Money Management

Want to improve your personal finances, but not sure how? Here are a few easy ways to find a financial coach. [[{“value”:”

During times of high inflation, when many Americans are feeling financial pressure, it can be helpful to get financial advice. Not everyone can afford (or needs to hire) a financial planner or investment advisor; instead, many people need help with their everyday personal finances, like budgeting, spending, and saving.

Unfortunately, this type of “middle class financial advice” is often hard for people to find. How can you get help with managing your money, in a way that’s reliable and trustworthy?

The good news is: financial coaching is available in a number of ways. Let’s look at the best options to get financial coaching to improve your personal finances.

Talk to someone at your bank or credit union

The best place to find financial coaching might be your local bank or credit union branch. Many credit unions offer financial counseling for people who are struggling to pay bills or who just need some helpful advice on what to do differently with their money. Other types of financial coaching and advice that you might find at a bank or credit union could include:

Recommendations for how to budgetUnderstanding your credit score and how to build creditIdeas for how to invest for retirementBest ways to save money for collegeHow to improve your home with a home equity loan or line of credit

A few prominent national banks also offer free financial coaching and mentoring programs. Capital One offers free financial mentoring through its “Money & Life Program,” with coaching sessions available in-person at Capital One Cafés. Wells Fargo is partnering with Operation HOPE to provide free one-on-one financial coaching sessions at over 150 Wells Fargo branches in 20 cities.

Banks and credit unions are ultimately supposed to serve as a “home base” for your financial life. The best financial institutions don’t just take deposits and charge fees; they want you to succeed. When you make more money, save more money, and invest to build wealth, that’s ultimately good for your bank, too.

No matter where you have your bank account, if you’re struggling with bills, or just want some expert advice on how to handle a big financial decision, contact your local bank branch. See what kind of financial coaching might be available for you.

Ask about financial wellness benefits at work

Does your company offer a generous package of employee benefits? Many companies are going beyond health insurance and 401(k) matches to offer a wider range of financial wellness benefits — which sometimes can include free financial coaching or access to a financial advisor.

Ask human resources or check your employee benefits handbook or website to see if there are any special programs available for you to get free (or low-cost) financial advisor services. For example, Financial Finesse is a company that works with employers to provide financial coaching benefits for employees. If your employer offers it, Financial Finesse’s service can help you get free financial coaching from a Certified Financial Planner (CFP®).

Need serious help? Try consumer credit counseling

Do you need financial coaching, or something more urgent? If you’re having serious financial trouble, such as falling behind on credit card payments or becoming delinquent on an auto loan, you might need to consider a more serious step: and sign up for consumer credit counseling.

Credit counseling is a special kind of financial help for people who are at risk of defaulting on their debts or declaring bankruptcy. If you are struggling to pay credit card bills, don’t despair: you can get help from a nonprofit credit counseling agency near you. These organizations can help you set up a payment plan with your credit card companies so you can pay off your debts at a more manageable monthly payment. They can also help you learn a lot about credit scores, budgeting, and saving money. Learn more at the National Foundation for Credit Counseling.

Bottom line

Financial advice isn’t always about retirement planning or choosing investments. Financial coaching can help you navigate the money decisions of everyday life, like saving, spending, budgeting, and paying off debt. You might find great financial coaching help at your local bank or credit union, or through your employee benefits at work. People who are going through severe financial distress should consider signing up for consumer credit counseling.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

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.Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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You deserve to be paid fairly for what you do. Read on for ways to come out successful in a salary negotiation. [[{“value”:”

The amount of money you earn at your job can directly affect your financial situation for better or worse. The more money you earn, the more flexibility you might have in your budget to take on expenses that improve your quality of life. And also, earning more can lead to more financial security, such as if your salary makes it possible to pad your savings account or put money aside for retirement.

About a year ago, data from Pew Research Center came out showing how Americans felt about their jobs on a whole. And while 67% were happy with their coworker relationships and 51% were satisfied with their day-to-day tasks, only 34% were happy with the amount they were paid.

If you’re unhappy with your salary, then you have two choices when it comes to remaining in your current role. You can either walk around dissatisfied, or you can schedule a meeting where you negotiate higher pay. And really, the latter option is your better one.

But it’s important to take the right approach to talking salary. Here are three things you can do to increase your chances of getting the raise you want.

1. Go in armed with data

It’s one thing to complain that your $60,000 annual salary isn’t up to par. It’s another thing to prove that it’s not up to par because you’ve done your research and found that the typical person with your job title in your geographic region makes $75,000 a year.

Data is really hard to argue with. So before you have that meeting to talk numbers, dig through sites like Glassdoor and Salary.com to get a sense of what your similarly qualified peers are earning. If you can prove that you’re underpaid, it might get your company to reconsider your salary.

2. Talk up your wins

Your employer may not be so inclined to raise your pay if you’re a run-of-the-mill employee who really does the bare minimum. But if you’ve done some great things on the job in the past year, say so.

It’s an especially good idea to go into that meeting with numbers. Maybe your efforts in the IT department reduced system bugs by 20%, thereby increasing employee productivity. Or maybe as a sales manager, you brought in an additional $30,000 in revenue for your company last quarter. Pointing to specifics like these could get your employer into the mindset that your salary should match your delivered results.

3. Remind your employer about this crazy little thing called inflation

Generally, it’s best to not take the sob story approach to negotiating a raise. Everyone has expenses, and pointing to your personal bills as a reason for a pay boost may not be successful.

However, if it’s been a while since your pay went up at all, then as a last resort, remind your employer that inflation has driven living costs up by 3.2% over the past year, as per the most recent Consumer Price Index. So at the very least, your salary should increase by that same increment so that you’re able to keep up with your ongoing expenses.

You shouldn’t hesitate to fight for a raise if you feel you deserve one. These tactics could be your ticket to getting the boost you want — and seeing your finances improve as a result.

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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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Life insurance is more expensive for older adults. Discover if there’s ever a point where you’re too old to get a policy. [[{“value”:”

It’s normally recommended to buy life insurance at as young of an age as possible. Insurance companies set premiums based on the risk of death during the policy. The younger you are, the lower your risk will be, which means you’ll pay less.

People who didn’t buy life insurance when they were younger may wonder if it’s too late to get a policy. After all, you still want to ensure that your loved ones won’t have money troubles when you pass away. There are age limits for life insurance, but they might be higher than you think.

Age limits to buy life insurance

The cutoff point for buying life insurance depends on which type of life insurance you want. There are two categories of life insurance:

Term life insurance: Lasts for a set time period, such as 10, 20, or 30 years. The insurance company only pays the death benefit if the policyholder dies during that time period. This is the most affordable life insurance option.Whole life insurance: Lasts for the policyholder’s entire life and pays a death benefit when the policyholder dies. Because it doesn’t expire, whole life insurance is much more expensive than term life.

Insurers usually have an age limit of 65 or 70 for term life insurance, or 75 at the oldest. They also often limit how long of a term seniors can get. A 65-year-old may be able to get 10-year term life insurance, but not a 30-year policy. There’s too much risk of the policyholder dying during the latter.

Age limits are more flexible with whole life insurance. You could find a whole life policy at 80, 85, or even 90 with some insurers. Options will be limited the older you are, and there could be much lower coverage limits than what’s available for young adults. Some insurers may only offer final expense insurance, a smaller policy designed to cover end-of-life expenses.

While not absolutely everyone can qualify for life insurance, it’s available until late in life. Keep in mind that it gets much more expensive. For $10,000 in final expense insurance, men over 85 generally pay $183 to $286 per month, according to Lincoln Heritage. Women at that age will pay $136 to $211 per month.

How long do you need life insurance?

Since it costs more to buy life insurance as you get older, retirees should carefully consider if they need it. Adults normally get life insurance for one or more of the following reasons:

To support loved ones who depend on their incomeTo pay for end-of-life expenses, such as funeral and burial costsTo pay off any debt they have when they die

Life insurance is important when you have loved ones who rely on you. If you have a spouse and children, then a life insurance policy could replace your income if you were to pass away.

But for older adults, there often comes a point when life insurance isn’t necessary anymore. If you’re 65 and your kids are now adults who don’t rely on your income, then you don’t need life insurance for that. If you’re also debt free and have enough money in your savings account to cover end-of-life expenses, then you’re likely fine without a life insurance policy.

Older adults can buy life insurance up until 85 or 90, if they need it. If you want to leave behind enough money to pay off debt or cover final expenses, then getting a policy could be your best option. Make sure to compare your options to find one with the coverage you need and that fits your budget.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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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Drivers who opt for liability-only auto insurance coverage pay much less than those with full coverage. Learn why liability-only coverage won’t cut it. [[{“value”:”

Auto insurance premiums have been on the rise, and insuring a car is getting expensive for many drivers. Those who are not happy every time they have to pay their auto insurance premiums may be looking for ways to reduce the cost of covering their vehicles.

There is one way to save a fortune on coverage — but anyone considering it should think twice, because it’s a terrible idea. Here’s why pursuing this money-saving opportunity could turn out to be a financial disaster.

Minimum coverage auto insurance is a lot cheaper than full coverage

Opting for minimum coverage auto insurance makes a dramatic impact on auto insurance premiums, so those looking to save might be tempted to opt for minimum coverage only.

According to The Motley Fool Ascent’s research on car insurance costs, the average cost of minimum auto insurance coverage was $787 annually, or around $66 a month in 2023. By contrast, the average cost of comprehensive coverage was $3,296 or around $275 a month.

Paying only around one-quarter of the price of comprehensive coverage can seem really attractive. After all, who wants to spend hundreds of dollars monthly when they could spend under $100? The problem is, while this might appear on the surface to be a good idea, it can actually be an extremely expensive mistake that could turn into a disaster for most people’s personal finances.

There’s a huge risk to getting only the minimum auto insurance required

The big problem with getting only the minimum insurance coverage is that it covers almost nothing. Basically, in most states, the only coverage most people are required to buy is liability insurance. This pays for damage the policyholder causes others, but none of the policyholder’s own damages.

And states also typically set pretty low limits for the amount of liability insurance required. For example, a driver might only be required to buy $10,000 per person and $20,000 per accident in protection, depending on where they live. That’s not very much if the victims of a crash suffer even very minor injuries.

So, a driver with minimum coverage would be able to pay for pretty minor losses they cause to others. But if they seriously injure or even kill someone, their insurance wouldn’t come close to paying for all losses, so they could be sued personally. And if they damaged their own car or their own car was totaled or stolen, their insurance would not pay anything because they’d be lacking collision coverage (which pays for the policyholder’s crash losses) and comprehensive coverage (which pays for non-crash losses).

The savings aren’t worth the risk

A driver might save $2,509 per year in auto insurance premiums based on comparing the average cost of minimum insurance versus more comprehensive coverage. But if they damaged their $50,000 car, they’d have to pay entirely on their own to repair or replace that vehicle. It would require about 20 years of setting aside the premium savings in order to break even for that loss.

The bottom line is, the goal shouldn’t be to get the cheapest possible auto insurance. The coverage is too important because so much can go wrong — and problems can be so expensive with a vehicle. Just about every driver should pay up for full coverage insurance to protect their assets.

Read up on the differences between liability vs. full coverage policies to see some of the specifics of what a full coverage policy will pay for that liability insurance won’t. Then take the time to decide what types of insurance are necessary to protect your assets, and put that coverage in place today.

Our best car insurance companies for 2024

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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On the fence about joining Costco? Here’s a new reason to potentially become a member. [[{“value”:”

One of the amazing things about Costco is the sheer number of products and services it offers. Visit your local Costco store, and you may be able to do everything from get new tires on your car to buy a new phone to load up on groceries and toilet paper for the week.

But now, Costco is expanding its offerings with a new weight loss program. And if that’s something you’re interested in, you may want to consider a membership to gain access.

A new reason to join Costco?

Costco is teaming up with healthcare marketplace Sesame to offer access to a new weight loss program that, depending on need and medical approval, could include access to prescription drugs like Ozempic. Costco members will be allowed to sign up for the service, which costs $179 for three months and includes access to clinician consultations.

Of course, to be clear, joining the program does not guarantee eligibility for Ozempic or other weight loss drugs. But if you’ve been thinking about joining Costco, you may want to consider a membership if you feel you can benefit from a program like this. A basic Costco membership costs $60 a year, while an Executive membership costs $120 but gives you 2% cash back on your purchases.

Is Costco’s price for a weight loss program a good one?

The cost of weight loss programs varies depending on different factors, including their length and what services the programs actually include. CareCredit found that the average cost of medical weight loss programs was around $1,000 as of late 2022. However, there can be a big difference from program to program in terms of number of consultations, supplements, food, and more.

Now when we take that average $1,000 price tag and compare it to Costco’s new offering, $179 reads like a steal. However, these numbers don’t tell the whole story, so it’s a good idea to research different weight loss programs and their cost before committing to one.

Also, if you’re thinking of joining Costco for access to its latest weight loss offering, you may first want to talk to your primary care physician and see what they recommend. They may be able to present a more optimal program based on your specific needs. They might even be able to put you on a program that is less of a budget hit than what Costco is charging.

All told, there are plenty of reasons to join Costco, and the fact that the warehouse club giant is getting on the medical weight loss bandwagon might prompt you to buy a membership. But before you join for the express purpose of getting access to this new program, do your research and talk to your trusted medical provider to get their input.

That said, one thing Costco has always been very good about is ensuring customer satisfaction. So if you buy a membership and aren’t happy, you can always cancel for a refund. As such, if you join and then decide that Costco’s weight loss program isn’t for you, you’re not necessarily stuck paying your membership fee for the year.

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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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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If you or someone you love is among America’s millions of “unbanked” people, here are a few good reasons to open a bank account. [[{“value”:”

According to the latest survey data from the FDIC, 5.9 million American households are “unbanked” — meaning they do not have a checking account or savings account at a bank or credit union. Unbanked Americans make up about 4.5% of all U.S. households.

In some ways, it’s understandable that not everyone has (or might want) a bank account. If you’ve had a bad experience with banking or live in a community that is underserved by banks, being unbanked might feel like the best choice.

But if you don’t have a bank account, you are vulnerable to a lot of extra risks and hidden costs of everyday life. Being unbanked can cause people to get charged higher fees for financial services, risk losing money to theft, and miss out on chances to improve their personal finances.

Let’s look at a few reasons why everyone could benefit from a bank account.

1. Bank accounts are FDIC insured

When you keep money in the bank, your money is protected by FDIC insurance (up to $250,000 per qualifying account). Even if the bank fails and goes out of business — which sometimes happens; there were a few big bank failures in 2023 — your money will be protected. You won’t lose money by putting it in the bank.

But if you don’t have a bank account and you keep cash in your house, what happens if you suffer a theft or a house fire? What if you lose your cash? Some people have also started to use mobile payment apps to keep their extra cash in a digital wallet, kind of like an online bank account — but these payment apps don’t always offer the same level of FDIC insurance as an actual bank.

Banks are a safe, stable place to keep your money. Ever since the Great Depression, the federal government has protected the cash of everyday bank customers. FDIC insurance is one of the most underrated, successful public policies ever created, and it’s worth getting that protection for your personal finances.

2. Bank accounts pay interest

Even if you don’t have a lot of savings, you deserve to have that money work harder for you. Banks will pay you interest for the money you “lend” to them as savings account deposits, and the best high-yield savings accounts are paying interest of over 5.00% APY today. Keeping cash under your mattress, in a safe in your home, or in a payment app digital wallet does not earn interest to help your money grow.

3. Bank accounts help you save money

Bank accounts don’t just give you a place to keep savings; they help you save money in other ways by giving you free services like check cashing and bill pay. People who are unbanked often end up paying high fees for check-cashing services, money orders, and payday loans.

Instead of paying extra fees every time you get a paycheck, banks offer free, convenient, built-in services like ACH transfers to pay bills, and direct deposit for your paycheck. Some banks even offer “get paid early” features so you can get your paycheck up to two days early.

4. Bank accounts can help you get other financial services

People who are unbanked are existing in a vulnerable situation, like they’re “out in the cold” beyond the financial system. When you have a bank account, you can come in from the cold and have an easier time getting connected to other services that you might need.

As a bank customer, your bank will look for opportunities to recommend other products and services that might help you. You might qualify for a secured credit card to help build credit, or a savings account to hold your extra cash. Banks want to deepen their relationships with customers and help you get more financial services that are a fit for your needs.

Some banks even offer in-person financial coaching. At Capital One Cafés, you can get one-on-one mentoring sessions from the Capital One Money & Life program. As part of its Banking Inclusion Initiative, Wells Fargo offers free one-on-one sessions with financial coaches from Operation Hope, available at over 150 Wells Fargo bank branch locations in 20 markets.

If you have questions about your personal finances, need guidance on the right moves to make with your money, or just need help to better balance your monthly budget, start at the bank. Banks and credit unions don’t just take deposits and make loans; they are staffed by financial professionals who are happy to offer ideas, suggestions, and advice for how you can improve your financial wellness.

5. Bank accounts give you convenience

Having a bank account is useful for everyday life, because it gives you a convenient “home base” for your money. Every payday, you have a place for your paycheck to go. You can get a debit card to easily buy groceries or make purchases online or via mobile apps. You can get access to cash at ATMs or point-of-sale cash back at stores.

And many of these convenient banking services are available for free, or for low fees. Some bank accounts charge monthly fees, but these fees can often be waived if you keep a minimum balance in the account, sign up for direct deposit with your paycheck, or make other money moves.

Bottom line

Being unbanked puts people at risk of higher fees, hidden costs, and big losses. There are many good reasons to get a bank account, beyond just having FDIC insurance. Having a bank account can help you improve your personal finances and get helpful advice and banking products for every stage of your financial journey.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

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.Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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