Steps to Follow

Home renovations can be an exciting time for homeowners. Whether you're updating your kitchen, adding a new bathroom, or giving your whole house a facelift, renovations can increase the value of your property and make your space more enjoyable to live in. However, embarking on a home renovation project can be a daunting task, with numerous decisions to make and potential pitfalls to avoid.

Set a budget: Before you start any renovation project, consider how much you can realistically afford to spend and prioritize your projects accordingly. Make sure to factor in unexpected expenses and leave some room for contingencies.

Plan ahead: Take the time to carefully plan out your renovation project including what changes you want to make, what materials you'll need, and how long the project will take. Create a detailed timeline and budget to keep your project on track.

Hire the right professionals: While DIY projects can be tempting, some renovations are best left to the professionals. Make sure to hire qualified and licensed contractors for any work that requires specialized skills, such as plumbing or electrical work. Get multiple quotes and check references before making a decision.

What to Know

When purchasing electronics such as TVs, laptops, and smartphones, one common question that often arises is whether or not to invest in an extended warranty. Extended warranties are additional protection plans that offer coverage beyond the manufacturer's warranty, typically for a set period of time.

Pros of Extended Warranties:

• Extended Coverage: In the event that your electronic device malfunctions or breaks down after the manufacturer's warranty has expired, an extended warranty can save you from having to pay for costly repairs or replacements out of pocket.

• Peace of Mind: Knowing that your device is protected against unexpected damages can provide reassurance and peace of mind. This can be especially beneficial for expensive electronics that you rely on for work or daily activities.

• Convenient Repairs: With an extended warranty, you can often have your device repaired or replaced quickly and easily through the warranty provider. This can save you time and hassle compared to having to search for a reputable repair service on your own.

Unused Funds

Congratulations on meeting your savings goal to fund a child's college education! However, there may be situations where you have leftover money in your college savings account. This could be due to your child pursuing a different career path, receiving scholarships, enlisting in the armed forces, or completing college early.

But don't worry, you don't have to forfeit that money! As the account owner, you have several options:

(1)  Use the money for tax-favored expenses: It's always wise to use as much of the money as possible to pay for qualified expenses. These include not only tuition but also student fees, books, supplies, required equipment, a computer, software, and certain room and board expenses.