Money Management

Costco Business Centers offer a lot of items regular Costco members may not have seen. Here’s what to expect. 

We talk a lot about how Costco (and other warehouse stores) can be good for your personal finances. What we don’t discuss as much is how these stores can also be a boon to your small business’s finances.

More specifically, did you know that Costco has an entire line of stores dedicated to small business owners? The Costco Business Centers are more than just small Costcos. They have a number of things you won’t find at your regular Costco warehouse. Here are a few examples.

1. Business-centric bargains

A typical Costco is a one-stop-shop for everything from groceries to gas to glasses. Costco Business Centers, on the other hand, have eliminated a ton of the civilian fluff. They tend to be smaller than a regular warehouse, with a much more commercial-focused array of products.

For example, you won’t find front aisles full of seasonal decor or variety snack packs. Instead, you’ll get extra varieties of bulk-box candy for stocking your gas station or commercial kitchen gear for your restaurant. The Business Centers also stock a greater variety of janitorial supplies, disposable products, and beverages.

2. The bulkiest of bulk buys

If you thought the packages at a regular Costco were big, you ain’t seen nothin’ yet. The Business Centers take bulk buy to the next level!

What do I mean? None of these wimpy little 3-pound sacks of spuds. No, you want potatoes, they’ll give you potatoes — 40 pounds of them. Having a s’more night? How’s a 5-pound bag of marshmallows sound? Oh, and don’t forget your 5-gallon bucket of yogurt or 5-pound tub of hummus!

That still not enough for you? Business Centers also let you order your supplies by the literal truckload, and they’ll deliver right to your business (if you’re in the delivery range).

3. Industrial-sized ‘small’ appliances

If your home stand mixer is just way too small and you’re looking for a serious upgrade — you probably still won’t want to shop for your new appliance at a Costco Business Center. The commercial appliances you’ll find inside are far better suited to stocking the local pizza shop’s kitchen than making a batch of cookies at home.

4. Early bird hours

Have you ever been up at the crack of dawn and fervently wished you could visit Costco? Well, if you have a Business Center nearby, good news! Rather than waiting all the way until 10 a.m. to get your Costco fix, you can hit the Business Center bright and early at 7 a.m.

Of course, early to rise, early to bed: The stores close at 6 p.m. on weekdays and 4 p.m. on weekends.

5. Line-free checkout

Costco fans are quick to share their love for the warehouse store with friends and family. But that popularity means Costco is frequently busy, often leading to long lines at the checkout. According to shoppers, however, the Business Centers rarely have lines or crowds, likely due to their niche nature (and the fact that some people simply don’t know they exist).

Who can shop at Costco Business Centers?

Although the Costco Business Centers cater to small business owners, you don’t need a special business membership — or even a business — to shop there. Your regular ole Costco membership is plenty.

That said, there are far, far fewer Business Centers than Costco warehouses. In fact, while there are 855 Costco warehouses worldwide, there are only 24 Business Centers — 10 of which are in California.

So, while any Costco member can shop at a Business Center, you’ll have to find one first. And that might not be easy for most members.

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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.Brittney Myers 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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Roadside assistance is an optional add-on with most car insurers. But here’s why you might be better off looking elsewhere. 

When buying auto insurance, it’s important to be smart about what add-ons to purchase along with a policy. Purchasing additional coverage comes at an added cost, so it’s worth thinking about what kinds of coverage are actually worth the extra hit to a checking account.

Roadside assistance is one of the different kinds of add-ons drivers could choose to buy. But, do motorists really need this coverage? Here are a few key things to think about to help decide.

Do you already have roadside assistance from another source?

Roadside assistance is offered by many different companies that drivers do business with.

For example, individuals with an AAA membership get roadside assistance protection through their automobile club. People who join AAA for the discounts the club offers can benefit from this roadside assistance, which is often more comprehensive than the coverage an auto insurer offers.

Some credit cards also provide roadside assistance, either as a member benefit for cardholders or as an add-on perk cardmembers can choose to purchase. Individuals with newer cars or vehicles that are still under warranty may have roadside assistance from their dealer or the car manufacturer as well. And, stores like Sam’s Club offer roadside assistance for those who have had their tires installed there, with this protection lasting for as long as three years from the date the tires were purchased.

Chances are good that most motorists are going to have roadside assistance through one of these other resources. If they already have this protection in place, it is unlikely that they would need to pay for add-on roadside assistance coverage from an auto insurer. This could be redundant and unnecessary, since there may already be one or more companies to call if things go wrong on the road.

Would buying this coverage elsewhere provide a better value?

For drivers who do not already have roadside assistance, it’s important to consider whether buying it through an insurance company is better than getting it elsewhere — such as by purchasing an annual AAA membership.

To make this decision, drivers should look at:

The cost of the added premiums to put roadside assistance on an insurance policy, compared with the cost of gaining access to roadside assistance through other means such as joining AAA. The types of coverage available and the extent of coverage. The purpose of roadside assistance is to make sure no driver gets stranded on the road without help getting the car to a place where it can be fixed. So, drivers should consider exactly what is covered — in terms of features like lock-out services, towing, fuel delivery, jump starting, and more. The goal is to pay a fair price for the coverage that is likely to be needed.

By keeping these issues in mind, motorists can make a better, more informed choice about whether it’s worth paying added premiums for roadside assistance car insurance or whether there are better solutions available. By taking the time to consider these issues, drivers who don’t need roadside assistance through their insurers won’t have to waste the money to pay for a form of protection they don’t require.

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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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Looking to explore new marketing opportunities? Learn how you can start harnessing the power of the new Threads app, and get tips to make money with it. 

Social media has revolutionized the way we communicate, do business, and live our lives. There are approximately 5 billion people worldwide who use social media. Social media has also revolutionized the way businesses interact with their customers and reach new audiences.

Not only do social media platforms provide a space for businesses to connect with their followers, they also provide an opportunity for businesses to monetize their social media presence.

Instagram, one of the leading platforms, recently introduced Threads — a text-based counterpart to Meta’s popular photo-sharing platform. Here’s how the app works and how businesses can monetize the fast growing app.

What is Threads?

Threads, a new app from Meta, the parent company of Facebook, Instagram, and WhatsApp, is a platform similar to Twitter. Users can engage in real-time conversations through text-based posts, photos, and videos.

Messages posted to Threads are limited to 500 characters, allowing for concise and focused communication. The app takes inspiration from Instagram’s aesthetic and navigation system, while also providing the ability to seamlessly share posts from Threads to Instagram Stories.

Threads has gained significant traction in its first week of launch. According to data released by the company, over 100 million users have already signed up for the platform. Moreover, among these users are several prominent accounts, including not only brands but also celebrities and journalists.

How can businesses make money with Threads?

Similar to other social media sites like Twitter, there are several ways you can make money with this app. The first step to making money from Threads is having a strong profile. A strong profile will not only increase your credibility, but it also enhances your chances of making money.

Businesses can use Threads to share real-time updates with their customers. For example, if you own a restaurant and you’ve just rolled out a new menu, you could use Threads to share pictures of the dishes or a video of the chef making them.

Another way businesses can use Threads is by joining public conversations and engaging with their customers. Threads works similarly to Twitter, in that you can join conversations based on the topics that interest you.

So, if your business specializes in sustainable fashion, you could join conversations about environmentalism and eco-fashion. This can help you build your brand and connect with your target audience.

Threads is currently being developed for compatibility with other social networks. This means that businesses could potentially use Threads to gain exposure on other platforms. For example, if you’re a beauty brand, you could use Threads to create a tutorial on a makeup look, and then share it on Instagram, YouTube, and other platforms. This could help you reach a wider audience and potentially attract new customers.

To make money on Threads, businesses will need to have a strong social media presence and already be using Instagram to connect with their customers. But if your business is already active on social media, Threads could offer a new avenue for engagement and exposure and help grow your business bank account.

How can individuals make money with Threads?

After creating a strong and credible profile, the next step is to build a targeted and engaged audience. You can do this by following other relevant users and engaging with other users’ content.

Building a robust, engaged audience helps increase your chances of making money from Threads through sponsored posts, affiliate marketing, and other ways. Once you have a targeted and engaged audience, you can start monetizing your Threads account.

One of the simplest ways to do this is through sponsored posts. Sponsored posts are posts you create on behalf of a company or organization willing to pay to have its products or services promoted.

Another way to monetize your Threads account is by becoming an affiliate marketer. Affiliate marketing involves promoting products or services and earning a commission directly into your checking account for every purchase made through your unique referral link.

Lastly, you can make money on Threads by selling your own products. This could be a physical or digital product you sell through your post or a landing page. Threads offers a unique advantage that enables you to sell your products quickly and directly to your audience.

Ultimately, whether your business can make money on Threads will depend on your approach. But by using the platform to share real-time updates, join public conversations, and potentially gain exposure on other social networks, there’s certainly potential for businesses to benefit from this new app. So, if you’re interested in exploring new avenues for social media engagement, it’s worth checking out Threads and seeing if it could be a fit for your business.

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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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It’s good to keep growing your savings until you have a solid emergency fund. Read on to see what might happen if you stop too soon. 

A recent SecureSave survey found that 67% of Americans don’t have enough emergency savings to cover an unplanned $400 expense. And people in that boat are no double vulnerable to credit card debt.

If you’re on the path to building up your emergency fund, it’s important to stay the course. If you stop funding your savings account too soon, you might end up short on money if an unplanned bill strikes or you wind up unemployed for an extended period of time.

When you stop adding to your savings before your emergency fund is complete

You might hear different guidance as far as what a “complete” emergency fund entails. Some experts will tell you that it’s best to have enough money in savings to cover six months’ worth of bills. Others will tell you that eight to 12 months’ worth is more appropriate.

But the generally accepted convention is that your emergency fund should have enough money to cover a minimum of three months’ worth of essential bills. If you stop putting money into your savings account before reaching that point, you might end up having to rack up debt if you find yourself out of a job. That’s because it can easily take three months to get hired after becoming unemployed.

Also, if you stop funding your emergency savings too soon, you’ll risk landing in debt when a large unplanned bill pops up. That bill could be a home repair, a vehicle repair, or a medical expense you weren’t anticipating.

It’s okay to stop putting money into savings once you have a full emergency fund

Although saving money clearly requires a lot of discipline, it’s important to push yourself to keep doing it until your emergency fund is complete — whatever that means to you, and as long as it means having at least enough cash to cover three full months of essential bills. But once you’re happy with the state of your emergency fund, it’s actually okay to stop pumping money into your savings account.

In fact, at that point, it can be a great idea to stop putting cash into savings and instead invest it in a brokerage account or IRA. Doing so could allow you to earn a much higher return on your money over time.

In fact, over the past 50 years, the stock market has delivered an average annual return of 10% (before inflation), as measured by the performance of the S&P 500. If you complete your emergency fund and wind up with an extra $500 on your hands, investing it at 10% could grow that sum into $5,400 over 25 years. If you were to keep that extra $500 in a savings account paying 2% interest, you’d only grow it into $820 during that same time period.

It’s important to push yourself to complete your emergency fund before halting the practice of putting money into savings. But once you’re all set in that regard, you might specifically want to stop funding your savings — and invest your money instead.

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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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Some credit card mistakes can put a serious dent in your wallet or your credit score. See what mistakes to avoid so you don’t do them with your credit card. 

Credit cards are a popular way to pay for purchases. In the United States, 80% of consumers have at least one credit card, according to a study by The Motley Fool Ascent. But not everyone has the same experience with their credit card.

When it comes to credit cards, whether they help or hurt you financially depends on how you use them. If you manage your credit card well, it’s a secure payment method that can also get you some additional benefits, such as rewards and purchase protections. If you don’t, you could become one of the people with credit card horror stories.

Nobody wants that. When you know what not to do with your credit card, you shouldn’t have any issues. Here are the things to avoid.

1. Not making your payments

Each month, you’ll receive a credit card statement with a minimum payment requirement. As long as you pay at least that much by the due date, everything will be fine with your account. If you don’t make your payment, it can lead to serious problems. Here’s what you can expect:

The credit card company will charge you a late fee when you miss your payment.Once your payment is at least 30 days late, it can be reported on your credit history. This can cause your credit score to drop, in some cases by over 100 points.If you don’t get caught up, you’ll get charged more and more interest. Eventually, the credit card company may send your account to collections.

To avoid giving you the wrong idea, if you accidentally miss a payment, it’s not the end of the world. You’ll be charged a fee, but many credit card companies will waive your first late fee if you call and ask. And a late payment needs to be at least 30 days past due to affect your credit score. If you get caught up before then, it won’t affect your credit.

Still, you don’t want to get into the habit of paying late, or going a long time without making your payment. It’s best to always pay on time to avoid late fees and other issues.

It’s also wise to get into the habit of paying your credit card bill in full. You only need to make minimum payments to stay current, but if you pay off your entire statement balance every month, you won’t get charged interest.

2. Getting a cash advance

You can get cash with a credit card, but there are some serious drawbacks. This is called a cash advance, which normally involves setting up a PIN for your card and using it in an ATM, just like a debit card. Some credit card companies also offer convenience checks. These let you write a check against your credit card account.

Regardless of the method, a cash advance is a bad idea, for a few reasons:

Credit cards charge a cash advance fee, with the standard amount being 3% to 5%.Interest charges on cash advances start immediately. There isn’t any grace period like there is with purchases.Many credit cards charge a higher interest rate on cash advances than on purchases.

So, you get charged an extra 3% to 5% on a cash advance, it will probably have a higher interest rate, and you’ll start getting charged interest right away. That all makes it a costly way to use your credit card.

Tip: Watch out for any transactions that involve sending money, such as money wires and even transferring funds through payment apps. These can be considered cash advances if you pay for them with your credit card. To play it safe, stick to a debit card for these types of transactions.

3. Spending more than you can afford to pay back

One of the most common ways people get burned with credit cards is overspending. When you can spend money and pay it back later, it’s easy to convince yourself to make purchases you normally wouldn’t.

Make sure you have a plan to pay back every purchase you make on your credit card. The safest approach is to treat it like you’re using a debit card. Only make purchases you could afford with the money in your bank account, and pay them off in full by the time your payment is due.

If you’re thinking of making a big purchase that you won’t be able to pay off right away, look into 0% APR credit cards. These have a 0% APR for an intro period, so you can make purchases and pay them off over time, interest-free.

Once again, if you go this route, make sure to have a plan for how you’ll pay that purchase off. For example, let’s say you get a card with a 0% intro APR on purchases for 15 months. You need to cover a $2,000 emergency home repair. Before you go through with that, decide how much you’ll pay, such as $200 per month, to get that purchase paid off within a reasonable time frame.

To sum it up, the main things to watch out for with credit cards are not making your payment, getting cash advances, and spending more than you can afford. If you don’t do any of them, you’ll likely have a positive experience with your cards.

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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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