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You Missed the Tax Deadline. Now What Should You Do?

You Missed the Tax Deadline. Now What Should You Do?

This story is part of Taxes 2022, CNET's coverage of the best tax software and everything else you need to get your return filed quickly, accurately and on-time.

Yesterday was the federal tax deadline for almost everyone in the US. (Massachusetts and Maine, you've still got today to finish.) If you didn't electronically file your tax return or have a paper return postmarked by midnight April 18, your taxes are now technically late.

There are plenty of reasons why people might not be able to finish and file their tax returns by the deadline -- missing tax info, medical emergencies, family troubles, unexpected travel… you know, life.

Yes, you should have filed a tax extension. But what to do now that your tax return is late? Whether you owe taxes or are expecting a tax refund, the answer is simple -- complete and file your 2021 tax return as soon as possible. 

However, if you owe money, your situation becomes more urgent. The longer you wait to file your tax return and show the IRS you intend to pay what you owe, the more penalties and interest may pile up.

Read on to learn more about how to handle a late tax payment, including information on penalties, interest and payment plans. For more, find the best software for filing your tax return and learn how to track your refund to your bank account or mailbox after you do.  

What if I'm late and I am expecting a tax refund for 2021?

If you're expecting money back from the IRS from your 2021 tax return, there are no penalties for filing late. In fact, you have three years to file your 2021 tax return before the IRS turns your tax refund over to the Treasury and your money is gone forever.

Your tax refund might be slightly delayed by filing late, but you should still expect to receive your money in four to six weeks.

You could be making good use of the money the IRS owes you, and the longer you wait to file your taxes, the more you lose out. Whether you use your tax refund to pay down a credit card debt, start an emergency fund, make investments or even just treat yourself to a nice dinner or vacation (depending on your refund amount), you want your money as soon as possible. Letting the IRS keep your tax refund longer only deprives you of possible interest and spending power.

What if I missed the deadline and I owe money on my taxes?

If you missed the tax deadline, didn't file an extension and you owe taxes, you need to hurry up and finish your return as soon as possible and send it in. Not filing taxes when you owe money to the IRS can incur both late filing penalties and late payment penalties.

What are the fees and penalties for filing taxes late?

There are two basic penalties that the IRS charges for filing taxes late when you owe money: a failure-to-file penalty and a failure-to-pay penalty. On top of that, you'll also pay interest on the amount you owe.

The failure-to-file penalty hurts the most. It's generally 5% of the amount you owe for each month or part of a month that your return is late, with a maximum penalty of 25%. If your return is more than 60 days late, the minimum penalty is $435 or the balance of your taxes due, if less than that.

The failure-to-pay penalty will also cost you money, but not nearly as much -- a big reason to file an extension on time even if you can't pay anything. This penalty is usually calculated at 0.5% of any taxes owed that aren't paid by the deadline. The IRS again charges the penalty for each month or part of a month that your payment is late, with a maximum 25% penalty total.

The IRS also charges interest on late taxes. Determined by adding 3% to the short-term federal interest rate, the IRS interest rate is currently 4%. That rate is adjusted quarterly, and interest is compounded daily.

Can I file an extension past the tax deadline?

Unfortunately, no. Tax extensions provide taxpayers six additional months to complete their tax returns, but they must be filed by the tax deadline. Taxpayers filing extensions must also include the estimated amount of money that they owe using IRS Form 1040-ES. Online tax software can also quickly calculate your estimated taxes.

If your deadline has passed, it's too late to file an extension.

What if I filed an extension on time?

Well done. You've got until Oct. 15, 2022, to file your tax return if you filed a tax extension by the April 18 deadline. As long as you paid an estimated amount that's close to what you owe, you won't be subject to fines or penalties if you file your return and pay any remaining tax liability by Oct. 15.

If you didn't pay enough money with your tax extension, you may be subject to the late payment penalty. The IRS expects your estimated payment to be at least 90% of your total tax liability. The agency may charge a 0.5% per month penalty on the amount of unpaid taxes if you paid less than that, so you should still complete your tax return and file it as soon as possible.

What if I can't afford to pay the taxes I owe?

Owing taxes that you don't have the money to pay can be incredibly stressful. However, you can take action now that will lighten both your financial and psychological burdens.

Consider an IRS payment plan. If you can pay off your tax debt within 180 days, the IRS will let you apply for a short-term payment plan that costs nothing, although you'll still accrue penalties and interest until your debt is paid off. It's easy to apply online or at a local IRS office.

If you need more than 180 days, you can apply for a long-term payment plan that costs $31 for automatic monthly bank payments via direct debit, or $130 for non-direct debit payments. Low-income taxpayers -- those with adjusted gross incomes at or below 250% of the federal poverty guidelines -- can waive the fee for the direct-debit installment plan or pay $43 for the non-direct debit plan.

You might consider other borrowing options outside of the IRS. If your tax liability isn't too high, you could use a credit card with a 0% intro APR to pay your taxes, assuming you can pay off that debt before the intro period expires. For larger tax debts, you could consider a debt-consolidation loan, though your rate will generally be higher than the 4% currently charged by the IRS.

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Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

I'm officially one year away from graduating college, and I have no idea what comes next. A job, hopefully. Grad school, maybe? For me, college has been about preparing to enter the workforce, armed with all the skills I need to succeed. Now that it's time to start actually applying for jobs and planning for long-term financial stability, it's pretty scary.

Entering the job market comes with endless challenges, even in a healthy economy. And regardless of the debate over whether we're in an official recession, the past few months have demonstrated how difficult it can be to remain financially stable during a shaky economy. Inflation is at a historic high, and wages are not keeping up with the cost of living. Higher interest rates are also making homes, cars and other big-ticket items more expensive and inaccessible.

And that makes the idea of entering the job market all the more terrifying.

Older generations who have already lived through recessions may be more prepared. Millennials, those born roughly between 1981 and 1996, are feeling some déjà vu. Many in this cohort entered the job market just as the Great Recession was taking place, and the years that followed altered the course of their career and financial trajectory in major ways. 

I caught up with five millennials who completed their undergraduate studies between late 2007 and 2009 and managed to navigate the last economic downturn. I wanted to learn how they were impacted, from layoffs and tightening budgets to career pivots, and what skills they developed that were most important for staying afloat. Each had a unique experience that affected their approach to finances today. Now, as they reflect on that time, they see the hard-won lessons and share their best advice with the next generation. 

What stood out was the power of investing for the future, such as taking advantage of employee-match programs and routinely contributing to 401(k)s and Roth IRAs. The millennials I spoke with all encouraged Gen Zers to invest early in their careers. And they each had more nuggets of wisdom to hand down to us -- including how to make the most of the first few years out of college, how to talk money with employers, discuss finances with partners and build successful careers in unexpected ways. 

Here's what they shared via email. 

---

Embrace career uncertainty and be flexible 

Katie Oelker, St. Paul, Minnesota

Katie Oelker worked in the auditing department of a bank after college while living with her parents, mainly to build some savings and pay off private student loans. That ultimately allowed her to afford going back to school to get her master's in education. 

Since Oelker didn't want to have a career in banking or auditing, she always took advantage of different learning opportunities, like training sessions or conferences, that were offered through her job. "If you don't like what you're doing post-graduation or even if you do, there are always educational opportunities to pursue that can help you further your career down the line," she told me by email. 

That career-building focus came in handy when she decided to pivot once again, this time to become a certified Business Education instructor. After teaching courses ranging from personal finance to marketing at two different high schools, she now runs her own business as a freelance writer and money coach. Having flexibility in her vision allowed her to navigate the recessionary job market and explore new industries.

"I've never been afraid to open new doors and try new things when it comes to career and educational opportunities, and it has paid off," she said. 

---

Talk about money with your partner, even if it's hard

Jared and Katie Pogue, Atlanta, Georgia

Before getting married, Jared and Katie Pogue learned that they needed to find productive ways to talk about money, especially how to afford building a family. The two had radically different outlooks on financial planning, which caused anxiety. Katie said she had many long-term goals, while Jared described his approach as "ignorant optimism."

They developed a routine to talk about money. They set a time limit for one day a week and slowly worked through their finances. They were eventually able to align their goals, which helped them make big financial decisions, including how to finance a house, when to have children and if they should go back to school. They came up with a division of labor, with Jared taking care of the daily and monthly payments, and Katie overseeing more long-term planning. Neither one could do their part alone.

"Once we started making tangible progress and got on the same page, our financial conversations were much more fruitful," said Jared. 

---

Negotiate for more, despite your doubts

Sara Gifford, Hyattsville, Maryland

Sara Gifford's first full-time job out of college wasn't her ideal choice. But with the tightening labor market, she felt compelled to accept an offer from the company she had interned with. 

"I settled for a job where I was expected to work 60-plus hours a week for laughably low pay, and I didn't negotiate my salary or benefits because I felt the employer held all the power," she said. Accepting such low compensation at her first job made it harder to move her salary benchmark forward in future negotiations.

Though recessions put more pressure on workers to avoid asking for higher pay, Gifford said that shouldn't discourage you from negotiating other benefits, such as commuting stipends, paid vacation and flexible or remote working hours. If the employer's not agreeable to any perks, it might be a sign to keep looking. "If the company pulls the offer, that's such a red flag."

Though she regrets not asking for better pay, she's proud that she took advantage of opportunities to network and learn new skills. It all came in handy when she decided to leave and build her career. Today Gifford runs her own marketing strategy company.

---

Identify your money priorities 

Adam Eisenberg, Huntington Woods, Michigan

Adam Eisenberg is still working at the company that offered him his first job in sales logistics. After college, he got his money goals in order, which for him meant immediately prioritizing payments toward his student loans -- instead of moving out of his parents' house. 

"I put my commission checks toward paying off my debt. It took four years to do it, and the first three I was living at my parents house, but it was worth it." While everyone's priorities are different, identifying them early on can help you better decide where your money should go.

In fact, Eisenberg originally had a second job offer he was considering, and took a similar approach when comparing his options -- he prioritized what mattered most to him. A higher commission rate, he decided, would ultimately be more beneficial for him, even if the base salary was lower. Another appealing component was the company's potential for growth. 

Eisenberg said that those entering the job market should expand beyond their normal job research to "make sure the foundation is there for future success." 

---

Budgets can be your calm in the storm

Jonathan Schrull, Indianapolis, Indiana

At the end of 2008, Jonathan Schrull was laid off from his second job after graduating. He was unemployed for six months before securing a new job and felt as though he had to put off beginning his long-term career and delay savings and investing. That, according to him, cost "a lot of money in the long run." 

Looking back, he found that maintaining a budget helped alleviate some of the stress. "Seeing the figures in front of me made the situation more tangible and easy to understand," he said. Having a way to track his spending, even without any income, helped him find new opportunities to reduce his expenses. Looking at his whole financial picture, not just income, was important, because "the numbers don't lie."

---

Source

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Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

I'm officially one year away from graduating college, and I have no idea what comes next. A job, hopefully. Grad school, maybe? For me, college has been about preparing to enter the workforce, armed with all the skills I need to succeed. Now that it's time to start actually applying for jobs and planning for long-term financial stability, it's pretty scary.

Entering the job market comes with endless challenges, even in a healthy economy. And regardless of the debate over whether we're in an official recession, the past few months have demonstrated how difficult it can be to remain financially stable during a shaky economy. Inflation is at a historic high, and wages are not keeping up with the cost of living. Higher interest rates are also making homes, cars and other big-ticket items more expensive and inaccessible.

And that makes the idea of entering the job market all the more terrifying.

Older generations who have already lived through recessions may be more prepared. Millennials, those born roughly between 1981 and 1996, are feeling some déjà vu. Many in this cohort entered the job market just as the Great Recession was taking place, and the years that followed altered the course of their career and financial trajectory in major ways. 

I caught up with five millennials who completed their undergraduate studies between late 2007 and 2009 and managed to navigate the last economic downturn. I wanted to learn how they were impacted, from layoffs and tightening budgets to career pivots, and what skills they developed that were most important for staying afloat. Each had a unique experience that affected their approach to finances today. Now, as they reflect on that time, they see the hard-won lessons and share their best advice with the next generation. 

What stood out was the power of investing for the future, such as taking advantage of employee-match programs and routinely contributing to 401(k)s and Roth IRAs. The millennials I spoke with all encouraged Gen Zers to invest early in their careers. And they each had more nuggets of wisdom to hand down to us -- including how to make the most of the first few years out of college, how to talk money with employers, discuss finances with partners and build successful careers in unexpected ways. 

Here's what they shared via email. 

---

Embrace career uncertainty and be flexible 

Katie Oelker, St. Paul, Minnesota

Katie Oelker worked in the auditing department of a bank after college while living with her parents, mainly to build some savings and pay off private student loans. That ultimately allowed her to afford going back to school to get her master's in education. 

Since Oelker didn't want to have a career in banking or auditing, she always took advantage of different learning opportunities, like training sessions or conferences, that were offered through her job. "If you don't like what you're doing post-graduation or even if you do, there are always educational opportunities to pursue that can help you further your career down the line," she told me by email. 

That career-building focus came in handy when she decided to pivot once again, this time to become a certified Business Education instructor. After teaching courses ranging from personal finance to marketing at two different high schools, she now runs her own business as a freelance writer and money coach. Having flexibility in her vision allowed her to navigate the recessionary job market and explore new industries.

"I've never been afraid to open new doors and try new things when it comes to career and educational opportunities, and it has paid off," she said. 

---

Talk about money with your partner, even if it's hard

Jared and Katie Pogue, Atlanta, Georgia

Before getting married, Jared and Katie Pogue learned that they needed to find productive ways to talk about money, especially how to afford building a family. The two had radically different outlooks on financial planning, which caused anxiety. Katie said she had many long-term goals, while Jared described his approach as "ignorant optimism."

They developed a routine to talk about money. They set a time limit for one day a week and slowly worked through their finances. They were eventually able to align their goals, which helped them make big financial decisions, including how to finance a house, when to have children and if they should go back to school. They came up with a division of labor, with Jared taking care of the daily and monthly payments, and Katie overseeing more long-term planning. Neither one could do their part alone.

"Once we started making tangible progress and got on the same page, our financial conversations were much more fruitful," said Jared. 

---

Negotiate for more, despite your doubts

Sara Gifford, Hyattsville, Maryland

Sara Gifford's first full-time job out of college wasn't her ideal choice. But with the tightening labor market, she felt compelled to accept an offer from the company she had interned with. 

"I settled for a job where I was expected to work 60-plus hours a week for laughably low pay, and I didn't negotiate my salary or benefits because I felt the employer held all the power," she said. Accepting such low compensation at her first job made it harder to move her salary benchmark forward in future negotiations.

Though recessions put more pressure on workers to avoid asking for higher pay, Gifford said that shouldn't discourage you from negotiating other benefits, such as commuting stipends, paid vacation and flexible or remote working hours. If the employer's not agreeable to any perks, it might be a sign to keep looking. "If the company pulls the offer, that's such a red flag."

Though she regrets not asking for better pay, she's proud that she took advantage of opportunities to network and learn new skills. It all came in handy when she decided to leave and build her career. Today Gifford runs her own marketing strategy company.

---

Identify your money priorities 

Adam Eisenberg, Huntington Woods, Michigan

Adam Eisenberg is still working at the company that offered him his first job in sales logistics. After college, he got his money goals in order, which for him meant immediately prioritizing payments toward his student loans -- instead of moving out of his parents' house. 

"I put my commission checks toward paying off my debt. It took four years to do it, and the first three I was living at my parents house, but it was worth it." While everyone's priorities are different, identifying them early on can help you better decide where your money should go.

In fact, Eisenberg originally had a second job offer he was considering, and took a similar approach when comparing his options -- he prioritized what mattered most to him. A higher commission rate, he decided, would ultimately be more beneficial for him, even if the base salary was lower. Another appealing component was the company's potential for growth. 

Eisenberg said that those entering the job market should expand beyond their normal job research to "make sure the foundation is there for future success." 

---

Budgets can be your calm in the storm

Jonathan Schrull, Indianapolis, Indiana

At the end of 2008, Jonathan Schrull was laid off from his second job after graduating. He was unemployed for six months before securing a new job and felt as though he had to put off beginning his long-term career and delay savings and investing. That, according to him, cost "a lot of money in the long run." 

Looking back, he found that maintaining a budget helped alleviate some of the stress. "Seeing the figures in front of me made the situation more tangible and easy to understand," he said. Having a way to track his spending, even without any income, helped him find new opportunities to reduce his expenses. Looking at his whole financial picture, not just income, was important, because "the numbers don't lie."

---

Source

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iOS 16's New Apple Pay Option Lets iPhone Users Buy Now and Pay Later: How It Works

iOS 16's New Apple Pay Option Lets iPhone Users Buy Now and Pay Later: How It Works

This story is part of WWDC 2022, CNET's complete coverage from and about Apple's annual developers conference.

What's happening

Apple has announced a new free financing feature in Apple Wallet that lets you pay for purchases over time for free.

Why it matters

As inflation continues to impact households, "buy now, pay later" services have become a popular payment option, and Apple's entry will likely become a major player.

What's next

Apple Pay Later will launch with the release of iOS 16, expected in September 2022.

The upcoming release of iOS 16 for iPhone will make Apple one of the bigger players in the "buy now, pay later" space. BNPL services let you spread the cost of your purchases into multiple payments made over a relatively short period of time, usually for no fees or interest. Apple announced the launch of its own service, Apple Pay Later, at last week's Worldwide Developers Conference

Apple Pay is a part of Apple Wallet, the iPhone's digital wallet app that also provides Apple Card and Apple Cash. Apple Pay allows you to store debit and credit cards and make purchases online or at businesses; Apple Card is a credit account issued by MasterCard and Goldman Sachs that works like a standard digital credit card; and Apple Cash enables peer-to-peer payments.

Apple's foray into free financing with Apple Pay Later comes at a time when many retailers are accepting payments from BNPL apps such as Affirm, Klarna and Afterpay. Most of these apps provide similar short-term interest-free payment plans, while others also provide longer installment plans with variable interest rates.

We'll share everything there is to know about Apple Pay Later in this piece, including how it will work, where it will be accepted and when it will be available. Apple unveiled Pay Later and iOS 16 alongside new versions of its MacBook and iPad. Here's everything Apple announced at WWDC. 

How does Apple Pay Later work?

Apple Pay Later lets you break the cost of purchases into four equal payments that are spread over six weeks. The first payment is due when you make your purchase, and the remaining payments are due every two weeks after that.

Once Apple Pay Later is released, you'll have two options when completing a purchase: Pay in Full and Pay Later. Selecting the latter option will bring up a payment schedule displaying the amount of each of the four payments and when they will be due.

According to Corey Fugman, senior director for Wallet and Apple Pay, who spoke about Wallet during the WWDC keynote address, Apple Pay Later will be available "anywhere that Apple Pay is accepted, in apps or online," indicating that the service may not be available for purchases made in physical stores.

Stores and merchants won't have to implement any changes in order to accept payments through Apple Pay Later. Transactions will occur as they did before -- the only difference will lie in how back-end payments are made.

MasterCard Installments, the credit card company's white-label BNPL service, will provide the merchant payments for Apple Pay Later. Apple and its banking partner Goldman Sachs began plans for Apple Pay Later in July last year, according to Bloomberg.

When can I use Apple Pay Later on my iPhone?

Apple Pay Later will be included with iOS 16, the next planned update of Apple's operating system for iPhone. The beta version of iOS 16 is already available for developers who have an account. In the WWDC keynote, Apple indicated that the first public beta version of iOS 16 will be released sometime in July.

Apple has traditionally released its newest operating systems to the public at the same time as its latest phones, as it did with iPhone 13 and iOS 15 in September last year. The iPhone 14 is expected to come out in September this year, and it's likely that iOS 16 will also be released at or near the same time. 

How is Apple Pay Later different from Apple Card Monthly Installments?

Apple Card Monthly Installments is an Apple program that lets you finance the purchase of certain Apple products when using the Apple Card credit card. The length of the 0% APR period for these purchases depends on the product. Installment plans range from six months to two years.

Apple Pay Later isn't restricted to Apple products, nor does it require the use of the Apple Card. With Apple Pay Later, you'll be able to finance purchases using a debit card, Apple specified, as long as it's connected to Apple Wallet. Also, the interest-free installment period for Apple Pay Later -- six weeks -- is much shorter than the payment plans offered by Apple Card Monthly Installments.

What else is new in Apple Wallet for iPhone?

Another new feature in Apple Wallet announced at WWDC is Apple Pay Order Tracking, which adds the ability for merchants to provide detailed receipts and delivery statuses for purchased products to customers via Apple Wallet. 

Apple also announced expanded support in Apple Wallet for driver's licenses and identification cards. Following IDs from Colorado and Arizona, Apple Wallet expects to add support for 11 more states in the near future.

These driver's licenses can be used at select Transportation Security Agency checkpoints. They can also be shared with other apps that require identification, such as alcohol purchases through Uber Eats.

Apple Wallet is also adding support for sharing keys for locations such as hotels, offices or automobiles. New features will let users share keys with friends or associates using email, text messaging or other messaging apps.

Like Apple Pay Later, the Apple Pay Order Tracking, driver's license and key-sharing features will be made available to the public with the full release of iOS 16, expected in September 2022.

What other online services let you buy now and pay later?

Some existing online payment systems provide "buy now, pay later" short-term financing similar to what Apple Pay Later is offering. PayPal's Pay in 4 program works very much like Apple Pay Later, except that purchases are limited to between $300 and $1,500.

BNPL app Sezzle also uses a system of four payments over six weeks, but permits users to reschedule one payment for up to two weeks later at no cost and postpone further payments for an additional fee.

Other BNPL apps such as Affirm and Klarna offer interest-free installment plans for short periods, or longer installment plans that add a variable interest rate. 

For more coverage of WWDC, learn about the upcoming MacOS Ventura, new fitness and workout features for the Apple Watch and all of the new features announced for Apple Maps.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Should you buy a home in 2021 should you buy a home before selling should you buy a refurbished computer should you buy travel insurance should you buy tesla stock should you buy extended warranty should you pop a blister how many eggs should you eat

Should You Buy a Home in 2022? Here's What You Need to Know

Should You Buy a Home in 2022? Here's What You Need to Know

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

After two years of a wildly hot and competitive housing market with skyrocketing home prices, there are some signs indicating that these record-high spikes might start leveling off. This past April, home price increases declined for the first time in four months, as did sales of new homes. 

But many experts note that, given the ongoing shortage of properties, home prices will still continue to go up in 2022 -- just at a slower pace. Plus, prospective new homeowners have to contend with relatively high mortgage rates, which keep monthly mortgage payments expensive. Although mortgage rates have dropped slightly since the Federal Reserve announced its fourth rate hike of the year to continue combating inflation, they're still more than 2% higher than they were at the beginning of 2022. So homebuyers should expect their mortgage payments to be higher this year, even if lessening demand decreases competition for homes.

"If we've seen the peak in inflation then we have seen the peak in mortgage rates," said Greg McBride, chief financial analyst at CNET's sister site, Bankrate. "The outlook for a weaker economy will hold sway as long as inflation pressures begin to show evidence of easing. If we get a couple months down the road and that hasn't happened, then all bets are off."

Even though mortgage rates appear to be leveling off, when taking all of these factors into account, a homebuyer will now pay almost 47% more for the same property compared with a year ago, according to Realtor.com. 

Buying a home is one of the most important money moves you'll ever make. It's an exceptionally personal decision that requires evaluating your long-term goals while making sure you're financially ready, from the down payment to interest on a home loan. Your job stability, household needs and the inventory available where you want to live all play a role in determining what makes sense for you. 

Here are the most important things to consider when buying a house in 2022, including why it might make sense to wait or to rent instead of buy. 

Key factors to consider when buying a home in 2022

Right now, home prices are still seeing double-digit growth nationwide and all-cash offers still make up around a quarter of housing bids, according to Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors. Does that mean you should try to hold off until prices start going down? Not necessarily.

The first thing to keep in mind is that expert predictions are imperfect. No one knows what's going to happen with the economy, even with warning signs for events like recessions. And timing the market, or trying to make decisions based on what you think will happen to prices or rates in the future, is generally not a sound strategy. "With housing, buyers tend to obsess over home values and how buying at a certain time may be better for appreciation and equity," said Farnoosh Torabi, personal finance expert and editor-at-large at CNET. "That's important, but your monthly housing payment is what really matters in the end."

Even if you have a plan, be prepared to pivot in this market. Maggie Moroney, 27, is trying to buy her first home in the Washington, D.C. area, but can't find anything affordable. Between sales and rentals, there's low inventory in both markets. 

"I probably could try to buy something, but it'd be a little bit of a stretch, especially with interest rates," she said. Moroney doesn't want to rush the decision and plans to wait it out if she doesn't find a home she likes, with the hope that more inventory will start to hit the market. "I'd rather have a rental I'm not super in love with than a home I'm not in love with."

If you're teetering between buying a home and waiting, here are some factors to keep in mind.

1. Mortgage rates and price trends

In today's housing market, high prices along with home loan rates are two of the most important factors at play. Although mortgage rates fluctuate daily, they are expected to remain between 5-6% for the rest 2022 -- though what happens next with inflation will tell where rates are headed. So far, rates are already more than 2 percentage points higher than this time a year ago and passed the 5.5% mark in June, but seem to be evening out since the announcement of the Fed's fourth rate hike in July. 

Although rates dipped slightly with the most recent interest hike, it's still important to understand how the rate you lock in for your mortgage will impact your monthly payments, as well as the total amount you'll pay over the lifetime of your loan. 

For example, if you take out a 30-year fixed-rate mortgage to buy a $500,000 house at a 5.2% interest rate, you'll pay $488,000 in interest over the life of your loan. But if you wait and buy a $450,000 house at a 6.5% interest rate, you'll end up paying $574,000 in interest over the course of your mortgage. So even though you paid less for your home, you're paying more than the difference in price due to interest over three decades. 

Scaling back your budget and looking at homes that may be smaller or in less-expensive neighborhoods is an option to consider if higher mortgage rates have made your previous housing goals unattainable.

2. Financial and personal goals 

Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you're building equity in your home that you can tap into later on. When you rent, you aren't investing in your financial future the same way you are when you're paying off a mortgage.

Another factor to take into consideration is how long you plan to live in the house. If you expect to live there for a decade or longer, you'll likely be able to refinance your mortgage to a lower rate, reducing your monthly payment in the process. However, if you plan to move in a few years, it likely won't make financial sense for you to refinance. In that case, it's worth considering an adjustable-rate mortgage, which can help offset today's high mortgage rates by offering you a lower initial interest rate that only adjusts or increases later on in your mortgage term.

3. Future housing trends and recession risks

As buyer competition decreases when buying a home becomes increasingly unaffordable, it could mean that inventory opens up where you're looking. In June, the national inventory of available homes grew by 18.7% this year compared to last year. More available inventory means that you have more homes to choose from, increasing the chances you can buy something you actually want this year versus scrambling in a bidding war for whatever is available in your budget.

But there's also talk of a looming recession. If you wait to buy instead, you could avoid potentially overpaying for a home that could lose its value in an upcoming economic downturn, said Torabi. Plus, if the economy slows down, it's possible the Federal Reserve will raise interest rates less aggressively, which could benefit potential homeowners trying to lock in a better rate on their mortgage. 

Is it better to rent than buy right now? 

It depends, especially when we're dealing with an unpredictable period of high inflation. 

On one hand, if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That's an advantage over renting since there's a good chance your landlord will raise your rent to counter inflationary pressures. Right now, rents are rising faster than wages, and if homebuyers are priced out of the housing market, there'll be more pressure to rent, which will increase competition. Many are already experiencing a red-hot rental market, leading to rental bidding wars and evictions. 

On the other hand, even though a fixed-rate mortgage can offer you more predictability and budget stability, "as long as inflation continues to outpace wages, there could be benefits to renting right now as the economy worsens," said Torabi. 

For example, one advantage of renting over buying is that you can save the cash you would have otherwise needed to use for a down payment. In a time of economic uncertainty, if you don't have to worry about coming up with a down payment and emptying most of your entire bank account to secure yourself a home, you can stay more liquid. Having more cash on hand can offer you added security if a recession negatively impacts your financial situation.

"It's important to know the differences in cost of owning a home versus the cost of renting," said Robert Heck, vice president of mortgages at Morty, an online mortgage marketplace. "How much is homeowners insurance going to cost? How much are the annual property taxes? Maybe you're not used to paying property taxes if you've been renting. Consider the costs that will go into maintaining a home."

Ultimately, whether you rent or buy often comes down to practical considerations like whether you need more space to start a family, or your lease is ending -- regardless of market conditions.

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Should You Buy a Home in 2022? Here's What You Need to Know

Should You Buy a Home in 2022? Here's What You Need to Know

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

After two years of a wildly hot and competitive housing market with skyrocketing home prices, there are some signs indicating that these record-high spikes might start leveling off. This past April, home price increases declined for the first time in four months, as did sales of new homes. 

But many experts note that, given the ongoing shortage of properties, home prices will still continue to go up in 2022 -- just at a slower pace. Plus, prospective new homeowners have to contend with relatively high mortgage rates, which keep monthly mortgage payments expensive. Although mortgage rates have dropped slightly since the Federal Reserve announced its fourth rate hike of the year to continue combating inflation, they're still more than 2% higher than they were at the beginning of 2022. So homebuyers should expect their mortgage payments to be higher this year, even if lessening demand decreases competition for homes.

"If we've seen the peak in inflation then we have seen the peak in mortgage rates," said Greg McBride, chief financial analyst at CNET's sister site, Bankrate. "The outlook for a weaker economy will hold sway as long as inflation pressures begin to show evidence of easing. If we get a couple months down the road and that hasn't happened, then all bets are off."

Even though mortgage rates appear to be leveling off, when taking all of these factors into account, a homebuyer will now pay almost 47% more for the same property compared with a year ago, according to Realtor.com. 

Buying a home is one of the most important money moves you'll ever make. It's an exceptionally personal decision that requires evaluating your long-term goals while making sure you're financially ready, from the down payment to interest on a home loan. Your job stability, household needs and the inventory available where you want to live all play a role in determining what makes sense for you. 

Here are the most important things to consider when buying a house in 2022, including why it might make sense to wait or to rent instead of buy. 

Key factors to consider when buying a home in 2022

Right now, home prices are still seeing double-digit growth nationwide and all-cash offers still make up around a quarter of housing bids, according to Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors. Does that mean you should try to hold off until prices start going down? Not necessarily.

The first thing to keep in mind is that expert predictions are imperfect. No one knows what's going to happen with the economy, even with warning signs for events like recessions. And timing the market, or trying to make decisions based on what you think will happen to prices or rates in the future, is generally not a sound strategy. "With housing, buyers tend to obsess over home values and how buying at a certain time may be better for appreciation and equity," said Farnoosh Torabi, personal finance expert and editor-at-large at CNET. "That's important, but your monthly housing payment is what really matters in the end."

Even if you have a plan, be prepared to pivot in this market. Maggie Moroney, 27, is trying to buy her first home in the Washington, D.C. area, but can't find anything affordable. Between sales and rentals, there's low inventory in both markets. 

"I probably could try to buy something, but it'd be a little bit of a stretch, especially with interest rates," she said. Moroney doesn't want to rush the decision and plans to wait it out if she doesn't find a home she likes, with the hope that more inventory will start to hit the market. "I'd rather have a rental I'm not super in love with than a home I'm not in love with."

If you're teetering between buying a home and waiting, here are some factors to keep in mind.

1. Mortgage rates and price trends

In today's housing market, high prices along with home loan rates are two of the most important factors at play. Although mortgage rates fluctuate daily, they are expected to remain between 5-6% for the rest 2022 -- though what happens next with inflation will tell where rates are headed. So far, rates are already more than 2 percentage points higher than this time a year ago and passed the 5.5% mark in June, but seem to be evening out since the announcement of the Fed's fourth rate hike in July. 

Although rates dipped slightly with the most recent interest hike, it's still important to understand how the rate you lock in for your mortgage will impact your monthly payments, as well as the total amount you'll pay over the lifetime of your loan. 

For example, if you take out a 30-year fixed-rate mortgage to buy a $500,000 house at a 5.2% interest rate, you'll pay $488,000 in interest over the life of your loan. But if you wait and buy a $450,000 house at a 6.5% interest rate, you'll end up paying $574,000 in interest over the course of your mortgage. So even though you paid less for your home, you're paying more than the difference in price due to interest over three decades. 

Scaling back your budget and looking at homes that may be smaller or in less-expensive neighborhoods is an option to consider if higher mortgage rates have made your previous housing goals unattainable.

2. Financial and personal goals 

Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you're building equity in your home that you can tap into later on. When you rent, you aren't investing in your financial future the same way you are when you're paying off a mortgage.

Another factor to take into consideration is how long you plan to live in the house. If you expect to live there for a decade or longer, you'll likely be able to refinance your mortgage to a lower rate, reducing your monthly payment in the process. However, if you plan to move in a few years, it likely won't make financial sense for you to refinance. In that case, it's worth considering an adjustable-rate mortgage, which can help offset today's high mortgage rates by offering you a lower initial interest rate that only adjusts or increases later on in your mortgage term.

3. Future housing trends and recession risks

As buyer competition decreases when buying a home becomes increasingly unaffordable, it could mean that inventory opens up where you're looking. In June, the national inventory of available homes grew by 18.7% this year compared to last year. More available inventory means that you have more homes to choose from, increasing the chances you can buy something you actually want this year versus scrambling in a bidding war for whatever is available in your budget.

But there's also talk of a looming recession. If you wait to buy instead, you could avoid potentially overpaying for a home that could lose its value in an upcoming economic downturn, said Torabi. Plus, if the economy slows down, it's possible the Federal Reserve will raise interest rates less aggressively, which could benefit potential homeowners trying to lock in a better rate on their mortgage. 

Is it better to rent than buy right now? 

It depends, especially when we're dealing with an unpredictable period of high inflation. 

On one hand, if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That's an advantage over renting since there's a good chance your landlord will raise your rent to counter inflationary pressures. Right now, rents are rising faster than wages, and if homebuyers are priced out of the housing market, there'll be more pressure to rent, which will increase competition. Many are already experiencing a red-hot rental market, leading to rental bidding wars and evictions. 

On the other hand, even though a fixed-rate mortgage can offer you more predictability and budget stability, "as long as inflation continues to outpace wages, there could be benefits to renting right now as the economy worsens," said Torabi. 

For example, one advantage of renting over buying is that you can save the cash you would have otherwise needed to use for a down payment. In a time of economic uncertainty, if you don't have to worry about coming up with a down payment and emptying most of your entire bank account to secure yourself a home, you can stay more liquid. Having more cash on hand can offer you added security if a recession negatively impacts your financial situation.

"It's important to know the differences in cost of owning a home versus the cost of renting," said Robert Heck, vice president of mortgages at Morty, an online mortgage marketplace. "How much is homeowners insurance going to cost? How much are the annual property taxes? Maybe you're not used to paying property taxes if you've been renting. Consider the costs that will go into maintaining a home."

Ultimately, whether you rent or buy often comes down to practical considerations like whether you need more space to start a family, or your lease is ending -- regardless of market conditions.

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2022 Kia Stinger GT Review: One of Our All-Time Favorites

2022 Kia Stinger GT Review: One of Our All-Time Favorites

We don't always agree on everything, but the entire Roadshow staff concurs that the Kia Stinger is totally rad. Our love affair with the Korean sporty liftback sedan started with our 2018 long-term tester and has endured through multiple followups over the years. For 2022, the new base GT-Line model sees a new engine and substantial upgrades, but V6-powered GT models only see modest improvements and tweaks. Even so, this top-spec 2022 Kia Stinger GT2 is still as good as I remember -- better, even -- and is easy to recommend for sport-sedan shoppers looking to maximize value without compromising driving enjoyment.

Power and performance

The Stinger's engine bay is home to the same 3.3-liter, twin-turbocharged V6 that's powered GT1 and GT2 models since this model's inception. With a mild bump to 368 horsepower (just 3 more than before) and 376 pound-feet of torque on tap, the V6 remains a fantastic powerplant boasting excellent responsiveness and thrust for days to go along with the rich sound piped through its valved exhaust system at full chat. An 8-speed automatic is standard equipment and is about as good as I could hope a torque-converter transmission could be, delivering quick, smooth shifts and fairly responsive paddle shifters. 

Shoppers have a choice between rear-wheel drive with a limited-slip differential or brake-based torque-vectoring all-wheel drive. Having driven both configurations, rear-drive is the more fun of the two and the way to go, unless you live in an area where the climate calls for the extra stability of AWD. The rear-wheel-driven Stinger just feels much more alive during dynamic driving thanks to a combination of a slightly lighter chassis and a simpler, more direct drivetrain. The way the RWD Stinger puts its power down -- squatting slightly onto its drive wheels and digging in as I roll onto the throttle at corner exit -- creates a more dramatic feeling of rotation and a more direct connection with the road than the more neutral AWD performance. Plus, being able to scoot out the rear end a touch with the right pedal is just fun.

Two fewer drive wheels also pays off with a slight boost in efficiency, though the difference is subtle enough that your driving style probably makes a bigger difference in the real world. The RWD Stinger GT1/GT2 returns an EPA estimated 18 miles per gallon city, 25 mpg highway and 20 mpg combined or 17 city, 24 highway and 20 mpg combined with AWD.

The twin-turbo V6 makes three ponies more than before, but not much else has changed.

Antuan Goodwin/Roadshow

Selectable drive modes -- Sport, Smart and Eco -- each feel distinct, allowing me to customize the responsiveness of the throttle and the behavior of the electronically controlled suspension to the task, whether that be commuting or carving corners. However, even at its sportiest, the Stinger never feels harsh over the bumps and cracked asphalt of my favorite Bay Area backroad and it still exhibits a bit of body roll when pushed. Track-day bros will likely frown at that aspect of this car's dynamics for its perceived performance compromise, but drivers enjoying the grand touring aspects of the Stinger's performance on the road will appreciate it for helping boost comfort and defining the limits of this car's performance envelope. 

Personally, I think a little body roll isn't a bad thing -- it certainly didn't take away from my enjoyment. However, I wish Kia had upgraded the Stinger's brakes. As is, the GT's Brembo performance brakes do a fantastic job shaving off speed, but still heat up quite a bit when driven hard, causing just a hint of fade and triggering memories of the brake shake that came and went during our 2018 model's long-term testing.

Cabin and safety tech

The Stinger's design hasn't changed much for this 2022 mid-cycle refresh. On the outside, you'll find Kia's new logo between newly standard LED headlamps. Out back, the Kia badge has been dropped for a large, scripted "Stinger" that fits beneath the new light bar that connects the redesigned taillamps.

Inside, the biggest change is the move to a 10.25-inch touchscreen infotainment, which replaces both the old 7- and 8-inch systems, standardizing the cabin tech for all Stinger models and making choosing one of the lower trim levels less of a compromise. The updated interface is responsive and smartly organized and comes standard with onboard navigation and wired Android Auto and Apple CarPlay connectivity.

Now that all 2022 Stingers come standard with 10.25-inch navigation, choosing a lower trim is less of a compromise.

Antuan Goodwin/Roadshow

Surrounding that dashboard is a handsome cabin featuring standard leather upholstery. The cockpit's simple design has, so far, stood the test of time and doesn't look too dated, especially with the enlarged display and the GT2 spec's upgraded Nappa leather seats. The GT2 also adds ventilation and improved articulation to the standard heated front seats and heated surfaces for rear passengers as well. The heated steering wheel option, however, is oddly bundled with AWD for all trim levels.

A touch large for its class, the Stinger offers plenty of leg and shoulder room, but its low-slung, fastback profile somewhat compromises headroom for taller passengers, especially on the second row. Of course, the liftback is also one of the Stinger's strongest points, opening wider than a conventional trunk to reveal a massive 23.3 cubic foot rear cargo area (40.9 cubes with the rear seats folded) that rivals even some small SUVs.

Kia's Drive Wise suite of driver assist technologies is also standard, rolling in forward collision warning with automatic emergency braking and pedestrian detection, lane departure warning with lane centering assist, driver attention monitoring, automatic high beams, rear cross traffic alert and blind spot monitoring.

The Stinger's liftback design adds an extra twist of practicality and utility to this excellent sport sedan.

Antuan Goodwin/Roadshow

Perhaps the most compelling reason to upgrade to the GT2 trim is the addition of adaptive cruise control, which works even in stop-and-go traffic. Stepping up to the top spec also enhances the standard rear camera with surround-view 360-degree camera coverage and upgrades to Kia's Blind Spot View Monitor system that drops a camera feed of the adjacent lane into the enlarged 7-inch instrument cluster display whenever the turn signal is activated.

Fantastic sport sedan

The 2022 Kia Stinger starts at $37,365 (including $1,075 destination charge) for the base GT-Line model -- which is more compelling than ever thanks to its more potent turbo four-cylinder powertrain -- with the GT1 model upgrading to the twin-turbo V6 for $44,965. This top-spec GT2 steps up the creature comforts for $52,565 or $53,110 as tested with Hichroma Red paint and floor mats. If you want or need all-wheel drive, factor in $2,200 more.

I've found that the price tag is what gives pause to most people I talk to about the Stinger; the prospect of paying over $50K for a Kia that isn't an SUV is just too much for some to swallow. However, the Stinger GT2 punches above its station, competing with the likes of Audi's S5 Sportback (a prior Editors' Choice pick) and BMW's M440i Gran Coupe where performance and features are concerned, and it does so for around $10,000 less when comparably equipped. Viewed through that lens, the GT2 is a bargain, though I'd probably still recommend the sweet-spot GT1, which boasts all of the performance while only missing a few bells and whistles.

The 2022 Kia Stinger continues to be an excellent choice for a daily driver and the GT1 and GT2 models' balance of performance, comfort and value leave little to be desired. If you're shopping in America's shrinking sport sedan corner of the market, the Stinger should definitely be on your shortlist. 

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Stock Market Secrets: My Smartest Investment Tips After 16 Years of Reporting

Stock Market Secrets: My Smartest Investment Tips After 16 Years of Reporting

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

If there's one thing I've learned in all my years of reporting, it's this: The stock market is moody.

In 2006, I began a new role as a financial correspondent reporting from the trading floor of the New York Stock Exchange. My job was to make sense of why the market was up or down each day. I'd start out each morning interviewing mostly older, white male brokers who were in charge of buying and selling shares on behalf of large institutional investors. (Also true: I was required to wear closed-toe shoes and a blazer. The dress code then was strict and a bit ridiculous.) 

I learned if tech stocks slumped just after the market opened, it might have been due to lower-than-expected earnings the evening before from an industry giant like Apple. Any hint of turbulence in the tech sector induced panicked brokers to drop shares at the opening bell. 

The market doesn't actually reflect reality. It measures the moods and attitudes of people like the brokers I used to interview. 

"Today's stock prices aren't because of how businesses are performing today," said Matt Frankel, a certified financial planner and contributing analyst for The Motley Fool, in an email. "They are based on future expectations." 

That's the problem: Current prices serve as a gauge of investor confidence, but stock market predictions are, at best, educated guesses. And to further complicate matters, "the markets are not always correct," according to Liz Young, head of investment strategy at SoFi. 

Reporting from the floor of the NYSE during the May 2010 "flash crash," when major stock indices crashed and then partially rebounded within an hour. 

Screenshot/CNET

Sound discouraging? I hear you, but it's still worth investing. Here's why.

While the stock market represents an elite class of investors (the wealthiest 10% of Americans hold 89% of stocks), it has proven over time to be a reliable way to grow your money for anyone with the tools and information to try. And technology has made it cheaper and easier to access. Now, a whole new generation has the chance to start investing and building wealth. If you can afford your basic needs and have some emergency savings set aside, there's no better time than now to invest -- even if it's just $20 a month.

Of course, the stock market feels particularly risky right now and it's natural to want to safeguard your money when the economy is volatile. If you're on the fence about investing because you're worried about a recession, or you just don't feel comfortable taking financial risks right now, you're not alone. Over 40% of Americans surveyed earlier this spring said that the bear-market downswing made them too scared to invest. 

But waiting to invest is an even bigger risk. Here's what I know for sure about how to overcome worry and invest for success.   

The 'Right Time' to Invest Is Right Now

Yes, the market is risky. Yes, there will be more crashes. But there's a high probability that the market will recover, just like it bounced back (and then some) a few years after the 2007-09 global financial crisis.

"Things will get better again. They always do," as my friend David Bach, author of the New York Times bestselling book The Automatic Millionaire told me on my podcast So Money.

Sure, it's better to buy at a low price so that you can cash in later from as much appreciation, or compound interest, as possible. But since it's very hard to predict where prices will go, the "right time" to strike is often something we only realize in hindsight. Waiting to invest until the time feels right, when you think stocks have hit a "bottom," can set you up for more failure than success. 

Your time in the market is more important than timing the market. Lying low until stocks rebound just means you're going to pay more. Instead, invest consistently and continuously, and let compounding interest build. You'll buy the dips and the highs, but ultimately, over the years, you'll come out ahead. "If you're in your 30s, or your 40s, or your 50s, and you're not retiring in the next year or two, guess what? Everything's on sale," Bach said. 

For example, had your parents invested $1,000 in the year 1960, it would be worth close to $400,000 today. That's after a presidential assassination, multiple wars, a global pandemic and many recessions, including the Great Recession. If the past is any indicator of the future, it's proven that markets will eventually recuperate from a downturn, and that they have greater periods of growth than decline. 

Read more: Investing for Beginners

Diversification is your best tool against volatility and market tumbles. Investors who are more cautious could try US bonds, which are considered "safe haven" investments because they are backed by the Treasury and offer a predictable return. 

Right now, with inflation at 8.5%, Americans are flocking toward Series I Savings Bonds, a government-issued investment that's protected against inflation. I bonds have both a fixed rate and an inflation rate that's adjusted every six months. Right now, I bonds will deliver a 9.62% annualized interest rate, which means they'll get you higher guaranteed returns than any other federally backed bank account. 

Technology Makes Investing Cheaper and More Accessible

Investing can be unnecessarily complicated and exclusionary, and the financial industry as a whole can do a lot more to break down barriers to entry. Guests on my podcast So Money, especially women, people of color and young adults, have shared how they wish they'd learned about investing sooner. 

My advice? Lean on technology, as well as the proliferation of social media and podcasts, to gain better access and education. At CNET, we are big fans of robo-advisors, such as Wealthfront and Betterment, that provide low-cost portfolio management. There's no need to wait until you have $1 million in the bank, which is what some professional investment advisors require before working with clients. You can start with just a little cash. 

And whether you're a fan of TikTok, Instagram or YouTube, there are some reputable experts there offering free education. One cautionary tip: Be sure to check their backgrounds and ensure whomever you're following is not a salesperson disguised as an investment educator!

Read more: Investing Doesn't Have to Be Intimidating. Pros and Cons to Robo-Advisors

Once you're investing, embrace automation so you never go astray. Automating our savings or retirement contributions is a smart move that, honestly, saves us from ourselves. With money in our hands, it's much easier to spend than it is to save, but technology can automatically move that money into an account. We're more likely to save for our future if we're already enrolled in a company retirement plan as opposed to choosing to opt in with each paycheck. Start your contribution with the maximum employer-match rate and try to increase your contribution to 10% or even 15%. That could net you thousands of dollars more each year. 

Pro-tip: If you're saving for retirement, see if your plan provider will automatically increase your savings rate each year (60% of employers offer this feature, according to the American Benefits Council). 

For all other types of long-term investments such as a brokerage account or Roth IRA, create a calendar reminder at the beginning of the year or on your birthday to increase your contributions.

Read more: Need to Save for Retirement? This Is the Easiest Way

You may also be able to set your portfolio to auto-rebalance so that it adjusts and automatically scoops up more stocks after a down period in the market, which can give you the right balance of stocks and bonds in your portfolio. 

Auto-rebalancing is a feature many banks and brokerages offer to ensure your portfolio's allocation doesn't fall off-kilter, says David Sekera, chief US market strategist for MorningStar. For example, let's say you set up your portfolio to have an equal mix of stocks and bonds. A bear market like the one we're in now may reduce the weight of stocks and be too heavy with bonds. But an auto-rebalance can fix that by buying more stocks when prices are low again, according to Sekera. 

I've seen first-hand how market volatility is creating a lot of uncertainty, and I know why it's hard to feel confident about investing. But history shows that staying on the sidelines as an investor can be riskier than participating in the market and riding out the dips and highs. 

Getting into the market sooner rather than later can be one of the smartest decisions on the road to building personal wealth and economic security. Along the way, be mindful of your risk tolerance, stay diversified and rely on automation to help you stay the course.

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