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| Subscribe to The Daily Money newsletter. Come for our roundup of each day's top stories from USA TODAY Money. Stay for the pop-culture references and financial news-inspired playlist. |
| Good morning and happy Tuesday, Money readers. Jayme Deerwester, here with you again. It's a busy news day so let's get right to it. |
🗞 News you should know 🗞 |
| President Joe Biden will announce Tuesday that the U.S. will no longer buy Russian oil or natural gas, the latest sanction against one of the world's biggest energy producers over its invasion of Ukraine. Meanwhile, Shell said it will also stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations in the country. |
| As of Tuesday morning, the cost of regular gas in the U.S. is $4.17 – a new all-time record, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60. Some places, like California, are paying upwards of $5. |
| Americans will be paying stratospheric prices at the pump for the foreseeable future, according to Jack Gillis, executive director of the Consumer Federation of America. |
| "Consumers need to hunker down and be prepared for months of these high prices," he told USA TODAY. |
⛽️ Between a pump and hard place ⛽️ |
| Looking for ways to save at the pump? Gas prices can vary as much as 10 cents to 15 cents a gallon even within a few blocks or miles. Use apps such as GasBuddy, Gas Guru and the AAA Mobile App to find the lowest gas prices wherever you are. You can also check Waze. |
| Other options: |
| • | Wholesale clubs. Members of Costco, Sam's Club and Krogers get discounts on gas. | | • | Pay with cash. You can save 5 to 10 cents a gallon when you pay in cash, which adds up over time especially if you have a large tank to fill. | | • | Loyalty programs and gas cards. Nearly all gas stations have a loyalty program, so sign up for the ones at the gas stations you frequent the most. | | • | Exploit credit card rewards. Check to see if your credit card has any deals on gas purchases, even if it's just for three months. If not, look into which cards do. | | • | Time it just right. According to GasBuddy, the best day to save money at the pump is Monday which has the lowest average gas prices in most of the country. | |
🚨 More stories you shouldn't miss 🚨 |
| GAS STATION GOUGING: Are oil companies taking advantage of buyers? |
| DOORDASH DRIVERS START TO HAVE DOUBTS: Gas prices leave some delivery drivers wondering if it's worth it. |
| APPLE EVENT: Why you should time iPhone, iPad purchases to their calendar. |
| INTERNATIONAL WOMEN'S DAY: What's changed for women business over the past 30 years? |
| FINANCIAL LITERACY FOR KIDS: How vacations can teach children about money. |
💡 Daily insight 💡 |
| As homeowners have started spending more time at home aided by the ability to remote work remotely, the desire to improve their living environment has grown. |
| And with record breaking home price appreciation bringing added equity over the last two years, that desire is increasingly backed by an ability to make the renovations a reality. |
| Another factor fueling the demand for renovations is the historically low housing inventory levels which makes it difficult for current homeowners to upgrade to newer homes. |
| At the same time, growth in spending on home improvements and repairs is expected to peak in 2022 with expenditures reaching $427 billion in the third quarter, up 20% year-over-year, according to a report by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. |
💵 All taxes, all the time 💵 |
| Thinking you might need a tax extension this year? it's important to realize getting one gives you more time to file your tax return, not more time to pay any balance you owe. Your 2021 tax payment (or at least your best estimate of what it'll be) is still due on the normal April tax deadline. |
| A tax extension gives you six months from the usual standard deadline of April 15 to file your tax return. So, the extended tax deadline is October 15 – unless a weekend gets in the way, which it does in 2022. To make a long story short, if you file an extension this year, you have until Monday, Oct. 17 to file your 2021 tax return. |
🎶 Mood music 🎶 |
| Today, I'm going with the Indigo Girls' "Hammer and a Nail," about an over-thinker who feels liberated by making something with her own hands: "Gotta get out of bed, get a hammer and a nail. Learn how to use my hands, not just my head." |
| LISTEN WHILE YOU WORK: Remember, you can listen to this song and every track I've quoted in the newsletter in the Daily Money Mood Music playlist on Spotify. |
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