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Friday 31 May 2024

Dreaming online = dreamscrolling

Plus: Free IRS tax program to expand ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Fri May 31 2024

 

Betty Lin-Fisher Consumer reporter

@blinfisher

Good morning and Happy Friday! This is Betty Lin-Fisher with Friday's consumer-focused edition of The Daily Money.

Were you just daydreaming about a dream house or vacation destination on your computer? You're not alone.

A new study by Empower, a financial services company, found that the average American spends 2½ hours a day "dreamscrolling" about purchases they'd like to buy someday. Half of the 2,000 survey respondents admitted to dreamscrolling while at work.

Find out what things people are dreaming about in my story.

Hero - Coyaba Beachfront at Grand Anse Beach - Photo by Grenada Tourism Authority.jpg

A new study reveals the average American is spending 2½ hours a day "dreamscrolling" about things they'd like to purchase or trips they'd like to take.

Courtesy: Grenada Tourism Authority

Free IRS filing program to expand

The IRS' free electronic tax filing system called Direct File will become permanent and will be available to more taxpayers next year, my colleague Medora Lee reports.

Direct File was offered in a pilot program this tax year in a dozen states. For next year, all 50 states and Washington, D.C. are invited to join the program.

But not everyone is a fan. Find out more in this story.

📰 Consumer stories you shouldn't miss 📰

How do hotels design guest rooms?
What to do when you spill liquid on your laptop.
Can you hear me now? Verizon experiences outages in parts of the Midwest and West.
Trump Media stock tumbles after guilty verdict.
Want a reservation at an exclusive New York City restaurant? You might have to pay for it, NBC News reports.

📰 A great read ðŸ“°

Finally, here's a popular story from earlier this year that you may have missed. Feel free to share it.

Could surge-pricing be coming to fast-food restaurants? Wendy's CEO said the chain may test "dynamic pricing" as early as next year. The fast-food joint has already been testing "AI-enabled menu changes and suggestive selling," he said. Read more in this story from my colleague, Jessica Guynn.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Conventional financial wisdom says to buy a home with no less than a 20% down payment. But with soaring home prices in the hot pandemic years, many Americans, especially younger people, feel discouraged about their ability to quickly save for a down payment. So how long does it actually take to reach that 20% goal?    Zillow    considered the median renter income in the U.S. as of March 2021 of $3,855 per month and savings of 2.4% of   income. Based on these figures, it would take more than 26 years to finance that 20% down payment for a typical starter home priced at $148,527. While you might think that at that rate you might as well save for a retirement home, there are options out there.    Before you start giving up on your dream home, remember that most mortgage loans don't require as much as 20% down payment. The down payment could be as low as 3.5% with an   FHA loan  , which shortens the timeline above to about four years, Zillow notes. However, you may have to pay a higher interest rate that adds to the cost of the loan.    Your down payment also hinges on where you are searching for a home. To determine the 20   metro areas where residents can save for a down payment the fastest, 24/7 Wall St. reviewed the report    2022's Best Metros Where Renters Can Save Fastest for Their First Home    from RentCafe.    In these 20 metro areas, the median household income is high enough, and the price of a starter home is reasonable enough that it shortens the time it takes to save for a down payment. It only takes from a bit over three years to just one year to save for a down payment in the metros on the list.     In Bloomington, a city in central Illinois, a starter home is priced at $105,249, and the median two-person income is $91,669. In this metro area, you could move into a home in a mere 12 months --   provided you stash away 22% of your income every month. (Things will be much different in the most overpriced housing market in America.    This city has the most expensive houses in America   .)    In fact, the more you save each month, the faster you can afford your first house. In most of the cities on the list where it takes the fastest to save for a down payment, the saving percentage out of income is in the double digit -- from 12% to 22%. So if you're dreaming of jumping from a cramped apartment to a house, start saving now. (Looking for a starter house?    Here's another list of the best places to buy your first home in 2022   .)

A new study reveals that Americans are spending on average 2.5 hours a day dreamscrolling.

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Waiting on a 2020 tax return to be processed? If your tax returns from 2020 still has not been processed, the IRS said you should still file your 2021 tax returns by the April due date or request an extension to file.    Tax Forms
 

Direct File will be a permanent free filing option next year, IRS says

Direct File, IRS' free online tax filing system, will expand and become a permanent option in 2025. The 2024 pilot was only available in 12 states.

A Standard King guest room at Tempo by Hilton in Nashville.
 

How this major hotel operator designs its rooms with you in mind

There are many steps to getting a hotel room ready for check-in. From custom furniture to model rooms off-site, hotels need to think ahead.

A person walks by a Verizon store on January 23, 2024 in Corte Madera, California.
 

Verizon network out in parts of Midwest and West

Verizon customers reported network outages on social media Thursday. The company confirmed that it is aware of the issue.

People look at their phones as the guilty verdict of former U.S. President Donald Trump is reported, at Trump Tower on May 30, 2024 in New York City.
 

Trump Media plunges after Donald Trump guilty verdict

Trump Media shares fell as much as 15% as investors took stock of Donald Trump's guilty verdict on all 34 felony counts in criminal hush money trial.

Travelers head to the parking garage at Terminal C at Newark Liberty Airport in Newark, NJ on Tuesday Nov. 21, 2023. Thanksgiving week is one of the busiest travel days in the United States.
 

Plan ahead: The top 10 most stressful airports in the U.S.

Travel stress can begin at the airport. Here's a ranking of the most stressful airports in the U.S.

Buc-ee's
 

Buc-ee's largest store to open next month. Where will it be located?

The Buc-ee's store in Luling, Texas will be the country's largest location when it opens next month on June 10.

Emily Grimes works on her computer as her son, Lucas, naps Thursday, March 16, 2023 at their home. Grimes has chosen to stay home with Lucas rather than remain full time in the workforce. She does a part time job from home, when he naps or goes to bed, to help out financially.
 

Longing for summer Fridays? You're not alone. Here's how the practice has grown

Two-thirds of workers that receive Summer benefits said their work productivity increases, a poll from Monster.com found.

A mural of George Floyd painted downtown to memorialize the life of George Floyd is shown on the anniversary of his death on May 25, 2021 in Atlanta, Georgia.
 

Has corporate America kept its promises to Black America?

Amid an anti-DEI backlash, is corporate America keeping the promises it made to Black America after George Floyd's murder?

President Joe Biden announced plans to tax corporations and those making over $400,000, in an effort to lower the country's financial deficit during a speech in New Hampshire.
 

More Americans are earning $400,000, Biden's threshold for tax hikes

During the 2020 campaign, Joe Biden told voters he wouldn't raise taxes on anyone earning less than $400,000. More people earn that much now.

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