January is the perfect time to review the withholding on your paycheck. Withholding is the amount withheld by an employer that goes directly to the government as a partial payment of income tax. According to the Internal Revenue Service (IRS), most employees are over-withheld on their taxes, meaning that more taxes than they owe are withheld from their paychecks and that’s how you get a refund. Taxpayers who have children under age 17 may see their refunds increase as a result of the new tax law. The Tax Withholding Estimator tool can provide the info you need to make any adjustments, and then check with your employer on next steps. IRS.gov
The president’s One, Big, Beautiful Bill can have a significant effect on federal taxes, credits and deductions. Find the latest information on tax law provisions, such as no tax on tips, no tax on overtime, no tax on car loan interest, and the new deduction for seniors and other provisions, to determine how those changes could impact tax return filing. IRS.gov
The Section 529 education savings plan offered by the Office of the General Treasurer of Rhode Island is designed to help individuals and families save for higher education in a tax-advantaged way. Valuable advantages include tax-deferred growth, contribution limits, investment options, and professional investment management. Enrollment is easy and is estimated to take 10 minutes. There are no investment minimums, and more than one person can contribute to the same account until total market value reaches $520,000. CollegeBound Saver has no commissions, loads, or sales charges. CollegeBoundSaver.com
Are heating bills giving you the chills? Energy.RI.gov is a great resource for things like the Weatherization Assistance Program, which helps income-eligible households reduce heating bills by providing whole-house energy efficiency services. Also find information on heating assistance, sales tax exemptions, and more. To determine how much energy you’re actually using and what to do about it, schedule a no-cost home energy assessment where an energy auditor will complete an attic-to-basement evaluation and provide a custom home energy report outlining recommended energy efficiency improvements. They will even install a few no-cost energy-saving products which may include ENERGY STAR-certified LED light bulbs, seven-day programmable thermostats, faucet aerators, or low-flow showerheads. Based on your assessment, you may be eligible for rebates, a zero percent interest HEAT loan, and thousands in savings toward a new insulation installation. Energy.RI.gov
RISavers is a new retirement program sponsored by the Rhode Island Office of the General Treasurer, that offers participants their own Roth Individual Retirement Account (IRA). A Roth IRA earns money based on the performance of the investments you choose, and those earnings are automatically added to your contributions. When you retire and start taking money out of your Roth IRA, there are no taxes when you withdraw contributions or earnings. You can choose to change your savings rate and investment choices to meet your unique goals, as well as designate beneficiaries. Only a small administrative fee is charged annually to cover program costs. Learn more RISavers.gov
Homeownership is one of the most straightforward paths to building wealth. The key component is growing your equity, which gradually shifts your debt into an asset. Home equity is the current market value of your home, minus what you owe. Any gain comes from paying down the principal balance on your loan, or an increase in market value over time – this comes from appreciation when property values grow, as well as from improvements that you make to the home. In December of 2025, Rhode Island General Treasurer James A. Diossa announced the launch of RI AnchorHome, a pilot affordable homeownership program that expands access to affordable, sustainable mortgage options. Key benefits of the program include: 30-year fixed-rate mortgages, starting interest rate of 3.99 percent subject to market conditions, no private mortgage insurance (PMI), support for down payment and closing cost assistance, and mandatory homeownership counseling to promote long-term financial success. Under the program, when a first-time homebuyer is approved for a qualifying mortgage through a participating lender, the State of RI deposits matching funds into an account at that same financial institution. This structure helps unlock more affordable loan products without the state acting as the lender. Learn more at Treasury.RI.gov
The main categories of investment products are stocks, bonds, mutual funds, exchange-traded funds (EFTs), and insurance products like variable annuities. Unlike banking, where deposits are guaranteed by federal deposit insurance, the value of stocks, bonds, and other securities fluctuates with market conditions. No one can guarantee that you’ll make money from your investments, and they may actually lose value. Before diving in, it’s important to do lots of research, know what risks you can handle, understand what you are buying, and turn to a trusted pro. Investment apps can be convenient tools to make and to monitor investments. It’s important to be aware that some apps may “gamify” the investment process and nudge you to trade more than your comfort level. Stay true to your investment strategy. Beyond traditional stocks and bonds, there are myriad assets that investors can amass, depending on someone’s goals, situation, and risk tolerance. If the idea piques your interest, begin by assessing what appeals to you and what seems doable. For example, while some may be ready to collect fine art, baseball cards may be more your speed. Collectibles, like coins, stamps, toys, and records, are popular. There’s also collecting fine art, wine, cars, real estate, land, and commodities like gold and precious metals, and digital assets, like cryptocurrencies and non-fungible tokens (NFTs).
Each year, Treasurer James A. Diossa’s office recovers unclaimed cash and assets from businesses, banks, landlords, safe deposit boxes, and utility companies. More than 300,000 Rhode Islanders have property waiting to be returned to them, and many don’t even realize it; property is kept safe until it can be returned to its rightful owner. Search the database and find out if there is anything with your name on it. FindRIMoney.gov
“The best advice I can give to anyone looking for sustainable financial health is to listen to your ‘wise mind.’ By that, I mean the intersection of what’s rational around your money-making decisions and what’s emotional. Too often, I see my clients living in extremes. They are either hyper-responsible with their finances to the point where sometimes it can feel like self-neglect or they make their money decisions based on passion. Sustainable financial well-being comes when we learn to be emotionally connected to our finances and fiscally responsible, not one or the other.”
– Nikolai Blinow, OMpowerment Psychotherapy, Cranston
“The sooner you start saving, the better. Time and compounding are your friends. Budgeting is about making your spending habits a conscious choice and not something that just happens. An employer’s willingness to match your retirement savings is basically free money. Who doesn’t like free money? Your personal cash flow is critical to your budget and financial plan.”
– RhodeWay Financial, Providence
“Helping people overcome challenges and improve their lives has always been my passion. When people understand their finances, they gain the power to make decisions that align with their goals and values.”
– Michelle Cortes-Harkins, Harkins Wealth Management, Providence
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