Who receives what? Have a look at Social Security statistics. Budimir Jevtic / Shutterstock.com
Have you ever wondered what the “normal” Social Security benefit amount might be? How much you made in your 35 highest-earning years, the age at which you retire and your spouse’s work history are major factors in calculating your retirement benefit, as we explain in “7 Social Security Rules Everyone Should Know by Now.” That means your benefit amount, of course, is a very personalized number.
Not everything at the dollar store is a bargain, but there are deals to be found. Check out five dollar store purchases that could save you money.
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If you’re looking to trim fat from your budget, shopping at dollar stores may be a good place to start. The days when everything at a dollar store actually cost $1 are gone, but you can still score steep discounts.
You probably won’t be able to replace supermarket shopping entirely with your local dollar store, as dollar stores tend to have sparse selections of fresh groceries, particularly produce. But you can easily shave money from your grocery total if you buy these five things at the dollar store instead of the supermarket.
Dollar stores usually have a wide selection of mixes for baked goods like cake, muffins, and brownies. They’re often priced around $1 and tend to have a long shelf life, so you can stock up on a variety of flavors and keep them in your pantry.
When you need a last-minute treat for a birthday party, bake sale, or potluck, you can quickly whip up a batch of goodies.
Spices and seasonings are notoriously expensive, so stocking up on the basics like oregano, chili powder, basil, and thyme at the dollar store is a good way to save money on groceries.
One thing to keep in mind, though: Many shoppers report that the per-ounce prices on spices at discount grocery stores like Aldi or Walmart are actually cheaper, as dollar store products often come in smaller containers. But if you’re looking to stock your pantry with the basics, the dollar store can be a good starting point.
Frozen fruits and vegetables maintain almost all the health benefits of fresh produce — and research shows that they may contain even more vitamins and nutrients than their pricier counterparts. While the dollar store usually isn’t a good place to find fresh fruits and veggies, it often has a decent selection of frozen produce.
One popular option is Dollar Tree’s Smoothie Starters, which contain a mix of fruits and veggies — like strawberries, bananas, kiwis, and spinach — that you can easily blend into a smoothie.
Whether you’re meal prepping or trying to make the most of leftovers, having a solid set of food storage items can help you stop wasting money. Dollar stores often have a good selection of name-brand storage items, including plastic containers, jars, and food storage bins.
The best part: Dollar store containers are up to a third cheaper than you’d find at your regular supermarket, which is great news for your personal finances.
If you have a sweet tooth, you don’t want to miss the candy aisle at the dollar store. Many dollar stores carry name-brand candies for way cheaper than grocery stores. Many families report that they like to hit the dollar store to buy candy before going to the movies or before a road trip. Dollar store candy can also be a good option for stocking stuffers or party favors.
However, if you’re buying a large amount of candy — say for Halloween or Easter — you’ll often get a better deal at a warehouse club, like Costco.
While everything is priced at a few bucks or less at the dollar store, that doesn’t necessarily mean the prices are a bargain. Here are a few tips for saving money at the dollar store.
Compare per-ounce prices. Dollar stores may be more expensive than grocery stores when you compare items on a per-ounce basis, since the sizes are often smaller. That may be fine for items that you don’t use often or if you’re a one-person household, but you may be better off shopping at a warehouse club or discount grocer if you have a large household.Check expiration dates. Because dollar stores have lower staffing levels than major supermarkets, there are fewer employees checking expiration dates. Be extra vigilant about checking sell-by dates at dollar stores, as you’ll waste money if you load up on items that are about to go bad.Avoid impulse buying. Dollar stores are a good place to stock up on pantry staples, but they may also tempt you to add a bunch of unnecessary items to your cart, like candles, cheap decorations, and toys for kids. There’s nothing wrong with the occasional splurge, but if saving money is the goal, make a shopping list and stick to it.
Whether you’re shopping at a dollar store or a regular grocery store, consider taking advantage of credit card perks by using a grocery credit card or a rewards credit card that earns cash back or travel points. Combining your savings at the dollar store with credit card rewards could give a big boost to your bottom line, provided that you pay the balance in full each month.
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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.Robin Hartill, CFP® has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Walmart. The Motley Fool has a disclosure policy.
Having emergency savings can help you prepare for the unexpected. Find out how much interest you can earn by keeping $1,000 in savings for a year.
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Having extra money in a savings account can make receiving an unexpected bill less stressful. Even $1,000 saved can be a win for your personal finances. If you’re saving up, keep your extra cash in a high-yield savings account so you don’t miss out on the chance to earn interest. Interest can help you reach your savings goals sooner. Discover how much money you can earn by keeping $1,000 in a high-yield savings account.
Since most checking accounts don’t earn interest, keeping your savings there is not ideal. If you have a savings account, review the annual percentage yield (APY). The APY is how much interest you can expect to earn by keeping your money in your savings account for a year.
Many traditional banks offer meager APYs. APYs as low as 0.01% are common. However, you can boost the interest that you earn by opening a high-yield savings account. Many of the best online banks are offering APYs of 4.00% or more. If your savings account isn’t offering a competitive interest rate, you may want to consider opening a new account elsewhere.
Did you know the average American has just $4,500 in their savings account, and a significant percentage of us has less than that? Research from The Ascent shows that 35% of Americans have $1,000 or less saved. The good news is that even with $1,000, you can earn interest.
You can calculate just how much interest by taking your initial $1,000 deposit amount and multiplying it by the APY. This will show you how much interest you’ll earn if you keep the money in your savings account for one year.
Let’s look at why it pays to keep your extra cash in a high-yield savings account instead of a savings account offering only 0.01% APY. For my calculations, I settled on a 0.01% APY for a standard savings account and a 4.40% APY rate for a high-yield savings account. The best high-yield savings accounts have APYs ranging from 4.00% APY to 4.95%.
The calculations below assume an initial $1,000 deposit with no additional deposits made:
Savings accounts earn compound interest — interest on the interest you’ve already earned! You can continue earning more money by keeping your money in the bank. How much can you make over time with $1,000 in the bank? Let’s find out.
My calculators assume you make no additional contributions beyond your initial $1,000 deposit. But you can earn even more if you make more deposits.
Here’s a breakdown:
Earning $240 in five years without doing extra work sounds like a win to me.
If you keep your extra savings in a savings account, check the APY. Moving your money into a high-yield savings account with a generous APY can allow you to boost your account balance faster. As your money sits, it will earn interest — even if you don’t make additional deposits. You can earn even more by making regular contributions to your savings account. No matter how much you have saved, any extra interest earned is a win for your wallet.
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 11x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.
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The money in your HSA is supposed to be reserved for medical expenses. Read on to see what happens when you don’t follow that rule.
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It’s important to set aside money to cover the cost of medical care. And you can go about that a few different ways. You could put more money into a regular savings account as your bills come in. Or, you could fund a health savings account, or HSA.
Now, an HSA isn’t automatically an option for everyone. There are criteria your health insurance plan must meet for you to qualify.
For example, to qualify for an HSA this year, your health insurance plan must have a minimum deductible of $1,500 or more for self-only coverage, and $3,000 or more for family coverage. Your plan’s out-of-pocket maximum also cannot exceed $7,500 if you have self-only coverage, or $15,000 for family coverage. (Do note that these requirements commonly change from year to year.)
But saving in an HSA for medical costs makes a lot of sense because you get a tax break on the money that goes in. If you put $2,000 into an HSA this year, that’s $2,000 of income the IRS won’t tax you on.
Plus, HSAs, unlike flexible spending accounts, allow you to invest money you don’t need immediately for medical bills to grow your balance into a larger sum. Investment gains in your HSA are tax-free, as are withdrawals when taken to pay for medical expenses.
But if you raid your HSA for non-medical purposes, you should know that a huge penalty might apply. Whether you’re penalized or not, however, will depend on your age.
If you take an HSA withdrawal for non-medical reasons and you’re not yet 65, you’ll be taxed on the money you remove from your account. You’ll also face a 20% penalty on the sum you remove. Ouch. That’s double the penalty for taking an early IRA or 401(k) plan withdrawal.
So, let’s say you remove $1,000 from your HSA at age 35 to cover a home repair rather than pay for a medical bill. You’ll be taxed on that sum at whatever tax rate applies to you (that will hinge on your income), and you’ll also lose $200 off the bat in the form of a penalty.
Once you turn 65, HSAs become a lot more flexible. At that point, you can take an HSA withdrawal for any reason without being penalized. However, you will be taxed on non-medical HSA withdrawals.
It’s for this reason that some people will tell you that an HSA can technically double as a retirement savings plan. Once you turn 65, it basically works the same as a traditional IRA or 401(k).
The whole purpose of funding an HSA is to have money available for medical bills as they arise. So it’s not a good idea to take an HSA withdrawal for a non-medical reason.
If you want to make sure you have money to tap in a pinch, such as to cover a home or vehicle repair, build yourself a solid emergency fund and keep that money in the bank, where it won’t be restricted. But do your best to avoid non-medical HSA withdrawals, so you don’t get hit with costly penalties or taxed on that money needlessly.
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A Costco membership often makes financial sense. But read on to see how to get the maximum value out of yours.
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It really doesn’t take much to justify the cost of a Costco membership. The fee you’ll pay up front can more than make up for itself if you shop at Costco often and consistently reap savings on everything from groceries to household essentials. But if you’re eager to really make the most of your Costco membership, here are five moves worth making.
There’s a pretty good chance your local Costco offers the cheapest gas in town (or, at the very least, has cheaper gas than most local stations). So it’s a good idea to time your shopping trips to when your car needs a fill-up.
By visiting Costco when both your pantry and your gas tank are empty, you can tackle both tasks without a separate trip and spend less on fuel.
Costco members get the benefit of free air for their tires when they need it. This can come in really handy during those times when the temperature drops drastically, taking your tire pressure down along the way.
In fact, some Costcos have a self-serve machine you can use to pump up your tires yourself so you don’t even have to wait for assistance.
You may be inclined to stick to a basic Costco membership because it only costs $60 a year, as opposed to the $120 you’ll spend on an Executive membership. But the upside of an Executive membership is that you get to snag 2% cash back on all Costco purchases you make, including online orders.
If you run the numbers, you’ll see that all it takes is $3,001 or more in annual Costco spending for an Executive membership to make sense. So if you’re confident you’ll hit that spending threshold, it pays to upgrade.
The tricky thing about FSAs is that you’re generally required to deplete your plan balance each year or risk letting your money go to waste. Costco stocks a wide range of over-the-counter medications and products that are FSA-eligible, from cold medicines to contact lens solution. Better yet, many of the over-the-counter medications you’re used to taking are available from Costco’s Kirkland brand, which can mean spending less and stretching your FSA balance further.
For example, you can buy 1,000 tablets of Kirkland ibuprofen for $13.99 online at a cost of just $0.01 per pill. By contrast, you’ll pay $23.99 at Costco online for 360 Advil ibuprofen tablets for a cost of $0.07 per pill. (Do note that these are online prices, and your in-store costs may be different for both.)
Costco offers a host of gift cards you can buy at a price that’s less than their face value. You can then give them away as gifts when the occasions arise or keep them for yourself. As an example, you can buy $100 worth of Papa Johns gift cards for just $79.99. So if that’s a place you order from regularly, that purchase would likely make sense for your personal finances.
A Costco membership may be worth it simply to save on basics like groceries and household supplies. But you can enjoy even more value from your membership by following these tips.
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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 positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
Homeowners associations come with strict rules that you’ll have to follow. Keep reading to learn what consequences you’ll face if you don’t.
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When you buy a house, you need to consider whether the home is in a community with a neighborhood association. If you’re purchasing in an HOA neighborhood, you will likely have to pay HOA fees along with your monthly mortgage costs. You also have to deal with the association’s rules which, in some areas, can be quite extensive.
If your homeowners association has regulations to follow, there’s a good chance you may be wondering exactly what happens if you don’t listen to the guidelines and do your own thing instead. Here’s what you need to know about breaking HOA rules.
In many cases, the first step the HOA will take is to warn you that you are in violation of its regulations. For example, you may get a notification in the mail that your grass is too long or your house needs to be painted because it is out of compliance due to chipping paint. Or maybe you have a camper parked in your driveway when it’s not allowed.
Depending on your association, you’ll usually be told what fixes are necessary and may be given a deadline to make the corrections. If this happens, your best course of action is either to make the changes if they are reasonable and required, or to reach out to the HOA board ASAP to find out what the process is for appealing the alleged violation.
A violation of HOA rules can result in fees and fines. Some associations jump right to this remedy, while in others you are fined only after you have been given a warning. The fees should be spelled out in your HOA documents so you know what to expect.
In some cases, you could be charged a flat fee for a particular violation. In others, you may be charged a per-day fee for each day that a problem goes uncorrected. These fees can add up quickly.
The HOA might also take action, like bringing someone out to mow your unmowed lawn, and then charge you for it. Usually, you will pay an inflated price if the HOA has to correct the problem themselves rather than you resolving it.
If you do not pay these costs, you could also get hit with additional penalties such as interest and late fees. If you are notified you have been fined, you should reach out to the HOA immediately to either pay the money or see what options you have to try to avoid the penalty.
If you end up owing the HOA money for violations, it could actually get a lien placed on your property. This would be an ownership claim. When you have a lien on your property, it shows up on a title search. You may not be able to sell or refinance your home until you have taken care of the issue.
You don’t want to let things get to this point if you can help it, so try to be proactive in dealing with the HOA before legal action against you becomes necessary.
If you become delinquent on your HOA account, your HOA could potentially move forward with foreclosing on your home in order to recover the funds you owe. That’s right — the HOA could actually take your house and force its sale.
While this isn’t very common, it does happen and it is generally within the law for the association to take this action.
Because of these dire potential consequences, you should try to avoid breaking HOA rules whenever possible. If you think you’ll have a hard time following them, don’t move into an association neighborhood in the first place.
And if you’re already in one, try to talk to the board members and figure out a solution if there’s a problem. They won’t always be reasonable but, remember, these are your neighbors so ideally they’ll be willing to work something out before drastic solutions become necessary.
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