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If you get paid biweekly, there are two months when you will receive three paychecks instead of two, depending on your pay schedule.
August may be one of those three-paycheck months.

If you are a W-2 employee and get paid biweekly, there are two months out of the year when you will receive three paychecks instead of the usual two.
August may be one of those months.

This is a great opportunity to give your financial standing a boost, experts say.
“Receiving three paychecks in August can seem like a welcome surprise, but it also affords us a great way to plan ahead — and potentially get ahead,” said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California, and a member of the CNBC Financial Advisor Council.
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The months in which you get three checks depend on your pay schedule.
If you received your first paycheck this year on January 5, your three-paycheck months will be March and August.

If you received your first paycheck on January 12, 2024, your three-paycheck months will be May and September.

How to make the most of a three-paycheck month

“It may feel like ‘extra’ income but it’s not, it’s just spread out this way, so treat it as carefully as a typical paycheck and don’t blow it on something you’ll regret later on,” Sun said.
Consider this a chance to financially “level up.”
To that end, start by putting the money to good use by paying down high-interest debt, such as a revolving credit card balance.
“Mathematically, paying off short-term debt is always going to have the most impact,” said Derik Farrar, head of consumer deposits at US Bank.
Typically, credit cards are one of the most expensive ways to borrow money. The average credit card charges an interest rate of more than 20%, according to Bankrate.

“If you’re fortunate enough to be debt-free, then add to your emergency fund,” Sun advised.
Most financial experts recommend having at least three to six months’ worth of expenses set aside, or more if you are the sole breadwinner in your family or in business for yourself. Many households have far less saved these days.
“As we get further away from the pandemic and those cash cushions, it’s probably a good idea to look at how to start to rebuild that again,” Farrar said.
After that, an extra paycheck should go toward future plans, according to Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth, a wealth management firm based in New York.
“Assuming they’re all topped off on cash, this money can be invested for long-term goals,” said Boneparth, who is also a member of CNBC’s FA Council.

Sun recommends putting some funds in a 529 college savings plan or a Roth individual retirement account, which has the added advantage of allowing account holders to withdraw their contributions at any time without taxes or penalties.
Contributions to a traditional workplace 401(k) plan generally cannot be withdrawn without penalty but could come with the added benefit of an employer match, which is essentially free money toward your retirement savings goals.
However, “it doesn’t have to be all serious with no fun,” Sun said, whether that means spending a portion of this paycheck on getting together with friends or family or even just a night out.
“Don’t waste the opportunity and go celebrate carefully too,’ Sun said.
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Social Security is a major source of income for most retirees.
Yet most people don’t know how much income they may receive from the program.
Here’s how to access your Social Security retirement benefit estimate.

Klaus Vedfelt | Getty Images

For most retirees, Social Security benefits is a major source of income.
Yet, just 11% of Americans who aren’t retired say they know exactly how much benefits they stand to receive, according to new research from the National Institute on Retirement Security.

At the same time, 24% are “not very sure” of their benefit amounts and 22% say they have no idea, according to the research, which is based on an October survey of more than 1,200 individuals ages 25 and up.
Men are more likely than women to say they have an exact or very good idea of the amount of monthly Social Security income they may eventually receive, NIRS found.
In 2024, almost 68 million Americans will receive a per month Social Security benefit, totaling about $1.5 trillion in benefits paid during the year. Retired workers receive an average of $1,918 per month.
However, experts say it’s important to know you do not have to be retired or near retirement to start gauging how much income in Social Security benefits you may be set to receive.

How to get your Social Security benefit estimate

To help workers of all ages gauge their benefits, the Social Security Administration provides detailed statements.

Individuals ages 18 and up can check their records online by creating a “My Social Security” account, according to the agency. Workers ages 60 and over who do not have online accounts can still expect paper statements in the mail. Everyone can request paper statements.

“Workers can go to the Social Security Administration website and log into their own account and receive an estimate of their future benefit amounts,” said Tyler Bond, research director at NIRS, during a Tuesday presentation of the firm’s research.
“Most workers seem not to have done that and don’t seem to have a good sense of what they will get personally from Social Security,” Bond said.

What your online statements will tell you

For individuals ages 62 through 70, the big reason to check your Social Security statement is to see how the annual cost-of-living adjustments affect your monthly benefit checks, according to Joe Elsasser, a certified financial planner and president of Covisum, a Social Security claiming software company.
But for workers who are younger, it’s still valuable to check statements.
“The best way to think about it is, what kind of living standard would Social Security provide if you continue to work, continue to basically get wages that are in line with inflation,” Elsasser said. “That’s what the Social Security statement tells you.”
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It can also help to get an idea of how much of your income may be replaced by Social Security in retirement.
For example, if you’re currently earning around $6,000 a month, and your Social Security statement shows an estimated $2,000 monthly benefit, about one-third of your pre-retirement income may be replaced by Social Security benefits, Elsasser said.
However, it’s important to keep in mind the statements are just a snapshot in time, as they don’t project wage increases or future cost-of-living adjustments.
If your earnings history falls short of 35 years, the estimated benefit may fluctuate, because even one additional year of higher wages can have a substantial impact, Elsasser said.
“The closer someone is to age 62, the more accurate it is,” said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator.

What to watch out for

One important reason to check Social Security benefit statements is to make sure there are not any errors in your earnings history.
It’s a good idea to check your Social Security statement annually to double check your wage history as it is updated, Blair said.
The records are correct most of the time, though mistakes can happen, he said.
“If you see earnings are missing or they’re not posted correctly, you can get that fixed,” Blair said. “And the earlier you catch it, the easier it is to fix it.”

To have your earnings record corrected, you can take your W-2 form (or Schedule SE if you’re self-employed), to your local Social Security Administration office, Blair said. (To schedule an appointment or get help by phone, call 1-800-772-1213.)
Other forms of proof can also be used to verify earnings, according to the SSA, including tax returns, wage stubs, pay slips, personal wage records or other documents. The agency will also investigate based on facts you remember if you do not have paper proof.
As the Social Security Administration asks online account holders to update their online accounts amid a transition to a more secure system, account holders should also watch out for fraud, Elsasser said.
Emails may try to redirect unsuspecting individuals to false links that are not affiliated with the SSA to try to steal their personal information, he said.
Before entering any information, make sure the link is a secure “.gov” website, Elsasser said. More important, rather than clicking on email links, opt instead to enter “SocialSecurity.gov” or “SSA.gov” in the search address bar.
To be sure, as Social Security’s trust funds run low, would-be beneficiaries may worry they may not receive benefits once they retire. Ultimately, Congress will likely implement changes to protect Social Security. Nevertheless, younger workers who are paying into the program through payroll taxes should still expect some return, Elsasser said.
“It’s totally reasonable to expect a benefit cut for younger people,” Elsasser said. “But to plan for it not to be there at all is a poor assumption.”

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NextEra is looking at restarting the Duane Arnold Energy Center in Iowa, CEO John Ketchum said.
The Duane Arnold plant ceased operations in 2020 after 45 years of service.
Demand for nuclear power is growing as the tech sector and utilities scramble for carbon-free energy.

Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images

NextEra Energy is considering restarting a nuclear plant in Iowa as demand for carbon-free energy grows amid a historic surge in electricity consumption.
The Duane Arnold Energy Center in Palo, Iowa ceased operations in 2020 after 45 years of service. NextEra CEO John Ketchum said Wednesday a thorough review of the risks is needed to see if restarting the reactor is feasible.

“There would be opportunities and a lot of demand from the market if we were able to do something with Duane Arnold,” Ketchum said on NextEra’s second-quarter earnings call Wednesday.
“We’re looking at it,” he said. “But we would only do it if we could do it in a way that is essentially risk free with plenty of mitigants around the approach. There are few things we would have to work through.”The Duane Arnold plant was scheduled for retirement in late 2020 after a key customer, Alliant Energy, sought cheaper energy alternatives. The plant ceased operations two months earlier than expected after a derecho, a powerful windstorm, damaged some portions of the plant including its cooling towers.
Nuclear energy fell out of favor over the past decade as plants struggled to compete with cheaper energy sources such as natural gas and renewables. The 2011 Fukushima nuclear accident in Japan also raised safety concerns. A dozen nuclear reactors in the U.S. closed from 2013 through April 2021, according to the Congressional Research Service.

Rush for carbon-free energy

But interest is growing in nuclear again as the U.S. faces significant wave of power demand from artificial intelligence data centers, a renaissance of domestic manufacturing and the electrification of the economy.
“The existing nuclear plants are the hottest thing in power right now,” Mark Nelson, founder of Radiant Energy Group, said on CNBC’s “Last Call” in June. “They’re going to be able to nearly name their price to build out to data centers that are parked right at their gate.”

Electricity demand is rising at the same time the U.S. is trying slash carbon dioxide emissions by accelerating the buildout of renewable energy. Solar and wind, however, still face challenges providing reliable power due to their dependence on weather conditions.
While CEOs in the renewable industry believe battery storage will ultimately solve that problem, utility executives have insisted that nuclear and natural gas are needed to maintain grid reliability.
Southern Company CEO Chris Womack said last month that he thinks the U.S. needs to install more than 10 gigawatts of new nuclear power to meet electricity demand. Southern Company, one of the largest utilities in the U.S., completed the first new nuclear plant in decades last year, though the project finished behind schedule and over budget.
The push for new nuclear has also faced criticism. AES Corporation CEO Andrés Gluski told CNBC in June that the enthusiasm for nuclear is “overblown,” pointing to the costs associated with building new plants.
The tech sector, however, has shown growing interest in nuclear as way to provide reliable power for data centers. Earlier this year, Amazon Web Services bought a data center powered by nuclear energy from Talen Energy for $650 million. The cloud service giant is also in talks with Constellation Energy for electricity supplied from a nuclear plant on the East Coast, people familiar with the matter recently told The Wall Street Journal.
The U.S. maintains the largest nuclear fleet in the world with 94 operating reactors. The Biden administration has provided tax credits under landmark Inflation Reduction Act to prevent more reactors from going offline. In December, the U.S. and a coalition of more than 20 other countries pledged in December to triple nuclear power by 2050 to address climate change. More

“Everybody should know about interest rates, inflation, share investment portfolios — nobody teaches this,” says Bernhard Gademann, president of the elite Swiss boarding school Institut auf dem Rosenberg.
His students manage hypothetical $1 million portfolios and present their investment picks to a mock board. 
Research shows taking a financial education class in high school pays off.

Institut auf dem Rosenberg, a private boarding school in St. Gallen, Switzerland.
Courtesy: Institut auf dem Rosenberg

With a sticker price of more than $160,000 a year, Institut auf dem Rosenberg in St. Gallen, Switzerland, may be one of the most expensive boarding schools in the world. So, it’s only fitting that students learn about money.
But rather than focusing on basic budgeting and managing credit, finance classes at the elite Swiss institution cover wealth creation, philanthropy, family businesses and succession management.

“Being able to educate these future leaders gives us the privilege to pioneer course concepts,” said Bernhard Gademann, president of the school. “Everybody should know about interest rates, inflation, share investment portfolios — nobody teaches this.”
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In one of the most popular classes, which covers wealth creation and finance, students manage hypothetical $1 million portfolios and present their investment picks to the mock board of a family office — private companies that wealthy families establish to handle their investment management.
Classroom discussions, for students ages 12-18, cover various asset classes, risk versus reward and the power of compounding.
Too often, these topics are left out of traditional curriculums because they are considered “nonacademic,” Gademann said. However, these ideas overlap with the same concepts taught in math and biology, among other subjects.

Bernhard Gademann with students in a class.
Courtesy: Institut auf dem Rosenberg

“It’s truly important to understand the dynamics, the implications and why it’s relevant because it touches every aspect of your daily life,” Gademann said. “All of these things are interconnected, and wealth creation shouldn’t be ignored.”
“Not being able to provide [students] with this information and training is really stealing an opportunity for them being successful,” he added.

The lifetime benefit of a financial education

While most students don’t have access to these types of classes, more U.S. high schools are tackling financial literacy.
As of 2024, more than half of all states already require or are in the process of requiring high school students to take a personal finance course before graduating, according to the latest data from Next Gen Personal Finance, a nonprofit focused on providing financial education to middle and high school students.
Research shows taking a financial education class in high school does pay off.
In fact, there is a lifetime benefit of roughly $100,000 per student from completing a one-semester course in personal finance, according to a report by consulting firm Tyton Partners and Next Gen.
Much of that financial value comes from learning how to avoid high-interest credit card debt and leveraging better credit scores to secure preferential borrowing rates for key expenses, such as insurance, auto loans and home mortgages, according to Tim Ranzetta, co-founder and CEO of Next Gen and a member of the CNBC Global Financial Wellness Advisory Board.
However, often what students are most interested in is investing. “Students are at the edge of their seats when you ask them about building wealth and becoming a millionaire,” said Yanely Espinal, Next Gen’s director of educational outreach.
As a result, teachers and schools are starting to prioritize those lessons because they have the highest engagement among students of all of the personal finance topics, Espinal said. “Hook them where they are most interested.”

Still, “when you teach investing, focus on the long term,” advised Espinal, who is also a member of the CNBC Global Financial Wellness Advisory Board. And budgeting, banking, paying for college, taxes, credit management and the psychology of money are equally important, she said.
“Let’s not leave financial education to TikTok,” she said. “We have to get serious about creating a formal education.”

Let’s not leave financial education to TikTok.

Yanely Espinal
director of educational outreach at Next Gen

Many studies also show there is a strong connection between financial literacy and financial well-being.
Students who are required to take personal finance courses starting from a young age are more likely to tap lower-cost loans and grants when it comes to paying for college and less likely to rely on private loans or high-interest credit cards, according to a 2018 report by Christiana Stoddard and Carly Urban for the National Endowment for Financial Education.
Further, students with a financial literacy course under their belt have better average credit scores and lower debt delinquency rates as young adults, according to 2016 data from the Financial Industry Regulatory Authority’s Investor Education Foundation, which seeks to promote financial education.
In addition, a study by the Brookings Institution in 2018 found that teenage financial literacy is positively correlated with asset accumulation and net worth by age 25.

Among adults, those with greater financial literacy find it easier to make ends meet in a typical month, are more likely to make loan payments in full and on time, and less likely to be constrained by debt or be considered financially fragile.
They are also more likely to save and plan for retirement, according to data from the TIAA Institute-GFLEC Personal Finance Index based on research, which has been conducted annually since 2017.
Meanwhile, in the U.S., the trend toward in-school personal finance classes is continuing to gain steam.
There are another 50 personal finance education bills pending in 20 states, according to Next Gen’s bill tracker.

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Last week, the IRS confirmed that most nonspouse beneficiaries have 10 years to deplete inherited retirement accounts and must take yearly required minimum distributions, or RMDs.
The rule applies to accounts inherited since 2020 if the original account owner had already started RMDs.
However, you could save on taxes by taking bigger withdrawals sooner, depending on your situation.

Martin-dm | E+ | Getty Images

The IRS has finalized rules on required withdrawals for certain inherited individual retirement accounts and other plans. But heirs could owe more taxes later by only taking minimums now, experts say.
In final regulations last week, the agency confirmed most nonspouse beneficiaries have 10 years after the original owner’s death to deplete inherited retirement accounts. These heirs also must take yearly required minimum distributions, or RMDs, which had been a lingering question among tax professionals for years.

Before the Secure Act of 2019, heirs could “stretch” retirement account withdrawals over their lifetime, which reduced yearly taxes. The shorter 10-year window can mean bigger tax bills in withdrawal years, particularly for high-income heirs.
Regardless, heirs are “missing the boat” because they should consider withdrawing more from inherited accounts now while tax rates are lower, said IRA expert and certified public accountant Ed Slott.
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Pretax inherited account withdrawals incur regular income taxes.
Without changes from Congress, dozens of individual tax provisions, including lower federal income tax brackets, are scheduled to sunset after 2025. That would revert rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.

“Every year you don’t use [the lower brackets] is a wasted opportunity,” Slott said. 

Of course, higher taxes after 2025 are uncertain, and other factors may affect the choice to take withdrawals sooner. You should weigh current-year tax consequences — along with tax projections for future years — before boosting income via faster retirement account distributions, experts say.  

Which heirs must start yearly RMDs in 2025

After years of waived penalties, certain heirs will need to begin yearly RMDs from inherited accounts starting in 2025 under those finalized IRS rules, warned certified financial planner Edward Jastrem, chief planning officer at Heritage Financial Services in Westwood, Massachusetts.
“Don’t panic,” he said. “But you need a sense of what’s going on,” including the calculation for your upcoming RMD, which custodians may not provide.
The new IRS guidelines are for heirs who are not a spouse, minor child, disabled, chronically ill or certain trusts. The yearly withdrawal rule only applies if the original account owner had reached their RMD age before death.
If you miss yearly RMDs or don’t take enough, there is a 25% penalty on the amount you should have withdrawn. You can reduce the penalty to 10% if the RMD is “timely corrected” within two years, according to the IRS. More

As buyers continue to struggle with home affordability, experts say programs that help with down payments may be worth another look.
“Anything that you need dollars for in the next three to five years, those dollars should not be invested in the market,” said Janet Stanzak, a certified financial planner and founder of Minnesota-based Financial Empowerment.

Two renters pose in front of their new home that they’re renting from Roots, a program that helps renters invest in real estate.
Courtesy: Katie Curran

When Will Hunnicutt was searching for an apartment in Atlanta earlier this year, pricey leases and application rejections left him feeling defeated.
“The three-and-a-half times income-to-rent ratio is kind of hard to fulfill when they’re wanting $3,000 in a lot of places,” the 30-year-old social worker said.

Then Hunnicutt found a $1,050-per-month two-bedroom apartment tied to Roots, a real estate investment trust based in the Atlanta area that works to help renters of the properties in its portfolio build wealth toward homeownership. His $1,000 security deposit is invested in the REIT, and he has earned another $200 in quarterly rebates so far for taking care of his unit and paying rent on time.
“The end goal is to buy a house, so having investment funds, that passive income, would be very helpful,” Hunnicutt said.

Will Hunnicutt with his dog Bailey in his Atlanta home that he rented through Roots, a company that helps renters build wealth by investing in real estate.
Courtesy: Will Hunnicut

Roots is currently only available in Atlanta, but has plans to expand this fall. It’s just one approach to a broader aim: helping consumers get financially ready to buy a home.
As buyers continue to struggle with home affordability, experts say programs that help with down payments may be worth another look.
The dream of owning a home is moving further out of reach for many as homes get more expensive. Aspiring homebuyers need to make $113,520 a year to buy a typical U.S. home, according to national brokerage site Redfin — 35% more than what a typical household earns annually.

One barrier toward homeownership is having enough savings for a down payment. Nearly 40% of Americans who don’t own a home point to a lack of savings for a down payment, according to a 2023 CNBC Your Money Survey conducted by SurveyMonkey. More than 4,300 adults in the U.S. were surveyed in late August for the report.

‘Thousands of down payment-assistance programs’

Down payment-assistance programs come in different forms, and from different sources — including state agencies, cities, nonprofits, financial institutions and mortgage lenders. So you’ll have to hunt around to see what’s available in your area.
Usually, assistance programs focus on first-time homebuyers and buyers who meet certain income qualifications. There are also programs focused on “first-generation homebuyers.”
In many down payment-assistance programs, participants have to take a homebuyer education course. Depending on the program, they may also have to meet other conditions, like getting their mortgage through a specific lender or saving a set amount to contribute toward their home purchase.
The aid can be significant. For example, Alternatives Federal Credit Union in Ithaca, New York, has programs offering $9,000 up to $20,000. The Chicago Housing Authority can assist with up to $20,000.
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These kinds of programs are one way to work toward equality in homebuying, as systemic barriers still block the path to homeownership for many Americans, housing experts say. 
This is especially true for Black Americans, who have largely made up the receiving end of decades of redlining, exclusionary zoning and predatory lending, according to Nikitra Bailey, executive vice president of the National Fair Housing Alliance. 
Programs targeted toward first-generation homebuyers are crucial, she said. While it’s common for family to help with a down payment, would-be buyers whose parents rent are less likely to be able to offer that help.
“We know there are thousands of down payment-assistance programs that cities have adopted,” but their reach in “underserved consumers of color” is limited, Bailey said. “And that’s why ‘first generation’ is very important, because it’s a race-neutral way to target resources to the consumers that the future health of the housing system depends on.”

How much you need for a down payment

Part of the reason coming up with a down payment is so daunting is that buyers often think they have to put down 20% of the home purchase price. They’re mistaken, experts say.
A National Association of Realtors survey based on transactions from July 2022 to June 2023 found the typical first-time homebuyer has an 8% down payment. And some loans require even less, as little as 3.5% or even 0% down.
Keep in mind, putting less than 20% down typically means you would have to pay private mortgage insurance, or PMI. PMI can cost anywhere from 0.5% to 1.5% of the loan amount per year, depending on different factors, according to The Mortgage Reports. Typically, you can request for mortgage insurance to be removed after you reach 20% equity.

‘Those dollars should not be invested in the market’

First-time homebuyers may qualify to make penalty-free withdrawals up to $10,000 from a 401(k) plan or traditional or Roth individual retirement accounts. But financial advisors recommend preserving those funds for retirement when possible.
While Roots may help its renters invest to build wealth, experts typically emphasize saving rather than investing for short-term goals.
Low-risk options including high-yield savings accounts, certificate of deposits or Treasury bills may be ideal for people whose timeline to buy is up to five years.
“Anything that you need dollars for in the next three to five years, those dollars should not be invested in the market,” said Janet Stanzak, a certified financial planner and founder of Minnesota-based Financial Empowerment. “Markets typically cycle in three to five year cycles, and the worst case would be, you find a home you want to move on and your money’s in the market and the market takes a downturn.”

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The heat waves this summer have slowed foot traffic in open houses, according to a recent report. Summertime home sellers may need to get creative to beat the heat.
“When we get a heat wave and it’s paired with humidity, people tend to just stay indoors in the air conditioning,” said Kristin Sanchez, a Redfin Premier real estate agent in Nashville, Tennessee. 

Heat waves this summer have slowed open house foot traffic in some areas, according to a recent report. Summertime home sellers may need to get creative to beat the heat.
Pending home sales are down 5.6% from a year ago, the biggest decline in eight months, according to Redfin, a real estate brokerage firm. While prospective buyers might be waiting on potential Fed rate cuts to buy homes, as economic research lead Chen Zhao pointed out in the report, another reason for weaker demand is extreme heat in some parts of the country. 

“When we get a heat wave and it’s paired with humidity, people tend to just stay indoors in the air conditioning,” said Kristin Sanchez, a Redfin Premier real estate agent in Nashville, Tennessee. 
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Open houses during the morning, virtual showings

Selling a home during summer with extreme heat will call for more flexibility from sellers, according to experts.
“I’ve been having pretty good luck with doing my open houses during the morning, before the heat of the day kicked in,” Sanchez said.
Sometimes window air conditioning units or ceiling fans are removed for design purposes or to make the space look more appealing, said Terry Mainord, owner and founder of Terry Mainord Design, a staging company in Brooklyn, New York.

If that’s the case, sellers could offer handheld fans or refreshments to help potential buyers stay cool, Mainord explained.
Virtual viewings and walk-throughs have also become a common resource for real estate agents since the pandemic, said Mainord, especially if the buyer is moving from another city or state.
Using these tools can also help buyers get a better sense of the property even if they aren’t willing to trek out in the heat.
“Virtual showings have become a tool in a broker’s tool kit for selling,” said Mainord.

Make sure the HVAC system is serviced

If you’re hoping to sell your home during the summer, make sure the heating, ventilation and air conditioning system in the house is working properly. Buyers touring your home in the heat are likely to notice effects of it not functioning well, like weak air flow, humidity, leaks or air that isn’t cold.
“We want to make sure that the HVAC systems or units are being serviced, that they’re being maintained properly, that they’re working properly,” said Sanchez.
While the status of the system may come up in a home inspection, “it’s better to just get in front of it and make sure the house feels comfortable and that buyers walking through the home can tell that things are working properly already,” she said.
The cost to fix or replace a home’s HVAC system can be pricey and vary significantly; the bill can be as low as $100 or as high as $3,000, depending on factors like the costs of certain parts, according to Angi, a home repair and contractor marketplace.
“HVAC systems can be vastly expensive,” said Ashton Lawrence, director and senior wealth advisor at Mariner Wealth Advisors in Greenville, South Carolina.

A homeowner looking to replace an HVAC system would need to do the due diligence of “putting pen to paper and crunching the numbers” to see which will bring the most benefits, whether that is “immediate tax impact and tax savings” or “increasing the market value of the actual home,” he said.
You might be able to qualify for the Energy Efficient Home Improvement Credit even if you’re planning to sell the home at some point, for example, said Tommy Lucas, a certified financial planner at Moisand Fitzgerald Tamayo, LLC in Orlando, Florida. The tax credit applies to certain heating, cooling and water heating equipment types. Make sure to look into what state or local incentives you may qualify for.
Make sure to keep documentation that can showcase all the home improvements, installations, costs and the dates. Those can help you increase your home’s “basis” when figuring out the profits from your sale and any capital gains tax incurred.

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As more households stretch to cover price increases and higher interest rates, most Americans falsely think the U.S. is in recession, a new report by Affirm shows.
Confidence in the U.S. economy is “at a low point,” says Vishal Kapoor, senior vice president of product at the fintech company.

By most measures, the U.S. economy is doing well. And yet, many people would argue otherwise.
Roughly 3 in 5 Americans believe that the U.S. is currently in a recession, according to a new survey of 2,000 adults by Affirm.

Of those respondents, most said a recession started roughly 15 months ago, in March of last year, and could last until July of 2025, citing higher costs and more difficulty making ends meet, the San Francisco-based fintech company found in the June poll.
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Persistent inflation has weighed heavily on households, according to Vishal Kapoor, senior vice president of product at Affirm.
“With confidence in the U.S. economy at a low point, consumers are urgently seeking ways to feel in control of their finances,” he said.

According to a separate Guardian/Harris poll from May, 56% of respondents said they believe the U.S. is in a recession, although gross domestic product has been increasing for the past several years.

Officially, the National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” There have been more than a dozen recessions in the last century, some lasting as long as a year and a half. The last official recession was in 2020, at the start of the Covid-19 pandemic.
But regardless of the country’s economic standing, many Americans are struggling in the face of sky-high prices for everyday items, and most have exhausted their savings and are now leaning on credit cards to make ends meet.

We’re in a ‘vibecession’

Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.
We’re in a “vibecession,” Joyce Chang, JPMorgan’s chair of global research, said at the CNBC Financial Advisor Summit in May.
“If you’re a homeowner or if you own financial assets, you’ve done very well, but you’re leaving out huge segments of the population,” Chang said.
“The wealth creation was concentrated amongst homeowners and upper-income brackets, but you probably have about one-third of the population that’s been left out of that — that’s why there’s such a disconnect,” Chang said of the last few years.

As more of those households stretch to cover price increases and higher interest rates, there are new indications of financial strain.
A growing number of consumers are falling behind on their monthly credit card payments. Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported in May.
And more middle-income households anticipate struggling with debt payments in the coming months.  

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