Money Management

Buying tires at Costco isn’t always the cheapest, but there are some other big perks. Read on to learn why Costco Tire Center is worth considering. 

Costco membership isn’t just about buying things in its warehouse clubs. There are several other perks of memberships, such as the gas stations and travel deals, just to name a couple.

One other benefit to membership is the Costco Tire Centers, which allow you to have new tires installed on your vehicle while shopping. If you haven’t used Costco’s Tire Center yet, here’s a quick rundown of some of the important things to know.

1. Costco isn’t always the cheapest

To be sure, there are some Costco membership perks that you can be quite sure are cheaper than the alternatives. Gas prices are a great example. But with tires, it’s not always the case. In fact, analysis by Clark.com found that Costco isn’t even in the top three when it comes to the cheapest regular-price tires on average. Those are Walmart, Discount Tire, and Sam’s Club, respectively.

Having said that, Costco certainly has competitive pricing on tires, and in some cases, Costco can be the best choice.

There’s also value to be had in getting your tires changed while shopping. If you take your car to a discount tire retailer, you’ll need to sit there for hours or arrange transportation to and from the shop. At Costco, it’s easy to schedule a tire appointment online or in the store, and you can plan a shopping trip around it.

2. There are often promotions and rebates available

Costco offers certain promotional discounts and rebates throughout the year, and these can certainly have an impact on your checking account. As an example, Costco offered a $150 discount on a set of four Michelin tires earlier this year.

In fact, the same Clark.com analysis mentioned in the previous section found that in March 2023, four tires for a 2017 Toyota Camry were about $40 cheaper at Costco than anywhere else, thanks to discounts that were available at the time.

3. Costco doesn’t use regular air in your tires

One of the more unique aspects of getting your tires changed at Costco is that service technicians inflate your tires with nitrogen instead of compressed air. According to the company, this helps your tires retain their pressure longer and can result in more mileage out of a set of tires, not to mention better fuel economy.

Some Costco competitors will fill your tires with nitrogen, but charge an additional fee to do so.

4. Best road hazard warranty and lifetime maintenance

Costco offers a five-year road hazard warranty on tires. If your tires are damaged during the course of normal driving, and you’ve kept up with standard maintenance, Costco will repair or replace them for five years or until their tread depth is worn down to 1/16 of an inch, whichever comes first. If a tire cannot be repaired, Costco provides a credit determined by the remaining usable tread at the time of failure. This is a big difference between Costco and its competitors.

And if you purchase tires at a Costco Tire Center, you can come back anytime for several free services. This includes pressure checks, tire balancing, tire rotations, and flat repairs.

Is Costco the best place to buy tires?

The short answer is “it depends.” Costco has competitive prices on tires, offers promotional discounts frequently, and has one of the best road hazard warranty and maintenance programs in the industry. Just like any other major purchasing decision, there’s no harm in shopping around, but Costco Tire Centers can be a great place for your tire needs.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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.Matthew Frankel, 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.

 Read More 

You might incur much higher travel costs when your family has more than four people. Read on to learn more. 

When I got pregnant for the second time and learned I was having twins, my first thought was something along the lines of “Yikes.” Don’t get me wrong — I’m extremely blessed to have three amazing children. But through the years, we’ve encountered our share of financial challenges due to having a larger family.

Take summers, for example. Since my husband and I both work full-time, we need to pay for full-time childcare when school’s not in session. Only instead of paying for one child or two like many of the families we know where both parents work, we have to pay camp tuition three times over. Needless to say, that tends to be a pretty large credit card charge.

Traveling can also be a challenge when you’re a larger family. In fact, you’ll often find that some seemingly affordable options become anything but when there are more than four people in your family.

When you can’t fit into a standard room

If you book a lot of travel, you may have noticed that most hotel rooms are designed to fit four people — not more. And if you try to cram a fifth person into a standard hotel room, you’ll often either be charged a fee or told that you have to book a more expensive suite.

This also tends to be an issue when booking a cruise. Most cruise cabins are designed to accommodate up to four people — no exceptions. And it can be difficult to find adjoining cabins on a cruise ship if you don’t book your itinerary well in advance.

Recently, my family looked into taking a cruise and were told that our only option as a family of five was to book a suite at a much higher price point. We said no thanks and made different plans.

In fact, Cruise Blog Media priced out the cost of a balcony cabin and a suite on a 2021 Norwegian cruise to the Caribbean. It found that while a balcony cabin starts at $699, a suite starts at $1,546. That’s more than twice the cost.

How my family travels more affordably

Clearly, hotel chains and cruise lines aren’t all that friendly to larger families. So one thing we’ve taken to doing in the course of our travels is booking private vacation rentals through sites like VRBO and Airbnb. Often, these properties can not only accommodate larger groups, but there’s no upcharge for a family of five versus four.

As a bonus, some of the properties you’ll find on sites like these are dog-friendly. You’ll often have to pay an extra fee or security deposit if you’re bringing a dog on your travels. But the option to do so saves us from having to pay a dog sitter.

Traveling with a larger family can be a challenge, but it’s something that’s important to us. So rather than pay through the roof for hotel and cruise line suites, we’ve made some changes to the way we travel.

To be clear, renting a private home in the Bahamas is not the same thing as getting to take a Caribbean cruise and explore different islands. So if that’s your goal and you have a larger family, you might have to eat the higher cost and spring for the suite. But if you’re willing to be flexible, you might manage to save a nice amount of money in the course of your travels.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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.

 Read More 

The average price of a new vehicle is $48,528. Read on to find out why one writer will opt for a used car for his next purchase. 

The other day, I rode my bike a few blocks to a spot downtown to get some work done. On my way back, there were two instances where I was forced to slow down and nearly stop because two drivers didn’t see me or weren’t paying attention.

I don’t always bike around town, but I share a car with my wife and that means I’m frequently walking or biking around. It’s generally safe, but I’ve begun thinking about having two cars again since that day.

We’re able to get by with just one car right now, despite living in a small city that doesn’t have an extensive public transportation system, by planning our driving schedules. Here’s how we get by with one car right now — and why I’m preparing for a car purchase soon.

How we get by with one car right now

The two main reasons why having just one car works for us is because I work from home and we homeschool our two kids. This means that the car we have is mostly up for grabs on any given day.

In addition to our flexible schedules, we also live in a fairly walkable area. Our home is in a small city with coffee shops, restaurants, breweries, and parks within walking or biking distance. We’re also just a few blocks from a pharmacy, grocery store, and medical clinic, giving us access to the essentials even if the car isn’t available.

But like any family, we still have schedules to work around. For example, we have to plan out grocery store runs, book clubs, and occasional trips when one of us is out of town. Our kids also attend homeschool cooperatives two days per week, participate in a Lego robotics league, have baseball practice and games, and go to other social activities.

We’ll probably need a second car one day

While our one-car lifestyle has worked out for several years, we’re nearing a time when we’ll need two cars. Our kids are getting older, and soon they’ll need even more time with their friends and after-school activities — all of which will require more scheduling.

We’re also considering buying a house, which may or may not be downtown. If we move farther outside of town, we’ll likely need another vehicle so one of us isn’t stranded at home when the other is using the car.

Why I’ll buy used vs. new

The average transaction price for a new car is $48,528, up 25% from May 2020. And the average cost of a used car is $27,256. That’s not exactly cheap either, but it’s certainly moving in the right direction.

We paid off our car loan a couple of years ago, and I really don’t miss having a car payment. I don’t have a specific car fund set up for this right now, but I’ll likely budget for the payment as we get closer to the purchase time.

I’ve never bought a new vehicle before, and considering that new car prices are more than double what I paid for my current vehicle, I doubt I’ll change strategies now. I still have some time before I need to buy a car, but I’m beginning to loosely plan for it now because setting financial goals ahead of time helps make them a reality.

If you’re in the market for a new or used car, boosting your credit score as much as possible can help you get a car loan with a better interest rate. And with car prices and rates still elevated, snagging a lower interest rate is a good way to keep your monthly car payments lower.

I’m hoping to stash some money away before I need to buy a second car. But until then, I may begin budgeting for a reflective riding vest.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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.

 Read More 

A pet is a good thing to have in retirement. Read on to see why. 

Many people look forward to retirement after decades of hard work. But unfortunately, retirement isn’t always the rosy period of life people expect it to be.

It’s common for retirees to struggle with boredom, and to have a hard time coping with a lack of structure in their schedules. That’s why it’s so important to find ways to keep busy in retirement. And adopting a pet could be a good bet in that regard.

What can a furry friend do for you?

Recent data from Edward Jones reveals that 34% of retirees adopted a pet. And for many, that helped boost their sense of purpose.

In some cases, caring for a pet can be a lot of work — especially if you adopt a dog that needs to be walked several times a day. But keeping busy in retirement can be so essential to your mental wellbeing, so if you’ve been struggling to fill your days, you may want to visit your local shelter and see if there’s an animal you’re drawn to.

Not only can adopting a pet keep you nice and busy, but it could also help minimize feelings of loneliness. For many people, work serves as a social outlet. When you stop working, you might lose your social network and start to feel isolated, especially if you live alone or don’t have many friends who are retired. So a pet may be worth adopting for the company alone.

Be mindful of costs

The cost of owning a pet can really vary quite a bit depending on the type of pet you adopt, its size, and any health issues that come with it. Before you adopt a pet, take a look at your retirement budget and see what you can afford.

If you have a monthly income of $3,000 between Social Security benefits and IRA distributions, but you currently spend $2,800 on essentials like housing, transportation, and food, then you may not have much wiggle room to adopt a pet (though this doesn’t mean you can’t make that happen). You may, in that case, want to favor a smaller animal it will cost less money to feed.

You should also know that it’s really important to put pet insurance in place as soon as you bring a pet into your home. You never know when a pet of yours might get injured or fall ill. And if you’re already on a fixed income and tight budget due to being retired, the last thing you’ll want is a multi-thousand-dollar vet bill.

Of course, the cost of pet insurance will hinge on the type of animal you adopt. Shop around for quotes so you can compare your choices, and do so quickly. Pet insurance generally does not cover pre-existing conditions for animals. So it’s a good idea to put coverage in place before a health problem with your pet comes to light.

There are many benefits to owning a pet in retirement, so it pays to look into adopting, even if you’ve never owned a pet before. You may find that it spells the difference between feeling busy and fulfilled versus feeling bored and being generally unhappy.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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.

 Read More 

Life insurance is not a free service. Read on to find out what happens when you miss a payment. 

Life insurance is important to have when there are people in your life who depend on you financially. But as you’re probably aware, it’s not a free service.

If you stop paying your mortgage loan, your lender will eventually have the right to foreclose on your home. If you stop making car payments, your auto loan lender can eventually seek to repossess your car.

Similarly, if you stop making life insurance premium payments, your coverage will end up lapsing. But that won’t necessarily happen if you miss a single payment. In fact, the consequences of missing a payment will depend on the type of policy you have.

When you have term life insurance

Term life insurance covers you for a preset period of time and does not accumulate a cash value. If you miss a term life insurance payment, you might risk having your policy lapse.

That said, many life insurance companies offer a 30-day grace period for missed payments before your policy is canceled, says Experian. So if you miss a payment but are able to make it a bit late, your policy isn’t necessarily done with.

When you have whole life insurance

Whole life insurance, unlike term life insurance, does accumulate a cash value. And if you’ve accrued enough of a cash value to cover the cost of the premium payment you didn’t make, then your policy may be safe. But if you stop making your payments altogether, your coverage might lapse eventually.

What to do if you’re struggling to afford your life insurance premiums

If you’re at risk of missing a premium payment because your life insurance is something you can no longer afford, don’t just resign yourself to not having coverage. Instead, explore your options for securing coverage that’s more affordable for you.

If you have whole life insurance, for example, replacing it with term life insurance could be a far more affordable option. And this way, your loved ones are still protected.

Of course, the amount you’ll pay for life insurance will hinge on factors such as your age, health, and habits. For example, if you smoke, you can generally expect to pay more for life insurance than a non-smoker, all other things being equal.

But Forbes says that the average cost of a $500,000 life insurance policy for a 30-year-old, non-smoking man is about 5.8 times more expensive for whole life insurance than a 40-year term life policy. For a 30-year-old female, whole life insurance would be about 6.7 times more expensive in this situation.

You’ll need to do some rate shopping to see what costs you’re looking at yourself. But don’t automatically give up on life insurance coverage completely when your premiums become financially burdensome.

In addition to changing the type of coverage you have, you can also look at buying less coverage — for example, getting a $250,000 policy instead of one for $500,000. Protecting your loved ones to some degree is better than not having insurance at all.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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.

 Read More 

Employer life insurance has pros and cons. Read on to learn more about them. 

If you have people in your life who rely on you financially or who might get hurt financially if you were to pass away, then it’s important to put life insurance in place. Without it, your loved ones might struggle if you’re no longer around to earn an income.

When it comes to buying life insurance, you have choices. You could shop around with different life insurance companies and compare rates. Or you could see if life insurance is available through your employer.

Many companies offer life insurance as a workplace benefit, and there can be advantages to signing up for it. But there can be drawbacks that you should know about as well.

The pros of getting life insurance through work

It’s common for employers that offer health insurance to subsidize the cost of those premiums. Similarly, many employers that offer life insurance policies also subsidize the cost so that it’s less expensive than buying coverage on your own.

Also, employer life insurance programs generally guarantee you coverage, regardless of the state of your health. And these life insurance policies typically do not require you to undergo a medical exam. So if you have health issues and are worried about being denied a policy elsewhere, it could make sense to sign up for life insurance through your employer.

The cons of getting life insurance through work

One major downside of getting life insurance through an employer is that your coverage is often tied to your job. This means that if you were to lose or leave your job, you’d lose your coverage in many cases.

Also, because employer life insurance programs tend to accept all participants without medical underwriting, they tend to offer limited coverage. And the amount of coverage you’re eligible for may not suffice for giving your loved ones the protection they need.

Term life coverage through an outside insurance company may be a better bet

You may decide to sign up for life insurance through your employer. But it’s also a good idea to lock in a term life insurance policy that isn’t tied to your job in any way.

The good news is that term life insurance can be quite affordable. So even if you’re not looking at an employer subsidy, you may find that you can swing your premiums comfortably.

Forbes says that the average monthly cost of a 20-year, $500,000 term life insurance policy for a 30-year-old male is just $19. That’s $232 a year.

Of course, this doesn’t mean that’s what you’ll pay for a similar policy. The rate you’ll be charged will hinge on a number of different factors, including your age and the state of your health. And if you need a higher amount of coverage for your loved ones, you’re likely to face higher premiums.

The point, however, is that term life insurance can be an affordable option. So even if you’re inclined to get life insurance through your job, you may want an outside policy on top of that.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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.

 Read More