Money Management

Moving forward with a home purchase might serve you well. 

Owning a home is something some people have no desire to do. And it’s easy to see why.

When you own a home, you take on a host of responsibilities — financial and otherwise. You have to keep up with a mortgage loan, pay property taxes, perform maintenance on your home, and tackle repairs as they pop up. As a renter, all you really need to do is write your landlord a check every month.

But there are plenty of benefits to owning a home. And if that’s a goal of yours, you may want to pursue it in 2023.

Of course, this isn’t exactly the easiest time to be a home buyer. Property values are still up on a national scale, and mortgage rates are considerably higher than they were a year ago.

But despite these challenges, buying a home this year could be a smart move. Here are three reasons to buy in 2023.

1. Home price gains are slowing

Home sellers are still walking away with profits in today’s real estate market. But the amount of profit they’re getting is shrinking compared to what they were looking at a year ago.

In fact, as per the most recent S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, home price gains declined across the United States at the end of 2022. This means that while you might pay more for a home in 2023 than you would’ve before property values started soaring, you may not pay as much as someone who bought in 2021 or 2022.

2. It’s good to get more tax breaks

Taxes are a huge burden for Americans on a whole. Owning a home allows you to take advantage of different tax breaks that could leave you owing the IRS less money.

As a homeowner, you’re able to deduct the interest you pay on a mortgage. And that’s a big deal, because you’ll generally pay more in interest during the early stages of your mortgage than during the later stages. Plus, you may be able to take a deduction for your property taxes, or at least a portion of them.

3. You want stability at a time ridden with uncertainty

These are tricky economic times we’re grappling with. Inflation is still soaring and many financial experts are convinced a recession is headed our way.

Owning a home could make for a much more stable housing situation than renting. After all, as long as you keep up with your mortgage payments and property taxes, no one can kick you out of your home — whereas a landlord could decide not to renew your lease when it comes due, even if you’ve always been a model tenant who paid on time every month.

Plus, when you own a home, you get to build equity in it. That equity is something you might be able to borrow against down the line as the need arises.

Even though now’s not the easiest time to be a home buyer, there are plenty of good reasons to move forward with a home purchase in 2023. And while housing inventory is still limited, if you’re willing to exercise patience, you might land in a position where you can call yourself a homeowner before the year comes to an end.

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Outside influences will likely factor into the decision. 

There’s a reason Costco tends to have such a loyal customer base. Many people shop at Costco regularly to take advantage of the warehouse club giant’s affordable prices. In fact, many consumers find that shopping at Costco results in a lower credit card tab in the context of everyday items like food, cleaning supplies, and paper products, to name just a few.

But the cost of certain items at Costco went up in 2022 — and there’s a reason for that. Last year, retailers faced higher costs for inventory due to inflation. That led to many retailers passing at least some of those costs on to consumers.

Costco was no exception. And while the company no doubt still managed to stay competitive in the context of retail pricing, it’s hard to overlook the fact that the cost of everything from produce to baked goods to dairy products increased.

But will Costco continue to raise prices in 2023? Well, that depends on a couple of things.

Inflation could force Costco to implement price hikes

The pace of inflation has steadily slowed down since peaking during the summer of 2022. But that doesn’t mean inflation has reached a moderate level. We still have a long way to go until that happens.

And so in the interim, retailers like Costco could still be looking at higher costs than usual. And they may have to continue charging customers more for their products to maintain reasonable profit margins.

What’s more, issues like weather events and climate change have impacted the production of different food products. If those issues persist or come to a head in 2023, it could drive the cost of specific products up. And Costco won’t be immune to that.

Higher membership rates could prevent higher prices in store

Right now, it costs $60 a year to maintain a basic Costco membership, and $120 a year for an executive membership. These rates have been in place for more than five years, and Costco has already hinted at having to raise them at some point in the not-so-distant future.

That may not be the news Costco members want to hear. But one thing to keep in mind is that the membership fees are what allow Costco to offer such low prices on its products.

Basically, Costco uses those fees to offset some of its costs, from overhead to inventory. So if membership rates stay the same, that could actually lead to higher prices on shelves. If membership fees increase, Costco shoppers might end up seeing fewer price increases for individual products.

All told, shopping at Costco in 2023 is likely to result in a large amount of savings. But we can’t discount the possibility that many of Costco’s products will cost more to purchase over the next 12 months.

Those who frequent Costco should pay attention to prices — particularly, changes in pricing. In some cases, jumping on sales at regular supermarkets could result in lower prices than what Costco has to offer.

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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 no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Image source: Getty Images
What happenedThinx, a popular period underwear brand, was involved in a class action lawsuit, Dickens, et al. v. Thinx Inc. Plaintiffs alleged that third-party testing showed Thinx products contained per-and-polyfluoroalkyl substances (PFAS), which are human-made chemicals. In a settlement, Thinx agreed to pay $4 million into a cash fund and may pay up to an additional $1 million if needed to pay valid claims. Settlement class members who submit valid claims can receive cash reimbursement or a discount voucher.Thinx denies any wrongdoing and made the following statement on Twitter: “Our customers’ health and safety remains our top priority. We can confirm that PFAS have never been part of our product design. We will continue to take measures to ensure that PFAS are not added to our products. The litigation against Thinx has been resolved and is not an admission of guilt or wrongdoing by Thinx, and we deny all allegations made in the lawsuit.” So whatMany people who get periods seek alternative and more sustainable solutions to traditional period hygiene products beyond pads and tampons. Period underwear is one such alternative that is available. When clothing items like this are purchased, consumers want to feel confident that they’re buying safe products free of harmful chemicals.Since period underwear isn’t a one-time-use product, they are more of an investment when compared to cheaper, disposable period products. Buying multiple pairs of period underwear will impact anyone’s personal finance situation. Some customers may want to submit a claim to get a refund or discount voucher after hearing about the lawsuit allegations.Now whatYou can submit a claim if you bought one or more pairs of Thinx underwear between November 12, 2016, and November 28, 2022. Those interested should submit a claim at thinxunderwearsettlement.com by April 12, 2023. Settlement class members who submit a valid claim can choose between one of the following:Cash reimbursement with proof of purchase: Receive a $7.00 refund for each purchase of up to three pairs of Thinx for a total refund of up to $21.00.Cash reimbursement without proof of purchase: Receive a $3.50 refund for each purchase of up to three pairs of Thinx for a total refund of up to $10.50.Voucher: Receive a voucher for a discount of 35% off future purchases of up to $150 of eligible products in a single transaction with a maximum discount of $52.50. If you’ve previously invested in Thinx period underwear, submitting a claim is an easy way to increase your checking account balance. After all, period products aren’t cheap — so don’t miss out on any compensation that you’re owed.
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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. 

What happened

Thinx, a popular period underwear brand, was involved in a class action lawsuit, Dickens, et al. v. Thinx Inc. Plaintiffs alleged that third-party testing showed Thinx products contained per-and-polyfluoroalkyl substances (PFAS), which are human-made chemicals.

In a settlement, Thinx agreed to pay $4 million into a cash fund and may pay up to an additional $1 million if needed to pay valid claims. Settlement class members who submit valid claims can receive cash reimbursement or a discount voucher.

Thinx denies any wrongdoing and made the following statement on Twitter: “Our customers’ health and safety remains our top priority. We can confirm that PFAS have never been part of our product design. We will continue to take measures to ensure that PFAS are not added to our products. The litigation against Thinx has been resolved and is not an admission of guilt or wrongdoing by Thinx, and we deny all allegations made in the lawsuit.”

So what

Many people who get periods seek alternative and more sustainable solutions to traditional period hygiene products beyond pads and tampons. Period underwear is one such alternative that is available. When clothing items like this are purchased, consumers want to feel confident that they’re buying safe products free of harmful chemicals.

Since period underwear isn’t a one-time-use product, they are more of an investment when compared to cheaper, disposable period products. Buying multiple pairs of period underwear will impact anyone’s personal finance situation. Some customers may want to submit a claim to get a refund or discount voucher after hearing about the lawsuit allegations.

Now what

You can submit a claim if you bought one or more pairs of Thinx underwear between November 12, 2016, and November 28, 2022. Those interested should submit a claim at thinxunderwearsettlement.com by April 12, 2023.

Settlement class members who submit a valid claim can choose between one of the following:

Cash reimbursement with proof of purchase: Receive a $7.00 refund for each purchase of up to three pairs of Thinx for a total refund of up to $21.00.Cash reimbursement without proof of purchase: Receive a $3.50 refund for each purchase of up to three pairs of Thinx for a total refund of up to $10.50.Voucher: Receive a voucher for a discount of 35% off future purchases of up to $150 of eligible products in a single transaction with a maximum discount of $52.50.

If you’ve previously invested in Thinx period underwear, submitting a claim is an easy way to increase your checking account balance. After all, period products aren’t cheap — so don’t miss out on any compensation that you’re owed.

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Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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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Here’s how to make that call. 

The start of a new year is often a good time to make professional changes. And in your case, that could mean going from a salaried position to becoming self-employed.

There are many benefits to working for yourself. For one thing, you won’t have to answer to a single boss (though you may have different demanding clients to work with), and you may get the flexibility to set your own hours and work a more reasonable schedule.

Also, many people actually find that their income increases once they take the leap into self-employment. That’s because they get the option to negotiate their rates and work more hours if they’d like to.

But is now a good time to start working for yourself? Run through these questions to find out.

1. Do I have a nice amount of savings?

Even if you’re great at what you do, it could take some time for you to start earning a steady stream of income. Plus, when you’re self-employed, you don’t always get paid for the work you do right away. Some clients might sit on invoices for weeks before sending the money they owe. So if you’re thinking about self-employment, you’ll absolutely need to make sure your savings account balance is solid.

At a minimum, you’ll really want enough money in savings to pay for half a year’s worth of expenses. And if you can go in with enough cash to pay for a full year of bills, even better.

2. Do I have a game plan for drumming up business?

Maybe you have a lot of contacts in your industry and some clients who are already interested in hiring you. And maybe you have a sound marketing plan that will help you get more business. If so, you’re in a good position to start working for yourself. But if you’re going in cold with no prospects and no idea how you’ll find work, then you may want to stick to your salaried job a while longer while you figure things out.

3. How worried am I about a recession?

For months now, there’s been talk about the U.S. economy taking a turn for the worse at some point in 2023. We can’t say with certainty that a recession is definitely in the cards this year — but it could happen. And if a downturn comes to be, you may find it more difficult to get work.

You’ll need to make sure you understand that risk and have a backup plan. A robust savings account balance could be part of your plan, as could staying in touch with people at your company and leaving on very good terms so that if the self-employment route doesn’t work out, there’s the potential to ask for a salaried job again. But do know that there is a chance the economy will take a turn this year, and that it could impact your income.

Self-employment can be a truly wonderful thing. And it may be the right choice for you this year. Just make sure you’ve considered all of these factors before making that call.

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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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Don’t make it easy for scammers to access your money in 2023. 

Unfortunately, many consumers fall victim to fraud each day. Scammers look for new opportunities to take advantage of people, and they get more creative each year. If you’re not careful, it can be easy to fall for a scam and have your money stolen. The good news is that you can protect yourself and your money by taking proper steps. Find out how to keep your banking information safe from scammers in 2023.

1. Create strong passwords and update them regularly

Many people use online banking and mobile banking services because they’re convenient. If you bank online, make sure your login details are unique. Instead of creating a simple password, ensure you’re using a strong one.

It’s also a good idea to update your password at least once or twice throughout the year. If you keep the same password for a long time, your password could end up on a list that scammers can access. If you have trouble remembering your password, it may be worthwhile to use a password manager or keep a physical password book in a secure place.

2. Use multi-factor authentication

While having a unique username and strong password is an excellent first step, you can protect yourself even further by setting up multi-factor authentication. Once you enable this, you’ll need to go through an additional verification step by providing more information to access your online account. This extra layer of security can give you added peace of mind.

3. Consider where you access your online bank account

It’s important to consider where you’re accessing your online bank account. Using a shared computer or device or logging in to a public wifi is not a good idea as it could risk your banking information and personal information being accessed by a scammer. Instead, log into your online accounts when you’re on a safe network.

4. Avoid using questionable ATMs

Make sure you use a reputable and safe ATM when taking money out of your bank account. Scammers have been known to alter ATMs to skim debit card details from unsuspecting people. Before using a new-to-you ATM, look around for any signs of tampering and check to see if anything else looks questionable. If you’re unsure, go elsewhere.

5. Don’t rush to provide personal information

Be cautious when giving others your banking details or other personal information. If you’re asked to provide these details out of the blue, that’s a red flag. Some scammers will contact people by phone pretending to be someone else, and they will try to collect personal information and financial details. If you’re unsure if a request for information is legit, hang up and call the company yourself. If it feels wrong, it probably is.

6. Review websites to ensure they’re legit

Before entering any personal or banking information online, check to see that it’s a legitimate website or mobile app. Some scammers set up fake websites that look very real, and they collect banking information and other personal finance details. Someone else could access your bank account if you enter your private information on a scammy website.

7. Keep your contact information up to date

Make sure you keep your contact information current. Many people move to a new address or change phone numbers and forget to alert their banks and other financial institutions. You want to feel confident that your bank will be able to reach you quickly if fraud occurs.

Keep scammers away from your money

You work hard for your money and don’t want to put yourself at risk for fraud. By taking extra steps to protect your money and personal information, you can feel more confident that it will be harder for scammers to take advantage of you.

If you suspect you have been the victim of banking fraud, contact your bank as soon as possible to make a report. If you’re considering opening a new checking account, review our list of the best checking accounts to learn more about your options.

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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.The Motley Fool has a disclosure policy.

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Do you know what steps to take when your credit card is stolen? 

No one likes finding out their credit card was stolen, but it can and does happen. If this happens, you should take the right actions to protect yourself and your money. Keep reading to discover the five steps you should take if your credit card is lost or stolen.

1. Contact your credit card issuer right away

The first step you’ll want to take is to contact your credit card issuer as soon as possible to inform it that your card has been lost or stolen. By doing this, you’re making your card issuer aware that you don’t possess the card and that there’s a potential for fraud.

If you know that fraudulent charges have already occurred, be sure to report all of them. Your card issuer will cancel your current credit card so no further unauthorized charges can occur, and it will mail you a new credit card. Your credit card issuer will also thoroughly investigate the transactions to confirm that fraud has occurred.

Are you worried about your financial responsibility for unauthorized charges? The Fair Credit Billing Act (FCBA) gives consumers the right to dispute unauthorized credit card charges and states that consumers have a maximum liability of $50 for such charges.

However, many of the best credit cards offer $0 fraud liability, so if your card offers this, you won’t be liable for unauthorized charges, which is good news for your wallet. After you make a report, your card issuer will investigate the transactions to confirm they were unauthorized.

2. Change your login details

It’s not a bad idea to change your credit card login details, and the login details for any accounts used to make purchases with your card. Sometimes online shopping websites are hacked, and customer account information is stolen, including credit card payment details, which results in fraudulent purchases. Updating your login details can be an excellent way to protect yourself from further incidents like this.

3. Review your credit card statements

It’s good practice to review your account transactions over the coming weeks to ensure no additional fraudulent charges occur. Check current and upcoming credit card statements to spot any transactions you didn’t make and promptly report them to your card issuer.

4. Monitor your credit report

You should also monitor your credit report for some time after losing a card or having a card stolen. If your personal information was compromised, you could become the victim of identity theft. Regularly review your credit report to ensure there are no signs of fraud. Through the end of 2023, you can get a weekly free credit report from each of the three credit bureaus.

5. Review your automatic payments

If you have automatic payments set up for your bills using your previous card, you’ll want to review them and update the payment details once your new credit card arrives. Doing this can ensure your future bill payments go through successfully without delays or errors. Missed payments can negatively impact your credit score and cause you added stress.

Whether your credit card was stolen, you lost it, or your card information was compromised, it’s necessary to take the proper steps as quickly as possible to ensure any damage done is limited and your account issues are resolved right away.

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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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