This Week’s Money Map:

• 💵 Trump’s “Big Beautiful Bill” — What it means for your wallet

• 💳 Best credit card offers this July

• 🧐 Unexpected insurance cancellations — How to protect yourself before it’s too late

• 🏠 Your house isn’t worth what you think — Why you might be over- or under-insured

💵 What Trump’s “Big Beautiful Bill” means for your wallet

You may have heard that President Trump’s “One Big Beautiful Bill” promises lower taxes and bigger paychecks, but the details show a mix of benefits and risks. Here's what everyday Americans need to know without the confusing financial jargon.

Tax breaks and paycheck boosts
The bill makes the 2017 Trump-era tax cuts permanent. That means the lower tax rates Americans have enjoyed for the past several years will not expire. These cuts were originally set to end in 2025, but the new law locks them in.

The standard deduction — i.e., the amount of income you don’t have to pay taxes on — goes up by $1,000 for individuals and $2,000 for married couples filing jointly. This will reduce how much tax most people owe.

The bill also eliminates federal income tax on tips and overtime pay, but only up to a limit and only if you’re within a certain income bracket. The tip limit is $25,000 for individuals or $50,000 for married couples per year, and the overtime limit is $12,500 per year. It’s in effect from 2025 through 2028. So if you’re a service worker, bartender, or anyone getting tips or clocking extra hours, this could mean more take-home pay.

For seniors 65 and older who are still working, the bill offers another break. It exempts up to $6,000 of Social Security income from federal income tax, as long as your total income is under $75,000 for individuals or $150,000 for couples.

If you take out a loan for a car made in the U.S., you can now deduct up to $10,000 per year in interest on that auto loan. However, this benefit is only available if your income is below $100,000 as a single filer or $200,000 for couples. This deduction is also set to expire after 2028.

Baby bonus added
Children born between 2025 and 2029 will receive up to a $1,000 deposit into a new type of savings account known as a "Trump Account." Families can contribute up to $5,000 per year to this account, and the money grows tax-deferred until the child turns 18. This is designed to help families save for education or future expenses.

The child tax credit, which helps families with kids, increases slightly from $2,000 to $2,200 per child.

Cuts that could hurt Americans with low incomes
The bill adds new work requirements for Medicaid and SNAP (also known as food stamps). Many adults under age 65 who do not have children will need to work, volunteer, or participate in job training for at least 80 hours per month in order to keep their Medicaid health coverage. Combined with changes to federal premium subsidies for marketplace health care coverage, the bill could result in more than 10 million more people being uninsured in 2034.

Adults aged 55 to 64 without dependents and parents of children 14 and older who receive food assistance through the SNAP program will also be required to meet new work requirements. This age group was previously exempt from such rules. 

Who benefits the most?
The bill raises the cap on state and local tax (SALT) deductions from $10,000 to $40,000, but only for households earning less than $500,000. While that sounds helpful, in practice, this mostly benefits high-income earners who live in states with high taxes, like California, New York, or New Jersey.

Real-life examples
If you’re a server who works long hours and earns tips, this bill could help you keep more of your paycheck, at least until 2028. The same goes for anyone putting in a lot of overtime.

If you’re a senior who still works part-time, you might get a break on your Social Security taxes, depending on your income.

If you’re a lower-income family relying on Medicaid or SNAP, the bill might make life harder. You could be required to work more hours or meet new reporting rules just to keep your health care or food benefits.

The bottom line
This bill offers some minor benefits for middle-earners and small business owners, but most go to those at the top, corporations, and manufacturing. If you earn tips, work overtime, or are a working senior, the tax breaks may help you keep more of what you earn. One of the biggest concerns is lost access to food and health benefits for millions of Americans.

💳 Best credit card offers this month

If you’ve been waiting for the right time to open a new credit card, July 2025 is giving you plenty of reasons to act. With major issuers rolling out generous sign-up bonuses and long 0% APR windows, there’s something for every type of spender:

Cash back without the complexity
Let’s start with a crowd-pleaser: the Capital One Quicksilver Cash Rewards Card. It’s refreshingly simple. You earn a one-time $200 bonus just for spending $500 in the first three months. After that, you keep earning unlimited 1.5% cash back on everything you buy. There are no rotating categories to track or hoops to jump through.

The card also includes 0% interest for 15 months on purchases and balance transfers, making it a solid option for both new purchases and old debt. Best part? No annual fee. You can use this handy tool to calculate your cash back, not just with your Capital One Quicksilver Cash Rewards card but with any card.

Steady cash back and a longer runway on balance transfers
If you’re looking for consistency with a side of flexibility, the Citi Double Cash Card delivers both. You’ll earn a flat 2% cash back on every purchase —1% when you buy, and another 1% as you pay it off. Right now, new cardholders can also earn a $200 bonus after spending $1,500 in the first six months.

Where this card really stands out is its 18-month 0% intro APR on balance transfers, one of the longest offers available today. Use this balance transfer calculator to help you decide whether it’s wise to do a balance transfer to another card.

Travel more, pay less
For travelers, the Chase Sapphire Preferred card continues to stand out. Right now, you can earn 75,000 bonus points if you spend $5,000 in the first three months. That’s worth about $900 in travel when booked through Chase Travel. The points add up faster if you spend on dining, groceries, or travels. And for frequent travelers, perks like trip interruption insurance and lost luggage coverage offer real peace of mind. There’s a $95 annual fee, but the value more than makes up for it if you use the benefits.

Points powerhouse with flexibility
If your life revolves around road trips, streaming services, and groceries, the U.S. Bank Altitude Connect Visa Signature Card packs value across your daily life. You get 20,000 bonus points after spending $1,000 in the first 90 days, and you’ll keep earning high rewards across categories you likely spend the most in, like gas, travel, dining, and streaming. And with no annual fee, it’s hard to beat for long-term value.

Small business, big perks
For entrepreneurs and freelancers, the Ink Business Cash card is making waves. You can snag up to 75,000 points — worth over $1,200 in travel — by meeting spending goals within six months. This card also earns high rewards on common business expenses, like office supplies and internet service, without charging an annual fee. You can read more in our detailed comparison of the best business cards. 

🧐 Unexpected insurance cancellations: How to protect yourself before it’s too late

You pay your premiums, you’ve never filed a claim, and then suddenly, your home insurance is canceled or not renewed. Sound familiar? It’s becoming more common, especially in disaster-prone states like California, Florida, and Louisiana. Even homeowners with spotless records are getting dropped or hit with huge rate hikes.

Why are insurers cancelling policies?

• High-risk areas: Insurers drop policies in disaster-prone zones. Wildfires, floods, and hurricanes mean bigger payouts.

• Higher rebuilding costs: Inflation and labor shortages have made repairs more expensive.

• Insurer exits: Some companies are pulling out of entire states to limit losses or are going out of business.

• Non-payment: Missing premiums or late payments can lead to cancellations.

• Claims history: Frequent claims raise red flags.

How to protect yourself

1. Don’t wait for your renewal notice: If you live in a high-risk area, contact your insurer now to confirm your status.
2. Improve your property’s risk profile: Add fire-resistant landscaping, update your roof, or install storm shutters. Ask if your insurer offers a risk assessment.
3. Limit small claims: Pay out-of-pocket when possible to avoid a claims history red flag.
4. Set up auto-pay: Avoid missed payments and stay covered.
5. Bundle wisely: Combining home and auto insurance can help prevent cancellation and unlock discounts.
6. Compare online quotes: Compare options online so that you know what to ask your agent.

Home insurance isn’t guaranteed anymore. With more cancellations on the rise, it’s smart to review your policy and shore up your coverage before you’re left unprotected.

🏠 Your house isn’t worth what you think — why you might be over- or under-insured

Think your homeowners insurance covers the full value of your home? Maybe … but maybe not. Many Americans are either over-insured (paying too much) or under-insured (risking financial disaster). And it all comes down to one big misconception:

Your home’s market value ≠ your home’s replacement cost.

Market value vs. replacement cost

Market value is what your home would sell for on the open market. It’s influenced by location, comparable sales, and market trends. For example, local assessors use sales data from recent transactions (e.g., January 2023 to June 2024) to estimate your property’s market value for tax purposes.

Replacement cost is what it would cost to rebuild your home from scratch, including materials and labor — not the same as market value. Replacement cost can be much higher or lower than market value depending on construction costs, upgrades, and local labor rates.

What you should be insuring
Insurers care about how much it would cost to rebuild your home, not how much Zillow says it’s worth. That’s replacement cost, and it includes labor and materials (which have gotten pricier), permits and code upgrades, and debris removal.

If your coverage is based on market value — which also includes land — you could be overpaying (overinsured), leading to unnecessarily high premiums. If your coverage is based on outdated or underestimated replacement costs, you risk not having enough to rebuild after a disaster (underinsured), leaving you with large out-of-pocket expenses.

What to do now

• Review your insurance policy’s declarations page for your “dwelling coverage” limit.

• Ask your insurer or agent for a replacement cost estimate rather than relying on market value or tax assessments.

• Consider inflation and local construction cost changes when updating coverage.

• Discuss extended or guaranteed replacement cost options with your insurance agent to avoid coverage gaps.

Don’t find out you’re overinsured or underinsured after it’s too late. A quick policy checkup can save you money now and protect you big time later. Use MoneyGeek’s home insurance calculator to estimate your homeowners cost.

Smart Cents gives you actionable tips and mindset shifts to help you reach your financial happy place. Thanks for being a part of our community.

The MoneyGeek Team

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