Money Management

Want to boost your savings? Read on for some creative tips that go beyond the usual “cut back on store-bought coffee” advice. 

In July, annual inflation was measured at 3.2% per the Consumer Price Index. This means that living costs are still pretty elevated. And when things cost more money to buy, saving money becomes harder.

My family tends to spend a lot of money during the summer months because it’s when we tend to travel. Plus, we need child care coverage in the form of summer camp since my husband and I both work full time. So every year, when September rolls around, we tell ourselves we’re going to try to do better on the savings front.

Some years, we fail. But this year, I’m using these lesser-known tactics to boost my savings in September. And you may want to do the same.

1. Don’t store your credit card info on your phone

There are times when I’ll find myself playing around on my phone out of boredom, such as when I’m a few minutes early picking up a child from school or waiting for an activity to let out. (Okay, who am I kidding? I’m pretty much never early to school pick-up, but the activity thing is legit.)

During those times, I’ll sometimes browse retail sites. And if something catches my eye, I might make an unplanned purchase. It’s easy enough with my credit card info stored right there in my phone.

But I’m actually planning to un-store my credit card details on my phone to prevent impulse buys. See, I’m lazy enough that the simple act of having to dig my wallet out of my purse and find my credit card will probably be enough to stop me from buying things on a whim. And if you remove your credit card info from your phone, you might spare yourself a world of impulse buys. The result? More savings for you.

2. Don’t go overboard on all things fall

I’m someone who loves the fall season. I love the cooler weather, the gorgeous leaves, and the pumpkin-flavored everything.

But in the past, I’ve gone overboard in embracing fall. I’ve spent way too much money on indoor fall decor that, let’s face it, only I really see and care about. And I’ve been known to bring home every single pumpkin-flavored item from Trader Joe’s when really, that’s just not necessary.

This year, I’m setting an “all things fall” spending limit for myself. And if you do the same, you might grow your savings nicely this month.

3. Say no to extracurriculars

My kids are enrolled in a host of extracurricular activities. But individually, they’re limited to just a few each. And I’ve also told them point blank that they cannot sign up for any activity that would effectively require me or my husband to get a second job just to pay for everything (think dance or gymnastics, where, in my area, you might pay an extra $300 a month on top of your regular fees for recital entry, special outfits your child wears once, and tickets for the privilege of watching your own kid perform).

If you’re looking to save more this month, be careful with the extracurriculars you say yes to. Your child may want to play soccer, baseball, and flag football. Find out how much each one costs and what the time commitment entails. Chances are, you can’t swing them all anyway. And if your child is equally passionate about all three and there’s one activity that costs considerably less than the others, choose that one.

Also, there may be different expense tiers for a given activity your child wants to do. In my area, you might pay around $1,000 for a season of travel soccer, whereas a less intense rec program costs under $200. So if your child wants to play some soccer but doesn’t need multiple games and practices a week, that could be a better fit logistically and financially.

The start of a school year might seem like a bad time to save money. After all, you’re still signing up for new activities and buying school supplies and clothing. But it is possible to grow your savings in September, especially if you stick to these tricks.

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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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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You can buy Dollar Tree items online, but there are some things to know first — including minimum quantity requirements. Find out more here. 

The Dollar Tree has a world of bargains available to those who want to keep their credit card bills down. I love shopping there and visit regularly to see what deals I can score.

If you prefer to shop online rather than in person, the Dollar Tree also makes that an option. However, while having access to an online dollar store is great for your savings account due to the bargains you can find, there are some things to know about purchasing from the Dollar Tree website instead of your local shop. Here’s what you should be aware of before you start clicking.

1. You’ll typically have to buy in bulk — but not always

If you want to buy Dollar Tree products online, you’ll generally need to buy large quantities. Typically, you must purchase a case of any item that you order.

The actual amount of products in each case varies by item, though. For example, if you want to buy removable tile decals online, the minimum you can buy is 24 packs of tiles. If you’re interested in purchasing slotted plastic storage basics, on the other hand, you can’t purchase fewer than 36 of them online.

There are some limited exceptions, though. If you don’t want dozens of Dollar Tree items, you can check out its Smaller Quantities Department. There, you can find everything from games to crafting supplies to catering equipment that you can pick and choose from. Even in this category, though, you’ll typically need to purchase at least four of any item.

2. You’ll pay shipping unless you have the item sent to your local Dollar Tree

Shipping your items from the Dollar Tree can add to your purchasing costs. You can choose to have them sent to a local store, in which case pickup is free. If you want the items sent to your home or business, you’ll pay a fee calculated based on the distribution center location, number of boxes, size, and weight of your order.

Your shipping fees are calculated at checkout and can be quite substantial. For instance, shipping a 12-pack of dishes to your home would cost $19.99 — more than the cost of the actual dishes!

If you decide to do in-store pickup, there’s no guarantee you’ll actually be able to ship to your closest store either. There are 12 distribution centers for the Dollar Tree, and each local store is assigned to a specific distribution center. If the center for your store doesn’t have the item you want to buy, free shipping to your store won’t be available.

3. Help is available

If you run into trouble while placing a Dollar Tree order, there’s a customer service phone number to call for immediate order assistance. You can reach out to 877-530-8733 for help placing your order, or you can submit a customer help form.

Now you know some key facts about shopping at Dollar Tree online, so you can decide if it makes sense for your personal finances to buy large quantities of an item and have them shipped to your local store or pay shipping for them.

Often, you’re better off if you can find your desired items in store rather than buying online since you can then buy exactly the number you want — and, of course, buying online isn’t really more convenient since you have to go to the brick-and-mortar location to pick up your purchase anyway unless you want to incur an extra cost.

But if your store doesn’t have enough of something, online purchases can make getting your items possible — and customer support is there to help you complete your transaction if you need it.

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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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Is it really retirement if you’ve still got a job? Keep reading to learn why you might consider working even in “retirement.” 

While “retirement” in the traditional sense might mean stepping away from your job and not working for money ever again, data shows that a not-insignificant percentage of retirees actually do work. According to data collected by the Federal Reserve, in 2022, 13% of retirees were still working for money, and 4% of all American adults considered themselves to be retired but were currently employed.

Whether you’re on the cusp of retirement, or just thinking about your future, it’s worth considering whether you should keep working after you start relying on retirement income streams. Here’s what to think about.

How much income will you need in retirement?

A common refrain is that you’ll need about 80% of your pre-retirement income to live on when you’re no longer working. It’s reasonable to assume you’ll have fewer bills in retirement, especially if you’re able to pay off your mortgage loan in full before you retire (if you own a home, that is). Ideally, you won’t have a lot of other debt you’ll be repaying at this stage of life. And you’ll no longer have work-specific expenses, like commuting and professional attire. Plus, if you’ve begun to live on your retirement savings, you won’t be actively contributing a portion of your income to retirement plans anymore.

Your ideal retirement income is dependent on a lot of factors. It’s worth sitting down with a financial advisor to run some numbers and land on a target, so you can make a plan to cover your expenses.

What are your retirement income streams?

Ideally, your retirement income will be enough to cover most or all of the bills you’ll still have. There are a few major sources of retirement income for many people. You can start collecting Social Security at age 62 (although, if you put that off, you’ll receive higher payments — wait until age 70 and you’ll get the highest monthly payment). You might have a dedicated retirement investment account, like a 401(k) or IRA, to draw from. It’s wise to also have money in a taxable brokerage account, as that will give you more flexibility.

Depending on your career and personal circumstances, you might even have a pension that’ll pay you a guaranteed income during your retirement years — according to Federal Reserve data, 20% of retirees do. You could also have other sources of income to cover your bills after you’ve retired (like real estate holdings) — so why bother working?

Working has benefits beyond just money

Simply put, there are several good reasons you might consider working as a retiree that go beyond just the money. Of course, the extra income might be nice, especially if you’ve run the numbers to see how much you can expect to live on from retirement accounts, Social Security, and a pension, and come up short. A lot of people hope to travel and live comfortably in retirement — keeping a job of some kind could certainly help you fund these endeavors without withdrawing from your retirement accounts too aggressively.

Aside from just money, working has less tangible benefits too. It could get you out of your home and allow you to meet new people. It could give you a sense of purpose and the chance to give back to your community. And if you disliked your full-time job pre-retirement, don’t assume this means you must do the same kind of work when you don’t need as much income to live on. You could work part-time doing something you enjoy instead, or even start a small business based on something you’re passionate about.

In my old career, I had the great fortune to know many people of retirement age who ended their time in different professions and then came to work with me in museums (both for pay and as volunteers). They served as gift shop clerks, tour guides, exhibit helpers, and more. They loved the work, even though in most cases it was very different from what they’d done in their careers.

One of my favorite colleagues in my museum days was a man who had worked as a technician for a local nuclear power plant for several decades, retired, and then went to school to get a master’s degree in library science. He worked on grant-funded digitization projects for my museum and was one of my favorite people to call when it was time to put up (or take down) an exhibit.

Consider the big picture

Ultimately, whether you should work after you retire from your main career is personal. It involves evaluating your personal finances, including how much money you expect to need in retirement and your existing ways to pay for expenses. If you’re a few years away from retirement and counting down the days, consider whether a future part-time job in a different field might enrich your life — as well as your financial situation.

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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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