Money Management

Walmart is rolling out big savings in July at the same time as competing retailers. Read on to learn more. 

What happened

Earlier this week, Amazon shared the details of this year’s Prime Day event, which is scheduled to take place July 11-12. And Target was quick to follow up that announcement with details of its Circle Week sale, which runs July 9-15. Now, Walmart is taking the competition up a notch with its Walmart Plus Week event, scheduled from July 10-13.

So what

Ever since Amazon launched its Prime Day event, competing retailers have been encroaching on its territory by releasing their own deals to coincide with the big event. This year, Walmart is doing the same.

Only unlike Prime Day, where you need to be an Amazon Prime member to capitalize on the bargains on offer, Walmart Plus Week is available to all shoppers, not plus Walmart Plus members. It’s a similar setup to Target’s big event, where you have to join its loyalty program to get the deals, but the program itself is free. However, those who pay for Walmart Plus will get to start shopping on July 10, whereas everyone else will have to wait until July 11 to begin enjoying the savings.

Now what

Walmart Plus costs $12.95 per month, but as is the case with Amazon Prime, there’s a discount for paying for a membership on a yearly basis. In that case, the cost is just $98 plus applicable taxes.

Joining Walmart Plus prior to Walmart Plus Week could work to your advantage. On top of early access to sales, Walmart Plus members have limited-time access to perks like a $30 Rover credit to spend on pet care services and 30% off all SpaFinder gift cards. It’s also offering six months of unlimited Sip Club at Panera for $5 a month (plus tax), plus a monthly $5 MyPanera reward. The normal cost is $11.99 a month.

Of course, navigating multiple sales events in July may be tricky if you’re on a budget and don’t want to end up with credit card debt. So a good bet is to make a list of the items you’re hoping to find on sale and compare prices once those deals officially hit.

That said, some retailers are offering previews of the deals they’ll be releasing. Walmart, for example, will feature a 65-inch LG TV for $498, rather than its usual price of $698. It will also have a Dyson V8 Origin Cordless Vacuum for $250, marked down from $420.

Target is also discounting the Dyson V8 Origin Cordless Vacuum. But it’s only shaving $130 off of its regular $429.99 price point in July, bringing the final price down to $299.99. So in this case, Walmart’s deal reads like the better one — assuming, of course, that the item doesn’t sell out.

In fact, you might lose out on a number of deals if you don’t join Walmart Plus prior to the big sales event. Like Amazon Prime, you can sign up for a free 30-day Walmart Plus trial. Doing so could be a strategic move, but set a calendar reminder to cancel if you don’t feel the service will be useful to you beyond mid-July.

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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 and Target. The Motley Fool has positions in and recommends Amazon.com, Target, and Walmart. The Motley Fool has a disclosure policy.

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Amazon isn’t the only retailer running a massive sale in mid-July. Read on to see what Target has in store. 

What happened

Consumers are eagerly awaiting the start of Amazon Prime Day, which will take place this year on July 11-12. But Amazon isn’t the only retail giant offering bargains that week. Target has just announced its Circle Week Sale, which is set to run from July 9-15.

So what

Target Circle Week will feature exclusive deals for members of Target Circle, Target’s free loyalty program. There will be savings of up to 50% on Target-owned brands as well as known national brands. Some featured deal categories include outdoor toys, kids’ apparel, and electronics.

“Target Circle Week is our way of saying ‘thank you’ to our guests,” said Cara Sylvester, executive vice president and chief guest experience officer for Target. “Guests have saved millions of dollars during previous Target Circle Weeks, and this summer they’ll have yet another opportunity to celebrate that only-at-Target feeling of affordable joy as they stock up on essentials, discover new favorites and shop online, in store or with our industry-leading same-day services.”

Now what

Consumers will have a tough choice to make the week of July 9, seeing as how there will be competing deals between Amazon and Target. And Walmart is also throwing its hat in the ring with an overlapping Walmart Plus week.

If money is tight, you’ll need to prioritize which deals you go after to avoid landing in credit card debt. Your best bet is to make a list of the items you’re looking to purchase ahead of time and compare prices between the two retailers that week to see which are more competitive.

That said, to benefit from Amazon Prime Day, you’ll need to be a Prime member, and there’s a cost there. A Prime membership will run you $14.99 a month, or $139 if you pay for a year in full. Target Circle is free to join. And if you have a Target RedCard, you can score cash back and other perks on your Circle Week purchases.

You may also be able to take advantage of both sales without paying anything (not including the cost of items you purchase) by signing up for a free 30-day trial of Amazon Prime. You can do so as long as you haven’t been a Prime member for the past 12 months. And from there, you’ll get access to all of Amazon’s Prime Day deals.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. 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 and Target. The Motley Fool has positions in and recommends Amazon.com, Target, and Walmart. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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The FIRE movement is great for encouraging saving and investing, but it can lead to what some might call an “obsession” with money. Read on to learn why. 

When most people hear the term “retirement,” they often think of their golden years — their final destination after a lifetime of hard work. But for Gen Z, this traditional concept of retirement may not be realistic or even desirable. Many young people are instead prioritizing early retirement through the Financial Independence, Retire Early (FIRE) movement. However, some, like Erin Lowry, author of the Broke Millennial series, believe that Gen Z is thinking about retirement all wrong. Here’s why.

What is the FIRE movement?

The FIRE movement encourages individuals to save at least 50% of their income so they are able to retire in their 30s or 40s. The idea is to live frugally and invest wisely so that you can eventually reach a point where you have enough money saved to retire early. The FIRE movement has rapidly gained popularity over the past few years, and according to a survey by Credit Karma, more than a third of Gen Z (born between 1996 and 2010) are looking forward to retiring early.

37% of Gen Zers say they’re part of the FIRE movement

Gen Z have just started entering the workforce, and the majority of them are still in school. A significant percentage of Gen Z are hoping for early retirement but haven’t even entered the workforce yet. According to Lowry, this is a common circumstance among those who are young and at the beginning of their careers.

At this point in their lives, the future looks bright with boundless opportunities, and it’s not unreasonable to hope for a substantial salary. Embarking on a career as a polyworker (those who have multiple full-time or part-time jobs) or an influencer may even seem entirely achievable.

Gen Z debt levels have surged

Despite the movement’s aim to create financial freedom, debt levels among Gen Z have surged by 24.3% from $16,043 to $25,851 between 2020 and 2022. This is a concerning trend given that many of them are not yet in the workforce and may not have a clear understanding of the challenges and financial obligations that come with adulthood.

Although Gen Z hasn’t fallen into credit card debt like previous generations, the Buy Now, Pay Later (BNPL) programs made available during the pandemic have created a dangerous temptation that many have found themselves victim to.

Mental health and the definition of retirement

Lowry has been skeptical of the FIRE movement since its inception. In particular she has noticed the lack of emphasis on two important elements: mental health and the definition of retirement.

For many individuals pursuing FIRE, the desire to leave work may stem from underlying mental health issues, such as stress, burnout, depression or anxiety that are exacerbated by work. Simply walking away from work may not be the right solution.

In addition, retirement may seem like the end of a career, but it can also mark the beginning of a new path. It’s not uncommon for individuals to retire from one job and quickly pivot into something else that, for example, better aligns with their passions and interests.

Others may choose to retire from one job and take on another line of work even if it doesn’t pay well. Add to the mix the complication of a spouse who continues to work, and retirement can become a complex issue. Ultimately, the takeaway is that defining retirement is becoming more subjective than generic, as people continue to explore new ways to transition to their next chapter.

What you should do instead

There is no denying that saving and investing aggressively for your future is a wise move. However, it is important not to overlook the value of investing in relationships and personal growth. Some individuals who adhere strictly to the FIRE movement may be sacrificing important aspects of their lives in the pursuit of financial security.

They may be missing out on opportunities for personal development or neglecting important relationships. Pursuing a high-paying career at the expense of one’s personal growth can lead to a lack of fulfillment and a sense of emptiness. To avoid this, it is important to strike a balance between saving money for the future and investing in personal growth and relationships.

In addition, rather than abandoning work altogether, Gen Z should focus on working on their mental health concerns or prioritizing healthy work-life boundaries to achieve a successful early retirement. Taking care of oneself in all aspects of life is the key to a fulfilling and enjoyable future.

One way to achieve financial freedom and security is by building a sustainable career and life that aligns with your values and passions. By living below your means, you can create a bright future that allows for joy and contentment, not just in retirement, but at any age. Ultimately, true fulfillment can only be achieved by living in the present and pursuing a life that brings happiness, purpose, and satisfaction.

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It’s easy to configure your checking account to send money regularly to your savings. Read on to learn why one writer doesn’t use automatic savings transfers. 

The bank accounts of today come with all kinds of great features that make managing your money easier. Depending on the bank you choose, these can include budgeting tools, credit score monitoring, and more. But one of the most useful is surely the ability to set up automatic transfers from your checking account to a savings account.

A lot of Americans struggle to save money; last year, a survey found that 56% of Americans would be unable to cover a $1,000 emergency with money from their savings account. And yet, having savings is crucial for both unexpected expenses as well as to meet goals like buying a home. I recognize the usefulness of automatic savings transfers, but I haven’t set them up for myself — and at this point, I don’t intend to. Here are four reasons why.

1. My pay can be unpredictable

I’m a full-time freelancer, which means my pay amount is never the same two weeks in a row and isn’t always sent to me on a predictable schedule. As a result, it would be difficult to predict when I’d be assured of having enough money in my checking account to send to savings without risking overdrafting my account or even just leaving me short of money to cover my bills. So when I do get paid, I manually move the money around.

2. The amounts I’m saving also aren’t consistent

In addition to being paid different amounts at different times, my savings habits are also a bit erratic. I have two big “must-save” categories these days, and several other smaller concerns I save for.

The first big savings target is the money I pay in quarterly income taxes to both the federal government and my state (part of being a freelancer). That only leaves my account four times per year, and it’s nice to earn interest on it while I have it. I’m also saving a sizable amount of money every month so I can become a homeowner next year. My taxes come to a set percentage of every dollar I get paid, and while I have a monthly target for my house fund, sometimes I like to throw extra money in when I can. Homeownership will be expensive, and the sooner I get used to watching this much money leave my checking account, the better.

At any given time, I also have parts of my savings dedicated to vet bills for my cats, a new larger purchase for me (most recently, a new washing machine), travel, and other irregular special expenses. Ultimately, it’s just easier for me to funnel money where it needs to go, rather than letting my bank account do it for me.

3. Money leaving my checking automatically makes me nervous

I have a long history of living paycheck to paycheck; it’s been about a year since I broke out of that by getting myself out of debt and increasing my income. Thankfully I was always pretty good about staying on top of my bank accounts and ensuring I wasn’t about to overdraft my account.

Despite that being much less of a risk these days, I still avoid autopaying my bills and prefer to make manual payments whenever possible (much to the apparent chagrin of my internet service provider’s website, which gives me a pop-up window every month to ask if I want to set up autopay). For the same reason, I’d rather send money to savings myself.

4. I’m really motivated to save

Having the ability to save more than just $10 or $20 here and there is still a novelty to me. As weird as it might sound, I really enjoy logging into online banking or my bank’s mobile app and deciding how much money to send to the high-yield savings account I keep at another bank. Plus, some of what I save money for is really gratifying to me. Spending my life moving so often has made me yearn to own a home, and I know that saving money is the best way to get there.

Despite my own history with money (or lack thereof, which is a more accurate statement), I know that setting up automatic savings transfers is a great way to ensure you’re actually saving money. It’s all too easy to say, “I’ll save whatever’s left at the end of the month,” only to have that amount be $0. If money goes from your checking to your savings account without your intervention, your future self will surely thank you for thinking ahead. So consider relying on automatic transfers if your income and savings goals are more predictable than mine — and if the process of moving that money yourself isn’t something you actively enjoy.

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Buying a newly built home might seem appealing. Read on to see why it could end up being a disaster. 

When my husband and I listed our starter home years back in the hopes of upsizing, we didn’t expect it to fly off the market. But because we’d priced it competitively and used a good real estate agent to market it, that’s what happened.

At that point, we had to scramble to find a new home to buy since the clock was ticking down on our closing date for the sale. And so we decided to sign a contract to buy a new construction home in our neighborhood.

At the time we signed our contract, our home had an exterior, but the interior hadn’t even been framed out. This gave us an opportunity to customize many aspects of our build.

We were really excited about the prospect of getting to design our own home and move into a place that no one had lived in before. But in the end, buying new construction was a terrible experience — so much so that I’d never do it again.

When your builder is shady and cheap

Our new construction contract mapped out the various features our home would come with. But there were some gray areas in terms of the quality of the fixtures our builders had to provide.

For example, our contract called for granite countertops in our kitchen. That was it. It didn’t say what specific type of granite we’d get. Well, it turns out, the process of choosing granite for our kitchen involved me meeting my builder at a highway rest stop, following him to some shady off-the-beaten-path location, and traipsing through a so-called “granite yard” that looked like it was some random dude’s backyard.

Then, when I found a stone I liked from the minimal selection I was presented with, I was told there would be an upcharge for that particular selection. Seeing as how we were already looking at an expensive mortgage loan, I wasn’t happy. But I also wasn’t eager to repeat the process elsewhere, so I agreed.

And that’s not the only area of my home where my builder cheaped out on me. When he put together my bathrooms, he basically stuck bulbs in the wall and called them lighting fixtures. My husband and I had to shell out a few hundred dollars at Home Depot to replace them with fixtures that at least looked like they belonged in a home, as opposed to a junkyard.

When things keep getting delayed

Not only did we end up experiencing some quality issues during our build, but we found that our builder’s time frame was just plain off. Our initial contract called for a June completion of our home. We wound up moving in during the month of October.

In between, we had to find and pay for temporary housing. We didn’t have kids back then, but we did have a dog, which makes finding a rental all the more difficult. And we also had to pay to move all of our stuff into storage — and keep it there — until our home was complete.

My builder kept blaming his delays on things like hold-ups with permits. But we also knew there were many days when his crew just wasn’t working on our home when they should’ve been. That was terribly frustrating.

A process I’m not willing to repeat

There are certainly benefits to buying new construction. And to be fair, some builders don’t make you meet them on the side of a road to pick out your granite, and some also don’t underestimate your move-in date by more than four months.

But clearly, all these years later, I’m still kind of annoyed about how things went down. And because of that, I just don’t see myself being willing to buy new construction again — at least not the kind where you customize your build.

I would be willing to buy new construction where a completed home is presented to you but has yet to be occupied. Going that route would no doubt eliminate the primary issues that turned me off.

Meanwhile, prospective buyers should know that last year, more than one-third of U.S. single-family homes were of the new construction variety. But be very careful if the home in question is incomplete like mine was, because you don’t want to get stuck with inferior features, massive delays, and awkward roadside meetings.

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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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