Money Management

There’s a new division at Dollar General called pOpshelf, and it could be coming to a shopping center near you. Learn whether it’s worth checking out. 

Dollar General stores are found throughout the U.S. and can provide some good bargains thanks to their selection of bank-account friendly items. However, the stores are often cluttered with stuff and may not provide the best shopping experience out there.

In an effort to cater to customers who want a more upscale shopping experience, Dollar General is opening retail locations that operate under a different brand. These stores are called pOpshelf, and they’re meant to appeal to wealthier and more suburban customers.

If you haven’t shopped at one yet, the big question is, should you check out pOpshelf or steer clear?

Do you have a pOpshelf near you?

While you can find Dollar General stores just about anywhere, the number of pOpshelf locations is currently much more limited. There will be approximately 1,000 pOpshelf stores by the end of 2025 (according to Dollar General), but they currently exist only in a limited number of states, including:

AlabamaArkansasFloridaGeorgiaIllinoisIndianaKentuckyLouisianaMarylandMissouriMississippiNorth CarolinaNew JerseyOhioOklahomaSouth CarolinaTennesseeTexasVirginia

While pOpshelf does have a website, you can typically only buy items online to pick up in your local store — not to have them shipped. So if there’s no pOpshelf in your area yet, you won’t be able to shop there until the store continues with its expansion efforts. You can also check your local Dollar General, as a small number of them have scaled-down versions of pOpshelf as a store within a store.

Do you need the items pOpshelf offers?

Dollar General sells a lot of practical necessities, including food, beverages, and household products like paper towels. pOpshelf does not really offer these kinds of essentials but instead is focused on items like beauty products and home decor.

If you are in the market for fun purchases and you won’t have to go into credit card debt to buy them, then there’s nothing wrong with checking out what little splurges pOpshelf can offer you. But if you are on a tight budget and you tend to overspend in places where home decor and kitchen items can be had for relatively low prices, you may want to steer clear of the temptation.

After all, while an adorable $8 blue bubble glass isn’t a huge splurge, if you’re the type of person who would justify buying a bunch of them because the individual price isn’t that high, pOpshelf may not be the place for you.

Will pOpshelf offer you the best prices?

Many items sold at pOpshelf are priced at $5 or less, but that’s not the case with all items. Some have prices as high as $18 or more. Some of the items are also priced a lot higher than at competitor stores like Dollar Tree. For example, a Halloween-themed mug would run you $3.00 at pOpshelf, while you could get a fall-themed mug for just $1.25 at the Dollar Tree.

It’s important to compare prices and not just assume that pOpshelf will offer good deals because of its affiliation with Dollar General. By keeping these three factors in mind, you can decide if shopping at pOpshelf is right for your personal finances.

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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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A good life insurance policy can provide peace of mind. Discover why one writer canceled her insurance coverage and now goes without it. 

Life insurance is a way to buy peace of mind that your loved ones will be able to manage without you, at least from a financial standpoint. If you have people that rely on you for income or services that would otherwise need to be paid for, dying without life insurance (or another financial cushion you’re leaving behind) could be catastrophic.

I used to have an inexpensive term life insurance policy, but I canceled it a few years ago when money was tighter than it is now. But even after my financial situation improved, I didn’t bother replacing it with a new policy. Here’s why.

I have no (human) financial dependents

At the time I canceled my old life insurance policy, I was facing a pay cut at my job thanks to the COVID-19 pandemic, and was trying to find ways to lower my already fairly minimal monthly expenses. I had also gotten divorced again the previous year, and at that time, canceling or modifying the insurance policy (which had my ex-spouse listed as a beneficiary) didn’t really occur to me. (Note: Don’t be like me — if your personal situation changes, review existing insurance coverage to ensure the right people are listed as beneficiaries.) So the life insurance policy ended up on the chopping block, and I haven’t felt the need to get a new policy for one major reason.

I have no other humans depending on my income, and this isn’t likely to change in the foreseeable future. I’m not a parent and won’t be getting married again — I’m not single, but my personal finances are. I do currently have three furry dependents, in the form of the cats I’ve adopted. Their care is important to me, but I’ve provided for them by allocating funds in my will, rather than by getting a life insurance policy.

How can you make life insurance cheaper?

If you have a spouse or children (or both), life insurance really should be on your radar. And even if you aren’t married or a parent yet, if you intend to be in the future (or will have other people relying on you financially), the time to get a policy in place is “as soon as possible.” The same is true if you co-own a business with someone else who might struggle without your help. You might assume that you’ll be stuck paying a lot for life insurance. This isn’t the case, though! A term life insurance policy is your best bet for finding affordable coverage — whole life insurance gains a cash value over time, but it is markedly more expensive than term life.

The trade-off with term life insurance is that your policy only covers a specific period of time (or term, if you will). These are commonly 20 or 30 years, which is likely enough time for your children to grow up and no longer be financially dependent on you, if you get a policy before they’re born or while they’re still young. To make this type of policy as cheap as possible, get it in place as soon as you can. According to PolicyGenius, a 30-year-old woman can expect to pay an average of $22.99 per month for a 20-year term life policy that pays $500,000 in the event of her death. That’s not a bad price for peace of mind.

The other tactic to try to save money on life insurance is to shop around with multiple companies. The Ascent even has a list of the best cheap life insurance companies, which would be a great place to start looking. If you do need life insurance coverage, the time to act is now — so for the benefit of your loved ones, add it to your to-do list.

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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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There are certain items it generally pays to purchase at Costco. Read on to see which ones make the list. 

Costco charges an annual membership fee to enter its stores. But in exchange, shoppers get to enjoy a world of savings on a wide range of products.

That doesn’t mean Costco will always have the lowest prices, though. You might find a better price here and there on Amazon or at Target — or at a retailer you wouldn’t expect. But here are three items it could pay to buy at Costco even if it’s not the lowest price out there.

1. Electronics

There are two benefits to buying electronics at Costco aside from price. First, electronics come with a second-year warranty built in. Many other retailers only offer a one-year warranty.

Now, imagine you worked hard to save up $800 to buy a new laptop, and suddenly, on Day 367 of you owning it, it stops functioning. Suddenly, you’re out of luck. With Costco, that won’t happen.

Secondly, when you buy electronics at Costco, you get free tech support included. And that’s huge. Imagine the frustration of buying a laptop only for it not to work. Costco will do its best to make sure you don’t have that experience.

2. Groceries

Many stores will give you a refund on groceries if there’s an obvious problem, such as if a sealed package of cheese with a Nov. 1 expiration date is clearly showing signs of mold by Oct. 15. But Costco will refund your grocery purchases if you simply buy an item you don’t end up liking. And so it could pay to spend a little more for that option.

To be clear, you don’t want to abuse that privilege. And you need to be reasonable when requesting a refund for grocery items you don’t like. But the general rule at Costco is that you can ask for and get a refund if you’re bringing back at least 50% of the item in question.

So, let’s say you take a chance on a 24-pack of bakery cookies you’re not sure you’ll like. If you eat four or five and the taste doesn’t grow on you, you can bring them back and get a refund without a hassle.

3. Furniture

Costco won’t always have the lowest prices on furniture for one reason — it’s not necessarily trying to sell you budget items like some chain stores do. In fact, Costco is actually a good source for quality furniture you expect to keep for many years.

Now, it may be that you’ll find a better deal on a comparable piece of furniture at a store other than Costco. But if the price difference isn’t too substantial, then it could pay to stick to Costco no matter what.

First, Costco’s customer satisfaction policy means you have recourse if you buy furniture you don’t end up liking. But also, furniture purchases are eligible for 2% cash back if you have an Executive membership.

So, let’s say you find a nice-looking living room set for $2,000 at Costco and $1,970 at another store (chances are, it won’t be the same exact item, but it may be similar). You may be inclined to try to save $30. But you’ll actually get $40 back on a $2,000 furniture purchase at Costco with an Executive membership. And you might also have more options if your purchase doesn’t work out as expected.

Costco aims to offer the most competitive prices in town, but it doesn’t always succeed. If there’s a retailer offering the exact same item as Costco at a substantially lower price, then you may want to buy it there for the savings alone. But when you’re talking about a modest difference in price, it can sometimes pay to stick to Costco for the extra benefits you’ll get.

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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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The conventional wisdom isn’t always a fit for every situation. Read on to learn one writer’s counterintuitive home-buying strategy. 

A common piece of advice you’ll encounter if you’re learning about how to buy a house is to make a down payment of 20% of the home’s purchase price. This is really great advice. A mortgage lender will be more willing to approve you for a loan because it won’t be taking on all the risk — you’ll be sinking a significant chunk of money into the purchase, so you have a lot to lose if you stop paying the mortgage. Plus, depending on the type of mortgage loan you’re getting, you might have to pay for some form of mortgage insurance if you put less than 20% down.

None of this is news to me — after all, I write about personal finance! But it’s my intention to put less down when I buy a home next year, despite the benefits of making a 20% down payment. I’m planning to put down 10%. Here’s why.

I have other costs to cover

While the down payment will be the single largest outlay of money I’ll make when buying a home, it’s far from my only expense. During the buying process itself, I’ll need to pay for a home inspection, closing costs, and possibly other expenses that come up along the way. Making a 10% down payment will leave me with enough money to cover these costs and still have breathing room.

And once I actually get into a house, the costs don’t stop there. In all likelihood, I’ll be buying an older home (since I live in a city with many of them), and even though I’ll be getting a home inspection, the odds are good that something will break and need to be repaired or replaced in short order. Putting 20% down would wipe out my savings and leave me without an emergency fund for those expenses.

I’m not thrilled at the prospect of paying for private mortgage insurance (PMI) on my conventional loan for a period of time, but it’s preferable to not having money for repairs or other costs that pop up.

How much should you put down on a home purchase?

You knew I was going to promote 20% again, right? It’s true, I am. After all, not paying for mortgage insurance will make your mortgage payments cheaper. Since mortgage rates are up these days (7.49% as of this writing, per Freddie Mac), you’re already looking at paying more per month than you probably want to.

Research from the National Association of Realtors found that since 2018, the average down payment for a first-time home buyer has been between 6% and 7%. This isn’t so surprising since a first-time buyer isn’t selling a home and using the proceeds to cover a significant part of the cost of a new one. They might also be using an FHA loan to buy a home, and these come with a down payment requirement of just 3.5% if you have a credit score of at least 580 (you have to put 10% down if your credit score is between 500 and 579).

I can’t give you a firm answer on what your down payment should be, but I encourage you to consider all the factors involved in buying a house to make your decision, like I have. If your credit score is on the lower side and you’re concerned about getting approval from a lender based on it, you might consider making a larger down payment to compensate.

What about zero-down-payment options?

It’s worth noting there are zero-down-payment mortgage loans. If you qualify for a VA home loan, a USDA loan, or any assistance programs intended to help people buy homes without a robust down payment, you should explore your options. But if you can manage to make a down payment of any size (even just 3% on a conventional loan or 3.5% on an FHA loan), it’s definitely a good idea. A lender will be more willing to approve you (and extend you a lower rate) if you’ve got some skin in the game, so to speak.

And you don’t want to end up in a situation where you owe more on your house than it’s worth. This might not be a big deal if you’re intending to stay in the home, but if you needed to sell and move in a hurry, being underwater on your loan could be a real problem. If you can’t earn enough money on the home to pay off your mortgage, you’ll still need to come up with that money. So proceed with caution when it comes to 0% down payment options.

A home purchase could be the biggest expense you ever take on, and it’s a good idea to plan on making some kind of down payment. But don’t despair if a 20% down payment just isn’t in the cards for you. Focus on improving your credit score and budgeting for all the costs of homeownership to be in the best possible shape before buying.

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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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