5 ways to deal with money envy

If you’ve ever scrolled through social media posts only to be gripped with envy when you see a friend posing in front of their beautiful house or enjoying themselves at a luxurious resort, then you understand how easy it is to want what other people have. Financial envy is real, and sometimes it can be ugly.

“Financial envy is absolutely normal. It’s part of the human condition,” says Yvonne Hampton, who holds a doctorate in personal financial planning and runs a financial therapy practice in the Kansas City, Missouri, area.

And it’s not necessarily a bad thing, she adds. “It’s an opportunity to dig more deeply internally about why we have that feeling so we can work through it and be happier in our own lives.”

In Kimberly Palmer’s latest for the Associated Press, learn five steps to take to deal with money envy.

This week’s money news

This week’s top story: Smart Money podcast on the tax 2023. In other news: In March, mortgage rates will have little reason to fall, what you should do with savings if there’s a recession, and why a new-construction home may cost less than you expect.

Smart Money: The Tax Episode 2023
This week’s episode starts with a conversation about how to know if you can file your taxes for free.

In March, Mortgage Rates Will Have Little Reason to Fall
There’s not much room for mortgage rates to fall unless inflation slows down.

What Should I Do With My Savings if There’s a Recession?
One of the best things you can do to prepare for a recession is build your emergency fund.

Why a New-Construction Home May Cost Less Than You Expect
Homebuilders are reducing prices and offering incentives, so buyers should reconsider newly built dwellings.

Make your credit cards less vulnerable to fraud

Last year, one of my family’s credit cards was used to rack up hundreds of dollars in bogus charges at Apple.com. Another card was compromised four times in a row, as thieves repeatedly charged merchandise and Uber rides.

We ultimately got our money back, but repeated credit card fraud can be frustrating and disheartening. Dealing with the aftermath taught me to prize security over convenience, and to change some bad habits that made me an easier target.

In my latest for the Associated Press, learn how to make your credit cards less vulnerable to fraud.

This week’s money news

This week’s top story: Smart Money podcast on investing for your family’s future. In other news: Family budgeting tips that actually work, billions spent on tax returns that could be filed for free, and 3 ways to maximize points and loyalty programs on your work trips.

Smart Money Podcast: ‘The Color of Wealth’: Investing for Your Family’s Future
This week’s episode is dedicated to a conversation about strategies Black women can use to invest for their family’s future.

Family Budgeting Tips That Actually Work
Following a family budget is challenging, especially when unexpected costs pop up, but staying flexible will help.

Billions Spent on Tax Returns That Could Be Filed for Free
About 101 million eligible filers missed out on using the Free File program, a NerdWallet data analysis shows.

3 Ways to Maximize Points and Loyalty Programs on Your Work Trips
Make sure travel reservations are linked to your loyalty accounts, especially if you weren’t the one who booked.

Family budgeting tips that actually work

When Tom Snyder coaches people in his church about how to budget, he starts by encouraging them to track their spending.

“If we don’t track, we don’t know when to stop spending,” he says. The retired engineer and financial coach in Grand Rapids, Michigan, adds that it’s easy to be bumped off track by irregular costs, such as birthday gifts or vacations.

Successful family budgeting is all about staying flexible so you can handle those irregular costs as well as unexpected challenges, including sky-high grocery store prices or rising interest rates. Financial experts like Snyder say that by using creative methods to dial in a budget and trim costs in some areas, you can often still find ways to spend on what is most important to you.

In Kimberly Palmer’s latest for the Associated Press, learn family budgeting tips that actually work.

This week’s money news

This week’s top story: Smart Money podcast on chatGPT vs. the Nerds, and rental properties. In other news: What new for Medicare is in 2023, economy is improving, but recession risk, inflation still hover, and small-business tax changes and tips to know in 2023.

Smart Money Podcast: ChatGPT vs. the Nerds, and Rental Properties
This week’s episode starts with testing out ChatGPT’s ability to give financial advice.

What’s New for Medicare in 2023?
In 2023, there’s a little of everything: Some costs have gone down, others have increased, and there are some notable tweaks to how Medicare works.

Economy Is Improving, but Recession Risk, Inflation Still Hover
At this point it’s still uncertain whether the U.S. is in the clear or instead glimpsing a recession on the horizon.

Small-Business Tax Changes and Tips to Know in 2023
Working with a tax professional can help you understand what tax credits you qualify for and how to claim them.

‘Bridge’ your way to Social Security

Delaying the start of Social Security benefits is a powerful way for retirees to cope with inflation, survive bad investment markets and reduce the risk they’ll run short of money. The advantages of waiting are so great that financial planners often recommend their clients tap other savings, such as retirement funds, to help them delay claiming.

Employers could increase their workers’ financial security by offering a similar “bridge” strategy as part of 401(k)s and other workplace retirement plans, according to a study by the Center for Retirement Research at Boston College. The bridge strategy would tap a worker’s retirement account to pay amounts roughly equal to the foregone Social Security checks.

In my latest for the Associated Press, learn how to ‘bridge’ your way to Social Security.

This week’s money news

This week’s top story: Smart Money podcast on no-spend month 2.0, and recovering from credit damage. In other news: February mortgage rates on the downslope by end of month, having a conversation about fraud with older adults, and how to save your job from laying off.

Smart Money Podcast: No-Spend Month 2.0, and Recovering From Credit Damage
This week’s episode starts with a conversation about how to do a no-spend month that will work for you.

February Mortgage Rates on the Downslope by End of Month
With inflation in retreat, mortgage rates could follow downward.

Have a Conversation (Not a Lecture) About Fraud With Older Adults
Chatting with older adults about fraud and scams could help everybody in the conversation avoid becoming a victim.

Industries Most Likely to See Layoffs + How to Save Your Job
Money News & Moves: As layoffs escalate, these are the jobs most at risk — and how to protect yours.

How to safely use payment apps

As a frequent PayPal user, I wasn’t surprised to see a payment request on the app pop up. But when I read it, I knew something was wrong.

In the message, a stranger asked me to send them $699 in order to get a “refund.” While I instantly recognized the request as a scam, I still felt vulnerable; I didn’t immediately see any obvious way to flag the request as a scam, and with just one click, I could have accidentally sent this stranger a huge chunk of money.

I’m hardly alone in my worry over security when using peer-to-peer payment apps: According to a Pew Research Center survey published in September 2022, about one-third of people who use payment apps or websites say they are “a little or not at all confident that payment apps or sites keep people’s personal information safe from hackers or unauthorized users.” And an alarming 13% of people who have ever used PayPal, Venmo, Zelle or Cash App say they have made the mistake of sending money to a scam artist.

In Kimberly Palmer’s latest for the Associated Press, learn how to safely use payment apps.