Money Management

Costco is full of fan-favorite products. Here are five items that some Costco members truly did not like. 

I’ve been off social media for several years. I don’t want to dislike someone because they post a political, religious, or health-related comment that I think is ridiculous. I don’t want to sit with a cup of coffee in the morning, my hair sticking up like an anime character, scrolling through the make-believe online worlds people create for themselves.

What I do miss is reading other people’s insightful thoughts, which may help explain why I spend so much time reading online reviews. I’ve found some of my favorite reviews on Amazon. I am absolutely over the moon when someone writes that they had the worst day ever because the fly swatter they ordered didn’t arrive on time or a fabulously witty person writes a review like this one for a one-gallon jug of whole milk: “I was very dissatisfied that this product does not come in other colors. The white will work, but not after Labor Day.”

Curious about what reviewers thought were the very worst products Costco sells, I headed back online. Here’s what I found.

1. Kirkland Signature Stainless Steel 6 Burner Gas Grill

If I were going to buy a grill based solely on appearance, this baby would be right up my alley. But, because I read reviews, I know that complaints on the Costco website claim that the grill is:

A fire hazardLikely to rust within six weeksSure to start a grease fireProne to propane leaksUnlikely to arrive with six burners that work

In all fairness, some people love their Kirkland Signature grill. After all, there are more than twice as many 5-star reviews as 1-star reviews. But it’s the low scores that appeal to me and those dramatic stories that have replaced my need for social media.

2. Realgood Foods Chicken Enchiladas

Who wouldn’t salivate at the thought of eating a chicken enchilada that reviews refer to as “the worst thing I’ve ever purchased at Costco?” The reviewer goes on to say, “The outside wrap tasted like cardboard. Really, like cardboard. They were awful.” Another uses the delightfully descriptive word “putrid” to describe the meal.

And because some people are very good about finding the silver lining, another reviewer wrote that the dish is fine once it’s been smothered in everything from cheese to sour cream and hot sauce.

You have to wonder how many people are willing to pull out a credit card to pay for food they have to smother to enjoy.

3. Mohawk Home Waterproof Luxury Vinyl Plank Flooring

The best reviews read like a novella, complete with a story arc. This is a (dramatized) version of what one reviewer had to say:

“We were really excited to be getting a new floor and purchased 101 boxes of vinyl planks. A very nice delivery driver helped my husband get them into the garage. From there, my husband carefully transferred the boxes to the job site. And that’s when the horror began.

Our installer mentioned that all the cases had damaged edges and corners, but my husband thought he might be exaggerating. So, my husband and I began opening boxes one by one. Sure enough, every single one contained damaged pieces of flooring.”

The couple was in a pinch, so they had no choice but to carry on with the installation. “The installer had to spend time cutting broken pieces off, and we ended up paying double in labor.”

Worst of all, the reviewer claims that they are now “stuck with sub-par flooring.”

She ends her review by adding, “Do yourself a favor and don’t make the same mistake I did. Choose another product.”

We all know that one review may represent a fluke. However, this reviewer was not alone in her disappointment. Another said that every plank in the box they purchased was shaped like an arch — step in the middle, and the board sinks down to the floor. The reviewer cleverly added that installing an entire floor with these vinyl planks would be like “installing a bunch of mini speed bumps throughout my house.”

A reviewer named Mark shared that at least one plank in each box had a bubble in it, requiring “a lot of wasteful cutting.” Several boxes had damaged corners from shipping, which meant Mark also had to deal with damaged plank corners.

Just last week, a reviewer named Michelle wrote that they used this product in their new home and have regretted the decision since. Michelle’s concerns include noticeable water damage to the planks around their refrigerator and sink and how easily the floor is dented when anything is dropped.

Taking out a mortgage on a new home is expensive enough. It’s easy to understand how a sub-par floor would pour salt in the wound.

4. Alaskan Golden King Crab Legs and Claws

Normally, reviewers offer us a range of opinions. One may not like a sweater because it’s “too purple,” while another thinks it’s “too blue.” Every single negative review of the Alaskan Golden King Crab Legs and Claws complained about the same two issues. As someone who reads more than her fair share of reviews, I find this fascinating.

Here’s the scoop: For $400 to $500 (depending on whether they scored a discount), customers expected to receive the gorgeous seafood array shown on the website; big, thick crab legs. Instead, they received a box of small broken pieces, each piece containing very little meat.

The other complaint was even more surprising. Several report receiving little support from customer service when they attempted to make a complaint or request a refund.

5. Kirkland Signature Nut Bars

The best thing about reviews is the way some people will sacrifice their pride to help another person save money shopping at Costco. While this reviewer says that the Kirkland Signature Nut Bars taste fine, they claimed to be left with “such bad gas that I get stomachaches.”

Don’t worry, though! This clever soul found a solution. “I had to learn a yoga pose that helps you pass gas.”

And there you have it.

Whether you read reviews because they’re informative or because you find them entertaining, it’s really rather thoughtful that people stop by to share their experiences — even when you disagree with them.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Dana George has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com and Costco Wholesale. The Motley Fool has a disclosure policy.

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Consumers keep racking up credit card balances. Read on for ways to start eliminating yours. 

Consumers routinely rely on credit cards to pay for ongoing expenses and sudden purchases alike. But during the second quarter of the year, U.S. credit card balances climbed by $45 billion. Because of that, they now top the $1 trillion mark, according to the Federal Reserve Bank of New York.

Part of that may be due to lingering inflation. Although living costs have decreased gradually this year, they’re still elevated from pre-pandemic times.

But either way, credit card debt is a problem. Not only can it cost you a lot of money in interest, but it can also cause damage to your credit score if you have too much of it. So if you’re grappling with credit card debt, it’s best to try to pay it off as quickly as possible.

You may be thinking, “Okay, right, I’ll just snap my fingers and make a pile of money appear to do that.” And that’s fair.

If you’re carrying a hefty credit card balance, clearly, a lack of available funds has contributed to that scenario. And so your debt is frankly probably not something you can pay off in a couple of months and be done with it.

But there are steps you can take to be debt-free sooner than you’d be at your current pace of repaying your credit cards. And those are worth taking.

First, consider consolidating

Consolidating your debt could make it a lot easier to pay off. For one thing, you’re making a single payment every month instead of juggling multiple due dates. And in many cases, consolidating your debt could lower its interest rate.

Let’s say you opt to take out a personal loan for debt consolidation purposes. You’ll be locking in a fixed interest rate on your loan, and that rate may be lower than the various interest rates your credit cards are imposing.

If you own a home, consolidating your debt into a home equity loan could work, too. You get the same benefit of a fixed interest rate on your debt and predictable monthly payments.

Now, you may be tempted to consolidate your debt via a balance transfer, especially if you qualify for a 0% introductory rate on a new credit card. But remember, you’ll only enjoy 0% interest on your debt for so long, after which your rate could soar. So a personal or home equity loan may be a better bet.

Next, figure out where the money’s going to come from

Consolidating your debt might make it easier to manage. But if your goal is to whittle your balance down to $0, you don’t just want to manage your debt — you want to get ahead of it by accelerating your payments.

The money to do that will need to come from somewhere. So think about the steps you can take to free up cash. And warning — they probably won’t be so easy.

One way to free up extra money to pay off debt is to cut back on spending. But in doing so, you’re likely committing to buying fewer things and going out less frequently.

You may also be committing to downsizing your home or taking other big steps that give you access to money. Or, you might need to work a second job to come up with that money if cutting back on spending isn’t feasible (such as if you’re already living very frugally and there are no corners to cut).

These are tough things to do. But the good news is that you don’t have to do them forever — just long enough to make headway on your debt.

To put it another way, you might pay off your debt in five years if you stick to your current path. If you make sacrifices, you might be debt-free in 18 months. That might then allow you to enjoy the next three and a half years of life more comfortably.

Clearly, the timing of your payoff will depend on your specific circumstances. The point, however, is that making some tough choices in the near term might get you out of debt sooner, thereby improving your finances in the long term.

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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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I want to accumulate a nice balance in my kids’ college funds. Read on to see why a savings account won’t get me there. 

When I saw that the average cost of private college last year was almost $40,000 for tuition and fees, I nearly fell out of my chair. Heck, $40,000 could be a down payment on a home in some parts of the country. Or, you know, it could pay for a single year of college.

Of course, private university isn’t the only option. And my kids may have to resign themselves to a public education if they don’t want to wrap up college saddled with debt of their own.

But even so, public college can cost upward of $10,000 a year in your home state, and roughly $23,000 a year if you go out of state. And these figures only apply to tuition and fees — not room and board. That’s yet another expense.

Because of this, I’ve been busting my tail to sock money away for my kids’ college since basically the moment they were born. But the money for their education isn’t sitting in the bank. Rather, I have a small chunk of it in a 529 plan and the majority in a brokerage account. Here’s why.

I need that money to grow

These days, you might score a 4% interest rate or more in your savings account. But historically, savings account rates have been a lot lower. And I know that if I keep my kids’ college funds in a regular old savings account, I’m not going to end up with enough money to pay for their education in full.

The stock market, on the other hand, has rewarded investors with an average annual 10% return over the past 50 years, as measured by the S&P 500. That’s the sort of return that’s more likely to get me to my goal.

Now you may be thinking, “But aren’t stocks risky?” And yes, they are. There’s no guarantee that you won’t lose money in the stock market.

However, when we look at the long-term data, we see that over time, the market tends to gain value. So as long as you’re investing over a good number of years (ideally, seven or more), your chances of making money rather than losing it are stronger.

As mentioned, I began saving for my kids’ college when they were newborns. It was hard, but necessary in my book.

But because of that, I effectively have an 18-year window per kid (assuming I don’t have a Doogie Howser situation on my hands, which doesn’t seem to be the case). And in my mind, that gives me enough time to ride out stock market downturns.

Don’t sell your college savings short

Keeping your kids’ college fund in the bank might seem like the safer choice. But while your principal may be protected, in doing so, you run a different risk — falling short of the amount of money you need to cover your children’s education costs.

Let’s say you can get a 4% return on your savings over 18 years, which isn’t so likely, but we’ll go with it anyway. If you sock away $300 a month over 18 years, you’ll end up with about $92,000.

But if you manage to score a 10% return in your brokerage account during that time, you’ll end up with $164,000. Based on today’s numbers, that could be enough to cover tuition and fees at a private college for four years (though the idea of parting with that much money pains me to a large degree).

College has gotten almost ridiculously expensive, and the cost of attendance could grow even more. Because of that, I can’t allow myself to settle for a modest return on my kids’ college funds. I need strong returns. And investing that money is what’s most likely to make that happen.

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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.
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Each pet insurance company works differently when processing claims. But read on for a general idea of what to expect. 

When you use human health insurance, what often happens is that you present your insurance card at the time of your appointment and your insurance company is billed directly by your medical provider. Once your insurance company approves (or denies) your claim, you’re sent a bill for the portion you owe. (In the case of a denial, that bill will be 100% of the cost of the services you received.)

Pet insurance works a bit differently, though. And it’s important to understand that so you don’t run into a financial jam.

You often have to pay upfront

Some pet insurance companies will pay your veterinarian directly so you don’t have to shell out money for covered services. What’ll happen is your vet will bill your insurer and then get paid once your claim is approved.

But most of the time, pet insurance doesn’t work this way. Rather, what happens is that you need to pay your vet directly for the cost of your pet’s treatment in full. From there, you have to submit a claim to your pet insurance company. You can usually download a claim form from your insurer’s website.

Once you submit the claim (often online), you then wait to get reimbursed from your insurance company. This could take a few weeks or a few months.

You’ll have to contend with deductibles and maximums

Keep in mind that you may not be reimbursed the total amount of your vet bill, depending on your insurance. Many pet insurance plans come with an annual deductible you’ll need to meet, so that amount will be deducted from your first reimbursement check (or possibly subsequent checks, too). In some cases, your deductible might wipe out your reimbursement.

Nationwide says that most of its pet insurance clients have an annual deductible of $250. But if yours is higher — say, $500 — and you’re filing a $500 claim with your pet insurance company, you won’t get any money sent to you.

Remember, too, that you may not get 100% of your claim paid to you even if you’ve met your deductible already. Many pet insurance plans have a maximum reimbursement level that isn’t 100%. If you have a plan that reimburses 90% and you’ve met your deductible already, then submitting a claim for a $500 treatment would only give you $450 from your insurer.

Finally, most pet insurance plans have an annual maximum. Sometimes, this is a blanket maximum for all services, and other times, it’s per type of treatment.

But let’s say your plan pays a maximum of $5,000 per year for all services. If your pet requires a $5,500 surgery, that’s another reason you may not be reimbursed the full value of your claim.

Have cash set aside for pet care

Because pet insurance often requires you to pay your vet bills and wait for reimbursement, and because you may not be eligible for reimbursement in full, it’s important to have money in your savings account for pet care at all times. Many pet owners opt to maintain a pet emergency fund that’s separate from their general emergency savings so they don’t have to stress about covering their pet’s care when issues arise.

If you have good pet insurance, in many cases, you’ll be reimbursed most of what you’re filing a claim for. But it’s important to have savings to tap in the interim.

Let’s say you have to shell out $2,000 for pet care and are eligible to get $1,800 back. You’ll need a way to pay that $2,000 credit card charge while waiting to get back $1,800 of it. And you don’t want to land in a situation where interest accrues on your balance because you can’t pay it in full. So do your very best to understand how the claims process works with your insurance company, what sort of reimbursement you’re eligible for, and how long you should expect to wait to get your 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.The Motley Fool has a disclosure policy.

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