Money Management

Following this Dave Ramsey advice could end up costing you in the end.  

If you’re tired of giving your credit cards a workout at the grocery store, you may be interested in finding ways to reduce your food costs.

The good news is, there are some great suggestions for saving money on groceries — including using coupons and bulk buying combined with batch cooking.

There are, however, also some money-saving suggestions that may not end up panning out. In fact, finance expert Dave Ramsey offered one tip for reducing grocery store costs that could actually end up costing you more money.

Skip this Dave Ramsey tip for cutting grocery costs

When providing advice on how to reduce grocery costs, one of several suggestions Ramsey made was to “test out your green thumb.”

Specifically, Ramsey was referring to planting a garden so you don’t have to buy all of your fresh produce at the supermarket.

“You can grow your own tomatoes, bell peppers and cauliflower in your garden, and you won’t have to buy any at the store. You can just go out and grab them from your garden, Little House on the Prairie style,” Ramsey suggested.

The Ramsey Solutions blog went on to explain that you don’t even need a lot of outdoor space to implement this tip since there are “plenty of indoor garden kits out there.” And he also advised trying to grow herbs and potentially freezing any leftover items you are able to harvest that you can’t eat right away.

Here’s the problem with this advice

While growing a garden may seem like an easy way to save, the reality is that this can actually end up costing you a lot more money than you might expect.

For starters, you need dirt and pots or flower beds to garden. And if you want to have a good chance of actually growing a lot of food, you’re going to need high quality soil with nutrients in it. You can’t just go dig a hole in your backyard and expect to have a fruitful crop.

You’re also going to need seeds, water, a method of deterring pests and animals from eating your crops, and time to take care of all of the plants. And, even if you have all of that, unless you have a ton of space, chances are good that you’re going to end up with a harvest that provides you with enough produce for maybe a meal or two — if you’re lucky. And then you get to do it all again the next year.

We actually tried out this advice in our household a few years ago, doing some gardening in raised beds with the hopes we’d be able to grow a reasonable amount of our own food. Despite having high-quality soil delivered from a local farm, buying heirloom seeds, and spending a lot of time and energy on pest control, we ended up with a handful of peas, a little bit of celery, a whole lot of tomatoes, and not much else.

Stories abound of people spending a fortune on gardening only to end up with very little to show for it, and the reality is that there’s a good reason why most ordinary people gave up growing their own food long ago and just buy it at the supermarket instead.

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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.Christy Bieber 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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Image source: Getty Images
What happenedThe COVID-19 public health emergency (PHE) that’s been in place since early in the pandemic will end on May 11. The emergency provisions gave authorities extra funding and flexibility in various aspects of healthcare, particularly Medicaid and COVID-related services. On Monday (Jan. 30), the White House set an end date for these special rules, giving hospitals, local health authorities, and healthcare providers some time to prepare. So whatThe end of the PHE will have an impact on every American’s healthcare costs, particularly those on Medicaid. Continuous Medicaid — a key part of the pandemic health provisions — meant states received extra funding as long as they didn’t drop people from their books. When it finishes, as many as 15 million people could leave the program, according to a government report. Some people will leave because they’re no longer eligible. But an estimated 7 million who are still entitled to Medicaid could fall out of the system for procedural reasons. “We have no illusion that this will be beautiful or graceful, but we will be doing everything we can not to lose anyone in the process,” Dana Hittle, Oregon’s interim Medicaid director, told USA Today. Now whatIf you’re worried about the impact the end of the emergency will have on your bank account, a lot depends on your situation. We’re talking about a web of somewhat impromptu measures, and a lot depends on what state you’re in as well as your healthcare status. If you receive Medicaid, make sure your contact information is up to date and pay attention to any requests for information. You may need to renew your coverage or receive instructions about switching to a different system. In addition to the end to the continuous Medicaid provisions, here are two key ways Americans may be impacted.
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1. COVID-19 tests, treatment, and vaccines According to the Kaiser Family Foundation (KFF), the public health emergency meant: Those on Medicare could get up to eight at-home COVID tests a month and access vaccines and certain treatments for free.Those on Medicaid and CHIP could access vaccines, as well as some testing and treatments for free. Those covered by private health insurance could get up to eight at-home COVID tests and access out-of-network treatment and vaccines at no cost.The reason it’s hard to fully understand the impact of the end of the PHE is that some of those provisions will continue. For example, many Americans will still be able to access free vaccines, but will likely have to pay for testing services once the emergency ends. Stock up on free tests while they’re available and speak to your healthcare provider to find out more.2. Changes to telehealth servicesTelehealth services changed for Medicare beneficiaries during the PHE. Not only could people access additional services in new ways, you didn’t have to live in a rural area to access telehealth services. According to the KFF, this will continue until the end of 2024.Medicaid telehealth services will vary from state to state as many plan to keep the new provisions. Similarly if you’re insured privately it depends on your provider. Some healthcare providers have already started to charge for email advice.The end of the public health emergency won’t impact everybody equally, but whatever your situation, it’s better to know before you need to access healthcare. That way you’re less likely to be hit with an unexpected bill.Our best car insurance companies for 2022Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.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. 

What happened

The COVID-19 public health emergency (PHE) that’s been in place since early in the pandemic will end on May 11. The emergency provisions gave authorities extra funding and flexibility in various aspects of healthcare, particularly Medicaid and COVID-related services. On Monday (Jan. 30), the White House set an end date for these special rules, giving hospitals, local health authorities, and healthcare providers some time to prepare.

So what

The end of the PHE will have an impact on every American’s healthcare costs, particularly those on Medicaid. Continuous Medicaid — a key part of the pandemic health provisions — meant states received extra funding as long as they didn’t drop people from their books. When it finishes, as many as 15 million people could leave the program, according to a government report.

Some people will leave because they’re no longer eligible. But an estimated 7 million who are still entitled to Medicaid could fall out of the system for procedural reasons. “We have no illusion that this will be beautiful or graceful, but we will be doing everything we can not to lose anyone in the process,” Dana Hittle, Oregon’s interim Medicaid director, told USA Today.

Now what

If you’re worried about the impact the end of the emergency will have on your bank account, a lot depends on your situation. We’re talking about a web of somewhat impromptu measures, and a lot depends on what state you’re in as well as your healthcare status.

If you receive Medicaid, make sure your contact information is up to date and pay attention to any requests for information. You may need to renew your coverage or receive instructions about switching to a different system. In addition to the end to the continuous Medicaid provisions, here are two key ways Americans may be impacted.

1. COVID-19 tests, treatment, and vaccines

According to the Kaiser Family Foundation (KFF), the public health emergency meant:

Those on Medicare could get up to eight at-home COVID tests a month and access vaccines and certain treatments for free.Those on Medicaid and CHIP could access vaccines, as well as some testing and treatments for free. Those covered by private health insurance could get up to eight at-home COVID tests and access out-of-network treatment and vaccines at no cost.

The reason it’s hard to fully understand the impact of the end of the PHE is that some of those provisions will continue. For example, many Americans will still be able to access free vaccines, but will likely have to pay for testing services once the emergency ends. Stock up on free tests while they’re available and speak to your healthcare provider to find out more.

2. Changes to telehealth services

Telehealth services changed for Medicare beneficiaries during the PHE. Not only could people access additional services in new ways, you didn’t have to live in a rural area to access telehealth services. According to the KFF, this will continue until the end of 2024.

Medicaid telehealth services will vary from state to state as many plan to keep the new provisions. Similarly if you’re insured privately it depends on your provider. Some healthcare providers have already started to charge for email advice.

The end of the public health emergency won’t impact everybody equally, but whatever your situation, it’s better to know before you need to access healthcare. That way you’re less likely to be hit with an unexpected bill.

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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 may want to put these on your shopping list. 

One of the reasons so many people love Amazon is that the online retail giant tends to offer a wide range of products at competitive prices. But it always pays to search the site for limited-time deals, as those could result in even more savings. With that in mind, here are a few awesome deals to keep on your radar in February.

1. Original Stationery Ice Cream Slime Kit

As a parent, you may be wired to hate slime. But let’s face it — kids love it. And so if you have a special event coming up, like a birthday, or you’re celebrating a big accomplishment, then you may want to scoop up this kit for your child. Right now, Amazon has it for 37% off, bringing the price down to $21.95

2. Philips Essential Digital Airfryer

If one of your New Year’s resolutions is to dine out at restaurants less frequently and cook more at home to add to your savings, then you may want to jump on the airfryer bandwagon. Right now, this Phillips model is available for 48% off, bringing its price down from $179.95 to $92.99. In addition to frying, this gadget can grill, bake, roast, and reheat your food should you need it to.

3. Samsung 65-Inch Class OLED 4K TV

Maybe you’ve been saving for months to upgrade to a new TV. If that’s the case, you may want to jump on this excellent Amazon deal. Right now, this Samsung model is 40% off, bringing its price to $1,797.99 instead of nearly $3,000.

Clearly, even with the discount,we’re talking about a pretty big splurge. But if you have the money, it’s a good time to make the purchase.

4. BEDSURE Oversized Wearable Blanket Hoodie

Like it or not, we still have many more weeks of winter to go. If you’ve been lowering the heat in your home to save money on utility costs, you could be looking at some chilly nights ahead. That’s why it could pay to scoop up this oversized wearable fleece blanket. Right now, it’s available for 48% off, bringing its price to just $20.79. That’s a small amount to pay for added comfort.

5. Ring Video Doorbell 3

Want to add a layer of security to your home? Then it could be a good idea to invest in this Ring doorbell. This model lets you see, hear, and speak to anyone who comes to your door from your tablet, phone, or PC. You can monitor traffic outside your home and get alerts when deliveries arrive. The Ring Video Doorbell 3 normally retails on Amazon for $199.99, but right now, you can get a 30% off deal, where you’ll pay $139.99.

If you do decide to invest in a Ring doorbell, it could pay to put a call into your homeowners insurance company. You never know if it might be willing to give you a discount for an added security feature.

If money is tight, now’s probably not the time to be doing a lot of shopping on Amazon. But if there’s room in your budget for some extra purchases, or you’ve been saving in advance, then it pays to check out these and the many other deals Amazon has to offer right now.

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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. The Motley Fool has a disclosure policy.

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The last thing you want is to be a victim. 

Criminals will stop at nothing to get their hands on your money, whether in the form of trying to steal your credit card number or hack into your bank account. But criminals tend to be especially savvy at matters related to tax fraud.

Tax fraud has long been a problem. But a recent report by BeenVerified found that fraudulent tax claims grew by 55.4% in 2022. And a big reason has to do with COVID-era relief programs, which opened the door to more opportunities to try to steal people’s money (think criminals calling people at random and asking for a verified bank account number to deposit an overdue stimulus check).

If you want to avoid falling victim to tax fraud, here are a few basic steps you can take to protect yourself.

1. Never respond to unsolicited communication from the ‘IRS’

You might get a call, text, or email from someone claiming to be from the IRS asking for your bank account details and Social Security number so they can process your refund or help you claim an overdue stimulus check you’re owed. Don’t respond. The IRS will not contact you out of the blue like that.

Similarly, you might get a threatening call from the IRS saying your wages will be garnished if you don’t authorize a wire transfer to satisfy an overdue tax bill. Again, that’s not how the agency works. Technically, yes, your wages can be garnished if you’re overdue on paying taxes, but you’ll get an official warning about that in the mail. So don’t buy into those fear tactics.

2. Shred all tax documents you don’t need

It’s a good idea to keep tax documents on hand for three years past each tax-filing deadline. So for example, this year, you’re filing 2022 taxes, and they’re due by April 18. You should then keep your 2022 tax documents around until April of 2025, because the IRS has that long to ask for more information about your 2022 tax return.

But if you have tax documents you’re safe to get rid of, make sure to shred them rather than just tossing them out. That eliminates the possibility of a criminal getting your personal details and using them to their benefit.

3. File your tax return early

A criminal might try to file a tax return in your name and divert your refund to a bank account only they can access. A good way to get ahead of that is to file your taxes early.

The IRS is set up to reject tax returns as duplicates if it gets two returns with the same Social Security number. So if you get yours in first, in that scenario, the fraudulent one will get bounced as a duplicate. And at that point, a criminal is unlikely to attempt to re-file that return, since it would likely mean being exposed and facing potential charges.

It’s unfortunate that tax scams are becoming more common. But if you take these steps, you can avoid getting hurt by 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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My wallet doubles as a boat anchor! 

Every once in a while, I wind up in line behind someone who, for some inexplicable reason, chooses to pay for their purchase by check. Yes, paper checks.

And it always makes me wonder, Why? Are they time travelers? Do they not know about credit cards? (And should I be the one to share this magical discovery?)

It also makes me think about the future. Will I one day be that inexplicable person with my old-fashioned credit card, causing those behind me in line — presuming we still stand in lines — to ponder my commitment to antiquated payment methods?

If the demise of the credit card sounds somewhat far-fetched, it probably shouldn’t. We’re already seeing large swaths of the population ditch their plastic cards for the digital future — digital wallets, that is.

It’s a card-free phil-os-o-phy

The digital wallet — often called a mobile wallet since they tend to be used on smartphones or smart watches — is much like it sounds. It’s a program that digitally stores your credit card information so you can make purchases without your physical credit card.

Many big-name tech companies have their own versions of mobile wallets. And they all have terribly creative names like “Google Pay,” “Apple Pay,” and “Samsung Pay.”

But it’s not just your credit cards. More and more retailer rewards programs are turning to digital loyalty cards that you can add to your mobile wallet. You can even skip the card entirely and hook straight into your bank account if you so choose.

There are a lot of pros to using a digital wallet. For one thing, it’s convenient. You put your phone or watch next to the payment reader, it beeps, and you’re done. You can even choose which card to use, so you can select the right card for each purchase to maximize your rewards.

Perhaps best of all, you can do all of this without needing to carry your credit cards around with you. For anyone who lived through the era where you carried 20 different plastic cards around no matter where you went (I still have my Blockbuster card, a little worse for wear), the idea of a card-free wallet is kind of liberating.

The slow creep of progress

If digital wallets are so great, then why aren’t we all using them? There are a variety of reasons, not the least of which is that many places simply don’t accept them yet.

Similar to the glacial pace at which U.S. retailers accepted the EMV chip, they’ve been equally slow — if not more so — to commit to the upgrades necessary to accept mobile wallet payments. And yes, it does typically require actual physical upgrades of the machinery merchants use to accept payments.

Of course, it’s not all on them. Some folks simply won’t (or can’t, depending on their technological savvy) make the switch. Maybe it’s lack of trust — you are giving your financial information to a third party, after all — or just lack of interest in change. If it ain’t broke, why try to fix it?

Whatever the case, in a world in which cash is still very much in use, I don’t think we’re all going fully digital anytime soon. That said, it probably isn’t too far-fetched to think the physical credit card could one day be a thing of the past — perhaps as old-fashioned and brow-raising as the paper check is today.

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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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