Money Management

Getting a Costco membership saves you money, but you can actually go beyond that and do more if you take advantage of these three tips. Find out more. 

Costco can be a great place to shop if you want to keep your credit card bills to a minimum. The warehouse club charges you to become a member, but then you get to benefit from low prices on a wide variety of items ranging from big-screen TVs to supersized boxes of cereal.

But your opportunities to save don’t just start and end with the reduced prices on household goods that Costco offers. You can keep even more money in your checking account by taking advantage of these three surprising ways to score extra Costco savings.

1. Take full advantage of Costco price protection

If you buy something at Costco and the price goes down within 30 days of your purchase, you typically can get Costco to credit you back for the difference. There are a few restrictions to be aware of, including the fact that Costco won’t price match Costco warehouse prices for online purchases and the price protection guarantee is only for non-resale members.

Requesting a price adjustment is simple — you can do it online if you bought the item at Costco.com by signing into your account and clicking the “Request a Price Adjustment” button on the relevant page. If you bought the item in store, you’ll need to go to the Returns counter at the warehouse club where you purchased the item.

You can manually keep track of items you buy to take advantage of price protections, which is pretty easy if you visit the store regularly or check out Costco’s coupon books. You’ll want to focus on large purchases in particular, as you can get the biggest bang for your buck by getting a price adjustment on higher-cost items.

There are also apps and browser extensions you can use that will alert you when you may be able to take advantage of a price drop. Just check out the iOS App Store or Google Play store and search for “Costco price tracker” to find one that has a user interface you’re comfortable with. Beware, some of the apps are kind of buggy, so I don’t really recommend this approach — and you should read reviews of apps carefully when trying out this method of price tracking.

2. Stock up on discounted gift cards

Costco provides you with a great opportunity to save at other stores you may frequent, as well. The warehouse club sells discounted gift cards. And you can sometimes score big savings when you buy them.

For example, Costco is currently selling $100 worth of Domino’s Pizza gift cards for $79.99. If you buy them, you could score $20 worth of free pizza — which sounds like a delicious bargain.

Discounted gift cards are also available for Nutrisystem, the Nintendo e-Shop, and more. These make great holiday and birthday gifts. Or you can treat yourself to one if a discounted card is available at a store you shop at regularly. So, while you may be focused on all the flashier products Costco has on offer, don’t miss the simple gift card rack if you want to maximize your savings.

3. Get your drugs at Costco (even if you aren’t a member)

Costco even extends opportunities to save to non-members who need prescription medications for themselves and their pets. Anyone can get their prescriptions filled at Costco’s pharmacy even if they don’t have a Costco membership. Those smart consumers who take advantage of this opportunity can score great deals, including three-month supplies of generic medication for under $15.

While you may not think of buying your medications at the same place as you’re stocking up on a giant tub of cheeseballs, the reality is that you can sometimes save as much as 40% by getting your meds at Costco. That’s a nice boost to your personal finances.

Costco also used to offer free health screenings, although those were suspended due to COVID-19, but watch your store to see if they come back. This can be another great way to reduce your spending while still taking good care of your physical needs.

Now you know three great ways to save at Costco that you may not have thought of. Give them a try and see how much extra money you can keep.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Costco Wholesale. The Motley Fool has a disclosure policy.

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How does your personal loan rate stack up with your fellow borrowers? Find out here, and learn some tips to get a great rate. 

Personal loans are a popular borrowing option due to their flexibility. As with all loans, though, you pay for the privilege of borrowing money. You’ll be charged interest, and your lender will tell you your rate upfront when you take out your loan.

If you have a fixed-rate personal loan, your interest rate will not change during the entire repayment period. The higher it is, the more your loan will cost to pay back over time and the more money will need to come out of your checking account to make payments each month.

If you’ve borrowed and currently have a personal loan, you may be wondering if your rate is a good one or how it compares with the average. Here’s what you need to know.

Here’s the average interest rate on a personal loan

According to the Federal Reserve, the average interest rate for personal loans as of May 2023 was 11.48%.

This is up considerably from a recent record low of 8.73%, which was the average rate in May 2022. However, it’s still affordable by historical terms. Loan rates generally trended above 12% for decades prior to the 2008 financial crisis.

How does your rate compare to the average?

Since this is an average rate, many people will have rates above it while others will have rates below it. If your rate is below average, it may be because:

You have good credit and you qualified for more favorable rates as a result.You took out a loan at a more opportune time when rates were lower.You had a qualified cosigner who agreed to share responsibility for the loan, helping you get a better rate.You otherwise had solid financial credentials and presented less risk to the lender than the average borrower, perhaps because you didn’t borrow much or chose a shorter payoff timeline.

If your rate is higher than average, on the other hand, it may be because:

You presented more risk to the lender than the average borrower, perhaps because of a low credit score, large loan amount, or long payoff timeline.You borrowed at a bad time and are stuck with a high rate.You chose a bad lender that offered you a bad deal.

The specific reason why your rate is higher or lower will vary depending on your situation. The important thing, though, is to understand what your options are now.

What can you do if your rate is above average?

If your rate is above the average rate for personal loans today, you may want to consider whether it’s worth refinancing. This would involve getting a new loan at a lower rate, using the proceeds to pay back your current lender, and then making payments on the new loan.

Refinancing could potentially save you money each month and over time, depending on how it changes your loan term. Say, for example, you currently owe $10,000 at a rate of 15% and you have five years left to repay your loan. If you refinanced to a new loan at 11.5%, which is right around the current national average, and you chose a new loan that also had a five-year repayment term, you could drop your monthly payment by $18 a month and save a total of $1,078 in interest over the life of the loan.

You should consider looking into refinancing if your rate is high and there’s reason to believe you could get a lower one — perhaps because you borrowed at a bad time in the past, you’ve improved your credit, or you now have a cosigner and can qualify for a better rate because of it.

You can typically apply online with lenders to see what rates and terms you’d be offered to refinance, so you can see if moving forward with getting a new loan to bring your rate down makes sense for you.

If you’ve found that your rate is above average, think about whether you can change it so you don’t spend years paying more than your peers for your personal loan.

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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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Shopping at Costco can result in nice savings. Read on to learn about some low-cost buys that could be quite useful to you. 

It’s a big misconception that Costco only carries cheap or inexpensive items. You could easily spend $3,000 or more on a furniture set, or upward of $1,000 on new electronics. But it’s also possible to spend a lot less at Costco and walk away with quality purchases. Here are some items you might find right now for less than $50.

1. Cuisinart 12-piece Essential Tool and Gadget Set

Have some of your go-to kitchen utensils gone missing or gotten battered from years of use? If you have a bunch of tools to replace, consider this 12-piece set, which Costco is selling online for $49.99 (note that prices can be lower in stores). It includes a whisk, peeler, pizza cutter, spatula, and ice cream scoop. And best of all, the entire set is dishwasher-safe for easy cleanup. If you’ve been relying on takeout instead of buying groceries and cooking due to missing kitchen tools, this set could be your ticket to more home-cooked meals — and added savings on food.

2. Berkshire Life Heated Throw

Throw blankets are the sort of thing you can’t have too many of. You never know when a guest might want to grab one or when one of your kids might want to cozy up during a family movie night. This heated throw from Costco is only $34.99 online and is machine washable. It comes with four different heat settings and is designed to shut off automatically after four hours. If your family members tend to get cold during the winter, investing in a few of these blankets could help you save money on heating costs.

3. ShedRain Windpro Compact Umbrella, 2-pack

Umbrellas aren’t meant to be single-use items. But let’s face it — sometimes, they can get lost or damaged quickly, leaving you in the lurch the next time you have to venture out in the rain. Costco is selling this two-pack of quality umbrellas for $39.99. They’re easy to open and close, and they’re made with anti-inversion technology so you’re less likely to get soaked in a downpour. If you’re a two-car household, you can stick one umbrella in each vehicle so you’re always prepared.

4. Brother P-Touch PT-2040C Label Maker with Supplies

If your New Year’s resolution for 2023 was to get your home more organized and you’ve sort of fallen behind, this label maker could come to your rescue. Costco is selling it for $32.99, and it features a built-in manual cutter for ease of use. Whether you’re trying to get your basement in order or want to better identify what’s in your kids’ closets, a label maker could prove invaluable.

5. Coast G25 Bulls-Eye Spot Beam LED Flashlight, 3-pack

You never know when a storm might hit and knock the power out. That’s why it’s important to always be prepared. Costco can help there with this three-pack of LED flashlights. They come with a lifetime warranty and cost $37.99 for all three. Keep one in your car and stash the remaining two in an area of your home that’s easy to access.

6. Titan Arctic Zone Fridge Cold, Crush Resistant Lunch Pack with 2 Ice Walls, 2-pack

Bringing your own lunch to work can save you a lot of money compared to purchasing lunch daily from a restaurant or cafe. But if your office lacks a fridge, that’s not so easy. Enter these lunch packs from Costco. They can keep your food fridge-cold for up to six hours so you don’t have to worry about spoilage. A two-pack will run you $49.99, so if you and a spouse work in an office, this could be a good buy for you.

7. BirdRock Home 31.5″ Grazing Board

If you’re in the habit of hosting parties, you might pride yourself on the assortment of foods you typically put out. If you’ve been looking to introduce cheese boards into the mix, consider this large-sized grazing board from Costco. It’s made of acacia wood for an elegant look. You can buy one (or more) right now for just $27.99. And incidentally, these boards make a great gift when you’re invited to a gathering and don’t want to show up empty-handed.

Costco carries a large selection of items for under $50, and these are really just a sampling. So if there are things on your wish-list you’re hoping to scoop up sooner rather than later, then it pays to head to Costco and see what’s in stock. And remember, you can also visit Costco.com for an even wider range of product offerings.

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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 positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway and Costco Wholesale. The Motley Fool has a disclosure policy.

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Foreclosure and the loss of your home aren’t a given when you can’t pay your mortgage. Read on to see what other options you might have. 

Mortgage lenders write loans to make money in the form of interest. So when you fail to repay your mortgage, you run the risk of eventually having your home foreclosed on.

But that doesn’t mean foreclosure is your only option when you can’t pay your mortgage at all. If you reach out to your lender once you start having difficulty paying your mortgage, you may find that you’re able to avoid foreclosure and keep your home.

Don’t let things escalate with your mortgage lender

Missing a single mortgage payment won’t result in immediate foreclosure. Rather, you generally need to go without payments for more than 120 days to be at risk of foreclosure, says Nolo.

But let’s say you’ve lost your job and therefore cannot pay your mortgage at all for a period. Or, let’s say you’re injured and are forced out of a job for multiple months. In these situations, you might end up going more than 120 days without a mortgage payment.

If you simply ignore the problem, foreclosure might happen. But if you reach out to your lender, it might be willing to work with you so you can avoid that unwanted fate.

Options outside of foreclosure

Mortgage lenders want to get paid. And foreclosure achieves that goal very indirectly.

For foreclosure to benefit a lender financially, it has to go through a costly and time-consuming process wherein a home is eventually sold. Lenders will commonly work with borrowers who are struggling so that they can get paid something rather than have to deal with forcing home sales.

Plus, while mortgage lenders are in the business of making money, some aren’t heartless. Your lender might be sympathetic to your plight if you’re out of work due to an illness, injury, or layoff. And it might allow you to put your mortgage into forbearance for a period.

Think of forbearance as a way to hit pause on your mortgage payments without being reported as delinquent to the credit bureaus. It’s a good way to preserve your credit score when you can’t pay. Then, once your financial situation improves, you can resume mortgage payments again, thereby getting to keep your home.

Another option you can discuss with your mortgage lender is a loan modification, where the terms of your mortgage are reworked to make your loan more affordable. For example, under loan modification, your monthly mortgage payment might go from $1,200 to $900. The latter may be a sum you can more comfortably swing, especially if your financial situation has recently taken a turn for the worse.

Loan modification may not be a viable option for you if you’re unable to pay anything into your mortgage. But it’s worth discussing nonetheless. Your lender might agree to forbearance followed by a modified loan that’s easier for you to keep up with.

Not paying your mortgage at all could result in foreclosure — but it doesn’t have to. Reach out to your lender to potentially avoid losing the home you love.

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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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Various studies highlight the impact of weight discrimination in the workplace. Find out why New York and other cities have taken steps to outlaw it and what you can do. 

America has taken some big strides in combating various forms of discrimination over the years. There’s still a long way to go, but workforce discrimination on the basis of race, color, religion, gender, sexual orientation, and age are all illegal. For the most part, however, weight-based discrimination is not. Recent moves in New York may be the start of wider change, but it is early days.

In much of the country, employers can and do discriminate against people because of their weight. Studies show that heavier people are more likely to be passed over for promotions and get paid less. The situation is worse for women — one 2011 study found women earned, on average, 1.8% less for every seven pounds of weight gained.

How your weight can impact your earning potential

There are many ways that people’s prejudices around weight can impact our lives. When it comes to work, it can have a direct impact on your bank account — not only in terms of getting the job you want, but also in terms of how much you get paid. One report by the Federal Reserve Bank of St. Louis said there is a “consistent wage penalty for body fat.”

Indeed, a study by the International Journal of Obesity found that 43% of U.S. Weight Watchers participants had experienced weight stigma. The survey showed significant levels of prejudice at work with 57% reporting teasing, unfair treatment, or discrimination by a colleague and 36% reporting it from an employer or supervisor.

Another study by BMC Public Health showed that human resource professionals were less likely to hire an obese person, and less likely to put someone who is overweight or obese into a supervisory role.

There are several studies and I could keep bombarding you with data, but the findings all paint the same picture. Weight discrimination exists. There are lots of factors at play, and campaigners point out that the issue goes beyond the workplace. Current laws reflect social norms, and sadly right now those norms include negative stereotypes associated with being overweight.

To be clear, like many stereotypes, a lot of these perceptions are plain wrong. As an article in Bloomberg points out, “Americans don’t have as much control over their weight as they like to think.” People’s bodies and metabolisms are different, and a lot of the time weight is more connected to genes and environment than it is to willpower.

Some parts of the U.S. are making weight discrimination illegal

The only U.S. state to outlaw weight discrimination is Michigan, which put a law in place back in 1976. More recently, New York City banned height and weight discrimination in legislation that will come into force this November. “We all deserve the same access to employment, housing, and public accommodations, regardless of our appearance,” said New York Mayor Adams.

San Francisco introduced similar legislation in 2000. Weight discrimination is also outlawed in the cities of Urbana, Illinois; Madison, Wisconsin; Santa Cruz, California; and Washington, D.C. A researcher for Vanderbilt University concluded that the measures in Urbana and Madison had helped to combat discrimination.

What you can do if you feel you’ve been discriminated against

Any form of discrimination can have an impact on your mental health and well-being. In addition, if people’s prejudices are stopping you from accessing promotions or earning as much as other people in similar roles, it can make it harder (though not impossible) to save money and build financial security.

Unfortunately, if you don’t live in one of the few locations that don’t protect workers against weight discrimination, it is harder to challenge. One thing you can do is speak to your boss or your company’s HR department. Another may be to try to create a body-positive employee group so you can jointly try to change the culture.

It isn’t easy to fight other people’s prejudices, especially when the law is not on your side. Sadly, there are no easy answers, but speaking up and trying to get your company to address the issue is one of the few routes open to you. Even that can be extremely challenging, particularly if you’re already feeling stigma.

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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. Emma Newbery 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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