more: Is Now a Good Time to Buy Stocks? The Real Answer
Waiting to Invest?
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Why wait to invest in the stock market? Delaying your investments means missing out on passive income. Consistently investing, rather than trying to time the market, will lead to long-term, stable returns and increase your net worth.
The power of compounding
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Compounding can significantly boost your investment returns. By reinvesting your earnings, you allow your money to grow faster, leading to greater wealth over time. It’s a powerful strategy for anyone looking to increase their net worth and secure a comfortable retirement.
Can you Make Fast Money in the Stock Market?
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Can you make money quickly with stocks? As a day trader and long-term investor, I know how fast I can see returns. Learn how day trading or swing trading can increase your financial freedom and help you grow wealth.
To learn more: How Fast Can you Make Money in Stocks? The Real Answer
Know Your Risk
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Understanding the risks involved in stock investing is crucial. Know your risk tolerance and make informed decisions to protect your investments and achieve financial success.
Avoid These Trading Mistakes
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Avoid common trading mistakes that can cost you money. Learn how to improve your trades, minimize losses, and increase your profitability in the stock market.
To learn more: Day Trading Mistakes: How To Avoid Trade Errors And Win More
Dive into an Investing Education
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Education is key to successful investing. Trade and Travel is a course that teaches you how to make money in the stock market. Read my personal review as a profitable student and see how an investing education can help you grow wealth and achieve financial goals.
To learn more: Trade and Travel Reviews – Join the $1000 in a Day Club
Start Your Investing Journey
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Ready to start investing? Learn the basic steps to begin your investing journey, grow your wealth, and secure a comfortable future. It’s never too late to take control of your finances and work towards financial independence through smart investments.
To learn more: https://moneybliss.org/investing/
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“Until he got all rich and fancy so that he no longer understands the common person’s plight.
Stash probably doesn’t even practice any of these money-saving things he preaches any more!”
When I read things like this, I can’t help but laugh. Because on the one hand, when you put a bunch of personal life details online like this, being misunderstood is just part of the package. But on the other hand, if the critics could peek in and see our real lives – not just mine but those of all the Mustachians – they would have to give up their conspiracy theories and accept the fact that this stuff just works.
Because really, not much has changed when it comes to the basics. Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly. But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.
How have so many people found such great success? I think we Mustachians have something that’s a bit more rare and special than standard financial advice, which is what makes it work so well:
Standard Advice: Slash your spending and make sacrifices until you reach a certain savings percentage, and beyond that it doesn’t matter, it’s all personal choice. More income? Great, that means you don’t have to sacrifice as much! FatFIRE for everyone!
Mustachianism: Cultivate a love of efficiency, creativity, self awareness, and self improvement. Use this knowledge to improve your life in all ways, including those which help you live better even as your monthly expense rate drops over time.
So what does this mean in practice?
Well, I’ll give you some examples from my own present-day life. Things I do because I happen to enjoy them, which also happen to save a lot of money. Some of these are normal, some are silly and may end up in some future gossip magazine hit piece, but all of them happen to work for me, so the critics can be damned.
As I list each item, I’ll include an estimate of how much the activity saves me per decade, because you should always think at least in terms of decades.
To make that calculation yourself, just use the “rule of 172” – take a monthly expense and multiply it by 172 to estimate how much it would compound into over ten years, if invested.
1) Fixing my own House (and everybody else’s too)
Construction projects from recent years, at home and around the state.
I’m a big believer in self-sufficiency, and working to build up the skills to manage the most important parts of your own life without depending on too many things (or people) that are outside of your control. In other words, one giant recipe for a happy life is simply to Become a Producer of the Things You Most Enjoy Consuming.
And in my case, I happen to love houses. I like living in beautiful, functional spaces and sharing them with friends. But most houses are ugly and poorly designed when you buy them, so I realized that I also love solving problems and redesigning old buildings to become new again. I enjoy this process so much that I spend most of my free time doing it – on both my own properties and the homes of friends.
And I love teaching other people to gain power over their own houses too. It’s amazing how great people feel as they lose their fear and dependence on outside contractors, and gain the ability to fix and maintain things with their own two hands.
Savings: An average of $20,000 per year = $287,000 per decade
2) Craigslist and Community
Members of our coworking space, swapping valuable free stuff every day.
You know what’s great? Having so much money that you can buy whatever you want – high quality things which get delivered to your front door the very next day.
You know what’s even better? Not buying some of those new things, and instead finding ways to share, repurpose and buy equally high quality items from other people who don’t need them any more. All while building up your own community and creating new friendships in the process.
Craigslist, Facebook Marketplace, and even NextDoor all have Buy Nothing groups for most areas. In the MMM-HQ community, we run a Discord server with about 200 local people, who chat around the clock on a wide range of subjects. They help each other with major projects in one channel called #diyhowto, and give away and sell things on #forsale and #buynothing.
Although our private Discord group is my favorite, I also use Craigslist regularly, and probably save (and earn) a few thousand every year thanks to the habit:
Savings: About $42,000 per decade
3) Bikes over Cars
Sure glad I’m not stuck in a Jeep on these off-road trails!
We all know that Mr. Money Mustache’s biggest contribution to personal finance is to insist that bike transportation is the best way to get around. And I still feel this way. As we learned in The True Cost of Commuting, cars cost at least 50 cents per mile to operate, while bikes are much cheaper, mainly due to reduced depreciation and maintenance costs (which are even bigger than the gas savings).
I do still use bikes (or walking) for at least 95% of my local trips these days, but because I live in the center of a small city, my life is pretty local. So this still only adds up to about 2000 miles per year, a savings of “only” $14,000 per decade.
But when you choose active transportation, there’s much more to the picture than just cutting your car expenses. You’re changing everything about your physical and mental health picture for the better, which brings us to the next point of…
4) Muscle over Motor
Digging out the crappy old window wells to build a bigger terraced garden.
Although I’m no competitive athlete, whenever I see an option to make my body work a bit harder, I usually take it. Stairs instead of elevators, running the golf course instead of using a golf cart, moving my own furniture and appliances instead of calling a mover, shoveling snow and raking leaves instead of using a machine.
When I face a decision like this, I simply ask myself the question:
“Well, Mustache. Do you want MORE health and fitness, or LESS?”
Putting it in that context makes the answer obvious. Every bit helps, because when it comes to your body, the rule is pretty much use it or lose it.
But how much money does this save? There’s no real way to calculate it exactly, but I like to think of it this way: The US average health care spending is about $13,000 per person per year. My lifetime costs due to illness or medication so far have been just about zero, plus I know I’ve had more energy and greater productivity due to being healthy. Let’s just put it very conservatively and set the estimated savings and benefits at $10k per year which means
Estimated Savings: $140,000 per decade.
5) Saving Energy by Running my home like a Glamping Retreat
Outdoor cooking, showering, laundry and even a homemade gym? Why not?!
Here’s where things get a bit silly, but my level of joy is actually at its greatest.
My personality type is probably a weird combination of an engineer, a carpenter, an artsy hippie, and a mad scientist. Oh, and a devoted homebody too. Because of this, my favorite activity most days is to just run around my house taking care of things and trying new little experiments and improvements.
Sometimes I’ll cut a few big holes on on the South side of the house and install sliding doors and big windows to allow nice sunbeams and passive solar energy to get into my house and give me free heat in the winters. Other times it’s just smaller things to save energy and live more at at one with the seasons of my area:
optimizing the use of air conditioning by running fans at night and building heat tolerance during the days (we set the A/C to only kick on at about 80F)
Enjoying most of my showers outside, with free hot water from the 100 foot garden hose that happens to be coiled in a sunny spot
Cooling myself and get free energy boosts by jumping in the “cold plunge”, which is simply an unheated hot tub I have set up in my back yard
Doing most of my cooking and dining outdoors with an induction cooktop, gas grill, espresso machine, and mini convection toaster oven deal that I keep set up outside during the warmer months of the year
Drying 99% of my loads of laundry out on the line instead of using the clothes dryer
I even charge my car with a little off-grid array of solar panels set up in the driveway (from Craisglist, of course!), which gives me free electricity for driving without going through the permit-hell hassle of a full grid-tied system in my city’s currently solar unfriendly environment.
Even taken all together, these things are pretty small – the average combined gas and electric bill for my area is about $250 per month, while my usage adds up to about $75. So while we’re only saving about $30,000 per decade for what sounds like a lot of work to most people, I consider this to be the biggest win because I enjoy living in “MMM’s Energy Efficiency Playground” so much.
6) Local Living over Constant Travel
This little lake right behind my house is a great daily “vacation” which allows me to savor home life more and travel a bit less.
“Hey, we’re having a big back yard pool party next weekend to celebrate Amy’s graduation from kindergarten, can you make it?”
“OH NOOOO!!! We will be off in at Disneyland that whole week! We planned the trip months ago, I wish we could make it!
As I type this in the height of the summer season, I really feel this effect at its fullest: almost all of my friends are off on trips, and my guest suite here at home is almost constantly full. People are traveling a lot, and many of them sound like they wish they could spend a few more of their precious summer weeks and weekends at home.
I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:
You nurture your local friendships more and meet new people who live nearby
You spend way less money on plane tickets, hotels, restaurants gasoline, and car repairs
Your levels of health and fitness can go way up because you aren’t missing workouts and spending hours sitting in plane and car and bus seats. And you can better control your meals – more salads with grilled salmon, less McDonald’s and Pizza Hut
You sleep better
And you have more time to take care of projects around your house where you learn more skills which compound for life
Estimated Savings: Even if you replace just two weeks of travel for a family of four, with equivalent time at home you might save $5,000 per year in direct costs and a further $5,000 per year in incidental benefits like the health and local friendships. This would work out to a shocking $143,000 per decade of wealth increase!
Of course, travel is generally a good thing for broadening the life experience of you and your kids. It’s worth spending on, lavishly at times. But the key is to balance it out and be discerning, keeping the most enriching trips and pruning a few off the bottom of the list. And remembering that home time is valuable and healthy too.
And Whoa! We’ve already built up a huge list and I feel like I was just getting started.
Cutting a friend’s hair at a group event: entertainment, education and free haircut in one!
Taken all together, we’ve already detailed things that compound to $656,000 every decade, which already more than double the median wealth that most American seniors have as they cruise nervously into their retirement years – after over 40 years of work!
And now that I’ve been writing this blog for over ten years myself, I can safely say that over $656,000 of even my most recent worth increases are directly attributable to these simple habits. The same ones many of us have been enjoying and preaching about all along, both before and after our retirement dates.
If money is in genuinely short supply, you could go a lot further than the examples in this article. And indeed, there’s a lot more laid out in this blog or the MMM Boot Camp email series.
But one of the points of Mustachianism is that you usually don’t have to try all that hard. Just tweaking your lifestyle to be slightly less ridiculous and more efficient than average is usually all it takes.
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In the comments: what are your quirks and frugal indulgences? The things you do now to save money, or things you still do even after it’s no longer about the money? I often wonder how widespread this frugality-just-for-fun is. But since we Humans are a naturally curious and problem solving species in our natural state, I suspect there are many more of us out there.
While he may not have secured a spot on Team USA for the Paris Olympics, Boston Celtics shooting guard Jaylen Brown is fresh off a legacy-defining season.
The eight-year NBA veteran made his third All-Star team, won Eastern Conference finals MVP and Finals MVP, and helped the Boston Celtics win their first NBA championship since 2008.
And while he’s winning big on the court, he’s hoping to bank a personal win too. He just listed an industrial-style penthouse with a historic vibe he owns on Melcher St. in Boston’s Fort Point neighborhood for $4,750,000.
One of the highest-paid small forwards in the NBA, Jaylen lives in a sprawling 7-bedroom mansion in Wellesley, bought back in 2020 for $7.8 million. So he likely hasn’t lived in the Fort Point condo for quite a while.
Nevertheless, the Melcher Street penthouse reflects the sartorial icon’s style and features open-concept, industrial-yet-warm interiors that perfectly complement the building’s historic appeal. Let’s take a closer look, shall we?
Set in a Fort Point building on Melcher St.
Photo credit: Surette Media Group / Douglas Elliman
The stylish 2,964-square-foot penthouse sits atop a 1916-built brick building at 49 Melcher St. in Fort Point, the former industrial district along Fort Point Channel filled with historic lofts, art studios, and galleries.
The building is also home to a popular local steakhouse called Mooo…. Seaport.
It has 3 bedrooms and 2.5 bathrooms
Photo credit: Surette Media Group / Douglas Elliman
The unit consists of 3 bedrooms, 2 full bathrooms, and 1 half-bath, and a spiral staircase that leads to a generously sized rooftop deck.
It has a luxurious primary suite with a walk-in closet, and an en-suite bathroom with a double vanity and walk-in shower.
The MVP of townhouses
Photo credit: Surette Media Group / Douglas Elliman
“It’s the MVP of town houses. It really is,” real estate agent George Sarkis — who shares the listing with Manny Sarkis of The Sarkis Team at Douglas Elliman — says of the $4.75 million Fort Point penthouse.
“The open concept, the feel of it, the brick and beam,” Sarkis told Boston.com. “To see this at about a 3,000-square-foot scale is very hard to come by. Having one of Boston’s steakhouses in the building is a big bonus.”
The unit retains many of the building’s original features
Photo credit: Surette Media Group / Douglas Elliman
Much like the other historic homes and converted buildings around Fort Point, the building retains its most coveted original features.
Brown’s penthouse has exposed brick walls, oversized factory windows that flood the open floorplan with natural light, and a 12-plus-foot ceiling with the original wood beams.
Open-concept penthouse living
Photo credit: Surette Media Group / Douglas Elliman
The historic elements are beautifully complemented by modern additions throughout the open-concept floor plan, particularly in the kitchen, which has been equipped with top-of-the-line appliances and an eat-in island.
The large living area — comprised of living, dining, and kitchen — can easily be configured differently, should the future owner choose to do so.
The penthouse has a generously sized rooftop deck
Photo credit: Surette Media Group / Douglas Elliman
Heading up a spiral staircase, future residents and their guests can enjoy a private 400+ square-foot roof deck to take in the bustling city life below.
See also: Michael Jordan’s house is still on the market, 12 years after it was first listed for sale
Nowadays, Jaylen Brown lives in the suburbs
Photo credit: Surette Media Group / Douglas Elliman
As for where Jaylen Brown is heading next, we’re guessing he already made his choice years before listing his penthouse in the city.
Brown has been famously living in the posh Boston suburb of Wellesley, Massachusetts, known as one of the most expensive towns in the country.
Where he owns a 7-bedroom mansion bought in 2022
Photo credit: Surette Media Group / Douglas Elliman
Back in 2020, Jaylen Brown scored a $7.8 million deal for a massive 10,099-square-foot home in Wellesley that had previously been listed for $11 million.
Sitting on 1.53 acres of land, the mansion has 7 bedrooms, 9 baths, and boasts a farmhouse style with modern aesthetics.
His Boston penthouse is now on the market for $4,750,000
Photo credit: Surette Media Group / Douglas Elliman
Since he’s nice and settled in the suburbs, Jaylen is now parting ways with his Melcher St. penthouse, and has hired Douglas Elliman top producers George and Manny Sarkis of The Sarkis Team to help him offload the city residence.
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As a city with deep roots in tradition and a dynamic spirit, New Orleans provides an experience unlike any other place in the United States. Famous for its vibrant music scene, world-class cuisine, and distinctive architecture, the city attracts people looking for a unique cultural experience. Not sure if the big easy is for you? Read on to find out what to expect if you’re considering moving to the New Orleans area in 2024.
You know it from: Bad Lieutenant, A Streetcar Named Desire, The Big Easy
Average 1 bedroom rent: $1,709 | New Orleans apartments for rent, New Orleans houses for rent
Average home price: $369,000 | New Orleans homes for sale
Average cost of full-service moving services: $140/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Oil & gas, tourism, logistics, aerospace manufacturing
Move here for: The food, the people, the music
Be sure to bring: Your appetite and social skills
1. The weather is a mixed bag of heat, humidity, and occasional hurricanes.
New Orleans experiences a subtropical climate, meaning hot, humid summers and mild, short winters. The city also faces an annual hurricane season from June to November, with the potential for severe storms. New residents should be prepared for high humidity levels, which can make summer temperatures feel oppressive. It’s important to have a plan for hurricane preparedness, including evacuation routes and emergency supplies. Despite the weather challenges, many find the year-round warmth preferable to colder climates.
Moving Tip: Scheduling your move in the spring, fall, or winter months will make it less sweaty. If your new home doesn’t have central air, you will need to invest in an air conditioner and moisture control solution.
2. The food scene is legendary for good reason.
New Orleans is renowned for its unique culinary offerings, from beignets at Café du Monde to po’ boys and gumbo at local favorites like Domilise’s. The city’s food reflects a blend of Creole, Cajun, and international influences, making it a paradise for food lovers. Weekly farmers markets, such as the Crescent City Farmers Market, provide fresh, local produce and seafood. Dining out is a social activity, with festivals like the New Orleans Wine & Food Experience celebrating the city’s gastronomy. The unique local cuisine and wide array of amazing restaurants make food one of the best parts of living in New Orleans.
3. Music is the heartbeat of New Orleans.
Live music can be found almost every night of the week, with iconic venues like Preservation Hall and Tipitina’s leading the way. Street performers add to the lively atmosphere, especially in areas like the French Quarter and Frenchmen Street. Festivals such as the New Orleans Jazz & Heritage Festival draw crowds from around the world. Whether you’re a musician or a music lover, the city offers endless opportunities to experience and enjoy live performances.
4. Public transportation is limited but biking and walking are popular.
While New Orleans has a public transportation system, including buses and the historic streetcars, it can be unreliable and limited in coverage. With a TransitScore of 44/100, many residents find biking or walking to be more practical, especially in neighborhoods like the Marigny and the Garden District. The city’s flat terrain and relatively compact size make cycling a viable option, and there are bike lanes on many major streets. Programs like Blue Bikes provide easy access to rental bicycles. Walking is also common, with many neighborhoods designed to be pedestrian-friendly.
Moving Tip: Some residents choose not to have a car in New Orleans because the weather is temperate year round, street parking is difficult in some neighborhoods, and insurance can be pricey. If you do have a car, follow the parking laws; if they threaten to tow they mean it.
5. Mardi Gras is a season of celebrations leading up to Fat Tuesday.
Mardi Gras is an epic celebration that takes over the city for weeks on end. The festivities include elaborate parades, balls, and parties, with krewes like Zulu and Bacchus hosting some of the most famous events. Residents often participate by joining krewes or attending multiple events, and many take time off work to fully enjoy the season. The city becomes a colorful, lively place filled with music, costumes, and revelry. For newcomers, experiencing Mardi Gras is a rite of passage and an unforgettable part of living in New Orleans. Just wear close-toed shoes. Trust us.
6. The job market is varied but can be competitive.
New Orleans has a varied job market, with strong sectors in tourism, healthcare, education, and the oil and gas industry. Major employers include Ochsner Health System, Tulane University, and Entergy Corporation. However, competition for jobs can be stiff, and it may take time to find the right opportunity. Networking is crucial, and many jobs are filled through personal connections. The city also has a growing tech and entrepreneurial scene, with initiatives like The Idea Village supporting startups. While opportunities are available, job seekers should be prepared to put in effort to secure employment.
7. The people are hands down the best thing about New Orleans.
Ask any NOLA resident and they’ll tell you that the best thing about this city is the people. New Orleanians are known for their deep sense of pride in the city and they love sharing it with newcomers. It won’t be long before you start to feel the same way about your new home. Neighborhoods often have tight-knit communities, with residents actively participating in local events and supporting local businesses. Areas like Bywater and Mid-City are known for their strong community vibes. The city’s festivals, second lines, and block parties foster a sense of belonging and connectedness. Get to know your neighbors. They can give you insight into how to navigate the best and the worst parts of life in NOLA. Newcomers will find that becoming involved in community activities is a great way to meet people and feel at home.
Moving Tip: New Orleanians are known for their friendliness and hospitality. Learn the local customs, social norms, and unique lingo. Expect to greet the people you pass on the street and hear things like “Where y’at?” instead of “How are you?”
8. The architecture is stunning and historically significant.
New Orleans boasts a rich architectural heritage, with a mix of French, Spanish, Creole, and American styles. The French Quarter is famous for its wrought-iron balconies and colorful buildings, while the Garden District features grand mansions and oak-lined streets. Preservation efforts ensure that historic buildings are maintained, contributing to the city’s unique charm. Walking tours and events like the PRC’s Shotgun House Tour offer opportunities to explore and learn about the architecture. Living in New Orleans means being surrounded by beautiful, historic structures that add character to everyday life.
9. The cost of living is relatively affordable.
Compared to other major U.S. cities, New Orleans offers a more affordable cost of living. Housing costs can vary widely depending on the neighborhood, with areas like the French Quarter and Uptown being more expensive, while Mid-City and Algiers offer more budget-friendly options. Utilities, groceries, and healthcare are generally in line with the national average. The city also provides numerous free or low-cost entertainment options, such as public festivals and parks like Audubon Park and City Park. Overall, residents find that their money goes further in New Orleans compared to many other metropolitan areas.
Moving Tip: The cost of living can vary significantly depending on the neighborhood. Research housing costs, utilities, and other expenses to budget effectively. Renting initially can be a good way to get a feel for the city before committing to buying property.
10. The city has a laid-back and casual vibe.
New Orleans is known for its relaxed and easy-going atmosphere. Dress codes are generally casual, and people often greet strangers with a smile. The city’s pace is slower compared to many other urban areas, allowing residents to savor life’s moments. This laid-back attitude extends to dining, shopping, and socializing, making it a great place for those who appreciate a more relaxed lifestyle. Local traditions like lazy Sundays with jazz brunches at Commander’s Palace contribute to this easy-going vibe.
11. There are numerous parks and outdoor spaces.
New Orleans offers plenty of green spaces for recreation and relaxation. City Park is a massive urban park with walking trails, botanical gardens, and a sculpture garden. Audubon Park, located in Uptown, features a zoo, golf course, and scenic picnic areas. The Lafitte Greenway provides a multi-use trail connecting Mid-City to the French Quarter. These parks are perfect for outdoor activities like jogging, biking, and picnicking. The abundance of outdoor spaces contributes to a healthy and active lifestyle for residents.
12. The city’s festivals are world-famous and frequent.
New Orleans hosts numerous festivals throughout the year, celebrating everything from music and food to culture and history. In addition to Mardi Gras, there’s the New Orleans Jazz & Heritage Festival and the French Quarter Festival. Smaller festivals, like the Po-Boy Festival and the Oyster Festival, focus on local cuisine and traditions. These events offer endless entertainment and are a great way to experience the city’s vibrant culture. For residents, there’s always something to look forward to on the festival calendar.
13. Charter schools are a big part of the K-12 education landscape.
New Orleans offers a range of educational opportunities, from public and private schools to universities like Tulane and Loyola. However, the public school system has faced challenges, including funding issues and varying quality across schools. Charter schools have become a significant part of the education system, offering alternatives to traditional public schools. Parents often research extensively to find the best fit for their children.
14. Each neighborhood has its own unique vibe and personality.
In a city as chock-full of personality as NOLA, it’s no surprise that each neighborhood has its own distinct character and charm. The Marigny is known for its artsy vibe and vibrant nightlife, while the Bywater offers a bohemian atmosphere with colorful cottages. The Garden District features grand historic homes and lush gardens, whereas Uptown is famous for its oak-lined streets and elegant architecture. Mid-City provides a more laid-back, residential feel with easy access to parks and local eateries. Choosing the right neighborhood depends on your lifestyle and preferences, but there’s a perfect fit for everyone in New Orleans.
15. The sports scene is lively and enthusiastic.
New Orleans residents are passionate about their sports teams, particularly the New Orleans Saints (NFL) and the New Orleans Pelicans (NBA). Game days are major events, with tailgating and watch parties bringing the community together. Ceasar’s Superdome is a landmark venue that hosts not only sports events but also concerts and other large-scale events. The city also has a strong college sports presence, with Tulane University and the University of New Orleans offering various athletic programs. Sports fans will find plenty to cheer about and numerous opportunities to join in the excitement.
Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from City Data.
Creating a budget grocery list is a smart way to save money while ensuring you have all the essentials you need. With the right items on your list, you can enjoy nutritious and delicious meals without overspending.
Whether you’re trying to cut down on expenses, build healthier eating habits, or just make grocery shopping easier, having a well-planned list is key. Here are 12 must-have items that should be on your budget grocery list to help you stay on track and make the most of your money.
1. Dried Beans
Image Credit: DAPA Images.
Dried beans are cheap and full of nutrition. They provide protein and fiber while being low in calories. Perfect for vegetarian and vegan diets, they make a great addition to any budget grocery list.
2. Potatoes
Image Credit: Yelena Yemchuk from Getty Images Pro.
Potatoes are cost-effective and versatile. They can be used in many dishes and are great for those on a budget. You can bake, boil, or mash them for a frugal and filling meal.
3. Peanut Butter
Image Credit: Atlasstudio.
Peanut butter is a budget-friendly staple. It’s a good source of protein and healthy fats. You can eat it alone or use it in various recipes to add flavor and nutrition.
4. Oatmeal
Image Credit: ArxOnt from Getty Images Pro.
Oatmeal is one of the cheapest and healthiest grains. It’s low in calories, high in fiber, and magnesium. It’s a versatile option for breakfast, snacks, or lunch.
5. Eggs
Image Credit: Chas53 from Getty Images Pro.
Eggs are a cheap source of protein and nutrients. They cost less than ten cents per serving and can be used in many recipes, from omelets to baked goods.
To learn more: 100+ Frugal Meals for When You’re Broke or on a Budget
6. Bananas
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Bananas are a budget staple. They’re inexpensive, easy to store, and perfect for a quick snack or to add to meals.
7. Apples
Image Credit: Pixelshot.
Apples are a great budget-friendly fruit. Look for cheaper varieties like Red Delicious and Gala. They’re nutritious and easy to find, making them perfect for a frugal grocery list.
8. Rice
Image Credit: Chaded2557 from Getty Images Pro.
Rice is a great value food for any budget. It’s widely used in Mediterranean diets and can be added to stir fry or burritos. Add spices for extra flavor.
9. Lentils
Image Credit: Zerbor.
Lentils are a budget-friendly protein source. You can make plant-based meat alternatives or stretch meals by adding them to ground turkey. They’re versatile and nutritious.
10. Carrots
Image Credit: Fcafotodigital from Getty Images Signature.
Carrots are cheap and full of nutrients like fiber, potassium, and beta carotene. They help with weight loss, eye health, and cholesterol. Buy whole carrots instead of baby carrots to save more money.
11. Pasta
Image Credit: Whitestorm from Getty Images.
Pasta is a versatile, budget-friendly option. It’s cheap and can be used in many dishes, from main courses to side dishes. Top it with sauce, cheese, or butter for a frugal meal.
12. Canned Tomatoes
Image Credit: YelenaYemchuk from Getty Images.
Canned tomatoes are cheaper than fresh and perfect for budget meals. They can be added to stews or sauces. Buying organic canned tomatoes can also save money.
Find 50 more Budget Grocery list ideas
Image Credit: Milaspage from Getty Images.
Want to save money while eating healthy? This guide has a list of affordable food options to keep you full. From meats to grains, fruits to veggies, this budget grocery list has everything you need.
To learn more: The 60 BEST Budget Grocery List Items for Cheap Eating
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Looking for the best ways to get free money from the government? Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The…
Looking for the best ways to get free money from the government?
Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The key is knowing where to look and meeting eligibility requirements.
This article will show you different ways to get extra money from the government. Whether you need help with your bills or want to get back money that belongs to you, there are many options for you.
Best Ways To Get Free Money From the Government
Below are the best ways to get free money from the government – for housing, children, health insurance, food, and more.
1. Apply for unemployment benefits
If you lose your job, you might be eligible for unemployment benefits. These benefits can help you cover some of your expenses while you look for a new job.
To qualify, you usually need to have worked a certain amount of time in the past year. Each state has its own rules, so you should check your state’s specific requirements.
You can apply for unemployment benefits online or by phone, and be ready to provide details about your recent jobs and earnings. This will help determine how much you can get each week.
The benefit amount is based on a percentage of your earnings from your previous job. It can range from about 40% to 60% of your past earnings. This money can be a helpful bridge while you search for new work.
Each week, you’ll need to report if you’re still unemployed and looking for a job. Some states may also ask you to document your job search activities so it’s important to follow these rules to keep receiving benefits.
Unemployment benefits probably won’t cover all your expenses, but they can make a tough time a little easier. Remember to apply as soon as you lose your job to start getting support right away.
2. Check for child tax credits
Child tax credits can be a big help for families.
You might be able to get money back from the government if you have kids such as for childcare or for just having children. The amount you can get depends on your income and the number of kids you have.
The Child Tax Credit now gives up to $2,000 for each child.
Make sure you check if you qualify for these credits. You can find out more by visiting the IRS website or talking to a tax expert.
3. Women, Infants, and Children (WIC)
The Women, Infants, and Children (WIC) program helps pregnant women, new mothers, and young children get healthy foods. This program is a great way to get extra help when you need it the most, and this is free government money for low-income families. It’s focused on keeping you and your little ones healthy and well-fed.
If you’re pregnant, you can get help right away and continue to receive it for up to six months after giving birth. If you have children, they have to be under the age of 5.
To qualify, you need to meet income guidelines and show that you are at nutritional risk. This can include being underweight or having a diet low in essential nutrients. WIC then provides monthly benefits that can be used to buy specific foods like milk, eggs, and fruits.
To apply, you need to contact your state or local WIC office (you can start by Googling “WIC + your state name”). They will tell you what documents to bring and where to go for your appointment.
4. Use SNAP for food assistance
SNAP stands for Supplemental Nutrition Assistance Program. It’s a government program that helps low-income families buy healthy food. If you qualify, you get an EBT card loaded with funds every month.
Using SNAP is easy. You can use your EBT card at most grocery stores and it works just like a debit card.
To qualify for SNAP, you need to meet certain income and other eligibility requirements. These can include having a low income based on your household size.
SNAP can be a huge help if you’re struggling to afford groceries. It allows you to buy essential foods like fruits, vegetables, meats, and dairy products.
5. Free and reduced breakfast and lunch at school
Your child may be able to get free or reduced-price meals at school through several programs, and these programs make sure kids have healthy meals every day.
The most well-known program is the National School Lunch Program (NSLP). It provides low-cost or free lunches to millions of children in public and nonprofit private schools.
Schools many times also have the School Breakfast Program. This is similar to the lunch program but focuses on providing a nutritious morning meal.
In addition to these programs, there is the Special Milk Program. This program provides milk to children who do not participate in other meal programs.
Some schools offer the Community Eligibility Provision (CEP). This allows schools in high-need areas to serve breakfast and lunch at no cost.
To find out if your child is eligible, check with your school. They can guide you through the application process and let you know what your child qualifies for.
6. Seek Temporary Assistance for Needy Families (TANF)
Temporary Assistance for Needy Families (TANF) is a government program that can help you if you’re facing hard times. It provides financial aid to families with children who are struggling to make ends meet and can help with childcare, job training, and finding work.
To apply for TANF, you need to contact your local TANF office. They will help you through the application process and let you know what documents you need.
It’s important to know that each state runs its own TANF program, so the benefits and services might vary. Be sure to ask your local office (you can also reach out to the U.S. Department of Health and Human Services) what specific help they can offer.
7. Low-Income Home Energy Assistance Program (LIHEAP)
If you need help paying your energy bills, you might qualify for the Low-Income Home Energy Assistance Program (LIHEAP). This program helps low-income households with their heating and cooling costs.
LIHEAP provides federal funds to reduce energy costs. This can include help with your energy bills and dealing with energy crises.
You can also get help making your home more energy-efficient. This is known as weatherization and might include things like adding insulation or fixing drafty windows.
8. Early Intervention and Head Start
Early Intervention services are great for families with young children who have special needs. These services help kids from birth to age three. They offer things like speech therapy, occupational therapy, and more. Most services are free, and others have a sliding scale fee. They make sure your child gets the help they need, even if you can’t pay.
Head Start programs are for kids aged three to five. They help with early learning and development. Head Start also supports families with health and dental services.
Both Early Intervention and Head Start focus on getting kids ready for school. They help children learn and grow in important ways and also support families by connecting them to resources they may need.
You can usually self-refer your child to these programs (each state has its own), or ask your pediatrician for a referral.
9. Apply for college grants
College grants are a great way to get free money for school. Unlike loans, you don’t have to pay back grants. They can help cover your tuition, books, and other school expenses.
One of the most well-known grants is the Pell Grant. For the 2023-24 school year, the maximum Pell Grant is $7,395. This grant is for students with financial need.
Another option is the Federal Supplemental Educational Opportunity Grant (FSEOG). This is for students with exceptional financial need. The amount you can get depends on your school and your financial situation.
To apply for these grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA helps the government determine how much aid you qualify for.
Many states and schools also offer their own grants. Check with your school’s financial aid office to see what you might be eligible for. It’s a good idea to apply for as many grants as you can.
Grants can make a big difference in paying for college, so it’s worth the effort to apply. Make sure to look for scholarships too!
10. Public Student Loan Forgiveness (PSLF) program
The Public Student Loan Forgiveness (PSLF) program can help if you work in public service. This includes jobs like teaching, nursing, firefighting, and more. If you work in these fields and have federal student loans, you may be able to get your remaining loan balance forgiven after ten years of payments.
To qualify, you must work full-time for a qualified government or nonprofit organization. You also need to make 120 qualifying monthly payments under a qualifying repayment plan. Only payments made after October 1, 2007, count toward the 120 payments required.
The program mainly benefits people who work in low-paying, but important, public service jobs. It’s a way to give back while also getting financial relief. Though the application process can be long and require careful tracking, many find the effort worth it when their loans are wiped out.
11. Claim Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) gives low- to moderate-income workers and families a tax break.
If your income is under a certain amount, you might qualify. This credit can either reduce the taxes you owe or increase your refund. For 2024, the EITC amounts can go up to $3,995, based on your income and family size.
To claim the EITC, you need to file a tax return, even if you do not owe any taxes. You should fill out Form 1040 and a Schedule EIC if you have qualifying children.
12. Get housing vouchers
Housing vouchers are a great way to get help with rent. They are commonly known as Section 8. These vouchers help low-income families, seniors, and people with disabilities afford safe and decent housing.
To get a voucher, your income must be below a certain level and this varies by location and family size.
With a voucher, you can choose any housing that meets program requirements. This gives you some freedom to pick a home that suits your needs best. The government will pay part of the rent, making it more affordable for you.
13. See if you qualify for down payment assistance
Buying a home can be tough, especially when it comes to saving for a down payment. That’s where down payment assistance programs can help prospective homeowners.
These programs come in many forms. You might find grants, loans, or other types of aid to help you with the down payment. Each state offers different programs and some are more generous than others.
To qualify, you’ll need to meet certain requirements. These can include income limits or being a first-time homebuyer.
14. Apply for Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a program that gives monthly payments to people who are disabled, blind, or over 65 and have limited income. You may get help with food, rent, and medical bills.
To apply for SSI, visit the Social Security Administration (SSA) website. There, you can find the application forms and details about the process. You may need to provide information about your finances and living situation.
The application can be done online, by phone, or in person. If you’re under 18 or applying for someone under 18, there are special forms for children.
15. Look for health insurance in the marketplace
We all know that health insurance can be very expensive. Before you skip it, I highly recommend comparing pricing of health insurance on the Health Insurance Marketplace to see if you can find something more affordable for you and your family.
It’s a great way to get coverage and possibly save money. Sometimes, if you qualify, you can get free or low-cost health insurance plans.
Go to Healthcare.gov to start, and each state has its own Marketplace, so follow the specific steps for your state. It can be a little confusing, so make sure you have no distractions and can spend some time doing this.
During the open enrollment period, you can choose a new plan or keep your current one. If you’ve had a big life event, like losing your job, you might qualify to sign up outside the usual enrollment times.
16. Medicaid
Medicaid is a state and federal program that helps people with low incomes get health care. If you qualify, you can receive free or low-cost medical services, like doctor visits, hospital stays, and even prescription drugs.
Medicaid is especially helpful for families, pregnant women, seniors, and people with disabilities.
One of the best parts is that Medicaid covers a wide range of services – you can get help with dental care, mental health services, and even long-term care.
Your income and family size usually determine if you can get Medicaid.
17. Search for unclaimed money
You might have unclaimed money waiting for you. This money comes from many sources like unpaid wages, forgotten bank accounts, or unclaimed insurance benefits.
You can check by going to unclaimed.org, the website managed by the National Association of Unclaimed Property Administrators (NAUPA).
Each state has its own database for unclaimed property. Check your state’s website to see if there is money owed to you.
Frequently Asked Questions
There are several ways you can get money from the government to help with different needs, like paying for food or getting extra support if you don’t make a lot of money.
What ways can I get money from the government?
There are many ways to get free government money. You can apply for unemployment benefits if you lose your job. Families can also check for child tax credits, which give extra money for children. Programs like WIC and SNAP can help with paying for food, and students can get free and reduced breakfast and lunch at school.
How can I get help from the government if I don’t make a lot of money?
Low-income families can use programs like WIC (Women, Infants, and Children), SNAP (Supplemental Nutrition Assistance Program), TANF (Temporary Assistance for Needy Families), LIHEAP (Low-Income Home Energy Assistance Program), and more to get help from the government if they don’t make a lot of money.
How can I borrow money from the government?
The government offers student loans for education through programs like FAFSA. Small businesses can apply for loans from the Small Business Administration (SBA). There are also some loan programs based on specific needs like starting a farm or buying a home.
What is FAFSA?
FAFSA stands for Free Application for Federal Student Aid. It’s a form that students fill out to get financial aid for college. It can help you get grants, loans, and work-study opportunities to pay for your education.
Can I borrow money from my social security benefits?
No, you cannot borrow money from your Social Security benefits. Social Security is designed to provide income during retirement or if you become disabled, so it’s not a source of loans or advance cash.
Is there free grant money for bills and personal use?
Yes, there can be grants for specific needs like paying utility bills or home repairs. You might also find grants for education, food, and health care. Check with local and federal agencies to see if you qualify for any of these grants.
How do I find out if I qualify for any government assistance?
You can visit government websites or contact local agencies. Many state and local governments have online tools to check your eligibility. It’s also helpful to reach out to community organizations that can guide you through the application process.
How To Get Free Money From the Government – Summary
I hope you enjoyed this article on the best ways to get free money from the government.
There are many ways to get free money from the government, such as for housing, to help pay for your children’s expenses, to afford health insurance, to buy food, and more.
Note: There may be changes or updates to the free government programs above. I recommend contacting the program to learn more. Also, please be sure to stay safe with your sensitive information and only use official websites (look for .gov websites and official government organization websites to start with to avoid scams).
What do you think of these free government programs? Have you ever used any of the ways above to get free money from the government?
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