Money Management

Another day, another scorcher. If you’ve been feeling the heat this summer, check out some tips for keeping cool while saving money. 

By all accounts, we’ve been experiencing an awfully hot summer this year. Phoenix just went through a record 31 consecutive days of high temperatures above 110 degrees, and at various points during July, as much as one-third of the population was under a heat advisory, watch, or warning.

If you live in an area of the country known for warm temperatures during the summer months, you can’t entirely avoid these heat waves as they barrel through. However, there are some minor changes you can make to maybe give yourself some relief — and perhaps even ease some of the strain on your wallet as well.

1. Take cold showers

I know, I know — everyone loves their long, luxurious bubble baths and warm showers. But if you’ve ever had the experience of jumping off a sunny dock into a cool lake, you know how refreshing it can be to undergo a quick temperature change. A cool or cold shower can help lower your core temperature, making you more comfortable as you go about your day.

If you can’t bear the thought of an entirely cold shower, try starting and ending with a blast of cold water and holding a more moderate temperature in between, or turning off the water entirely while you lather up.

Not only will a cooler shower help you feel better, but it’s also a win for your personal finances, since you’ll be spending less on your energy bills by not heating up all that water.

2. Hang damp towels near stationary fans

If you have a box fan or oscillating fan on hand, it’s a nice way to get some airflow moving through your home. But on its own, a fan doesn’t actually cool the air; it just gets the air moving, which can feel cool (just like a fresh breeze outside).

You can amp up the effectiveness by hanging wet towels or sheets near a stationary fan. The water will evaporate from the cloth and help draw heat away from the air. Using fans wisely is a great way to cut down on your air conditioning bill, which your bank account will thank you for.

3. Place fans near open windows

If you own multiple fans, try setting them up to encourage a cross breeze through your home. Place one fan facing out of an open window, and in another room in the house, place another fan facing in from an open window (ideally on a cooler or shady side of your house).

This setup will help pull cooler air into your home, circulate it through, and push it out the open window on the warmer side of the house. If you have more than one story to cool, make sure the inflow is on the first floor and the outflow is on the second. It also helps to keep other windows in the home closed to encourage the air to follow the directed path, and to keep curtains and blinds closed to avoid extra heat from the sun leaking in.

4. Eat cooling foods

Certain foods are known to keep you cooler by helping your body regulate its temperature. A few examples to try working into your menu during a heat wave:

Citrus fruitCucumbersLemon balmLettuceMintMushrooms

And believe it or not, eating spicy food can actually be beneficial on hot days. The healthy sheen of sweat you’ll develop while you eat will actually work to cool you down. Or try making healthy popsicles out of fresh fruit for a tasty treat while you cool off.

Look for sales at the store and stock up on some of these food items with your grocery credit card to save even more.

5. Avoid cooking with heat

Crock pots aren’t just for wintertime chili! Using a slow cooker can be a great way to make a tasty meal without heating up your kitchen by using your oven or stove. Or if you have outdoor space, fire up the grill and keep all the heat outside rather than in your home.

If you don’t have either of these appliances but can’t live off of just salads and snacks, do what you can to meal plan ahead of time. Try to avoid cooking during the hottest parts of the day, and cook in bulk so one round in the kitchen buys you a couple days’ worth of meals.

Keep cool, friends

Summertime is glorious, and all too fleeting if you live in a place with a harsh winter climate (it’s me, hi). But the record heat many of us have been experiencing can be dangerous as well. It’s important to do what you can to stay cool and safe, so you can enjoy all the good things the season has to offer.

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Want to enjoy your Prime membership to the fullest? Then aim to steer clear of these blunders. 

An Amazon Prime membership costs $139 a year. In exchange, you get access to a host of benefits, like free unlimited fast shipping and access to streaming content that extends to movies, TV, music, and books.

But if you’re not careful, you might run into certain pitfalls in the course of utilizing your Prime membership. Here are some blunders you should really take steps to avoid.

1. Choosing the fastest shipping option when you don’t need it

For many Prime members, it’s the fast free shipping that makes the program’s $139 annual fee worth paying. But that doesn’t mean you have to take advantage of free one- or two-day shipping all the time.

Amazon will commonly issue promotional credits you can redeem for digital purchases if you forgo the fastest shipping and opt to wait longer for your orders to arrive. So if you’re buying something you don’t need right away, then it pays to adjust your shipping options accordingly. You can redeem your promotional credits for things like books to read on your Kindle or movies you’d otherwise have to pay to purchase or rent.

2. Using the wrong credit card when you shop

Storing your credit card information on Amazon could make your shopping more convenient (though be careful, because in some cases, it could also lead to overspending). But it’s important to use the right credit card so you’re maximizing your cash back.

The Prime Visa, for example, offers 5% back on all Amazon purchases. That also extends to AmazonFresh and Whole Foods.

Now you may have another go-to credit card you prefer to put purchases on. But unless it’s giving you 5% back across the board, there’s a good chance the Prime Visa is a better choice for your Amazon purchases.

3. Not signing up for Subscribe & Save

Many of us have items we buy from Amazon on a regular basis. If that’s the case, then it pays to sign up for Subscribe & Save. Doing so allows you to not only automate your shipments, but snag a discount on the items you’re buying. It’s a win-win.

And you don’t have to commit to a preset schedule, either. Amazon will usually send you a reminder to review your Subscribe & Save orders each month, so if there’s an item you no longer need, you can simply cancel it without penalty. And, you can choose the frequency at which you have items delivered so that certain items arrive monthly and others arrive once every three months.

4. Not shopping around on other sites

Because Amazon’s prices are quite competitive, it’s easy to assume you’re getting the best deal regardless of what you’re buying. But it may be the case that another retailer has a better deal going on, so if you’re making a larger purchase, it’s always good to shop around.

For example, right now, Amazon is selling the Fitbit Charge 5 for $149.95. Walmart, however, is selling it for $146.95. And while that’s only a $3 difference, why pay more if you don’t have to?

You may feel that your Amazon Prime membership is more than worth the money. But it still pays to avoid these mistakes if you can, to maximize your benefits.

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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. Maurie Backman has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com and Visa. The Motley Fool has a disclosure policy.

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Starting a business is a challenge no matter where you are in the world, but some countries make the process easier than others. Find out the top three. 

Starting a business is one of the most thrilling and rewarding experiences. It’s the dream of many to break free from the 9-to-5 grind and improve their personal finances by becoming their own boss, but starting a business is challenging.

RELATED: Best Banks for Small Business

One of the biggest obstacles is determining the best country to base your operations. While the United States used to be the go-to country for entrepreneurs, for the past several years, it has not reached the top three best countries to start a business in.

The last time the U.S. was in the top three was in 2019 when it took the third spot. Since then, it dropped to No. 10 for three consecutive years until climbing up to No. 9 in 2023. So, which countries currently dominate the global business landscape?

Rankings based on four competitiveness factors

The International Institute for Management Development (IMD) evaluates countries using four criteria across various sub-factors:

Economic performanceGovernment efficiencyBusiness efficiencyInfrastructure.

Under economic performance, IMD considers factors such as the domestic economy, international trade, international investment, employment, and prices.

Government efficiency is assessed based on public finance, tax policy, institutional framework, business legislation, and societal framework.

Business efficiency is determined by factors such as productivity and efficiency, the labor market, finance, management practices, and attitudes and values.

Lastly, infrastructure is evaluated based on basic infrastructure, technological infrastructure, scientific infrastructure, health and environment, and education.

With all that in mind, here are the three most competitive countries when running a business, according to the 2023 World Competitiveness Ranking.

1. Denmark

Denmark maintains its top position in global competitiveness due to its consistent success in all four measured factors. It excels in business efficiency, ranking first, and infrastructure, ranking second.

Plus, Denmark has shown slight improvement in government efficiency, moving up from sixth to fifth place.

2. Ireland

Ireland climbs five positions to secure second place in the rankings thanks to its strong economic growth, moving from seventh to first. This impressive achievement can be credited to several factors, such as increased foreign investment and a thriving tech industry.

What’s more, Ireland demonstrates notable progress in government and business efficiency, rising from 11th to third in both areas.

3. Switzerland

Switzerland is a global leader in competitiveness, retaining third place due to its impressive performance across all measured factors. The country excels in government efficiency and infrastructure, taking the top spot in these areas.

While business efficiency rankings have declined slightly, Switzerland still ranks highly in seventh place. Most notably, Switzerland has made significant improvements in economic performance, rising from 30th to 18th place.

For 2023, European countries have dominated the business competitive landscape, with five economies in the top 10. The U.S. dropped from third in 2019 to ninth in 2023 due to its decline in infrastructure and government business efficiency.

Best way to start a business

Regardless of what country you’re in, starting a business can be exciting and daunting at the same time. Many aspiring entrepreneurs may wonder what the best way to start a business is.

The key to a successful business always begins with a well-thought-out business plan. It’s important to research your target market and develop a unique value proposition that sets you apart from the competition. Finding the right legal structure and obtaining the necessary permits and licenses is also vital.

In addition, you should have a solid financial plan for sustaining your business operations. Finally, reaching out to potential customers, building your brand through targeted marketing efforts, and consistently delivering high-quality products or services can help you establish your business and propel it to success. By following these steps, you can give your business the best chance of success and minimize the risks involved.

Starting a business is not an easy task, but choosing the right country to start your business in can make it easier. Based on the latest report, Denmark, Ireland, and Switzerland are the three best countries to start a small business in right now. All three countries excel in the categories of business efficiency, government efficiency, and infrastructure metrics.

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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 positions in and recommends Target. The Motley Fool has a disclosure policy.

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Moving comes with many small jobs alongside physically transporting your belongings from one home to another. Keep reading for a few you need to remember. 

Moving day. Are there any two words in the English language that conjure up more exhaustion? For my money, nope — I’ve moved 35 times to date, and at this point, I’ve got the process mostly down to a science. But alongside packing boxes, loading a truck, and unpacking everything in a new home, there are a few smaller tasks that are also extremely important, and if they slip your mind, you could end up with a hit to your checking account. Add these to your moving to-do list and be sure to check them off!

1. Get your utilities turned off

I have been known to share the occasional cautionary tale in my writing here at The Ascent, so here is a real life example — don’t let this happen to you! When I moved cities near the end of 2020, I forgot to arrange to have the gas and electricity shut off in the apartment I left. Fast forward to a few weeks after I moved, and I received an emailed bill for $151.09.

I called the company to plead my case, but no dice — I had to cough up that money for services used after I moved out (and left the heat on…whoops). Don’t be like me: Be sure to arrange for utility shut-off when you move out. And turn off your HVAC, while you’re at it.

2. Change your address and have your mail forwarded

You might not get many of your bills mailed to you these days — I sure don’t. That said, it’s still worth changing your address and arranging for mail to be sent to the new address when you move. If you don’t, you might miss some bills, and you could put yourself at risk of credit card fraud if you have a replacement or new credit card mailed to you. If it goes to your old address and sits in the mailbox, it could fall into the wrong hands. Changing your address with the U.S. Postal Service is pretty easy; you can go here to start the process.

3. Update your driver’s license and car registration

Changing your driver’s license to your new address and re-registering your car likely involves jumping through multiple hoops. That said, it’s still worth doing, and in some places, you may be fined if you don’t. For example, in the state of New York, failure to inform the DMV of an address change can come with a $75 fine and a $93 surcharge on top of that. You definitely want to stay on the right side of the law.

4. Clean and make repairs if you’re a renter

If you’re moving out of a rental home or apartment, you likely paid a security deposit when you moved in. Getting that money back when you move out could represent a nice boost to your savings account balance. As such, it’s in your best interest to clean and make any necessary repairs when you move out.

Yes, I know it’s no fun to clean a home you’re moving out of, but it’s incredibly gratifying to get that deposit back (I’ve gotten my entire deposit back three times now). And if you think you’ll be charged for leaving nail holes in the walls, hit up your local hardware store and pick up some spackling paste to fill them in. You can get an eight-ounce tub of it at Home Depot for less than $7.

5. Eat everything left in the fridge

This last one is dependent on whether your move is local or long distance. With a local move, you can just pack a cooler and relocate the food in your fridge, along with the rest of your possessions. But if you’re moving far or just want to start fresh with an empty refrigerator, you’re going to want to use up everything in your old one. Groceries sure aren’t cheap these days (even if you use a grocery rewards credit card, like I do), so get your money’s worth by eating as much of that stuff as you can. Food waste is a major problem in this country.

Moving can be stressful, but saving as much money as you can in the process should help. Don’t forget to tackle these little moving tasks, as they can make a big difference to your bottom line.

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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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Selling stocks at the wrong time could mean locking in losses. But sometimes it pays to follow the crowd. Read on to learn more. 

Investing in stocks is a great way to grow wealth over time. And putting money into stocks is a smart bet when you’re trying to build a nest egg for retirement.

Over the past 50 years, the stock market’s average return has been 10%, as measured by the S&P 500. This means that if you were to build a portfolio of S&P 500 stocks or exchange traded funds (ETFs) that delivers the same return, a $5,000 investment today would be worth about $587,000 in 50 years.

But investing in stocks isn’t for the faint of heart. The stock market can be extremely volatile, and it can cause the value of your portfolio to fluctuate quite frequently. And if you sell off stocks at a time when your portfolio is down, it could lead to permanent losses you struggle to recover from.

That’s why you need to be very careful when it comes to selling stocks. And you should also make your own decisions rather than follow the crowd. There are, however, some exceptions to this rule.

Don’t panic when everyone else does

The stock market spent much of 2022 in a serious slump. And the market has been through numerous periods of decline in years past.

Last year, it may have been that many of your friends and colleagues were rushing to sell their stocks to avoid serious losses. Had you followed their lead, you’d probably be looking at a lot less money right now given that the stock market is up over 9% from where it was a year ago.

But it’s also easy to see why people were panicking last year. The tech sector was taking an extended beating, and the broad market was down.

Still, it’s important to remember that investing is a long-term commitment. If you sell stocks every time the market plunges, you may not get very far. But if you sit tight during downturns while everyone else is panic-selling, you might end up in a very strong position down the line.

An exception to the rule

It’s generally not a great idea to sell stocks simply because investors are broadly getting jittery. But there is an exception to the “don’t follow the crowd” rule, and it’s if investors are clearly backing away from one specific stock. If that’s the case, and you own that stock, it’s important to figure out why.

It may be that negative news came out that’s likely to impact the company at large. Or perhaps the company is on the verge of filing for bankruptcy and it’s best to get out before that happens. So if you keep reading that investors are quickly unloading shares of a company you own, spend some time figuring out if you should do the same.

But for the most part, you should make your decisions independently of what other people are doing. At the end of the day, they’re not responsible for your finances — you are. So you should be the one to take control of the situation and decide what makes the most sense.

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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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