Money Management

It pays to take your kids shopping at Trader Joe’s. Read on to see why. 

As of early 2023, Trader Joe’s had a presence in 42 states plus Washington, D.C. And the chain is constantly expanding, so if you don’t have a Trader Joe’s supermarket close to home, ideally, you will soon.

If you’re a parent with a family to feed, you may find that shopping at Trader Joe’s results in a lower credit card tab than shopping at another supermarket. That’s because good old TJ’s prides itself on its consistently low prices. And you don’t have to scan a store loyalty card to benefit from those great deals — they’re available to everyone.

But while shopping at Trader Joe’s can be a rewarding, cost-saving experience, let’s face it — you’d probably rather do it alone than bring your kids along. But if you’re forced to do your food shopping at a time when you don’t have childcare, then you may have no choice but to throw your kids in the car and hope that they manage to hold it together while you’re busy filling your shopping cart.

The reality is taking kids grocery shopping isn’t easy. Kids tend to want everything snack-related. And they don’t tend to take kindly to the word no.

But if you have to take your kids grocery shopping, then Trader Joe’s is probably the best store you could bring them to. Here’s why.

1. The employees are super friendly

Having a perpetual smile on your face is practically a requirement to work at Trader Joe’s. But the store’s employees don’t just fake it — they’re generally friendly individuals who are eager to help. And so if you’re frazzled trying to find the things you need before your kids melt down, rest assured that all you need to do is flag down a Trader Joe’s employee, and they’ll help you snag the items you’re looking for. They’ll probably give your kids a friendly wave, too.

2. You can sample anything you want

Some kids are picky eaters. The great thing about Trader Joe’s is that you can actually ask to sample any ready-to-eat food item in the store before committing to a purchase. So if you’re not sure whether your kids will enjoy the latest batch of Trader Joe’s granola bars, you can just ask a friendly store employee to open a box and give your kids a bite. If they approve, you’ll know you’re not throwing your money away.

3. Your kids can get stickers at checkout

Kids tend to love stickers. That’s why it’s common for doctors’ offices to give them out to soften the blow of being sick. Trader Joe’s employees keep a stash of stickers at the checkout counter. Don’t be shocked if your kids are offered a whole bunch of stickers for being good sports.

Shopping at Trader Joe’s is a great way to enjoy savings on food. But it’s also one of the most kid-friendly supermarkets out there. So if you’re unable to do your grocery shopping alone, rest assured that your experience at Trader Joe’s may be more than manageable if you have to bring your kids along.

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There’s no credit score that’s so low it can’t be boosted. Find out how you can raise yours. 

Whether you’re just starting life as an adult or you’re rebuilding a credit score that’s taken a hit, you may be in the unique position of trying to build (or rebuild) your score without a credit card. While using a credit card of your own and paying it off in full each month is a fast and easy way to build your score, you have plenty of other options. Here are four ways to improve your credit score.

1. Become an authorized user

One way to raise your score is to become an authorized user on the credit card of someone with a strong credit score. This table offers a good sense of what constitutes a high FICO® credit score:

As an authorized user on a credit card, you’ll never actually have to use the card to make a purchase, but your name will be on the account. That means that each time the original credit card holder makes an on-time payment, that payment is reported to credit bureaus under both of your names. Each time positive activity is reported, your credit score is enhanced. While it may take a time to build your score, it will happen.

Who you ask matters. The person you’re hitching your wagon to needs to have a strong credit score — typically in the 700s or better. Becoming an authorized user on the card of someone who does not always pay their bills on time will reflect badly on you.

Making the request of someone you care about may not be easy. One thing that can help is to offer an “end date.” For example, you may ask if you can be an authorized user until your credit score is boosted by a specific amount. Or you may set a time, like 36 months.

2. Speak with your landlord

Overall, it’s estimated that only 15% of tenants have their rent payments reported to credit bureaus. Of those who do, 70% report that their credit score improves dramatically. That’s because each time your landlord reports that you’ve made an on-time payment, your credit score is lifted.

Speak with your landlord or management company to learn if they’re willing to report your payment each month to the credit bureaus.

3. Take out a loan

It’s possible that you can qualify for an auto loan or personal loan, even without a credit card. Even if you don’t need the money for any specific purpose, the idea is to prove to the creditor that you can make payments each month, without fail. Each positive report helps boost your score.

Part of the calculation determining your FICO® Score is called “credit mix.” It’s a review of the different types of credit you carry and how well you’re able to manage each one. Let’s say you have a small personal loan, an auto loan, and a secured credit card. This is a good mix of credit types.

Naturally, you don’t want to hold onto that debt for long. As soon as your credit score improves, it’s time to begin thinking about paying each debt off in full.

4. Think long term

Building a credit score up may take time, but it’s all about making your financial life a little easier in the future. A healthy credit score can help you land a mortgage loan, buy your dream car, or even qualify for a job. How well you manage credit is woven throughout your life.

Still, we humans are an impatient bunch. After all, it only takes detectives about 25 minutes to figure out “who done it” on television, and we’ve grown accustomed to paying someone to create an elaborate coffee drink in three minutes or less.

One thing that may help temper impatience is to look at credit-building as a long-term project. For example, plan to check your credit score once a year and decide how you’re going to celebrate improvements. In other words, go in with the understanding that it could take two or three years to really boost your score.

In the meantime, if you need a card to do things like reserve a rental car or hotel room, one temporary measure is to take out a secured credit card.

Ins and out of a secured credit card

A secured credit card may take a little getting used to, but it is an effective way to build your credit score. Here’s how it works:

You make a minimum deposit. That deposit becomes your credit limit. For example, if you deposit $300, you’ll have access to $300 in credit.Once you’ve paid for something using the secured card, you make an on-time payment like you would with any traditional credit card. And, like with a traditional credit card, the creditor will report the payment to the credit bureau.After several months of making on-time payments, the creditor may offer you an unsecured credit card. The spending limit is likely to be relatively low, but that’s okay because it gives you a chance to further build your credit score over time.

Tip: Before signing up for a secured card, find out about any fees you’re required to pay. Then, compare that card to other secured credit cards to find the best deal.

When it comes to credit scores, there’s good news. There’s no credit score so low that it can’t be improved. As long as you go in with a plan and determination, you can get it done.

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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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Ready to splurge on your mom for Mother’s Day? Read on to see why you may want to hang onto your money instead. 

Whether you find Mother’s Day fun or stressful, the big day is right around the corner. And you might still be in the process of racking your brain trying to come up with the perfect Mother’s Day gift.

The good news, though, is that you don’t need to spend a lot of money to shower your mom with something special. And in fact, you may not want to spend any money on your mom this year.

A conversation worth having

These days, a lot of younger adults are struggling financially to some degree. Inflation has been making essential bills more expensive, forcing many people to rack up sky-high credit card balances just to keep up with them. And higher real estate prices have made the process of buying a home extremely challenging.

As such, rather than rush to spend a pile of money on a Mother’s Day gift, you may instead want to talk to your mother and ask if she’d be okay with you giving her the gift of your time and keeping your money for yourself. Chances are, her answer will be yes.

In a recent Empower survey, 80% of moms said they’d rather not get a gift this Mother’s Day and have the money go toward their children’s savings instead. And if your savings account could use a boost, that’s a route you might want to take.

Remember, for many parents, their priority is seeing their children happy. And financial security can lend to happiness. So your mom may be more than willing to forgo a $100 gift this Mother’s Day if it means you’re able to hang onto that money and use it for something important, like padding your emergency fund if you don’t yet have enough cash in the bank to cover three full months of essential bills.

Give a give from the heart for Mother’s Day

Skipping an expensive Mother’s Day gift this year is one thing, but that doesn’t mean you should blow off the big day entirely. Instead, think about ways you can give a gift that won’t cost much but will mean the world to your mom.

You could purchase a very inexpensive picture frame and put a family photo in it. Or, you could whip up your mom’s favorite dessert and bring it over to her house on Mother’s Day for you to enjoy together. You can even plan a no-cost outing that you and your mom do together, whether on Mother’s Day or at a different time, like having a picnic or checking out a local hiking trail.

It’s nice to want to treat your mom to something special on Mother’s Day. But chances are, your mom will get far more enjoyment out of seeing you use that money to better your financial picture. So before you run to the store in a panic to pick up a last-minute gift, consider keeping your money and instead, find your own way to make this Mother’s Day the best one your mom has ever experienced.

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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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I’m applying for a new mortgage loan soon to purchase a new house. Find out why I’m dreading having to get all the paperwork together. 

I’m soon going to be applying for a new mortgage and I’m really not looking forward to it. While I’m very excited about being able to buy a new home, there’s one thing I’m absolutely dreading about going through the mortgage loan application process.

My least favorite part of applying for a mortgage loan

The one aspect of applying for a mortgage that is really annoying for me to deal with is getting all of the extensive paperwork together.

For some people, applying for a home loan isn’t a huge process because they are employees and get W-2 income (income from a salary that their employer reports to the IRS using a W-2 form). But I’m not one of those people.

Both my husband and I are self-employed, which tends to make mortgage lenders a lot more nervous — even though we have owned our businesses for a long time. Since we don’t have traditional sources of income, we are required to do a lot of extra work when it comes to applying for a mortgage loan.

Specifically, lenders ask us for things like year-to-date profit and loss statements, as well as a whole bunch of IRS tax forms to prove how much income we have made and what our business expenses are. In the past, we’ve also been asked for statements from bookkeepers or accountants who work with our companies.

We need to do all of this on top of getting the regular documentation together that lenders generally require of everyone buying a house, like three months of bank or brokerage statements and proof of sufficient funds to pay a home down payment.

All of this means we end up submitting tons of financial documents during the application process, which can take a lot of time to get together and send over.

Here’s how to make the loan application process easier

If you are applying for a mortgage, whether you’re self-employed or otherwise, you may find the process to be as annoying as I do — especially if it’s your first time getting a home loan and you aren’t expecting all of the demands for documentation.

While there’s unfortunately no real way to get around the fact that this process is a pain — which is why it’s the biggest thing I’m dreading — I have found some ways to make it easier. Specifically, I try to get all of the documents together in digital form in advance of applying so I can quickly and easily submit the requested information when lenders ask me for it.

I’ve scanned in copies of things that I know lenders are going to ask for when I submit online applications, including my driver’s license and my paper property tax bill from my county. I’ve also reached out to the home insurer for my current house to get digital proof of insurance, and have asked my accountant to provide me with all the required tax forms in digital form (these can come from TurboTax or online tax filing software too if you have it).

By getting everything ready and in one folder before I start the application process, I’ll avoid a lot of stress and hassle later. It’s still going to be annoying to submit so much documentation, but at least I won’t have to search for it when the time comes.

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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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