Money Management

Need a great Mother’s Day gift? Read on for some options that won’t break the bank. 

Mother’s Day will be here before we know it. And if you’re stressing out about that, you’re probably not alone.

There’s a lot of pressure to come up with the perfect Mother’s Day gift. After all, it’s your mom — the person who’s cared for you throughout your life and is always there for you when you need her.

But if money is tight this year, then you may find it more challenging to pick out the ideal Mother’s Day gift. And to be clear, your mom would most likely not want you to run up a giant credit card tab in the course of showering her with something special.

The good news, though, is that there are plenty of great Mother’s Day gifts out there for under $50. So if your savings account isn’t as robust as you’d like it to be, but you still want to give your mom something she’ll enjoy, then you may want to check out these items.

1. A comfy sundress from Target

Now that the weather’s getting warmer, your mom might be eager to start looking forward to beach outings, picnics, and barbecues. Target has a host of affordable sundresses, including this sleeveless A-line dress from Knox Rose that comes with just a $35 price tag.

2. A 12-cup coffee maker

Have a mom who loves a good cup of coffee? Chances are, she has a Keurig already. But what about those times when she has the family over for a gathering, or is hosting a book club for her friends? Wouldn’t it be nice for her to have the option to brew a larger batch of coffee at once?

This Hamilton Beach model is just $19.99 at Macys and can make 12 cups of coffee so that there’s plenty to go around.

3. A decorative vase

A lot of moms love getting flowers — not just on Mother’s Day, but throughout the year. Kohl’s has a variety of neat-looking vases to choose from, including this Elements vase for just $49.99.

4. A warm fleece throw

Throw blankets are one of those things you really can’t have too many of. Right now, Amazon has a variety of Bedsure fleece throws on sale for $9.99 to $13.99. At that price point, you might as well buy your mom two.

5. A basket full of sweets

Is your mom the type of person who doesn’t like getting new things because she claims there’s no room for them in the house? If that’s the case, it pays to give her the gift of food. Costco has a variety of affordable gift baskets, including this assortment of cookies and brownies from Mrs. Fields. Your mom can indulge her sweet tooth without having to find the room to store another gift.

Some people insist on buying expensive gifts for Mother’s Day. But there’s no need to do that, especially if you’re not in the best place financially. Your mother probably taught you that when it comes to gifting, it’s the thought that counts, so you might as well adopt that attitude in the course of your own Mother’s Day shopping.

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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, Costco Wholesale, and Target. The Motley Fool has a disclosure policy.

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Leaving a job with a 401(k) plan? Read on to see what might happen if you leave your money where it is. 

Many companies offer the benefit of a 401(k) plan, and it’s a good option to take advantage of. Often, when you contribute money to a 401(k), your employer will match your contributions to some degree, allowing you to grow your long-term savings nicely.

But you may reach a point when you’re ready to leave your job. You may, upon getting a new job, have the option to leave your 401(k) where it is rather than roll it over into an IRA or a new 401(k) plan. But that’s not necessarily your best choice.

The problem with leaving your 401(k) where it is

Often, as long as your balance meets a certain threshold, you’ll be allowed to keep your money in an old 401(k) even if you’re no longer employed by the company sponsoring it. But if you leave your money alone rather than roll it over, a couple of bad things might happen.

First, you might forget that money exists. Capitalize, a service that helps people recover old 401(k)s, estimates there are more than 25 million “orphaned” 401(k) accounts that have been left behind at a former employer and forgotten about.

Even if your balance isn’t that large, the money in that account is yours. Why should you risk giving it up?

Secondly, if you don’t roll over your 401(k), you might remember it exists, but chances are, you won’t be keeping tabs on how it’s invested. That could lead to a situation where your investments don’t grow your money the way you want them to, or where you end up losing a lot of money to costly investment fees.

That’s why it’s generally a much better idea to roll over your 401(k) once you separate from its sponsoring employer. Doing so could help you keep better track of that money and ensure it’s being invested savvily.

Options for rolling over your 401(k)

If you’re leaving a job, you have some choices when it comes to moving your 401(k). First, if your new employer has its own plan, you can opt to roll your old 401(k) into that new one.

If you don’t have access to a 401(k) plan through your new job, you could instead open an IRA and roll the funds into there. If you have a traditional 401(k) and you decide you want to open a Roth IRA, you’ll need to pay taxes on the sum you move over. But if you roll a traditional 401(k) into a traditional IRA, you won’t face a tax bill in the process.

Either way, you should roll that money into an account you can manage easily, and one whose investment choices align with your strategy. One disadvantage of employer-sponsored 401(k) plans is that they generally do not allow you to invest in individual stocks, whereas with an IRA, that generally is an option. That could make it so you’re able to put your money to work the way you want to.

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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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Amazon is marking World Book Day with an eBook giveaway. Find out how to get your copy as well as reduce your reading costs throughout the year. 

Amazon is celebrating World Book Day with a free Kindle book for its U.S. customers. All avid bookworms need to do is log on before midnight on April 30, 2023 and choose one of nine books from around the world. It’s the sixth year Amazon has celebrated UNESCO’s international book day with a giveaway.

How the Amazon offer works

If you read a lot, it can eat into your bank account balance, meaning it’s worth watching out for free or discount books. When you log onto the Amazon World Book Day 2023 page, you’ll find books from several different countries. Buy one and you’ll get a credit for $4.99 (the cost of the book).

Here’s the list of books that are part of the promotion:

The Last Rose of Shanghai: A Novel (China)All the Lies They Did Not Tell: The True Story of Satanic Panic in an Italian Community (Italy)Say Her Name (U.K.)Small Deaths (India)War and Me (Iraq)Such a Beautiful Thing to Behold (Nigeria)Broken Summer (South Korea)West Side Love Story (Mexico)Piece by Piece: How I Built My Life (Andorra)

Amazon Prime customers can also get a bonus free copy of Where Waters Meet by Zhang Ling.

How to save money on books year round

If you spend a lot on books, an eReader may be a good way to save money. It doesn’t have to be a Kindle — there are several other options on the market. Whichever you choose, eBooks are often much cheaper than the physical versions. Plus, while books can be aesthetically pleasing, eBooks won’t take up as much shelving space and are easier to travel with.

Here are some other ways to sustain your literary appetite without breaking the bank:

Join your local library: Not only are libraries a great place to find books, they also often have DVDs, music, audiobooks, magazines, and more. Plus, you’ll find activities, events, and courses and be able to access their online resources.Buy used books: Thrift stores are a great source of used books, but it’s not always ideal if you’re looking for a specific title. Look online for secondhand books that get delivered straight to your door.Use book apps: Check out the Internet Archive for books and audio recordings from around the world. It’s free, and the site has over 20 million downloadable books. Project Gutenberg focuses on older works where the copyright no longer applies and is another great source of free books. If you have a library card, the Libby app also lets you borrow ebooks, audiobooks, and magazines from your public library.Consider Kindle Unlimited or Amazon Prime: Amazon Prime costs $14.99 a month and comes with free or discounted delivery as well as access to movies, music, and eBooks. It’s important to weigh up whether you’ll get your money’s worth, based on how much you’ll actually use those services. Kindle Unlimited has a wider range of available books and will set you back $9.99 a month.Swap books: Part of the joy of having a physical book is that you can lend it to a friend and share the experience. Rather than hoarding books at home, why not trade them with people you know or participate in book exchanges online?

Bottom line

The occasional free book is all well and good, but it’s important to find other ways to reduce your reading costs. I read four or five books a month, sometimes more. Given that paperback fiction can cost upwards of $10 or $15 per book, paying full price for books would cost me over $600 a year. Making the most of free offers, discounts, and reading apps means more money to put in my savings account or use for other financial goals.

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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. Emma Newbery has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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Before you close a credit card, you may want to ask for a retention offer. Find out what happened when one writer asked her card issuer for a retention offer. 

I’m a big fan of rewards credit cards. I like to take advantage of the value-packed benefits many card issuers offer and earn rewards by spending with my cards. But not every card will meet my needs forever. Recently, I considered closing one of my American Express cards because I wasn’t getting as much value out of it as I had planned. Here’s what happened when I contacted Amex to see if they had a retention offer.

Retention offers can be a win for your wallet

Credit card issuers want to keep as many customers as possible. When you cancel a credit card, your card issuer no longer has the opportunity to make money off of you. If you contact your credit card company and tell it you’re considering canceling your card, it may give you a retention offer as an incentive to keep you as a customer.

Retention offers vary, but here are some examples of such offers:

Discounted annual fee or waived annual feeStatement creditBonus points, miles, or cash back offer

You can call the number on the back of your credit card to see if a retention offer is available. If you accept a retention offer, you’ll agree to keep your account open in exchange. However, it’s worth noting that not every card issuer will extend a retention offer so you may be told, “no.”

Amex didn’t have a retention offer for me

What was my experience? The credit card I was considering closing had been opened two years earlier. While I used some of the benefits and earned rewards with the card, I didn’t love the annual fee being charged. So, I asked Amex if they had a retention offer. The company told me there was no offer to extend. While I would have preferred to get a discounted or waived annual fee, I ultimately decided to continue to pay the fee and keep the card for another year.

What to consider if you don’t get a retention offer

If you don’t get a retention offer, you’ll have to decide whether to keep or cancel your credit card. What should you do if your card issuer doesn’t extend a retention offer? You should consider the following to decide if the card is worth keeping in your wallet:

Annual fee: Determine if you can afford to pay the annual fee. If the fee is too pricey, you can ask your card issuer to downgrade it to a no annual fee card. Canceling a credit card can alter the age of your credit history and could reduce your credit score, so this is an excellent alternative to canceling your card.Benefits: You’ll also need to decide if the card benefits offered are valuable to you personally. If you’re not using many of the perks provided, it may be time to say goodbye. But if you find them useful, you may want to continue to keep the card.Rewards potential: You should also consider the rewards potential the card offers and whether the rewards you’ve been earning are worth more than the annual fee charged.

Don’t forget to ask for a retention offer before canceling a credit card. You may not get one, but you’ll never know unless you ask. Only you can decide whether a credit card meets your needs or if it’s time to find a different card. If you’re ready for a new credit card, check out our list of the best rewards cards to learn more.

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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.American Express is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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