Money Management

The only thing spookier than witches running amok is how much it can cost to dress as one. Check out a few ways to stick to an affordable costume budget. 

Halloween can feel like the unofficial kickoff to the holiday season. It opens the floodgates to all sorts of seasonal indulgences, from sweets to parties to special outfits. And oh, the spending! It’s hard not to give your credit card a workout this time of year.

You may be looking for ways to keep your personal finances in check this season, and one place to look is your costume budget. In 2022, the average cost of a Halloween costume for adults was $50, and only a bit less for kids at $30. That’s a lot to spend for one night of spookiness, especially if your whole family is dressing up.

While it’s always fun to get creative on Oct. 31, you’ll feel a lot better about your savings account balance heading into the holidays if you cut your costume costs way down. Here are a few suggestions for doing just that.

1. Go thrifting

I’m a fan of shopping secondhand year-round, but it can also be a great way to find a Halloween costume without paying ghoulish prices. Maybe you already have an idea in mind of what you want to wear, or maybe you’re a blank slate looking for inspiration. Either way, hitting up the thrift stores in your area should provide plenty of options for Halloween night.

Some outfits I’ve worn myself or seen others rock on Halloween that came from secondhand stores include:

Straw hat, striped shirt, and red scarf for a gondolierNeon ski suit from the 80sPoodle skirt and saddle shoes

2. Look outside

Granted, this one’s potentially a little more limited, but there’s also a good chance it will be free. If you’re looking for a simpler or more tongue-in-cheek costume idea, take a walk outside and see if inspiration strikes.

You could pick a bouquet of wildflowers to braid into your hair, wear a floaty blue-green dress, and call yourself Mother Earth. Or you could collect some colorful fall foliage to adhere to a shirt and carry a rake around. Boom — pile of leaves! I even had a family member who once attached the greens from a bunch of carrots to a headband and went out as a carrot top. And, of course, there’s the classic carved pumpkin head.

What I’m saying is, nature always provides…even if it’s a silly costume.

3. Shop someone else’s closet

If you’re looking for something a little more conventional, ask around with your friends or family to see if they have any costumes from previous years that you could borrow. It’s a great way to get a little more life out of what’s often a one-use item.

This can also be a nice option for finding costumes for little ones, particularly if they’re still too young to have an opinion about what they want to wear. There may be families in your circle with older kids who would be happy to supply you with a hand-me-down costume.

4. Get crafty

If you have a little skill and an eye for design, you could probably whip up a great Halloween costume for a lot less than what you’d pay at the store. Source some ideas online, then take yourself to the fabric shop and see what you can bring home. Or buy some face paint to give yourself a whole new look.

Even better, you can use a rewards credit card to pay for your purchase to make it even more affordable. Doing so means you can earn points or cash back while you shop and keep more money in your pocket.

No matter what age you are, Halloween can be a lot of fun, but the costs can add up quickly. By saving money on your Halloween costume, you can feel more confident that your finances are in a good place as we fly toward the end of the year.

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Thinking of opening an IRA for retirement savings purposes? Read on to learn about some of the benefits you might reap. 

Many workers rely on their employers to provide them with a savings plan for retirement. But not every company sponsors a 401(k) plan. So if you don’t have access to one, you may be thinking of opening an individual retirement account (IRA) instead.

As of 2020, only about 18% of Americans had an IRA, reports the U.S. Census. But that’s surprising given the benefits these plans offer. Here are four perks of IRAs you should know about.

1. They’re open to anyone with earned income

To qualify to contribute to an IRA, all you need to do is earn money. It doesn’t matter if you’re 15, 35, or 75. There’s no age limit to worry about.

However, there is an annual contribution limit you’ll need to stick to. This year, it’s $6,500 for workers under age 50, and $7,500 for those 50 and over.

Some people opt to work during retirement to earn extra cash and occupy their time. If you contribute some of your earnings to an IRA, you can shield some income from taxes.

2. They give you a limited penalty-free withdrawal to buy a home

If you’re funding an IRA to have savings down the line in retirement, then it’s generally best to leave that money alone until retirement. However, one thing you should know is that IRAs do allow you to take a $10,000 withdrawal at any age without penalty to purchase your first home.

Taking that $10,000 withdrawal could make it possible for you to become a homeowner at a younger age and start building equity in a place of your own. But remember, funds removed from an IRA can’t enjoy investment gains.

So let’s say your IRA generally delivers a 10% average yearly return, which is consistent with the stock market’s return over the past 50 years. If you remove $10,000 at age 35 to buy a home, you might end up with about $175,000 less retirement income by age 65 when you account for lost gains.

3. They offer more investment choices than 401(k)s do

With a 401(k), you’re generally limited to a mix of different funds to invest in, from passively managed index funds to actively managed mutual funds. You might consider that a good thing if you’re more of a hands-off investor. But if you like having a say over your investments, then an IRA may be a better bet.

IRAs allow you to buy stocks individually. If you’re willing to do your research and keep tabs on your portfolio, you may find that an IRA is more conducive to meeting your savings goal, since you get more of a say over how your money is invested. With a 401(k), you can pick your own mutual funds — but you don’t get to dictate which investments go into those funds.

4. You get extra time to make contributions

Contributions to a 401(k) plan must be made during a given calendar year to count for that year. Not so with an IRA. Rather, you get until the following year’s tax-filing deadline to finish funding your account.

So as an example, if you want your 401(k) plan contributions to count for 2023, that money needs to hit your account by Dec. 31 of this year. For your 2023 IRA, you have until the April 2024 tax-filing deadline to make those contributions and have them count for 2023 purposes.

Clearly, there are lots of benefits to saving for retirement in an IRA. You may want to consider one of these accounts for your nest egg, even if you happen to have access to a 401(k) plan through your job.

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It’s far less expensive to keep a pet healthy than to pay for care after they’ve become sick. Here are a few ways to protect their health. 

We sure love our pets. Not counting optional expenses, like potty training supplies, microchipping, and behavioral training, the annual cost of raising a dog averages between $700 and $1,000. According to Pettable, cat owners can expect to pay between $500 and $1,000 per year to keep their furry baby in kibble. If you’re fortunate enough to have a healthy pet, your out-of-pocket cost will be on the lower end of the scale. If your pet has a chronic condition or special needs, you may end up paying much (much) more.

There are no guarantees in life, but if you’d like to keep your pet out of the veterinarian’s office as much as possible, the American Veterinary Medical Association (AVMA) offers these tips.

Help your pet stick to a healthy weight

Many of us have looked down into soulful little puppy eyes, only to give in and give them a “taste” of the vanilla ice cream they’re subtly begging for. As happy as it makes them for a moment, human food is rarely a good idea. Not only is there too much salt and fat in human food, but a dog with access to both Pringles potato chips and a bowl of dog food is going to opt for the chips every time.

According to the Advance Pet Care Clinic, nearly 60% of cats and 54% of dogs are at risk for weight-related disorders. And once something like diabetes or kidney disease occurs, your veterinary bills are sure to shoot up.

In addition, a chubby pet (no matter how cute) is prone to bone and joint injuries. If you want your pet to feel good its entire life, stick to a healthy diet.

Make sure they have plenty of fresh, clean water

As humans, we are continually reminded to stay hydrated. Everything in our bodies — from our brains to our skin — craves water. The same is true for pets. The thing is, our pets need us to provide them with that water. Make it a habit to check your pet’s water bowl several times a day, and to top it off with fresh water when needed.

It may be a simple solution, but offering plenty of fresh water is one way to help your pet remain healthy, while also cutting down on the number visits you make to the vet’s office.

Get your pet moving

Like people, some pets enjoy lounging on the sofa more than others. AVMA says that dogs should spend 30 minutes to two hours on an activity every day. For cats, it’s two play sessions daily for 10 to 15 minutes.

Your pet may need more or less, depending on their age, breed, size, and overall health. The point is to fulfill your pet’s desire to move. Not only will it help control their weight, but it’s also good for their mental well-being.

Don’t skimp on wellness appointments

Keeping veterinary appointments to have your pet vaccinated against potentially deadly diseases like distemper, parvo, rabies, and panleukopenia is far less expensive or dramatic than skipping those appointments and dealing with a sick animal.

Another advantage of wellness appointments is that they often catch small health issues before they become troublesome and a drain on your bank account.

Maintain their healthy smile

The price of having your pet’s teeth professionally cleaned can vary wildly, depending on the type of cleaning and any additional dental problems the vet runs into. However, you can count on paying between $250 and $900, on average.

If it seems silly to shell out so much money to clean a non-human’s teeth, consider the number of health issues associated with poor dental health. For example, your pet can suffer tooth loss, gum disease, and even heart, liver, and kidney problems associated with dental problems.

If you’re concerned about the high cost of caring for your pet, you may want to look into pet insurance. Some policies include wellness plans to pay for expenses like vaccinations, while others are there to minimize the amount of money you pay for major medical issues.

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If you’ve just become a member of BJ’s, there are a few key facts to be aware of. Discover how to make the most of your membership. 

BJ’s Wholesale Club provides discounted prices on bulk items, which means you may get to keep more money in your bank account if you shop there. But there’s a lot to know about your warehouse club membership to make the most of your membership fees if you’ve just joined.

Here are a few key things to be aware of, so you can keep your credit card bills down and shop as smartly as possible.

1. You can use coupons

One of the most important things that you need to know is that BJ’s allows you to use manufacturer coupons. This may come as a surprise if you have previously been a member of any other warehouse club. That’s because neither Sam’s Club nor Costco accept coupons from manufacturers.

BJ’s also offers coupons of its own, including BJ’s Digital Coupons and Clipless coupons. You can combine different coupon offers when you shop there, but the total value of your coupons cannot exceed the value of the item.

Still, the fact that BJ’s accepts coupons is a huge advantage that can help you save money, and you should take advantage of it whenever you can. You can clip coupons for items you’re interested in from the Sunday paper, print them from manufacturer websites, or even buy them online from websites such as Sunday Coupon Inserts.

2. BJ’s offers free pickup

BJ’s provides Free Pickup Today as a service for anyone with an in-club membership (Online Access memberships don’t qualify). There is no extra cost for free pickup of your items, and you can schedule the time you want to get them.

This is also not on offer at every warehouse club. Sam’s Club provides free curbside pickup only for Plus members. Standard Sam’s Club members must pay a $4 fee.

Free curbside pickup can be a great option for your personal finances because when you order your items in advance, you don’t have to walk through the warehouse club and be tempted by impulse buys.

3. You’re limited in how many people you can share membership with

Your BJ’s card can’t be used by others, and there is a limit on how many additional people you can provide shopping privileges for.

Specifically, if you have a Club Card or The Club+ Card Membership, you’re allowed to add one additional household member without paying any extra fees and can add up to three supplemental members for a fee. Business Members are allowed to add one supplemental member for no charge and up to seven supplemental members for an extra fee. The fee is $30.00.

BJ’s members are also only allowed to bring two guests when they shop and must purchase items for their guests, as those guests don’t have purchasing privileges.

By understanding these facts, you can maximize your savings by using coupons and taking advantage of free pickup — and you can also make sure you don’t break the rules of your warehouse club membership. Being a more informed BJ’s shopper will help you save money.

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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.Christy Bieber 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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If you need to save more, now is a great time to do it. Keep reading to learn how you can put your money to work for you. 

There’s no universal rule of thumb when it comes to how much you should have in savings accounts. Most financial planners suggest an emergency fund equal to six months’ worth of expenses, but there’s also non-emergency savings to consider as well.

However, the average American doesn’t have nearly this much in emergency savings. About half of American adults couldn’t cover a $1,000 expense without borrowing the money or selling something, according to Federal Reserve data. But now could be a great time to get back on track if your savings account balances aren’t quite where they should be. And it’s easier than it has been in decades to put your savings to work for you.

Savings accounts

If you’re a customer at a branch-based banking institution, the term “savings account” might cause visions of 0.01% interest rates to appear in your mind.

However, there are some excellent savings accounts offered by online-based banks. And because of the rising interest rate environment we’re in, they pay extremely attractive annual percentage yields (APYs). In fact, deposits have declined at most of the big banks over the past year, and this is the big reason why.

Of course, savings accounts interest rates will fluctuate over time. But as of Oct. 10, 2023, there are some high-yield savings accounts offered by FDIC-insured, reputable financial institutions to online customers that have APYs (annual percentage yields) of more than 5%. If you have $10,000 in savings, it’s entirely possible to set yourself up to get $500 in extra money over the next year just by putting it in the right savings account, and with virtually no risk to you.

CDs

Savings accounts are a great tool if you need access to your money regularly. But if you’re reasonably certain you won’t need to touch your money for a while, high-yield CDs can be a great place to put your money to work.

It wasn’t long ago that it was difficult to find a CD yield greater than 2% — even from the top online banks. But that’s changed. There are some excellent 1-year CDs that offer APYs in excess of 5.5% as of this writing, and you can find a 5-year CD with a yield of 4.5% or more, so even if interest rates plunge, you’re guaranteed a high yield for the entire term.

I bonds

I bonds (officially called Series I Savings Bonds) are a special type of savings bond offered by the United States Treasury that are specifically designed to protect your money from inflation.

Here’s how it works: You buy an I bond from the Treasury online or by mail. You’re given an initial yield, which you’re guaranteed for the first six months, and it consists of two parts — a fixed rate that will stay the same for as long as you hold the bond, and a variable component based on inflation. I bonds purchased through the end of October have a 0.9% fixed rate and a 3.4% inflation adjustment, for a total APY of 4.3% for the first six months. But if inflation spikes higher, this APY can certainly grow. In fact, I bonds had initial yields of 9.62% during the 2022 inflation surge.

Which is best for you?

Like most financial products, there isn’t a one-size-fits-all answer here. If you might need access to your money at any time, a CD or I bond is clearly not the best option, just to name one example. However, the point is that there are more high-yield places to put your money to work than there have been in decades, so if you aren’t saving as much as you should, now is a great time to prioritize it.

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