The typical cost of residential solar panels in Florida, before the federal solar tax credit, was $33,673 in the second half of 2023. This is lower than the national average of $34,122. The average system size is 14.3 kWs, compared to the national average of 11.6 kWs.
Florida’s primarily humid subtropical climate requires a lot of energy for air conditioning. Installing larger systems makes sense in a state that has one-to-one net metering, which allows customers to offset more of their energy bills with solar. The state’s net metering policies and abundant year-round sunshine have fueled strong adoption of residential solar. Florida has few state tax rebates and solar incentives compared to other states, but customers there may still qualify for the federal tax credit
N.C. Clean Energy Technology Center at N.C. State University. Programs. Accessed Jun 28, 2024.
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Solar costs in Florida at a glance
Typical cost of home solar system before federal solar tax credit
Typical cost of home solar system after federal solar tax credit
Median cost per watt
Average system size
Source: EnergySage, a solar and home energy product comparison marketplace founded in 2012. Data is from the second half of 2023.
Costs and trends in Florida
Solar has been having a moment in Florida, part of a general upward trend in interest and installations.
“Florida is ranked third nationally in solar growth, and it is continuing to grow in popularity,” said Wendy Parker, executive director of the Florida Solar Energy Industries Association (FLASEIA), in an email
. “Most of the state still has net metering, which makes it very favorable to homeowners.”
System sizes are high in Florida compared to other states, at 14.3 kW on average in the second half of 2023. A contributing factor is the falling cost of solar installations, which went from $2.45 per watt in Florida in early 2023 to $2.35 per watt in the second half of 2023.
System size is also often tied to average monthly energy consumption, which is comparatively high at 883kWh per month in Florida.
“In the past year, prices have been trending down, and levelizing some. Certain equipment has come down in price, and extra competition in Florida has driven costs down from some companies. We’ll have to see what the tariffs do, potentially driving prices back up,” says Dan Massaad, CEO of Guardian Home, an energy-efficient home services and solar installation business in Florida.
Florida established statewide renewable energy goals in 2022 but repealed them in May 2024
,. Legislation and incentives may vary with the future priorities of new political administrations.
Tax incentives and rebates in Florida
Net metering. Florida adopted net metering in 2008, as well as guidelines to allow residential solar to interconnect with utility grids. Net metering allows homeowners to sell excess electricity to the local utility.
Property tax breaks. Florida has a property tax incentive for renewable technologies. It ignores the increase in property value due to the installation of solar panels. This savings can add up over time
.
Tax credits. Florida doesn’t offer state and local rebates or incentives on rooftop solar panels. However, customers may qualify for the federal tax credit.
Low-cost loans. Some cities offer solar loan programs. For instance, the City of Tallahassee Utilities offered a 5% loan with a 10-year term for solar panel installations, with a maximum loan amount of $20,000
.
Related equipment rebates. Providers like the Fort Pierce Utilities Authority also offer flat rebates on solar water heaters. If you intend to include a solar water heater in addition to a solar panel system, check for this type of incentive in your area
.
“Florida is a net metering friendly state,” Massaad says. “A lot of the big utility companies give you a true 1-to-1 credit on whatever you overproduce, so it makes a lot of sense for many clients to go solar.”
Energy storage in Florida
Floridians often use the grid as their backup, but interest in battery storage is on the rise.
“In Florida, the battery storage is often for clients who are more concerned with power outages, like with hurricanes, and those clients have some control to either operate a room or a few circuits, or a whole home backup,” Massaad says.
The average cost of battery backup was $16,887 in Florida in June 2024 before the federal tax credit. However, a small battery for key circuits in one part of the house may cost less and can help cool one part of a home during extreme heat or keep important medical equipment running during a power outage.
Frequently asked questions
How should you pick a solar panel installer in Florida?
In addition to installation price, find out how long a solar panel company has been in business and read reviews. “The absolute cheapest company may not be building a sustainable, service business for the client, so do your research and make sure you’re asking questions about longevity,” Massaad says.
What kind of roof makes installing solar panels more complex?
Most roof types can work with standard solar panel mounting, but clay tile roofs are occasionally used in Florida. The solar mounting supplies can break the fragile tiles, so prepare to pay for additional labor to keep the roof tile safe.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
“What’s the first thing that comes to mind when thinking of how you can improve your financial situation?”
Many people would say “spend less money.”
One way to do this is by buying something used. In fact, a study found that Americans buy 10% more new items than they did in 2008 because we have so many promotional offers available. Not only should you be trying to save some money on your purchases, but also cut all kinds of other expenses from your lifestyle and keep them at a minimum.
Usually, people spend more money than they need.
This can lead them to have less money saved or be able to afford the things they want.
However, with a few simple changes in your spending habits, you will be able to make more of what you earn and feel more satisfied.
In today’s world, it is easy to be overwhelmed by the amount of information available on how you should spend your money.
With more and more people struggling with their finances, I would like to share a few hacks that have helped me spend money wisely and simplify my life.
Also, I am going to include some simple money saving tips on how to spend less money! Do not get duped into buying things you did not plan on purchasing or spending more money than you needed to.
How to Spend Money Wisely
As you can see shortly, there are many ways to spend money wisely. Whether it be through saving, investing, or taking care of your health; with this article as a guide, you won’t have to worry about your money any longer.
This is meant to inspire people on how they can better manage their finances and live more efficiently, while still being able to get the things that they want.
Spending money wisely is a way of life, but it can be tough to know where exactly you should start.
Luckily for you, we will break down ten hacks for you to follow so that your money does not go to waste.
1. Pay Yourself First
You are probably wondering, why is saving money about how to spend money.
The first thing you should do to spend money wisely is to pay yourself first.
This could be saving for the future with an emergency fund, which can be used in case of emergencies or downturns in your financial situation. This can be done by contributing to a high-interest savings account and saving up to $1,000 or more for emergencies.
Or choose one of our money saving challenges to match your financial goals.
2. Take Care of You
You need to take care of your health, as that will improve the quality and longevity of your life.
Making wise choices on choosing quality food and healthcare may cost more money upfront, but in the long run, it will save you money on huge medical expenses.
You spend your money wisely by taking care of your health. Money spent on a gym membership, healthy food, and other medical expenses can save you even more money in the long run.
Many people love the idea of time freedom for this reason.
3. Invest in Your Future
One way to spend money wisely is by investing in your future. This might be done through a 401(k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.
This can be a great way to save on taxes, but the money needs to stay invested for at least five years before you’re able to withdraw it without a penalty.
4. Choose Experiences
We live in a society that prizes material purchases and spending. Remember to prioritize experiences by getting outside. Not just for your health, but also on the mental and emotional levels, as well as the personal and even family levels.
Also, a plethora of benefits to spending money on experiences, not all materialism related.
Try to spend less on electronics and materialistic items that fill your home and more on experiences like travel or going out with friends.
This is a great way to spend time with your family and friends instead of buying things for them.
Related Reading: Overcome Gift Regret: Experience Gift Ideas That Do Not Go To Waste
5. Set Goals
Many of us, regardless of financial status, know that if we want to live on the right path without having our finances stress us out, then there are good habits to be followed.
Think about how much money you want to make in the next five years or ten years and make up how to get there.
Now, you need to line up your spending to make that happen.
Not sure how to set goals? Start here with making smart financial goals.
6. Budget
The next hack is to make a budget and stick to it, which will help you spend your money wisely by only spending what you have available in each category.
A budgeting strategy helps you develop better financial skills. These strategies are practiced in order to help prevent overspending and create a set spending plan for you.
Create a budget that includes all your expenses and then each time you get paid, put a little bit of your paycheck into each category.
7. Evaluate Your Spending
Oftentimes, we find ourselves buying items that are not necessary and just a waste of money. This hack is to evaluate what you’re spending your money on and think about whether or not you want to continue this habit.
For every purchase ask yourself if the item is worth it and what will happen if you don’t buy it.
By completing a no spend challenge, you will be amazed at the things you find out are not worth spending the money on.
8. Likeminded People
Next, you should try to spend less time with people who are going to make you feel bad about yourself.
This is a hard one but just think of the good things that will happen when you stop hanging out with people who make you feel bad.
If you are constantly around people you need to learn how to not spend money, then you will be battling upstream battle. Look for those who have the same mindset and are determined to spend money wisely.
9. Spend on Quality Over Quantity
The best way to buy quality items is to spend more money on them. Buying cheaper items has its risks, but over time it will lead to dissatisfaction with the product and waste of money.
If possible try to spend money on things that will last a long time and not just stuff like food or rent.
This concept of quality of quantity is not difficult to understand. For example, instead of owning 10 pairs of jeans that you think you need, you spend money on the two pairs of quality jeans that you love.
Because items are so cheap to pick up, it is easy to quickly fill our homes with quantity and excess stuff (plus we are spending more in the process). Instead, spend a little more and buy less of what you truly need or want.
10. Eat at Home
One way to save money is by cooking more at home and not going out to eat. You can also cut down on the amount of food you purchase, which will help you save a ton of money in the long run.
Instead of buying food that will go bad quickly or ruin your health, buy more expensive food. This way you are spending less money on the product but it is going to last longer and be better for you.
By spending money wisely, you must learn how to spend less money on food.
11. Use Tax-Advantaged Accounts
Specifically, I am talking about FSA or HSA, or dependent care FSA. This is when you set aside money each year for these purposes. Money goes into these accounts tax-free, so you are lowering your taxable income.
On how to spend FSA money, you must have the proper documentation on your plan. The same is true for how to spend HSA money.
The limits change each year on how much you can contribute to each of these plans, but the maximum you can spend tax-free is over $20,000 for a family.
This is a great trick to spend money wisely and lower the amount you owe in taxes. Just make sure to spend the amounts in the FSA each year!
12. Spend on things that add happiness to life
Personally, I have a hard time spending money. Period. This is something I am working on as we progress through our financial journey. Now, I look to spend money on ways that will improve our life or bring smiles to our faces.
Spend on things that add happiness to your life.
For example, if you’re happy with the new shoes you’ve just bought, then it’s worth spending money on them! If you love to travel, spend on travel. If you like reading fiction novels, spend on fiction novels.
Spend your money on things you enjoy and make the most of the disposable income you have.
How to Spend Money to Make Money
One of the best ways to make money is to give back. However, it takes some money to make money, which is typically frustrating to those who constantly want to make more money per year.
By selling a product or service, you are supplying them with your knowledge, advice, and understanding. Another way is through investments. Investing, while not always profitable, has companies that adhere to companies of all kinds.
One of the best ways to spend money wisely is to invest in ways to make money.
There are plenty of ways to make money and start your own business.
Here is a great book to open you up to the idea of starting your own business and the freedom with money it can bring.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
How to Spend Less Money
Many of us spend too much on material items that are not actively used. This creates a situation where we have to make more purchases in order to get the same level of happiness.
The first step towards becoming frugal is deciding what you want out of your possessions, and then only buying those things which will provide you with this goal.
Here are 32 easy ways to do that!
Shop at Discount Stores: You don’t have to go all out with your shopping if you’re looking for a way to save some money. There are plenty of stores that offer great deals and you can still find some really cute clothes.
Find Online Deals: You can find deals online for just about anything. This is a great way to get the deals that you might not know about. There are so many websites out there dedicated to helping you find the best deals and coupons.
Save Money on Your Cell Phone Bill: Just because the cell phone companies want to charge an arm and a leg for service doesn’t mean you have to. There are plenty of options out there where you can find great deals on your cell phone bill without having to break the bank.
Call and Cancel Unnecessary Services: Do you really need to subscribe to cable? How about getting rid of your gym membership because you know that all the exercise won’t do anything for your weight. The truth is you don’t need a lot of these things that are costing you money. Also, try a free service like Trim or Billshark.
Buy Generic Items: Do your shopping at the grocery store and buy generic items instead of brand names for most of your purchases.
Buy in Bulk: Buy items like toilet paper, cleaning supplies, and other things in bulk to save on the cost of each individual item. This is more so for families who can buy food in bulk.
Start Couponing: This is a great way to save money. I know it’s not the most enticing offer, but if you’re looking to save money then coupons can be your best friend. You can go online and find coupons for items that are on sale at your favorite store or you can get them in the Sunday paper.
Use Public Transportation: This is a great way to save on gas and wear and tear on your car.
Get Rid of the Car: If you live in an urban area, it might be worth getting rid of the car and using public transportation or just walking instead. Or become a single-car family.
Carpooling: One of the biggest hacks that many people are unaware of is carpooling- which can save up to $1,000 per year.
Rent Things: Whether it is a video, movie, or power tools to complete a project, renting will save you money.
Use Less Electricity: Turning off lights and other electronics when they are not in use can really help!
Eat Spaghetti: Eating pasta saves money and reduces your grocery bill.
Use the Library: If you like to read, the library might be another alternative to buying books.
Borrow Books: Borrowing books from the library or your friends is a great way to read for free!
Use Online Promo Codes: Using promo codes or coupon codes on all of your online purchases will make a huge difference. Here is a great place to find promo codes and get money back on your purchases.
Eat Out Less Often: Eating out less can save money!
Eat Less Meat: Eating less meat will save on your grocery bill! There are so many wonderful delish meals made with beans!
Buy Used: If you must buy something but don’t want to spend much, consider buying used versions of the items you need. Buying used products will save money and help the environment.
Share with Friends: Sharing your belongings, like clothes or toys, can save you money.
Ask for Help: When someone offers to help you do something it’s only polite to take them up on it.
Find Used Clothing: Buying clothing used can save you a lot of money and help the environment!
Downsize Your Hobby: It’s important to live within your means. If you have an expensive hobby it may be time to scale back on the expense or find a cheaper one.
Need vs Want: Try not to spend money on things that are “needed” but not “wanted.”
Avoid Impulse Spending: Try to plan before you buy anything- think about what you need, the price of items, and if it is worth buying.
Plan Free Activities: Plan outings with friends and family, rather than going to the movies or restaurants alone.
Plan For Expensive Times: Give your friends a heads up before you go out on an expensive outing so they know it’s coming. They may be able to help cover the cost or provide a cheaper alternative. This will help everyone’s budget.
Do Your Research: Research all of your options before you make any purchase- this will allow you to get the best bang for your buck and find the best deals.
Bartering: If you must buy something, but you don’t want to spend much money on it-consider bartering with someone or buying used items instead of new ones (e.g., clothes, furniture).
Know-How You Spend Money: Keep a budget to track your spending and be aware of how much money you have left at the end of the day or week so you can plan accordingly.
Negotiate on Price: If you plan to buy something, don’t tell the retailer how much money you have until after they give their price- this can help save money and time by eliminating any final price negotiations.
Think Before You Spend: Put some thought into your purchases before you make them- this will help you make sure you really want to spend money.
How Much Money Should you Spend?
There is a lot of conflicting information on how much money should be allocated to needs vs. wants, but this takes into account what percentage of take-home pay should be spent on necessities.
Here is the Cents Plan Formula we Use at Money Bliss:
50% to Basic Expenses
20% to Savings
10% to Giving
20% to Fun Spending
0% to Debt
So, the average person should spend 50% of their take-home pay towards needs. That means you must spend your money wisely.
Keep a list of what you spend and how much it cost.
You should have some idea of how much money you are able to spend on what. This will help you decide whether it is worth buying a thing or not before purchasing it.
Use the list to see where you can make adjustments, for example spending more time with your family or finding fun things to do with no money.
Ready to Start Spending Money Wisely?
Spending money wisely can seem complicated at times.
The key to using money wisely is understanding how you spend your cash. Spending tends to happen automatically, which can lead people down the path of overspending and debt if not monitored closely.
The affordability of happiness and satisfaction depends intensely on the money we have.
The activities we could do, and expenses we could cut out, can be often atrocious and insufficient for our expectations.
Extreme dissatisfaction and the whole time earning less than we would desire, we may feel that we need to know how to spend money wisely.
The vital hacks elaborated in this post will help to understand caring for a budget, and changing our habits to spend more wisely.
When spending money wisely, people should be aware of their habits so they can change them in order to save more and spend less on things that do not bring happiness or benefit the person’s life.
If you want to save money, spend it on something that will make your life better or more enjoyable.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: In this guide, I reviewed all of the budget apps and compared features and costs to form the best budgeting apps list. Find the best budgeting apps to fit your needs.
The best way to become smart with your money is to actively manage your money.
Make a plan for your money. Some may call it a budget.
At Money Bliss, we like to call it a Cents Plan. This enables you to find financial freedom. Find that place Where Cents Parallel Vision. Today, there are many budgeting apps on the market.
To kick off the new year, I was determined to find the best budgeting app on the market. Guess what?
My list grew each week!! And still growing! There are so many choices.
There are money management apps. Personal finance apps. Budgeting apps. So many apps to choose from! Seriously.
Some are free budgeting apps. Others have a monthly fee. Some have one-time costs.
The key to any budgeting app (free or paid) is to learn to manage your money.
At the very bottom of the post, we will reveal the best budgeting apps available.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
What is a Budgeting App?
A budgeting app is a tool that helps you manage your money and keep track of how much you spend.
There are many different types of apps, and some may be free while others cost money.
However, they all make managing your finances easy by tracking where your money goes each month as well as providing tools for saving cash flow or spending more efficiently on things like groceries or travel expenses.
The end purpose of a budgeting app is to make managing your money easy.
There are many apps out there that can help you with this, including some from big brand names like Mint which just announced it is shutting down, Acorns, and Quicken. This guide will provide a list of the best budgeting apps for 2024 so you can save time and money!
Quick Answer
The preferred budget apps are YNAB, Empower, and Quicken.
What to Look for in Budgeting Apps
In order to find the best budgeting apps, you need to know what features and functions you are looking for.
The best budgeting apps are often the simplest and focus on ways to make saving a breeze.
They can help ease financial uncertainty by providing tools that allow users to save more money over time.
What’s more, how can you tell what to look for in a good budgeting app?
1. Ease of use
The best budgeting apps are easy to use and do not require manual entry. Different ways of creating a budget include handwriting it out, using a spreadsheet, or logging into an app or software program.
You want to find something that is easy for you to use. Even better, if you find the app fun to use!
2. Budgeting Capabilities
There are many types of budgeting apps; thus, each person will have budget apps they prefer over others. At the end of the day, you need something that will work for you over the long term.
Some have basic features that simply allow users to view their own spending, while others provide a number of tools for managing finances and saving money. Users should choose an app based on what they want as well as the capabilities it offers.
Many budget apps let you define your categories to track.
3. Saves Time
When you have an automatic budgeting app, it tracks how money moves in and out of your bank account automatically with ease. In addition to this, the updating process takes place automatically as well which saves more time for individuals who need it most!
Saving time with the least favorite tasks like budgeting is a win-win!
You want your budgeting app that makes managing your money a breeze.
4. Focus on Financial Goals
You need a budget app that helps you work towards your smart financial goals. This is important.
You want your budgeting app to help you with achieving your financial goals.
5. Synchronization
Synchronization is the process of returning data to a master database from one or more secondary databases. You want the budget app to synchronize accounts automatically.
Most offer automatic synchronization but may lack a feature that allows for a reconciliation of accounts such as bank accounts.
Many budgeting apps can synchronize from desktop to mobile. In addition, you can have multiple users on the same platform.
6. Price
Budgeting apps range in price from free to about $150 per year.
The app that has the most features and options is Quicken, especially given its price point.
Spending $5 a month to manage your finances is cheaper than overdraft fees and the lack of saving money.
7. App ratings
Many financial experts and personal finance gurus agree that a budget is necessary to take control of your money.
Look for budgeting apps that have at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating of 4 stars (out of 5) or higher on both platforms.
That will tell you the longevity of the app and user appeal.
8. Security
Specifically, are budgeting apps secure? Are there any security features in place to protect your data? This is a huge feature you need to verify your personal information will be intact.
On my budgeting apps, financial information is safe because they need to go through vigorous testing and pass banking regulations. There are certain vulnerabilities inherent to operating online in the cloud.
9. Additional Features
Most budgeting apps go beyond basic budgeting. Some offer advice on debt and investments, while others identify unnecessary expenses.
Most apps can track your spending and organize your expenses into categories.
The savings apps will automate savings, suggestions to save money, bill alerts, access to credit scores, and investing features.
All of the apps have a different feature set, so it’s important to find what you’re looking for.
Good Budgeting Apps will Help, But First – You Must
Before we dig into the list of good budgeting apps, we must discuss key points first.
In order to be successful, with any type of budget app, you must understand three key areas.
1. Uncover your Money Situation
You can’t hide under the sheets or with your head in the sand and expect changes.
To be successful with money, you must be active with your personal finance situation.
Take time to understand your vision. Figure out where you stand in building a foundation to the Money Bliss Steps to Financial Freedom. Understand where the pits of money are spent every month.
Not sure, where to start? Stick around here at Money Bliss; we have many resources to help you!
Must Read Help:
2. Budgeting Apps Won’t Change Habits
While personal finance or money management apps keep you on track, they are incapable of changing habits.
You have to make changes.
Just because the budget app tracks your usage on the credit card doesn’t mean that you should have spent that money. So, be willing to make changes in your spending habits and those emotional purchases to achieve financial freedom.
You must learn to manage your money.
Related Readings:
3. Still Need Paper & Pen
The first thought is “Wait, I wanted to get away from paper and pen.” Yes, that is the goal for most individuals.
However, it is key to know your net worth over time.
Also, you never know when your favorite budget app will go away. (Ugh!) Personally, I don’t like to be pessimistic, but technology is rapidly changing, and being able to adapt is key.
Keep tracking your personal finance numbers toward financial freedom in a separate place.
Okay without further ado, the full list of budgeting apps on the market.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
Full List of Budgeting Apps with Free Trial
The budget apps we selected for this section offer a free trial for users to test out before signing up.
Budget apps are typically inexpensive and start with a free trial.
1. YNAB (You Need a Budget) – A proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live. YNAB is best for serious budgeters.
2. Simplifi – Manage your money less in 5 minutes each week. Reach your money goals with confidence! Introducing Simplifi by Quicken, the personal finance app that gives you something to look forward to.
3. Tiller Money – Your financial life is in a spreadsheet, automatically updated each day. Track all your accounts in one place, always know where your money goes, and confidently plan your financial future.
4. Rocket Money – Rocket Money is your automated financial assistant and budget tracker designed to put you back in control of your money. Truebill lets you easily track bills, cancel unwanted subscriptions, and proactively request refunds on your behalf, putting real money back in your pocket!
5. Qube Money – The cash envelope system made easy. They invented digital cash envelopes. Real-time financial awareness without the hassle of tracking expenses, updating spreadsheets, and carrying cash.
6. HoneyMoney– HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it. Great way to use cash flow budgeting. Plus uses “envelopes” to budget.
7. Qapital – Free, easy way to save money. Get $5 for your first Goal if you sign up here.
8.Money Patrol – MoneyPatrol actively monitors and analyzes financial transactions, and then alerts insights about the trends, patterns, and anomalies observed.
9. Wallet– Wallet is designed to help you get your finances under control from day one, giving you ongoing insight into your financial situation, and helping you stay in control for the long term.
10. Every Dollar– EveryDollar follows the zero-based budget approach recommended by Dave Ramsey, a top personal money-management expert. Create daily and monthly budgets and track your expenses to manage and save money.
11. Expensify – Expensify is the perfect tool for anyone who needs to keep track of receipts and automate expense management.
12. Cost Track – Expense Tracker – Cost Track allows you to: use your money wisely, keep track of your personal and family budget, and quickly enter your income and expenses.
13. Easy Spending – It is a simple and convenient finance tracker that provides the most powerful and convenient daily money management for iPhone and iPad, that neatly tracks all your cash flow between different accounts that you can budget.
Making Your Budget Work for You:
Full List of Free Budgeting Apps
The budget apps we selected for this ranking are completely free! Free budget apps are good options for users who don’t want to pay monthly or a yearly fee. Just to note, the list of free apps is dwindling with each update.
Finding the best budgeting app the best ones do simple things well.
Free apps are not always better than paid ones.
Typically, the free versions of budget apps provide basic features. Plus there are many free budget apps available on the market.
1. Empower– Empower is the best app for investors. This is one of my favorite ways to analyze investment accounts. See all of your accounts in one place, which helps to see spending. Free budgeting app to use. Read myEmpower Review.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
2. PocketSmith – Manage your budget and forecast your finances. There are paid levels of access but you can still get basic options for the casual budgeter.
3. Zeta – AskZeta is a financial planning platform designed to help couples manage their finances collaboratively. It provides tools and guidance for setting joint financial goals, budgeting, and navigating major life events to build a secure financial future together.
4. Honeydue – A financial app designed for couples, facilitating shared money management. It allows partners to track and manage their finances collaboratively, providing insights into spending, budgeting and shared financial goals.
5. GoodBudget – Envelope budgeting for the modern world.
6.Fudget – The budget planner you can actually use.
7. Wally – Personal Finance – It helps you compare your income to your expenses, understand where your money goes and set and achieve goals.
9. CountAbout – CountAbout is an online personal finance solution that surpasses the security and ease of use of the other popular commercial solutions on the market while offering complete privacy, zero advertising, and no selling of your personal data.
10. Daily Budget Original – Daily Budget calculation, planning & saving for big spending, basic categories for expenses, backup.
11. Spending Tracker – The simple fact is, by tracking your spending you will be able to stick to a budget and therefore SAVE MONEY.
12. Money Monitor – You can track and organize all your transactions, accounts, budgets, bills, cash flow, and payees in Money Monitor by easy operation but with powerful functions.
13. Money Box – Set your money goals and track your personal savings with this app. Take control of your saving goals and spend cash wisely.
14. Dollarbird– Track and forecast your money as easily as adding events to a calendar! Dollarbird helps you make sense of your financial situation, plan ahead and manage your money together with those who matter.
15. NerdWallet – Whether you want to maximize credit card rewards, earn extra cashback, track your credit score or make budgeting easier, it’s all here.
Budgeting Resources:
16. Buddy – Designed for simplicity and efficiency, helping users easily manage their finances. With intuitive features, it enables users to track expenses, set budget goals, and gain insights into their spending habits for better financial management.
17. Banktivity – Banktivity puts you in the driver’s seat of your finances so you can do both.
18. PocketGuard – With all of your financial accounts in one place, PocketGuard helps you stay on top of your finance and make better financial decisions.
19. Budget Saved – Personal Finance – Budget Saved helps you save money by grouping expenses based on need or want. You input an expense, save it as a need or want, and then you can look back to see which purchases were really necessary. With this information, you can see exactly how much you can save.
20. Albert – Money Management – Combining human guidance with cutting-edge technology, Albert is an intuitive app that automates your financial life — so you can be free to enjoy it. Build savings, meet bills, end the overspending cycle and develop your financial IQ, right from the palm of your hand.
21. Expense IQ – Expense IQ (formerly EasyMoney) is your ultimate money manager app that combines an expense tracker, a budget planner, a checkbook register, integrated bills reminder, and more rolled into one powerful personal finance app!
22. Prism– Never miss a bill or pay late fees again! We automatically track your bills & send due date reminders, for free. See your income, account balances, & monthly expenses at a glance.
23. Coin Keeper– Download CoinKeeper — the handiest way to plan and manage your finances, created especially for smartphones and tablets.
24. Mobills– Mobills is a budget planning app that allows you to create a custom monthly budget that will help you take control of your money. You are able to manage your money, track your spending, and achieve your financial goals all in one place.
25. iSpending – iSpending helps you to track your income and spending. You can add transactions under different categories, such as income, food, and entertainment.
26. Receipt Box – The Receipt Box is a quick app that is conducive to developing a good habit of tracking spending. It indeed performs well on this one.
27. BUDGT – BUDGT will help you keep track of your Expenses in a very simple way and tell you how much money you can spend each day, taking in account what you have already spent during the current month.
Full List of Paid Budgeting Apps
A budgeting app is a type of software that helps you track your money to manage your finances. There are several different ways you can use them, including getting paid upfront or by monthly fee.
Some apps offer discounts for people who pay monthly, but this is not always the case. If an app doesn’t have the capabilities you need to better manage your budget, it’s not worth it.
App users want budget capabilities and prefer to handle bill paying on their own schedules.
1. Quicken– Quicken personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more. Read my Quicken Review.
2. Moneyspire – The budget feature is very user friendly and can rollover amounts. All of the reports you need at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken.
3. PocketSmith – Manage your budget and forecast your finances.
4. MoneyDance – Moneydance is easy to use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting and investment tracking.
5. CheckBook Pro – An easy & quick way to manage your daily finances, Checkbook Pro keeps track of your credit card charges, cash expenditures…etc.
6. HomeBudget – HomeBudget is an integrated expense tracker designed to help you track your expenses, income, bills due and account balances. It offers support for budgeting and allows analysis of your expenses and income, including charts and graphs.
7. Pennies – Keep track of your spending and save money with Pennies, the award-winning budgeting app for iPhone, iPad and Watch.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
Budgeting Apps Off the Cloud:
Due to security concerns, many budgeters prefer to keep their financial information off the cloud.
Here are the best budgeting software that are off the cloud. And if you want, they can be synced.
1. Quicken– Personally, I have used Quicken – pretty much since it was developed. Way before budgeting apps were even a thing and the cloud didn’t exist. Quicken is great for tracking how your money is being spent. Their internal budget feature is not user-friendly and has quirks. However, the cash flow reports are awesome to compare spending. The #1 reason I still recommend Quicken is because of its long history.
Read my Quicken Review.
2. Moneyspire – For those frustrated with Quicken, Moneyspire is your choice. The budget feature is very user-friendly and can rollover amounts. All of the reports you need are at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken. Start a free trial here.
3. Tiller Money – Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.
4. Banktivity – Get full control of your personal finance situation with Banktivity. Has all the bells and whistles you would come to expect for personal finance budgeting software. There is the ability to connect to the cloud if you prefer. Only for Mac Users.
5. MoneyDance – Moneydance is easy-to-use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting, and investment tracking.
6. QuickBooks – QuickBooks is most like Quicken. It is the preferred software for most bookkeepers. The features are very helpful, but the price is significantly higher.
Expense-tracking budgeting apps
Expense-tracking budgeting apps are becoming more popular as they allow users to connect to financial accounts. They track transactions and group them into categories, making the best ones based on expense tracking systems.
Some of the top expense tracking budgeting apps include:
Simplifi: Quicken has introduced a new personal finance management solution. It is simple, smart, and intuitive money tracker tool that ensures users can keep track of their income and expenses in real-time.
YNAB (You Need A Budget): YNAB helps to reverse this pattern by living off last month’s income during current month.
Pocket Expense: This app is easy to use and has a clear interface for users who are not tech savvy. With Pocket Expense, you can input your income and expenses, set a budget, and track your progress.
Spendee – Understand your finances better with Spendee, the FREE budgeting app that tracks your spending, optimizes your budget, and helps you save money. This user-friendly app with good features for recording income and expenses as well as the ability to plan future budgets. It also lets you set goals and track progress.
Quicken: Quicken is a personal finance software application that can be installed on Windows, Mac or Linux computers and allows users to organize financial information in order for them to make financial decisions.
Learn where to load your Cash App card.
Investment/retirement planning budgeting apps
Investment/retirement planning budgeting apps are becoming more popular with consumers as the retirement age is being pushed back.
These types of apps allow users to keep track of their investments and review performance, ensuring that they’re on track to retire at the desired time.
There are numbeous different investment portfolio management tools, but most are designed for average investors looking to make changes or work towards long-term goals. Many double as budgeting apps also enable tracking expenses alongside investments in order to ensure that you’re on track to reach your goal.
Empower – read my Empower Review
Quicken
Betterment
Wealthfront
Stash
Apps to Help Save Extra Money:
Looking for easy ways to save extra money?? These budgeting apps will do just that.
1. Acorns: Invest Spare Change: This app rounds up any purchase made with a credit card to the nearest dollar and invests it in an exchange traded fund. They have four different investment portfolios from conservative, balanced, growth, and aggressive.
2. Tiller: This app automatically transfers money from any account you connect to it (like your checking or savings) into a fund of your choice every time you make a transaction.
3. Trim – Trim negotiates your cable, internet, phone and medical bills, finds and cancels unwanted subscriptions, can help you lower APRs and bank fees and more.
4. BillShark – Billshark is the easiest way to lower your bills, cancel unwanted subscriptions, and lock in the best rates for insurance.
Which Budgeting App is right for You?
Budgeting apps are becoming more popular as consumers try to make better financial planning decisions.
Budgeting apps help people with the ability to track spending, create budgets, and save money for retirement or other goals.
Budgeting apps must be paid for because they can be used across all devices and have a variety of features that can really help users save time and money.
As you can tell in this post, there are plenty of options to find your favorite budget apps.
Each of these apps can improve money management.
However, you must be able to make the changes necessary to stay within your means. That is up to you. Don’t try it and give up after a month. Stick with it. Show perseverance.
In the end, you will be happy you are stuck with using a good budgeting app.
Apps That Have Shut Down or Changed
These are budgeting app that have been on our list previously. But, when we recently updated the post, realized they are no longer offering the same services.
Mint: Personal Finance & Money – Mint is a free money management and financial tracker app that helps you get ahead and stay ahead. – Mint app shut down in 2024.
Firstly (formerly Honeyfi: Couples Finances) – The first app to help couples team up on everyday and long-term finances.
Opurtun (formerly Digit) – Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it.
mvelopes (merged with EveryDollar) – Everyone knows that cash will keep you on budget. Here is a digital option for your cash envelopes. Your first month free is to check out the budgeting system.
Olivia– Whether you identify as someone who is living paycheck to paycheck, or you’d just like to get smarter with your money in general, you’ve come to the right place! I am here to help YOU become the MASTER of your money.
Your Money Wallet – YourMoneyWallet lets you see all your accounts in one place, understand your spending, monitor your everyday spending, and see all your money transactions in a beautiful well crafted design.free
Joy – Money App– Joy is the brand new money app that will change the way you spend and save money to help you find more happiness in your life.
Advent – Budgeting Made Simple – Advent makes budgeting and tracking expenses super easy! With a very minimalistic design, you can easily maneuver around quickly.
Rolling Budget– Rolling Budget is a personal finance tracker that keeps track of your day-to-day expenses, travel, and fuel costs. Track where your money goes, plan your expenses, and create a budget that works for you!
Best Budgeting Apps
There are many apps available to help people manage their budgets.
The best app for you will depend on the type of budget you want to create and how often you want to make changes. All of these apps are mobile-friendly and work across multiple devices. They also offer additional features like budgeting tasks, reminders, and spending plans.
You can find all of these for iPhone or Android.
You can save time and money by using a good budgeting app.
This is your personal finance journey.
The ultimate goal with any budget app is to learn to manage your money. Not have your money manage you.
Now, make sure you are doing these habits to be successful with budgeting.
Which are your favorite budgeting apps?
Keep on Budgeting:
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
For many of us, leather has become synonymous with luxury, elegance, and quality.
Famed for its durability as well as its beauty, the material is a staple of high-end interior design, especially when it comes to furnishings. From sofas and ottomans to accent pillows and wall coverings, leather can be an excellent choice for interior furnishing.
However, as with any material or design choice, there can be downsides. Leather may or may not be the best choice for furnishing your luxury space, and here we’ll explore some of its advantages and disadvantages — so you can decide whether it’s a good fit for your space.
The disadvantages of leather furnishings
Photo credit: Derick McKinney / Unsplash
Cost: Real leather can be significantly more expensive than fabric. This cost can vary depending on the quality and craftsmanship of the leather, and the brand’s reputation.
Susceptibility to damage: Unfortunately, sharp objects can scratch, tear, or puncture leather surfaces. Thankfully, you can repair leather with household products like shoe glue. To repair a tear with shoe glue, clean the surface of any dust or dirt, apply the adhesive, and tape it into place. Once the glue is dry, the tape can be removed.
Sensitivity to environmental conditions: In warm climates, leather can become hot and sticky, and in cold ones, it can become uncomfortably rigid. When exposed to direct sunlight or moisture, leather can fade or discolor.
Limited style and color options: Although leather furnishings come in various colors and finishes, options may be more limited than with fabric upholstery.
The advantages of leather furnishings
Photo credit: Jennifer Latuperisa-Andresen / Unsplash
Elegance and sophistication: Leather’s natural texture and color variations can add a touch of elegance to interior spaces. It’s a highly versatile material, suiting classic, contemporary, and even more leftfield design styles.
Comfort: The soft, smooth feeling of leather is one of its most prized features. It also molds to the body over time, so it can get even more comfortable over the years.
Durability: High-quality leather is extremely durable when compared to fabric upholstery. With the right care and maintenance, leather furnishings can last many years or even decades.
Easy maintenance: Compared to other materials used in upholstery, leather is easy to clean and maintain. You can often simply wipe away spills and stains with a damp cloth, and the leather’s smooth surface makes it easy to dust. To prevent damage from light or moisture, you can keep leather furnishings out of direct sunlight and use widely available protective coatings and leather conditioners.
Leather furniture and pets: Challenges to consider
Photo credit: Michael Oxendine / Unsplash
While leather furniture can elevate the look and feel of a space, there are a few very specific potential challenges you need to consider if you have pets. Here are some key points to keep in mind:
Susceptibility to scratches and tears: Pets, particularly cats and dogs, can inadvertently damage leather surfaces with their claws. Scratches can be quite visible on leather, and while some minor damage can add character, deep gouges or tears might require professional repair.
Risk of stains and odors: Pet accidents can stain leather and leave lingering odors. While leather is easier to clean than many fabrics, urine and other liquids can penetrate the surface if not promptly addressed, potentially causing lasting damage.
Comfort for pets: Some pets might find leather to be less comfortable compared to softer fabrics. In cold climates, leather can feel cool to the touch, while in warm climates, it can become sticky. Providing pet blankets or designated pet areas can help mitigate this.
Maintenance: Regular maintenance is crucial to keep leather furniture in good condition when you have pets. This includes routine cleaning to remove pet hair and dander, as well as applying leather conditioners to maintain the material’s suppleness and prevent drying or cracking.
Protective measures: To protect leather furniture, consider using pet-friendly covers or throws. These can be easily removed and washed, providing an extra layer of protection against scratches, spills, and general wear and tear.
Options to choose from when adding leather to your interiors
Photo credit: Chastity Cortijo / Unsplash
There are many categories of furniture where leather upholstery is an option. One of the most popular types of leather furnishing is the leather sofa, due to leather’s comfort and malleability. Leather is also popular for many other types of chairs, such as armchairs, dining chairs, desk chairs, and even bar stools.
Leather ottomans and storage benches are also popular and stylish — not only do they provide a practical purpose in storing possessions, but they can also double as comfortable seats or footrests. Leather poufs can also be versatile accent pieces in lounges, bedrooms, and similar spaces.
Other types of leather furnishings include headboards, accent pillows, and wall coverings. Thinking outside the box, accessories like picture frames, trays, and decorative boxes can add visual interest to tabletops, shelves, and mantels.
Your other options
Photo credit: Kam Idris / Unsplash
Before deciding on a material for the upholstery in your luxury living space, it can be worth considering the different options available. There are many luxurious, elegant materials out there.
If softness and aesthetics are your priorities, a material like velvet can add texture and sophistication and comes in many color variations. Silk, satin, chenille, jacquard, and brocade have similar advantages.
If you’re looking for something more durable for furnishings like sofas and chairs, why not opt for a durable material like leather and pair it with velvet or silk drapery or accent pieces, for example?
For warmth, softness, and durability, cashmere or mohair can be an excellent choice for throws, blankets, and pillows. Alternatively, faux fur can closely replicate the appearance and feel of real fur in a cruelty-free fashion. Last but not least, linen is known for its breathability and understated elegance.
Making the right choice for your space (and taste)
Photo credit: Jonathan Borba / Unsplash
Every material has its advantages and disadvantages. When choosing the best material for your upholstery, drapers, and other furnishings, consider what your priorities are.
Some may value longevity and durability, others comfort, others intricate patterns and a wide range of colors. If in doubt, why not visit a store and see (and touch) different materials in person?
More stories
What’s the difference between faux leather and real leather sofas?
Wall paneling kits: The easiest way to add style to your home
How solid wood floors help cultivate a luxury vibe in your home
Thanks to reader Lynn, who wrote in this week with some specifics about her household’s situation and an overarching question: When should we start taking Social Security?
I’ll provide background information below, and then we’ll discuss a few common “if –> then” heuristics to help you with your Social Security planning.
Background – The Pros and Cons of Taking Social Security Early
Social Security is a government program that provides financial support to individuals who are retired, disabled, or survivors of deceased workers, funded primarily through payroll taxes. It aims to ensure economic stability and security for eligible participants by offering benefits to mitigate income loss due to retirement, disability, or death.
Today, we’re talking about retirees.
American retirees each have an “eligible benefit” from Social Security, which is based on the following factors.
They must be 62 years old or older
They’ve worked and paid into Social Security for at least 10 years (measured quarterly, for a total of 40 or more quarterly credits)
They could be eligible for additional credits based on their spouse’s work history, too.
Your eligible benefit is determined by your highest 35 years of earnings, with each year’s earnings adjusted for inflation (aka “indexed”). The higher your overall earnings, the greater your Social Security benefit will be.
Quick Example: AIME and PIA
Here’s a quick example:
Bob worked the same job from age 22 to age 62. His salary in 1984 was $25,000, and he’s received a 4% raise every year since; he’s earning $120,000 now in 2024 (his final working year).
We’d use the Social Security indexing factors to adjust each of his prior years’ earnings by rates of inflation. We’d then pick the highest 35 years, find the average, and divide by 12 to get Bob’s average indexed monthly earnings, or AIME.
Bob’s AIME is $8717. Here’s the Google sheet with the math. Feel free to make a copy.
Note 1: because only a certain percentage of income is subject to Social Security taxes, only that portion of earnings is considered for AIME. In 2024, the FICA income limit is $168,800. Even if someone earned millions every year for their entire career, their AIME would only include that smaller portion of income that was taxed by FICA. That logic is why the maximum AIME in 2024 is ~$13,100.
Note 2: if you don’t work a full 35 years, you’ll have some “zeroes” in your AIME math. This isn’t ideal. But depending on the rest of your work history, these zeroes could have a major effect or a minor effect. The PIA section below will shed more light.
Next comes PIA, or the Primary Insurance Amounts, aka what you actually receive from Social Security if you retire at “full retirement age,” or FRA. PIA is the real deal. An individual’s Social Security benefits (or PIA) are based on specific percentages of that individual’s AIME. For 2024, the PIA math is:
Take 90% of AIME below $1174
Plus 32% of AIME between $1174 and $7078
Plus 15% of AIME above $7078
If we run that math for Bob, whose AIME was $8717…
90% of his first $1174 = $1056.60
plus 32% of ($7078 – $1174) = $1889.28
plus 15% of ($8717 – $7078) = $245.85
For a grand total PIA of $3191.73per month.
You see – not all your AIME dollars count the same! The first dollars matter a lot – they’re counted at 90%! The latter dollars are only counted at 15%. And since high-earners’ latter dollars aren’t factored into AIME at all, we can think of those dollars as being counted at 0%. This concept is dubbed the “Social Security bends” or “bend points” because of how it looks when graphed out.
If you have a “zero year” in your 35 years of earnings, your AIME will certainly decrease. But if you’re already in the 0% or 15% section of the PIA graph, it might have only a tiny effect on your PIA. It’ll have a huge effect if you’re in the 90% section.
Bob had his final ~$1700 of AIME in the 15% section of the PIA graph. I ran a quick test and turned his 35th year into a zero. His AIME dropped from $8717 to $8487 – a $230 drop. His PIA dropped from $3192 per month to $3157 – a $35 drop. $35, you might guess, is 15% of $230.
PIA is Bob’s benefit if collects at “full retirement age.” But what if he collects early?
What About the Age You Start Collecting?
Social Security uses a concept called “full retirement age” (FRA) to determine how much of your eligible benefit you get to collect. Your personal FRA depends on the year you were born. The chart below shows the details:
FRA is either 66 or 67 years old for today’s new retirees. You can start collecting Social Security benefits before your FRA, but there’s a price to pay. Your benefits will be permanently reduced. But by postponing your benefits until after your FRA, your benefits will be permanently increased. The two charts below show both sides of that coin for both age 67 FRA retirees and age 66 FRA retirees.
Let’s do a quick decoder to make sure you understand how this all fits together.
If Bob was born in 1962 (and therefore is 62 years old today), he could start collecting Social Security right now. His FRA (based on his birth year) is 67, so we’ll consult the blue section of the table above. By collecting at age 62, Bob will only receive 70% of his full benefit. His PIA was $3192 per month; Bob would only collect 70% of that, or $2234 per month.
If Bob waits to collect, a few things will happen.
First, the AIME math and the PIA bends will likely change to account for inflation and other factors. On net, this will increase Bob’s PIA.
Second, Bob’s postponed filing age will increase his benefit amount, per the blue table above. If Bob waits until age 70, he’ll receive 124% of his PIA.
This begs a question: should Bob collect early to get those extra years of income, though at a discounted benefit? Or collect later, for fewer years, but at a much higher rate? When is the breakeven point?
The Breakeven Point for Collecting Social Security
When is the breakeven point for collecting Social Security? I looked at retirees with FRA = 67 years old. Here’s my Google sheet if you want to play around with it yourself.
With the bare eye, you can see the breakevens occur in the upper 70s. The joke in financial planning is, “Tell me when you’ll die, and I’ll tell you when to start collecting Social Security.” But the rough outline is:
If you die before age 77, collecting as early as possible would have been best.
If you die between ages 78-80, then all scenarios are roughly equal (all within ~6% of one another)
If you die after age 80, then waiting until at least “full retirement age” of 67 has distinct advantages
If you die after age 84, then waiting until the maximum collection age of 70 becomes optimal, and it only gets better the longer you live.
But there’s much more to consider than “how long will you live?”
So let’s get to the real meat of the article: what are some applicable thought processes, strategies, and if –> then scenarios to guide you and your family in Social Security decisions?
This is Hard to Get Right
As Annie Duke says (and I love to repeat), two things determine outcomes in our life:
the quality of our decisions, and
luck.
Or, put another way, there are things in your control and things out of your control.
Whatever decision you make regarding Social Security, you must accept that luck might strike, and your decision won’t have been the optimum one. It’s not because of the quality of your decisions. It’s because of luck. (This is “results-oriented thinking,” a bias worth breaking.)
You Want to Get This Right
This is close to a one-way gate.
Once you start collecting Social Security, you do have up to 12 months to 1) change your mind and 2) repay any benefits you’ve received so far. You get one of these “withdrawals” in your lifetime.
Once you delay collecting, though, you can’t go back in time and reclaim those missed benefits.
Ideally, you want to get this decision right.
Health, Illness, Family History, and Social Security
The most common questions surrounding Social Security revolve around your personal health and family history. We’ve determined that ages in the late 70s to early 80s are the “break even” point. You should ask: does anything in your personal or family history point you toward an early or late death?
If you’re healthy and all your relatives live to 100, it’s reasonable to assume you could have a similar fate. Postponing Social Security as long as possible (age 70) makes sense.
If you’re chronically ill, your relatives have all passed away early, etc., again, you can reasonably assume you could have a similar fate. Collecting Social Security as early as possible would make sense.
Granted, I’m not a doctor. One health phrase worth remembering is, “Genetics loads the gun, environment pulls the trigger.” In other words, you aren’t condemned to your family history. You have dials to control. Don’t forget that.
Do You Need It? It’s Longevity Insurance.
Do you need to take Social Security early? Will that extra income bridge the gap between cat food and a normal human diet? Because if you don’t need Social Security, why take it early?
Delaying your Social Security will act as “longevity insurance,” protecting against the risk that you will live to 90, 95, or beyond. The longer you wait, the higher your benefit will be, and the better your long-term outcomes will be.
Are You Still Planning to Work?
Are you planning to work while also collecting Social Security? Tread carefully! Your work income will actively eat away at your Social Security benefits.
Bob, for example, who is age 62, can only earn $22,320 in ordinary income before he hits trouble. For every $2.00 he earns above that limit, $1.00 will be deducted from his annual Social Security benefit. If Bob earns $125,000 (like he did last year) while also collecting Social Security at age 62, he effectively receives $0.00 in Social Security benefits while being permanently hamstrung by his choice to collect early. Ouch.
“He collects no Social Security because of this one stupid trick.”
That specific income limit increases to $59,520 during the year someone reaches their FRA, and the penalty ratio “lessens” to 3-to-1. The penalty disappears altogether once the FRA has been reached.
There’s always a corner case, so making a concrete rule about working while collecting is hard. That said, it’s like going into credit card debt. You really want to avoid it if you can. You really want to avoid starting Social Security benefits before full retirement age if you plan on working.
Consider Spousal Benefits
Spousal benefits are one of the many rabbit holes in Social Security planning. There are many paths, they go deep, and it’s easy to get lost. Trust me, Alice.
The upshot for basic Social Security planning is that your decision to collect Social Security not only affects you, but could affect your current spouse, your ex-spouse, and/or your future spouse or future widow.
Remember Bob? His PIA is $3192 per month. Bob is married to Sharon. Her PIA is $1200 per month. Let’s say they both opt to start collecting at FRA, and thus collect exactly 100% of their PIA each.
Sharon also gets to collect a spousal benefit. If she applies for a spousal benefit when she hits her FRA, she is eligible for 50% of Bob’s PIA (or $1596 per month). She’ll collect her $1200 benefit and then an additional $396 per month.
But if Sharon had applied for the spousal benefit at age 62, she’d only be eligible for ~35% of Bob’s PIA, or $1117 per month. Since this number is lower than her own benefit of $1200, Sharon will get no extra spousal benefit.
Now, what if Bob dies?
Notably, Sharon would step into Bob’s benefit, receiving the full $3192 per month!
If Bob had started collecting at age 62, though, his benefit would have been $2234 per month. Sharon would step into that $2234 per month benefit when he died.
If Bob had started collecting at age 70, his benefit would be $3958 per month. Sharon would step into that $3958 per month benefit when he died.
Bob’s decision doesn’t only affect his benefits. It also affects Sharon, assuming she outlives him.
Some rules of thumb when it comes to spousal benefits:
The lesser-earning spouse can start collecting Social Security as early as possible, especially if they’ll become eligible for a larger spousal benefit at FRA (e.g. just like Sharon, who jumped from her own benefit up to the spousal benefit of $1596)
The higher-earning spouse should delay Social Security to age 70 because their decision not only has a 100% chance of affecting their own benefit but also has a ~50% chance of affecting their spouse’s eventual benefit (if we assume the “who dies first?” question is a coin flip).
What About the Overall Financial Plan, and Sequence of Returns Risk?
How does Social Security fit into your total financial plan? Especially in the early years of retirement, where you’re most at risk for a sequence of returns disaster?
“Sequence of returns risk” refers to the potential that a poor-performing portfolio early in your retirement will cascade into long-term pain. If your assets are worth less early on, you’ll be forced to sell more of them than you anticipated. This leaves fewer assets in your portfolio to grow for the long run.
One way to mitigate this risk is to find alternate sources of retirement income. Social Security, perhaps?! If early Social Security is a vital part of your overall plan’s success, the failure risk introduced from delaying Social Security could be too great to bear.
Taxability Concerns
Social Security is taxable (for many retirees). It’s worth considering if your decision to collect Social Security will have taxation impacts and what your net-of-tax benefits are.
What Do Your Trusted Advisors Have to Say?
While every retirement is a unique adventure, these adventures often rhyme. Your trusted advisor(s) might have seen dozens or hundreds of successful retirements before, all of which rhyme with your plan.
Their counsel might sway you in an optimal direction.
“I’m Ready Uncle Sam!”
Are you ready for Social Security? It’s not an easy question to answer.
Hopefully, I’ve answered more questions today than created new ones. Still, don’t hesitate to reach out with any questions or concerns.
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-Jesse
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Textiles are at the heart of home furnishings, serving a dual purpose of functionality and fashion as the choice of fabric significantly influences a space, elevating aesthetics and functionality. From robust upholstery fabrics designed for durability to opulent drapery that exudes luxury, textiles can change how a house looks and feels.
Textiles in home decor and interior design: Tips to elevate home furnishings with fashion and functionality (Photo by Behance)
In an interview with HT Lifestyle, Saba Kapoor, Co-Founder of Nivasa, advised, “Go for special braids and weaves, showcasing artisanal craftsmanship to elevate interiors. Apart from their practical functions, textiles act as a medium for personal expression, mirroring the homeowner’s individuality and setting the overall ambiance of the space. They have the unique ability to celebrate cultural heritage by incorporating traditional patterns or showcasing expert craftsmanship.”
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She further recommended, “Opt for upholstery fabrics that boast dust-proof and spill-resistant properties, ensuring furniture stays pristine with minimal upkeep. This practicality enhances the longevity of furnishings while maintaining aesthetic appeal. Be it elegant throws, rugs or curtains, textiles play a multifaceted role in transforming a house into a home thereby enhancing the functionality and style. More often than not, textiles also also resonate with the individuality and cultural identity of its inhabitants, making the living space truly personal and inviting.”
Bringing his expertise to the same, Sachin Chauhan, Director at Dialogues by Nirmals, said, “Textiles are a way of transforming functionality to become a prominent element in home furnishing fashion. The exploration of this evolution bridges functionality and aesthetics seamlessly. The intrinsic role textiles play in elevating home décor is adding a statement look to any space. As textiles evolve, homeowners and stylists are seeking to incorporate innovative textures, patterns, and materials, turning everyday items into expressions of personal style.”
He concluded, “Textile pieces not only contribute to the overall aesthetic of living space but transform it into a curated and fashionable haven. From luxurious drapes to intricately designed cushions, the broad category of textiles is stealing the spotlight by becoming the ultimate functional source of adding interesting decor and fashion.”
With its cobblestone streets, historic architecture, and vibrant arts scene, Providence, RI offers a unique blend of old-world charm and contemporary allure. From strolling along the scenic Waterplace Park to indulging in the city’s renowned culinary delights, there’s something for everyone. Considered one of the most livable cities in the United States, the city provides a welcoming and diverse community for residents to call home. So whether you’re searching for the perfect apartment in Providence or eyeing a charming rental home in one of the city’s historic neighborhoods, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Providence. Let’s get started and see what awaits in this dynamic city.
Pros of living in Providence, RI
1. Rich cultural heritage
Providence has a rich cultural heritage that is evident in its diverse neighborhoods and thriving arts scene. From the historic architecture of Benefit Street to the eclectic galleries of the West Side, residents can immerse themselves in the city’s artistic and cultural offerings. The renowned Rhode Island School of Design (RISD) and the Providence Performing Arts Center further contribute to the city’s creative atmosphere, making it a haven for artists and art enthusiasts alike.
2. Culinary delights
Providence is a food lover’s paradise, with an outstanding culinary scene that offers a diverse range of dining experiences. From award-winning restaurants like Al Forno and Oberlin to the bustling food markets at Federal Hill, residents can indulge in a variety of cuisines and flavors. Annual food festivals, such as the Charlestown Seafood Festival just outside of Providence in Charlestown, RI further showcase its culinary prowess, making it a haven for foodies.
3. Access to higher education
Providence is home to several prestigious institutions, including Brown University and Johnson & Wales University, providing residents with access to top-tier education and research opportunities. The city’s intellectual atmosphere and proximity to renowned libraries and museums make it an ideal location for lifelong learners and academics.
4. Scenic waterfront
Providence’s picturesque waterfront offers residents a serene escape from the urban hustle and bustle. The Waterplace Park and Riverwalk provide stunning views of the city skyline and host events like the WaterFire art installation, creating a scenic environment for relaxation, entertainment, and recreation.
5. Strong sense of community
Providence prides itself on its strong sense of community, with numerous neighborhood associations and community initiatives that foster a spirit of togetherness and belonging. Residents can participate in local events, volunteer opportunities, and grassroots movements, creating a close-knit and supportive environment.
6. Proximity to nature
Despite being a bustling city, Providence offers easy access to nature, with nearby parks, nature reserves, and hiking trails. Residents can escape to places like Roger Williams Park or the Blackstone River Bikeway to enjoy outdoor activities and connect with the natural beauty of the region.
7. Cost of living
Providence offers a relatively affordable cost of living compared to other major cities in New England, making it an attractive option for those seeking to live on the East Coast. The average rent for a 2 bedroom apartment in Providence is $2,225, much less than rents in nearby Boston ($5,288) or New Haven ($3,200).
Cons of living in Providence, RI
1. Harsh winters
With an average of over 30 inches of snow a year, Providence experiences harsh winters with heavy snowfall and cold temperatures. The winter months can bring about travel disruptions and outdoor inconveniences, which can be challenging for residents who are not accustomed to such weather conditions.
2. Limited job market
Providence’s job market may be limited in certain industries, which can pose challenges for professionals seeking specific career opportunities. While the city offers diverse employment sectors, some residents may find it necessary to explore job prospects in neighboring cities or regions to fulfill their career aspirations.
3. Aging infrastructure
Providence’s aging infrastructure may present maintenance and upkeep challenges, leading to occasional inconveniences and disruptions for residents. The city’s historic buildings and infrastructure require ongoing attention and investment to ensure their longevity and functionality, which can impact the overall quality of life for residents.
4. Humid summers
Providence experiences humid summers, with high temperatures and humidity levels that can be uncomfortable for some residents. The summer months may require individuals to adapt to the heat and humidity, seeking ways to stay cool and comfortable during the warmer seasons.
Thinking about spending your college years in North Carolina? Well, the college towns on this list have the potential to spice up your studies. These spots are more than just classrooms and lecture halls; they’re the backdrop to your entire college experience.
From Chapel Hill to High Point, each college town below brings its own set of attributes to the table. Ready to check out some of North Carolina’s coolest college towns? Your tour starts now.
Chapel Hill is synonymous with the University of North Carolina, known for its law and medicine programs. The presence of UNC influences local businesses and social scenes, catering extensively to students and faculty.
In Chapel Hill, students often stick around after graduation to create their own paths and pursue their dreams. One shining example of this is Brandwein’s Bagels, a UNC grad-founded New York-style bagel shop that has taken Chapel Hill by storm in recent years.
Apartments near University of North Carolina | Houses for rent near University of North Carolina
Durham is primarily known as the home of Duke University, a prestigious figure in research and academia, particularly in business and environmental sciences. The student population heavily influences the local economy, with numerous shops and services tailored for them. The university’s partnerships with local businesses foster a mutually beneficial relationship.
Duke’s involvement in Durham extends well beyond the campus walls. A great example of Duke’s impact on Durham is the Duke Clinical and Translational Science Institute. This institute fosters collaboration between Duke researchers and local healthcare providers to accelerate the translation of scientific discoveries into improved patient care.
Apartments near Duke University | Houses for rent near Duke University
Appalachian State University in Boone is known for its sustainability and renewable energy programs. The university’s focus on environmental issues influences the local community, which actively engages in green initiatives. This academic direction steers local policies and business practices towards sustainability.
Students often fall in love with Boone during their four years and find themselves sticking around after graduation. This investment in the natural beauty of the area and focus on environmental stewardship ensures the longevity of the resources that make living in Boone so appealing.
Apartments near Appalachian State | Houses for rent near Appalachian State
Greensboro is boosted by the presence of UNC Greensboro, which shines in visual and performing arts. The creativity stemming from the campus spills over into the city, fostering a creative community that supports galleries, theaters, and plenty of live music venues.
Additionally, Greensboro’s economy is bolstered by the university’s business programs. Graduates often stay in town, applying their skills to local enterprises and start-ups. There’s no better example of this than UNC Greensboro graduate-founded company, Xtern Software.
Apartments near UNC Greensboro | Houses for rent near UNC Greensboro
5. Greenville – East Carolina University
Population: 87,521 | Student population: 28,021| Average 1-bedroom rent: $999
East Carolina University in Greenville is respected for its medical and fine arts programs. The university influences local health services and ensures a strong culture through its arts community. This partnership enhances the quality of life in Greenville, making it an attractive place for students and professionals to find their way.
ECU’s Brody School of Medicine and College of Nursing contribute significantly to healthcare in Greenville and the surrounding region. Through partnerships with local healthcare facilities and clinics, ECU students and faculty provide essential medical services to underserved communities.
Apartments near East Carolina University | Houses for rent near East Carolina University
North Carolina State University is a hotspot for engineering and textiles in Raleigh. The Wilson College of Textiles leads the charge by contributing to Raleigh’s well-known textile industry. This connection keeps talented people in town and ensures Raleigh maintains its status as a titan in the textile industry.
NC State’s presence in Raleigh also bolsters technological innovation and entrepreneurial ventures. The university’s entrepreneurship program has garnered praise from all over and has resulted in the development of unique programs like the Wolfpack Investor Network. This program brings together the brightest minds and biggest pockets NC State has to offer to maximize their impact on Raleigh and the country.
Apartments near NC State | Houses for rent near NC State
Elon University is a pivotal part of its namesake town. Elon University is particularly respected for its communications and business programs. The university’s influence is visible in the town’s infrastructure and culture thanks to the Kernodle Center for Civic Life.
In Elon, the university’s commitment to producing well-rounded graduates shapes local businesses and social initiatives. This close relationship promotes a seamless integration of student life and community growth, ensuring Elon’s small college town charm for years to come.
Apartments near Elon University | Houses for rent near Elon University
High Point University is famous for its pharmacy and interior design programs. The university’s strongest programs reflect the priorities of the local economy, especially since High Point is known as the “Home Furnishings Capital of the World.” This alignment between educational programs and local industry creates clear career pathways for students to find success while living in the High Point area.
The influence of High Point University also extends into the local community through its top-tier pharmacy program. Graduates often find opportunities right in town, helping to staff and manage local medical facilities.
Apartments near High Point University | Houses for rent near High Point University
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 500,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
If there’s a single theme to interior design trends in 2024, it’s that virtually anything goes. TikTok, obviously, gives fresh aesthetics viral appeal, so much so that, though we’re not even midway through the year, we’ve already cycled through the Unexpected Red, Bookshelf Wealth, and—how could we forget?—Mob Wife trends. (We forgive you if your head is spinning.)
The upshot? Personalization is more important than ever in 2024, no matter what space you’re looking to zhuzh up. “A focus on previously underestimated areas of the home such as the hallway, pantry, utility room, and laundry room are coming center stage,” observes Gemma Riberti, head of interiors at international trend forecasting agency WGSN. “Searches for ‘handmade’ and ‘eclectic interior design vintage’ are [also] growing steadily on platforms such as Etsy or Pinterest.”
“When I grew up, the first thing we did [when we redecorated] was [match] the curtains, for example, all the textiles,” affirms Karin Gustavsson, a creative lead at Ikea. “Today it’s not about coordination. Instead, [it’s about] objects that show who you are—this is my heritage, what I’ve collected during trips and travels.”
In Milan, Salone del Mobile—the world’s biggest design trade fair—and the city’s broader design week, provides the perfect moment to take a trends temperature check. In fact, ELLE DECOR editors fanned out across the Italian design capital to take stock of what’s new and what trends seem to have staying power. We’ve also spoken to a roster of ELLE DECOR A-List designers and industry experts to reveal some surprising—and not so surprising—home design directions set to unfold this year—and beyond. Here’s what we’ve uncovered.
Our Furniture Is About to Get Blinged-Out
Armani Casa
Armani Casa’s glamorous showcase in Milan, with new pieces inspired by Giorgio Armani’s travels.
Ready for some 24-karat magic? We certainly are! In Milan, some of the biggest names in Italian design went all-out on gold bling—a welcome departure from the more pared back, stone-and-leather material palettes that the region has become known for. Perhaps the biggest example of this trend came via Edra, which, at the Salone del Mobile fair, unveiled a series of new Minerals fabrics. A glass display case showed how each corresponded with a particular stone—from pyrite and onyx to silver and white quartz. But it was the gold offerings that stood out the most. Light gold, dark gold, and, most eye-catching of all, pure gold lit up the Edra booth with glittering upholstery, proving that you can achieve a glam, metallic look without the need of a hard surface. Elsewhere at the fair, Molteni&C celebrated its 90th anniversary in a way that only the revered Italian brand can: via a gold edition of the iconic D.154.2 armchair.
Armani Casa, meanwhile, showed off plenty of gilt at its showcase at the magnificent Palazzo Orsini in Milan. The new collection was inspired by Giorgio Armani’s many trips around the globe, with accessories available in a variety of different gold finishes. The section that pays homage to China, though, is where the metallic accents really stood out. The Venus console, for instance, uses gold leaf in its stone surface, like glamorous marble veins. Want to bring the vibe into the kitchen? We’ve got you covered there too: At its showroom on the bustling Via dell’Annunciata, Officine Gullo showed off a jaw-dropping oven range with 24-karat gold hardware. Talk about bling or bust!
Soft on the Outside, Squishy on the Inside
Poltrona Frau
Softer seats, like the new Parka Sofa by Draga & Aurel for Poltrona Frau, are all the rage.
It’s no surprise that outdoor furniture is bigger than ever before. Since the height of the Covid-19 pandemic in 2020, brands have been scrambling to bring their designs to the backyard. Now, though, there are some prevailing themes to be found among the latest batch. In particular, there seems to be renewed emphasis on bringing rounded sofas, armchairs, and even cocktail tables outside, continuing the trend of kidney bean–shaped furniture that’s been persistent throughout the last few years. At the Salone del Mobile fair, for instance, Dedon previewed new, curvy chairs from the likes of Stephen Burks, Claudio Bellini, and many others, pairing these voluptuous silhouettes with signature colorful synthetic weaves. Meridiani showed new, curvaceous outdoor lounge chairs at its booth as well at the fair. Another highlight at Milan Design Week was De Padova, which showcased a new outdoor collection, Afternoons, that resembled the look and feel of curved woven baskets.
The interiors world, meanwhile, continues to gravitate toward squishy, low armchairs and sofas. That mantra was most on display at Poltrona Frau, which introduced an exciting new collection designed by revered British designer Faye Toogood. Dubbed Squash, the pieces range from mirrors to ottomans and stools, with the curvaceous, cushy armchair being the real statement piece. Even Frau’s collaboration with Draga & Aurel, Parka, fit the theme. Minotti, meanwhile, made quite a statement at the Salone del Mobile fair. Following the death of the brand’s creative director Rodolfo Dordoni last year, Minotti opted to engage with a new list of designers for its latest introductions, including ELLE DECOR A-Lister Hannes Peer. Peer’s Emmi armchair marks a bit of a departure for the storied Italian brand, with its low seat and subtle yet striking curves.
Say So Long to the ‘70s—the ‘90s Are In
Though our collective obsession with all-things ‘70s isn’t going away anytime soon, a new throwback era is steadily rising to the fore: the late 1980s and 1990s.
“It was a very optimistic period, the ‘80s and ‘90s—the pop music, people were setting up companies,” says Gustavsson. For Milan Design Week, the company announced that it is reissuing two designs from the time period, including the Klippan sofa and Poäng lounge chair—both ‘80s designs by Japanese designer, Noboru Nakamura.
But the ‘80s and ‘90s references didn’t stop there: local firm StudioDanielK presented Antechamber, a collection of elegant, postmodern-ish chairs, lamps, and tables that we could picture in a chic update of Dr. Frasier Crane’s apartment.
Cork Is the Material of the Moment
Ethan Herrington
If your interior designer tells you to put a cork in it, you might want to think twice before taking offense: This lightweight, spongy material is jumping off the pinup board and onto walls, floors, and furniture. Part of the appeal has to do with its sustainability—cork is naturally biodegradable, free of scary chemicals, durable and water-resistant, and a completely renewable resource (cork trees aren’t cut down; rather their fast-growing bark is harvested).
If those qualities weren’t enough, it’s also a beautiful material—and designers are going crazy for it. Designers including Studio Dorian and Charlap Hyman & Herrero have clad rooms floor to ceiling in this soft brown material.
“We showed [our client] a photo of Yves Saint Laurent’s office in Paris that has a big cork wall that he pinned things to,” Studio Dorian’s Peter Dolkas told us in our May 2024 issue. “That was our sort of gateway to get her excited about the idea, but it didn’t take much convincing.”
High-Gloss Walls Are Out; Texture Is In
Douglas Friedman
The walls of this San Antonio home are in a sage-hued plaster, and the ceilings are clad in reclaimed longleaf pine.
Plain white walls are still out, but so are slick, high-gloss finishes that can turn any room into a hall of mirrors. “I think lacquer had its 15 minutes, and seeing your reflection in dining room walls doesn’t interest anybody right now,” says Palm Beach–based interior designer Lori Deeds of Kemble Interiors. “Brushed or hand-applied finish is where it’s at, like Roman clay or limewash [with its sueded texture] or hand-tooled plaster, which I love doing.” According to the results of 1stDibs’s seventh annual trends survey, when 624 interior designers were asked to predict the most popular wall finishes, the highest percentage of designers also doubled down on limewash.
“People want some action to their surfaces,” adds Los Angeles designer Oliver Furth. “Straight painted sheetrock doesn’t feel exciting right now.” But it’s not all about paint or other applied finishes; there’s a lot to be said about clever manipulation of natural materials. “We’ve been thinking a lot about texture—not fabric texture but more like patterns in wood that are three-dimensional,” explains Kligerman Architecture & Design founding partner Tom Kligerman. “And patterns in stone—not just slabs, but [what can happen] when you cut it into a checkerboard pattern of four-inch blocks with half of them recessed and the other half projecting, so its surface has been manipulated into this wonderful geometric texture that changes when you introduce light into the picture.”
Brown (Yes, Brown) Will Be Your Next Statement Color
Francesco Dolfo
In the primary bedroom of this Milan home, the wall paint is RAL Pale Brown, and the window paint is RAL Green Beige.
As ’90s neutrals were accurately predicted to replace drab gray tones in 2023, some of the same standout colors are poised to make an earthy splash this year. “We’re definitely seeing more and more brown in our lives—the Billy Baldwin variety of brown—and it’s a real throwback,” says Dallas-based interior designer Jean Liu.
When pinpointing next year’s hottest colors, 1stDibs determined that dark brown was in the top three, followed by shades of yellow and light brown. “There’s a color we’re using a lot in the studio that we’re calling ‘hot brown,’” adds Furth. “But browns are definitely happening—like really warm browns that might be a play on a 1970s palette, and those caramel colors, along with coral and persimmon.”
“Our eagle-eyed curators have spotted a major interest in these palette trends over the past few months,” adds Anna Brockway, the president and cofounder of Chairish. “They’re specifically on the rise among our most loved categories including upholstery, painted cabinetry, art, tabletop, jewelry, and decor.” For Danielle Barr, president of Woven, the New York–based rug design and development company, browns are “the new neutrals” and continue to resonate with their clientele. “We launched a lot of brown [rugs] in the past two years—chocolate browns and a variety of rust and deep golden wheat colors—that have a warmth to them because of the existing warmth to the natural wools themselves, so taking those colors on makes them feel even richer.”
“Brown is a great color—it’s very warm and rich, and it’s actually a great neutral to layer with other colors,” says New York interior designer Alyssa Kapito. “Everything was very gray, and now it’s much warmer—think sepia and caramel.” For designer Neal Beckstedt, the palette is a definite mood shifter. “Beige and brown are on an upswing along with very muddy colors that have an 18th-century calmness to them—think earthy colors with less vibrancy and more richness.”
Prepare for a Terra-Cotta Tile Takeover
Douglas Friedman
In this Sonoma estate, the handmade star-and-cross terra-cotta tile floor adds texture and dimension.
In terms of popular materials, 1stDibs found that ceramic and terra-cotta earned a top spot with nearly a quarter of designers surveyed. “I was recently in Box Hill—Stanford White’s summer home—and his use of terra-cotta in the entrance hall is so beautiful,” says Kligerman. “I’d love to start using more of it in houses just for the sculptural opportunities, and I’m looking into different colors like the beautiful greens and cobalt blues and, of course, the natural shades of ocher.”
“I’m here for it,” agrees Furth. “Right now, I’m doing a bathroom in glazed terra-cotta tile that will feel like a beautiful Georgia O’Keefe–style hammam.” The clay-based glazed—or unglazed—material’s appeal can likely be attributed to its use across a wide range of design and architectural styles, from Italianate and Spanish to Art Deco and Arts and Crafts. “Antiqued terra-cotta makes for the most fabulous floor—especially in Palm Beach, where we have so much 1920s architecture,” adds Deeds. “As an alternative, clients are really loving the zellige tiles from Morocco that also work so beautifully in these homes.”
Bouclé Is Here to Stay…but with Fresh Updates
Adrian Gaut
In this Toronto home, bouclé chairs by Nienkamper surround a table by Aschberg Magnuson.
Since as far back in furniture design history as 1948, when architect and designer Eero Saarinen upholstered his iconic Womb chair in bouclé, the nubby-textured fabric has proven its staying power. And whether it pops up on a Pierre Yovanovitch Papa Bear armchair or is worn as armor in the form of an iconic Chanel suit, bouclé exudes a certain opulence. For San Francisco–based interior designer Nicole Hollis, it’s the one fabric that is the epitome of quiet luxury. “I’m always attracted to bouclé, and Rosemary Hallgarten’s alpaca bouclé fabrics are just gorgeous.”
“You don’t want to do an entire apartment in bouclé, but we’ll never get tired of it.”
“A very stylish friend from New York texted me the other day asking if there was ‘any furniture in 2023 that was not covered in bouclé?’” laughs Furth. “It is here to say, though we’re seeing new versions of it with thicker pile and in different colors—the skimpy cream and off-white bouclés feel down-market.” And where the fabric’s longevity is concerned, Kapito is in full agreement. “It’s a classic and always adds a beautiful texture to a room—you don’t want to do an entire apartment in bouclé, but we’ll never get tired of it.”
Straight Lines, Meet Curves
PION Studio
In a corner of this living room, linear custom millwork frames a curvaceous sofa.
Reporting on the most iconic seating, 1stDibs named Hans Wegner’s Wishbone chairs and Vladimir Kagan’s Serpentine sofas among the most coveted by designers—both of which share one distinct attribute—curvaceousness. “I’m over the straight line—we’re all about some curves and softer shapes in the new year,” says Liu. “With furnishings, we see scalloped details are really part and parcel of pieces we’re specifying, and it could be in the frame of a mirror or an upholstery detail—we recently showed clients a set of found barstools that had an undulating wood-carved detail on the back that they really loved.”
“The precision of being a perfect block is out.”
“A [Jean] Royère Polar Bear sofa never gets old for me,” says Kapito. “The thing you need to remember about any trend is that you don’t want to commit to it everywhere, so if you have a curved desk and chairs, you want to make sure there are also [pieces with] straight lines in the room—it’s a mix and balance that makes a space interesting.” Not surprisingly, Deeds takes a similar stance, with regional design in mind. “The undulating curves like those found in [the work of] Royère are a regular theme in Palm Beach design and the scallops you’re seeing in furniture design are really hot right now but also timeless.”
“I see so many curves, and they’re not going away,” adds Hollis. “Artisans are embracing that curvature and more organic forms.” For Beckstedt, the path ahead is decidedly more roundabout. “The precision of being a perfect block is out. Biedermeier furniture, for instance—with its curves and warmth—is becoming more present, and gone are the days of ’80s-inspired glass and steel.”
Artisanal Everything Is In
Patrick Biller
In the foyer of this Toronto home, Montana Labelle styled a vintage credenza with vintage accessories and artwork found on secondhand sites like Chairish and the RealReal.
There’s an art to creating exceptional design, and it’s never more evident than in bespoke pieces and artisanal work that showcase the incomparable skill of human hands. “We’re not sick of seeing the artist’s hand and the human touch [in design], especially post-pandemic,” says Furth. “Our clients are craving the handmade—whether it’s ceramic tile or hand-carved wood furniture or handblown glass, human irregularity is soothing.”
Tapping artists to expand their craft for one-of-a-kind, hand-tooled pieces is something Hollis does on a regular basis. “[British artist] Nic Webb carves these gorgeous vessels out of solid wood, and we asked if he could turn one of them into a light fixture [for a project],” she explains. “And it really made a statement.”
In its own trend forecast, Chairish identified an increased demand for imperfectly perfect design that included American folk art and elements like whip stitching. “Handmade, heirloom, antique, or vintage items were made with consideration and care,” adds Brockway about a world where anything can be mass-produced. “There’s something incredibly unique and just plain fun about the way their details come to life.”
New York- and Palm Beach–based designer Victoria Hagan applauds the character in these small details as well. “I’ve also placed a new emphasis on natural materials, including a celebration of their imperfections,” she adds. “We’ve all certainly learned that life is not always perfect.” As Barr explains, noting that everything they make is by hand. “We intentionally mix materials in a way I don’t think our weavers have seen before,” he explains. “We don’t like things to be flat and perfect, which makes you see more abrash, or the natural variations [in the rugs].”
High-Tech Lighting Will Be Our Decorating Bestie
Douglas Friedman
Sun shines upon the monochrome kitchen of this desert-modern retreat, but at night, high-tech lighting transforms it into a chic cooking space.
Developing the ability to change the intensity and color of the light in a space was truly a bright idea, and over the past decade the technology has become more and more desirable. “People are embracing the technology that allows for color tuning,” says Liu. “It can make a room feel like it’s getting natural daylight even if it’s gloomy outside, but it’s not inexpensive.” She also notes the very practical purpose it serves for some of her clients. “For art collectors, it really elevates the way they’re interacting with the works in their home.”
Companies like Philips, AiSPiRE, and USAI Lighting have long offered an array of products to enhance interior LED lighting, and now designers and homeowners alike are beginning to see the light. “Though [the ability to tune] color temperature is a big thing—some clients love it, and some don’t,” admits Hollis. “We’ve been using Kreta, and each light bulb is programmable, and you can warm it and change the color temperature. It’s a little more expensive [than traditional lighting], but you have the capability to control it all through an app.”
Alternative Materials Will Be the Standard
Theo Tennant
Suede remnants from a British leather factory clad the hallway of this Paris apartment.
Sustainability has transcended trendiness to become a wider goal for the design industry in an effort to significantly reduce negative environmental impacts, while also enhancing the well-being and spaces of those who embrace it. “We’re seeing a lot of attention being paid to materiality—what it is, where it comes from, and where it’s sourced,” says Hollis. “And that means people are creating furnishings and products that are more interesting based on those parameters, like Max Lamb’s furniture collection made from recycled cardboard.”
Meanwhile, during Milan Design Week, designer Harry Thaler, in tandem with the company EconitWood revealed a series of gorgeous, curved furniture and lamps made from a material derived from recycled sawdust.
“There are some materials that will disappear,” Gustavsson, from Ikea, predicts. “I can see it in the high-end furniture as well.” Design companies, she points out, are abandoning chrome in favor of more environmentally friendly materials. Ikea, for its part, is ramping up its exploration of sustainable artificial fibers. Woven, in an effort to “reshape the rug industry,” is also exploring alternative materials for its bespoke floor coverings. “We’ve mixed aloe [fibers] in with wool, and now we’re working with eucalyptus silk—which is another sustainable product—and mixing it with natural wools to create more depth and texture in our rugs,” explains Barr.
Victorian-Era Details Will Have a Revival
Kelly Marshall
Whether or not we have to thank television series like Julian Fellowes’s HBO period drama The Gilded Age—and its predecessors Belgravia and Downton Abbey—for the renewed interest in the aesthetics of 19th-century design is beside the point, because we’ve moved straight into embracing it. “We recently completed a home with walls comprised of different pieces of oak, reminiscent in a way of Victorian architecture with its beaded board and square and diamond shapes, so there’s this great interior texture—especially when the light crosses the surface,” shares Kligerman. Though he’s quick to add the era’s heavy design shouldn’t be translated too literally. “You eliminate some of the fussy, flowery details and make it more abstract, more rectilinear—or even geometric—and remove the Gothic tendencies so it’s cleaner.”
“To that point, clients have been coming to me with images of that [late 19th-century] Parisian style—crown moldings and chevron floors—so there’s definitely a revival happening,” adds Hollis. “There’s also more modern millwork in conjunction with those moldings and things [as a balance], but it’s certainly a more ornate style.”
Still, one has to wonder, Are these late 1800s design elements really making a comeback? “Absolutely! And we can’t forget fashion’s influence either,” says Brockway about the rise in Victorian-inspired flourishes. “We consider it a nod to maximalism and a reminder to layer these elements into your home through furniture, art, and decor for the ultimate one-of-a-kind look.”
Helena Madden is ELLE DECOR’s market editor, and covers all things product and trend, from flatware and furnishings to kitchen and bath. She previously worked as a staff writer at Robb Report, where she covered luxury news with a focus on interior design.
Anna Fixsen, Deputy Digital Editor at ELLE DECOR, focuses on how to share the best of the design world through in-depth reportage and online storytelling. Prior to joining the staff, she has held positions at Architectural Digest, Metropolis, and Architectural Record magazines. elledecor.com
The number one rule of the marketplace is to understand your customer. Knowing what they need, what they want and what they fear is fundamental for success. The housing market has shifted. Today it’s dominated by baby boomers who make up 39% of all homebuyers and 52% of all home sellers.
Known as “Peak 65”, in 2024 more than 12,000 people per day will turn 65. The massive age wave is cresting over the next three years, and by 2030 all boomers will have turned 65. This has baby boomers deeply concerned about retirement, as they are scrambling to prepare for life after work. The expensive and limited housing inventory today has created a scarcity mentality, that has Realtors struggling to provide appropriate housing for an aging population.
The Retirement Trifecta
To retire successfully, to meet the challenges and manage the risks boomers face, they will need to secure their own personal, Financial Trifecta of:
Income for living, care for aging and housing forever.
These critical needs are the fundamentals of retirement planning, and “Peak 65” demographics will largely reshape housing, real estate and lending for decades to come.
To understand your boomer customer is to know what they fear most. In this age of longevity, when the boomer generation must plan for decades of life after work, the big fear is running out of money. In my experience of serving boomers for more than four decades, the biggest fear is the loss of their independence, and becoming a burden on their children if they run out of money.
Accommodate the trifecta
Those Realtors, builders and originators who choose to serve this massive market shift, will need to accommodate the Retirement Trifecta. Baby boomers value relationships with those providers, that customize solutions to fit their needs and wants to retire.
Again, the trifecta is:
Income for living: In retirement, a boomer must establish sufficient and sustainable streams of income to meet the rising costs of living longer, in this new inflationary era.
Care for aging: Aging is a family affair that requires both financial as well as care-giver strategies, with the cash to pay for it.
Housing forever: Boomers must secure housing that is safe and appropriate for aging, through all the stages of retirement.
Housing costs will likely be the number one expense through retirement. Because 78% of boomers surveyed want to age-In-place, costs of home modification and maintenance will need to be carefully planned out.
Boomers in pursuit of their Trifecta will need us to understand and accommodate the urgent demands of their retirement. A housing professional’s value proposition must extend beyond building and selling homes and originating mortgage loan transactions. The housing industry must provide real solutions to the challenges that a rapidly growing, elder centric population demands. The industry professionals with the vision to adapt their services will be those who will thrive and help usher in a great new era of American housing.
The housing wealth solution
The baby boom generation has created more housing wealth than any other generation in history. Today, boomers have approximately 13 trillion in available home equity. Boomers home equity will likely grow past 20 trillion by the end of this decade. Today, boomers are living in the very asset needed to help provide for their personal Retirement Trifecta.
To solve the problems we face, and unleash the possibilities of the future, we as an industry must elevate the scope and purpose of our work. We need inspired home-building that includes universal design. We need Realtors trained in matters of aging-in-place, who are committed to guiding senior buyers into buying decisions that will provide housing security for the long-term. We also need a growing professional class of strategic mortgage planners committed to providing home equity conversion solutions that address the demands of the Retirement Trifecta.
From my experience as a home builder, and a mortgage planning specialist, having sat down at more than 4,000 kitchen tables, serving the housing needs of homeowners since 1976, this truth I confidently share with you.
“The single most impactful quality of life decision people make, is the home in which they choose to live.”
Home is where family happens, and we who provide housing have the great privilege, through our life’s work, to make the dreams of those we serve, the possible dream.
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