How the Child Tax Credit Affects Your 2022 Taxes

How the Child Tax Credit Affects Your 2022 Taxes

Starting in Summer 2021, the Child Tax Credit was released to parents in increments to help families during the pandemic. The Child Tax Credit expansion was included in the Build Back Better Act and was said to benefit nearly 90% of children in the country. The legislation allowed for parents to receive up to $300 a month for each child under the age of six and $250 each month for each child between six and 17. These amounts made up half the total credit amount which means the other half will need to be claimed on your 2021 income tax return.

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How to Save Some Money On Laundry Costs

We all have to do laundry, but it doesn’t have to cost an arm and a leg to have clean clothes. Doing laundry is more expensive than most people realize. We do laundry so frequently, that even a small savings per load could end up saving you a lot of money.

There are many simple things you can do to cut the cost of doing laundry. When you have more people in your household, it adds up to an even bigger savings.

These tips will save the average family of four over $300 per year:

Air-dry your clothes

Do you have the space to air-dry your clothes or hang them on the clothes line outside? If you can avoid using a dryer, you can save approximately $100 each year. You will save money on your electric or gas bill, and your clothes will last longer. The heat and tumbling in the dryer damage your clothing anyway. If you don’t feel comfortable hanging your undies out to dry, do this with certain clothes or just with sheets and comforters. It might not save you $100/year, but it will save you something.

Spin your clothes twice

Most people don’t understand all those settings on their washer and dryer. I give this tip to a lot of people and their mind is just blown. Did you know that the spin cycle exists to get the excess water out of your clothes? Yup! If you spin your clothes twice, you can remove that excess water which in turn reduces drying time. [mind blown]

Stick to cold water

This is something I do every single time I wash clothes. Unless a very expensive piece of clothing insists that I wash it with hot water, I use cold. While hot water works a little better, it costs more. The biggest cost of doing laundry comes from heating the water. You can save a bundle by skipping the hot water choosing to go with cold.


Create your own laundry products.

This one is fun and a bit satisfying and rewarding. There are so many “recipes” online for making your own detergent, bleach, and fabric softeners. I’m pretty sure you can find a good thousands on TikTok. Making it yourself is a fraction of the cost of grocery store laundry soaps.


Use less detergent

Remember that the companies who make laundry detergent want you to use more than necessary. Then, you’ll have to purchase more. You may have to test this out to see how small you can reduce the amount and still clean your clothes properly. Majority of people use way too much laundry detergent just so their clothes smell cleaner, when they only need to focus on using the right fabric softner.


Wash full loads

My daughter was notorious for washing 5 shirts. I was wondering where all my detergent was going and noticed she was wasting detergent and running up my electric bill. The electricity used to fill, agitate, and drain the washer is essentially the same, whether it’s a full or partial load. The same goes for rotating the drum on the dryer. You can save so much money by washing and drying more than just 5 shirts!


Cut those dryer sheets in half

Half of a dryer sheet is usually sufficient. Experiment to see what works best for you.


Clean the dryer trap

Not only is it a fire hazard, but the excess lint will trap moisture in the dryer and cause your clothes to take longer to dry. The sooner the dryer shuts off, the less money it costs you.



Purchase energy efficient appliances

Washers and dryers differ by brand. There are washers that will handle larger loads and use less water. There are dryers that use much less energy. Sometimes these higher efficiency units cost more, but the savings is worth it in the end.


Adjust your settings

Wash your clothes at a lower setting. Try drying with lower heat. Every load of laundry doesn’t require elaborate settings.


Final Thoughts

Washing clothes is a chore that many perform on an almost daily basis. That’s why it’s so important to cut costs wherever possible. Wouldn’t it be nice to have an extra $300 a year to spend on something more entertaining than laundry? Help the environment and your family’s budget by applying these cost-saving tips whenever you do laundry.

5 Reasons Why You Need A Vision Board To Reach Your Goals

5 Reasons Why You Need A Vision Board To Reach Your Goals

Creating a vision board has become one of the most popular activities. It usually gets a lot of attention and traction around New Years when people think about the past year and the New Year’s resolutions they want to keep. A vision board is simply one tool that helps you visualize your dreams and your goals.

To some people it sounds silly because they don’t know how creating a vision board will help you reach your goals. So I’m going to give you 5 reasons how it helps. Let’s go…

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How to Save Money on Your Cell Phone Bill

How to Save Money on Your Cell Phone Bill

The more technology advances the more expensive it becomes. With Apple releasing a new iPhone every year, the price tag is only going up. Not to mention the plans you need to have to operate them. Between unlimited calls, text, data, and the cost of the actual phone, your phone plan can cost you $100 or more a month, and that’s just for one phone. Luckily, there are less expensive alternatives that can provide you with the same service!

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5 Ways To Waste Your Tax Refund

5 Ways To Waste Your Tax Refund

The average American receives a tax refund of $3,000. There are so many things you can do with that kind if money and even more things you shouldn’t be doing. Before you get your tax refund, let me tell you what you shouldn’t do with that nice chunk of change.

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Essential Home Items Lifespan

The struggles of a homeowner is real, especially a new homeowner. You have expenses that most renters don’t need to worry about and a bunch of maintenance and tasks you need to remember to do. Doing routine seasonal maintenance and replacing things when they are no longer efficient, will not only maintain the value of your home, but save you a bunch of money in the long run. 

If you were ever wondering how long before you need to replace something in your home, here’s the details:  The source of the information below is: PillarToPost

Roof Covering

  • Asphalt Standard Shingle: 12 - 15 years

  • Asphalt Premium Shingle: 15 - 30 years

  • Wood Shingle: 10 - 2- years

  • Concrete/Clay Tile: 20 - 40 years

  • Asbestos Cement: 40 - 80 years

  • Slate Tile: 40 - 80 years

  • Roll Roofing: 5 -15 years

  • Tar & Gravel: 15 -25 years

  • Metal: 60 years

Heating

  • Forced air furnace: 10 - 25 years

  • Oil Tank: 40 years

  • Water/Steam Boiler - Welded Steel: 15 - 30 years

  • Water/Steam Boiler - Cast Iron: 30 - 50 years

  • Water/Steam Boiler - Steam Circulating Pump: 10 -25 years

Cooling

  • Central Air: 10 - 15 years

  • Heat Pump: 10 - 15 years

  • Window Air Conditioning: 10 - 20 years

Plumbing

  • Galvanized Water Pipe: 2- - 25 years

  • Hot Water Heater: 5 - 15 years

  • Septic/Sewer Pump: 5 - 10 years

  • Well Pump: 10 years

Appliances

  • Dishwasher: 5 -12 years

  • Dryer 10 -25 years

  • Garbage Disposal: 5 -12 years

  • Oven/Range: 15 - 20 years

  • Washing Machine: 5 - 15 years


Knowing the life expectancy of the important items in and on your home is extremely important for all homeowners. Whether you’re new to the homebuying process or if this is your 3rd home you’ve purchased. Whether your home is new or old. No matter how well-kept your home is. Everyone needs this information so they can make smart decisions when it’s time to make repairs. Using this guide will definitely help you keep track and stay on top of things.

Remember, the life expectancy is just a guesstimate. You also have to keep in mind how often and how much these things are being used, what part of the world you live in, and how many people are using these things. The information won’t be the exact same for everyone. For example: a location where you may get more snow and rain may need to replace their roof (depending on the type of roof) sooner than a place that doesn’t.

Write these down in a notebook and put reminder in your phone when it’s time for things to be replaced. You may also want to set money aside for these repairs and replacements so you don’t have to worry about coming up with the money all at once. Don’t forget, if things breakdown sooner than you anticipated it, you can certainly use your emergency fund to cover the cost. However, the lack of planning when you now have all of this information is not an excuse to use your emergency fund in the future.

Expenses that Sneak Up on First Time Homebuyers

Expenses that Sneak Up on First Time Homebuyers

If you’re clueless on what steps to take to buy your first home, you might not know what to look out for when it comes to expenses. There are many expenses that can sneak up on you and derail your budget if you’re not careful. So if you’re new to the home buying process, keep reading and be ready for these expenses.

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What You Should Know About Owning A Credit Card

What You Should Know About Owning A Credit Card

Credit cards make purchasing and paying your bills so much easier. Using a credit card is also a good way to boost your credit score. However, failing to properly manage your credit cards can lead to a lot of unnecessary expenses. So selecting a credit card that’s right for you is important. Here’s what you need to know about owning a credit card.

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5 Last Minute Christmas Gifts That Won't Break the Bank

5 Last Minute Christmas Gifts That Won't Break the Bank

Don't have enough time or enough money to splurge on Christmas gifts this year? Fret not, I'm giving you my 5 last minute Christmas gifts that won't break the bank. Get Christmas gifts that won't send you into debt, but are still good quality, super cute, and definitely useful.

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9 Secrets to Taking Back Control of Your Finances

9 Secrets to Taking Back Control of Your Finances

Do you avoid looking at your bank account sometimes? If so, you may be afraid of your money. Now I know that sounds crazy because we're all about the dollar, within reason, but this is definitely a thing. This is the reason why some people don’t use budgeting apps. Luckily, even if the thought of your finances makes you uneasy, you can take certain actions that will enable you to take back control. These secrets will help you get a handle on your finances.

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What is Peer to Peer Lending?

What is Peer to Peer Lending?

Peer to peer lending is often referred to as people to people lending. Unlike your traditional lending where it happens between an individual and a bank, peer to peer lending occurs between two individuals. Conventional sources of borrowing can sometimes be challenging, those challenges have opened the door for peer to peer lending and addressed the excess demand for borrowing.

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