Sep 13 – This article originally appeared in the Askume Money newsletter, where I share US personal finance tips and insights every other week.
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I often tell anyone who will listen that I love my dogs more than anything. (Sorry, kids! Sorry, husband!)
I know a lot of people who feel the same way.
But, like kids, pets are expensive. Overall, Americans are expected to spend $147 billion on pets by 2023, according to the American Pet Products Association’s “State of the Industry” report.
We would do anything for Fluffy and Fido, no matter the cost. I have friends who spend thousands of dollars on cancer treatment for their sick pets. The same goes for dental care or expensive surgeries.
According to a recent USA Today survey of dog owners, 91 percent of pet owners are facing financial stress due to the rising cost of pet care.
Here are three ways you can maintain your pet’s financial health .
What’s the most expensive health care decision you’ve made for your pet? Tell me about your experience and how you handle the finances!
Write me A$k Lauren
Should Social Security be taxed?
It’s one of those unexpected surprises that’s sure to anger people in retirement: Earnings from Social Security benefits are subject to federal and, in some cases, state taxes .
So it’s no surprise that US Republican presidential candidate Donald Trump proposed eliminating the tax this summer to appeal to voters .
There is bipartisan support in Congress for reducing or eliminating the benefits tax, and Democrats have introduced various proposals to do so. But unlike Trump, they proposed a way to pay for tax cuts that would cost Social Security and Medicare $1.5 trillion in lost revenue over the next decade.
The bottom line is that if we are to cut taxes for high-income seniors, this change must be combined with other Social Security reforms that provide assistance to everyone, writes Mark Miller .
What are your thoughts on taxing Social Security benefits? Send me your thoughts at A$K Lauren
What I’m reading and watching
Video of the Week
Is artificial intelligence necessary? Big tech companies are investing a trillion dollars in artificial intelligence because they believe it will change the world, even though the expected game-changing technology hasn’t arrived yet. See here.
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swelling in the brain
I went to the grocery store yesterday and the bill was $86, which included organic milk, grated cheese, dog bones, blueberries, yogurt (on sale for four for $5!), avocado, liquid dish soap, and a few other things.
I looked at the cashier in disbelief.
A meal. Gas. Travel. Lodging. The inflation story is complicated.
US consumer prices rose slightly in August, even as underlying inflation steadied amid rising costs of housing and other services.
With this latest data, all eyes are on the Federal Reserve, which is expected to cut interest rates next week.
Food prices rose 0.1% in August after rising 0.2% in the previous two months. But overall food prices at grocery stores were unchanged, as increases in meat, fish, eggs and dairy products were offset by decreases in non-alcoholic beverages, fruits and vegetables.
Prices at the pump are also falling. Gasoline prices fell 0.6% last month ( expected to fall below $3 ). This is good news as we are entering the winter months and heating bills eat up a big chunk of your monthly budget.
What is the biggest impact of inflation on you right now? Please let me know where you have seen prices rise the most (and if you have any tips for saving money)
A$K Lauren
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