Money Management

If you don’t have an emergency fund yet, you definitely want to give this a read. 

About one in three Americans wouldn’t be able to cover a $400 emergency, according to a recent survey by the Federal Reserve. While that’s a lower number than in years past, it’s still far too high. Those without emergency savings have often had no choice but to take on debt or tap their retirement savings when an unexpected bill came up, but that could soon change.

A new law, passed at the end of 2022, could make coping with emergency expenses a little easier for some workers. Here’s what you need to know.

Employers may soon have a new perk to offer employees

In an attempt to encourage people to save more, the SECURE 2.0 Act of 2022 gives employers the option of setting up emergency savings accounts on behalf of their employees. They can automatically opt employees into these accounts and defer up to 3% of their salary to it. Employees who don’t wish to participate will still have the option to opt out.

These emergency accounts can contain up to $2,500, though employers may cap this at a lower limit. Once the account hits this threshold, you can’t put any more money into it until it falls below the limit again. If you have automatic contributions set up, they’ll switch to your Roth workplace retirement plan, if you have one, or they’ll stop.

Employers aren’t allowed to contribute money directly to these emergency accounts, but they can make matching contributions to employees’ retirement accounts during the year. For example, if you defer $2,500 from your paycheck to your emergency savings account and your employer offers a dollar-for-dollar retirement match, it may contribute up to $2,500 to your retirement account for you.

The first four annual withdrawals from your emergency savings account are not subject to fees or penalties, unlike retirement account withdrawals. And if you later separate from your employer, you can either cash out your emergency savings account or roll it over into a Roth IRA.

What if my employer doesn’t offer an emergency savings account?

Emergency savings accounts aren’t something employers are required to offer, but it could be a useful job perk to help them attract new talent. But with the rule change having just gone into effect, it could take a little while before you see companies offering this to their employees.

You can always save for emergency expenses on your own if your employer doesn’t offer an emergency savings account. You decide how much you’re comfortable setting aside each month and then put that money in a high-yield savings account where it can earn interest for you. You don’t need to stop at $2,500 either if you’d like to save more.

Sometimes, it’s not financially feasible to save for emergencies even if you’d like to. If you can’t find any extra cash by making changes to your budget, you might consider looking for ways to increase your income. Working overtime or getting a side hustle, even for a little while, could help you build your emergency savings. Then, you could return to your normal workload.

If you’re expecting a raise or a tax refund, you could use this to build your emergency fund as well. Ideally, you should aim to keep at least three months of living expenses on hand. And if you feel like that’s not enough, you can always save more.

Be sure to review your emergency fund at least annually to make sure it’s still adequate for your needs. If your monthly expenses change significantly, you may want to consider updating your emergency fund as well. This shouldn’t take a lot of time and it will help ensure you’re ready for whatever comes your way.

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Check out the most affordable proteins out there. 

Getting the right amount of protein is essential for your health. Eggs used to be one of the cheapest high-protein foods. Unfortunately, the cost of a dozen eggs has tripled since last year, going from $1.50 to $4.25. Other grocery prices have skyrocketed, too. The average food prices are up close to 12% across the board over the last year. Food costs at elementary and secondary schools are up 305.2%, and food at employee sites and schools is up 129.6%.

With inflation hitting highs not seen in 40 years, it’s becoming harder to find affordable protein sources that aren’t loaded with empty calories or unhealthy additives. But there are ways to get your protein without going over your budget. Here are some healthy, low-cost options for getting your daily dose of protein.

Protein content of common foods

To calculate the cheapest ways to get your protein, first here are the grams of protein per portion size for common foods. The prices are the U.S. city average as of Dec. 2022, according to the Bureau of Labor Statistics or the latest prices found online at Walmart using its lowest-priced item. You may be able to find cheaper items based on where you live, any coupons or deals you have, and which store you go to.

Cheapest sources of protein

At the beginning of 2022, a gram of egg protein was $0.037. It is now about $0.09 per gram of protein. While eggs are no longer one of the cheapest sources of protein, here are the other alternatives that won’t strain your grocery budget.

Per gram of protein

Chicken (whole): $0.016Chicken (legs): $0.017Tuna fish: $0.023Skim milk: $0.029Cottage cheese: $0.031Lentils: $0.037Pork: $0.038

Chicken remains one of the most inexpensive sources of protein. If you are a vegetarian, then skim milk, cottage cheese, and lentils are the best options. Prices will vary based on where you live, so do your research before opening up your wallet. Some stores will offer coupons or deals, making it even more affordable, and places like Costco and Sam’s Club may have better prices for buying in bulk.

Finding high-quality proteins doesn’t have to break the bank. Chicken, skim milk, lentils, and tuna fish are all excellent choices that won’t leave you feeling like you emptied your savings account just to fill up your stomach. So next time you go grocery shopping on a budget, don’t forget about these delicious (and affordable!) sources for good-quality protein. With these tips, you’ll be able to get your daily dose at a fraction of the cost — no matter how high grocery prices soar!

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This free app could help you save time at passport control after arriving in the U.S. 

The airport can be busy, loud, and stressful, especially when arriving in the country after a long-haul international flight. The last thing you’ll want to do is wait in a long line when all you crave is a shower and some rest. Many people use Global Entry to get through passport control faster after traveling internationally — but this service comes at a cost. Luckily, there’s a no-cost service alternative that can help travelers save time.

Download the Mobile Passport Control app

Did you know that you can save time at passport control without having Global Entry? The Mobile Passport Control app, made available by U.S. Customs and Border Protection, helps eligible travelers streamline the entry process back into the United States.

It’s free to use and is available for iOS and Android devices. The app is available to U.S. citizens and Canadian B1/B2 citizen visitors. Currently, the Mobile Passport Control app can be used at 38 sites, including 31 U.S. International Airports, three Canadian Pre-clearance locations, and four seaports of entry.

Here’s how to use the app:

When you land in the United States, you’ll select your arrival airport or seaport terminal, take a photo of yourself, and answer a few questions.Next you’ll need to submit your transaction through the app and will receive an electronic receipt with a QR code.Once you arrive at passport control, look for signs pointing to the line for travelers using Mobile Passport Control. When it’s your turn, you’ll present your QR code and go through the inspection process.

By not having to wait in the regular line with general travelers, you may be able to save time and have a more efficient experience. After a long international flight, that can be a huge win.

How to get the Global Entry application fee reimbursed

While this app is convenient, there is another way to speed up your entry back into the United States. Global Entry, a trusted traveler program, allows expedited clearance to pre-approved travelers upon entry into the United States.

Interested travelers must apply and undergo an interview with a Customs and Border Protection staff member. Those who apply must pay a $100 application fee. If you’re approved, membership is valid for five years. When entering the United States, travelers with this membership can get into an expedited Global Entry line instead of waiting in the general line.

If you want to avoid paying this fee, you should know that some travel credit cards offer reimbursement for the Global Entry application fee as a credit card benefit. To use this perk, you must pay the application with an eligible card, and your card issuer will reimburse you through a statement credit. This valuable credit card perk could save you money and time.

You can use travel credit cards to earn points and miles, which you can redeem to save money on flights and hotel stays. These rewards credit cards also include many valuable perks that can make travel less stressful. Review our list of the best travel credit cards to learn more.

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There’s much less worry about contracting COVID, and more confidence in being able to travel safely. 

The travel industry hasn’t been the same since the COVID-19 pandemic began, but there are promising signs that it’s getting back to normal. The percentage of American travelers unconcerned about contracting COVID recently surpassed the percentage who are concerned about contracting it, according to Destination Analysts.

That’s mostly a positive sign, but travelers shouldn’t throw caution to the wind, either. Here’s what recent studies say on how travelers feel about COVID and why you should still account for it in your travel plans.

American travelers surpassed a COVID milestone

In its The State of the American Traveler study fielded in October 2022, Destination Analyst asked respondents how concerned they were about personally contracting COVID. It found that:

41.8% were unconcerned38.4% were concerned

What makes this notable is that it was the first time since the start of the pandemic that the percentage of unconcerned travelers exceeded the number of concerned travelers. It’s also a massive difference from March 2020, when nearly 80% of travelers were concerned and less than 20% were unconcerned.

In that same study, the majority of travelers (60.4%) reported feeling confident or very confident in their ability to travel safely in the current environment. Only 9.3% said they felt not very confident or not at all confident.

The data suggests that COVID is becoming far less of a concern for Americans. It’s still a deterrent for some travelers, but it’s no longer the deterrent. It’s one of many, along with other concerns like travel costs and not having enough time off work.

COVID can still throw a wrench in your travel plans

On the one hand, it’s great that COVID is becoming less of a worry for travelers. After three years (I can’t believe it either) of this pandemic, most of us are more than ready to get back to normal.

However, like it or not, we still have to live with COVID. And that means when you travel, you should prepare for what you’ll do if you contract COVID on your trip.

I realize it’s not anybody’s favorite part of travel planning. But as someone who got COVID while traveling and had to spend a lot of extra money as a result, I’d highly recommend planning ahead. It’s a whole lot easier to figure out a contingency plan while you’re healthy at home than when you have zero energy in an unfamiliar environment.

If you contract COVID while traveling, you’ll most likely need to extend your stay at your hotel or vacation rental. You’ll also need to change your return dates, and possibly even get medical attention. These can all be inconvenient and costly. Here’s what you can do to prepare:

Purchase travel insurance that includes COVID-related issues. This could cover costs you incur, such as changing travel plans and getting medical treatment if necessary.Or, pay for your trip with a credit card that has complimentary travel insurance. Many popular travel credit cards offer this benefit. Make sure to check with the card issuer to confirm this insurance covers you if you contract COVID.Have an emergency fund. It’s always wise to have an emergency fund with enough money to cover at least three to six months of living expenses. This can also come in handy when you’re traveling, in case you have any unforeseen emergency expenses.

It’s also a good idea to bring masks and COVID tests with you when you travel. That way, if you start feeling sick, you don’t need to run to the nearest pharmacy to get supplies. You can test yourself and mask up if you need to go anywhere.

Hopefully your trips go smoothly and you don’t need to put any of these plans into practice. But in a worst-case scenario, it’s better to be prepared.

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If you use DoorDash often, getting DashPass could be worth it for you, too. 

I am, by nature, a good planner. And yet, despite all my best efforts, I recently had a very difficult week that required me to adapt in the moment — and I was thankful for my subscription to DoorDash. DoorDash’s subscription service is called DashPass, and it’ll cost you $9.99 per month or $96 upfront if you sign up for a full year. You’ll get $0 delivery fees and reduced service fees on orders of $12 or more from eligible restaurants, plus the same on eligible grocery orders of $25 or more.

DoorDash estimates that users save an average of $4 to $5 per order, which means that if you make at least two orders a month, your DashPass will pay for itself. DoorDash isn’t perfect, but I ended up very grateful for the service recently.

I got an opportune DashPass Challenge

Periodically, I receive emails from DoorDash offering me “DashPass Challenges.” These are extra little ways to save money by making certain types of orders within a certain period of time. In this case, I was given the opportunity to earn 40% off two orders when I made three orders of $12 or more within a two-week period. I usually make an average of just one DoorDash order per week (or sometimes none), but I ended up going beyond my usual quota during the week in question. Why?

I had a houseguest from the UK, and as this was his first time visiting the United States, I wanted to make sure he had the chance to try our many and varied cuisines.Unfortunately, I caught COVID-19 part way through his visit and was unable to cook as much as I had planned.

Ultimately, I made the required three orders within just six days, thereby giving me 40% off the next two orders. At this point, my houseguest departed, and I saved a nice chunk of money on dinner for two nights at the end of the week. This was wonderful, as I was still feeling terrible and not up to cooking.

I got a useful coupon from DoorDash

In addition to DashPass Challenges, I’m also privy to other special offers and coupons from DoorDash. You can use DoorDash for shopping orders as well as takeout and delivery meals. One of the categories in the app is Pets, and DoorDash has a partnership with PetSmart. At the end of my difficult week when I was still very ill, I was sent a 40% off coupon for a PetSmart order. I was nearly out of food for my three cats, so I happily placed an order that arrived at my door within an hour.

Thanks to saving that 40%, even with the tip and (reduced) service fee, I paid the same amount to have the food delivered as I would have paid had I left my house and bought it myself.

What can you learn from my experience?

There are a few lessons to take from my experience with DashPass over the course of the week.

It can be worth it to pay for a subscription service you use frequently

I signed up for DashPass last summer after running the numbers and seeing that the $0 delivery fees and reduced order fees would save me money based on my budget and my ordering habits. That said, DashPass (or any other subscription with a delivery app) may not save you money if you don’t use it often. Decide based on your own finances and habits.

It’s sometimes worth paying more to make your life easier

I paid for a full year’s membership to DashPass upfront, which took a chunk of money out of my checking account. But it makes my life easier every week, and especially so during the week in question. Note that it’s not a wise move to sign up for paid services like this if you’re struggling with your bills or other expenses.

Using coupons can be a great way to save money

This is really personal finance 101: Use coupons! However, if you’re using a coupon to buy something you don’t actually need, that’s going to lose you money. I do sometimes struggle with buying something just because it’s on sale, but I’m getting better. In this instance, using a coupon for cat food was a smart money move because I definitely needed to make the purchase (and the cats would wholeheartedly agree).

As of this writing, I am thankfully on the mend, and I’m eagerly awaiting the next DoorDash coupon or DashPass Challenge email. These don’t always work with my life or my ordering habits, but when they do, they can clearly be a lifesaver!

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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 positions in and recommends DoorDash. The Motley Fool has a disclosure policy.

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Is this an option your employer offers? 

If you’re a salaried employee, you’re no doubt used to collecting a steady paycheck at preset intervals, whether it’s every two weeks or once a month. And when it comes to receiving that paycheck, you have choices.

Many workers opt to have their earnings deposited directly into a checking account. That way, that money is accessible to them, and they can take ATM withdrawals and write checks against their balances.

But there’s another option you may want to consider if your employer offers it — a salary account. A salary account is similar to a savings account, only with a regular savings account, you go to a bank and open one up. A salary account is something your employer has to set up for you. And with this type of account, your salary gets deposited into that account, as opposed to you receiving a physical paycheck or having your earnings land directly in a checking account.

Salary accounts aren’t very common in the U.S. But if your employer offers this option, here are some benefits you might enjoy.

1. Forced savings

When you’re handed a paycheck to cash or your earnings land in your checking account, it can be difficult to carve out room for savings. If you treat your salary account as a savings account, you’ll have an easier time staying on track with your goals.

Now, you might be thinking, if you’re putting your salary directly into a savings account of sorts, how are you supposed to pay your bills? The answer is, you can always withdraw funds from your salary account. But in reality, the whole forced savings nature of these accounts really works best if you’re in a dual-income household and are trying to live off of one salary and save the other. Otherwise, you may not get as much benefit from a salary account.

2. No minimum balance requirement

Some savings accounts come with a minimum balance requirement that can be tricky to meet. But salary accounts generally don’t come with this requirement, so you get more flexibility.

3. Protection from financial emergencies

If you’re using your salary account as a means to force you into savings, the more money you keep in that account, the more protected you’ll be if unplanned bills come your way, or if you end up out of a job for a period of time. A recent Federal Reserve report found that 32% of Americans cannot cover a $400 emergency expense with cash or savings. So if you’re in that boat, any account that makes it easier to build some cash reserves is worth considering.

Should you get a salary account?

A salary account may offer you these specific benefits. But if you’d rather go a more traditional route and stick to having your earnings deposited into a checking account, you can always set up an automatic transfer to your savings every month. That gives you the benefit of forced savings while also allowing you to enjoy the flexibility of having a funded checking account.

It’s also worth noting that salary accounts aren’t very common in the U.S. And since they need to be opened by an employer, you may not even have the option to have one.

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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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