Category: Moneywise

There’s a famous quote that goes "the only thing ‘wrong’ with dogs is that they can’t live forever." A dog’s lifespan can range anywhere from nine to 15 years on average, and when you consider a dog as part of the family, that’s just not enough time. But what if there was a pill that could extend your dog’s life? Good news — that pill just came one step closer to reality.

More time with our best friends

Loyal, a biotechnology startup focusing on canine health solutions, received a significant milestone on Wednesday, February 26, when the Food and Drug Administration (FDA) granted their new medication a "reasonable expectation of efficacy" certification.

Before veterinarians can begin prescribing this anti-aging treatment, the FDA must still verify its safety and confirm the company’s ability to scale up manufacturing. Loyal expressed confidence in meeting these requirements, citing "extensive data" supporting both aspects, and projects receiving conditional FDA approval by the end of 2025.

The company is seeking FDA approval for their beef-flavored pill to be used in dogs that are at least 10 years old and weigh a minimum of 14 pounds. According to Loyal, the medication targets "metabolic health," which naturally deteriorates as dogs age.

While promising, the treatment does have limitations. Loyal indicates that the medication could extend a dog’s healthy lifespan by at least one additional year (that’s seven dog years!).

Next steps

Loyal plans to introduce its medication through the FDA’s conditional approval pathway for animal drugs. This process permits companies to begin marketing treatments deemed safe and likely effective by the regulatory agency. Simultaneously, the company continues collecting additional evidence to conclusively demonstrate the drug’s efficacy while it’s already available to consumers.

There’s no word on how much the pill will cost pet parents, but Loyal said that it wants to make treatment accessible to as many dogs as possible, ideally for less than $100 per month.

Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now

How much more do I need to budget (if my dog lives longer)?

The average cost of owning a dog in Canada averages between $660 to $4,430 per year, depending on the breed you own. And if you consider your pet as part of your family, this added cost to keep your dog with you for another year is a drop in the bucket. But these are the senior years of your dog’s life and there are going to be added costs, including special dietary needs, supplements and more frequent vet visits. This means you would need to budget for the higher end of the cost spectrum. Be sure to take these factors into consideration when putting together a budget.

This article Anti-aging pill for dogs one step closer to reality as it’s certified ‘effective’ by FDA. What does this mean for your budget?originally appeared on Money.ca

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

Roughly 90 minutes south of the Canadian border at Niagara Falls lies Ellicottville, New York. Known for its ski resorts and charming small-town atmosphere, it’s home to several hundred Airbnb listings.

But recently, a number of Canadian homeowners have been putting their Ellicottville vacation properties up for sale. And according to mother-daughter real estate brokers Cathleen and Melanie Pritchard, this trend is happening as a result of President Donald Trump’s aggressive tariff policies.

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“We have seen an uptick in listings from Canadians,” Melanie told ABC 7 News Buffalo.

“Our Canadian friends, some of them are very upset. … They’re just feeling like they’re not being loved. They’re wondering why this is happening — as are we."

How an uptick in listings could affect property values

Realtor.com puts the median listing price in Ellicottville at about $420,000. Redfin reports that in February of 2025, home prices in Ellicottville were up 699.9% compared to last year, and that homes spend an average of 66 days on the market.

But as sellers increasingly put their Ellicottville homes on the market, whether due to frustrations over U.S. economic policies or other factors, home values in the town have the potential to decline. And that’s not unique to Ellicottville — it’s how the real estate market generally works.

A big reason home values are up on a national level right now is that inventory has been low for years. Mortgage lenders offered up record-low borrowing rates during the pandemic, which spurred a wave of refinances. When rates started creeping upward following the pandemic, housing inventory declined.

And that made sense. Homeowners did not want to give up the super-low mortgage rates they had managed to lock in. But that lack of supply helped home prices rise, even at a time when mortgages were expensive to sign.

But if the opposite happens in Ellicottville, and a large number of homes hit the market in short order, it could result in an oversupply. That, in turn, could lead to lower home prices and lower home values.

Sellers who list their homes may not get the prices they want. And existing homeowners who aren’t selling could see a drop in equity.

Furthermore, if ill feelings toward the U.S. drive Canadian buyers away, home values in Ellicottville could plunge even more as a large pool of buyers dwindles down. It’s been reported that an estimated 23% of homes in Ellicottville are owned by Canadians.

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

What a changing housing market means for buyers and sellers

The housing market is typically subject to basic laws of supply and demand. When there’s a greater supply of homes than demand, prices tend to drop. When there’s more demand and less supply, prices can rise. And if supply continues to tick up in Ellicottville, both buyers and sellers will need to use those circumstances to their advantage.

Sellers will need to be strategic to help their homes stand out and attract buyers. Those looking to sell can partner with a real estate agent who knows the area well in order to price their homes strategically. They can also focus on high-impact repairs and improvements that are likely to draw buyers in.

Being flexible with closing dates is another tactic sellers can use. Similarly, offering added concessions, like covering closing costs, could help.

Buyers, on the other hand, can take advantage of the changing market by negotiating lower prices. They can also ask sellers to make certain repairs or improvements as a condition of completing a sale.

But, buyers do need to be careful about entering a shifting market. If Canadians continue to pull out of Ellicottville, home values could drop in coming years. For buyers making a minimal down payment, there’s the real risk of ending up underwater on a mortgage in short order.

It’s especially important to be cautious about buying in a changing market when the home is being purchased as an income property, as opposed to a primary residence. Waning demand could lead to a decline in bookings, making it harder to cover the costs of owning the property.

One thing Ellicottville buyers should do at a time like this is talk with real estate agents in the area and get their take on whether current sentiment and recent trends are likely to impact future rental income. Those agents may not have a crystal ball, but their insight could prove invaluable — and perhaps spare some buyers from making a bad decision.

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

Your sister-in-law is not alone: A number of TikTok influencers using the hashtag #generationalwealth are recommending adding your child as an authorized user on your credit card as a “hack” to help them establish a credit history.

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A credit score provides a measure of creditworthiness — how likely you are to pay back debt — to lenders. This score is based on a number of factors, including payment history and credit mix, but a higher score can give you easier access to credit and better rates on loans.

Adding a child to a parent’s credit card allows the child to piggyback on the parent’s credit history, but the child isn’t responsible for paying back any of the debt (that falls to the cardholder). This is different from opening a joint account, in which both parties would be responsible for the debt.

Why are parents adding their kids as authorized users?

Young adults who establish a credit history early in life may have an easier time applying for credit, taking out a loan, renting an apartment and, down the road, getting a mortgage. While some may question whether this gives them an unfair advantage, it’s an advantage they may need more than ever.

Wages are stagnating, with 73% of U.S. workers “struggling to afford anything beyond their basic living expenses,” according to a recent Resume Now study. With high housing costs and mortgage rates, the dream of homeownership is dying, and the threat of tariffs and a possible recession has led to plummeting consumer confidence.

It’s tough for young people out there. So, by adding a child as an authorized user, the child inherits the parent’s or guardian’s credit history — without having to fill out an application or undergo a credit check. This, of course, is only helpful if the parent and child use the credit card responsibly.

"Typically, the entire account history will show up on the authorized user’s credit report," said Gerri Detweiler, credit expert and author, to U.S. News. "If the primary cardholder has a good payment history and low debt, that can be a tremendous benefit."

Some credit cards allow authorized users as young as age 13 or 15, while some have no minimum age requirement.

“Kids whose parents earn $100,000+ are nearly 5 times as likely to be an authorized user on their guardian’s credit card than those whose parents earn less than $35,000 (37% versus 8%),” according to a LendingTree study. “Overall, 22% of parents say their minor child is an authorized user.”

But this strategy doesn’t just apply to wealthy families who want to pass down generational wealth. It could be a strategy for anyone with a good credit history — and who’s willing to take the time to teach their kids about money management.

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Pros and cons of adding an authorized user

Aside from jumpstarting your child’s credit history, adding your child as an authorized user on your card is also an opportunity to teach them how credit works and how to be responsible with money.

For example, say your teenager gets an allowance or has an after-school job. If they’re an authorized user on your credit card, they can use it to make a few purchases — provided they pay their portion of the bill at the end of the month. Adding a baby or toddler may be somewhat more questionable.

But there are a few drawbacks to consider. Say your 10-years-old niece racks up $5,000 in online purchases on her mom’s credit card without fully understanding the consequences. Her mom would be liable for the charges.

If your kids regularly use your card, it could increase your credit utilization rate (which makes up about 30% of your credit score). That could end up hurting your credit score. And if you end up in a position where you’re carrying a high balance that you can’t pay off, it could hurt your child’s credit history along with your own.

Also, not all credit card issuers report authorized users’ activity to the three main credit bureaus — Experian, Equifax and TransUnion — until they turn 18. That won’t help them establish a credit history, so you’ll want to check with your issuer first.

Another consideration is that eventually, when your child grows up and becomes financially independent, removing them as an authorized user could temporarily ding their credit score (a credit score is based, in part, on your payment history and length of credit history).

“Keep in mind that your credit may be affected after the removal,” notes Experian. “If it was a card with a long history and you don’t have any other accounts of similar age, or you have little credit otherwise, you may see a drop in your credit score.”

Plus, some lenders may not give much weight to an authorized user who’s applying for credit. If you’re not the primary account holder, it means you haven’t gone through a credit approval process, so the lender may still question whether you’re able to manage payments.

So you don’t need to feel guilty about your decision. You may instead want to help your kids apply for a starter credit card or credit-builder loan — where the account is in their name — to build a credit history through responsible borrowing and repayment.

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

Customers across Knoxville were left without their cars — or their money — after trusting auto shop owner Jason Beeler with costly repairs, according to WATE 6 On Your Side.

Beeler, the sole operator of Affordable Automotive Repair, is under investigation after police found more than a dozen vehicles in his locked shop, many of them untouched despite advanced payments.

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Several customers said they were strung along for months with excuses, and some claimed Beeler even refused to return their cars when they asked for them back. One even prepaid $10,000 for repairs they never received.

“I have the receipts and everything,” said Kevin Villatoro, who hadn’t seen his 2002 Honda sports car since early 2024.

By this point, customers just needed answers.

What did authorities do?

After receiving multiple complaints, Knoxville Police obtained a search warrant and had the building manager unlock Affordable Automotive Repair’s garage. Inside, investigators found over a dozen vehicles in various states of disrepair. Some engines had been removed; others appeared untouched.

Among the cars was Len Nymeyer’s 1964 Ford Thunderbird. He paid Beeler $8,000 in January and hadn’t seen his car since.

“I’m hoping it is in the building, but I don’t know,” Nymeyer said before the search. His car’s engine hadn’t been touched, according to WATE 6 News.

John Kohlman’s 1967 Pontiac Grand Prix was also in the shop for a front-end repair. Beeler said it would take two weeks. But five months later, during the police search, officers found the engine had been removed.

Police documented each vehicle as part of their ongoing investigation. In some cases, parts were found scattered across the shop floor. Erasto Abalos had waited two years for an engine rebuild on his 1956 Ford — only to discover the engine in pieces.

“He kept saying it would be ready in two weeks,” Abalos told reporters.

Beeler was charged in March with three felony counts unrelated to his auto repair business and is currently in Knox County Jail. Detectives are expected to conclude their investigation soon, which will determine whether additional charges related to the alleged repair fraud will be filed.

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 avoid getting scammed by repair shops

Stories like these are unsettling — especially for busy car owners who may not know the warning signs to watch for. Here are a few ways to protect yourself from shady shop owners.

Ask for a written estimate before agreeing to repairs

Always request a written estimate that includes parts, labor and potential additional costs from a licensed shop. This gives you a baseline for comparison and can help you dispute charges later if something feels off. If the bill seems high, consider taking the vehicle to a second repair shop for another opinion.

Ask for an explanation of the repairs

Trustworthy mechanics will take time to explain the repairs, show you the issue and won’t pressure you into immediate service. Ask for the specific diagnostic code or the part that’s causing the problem. If a mechanic can’t explain the issue clearly — or seems evasive or rude — it’s a sign to find another shop. The mechanic’s explanation will also help you learn more about your vehicle — which could save you from unnecessary repairs in the future.

Learn about car mechanic red flags

Be wary of pushy upsells, especially on services like fluid flushes or premature brake pad replacements. Dishonest mechanics might pull out a dirty air filter (that may not be yours) and tell you it’s urgent to replace it, or claim to find a cracked hose or damaged part caused by their inspection.

Research prices before you go to the shop

The more you know about your car’s symptoms — like odd noises, warning lights or performance issues — the better. Research common fixes and average costs ahead of time. Being informed gives you leverage and helps you spot inflated estimates or unnecessary repairs.

Not every mechanic is out to scam you, but the ones who are often count on customers being uninformed. Doing your homework and asking the right questions can go a long way in protecting your vehicle — and your wallet.

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

Nvidia (NASDAQ: NVDA) has been one of the best-performing stocks of the last decade, benefiting from advancements in artificial intelligence (AI), cloud computing, and gaming. However, its high price and volatility make it a challenging stock for Canadian investors to buy.

One way to manage risk and build a long-term position in Nvidia (NASDAQ: NVDA) is through dollar-cost averaging (DCA ) — a strategy where investors buy a fixed dollar amount of stock at regular intervals instead of making a lump-sum purchase.

To use DCA effectively, Canadian investors need to learn which accounts to use (either TFSA, RRSP, or taxable), and which trading platforms to use, such as Wealthsimple, Questrade, TD Direct Investing, among others.

What is dollar-cost averaging (DCA)?

DCA is an investment strategy where you invest a fixed amount of money at regular intervals, regardless of the stock’s price. Over time, this smooths out the impact of market volatility and can reduce the risk of buying at a peak.

Example of DCA with Nvidia for a Canadian investor

• Instead of buying $12,000 worth of Nvidia (NASDAQ: NVDA) all at once, you decide to invest $1,000 per month for 12 months.
• Some months, Nvidia may be expensive; other months, it may be cheaper.
• This strategy reduces the impact of market swings and ensures you don’t buy at a short-term high.

Why DCA works well for Canadian investors buying Nvidia

1. Reduces Risk of Market Timing

• Nvidia (NASDAQ: NVDA) is highly volatile, and its price can swing 5 to 10% in a single day.
• By investing consistently, you avoid making emotional decisions based on short-term price movements.

2. Helps Manage Currency Risk for Canadians

• Nvidia (NASDAQ: NVDA) trades in USD, meaning Canadian investors face currency fluctuations when buying the stock.
• DCA helps average out currency exchange rates over time, reducing the risk of buying when the Canadian dollar is weak against the US dollar.

3. Easy to Automate with Canadian Brokerages

• Some platforms like Wealthsimple Trade and Questrade allow investors to set up recurring stock purchases, making DCA fully automated.
• Even if you use a brokerage that doesn’t offer automated DCA (like TD Direct Investing), you can still manually buy a fixed amount each month.

Which Canadian accounts are best for Nvidia DCA?

1. TFSA (Tax-Free Savings Account)
✅ Best for long-term growth because all gains are tax-free.
✅ No taxes on capital gains or dividends.
🚨 Downside: Nvidia doesn’t pay a dividend, so this is only useful for long-term capital gains.

2. RRSP (Registered Retirement Savings Plan)
✅ Contributions are tax-deductible, reducing taxable income.
✅ Great for Nvidia because there are no withholding taxes on US stocks inside an RRSP.
🚨 Downside: Withdrawals in retirement are taxed as income.

3. Taxable Account
✅ Good for flexibility (no withdrawal restrictions).
🚨 Downside: Capital gains are taxable at 50% in Canada.
🚨 Currency conversion fees may apply.

Which Canadian brokerages support DCA for Nvidia?

Best option for Canadian investors using DCA

• If you want zero commissions, Wealthsimple Trade is the easiest option, but you pay FX fees.
• If you want a USD account and more control, Questrade or Interactive Brokers is better for reducing currency conversion costs.

DCA vs. lump-sum investing: Which is better for Nvidia?

A common question is: “Should I just buy Nvidia all at once instead of using DCA?”

✅ Lump-sum investing is better if the market is in an uptrend, because historically, stocks tend to rise over time.

✅ DCA is better if you’re worried about short-term volatility and want to spread out your risk. Since Nvidia is highly volatile, DCA can be a smart way to manage risk while still building a position over time.

Final thoughts: Why DCA is a smart strategy for Canadians investing in Nvidia

Dollar-cost averaging is a great way for Canadian investors to buy Nvidia without worrying about short-term price swings or currency fluctuations. By investing consistently over time, you lower the risk of making poor timing decisions while benefiting from long-term market growth.

This article Dollar-cost averaging with Nvidia: A long-term strategy for Canadian investors

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

California wineries, which produce about 80% of American wine, are being slammed by tariffs.

Canada has issued retaliatory tariffs of 25% in response to U.S. tariffs on Canadian goods, and a number of the country’s provinces have pulled U.S. liquor off the shelves.

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Wilson Creek Winery & Vineyards is one of the impacted California wineries. They import the blue glass bottles that their wine is bottled in from China, which is currently subject to a 20% tariff.

Although California’s wine industry hasn’t fully felt the impact of the tariffs yet, it’s already facing major struggles. When asked by ABC News, the owner of the winery shared that they don’t want to have to raise the prices to their consumers, even though their costs are increasing.

Additionally, the U.S. government’s proposed 200% tariff on European wines, Champagnes, and spirits has sent shockwaves through the beverage industry, affecting both importers and domestic producers.

Industry-wide concerns

When the tariffs were first announced in February, Robert P. Koch, the president and CEO of Wine Institute issued a press statement, highlighting the importance of the Canadian market for his industry.

“Canada is the single-most important export market for U.S. wines with retail sales in excess of $1.1 billion annually,” he said. He went on to describe wine as the “most highly value-added agricultural export” in the U.S.

“Any loss of access to the Canadian market will damage the entire U.S. wine sector,” he stated.

Wine and alcohol sales are already down, partly because trends show younger generations like Gen Z are drinking less. With alcohol consumption being questioned, especially moderate drinking, demand has continued to drop.

On top of that, production costs are on the rise. Raw materials, labor and environmental regulations are pushing costs higher, and the tariffs on imports only make things worse.

Wildfires, droughts and other climate change effects are also taking a toll on grape yields and quality.

For wineries like Wilson Creek, these tariffs are affecting everything from production to distribution. Their Italian-made stainless steel bottling equipment and aluminum bottle toppers are all getting hit by the tariffs, putting extra strain on their bottom line.

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When it comes to the proposed tariffs on European wines, the higher costs could lead to less spending, impacting jobs in bars, restaurants, and other sectors.

On a bigger scale, these tariffs are adding to global economic uncertainty. Analysts are worried that rising trade tensions could spark a global recession, putting economies around the world at risk.

A golden opportunity?

While there is uncertainty and concern about potential chaos in the industry, some see the looming tariffs as a golden opportunity for U.S. producers.

Natalie Collins, president of the California Association of Winegrape Growers, says it’s time to “reframe” the “narrative” that reciprocal tariffs would hurt the American wine industry.

Collins argues that tariffs could help level the playing field, giving domestic companies a fair chance to compete in their own markets.

Jeff Bitter, president of the Fresno-based Allied Grape Growers, echoed his cautious support in a conversation with reporters at the Unified Wine and Grape Symposium in Sacramento.

“You have to be careful with it, but you can at least explore the option,” Bitter said. “We are up against imports and we’re losing that battle.”

As tariffs continue to shake up the wine industry, California winemakers are getting creative to stay competitive. Some are looking to diversify beyond traditional markets, reportedly eyeing regions like Eastern Europe and Africa as potential growth areas.

Many wineries have also already been investing in new technologies and more efficient production methods in recent years. Some hope by cutting costs and boosting productivity, they’ll be able to maintain profitability without passing on hefty price hikes to consumers.

But in the meantime, businesses like Wilson Creek continue to be hit from all angles by the rising costs.

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

Plans to replace the Sagamore Bridge, a major access point to Cape Cod, have recently sparked controversy as several homeowners face losing their properties to eminent domain.

While many local drivers welcome the infrastructure improvements, affected residents are struggling with uncertainty about compensation, relocation and the impact on property values.

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Marc and Joan Hendel, who recently moved to Sagamore’s Round Hill community, were devastated to learn that their home could be taken as part of the project.

“This is heartbreaking to us that they’re just coldly giving us a letter that says we’re going to destroy your home,” Marc told CBS Boston.

The Massachusetts Department of Transportation (MassDOT) plans to replace the aging Sagamore Bridge as part of a broader effort to improve Cape Cod’s infrastructure. The project, which also includes replacing the Bourne Bridge, is expected to take years to complete.

A total of $1.72 billion in federal funding has been secured for the Sagamore Bridge. In a statement released in July 2024, coinciding with the announcement of a major funding award.

“This is a game-changing award for Massachusetts,” Massachusetts Governor Maura Healy proclaimed. “We’ve never been closer to rebuilding the Cape Cod Bridges than we are right now. This funding will be critical for getting shovels in the ground.”

Additional funding is needed for the Bourne Bridge. The construction will involve twin bridge structures to separate traffic flow, improving long-term safety and efficiency.

The government may acquire nearby homes as part of the project, leaving some residents uncertain about their future. The final list of affected properties has yet to be released, but the uncertainty has already disrupted the local real estate market. Many are now weighing their options, deciding whether to sell, hold out for a buyout or challenge the process.

How eminent domain affects home values and market stability

Eminent domain, the government’s legal right to seize private property for public use, can significantly influence home values.

When a government entity signals its intent to take properties for a project, the uncertainty can cause hesitation among buyers, leading to decreased property demand and, ultimately, lower home values in affected communities.

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

In some cases, properties near eminent domain projects lose value even if they are not directly taken. The potential for construction disruptions, increased traffic and changes in the area may make potential buyers think twice. Since the Sagamore Bridge project is part of a multi-phase project that could take years to complete, market instability in the area may persist.

What homeowners can do about eminent domain

For homeowners who may be impacted by eminent domain, there are steps to take to ensure fair treatment and compensation:

Consult an eminent domain attorney: A real estate lawyer specializing in eminent domain can help homeowners understand their rights and negotiate a fair settlement.

Get an independent appraisal: The government is required to offer just compensation, but independent property valuations can help ensure you receive an appropriate offer. Eminent domain valuation can be complex, and you may not have a second chance if you don’t like the results of your appraisal. Work with an eminent domain lawyer to ensure you get the right type of appraisal.

Negotiate for better terms: Homeowners may be able to contest the initial compensation offer or request relocation assistance depending on state laws and project funding.

Stay informed: Attend community meetings to stay updated on project timelines so you can make informed decisions about your property.

The Sagamore Bridge project highlights the complexities of eminent domain, a process that affects homeowners nationwide. Whether facing a bridge replacement or another public development, property owners must navigate legal and financial challenges.

If you find yourself in a situation similar to these Cape Cod homeowners, stay informed and seek expert guidance to help navigate the process and protect your interests.

What to read next

• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Nearly 1 million Americans have a net worth of at least $10,000,000 — here are 3 ‘quiet’ ways the ultra-wealthy grow their riches (and how you can join the club ASAP)

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

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When the economy takes a hit, unfortunately, so does your wallet. While the standard advice to  save diligently, invest in your 401(k) and avoid unnecessary spending still applies, a recession calls for an even closer look at your money habits.

Here are 15 moves — and missteps to avoid — to ensure your hard-earned money keeps working for you, even in a recession.

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Should: Build up your emergency fund

Financial emergencies don’t send a calendar invite — they just show up. A sudden medical bill, a broken appliance or a job loss — these moments have a way of testing not just your patience, but also your bank account.

That’s why having an emergency fund, separate from long-term investments like a 401(k), is a good idea. Parking your emergency stash in a high-yield savings account can mean the difference between stagnant cash and steady growth. While the national average savings account rate sits at 0.41%, high-yield accounts can offer returns closer to 4%.

Should: Consolidate your debt

Another way to prepare yourself for a recession is to rethink your approach to debt. While debt can sometimes feel like an anchor that keeps pulling you down, there are ways to stay afloat, such as through debt consolidation.

By rolling multiple loans into one, you’ll have fewer bills to juggle, meaning less stress and fewer chances to miss a payment. If you qualify for a lower interest rate you can also save money in the long run.

You can compare rates offered on debt consolidation loans from vetted  lenders near you through Credible.

Here’s how it works: Answer some basic questions about your annual income and debt then Credible will show you offers from leading lenders like Discover, Upstart, SoFi and more. You can get approved for debt consolidation loans of up to $200,000 at the lowest possible interest rate on the platform.

This process is entirely free and won’t impact your credit score.

Credible also has a best rate guarantee: if you close a loan with a better rate than you prequalify for you can get a $200 gift card.

Should: Recalculate your net worth

There was a time when net worth felt like a conversation reserved for Wall Street titans. But in reality, everyone has a number attached to their financial identity. To calculate yours, start by adding up your assets, including cash in the bank, investments and retirement accounts. Then, subtract your liabilities, such as debts and other financial obligations. The result is your net worth.

During an unexpected shift in the economy or even a surprise expense, knowing what you have — and what you owe — can help you navigate the uncertainty.

Should: Take a closer look at your budget

Some people turn a blind eye to how much they’re really spending, but when it comes to money, ignorance isn’t bliss — it’s just expensive. A budget isn’t designed to cut out everything from your life. Instead, it’s a way for you to set your financial priorities and make sure your money is being property allocated.

For example, one popular budgeting method is the 50/30/20 rule, which simplifies budgeting into three categories: needs, wants and savings or investments. Instead of complicated spreadsheets, this method offers a clear framework that keeps your spending in check without taking over your life.

If you struggle with sticking to your budget, tracking where your money is going is a great place to start. With Monarch Money, you can track all your accounts in one place — helping you know where your money is and where it’s going.

Monarch Money notifies you when recurring bills or subscriptions are due, so  you don’t miss a payment. You can also create a customized budget on the platform with your own list of categories, as well as set financial goals and monitor your progress towards them. Plus, Monarch Money includes opt-in predictive AI tools that can help you automatically categorize your transactions and build infographics highlighting your spending habits.

Should: Stock up on essentials

Inflation may be unpredictable, but your grocery bill doesn’t have to be. While you can’t hoard a year’s worth of fresh produce, stocking up on nonperishable items is a way to cushion against rising costs.

With food prices up 2.8% from last year — and the Consumer Price Index showing a 0.6% jump from December 2024 to January 2025 — every little bit of planning helps. If you’ve got the pantry space, now’s the time to grab extra staples before they get even pricier.

Should: Talk to a financial advisor

Talking to a financial advisor during periods of economic uncertainty is even more important. While inflation eats away at purchasing power, a financial advisor can help you figure out the best path forward. Whether it’s retirement, big purchases or adjusting long-term financial goals, an advisor can help ensure that a potential recession doesn’t derail your plans.

Finding an advisor that matches your investment style can be time consuming, but with Advisor.com you’re only a few clicks away from connecting with vetted financial experts near you.

All you have to do is enter some basic information about your current financial situation and your goals. Then Advisor.com will match you with a FINRA/SEC-registered advisor in your area for free. From there, you can set up an introductory call to see whether they’re the right fit for you.

Unlike most traditional financial advisors, you don’t need significant assets or a minimum net worth to find a fiduciary expert through Advisor.com.

Should: Consider additional income streams

There’s something comforting about a steady paycheck, but when the cost of everyday essentials climbs higher a single income stream might not cut it. According to the Bureau of Labor Statistics, more than 9 million U.S. workers were juggling multiple jobs as of February 2025, with more than 5 million balancing a full-time career and a part-time gig.

But you don’t necessarily have to snag a second job to make extra income.

With Arrived, you can invest in residential properties across the country and potentially generate passive income, without the operational headache of being a landlord.

Backed by world-class investors like Jeff Bezos, Arrived pays out rental income generated from properties as dividends monthly. Plus you’re entitled to receive capital gains at the end of the investment hold period, as residential property values typically rise over time.

Arrived is open to all U.S. citizens and green card holders who are 18 years or older. Get started with just $100.

Should: Be mindful of big purchases

That dream vacation, a new car or the latest tech might seem tempting, but major purchases can strain your budget when economic uncertainty is on the horizon. Before swiping your credit card, it might be worth asking yourself, is this a necessity or can it wait?

Shouldn’t: Panic and sell investments

When the stock market starts sliding, the instinct to sell everything and cut your losses can be powerful. But selling in a panic often locks in losses that could have recovered over time. Market fluctuations are nothing new, but historically they tend to rebound — and those who stay invested usually come out ahead.

In an interview with CNBC back in 2017, legendary investor Warren Buffett warned against the risks of timing the market. Instead, he recommended consistently investing in low-cost index funds despite market volatility.

“The temptation when you see bad headlines in newspapers is to say, well, maybe I should skip a year or something. Just keep buying,” Buffett stated. “American business is going to do fine over time, so you know the investment universe is going to do very well.”

One way you can do this is by investing spare change from everyday purchases into a diversified portfolio of ETFs with Acorns. Simply link your debit or credit card, and Acorns will automatically round up your purchases to the nearest dollar. This extra change is then put into a smart investment portfolio.

For instance, if you purchase a breakfast burrito for $10.25 Acorns will round up the purchase to $11 then set aside the difference. Once you hit $5, Acorns will invest the sum into a smart portfolio of ETFs — diversified with stocks and bonds.

You can get a $20 bonus investment when you sign up with Acorns.

Shouldn’t: Ignore your credit score

Your credit score isn’t just a random number and ignoring it can ruin your financial reputation, especially during a recession when lenders tighten their criteria. A poor score can mean higher interest rates on loans and credit cards, or even difficulty securing a mortgage, car loan or rental approval.

Many people assume that if they’re not actively borrowing, their credit score doesn’t matter. But even something as simple as missing a payment, carrying a high balance or closing an old credit card can quietly chip away at it.

Shouldn’t: Forget to shop around for better deals

Some expenses are optional — your morning latte, that extra streaming subscription. Insurance rates, utility bills, even phone plans — these are the nonnegotiables that can steadily drain your bank account if you’re not paying attention.

Yet, according to ValuePenguin, more than 65% of Americans don’t bother comparison shopping for better rates. That means many people are overpaying simply because they haven’t looked around.

In fact, ValuePenguin found that 92% of auto insurance policyholders who shopped around during their last renewal ended up saving money.

Through OfficialCarInsurance, you can compare auto insurance rates from leading providers like Progressive, GEICO, and Allstate for free.

Based on your location, age, driving history, and the make and model of your car OfficialCarInsurance will comb through its database and display offers as low as $29 per month.

The best part? Browsing insurance offers through OfficialCarInsurance won’t impact your credit score at all.

Get started and find rates as low as $29 per month.

If you are struggling with skyrocketing home insurance rates — which rose by an average of 10.4% last year — comparing offers from multiple insurance providers through OfficialHomeInsurance might be worthwhile.

By comparing home insurance rates and selecting the lowest possible cost, you can save an average of $482 per year.

Shouldn’t: Ignore inflation’s impact on your spending

The impact inflation has on your spending is something you might not notice right away, but over time you’ll see it. For instance, what used to be a $4 cup of coffee might now be pushing $6. When you don’t adjust your budget for inflation, you risk spending more than you realize — which can slowly whittle your savings.

If you want to preserve your dollar, investing in inflation-resistant assets like gold could be a good place to start. A gold IRA can help you hedge your money against inflation while reaping tax benefits.

Many companies provide a range of gold coins and bars to choose from, and often offer free precious metals up to a certain amount when you make a qualifying purchase. If you want to convert your existing IRA into a gold IRA many companies offer a 100% free rollover.

Check out the Moneywise top picks for industry-leading companies offering gold IRAs.

You can also compare offers instantly and request a free information guide to help you understand how gold can preserve your dollar value during times of high inflation.

Shouldn’t: Withdraw from your retirement accounts early

Dipping into your retirement savings might seem like an easy solution, but cashing out early can do more harm than good. Retirement accounts, like 401(k)s and individual retirement accounts IRAs, come with early withdrawal penalties — typically 10% if you take money out before age 59½.

Another option is to tap into your home equity, provided you own your home and have been paying off your mortgage on time for years.

Rates on HELOCs and home equity loans  are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

Shouldn’t: Quit your job without a plan

Even in a thriving economy, quitting your job without a backup plan is a bold move. When companies tighten budgets and layoffs become more common, walking away from a steady paycheck without a clear next step can put you in a tough spot.

A recession isn’t the time for impulsive exits. Instead, if you’re feeling stuck or undervalued, start mapping out your next move before handing in your resignation. Update your resume, network strategically and explore new opportunities while you still have financial stability.

Shouldn’t: Get caught up in lifestyle inflation

Lifestyle inflation can be a silent budget killer. This can happen if you get a raise or a bonus check, making spending a little easier. Whether you’re thinking of upgrading your apartment, dining out or just justifying a big purchase because you now have some wiggle room.

But if your spending rises as fast as your earnings, you’re not actually getting ahead — you’re just treading water in a more expensive pool. Instead of getting caught up in lifestyle inflation, building an emergency fund, investing more and paying off debt faster are smarter moves.

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

You saved up for a kitchen reno. You decide to purchase cabinets from a local company with great reviews. You deposit thousands of dollars for the cabinets and installation.

Then … crickets.

That’s the situation Tampa-area homeowners find themselves in after forking over thousands of dollars to the local company One Stop Kitchen & Bath for cabinets that never materialized.

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Now their money is missing, too.

Angie D’Angelo told WFLA News Channel 8 in Tampa that she and her husband paid $31,000 to the company for cabinets that never showed up.

“I don’t know how you sleep at night when you’re taking people’s hard-earned money,” said Angie D’Angelo.

Remodeling company takes money then closes down

Kari Sterling and her husband put down a $26,000 deposit with the company in October 2024 expecting new cabinets to be installed in January 2025.

All they got was bad news. One Stop Kitchen & Bath — with showrooms in St. Petersburg, Oldsmar and Tampa — abruptly closed down.

A sign at its Oldsmar location says closure was “forced” upon the company “due to severe financial pressures beyond our control.”

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

In an email to one customer, the company blamed the cabinet manufacturer MasterBrand for its insolvency.

In response, a MasterBrand spokesperson said it had placed a “credit hold” on One Stop Kitchens and Bath for failing to pay its financial obligations.

MasterBrand reports that it has not received any money from One Stop Kitchen & Bath for the D’Angelo or Sterling projects. Now homeowners want the company to pay them back..

“You can’t just say, ‘Oops, sorry, we’re bad business people, oh well,’” Sterling said.

By late March, 24 angry customers had filed complaints about the company with the Pinellas County Consumer Protection office. The Pinellas County Sheriff’s Office is investigating.

How to protect yourself from contractor fraud

Contractor fraud and home improvement scams are common. In 2023 alone, the Federal Trade Commission recorded 83,000 reported cases of home improvement or repair scams. Some contractors do shoddy work or overcharge.

Unethical contractors engage in price gouging in the wake of disasters. According to the National Insurance Crime Bureau, post-disaster contractor fraud totalled $9.3 billion in 2024. This impacts insurance premiums as well.

When you’re looking for a contractor, online reviews are a good start, but it’s a good idea to do more thorough research and get written quotes from several contractors and asking them to explain their quote in greater detail..

Another way to identify a more reliable contractor is to work with one that is vetted and licensed.

You can search for a licensed contractor in the National Association of the Remodeling Industry’s online directory. These professionals are insured and follow local, state and federal regulations.

Beware of any contractor who is pressuring you to make a decision fast, refuses to give you a written contract or asks for payment upfront.

Another red flag is a contractor who doesn’t have any kind of an online presence.

If you believe you’ve been the victim of a contractor scam, contact your local consumer protection office, police station and home builders association.

You can also raise awareness of your issue through the media — as the D’Angelos and Sterlings did. One option is to contact the national organization Call For Action, which connects individuals with media that cover consumer protection issues.

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

Pets change our lives for the better, and not just because they’re fuzzy, tail wagging bundles of unconditional love. According to the Human Animal Bond Research Institute (HABRI), pets foster connection and community, encourage mindfulness, focus and healthy habits and support resilience and recovery.

But, pet parenthood gets expensive when you factor in food, vaccinations and grooming. That doesn’t even include the cost of giving them the best treats, toys and veterinary care (and we know you’ll want to).

Being pet parents ourselves, we’ve come up with eight tried and tested tips to help save you money while you spoil your pet.

1. Buy in bulk

Save money by bulk-buying items with a long shelf life or that won’t expire. These items include puppy pee training pads, poop bags, cat litter, cat toys, canned food, dry food and bedding for small animals.

If the thought of lugging home oversized packages makes your back hurt, check online retailers, such Amazon, where these goods can be delivered right to your front door. It you’re an Amazon Prime member, you’ll enjoy free shipping, and some pet products come with recurring delivery options, which save you even more money.

If you’re already signed up for a warehouse club such as Costco, then you’re already set to take advantage of bulk pricing for certain pet supplies. Pro tip: Head to the pet aisle to pick up a box of 100 pee pads — it’s the best deal in town.

Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now  

2. Invest in pet insurance

When covering pet expenses, pet insurance is one of the most useful tools pet owners have. Sure, you’ve got to shell out a certain amount a month, but spending today may save you thousands in the future if your pet becomes injured or ill.

Pet insurance providers — such as Spot Pet Insurance — offer flexible, comprehensive coverage at a monthly rate.

With pet insurance, you can be sure that you have coverage on any given day and can handle surprise vet costs — such as an exam fee, prescription medicine or even cancer treatment — without breaking the bank.

Spot Pet Insurance has flexible offerings based on your needs and the type of pet you have, including accident-only, illness and preventative care plans. With so many options available, you can find the coverage that best suits you and your pet.

3. Come up with a pet budget

Budgeting is an essential part of managing costs, even when it comes to pets. From the moment your furry BFF comes homes to well into their senior years, you can budget and prepare for expected costs.

Even if you’re just starting your search for a pet, you’ll still need to budget — make sure you account for everything from adoption/breeder fees to health care, essential supplies and more.

Develop a budget not only helps you save money, but it also ease stress. A clear expectation of how much your furry family member costs will help with financial planning.

4. Medical prevention

There are two ways to save money when it comes to your pet’s health. First, pet insurance — such as Spot — is a good way to avoid spending a large sum on an unexpected medical crisis.

You can also work to prevent a health problem before it occurs, which will be a boon to both your wallet and your pet’s well-being.

Doing what you can to keep your pet as healthy as possible will reduce the likelihood of a costly medical problem. Make sure your pet is fed a nutritious diet, gets plenty of exercise and receives regular veterinary checkups.

Depending on your chosen coverage, Spot Pet Insurance covers care such as veterinary exams, diagnostic tests, ultrasounds and breed-specific hereditary conditions, to make sure your furry friend stays in good shape.

5. Train your dog at home

Seek help from a professional trainer if your dog is extremely reactive, fearful, has deeply ingrained behavioral issues or is stronger than you. But, if you don’t have the means to pay for a dog trainer, then consider using a reward-based system at home.

Reward-based training just means training your dog with treat rewards. This also happens to be the Humane Society’s preferred positive and cruelty-free training method.

One simple example of reward-based training is teaching your dog to sit before giving him his meal. YouTube now has an amazing selection of free positive-reinforcement training resources.

6. Groom your pet at home

Some home grooming is super easy, including brushing your long-haired pet frequently to avoid mats. You also can brush pets’ teeth (which will help save on dental bills), clean their ears and bathe pets at home.

As with dog training, there are some situations when it’s best to call in the professionals. A seriously matted dog, a pet whose nails haven’t been trimmed in years or a fearful animal may best be handled by a pro.

If you groom your pet at home, keep things positive. Use rewards during and after the process to keep your pet interested and happy. To ensure best results, start handling and grooming your pet when it’s young.

7. Spay or neuter your pet

North America has a major pet overpopulation problem, and it’s partly due to unsterilized pets creating unplanned litters. There are many economical and ethical reasons to spay or neuter your pet.

When you leave a male cat intact, it wants to mark territory, find a mate (or 10) and fight with other males. Dogs are more aggressive, and larger breed pooches are more susceptible to cancer when they’re not neutured. Unspayed females of both species mark territory or have pee accidents and must be kept away from males to avoid unplanned litters.

Getting your pet fixed is simply doing your part to reduce the overpopulation problem. And, you’ll save money in numerous ways, such as not having to clean up territory markings or spend on a s lew of pee pads/diapers.

8. DIY toys and treats

Skip the expensive pet store toys and save your money! Many mass-produced plastic pet toys are poorly constructed and can break easily, potentially becoming a safety hazard. Instead, focus on creating engaging DIY toys that your pets will love just as much, if not more.

For cats, simple household items can provide hours of entertainment. They naturally gravitate toward cardboard boxes which become instant fortresses and paper balls that mimic prey. Dogs are equally content with homemade toys, such as braided fleece blankets or old t-shirts (bonus because they smell like you) that make perfect tug toys, or a secure sock containing an empty water bottle for a satisfying crinkly sound.

During the holidays, I’ve found that homemade dog treats are great to give as gifts to other pet parents. Just add them to a reusable jar or a festive bag, affix a tag and prepare to be the most popular guest in the house. If you’re a treat-making noob, try out this easy peanut butter and pumpkin dog treat recipe. It’s chock full of healty ingredients that are good for dogs and chances are, you’ve got most of them in your kitchen already.

Sources

1. HABRI: How Pets Impact Our Mental Health (May 2, 2024)

2. ThatFluffingDog: Easy Peanut Butter and Pumpkin Dog Treat Recipe

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