Money Management

Are your savings efforts going nowhere? Read on for some advice that could kick things into gear. [[{“value”:”

A lot of people are having a hard time building savings these days. And that’s totally understandable.

As of December, inflation was still up 3.4% on an annual basis. And a lot of expenses, from housing to groceries, are still elevated. Since these aren’t expenses you can easily cut back on — you need to eat, and you need a roof over your head — it’s easy to see why your savings account balance may be stuck in the same spot.

Still, there may be some steps you can take to be more successful in the savings department. Here are three to consider.

1. Get on board with budgeting

Plenty of people insist they Will. Not. Budget. They say it’s difficult, boring, time-consuming…you name it. And honestly, if your financial situation is solid and you’re saving money regularly, then there’s really no need to push yourself to follow a budget if it’s not something you have the desire to do.

But if your efforts to save money aren’t panning out, give budgeting a try before writing off the idea completely. You may find that seeing your expenses mapped out for you and getting a better sense of what your various bills entail helps you make savvier choices.

If you don’t want to use a spreadsheet to budget, find a budgeting app you’re comfortable using instead. You may find that the process is less annoying this way.

2. Join the gig economy

Committing to a side gig may not be something you’re so eager to do. But the great thing about the gig economy is you don’t have to make a huge commitment. You can find a side job that’s flexible and easy enough to work into your schedule. And from there, you can work extra when it’s doable, and stick to your main job only when life is busy.

Some gigs that may lend to plenty of flexibility include:

House-sittingPet-sitting Grocery deliveryRideshare drivingData entryTelemarketing (yup, it’s still a thing)

Remember, any money you earn from a side gig is extra. So if you have a month when you only manage to put in a couple of hours and bring home an additional $50 — well, it’s $50 more than you had before.

3. Reassess your leisure spending

You most likely spend money regularly on things that are wants more so than needs, like streaming services, takeout meals, and non-work attire. It’s perfectly OK to do this. When you work hard, you deserve to enjoy some of your earnings. But if you’re having a hard time saving money, think about the things you’re buying that don’t count as necessities, and make sure they’re actually worth it.

For example, you may be paying $15 a month for a streaming service. But have you gotten bored of it? Do you only watch it once a month? If that’s the case, it may be something to consider canceling.

Similarly, you may be in the habit of dining at a high-end restaurant once a month with friends. If you care about the company but not so much about the food, why continue to blow $75 on a single meal? Instead, suggest lower-cost ways you can spend quality time together, like hosting potluck dinners or meeting for picnic lunches.

It’s hard to save money at a time when expenses are still so high. But these tips might help give your savings the lift you’re after.

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Here are some of Amazon’s best deals right now. Read on to see if they’re right for you. [[{“value”:”

If you’re an Amazon Prime member, you’re no doubt aware that the online retail giant offers great deals regularly. And it can be tricky to sort through all of them month after month.

In February, these items stand out for a few reasons. Not only are they pretty nicely discounted, but they’re also items that might come in handy or improve your quality of life at home. Check them out and see if any are a good buy for you.

1. Amazon Essentials Women’s Lightweight Long-Sleeve Water-Resistant Packable Puffer Jacket

At this point, a lot of us are starting to wish away winter and long for spring. But you might need a lightweight jacket for that in-between period when we’re past the snow but it’s far from warm.

This Amazon jacket does the trick. It’s water-resistant and packs down easily, so you can cram it into your shoulder bag or carry-on if you’re traveling. Right now, it’s 37% off its usual price of $42.70, which means you’ll pay just $26.90. And it comes in a variety of fun colors.

2. Serta 240-Thread Count Soft Hypoallergenic HeiQ Cooling Set — Two Queen Pillows

A good night’s sleep can do great things for your mental and physical health. It can also improve your productivity at work. So it pays to invest in a pair of good pillows to facilitate that.

Right now, Amazon is offering a two-pack of hypoallergenic Serta queen-sized pillows for $45.97. That’s 28% off the usual price. These pillows feature HeiQ cool technology to keep you comfortable and sweat-free while you sleep. They’re also medium firm — so not rock hard, but not so soft that your head will sink in to an unwanted degree.

3. Keurig K-Compact Single-Serve K-Cup Pod Coffee Maker, Black

Making coffee at home most days instead of buying it at Starbucks or a comparable shop could help your personal finances improve. Right now, Amazon has this Keurig model on sale for 20% off its usual price, so you’ll pay $79.99 instead of $99.99. With your Keurig, you can have freshly brewed coffee in under a minute, and you can choose from multiple cup sizes.

Don’t want coffee? Your Keurig can also dispense hot water if tea is more of your jam. If one of your New Year’s resolutions was to spend less on food and drinks outside the home, a Keurig could help you uphold it nicely.

4. Amazon Fire 7 Kids tablet

If you have a child with an upcoming birthday, or you’re looking for a great price on a kids tablet to stash away for the upcoming holidays, now’s a good time to pounce. Amazon is selling this kids tablet for $49.99, which is 47% off its usual price of $94.99.

The Amazon Fire 7 tablet includes a six-month subscription to Amazon Kids+, which is loaded with child-friendly games, books, and apps. Plus, your purchase comes with a two-year worry-free guarantee. If it breaks, just return it within that window for a free replacement.

5. POMORON MJ002H 4-in-1 Air Purifiers for Home

Even if you have a newer home, you never know what undesirable particles are making their way into your living space. And while doing things like changing your HVAC filters and getting your ducts cleaned can help with air purification, sometimes, you need a little extra help.

That’s why it could pay to invest in an air purifier like this model. Right now, it’s on sale for 43% off its usual price of $69.99, bringing your cost down to $39.99. If you have people at home with asthma or allergies, an air purifier could be a smart investment.

Of course, if money is tight, then it may not be the best time to buy a new coffee maker or purchase a kids device you don’t absolutely need. But if you’re doing OK financially and feel you can benefit from any of these products, then you might as well scoop them up while they’re on sale big time.

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.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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Financial compatibility is seriously underrated. Here are five questions to ask your partner to find out if you’re on the same page about managing money. [[{“value”:”

Compatibility with a partner is a multifaceted issue. You want to make sure you enjoy each other’s company and respect each other’s values. And if you’re building a life together, you also want to be on the same page about your personal finances.

It’s not the most fun conversation to have, but discussing your finances with your partner now could prevent a lot of stress and conflict down the line. Here are five questions you can ask to get started.

1. What are your core financial values?

Your core financial values are the guiding principles that shape how you earn and spend money. Major differences here could create long-term problems for couples.

Most people want to be financially secure and independent. But dig deeper than that. Ask questions like:

Is it important for one or both of you to maintain a certain type of lifestyle?How important is work-life balance to you?Do you want to devote a portion of your income to giving back to others?Do you prefer to spend your money on experiences or physical possessions?Is it worth it to you to spend more to be more environmentally friendly?

Ask as many follow-up questions as you need to get a clear picture of your partner’s views.

2. How do you envision managing shared expenses?

Shared expenses include everything from the rent and grocery bills to major long-term purchases, like a home or higher education. Every couple handles these differently. Some choose to open joint bank accounts and contribute an equal amount, while others prefer to keep their money separate and contribute proportionally based on their earnings. There’s no wrong answer. It’s all about what you and your partner are comfortable with.

Talk about how you plan to handle short- and long-term shared costs. You may already be sharing some expenses, so this is also a good time to raise any concerns you have about your current system.

3. How comfortable are you taking financial risks?

Some people are more risk-averse than others. This affects how they choose to pursue their long-term financial goals. For example, some might choose to bet big on riskier investments in the hope of making a profit quickly while others prefer to stick to more tried-and-true methods, even if it means waiting longer to achieve their goals.

Talk about what both of you think are financial risks worth taking and what’s too risky. You may also want to discuss what you’d do if one of you wanted to take a certain financial risk, like starting a business, and the other person was less certain about it.

4. What’s your biggest financial strength and weakness?

This is an opportunity for you and your partner to share what you bring to the table and where you might need a little extra assistance. Someone might earn a general salary, but not be a great budgeter. Or maybe you’re good with day-to-day money management but you don’t know much about investing for the long term.

Understanding each person’s strengths and weaknesses can help you allocate your financial responsibilities accordingly. It can also help you identify areas where you both might need assistance. For example, if neither of you is confident about filing your own taxes, you may want to consult a tax professional.

5. What are your financial deal breakers?

Everyone has financial deal breakers. It can be hard to share these things, but it’s important to do so if you hope to be on the same page with your partner.

A recent survey by Edelman Financial Engines revealed a list of Americans’ top financial deal breakers, including:

Not being honest with each other about spendingMaking big purchases without telling the other personNot sharing important financial information with their partnerNot having similar long-term goalsDisagreeing about how to manage debtNot having a similar vision for the futureNot being willing to share bank accounts and finances equallyDisagreeing about how much to save for the futureDisagreeing about how much to spend on kids

But you’re free to add your own deal breakers to the list if others come to mind.

If this feels like too much to discuss in one conversation, split it up into a few. Do your best to stay calm and nonjudgmental during these discussions. If concerns arise, talk through them with your partner and see if you can come to a satisfactory compromise.

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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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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Thinking of buying a newly built home? Read on to see why that choice might backfire on you. [[{“value”:”

When my husband and I came across an opportunity to buy new construction about 15 years ago, we jumped at it. We had recently sold our home and had limited time to find a new one. And we wanted to move quickly at a time when mortgage lenders were offering up pretty competitive interest rates.

Our experience wound up being far from ideal. The type of new construction we bought was a home being built from the ground up. Some new construction homes are simply new to the market — meaning, they’ve never been lived in, but they exist at the time you make your offer and put your mortgage in place.

A big issue we ran into with our home was delays, delays, and more delays — so much so that we had to secure temporary housing while our house was being finished. We also had to dip into our savings account to pay to store our belongings for multiple months.

But that’s not the only reason I like to caution people against new construction. Here are a couple more issues you might encounter if you decide you’re going to purchase a newly built home.

1. You might face hidden costs

There are certain features you’d expect out of a home that may not be included in your new construction contract. In our case, our build included closets in different parts of the home. But our contract didn’t specify that our builder was required to provide ample shelving in those closets.

To cut costs, our builder basically put a single shelf in each closet and called it a day. As a result, we had to hit the hardware store after we moved in, buy added shelving, and install it ourselves or otherwise pay for a contractor out of our own pocket.

This is just one example of many of the hidden expenses we faced. If you’re buying new construction, be careful and read your contract carefully. That way, you should know exactly what is and isn’t included in your purchase price.

Also, don’t hesitate to negotiate with your builder. If your contract simply says “closets,” require your builder to specify how much shelving they’ll provide. If they say a single shelf per closet, ask for two or three, since that’s, you know, normal.

2. You might end up with builder-grade materials

The term “builder-grade” might seem like a positive one. But anyone in the real estate industry will tell you that builder-grade is basically synonymous with crap. Not only can builder-grade materials sometimes look less attractive, but they may not have the same staying power as higher quality materials.

In our house, our builder-grade paint started to chip very early on. We had to repaint several rooms within a couple of years of moving in. Our builder-grade faucets also started to leak and rust sooner than they should’ve, leaving us to replace them on our own dime.

If you’re thinking of buying new construction, you’re in good company. An estimated 668,000 new construction homes were sold in 2023, according to the U.S. Census.

But before you do, take our experience to heart. While you may be excited about getting a brand-new home — one you can potentially even customize — you might also end up spending beyond your budget and having to make repairs early on when things don’t work the way they should. You’ll need to weigh the benefit of a newly built home against the drawbacks involved.

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…

See the 10 stocks

*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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