Money Management

It’s a great time to give Sam’s Club a try. 

Popular wholesale store Sam’s Club is currently offering an incredible deal for new members: 50% off your membership fee when you join Sam’s Club. But the offer is only good until Jan. 31, 2023. Here’s what you need to do to take advantage of this offer.

Get 50% off your Club membership

To qualify for the 50% off, you must use this link to samsclub.com or use the code “C2C44″ at checkout. You must be a new member to qualify for this deal, or you cannot have been a member within the last six months. Those who opt in agree to sign up for automatic membership renewal unless they cancel their membership before the renewal date. The current price for the basic Club membership is $50. At 50% off, new members can enjoy exclusive access to Sam’s Club’s benefits for just $25, keeping more of their money in their bank accounts.

Sam’s Club raises membership fees

On Oct. 17, 2022, Sam’s Club raised its membership fees for the first time in nine years. Membership fees increased from $45 to $50 for Club members and from $100 to $110 for Plus members. The fee for add-on memberships also increased, from $40 to $45. The 50% discount this month helps offset the price increase for new members. It is not, however, valid for Plus memberships, which is Sam’s Club’s premier membership tier.

Sam’s Club has two membership tiers: Club and Plus. The biggest benefit of the Sam’s Club Plus membership is free shipping on eligible online items, similar to Amazon Prime’s free shipping feature. Premier members also get access to Sam’s Cash, where members can get 2% back on qualifying in-club purchases. You can receive a maximum of $500 Sam’s Cash per 12 months of membership.

However, the Club membership still includes multiple benefits, such as members-only prices, bonus offers program, complimentary membership for someone in your household, and more. If you have the Sam’s Club Mastercard, you can earn 1% cash back at Sam’s Club (compared to 3% for Plus) plus 5% cash back on gas, 3% on dining, and 1% on other purchases.

If you have been interested in getting a Sam’s Club membership but were hesitant to sign up due to the membership cost or the recent price hike, then right now is a great time to sign up. If you live close to any of the 600 Sam’s Club locations and plan on taking advantage of its benefits, then becoming a member before the month is up may be right for you.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If 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 review

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. The Motley Fool has positions in and recommends Amazon.com and Mastercard. The Motley Fool has a disclosure policy.

 Read More 

It’s an unsettling thought, but you don’t need to panic. 

Will there be a recession in 2023? Without a crystal ball, we can’t say for sure. But in a recent podcast episode, financial guru Suze Orman said she firmly believes a recession will strike in the course of this calendar year. And clearly, that’s not the best of news.

Why do Orman and other experts think a recession is imminent? A big part of it has to do with high inflation — and the steps the Federal Reserve is taking to combat it.

Inflation generally soars when consumer demand for goods exceeds the available supply. That’s what happened in 2021 and 2022, when supply chains got battered by the pandemic and consumers’ bank accounts grew heftier thanks to generous stimulus policies.

To slow the pace of inflation, the Fed has been aggressively raising interest rates, which has been making borrowing more expensive for consumers. The logic is that if consumers balk at higher borrowing rates, they’ll start to cut their spending, thereby allowing supply to catch up to demand and bringing inflation down to a far more moderate level.

But things may not go so smoothly. Consumer spending might decline to an extreme degree, and a sharp, sudden pullback could be enough to fuel a recession.

Plus, the stimulus funds that consumers have been sitting on since 2021 are apt to run out sooner rather than later. That, too, could lead to a major drop in spending.

As such, Orman and others like her aren’t being dramatic when they warn that a near-term recession could strike. And so your best bet is to do what you can to prepare for that possibility. Here’s how.

1. Boost your emergency savings

Do you have enough money in your savings account to cover three months of bills? Great. But if a recession strikes and you lose your job, you could end up out of work for five months, or six, or more. So now’s a good time to do what you can to give your savings a boost — whether it’s a few extra hundred dollars or a few thousand dollars.

2. Beef up your job skills

Being outstanding at what you do won’t guarantee you’ll be spared a layoff if your company is forced to downsize. But think about it — if you’re a more skilled employee than most of the people you work with, then chances are, your employer will do everything it can to keep you on board. That’s why it pays to build up your job skills, whether by taking courses or simply trying to learn from the people around you.

3. Pick up a side hustle

A recession could lead to an uptick in unemployment. But right now, there are plenty of jobs to be had, and that includes side gigs. If you take one on, you can use that extra money to boost your savings and build yourself more of a cushion. Plus, your side hustle might help you develop skills that make you better at your main job, thereby potentially helping you avoid a layoff if your company decides to slash its headcount.

The idea of a recession can be very unsettling. And when trusted names like Suze Orman say we should brace for one, it can be enough to induce panic. But rather than get worked up over the idea of an economic downturn, do what you can to protect yourself from a broad decline.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If 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 review

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.

 Read More 

It helps you get the highest rates while keeping your money fully insured. 

Interest rates increased quite a bit last year. While that has made it much costlier to borrow money, it has also led to banks offering higher interest rates. Savings account rates are at their highest point in years, with some currently offering APYs of 4% or more.

Most people want to earn as much back on their savings as possible, but chasing the best interest rates can be a hassle. Banks often adjust their rates, so the bank with the best rate today might not be on top tomorrow.

Enter Max My Interest, normally referred to as just Max. It does the work for you, finding the highest rates and showing you where to put your money.

How Max My Interest works

Max is a cash-management platform that recommends the highest-yielding bank accounts to you. Now, it’s easy enough to get this information online. You can just look at the highest savings account interest rates for that. But there are a few advantages to using Max:

It monitors bank account rates. When rates change, it will keep you up to date on which savings accounts offer the most interest.It makes opening new bank accounts easier. Using its MAX Common Application feature, you can open a bank account in as little as 60 seconds.It also helps you keep your cash fully insured. Most U.S. banks offer FDIC insurance, which covers up to $250,000 per eligible account. Max will show you how to spread your money around to multiple high-yield accounts so all your money is covered.

That last benefit could come in handy for those with a significant amount of savings. If you have over $250,000 in a single savings account, then your money most likely isn’t fully insured, because that exceeds FDIC insurance coverage. With Max, you’ll get recommendations that keep you below the insurance limits with all your accounts.

There is a membership fee of 0.04% per quarter (0.16% per year) for Max. However, there’s also a minimum fee amount of $20 every three months. Although anyone can use Max, it really only makes sense for consumers with large savings. To avoid paying more than 0.04% per quarter, you need at least $50,000 in balances.

Is Max right for you?

If you have lots of money in savings, and you’re always trying to get the best interest rates, then Max could help with that. It will let you know where you can earn the greatest return and simplify the process of opening new accounts.

However, you’d probably be better off just picking a high-yield savings account and sticking with it. The amount you make by chasing the best interest rates is rarely worth the time and effort.

Let’s say Max helps you earn 0.40% more in a year thanks to its bank account recommendations. After the 0.16% in fees, you’d come out ahead by 0.24%. On a $100,000 balance, that would amount to $240.

It’s always nice to make another $240. But if you have $100,000 in savings, is it really worth micromanaging your bank accounts just to squeeze out a little extra interest? That’s for you to decide. Some people might not mind, while others prefer keeping it simple to save time.

One last thing to think about is that if you have a large amount in savings, and you want to earn a better return, you could also invest more. Over long time periods, investing in stocks can pay off far more than any bank account. You wouldn’t want to invest your emergency fund, or any money you’ll need in the near future. But for long-term goals, like retirement, investing beats saving.

These savings accounts are FDIC insured and could earn you more than 13x your bank

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 more than 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.Lyle Daly 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.

 Read More