The Consumer Financial Protection Bureau is working to eliminate predatory fees. kryzhov / Shutterstock.com
Pesky overdraft fees from banks and credit unions could soon get a major overhaul, collectively saving Americans an estimated $3.5 billion a year. The Consumer Financial Protection Bureau, or CFPB, announced Wednesday that it intends to curb overdraft fees from big banks by proposing fee limits and treating overdrafts more like loans, which are subject to stricter oversight.
Amazon’s prices are often outstanding. Read on to see what great deals you can find this month.
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If you like saving money, then shopping on Amazon is something you may do often. Amazon is known for its competitive prices. And this month, you may want to consider these buys in particular.
If “cook more” is one of your financial resolutions for the new year, then you may need to invest in a few tools to make that easier. This Ninja pressure cooker and air fryer could be your ticket to a host of home-cooked meals without a hassle.
It features 12 different settings that allow you to do everything from steam to saute to broil, and it even includes a recipe book to get you started. Best of all, right now, it’s 32% off the usual price. And if you pay for it using your Amazon Prime Visa, you can score 5% cash back on your purchase.
Now that winter is setting in, you may be getting out less often with your kids, which could mean a lot of weekends filled with “I’m bored” complaints. As such, no one would blame you for buying yourself some golden silence in the form of a kids’ tablet.
Right now, Amazon has this tablet on sale for $54.99, which is 42% off the regular price. It includes a two-year worry-free guarantee (if it breaks, you’ll get it replaced) and a six-month subscription to Amazon Kids+. Plus, parental controls let you filter content so you don’t have to worry about what your kids are watching.
If you’re a driver, you may be well aware that being at fault for a car accident could drive your auto insurance premiums upward. So if you’re a safe driver, you may want to invest in a dashboard camera. That way, if you’re involved in an accident that clearly wasn’t your fault, you’ll have proof.
Right now, Amazon is selling this dashboard camera for 36% off its usual price. It features superior night vision, GPS, and the capacity to record up to 24 hours in its parking mode.
If you work on a computer all day long, you may be aware that using too small a screen could really strain your eyes — and just plain make your job more difficult. Why go through that hassle?
Right now, Amazon has this model on sale for 27% off its usual price. It’s great for gamers as well as those who are forced to spend hours on end staring at a screen for work. It also features an anti-glare screen and a flicker-free picture.
If you’re self-employed, make sure to keep your receipt for a purchase if you’re buying it for work purposes. It may be an expense you can deduct on your taxes.
Just because it’s winter doesn’t mean youth sports are on pause. If your weekends are still filled with soccer games and such, you may want to invest in this unisex heated jacket, which is currently 51% off its usual price.
It features six heating zones and up to nine hours of runtime when all zones are activated. That buys you a lot of warmth when you’re stuck outdoors for hours.
These are just some of the great buys you’ll find on Amazon this month. But before you make a purchase, take a look at your financial situation and make sure you can afford an extra charge on your credit card bill. Many people are still paying off the purchases they made during the holiday season. If you’re in that boat, you may want to hold off on new purchases until you’re completely debt-free.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
It’s a new year. Make the most of it by securing your finances. Read on to see how.
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The start of a new year is a popular time to focus on improving your personal finances. And the good news in that regard is that 81% of Americans say they plan to build up their emergency savings in 2024, according to recent data from Fidelity.
You may be eager to grow your emergency fund this year, as well. But if you’re not sure how much cash in your savings account to aim for, that’s understandable. Let’s walk through the numbers you should be focusing on.
The purpose of an emergency fund is to give you money in the bank to fall back on in case unplanned expenses arise. Your emergency fund should also be set up to get you through a period of unemployment which, unfortunately, could happen at any time — even a time when the economy is in good shape and jobs are abundant.
A good starting point for calculating your emergency fund is to figure out how much it costs to be you for a month, and then multiply that total by at least three. For even better protection, aim for enough savings to cover six months of bills.
Now, when we talk about being able to pay for three to six months of expenses, most financial experts tend to focus on essential expenses — things you can’t go without, like rent, car payments, food, and medication. But you’ll also need to be reasonable when putting your numbers together.
Are you really going to cancel your $15 streaming service at a time when you’re stressed out about having to find a job and need the distraction of watching something funny on TV? Probably not.
Similarly, let’s say you have kids who are enrolled in different activities. Those may not be essential bills the same way your mortgage is. But do you want to yank your children out of art class and soccer for a few months while their friends continue because you’re out of work? Probably not.
As such, you may want to calculate what it costs to be you each month in terms of not just necessary expenses, but also, important expenses you wouldn’t want to have to give up. If your total comes to $3,000, then it means that at a minimum, you should aim for a $9,000 emergency fund. But you may want to reach for $18,000 if that’s doable for more peace of mind.
It’s conceivable that a single home or even car repair could wipe out your emergency fund entirely. So if you own a car or home and think you’re likely to have to make repairs in the not-so-distant future, then you may want to pad your emergency fund beyond what you need to cover three to six months of bills.
It’s hard to land on a single number. A home repair could cost $2,000, or it could cost $20,000. You may want to think about the components of your car or home that are most likely to break in the near future, research the cost of fixing or replacing them, and then aim for that much more money in your savings.
It’s great to see that the bulk of Americans are aiming to save more in 2024. You may want to do the same, but it’s smart to have a game plan so you know what number you’re aiming for. And using this formula is a great way to get on the right track.
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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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
In the habit of sharing your Costco membership, or borrowing someone else’s? Read on to see why that may no longer fly.
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One of the best personal finance decisions you might make as a consumer is buying a membership to Costco. For just $60 a year for a basic membership or $120 a year for an Executive membership that gives you 2% cash back on all of your purchases, you can enjoy a world of savings on bulk grocery items and household essentials.
But maybe you’re someone who doesn’t live particularly close to a Costco location. Or maybe you just don’t expect to shop there very often. In that case, you may not want to invest in a membership of your own, but rather, you prefer to piggyback off of a friend, neighbor, or family member’s membership.
It’s a tactic plenty of people employ. But it might soon prove tricky.
Costco gets a lot of its revenue from collecting membership fees. As such, it wants to encourage as many people as possible to sign up. And it wants to discourage people from using other people’s memberships to gain access to the store. To this end, Costco is changing the way it checks on memberships — at least in some locations.
Typically, what’ll happen is that when you enter a Costco store, you’re asked to show your membership card to an employee. But if you’re entering at a busy time, that employee probably only has time to verify that you’ve flashed an actual membership card — they probably can’t check to make sure that you’re the person whose card it is.
A new system is seeking to change that. Costco has installed scanners at some of its store entrances. These scanners are designed to match members to their cards before they’re allowed to come in and shop.
Now, this isn’t a totally new practice. Costco recently started asking members to show their membership cards and photo IDs at the store’s self-checkout registers. This new system, however, could help avoid holdups at the store’s checkout lines, which are often lengthy.
You don’t necessarily need to buy a Costco membership to gain access to the store. Members are allowed to bring up to two guests to shop with them. The only catch is that you need to go with a current member — you’re not supposed to just borrow that member’s card and go on your own without them.
Another option for shopping at Costco without a membership is to have a current member buy you a Costco Shop Card you reimburse them for. That’s Costco’s version of a gift card, and if you have one, you’re allowed in — even without a membership card.
Otherwise, if you want the flexibility to shop at Costco whenever you want, you’ll need to invest in your own membership. But that may not be such a bad idea.
Costco is committed to customer satisfaction, so if you buy a membership and don’t find it useful, you can cancel at any time and get a refund for the remainder of its term. Also, you may find that once you have easy access to Costco, you’re able to take advantage of its great prices and save big on staple items you buy regularly.
So before you write off the idea of joining Costco yourself, try it out. Buy a $60 membership and see how much you save by shopping there in the course of your first two months. If it’s more than $10, it means you’re ahead financially, since your $60 membership fee divided by 12 equals a $5 monthly investment.
Remember, too, that in some cases, making a single Costco purchase could pay for your entire membership fee for the year. Let’s say you’re looking for a new TV and Costco has the model you want at a price that’s $80 lower than its closest competitor. Right there, you’ve come out ahead financially. So don’t be too quick to write off getting a membership of your own — even if you’ve historically been able to use other people’s memberships.
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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.
Older houses are notoriously cold. Here’s how one homeowner keeps warm without breaking the bank.
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I love old houses, all that charm and character. Indeed, I love them so much I bought one. And let me tell you, the old gal positively leaks charm and character.
Know what else she leaks? Everything — including heat.
Older houses are notoriously hard to keep warm in the winter. But our heating bills are surprisingly manageable so far. Here are a few of the things we’re doing to keep them that way.
My beloved centenarian abode is as drafty as you’d likely expect. But we’ve done what we can in the short term to address some of the trouble spots.
For example, we replaced the worn weather stripping around the doors and windows. We also added a thick draft stopper — basically a heavy cloth tube filled with buckwheat hulls — to stop the persistent draft from the bottom of our back door.
We added extra thick curtains to the windows, particularly those on the north side of the house. The blinds, plus the curtains, create layers of insulation that help stop the heat from escaping.
While these are just little things, they do help. However, we absolutely plan to address some of the larger insulation problems as budget permits. This includes getting a full energy audit, updating the attic insulation, and replacing older windows.
So, I’ll preface this one by saying that this is not a “cheap hack” type of tip. But updating your heating system can do absolute wonders for your monthly energy bill, especially if you upgrade to a more energy-efficient system.
The cost of this can vary a lot. If you don’t have ductwork, adding it can cost a small fortune. Even just replacing an older furnace with a new one is thousands of dollars.
In my case, replacing the furnace wasn’t exactly a planned activity; the old unit decided it was done, and we weren’t in a position to argue about it. However, now that it’s here, I do notice that my energy bills have gotten a bit better. Turns out an old, leaky furnace is not the most energy-efficient way to heat a house. (Go figure.)
Even if you don’t upgrade, I suggest getting your heating system serviced by a professional every year to ensure it’s in good working order — and to ensure it stays that way. This can also help you plan a possible replacement as your current system reaches its end of life.
Oh, and don’t forget to change your HVAC filter. I peek at ours once a month, and change it out at least every three months, per EPA guidelines.
When we moved in, the house had a simple thermostat that couldn’t even be programmed. This led to a lot of instances where the house was too hot or too cold because no one adjusted the thermostat.
We’ve since upgraded to a smart thermostat, and the difference is noticeable. For one thing, I don’t need to remember to turn it down at night before bed. And if I forget to turn it down on our way out the door, I can do so from the road. The chillier members of the family are also big fans of the ability to turn the thermostat back up on our way home so it’s already warming up when we walk in the door.
If you’re comfortable letting your power company have a little access to your thermostat, you could potentially get a rebate for upgrading, too. Many providers are rolling out smart thermostat rebates if you allow them to adjust your thermostat by a few degrees during peak demand.
Everyone in my household has a different temperature preference (including our budget, which likes whatever keeps the bills down). So, we all compromise by maintaining the whole house at a moderate temperature, and using secondary methods to make our personal spaces warmer if we want.
For instance, bedrooms and common rooms have smaller electric heaters sized for their respective spaces. (Putting a tiny heater in a big room is not an efficient use of energy.)
Additionally, everyone has an electric blanket on their beds — and then some. One member of the family who runs particularly cold even has an electric blanket on the sofa for after-dinner hangouts, and another that plugs into the car for longer road trips.
I love winter wear. As soon as the weather cools, the flannels and cardigans come out. And I’m not just talking about when we leave. One of the best ways we’ve found to keep ourselves comfortable without running the heater all the time is simply to layer up.
Since I work from home, my daytime uniform is comfortable pants, a tee, and a warm long-sleeved shirt or sweater. If I’m feeling chilly, I don’t touch the thermostat; instead, I add a pair of fuzzy socks, a thicker sweater, or just put a blanket on my lap. If that still isn’t quite enough, I’ve been known to sport a hat around the house.
Layering is a great way to keep your body heat from escaping. Several thin layers that allow for air breaks in between are more efficient than a single, thicker layer at insulating your body.
Our older home isn’t the best at keeping the heat inside, but we love her anyway. And with these tricks, even our personal finances are happy all winter long.
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Costco’s featuring some great sales this month. Read on to learn what bargains you can snag.
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The nice thing about Costco is that it not only carries a wide range of products, but it also tends to discount its products on a rotating basis. This month, you’ll find several outstanding deals at Costco, including these.
If there’s one name to trust in the world of vacuums, it’s Dyson. Dyson models don’t tend to come cheap, but they’re known to really get the job done. And this cordless vacuum is no exception. It features three cleaning modes and up to 60 minutes of run time. And with an average rating of 4.6 out of five stars, the reviews speak for themselves.
Right now, Costco is offering this Dyson model for $100 off the regular price. Now one thing you’ll need to know is that this is a member-only item. Normally, non-members can shop at Costco.com, but there’s usually an order surcharge that applies. This item, however, is off-limits to you if you don’t have a Costco membership.
But when you think about it, a Costco membership only costs $60 a year. So if this is an item you could really use, it might make financial sense to pay for a membership, get your $100 off, and then see how useful Costco access ends up being for you.
Making coffee at home can save you a lot of money compared to the cost of buying it at a store every day. And now, you have an even bigger opportunity to save money on your caffeine habit.
Costco is offering up a 120-pod box of Kirkland coffee for $6 off the usual price. And while you could buy this item online, purchasing it at a Costco warehouse location might mean paying even less all-in.
Now that we’re deep in the throes of winter, you may be struggling to keep your house warm if it’s older and lacks insulation. Or, it may be that your heating system is aging and doesn’t offer the most oomph.
A space heater might come in really handy, and Costco is offering this model for $10 off the usual price. It features three different heat settings and a 12-hour automatic shut-off timer. Just as importantly, it includes safety features like a child lock and overheating and tip-over protection.
Maybe one of your New Year’s resolutions is to exercise more in 2024. This stationary bike could make that possible. It features multi-position handlebars, Bluetooth connectivity, and digital smart resistance for a solid workout.
Now, one thing to note is that reviews on this item are a bit mixed. Some users say it works well (especially for a not particularly expensive piece of exercise equipment), while others had some issues with its performance and assembly. The good news is that Costco stands behind its products, so if this bike doesn’t meet your expectations, you can return it for a refund.
Maybe you’re looking for a new laptop because you’ve gone freelance and want more efficient tools to do your job with. Or maybe your current laptop is older and losing steam, and you’ve been saving for a new one and are ready to pounce.
This Lenovo model features an anti-glare LCD touchscreen with LED backlight, an integrated webcam, and Windows 11. And with a 4.5 out of five stars rating, users are generally pleased with this purchase.
You should also know that when you buy electronics through Costco, you get not only free tech support, but also a free second-year warranty included. Between that and the $200 off that’s currently available, this laptop reads like a pretty good buy.
These are only a handful of the great deals Costco has on sale this month. It pays to visit your local warehouse club store or check out Costco.com’s inventory for more limited-time bargains.
This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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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