You might ruin them — or worse, your washer. Pereslavtseva Katerina / Shutterstock.com
When you’re in a hurry to do laundry, it may be tempting to just toss a mix of clothing and other items into the washer, hoping for the best. However, haphazard laundry habits can lead to ruined clothing, costly repairs — and even washer replacement when repair estimates outweigh the cost of a new machine. Replacing ruined or damaged clothing is expensive, and a new washing machine can run…
It may be time for a big change.
Image source: Getty Images
We all run into periods where we’re less satisfied with our jobs. Maybe you’ve been assigned a mind-numbingly boring project. Or maybe your company has implemented a freeze for six months, so your chances of getting promoted internally are pretty much zero.
These situations and negative feelings tend to be temporary in nature. But here are some signs that your career is really going nowhere.
You can’t remember the last time you got promoted or received a raise: You may not get a raise every year at your job, and promotions can be tricky to come by. But if it’s been, say, five years or more since you moved up at work or saw your pay increase, then perhaps you’ve gotten stuck in a bad situation.You’re growing your skills, but you’re not able to put them to good use: You’ll often hear that it’s important to keep growing and developing as an employee. But if you’re making that effort and your newfound skills aren’t being utilized at all, it’s a sign that you may be in the wrong role.You’re not being challenged at all: Some people don’t mind just coasting at a job. But if you’re someone who prefers to be challenged, and that just isn’t happening, then it doesn’t bode well for your career.You’re not motivated to do a good job: People whose careers are stalling tend to fall victim to burnout. Once that happens, your motivation level might plummet. That could not only leave you stuck in a dead-end job, but also put that job at risk.
If these signs apply to you, then the solution might boil down to a new career — one that allows you to grow professionally and financially. Of course, a career change isn’t something to just dive into. You’ll need to figure out what it is you really want to do, and you’ll need to prepare for some financial upheaval.
Often, changing careers means starting over at the bottom. That could mean taking a pay cut. So before you embark on a career change, assess your savings and make sure you have enough money in the bank to cover a few months’ worth of bills.
A recent SecureSave survey found that 67% of Americans couldn’t cover a $400 expense that popped up out of nowhere with money in the bank. If you’re in that boat, you’ll want to get to a stronger place financially before pursuing a new profession.
You should also think long and hard about what you want out of a job, and how you want to spend your days. Talking to a career counselor may not be a bad idea, either.
Finally, once you narrow down your choices, talk to people who work in the roles you’re interested in. Ask what their days are like and learn about the pros and cons of their respective industries.
You deserve a career you find engaging, challenging, and rewarding. And you also deserve one that’s lucrative and allows you to meet your financial goals, from buying a home to retiring securely. If you go about the process the right way, you might end up in a much better job situation — and your career might really start to take off.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
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.
Add this financial decision to your list: how to best use the money in savings.
Image source: Getty Images
Ideally, we’d all have at least one savings account. Whether you’re building an emergency savings fund or planning for a short-term goal, a savings account can help you get there. However, you may occasionally need to pull money out of savings. Here, we outline four examples of when it makes sense to withdraw funds.
Once you factor inflation into the equation, leaving too much money in a savings account does not make sense. Looking at data from 1960 to 2021, we learn that the rate of inflation ranged from -0.4% to 13.55%. That means the average rate of inflation over those 61 years was 3.8%.
Save: This credit card has one of the longest 0% intro APR periods around
More: Save while you pay off debt with one of these top-rated balance transfer credit cards
As the Federal Reserve works to cool inflation in the U.S., the rate at the end of February was 6%. While that’s painful for consumers, history tells us that the rate will drop. So, let’s imagine that it drops to its “average” rate of 3.8%. If your savings account does not pay at least 3.8%, you’re losing money to inflation.
That’s when it’s time to pull a portion and transfer it to a safe place where it has a chance to grow. The best way to do that is to compare the current rate of inflation to financial products like T-bills, certificates of deposit (CDs), or money market accounts (MMAs). The goal is to find an APY as close to the rate of inflation as possible. Even better is when you find a rate that beats inflation.
Let’s say you’ve built an emergency savings account that holds enough money to cover three to six months’ worth of expenses. However, you’re carrying high-interest debt on two credit cards and a personal loan. While you should never take money from your emergency stash, if there’s extra in savings, the best move may be to use it to pay off debt.
A debt calculator like this can help you determine how much money you can save by ridding yourself of high-interest obligations.
You work hard to put money away and it can be difficult to take money out of your savings account, even when it’s warranted. If your basement floods, transmission dies, or you run into another large expense, you’ll likely want to pull money from savings. Yes, it’s challenging to watch your balance shrink, but paying out of pocket is far better than using a credit card or loan to cover the expense.
This may go without saying, but savings accounts aren’t just for emergencies. They’re also a great place to sock away funds for the things you’re looking forward to. For example, if you’ve been squirreling away a little each month to pay for a vacation, being able to withdraw the funds you’ll need to pay for the getaway feels pretty great.
While it’s your money and you have the right to withdraw it whenever you want, some financial institutions only allow six “convenient” savings transactions per month, due to Regulation D (even though it’s supposed to be suspended right now). You may be charged a fee for any transactions beyond that number. If you pull from savings too often, a bank may also convert your savings account into a checking account or even close your savings account.
What constitutes a convenient transaction? If your bank sets a monthly limit on your account, wire transfers, ATM withdrawals, and in-person withdrawals are typically considered convenient transactions and contribute to the monthly limit. If you’re unsure of your bank’s policy, check with it. If your bank limits transactions, ask it to spell out which types are considered convenient.
The bottom line is that building a savings account balance takes time and effort. Any time you’re tempted to make a withdrawal, ask yourself if the move will ultimately save you money.
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.
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.
Here’s an easy guide to choosing the right type and amount to cover your family. Andrey_Popov / Shutterstock.com
Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Though it’s not much fun to think about, getting life insurance is a good idea for most people, because if you die, it provides money for surviving family members (or whomever you have designated), helping them to cover costs such…
If you can afford to buy only a few types of organic fruits and veggies, check out these rankings. Dusan Petkovic / Shutterstock.com
Strawberries again rank as the “dirtiest” produce, at least according to the annual analysis of one nonprofit. The sweet summertime staple earned the No. 1 spot on the Environmental Working Group’s latest ranking of fruits and vegetables with the most pesticide residue — the “Dirty Dozen” list. More than 90% of strawberry samples tested positive for residue of at least two pesticides…
It’s a large number, but there’s a silver lining.
Image source: Getty Images
For months on end, home buyers faced a notable challenge. Home prices were elevated at a time when mortgage rates were also up. It was your classic double whammy, and it made 2022 a really bad time to buy a home.
But things may be different in 2023. Although mortgages are still very expensive to sign, home prices are finally starting to fall a little bit.
The median existing home sale price in February was $363,000, according to data from the National Association of Realtors (NAR). That represents a 0.2% decrease from February 2022.
That’s actually good news, because it’s the first time in a long time when home prices have declined on an annual level — even though that dip is fairly modest. But does that mean you can afford a $363,000 home? Well, that depends.
Let’s get one thing straight. Just because the median home sale price in February was $363,000 doesn’t mean that’s the sort of number you’re looking at in your target neighborhood.
Maybe you’re seeking to buy a home in a more affordable part of the country, where the median home sale price in February was closer to $263,000. Or, it could be that you’re moving to an expensive metro area to pursue a higher-paying job. That might mean buying a home in a market where the median sale price last month was $763,000.
Either way, it’s important to crunch your own numbers to see what sort of house you can swing. And a good way to do that is to follow the 30% rule.
In a nutshell, your total predictable monthly housing costs should not exceed 30% of your take-home pay. So if you get $5,000 a month in your paycheck after taxes and other deductions, it gives you a $1,500 housing budget.
Meanwhile, that $1,500 should be able to cover your:
MortgageProperty taxesHomeowners insurance premiumsHOA fees, if you’re buying a townhouse, condo, or other home that’s part of a homeowners associationPrivate mortgage insurance, which you’re required to pay if you don’t make at least a 20% down payment on a conventional mortgage
You’ll note that your housing spend limit does not include things like maintenance and repairs. The reason is that these costs can be variable and unpredictable. But if you’re able to estimate them and lob them into that 30% limit, you’ll give yourself even more financial leeway.
Given that mortgage rates are so high, you might end up spending more than 30% of your take-home pay on housing, even with home prices being slightly down. But that’s a mistake you might sorely regret.
If you take on too much house, you might fall behind on other bills. Or, you might fall behind on a housing expense itself. And any time you’re late with bills, it has the potential to really damage your credit.
Plus, taking on too much house could negatively impact your lifestyle. Do you really want to spend your days pinching pennies and denying yourself every single small luxury you once enjoyed because you can no longer afford it? Probably not.
That’s why it’s a good idea to stick to the 30% rule. It might limit your choices in today’s market, but it might spare you a world of financial stress.
Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.
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 positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
© 2026 Madam Money®. All Rights Reserved. | Designed by SRJWebsites.com
