Money Management

Seeing a professional baseball game can be expensive. Read on to see how Costco can help. 

For some families, there’s nothing more fun than an afternoon or evening at the ballpark. And if you’re a fan of Major League Baseball, you may be eager to cheer on your favorite team multiple times this summer.

The problem, though, is that the cost of attending a baseball game can be prohibitively expensive. In some markets, you might pay upward of $100 for decent seats, especially if you want to attend a weekend game. And if you’re a larger family, that’s a credit card bill you may not be able to easily afford.

But if you have a Costco membership, you may be in luck. Costco sells ticket bundles to Major League Baseball games that could result in major savings. In fact, buying a ticket package through Costco could spell the difference between being able to afford to see a game in person versus having to watch it at home on your TV.

It pays to explore your options at Costco

Costco offers a ticket bundle for numerous Major League Baseball teams. You can find a limited selection online, but chances are, if you visit your local warehouse club store, you’ll find a package available for your home team there.

Now, one thing to keep in mind is that Costco’s Major League Baseball ticket bundles limit you to certain games. You’ll need to read the fine print on the voucher you’re thinking of purchasing before moving forward to make sure the included games work for your schedule.

But all told, Costco’s baseball ticket bundles could result in huge savings. Not only do they include a pair of tickets, but they include a meal and beverage package so you don’t have to stress about paying for food out of pocket once you arrive at the ballpark.

How much money might you save?

To see if a Costco Major League Baseball ticket bundle makes sense, you’ll need to research ticket and food prices at your local ballpark and compare the cost to Costco’s. Meanwhile, Costco charges a different amount for its ticket bundles depending on the team at hand.

As an example, you’ll pay $100 for a two-pack of tickets to see the Chicago White Sox. But you might easily pay $62 a ticket for decent seats to a home game, and in some sections, you’ll be looking at over $100 for a single ticket. And that doesn’t include any food.

Some ballparks have strict policies about bringing in food. And when you’re sitting through a 2.5-hour or longer baseball game, it’s natural to want to eat and drink something. So even if the cost of a pair of tickets at your local stadium is $100, if you pay $100 for a ticket bundle that includes food and drinks, you stand to come out ahead.

All told, the cost of sporting events has gone up across the board, and that extends to Major League Baseball. But if you buy your tickets through Costco, you might save a bunch of money you can either keep in your checking account or spend on gear so you can cheer on your favorite team in style.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Your mental health is just as important as your physical health. Keep reading to learn how your health savings account can help you maintain it. 

May is Mental Health Awareness Month, and that makes this the perfect time to focus on one aspect of our wellbeing that is often neglected. It’s unfortunate that mental health services can be out of reach for many people due to the cost involved, but if you have a health savings account (HSA), it can be your ally in accessing care. An HSA is a special type of savings account you can use to pay for medical expenses.

You might be eligible to open an HSA if you have a high-deductible health insurance plan. If you have individual coverage, the deductible must be at least $1,500 for 2023, and if you have a family plan, it’s $3,000. As an individual, you can contribute up to $3,850 throughout the year to an HSA, or $7,750 if you have family coverage.

HSAs are triple tax-advantaged. The money you contribute goes in pre-tax, your withdrawals for qualifying medical expenses are tax free, and if you choose to invest your HSA funds (yes, you can do that!), the gains on them aren’t taxed either. Pretty impressive, and if you fit the qualifications for an HSA, it’s worth opening one and maxing it out, if you can swing it. Here are a few of the things you can do with your HSA, for the betterment of your mental health.

1. Pay for prescriptions

One of the easiest ways to use HSA funds is to cover the costs of medication. If you’re on a prescription antidepressant, for example, you can swipe your HSA debit card at the pharmacy when you go to pick it up. Since that medication was prescribed by a doctor, there’s no question about whether it’s an HSA-eligible expense.

2. Cover therapy bills

Therapy or counseling can sometimes be a gray area for HSA eligibility, depending on the reason you’re going. If you’re seeing a counselor for general life improvement, it likely isn’t an eligible expense, but if you have a mental health diagnosis and therapy is part of your treatment, it will be eligible. You may need a letter of medical necessity (LOMN) from your healthcare provider to prove the care can be paid for by your HSA.

3. Ensure you can get to appointments

HSA funds can cover one cost that you may not have been expecting: Transportation costs to and from medical appointments. This includes those for mental healthcare, such as a trip to the psychiatrist for a medication evaluation or your weekly therapy appointments. According to the IRS, this can even include gas, parking, and tolls if you drive yourself.

Having an HSA and being able to set aside pre-tax money for health expenses can help you manage your stress levels, too. The cost of mental healthcare can be a barrier to diagnosis and treatment, but knowing you have a pool of money at the ready can help you feel better about getting help.

Plus, HSA funds don’t expire from year to year, like those in flexible spending accounts (FSAs). If you can cover the cost of medical treatment beyond what your insurance picks up the tab for, you can just leave your HSA funds alone to grow with interest, or even invest them for medical care needs down the road. All in all, if you have a high-deductible insurance plan, it’s worth taking a look at HSAs. Your mental health is important and having an easy way to cover care can go a long way toward helping you feel better.

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Ramit Sethi says many people assume if they spend more on something, it’s because they do more of it. Here’s why that’s a type of linear thinking to avoid. 

When you’re managing your money, are you guilty of linear thinking?

Linear thinking isn’t necessarily a bad thing in all situations, since it involves taking a step-by-step process to arrive at what appears to be a logical ending point or logical solution.

But, finance expert Ramit Sethi warns sometimes linear thinking isn’t the best way to approach certain kinds of financial issues. Here’s why, along with some tips on how to break the habit of this kind of linear thinking that’s holding you back.

Does this kind of linear thinking sound familiar?

In a recent tweet, Sethi detailed the type of linear thinking which he thinks can be damaging to the way people manage money.

He gave an example of how people respond when he asks them how they would change their lifestyle if they quadrupled their spending on something they enjoy, like eating out. Sethi explained that a common response is, “I’d have to be careful because I’d be eating out 4x/week! Ha ha!”

Sethi doesn’t think this is a good response, although he does find it entertaining. “It’s funny, but it’s also linear thinking. If you spend more on something, it doesn’t necessarily mean you’ll just do MORE of it,” he explained.

This failure to imagine how you could actually change your lifestyle in ways that allow you to get more value for your money is something Sethi warns about because it ends up preventing many people from living what he calls a “rich life.”

Changing your thinking could improve your financial life

For many people, thinking about how they would spend more money may seem like the least of their financial worries. But, the reality is, trying to break free of linear thinking is a good exercise. That’s because you may actually be able to make better use of your money by spending more in smart ways on some of the things you truly value.

The conventional wisdom about money is that if you want to be successful, you have to save more. And, the logical next step for many people is assuming that this means you have to spend less and keep your costs in check across the board. But, that’s exactly the kind of linear thinking that can get you into trouble.

Sustainably increase your spending

The reality is, there are several ways to approach increasing your savings without depriving yourself, including increasing your income. That can make a far bigger impact on the size of your bank account than cutting spending on the things you love. And, rather than focusing on budget cuts in all spending categories, which can be hard to sustain, finding ways to meaningfully increase your spending in certain ways that will really make you happier is likely to make you more willing — and even excited about — cutting other things to make that happen.

Now, this doesn’t mean you should go crazy with your credit cards and quadruple your dining out spending by hitting up a bunch of five star restaurants right away. But, it does mean taking the time to imagine what spending more on things you love could look like in reality. Once you open your mind to this vision, you can try different approaches to making that happen — even if they may not be the next logical step that comes to mind.

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Deciding to sell your home is a big deal. Keep reading for ways to tell it’s time, according to financial guru Dave Ramsey. 

If you’re deciding whether to sell your home, you have a lot to think about. It’s obviously an irrevocable decision, and you’ll need to make certain it makes financial sense for you before you list the property.

If you aren’t sure if it’s the right time in your life to sell or not, you may want to look out for these seven signs identified by financial expert Dave Ramsey that suggest when it may be a good time to list your property.

1. You have plenty of home equity

First and foremost, Ramsey said you must make sure you have enough equity in your home to make selling a smart move. Equity is how much of your house you own after subtracting the amount you owe on your mortgage. If you owe $250,000 on a house worth $300,000, you have $50,000 in equity.

Ramsey said to make sure you have enough equity to repay your mortgage and put down money on a new home, at a minimum. Ideally, it’s best to ensure your equity will cover closing costs and moving costs, too.

This is absolutely correct. If you are underwater on your house or owe more than it’s worth, you really can’t sell it unless you want to damage your credit with a short sale or pay off the difference out of pocket. And if you don’t have money for a down payment on a new house, you’re going to be in trouble when it comes to getting a new mortgage.

2. Your financial situation will improve with a sale

Ramsey said you shouldn’t sell your house if doing so would hurt your finances and, ideally, should sell only if it will help.

“For lots of folks, improving their financial situation is the entire reason they sell their house,” Ramsey said. “A popular way to make that happen is downsizing.” If you can downsize to a smaller, cheaper house, you could pocket the extra equity and use it for other financial goals.

Of course, there are plenty of circumstances where you may want to sell and not downsize. If you’ve expanded your family, you may need a bigger house — and as long as you can afford the new monthly payments, there’s nothing wrong with going larger if you need to.

3. You’ve found a new home

Ramsey suggested not selling until you’ve figured out where you’re going next. This doesn’t mean buying a new house before selling, though, as you could have a hard time getting a mortgage and could get stuck with two mortgage payments.

It’s important to have some idea of how much purchasing or renting a new place is going to cost, though. If you sell and then find out a new home is going to cost a lot more than you anticipate, you may not be able to afford it and may really regret it. This is especially true if you have a mortgage loan at a very low rate right now, since mortgage rates have been trending higher than they have in a long while.

4. You can afford to cover moving costs

Moving is expensive; even handling it yourself can do a number on your bank account since you’ll still have to pay for a rental truck, gas, and moving boxes. That’s why Ramsey is right to say you should make certain you can afford moving costs prior to putting your house on the market.

Ideally, you’ll make enough of a profit on the sale to pay for this big expense. But if that doesn’t happen, you should make sure you have the cash set aside. You don’t want to be forced to borrow for moving day — especially as taking out a new loan prior to closing on a new mortgage could affect your debt-to-income ratio and thus your loan approval.

5. You’re prepared to deal with the emotions involved

Ramsey also advised you should consider the emotional impact of selling. This includes not just saying goodbye to your house but also doing things like keeping the house showing-ready, negotiating with buyers on the price, and putting in any work needed to prepare for a sale.

Of course, this can be important — but, the reality is, if your home has become unaffordable or if you need to move for other reasons like job opportunities, you may have to put your emotions aside and make the best financial move.

6. It’s a good time to sell based on the real estate market

Considering the state of the housing market is also important, according to Ramsey. After all, you don’t necessarily want to sell during a buyer’s market.

However, while you may want to get top dollar for your house, you can’t predict how the market will trend and you can’t necessarily wait forever for prices to rise. You should also remember that if you’re selling during a seller’s market when prices are high, your new home is likely going to cost you more to buy — and vice versa for selling during a buyer’s market. You’ll get less for your home, but potentially also pay less for your new one.

7. You’ve got a real estate agent you can count on

Finally, Ramsey said to have a great real estate agent before you sell. This is important for some people who need professional help. But if you feel confident selling your house yourself — and saving the commission — this may not matter as much to you.

Ultimately, you should take the time to consider each of these signs to see which apply to you and which should impact your choice about whether to list your home or wait a while. By giving the decision the thought it deserves, you can make the right choice for your finances and your future.

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You want to give your money its best chance to grow until you retire. Keep reading for financial guru Dave Ramsey’s steps for success. 

A 401(k) is a great retirement account option for those who have access to one. Like a traditional IRA you maintain at a brokerage firm, a 401(k) comes with tax advantages. You can make contributions with pre-tax dollars and grow money tax free, although you will be taxed on withdrawals as a retiree.

If you’re investing for your future in a 401(k), you need to be smart about what you do with the money you put in it. Finance expert Dave Ramsey says to follow these three steps to get the right investments for your retirement.

1. Review your plan’s documents

Unlike with a brokerage account you open yourself, you have much more limited choices when it comes to your 401(k) since your employer takes care of setting up and managing this account for you. That’s why Ramsey suggests starting with a careful review of your plan’s documents before you move forward with starting to pick investments.

Reviewing the plan documents will help you learn the rules for how your account works and what investments are available. Ramsey is right this step is essential, since you can’t make choices about what to do with your money until you know the ins and outs of the plan you’re enrolled in.

You should be able to obtain these documents from HR or from your online 401(k) account. Be on the lookout for information about how your employer matches contributions, how and when you can increase your enrollment, and what kind of administrative fees (if any) you are being charged.

2. Pick the right plan

Ramsey’s next piece of advice is crucial to follow. He said to pick the right kind of 401(k) to invest your money in. You may have just one choice — a traditional 401(k) which allows you to make pre-tax contributions but requires you to pay taxes on withdrawals. But, some employers also offer another choice — a Roth 401(k).

Roth 401(k) accounts don’t provide a tax break upfront, but your tax savings comes later when you’re allowed to make tax-free withdrawals as a retiree.

Ramsey is a fan of Roth 401(k)s, and those can make sense if you think you’ll be in a higher tax bracket as a retiree. But the important thing is to carefully consider which of these two options makes sense for you, rather than just picking the default account.

If you do think you’re paying higher taxes now than you will as a retiree, or if you would struggle to make contributions now if you can’t claim an upfront deduction, a traditional account may be a better option.

3. Research different investment options

Ramsey said researching specific investment options within your 401(k) is also crucial, and he’s right. Most accounts include a limited array of investment options, such as target date funds, mutual funds, or ETFs.

Target date funds are a hands-off option because you only have to pick a retirement date and your money will be invested in an appropriate mix of different assets. But they come with higher fees. Mutual funds and ETFs will require more effort from you to determine the right asset allocation, but can be less expensive.

As you’re researching, you should pay attention to fees; historical performance, and risk when deciding which investments are best.

Finally, Ramsey said to select your investments once you’ve done the work of choosing the right kind of 401(k) and researching the different options. You can usually choose what to invest in online or by filling out a form with HR, and you will want to revisit your choices annually (unless you are in a target date fund) to make sure you’re still exposed to the right risk level given your retirement timeline.

Saving for retirement is important

By taking these three steps, you can pick the right investments for your 401(k). Remember, it is up to you to take control of making sure you have enough saved for retirement. You can use the calculators at Investor.gov to see how much you need to save to hit your target goal on time and to see how much your current retirement savings is on track to produce for you. You’ll have to consider likely future returns when you do these calculations, and those are based on the investments you pick.

Taking the time to research your options carefully and to find an investment mix that’s appropriate for your age and risk tolerance can help to set you up for the secure future that you deserve.

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Sometimes, even excellent workers lose their jobs. Read on to see what benefits you may be entitled to in that scenario. 

In April 2023, the U.S. unemployment rate was just 3.4%, which is really low, historically speaking. But just because the jobless rate happens to be low doesn’t mean people aren’t losing jobs.

It’s true that workers are more likely to find themselves out of a job during recessions and periods of economic decline. But even when the economy is strong and the labor market is solid, the loss of a job can happen. And sometimes, it can happen even if you didn’t do a single thing wrong.

If you’re let go from your job through no fault of your own, you may be wondering what benefits, if any, you’re entitled to. Here’s the scoop.

You’ll generally be eligible for unemployment benefits

If your company lays off staff and your job lands on the chopping block, you’ll generally be entitled to unemployment benefits. Those benefits apply when you lose a job through no fault of your own. But let’s clarify what that means.

For one thing, it doesn’t mean that you’ve quit your job. In that scenario, you’re not eligible for unemployment benefits. Also, if you were let go from your job due to an issue like chronic lateness, that’s not the same thing as being laid off through no fault of your own. Rather, to qualify for unemployment benefits, it has to be that you really did nothing to deserve your layoff, and that it was a matter of your company needing to conserve funds or make staffing changes to better align with its needs.

Keep in mind that each state has its own requirements for collecting unemployment benefits. You’ll generally need to have been employed for a certain period of time to be eligible for benefits. Also, each state has a maximum weekly benefit it pays for unemployment claims. Depending on where you live and what you earn, your unemployment benefits might only replace a small portion of your former paycheck.

That’s why it’s so important to have an emergency fund in case you’re affected by a layoff. You may have to pull money out of your savings account to cover bills your unemployment benefits can’t.

What about severance?

In many cases, severance pay is not something employers are required to give. Some states have laws stating that employers have to offer severance pay in the event of a mass layoff, but that’s not always the case. And if you’re let go on a one-off basis, your employer may not be required to offer you severance unless that happens to be written into your contract.

Still, many companies do pay severance, the amount of which varies and can be calculated in different ways. If you quit a job or are fired for cause, severance generally won’t come into play. But if you’re laid off through no fault of your own, you may be entitled to a payout based on factors like how many years of service you put in.

You should know that you can still file for unemployment benefits even if you’re receiving severance. However, you may not be able to get your first unemployment benefit check until your severance period is over. In other words, if you lose your job on June 1 but receive enough severance to cover your paychecks through July 15, you may not see any unemployment benefits hit your bank account until mid-July.

Losing a job through no fault of your own can be upsetting and stressful. It’s important to understand what benefits you’re entitled to in that scenario. You might even decide to speak to an employment lawyer just to make sure you’re getting all of the benefits you’re entitled to and that your rights haven’t been violated in the course of your dismissal.

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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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