Money Management

Bargain-filled Costco offers a surprisingly large number of gifts for the discerning foodie. Here are some of those gifts that are currently on sale. 

Foodies are notorious for having picky palates, so you may be intimidated when it comes to gifting. While Costco isn’t necessarily what comes to mind when you think “gourmet,” the warehouse brand actually has a variety of products that could fit the bill for a discerning giftee. Here are a few potential gifts on sale right now.

1. Japanese Wagyu Center Cut New York Strip Steaks

Japanese A5 Wagyu is some of the most expensive beef in the world. This listing includes four 12-ounce New York Strip cut streaks for a total of three pounds of beef imported straight from the Kagoshima prefecture in Japan. Any foodie I know (myself included) would be overjoyed to try this rare treat.

Sale Price: $379.99

Sale ends: Dec. 17, 2023

Comparable deals: This is the best price I found on pre-cut steaks. But if your giftee doesn’t mind (or even prefers) cutting their own steaks, crowdcow.com is currently offering a 3.25-pound Japanese A5 Wagyu New York Strip Roast for $363.18 with a free shipping offer.

2. Vitamix Immersion Blender 5-piece Set

This is one of those kitchen tools you find a million uses for once it’s in your kitchen. This five-piece set not only includes Vitamix’s popular immersion blender, but also whisk and chopper attachments, as well as a blending jar and storage case.

Sale Price: $174.99

Sale ends: Dec. 24, 2023

Comparable deals: I didn’t find a better deal on this particular bundle. In fact, Vitamix has a four-piece bundle (this set minus the storage case) for $239.95. If you don’t need the accessories, however, you can save a pretty penny on just the immersion blender, which I found on Amazon.com for $119.95.

3. Plaza Golden Osetra 2 oz Caviar Gift Set

Is there anything more quintessentially ooh-la-la than caviar? This gift set includes everything you need, including a 2-oz vacuum-sealed jar of caviar from Greece, bellini, creme fraiche, a mother of pearl caviar spoon, and a thermal tote.

Sale Price: $129.99

Sale ends: Dec. 17, 2023

Comparable deals: I couldn’t track down a better price on this gift set; the closest was Pacific Plaza’s own website where it was listed for $169. Moreover, I couldn’t find any caviar sets — or just the caviar itself — online for less. Your best bet may be to go to a specialty grocer for just caviar and build your own gift set if you want to try to save money here.

4. Keurig K-Supreme Plus Special Edition Single Serve Coffee Maker

While I’m not a coffee drinker, I have two aficionados in my family, and they love our Keurig Supreme. (Note from a tea drinker: You can get tea pods for this — don’t. Most tea drinkers will not enjoy it.) Worried about the waste? No problem. This set from Costco includes the My K-Cup® Universal Reusable Coffee Filter so you can grind your own coffee and skip the disposable pods.

Sale Price: $99.99

Sale ends: Dec. 25, 2023

Comparable deals: I couldn’t find any better prices on the machine, let alone the machine with these accessories. Indeed, Costco’s regular price on this set ($139.99) is still less than Keurig charges for a K-Supreme Plus, which runs $219 on keurig.com.

5. Mazzetti Traditional Balsamic Vinegar of Modena Aged 25 Years

Sweet, tart, and oh-so-tasty, I love a nice balsamic vinegar on everything from asparagus and brussels sprouts to roasted chicken. Like its cousin wine, balsamic vinegar changes as it ages in the barrel, creating a more complex flavor.

Sale Price: $84.99

Sale ends: Dec. 24, 2023

Comparable deals: This is the best price on this brand and age I could find (the Mazzetti website is charging $120). You might find another brand for less money, but read the reviews to make sure you’re getting quality. If you want to stick with the Mazzetti brand but spend a little less, Costco also has the 12-year-old balsamic for about $55.

Piquing the palate without breaking the bank

I’ve looked at a lot of somewhat pricey picks for the discerning foodie on your gift list. But you don’t necessarily need to break the bank to make the gourmet in your life happy. Here are a few tips for saving money on gifts for foodies:

One delicious taste is better than a plate full of something lesser. If you want to splurge on something fancy, keep it small to stay on budget.Many foodies enjoy everyday favorites as much as rare treats. Chat them up to find out their favorites and put together a few of the less-expensive selections for a personalized gift basket.Most grocery stores have a selection of locally made artisanal products. These make excellent treats for foodies, especially if they’re from another state or region and haven’t tried these brands before.Many specialty and online grocers will code as “groceries” on your rewards credit cards. So, use your grocery rewards card to maximize your cash back or points.Gift sets are nice when they’re affordable, but you may be able to knock the price down by shopping for the items individually.Foodies love trying new foods. If you’re good at making something different or exotic, that could be a perfect gift for an adventurous foodie.

Folks with a deep interest in anything can be intimidating to shop for, but foodies are easy to please on any budget. If you can’t find something at Costco (shocking, but it happens), hopefully these tips can see you through.

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

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If you owe more than your insurance company says your car is worth, financial disaster could result. Learn what could happen — and how you can protect against loss. 

Many drivers owe more than the market value of their vehicles. According to data from Edmunds, when people traded in their cars in the first quarter of 2023, the average negative equity value was $5,341. That means drivers owed an average of $5,341 more than what their car was worth at the time of trade in.

For drivers in this situation, it can be a major problem if something happens to their car — such as a theft or another vehicle that damages it beyond repair. Here’s why.

What happens when a car isn’t worth what a driver owes?

In this situation, the insurer would evaluate the fair market value of the vehicle and then pay out that amount, minus any deductible on the insurance policy that applies. But, the fair market value could be — and often is — thousands of dollars below the amount due on the auto loan.

The auto loan lender still needs to get paid, even if the insurance check isn’t big enough to cover the full balance due. A driver with a totaled car could get stuck paying the remaining balance of an auto loan out of their bank account for a car they no longer own or drive.

How to protect against big financial losses

Getting stuck making payments on a totaled or stolen car is a terrible situation. Fortunately, there is a way to make sure auto insurance pays off the full remaining loan balance. Drivers can make sure that happens by buying gap insurance.

Gap insurance pays for the amount left over on a car loan after an insurer cuts a check for the actual cash value of the car. For example, say a driver owed $30,000 on a car and the insurer paid out $24,000 because it felt this was the fair market value after the deductible. Gap insurance in this case would pay for the other $6,000 remaining on the loan and ensure the driver didn’t get stuck paying the remaining loan balance.

Gap insurance usually costs around $20 to $40 annually when added to an auto insurance policy. Paying for this added coverage could prevent a huge financial disaster though. Borrowers should seriously consider adding gap insurance to their auto policy until they’ve paid down the loan enough that the car is worth more than what they owe.

Drivers should check their policies today to make sure they have this coverage if they need it. An insurance agent can help, or drivers can read their policy documents to see if gap insurance is in place. If not, it’s a good idea to reach out to the insurer to buy this add-on coverage ASAP before something goes wrong and it’s too late.

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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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Costco memberships can offer a ton of value. But read on to see why keeping yours may not make sense in the new year. 

If you’re a member of Costco, you’re in good company. As of September 2023, the warehouse club giant had an impressive 127.9 million cardholders and 71 million member households.

You may be well aware that a Costco membership has the potential to result in a lot of money for your savings account. But if these things apply to you, you may not want to keep your Costco membership in the new year.

1. You really haven’t been using it

If you spend a lot of money on grocery purchases at Costco, then it can be pretty easy to justify the cost of a membership. But if you only visited Costco a handful of times this year, then it may be that you’re not saving enough money to make that membership worth paying for.

Be realistic about how often you’re likely to use your membership in 2024. If you only tend to visit Costco a couple of times a year, it could be worth seeing if you could just tag along with a family member or friend when you need to go rather than pay for a membership yourself.

2. You’re downsizing

One of the benefits of having a Costco membership is getting to reap savings by buying household essentials in bulk. But if you’re making plans to downsize your living space in the new year, then having a Costco membership might stop making sense.

Buying things like cleaning supplies and paper towels in bulk really only works if you have a place to store them. You don’t want to end up having to house your supplies in the middle of your dining room because you no longer have the storage space to keep them tucked away.

Also, sometimes, a smaller living space means a smaller kitchen — and a smaller fridge to go along with it. That could make it harder to buy large quantities of perishable food.

3. You’re moving someplace where there’s no Costco nearby

Costco has an impressive 600 warehouse club locations across 47 U.S. states and Puerto Rico. But if you’re moving in 2024 and your new home won’t be located anywhere close to a Costco store, then it could make sense to cancel your membership.

Let’s say a typical Costco trip saves you $20 compared to what you’d spend at a regular supermarket. If you move far away from a Costco location, you might spend that $20 in gas back and forth just to get there. Plus, you’re spending lots of time on the road.

Now, you could decide to keep your Costco membership for online shopping purposes. That’s not necessarily a poor choice. But do know that Costco prices tend to be higher online than in stores. And sometimes, there’s a considerable price difference. So you’ll need to decide whether you’re willing to still spend that money if it means saving less.

You may have loved having a Costco membership until now. But if these factors apply to you, then you may be better off canceling your Costco membership in the new year rather than continuing to pay.

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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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More bank accounts means more balances to monitor. But learn why spreading out your money can be a good strategy. 

Opening a new bank account has never been easier. You can set up a bank account online, from the comfort of your own home — without even putting on shoes! But I understand the inertia of adult life, and how easy it is to just leave your money with the bank you’ve always used. And if that bank comes with benefits you don’t want to give up, that’s totally understandable.

I have accounts with two different banks these days, and one of them is a brick-and-mortar bank that I’ve used in some form or fashion for nearly two decades. I like my checking account there, as well as the bank’s credit cards. Despite my generally favorable opinion of my long-time bank, I also opened accounts with an online-only bank last year.

Read on for a few reasons why it’s worth the time and effort of opening and maintaining multiple accounts across multiple banks.

1. Taking advantage of higher yields on savings

This is hands-down the best reason to explore your banking options right now. We’ve seen an unprecedented string of Federal Reserve interest rate hikes as the federal government attempts to deal with inflation. Thankfully, as of the last Consumer Price Index Summary report, we’re sitting at 3.2% inflation. This is still above the 2% inflation target the Federal Reserve aims for, but it’s miles better than June 2022’s 9.1%.

Those interest rate hikes have meant that banks and lenders of all kinds are now charging higher consumer rates on all types of borrowed money, be that credit cards, personal loans, or beyond. But there’s a silver lining for folks with money in the bank: We’re seeing much higher annual percentage yields (APYs) on the best savings accounts, and if you have a significant sum of money saved, you can earn real money on it right now.

So if you’ve got cash languishing in a savings account paying around 0.46% (the average rate on all savings accounts, according to the FDIC), definitely look into a high-yield account while rates are still up. You can find rates 10 times that high — or even higher. Don’t forget to investigate CDs and money market accounts, too, as rates are up on these as well.

2. Brick-and-mortar banks give easier cash access

One of the few drawbacks of online-only banks is that direct access to cash can be very difficult or impossible without doing some tap dancing. And by that, I mean you’ll need to transfer your money to a brick-and-mortar bank if you’re hoping to remove a large sum of it. My online-only bank has a network of ATMs, and thankfully one of the machines linked to it is located in a drugstore in my neighborhood. But ATMs limit cash withdrawals, often to just a few hundred dollars a day.

If I needed a large amount of cash, I’d need to wait a few days for a transfer to my brick-and-mortar bank, then physically visit during business hours to make a withdrawal. So spreading out your savings between online and traditional banks can be a good idea if you want the best of both worlds — a higher APY and cash access when you need it.

3. Expanded FDIC insurance

While this is unlikely to be a problem for a lot of people, if you have a lot of cash in the bank and your bank fails, you could lose money. Specifically, most FDIC-insured banks protect up to $250,000 of your cash (although some have expanded protection these days).

If you have more than that saved, spreading it out between a few banks is a great way to ensure all of it is protected. Want to double-check that your banks are insured? Hop over to the FDIC’s BankFind Suite tool to see.

4. Saving for different goals can be easier — and even more fun

Finally, having multiple accounts with different banks gives you the chance to save money for different goals without “crossing the streams,” as it were. You probably don’t want to accidentally spend money from your emergency fund on the new car tires you’ve been saving for, for example.

My online-only bank has a neat feature that lets me create up to 30 sub-savings accounts within my main account. I can name them, set goals and timelines for saving, and when I reach one, I even get a congratulatory email from the bank. Saving money can be hard, especially when the future looks hazy and you want to make a purchase in the here and now. This feature helps, and you might have to open a new bank account to get it. It’s worth it, though.

Are you ready to expand your banking horizons in 2024? Moving some cash to a new bank account with a different bank can be a great move, for all the reasons above.

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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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