Money Management

Saving money on a new device and ensuring an old one doesn’t end up in a landfill? Sign me up. Here’s how Apple Trade In worked for one writer. [[{“value”:”

When you decide you’re finished with an electronic device, like a cellphone, laptop, or tablet, what do you do with it? Unless the item is well and truly broken (or horrifically outdated), trying to find a new home for it is your best move. Just tossing it in the trash is a bad idea, because you could potentially be throwing money away — not to mention harming the environment.

Mindful of this fact, I’ve always taken great pains to rehome my old electronics. To date, I’ve given away three iPads and two Kindle e-readers — all were outdated, but still perfectly functional, as I take stellar care of my belongings (especially when they are expensive pieces of technology).

But when I recently decided to replace my 2020 model Apple Watch, I was facing a quandary. I didn’t know anyone who was looking for one, and the battery life was really starting to suffer, so I definitely didn’t want to pass that annoyance on to someone I care about. So instead, I checked Apple’s website to see my options.

How does Apple Trade In work?

Apple Trade In involves a very easy process for you, the shopper. You can do it online via Apple’s website or in person at an Apple Store. I chose the online route when I ordered my new watch. I was required to provide a serial number for the device, and answer a few questions about its condition and functionality. (Return any kind of Apple device and you’ll have to do the same.) Then I was quoted a dollar figure for its worth, which would be confirmed once the old watch was received and evaluated by the trade-in partner.

The amount I was quoted sounded quite fair to me, so I elected to go forward with the trade in. I ordered my new watch and confirmed that a prepaid and pre-addressed return shipment container would be sent to me (it arrived a few days after the new watch). I had 14 days to return the old watch for final valuation, and once I sent it in, I was able to track its progress and confirm that I would in fact be receiving the full amount quoted to me initially.

Since I was making a purchase, I had to pay the entire cost of the new watch upfront, and wait to have my credit card credited for the trade-in value. But you can also use Apple Trade In if you’re not interested in buying a new device at this time — the value of your old tech can be put on a gift card for future use. All in all, it was a straightforward process.

My trade-in value was 36% of the cost of the new watch

I won’t leave you in suspense any longer. I received $90 back for my old Apple Watch, which was a pleasant surprise and also 36% of the cost of the new one that replaced it. I wondered if once the device was received, I’d get an email saying its value came in lower than I was originally quoted. (I had visions of being lowballed on a trade-in value, like you might encounter at a sleazy car dealership.) After all, the watch functioned perfectly well (despite the worsening battery life), but it did have a few tiny scratches on the face — plus I had just spent a weeklong vacation swimming in the Pacific while wearing it.

The one inconvenience for this experience was having to take the old watch to a UPS partner so it could be sent back — this still wasn’t a big deal, though. (Leaving the house is good for me, and I should perhaps do it more often.)

Should you use Apple Trade In?

I’d use Apple Trade In again, and I recommend that anyone looking to get rid of an Apple device also at least consider using the service. If your device is so old that it isn’t worth any money, you at least get the satisfaction of knowing that it won’t be leaching hazardous heavy metals into the ground in a landfill. And if it is worth something, you can translate that money into a new device or a gift card you can use later.

Electronics recycling is definitely a personal finance “do,” and it feels good knowing that even if no one ever wears my old watch again, perhaps some of the components can be reused.

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Creative entrepreneurs can get big success by starting small. See how Abhi Madan launched the Amarra fashion brand by starting as a side hustle. [[{“value”:”

Prom season 2024 is coming soon, and high school students nationwide will be trying to find the right dress and accessories for a memorable night. One fashion brand that has created a unique buzz in the prom dress industry is Amarra — and it all started as a side hustle.

The Amarra brand of dresses is based on modern, bold designs with innovative cuts to enhance the look of everyone who wears them. Amarra makes prom dresses, wedding dresses, quinceañera gowns, and other high-end fashion dresses for formal occasions or fun evenings out. The brand’s dresses are sold in over 850 retail locations.

We talked with Amarra co-founder and creative director Abhi Madan about how he started the Amarra concept as a side hustle while working at a full-time day job. See how this unique fashion brand started from a side hustle and grew into a successful small business.

How to start a side hustle: Dream big, start small

The fashion industry is notoriously competitive, and it can be hard to get a foot in the door — whether you’re trying to get hired at a job, build relationships with wholesale buyers, or impress the fashion influencers and tastemakers who can turn your design into a global phenomenon. Sometimes the best way to make an impact is to do your own thing and start small.

Abhi Madan started Amarra as a side hustle while working at a day job, and he quickly started to earn a decent amount of income. “Starting Amarra as my side hustle transformed my personal finances and fueled my innate passion for fashion design and creativity,” Madan said. “In the initial stages, I managed to earn roughly around $2,000 per month which essentially covered my day-to-day expenses while letting my creative juices flow.”

Abhi Madan’s Amarra side hustle story is a great example of how exciting and lucrative it can be to earn extra income on the side. You might be surprised at how much you can make during nights and weekends if you unleash your creative, entrepreneurial energies.

Nurture your creative craft and promote your vision

Not every fashion designer can become a worldwide success. And fashion is not all about marketing, fads, or short-term hype — the best fashion brands have a sense of visual impact and emotional substance that connects with people and creates enduring value. Abhi Madan and the Amarra brand have created a unique look that resonates with people.

“Creating iconic fashion pieces allowed Amarra to grow its reputation which in turn boosted sales, leading to an increased income and financial stability,” Madan said. “Additionally, the brand has successfully created a network of over 850 stores selling globally, securing its financial future. Eventually, what started as a side hustle flourished into a full-fledged business, marking a significant milestone in my professional journey.”

And Abhi Madan is not just a great designer; his company did the hard work behind the scenes to build relationships with fashion buyers, creating a network of stores that sell Amarra dresses. If you want to succeed in a side hustle as a creative entrepreneur, whether you’re a fashion designer, graphic designer, software developer, or business consultant, you need to build relationships and learn from your customers. Listen to what the market is demanding, and try to fulfill that need.

Running a small business requires calculated risk-taking

The fashion industry is often dominated by big brand names with big bank accounts — but there can also be room for exciting new brands with fresh designs to break through and build a big following. Amarra was able to capitalize on opportunities and expand its network of stores in just a few years. But the company had to take some chances and overcome obstacles along the way.

“We faced multifold challenges from establishing a brand identity to succeeding in a market dominated by established names,” Abhi Madan said. “Persistence, market research, and attention to detail were the key ingredients to break through these barriers. I discovered that running a small business is not about risk-taking, but rather about calculated decisions.”

Another interesting lesson from Madan’s journey in building the Amarra brand is that success in small business is not always about taking big risks. It’s not about betting everything on one big score, or swinging for the fences and hoping for a home run every time. Most small businesses do not become successful based on one big deal or one momentous day when everything falls into place. Instead, small business success is often more gradual and incremental. It’s about hitting singles, not hitting home runs.

Small business advice from Abhi Madan, Amarra

We asked Abhi Madan to share some small business software recommendations and advice for other business owners and side hustlers. Madan’s favorite small business software for everyday operations at Amarra includes:

Adobe Illustrator and Photoshop for design and visual communication workAsana to manage projects and streamline workflowHootsuite for managing social mediaQuickbooks for small business accountingShopify for seamless e-commerce business management

“My advice to others contemplating a side hustle would be to leverage your interests and passions and align them with a viable market demand,” Madan said. “Believe in your ideas and don’t rush the process. Understanding your market and adapting to its changing trends is crucial. And persistence and patience always pay off.”

Learn more at Amarra.com or see the latest Amarra designs on Instagram @amarraofficial.

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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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Your first trip to Costco may be overwhelming. Read on for tips on how to navigate it. [[{“value”:”

I remember the first time I stepped foot in a Costco store. I was utterly amazed at the size of the store, and slightly intimidated by the vast selection.

These days, Costco is a store I shop at regularly. But if you recently made the decision to invest in a membership, then you may be gearing up to visit Costco for the first time. And if so, here are some key pointers to keep in mind.

1. You’ll be bombarded with sale items when you first walk in

Costco is so huge that you could easily spend hours walking the aisles — even if you’re familiar with the store’s layout. But if you’re not, one thing you should know is that when you first walk into Costco, you’ll typically see a series of unrelated seasonal items that are on sale.

It can be tempting to add those items to your oversized shopping cart. But you may want to resist that urge if you don’t want your initial Costco trip to result in a massive credit card tab.

Also, rest assured that you’ll generally find additional items on sale throughout the store. It’s not as if that’s the only area of Costco you can snag a discount. Rather, it’s where you’ll find certain featured sale items — one that may lead to impulse buys if you’re not careful.

2. You’ll typically face smaller crowds during the week than on weekends

If you’re new to Costco, I highly recommend visiting at a time when the store is less likely to be super crowded. That way, you’ll be able to do your shopping more calmly and orient yourself more easily.

Many people find that Costco is at its most crowded on Saturdays and Sundays. That makes sense, since it’s when many people aren’t at work. But if you have a flexible job, you may want to make your first visit to Costco on a random weekday, and right when the store opens. At that hour, you may be more likely to have a few aisles to yourself.

3. For maximum sample variety, shop mid-day

You may have heard that Costco is famous for its free food samples. But if you’re hoping to score a lot of those, your best bet is to visit the store in the middle of the day.

If you show up when Costco first opens, you may end up getting there before those sample stations are fully set up (remember, some of them serve hot food, and that takes time to prepare). And if you shop later in the evening, those sample stations may be all out of goodies.

Trying out different foods at Costco isn’t just a fun thing to do for your taste buds. You might also discover new and affordable products that deserve a place in your pantry or fridge.

4. Be open to Kirkland products — food or otherwise

When you explore your local Costco, you’re likely to find a wide variety of items with the Kirkland logo on them. Kirkland is Costco’s signature brand, and buying Kirkland items is basically akin to buying the generic or store brand.

But that doesn’t mean you’re skimping on quality. Many of Costco’s Kirkland food products are as fresh and tasty as their name-brand counterparts — only they might cost a lot less. Similarly, you may find that Kirkland cleaners get the job done at a fraction of the cost of the brands you commonly see advertised on TV.

It pays to be open to Kirkland products as a Costco newcomer. You don’t necessarily have to only buy Kirkland products your first time in the store, but it’s good to try them out gradually. Your personal finances may benefit as a result.

5. Be prepared to show your receipt — but not for the reason you think

You may have to wait a minute or two to exit Costco once you’ve checked out. That’s because you’ll need to have a store employer look at your receipt before you head out on your way.

But Costco’s practice of checking receipts isn’t centered on catching thieves. Rather, it’s to make sure you were charged correctly for your purchases, and to help the store keep tabs on inventory.

As such, don’t be put off if you’re asked to present your Costco receipt before you depart. You may even get a smiley face drawn on yours by the employee who’s tasked with reviewing the items in your cart.

Your first trip to Costco may be something you’re pretty excited about, so use these tips to make the most of that visit. But also, do yourself a favor and carve out plenty of time for it. When you don’t know your way around the store, an initial shopping trip could easily take a couple of hours. Budget for that so you can make it a good experience from start to finish.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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There are many credit card mistakes that can put you at a disadvantage, from skipping autopay to closing old accounts. Here are more errors to avoid. [[{“value”:”

As of the fourth quarter of 2023, national credit card debt has reached a whopping $1.13 trillion, according to the Federal Reserve Bank of New York. That means a lot of people are dealing with the reality of having high-interest debt, and potentially struggling to pay it off.

If you’re one of those people, or you’re just looking to avoid taking on credit card debt, here are four common mistakes to watch out for, and what to do instead.

Mistake 1: Pretending your debt doesn’t exist

If you have credit card debt, it’s easy to ignore it for the sake of peace of mind — especially if you’re just paying the monthly minimum payments. But if you still use the cards for everyday purchases, that’s a quick route to even more debt and a harder journey to being debt free. So, although it can be difficult, getting yourself to face the problem is a solid first step to getting out of credit card debt.

The best thing to do if you’re in that situation is to go into each credit card account and write down your balances, interest rates, and minimum monthly payments. That way, you’ll be on the path to creating a plan to get out of debt.

Mistake 2: Avoiding autopay

If you have a stable enough income, autopay can be your best friend in avoiding and paying off credit card debt. But on the flip side, avoiding it can lead to missed payments which will negatively impact your credit. And that will lead to consequences like higher interest rates on loans in the future, which will cost you. (That’s beside the potential late payment fees you could face.)

For example, if you have a 740 credit score, you may be able to qualify for a $10,000 personal loan with a 7% interest rate (depending on the available rates when you apply). That means you’d pay $3,500 in interest over the course of a five-year repayment term. But if your score dropped to the low 700s, you may only qualify for a 14% APR. That would cost $7,000 in interest for the same terms. That’s double what you would have paid.

Remember: Your payment history accounts for 35% of your FICO® Score, so this is a vital factor to keep an eye on as you manage your credit cards.

Mistake 3: Closing old credit cards

Another common mistake for those who pay off credit card debt can be closing cards that have been paid off. On one hand, it can help avoid taking on more debt since you’d no longer have access to that additional credit. But you should note that there can actually be negative consequences here.

First, if the card is one of your oldest credit accounts, closing it could shorten your credit history, which accounts for 15% of your FICO® Score. Again, that can lower your score, which often translates to more expensive loans in the future. Plus, if you still have credit card debt, eliminating a card could increase your credit utilization, which accounts for 30% of your FICO® Score.

So if possible, it’s usually best to keep accounts open and simply take the cards out of your wallet so you can’t use them. (Just remember that you should use them for small purchases every few months to avoid having the issuer close the account due to inactivity.)

Mistake 4: Putting off saving money

Credit card debt is often a result of unexpected expenses that can’t be covered by savings. So one of the best guards against it is a healthy emergency fund. For most people, that should be enough to cover three to six months’ worth of necessary expenses. Even if you’re in the middle of paying off debt, it’s a good idea to prioritize saving money too. That way, if something comes up down the line (potentially when interest rates go up), you won’t have to worry about sliding into even more debt.

Credit cards can be useful tools, but it’s easy to make mistakes that can lead to high-interest debt. As long as you’re aware of the common errors that can come with them, and take steps to avoid those, you’ll be able to take advantage of the perks these tools offer without putting your personal finances at risk.

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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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