Money Management

Want to join Sam’s Club but worried you won’t benefit as a solo shopper? Singles can save money at Sam’s Club, too. These are the best buys for singles. [[{“value”:”

As a single shopper, you may wonder if you can benefit from investing in a warehouse club membership. The answer is yes. If you have a club near your home, can afford the annual membership fee, and have room to store bulk buys, you can use your membership card to keep more money in the bank. Here are a few of the best Sam’s Club buys for singles.

1. Gasoline

Whether you live alone or with a family of five, filling your car’s fuel tank costs money. Sam’s Club members get a discount on gasoline, so you can use your membership perks to spend less money filling up your tank. This perk is handy if you regularly put a lot of miles on your car or drive a vehicle with a large gas tank.

2. Rotisserie chickens

Many Sam’s Club shoppers use their membership to buy rotisserie chickens. If you don’t love to cook or have a busy schedule, this affordable buy is a must. You can shred the chicken to make chicken salad sandwiches or add protein to any veggie-packed meal. You won’t drain your checking account on this buy because it only costs $4.98 for a fully prepared chicken.

3. Paper products

Another of the best Sam’s Club buys for single people is paper goods like napkins, paper towels, and toilet paper. It can be expensive to pick up these paper essentials at your local grocery store. But buying them in bulk can save you money. If you have room to store these items, buying them at Sam’s Club is wise. Otherwise, you may pay more than necessary.

4. Meat

Sam’s Club is known for having reasonable prices on meat. You can buy items like chicken breasts and ground beef in bulk and pay discounted prices. When you get home, portion the meat out and freeze it for later. If you have enough freezer space, this can be a great strategy to reduce your grocery spending. Some shoppers invest in an extra freezer so they have more room to store bulk meat items and other frozen finds.

5. Prepared meals

In addition to rotisserie chickens, Sam’s Club sells other prepared meals. You can benefit from these prepared food finds even if you’re single. Many prepared meals are sold in family-size servings, but you can purchase them as a meal prep solution for lunches for the week or when you’re hosting friends and family and want to serve an easy and delicious meal. You can find mac and cheese, pot pies, pasta salad, enchiladas, and more at your local club.

Always shop with a plan

If you’re not careful, it can be easy to overspend at Sam’s Club. New products and limited-time discounts may draw you in, but you can avoid overspending by being intentional about what you buy. Doing this can help you avoid impulse buys that result in credit card debt.

Before shopping at Sam’s Club, outline a list. You can use the Sam’s Club website or mobile app to find the best deals. You can also use one of the best budgeting apps to monitor your spending and set spending limits to stay within your budget.

A Sam’s Club membership is an investment. But if you’re intentional about what you buy, you can score fantastic discounts and keep more money in the bank. If you’re still deciding whether to join, review some big perks of a Sam’s Club membership to learn more.

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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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Only 1 in 10 low-income households have money in a retirement account, a significant decrease from 2007. Find out how to save, even if you don’t earn a lot of money. [[{“value”:”

If you don’t earn a lot of money, it can be hard to keep on top of your bills, never mind save for retirement. Sadly, that’s the situation a lot of Americans find themselves in. Sky-high living costs have made it harder than ever for earners at the lower end of the scale to save for their old age.

The number of low-income households who manage to invest is shrinking. Back in 2007, about 1 in 5 low-income households had money in a retirement account. Fast forward to 2019 and that figure had halved, according to research from the Government Accountability Office. Just 1 in 10 low-income households had retirement savings in 2019.

If you aren’t sure how to save for your retirement, here are some mistakes to avoid.

1. Ignoring the future

If you are juggling bills just to keep your head above water, the idea of carving out extra money for your old age can feel overwhelming. Unfortunately, Social Security benefits may be even less by the time you retire. And ignoring the problem won’t make it go away. On the flip side, even small contributions today can make a difference.

What you can do.

Sit down and make a realistic plan. For example, see if you can contribute 1% of your income to a retirement account. The magic of compound interest means even small amounts can build up over time. Plus, once you have an account and are in the habit of putting money into it, you can gradually increase your contributions.

READ MORE: Best Brokerage Accounts

Compound interest is essentially earning interest on your interest. To give you a very rough idea, let’s say you invested $500 today and left it alone. There are no guarantees, but it isn’t unreasonable to think it might earn annual average returns of 8%. In 20 years, you might have over $2,300. In 30 years, you could have over $5,000.

2. Not claiming tax breaks

Many low-income families miss out on tax credits, which is money that could go toward retirement. For example, the IRS says about 24% of people did not claim the Earned Income Tax Credit they were entitled to in 2020. It’s a refundable tax credit, so if it takes your balance below $0, you could actually claim a refund. Plus, it’s only one of several credits out there.

In addition to tax credits, the government offers tax breaks to certain types of retirement contributions. Tax advantaged accounts can translate into more money for your golden years.

What you can do

Find out if you’re eligible for the IRS’s Volunteer Income Tax Assistance. It’s free for low income and other groups and will give you expert help in how to file, as well as what tax credits you might qualify for.

In terms of getting tax breaks on your retirement savings, find out if your employer offers a 401(k) and how it works. In addition to tax advantages, if your company will match your contributions, this could be a big boost for your fund.

That said, many people don’t have access to a 401(k). If you’re one of them, consider opening an individual retirement account (IRA). IRA contributions can either reduce your taxes now or give you tax-free withdrawals in your old age. Whichever route you go, it’s also worth looking into the Saver’s Credit. It’s another tax credit that rewards lower earners who contribute to their retirement accounts.

Finally, if you receive SNAP benefits, know that money in an IRA or 401(k) account does not count toward your total assets. So you can save for retirement and still qualify for food assistance.

3. Thinking short term

Making short-term investment decisions is a common mistake, no matter how much you earn. This might involve panic selling when the market is falling, rather than waiting for it to recover. Or buying into an investment based on a fear of missing out, without fully understanding the pros and cons of that asset.

What you can do

Broadly speaking, the idea behind long-term investing is that you buy assets that you think will do well over the coming decades. It’s important to have a plan, which includes some idea of when you might retire. It’s also good to have an emergency fund. If you lose your job or face another financial emergency, that fund will mean you don’t have to dip into your investment money.

You don’t need to have a lot of knowledge about the stock market to invest for the long term. If you don’t have a lot of cash to spare, avoid high-risk assets such as crypto. Sure, they might go to the moon. But you might also lose everything.

Instead look for relatively low-risk investments. That might take the shape of an exchange-traded fund (ETF), which tracks an index such as the S&P 500. This gives you exposure to the biggest 500 publicly traded companies in the U.S. and historically has produced decent returns. It also means you don’t have to spend time researching individual stocks.

Bottom line

If you are a low-income earner who’s trying to save for retirement, congratulations. It isn’t easy to prioritize your future self over the financial demands of today. Research tax credits and other assistance that might boost your retirement savings and try to keep a long-term perspective on your investments.

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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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A Trustpilot survey shows that 48% of Americans had not filed taxes yet as of March 29, 2024. See what’s holding people back — and how to fix tax problems. [[{“value”:”

Tax Day 2024 is April 15, but many Americans aren’t ready to file their taxes. If you are procrastinating about your taxes, it might be because you’re feeling worried about what refund you might get — or how much you might owe.

For millions of Americans, tax season is a time to get a little extra cash in the bank, in the form of tax refunds. As of the latest IRS data for March 29, 2024, the average tax refund for 2024 is about $3,050. Many Americans put their tax refunds toward big financial goals, like paying off debt, replenishing savings accounts, or investing for the future.

But if you’re not expecting a tax refund, or if you’re worried about having to pay extra taxes, the 2024 tax season might not be such a happy time. Let’s look at a new survey from Trustpilot about why Americans haven’t filed taxes yet — and what you should do next.

48% of Americans had not filed taxes by March 29

A recent survey from Trustpilot conducted by Attest found that, as of March 28-29, 48% of Americans had not yet filed taxes. The biggest reasons given for not filing taxes earlier include the following.

Not confident in filing taxes (13%)

Some people don’t know how to file taxes or aren’t sure where to begin. If your tax situation has changed, if you’re in a higher tax bracket, or if you’ve had some big life changes that affect your tax bill, you might have questions about filing taxes.

What to do about this tax problem: If you don’t know how to file taxes, start with the IRS website. If your income is $79,000 or less, you can qualify for IRS Free File and get free tax software to file your return. There’s also a new free tax-filing test program called IRS Direct File (but only in some states, for some qualifying groups of taxpayers).

Can’t afford to pay extra taxes (12%)

Owing extra taxes on April 15 is never fun, but it can be especially stressful and discouraging if you can’t afford to pay your tax bill. Twelve percent of the Trustpilot survey respondents said that, in case they did owe money to the IRS, they likely wouldn’t be able to afford it.

What to do about this tax problem: If you can’t afford to pay your tax bill, the IRS has options to help you pay your tax debt. You can set up an online payment plan, or ask for an “offer in compromise” that lets you pay off your tax debt for less than the total amount you owe. IRS payment plans typically charge interest and fees, but some fees can be waived for lower-income people. If you want an offer in compromise, you have to qualify based on your income and expected financial hardship.

Don’t know where to find resources to file accurately (8%)

The best tax software can help people file quick, accurate tax returns. But not everyone is digitally savvy or comfortable with online tax questionnaires — or you might have special tax situations or complex questions that need professional tax help.

What to do about this tax problem: The IRS website can connect you with free volunteer tax help for seniors and some other groups of people.

Bottom line

If you are worrying about filing your taxes, you are not alone — many Americans are waiting until April 15. But make sure to file your tax return by April 15, or ask for a six-month filing extension, even if you might owe taxes. If you are required to file taxes and do not file your tax return, the penalties can be more severe than the costs of owing money to the IRS.

The best tax software can make tax season easier and help you get the refund you deserve — or help you understand how much you owe. File your taxes and get a fresh start for the rest of 2024.

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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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Want to live abroad? Take a look at some of the most inexpensive places to set up shop. [[{“value”:”

As a freelance writer, I’ve spent extended time living out of Airbnbs to see different parts of the country, and I’m not alone in my desire to wander around while I work. More than 17 million Americans considered themselves digital nomads last year.

With housing prices in the U.S. up 22% over the past few years, it’s not surprising that some Americans are using their geographical flexibility to find more affordable places to live.

If you’re considering a nomadic lifestyle, here are five of the cheapest places to do it and a few tips on staying within your budget no matter where you go.

1. Colombia

With beautiful mountains and coastlines along the Pacific Ocean and Caribbean Sea, Colombia offers something for everyone — not to mention its affordability. The country ranks at the top of the list for digital nomads thanks to its low cost of living.

Rent prices are about 79% lower than in the U.S., and the average cost of living is 57% less. Omio, a travel company, says there are nearly 200 co-working spaces in the country and that Colombia has a 12-month digital nomad visa workers can apply for.

2. Sri Lanka

Another cheap option for digital nomads is Sri Lanka, an island country in South Asia. Just off the southern coast of India, this tropical island has become a major destination for digital nomads.

Rent prices are 86% lower on average in Sri Lanka than in the U.S., and the overall cost of living is 53% lower. While Sri Lanka doesn’t have a dedicated digital nomad visa, it has an electronic travel authorization visa that can last up to six months.

3. Turkey

With forests, semi-arid lands, and coastlines along the Black Sea and Mediterranean Sea, Turkey offers a diverse geography for digital nomads. Living there is also a pretty good financial deal. The overall cost of living in Turkey is 54% lower than in the U.S., and rent prices are 70% lower on average.

Travelers can get up to a 12-month visa for the country, and Omio says there are about 185 co-working spaces in Turkey.

4. Bali

You’ve likely seen scenic images of this Indonesian province in your social media feed. Besides its tropical beauty, there are good reasons why it attracts digital nomads. The cost of living in Indonesia is 61% lower than in the U.S., and the rent is more than 81% lower.

Bali offers 100 co-working spaces and visas that can last up to two months. The income hurdle is low, with travelers needing to prove just $634 in monthly income.

5. Argentina

With thousands of miles of coastline and the Andes Mountains, the second-largest South American country is a great location for digital nomads. Travelers will also appreciate the 102 co-working spaces in the country and visas that are good for up to 12 months.

It’s also very affordable, considering rent in the country is nearly 84% lower than in the U.S., and the cost of living is 61% lower.

How to budget as a digital nomad

Just because the places on this list are affordable doesn’t mean you won’t need to budget as a digital nomad.

When I went on a three-month road trip across the U.S., I checked the Airbnb prices ahead of time and tried to book locations for at least two weeks to receive discounts. Even with that planning, I was surprised by how easy it was to underestimate costs.

If you’re planning on trying out the nomadic lifestyle, here are a few things to plan for:

Rent: No matter how affordable your rent is, it will still be one of your largest monthly expenses. If you’d like to move around to different locations, plan it out ahead of time and stick to your rent budget.Food: Be honest about how much you’ll eat out versus how much you’ll cook. Even if eating out is inexpensive, set up a dollar amount so you don’t overspend.Entertainment and travel: This expense is probably one of the most important to keep track of because you’ll likely want to have lots of adventures in a new location. Picking a set amount and sticking to it will ensure you keep track of your expenses and stay within your budget.Emergency fund: Having some cash reserves is an excellent idea if you run into unexpected expenses when living in a new place. Aim for at least $1,000 in your savings account to cover costs like a flight back home.

Creating a budget will be even more important if your job isn’t based on a set salary. I tried to keep a typical working schedule on my road trip, but if I had traveled abroad, I likely would have spent more time traveling and less time working.

Living outside of the country for a few months could be an amazing experience. Just remember to plan your finances well in advance so you don’t run into any financial surprises.

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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.Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Visa. The Motley Fool has a disclosure policy.

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Lost bank account funds could be out there waiting for you. Here’s how to track them down. [[{“value”:”

Losing track of an old bank account might sound laughable: Who just forgets about a bunch of their own money? But it happens more often than you think. Perhaps a relative opened a bank account for you as a child and you never knew about it. Or maybe you opened a certificate of deposit (CD) yourself years ago and forgot you’d done so. Or you might be the executor of a loved one’s will and come across a bank statement in their name for an unfamiliar account.

It can happen in a lot of ways. But the end result is still the same. Your money’s missing and you need to find it. So here’s what you need to do.

Review your personal documents

It’s best to begin by gathering evidence if you can’t remember which bank you had the checking or savings account through. Go back through your old papers and look for any documentation you have related to the old bank account. Anything you’re able to turn up, even just the name of the bank or an account number could be helpful.

If you’re searching for a bank account belonging to someone else — for example, if the person is deceased and you’re the heir to their estate — it’s also a good idea to take this time to gather the documentation you’ll need to prove your relationship to that person. You’ll need to provide this before the entity that has the funds will relinquish them to you.

Contact the bank

If you think you know which bank held the account, your first step should be to reach out to that bank directly. Ask if it has any accounts in your name or the name of the person you’re looking for. If the money is there, the bank should be able to assist you in accessing or transferring the funds as needed.

It may also be able to tell you if the account was closed, though it may not have records of closures from many years ago. Sometimes, unclaimed bank account funds wind up being transferred to the state, which we’ll discuss below.

Things can be a bit more complicated if the bank you had the account through is no longer around. When banks fail, the Federal Deposit Insurance Corporation (FDIC) steps in to ensure that depositors don’t lose their money. It may hold the old bank’s accounts or it may transfer them to a new bank. If you’re looking for money held at a failed bank, your best starting point is FDIC Unclaimed Funds.

Check with your state

All states have rules requiring banks to transfer unclaimed funds from abandoned accounts after a certain length of time, usually three to five years. In the case of a failed bank whose accounts the FDIC took over, abandoned account funds could wind up in the state’s hands in as little as 18 months.

You can locate these funds using your state’s unclaimed property search tool. You enter your name or the name of the person you’re looking for to see if any matches come up. If you’ve legally changed your name, it’s best to check all of your names to ensure you don’t miss anything.

If you find any, you’ll need to file a claim with the state to get those funds. This involves proving that you’re the account holder or a representative of the account holder who has a legal right to access those funds. The whole process can take some time. If you run into any questions, reach out to your state for guidance.

What if you still can’t find your money?

It’s frustrating, but sometimes you just can’t track your missing money down, even following the above steps. You or the account holder may have closed the account long ago and forgotten about it. Or maybe the money is still out there somewhere. Keep checking around for any documents you may have or reach out to family members if you think they might have a lead for you. Hopefully, you’ll turn up something eventually.

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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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Have Amazon Prime? Make sure you’re getting your money’s worth — and read on to see why you may not be. [[{“value”:”

The $139 fee I pay each year for Amazon Prime is a no-brainer for my household. My Prime membership saves me countless trips to the store each year, so that alone is worth the fee.

See, not only do I spend less on gas purchases thanks to my Prime membership, but I also spend less time at the store. The result? More working hours, which translates into more income since I’m self-employed.

Plus, my family tends to use Amazon’s free content to some degree. That’s not the main reason I pay for a membership, but it’s a nice bonus.

Clearly, I’m a firm believer that an Amazon Prime membership can be worth the money. But it’s really only worth it if you’re making good use of your membership. Here are a few signs that may not be the case.

1. You place orders infrequently

I can say with ease that I place an Amazon Prime order at least once a week — sometimes multiple times per week. But if you only place the occasional order, you may be better off just paying for shipping when you need it (unless you’re regularly taking advantage of another Prime benefit, like streaming content or free books and music).

The cost to ship items as a non-Prime member can vary depending on their size and weight. But all told, if you’re placing fewer than, say, eight or nine orders per year and aren’t really using the non-shipping benefits offered by Prime, then you may want to reconsider keeping or renewing your membership.

To be clear, you shouldn’t buy extra things on Amazon for the purpose of using your membership. Rather, it’s that if you’re not ordering from the site often, it may be that you don’t need Prime, or that you’re running to your local big-box store in lieu of placing a Prime order too often. So all told, you may want to revisit your shopping habits across the board.

2. You mostly place larger orders

The benefit of Amazon Prime is scoring free shipping on orders of any size. Want a $4 box of markers? Amazon will ship it and you won’t have to pay (other than the $4, of course).

But if you mostly place orders of $35 or more on Amazon, then you may not need Prime. The reason? Orders of that size ship for free. (Note that in some ZIP codes, you may still be able to get free shipping at $25.) And while you won’t get two-day shipping, Amazon is known for its ability to ship items efficiently.

It pays to look through your orders from the past three to six months. If they’re all larger, you may be able to save your money and cancel Prime.

3. You don’t try before you buy

Amazon tends to have a pretty generous return policy. But still, what might happen is you place an order, your credit card gets charged, and by the time you return an unwanted item, you’re stuck paying your credit card bill in full while you wait to be refunded.

If you’re a Prime member, you can easily avoid this scenario with apparel and footwear. That’s because Prime members can take advantage of the Try Before You Buy program. You order items and get a seven-day try-on period once they arrive. If you don’t want to keep the items, you send them back and your credit card isn’t charged.

4. You run to the store for last-minute purchases before seeing if you can get them shipped same-day

You may be inclined to run to the store when you need last-minute items in a pinch. But if you’re a Prime member, you may be able to spare yourself those trips.

Certain Prime items are available for same-day shipping. This will of course depend on your location and the items you’re looking to purchase. But before you upend your day with a last-minute errand the next time a situation like this arises, spend 60 seconds on Amazon to see if the things you need can be shipped to your home same-day.

Many people would argue that paying the $139 annual fee for Amazon Prime is reasonable. Heck, I’m fine with paying it because I get a lot of value out of my membership. But if you’re going to spend the money, you might as well get the most out of Prime yourself. And if you realize you can do without Prime, you might as well cancel your membership and use that money for other things — or put it in the bank, where it can serve you equally well.

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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. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

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