Money Management

These should all have a place on your January to-do list. 

Auto insurance is the sort of thing you may not spend much time thinking about once you have a policy in place. But actually, it’s a good idea to review your coverage from time to time, and the start of the year is a great opportunity to do a deeper dive. Here are some essential auto insurance moves to make early on in 2023.

1. Shop around for a better rate

At a time when so many bills are more expensive due to inflation, wouldn’t it help your budget to get a break on your auto insurance premiums? Shopping around could lead to lower premium rates, so it’s worth doing some research and seeing if another auto insurance company has a better deal to offer.

2. Ask your insurer if you qualify for a discount

Maybe your circumstances changed over the past year in a manner that might result in lower auto insurance costs. Let’s say you switched jobs, and your new position has you working remotely on a full-time basis. If your last position meant commuting every day, that could make a difference in terms of your car insurance premium rates.

Auto insurance companies will often give drivers a discount when their cars don’t get heavy use — such as if you’re not driving yours to work every day, but rather, are only driving on occasion. So it’s worth making that call.

3. See if it makes sense to increase your deductible

Auto insurance premiums and deductibles tend to have an inverse relationship where the higher one is, the lower the other is likely to be. If you’re a safe driver and live in a safe neighborhood, you may want to consider raising your auto insurance deductible and seeing how much savings that results in with regard to your premium costs.

Of course, being a cautious driver won’t guarantee that you won’t get into a car accident. Someone who’s less careful could end up driving into your car when you have the right of way. And living in a safe area doesn’t guarantee your car won’t be broken into. But it could still pay to raise your deductible if it means reaping significant savings on your premiums.

4. Look into bundling auto and homeowners insurance policies

While 2022 was certainly a challenging year to buy a home, maybe you were finally able to take that leap. If so, and you’re now paying for homeowners insurance, you may have a prime opportunity to reap some savings.

It’s common for insurance companies to give you a discount on your premium rates when you bundle your auto and homeowners policies — meaning, use the same insurer for both types of coverage at the same time. So if you’re not already doing that, it’s worth seeing what sort of savings might ensue if you were to make a change.

Once you set up your auto insurance, you may be inclined to just forget about it. But doing so could mean overpaying, or missing on ways to save. Rather than cost yourself more money at a time when living expenses are so high, take the time to tackle these essential moves. You never know how much money they might save you.

Our best car insurance companies for 2022

Ready 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.

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Costco isn’t always the best source for everything I need. 

When I first started shopping at Costco over a decade ago, it took me a while to truly appreciate the wonder of buying in bulk. But now that I’m tasked with maintaining a household that includes me, my husband, three kids, and a large dog, I’ve come to rely on Costco even more.

Shopping there often results in a lower credit card tab than I’d rack up at other stores. And buying in bulk sometimes spares me the hassle of having to make repeat trips to the store too often.

At the same time, Costco isn’t the only retailer I rely on regularly for essential purchases. I also do my share of shopping on Amazon. In fact, I’ve been a Prime member for years, and while I wasn’t happy that the cost of a Prime membership rose to $139 last year, I also knew that canceling due to that price hike was not at all a possibility.

Not only do I depend on Amazon for last-minute purchases I need shipped out in a pinch, but there are certain items I pretty much always buy on Amazon — even though I tend to visit Costco on a weekly basis. Here’s a look at those items.

1. School and office supplies

Between working from home and having school-aged kids, I find that I pretty regularly need to restock things like pencils, notebooks, and other supplies required to do my job. But those are items I can’t rely on Costco for.

For some reason, my local Costco doesn’t tend to stock those items regularly. And when it does, the price doesn’t tend to be all that great. Amazon usually saves me money when my kids need yet another glue stick, or when my printer runs out of ink or paper.

2. Pet food

It’s more than possible to find pet food at Costco. But if your pet is a picky eater, then you may not find food there that works for you.

Amazon offers a wider range of pet food and related products, so that’s become one of my go-to sources for feeding my giant dog. Plus, with Amazon, I can sign up to have pet food delivered to me automatically each month via the Subscribe & Save program. That allows me to snag a discount on those purchases — and it also spares me from having to lug massive bags of food home in my car.

3. Sensitive skin products

You can find a host of personal care products at Costco — everything from soap to shampoo to face lotions. But if you have sensitive skin like I do, then Costco’s selection may not work for you.

As is the case with pet food, Amazon tends to offer a much wider selection of personal care products than Costco does. And so I tend to rely on it for the different items I need.

I love shopping at Costco, but that doesn’t mean I don’t do my fair share of shopping elsewhere. And in many cases, buying goods on Amazon makes more sense for me.

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

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It could be a wise move due to the many perks involved. 

Many consumers absolutely love shopping at Target. And it’s pretty easy to see why. Target offers a wide range of products at competitive price points. And let’s face — if your Target location is well-stocked, shopping there could be a fun experience.

Now, if you’ve been known to shop at Target often — whether in person or online — then you may be toying with the idea of opening a Target credit card. But should you?

A card that’s loaded with perks

There are lots of benefits to signing up for Target’s credit card, called the Target RedCard. Before we go any further, though, it’s worth noting that there are two versions of the Target RedCard — a credit card and a debit card. In this discussion, we’re talking about the former.

One of the most enticing benefits of the Target RedCard is that it gives you 5% off of purchases at Target — both in stores and online. That could amount to a lot of savings. Plus, with the Target RedCard, you’ll score free two-day shipping for online orders. And you’ll get on an email list that gives you access to special offers.

Plus, the Target RedCard doesn’t charge an annual or monthly fee (though you may be assessed fees for any late payments). And the card will also give you an additional 30 days to make returns and exchanges at Target beyond the retailer’s standard window.

Reasons not to sign up for a Target credit card

The Target RedCard really is a great option for people who shop at Target a lot. But it may not be a good idea for you to sign up.

If you already have a lot of credit card debt, then you should really work on paying it off before adding any new credit cards to your personal mix. So in that case, waiting on the Target RedCard makes sense.

Perhaps you’re planning to apply for a large loan, like a mortgage, in the near future. In that case, holding off is also a good bet. Your credit score plays a big role in determining whether you qualify for a mortgage or not, and every time you apply for a new credit card, it results in a hard inquiry on your credit report. That, in turn, delivers a small hit to your credit score.

Normally, a five- or 10-point drop in your credit score may not be a big deal. But you don’t necessarily want to take that hit right before you’re applying for what could be a $300,000 loan, just in case.

All told, signing up for a Target credit card could work to your benefit, especially if you’re confident in your ability to pay your bills on time every month without having to carry a balance forward. But if you’re trying to work off credit card debt or apply for a large loan, then waiting on the Target RedCard is probably your safer option.

Remember, too, that just as with any credit card, you may need to meet certain credit score requirements to get approved for a Target RedCard. So if your credit score could use work, that’s yet another reason to hold off.

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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.Maurie Backman has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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It could help you avoid a big mistake. 

These days, the U.S. real estate market sorely lacks inventory, and home prices are still pretty elevated on a national level. Throw in expensive mortgage rates, and it’s easy to see why so many buyers have struggled to find a place of their own.

If you’re trying to buy a home, you may be at a point where you’re willing to make some compromises. That could mean settling for a starter home and upsizing down the line, when home prices come down or when your income rises. Or it could mean buying a home that needs work and dealing with the repairs.

The good news is that homes in need of repairs will often come with a lower price tag than those in better condition. That means you might save money on your mortgage.

But is buying a fixer-upper home a good idea for you? Ask yourself these questions before moving forward.

1. Have I gotten an estimate for what the work will cost?

You might pay less for a home that needs work. But one thing you don’t want to do is sign up to spend so much money on repairs that you’re completely negating your savings and losing out financially. And also, you’ll need to make sure any repairs you take on work for your budget.

Unless you’re a home repair expert, you probably can’t determine the cost of fixing up a home by yourself. So before signing a home purchase agreement, get some contractors in to provide you with estimates so you know you’re dealing with.

2. Do I have a place to live while the work is being done?

Depending on the condition of the home you’re buying and the nature of the work it needs, your new home may not be habitable while it’s being renovated. And that means you may need to secure temporary housing during the repair process.

That’s not always such an easy thing, though. Finding a short-term rental can be tricky when you have pets, or when you have kids and you need to stay in close proximity to their schools. Make sure you understand how long your repairs will take and figure out where you’ll situate your family while they’re in progress.

3. Can I spin the situation positively and turn it into an opportunity?

The idea of having to deal with extensive home repairs may be daunting. But on a positive note, if your home needs a lot of work, it gives you an opportunity to put your own stamp on it. You can have the flooring you want in your living room, the appliances you want in your kitchen, and the fixtures you want in your bathroom — as opposed to having to settle for a previous owner’s choices and taste.

Buying a home that needs work isn’t always a poor choice. In some cases, it can be a great one. But be sure to run through these important questions before making an official offer and locking yourself into a purchase.

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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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Image source: Getty Images
What happened Amazon has introduced a new generic prescription subscription service called RxPass. The subscription, which operates through the Amazon Pharmacy, will enable Prime members to get generic prescription drugs delivered to their homes for a flat $5 monthly fee, without using any health insurance. The program includes generic medications that treat more than 80 common health concerns. So whatThis service is available as an additional add-on for Amazon Prime members. At only $5 per month, members can get as many generic drugs as they need delivered to their doorstep through this subscription.Amazon continues to introduce new offerings to help consumers save money in their daily lives. Prime members have been able to purchase affordable prescriptions through Amazon Pharmacy. This new program gives members even more opportunities to save money on medication expenses. Before joining, those interested can check to see if their generic medications are included in the program. All medications require a valid prescription, and users don’t need to have health insurance. If your medication needs change, you can cancel this subscription any time. While not all generic medications are available, many commonly prescribed drugs are. In its news release, Amazon noted the following: “It’s estimated that more than 150 million Americans take one or more of the medications available through the RxPass monthly subscription. RxPass is our latest effort to help patients save time, save money, and stay healthy. It’s available now to customers in most U.S. states.” Now whatIn the United States, healthcare and prescription drug costs are a financial burden for many. Even with health insurance, medications can be expensive. Some Americans go without essential medicines because their budgets may make it difficult to afford necessary health care. With the introduction of Amazon’s RxPass, Americans will now have more cost-saving solutions to get the medications they need to stay healthy. The savings could be significant for those prescribed multiple generic medications and may help reduce monthly healthcare costs. With rising everyday living costs, we’re all looking for ways to stretch our money further, so this program is welcome news. Prime members should remember that this service costs an additional $5 each month on top of the regular membership fees they already pay. Consider your budget and financial situation to decide if this program is right for you. Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves 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 expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’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. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy. 

What happened

Amazon has introduced a new generic prescription subscription service called RxPass. The subscription, which operates through the Amazon Pharmacy, will enable Prime members to get generic prescription drugs delivered to their homes for a flat $5 monthly fee, without using any health insurance. The program includes generic medications that treat more than 80 common health concerns.

So what

This service is available as an additional add-on for Amazon Prime members. At only $5 per month, members can get as many generic drugs as they need delivered to their doorstep through this subscription.

Amazon continues to introduce new offerings to help consumers save money in their daily lives. Prime members have been able to purchase affordable prescriptions through Amazon Pharmacy. This new program gives members even more opportunities to save money on medication expenses.

Before joining, those interested can check to see if their generic medications are included in the program. All medications require a valid prescription, and users don’t need to have health insurance. If your medication needs change, you can cancel this subscription any time.

While not all generic medications are available, many commonly prescribed drugs are. In its news release, Amazon noted the following: “It’s estimated that more than 150 million Americans take one or more of the medications available through the RxPass monthly subscription. RxPass is our latest effort to help patients save time, save money, and stay healthy. It’s available now to customers in most U.S. states.”

Now what

In the United States, healthcare and prescription drug costs are a financial burden for many. Even with health insurance, medications can be expensive. Some Americans go without essential medicines because their budgets may make it difficult to afford necessary health care.

With the introduction of Amazon’s RxPass, Americans will now have more cost-saving solutions to get the medications they need to stay healthy. The savings could be significant for those prescribed multiple generic medications and may help reduce monthly healthcare costs.

With rising everyday living costs, we’re all looking for ways to stretch our money further, so this program is welcome news. Prime members should remember that this service costs an additional $5 each month on top of the regular membership fees they already pay. Consider your budget and financial situation to decide if this program is right for you.

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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. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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