If the thought of the year ahead gives you a case of the Sunday Scaries, you’re not alone. In this guide we present strategies to find money, make money, save money, and invest money so that you can live your best life in the Ocean State.
Unclaimed Property: 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
Incentive Calculator: The Office of Energy Resources, in collaboration with Rewiring America, has launched a home energy incentives calculator for Rhode Island residents to determine their eligibility for both state and federal energy tax credits and rebates, including residential incentives from the federal Inflation Reduction Act and the state’s energy efficiency, renewable energy, electric vehicle, and electric bicycle programs. In addition to federal tax incentives, this calculator shows rebate and incentive programs. Energy.RI.gov
According to real estate experts, most homeowners are currently experiencing a “game-changing” amount of equity. Equity is the difference between how much your home is worth and how much you owe on your mortgage. Both a home equity loan and a home equity line of credit (HELOC) use your home as collateral to borrow money. Tapping into your home’s equity will also help you build wealth if you do it strategically. Alicia Reynolds, Residential Properties Sales Associate licensed in RI, MA, and CT, explains that 2025 is a great time to look into your home equity. “We’ve all been witnessing the rapid rise of home prices but that means you probably have a lot more equity in your home right now than you realize,” says Reynolds. “By using your home’s equity, you may be able to qualify for a bridge loan or temporary financing to help you secure your dream home. Alternatively, you could make a larger down payment toward your next home by using your equity to borrow less money, potentially get a lower mortgage rate, and avoid private mortgage insurance (PMI). The important thing is to use your equity wisely and it will help build wealth for your future.” AliciaReynoldsRealtor.com, @aliciareynoldsrealtor
Paycheck Check: 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
Increase Income: If you’re still finding yourself short on funds, if time allows, it might be worthwhile to consider taking on a side-gig like a rideshare or delivery service, tutoring in a subject, giving music or art lessons, or asking for a raise. Another way is to register at Shop Local RI. This platform makes it simple to sell your products and services to a dedicated regional Rhode Island audience. A business directory profile costs $5, along with other options, including Rising Tide, which offers no admin fees. ShopLocalRI.com
Products: 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. Investor.gov
Apps: 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.
Alternatives: 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).
Community: Local Return is making it possible to invest directly into Rhode Island, generating both mission return (benefits for the state’s communities) and financial return (dividends for investors). Through diversified, locally managed, pooled investments, the Local Return Diversified Community Investment Fund (the first DCIF in the country) is increasing the power and decreasing the risk
for every investor. LocalReturn.org
Unless you live in a newly constructed home, chances are good that you’re all too familiar with drafts of frosty air coming in through windows, doors, and crawl spaces, resulting in high energy bills all winter long. Perhaps you’ve sealed windows with plastic or placed a “snake” at the base of a door to remedy. If you’re a residential customer of Rhode Island Energy and live in a one- to four-unit home of which you have full access, a no-cost Home Energy Assessment could mean an end to these temporary fixes, and result in being more snug in your home.
It all starts by self-scheduling an assessment online at RISEEngineering.com or by calling 800-422-5365. The next step is receiving an email with helpful information including a video, contact, and note that the process typically takes between one to two hours, depending on the home. I was told to keep doorways, stairways, and windows accessible for the energy specialist, which was the only required prep work.
Right on time, Luke Phaneuf arrived in a RISE vehicle. He was good natured and explained everything as he went along with the confidence and clarity of a school teacher. I followed him from room to room as he examined spaces, often using equipment from his high-tech tool kit, like gas leak and carbon monoxide detectors. Within a day I received an email titled Weatherization Project with attached documents outlining the opportunities to make our 1950s Cape more energy efficient year-round.
A proposal included all of the weatherization improvements recommended by Phaneuf: a Home Energy Action Report, a Rhode Island Residential Gas Heating Rebate application, a 0 percent financing participation and enrollment form, and a list of Rhode Island Heating and Cooling Program participating contractors. The proposal states that Rhode Island Energy will cover 75 percent of the cost of the eligible insulation upgrades up to $10,000, and 100 percent of the air sealing measures. I was fascinated to learn that these programs are funded by the energy efficiency charge on all customers’ gas and electric bills, in accordance with Rhode Island law.
All of this can be done once we take care of a “barrier” issue ourselves, so that tops our to-do list for 2025, and then let the insulating begin. Learn more at RIEnergy.com.
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