Budgeting & Goals Archives | Page 107 of 186

Oct

2023

Cost of Christmas Lights on Utility Bills

How Much Christmas Lights Cost to Run for a Month

By Rebecca Lake | Budgeting & Goals, Family Finances, money | Comments Off

Many people love showing their holiday spirit with Christmas lights, whether just a strand of twinkle lights around a window or going all-out like the Griswolds.

While these lights are festive, it’s worth noting that they aren’t free. In fact, the cost of running holiday lights rose 13% last year, costing the average household $15.48 vs. $13.41 the prior year.

In this economy, every dollar can count, so if you want to learn how much it costs to run Christmas lights for a month and how to reduce that expense, read on.

Here, you’ll learn more about:

• How much do Christmas lights cost to run?

• How much does it cost to run Christmas lights for a month?

• How can you save money on your holiday light electric bill?

Factors Affecting the Cost of Running Christmas Lights

Running Christmas lights uses energy, which can translate to higher utility bills. How much of an increase you see in your electric bill can depend on a number of factors, including:

• How many strands of lights you use

• The type of bulbs used in each strand

• The number of hours you run your lights each day

• How many days you run Christmas lights for

• Where you live and what you pay per kilowatt hour for electricity.

All of these things can influence how large your Christmas lights electric bill turns out be once January rolls around. Understanding what you could wind up paying can help if affordably celebrating the holidays is your goal.

Keep in mind that other costs can drive up electric bills during the holidays, apart from Christmas lights. If you’re using the oven more often to prepare holiday meals, for example, that can result in a higher electric bill. You may also see a bigger bill if colder weather means the heat is kicking on more often or your kids are home all day using electronics more while school is out. Lowering your energy bill may require a multifaceted approach.

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How Much Electricity Do Christmas Lights Use?

The amount of energy used by Christmas lights can depend on the type of bulb and the number of bulbs per strand. The most popular options for Christmas lights include incandescent mini lights, mini LED lights, and ceramic C7 lights.

So which type of bulb uses the most energy?

The simplest answer is to look at the wattage of Christmas lights, based on bulb size and number of bulbs per strand. For example:

• With C7 lights, for instance, you’re typically getting 25 lights per strand.

• With mini LED lights, you’ll normally have 50 bulbs for a 14-foot strand and 100 bulbs per 32-foot strand.

• With mini icicle lights, you often have 300 bulbs for a 26-foot strand.

Here’s how the average wattage for each one compares, though note that incandescent bulbs stopped being manufactured and sold in August 2023 (some people may still own and use strands of these, however):

• C7 lights: 5 watts

• C9 incandescent lights (2-¼” long): 7 watts

• Mini incandescent lights: 0.4 watts

• Mini LED lights: 0.07 watts

Between those three options, mini LED lights draw the least amount of energy per strand while C7 lights draw the most.

LEDs possibly lowering energy costs by up to 90% vs. the other options. Switching to LEDs could be a way to save money daily during the holidays.

Also note that you’d need four strands of C7 lights to equal the same number of bulbs in just one strand of incandescent or LED mini lights. This is important to understand because it can affect the number of kilowatt hours used and your overall energy costs.

Recommended: 23 Tips on Saving Money Daily

Cost of Running Christmas Lights

So how much do Christmas lights cost to run for a month? Or longer? Calculating your estimated cost of running Christmas lights matters when trying to lower your electric bill during the winter months. Again, what you’ll pay can depend on a variety of factors, including where you live and how much electricity costs.

The average household pays $0.17 cents per kilowatt hour for electricity, according to the U.S. Department of Energy, but prices may be significantly higher or lower in different parts of the country due to cost of living differences.

If you live in Connecticut, for example, you might pay an average of $0.21 cents per kilowatt hour. People living in Florida, however, might pay an average of $0.11 cents per kilowatt hour. Residents of Hawaii typically pay the most, currently spending $0.32 cents per kilowatt hour.

Here’s how to figure out how much you’ll pay for Christmas lighting:

• Multiply the wattage of the lights by the hours per day the lights will be on, then divide by 1,000 to find kilowatt hours per day

• Multiply kilowatt hours per day by your cost of electric usage to get the cost per day

• Multiply the cost per day by the number of days your lights will be on

Calculating the Cost of Christmas Lights

Now, for how much does it cost to run Christmas lights? Here’s a look at what it would cost to run C7 lights, C9, and mini incandescent lights, and mini LED lights for six hours a day for 30 days, using a price of $0.14 cents per kilowatt hour. Here’s what you’d pay for each one:

Bulb Type	Hourly Cost	Daily Cost	Monthly Cost
C7 (25 bulbs, 5 watts per bulb)	$0.0175	$0.105	$3.15
C9 (25 bulbs, 7 watts per bulb)	$0.025	$0.15	$4.50
Incandescent Mini Lights (100 bulbs, 0.45 watts per bulb)	$0.0063	$0.0378	$1.13
Mini LED Lights (100 bulbs, 0.07 watts per bulb)	$0.0042	$0.0252	$0.76

Keep in mind that these costs are for just one strand of lights, as noted. If you string together several strands on your tree, frame your windows with lights, and then drape your shrubs or street-facing windows outdoors with more, your costs will of course go up.

Also, in terms of what the average person spends on Christmas lights, it can vary by a state’s cost of living, as well as by what kind of bulbs are used. Louisiana residents who run LED lights, for example, would likely spend the least, since they are paying just over nine cents per kilowatt hour (currently the lowest rate in the US) and they would be using energy-saving bulbs. Meanwhile, Hawaiians who opt for incandescent bulbs would probably spend the most, since their bulbs use a considerable amount of power and they currently pay the highest national rate for energy of almost 33 cents per kilowatt hour.

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Tips to Save on Your Christmas Lighting Bill

If you’re looking for ways to lower your energy bill when you start plugging in your holiday lights, follow this advice.

Embracing Energy-Efficient LEDs

As mentioned, the wattage of Christmas lights plays an important part in determining how much you pay for electric bills over the holidays. Between C7 lights, incandescent lights and LED lights, LED lights are highly energy-efficient. According to the Department of Energy, residential LEDs that are ENERGY STAR rated use up to 75% less energy and last 25 times longer than incandescent lights.

People who use LED Christmas lights tend to pay far less than those using incandescent bulbs or C7 lights. So it follows that an easy way to save money on your electric bill and reduce energy usage would be to use mini LED lights as often as possible. Aside from that, LED bulbs emit less light and are less likely to overload sockets, making them a potentially safer option for Christmas lighting compared to other types of bulbs.

So if you still have some incandescent bulbs in your box of Christmas decorations, you may want to think about swapping them out for LEDs. (You won’t find incandescents made or sold in the US anymore either.)

Benefits of Solar-Powered Outdoor Lights

You might consider using solar-powered outdoor lights on your house over the holidays. These strands depend upon energy collected by small panels that gather and hold energy from the sun during the day.

These strands don’t plug in and draw no electrical power. So they can be especially easy and economical to use over the holidays.

Battery-Operated Lights for Smaller Displays

If you like to create smaller displays, you might consider battery-powered strands of lights. There is a wide range of how long these lights will stay illuminated, but this can be a good unplugged option to try for small-scale displays. While you do have to pay for the batteries, it can be cheaper than plugging in lights for weeks on end.

Recommended: 18 Common Misconceptions About Money

The Takeaway

A higher-than-usual electric bill can put a damper on your holiday celebrations. Estimating your potential costs beforehand can help you manage utility expenses. And you can decide whether it’s worth it to invest a little money in upgrading your current Christmas lights to energy-efficient options.

Having the right banking partner, such as one with budgeting tools, can also help make tackling high utility bills after the holidays easier.

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FAQ

Do LED Christmas lights use a lot of electricity?

Compared to C7 lights or incandescent mini lights, LED Christmas lights use the least amount of energy. Specifically, they can use up to 90% less energy while lasting longer. LED Christmas lights also emit less heat and can be easier to install than other types of holiday lighting.

Do Christmas lights raise your light bill?

Holiday lights can raise your electric bill during the winter months. How much it costs to run Christmas lights can depend on several things, including the type of bulbs used, how many light strands you’re running, how long you turn the lights on for, and the average cost of energy per kilowatt hour in your area. Using timers and switching to energy-efficient bulbs can be helpful for reducing your Christmas lights electric bill.

Do Christmas trees use a lot of electricity?

Christmas trees can use a lot of electricity, depending on the type of lights you use, the number of strands on the tree, and how long you leave your tree plugged in each day. Using mini LED lights can reduce electric costs for Christmas tree lighting, while using C7 bulbs to light your tree could result in a higher energy bill.

Photo credit: iStock/BanksPhotos

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Oct

2023

How Much Christmas Lights Cost to Run for a Month

By Rebecca Lake | Budgeting & Goals, Family Finances, money | Comments Off

Many people love showing their holiday spirit with Christmas lights, whether just a strand of twinkle lights around a window or going all-out like the Griswolds.

In this economy, every dollar can count, so if you want to learn how much it costs to run Christmas lights for a month and how to reduce that expense, read on.

Here, you’ll learn more about:

• How much do Christmas lights cost to run?

• How much does it cost to run Christmas lights for a month?

• How can you save money on your holiday light electric bill?

Factors Affecting the Cost of Running Christmas Lights

Running Christmas lights uses energy, which can translate to higher utility bills. How much of an increase you see in your electric bill can depend on a number of factors, including:

• How many strands of lights you use

• The type of bulbs used in each strand

• The number of hours you run your lights each day

• How many days you run Christmas lights for

• Where you live and what you pay per kilowatt hour for electricity.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

How Much Electricity Do Christmas Lights Use?

So which type of bulb uses the most energy?

The simplest answer is to look at the wattage of Christmas lights, based on bulb size and number of bulbs per strand. For example:

• With C7 lights, for instance, you’re typically getting 25 lights per strand.

• With mini LED lights, you’ll normally have 50 bulbs for a 14-foot strand and 100 bulbs per 32-foot strand.

• With mini icicle lights, you often have 300 bulbs for a 26-foot strand.

• C7 lights: 5 watts

• C9 incandescent lights (2-¼” long): 7 watts

• Mini incandescent lights: 0.4 watts

• Mini LED lights: 0.07 watts

Between those three options, mini LED lights draw the least amount of energy per strand while C7 lights draw the most.

LEDs possibly lowering energy costs by up to 90% vs. the other options. Switching to LEDs could be a way to save money daily during the holidays.

Recommended: 23 Tips on Saving Money Daily

Cost of Running Christmas Lights

Here’s how to figure out how much you’ll pay for Christmas lighting:

• Multiply the wattage of the lights by the hours per day the lights will be on, then divide by 1,000 to find kilowatt hours per day

• Multiply kilowatt hours per day by your cost of electric usage to get the cost per day

• Multiply the cost per day by the number of days your lights will be on

Calculating the Cost of Christmas Lights

Bulb Type	Hourly Cost	Daily Cost	Monthly Cost
C7 (25 bulbs, 5 watts per bulb)	$0.0175	$0.105	$3.15
C9 (25 bulbs, 7 watts per bulb)	$0.025	$0.15	$4.50
Incandescent Mini Lights (100 bulbs, 0.45 watts per bulb)	$0.0063	$0.0378	$1.13
Mini LED Lights (100 bulbs, 0.07 watts per bulb)	$0.0042	$0.0252	$0.76

Tips to Save on Your Christmas Lighting Bill

If you’re looking for ways to lower your energy bill when you start plugging in your holiday lights, follow this advice.

Embracing Energy-Efficient LEDs

Benefits of Solar-Powered Outdoor Lights

These strands don’t plug in and draw no electrical power. So they can be especially easy and economical to use over the holidays.

Battery-Operated Lights for Smaller Displays

Recommended: 18 Common Misconceptions About Money

The Takeaway

Having the right banking partner, such as one with budgeting tools, can also help make tackling high utility bills after the holidays easier.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

Do LED Christmas lights use a lot of electricity?

Do Christmas lights raise your light bill?

Do Christmas trees use a lot of electricity?

Photo credit: iStock/BanksPhotos

SOBK1023001

Oct

2023

What Are RSUs & How to Handle Them

By Ashley Kilroy | Budgeting & Goals, Investing, Terminology | No Comments

Restricted stock units, or RSUs, are a form of equity compensation offered to employees of a company. They’re similar to, but distinct from, employee stock options (ESOs).

You are probably pretty familiar with many of the standard offers in a job compensation package. When receiving an offer letter from a potential new employer, employees could typically receive a salary figure, paid vacation and sick day allowances, some type of health insurance, and, possibly, a retirement plan. RSUs and ESOs can be yet another part of that package.

What Is a Restricted Stock Unit?

Restricted stock units are a type of compensation offered to employees in the form of company stock. RSUs are not technically stock, though; they are a specific amount of promised stock shares that the employee will receive at a future date, or across many future dates.

Restricted stock units are a type of financial incentive for employees, similar to a bonus, since employees typically receive promised stock shares only when they complete specific tasks or achieve significant work milestones or anniversaries. Again, RSUs are different from employee stock options, too.

RSU Advantages and Disadvantages

Among the key advantages of RSUs are, as mentioned, that they provide an incentive for employees to remain with a company. For employers, other advantages include relatively small administrative costs, and a delay in share dilution.

As for disadvantages, RSUs can be included in income calculations for an employee’s income taxes (more on this below), and they don’t provide dividends to employees, either. They also don’t come with voting rights, which some employees may not like.

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Know the Dates: Grant and Vesting

In the case of RSU stock, there are two important dates to keep in mind: the grant date and the vesting date.

Grant Date

A grant date refers to the exact day a company pledges to grant an employee company stock.

Employees don’t own granted company stock starting on the grant date; rather, they must wait for the stock shares to vest before claiming full ownership and deciding to sell, hold, or diversify stock earnings.

Vesting Date

The vesting date refers to the exact day that the promised company stock shares vest Employees receive their RSUs according to a vesting schedule that is determined by the employer. Factors such as employment length and specific job performance goals can affect a vesting schedule.

The employer that wants to incentivize a long-term commitment to the company, for example, might tailor the RSU vesting schedule to reflect the employee’s tenure at the company. In other words, RSUs would only vest after an employee has pledged their time and hard work to the company for a certain number of years, or the vested percentage of total RSUs could increase over time.

If there are tangible milestones that the employee must achieve, the employer could organize the vesting schedule around those specific accomplishments, too.

RSU Vesting Examples

Typically, the vesting schedule of RSU stock occurs on either a cliff schedule or a graded schedule. If you leave your position at the company before your RSU shares vest, you generally forfeit the right to collect on the remaining restricted stock units.

On a graded vesting schedule, an employee would keep the amount of RSUs already vested, but would forfeit leftover shares. If that same employee is on a cliff vesting schedule and their shares have not yet vested, then they no longer have the right to their restricted stock units.

Cliff Schedule

A cliff schedule means that 100% of the RSUs vest at once. For example, if you receive 4,000 RSUs at the beginning of your job, on a cliff vesting schedule you would receive all 4,000 on one date.

Graded Vesting Schedule

With a graded schedule, you would only receive a portion of those 4,000 RSUs at a time. For example, you could receive 25% of your RSUs once you’ve hit your two-year company anniversary, 25% more after five years at the company, 25% more after seven years, and the final 25% after 10 years.

Alternatively, a graded vesting schedule might include varying intervals between vesting dates. For example, you could receive 25% of your 4,000 total RSUs after three years at the company, and then the remainder of your shares (3,000) could vest every month over the next three years at 100 per month.

Are Restricted Stock Units Risky?

As with any investment, there is always a level of uncertainty associated with RSUs. Even companies that are rapidly growing and have appreciating stock values can collapse at any time. While you do not have to spend money to purchase RSUs, the stock will eventually become part of your portfolio (as long as you stay with the company until they vest), and their value could change significantly over time.

If you end up owning a lot of stock in your company through your RSUs, you may also face concentration risk. Changes to your company can not only impact your salary but the RSU stock performance. Therefore, if the company is struggling, you could lose value in your portfolio at the same time that your income becomes less secure.

Diversifying your portfolio can help you minimize the risk of overexposure to your company. A good rule of thumb is to consider diversifying your holdings if more than 10% of your net worth is tied up with your company. Holding over 10% of your assets with your firm exposes you to more risk of loss. When calculating how much exposure you have, include assets such as:

• RSUs

• Stock

• Other equity-based compensation

Are Restricted Stock Units Reported on My W-2?

Yes, restricted stock units are reported on your W-2.

The biggest difference between restricted stock units and employee stock options lies in the way that the Internal Revenue Service taxes them. While you owe tax on ESOs the moment you decide to exercise your options, RSU stock taxation happens at the time of vesting. Essentially, the IRS considers restricted stock units supplemental income.

RSU Tax Implications

When your RSUs vest, your employer will withhold taxes on them, just as they withhold taxes on your income during every pay period. The market value of the shares at the time of vesting appears on your W-2, meaning that you must pay normal payroll taxes, such as Social Security and Medicare, on them.

In some cases, your employer will withhold a smaller percentage on your RSU stock than what they withhold on your wages. What’s more, this taxation is only at the federal level and doesn’t account for any state taxes.

Since vested RSUs are considered supplemental income, they could bump you up to a higher income tax bracket and make you subject to higher taxes. If your company does not withhold enough money at the time of vesting, you may have to make up the difference at tax time, to either the IRS or your state.

So, it might be beneficial to plan ahead and come up with a strategy to manage the consequences of your RSUs on your taxes. Talking to a tax or financial professional before or right after your RSU shares vest could help you anticipate future complications and set yourself up for success come tax season.

How to Handle RSUs

If you work for a public company, that means that you can decide whether to sell or hold them. There are advantages to both options, depending on your individual financial profile.

Sell

Selling your vested RSU stock shares might help you minimize the investment risk of stock concentration. A concentrated stock position occurs when you invest a substantial portion of your assets in one investment or sector, rather than spreading out your investments and diversifying your portfolio.

Even if you are confident your company will continue to grow, stock market volatility means there’s always a risk that you could lose a portion of your portfolio in the event of a sudden downturn.

There is added risk when concentration occurs with RSU stock, since both your regular income and your stock depend on the success of the same company. If you lose your job and your company’s stock starts to depreciate at the same time, you could find yourself in a tight spot.

Selling some or all of your vested RSU shares and investing the cash elsewhere in different types of investments could minimize your overall risk.

Another option is to sell your vested RSU shares and keep the cash proceeds.. This might be a good choice if you have a financial goal that requires a large sum of money right away, like a car or house down payment, or maybe you’d like to pay off a big chunk of debt. You can also sell some of your RSUs to cover the tax bill that they create.

Hold

Holding onto your vested RSU shares might be a good strategy if you believe your company’s stock value will increase, especially in the short term. By holding out for a better price in the future, you could receive higher proceeds when you sell later, and grow the value of your portfolio in the meantime.

RSUs and Private Companies

How to handle RSUs at private companies can be more complicated, since there’s not always a liquid market where you can buy or sell your shares. Some private companies also use a “double-trigger” vesting schedule, in which shares don’t vest until the company has a liquidity event, such as an initial public offering or a buyout.

The Takeaway

RSUs are similar to stock options for employees. Your specific financial goals, the amount of debt you may hold, the other types of investments you might be making, are all factors to consider when weighing the pros and cons of selling or holding your RSU shares.

Perhaps the most pertinent thing to keep in mind, though, is that everyone’s financial situation is different – as so is their respective investing strategy. If you have RSU shares, it may be worthwhile to speak with a financial professional for advice and guidance.

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FAQ

What is the difference between restricted stock units and stock options?

Restricted shares or restricted stock is stock that is under some sort of sales restriction, whereas stock options grant the holder the choice as to whether or not to buy a stock.

Do restricted stock units carry voting rights?

Restricted stock units do not carry voting rights, but the shares or stock itself may carry voting rights once the units vest.

How do RSUs work at private vs public companies?

One example of how RSUs may differ from private rather than public companies is in the vesting requirements. While public companies may have a single vesting requirement for RSUs, private companies may have two or more.

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Oct

2023

Dual Income No Kids (DINKs): Definition and Explanation

By Ashley Kilroy | Budgeting & Goals, Growing Wealth, invest, Investing | Comments Off

The acronym “DINK” stands for “dual income, no kids,” and references a household in which two adults are working for an income (dual incomes) but do not have children (no kids), and as a result, fewer expenses. DINKs have become more common over the years as many young adults have opted not to have children, often due to the financial resources required to raise them.

What Does DINK Mean?

As noted, DINK is short for “dual income, no kids,” or “double income, no kids.” It refers to households where there are two active incomes and no children. The two incomes can either come from both partners or one partner having two incomes.

Some couples opt to wait longer before having kids, so they fall into the “DINKY” category, which stands for “dual income, no kids yet,” allowing them to save money.

💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.

The Significance of Dual Income, No Kids

Without the added expense of children, DINK couples might have more disposable income available for spending and investing. Marketing campaigns for luxury vacations, homes, and other high-end items often target DINK couples.

However, just because a household has two incomes doesn’t automatically mean they have more money – there’s always room for improving your financial life, after all.

There are some reasons why they may still struggle financially, including:

• Their two incomes are not very high

• They live in an expensive area

• They have spending habits that eat up a large portion of their income

Why Are More Couples Choosing the DINK Life?

One of the main reasons couples choose to wait or forgo having children is the financial cost, which can range well into the hundreds of thousands of dollars over the years.

Further, when the Great Recession hit in 2008, many Millennials were just graduating from college or starting their careers. That recession made it challenging to get jobs and begin investing for the future. On top of recovering from the recession, nearly half of Millenials and a third of Gen Xers have a significant amount of student loan debt.

These factors have made it difficult for young people to achieve financial milestones and start families earlier in life. However, there are some couples who choose to wait a few years before having kids after they get married for non-financial reasons. They prefer to use their time as a young couple to travel, make life plans, and enjoy an untethered lifestyle.

Types of DINKs

DINKs come in a variety of types, including new couples and empty-nesters.

New Couples

New couples can be newlyweds, or simply those living together in a single household who are not married. They may be young or older, too, and are still feeling out their relationship and planning out their next steps. Children may or may not be a part of those next steps, but for the time being, new couples are standing pat with double-incomes.

Empty Nesters

While empty nesters may be parents, they may be at the point in their lives where their children have grown up and moved out, no longer presenting a financial burden. With that, they have some significant space in their budgets unshackled, with which they can make different spending, saving, and investing decisions.

Same-sex Couples

While many same-sex couples do have children, many do not, and they might also fight into the DINK category.

Structuring a DINK Household

There are many costs associated with having children, including clothing, food, healthcare, and education. Partners who don’t have children might instead choose to splurge or save up for early retirement.

DINK couples with disposable income have many options for how to spend or invest their money. Some couples may choose to buy nice cars, while others may enjoy going out to eat. They also potentially have more free time to travel and spend money. In general, clothing, food, or travel that may have been too expensive for couples with children can be accessible for DINK couples.

A couple with no children likely won’t need as many bedrooms or as much space in terms of housing. They can either choose to save money by renting or buying a smaller place to live. They can also choose to use the extra space for other purposes, such as a home gym, art studio, or rent out a room for extra income.

Kids also take up a lot of time and have fairly rigid schedules. Some DINK couples may choose to take more time off for travel and leisure, while others might choose to work longer hours or find ways to earn supplemental income.

In addition to purchasing and leisure options, dual income couples may have the opportunity to invest their extra money. They might purchase stocks, bonds, real estate, or explore other opportunities.

They could also try and get by on a lower income, too – for some DINKs, one earning a salary of $40,000 is enough to make ends meet in certain circumstances, especially if the other partner earns more.

7 Financial Tips for DINKs

Learning about each other’s financial habits and goals is important so that couples can get on the same page, whether they’re planning to have children or not. It also helps to have productive conversations about finances.

Establishing open and honest communications before having kids may make things easier in the long run. There are some crucial areas for couples to work on if they want to live a successful DINK lifestyle or get their finances set up before having children:

1. Paying Off Debts

Before setting off on a lavish vacation, it’s wise for DINK couples to have a plan to pay off high-interest debts such as credit cards and student loans.

Without kids, home loans, and other monthly bills, couples may have more available funds to tackle their debt and. Once they’ve paid down the debt, they can use the extra money they’ve saved from monthly interest payments to invest or spend elsewhere.

2. Creating Sustainable Spending Habits

Whether a DINK couple is waiting to have kids or doesn’t ever plan on having them, practicing responsible spending habits is crucial for financial success. If a couple is always in debt, having kids probably won’t change that.

Similarly, not having kids could make it tempting to go out to eat or travel a lot. Having conversations about the type of lifestyle each person wants both now and over the long-term helps make day-to-day spending choices easier. Earning $100,000 is a good salary, but if you have bad spending habits, it may still not be enough.

3. Traveling Smart

Travel is a huge draw for many DINK couples, but it can quickly get expensive. If couples want to travel a lot, they might consider staying in less expensive places and skipping the luxury trips.

If luxury is important to a couple, they might think about only going on one big trip per year and taking advantage of points, credit cards, and other offers to maximize their ability to see the world.

4. Planning Ahead and Investing Early

The more couples can figure out what they want in life and get their finances organized, the easier it is to plan their finances. If they plan to have kids in the future, they might consider saving now for college and other child-related expenses that may come later.

Factoring in future raises, inheritances, and other additional income or expenses is also helpful. Even if couples don’t start with high incomes, the earlier they can start saving, the more their portfolio has time to grow.

5. Consolidating Stuff

Just as couples without kids may not need to live in a large home, they may not need as many things. DINK couples might choose only to have one car or bicycle. There might be other items that each person has been buying for themselves that could be shared.

6. Acquiring New Skills

Couples without kids may choose to invest some of their time and money into additional training and education. If they plan to have kids in the future, this might help them move up the career ladder or earn a larger salary when the kids do come.

7. Getting Wise About Taxes

DINK couples can make smart financial choices to minimize their taxes. Contributing to an HSA or putting pre-tax income into a 401K can help reduce the tax burden. Owning a home may also provide tax breaks to some homeowners.

The Pros and Cons of a DINK Lifestyle

There is nothing dinky about the DINK lifestyle. Not having kids, or waiting to have kids presents a huge financial opportunity for many couples. However, if they aren’t smart about their savings and spending, couples may risk running into financial trouble.

Pros of Becoming a DINK Couple

• More free time and money to travel for work or pleasure.

• Ease of mobility — moving or traveling to a new house, city, or country is more manageable without kids.

• Disposable income to spend on cars, clothing, food, or other items.

• Ability to save money by living in a smaller house and not paying for children.

• Opportunity to save and invest extra income.

Cons to Remaining a DINK Couple

• Potential for overspending and splurging on travel and luxuries rather than saving and investing.

• DINK couples may be in a higher income bracket and have to pay more taxes.

• There may be less family support for caregiving as they age.

Planning for a Life Without Children

Life without kids might be an excellent decision for many couples. The extra free time and money can be used in many meaningful ways.

However, couples need to be on the same page about whether they want kids, and there are some things to keep in mind about a childless future.

Couples will need to figure out:

• How they’ll spend their retirement years

• Who will visit or take care of them when they’re older

• And who they will leave their money and assets to after they die

Saving up extra money for caregivers, retirement, and unforeseen circumstances can be an intelligent strategy for DINK couples. DINK couples must also make sure that they create an estate plan, so that their assets get distributed according to their wishes after they pass away.

Key Financial Baselines To Keep in Mind

When doing financial planning for the future, a few things are certain. Couples will have to pay taxes, and they’ll need food, shelter, and basic necessities. Beyond that, there are some baselines couples can look to as they plan for retirement, investing, home buying, and any kids they might plan to have.

The 4% Rule

Using the 4% rule, most couples will likely need to sock away more than $1 million for retirement, in order not to outlive their savings.

Home Costs

As of the fall of 2023, the average house costs nearly $500,000 in the U.S. — something to keep in mind.

Although these numbers may sound like a lot of money, couples with two incomes and no children can start saving some of their extra cash early and take advantage of compound interest over time. If they are savvy about their savings and spending, couples can potentially retire early and enjoy more free time for travel and personal pursuits.

Planning for the Ultimate DINK Lifestyle

To recap, “DINK” stands for dual income, no kids, and refers to households with two earners and no children. These households do not have the financial responsibilities associated with children, and thus, tend to have greater purchasing power than other families or households that do have kids.

Going kid-free has many upsides, but it’s important to be money smart, plan, and work together to create a prosperous and secure future. Couples who are planning to never have children or to wait to have them, often have more disposable income to put toward their financial goals, including investing.

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FAQ

What does the term DINKs refer to?

“DINKs” refers to households with two earners and no children. It’s an acronym that stands for “double income, no kids,” or “dual income, no kids.”

What are the benefits of dual income without kids?

The primary benefit of DINK households is that they do not have the financial responsibilities associated with raising children, and as a result, have more purchasing power or discretionary income. They may be able to save and invest more, accordingly.

What percentage of married couples don’t want kids?

While it’s hard to say exactly, a rough estimate would be that around 20%, or one out of five adults say they do not plan to, or want to have children.

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SOIN0723003

Oct

2023

Average Gas Prices by State and Year

By Laurel Tincher | Budgeting & Goals, relay | Comments Off

Although gas prices hit new highs in 2022, that wasn’t the first time gas numbers have spiked. A look back at the average national gas price in previous decades can provide some context. So can observing how state regulations affect the price of gas in your area.

Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Table of Contents

Why Gas Prices Are Rising
Average Price by State for Regular Unleaded
Average Price by State for Premium
Average Price by State for Diesel Gas
Average US Gas Price 1978 to 2022
Tips for Finding Cheap Gas Stations
The Takeaway
FAQ

Key Points

• Gas prices reached new highs in 2022, with fluctuations influenced by global events and oil production cuts.

• As of early October 2023, the average price of gas was $3.77 per gallon.

• Historical data shows significant changes in gas prices over the decades, adjusted for inflation.

• State regulations and local market conditions significantly impact gas prices across different states.

• Various apps and tools are available to help consumers find the cheapest gas prices in their area.

Why Gas Prices Are Rising in 2023

As anyone who’s gone to the pump in the past couple of years knows, filling up isn’t as cheap as it used to be. Gas prices have risen in the second half of 2023, due in large part to a drop in global oil production. In early October of 2023, the average price of gas was $3.77 per gallon, according to AAA — up 60 cents from the $3.17 average at the beginning of the year. Still, that’s lower than what consumers paid in June 2022, which saw the highest recorded average of $5.03.

Fuel prices have been soaring for a few reasons. Prior to coronavirus’s arrival in the U.S. in 2020, gas cost around $2.50 per gallon. During the pandemic, as fewer Americans were driving to work or for pleasure, the price of oil plummeted.

In 2021 people started driving and flying again, and demand for gas surged. The supply couldn’t keep up, so the price of gas increased.

Prices dropped a little in early 2022 as things started getting back to normal — until late February, when Russia invaded Ukraine. The ensuing war led to a steep increase in prices as Europe, the U.S., and other countries agreed to stop buying Russian oil.

Then, in mid-2023, Russia and Saudi Arabia announced an extension of their oil production cuts, which caused prices to jump up yet again. The U.S. Energy Information Administration expects gas prices to continue rising over the rest of the year.

💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

Average Price by State for Regular Unleaded in October 2023

Data is courtesy of AAA .

STATE NAME	Unleaded Price in October 2023
Alabama	$3.28
Alaska	$4.63
Arizona	$4.59
Arkansas	$3.33
California	$5.93
Colorado	$3.83
Connecticut	$3.77
Delaware	$3.29
Florida	$3.52
Georgia	$3.20
Hawaii	$4.87
Idaho	$4.11
Illinois	$3.75
Indiana	$3.52
Iowa	$3.51
Kansas	$3.56
Kentucky	$3.37
Louisiana	$3.29
Maine	$3.74
Maryland	$3.48
Massachusetts	$3.73
Michigan	$3.66
Minnesota	$3.69
Mississippi	$3.20
Missouri	$3.45
Montana	$4.05
Nebraska	$3.67
Nevada	$5.03
New Hampshire	$3.64
New Jersey	$3.59
New Mexico	$3.68
New York	$3.88
North Carolina	$3.40
North Dakota	$3.80
Ohio	$3.35
Oklahoma	$3.51
Oregon	$4.72
Pennsylvania	$3.85
Rhode Island	$3.67
South Carolina	$3.27
South Dakota	$3.77
Tennessee	$3.30
Texas	$3.30
Utah	$4.09
Vermont	$3.79
Virginia	$3.50
Washington	$5.10
West Virginia	$3.56
Wisconsin	$3.41
Wyoming	$3.86

Average Price by State for Premium in October 2023

Data is courtesy of AAA.

STATE NAME	Premium Price in October 2023
Alabama	$4.05
Alaska	$5.04
Arizona	$5.20
Arkansas	$4.11
California	$6.33
Colorado	$4.51
Connecticut	$4.71
Delaware	$4.16
Florida	$4.25
Georgia	$4.11
Hawaii	$5.32
Idaho	$4.56
Illinois	$4.67
Indiana	$4.48
Iowa	$4.29
Kansas	$4.19
Kentucky	$4.25
Louisiana	$4.03
Maine	$4.59
Maryland	$4.34
Massachusetts	$4.61
Michigan	$4.67
Minnesota	$4.42
Mississippi	$3.95
Missouri	$4.11
Montana	$4.63
Nebraska	$4.31
Nevada	$5.55
New Hampshire	$4.50
New Jersey	$4.45
New Mexico	$4.33
New York	$4.73
North Carolina	$4.18
North Dakota	$4.48
Ohio	$4.27
Oklahoma	$4.12
Oregon	$5.18
Pennsylvania	$4.58
Rhode Island	$4.64
South Carolina	$4.05
South Dakota	$4.40
Tennessee	$4.08
Texas	$4.04
Utah	$4.55
Vermont	$4.62
Virginia	$4.29
Washington	$5.55
West Virginia	$4.24
Wisconsin	$4.30
Wyoming	$4.41

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Average Price by State for Diesel Gas in October 2023

Data is courtesy of AAA.

STATE NAME	Diesel Price in October 2023
Alabama	$4.29
Alaska	$4.77
Arizona	$4.96
Arkansas	$4.23
California	$6.45
Colorado	$4.43
Connecticut	$4.62
Delaware	$4.29
Florida	$4.50
Georgia	$4.21
Hawaii	$5.83
Idaho	$4.82
Illinois	$4.32
Indiana	$4.47
Iowa	$4.30
Kansas	$4.31
Kentucky	$4.31
Louisiana	$4.19
Maine	$4.51
Maryland	$4.40
Massachusetts	$4.55
Michigan	$4.40
Minnesota	$4.38
Mississippi	$4.11
Missouri	$4.19
Montana	$4.70
Nebraska	$4.30
Nevada	$5.25
New Hampshire	$4.42
New Jersey	$4.52
New Mexico	$4.43
New York	$4.74
North Carolina	$4.33
North Dakota	$4.41
Ohio	$4.36
Oklahoma	$4.22
Oregon	$5.17
Pennsylvania	$4.82
Rhode Island	$4.54
South Carolina	$4.30
South Dakota	$4.41
Tennessee	$4.27
Texas	$4.09
Utah	$4.72
Vermont	$4.55
Virginia	$4.36
Washington	$5.67
West Virginia	$4.32
Wisconsin	$4.18
Wyoming	$4.63

Average US Gas Price 1978 to 2022

Historical data courtesy of Axlewise. Prices are adjusted for inflation and shown in 2020 dollars.

Year	Gas Price
2020	$3.99
2021	$3.13
2020	$2.24
2019	$2.26
2018	$2.25
2017	$2.26
2016	$2.28
2015	$2.30
2014	$2.29
2013	$2.30
2012	$2.30
2011	$2.30
2010	$2.31
2009	$2.31
2008	$2.32
2007	$2.33
2006	$2.33
2005	$2.33
2004	$2.34
2003	$2.35
2002	$2.41
2001	$2.40
2000	$2.36
1999	$2.37
1998	$2.36
1997	$2.37
1996	$2.36
1995	$2.35
1994	$2.32
1993	$2.33
1992	$2.33
1991	$2.34
1990	$2.34
1989	$2.33
1988	$2.32
1987	$2.32
1986	$2.35
1985	$2.35
1984	$2.38
1983	$2.39
1982	$2.42
1981	$2.42
1980	$2.43
1979	$2.44
1978	$2.44

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Tips for Finding Cheap Gas Stations in Your State

There are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

• Use an app like GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers cashback deals, paid subscriptions, and more.

• AAA has a gas price monitoring website that gets updated every day. Drivers can search by state and country to find the best prices.

• Both Google Maps and Waze keep track of gas prices. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although one can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

• Another useful app is GetUpside. The app lets users compare gas prices near them, and also earn cash back every time they fill up their tank.

• Besides the ability to buy in bulk, one of the perks of getting a Costco or Sam’s membership is getting discounts on gas. It’s often the cheapest option for club members.

• Certain days of the week tend to have lower prices. Generally, Mondays are the cheapest, followed by Sunday, while Wednesday and Thursday are the most expensive days.

The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas and stay within your budget, including apps and membership-only retailers.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What was the price of gas in 1980?

In 1980, the average price of gas was $1.19. That is equivalent to $4.60 in 2023 dollars.

What year were gas prices the highest?

Before 2022, the highest average gas price was $4.11 in July 2008.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.11 and $1.15 per gallon.

Photo credit: iStock/skodonnell

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SORL1023003

How Much Christmas Lights Cost to Run for a Month

Factors Affecting the Cost of Running Christmas Lights

How Much Electricity Do Christmas Lights Use?

Cost of Running Christmas Lights

Calculating the Cost of Christmas Lights

Tips to Save on Your Christmas Lighting Bill

Embracing Energy-Efficient LEDs

Benefits of Solar-Powered Outdoor Lights

Battery-Operated Lights for Smaller Displays

The Takeaway

FAQ

Do LED Christmas lights use a lot of electricity?

Do Christmas lights raise your light bill?

Do Christmas trees use a lot of electricity?

How Much Christmas Lights Cost to Run for a Month

Factors Affecting the Cost of Running Christmas Lights

How Much Electricity Do Christmas Lights Use?

Cost of Running Christmas Lights

Calculating the Cost of Christmas Lights

Tips to Save on Your Christmas Lighting Bill

Embracing Energy-Efficient LEDs

Benefits of Solar-Powered Outdoor Lights

Battery-Operated Lights for Smaller Displays

The Takeaway

FAQ

Do LED Christmas lights use a lot of electricity?

Do Christmas lights raise your light bill?

Do Christmas trees use a lot of electricity?

What Are RSUs & How to Handle Them

What Is a Restricted Stock Unit?

RSU Advantages and Disadvantages

Know the Dates: Grant and Vesting

Grant Date

Vesting Date

RSU Vesting Examples

Cliff Schedule

Graded Vesting Schedule

Are Restricted Stock Units Risky?

Are Restricted Stock Units Reported on My W-2?

RSU Tax Implications

How to Handle RSUs

Sell

Hold

RSUs and Private Companies

The Takeaway

FAQ

What is the difference between restricted stock units and stock options?

Do restricted stock units carry voting rights?

How do RSUs work at private vs public companies?

Dual Income No Kids (DINKs): Definition and Explanation

What Does DINK Mean?

The Significance of Dual Income, No Kids

Why Are More Couples Choosing the DINK Life?

Types of DINKs

New Couples

Empty Nesters

Same-sex Couples

Structuring a DINK Household

7 Financial Tips for DINKs

1. Paying Off Debts

2. Creating Sustainable Spending Habits

3. Traveling Smart

4. Planning Ahead and Investing Early

5. Consolidating Stuff

6. Acquiring New Skills

7. Getting Wise About Taxes

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The Pros and Cons of a DINK Lifestyle

Pros of Becoming a DINK Couple

Cons to Remaining a DINK Couple

Planning for a Life Without Children

Key Financial Baselines To Keep in Mind

The 4% Rule

Home Costs

Planning for the Ultimate DINK Lifestyle

FAQ

What does the term DINKs refer to?

What are the benefits of dual income without kids?

What percentage of married couples don’t want kids?

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