Money Management

Hint: It’s not a small number. 

Tom Brady apparently isn’t just quitting pro football — he’s also taking the leap into becoming a landlord. Recently, the star quarterback put his Tampa, Florida home up for rent, and he’s asking for $60,000 a month for the privilege of living there, according to Realtor.com.

Now to be fair, Brady’s home is enormous. It boasts 6,500 square feet of living space, along with six bedrooms and seven bathrooms. And you can bet that it’s loaded with upgrades.

Of course, the typical U.S. consumer is clearly not going to be in a position to rent out Brady’s home. But if you’re in the market for a rental, you may be wondering how much you can afford to spend on housing. And there’s a simple formula you can use to land on that number.

How much rent does your income allow for?

As a general rule, it’s a good idea to keep your monthly housing costs to 30% or less of your take-home pay. Now if you’re buying a home, that 30% should include your mortgage payment, property taxes, homeowners insurance, and HOA fees, if they apply.

As a renter, that 30% really only needs to account for one factor — your rent itself. That’s because renters don’t pay expenses like property taxes. And while renters insurance is a good idea, its annual cost tends to be fairly modest.

So with that in mind, let’s say you bring home $6,000 a month after taxes and deductions from your paycheck. That means you should have the leeway to spend up to $1,800 on rent, provided you’re not sitting on a massive pile of debt you need to chip away at.

Of course, this doesn’t mean you should spend that $1,800. If you keep your rent to $1,500, you’ll have an extra $300 a month you can use to add to your savings account or spend on other things that are important to you, like leisure or travel. But it’s good to stick to that 30% rule, since doing so could help you avoid a scenario where you fall behind on either your rent or other essential bills.

What if you can’t afford the type of rental you want?

Maybe you can swing a monthly rent payment of $1,800. In some cities, that gives you a lot of leeway. In others, it could mean having to share a studio apartment with three roommates.

If your spending power is such that it won’t buy you a decent rental, consider expanding your search to an area that’s less expensive. If you want to live in Boston, for example, but the rents there are too high for your budget, look at renting in a nearby suburb where you still get access to the city without having to pay a premium to live there.

You could also consider getting a roommate to split the cost of a rental. Some landlords are flexible when it comes to converting a studio or one-bedroom apartment to a two-bedroom, so it’s worth having that conversation.

Finally, if you want the ability to spend more on rent, you could look at boosting your income with a side hustle. You’ll just need to make sure that income is consistent if you’ll be reliant on it to cover your rent payments.

If you can’t afford to rent out Tom Brady’s massive Tampa home, well, you’re in good company. But that doesn’t mean you can’t find a great rental to call home. Just give yourself time to look around and make sure you’re not taking on more rent than your paycheck can comfortably cover.

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What happened Beyoncé, or Queen Bey, as her fans call her, announced her Renaissance World Tour on Feb. 1, and Citi cardholders can sign up for the Citi Verified Fan presale to improve their odds of landing tickets. The tour will kick off in May in Stockholm, Sweden and also includes many North American dates.So whatSome Beyoncé fans may be nervous about the ticket-buying process because of the many struggles Swifties experienced while trying to buy Taylor Swift concert tickets last November.
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Beyoncé is using the Verified Fan platform to help fans boost their odds of getting tickets for the North American leg of her tour. You can register for the Citi Verified Fan presale if you have a Citi debit card or Citi credit card. Note: Fans should be aware that there is no guarantee that they will get tickets. The Citi Verified Fan website states, “Registering does NOT guarantee you will be verified, receive a code, or have the ability to purchase tickets.” Registration and presale dates vary by city and are organized into three groups: Group A: Atlanta, Chicago, East Rutherford, Houston, Inglewood, Las Vegas, Toronto, Vancouver, Washington, D.C. Registration closes on Feb. 2 at 11:59 p.m. ET. The presale will run from Feb. 7 at 10 a.m. ET through Feb. 8. At 6 p.m. ET while supplies last. Group B: Boston, Dallas, Miami, Minneapolis, San Francisco, Seattle, Tampa. Registration closes on Feb. 9 at 11:59 p.m. ET. The presale will run from Feb. 14 at 10 a.m. ET through Feb. 15 at 6 p.m. ET while supplies last. Group C: Charlotte, Detroit, Kansas City, Louisville, Nashville, New Orleans, Philadelphia, Phoenix, Pittsburgh, St. Louis. Registration closes on Feb. 16 at 11:59 p.m. ET. The presale will run from Feb. 21 at 10 a.m. ET through Feb. 22 at 6 p.m. ET while supplies last. How to register: Fans can register by visiting the event presale page during the registration period. They will need to sign in or create a Ticketmaster account and provide the first six digits of their Citi card. Verified fans will be notified the night before the Citi presale event. Now whatTicketmaster has been under scrutiny for its ticket-selling practices. Many concert-goers have struggled to secure affordable tickets to events. With this in mind, it’s essential to consider how you will buy tickets for any concerts or events you want to attend. Beyoncé fans who feel anxious about ticket availability should take advantage of presale events. If you’re hoping to attend the Renaissance World Tour, don’t forget to register for the Citi Verified Fan presale event.This is a good reminder for consumers to take advantage of valuable credit card perks. Many credit card issuers participate in presale ticketing events. Cardholders shouldn’t let credit card benefits like this go to waste. Consumers should also remember that they can use rewards credit cards to earn rewards when they spend with their cards. Top credit card wipes out interest until 2024If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. 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.Citigroup 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. 

What happened

Beyoncé, or Queen Bey, as her fans call her, announced her Renaissance World Tour on Feb. 1, and Citi cardholders can sign up for the Citi Verified Fan presale to improve their odds of landing tickets. The tour will kick off in May in Stockholm, Sweden and also includes many North American dates.

So what

Some Beyoncé fans may be nervous about the ticket-buying process because of the many struggles Swifties experienced while trying to buy Taylor Swift concert tickets last November.

Beyoncé is using the Verified Fan platform to help fans boost their odds of getting tickets for the North American leg of her tour. You can register for the Citi Verified Fan presale if you have a Citi debit card or Citi credit card.

Note: Fans should be aware that there is no guarantee that they will get tickets. The Citi Verified Fan website states, “Registering does NOT guarantee you will be verified, receive a code, or have the ability to purchase tickets.”

Registration and presale dates vary by city and are organized into three groups:

Group A: Atlanta, Chicago, East Rutherford, Houston, Inglewood, Las Vegas, Toronto, Vancouver, Washington, D.C. Registration closes on Feb. 2 at 11:59 p.m. ET. The presale will run from Feb. 7 at 10 a.m. ET through Feb. 8. At 6 p.m. ET while supplies last.

Group B: Boston, Dallas, Miami, Minneapolis, San Francisco, Seattle, Tampa. Registration closes on Feb. 9 at 11:59 p.m. ET. The presale will run from Feb. 14 at 10 a.m. ET through Feb. 15 at 6 p.m. ET while supplies last.

Group C: Charlotte, Detroit, Kansas City, Louisville, Nashville, New Orleans, Philadelphia, Phoenix, Pittsburgh, St. Louis. Registration closes on Feb. 16 at 11:59 p.m. ET. The presale will run from Feb. 21 at 10 a.m. ET through Feb. 22 at 6 p.m. ET while supplies last.

How to register: Fans can register by visiting the event presale page during the registration period. They will need to sign in or create a Ticketmaster account and provide the first six digits of their Citi card. Verified fans will be notified the night before the Citi presale event.

Now what

Ticketmaster has been under scrutiny for its ticket-selling practices. Many concert-goers have struggled to secure affordable tickets to events. With this in mind, it’s essential to consider how you will buy tickets for any concerts or events you want to attend.

Beyoncé fans who feel anxious about ticket availability should take advantage of presale events. If you’re hoping to attend the Renaissance World Tour, don’t forget to register for the Citi Verified Fan presale event.

This is a good reminder for consumers to take advantage of valuable credit card perks. Many credit card issuers participate in presale ticketing events. Cardholders shouldn’t let credit card benefits like this go to waste. Consumers should also remember that they can use rewards credit cards to earn rewards when they spend with their cards.

Top credit card wipes out interest until 2024

If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. 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.Citigroup 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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Your balance might cost you more over time. 

The Federal Reserve has been on a mission to fight inflation since early 2022. To that end, it’s been implementing aggressive interest rate hikes in an attempt to drive up the cost of consumer borrowing.

See, the reason inflation has been surging is that the supply of goods and services has not been able to keep up with consumer demand these past couple of years. By making it more expensive for consumers to borrow money in different forms, the Fed is hoping to encourage a pullback in spending, which should narrow the aforementioned supply-demand gap and help bring the cost of living down.

But because inflation levels have been dropping, the Fed’s most recent interest rate wasn’t as aggressive as previous ones. The central bank announced a 0.25% rate hike on Feb. 1. When we compare that to the multiple 0.75% rate hikes that came down the pike in 2022, that’s clearly a far more modest increase. But if you owe money on your credit cards, it’s an increase you’ll want to be mindful of nonetheless.

Pay attention to your credit cards’ interest rates

The Fed is not in charge of setting consumer interest rates directly. This means the Fed doesn’t tell credit card companies how much interest they should charge, nor does it tell mortgage lenders what sort of interest rates to offer prospective home buyers.

Rather, the Fed oversees the federal funds rate, which is what banks charge each other for short-term borrowing. But when the federal funds rate rises, it tends to indirectly drive up the cost of consumer borrowing.

Because we’re looking at yet another rate hike, albeit a smaller one, you’ll need to pay attention to the interest rate you’re paying on your credit card debt. Unlike home equity and personal loans, which give you a fixed interest rate on your debt, credit card interest rates can be variable. This means they can rise and fall with market conditions, so the Fed’s latest decision could make your debt more expensive to pay off.

Try to shed your debt quickly

The sooner you’re able to pay off your credit card debt, the less money you’re apt to lose to interest charges — regardless of what rates look like. To that end, put yourself on a tight budget and aim to cut back on some non-essential spending so you can free up more money for debt payoff purposes.

At the same time, look into getting a second job. It may not be the ideal way to spend your evenings and weekends, but it is a good way to boost your income and carve out extra cash to pay off your credit cards with.

Credit card debt can be costly under any set of circumstances. But another Federal Reserve rate hike could mean you end up getting stuck paying even more interest on the money you owe. So if you’re able to shed that debt sooner, you might spare yourself a world of financial hurt.

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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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You can fill prescriptions at Costco without being a member. 

When it comes to filling your prescriptions, you have many options. You can go to a dedicated pharmacy such as CVS, a pharmacy at your local hospital, an online pharmacy, or a pharmacy at a large store like Costco. But which one is better? Here is a comparison of Costco and CVS and how they stack up when it comes to prescription refills.

Costco vs. CVS: Convenience

If visiting a pharmacy in person and convenient hours are important to you, then CVS is the clear winner. CVS is the largest retail pharmacy in terms of locations, with over 9,700 stores. In comparison, there are only 583 Costco locations in the U.S. With almost 17 times more stores, it is much easier to find a CVS pharmacy than a Costco. In addition, many CVS locations are open 24/7 while most Costcos close early and aren’t open on holidays.

CVS also has MinuteClinic, a medical clinic inside many CVS stores that is the largest provider of retail health care in the United States. You can see a nurse practitioner and physician assistants for medical care with no appointment every day, including evenings and weekends. While Costco doesn’t offer medical care on site, it has a larger selection of products to purchase — but you do need a membership to shop.

If you need to pick up your medication in person outside of regular business hours or don’t have a Costco near you, then getting your prescriptions at a CVS may be a better option for you. Both however offer mail delivery and auto-refill for many medications. So if you do not need to visit a location, then CVS’s convenient locations and hours may not matter as much.

Costco vs. CVS: Prices

When it comes to pricing, Costco has lower prices across the board, including on prescription medications. Costco offers a wide range of generic and brand-name drugs at discounted rates, making it an attractive option for those looking to save money on their prescriptions. Best of all, you don’t need to be a Costco member to enjoy the perks of Costco’s savings.

In addition, you can save even more by joining the Costco Member Prescription Program, a prescription drug discount card program. You have to be a Costco member to take advantage of the larger discounts and the discount card does not pay or provide reimbursement for prescription drug purchases, like health insurance does. However, you will need to take into account your potential savings to see if it is worth both the cost of membership as well as the program. Before deciding, do you research and check with your health insurance company to see if they have a preferred vendor with a special rate.

Both Costco and CVS offer excellent options when it comes to filling your prescriptions. When it comes to convenience, CVS has an edge but Costco wins out when it comes to its prices and by letting customers save more money. CVS also has the MinuteClinic, offering convenient medical care with no appointment required. Ultimately, it is up to you to choose which is best for you, but by comparing them side-by-side you can ensure you get the best deal possible on your prescriptions.

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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 Costco Wholesale. The Motley Fool has a disclosure policy.

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