Money Management

This might be the best IKEA hack of all. Learn about the affordable furniture company’s $99 interior design service that I put to the test. [[{“value”:”

First, Costco started offering tiny houses. Now IKEA, a brand synonymous with modern, affordable furniture and those famous Swedish meatballs, has a newer, little-known offering: a full-service interior design package. Priced at just $99 per room, this service is a game-changer for anyone looking to infuse professional design elements into their living spaces without breaking the bank.

As someone who has personally experienced the benefits of this service, I can attest to its remarkable value. It’s not just a service; it’s an opportunity to work with skilled designers who can transform any room into a beautifully curated space tailored to individual tastes and needs. This innovative offering from IKEA opens up a world of design possibilities, making professional interior design accessible to a broader audience than ever before.

Here’s everything you need to know about IKEA’s little-known $99 interior design deal.

What’s included in the $99 interior design service

While IKEA might be known as a DIY brand, the interior design service is all about a detailed, client-focused process. Once you start, you’ll be guided through a comprehensive journey akin to hiring a typical interior designer.

It begins with an online questionnaire designed to give your assigned designer a clear understanding of your vision and needs. Then, your designer will delve into every detail over three one-hour virtual meetings. Expect more than just product suggestions; this service includes mood boards, 3D renderings, layout ideas, lighting plans, material recommendations, and even elevations. The level of detail is astounding.

For instance, while planning my house, the designer’s keen eye identified a costly flaw in my kitchen layout, saving me thousands of dollars. The cabinet sizes were incorrect and the original designer had a kitchen island in the plans that wouldn’t fit in the space. We were about ready to pay for all of that, but she caught it in time.

The beauty of this service lies in its execution. Once you approve the final design, IKEA handles everything else. The company orders all the products and can even arrange installation and assembly through TaskRabbit (if you live within a certain distance). This seamless approach removes the usual stress of managing multiple vendors and contractors, making your design journey enjoyable and hassle free.

How to book it

Booking IKEA’s interior design service is way easier than putting together the company’s furniture. First, visit IKEA’s U.S. “Ideas” page. There, you’ll find a banner titled “Need an interior designer for your home?” Clicking on this will lead you to another button that says “Book now.” From here, you fill in some basic information (like your ZIP code) and choose a date to meet with your designer virtually.

You’ll also be asked to fill out an online questionnaire. This questionnaire is your first step to a beautifully designed space. It’s where you share details about your project, helping IKEA prepare for the initial meeting.

After submitting your questionnaire, you’ll be paired with a professional IKEA designer, who will then schedule the three virtual meetings with you. These meetings allow you to explore, suggest, and fine-tune your design ideas. This is where the moodboards, 3D renderings, and ultimately the shopping list and order take place.

Is it worth it?

IKEA’s $99 Interior Design Service is the ultimate budget-friendly option for those managing their personal finances and needing design help. It’s super easy to book, and you get the full package. I mean, they even spotted a mistake in my kitchen plans that saved me a bunch of money. It’s like having a design genie at your fingertips. This service isn’t just about affordable furniture; it’s about making great design accessible to all of us.

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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 positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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You might think it’s enough to just put money in a savings account — but you’d be wrong. Learn a few mistakes to dodge along the way. [[{“value”:”

Anything worth doing is worth doing right, and this includes saving money for future goals or a rainy day. Here are four ways you can go wrong with saving money — and what to do instead.

1. Saving aimlessly

While I’m the first to admit that having actual money in savings feels pretty darn great, approaching saving without any kind of goal in mind can be a mistake. If you’re just aimlessly chucking money into a savings account without any rhyme or reason, it might be a lot harder to stick to it and stay organized.

To use myself as an example, I’ve spent the last 15 months saving money to buy a home in 2024. I decided how much I wanted to save in total at the beginning of the process, and I divided that number by how many weeks I had to achieve the goal, which gave me a weekly target. Then, I followed through and managed to put aside that much money nearly every week — and I’ve continued to save beyond my original goal (because buying and owning a house is going to be expensive).

If I had decided I wanted to become a homeowner but not actually set any kind of savings goal, it would have been much more difficult to reach this point. To avoid making things harder for yourself, figure out what you’re saving for, as well as how much you want to save.

2. Going without emergency savings

One of those savings goals you should absolutely set is building an emergency fund. I lived without emergency savings until extremely recently, and let me tell you — it was no fun. Experts recommend aiming for enough money to cover three to six months’ worth of bills, but any amount of money you can put aside for a rainy day can be a help.

The alternative is the one I lived with — going into debt every time a surprise bill came up, and then paying interest on it. Automating your savings contributions can help you build an emergency fund. If the money goes from your checking account to your savings with no effort needed by you (other than setting up the initial transfer), you can’t accidentally forget to move it.

3. Using the wrong savings account

Not all savings accounts are created equal. Personally, I have two these days — one with a big national bank that pays just 0.01% APY (annual percentage yield, or how much you can earn in a year of interest) and one with an online-only bank that pays 4.35% APY. Can you guess which one holds the bulk of my savings and which one I keep funded just enough to avoid bank fees and serve as overdraft protection for my linked checked account?

According to the FDIC, the average APY on a savings account is currently just 0.47%. Hop on over to our list of the best high-yield savings accounts, and you’ll see rates 10 times that or more. So if your savings is languishing in a low APY account, make the switch. Note that savings account rates are variable, and we’re currently in a high-interest-rate environment. When the Fed cuts the benchmark rate (likely to happen this year), APYs will likely fall. So it pays to enjoy those higher APYs while you can.

4. Not considering CDs or MMAs

Finally, just assuming that a savings account is perfect for all situations is also a blunder. You have a few options for bank accounts that earn interest, and it’s worth exploring all of them.

A certificate of deposit (CD) lets you lock in your APY for a set period (most commonly, three months to five years). In exchange, you’ll have to leave the money alone — withdrawing it before your term is up will mean losing some of the interest you’ve earned.

A money market account (MMA) earns a similar variable APY to a high-yield savings account, but you’ll get some features of checking accounts, such as a debit card or the ability to write checks. If you need ready access to your savings, this type of account might be right for you.

Saving money is one of the best things you can do for yourself (especially if you’re building an emergency fund), but it’s important to approach it the right way — with goals and using the best account for your needs.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

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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 positions in and recommends Target. The Motley Fool has a disclosure policy.

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Average spending on a wedding is higher than you might think. Find out here how much people are paying to celebrate tying the knot. [[{“value”:”

Weddings can be a magical event that you look back on fondly for years to come. They can also be a huge money drain that leaves you with an empty bank account and that starts you off in your marriage dealing with a large debt. And sometimes they can be both of those things at the same time.

The reality is, it’s not cheap to throw any kind of fancy party for dozens or even hundreds of your closest friends, but that’s what people do all the time — often with an open bar included. Still, you may be surprised to see just how much people are actually spending to celebrate their decision to share a life with another person.

Here’s how much the average American spends on a wedding

According to research from The Ascent, the average cost of a wedding in 2022 was $30,000. The bulk of this money — an average of $11,200 — went to cover the cost of a wedding venue while an engagement ring was the second-largest expenditure, averaging $5,800. Other costs over $1,000 included:

A live band ($3,900)A photographer to capture the big day ($2,600)A florist ($2,400)A rehearsal dinner prior to the wedding ($2,400A videographer ($2,100)A wedding dress ($1,900)A disc jockey to play music at the wedding reception ($1,500)

All of these, plus miscellaneous costs like invitations, cake, and favors can add up very quickly. But many of them seem essential — especially things like a fancy dress or someone to provide nice flowers.

Where you live — and where your wedding is — affects costs too

While weddings are expensive everywhere, location can make a big impact on price. For example, the average cost of a New Jersey wedding is a shocking $51,000 while the average price in Utah — the cheapest of all U.S. states to get married in — is just $16,000.

It’s not just where you live, but where your wedding is that matters as well. Destination weddings average $35,600 overall, with the average destination wedding in the U.S. priced at $36,400 and the average destination wedding outside of the country priced at $32,100. By contrast, a hometown wedding comes at an average cost of $29,000.

Some of these cost differences have to do with local costs of living, but others are impacted by cultural traditions such as getting married at younger ages or a collective tendency toward larger and more elaborate events.

Should you spend so much on a wedding?

There’s no question that the average wedding spending is very substantial. In fact, there’s a long list of cars you could buy for under the average $30,000 most couples shell out — including the 2024 Kia Seltos subcompact SUV as well as a cute little 2024 Hyundai Elantra Hybrid with impressive fuel economy.

Now, for some people, spending so much makes good sense because it’s important to them. And, that’s OK if you have funds in a savings account for the big day. If it really matters to you to have a big wedding and you can qualify for an affordable personal loan with payments that fit very easily into your personal finances (and leave room for retirement saving), then it’s also not a huge deal.

But if you are going to start off your married life going into debt that will be a burden to repay, you may want to think twice.

The reality is there are plenty of ways to have a wedding for a lot less. My husband and I got married at home in our backyard for about $5,000, for example, and that was with a company that came and made crepes for all our guests plus a beautiful vintage dress (although, to be fair, my engagement ring wasn’t included in this price). Ultimately, scaling down your wedding costs so you can start out your life with more financial freedom may make it easier for you to have the money to form many happy memories in the future.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

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*Stock Advisor returns as of February 6, 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.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.

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Looking to make a few extra bucks? Look inside your own home where there could be valuable items that could be sold. [[{“value”:”

When many of us are looking at our personal finances, we are often on the lookout for online deals and ways to make some extra cash. Whether it’s to boost savings, pay off debts, or fund a well-deserved vacation, the quest for additional income can sometimes lead us to overlook a potential goldmine: our own homes.

You might be living among items that are far more valuable than you realize. Or, perhaps you know your parents’ attic is filled with items that haven’t seen the light of day in decades. No matter where the goods are hiding, here’s a look at five common household items that could unexpectedly bolster your savings account.

1. Vintage toys and games

Remember those cherished toys and board games from your younger days, perhaps stored in the attic? Vintage toys and games, particularly if they are kept in their original packaging, can command impressive prices. Collectors are always searching for these rare items. Toys from the ’70s, ’80s, and ’90s have now become sought-after collectibles.

Classic examples include original Star Wars action figures or first editions of board games such as Monopoly, which can be valued at hundreds or even thousands of dollars. Beanie Babies have been listed on eBay for prices starting at $199. Among the most prized My Little Ponies are the Rapunzel Mail Order Pony and the Baby Brother Sweet Celebration Prototype, reaching sale prices of several thousand dollars.

2. Old coins and currency

It might be time to rummage through that old coin jar or the neglected wallet in your drawer. Rare coins and vintage currency can possess considerable value, especially those from unique mint years or with historical significance. A notable example is a rare 1943 copper penny that fetched over $200,000 at a sale. While not every old coin will turn out to be a treasure, it’s certainly worth a look.

3. Vinyl records

Vinyl records are experiencing a resurgence as a nostalgic medium for music and as sought-after collectibles. Items like first pressings, limited edition releases, or albums with printing errors are particularly valuable. Take, for instance, original pressings of iconic albums such as The Beatles’ White Album, which are highly prized. The value of a collection can vary widely, with some records priced as low as $0.50 and rare first pressings reaching into the thousands. Examples include the Kiss Alive! Vintage Original Vinyl LP Album, which can be found listed for $250 on eBay, and the Down Home Boys’ Original Stack O’ Lee Blues with an estimated value of $50,000.

4. Retro and vintage t-shirts

Those t-shirts from your past, the ones you couldn’t bear to throw away, might now be worth significantly more than their original price. According to Reyne Hirsch, a long-time appraiser on PBS’ Antiques Roadshow, t-shirts from concerts, advertising, and those featuring cool designs are highly popular. A vintage ’90s Tupac t-shirt once sold for $105 on eBay, and a vintage 1990s Nintendo 64 Super Mario t-shirt is currently listed there for $399.

5. Cookbooks

Even if you don’t own a rare Julia Child cookbook, your collection could still fetch a tidy sum. Mass-produced and widely used cookbooks, like those from Betty Crocker, can range in value from a modest amount to thousands, depending on their condition. However, cookbooks signed by famous chefs can sell for much higher prices. For instance, the first edition of Julia Child’s Mastering the Art of French Cooking was auctioned for $7,500 in 2019, and the first edition of The Joy of Cooking from 1931 sold for over $46,000 in 2017.

How to sell your valuable household items

Once you’ve identified potentially valuable items in your home, the next step is selling them to turn a profit. Successfully selling these items involves a combination of research, presentation, and choosing the right platform. Here are some strategies to help you get the best return on your hidden treasures.

Research and appraisal

Identify the item’s value: Conduct thorough research on each item to understand its market value. Look for similar items sold online to get an idea of the price range.Get professional appraisals: For high-value items like art, antiques, or rare collectibles, consider getting a professional appraisal. This gives you a more accurate value and can be a selling point for potential buyers.

Preparing the item for sale

Clean and repair: Make sure the item is in the best possible condition. Clean it carefully and, if necessary, make minor repairs. However, be cautious with antiques, as altering their original state can sometimes decrease their value.Take high-quality photos: Clear, well-lit photographs from multiple angles are essential. They allow potential buyers to properly assess the item’s condition and authenticity.Create a detailed description: Write a comprehensive description of the item, including its history, condition, any unique features, and the reason for its value. Be honest about any flaws to avoid disputes later.

Choosing the right platform

Online marketplaces: Websites like eBay, Etsy, or Craigslist are significant for a wide range of items, especially if they have a national or international appeal. For specialized items, look for niche online marketplaces like Poshmark for designer clothes. Or, you can list on multiple platforms.Consignment shops: Local consignment shops can be a good option for items like designer clothing, vintage accessories, and some types of collectibles.

Selling valuable items from your home can be an easy way to earn extra money. With the right approach, you can maximize your profits while ensuring your treasures find a new home where they will be appreciated.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

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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 positions in and recommends Etsy and Fetch. The Motley Fool has a disclosure policy.

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The average tax refund is close to $3,000. But keep reading to learn the rest of the story. [[{“value”:”

Tax season is now underway, and millions of Americans are filing their returns — and awaiting refunds. The average American who gets a tax refund receives several thousand dollars. Here’s a rundown of the recent data, how you might be able to boost your refund, and why a big tax refund might not be such a good thing.

The average American’s tax refund

We obviously don’t know what the average American’s tax refund will be in 2024 — after all, tax season is just getting started.

But here’s what we do know. For 2022 tax returns (refunds people got in 2023), the average refund was $2,903. This was down significantly from the year before when the average refund was $3,263. There are a few potential reasons for the decline, and most have to do with the lower availability of COVID-19 relief in the 2022 tax year versus 2021. The decrease of the Child Tax Credit and the Child and Dependent Care Credit were particularly big contributing factors.

While it’s impossible to know for sure what the average refund will be in 2024, we know that the standard deduction has increased, certain refund-driving tax credits (like the Earned Income Tax Credit) have expanded, and the tax bracket income ranges have become higher. So, most experts believe that refunds will be similar to last year’s, or slightly higher.

Ways you can boost your tax refund

The tax return you’re filing at some point before April 15 is based on your income in 2023. Since it’s no longer 2023, there are very few ways to increase your tax refund now.

Having said that, perhaps the most effective way to boost your refund is to contribute to a traditional IRA if you haven’t already maxed your 2023 contributions. The IRS allows you to contribute as much as $6,500 to an individual retirement account for the 2023 tax year ($7,500 if you’re 50 or older), and you can make your contributions until the tax deadline, so you can still take advantage. If you qualify, you can deduct traditional IRA contributions on your tax return.

Not only can this potentially boost your refund by $1,000 or more, but you’ll also be setting yourself up for greater financial security later in life.

Did you get a big refund? That might not be such a good thing

I get it — it’s nice to get a check for a few thousand dollars once a year, especially as you’re just bouncing back financially from your holiday spending.

On the other hand, it’s important to realize what a tax refund really is. If you’re getting, say, $3,000 back, that means you essentially gave the government an interest-free loan by allowing it to withhold more money from your paycheck than it should have. In other words, instead of getting back $3,000, you could have had an additional $115 on each of your biweekly paychecks.

The point is that if you truly look forward to getting your tax refund each year, or if you find it to be an effective component of your saving and budgeting strategy, there’s a solid argument to be made in favor of leaving things as is. But if you’d rather just have higher paychecks, it could be a good time to visit your company’s payroll department to make some adjustments to your withholdings.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

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*Stock Advisor returns as of February 6, 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.The Motley Fool has a disclosure policy.

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It’s important to make the most of your Costco membership. Read on to see why you may be losing out on savings opportunities. [[{“value”:”

Joining Costco can be a solid personal finance decision. The money you save by shopping there could more than make up for the cost of your membership fee (currently $60 for a basic membership and $120 for an Executive membership).

But if you’re going to pay for Costco, it’s important to make the most of your membership. And that means avoiding these big mistakes that you might be making already.

1. Only buying brand names

Costco carries a variety of brands in stores and online. But if you’re automatically skipping over the Kirkland version of whatever it is you’re buying, you could be making a huge mistake.

Kirkland is Costco’s signature brand. But don’t assume it’s inferior to the brands you know. Costco prides itself on quality and has a friendly return policy because it stands behind its products. It’s no surprise that the store’s signature brand offers a great amount of value.

2. Assuming an Executive membership isn’t worth it

An Executive membership at Costco costs $120 a year, versus $60 for a basic membership. You may not be so inclined to pay the upgrade fee since the cheaper membership still gets you into the store. But one thing you should know is that you get 2% cash back on your Costco purchases with an Executive membership, which means that once you’ve spent beyond $3,000 in a single year, the upgrade becomes worth it.

Let’s imagine you go to Costco every other week and buy $150 worth of groceries and household supplies. That’s $3,900 in spending right there. And even if you don’t shop at Costco that frequently, a single large purchase — like a new TV or vacation package — might easily put you over that threshold.

3. Not splitting bulk items with neighbors

One thing you may want to steer clear of at Costco is buying bulk items that are very perishable in nature. If you spend $10 on fruit but only manage to consume half of it before it spoils, you’ve thrown $5 away.

But before you assume that you shouldn’t buy perishables in bulk, see if neighbors or local friends of yours want to split certain items you use regularly. That way, you can benefit from Costco’s bulk prices without risking food waste.

4. Limiting yourself to what’s available at your local store

Costco’s inventory can vary from one store to the next. And sometimes, certain products can go missing for weeks on end.

But don’t assume you’re out of luck when that happens. If a given item you use regularly isn’t available at your local store, check out Costco.com to see if you can buy it there.

Costco usually charges a bit more for online purchases than in-store purchases because it commonly builds the cost of shipping into its prices with the former. But you might still find that Costco’s online price is still cheaper than your local grocery store price.

For example, right now, at Costco.com, you might pay $15.59 for a 62-ounce jar of peanut M&Ms, or $0.25 per ounce. The in-store price is probably less than $15.59. But if you eat peanut M&Ms every day and your local Costco is out, don’t assume you should run to your regular store. Instead, consider ordering your M&Ms through Costco.com. At your local supermarket, you might pay $0.45 an ounce for a larger-sized bag.

A Costco membership has the potential to offer a world of value. Try to stop making these mistakes so you can benefit as much as possible from yours.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

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*Stock Advisor returns as of February 6, 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.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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