Money Management

There’s no need to spend a fortune on Mother’s Day. Read on to see how one writer and her family celebrate the day without spending a dime. 

Some people find the idea of Mother’s Day overwhelmingly cheesy. But as a mom who works really hard to take care of and provide for her kids, I appreciate the acknowledgement of the tough job at hand. And I’m all about dedicating a Sunday in May to celebrate moms and the work they do.

But one thing I don’t believe in is spending a fortune on Mother’s Day. So my family doesn’t. Instead, we’ve adopted a tradition that pretty much costs us no money at all.

There’s no need to overspend on Mother’s Day

In 2022, Mother’s Day expected spending reached a record high of $31.7 billion, according to the National Retail Federation. And I know a lot of people who commonly go all-out for Mother’s Day, racking up multi-hundred-dollar tabs on their credit cards to go out for an expensive brunch or dinner.

My family’s traditional Mother’s Day celebration looks a little different. Rather than go out for a meal, we grab food from our kitchen and spend the afternoon hiking and picnicking in the woods. My kids like to each pick — and pack — a snack they think I’ll enjoy, and my husband makes sandwiches and other things for lunch so I don’t have to do it myself.

Now, if you want to get technical, since we have to pay to replace the food we’re eating on our hike and picnic, and since we have to spend a touch of money on gas to get to a hiking trail, I guess our Mother’s Day celebration doesn’t exactly cost nothing. But since hiking is free, the cost of gas is minimal since we have trails near our home, and the food is coming from already-purchased items in my pantry and fridge, I think it’s fair to say that we do a good job of pulling off a no-spend Mother’s Day.

Just because we can afford to spend more doesn’t mean I want to

Because I do my best to maintain a frugal lifestyle, my family is reasonably comfortable and we have a decent amount of money in our savings account. So if I wanted to have us spend a few hundred dollars to celebrate Mother’s Day, we could swing it easily without landing in debt or having to compromise by cutting another expense. Rather, I don’t feel the need to celebrate the day any other way.

Hiking is one of my favorite activities, and being in nature is something that soothes me. Meanwhile, high on my list of dislikes are crowded restaurants, so a picnic lunch is far more appealing than an expensive brunch in a loud cafe.

Plus, the hiking and picnic option allows me to bring my dog along. And trust me when I say that he tends to command just as much of my time and attention as my children.

All told, I’m really happy with how my family celebrates Mother’s Day. And the fact that it doesn’t happen to cost us anything is really just icing on the cake.

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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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Some life insurance policies accumulate a cash value you can access. But read on to see if tapping yours to pay off debt is a smart choice. 

As of the end of 2022, U.S. consumers, collectively, owed a total of $930 billion in credit card debt, according to TransUnion. Your share of that total may be somewhere in the ballpark of $2,000, which may be a manageable sum to pay off in time.

But what if you’re $30,000, $40,000, or $50,000 in debt, and you don’t see a way to break that cycle? If you don’t have savings to tap, you may be inclined to tap your life insurance instead. But whether that’s a good idea is questionable.

Your life insurance shouldn’t double as your bank account

Term life insurance policies do not accumulate a cash value over time. But whole life insurance policies do. And if you have the latter, and your policy has accrued a cash value, then you can generally borrow against that balance or even cash it out partially or in full.

You may be inclined to take out a chunk of your life insurance if you’re overloaded on debt and feel there’s no other way out. But before you do, try to remember why you bought life insurance in the first place.

You no doubt bought that policy to protect your loved ones from financial stress in the event of your passing. But if you raid your life insurance policy to cover your debt, you’ll leave the people you care about the most with that much less money upon your passing.

So, let’s say you have a $50,000 debt hanging over your head, and you have a $250,000 life insurance policy with enough of a cash value to give you access to the money you need to pay off your debt in full. If you take the money, you’ll slash the benefit your loved ones would be in line for by 20%. That could make a big difference.

A better way to cope with debt

Tempting as it may be to tap your life insurance to pay off debt, there may be a better way — one that allows you to keep that financial protection in place for your loved ones while also breaking the cycle you’ve landed in. First, you could attempt to negotiate your debt down to a smaller number. You could also do a serious spending overhaul and make changes that have you shelling out a lot less money each month on bills. That could, in time, allow you to get your debt paid off.

Being in debt can be very stressful, not to mention costly. But before you take money out of your life insurance policy to get rid of your debt, think about the impact that might have on the people you love.

It could pay to talk to a debt settlement firm if your debt is immense and you feel you need help getting out of that hole. A financial advisor might also be able to help you whittle down your debt in a cost-effective manner, all the while leaving your life insurance untapped.

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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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Love Costco? Read on to see which items you should buy elsewhere. 

As someone who shops at Costco almost every week, I’ll be the first person to tell you that a membership can more than pay for itself over time. A basic Costco membership these days will cost you $60 a year, while an executive membership will cost you $120. In exchange for that higher fee, you’ll get 2% cash back on all Costco purchases.

I’ve been an executive member at Costco for years, and I’ve always been able to easily justify the cost of a membership via the savings I’ve reaped from it. But while there are many items I make a point to exclusively buy at Costco, there are certain items the average shopper should probably avoid buying there. Here are some that fall into that category.

1. Spices you don’t use often

Over time, spices tend to lose their potency. And, well, that sort of defeats the purpose of buying them in the first place. That’s why you generally don’t want to load up on any given spice in bulk that you don’t use frequently.

It’s one thing to buy garlic and black pepper in mass quantities if you use those spices in 90% of your dishes. But if there’s a spice like nutmeg you only tend to use seasonally, then you may want to just buy a smaller bottle of it in the fall, once you’re ready to get your pumpkin spice on.

2. Condiments

Costco might offer decent prices on condiments like ketchup and mustard. But chances are, your local supermarket will offer an even better price in the weeks surrounding holidays like Memorial Day and Labor Day. So in that case, sticking to a regular grocery store could result in a lower credit card tab.

Plus, condiments, by nature, tend to sit out, unrefrigerated, for longer periods of time. It’s one thing for that to happen with an 8-ounce bottle of ketchup. But for a 31-ounce bottle, which is what you might find at Costco, it means your product might turn on you before you get a chance to finish it.

3. Produce for one

Since my husband, kids, and I eat lots of fruits and vegetables on a regular basis, it makes sense to buy our produce at Costco. But if you live alone, that may not be the best idea. Even if you try to follow a super healthy diet, you might struggle to consume the 2-pound sack of broccoli florets you’ll commonly find at Costco.

4. Books

You might find a great deal on books at Costco. But often, the selection isn’t that vast, and the deals aren’t any better than the ones you might find at a local bookstore or an online seller like Amazon. Plus, if you’re on a budget, you could always visit that magical place called the library, where you can read to your heart’s content without having to spend a dime.

5. Over-the-counter pain relievers

It can be tempting to buy pain relievers in bulk at Costco due to the savings involved. The problem, though, is that you might end up having to throw a lot of those pills away.

Costco sells a two-pack of Kirkland ibuprofen that contains 1,000 tablets, or 500 standard doses, in total. That’s a lot of ibuprofen to take over the course of a year or so, which is commonly the shelf life those bottles have. So unless you live in a household with a bunch of athletes who are prone to injury, you may be better off buying pain relief medication at a pharmacy or supermarket in smaller quantities.

Costco certainly has its fair share of great deals to offer. But these specific products are ones you may want to skip and pick up elsewhere.

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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. The Motley Fool has positions in and recommends Amazon.com and Costco Wholesale. The Motley Fool has a disclosure policy.

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