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U.S. strikes on Iranian nuclear sites and recent escalations in the Iran-Israel conflict have introduced fresh uncertainty into the global oil market. As the world waited to see how Iran would respond to Saturday’s intervention, experts warned Monday morning that the cost of gasoline would likely rise this week.

But Iran’s weaker-than-expected retaliation diminished those initial fears. Oil prices dipped suddenly on Monday after Iran launched missiles at U.S. bases in Qatar and Iraq, possibly because the attack was less severe than anticipated and, crucially, Iran did not target an oil supply route.

“This is a far cry from disrupting the Strait of Hormuz,” Denton Cinquegrana, chief oil analyst at the Oil Price Information Service, tells Money.

The strait, which connects the Persian Gulf and the Gulf of Oman, is a key shipping lane that about 20% of global oil flows through. Because of its importance, analysts raised concerns following the U.S. strikes that Iran might respond by attempting to close the Strait of Hormuz.

Obstructing maritime traffic by shutting down the strait “would have immediate and significant ramifications for global oil markets and regional stability,” Kristian Kerr, head of macro strategy at LPL Financial, said in a note Monday morning.

According to Goldman Sachs, disruption to the strait could cause oil prices to soar above $100 per barrel.

CNN reports that the country’s parliament has approved a motion to close the strait, but the decision is ultimately up to Iran’s Supreme National Security Council. As Cinquegrana explains in an email, shutting it down is “easier said than done” and not without consequence to Iran itself: “They would also be shooting themselves in the foot, as they use that route to export oil,” he adds.

For everyday Americans watching the news, attacks aimed at U.S. military bases, worsening conflict in the Middle East and general nuclear fears are top of mind. But the cost of gas at home is always a concern when war breaks out in this way. Many drivers, for instance, remember how difficult it was to pay for gas when prices surged in the aftermath of Russia’s invasion of Ukraine in 2022.

Even the president appeared worried about possible spikes in oil and gas prices. In a post on Truth Social Monday morning, President Donald Trump wrote, “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING.”

Why war in Iran affects gas in America

Crude oil is the key component in gasoline, accounting for about 49% of what drivers pay for a gallon of gas. So when crude oil prices climb, so do gas prices. As a general rule of thumb, gas prices usually move by about 25 cents with a $10 swing in the price of oil.

From early April to mid-June, Brent crude oil was trading below $70 per barrel, and that helped gas prices drop below $3 in over 30 states. Amid the onset of the war between Israel and Iran, oil prices are up about 8.5% in June. They stood at $70 as of press time Monday after briefly hitting $79 per barrel in Sunday trading.

Gas prices are averaging around $3.22 per gallon, up 8 cents in the past week, according to AAA. Monday morning, before the Iranian strikes, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a video gas prices could rise 10 to 15 cents this week — a “slow but steady increase in gas prices,” with diesel seeing the most dramatic uptick.

But De Haan adjusted his forecast after oil prices dropped by about $5 when Iran fired missiles that were intercepted.

“Iran’s retaliation may now be over, which is why [West Texas Intermediate]/Brent crude oil prices are tanking,” he wrote in an update on X, formerly known as Twitter. “While most areas will still see [gas prices] inching up, by later this week, we *could* start to see decreases to national average.”

Make no mistake, though: Geopolitical risk related to this war is already priced in to the cost of oil, so you’re already paying for it at the pump. Further escalations could lead to greater price disruptions.

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A home inventory is a critical tool for protecting your property. Hopefully, you’ll never need it, but if you do have to submit a claim, it can be invaluable.

At any given moment, do you think you could list everything you own — and what it’s worth — off the top of your head?

Since most of us would probably answer, “no,” that’s where a home inventory comes in. A detailed, itemized list of your belongings can be an invaluable resource if disaster strikes. Whether you’re the victim of a fire, flood or theft, having a home inventory can make it significantly easier to file an insurance claim.

But a home inventory doesn’t just come in handy after unpredictable emergencies. Having a comprehensive catalog of your belongings can also help you determine if you need additional homeowners insurance coverage or streamline any estate planning you need to do.

The process might sound tedious (especially since you might never have to use the document). But if the time comes when you do need it, the payoff can be huge. Here’s a step-by-step guide to help you get started, with details about what to include and how to keep your inventory secure and up-to-date.

How to create your home inventory

Step 1: Decide on an inventory format

First, you need to figure out how you want to record your home inventory. It can be as simple as using a free online template like this one from consumer advocacy group United Policyholders and creating a spreadsheet in Excel or Google Sheets.

However, there are also apps designed to help you build a home inventory. For instance, the National Association of Insurance Commissioners offers a free home inventory app that lets you scan barcodes and upload photos of your items.

Step 2: Take photos and videos

Ideally, your home inventory should include both written and visual components. Use your smartphone camera to record a detailed walkthrough of every room in your home. Capture close-up images of high-value items as well as model and serial numbers. From there, upload your video or photos using a cloud storage service like Google Drive, Dropbox or iCloud so your inventory is backed up and easy to access when needed, even if you’re displaced from your home.

One important note: If this sounds like a lengthy process, that’s because it is. Don’t rush the task or try to do it all at once.

Step 3: Record essential information

As you go through each room, make sure to document the details that will help with insurance claims. For each item, aim to include:

• Item name and description
• Make or brand, model and serial number
• Purchase date and price
• Receipts or proof of purchase
• Condition and estimated value

Step 4: Categorize your information

Once you’ve logged the key details, the next step is to categorize your inventory by room and sort items into different categories. This helps keep your list organized and easy to scan — especially if you ever need to share it with your insurance provider. Here are some common category suggestions you might use:

• Electronics
• Furniture
• Appliances
• Clothing and accessories
• Tools and equipment
• Jewelry and watches
• Art and collectibles

Step 5: Store and back up your inventory

Once you have catalogued your home inventory, make sure it is stored somewhere safe and backed up in more than one place, so you can access it even if your home is damaged or destroyed.

Start by saving a digital copy using a cloud storage service like Google Drive, Dropbox or iCloud. That way, you can access it anytime from any device. You can also keep a physical copy. If you do, just be sure to store it somewhere secure, like a fireproof lockbox or a safe.

For extra peace of mind, email a copy to yourself, your partner or a trusted family member. That way, you have another backup that is easily accessible in a worst-case scenario.

Step 6: Keep it updated

Unfortunately, a home inventory isn’t a “set-it-and-forget-it” type of task. You should update it at least once a year, or after major purchases, moves, renovations or big closet cleanouts.

What to include in a home inventory

While you don’t need to list every sock or fork, your home inventory will be the most useful to you if it includes the following:

• Furniture: Beds, sofas, dining tables, bookshelves and other large items
• Electronics and appliances: TVs, laptops, gaming consoles, cameras, speakers, kitchen gadgets and major appliances
• Jewelry and valuables: Watches, engagement rings, heirloom pieces and anything that might require a home insurance rider for coverage
• Clothing and personal items: Designer clothing, formalwear and seasonal items like winter coats or sporting equipment
• Tools and lawn equipment: Power tools, lawn care and landscaping equipment, outdoor furniture, camping gear and hobby equipment
• Art, collectibles and heirlooms: Paintings, vinyl records, antiques and other unique items
• Important documents: Passports, birth certificates, deeds, titles and warranties (either physical or digital copies)

Common questions about home inventories

Why do I need to create a home inventory?

Not having a home inventory can delay your reimbursement if you need to file a homeowners insurance claim after a disaster. Most insurance companies require a detailed record of your lost or damaged items before processing and paying out claims, so having a thorough home inventory should speed up the process.

How much does it cost to make a home inventory?

The cost can vary depending on how you create your home inventory. It can cost nothing at all if you use a free spreadsheet template to document your inventory. Some inventory apps can be downloaded and used for free, while others may have a free as well as a premium version for which the company charges a monthly fee. Additionally, cloud storage services used for backup are often free up to a certain storage limit. If you have large image or video files, you might need to pay a monthly fee to store that data.

Update your home inventory annually

It’s best to review and update your home inventory at least once a year. You should also update it after any major purchases or life events like moving to a new home or getting married.

Funding that Social Security relies on to pay benefits will run out one year earlier than previously projected, according to a new report published Wednesday. In its annual update, the Social Security Board of Trustees said the reserves in two trust funds tapped to supplement a shortfall in revenue will now be depleted in 2034, up from an estimate of 2035 last year.

Without congressional intervention, the trustees’ report calculated the programs will only be able to pay out 81% of benefits once these reserves are depleted in 2034 — a lower estimate than the 83% last year’s report calculated.

That would amount to a significant across-the-board cut for the 74 million Americans who rely on Social Security payments to make ends meet.

What’s going on with Social Security?

The amount of money Social Security takes in from taxes — primarily a 12.4% payroll tax paid half by employers and half by workers — plus interest earned on the reserves isn’t enough to cover the payments the government sends out every month.

To bridge the gap, it uses the reserves in two trust funds: one for Social Security disability benefits and another — much larger and in more precarious financial shape — for the retirement benefits most Americans think of when they hear the phrase “Social Security.”

For reporting purposes, retiree and disability funds are combined, although it would take an act of Congress to formally co-mingle them.

If the two trust funds aren’t combined, the picture for older Americans’ benefits grows even dimmer. On its own, the trust fund that supplements the money the government takes in from payroll taxes to distribute Social Security’s Old-Age and Survivors Insurance (OASI), as the retirement benefits are officially called, has been paying out more money than it takes in for the past 15 years.

Interest income made up the shortfall for a while, but beginning in 2021, the programs’ costs exceeded its income even including interest. As the trust fund balance is drawn down, the amount of interest it earns also falls.

The OASI trust fund reserves are projected to run out by 2033. Although this is the same calendar year as last year, the report noted that the timing has moved earlier in the year than previously projected. After that, the money coming in from payroll tax contributions will only be enough to pay out 77% of benefits.

Why is Social Security running out of money so fast?

The report identified a few factors contributing to the accelerated timeline for the trust funds’ insolvency.

The main culprit was the implementation of the Social Security Fairness Act earlier this year. This new law repealed a pair of earlier provisions limiting the amount of Social Security certain workers could collect. The law increased benefits for roughly 3.2 million public-sector workers (along with eligible spouses and surviving spouses) such as teachers, police officers and firefighters, giving them higher monthly payments as well as retroactive lump-sum back payments.

In addition, the report changed its assumption about when the nation’s falling birth rate will recover, bumping that date out by a decade from 2040 to 2050. A falling birth rate means fewer workers in the future, which means a lower level of payroll contributions.

Put simply: The longer the country goes with fewer babies who grow up to pay taxes, the harder it is to pay out Social Security benefits for a growing population of aging baby boomers.

The report also lowered its estimate of what portion of gross domestic product, or GDP, will consist of workers’ earned income in the future. As with the change in the birth rate estimate, this has the practical impact of less money flowing into Social Security from payroll taxes.

Can Social Security’s funding problems be fixed?

While lawmakers and consumer advocates alike agree that something needs to be done — and that time is running out to do it — they can’t agree on what, exactly, that something should be.

Upon the report’s release, advocates for senior citizens urged lawmakers to rectify the shortfall.

“As America’s population ages, the stability of this vital program only becomes more important,” AARP CEO Myechia Minter-Jordan said in a statement Wednesday. “Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives.”

But that’s easier said than done. The nation’s falling birth rate and the looming insolvency of the trust funds have been a reality for years, but actually reforming the program’s finances — especially when it comes to retirement benefits — has proven to be a political third rail.

There are a number of actions lawmakers could take, including raising the retirement age when people can claim benefits, increasing the rate of the payroll tax or applying it to higher incomes.

Currently, annual income above $176,100 is exempt from the payroll taxes. This figure is adjusted slightly every year, but some lawmakers and policy experts say that merely eliminating that cap would cover more than half of the program’s funding shortfall.

On the other hand, President Donald Trump’s pledge to eliminate taxes on Social Security benefits for retirees might have been a winning slogan on the campaign trail, but economics and policy experts say it would only hasten the insolvency crisis. Current taxes on these benefits contribute roughly 4% of the money the trust fund currently takes in; one think tank has warned that eliminating those taxes could shave yet another full year off the projected insolvency date.

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While health savings accounts have great potential to help Americans prepare for future health care expenses, a high percentage of account holders are not investing their HSA funds — and it’s robbing some folks of thousands (or more) over time.

HSA accounts, available as companion savings vehicles for people with high-deductible health plans, are widely used by Americans due primarily to their “triple tax advantage.”

HSAs can be funded with pre-tax dollars through payroll deferrals or via tax-deductible deposits. Contributions grow tax-free, and qualified withdrawals are not taxed. This combination of tax advantages can make an HSA even more powerful than a 401(k) because withdrawals from those retirement accounts are usually taxed as income. However, the contribution limit on an HSA ($4,300 per year for an individual) is much lower.

Don’t forget to invest HSA funds

Fewer than one in six account holders invest their HSA funds, according to a new report from the Employee Benefit Research Institute, or EBRI, which analyzed a database of more than 14 million accounts.

Why is the share so low? To start, some employers do not offer HSA investing features. But that’s not the entirety of the problem. After all, more than 64% of a surveyed group of employers had HSA investment options in a 2024 survey by the Plan Sponsor Council of America.

The EBRI report explains that “the ability to invest assets within the account” is “one of the largest advantages HSAs offer.” That’s why the institute is concerned that in 2023 “only 15% of account holders invested their HSAs in assets other than cash.”

The statistic could be an indication that a large swath of people aren’t investing their HSA funds simply because they’re not aware that they can do so. (Typically, contributions can be invested in mutual funds, brokerage accounts or certificates of deposit.)

Other people likely know it’s an option but are hesitant about subjecting their medical savings to market volatility.

Anticipating near-term health expenses? That could be a decent rationale for keeping HSA money in cash.

Still, investing some of your HSA funds in assets remains an option in these scenarios. “If account holders have a large enough buffer in liquid accounts to weather a large, unexpected health care expense, then they could be better off at retirement by investing some portion of their HSAs,” the report said.

How to use an HSA to save

Even though the name “health savings account” implies you’d generally want to use your funds to pay for health expenses, that’s not always the wisest move, according to the EBRI report. The data shows that many account holders are withdrawing funds to pay for medical expenses on an annual basis. Many of these people would be better off paying out-of-pocket, letting their HSA money continue to grow tax-free.

That approach may sound counterintuitive to many people, so additional education about optimal HSA strategies is needed, the EBRI report said. For example, people may not know that once you reach age 65, non-medical withdrawals don’t incur the 20% penalties. At that point, withdrawals are simply taxed as income. And unlike flexible spending accounts (FSAs), there’s no annual deadline to use HSA dollars.

It’s also helpful that older account holders aren’t required to take minimum distributions by the IRS, so it’s up to you how to use your HSA money. Just keep in mind that to avoid penalties before age 65, funds must be used for qualifying medical or dental expenses including deductibles, copays, over-the-counter drugs and menstrual products.

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Payment apps like Cash App, Zelle and Venmo have revolutionized how we handle money.

These apps help us split dinner bills and bar tabs, settle up with the babysitter and chip in for the office potluck. They make it remarkably easy to send money from everyone to our landlord to our grandma — and they’re only getting more popular.

If you’re new to the world of sending money digitally, or used to relying on the recently-shuttered Zelle app, choosing what to download next can feel pretty overwhelming.

We’ll help you sort through the options.

Cash App

Cash App is a financial services platform that lets users spend, receive and store money. You get a unique $Cashtag (aka username) upon signup, and the ability to transfer funds to customers with a phone number or email address.

How does Cash App work?

Cash App is available for download in the Apple App Store, Google Pay and on the Cash App website. To get started, you need to be at least 18 years old — though teens 13 and older can also use the app if they’re sponsored by a parent or guardian.

Cash App’s interface is user-friendly and its many functions are easy to navigate. Most users download the app to send and receive money, but it has a bunch of other features too. Cash App charges a $2.50 fee for ATM withdrawals, but this fee can be waived at in-network ATMs if you receive direct deposits of $300 or more each month.

Sending and receiving money from a linked bank account is free and instant, and typically takes one to three business days. Similar to other apps on this list, there’s a fee for instant withdrawal. On Cash App, that fee ranges from 0.5% to 1.75% of the transfer amount, with a minimum charge of $0.25. You’ll also incur a 3% transaction fee if you send money with a linked credit card.

Pros and Cons

Pros

• The app has lots of additional features, like early paycheck direct deposit, savings accounts, and free tax filing
• Standard bank cashouts are free, and there’s no fee to transfer money from your Cash App balance or a linked debit card
• Eligible, identity-verified customers can send up to $10,000 per week and up to $20,000 per month

Cons

• Some of the app’s services, like bitcoin trading, come with extra charges

Venmo

Venmo is a standalone payment app that combines digital money transfers with a bit of social media. You can share and like payments with friends through a social feed, but the dollar amount for each transaction always remains private. If you prefer to keep your transactions private, too, you must update your privacy settings.

How does Venmo work?

Venmo lets you send, receive and request money from anyone with an established Venmo account. You can also pay with Venmo at online retailers in the U.S. including JetBlue, TikTok Shop, Ticketmaster, CVS, and more, using your Venmo balance or linked bank account, debit card, or credit card.

You must be 18 years or older to use all of Venmo’s functionalities, but teens can use a version of the app with parental controls. You can download the Venmo app from any Android or iOS smartphone.

Like its competitors, Venmo charges credit card and instant bank transfer fees. Sending money from a linked bank account or debit card is free, but you’ll get dinged with a 3% transaction fee if you fund a Venmo payment with a credit card. Instant transfers, for their part, trigger a 1.75% fee (with a minimum and maximum fee of $0.25 and $25, respectively). There’s no fee for standard cashouts which take one to three business days to land in your linked account.

Pros and Cons

Pros

• You can send or receive money to/from anyone with the Venmo app
• Standard cashouts are free
• There’s a high transaction limit (up to $60,000 a week once you’re verified)
• Venmo users can use the app to buy, sell and hold crypto

Cons

• Premium services like instant transfer and crypto transactions have higher-than-average fees
• Venmo is only available to residents of the U.S. or one of its territories
• Transaction histories are publicly visible by default

PayPal

Paypal is an online payment platform that has been around since the late 1990s and now owns several other tech sites, including Venmo. The company offers payment services to both individuals and merchants in more than 200 countries.

How does PayPal work?

PayPal is a popular payment processor for online businesses, but individuals can use the app to send and receive money, too.

Most of these transactions are free, however, PayPal users who send money from a credit or debit card incur a 2.90% transaction fee, plus a $.30 flat fee. Like other payment apps, PayPal also charges an instant transfer fee (1.75%, with a maximum of $25).

PayPal users can send money from a linked bank account, PayPal balance, debit card or credit card to any email or phone number, even if the recipient doesn’t have a PayPal account. The app’s interface, and all its functions, can be accessed on a web browser, too.

Once you verify your account, there’s technically no limit on the amount of money you can send, though PayPal caps the dollar amount of single transactions at $10,000 to $60,000.

Pros and Cons

Pros

• PayPal is available in more than 200 countries, and supports more than 25 currencies
• The company allows higher-than-average transaction limits
• Users can buy, sell, hold and transfer a variety of cryptocurrencies, including PayPal USD (PYUSD), the company’s stablecoin, which is backed 1:1 by U.S. dollar deposits, U.S. treasuries and similar cash equivalents

Cons

• PayPal’s transaction fees can be confusing, and are typically higher than its competitors
• Its user interface is more complicated than its competitors
• Users are charged steep fees for receiving money in a foreign currency and, oftentimes, for making international transactions

Apple Cash

Apple Cash (not to be confused with Apple Pay) is a contactless mobile payment service that all Apple users have access to. If you link an eligible debit card to your account, you can send money to anyone with an Apple device.

How does Apple Cash work?

Apple users can send or request cash through iMessage or the Wallet app. You can send up to $10,000 per transaction, and the money will land in the recipient’s bank account in one to three business days. You can choose to transfer the funds instantly, but you’ll incur a 1.5% fee (with a minimum fee of $0.25 and a maximum fee of $15). Kids and teens under 18 can send and receive money through the app’s Apple Cash Family feature.

Pros and Cons

Pros

• Apple Cash is built into all Apple devices by default
• There’s no transaction fee to send, receive or transfer money (with standard delivery times)

Cons

• Apple Cash is only available to Apple users
• Users can’t connect a credit card to their account

How to choose the best money transfer app for you

Zelle may no longer be on the scene, but there are plenty of solid options to choose from. If you’re exploring your options, it’s important to consider everything from ease of use to fee structure.

Cash App stands out for its simplicity and added features like its free tax filing service, investing and bitcoin transactions, while Venmo is great for folks who want a social component.

On the flip side, PayPal is a versatile option with global reach, making it ideal for both personal and business transactions (though its merchant fees are complicated and international transfer fees can be high). Lastly, Apple Cash is a solid choice for Apple devotees, as it comes pre-integrated into all Apple devices.

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Imagine being an early crypto adopter in 2009 and receiving free bitcoin. That ship has sailed, but there are many startups that give out free crypto to spread awareness and increase trading activity for their coins and tokens. These opportunities are called crypto airdrops, and they can give you exposure to new altcoins.

While the cryptocurrencies delivered via airdrops aren’t guaranteed to perform well, when you can get them for free, there is little to no risk involved. Of course, if you’re in the U.S., the IRS treats them as ordinary income. But beyond that, you’re not losing anything extra if the crypto falls in value.

Some crypto wallets, crypto brokerages and crypto trading platforms put you in a better position to receive crypto airdrops. If these cryptos fail, you don’t lose anything. However, if any of the crypto airdrops enjoys a meme rally or sustained success, you can end up with some serious, risk-free profits.

Like the idea of free assets? This guide will reveal some of the ways you can get free coins and tokens through crypto airdrops.

How to get crypto airdrops

Although crypto airdrops give you free coins and tokens, you’ll have to put in some work to find and secure them. One way of doing that is by monitoring crypto news sites that discuss airdrops and pouncing on opportunities as they arise.

Being an active member in crypto communities can also expose you to crypto airdrops before other investors get word. These communities can also teach you valuable lessons about crypto investing and put you in contact with like-minded individuals. Many of these can be found on social platforms like Reddit and Discord.

Airdrops require a crypto wallet

Regardless of where you find out about crypto airdrop opportunities, you will need to have or create a crypto wallet to receive them. Whether that’s an anonymous wallet without KYC like Best Wallet, or a wallet provided by a centralized crypto exchange like Coinbase, there are numerous options. Other popular wallets that allow you to receive crypto airdrops include Ledger Nano X and Exodus.

Before you choose a crypto wallet, it’s good to compare them based on the following parameters:

• Features
• Fee structure
• Number of cryptos available to trade
• User experience
• Security

Types of crypto airdrops

Not every crypto airdrop is the same. A few nuances impact what rules you have to follow before receiving free coins and tokens. The following are some of the most common types of crypto airdrops:

• Standard airdrops: Anyone can receive free crypto if they sign up
• Conditions-based airdrops: Some airdrops require that you are an active participant in the community, an early adopter or someone who has a large enough stake
• Surprise airdrops: Some airdrops are truly a matter of luck of the draw, and surprise airdrops encompass all airdrops in that category
• Bounty airdrops: You have to complete an action — such as a challenge, game or social media engagement — before receiving your airdrop
• Snapshot airdrops: Investors who hold the crypto on a specified date qualify for the airdrop, similar to how a dividend stock pays shareholders up to its ex-dividend date

Like many components of the crypto landscape, some crypto airdrops can get complicated. However, they demonstrate that there’s more to airdrops than receiving free tokens. Sometimes you have to work for them, but most airdrops involve holding a cryptocurrency for a prolonged period of time.

Before getting involved in a crypto airdrop, you should assess a cryptocurrency’s value and determine if it’s something that you actually want to buy and hold, thereby making it worth the time and effort required to qualify for the airdrop. As airdrops aren’t always announced, you can be stuck with a crypto token for several months before receiving an airdrop.

It’s worth mentioning that it can be worthwhile to hold onto a crypto that performs well leading up to its airdrop. However, if it’s a pump-and-dump scheme that requires holding during the dumping phase to receive an airdrop, it’s usually not worth it. That’s why it is important to know the type of crypto airdrop before participating and, when possible, the intrinsic value of the coin or token.

Should you look for crypto airdrops?

Crypto airdrops can help you accumulate new crypto and diversify your portfolio without tapping into your own capital. Some airdrops may give you exposure to a cryptocurrency that becomes hot and outperforms the stock market, but be mindful that like most digital assets, the crypto you receive in an airdrop is likely to be highly speculative.

Some crypto airdrops are fraudulent attempts at obtaining your wallet’s seed phrases and private keys. If you give up this information, you will have to immediately move your crypto out of the wallet before the scammer steals your assets.

While it won’t matter for your overall balance if the cryptocurrency is a pump-and-dump dud, it will result in a higher tax bill. If you receive a $1,000 crypto airdrop, for instance, your ordinary income goes up by $1,000. That’s a taxable event according to the IRS.

Even if the crypto becomes worthless and you sell at a $1,000 loss, it doesn’t cancel out the original income. You still end up with a higher tax bill since you can only deduct up to $1,500 in capital losses per year if you are single, or up to $3,000 if you are married and filing jointly. (Any excess losses carry over into the next year.)

Before accepting a crypto airdrop, consider the token or coin’s legitimacy and how it will affect your taxes. If you participate in a crypto airdrop and have to buy a cryptocurrency first, it’s good to assess your financial situation and risk tolerance before making any commitment.

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The Social Security cost-of-living adjustment — commonly referred to as the COLA — for 2026 is now projected to be 2.5%, according to updated forecasts from The Senior Citizens League, or TSCL, and independent Social Security analyst Mary Johnson.

The adjustment comes amid signs that inflation, while moderating from the highs of 2022, remains persistent enough to impact older adults’ purchasing power — particularly as new tariffs begin to influence consumer prices.

The updated COLA forecast is based on the latest data from the Bureau of Labor Statistics, which showed that the consumer price index for all urban consumers, or CPI-U, increased 0.1% in May. Year over year, prices have risen 2.4%, driven primarily by increases in shelter and food costs.

Meanwhile, the CPI for urban wage earners and clerical workers, or CPI-W — the index used to calculate COLA — increased by 2.2% compared to a year ago.

Johnson, a retired policy analyst specializing in Social Security and Medicare, emphasized that the 2.5% estimate for next year’s COLA is a preliminary figure that could change.

“This estimate may rise with the four more months of data still to come in before the 2026 COLA will be announced in October,” she said in a note.

She added that tariffs enacted by the Trump administration are beginning to exert upward pressure on prices, although the full effects remain uncertain.

“There are signs that the pullback in higher prices appears to be reversing,” Johnson wrote, pointing to stubbornly high costs in categories that disproportionately affect retirees, such as housing, food — particularly meat — and automotive repairs.

According to a recent TSCL news release, the BLS is struggling with staffing shortages due to a federal hiring freeze, which has forced the agency to scale back its data collection efforts. Shannon Benton, TSCL’s executive director, raised concerns about how this could affect Social Security recipients.

“While streamlining the federal government is a good thing, that shouldn’t involve cutting back on our ability to measure how our economy is changing,” she said. “Inaccurate or unreliable data in the CPI dramatically increases the likelihood that seniors receive a COLA that’s lower than actual inflation, which can cost seniors thousands of dollars over the course of their retirement.”

TSCL’s 2025 Senior Survey, which is due out this week, found that 80% of seniors believed inflation in 2024 was over 3% — significantly higher than the actual COLA of 2.5% for that year. In reality, the CPI from December 2023 to December 2024 showed an increase of 2.9%.

This perceived mismatch is fueling distrust among retirees who already feel squeezed by rising costs and stagnant benefit growth.

“Seniors should be concerned as inflation continues to tick upward,” Benton said. “TSCL’s research shows that there’s a serious disconnect between the inflation the government reports and the inflation that seniors experience every day. If the government tells us that prices are rising faster, it’s likely that seniors are already feeling the crunch.”

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As Americans rack up record levels of household debt, the juggernaut that is buy now, pay later is quietly growing. Fifteen percent of consumers now say they have used the trendy installment plans to pay for items ranging from DoorDash meals to Coachella tickets.

The newest development? Last week, Klarna and PayPal separately announced new cobranded cards designed to expand their historically virtual BNPL plans into everyday shopping — both online and in stores.

But as BNPL plans become increasingly embedded in people’s daily spending habits, so does the risk of accumulating debt. Making it easier to break up payments — even on small purchases — may blur the lines between a budgeting tool and debt trap, especially for those already on a financial tightrope.

“It’s creating a cycle of dependency,” says Alaina Fingal, an accountant and owner of The Organized Money. “Once consumers start using BNPL for essentials like groceries or gas, it can lead to a reliance on loans to meet short-term everyday needs.”

Klarna, PayPal race to get consumers shopping in stores

Earlier this month, Klarna started to roll out the Klarna Card, a new debit card issued by Utah-based WebBank. The card will allow users to activate the company’s popular Pay in 4 and Pay Later plans at over 150 million merchants that accept Visa. (Klarna has been experimenting with plastic payment options since 2022, but its physical credit card only came to the U.S. last year.)

Unlike Klarna’s credit card, the debit card — which is in a trial phase stateside — is designed for everyday spending and integrates features like real-time transfers and direct deposits as part of its push beyond BNPL.

“We consistently hear from consumers that they want the freedom to choose how and when to pay — whether that’s paying now with debit or spreading the cost over time,” chief marketing officer David Sandström said in a news release.

On June 3, PayPal announced a new offering of its own: a physical credit card issued by Synchrony Financial that allows users to use PayPal Credit anywhere Mastercard is accepted, including in stores.

PayPal Credit is a revolving line of credit — similar to a traditional credit card — that lets users carry a balance and pay interest over time. The new card also gives “customers looking for flexibility” the option to apply for a BNPL-style loan at checkout, per a news release.

The move to launch cards isn’t just about expanding payment options. It’s also a strategic shift by Klarna and PayPal to gain traction where most shopping still happens: in person. While BNPL has thrived in online checkouts, it’s lagged behind in physical retail, which still accounts for the majority of U.S. retail sales.

By embedding BNPL into the swipe (or tap) of a card in a brick-and-mortar store, these companies say they are giving people more control over how they pay. But they also may be making it easier to slip into debt, especially for everyday expenses.

Because BNPL has mostly lived online, you might not have thought to break up a $40 IRL Target run into four $10 payments. Now, with a physical card in your wallet, it’s easier than ever to reach for it at the checkout counter… even if you don’t really need to pay over time.

And that ease of use may disproportionately affect financially vulnerable users, who already make up a large share of BNPL borrowers and often rely on credit to bridge income gaps. If you’re already living paycheck-to-paycheck, the ability to break up payments can be tempting.

The hidden risks of BNPL

Over the past two decades, startups like Klarna, Affirm and Afterpay have pitched buy now, pay later plans as a low-risk alternative to credit cards — a trend that took off during the pandemic. Unlike traditional credit cards, BNPL services often offer interest-free installment payments and instant approval, appealing to budget-conscious shoppers.

But that “pay later” promise can shift how consumers think about money. As short-term lending plans evolve and expand into more hands with new products, experts warn they may lead consumers into dangerous territory — especially when used to cover basic necessities.

“It’s a powerful psychological device that allows consumers to rationalize incurring debt and make it feel attractive or even wise,” says Jason Steele, a credit card expert. “Paying now avoids debt and interest costs, even if it doesn’t sound very attractive.”

Because BNPL plans often break payments into smaller chunks, they can feel deceptively manageable.

But stacking multiple BNPL plans can quickly snowball. Klarna’s Pay in 4, for example, allows users to split payments into four installments. If you’re relying on this payment option multiple times in one week, you could end up juggling a dozen payments across the month — making it easy to lose track of payments, overextend yourself with payments you can’t actually afford and potentially incur late fees.

Ultimately, says Fingal, this can encourage a bad habit of purchasing items you cannot afford. (Indeed, survey results published in May by the Federal Reserve found 24% of BNPL users were behind on payments last year.)

Spreading out payments may feel helpful in the moment, but it comes with trade-offs that are easy to overlook. So if you’re considering one of these new BNPL cards — whether from Klarna, PayPal or a future provider — proceed with caution. Although BNPL offerings can offer short-term flexibility, they shouldn’t be used to patch persistent financial gaps.

“If you can’t pay for it in full today, seriously consider waiting or saving up,” Fingal says. “Klarna and PayPal’s BNPL tools are convenient, but convenience can come at the cost of future financial flexibility.”

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Inaccurate photos, lazy pickup lines and outdated references to The Office are all mainstays on Tinder, Hinge and Bumble profiles these days.

But, increasingly, the apps are also rife with… people’s credit scores?

Yes, really: It’s become a trend for folks to share their credit scores on Tinder, Hinge and the like, usually by posting a screenshot from FICO alongside the requisite photo with a baby and photo with a dog. But while the latter two indicate you’re good with kids and love animals, respectively, boasting about your TransUnion 810 might not send the message you think it does.

“It’s not something I would ever let one of my clients do,” says Eric Resnick, an online dating and profile writing expert.

Quick reminder: A credit score is a three-digit number from 300 to 850 used by lenders to evaluate a prospective borrower’s credit worthiness, or likelihood of paying them back. Credit scores are usually based on factors like payment history, debt levels, length of credit history and mix of accounts.

In that sense, it’s conceivable someone would want to share their credit score on their dating profile in order to convey their financial savviness (and vet that of others), says Sarah Darr, head of financial planning at U.S. Bank.

“It’s important to understand and end up in a relationship with someone who shares the same values, lifestyles and habits [as you],” she adds. A credit score on your profile can demonstrate your financial priorities: “You’re trying to say ‘it’s important to me and I’ve worked hard at this,’ because earning a strong credit score is not something that happens overnight.”

Research backs this up. A 2015 study from the Federal Reserve found that people in committed relationships tend to have credit scores that are “highly correlated” with their partners’, and couples with bigger score gaps at the beginning of their relationship are more likely to break up than those with smaller gaps. The higher their credit scores, the more likely folks were to get, and stay, together.

But a high credit score doesn’t tell the full story of someone’s financial history.

Not only do credit scores vary depending on which entity is calculating them, but they also leave folks without thick credit files — aka loans — at a disadvantage, all but forcing consumers to take on debt if they want to appear “worthy.” (In fact, often credit scores go down when someone pays off a big loan.)

Credit scores are so touchy that the financial industry as a whole is moving away from them as a measure of borrower quality. So “to use that as a defining characteristic as to whether you should or should not get to know someone [on a dating app] seems a little bit shortsighted,” says Resnick, founder of ProfileHelper.com.

Julie Guntrip, Jenius Bank’s head of financial wellness, has similar hesitations.

She points out that credit scores are backward-looking. For instance, late payments can stay on your credit report for up to seven years; bankruptcies can linger for up to a decade. That’s a long time, especially if you’re young.

“It’s a reflection of your financial behavior in the past, not necessarily in the present,” Guntrip says. “You may be on a totally different path today,” so is your credit score really an effective way to evaluate your current compatibility with someone?

While you may see your high score as a flex, Resnick warns that choosing to define yourself by your credit score in your first interaction with a potential partner has pitfalls. For one thing, there’s no way for them to know whether you’re telling the truth.

Adding a credit score to your profile can come off as defensive and condescending — it may feel like you’re trying to set a bar for the other person, similar to writing “don’t bother if you’re under 5’10.” Guntrip compares it to putting your college GPA on your adult resume.

Resnick says dating profiles are meant to give prospective partners a sense of who you are and start a conversation… not to prove your value.

Including a screenshot of your credit score on your profile might even narrow the field, which is a risk in itself.

“If financial health is the first and only thing you’re looking at in terms of choosing a partner, then sure,” add it, he says. “But it’s going to turn off people who aren’t built that same way.”

While financial compatibility is crucial in a relationship, putting a credit score on your dating profile has more cons than pros. For most people, there are better ways, and better times, to bring up money while dating.

“I’ve met very few people who look at a man or woman and say, ‘Oh my God, I heard [s]he’s an 800,’” Resnick adds.

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Your credit report is getting a reader-friendly makeover.

Equifax, one of the three major credit bureaus, unveiled on Thursday a new design for its physical credit report, which now prominently displays your credit score at the top along with a breakdown of the factors that help and harm it.

“The new U.S. consumer credit report design was undertaken in direct response to consumer feedback,” Tina Shell, a senior vice president at Equifax, said in a news release.

Credit reports, which typically do not include credit scores, are detailed credit files that may include addresses, employment information and payment histories for loans, credit cards and other financial products. These vital financial dossiers have long been criticized as difficult for consumers to understand.

In a focus group conducted by the Consumer Financial Protection Bureau, or CFPB, participants described credit reports as “hard to get, and hard to read.” And in a consumer complaint lodged to the CFPB earlier this year, a Pennsylvania resident railed against the credit bureaus over trying to upcharge for access to credit reports and scores.

“How can the companies in charge of … publishing my credit report be fair if they are constantly trying to sell me their products?” the complaint reads. “There has to be a better way.”

In recent years, the three credit bureaus, Equifax, Experian and TransUnion, have taken other steps to make it easier for Americans to monitor their credit. Legally, the Fair Credit Reporting Act mandates that the bureaus give Americans access to at least one free credit report per year. But during the pandemic, the bureaus began allowing people to check their credit reports weekly. In 2023, that policy became permanent. That same year the three bureaus also removed medical debt in collections of up to $500 from their reports amid pressure from the Biden administration.

In October 2024, Equifax announced it would add credit scores to its physical reports. According to a company spokesperson, the updated version released Thursday features the score more prominently and includes easy-to-read tips on how your score is calculated.

An Experian spokesperson told Money that the bureau began adding credit scores to its reports in 2021. TransUnion did not respond to Money’s request for comment on whether it has plans to show credit scores on its reports.

How to check your credit report and score for free

With its redesigned physical credit report, Equifax lets you check your credit report and score for free at the same time. However, the physical copy is the only version of your Equifax report that currently includes your score (VantageScore 3.0) at the top by default.

You can request a physical copy by phone at 1-888-Equifax or by mail:

Equifax Disclosure Department
P.O. Box 740241
Atlanta, GA 30374

Alternatively, you can create a free myEquifax account to view your credit report online. To view your credit score through your online profile, however, you will need to sign up for a service called “Equifax Core Credit.” While this service is free, the agreement allows Equifax to advertise financial products and services to you and share your financial data with its affiliates unless you opt out. After you’ve signed up, your profile will display your credit score and the factors affecting it, much like the new physical report.

At annualcreditreport.com, you can also request your credit reports from Equifax, Experian and TransUnion at the same time, for free. (Despite the website’s name, reports are available weekly.) Money tested whether credit reports from Equifax and Experian obtained through this website included credit scores, and they did not.

Other free ways to check your credit score include:

• Online through your bank, credit union, credit card provider or a personal finance company. Depending on the institution, you can check your VantageScore or your FICO score, usually through the mobile app.

• The other credit bureaus: Experian and TransUnion also allow you to check your scores for free on their websites. (Be mindful that you’re not accidentally signing up for a paid service while creating your accounts.)

• Directly through FICO: While many apps and financial institutions offer ways to check your FICO score, you can also check a free version of your FICO score at myFICO.com.

Depending on where you check your credit score, you may get a slightly different number. That’s because you have numerous versions of your credit score.

Usually, you will see one of the two main credit scores — a VantageScore or FICO score (there are many different models within these two types). Each lender or industry has a preferred model they check when you apply for credit. With personal finance or budgeting apps, you may even come across an “educational” version of your score, which is not an official score and isn’t viewed directly by lenders. Don’t assume the highest version of the score is the one your bank or lender is going to see.

As you monitor your credit, beware of the upsell. Make sure you aren’t paying for credit information that you could have gotten for free.

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