See why experts are recommending this crucial money move before time runs out. Asier Romero / Shutterstock.com
Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Time might be running out to make an important financial move. Right now, interest rates are high. But the U.S. Federal Reserve has indicated that it plans to cut its target federal funds rate later this year.
Are you finding it challenging to manage your money? Take a look at these steps that can simplify things and make your personal finances much more effortless. [[{“value”:”
Image source: The Motley Fool
Managing your personal finances is often a point of stress — especially if you don’t enjoy money management tasks. It takes time and effort to make sure you’re getting everything right when it comes to building wealth.
The good news is, you don’t have to spend endless hours on financial tasks just to set yourself up for success. There are simple ways to clean up your financial life and make it a lot easier. Here are a few suggestions to help you do just that, which you may want to try out as we enter spring cleaning season.
Earning credit card rewards is a great way to reduce the actual cost of your purchases. But many people try to make this process too complicated — often by signing up for too many cards and having to juggle different rewards programs, or by choosing a card that requires you to sign in at various times to activate bonus rewards.
If you just want to earn a good amount of cash back or points and you don’t want to deal with the hassle, opt to sign up for one or two great cards that give you cash back on most things you spend money on.
For example, you could get a card that offers 2% back on every purchase, and then one that offers 5% back on Amazon purchases if you routinely shop there. Then, use the 2% card everywhere except Amazon, where you can make your 5% card your default payment option.
By getting just one or two cards, you can earn a lot of rewards without much or any effort. You’re more likely to benefit from the rewards program since doing so won’t be a hassle.
If you really want to clean up your financial life and spend very little time on financial tasks, you can do so by automating everything you can. For example, you can arrange to automatically pay all your bills out of your bank account and transfer money to retirement and savings accounts.
If you’ve worked out goals for how much to save and invest, and if you’ve kept your fixed costs below around 50% of your income, then you should be able to have those bills paid and transfer the right amount to savings automatically every month, without thinking about it or worrying you’ll overdraft your bank account.
Once all of your automatic payments and investments come out of your account, you can spend whatever is left — and can do so worry-free.
RELATED: Best Budgeting Apps
If you love researching companies and finding individual stocks to buy, this can be a great way to earn generous returns as long as you’re a smart investor and buy and hold solid companies for the long term.
But if you don’t enjoy pouring over earnings reports, you may want to simplify your portfolio. You can do this by investing in low-cost ETFs (exchange-traded funds) that track the performance of the S&P 500 or that track the performance of either the stock market as a whole or a specific sector.
When you invest in an S&P 500 fund, you’re betting on big businesses in America and choosing a financial index that has consistently produced 10% average annual returns over long periods. You don’t need to check your portfolio regularly, or really even more than once a year or so. You can just leave your money alone to grow for you.
By taking these simple steps, you can set yourself up for financial success while significantly minimizing the money management you need to do. You can clean up your financial life and focus on other things — like how you’ll eventually spend all the money you’re effortlessly making and saving.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
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Interested in owning a hybrid? Read on for some big blunders to steer clear of. [[{“value”:”
Image source: Upsplash/The Motley Fool
Owning a hybrid car can have many benefits. Since hybrids are known for their excellent gas mileage, you might save money at the pump and save time by virtue of making fewer trips to fill up.
But if it’s your first time shopping for a hybrid, there are certain traps you’ll want to avoid. Here are three to keep in mind.
Borrowing rates are elevated across the board these days, and that extends to auto loans. Since the cost of a hybrid car may be higher than that of a car with a standard gas engine, you’ll need to crunch the numbers carefully to make sure you can afford the car payments you’re signing up for.
Of course, within the realm of hybrid cars, there’s a huge range of prices. Since auto loan rates are high these days, you may want to buy a less expensive hybrid.
As an example, Kelley Blue Book puts the starting price of a 2024 Toyota Corolla Hybrid at $24,595. A 2024 Toyota Prius, on the other hand, starts at $29,045.
Of course, you don’t want to look only at prices when shopping for a hybrid. It’s important to pay attention to features and gas mileage as well. The point, however, is that you’ll need to make sure that whatever loan you sign up for is one that fits into your budget.
Certain plug-in hybrid vehicles may still be eligible for a tax credit in 2024. However, a standard hybrid car generally will not score you a credit. So if that’s something you’re counting on in order to afford a hybrid, you may want to think again.
That said, it could pay to compare the cost of a regular hybrid to a plug-in hybrid, especially if you tend to do a lot of local driving. The key difference between the two is that a regular hybrid pretty much always uses gas, albeit a potentially smaller amount than a regular car. A plug-in hybrid will usually give you a limited range of miles per charge where you’re not using gas at all. So if you buy a plug-in hybrid with a 40-mile range and mostly drive locally, you may find that you’re hardly ever filling up.
You may not pay a whole lot more to insure and maintain a hybrid vehicle. But the cost of maintenance and auto insurance can be higher for a hybrid car over a car with a standard gas engine. So it definitely pays to shop around for car insurance if you’re buying a hybrid. You never know when one auto insurer might have a better rate on offer.
As far as maintenance goes, it pays to do the same. Call around to different auto shops to compare prices. The good news is that hybrids have been around long enough that most traditional auto shops are equipped to maintain them (whereas for a plug-in hybrid, that may not hold true).
You may find that a hybrid car serves your needs well. But make sure to avoid these potential mistakes in the course of purchasing one.
Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Reserving a trip through Costco could benefit you in more ways than one. Find out how to score a great deal. [[{“value”:”
Image source: Upsplash/The Motley Fool
When we think of spring break, we tend to imagine crowded beaches filled with rowdy college students blowing off steam. But in many cases, spring break can mean a nice respite from the grind for teachers, couples, and families with young kids whose plans are centered on wholesome relaxation.
At this point, you may be down to the wire when it comes to booking a spring break itinerary. And you may be spending your nights scouring the internet for deals and trying to piece together a vacation package on your own. But here’s why going through Costco could make a lot of financial and logistical sense.
Traveling isn’t an inexpensive endeavor. So if you’re going to raid your savings to pay for a trip, you might as well score as much cash back in the process as possible. And booking your trip through Costco Travel could put up to 5% back in your pocket.
How so? If you have the Costco Anywhere Visa® Card by Citi, you’re eligible for 3% back on travel spending, including packages booked through Costco Travel (terms apply).
Meanwhile, if you have an Executive membership at Costco, most purchases you make give you 2% back. So when you combine these two benefits, you’re looking at 5% back in total. If you book a $3,000 vacation, it means you could end up getting $150 back — which, incidentally, is more than enough to cover the cost of a Costco Executive membership for a year (since the price there is $120).
For some people, spring break has happened already. For others, it’s not till late April. But if your spring break is rapidly approaching and you haven’t yet booked an itinerary, you may be entering panic mode.
Costco, however, may be able to bail you out. Costco commonly offers last-minute travel deals, and if you find a package that works for you, you won’t necessarily end up overpaying due to procrastination on your part. Plus, if you book a Costco package, you’ll have all of the details taken care of, which means less stress for you.
Booking travel through Costco often means snagging extra perks that you wouldn’t be privy to by booking a trip on your own. Costco vacation packages often include things like resort credits, for example, which you may be able to redeem for non-included activities or drinks.
Also, many of Costco’s travel packages come with a Costco Shop Card for you to use after your trip. The Shop Card is Costco’s version of a gift card, and it’s basically free cash to use on any Costco item you want.
When you book travel through Costco, you don’t just get access to deals; you also get access to helpful professionals who can walk you through your options and offer assistance should you hit any snags. So it definitely pays to consider using Costco Travel to secure your spring break plans this year.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has positions in Citigroup. The Motley Fool has positions in and recommends Costco Wholesale and Visa. The Motley Fool has a disclosure policy.
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Buying an annual pass to an amusement park is a big upfront cost, but it offers savings all year long for more reasons than you might think. Learn more here. [[{“value”:”
Image source: Getty Images
If you’re a parent, you probably already know that keeping your kids entertained can give your credit cards a workout. But in our family, we’ve taken an unusual approach to trying to save money on activities to occupy our children: We bought annual amusement park passes.
Buying an annual amusement park pass can be a big upfront investment (although some parks offer payment plans). But there are a few ways that biting the bullet and paying for season passes out of our bank account actually saves us money in the long haul. Here’s what they are.
In many situations, buying a pass ends up costing less than purchasing individual day tickets, especially if you plan to visit more than twice in a season.
For example, a small local amusement park near my house offers ticket prices starting at $39.99 for a single-day park admission good on a specific day, or starting at $44.99 and up for general admission good on any day.
On the other hand, a bronze pass — the entry-level annual pass good all year except on a few blackout dates — is just $99.99 when purchased online. So if you plan to go for more than two days over the entire season, the pass is the better bet.
This is true for just about any amusement park you visit, including well-known parks like Seaworld and Six Flags. Since our family rarely spends just one day at an amusement park, buying an annual pass is almost always the better deal.
Parking can be extremely expensive at amusement parks. But most passes offer free parking as a perk of becoming a pass holder. If you can save $30 on a single day’s parking, that savings brings down the number of times you’d have to visit to break even for your annual pass.
Since we tend to go to theme parks at least a few times a year, the savings on parking is well worth paying for the pass.
In many cases, pass holders also get other discounts — including savings on food and merchandise and, sometimes, even guest tickets. If you get two free guest tickets plus free parking and a food discount, even if your family of four is visiting a theme park just once a year, it can sometimes pay to buy two annual passes and then use those guest tickets to get half your party into the park.
For us, we regularly bring my in-laws to the park with us at no cost to them, and they often treat us to lunch as a thank you. This saves everyone money.
Finally, once we have an annual theme park pass, we tend to visit that park most of the time when our kids need something to do — rather than spending money to go elsewhere. So we get an entire year’s worth of entertainment from our cost and we end up spending a lot less than if we were constantly paying admission fees to different children’s attractions around town.
For all of these reasons, an annual theme park pass helps me save a good amount of money every year. If you have small kids and any kind of amusement park near you that they like to visit, it’s worth looking into whether becoming a pass member could provide you with savings as well.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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You can pay federal and state taxes with a credit card. Find out why you may want to do so. [[{“value”:”
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Unless you’re a giant corporation who can loop every hole, your business is going to need to pay taxes. Indeed, you’re going to need to pay them multiple times a year thanks to quarterly estimated tax requirements.
When it’s time to pay those taxes, consider how you’ll pay. You could do an ACH transfer from your bank account. But you could also pay with a small business credit card. Here are some of the reasons I always choose that option.
The best welcome bonuses require spending $3,000, $5,000, or even $10,000 on the new card within the first three (or sometimes six) months. While this can be a challenge with regular spending if you’re a smaller business, it’s a breeze when you’re paying taxes.
I’m not exactly a seven-figure CEO, but even my little business owes thousands of dollars in taxes each quarter. So, I often time my new credit card applications to coincide with a quarterly tax payment. This ensures I can easily meet the spending requirement without having to make any out-of-the-ordinary purchases.
Ideally, you’re regularly setting aside a portion of your income to pay your quarterly estimated taxes. (I keep mine in a high-yield savings account!) But if you’re a little behind, using a credit card with an intro 0% APR offer could give you vital breathing room.
These offers typically give you at least six months of 0% APR on new purchases — though the best intro APR cards offer 15 months or more. This lets you carry a balance without worrying about interest fees accruing, so you can pay off your tax bill over time.
Just be sure to pay off your balance before the offer expires. Once the introductory period ends, any remaining balance will start accruing interest at the regular APR.
If you’re a sole proprietor, you may not think too much about drawing a line between business and personal purchases. But if you’re trying to keep any kind of distance between the two for accounting purposes, using a business credit card is a must.
Having all of the transactions on your statement being clearly for business purposes makes accounting significantly easier. Bonus points if you also use a business checking account to make payments on the card.
One argument against paying your taxes with a credit card is the convenience fee. It’ll vary by processor, but expect to pay a fee of at least 1.82% to use your credit card to pay your federal taxes. (Some states charge even more.)
The nice thing about rewards credit cards, however, is that you can negate all of that fee — plus still come out ahead — with the right card. For example, a good flat-rate 2% cash back rewards card would still earn you a net positive 0.18% cash back on your payments with a 1.82% fee.
This means you need to consider carefully which card you use. Many cards with bonus categories have a lower flat rate for non-bonus purchases (1% to 1.5% is common), so you may not earn back the convenience fee with these cards.
Just like you have a personal credit history (well, actually, three of them), your LLC or corporation can build business credit. A positive credit history can help your business qualify for business financing, as well as better rates on business insurance and from some suppliers.
Also, like personal credit, opening and responsibly using a business credit card can help grow your business’s credit history. Here are a few things to keep in mind:
Always make at least the minimum payment on time. Nothing wrecks a credit score — business or personal — faster than a late payment.Keep your card balances low. If you can’t pay in full, at least try to keep your utilization (how much of your credit limit you’re using) below 30%.
I love that my small business has opened up a whole world of additional credit card possibilities. My business cards not only make my accounting life easier, but they also help me earn tons of rewards on all of my business purchases — including my taxes. So long as you watch out for fees, they can be a great way to pay your estimated and annual business taxes.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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