Money Management

When I moved with my young children, I gave them jobs and abandoned all screen-time rules. Read on to learn what else I did to make it through. 

Recently, I had to move houses with an almost-4-year-old and a 13-month-old. If you are a parent reading this, you know that does not sound like a very good time.

While I was happy I had sold my home and was excited to get a mortgage loan and buy a new place that was a better fit, first I had to deal with the huge hassle associated with relocating with small children underfoot.

Thankfully, I did find some techniques that ended up making the process at least a little bit easier. Here’s what I did.

I gave the kids jobs to do

I knew the kids would want to be involved with some aspects of the move. Unfortunately, “help” from small children often makes jobs take 1,000 times longer — and sometimes leads to things getting broken.

To make sure I directed my kids’ attention to things they could do without causing damage, I planned a list of jobs for them throughout the process. They were given a special box to pack up their (non-breakable) toys and books, for example. And they were in charge of carrying pillows out to be boxed up.

Because they felt like they were part of the team, they were a lot more cooperative with letting me get things done.

I broke the move down into small parts

Since toddlers demand a lot of attention, I didn’t have a lot of uninterrupted blocks of time to take care of organizing and packing. So, I broke the move down into small parts rather than trying to do everything at once. I’d pack a few things here and there when I had spare moments, or clean out one shelf of a closet while they were distracted by something else.

We divided and conquered on moving day

On the actual moving day, we decided that rather than trying to have both my husband and me involved — with the kids underfoot– we’d split up the tasks. One of us would watch the kids while the other did their part of the moving process. For me, this was being there to help the movers finish up whatever packing was left in the house. And for him, that was being there to help the movers when they were loading stuff onto the truck to take to storage.

We hired some help with part of the process

One of the best things we did to make the moving process easier was to hire some help. We didn’t want to take too big of a hit to our bank account, so we didn’t have the movers do everything.

We had them pack up a few breakables (like dishes in kitchen cabinets) and then we had them physically move the stuff onto the truck and help my husband unload it at the storage unit. We paid hourly, and while it was an investment, it was worth it — especially since our prep work meant that we didn’t have to pay too much.

We abandoned all screen-time rules during move prep

Finally, when we were actually trying to get ready the day before the move, we abandoned our screen-time limits. While we are usually careful about how much our kids watch, desperate times called for desperate measures.

If you’re a parent, I hope these tips will also help you make moving with young kids easier. Or, you could just wait until they are adults, which is why we hope not to move again for decades once we’ve settled into our new home.

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Thinking of signing up for a Costco membership? Read on to see why that could be a great idea. 

For some people, the decision to join Costco is an easy one. And if you’re someone with a big family to feed and a larger home to maintain, then you may come to the conclusion that a Costco membership makes a lot of financial sense. But just in case you’re on the fence, here are a few perks that come with a Costco membership that you should know about.

1. Extended warranties on electronics

It’s common for electronics to come with a one-year warranty so you’re protected in case your devices fail or malfunction shortly after buying them. But Costco takes that protection one step further by upgrading customers to a two-year warranty on electronics.

That added protection is applicable to products that include laptops and TVs. And it could give you the peace of mind you deserve when you’re splurging on a product to make your life or job easier.

2. Travel services

Not only can travel be expensive, but you may not have the time to put together a vacation package that gives you access to airfare, ground transportation, lodging, and entertainment. Costco can come to the rescue with its travel services — a feature all members can capitalize on. You can browse different vacation packages online or call and speak to a Costco Travel representative who can help you narrow down your options.

3. Same-day grocery delivery

Some people find the process of navigating the aisles at Costco overwhelming. Others may not have access to a car. Enter same-day grocery delivery from Costco. Though you’ll pay extra for this service, you’ll get the option to have hundreds of products delivered to your door so you don’t have to leave the house, from fruits to proteins to dairy products. And you’ll also save yourself some money on gas by not having to make a trip to the store.

4. The option to use your membership at any location

As of July 19, 2023, Costco was operating 590 warehouse club locations in the U.S. and Puerto Rico. As a member, you get access to any Costco store of your choosing. This means that if you’re traveling or working remotely from another city for a period of time, you can load up on affordable groceries and supplies without having to rack up a giant credit card tab.

5. Cash back on your purchases

Your local supermarket may not be giving you cash back on your groceries — but Costco will if you upgrade to an Executive membership. In fact, Executive members get 2% back on all Costco purchases they make, whether it’s food, cleaning supplies, or appliances.

You will pay an extra $60 to upgrade from a basic Costco membership to an Executive membership, bringing your total annual cost to $120. But if you do a lot of shopping at Costco, you might easily come out ahead financially after making that upgrade. If you spend at least $3,000 a year at Costco, getting an Executive membership makes financial sense.

A Costco membership isn’t for everyone. But if you’re thinking about signing up, make sure to keep these benefits in mind when finalizing your decision.

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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.

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When deciding what you want in a home, you don’t want to focus on features that are easy to modify. Read on to learn what to do instead. 

The median sale price of a home climbed to $436,800 in the first quarter of 2023, and many shoppers are still looking for homes despite the fact that interest rates on mortgage loans have rapidly increased since the heart of the pandemic.

With home prices and mortgage rates both pretty high, it’s important to be smart about buying a home. And that means not making a common mistake many people make when searching for a property. Here’s the pitfall that would-be property owners need to make sure to avoid so they aren’t left with regrets.

Focusing on the wrong features could end up costing you

Unfortunately, many people focus on too many of the wrong things when looking for a new property. Specifically, if you have too many home features on your must-have list that are easily changeable, you could lose sight of the things that really matter — and you could pass up a great house in the process.

Far too many people have a list of “must-haves” based on things they see on HGTV or in magazines and end up choosing a house based on things like nice granite countertops or a specific style of kitchen cabinets. They might focus on finding a home with a designer “spa” bath or the latest paint colors, or with updated landscaping that provides good curb appeal.

While those things can be nice to have, in most cases, none of them should be deal breakers. In fact, anything that could be easily changed in a property over time with just a small investment should not be the primary feature you look for when buying a house.

If you do focus on cosmetic issues, you could end up purchasing a property that lacks qualities that are even more important — like a great location offering you a short commute. Or, you could find yourself justifying paying more for a house just to check all of these “wants” off your list.

Make a list of clear priorities so you can make an informed choice

Instead of focusing on a ton of different cosmetic things when you’re looking for a home — and potentially passing on great houses or spending too much — it’s best to make a short, clear list of the things you really need to prioritize. Typically, this list should include the home features you cannot change, such as:

The location of the houseThe safety of the neighborhoodThe ease and distance of your commuteThe layout of the homeThe view that you haveYour proximity to neighbors (if this is an issue for you)

While you can add a few other priorities to your list based on your needs, don’t make your list too long or get too hung up on anything that would be an easy or inexpensive fix. If you do, you could end up regretting it when you can’t find a house in your budget to buy or when you end up in a property that’s not right for you over the long haul.

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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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Policyholders may still be able to cancel coverage retroactively and get back some of the premiums paid. Check out what policyholders need to know. 

It’s important to have insurance policies in place on homes, vehicles, and other valuable assets. It’s also a good idea to shop around regularly for insurance. After all, no one wants to pay more for car insurance or homeowners insurance than they have to — and sometimes, coverage options change or a policyholder’s needs change.

When switching insurance, or when a policyholder no longer needs coverage any more — say because they sold a covered home or vehicle — it’s important to cancel the policy once the protection is no longer necessary. But what happens if the policyholder forgets?

Premiums could continue to be collected

When a policyholder forgets to cancel insurance, the insurance company often has no way of knowing the policy won’t be needed any more. As a result, the company will keep charging premiums. Consumers could get a bill for their coverage or, if they have set up automatic payments of monthly premiums, the money could keep coming out of their account.

For those who pay annually, the insurer won’t know to send any money back, so it’ll keep the premiums that have been sent in already, unless or until the policyholder takes action to report the cancellation and ask for part of the money back for the portion of the year when coverage is no longer needed.

Refunds can sometimes be issued based on when the policy should have been canceled

It makes little sense to pay for homeowners insurance coverage on a sold home, and it also makes little sense for someone to have double insurance coverage in place. As a result, in some cases, it is possible to get refunded effective on the date the property was sold or new coverage was obtained.

To do this, it’s usually necessary to contact the insurer, let the company know exactly when the coverage should have ended, and provide proof of sale of the asset or proof that a new policy was put in place.

The insurer’s policy will dictate whether a policyholder gets all of their money back that was collected after the insurance should no longer have been in effect. And it’s generally more likely that insurers will allow a back-dated refund in situations where the asset was sold, rather than when a consumer simply switched insurance companies. But ultimately, it comes down to what the insurer says and what state law requires.

Although some insurers do provide refunds, that is not the case in every situation. And state law doesn’t always require that an insurer refund all the premiums collected after the date the cancellation should have become effective.

Depending on the local rules and the insurer’s policy, sometimes a consumer may only get back premiums paid within a short time — such as the previous 30 days — even if the policy should have been canceled weeks or months before.

Be proactive so you don’t lose out

It can be disappointing to find out that premiums paid for a policy that should have been canceled won’t all be returned. Aim to avoid this by letting an insurance company know exactly when coverage needs to end before that end date occurs. By taking action in advance, policyholders can ensure they never pay for insurance coverage they don’t really need — and can use their money for more fun things instead.

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Radical tax reform is on the agenda of Democrats in the House and President Biden. Take a look at the details of what they’re proposing. 

The American tax code traditionally focuses on how much you earn, not how much you have. A new bill introduced in the House, and touted by President Biden, would change that. The so-called Billionaire Minimum Income Tax aims to set a floor on the amount of taxes that some of the wealthiest Americans will pay.

Read on to learn more about this proposal, how it works, and what chance it stands in a closely divided Congress.

What’s in the bill?

The 34-page bill introduced in the House by Rep Steve Cohen (D-TN) would add some unprecedented measures to an already complex tax code.

The bill would introduce a net worth component to tax calculations, an unprecedented proposal in a tax system that typically focuses on a taxpayer’s income. As it stands today, the provisions of the bill would only apply to those with a net worth over $100 million, or 0.01% of all Americans, according to a White House estimate. Those skirting the edge of the $100-million mark will have some leniency, as a taxpayer’s new tax bill would not exceed 40% of that net worth overage.

Additionally, the bill would introduce a measure to tax unrealized gains. Typically, gains on investments or property are not taxable until the underlying asset is sold. For the taxpayers who fall into the above net worth category, the appreciation of assets will be considered in calculating the minimum amount of tax they will owe. According to the Biden Administration, this provision will prevent appreciated property from going untaxed for generations among the wealthiest Americans.

Establishing a floor

The general idea behind the bill is that Americans with hundreds of millions and billions of dollars will be beholden to a tax floor. According to the White House, the richest 400 billionaire families pay on average just over 8% of their income in taxes. Meanwhile, the average American pays closer to 13%.

Effectively, only those over the $100-million-net-worth mark will be affected by the new floor. For those taxpayers, the bill would require a calculation of their so-called “full income” equal to the sum of their taxable income and unrealized gains in a given year. The minimum tax for those taxpayers would be equal to 20% of this “full income.”

Households and individuals who fall into the wealth bracket described above and already owe 20% or more of their “full income” in taxes wouldn’t pay a penny more. Meanwhile, those paying under 20% would need to make additional payments until they reach that 20% threshold.

Political fortunes

It should be understood that this bill will not pass in its current form. Today’s closely divided Capitol Hill has had difficulty passing even moderate legislation. This bill is far from being a piece of moderate legislation and has been assigned to the Republican Ways and Means Committee, where it will almost certainly die.

However, today’s dead-on-arrival bill could be tomorrow’s landmark legislation, and it bears recognizing that party leaders may be signaling their appetite for policy in future years. If Democrats can win handily in upcoming elections, there is a good chance that net worth and unrealized gains could become part of the tax code. For now, however, House leaders in the 117th Congress have all but put this bill to bed.

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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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