President-elect Donald Trump prides himself on making deals. Here is one for him: Keep Joe Biden’s commitment to have Medicare pay for GLP-1 drugs such as Ozempic and Wegovy for weight loss. But only if the drugmakers agree to substantially reduce their prices right away. Such a move would be fraught for Trump and his Republican allies on multiple levels. But it presents the incoming president with a major political opportunity as well as some significant challenges. And not doing the deal brings its own risks. The Backstory While Medicare pays for the GLP-1 drugs for people with Type-2 diabetes…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how to tackle financial regrets, set achievable money goals, and make 2025 your best year, financially.How can you avoid repeating my biggest financial regrets this year? What are simple steps to improve your savings and spending habits? Hosts Sean Pyles and Sara Rathner discuss financial regrets and practical resolutions to help you take control of your money in 2025, beginning with a discussion of top financial regrets from 2024. Then, Sara talks to NerdWallet Senior Economist Elizabeth Renter about strategies for creating achievable…

Growing your savings is a crucial step toward financial stability and achieving long-term goals. By adopting practical and innovative strategies, you can create a savings routine that ensures steady progress. Below are 13 simple ways to increase your savings this year and beyond: Track Your Expenses Ensure you record all your expenses, even the small ones. By closely monitoring where your money goes each month, you gain valuable insights into your spending habits and identify areas where you can cut back. It can be a big eye-opener. For example, you may notice excessive spending on dining out or coffee, which…

As the Biden administration winds down and Donald Trump prepares to return to the White House, the federal student loan system is more chaotic than ever. While millions of borrowers have received student loan forgiveness under Biden administration initiatives, others are seemingly stuck. To make matters even more frustrating, the landscape for borrowers seems to be ever-changing. In addition to programs ending or shifting, many borrowers may see big increases in their monthly payments this year. And it doesn’t look like the turbulent environment is going to improve anytime soon. Here are the biggest student loan forgiveness updates as we…

Creating a budget is an essential step in achieving and maintaining financial health. Without a clear understanding of where your money is going, overspending becomes too easy, leaving many people feeling like they’ll never gain control of their finances. However, budgeting isn’t just about limiting your expenses; it’s about designing your financial future and taking active steps toward your goals. Whether you favor spreadsheets, apps, or pen and paper, the method doesn’t matter as much as the discipline to start and stick with budgeting. We’ll walk through the basics of creating a personal budget, examine different tools, and explore practical…

During COVID-19, the Bureau of Prisons (BOP) implemented a policy to allow phone calls to be free to adults in custody (AIC). Each month AICs could make up to 500 minutes of calls at no cost. However, with the end of the pandemic declared over a year ago and the BOP under budgetary constraints, that program is coming to an end. According to the BOP, effective January 1, 2025, the Federal Bureau of Prisons (FBOP) is returning to its pre-pandemic phone and video service operations in addition to implementing a phone incentive in accordance with the Program Statement on First…

Economists and business leaders have regularly pointed to consumer spending as a good sign for the economy. Understandably why, because about 69% of gross domestic product — GDP, the typical economic measure — is consumer spending. A red flag of credit card defaults has gone up that should make everyone take much greater care. Why consumer spending is critical Without that seemingly indefatigable consumer spending engine, things would freeze up. Even worse, there would be chain reactions. Companies that did direct business with people would see their revenues drop. They would conserve resources by laying off employees and spending less…

The Education Department has paused application processing for a key student loan forgiveness program for borrowers who have severe medical impairments. The processing suspension, which is part of a long-planned overhaul to streamline federal student loan programs, adds yet another hurdle in an already chaotic landscape as student loan borrowers struggle to navigate their options. The Total and Permanent Disability, or TPD, discharge program can allow borrowers to eliminate their federal student loan debt. To qualify, borrowers must be unable to engage in substantial, gainful activity due to a medical condition that is either terminal or has persisted for the…

The end of the year is more than just a season of celebrations—it’s the perfect time for self-reflection, renewal, and financial planning for the future. As 2024 comes to a close and January 2025 rapidly approaches, it’s natural to think about the goals we’ve accomplished (or haven’t), the lessons we’ve learned, and the opportunities that await us. This transitional period provides a valuable chance to pause, evaluate your current situation, and decide on your next steps. By taking action now, you can enter the new year feeling energized and prepared instead of rushed or overwhelmed. With this financial planning checklist,…

As 2024 winds down, there is still some time left to optimize your tax strategy. Potential tax increases loom after 2025. However, these actionable tips can help lower your tax bill and set you up for long-term tax planning success. 1. Max Out Tax-Advantaged Contributions Retirement Accounts: Contribute to 401(k), 403(b), or other workplace plans by December 31, 2024. The limit is $23,000 (plus $7,500 for those 50+). Health Savings Accounts (HSAs): For high-deductible plans, contribute up to $4,150 (self) or $8,300 (family) by the April 2025 tax deadline. Contributions reduce taxable income, funds can roll over for future medical…