Money Management

Costco has more than just cheap groceries and inexpensive products for your home. Check out eight perks you shouldn’t miss out on as a Costco member. 

Costco is well known for its affordable grocery and personal care products, as well as for good prices on household items. The warehouse club offers great deals that let you spend less on your credit cards, as well as many Kirkland brand products you can’t find elsewhere.

But there are some other Costco benefits you may not be aware of that could help you keep more money in your checking account, too. Here are eight of them to look into.

1. Cheap drugs for yourself and your pets

Costco’s pharmacy offers great deals on human medications, with some drugs coming in as much as 40% cheaper at Costco than at other pharmacies. But it’s not just human drugs you can save on.

Costco also offers a wide variety of pet medications, including heartworm and flea preventives as well as more specialized meds. When my dog was on heart medication, I was consistently able to pay less than half of what the vet would have charged by buying the drugs at Costco.

2. Affordable hearing aids

Costco offers several models of prescription hearing aids, with prices starting as low as $1,599. With the average price of a hearing aid coming in at around $2,000 or higher, this can be a pretty significant savings.

You can even get your hearing test done right at Costco as well, and enjoy free remote follow-up services from home.

3. Low-cost eyeglasses and contacts

Costco also provides both contact lenses and eyeglasses at discount prices for members, including specialty products like prescription sunglasses and high-definition, high-index lenses. Costco Optical accepts vision insurance, and surveys have shown Costco’s prices on glasses are around 54% cheaper than other retail chains.

4. Gas that comes at a great cost and cleans your engine

Costco’s Kirkland Signature Gasoline is advertised as having five times the detergent the EPA requires and, according to Costco, it’s “formulated to clean your engine and help your vehicle run like new.”

Research has also shown Costco gas prices are significantly cheaper than what most competitors offer — sometimes, as much as $0.30 less per gallon. Being able to get high-quality gas for less money is a major win.

5. Cheaper insurance

Surprisingly, it’s possible to buy both home and auto insurance through Costco. Policies come from CONNECT, which is powered by American Family Insurance. Costco members who switched their coverage reported they saved close to $600 on premiums in their first year after taking advantage of this Costco perk.

6. Shutterfly discounts

If you’re interested in buying photo prints or products created with your photos, you’ll be excited to discover the Costco Shutterfly partnership. Through this partnership, Costco members save 51% off Shutterfly’s regular price and qualify for free shipping for any orders of $49 or more. You’ll just have to add your Costco membership number to your Shutterfly account to get these price breaks.

7. Cars at lower prices

While you may not necessarily think of Costo as the first place to buy a car, the warehouse club’s auto program can actually save you quite a lot on both new and pre-owned vehicles.

Costco works with pre-approved dealers through its Costco Auto Program so members can get special pre-arranged pricing at more than 3,000 dealerships nationwide. Members-only incentives are also available on some vehicles, such as a current deal providing between $1,000 and $2,500 off certain Volvo vehicles.

8. Discounts on home improvement installations

Finally, Costco works with a partner network of trusted service professionals who can install various products, ranging from carpet to HVAC systems to countertops.

When you work with a service professional you find through Costco, you’ll often get special incentives to help bring the price down. For example, if you have certain hardwood, carpet, or laminate flooring installed now, you can qualify for a 10% Costco Shop Card.

These eight perks can all help you save money on various purchases you may need to make. If you’re passing them up, you’re missing out.

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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. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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If you write a check when your bank account has non-sufficient funds, the payment could bounce. Keep reading to learn how this could impact you. 

Uh-oh — you didn’t leave enough money in your checking account to cover a check you wrote. The common term for this is “bouncing a check,” and it refers to when a check is returned to its bank of origin because the bank account it’s written on has non-sufficient funds, has been closed, or there was some other problem with the check. There are a few consequences for this, and none of them are good. Here’s what happens when you write a check your account can’t cover.

Fees and more fees

The first consequence of bouncing a check is being charged fees, in a few different ways. Your bank will likely charge you an NSF (non-sufficient funds) or overdraft fee, unless you’re with a bank that has phased out these fees. You might also have to pay a fee to the company or merchant you were trying to pay.

If the check was written to pay a bill, you might owe late fees if your check payment couldn’t be processed and you didn’t offer an alternative payment method before the bill was late. You could also be reported to Telecheck, a service used by some retailers to prevent customers from paying with bad checks. This could make it difficult to pay with checks in the future. It’s best to make good on the payment you owe, or the consequences could go beyond monetary losses.

Your banking record could be harmed

Your bank isn’t likely to come down too hard on you if you accidentally bounce a check one time, or incidents like this are few and far between and you’re otherwise a responsible account holder. But if you make a practice of bouncing checks or overdrafting your account, your bank could freeze your account or close it altogether and report you to ChexSystems.

ChexSystems is kind of like a credit reporting agency, except for bank accounts. If you have too many black marks on your record or a low QualiFile score (generated by ChexSystems based on your banking history), it could be a lot harder to open new bank accounts in the future.

Legal problems or credit score damage are a potential risk

If your bounced check was intentional, in that you knew your account had a lower balance than what you wrote a check for, you may find yourself in legal hot water. Intentionally passing bad checks is illegal, and the consequences vary depending on what state you live in. In New York State, for example, this is a misdemeanor and you’ll likely face probation or community service, if you’re even prosecuted at all. It stands to reason, however, that if you make bouncing checks a habit, the consequences will grow in severity over time.

If you don’t pay the fees you owe or settle up with the company you were trying to pay, the unpaid bills could be sent to a collections agency. Having a bill go to collections will definitely harm your credit score, so this is worth avoiding.

How can you avoid bouncing checks?

There are a few moves you can make to avoid this problem:

Stay on top of your bank account balance: Knowledge is power, and this is never more true than when it comes to your finances. Download your bank’s mobile app and use it to stay informed about how much money is in your account and when payments you’ve made lower your available balance. You can also opt in for low-balance alerts through the app.Sign up for overdraft protection: Your bank might offer overdraft protection, and adding this to your account is definitely a good move, especially if you live paycheck to paycheck and frequently have a lower bank balance. You may be able to link a savings account to your checking, for example, and if you accidentally overspend your account, the difference will be made up with money from the savings.Leave yourself a cushion: If you can keep some extra cash (not a lot, mind you — cash in your checking account often won’t earn interest) in your account as a buffer, this is another way to prevent bounced checks and overdrafts.

Bouncing a check is a simple mistake for most people, but it is important to pay the fees you owe when it happens. Neglecting to do so could result in serious consequences like credit score and banking record damage and potentially legal action against you.

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A writer shares the reason she hasn’t been frequenting Aldi. Read on to see why. 

When I first discovered Aldi earlier this year, it became a regular stop on my grocery store rotation. I loved the fact that I could save money on produce at Aldi. And since my family eats a lot of fruits and vegetables, I was willing to make the extra trip — especially since I happen to have an Aldi right near my local Costco.

But I’ve actually been cutting back on Aldi shopping recently. Here’s why.

1. The selection is limited

Aldi doesn’t carry the same wide range of products as my local ShopRite supermarket — not even close. Because of this, I often find that a trip to Aldi will only allow me to check a few items off of my weekly shopping list. And while driving there isn’t so far out my way given that it’s adjacent to Costco, which I shop at weekly, the extra stop takes time.

After all, I still have to wait in line to check out, and sometimes, the lines at Aldi can be long. And when I’m pressed for time, it’s not worth the long wait to buy three or four items.

2. The inventory just isn’t consistent

Shopping at Aldi has, in the past, helped me rack up a lower credit card bill in the course of buying fruits and vegetables for my family. The problem, though, is that Aldi’s selection of produce just isn’t consistent from visit to visit.

Some weeks, for example, Aldi doesn’t have strawberries, which are a staple item in my household. There have also been times when I couldn’t find any type of melon, which my son eats a lot of. As such, there have been times when a trip to Aldi was a big waste.

3. My kids are picky about the brands they eat

A big reason Aldi is able to offer such competitive prices on groceries is that it sources items from unknown brands and passes that savings on to customers. In fact, more than 90% of the products Aldi sells are private label. But that’s not necessarily a good thing if you have picky eater children in your household like I do.

I’ve tried to pick up snacks and other items from Aldi only to have my kids reject them due to being different from the brands they’re more used to. This isn’t an issue with fruits and vegetables, of course. But since I can’t always get what I need in that category at Aldi, it’s become harder to justify a trip there.

Sometimes the savings aren’t worth the time spent to reap them

Although shopping at Aldi is a great way to stretch your grocery dollars, I’ve been finding lately that the small amount of savings I can reap just isn’t worth the hassle. As a self-employed writer, I lose money by spending time away from my desk. If stopping in an Aldi saves me $10 on food but costs me $40 in earnings, I don’t come out ahead financially. And because of this, I’ve been hitting Aldi less frequently.

This isn’t to say that I’ve written off Aldi completely. But especially during those extra busy weeks, it’s a store I’m more likely to skip these days.

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It’s a bad idea to take a vacation from managing your finances. Learn what to do to ensure your money is safe while you’re away from home. 

Taking a vacation can be a great way to get out of your rut and see new sights. But if you think you can take a break from watching over your hard-earned money while you’re away, you could be playing with fire. Here are some money management techniques to lean on before your trip as well as while you’re away.

1. Use the right credit card (perhaps more than one)

This is Vacation 101 right here. If you want to easily keep track of your spending and take advantage of secure payments for goods and services on your trip, bringing a credit card is a smart move. But not all credit cards are created equal. Picking one of the best travel credit cards is essential.

Not only do these cards offer cash back or points on travel spending (that you can then use toward future travel), but they also don’t charge foreign transaction fees, which will save you money if you’re leaving the country. Plus, if you get one right before booking a trip, you can use it to pay for your airfare, accommodations, and so on, and perhaps make it easier to reach a nice welcome offer that gives you a chunk of cash back or points right off the bat.

It could also be a good move to bring a back-up credit card along on your trip, in case one goes missing or there’s another problem. You definitely don’t want to be left without a method to pay for the rest of your vacation.

2. Keep important info on hand

Speaking of credit cards, you’ll want to make sure you can reach card issuers and your bank in case of a financial mishap. This could be via mobile apps (more about those below) or by phone. Save your bank and credit card companies’ customer service numbers in your contact list. You might also consider taking a photo of the cards you’re bringing with your phone, just in case one goes missing and you need to confirm the card with the issuer.

3. Update your mobile apps

Mobile apps for your bank and credit card companies can be a great way to get in touch with customer service, move money around, and more while you’re away. In the midst of your travel preparations, take a few moments and see if there are updates available for those apps. This will save you the data usage (or needing to find wifi) while you’re vacationing, and ensure you have the most up-to-date version of the app out there.

App developers make regular updates to ensure data security and to resolve various bugs, so it’s in your best interest to get the latest version of an app when you can. And make sure you opt in for alerts about potential fraud on your account.

4. Cash is worth considering

With all this talk of plastic, you probably thought I forgot about cash, right? Cash is still king in some places, so depending on where you’re traveling to, it might be vital to have a supply of it on hand to pay for purchases. When traveling internationally, you’ll likely get the best exchange rate if you get that cash at your own bank before you leave on your trip, rather than waiting to exchange currency at the airport when you arrive.

If you need cash while you’re away, see if your bank has a relationship with a bank in the country you’re visiting that will allow you to use that bank’s ATM. For example, the big national bank I have accounts with has partnerships with other banks worldwide.

Even if you’re not leaving the U.S., having some cash on you is still smart. Sometimes you just want to be able to buy a candy bar at a gas station along your road trip route or tip a tour guide without having to break out a credit card.

5. Check up on your accounts regularly

Once you’re on your way or in the thick of your vacation, it’s important to keep checking up on your bank and credit card accounts. You’ll be able to see how much you’ve spent so far, and make some adjustments if you’re close to going over your vacation budget (perhaps skip that pricey dinner reservation and grab something quick to cook in your vacation rental).

The other reason to sign into your accounts and peruse the charges is that you’ll have advance notice if something seems off. Ideally, you’ve opted in for those fraud alerts in your mobile apps as well.

Traveling is good for the mind, body, and soul. But putting your money at risk is the opposite of all of that. Make the right moves before you leave, and keep an eye on your finances while you’re away for a vacation that doesn’t leave you more stressed out when you return than when you left.

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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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Welcoming a child can be exciting and intimidating at the same time. Read on for some key moves to make while you’re gearing up for your baby’s arrival. 

Becoming a dad is exciting. And you may be counting down the days until your little bundle of joy makes their entrance into the world.

But having a baby for the first time can be intimidating, especially at a time when inflation is still surging and living costs are up across the board. So if you’re in that boat, try to check these important items off your list before your newborn arrives.

1. Build an emergency fund

It’s important to have money in your savings account for unplanned expenses no matter what your family situation looks like. But it’s even more important to have a fully loaded emergency fund when you’re bringing a baby into the mix.

You never know what surprise bills you might end up facing in the course of your child’s birth. And you may end up with extra expenses early on due to needing to purchase supplies. Plus, your childcare costs might end up coming in higher than expected.

That’s why it’s so important to build yourself a safety net. Aim for enough money in savings to cover three full months of essential living costs at a minimum. That way, you’ll also have money to tap in case you end up needing to take time off from work unexpectedly upon your baby’s arrival.

2. Buy life insurance

Now that you’re about to be responsible for another human being, it’s important to put a life insurance policy in place. And the good news is that a decent policy won’t necessarily cost you a fortune, especially if you’re in reasonably good health.

Dave Ramsey says the average cost for a 20-year, $1 million term life insurance policy is $55.50 a month for a 32-year-old male applicant who’s a non-smoker. Your costs might be different depending on your health, but that should give you an idea of what you might spend.

Take the time to shop around for life insurance quotes before your newborn arrives. Once your baby makes their appearance, you might be too busy and sleep-deprived to focus on this important decision.

3. Figure out what parental leave you’re entitled to

You may have the goal of bonding with your newborn once they enter the world. Now’s the time to figure out what your company’s parental leave policy looks like.

You may be entitled to some of your paid time off following your child’s birth. Or, you may not be. Generally, you can use vacation time for parental leave when there’s not a separate policy, so you may want to work on banking those days in the coming months.

Even if you’re not entitled to paid parental leave, you may be entitled to unpaid leave if that’s something you can afford. Figure out your options ahead of time so you can plan to be there for your child accordingly.

There’s nothing like becoming a father for the first time. And if you make these moves before your baby’s arrival, you can embrace fatherhood with more confidence, at least financially speaking.

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Starting a small business can be a rewarding experience, especially for veterans who face unique challenges. Learn about four grant programs geared towards veterans. 

Did you know that veterans own almost 2 million small businesses that generate an impressive $1.3 trillion annually? In fact, veterans are 45% more likely than non-veterans to start their own businesses. However, starting a business can be daunting, especially for veterans transitioning to civilian life. Fortunately, there are many grants available to provide financial support for veteran-owned businesses, covering everything from startup costs to salaries.

1. Second Service Foundation: Military Entrepreneur Challenge

The Second Service Foundation, formerly the StreetShares Foundation, helps military veteran and military spouse entrepreneurs looking to start or grow a business venture. One of the grants offered is the Military Entrepreneur Challenge, a three-part event led by the Foundation.

The event includes a speed coaching session, private pitch session to a judging panel, and an opportunity to pitch business ideas to a live audience for a chance to win a small business grant. In addition to grant money, the winners also receive access to training and mentoring programs from the Second Service Foundation, Brewing the American Dream, and the U.S. Small Business Administration.

Grant amount: Regular season: up to $2,000; national pitch competition: up to $15,000

Regular season contests: nine grants will be awarded with all Semi-Finalists receiving $1,000 grants, and the First Place winner will be awarded an additional $1,000 ($2,000 total).National pitch competition: three grants will be awarded with first place receiving $15,000, second place $6,000, and third place $4,000.

What you need to qualify:

Eligibility of military affiliation certification (veteran, Reservist, National Guardsman, or transitioning active-duty Military Member, military spouse, or Gold Star immediate family member).At least 21 years of age at the time of application.Entrants must be low-income and otherwise lack the financial means to start or grow an early-stage business or nonprofit.Entrants must own at least 51% of the business entity described in the application.

Deadline to apply: You must register and attend speed coaching to be eligible to participate in the pitch competition. Registration numbers are limited based on venue and events are held frequently across the country.

Where to apply: Online

2. Michigan Veteran Entrepreneur-Lab

Michigan Veteran Entrepreneur-Lab (MVE-Lab) is a free three-month entrepreneurship accelerator for veterans and military spouses. During the program, you work on your business plan and learn from other veteran entrepreneurs and experts such as attorneys, accountants, and marketing specialists.

Grant amount: $20,000

What you need to qualify:

The program is for veterans, active duty, military spouses, and dependents (a dependent is a family member who relies on the veteran financially and meets certain criteria).Examples of dependents for VA purposes are children between the ages of 18-26, and disabled children.

Deadline to apply: Monday, Sept. 4, 2023 for Cohort 12

Where to apply: Online

3. Warrior Rising

Warrior Rising helps veterans looking to become entrepreneurs. The nonprofit focuses on providing veterans with the necessary tools and resources to start a business and be successful in their own business ventures.

The program includes a dedicated mentor, a business plan review, help with project management, and access to funding sources. Other benefits include grants, access to clients and investors, custom business suits, laptop computers, custom-built websites, search engine optimization, headshots, and professionally created marketing videos. Warrior Rising also continues to support veterans post-launch.

Grant amount: $20,000

What you need to qualify:

Veterans, active duty, military spouses, and immediate family members.

Deadline to apply: No deadline, open application process

Where to apply: Online

4. Veteran Woman Entrepreneur Grant

The Texas Woman’s University offers the Veteran Woman Entrepreneur Grant Program. This program aims to support and empower female veterans who are venturing into business. It provides financial assistance and business resources to women who have served in the military and are starting or currently have a small business in Texas.

Grant amount: $5,000

What you need to qualify:

Existing or to-be-formed veteran woman-owned business (at least 51% directly owned and controlled by one or more veteran women who are U.S. citizens or U.S. permanent residents).The business must be a for-profit corporation, partnership, LLP or LLC, or sole proprietorship.Business must be located and operated within the state of Texas.

Deadline to apply: 2023 has closed, but 2024 will be open soon.

Where to apply: Online when applications reopen

The tip of the iceberg

The four grants mentioned here are only a starting point when it comes to grants and resources available to veterans who want to become entrepreneurs. Grants.gov is a valuable source for small business owners, especially veterans. With more than 1,000 grant programs overseen by the Office of Management and Budget, this database can help entrepreneurs access over $500 billion in grant funding annually from numerous federal agencies. This centralized resource is sure to benefit anyone seeking financial support to grow their business.

There are also a number of free resources such as Boots to Business, a comprehensive entrepreneurial education and training program offered by the U.S. Small Business Administration (SBA). Veteran-owned small businesses contribute to their local economies, so taking advantage of these grants can prove very beneficial in the long run for all parties involved. Researching these opportunities allows veterans to take charge of their lives and create a bright future for themselves and for their families.

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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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