Learn how to go green at home — and save some green while you’re at it. theskaman306 / Shutterstock.com
Editor’s Note: This story originally appeared on Point2. In recent years, more and more homeowners have been making a concerted effort to “go green.” Making more environmentally friendly decisions has enormous benefits in improving the world we live in, but there are many other advantages to be gained. On a personal level, people who make greener choices in their houses will normally enjoy…
Costco membership doesn’t just offer the chance to get household products for less. Check out these four perks, including reduced insurance costs.
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Becoming a Costco member comes with many advantages. You gain access to Kirkland products, which are the Costco house brand products. The store also offers bulk buys at discounted prices, a food court with a famous $1.50 hot dog and soda combo, and provides free samples of tasty food that many customers enjoy.
But while you may be aware of these membership benefits, there are other perks that may surprise you. Here are four benefits you don’t want to miss.
Costco does more than sell household items. The warehouse club can also help you set sail or take flight. Costco members can book vacation packages, hotels and flights, and rental cars — all at a discounted price.
As an example, an all-inclusive package at a prime Jamaica hotel came in at $4,911.31 for an eight-night stay in February 2024, while booking directly through the hotel itself would have left you paying $5,034.00 for the same king mountain view room.
So, if you’re a Costco member and are headed out on vacation, be sure you check out its travel deals. To save even more, check out its Travel Hot Buys for limited time specials. These could allow you to take a special trip without doing much damage to your savings account.
Costco has a partnership with CONNECT from American Family Insurance that allows members to get discounted home and auto insurance coverage. Members report reducing premium costs by $595.86 on average when they switched to getting their coverage through this partnership.
You can request a quote online to see how its insurance offerings compare to your current coverage so you can decide if switching carriers would be a smart financial choice.
Costco offers Concierge Services to members. These services provide free technical support so you can get help troubleshooting your electronic devices. The technicians are “expert level,” and provide help with a wide variety of products including TVs, monitors, laptops, projectors, cameras, camcorders, DVD players, home theater systems, printers, security cameras, and more.
The concierge service also offers a two-year warranty on eligible products from the date of purchase, including TVs, projectors, computers, water heaters, and major appliances. This is longer than many manufacturer warranties so you get the added peace of mind of knowing your expensive items are protected.
If you want the cleanest water at your home or office, Costco has you covered as well. Your membership entitles you to affordable bottle delivery that comes biweekly.
You can rent a Storm hot and cold cooler dispenser for just $3.99 per billing period if you are an Executive member or $5.99 if you are a Gold Star member. And bottles start at $6.99 per five-gallon bottle, which is less than many competitors charge (I was paying around $7 a bottle for delivery service in my old house from a competitor).
These are just four of many benefits you need to know about when you join Costco so you can make the most of your membership. Check out Costco’s membership perks to learn all about the different deals you should take advantage of.
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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.
Are home prices getting you down? You’re not alone. The median existing-home sale price in July 2023 was $406,700. Find out whether prices will drop soon.
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A recent National Association of Realtors report showed that the median existing-home price for all housing types in July 2023 was $406,700. This was an increase of 1.9% from July 2022, when the median existing-home price was $399,000. For many, this is way out of budget.
If it feels as if home prices have continued to climb, you’re not imagining it. Low inventory continues to support higher home prices. According to the National Association of Realtors, the total housing inventory at the end of July 2023 was down 14.6% from one year ago. For hopeful home buyers, it continues to be a tough market. Keep reading to discover why home prices are still high nationwide.
The dream of owning a home may feel out of reach for hopeful homeowners. Data from the National Association of Realtors shows that year-over-year home sales decreased 16.6% from one year ago. This is likely because high interest rates, low housing inventory, and increased competition make the home-buying process challenging and more expensive.
According to Freddie Mac, the average 30-year fixed-rate mortgage rate is 7.23% for the week of Aug. 24, 2023. But historical data shows that one year prior, the average 30-year fixed-rate mortgage was 5.55%. That’s a significant difference that impacts the wallets of hopeful buyers.
Many current homeowners are staying put, even if they’ve considered selling their homes because they don’t want to sell and take on a new mortgage at a much higher rate. This is a big reason why fewer homes are available for soon-to-be buyers ready to put in offers.
A recent National Association of Realtors report shows that the median existing-home price increased 1.9% from July 2022, when the median existing-home price was $399,000. For many, this is way out of budget.
If you’ve been saving up to buy a home, you may wonder if home prices will continue to rise. It’s hard to know what the housing market will look like in several months or a few years. A recent report from Zillow suggests that home prices are predicted to rise 6.5% from July 2023 through July 2024. That’s likely unwelcome news to anyone hoping to get a place of their own.
Home prices could rise, especially if there continues to be a limited housing inventory. But if home mortgage rates were to lower over the coming months, more current homeowners might decide to put their homes on the market — which would help to increase inventory, reduce competition, and drive prices down slightly. Let’s hope that’s the case.
At this point, all we can do is speculate what the housing market might look like in the future. Time will tell what the market will look like next year. If you’re planning to buy a home soon and are feeling anxious, your best bet is to focus on what you can control to reduce your stress.
You can’t control market conditions or interest rates. But you can focus on working to meet your saving goals. If you want to buy a home next year, you can continue to stash money in a high-yield savings account so you feel more confident that you have enough cash to cover a down payment and closing costs when the time comes to purchase a house.
The more money you save and the longer you let your money sit in a savings account, the more interest you’ll earn — getting you closer to reaching your personal finance goals. Don’t give up! While the current market isn’t favorable toward buyers, that could change. If you hope to buy for the first time, check out these first-time home buyer tips to better prepare.
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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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.
A no-penalty CD offers more flexible withdrawals, but is it safe for your emergency fund? Learn what happens when you put your savings in a no-penalty CD.
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Opening a certificate of deposit (CD) makes it possible to lock-in today’s unbelievably high CD rates. But for those who have only emergency savings, this “lock-in” feature could pose a big problem. Depositing your money in a CD typically means you can’t access it freely — at least not without paying a penalty. It can be great if you don’t touch your money, but heartbreaking if you must forfeit hard-earned interest to break your contract.
But for those who have only emergency savings, another kind of CD may be a viable option — no-penalty CDs. These CDs allow you to lock-in today’s high interest rates without penalizing you for early withdrawals. If you want the benefits of a CD without its restrictions, let’s take a look at no-penalty CDs and see if it’s worth it for your emergency fund.
Unlike traditional CDs, no-penalty CDs let you make early withdrawals without forfeiting interest. Typically, your bank or CD provider will only lock your money up for a short period, like seven to 30 days, after which you get penalty-free access to your money.
In exchange for the no-penalty withdrawals, these CDs offer lower APYs than those that impose a penalty. But with today’s highest CD rates, you could potentially lock in an APY between 4.5% and 4.85%, which is still fairly high for a savings product. A few banks that provide no-penalty CDs include:
Marcus by Goldman SachsAllySynchrony Bank
Some of those providers may require account minimums, but it’s usually a relatively low amount, like $500.
One potential drawback to no-penalty CDs is that they don’t usually offer partial withdrawals, meaning you might have to liquidate your entire CD and terminate your contract to access funds, even if an emergency only calls for a small portion of your savings.
In terms of security, high-yield savings accounts and no-penalty CDs have near equal weight. The only difference is that high-yield savings accounts let you withdraw money immediately after opening your account, whereas no-penalty CDs typically make you wait a short period, like seven days, before the no-penalty period begins.
Savings accounts, however, have some other advantages. They allow you to make partial withdrawals, as well as deposit money into your account at any time. CDs typically don’t allow you to continue depositing money, or, if they do, there might be a limit on how many deposits you can make. Some high-yield savings accounts also have debit or ATM cards that let you withdraw cash. In contrast, with no-penalty CDs, you have to transfer money into an external account first, which could take a few business days.
But no-penalty CDs have some muscle of their own. You can lock-in today’s high APYs for as long as your term allows, regardless of how interest rates swing. And many no-penalty CDs have higher interest rates than those offered on high-yield savings accounts, giving your emergency savings an extra boost.
Either way, when you put your emergency fund in a no-penalty CD or high-yield savings account, you have flexible access to your money. This makes both a better option for your emergency savings than traditional CDs, which may penalize you for making early withdrawals. I’d consider both options carefully — and read the CD’s terms — but if the no-penalty CD has a higher APY than a savings account, it could be more beneficial to put your emergency savings there.
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Going without health insurance could mean facing sky-high medical bills. Read on to learn about your options when you lose your health coverage.
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Many people rely on their employers to provide them with health insurance. So if you lose your job or are forced to quit, you might lose your health insurance coverage, too.
Going without health insurance could mean facing extraordinarily high medical bills — bills that leave you with mountains of medical debt. So it’s generally not a good idea to go without any sort of health coverage.
Fortunately, when you lose your employer-sponsored health insurance, you generally have the option to retain it for a period. The bad news is that retaining employer health insurance can be prohibitively expensive in its own right.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers the right to retain their group health insurance after separating from the employer that provided that coverage. If you’re part of a group health plan covering 20 or more employees, you’ll generally be eligible for COBRA once you lose your health insurance. From there, you’ll be able to keep your existing coverage for up to 18 months in most cases, though there can be exceptions.
The upside of COBRA is that you get to keep your health insurance when it would otherwise go away. The downside is that under COBRA, you’re required to pay your entire premium yourself. And that could be ridiculously expensive.
Remember, many employers subsidize the cost of health insurance for their employees so that if, for example, you’re having $200 a month deducted from your paycheck to cover your portion of your premium, there’s a good chance your employer is kicking $300, $400, or more toward your coverage at the same time. As such, many people who lose their health insurance can’t afford COBRA.
Even if you have money in savings, you may find that you can’t afford coverage under COBRA. In that case, you can sign up for health insurance through healthcare.gov. You can also see if you’re eligible to join a spouse’s health plan (this option will only be on the table if you’re married and have a spouse who’s entitled to insurance through their job).
There are different tiers of coverage you can buy independently through healthcare.gov. Bronze is the lowest tier of insurance — meaning, you’ll generally pay the lowest monthly premium for a bronze plan. But your out-of-pocket costs under one of these plans may be higher.
The next level up is silver, followed by gold and platinum. The higher the tier, the more expensive your health insurance premiums are likely to be. But the more you spend on premiums, the less you’re likely to spend on bills like deductibles and copays.
Ultimately, you’ll need to think about your health and how much you can afford. If you’re someone who rarely gets sick, a bronze plan might be a good choice. This way, you have coverage in the event of a major illness or accident, but you’re not necessarily shelling out a ton of money in premiums for coverage you may not end up using so much.
It’s unfortunate that for many people, their health insurance is tethered to their jobs. When you lose your health insurance, it’s important to find a way to put coverage in place, whether by paying for coverage under COBRA or buying your own plan. Once you get a new job, you may be eligible for health insurance through your employer. But until then, it’s important to bridge that gap.
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An estimated 28% of teachers with education debt struggle to pay their mortgages. Read on to see some of the most affordable cities for educators.
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A survey conducted by the National Education Association in 2021 found that 28% of teachers with education debt struggle to make mortgage payments, up from 22% before the pandemic.
Teachers may feel the pinch of rising housing costs more than other people because their salaries are statistically lower than many other professions. Plus, the median home price has surged about 29% over the past three years to $416,100. That makes buying a home very difficult, considering that the median income for a high school teacher is $61,820, according to the latest U.S. Bureau of Labor Statistics data.
But some cities are more affordable for teachers to get a mortgage loan or rent an apartment, according to National Council on Teacher Equality research. Here are a few locations teachers may want to consider.
For teachers looking to buy a home, there are a handful of places where an educator’s salary will go much further than just affording a mortgage. Spoiler alert: The Midwest is the place to be.
The teacher salaries in the National Council on Teacher Equality data are based on educators who have earned a Bachelor’s degree and have 15 years of experience. The organization compared the salaries of experienced teachers in cities across the country to find locations where teachers spend far less than 30% of their salary on a monthly mortgage payment.
Cleveland, Ohio: Based on the average $79,682 salary for teachers with 15 years of experience, educators will spend 21% of their salary on their monthly mortgage payments of $1,410.Cincinnati, Ohio: Experienced teachers in Cincinnati earn an average salary of $79,639. With median monthly homeownership costs of $1,454, teachers spend 22% of their income on housing.Columbus, Ohio: Teachers with 15 years of experience earn an average of $82,338 in Columbus. The median home costs $1,582 per month, putting housing costs at 23% of a teacher’s salary.Indianapolis, Indiana: Teachers with 15 years of experience in The Circle City earn an average of $75,720 annually. With that income, they’ll spend 21% of their salary covering the monthly mortgage expense of $1,354.Pittsburgh, Pennsylvania: Experienced teachers can earn an average of $98,908 in the Steel City. Educators spend a median cost of $1,405 for their home per month, putting the cost of homeownership at 17% of their annual income.
The National Council on Teacher Equality also looked at fair market rent across the U.S. to determine the most affordable cities. One big difference in this set of data is that the organization compared the starting teacher salary to rental costs, instead of looking at experienced teacher salaries. Here’s what they found.
Wichita, Kansas: The starting salary for teachers in the city is $45,528, and the average fair market rent for a one-bedroom apartment is $635 per month. That means a new teacher renting an apartment in the Wichita metro area would spend 17% of their monthly salary on housing.New Orleans, Louisiana: Rent in the Big Easy for a one-bedroom apartment will set you back about $690, while the starting salary for a teacher is $49,300. That works out to be 17% spent on housing per month.Cheyenne, Wyoming: On the edge of Wyoming and Colorado is the Cheyenne metro area, where a one-bedroom apartment costs about $699. When factoring in the starting teacher salary of $48,420, an educator will spend 17% per month on housing.Cleveland, Ohio: Starting teachers earn $41,198 in the Cleveland metro area and pay $732 per month toward rent, bringing their housing cost to 18% of their monthly income.Bismarck, North Dakota: With a beginning salary of $48,600 and fair market rent of $737 for a one-bedroom apartment, teachers will spend just 18% of their income on housing in this city.
With current mortgage rates hovering around 7%, shopping around for a mortgage is more important than ever. If you’re a teacher looking for the best mortgage lender, it’s a good idea to take some time to compare the fees, interest rates, refinance options, and other perks mortgage lenders are offering.
Some lenders specialize in FHA loans, while others may be better for VA loans or first-time buyers. Additionally, learning more about how the length of your mortgage affects your monthly payment will help you choose between a 15-year or a 30-year mortgage.
It can all be a bit confusing, but educators know better than anyone that taking small steps toward learning can make any subject less intimidating. That’s why we’ve put together a complete guide to mortgages to help you get started.
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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.Citigroup is an advertising partner of The Ascent, a Motley Fool company. Chris Neiger 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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