Author: Vawn Himmelsbach

For almost a decade, Joe has worked for the county, pulling in an enviable salary of more than $100K a year. Not only does he have job security, but he also gets generous vacation time, health insurance and a pension.

His friends and family think he’s got it made. But every morning, Joe dreads going to work. He doesn’t get along with his overbearing manager, and the work environment has turned toxic. On top of that, he’s bored. The job is repetitive, and there’s no room to grow within the department.

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To get his full pension, Joe still has 30 years of work ahead of him. He can’t imagine staying in a job he hates for three more decades — but he also wonders if the money and benefits are too good to walk away from.

Joe isn’t alone. Worker engagement hit an 11-year low in early 2024, with only 30% of full- and part-time American employees saying they felt highly engaged at work, according to Gallup’s long-running workplace poll.

So why do they stay? One reason is golden handcuffs — benefits or incentives that make it financially attractive to stick around. That includes pensions, bonuses, stock options and even company cars. Often, you have to stay with an employer for a certain period before you’re eligible for those benefits, which can make some employees feel trapped, especially when they’re already unhappy.

Here are a few tips to help you financially plan an exit from a high-paying but soul-draining job.

Work out your monthly survival number

Start by calculating your bare-bones budget — the minimum you need to cover essential expenses like housing, utilities, bills, insurance, transportation, healthcare and groceries. Don’t forget minimum debt payments and regular savings, such as contributions to retirement.

Once you add it all up, you’ll have your survival number — the amount you need to earn to meet basic living expenses. That number could help Joe figure out whether a low-paying but more fulfilling job could support his lifestyle.

Audit your spending

With your survival number in hand, you can take a hard look at your current spending. That means combing through your bank and credit card statements, digital transactions and savings activity.

Where can you cut back?

Maybe it’s canceling subscriptions or limiting takeout. Or maybe you need to delay a bigger purchase like a new car or home renovation.

If your housing costs are eating up more than 30% of your gross monthly income — the standard threshold for affordability — could you downsize or take on a roommate? It might make sense to make those changes before leaving the job you hate.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Run pension and benefit scenarios

Use free online pension calculators to estimate what you might receive based on your current salary, years of service and retirement age. Try running scenarios: What would your pension look like if you stayed another five, 10, 20 or 30 years?

Many county pension plans allow you to collect a pension even if you leave before retirement age, provided you’ve met the service requirements. Some plans let you transfer your benefits to a new employer’s plan or withdraw your contributions in a lump sum.

You can run these numbers yourself or work with a financial advisor to explore what would happen if you invested those funds on your own. You might find that managing your own retirement plan could leave you just as well off.

Every pension plan is different, so talk to your pension plan administrator before making any big moves.

Build an exit strategy and a quit fund

Even if you’re ready to leave, it’s smart to develop an exit strategy. Give yourself time to build a quit fund and line up your next opportunity.

Start networking, reach out to recruiters and apply to jobs. Depending on your qualifications and industry, it could take a while to find the right fit — but laying the groundwork now makes the transition easier.

Leaving a new job lined up can be challenging, so aim to build a quit fund that covers 6 to 12 months of living expenses. Keep it separate from retirement savings and in a highly liquid account — like a high-yield savings account — in case you need it.

Joe could also look into whether his skills are transferable to another county department or whether upskilling could help him move up. That way, he might be able to escape his toxic manager and find more fulfilling work — without giving up benefits and pension.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Heather, who lives in Fairfax, Virginia, called into The Ramsey Show and asked co-hosts Dave Ramsey and Dr. John Delony if there’s any hope to get an 18-year-old to budget when she’s always had easy access to and been surrounded by wealth.

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She said her daughter was homeschooled and taught good values about money, but then went to a high school where “people will drive a different car to school every day just to show off their wealth.”

Heather says she has little control over her daughter’s spending habits since her husband insists on paying for everything, including college. Heather’s in-laws will also give her daughter money whenever she asks.

“You don’t have a daughter problem — you have a husband problem,” said Ramsey. He also said that no one with common sense would want to marry "princess girl" who has "never known a single boundary."

When parents aren’t on the same page

Heather’s daughter is acting like a typical 18-year-old, said Delony, and he “wouldn’t begrudge her a second” because the way she’s acting is “developmentally appropriate.”

That’s where parenting is supposed to come in.

Heather, who says she grew up poor, has been asking her husband to limit the amount of money they give their daughter — or, at least put it into an account they have access to so they can see how she’s spending it and discuss it with her. But he says it’s their daughter’s decision on how she spends that money and she needs to learn from her own mistakes.

Only it’s their money, not their daughter’s money.

Delony says a never-ending checking account for an 18-year-old is a “recipe for a disaster.” He said, "Prep yourself. Be prepared to wake up at 2 a.m. with a phone call from a dean of students of some college, cause it’s coming."

Since “your husband doesn’t care what you think,” he says Heather should start carving out some mom-and-daughter time each week. He suggests a regular breakfast date outside of the home until she graduates and leaves for college.

He thinks Heather should open up with her daughter about what life was like for her when she was 18 years old. These weekly chats are “planting seeds” so when Heather’s daughter is having trouble she’ll remember that she can trust her mom.

Ramsey says the answer lies in being proactive. Heather needs to insert herself into her daughter’s life and into her marriage in a proactive way — rather than standing on the sidelines watching a car wreck about to happen.

“If I’m you, I’m in a marriage counselor’s office real soon because your husband is a twerp and what he’s doing to you is unconscionable,” said Ramsey.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to teach teens responsible money management

Only 28 states require high school students to take a personal finance course to graduate. That means parents may be a child’s only source of financial education, learning the basics of earning, borrowing, lending and investing.

A Quicken survey of 2,000 adults in the U.S. found a “clear correlation” between early education in money and financial success as adults. Those who learned about money in their formative years were three times as likely (45% vs 14%) to have an annual income of $75K or higher than those who didn’t.

The survey suggests that teaching your kids healthy financial habits isn’t a “one-time conversation.” Rather, “parents who talk with their kids once a week about the issue are significantly more likely to have kids who say they are smart about money.”

Ramsey Solutions recommends that instead of giving kids an allowance, give them a commission for work done instead.

“When they do their chores, they’ll earn a commission,” says the website. “And when they don’t, they’ll realize they’ve made what they earned — nothing.” If they’re old enough for a job, they’ll also quickly learn that lesson.

If your teen wants to make a larger purchase, like a laptop or used car, consider loaning them money and “charging nominal interest so they get used to the concept,” says Daniel Hunt at Morgan Stanley Wealth Management.

“This can be as simple as lowering their ongoing allowance by a small amount until any advance has been repaid, with the amount of the decrease not counted against the amount owed,” he said in a blog post. “Such an approach mimics a ‘minimum payment’ option on revolving debt.”

Most importantly, they should “understand that their debt is their responsibility and that there are serious consequences if they don’t keep it under control,” he said.

Teaching teens about money management also means modeling the behavior you want them to learn — after all, kids learn by example. “If you buy everything you want for yourself with no limits on spending, then your kids will see that as normal behavior and do the same,” according to John Boitnott at Debt.com. But if you show your kids how and why you save money, “then your kids may be more inclined to be financially responsible in the future.”

This can be a challenge if both parents aren’t on the same page, like in Heather’s case. When it comes to teaching kids about money management and financial responsibility, parents should be in alignment on how they model financial boundaries — including the consequences of spending more than they earn.

As Ramsey tells Heather, her husband won’t “participate with you in parenting,” so that may require marital counseling along with maintaining an open dialogue with her daughter. And, at least according to Ramsey, there may be no hope for their daughter until their “marriage crisis” is addressed.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When Jim’s grandmother passed away, he didn’t just inherit her favorite teacups or photo albums — he inherited $100,000, and with it, a dream she always had for him: building a future, buying a home and starting a family.

Not long ago, Jim proposed to his girlfriend of three years. They’d been planning a small, intimate wedding with a budget of around $20,000 — part of which would come from their parents. They hadn’t saved much of their own money and didn’t want to go into debt for just one day.

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But since Jim received news of his inheritance, his fiancée has seemingly switched gears. Now she wants a glitzy destination wedding, a designer dress and a much longer guest list. Jim wants to stick to their original plan, but now she’s calling him “stingy” for refusing to spend “our inheritance” on her “dream” wedding.

Now Jim’s questioning how well he really knows his fiancée and whether they share the same life goals — or if he really is stingy for saying no.

Understanding the cost of big weddings

Maybe you can’t put a price on love, but you can definitely put a price on a wedding — and that price is getting even more expensive. According to Zola’s First Look Report on wedding trends for 2025, the average cost for a wedding is projected to hit a high of $36,000, up from $33,000 in 2024.

Of course, the price tag depends on location. New York City was the most expensive place in the U.S. to get hitched, averaging $65,000. Destination weddings aren’t cheap either, averaging $41,312.

Zola also followed up with couples who got married in 2024. About 20% said they went over budget by $10,000.

If Jim and his fiancée stuck with their original plan, they could use that $100,000 to get on solid financial footing as they start their life together. That could mean an emergency fund, paying off high-interest debt or boosting retirement contributions.

If they want to buy a home, the money could cover a 20% down payment on a $500,000 property. If they plan to have kids, it could help start a college fund. Or they could invest it for long-term goals — for example, if Jim invested the money with 6% annual returns, it could grow to more than $300,000 in 20 years.

In the meantime, Jim could park the money in a federally insured high-yield savings account while he decides. He should also check whether any inheritance tax applies. As of 2025, only five states have inheritance tax, which is paid by the beneficiary. Those include Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Iowa.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Financial planning needs joint communication

The bigger concern here is that Jim and his fiancée may not be on the same page about their financial goals.

While she could just be having a bridezilla moment, this shift might also reflect deeper differences in financial values — ones that could cause bigger problems if they’re not addressed.

Financial transparency means talking openly about shared goals — short-term (like a wedding), mid-term goals (like buying a home) and long-term goals (like saving for kids’ education or retirement).

Once they’re married, their tax and legal status will change. They’ll be sharing a household budget and likely filing taxes together, so it’s important to discuss what their financial future looks like before walking down an aisle.

Nearly one in four couples say money is their biggest relationship challenge, according to Fidelity’s 2024 Couples & Money study. But those who make financial decisions together are more likely to say they communicate well or very well with their partner.

If Jim and his fiancée can’t find common ground on managing the inheritance, it may be time to consider premarital financial counseling or working with a financial advisor.

There may be room for compromise. They already had a $20,000 wedding budget. Many financial experts agree it’s okay to spend a small portion — say, 5% to 10% — of a large windfall on something memorable. In Jim’s case, that could mean putting 10% toward the wedding, bringing the total to to $30,000.

That extra cash could cover a larger venue, a designer dress or a bigger guest list — but there would still need to be compromises. Maybe a destination wedding is still on the table, but somewhere more affordable in the Caribbean instead of Tuscany or Fiji.

Disagreements about how to spend an inheritance aren’t uncommon. It’s not necessarily a dealbreaker, but if Jim’s fiancée is focused solely on what she wants from his inheritance, it could be a yellow flag worth paying attention to.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Retirees usually have bucket lists and dream vacations they want to go on while they’re still healthy and fit.

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But after trips and possibly many dinners out over the past four years, it sounds like you’re suffering buyer’s remorse. The good news is you realized you’re jeopardizing your ability to fund the rest of your retirement, and you can take steps to protect your financial well-being before it’s too late.

Many retirees are spending more than they planned

About a third of retirees say they’re spending more than they expected on travel, entertainment and leisure and over half say their overall expenses are higher than they expected, according to the 2024 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI).

Despite this, “74% of retirees are confident they will have enough money to live comfortably throughout retirement.”

However, their confidence may be misplaced.

The first years of retirement tend to be the most expensive on average, according to a Consumer Financial Protection Bureau (CFPB) report. But this is not, as commonly believed, because retirees no longer want to spend on travel and entertainment. Rather, it’s due to an inability of many to maintain that level of spending.

Those who had to rein in their spending “reduced their expenses 28% from the first year in retirement to the sixth year in retirement.”

Still, this isn’t necessarily a bad thing. Because our health will inevitably decline as we age, we may have more energy, mobility and strength to pursue leisure activities and travel in our early years of retirement.

Doing so, however, will require careful planning to ensure you remain comfortable throughout retirement and are able to fund a potential increase in medical expenses in later years.

Getting back on track

To ensure you have income throughout your retirement, determine a sustainable rate at which you can withdraw from your retirement savings.

A common rule of thumb is the 4% rule. It says if you withdraw 4% of your investment portfolio in the first year and then this same amount plus an adjustment for inflation in each subsequent year you have a low probability of running out of money for 30 years.

In your case, you could determine today how much of your retirement savings remain and begin employing the 4% rule from this point forward. This will likely mean you have to cut back on spending, but it could help ensure you remain comfortable throughout your retirement.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

This rule can be a useful starting point — and 61% of financial advisors use it, according to research from PGIM DC Solutions. Still, it isn’t perfect, and each person’s situation is different, so you may find that a different withdrawal strategy works better for you.

For instance, you might want to use the percentage of portfolio strategy, where you withdraw a fixed percentage of your portfolio’s value each year. This means your income will fluctuate each year with the market value of your portfolio.

If you follow a fixed-dollar withdrawal strategy you’d withdraw a fixed dollar amount every year for a set time and then re-evaluate.

Optimizing your financial strategy

You want to make sure your portfolio asset allocation reflects your investing horizon and risk tolerance. You may want to consider speaking with a financial advisor about your situation. Many advisors today have modeling tools at their disposal that allow them to run personalized economic and life scenarios to help determine the best withdrawal strategy.

An advisor can also help with other retirement income withdrawal considerations, such as the amount of income you’ll be receiving from Social Security, your required minimum distributions from 401(k)s and IRAs, and how much to take — and when — from each type of account and asset class to be as tax-efficient as possible.

As you get serious about spending responsibly, you may want to reevaluate your lifestyle and earn some additional income. Creating a budget and tracking expenses can be valuable tools in determining where expenses could be cut back.

To earn additional income, you could take on a side hustle or part-time job. If major changes are needed, you may want to consider renting out a room, sharing a place with a friend or even moving to a less expensive area. Other options you might consider are accessing your home equity and borrowing against the cash value of a life insurance policy or even selling it.

There’s nothing wrong with taking advantage of your good health early in retirement to live a little. But if you get off track financially, acknowledging the issue and tackling it right away can help to ensure a comfortable retirement in your later years, too.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Many hard-working Americans dream of a retirement with no stress, no daily commute and no demanding boss. Life will surely be better with the freedom to do what you want, when you want… right?

Even if you have a decent nest egg of $1 million, there are potential downsides to retirement that you’ll want to consider before heading into your golden years. Here are three of them:

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• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

1. The IRS doesn’t retire when you do

Most retirees believe their tax rate will drop substantially in retirement, but that’s not always the case. After all, if you aim to live off 80% of your current income and your retirement income is entirely taxable, you may end up paying close to what you did in your working years. Thankfully, there are ways to avoid this.

The key to paying less tax in retirement is to incorporate tax planning into your pre- and post-retirement planning. Unfortunately, most Americans don’t do this. A 2024 survey by Northwestern Mutual found that only 30% of Americans have a plan to minimize their taxes in retirement.

Prior to retiring, work with a financial advisor to invest in a mix of traditional and Roth 401(k)s and IRAs. The right mix will depend on your current and expected tax rates, among other factors.

Withdrawals from Roth accounts are generally tax-free in retirement. If you have a high deductible health plan (HDHP), consider contributing to a healthcare savings account (HSA), which will also have tax-advantaged withdrawals.

Also talk to an advisor about permanent life insurance policies such as universal, whole or variable life. These policies build a cash value that you may be able to borrow against to provide a source of tax-free income. Annuities are another insurance product that could be part of your tax planning.

Once retired, it’s important to have a clear, tax-conscious plan for when you’ll withdraw from your various accounts. Considerations include any employment income you’ll receive in your first year of retirement, when you decide to start collecting Social Security, which accounts have required minimum distributions, which income streams are tax advantaged and which are fully taxable.

Strategies that can be used once retired include making qualified charitable distributions (QCDs) or investing in a qualified longevity annuity contract (QLAC).

With multiple sources of income and different tax treatments, some retirees find their taxes are more complex to calculate than they were during their working years.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

2. Your health may not be what you hoped

Many of us have a vision of an active retirement — spending our days playing golf, gardening, volunteering or traveling.

However, most of us will experience declines in cardiovascular health, muscle mass, bone density and cognition as we age. About 44% of people 65 and older report having a disability and about one-third of those 85+ have some form of dementia.

Deteriorating health might force us to rethink how we’ll spend our retirement days, but it could also influence how we spend some of our retirement dollars. In all, a 65-year-old may need $165,000 in after-tax savings to cover healthcare expenses — and as you age these costs will make up an increasing portion of your total expenses.

Between ages 55 and 64, healthcare costs will make up about 7% of your expenses, but this rises to 12% between ages 65 and 74 and 16% when you’re 75 or older.

A person turning 65 today has about a 70% chance of needing long-term care during their remaining years and about 20% will require care for more than five years. The costs for this can range from an annual national median cost of $26,000 for adult day care to a median of $75,504 for homemaker services — and a whopping $127,750 per year for a private room in a nursing home.

Preparing for these costs starts before you retire and may even influence when you retire. For instance, if you retire before you qualify for Medicare, you’ll need to plan for bridging the gap in healthcare coverage. A financial planner can help you estimate your expected medical costs, including premiums for Medicare and other insurance and out-of-pocket expenses. Incorporate these costs into your planning and saving.

3. You might find retirement boring

A 2019 survey of British retirees found that the “average retiree grows bored after just one year.” This is partially why 20% of retirees surveyed by T. Rowe Price in 2022 were working either full- or part-time and another 7% were looking for work. While almost half (48%) of respondents were working for financial reasons, almost as many (43%) were working “for social and emotional benefits.”

It turns out that for some people retirement can be boring and lonely. It’s a big adjustment to move from the purpose, structure and social interaction that comes with working every day. Like much else around retirement, this can be eased with some prior planning.

Before retiring, take time to think about what’s important to you and how you could incorporate this into your golden years.

For example, that might mean working part-time in a similar field or volunteering for a cause you believe in, or maybe even going back to school and studying something you’re passionate about.

It may take some trial and error, but retiring well involves more than just planning your finances — it involves planning your new life.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

A new executive order signed by President Donald Trump calls for an immediate halt to federal funding of NPR and PBS, citing what he calls “biased and partisan news coverage.”

A statement from the White House called the outlets “biased” with “trash that is passed as news.” The order directs the Corporation for Public Broadcasting (CPB) to immediately cease funding of the National Public Radio (NPR) and Public Broadcasting System (PBS).

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• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

The statement accused both organizations of receiving “tens of millions of dollars in taxpayer funds each year to spread radical, woke propaganda disguised as ‘news.’”

Three CPB board members were removed from their role via email, with just two board members remaining. And that executive order has set the wheels in motion on litigation filed by NPR and three Colorado radio stations, who are now suing the president for violating First Amendment rights.

Public broadcasting on the chopping block

The Trump administration listed 24 examples of “biased” coverage, including the production of a film supporting reparations, failure to cover the Hunter Biden laptop story and the suggestion that crime fears are rooted in racism.

Even beloved puppets weren’t spared.

“PBS show Sesame Street partnered with CNN for a town hall aimed at presenting children with a one-sided narrative to ‘address racism’ amid the Black Lives Matter riots,” the statement said.

Patricia Harrison, president and CEO of CPB, responded by saying the organization is not under the president’s authority

“Congress directly authorized and funded CPB to be a private nonprofit corporation wholly independent of the federal government,” she said, adding that when it was created, it specifically prohibited any government agency or official from directing or controlling its operations.

For the 2025 fiscal year, the CPB received $535 million in federal funding, with about 70% going to support local radio and TV stations.

NPR says it receives about 1% of its funding directly from the federal government. Its 246 member institutions receive 8% to 10% of their funds from CPB. PBS and its stations receive about 15% of their revenues from CPB.

“The appropriation for public broadcasting, including NPR and PBS, represents less than 0.0001% of the federal budget,” Katherine Maher, president and CEO of NPR, said in a statement.

Maher said that NPR programming is essential to its 246 member organizations, which operate more than 1,300 stations. These stations generate on average 50% of all public radio listening, despite only accounting for roughly 25% of station programming.

Further exacerbating the situation is Trump’s request of Congress to clawback an additional $1.1 billion it set aside for public broadcasters.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

The impact on smaller communities

For many rural or remote communities, free public broadcasting is often the only source of news.

In southwestern Colorado, for example, many communities are considered “news deserts,” meaning they rely heavily on public broadcasting. According to 9News, the local affiliate KSUT in Ignacio would lose about 19% of its budget, or $333,000, while Colorado Public Radio would lose about 7% or $1.5 million.

Shari Lamki, president and general manager of Pioneer PBS in Granite Falls, Washington, told The Journal the funding — which makes up about 29% of the station’s annual budget — is “irreplaceable.”

In addition to local and national news, local stations provide public safety information and emergency alerts.

“I have no doubt that the loss of this critical funding would impact this region and the safety of our citizens,” Lamki said.

Aside from the inevitable job losses, the disappearance of strong local stations could diminish civic pride, education and cultural connection — all key to neighborhood stability and desirability. Rural and remote communities would be hit hardest.

Funding cuts “would devastate the public safety, educational and local service missions of public media,” Kate Riley, president and CEO of America’s Public Television Stations, said in a statement. She added that more than 160 local TV stations — particularly those in rural areas — serve as a “lifeline in hundreds of communities where there is no other source of local media.”

Cutting this content would also mean less access to free, educational programming like Sesame Street — especially for families who can’t afford paid alternatives. That includes more than 50% of American children who don’t attend preschool.

PBS LearningMedia — a free resource developed by PBS and local stations — serve about 1.5 million educators, students and homeschoolers each month.

“These are services that American families rely on every day,” Riley said. “In fact, according to a recent YouGov survey, 82% of voters — including 72% of Trump voters — said they valued PBS for its children’s programming and educational tools.”

According to a Pew Research Center survey, about 24% of U.S. adults say Congress should cut federal funding from NPR and PBS. But 43% say they should continue receiving government support.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

It’s not always easy to save for retirement. After all, 46% of Canadians live paycheck to paycheck per Leger, which means that many may find it hard to find the available funds to build a nest egg. But any extra you can set aside will pay off in retirement — and possibly change your life before you retire.

Surprisingly, an extra $1,000 a month in savings may be right in front of you. Here are five ways you might be able to save more money.

#1. Make a budget

The first step in determining how you might be able to save an extra $1,000 a month is to examine your spending and then make a budget. By itemizing all your expenses, you can get a better idea of where you might be able to comfortably cut back. Setting up a sustainable budget can keep you on track and help reduce unnecessary and impulse purchases.

#2. Cut down on food expenses

The average, four-person family, spent about $16,297 in 2024, an increase of $702 from 2023, according to Agri-Food Analytics Lab. Despite the large chunk food takes out of your monthly budget, foot costs is one area where you may be able to reap some big savings. For instance, have you examined what you spend on takeout? Given that prices at restaurants and other food and drink establishments rose 4.3% in 2024, compared to 2023, according to Statistics Canada, eliminating the cost of takeout and eating is a quick way to cut food costs.

Most of us know the cost of that morning coffee we grab on the way to work adds up, but it’s also likely a small luxury we’d like to keep. One way to save is to grab a coffee, but skip the pastry you’re grabbing with it ― and try to pack a lunch for work.

Plan and prep your meals for the week if you can. Make it a habit to go grocery shopping ahead of time so you’re less tempted to grab takeout on the way home. Don’t neglect to check flyers for your local grocery store to take advantage of what’s on sale and consider adhering to the old-fashioned — but effective — practice of using coupons whenever you can.

#3. Put the brakes on your transportation expenses

While food is a major cost, Canadians also spend on transportation. According to Statistics Canada, Canadians spent $45.8 billion last year on getting around — or 13.6% of the total household budget. Some people might be paying too much for a vehicle — or paying for a fancier vehicle than they really need.

While it may not be realistic to get rid of your car at this point, you can cut back on costs by walking more, taking public transportation when possible or even carpooling to work more often. This can save on gas and parking, and may help to reduce wear and tear expenses for your vehicle.

It may even reduce your insurance costs, as they’re often affected by the number of miles you drive. It’s also a smart idea to shop around for car insurance or see where you can cut costs on premiums.

#4. Stop paying for subscriptions you don’t use

Take a hard look at your memberships and subscriptions, since they’ve probably piled up over the years. A staggering 73% of Canadians admit to having subscribed to a service when a free trial period or a promotional price was offered, with the intention of unsubscribing, but did not do so in time. A further 66% of Canadians admit to having paid for a subscription they had forgotten they had, according to research by Hardbacon, a personal finance application.

If you’re still paying for cable, consider switching to a streaming service. If you’re paying for multiple streaming services, consider cutting that down to one. Plus, it’s not difficult to stop one service and start another to get the programs you want.

Can you reduce your phone bill? Are you paying for online magazines that automatically renew but you never read them? What about apps that auto-renew? Are you still getting enough use out of them? Is it possible to work out at home and cut the gym membership? Or move to a cheaper gym? Look at all your renewable contracts and decide if they can be cut, renegotiated or reduced.

#5. Cut small expenses, get big gains

When you look at your expenses, look for small things that add up. If you’re spending a lot on books, consider getting a library card. If you buy a lot of bottled water, start using a refillable water bottle instead. Can you get by with fewer manicures? Cutting back on regular small expenses that won’t change your quality of life much can really add up.

How saving $1,000 extra a month can change your life

If you’re able to start saving an extra $1,000 a month, you could start making big changes in your life. For starters, you’re likely to have more peace of mind. Having more savings means you’re more likely to be able to pay for unexpected emergencies without incurring more debt.

You’ll also go a long way toward building your retirement nest egg by taking advantage of compound interest. If you start by contributing $1,000 a month to a retirement account at age 30 or younger, your savings could be worth more than $1 million by the time you retire.

If you save $1,000 at the end of every month and put it in a high-interest savings account that pays 5% interest (compounded daily), you’ll have nearly $70,000 in savings in five years. Do this for 10 years and you’ll have over $157,000.

Finding an extra $1,000 a month might also mean you can worry less about your prescriptions or medical expenses, treat yourself to a vacation every few years or cut out that second job that’s taking you away from spending time with your family. Perhaps those small expenses aren’t as important to your happiness after all.

Sources

1. Leger: North American Tracker: State of the Economy (Feb 22, 2025)

2. Agri-Food Analytics Lab: Canada’s Food Price Report 2024

3. Agri-Food Analytics Lab: Food services and drinking places, June 2024

4. Statistics Canada: Transit vs. driving: What are households spending? (April 8, 2024)

5. Hardbacon: Survey: The Average Canadian Has 8 Recurring Subscriptions… But Doesn’t Know It! (March 5, 2024)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Last year, Ted got hit with a surprise $2,700 bill after a work-related ER visit. When he missed a follow-up call from a collections agency, the bill ballooned to nearly $3,000.

Now, he’s getting nonstop calls from debt collectors and doesn’t know what to do.

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Ted, 53, is one of millions of Americans dealing with medical debt. The most recent Census Bureau Survey of Income and Program Participation (SIPP) found that 15% of households owed medical debt in 2021.

A 2021 Kaiser Family Foundation (KFF) poll, which used a broader definition of medical debt that included credit card charges and money owed to family members, found that 41% of American adults carried some form of medical debt.

KFF’s analysis of the SIPP report showed that about 6% of U.S. adults — 14 million people — owe more than $1,000. Around 2% (6 million people) owe more than $5,000, and 1% (3 million people) owe more than $10,000 in medical debt.

Know your rights

Ted’s first step is to make sure that his bill is legal. He’s insured through work, so under the No Surprises Act, he shouldn’t be charged more for an out-of-network ER visit than he would be for an in-network one.

While that may not apply to Ted’s case specifically, the law also protects against surprise bills for non-emergency, out-of-network care related to certain in-network visits and air ambulance services. If you’re unsure about a bill, you can call the No Surprises Help Desk run by the Centers for Medicare & Medicaid Services.

If you don’t use insurance — either because you don’t have any or choose not to — and you book your appointment at least three business days in advance, providers are typically required to give you a written good-faith estimate of expected charges. This should include facility and hospital fees.

If the provider doesn’t automatically give you the estimate, ask for it. If your care involves multiple providers, you’ll need separate estimates from each one.

If your final bill is $400 or more above the estimate, you can dispute it through the Centers for Medicare & Medicaid Services. While the dispute is being reviewed, the provider can’t initiate collections — and if the bill has already been sent to collections, that process must be paused during the dispute.

If a debt collector contacts you about an out-of-network or surprise medical bill, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online or by calling 1-855-411-2372.

You should also contact the CFPB if a medical charge appears on your credit report. As of July 1, 2022, paid medical collection debt and debt under $500 shouldn’t show up on credit reports. Unpaid medical debt must be at least a year old before it appears.

Debt collectors also have specific rules about how and when they can contact you, outlined in the CFPB’s Debt Collection Rule.

Ted should go over his bill to make sure it reflects the care he actually received. He should check for duplicate charges or errors. If anything looks unusual or he has questions, he should call the hospital’s billing department for clarification.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Try negotiating and seek help

Once you’ve reviewed your bill, you may be able to negotiate a lower amount or set up a payment plan with the hospital. Some providers even offer a discount if you pay promptly. But it’s important to act before the bill goes to collections. At that point, you’ll have to deal with the collections agency — which means it’s already too late for Ted to negotiate with the hospital directly.

If the bill is large, you might consider working with a medical bill negotiator who can try to lower the amount on your behalf.

If you’re uninsured or underinsured, you may qualify for financial help through the hospital. The Affordable Care Act (ACA) requires hospitals to have a written Financial Assistance Policy (FAP) and an Emergency Medical Care policy. These programs may allow you to get free or reduced-cost care. You’ll need to fill out an application and provide financial documents, but you can ask debt collectors to pause collection efforts while your application is under review.

Several charities and government programs also offer support for medical debt, travel expenses and medical equipment. You may want to work with a patient advocate who can help you navigate the health care system, understand your bill and find assistance.

Ted’s story underscores one key lesson: Don’t wait. It takes time to apply for help and get approved, and you’ll want to set up a payment plan before the account is sent to collections.

What to read next

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.