Money Management

Costco gas stations are generally only open to members. Read on to see how you can get around that. [[{“value”:”

There’s a lot of value to joining Costco, like saving money on groceries and the household essentials you need. But if you don’t have a large household or don’t cook often, then it may not make financial sense to spring for a Costco membership. You should know, though, that if you’re not a member of Costco, it means you risk missing out on the warehouse club giant’s low-cost fuel.

Costco is known to have some of the cheapest gasoline in town. And as an added perk, Costco’s gasoline is TOP TIER™ certified. This means it’s designed to improve performance, which could set you up to get better mileage out of your tank.

But while you usually have to be a member to fill up gas at Costco, there’s one lesser-known way you can get around that rule.

When you want the best gas without committing to a membership

If you’re convinced that a Costco membership won’t benefit you, then you may be inclined to just pay more for gas at another station rather than join to fill up on the cheap. And the good news is that with the right credit card, you can enjoy perks like extra cash back on fill-ups from any gas station you frequent. Check out our list of the best gas rewards credit cards.

But actually, there’s one way to get around the membership requirement at Costco’s fuel stations — paying with a Costco Shop Card.

The Shop Card is Costco’s version of a gift card. You have to be a member of Costco to purchase one, but you don’t need to be a member to use one.

If someone buys you a Costco Shop Card, you simply show it at the door, and you’ll be allowed to shop in the store even if you don’t have a membership. And similarly, you can use a Shop Card to fill up your tank at a Costco fuel station.

So if you truly have no need for the inside of the store, you could always ask a friend or neighbor to load up a Costco Shop Card you reimburse them for. That gives you access to low-cost fuel without the commitment of a membership.

Consider whether a membership makes sense for the gas savings alone

It’s one thing to have someone buy you a Costco Shop Card on occasion, or to get one as a gift and use it for gas. But you probably don’t want to bug your neighbor to buy you one weekly so you can fill up regularly at Costco. So there may come a point when it’s time to crunch the numbers and see if it makes sense to join Costco for the gas savings alone.

Let’s say you typically buy 10 gallons of gas per week. If Costco’s gas is $0.20 cheaper per gallon than the next most affordable fuel station in your neighborhood, then you’re looking at saving $2 per weekly fill-up. If you fill up 50 weeks out of the year (allowing for a couple of vacation weeks), you’re saving $100 on gas.

In this situation, a Costco membership does make sense, because the Gold Star membership only costs $65 per year. If you spend $65 but save $100, you’ll be ahead by $35.

Plus, there are many other benefits to joining Costco, like savings on travel packages, home improvement services, and more. So even if you don’t think you’ll take advantage of the store’s bulk grocery offerings, you might still enjoy having a membership. You can check out this list of credit cards that could help you enjoy even more rewards in the course of your Costco shopping.

Top credit card to use at Costco (and everywhere else!)

We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.

Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.

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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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The Federal Reserve recently cut rates for the first time in more than four years. But this could be just the beginning. Find out what you need to know. [[{“value”:”

The Federal Reserve cut interest rates at its September meeting. It was a widely anticipated move that represents the first interest rate reduction since early 2020. And not only did the Fed cut rates, but it did so by 50 basis points, or half a percentage point — a more aggressive cut than many experts were predicting.

The central bank generally cuts (or raises) rates in longer-term cycles. For example, we went from a benchmark federal funds rate at near-zero levels to the recent peak target range of 5.25% to 5.5%, over a series of several rate hikes in 2022 and 2023.

While the recent rate cut was certainly welcome news for borrowers and bad news for those with money market accounts and high-yield savings accounts, it’s likely to be just the first in a series of rate cuts. With that in mind, let’s look at the latest expectations for interest rates and what it means for your money.

And to help hedge against falling rates, check out our best CD rates to lock in today’s interest rates before the Fed cuts again.

How much will the Fed cut rates?

The recent rate cut took the target range of the benchmark federal funds rate from 5.25% to 5.5% to 4.75% to 5.0%. (Note: The federal funds rate is always set to a target range that is 0.25 percentage points wide.)

However, along with its rate cut, the Fed released the economic projections of the policymakers. Among other things, they contain the outlook for interest rates in the not-too-distant future. Here are the median expectations:

4.4% by the end of 2024, which implies there will be another 50 basis points (0.5 percentage points) of rate cuts between now and the end of the year.3.4% by the end of 2025, which implies another 1 percentage point of rate cuts.2.9% by the end of 2026, so a total of 2 percentage points of rate cuts compared to the current level.

What do lower rates mean for you?

Consumers should understand what the Fed’s rate cuts mean to them.

First, there are only a few types of consumer interest rates that are directly tied to benchmark interest rates. Credit cards are a good example. Immediately after the Fed cut rates by 50 basis points, credit card interest rates went down by the same amount. Home equity lines of credit (HELOCs) and adjustable-rate mortgages also tend to be linked to the federal funds rate.

Other interest rates tend to move in the same direction but aren’t directly linked. The interest rates your bank offers on savings accounts and CDs are likely to move lower, and the rates you see on auto loans and mortgages are likely to do the same.

However, it isn’t a one-to-one relationship, and there’s no guarantee any of them will decline. For example, my high-yield savings account still pays the exact same interest rate it did before the Fed’s rate cut. As always, you should shop around for the best rates and savings accounts.

If the Fed’s rate cuts proceed as expected (and that’s a big “if”), it’s fair to expect interest rates to move lower. You’ll get paid less interest for saving money but will generally pay less interest when borrowing money. And the rate cut cycle is likely to be a gradual one, lasting well into 2026.

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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.Matt Frankel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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Wash out the stains blemishing your bank account. Find out how much you can save by removing subscriptions from your budget. [[{“value”:”

“Detox your finances” feels like a fru-fru way of telling you to stop spending so much. Though the famous (or infamous?) juice cleanse trend has nothing to do with purging your checking account of impurities, there’s a working equivalent. I’ve done it. It works.

You can wipe your wallet clean of leeches by performing a subscription cleanse — canceling your subscriptions in a way. Doing so is saving me at least $104.99 per month this year (a conservative estimate — more below).

You can achieve this by following well-known psychological tendencies, ones published in NYT-bestselling books like Atomic Habits by author James Clear. The following is your step-by-step guide to budgeting without feeling like you’re budgeting — chances are good you’ll save at least $50 this year.

How to unsubscribe so it isn’t scary

I give myself permission to resubscribe. No commitment. No promise to swear off Netflix, DoorDash, and Uber One forevermore. This takes the fear out of unsubscribing.

The other day, my housemate showed me her budget. When I suggested she give subscription cleansing a try, she balked. “That seems scary,” she said, wide-eyed. I didn’t push. She’s right. I get sweaty hands when I cancel subscriptions I love. Especially the expensive ones (gulp).

That’s why you take the commitment portion out of it. You quiet that shrieking part of you, the part that’s convinced something bad will happen when your service ends. Not sure how much money you’re losing to subscriptions? Discover how budgeting apps make it easy to track spend and check out our list of recommended budgeting apps to get started today.

But if there’s no commitment, why bother doing it? Atomic Habits has the answer.

The psychology behind why it saves you money

It’s easier to let a subscription quietly fade away than it is to consciously delete it from your life forever. It’s Darwinism at work — survival of the most useful and entertaining.

James Clear, author of Atomic Habits, says, “the people with the best self-control are typically those who need to use it the least…self-control is a short-term strategy, not a long one.” In other words, self-control is overrated. It’s tough to commit.

Take the self-control out of canceling subscriptions by giving yourself permission to renew. Out of the 13 subscriptions I canceled, I resubscribed to five. And I still save $104.99 per month!

It works because you never think about the subscriptions you don’t use. The subscriptions you care least about disappear without you realizing. And the temptation to resubscribe is tempered by a new obstacle: clicking “subscribe.” Do you really want to spend that kind of money?

Meanwhile, it becomes clear which subscriptions are important to you — because you end up resubscribing to them. Clarity! Don’t you want to know what really matters?

How can you save by deleting subscriptions?

You save the monthly sticker cost and the cost of buying products through the platform. I save $104.99 per month in subscriptions I would have renewed, plus a flat $50.99 in delayed renewals (the math: I’m assuming I’ve delayed renewals for an average of one month per subscription).

Since canceling my DoorDash DashPass subscription, I’ve gone from spending $500 to $0 per month on meal delivery. Canceling the subscriptions that give you discounts can have the added benefit of reducing your spend on the platforms. (Looking at you next, Amazon.)

You might be surprised by how many subscriptions you have. I was. I spent $50 per month on writing software, at least $30 on streaming services, and almost $50 on delivery. Keeping my subscriptions reasonable is on track to save me $314.97 from now through the end of 2024.

How to do the juice cleanse of personal finance

The actual subscription cleanse takes 10 minutes:

Write down all your subscriptions. If you’re like me, this may take a couple minutes.Navigate to your streaming or delivery websites.Click “unsubscribe.” This may require you to push through a small flood of marketing pitches designed to get you to stick around. Stay strong!

Say you cleanse your subscriptions, brush out the lingering cobwebs, and discover you’ve freed up $100 to spend on other things. Why not put that money to work? Learn how high-yield savings accounts can earn you rates 10 times better than what your current bank offers.

I audit my subscriptions once every month or two. It keeps me from sticking to plans I rarely — if ever — use. Consider it to cut down on monthly expenses. Even if you resubscribe to every single service, you could save $50.99 this year by delaying renewals. Not a bad deal.

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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. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Cole Tretheway has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Netflix, and Uber Technologies. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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Want to make extra money in retirement? Retirees have more options than ever before to earn money with side hustles. See how to make it happen. [[{“value”:”

Lots of retired people might be feeling the pinch of inflation and rising healthcare costs, and want to earn extra income in retirement. Even if your bank account is in great shape, you might want to stay physically active, socialize more, and get out of the house more often. Side hustles for retirees can help.

Let’s look at a few ideas for the best side hustles for retirees.

1. Food delivery

There is a wide range of food delivery apps like DoorDash, Grubhub, Instacart, and Uber Eats, that enable people to make money with a flexible schedule. Recent research shows that the best food delivery apps pay $17-$20 per hour. You might earn more than that, based on prevailing wages in your local city or by earning extra tips.

Why this is a great side hustle for retirees: Driving for a food delivery app can help you get out of the house, see new neighborhoods in your city, and stay physically active by getting your steps in going from door to door. Delivering groceries and restaurant meals can also provide a valuable service to people in your community — some people rely on food delivery apps when they’re not feeling well, or caring for children or older adult loved ones.

2. Driving for ride-hailing apps

People love getting reliable, on-time transportation from a professional driver. Or if you want a driving-related side hustle that doesn’t involve apps, check with your local school district. Many school districts have shortages of bus drivers, especially if you’re a morning person; getting kids to school on time is a must-have community service.

Why this is a great side hustle for retirees: Driving for ride-hailing apps isn’t the highest-paying side hustle; recent research suggests that ride-hailing drivers earn about $19 per hour.

But if you’re already retired and not worried about earning a full-time income or making the most money per hour, driving for ride-hailing apps can be a good way to earn some extra cash. Be sure to look into your options for getting extra insurance coverage to protect yourself from big costs in case you get into a car accident.

3. Taskrabbit

Taskrabbit can be a great choice for side hustles for retirees, because it offers a wide range of ways to make money, including running errands, doing household chores, or tackling handyperson projects. I recently interviewed a 79-year-old retiree in Minneapolis-St. Paul who makes $49 per hour on Taskrabbit by helping people assemble furniture.

Here are a few examples of well-paying Taskrabbit side hustles — average pay rates shown for my home city of Des Moines, Iowa:

Running errands: $29 per hourEvent staffing: $28 per hourLaundry and ironing: $24 per hourPacking and unpacking: $34 per hourOrganizing: $30 per hourBranch and hedge trimming: $48 per hour

Why this is a great side hustle for retirees: Taskrabbit gigs are flexible and usually low-stress, and many do not require heavy lifting, physical labor, or specialized skills. You can set your own pay and choose your own schedule. This is the perfect way to stay active in retirement and put some extra cash in your savings account, without the commitments of a part-time job.

4. Dog walking (up to $43 per hour)

If you love dogs, being a professional dog walker can be a great side hustle. Research from Preply has found that dog walkers can earn an average of $43 per hour. That seems high based on where I live; the Rover app (rover.com) has dog walking gigs in my ZIP code where people charge around $15 per dog walk.

Why this is a great side hustle for retirees: Walking dogs every day can help you get out of the house, meet new people, enjoy nature, get exercise, and provide a valuable service for younger, time-starved pet parents who are still at a stage of life where they’re dealing with the pressures of a full-time job. (Save us, retirees! Please walk our dogs! We will pay you!)

5. Teaching online

If you’re a retired teacher, or even just love to connect with people and share your knowledge, teaching online can be a great side hustle for retirees.

You can make money as an online English tutor with Preply (preply.com), which says that its English tutors typically earn $15-$25 per hour. People all over the world are trying to learn English so they can get connected to better education and career opportunities.

Or if you’d rather teach other older adults, GetSetUp is a digital learning and health platform for adults ages 60 and over. You can apply to make money on GetSetUp as a guide who teaches online classes, earning $25 per hour. GetSetUp’s online classes include fitness classes, technology how-tos, job skills training, cooking classes, travel coaching, and more.

Why this is a great side hustle for retirees: Just because you’re retired from your full-time career doesn’t mean the world doesn’t need you anymore! You can share your talents and experience by teaching online. You can help people get informed and empowered.

Bottom line

Retirees have many good options to make extra money with a side hustle. Whether you want to drive for ride-hailing apps, deliver food, or teach English online, it’s easier than ever before to turn your free time into extra cash — with a flexible schedule and a low-stress way of life.

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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 Uber Technologies. The Motley Fool has a disclosure policy.

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A $10,000 deposit is pretty hefty. Read on to see what might happen if you add that sum to your savings account in one fell swoop. [[{“value”:”

It’s probably not every day that you’re looking at depositing more than $10,000 into your savings account. But it could happen.

Say you sell your car and someone pays you $12,000 for it. Similarly, you might sell your home only to have the buyer ask if you’re willing to sell them a bunch of your furniture, too. They might conceivably write you a check for more than $10,000 for it.

You should know that any time you deposit more than $10,000 into a savings account, your bank is required to report it to the federal government. But that’s not necessarily a problematic thing for you.

Don’t stress about a large deposit

If you’re depositing a large amount of money you obtained illegally, then yes, you should be concerned about this activity getting flagged. You should also be concerned about going to jail. But if that money is yours and you obtained it through legal channels, then there’s not much to worry about even if you make a deposit of over $10,000 and it is flagged by your bank.

Banks are required to report transactions over $10,000 under the Bank Secrecy Act. That’s because larger transactions can, in some cases, be indicative of money laundering and other criminal activity.

But relax. The police aren’t going to come busting down your door simply because you sold your car for $12,000 and put the money into savings instead of spending it. In that scenario, your bank will probably report the transaction and you won’t even know it did that.

Should you be depositing over $10,000 into a savings account?

You shouldn’t hesitate to make a deposit of over $10,000 into your savings for fear of repercussions. But the question you should be asking yourself is whether that much money belongs in your savings account vs. a different kind of account.

If you need the money for emergency bills or a near-term goal, then a savings account is your best bet. And if you want the best interest rate on your money, check out this list of the best high-yield savings accounts on our radar.

But if you don’t have near-term plans for that money and you don’t need it for emergency fund purposes, then you may want to consider investing it instead. Over the past 50 years, the S&P 500’s average annual return has been 10%, accounting for both good years and bad.

If you put $12,000 into an investment portfolio that gives you a 10% return every year, in 20 years from now, that deposit will be worth about $80,700. Even if a savings account pays you 4% a year over the next 20 years, which is unlikely because rates aren’t usually that high, you’re only looking at about $26,300. That’s a tremendous difference.

So remember, while you may not get in trouble for depositing more than $10,000 into a savings account, doing so may not necessarily be your best move. Investing it with one of the best stock brokers could put a lot more cash in your pocket over the long term.

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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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Is your company ending work from home and forcing you back to the office? See why now could be a good time to become a small business owner. [[{“value”:”

One of the few benefits of the COVID-19 pandemic was the rise of remote work, work from home, and flexible schedules. Millions of people formerly known as office workers found working from home or working from anywhere to be a fulfilling new way of life with greater work-life balance. And companies found that they could still be productive and put more money in their business bank accounts without making people sit in a cubicle all day.

But lately, it appears that many big companies are unlearning these lessons, and ushering everyone back to the cubicles. Major companies like Amazon have recently announced return-to-office mandates, forcing workers to go back to the office full-time.

If you love working from home with a flexible schedule, and your company is trying to put an end to this valuable (and productive) perk, it might be time to start your own business.

Let’s look at a few reasons why return-to-office mandates might be the last straw for a new generation of entrepreneurs.

Americans are starting millions of businesses

The pandemic years sparked a new boom of entrepreneurship in America. Between January 2021 and December 2023, Americans formed 5.2 million “likely employer” business applications, up more than 33% compared to 2017-2019. If you’ve been feeling the urge to start a business, you’re in good company.

Working from home during the pandemic showed millions of people that they could be productive in new ways, beyond the traditional corporate office environment. Seeing everyday life get turned upside down by quarantines, border closures, and social distancing reminded everyone of how uncertain the world can be. Why not take a chance and make money your own way?

Entrepreneurship could be a better deal for women

Flexible work and working from home is often a life-changing benefit for women, especially women who are caregivers for children or for older loved ones. Working from home during the pandemic helped women be more productive and ambitious –plus more present for their families.

Recent research from McKinsey found that 1 in 5 women said that “flexibility has helped them stay in their job or avoid reducing their hours,” and many women who work hybrid or remotely said they feel “less fatigued and burned out.”

Work from home was a massive benefit for women and other people who are often underrepresented in corporate America. Now companies are trying to take that all away. Doesn’t seem very “inclusive.”

If you loved working from home the past few years, getting forced back to the office might feel like being forced to take a pay cut. Are you fed up? It might be time to start a business. Running your own company lets you work from anywhere with a flexible schedule — and you might even earn more.

You have more than one way to make a living

Too often, people look at jobs with a mindset of scarcity: “Oh no, I’d better hold on to my job! What happens if I lose my job? Surely I will lose everything and be forced to wander the wilderness alone forever.”

The truth is: The job market is still quite healthy. Unemployment is low (4.1% as of September 2024). There seems to be strong demand for labor. Especially if you have valuable skills and credentials and experience, you don’t have to live in fear.

If your job is messing with your life by forcing you back to the office, it might be time to pursue other options. Start a side hustle. Build a small business website. Learn about new ways of making money online.

You might discover that you can make enough money by moonlighting on nights and weekends that you can start to replace your day job’s paycheck and build up a healthy emergency fund in your savings account. Instead of getting 100% of your income from one job, one paycheck, one boss, one cubicle that you don’t want to sit in ever again…what if you could make money via the internet?

Bottom line

Instead of letting their employees continue to enjoy the freedom, productivity, and mental health benefits of working from home with a flexible schedule, some big companies are forcing everyone back to five days a week in the office.

The end of work from home could be the start of your new life as an entrepreneur. Running a small business isn’t always easy, but it’s almost always interesting. Starting a business can be the start of a healthier way to make a living — and a happier, more abundant way of life.

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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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