Discover how this often overlooked resource can help you learn valuable skills. aslysun / Shutterstock.com
Any gardener worth their green thumb has the local county extension office on speed dial. But if you’ve never heard of this community resource, you might be puzzled. What are these offices sprinkled across the country, and what on earth are they an extension of? County extension offices have a long history of supporting local farmers and gardeners through programs in the U.S. and Canada.
This locale may be the stuff of daydreams, but you’ll find it surprisingly affordable. Pawel Kazmierczak / Shutterstock.com
In the context of Europe, Spain is fantastically affordable. Many North Americans have a perception of Western Europe as being financially out of reach, a destination only accessible in daydreams. The truth is that many Western European countries — especially Spain and the Costa de la Luz — are more affordable than the United States or Canada.
Some people are reluctant to get more than one credit card. Find out why opening another card could be a smart financial decision. [[{“value”:”
Image source: Upsplash/The Motley Fool
If you’re not keen on having multiple credit cards, that’s understandable. It’s more to manage, and there’s more risk of overspending and going into debt.
But there are some big advantages to getting more than one credit card. It keeps you safer, it could help you save money, and it could even be good for your credit score. Even if you want to be careful about how many credit cards you open, here’s why it makes sense to have at least two of them.
It’s one of the classic awkward situations: You’re out to dinner, and the server tells you that your credit card was declined. It once happened to President Barack Obama, so it’s safe to say that it can happen to anyone.
This is often because of the fraud detection systems that credit card companies use. They flag something in your account and temporarily lock your card to protect themselves and you. If you only have one credit card, and it’s not working, that puts you in a tricky situation when you need to pay a bill.
It’s always smart to have a backup plan — in this case, another credit card you can use. If your main credit card gets lost, stolen, or is getting declined for any reason, you can pay with your backup card instead.
Rewards are one of the most valuable credit card perks. Just for paying with your credit card, you could earn cash back or travel points on purchases. Many of these rewards cards also have sign-up bonuses worth $200 or more that you can earn as a new cardholder.
Getting multiple cards is one of the best ways to earn more rewards and save more money. For example, if you’re interested in cash back credit cards, you could get one that earns 2% on your purchases. If you spend $30,000 per year on it, you’d earn $600 in cash back.
But let’s say you spend quite a bit on groceries and gas. Instead of using the same card, you could get one that earns bonus cash back in those two areas. Some cards earn 3% to as high as 6% back in bonus categories. On $10,000 in gas and grocery spending, you could earn another $300 or more. And by opening another card, you also have the opportunity to earn another sign-up bonus.
When you’re approved for a credit card, you’re approved for a line of credit up to the limit set by the card issuer. The amount of credit you’re using is your credit utilization, and it has a large impact on your credit score.
Here’s how it works. Every month, your card issuers report the balances and credit limits on your credit cards. Your total balances are divided by your credit limits to determine your credit utilization ratio. As a general rule, your credit score will start to suffer as you go over 30% credit utilization.
Imagine you have one credit card with a $2,500 balance and a $5,000 limit. Your credit utilization would be 50%, which would hurt your credit score. If you get another card with a $5,000 limit, your credit utilization would drop to 25%, and your credit score would improve. As long as you don’t spend more, having another credit card can be good for your credit score.
Some people think that it’s risky to have multiple credit cards because of how easily you can end up in debt. But it’s not about the number of credit cards you have. It’s how you manage them. You can go into debt with one card or stay out of debt with 10.
No matter how many credit cards you have, don’t spend more just because you can. Treat them like a debit card. Only make a purchase if you can afford to pay for it with money you have in the bank. And when your credit card payment is due, always pay the full statement balance. If you do that, you’ll stay out of debt, and you won’t be charged any interest.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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 can switch banks online in minutes, skipping the trip to a branch in most cases. Here’s how you can even get paid to do it, if you choose the right account. [[{“value”:”
Image source: The Motley Fool/Unsplash
With online applications and mobile banking apps, opening a new bank account is easier than ever. I’ve opened a new bank account in less than 15 minutes (and while wearing pajamas, ain’t technology amazing?).
Even better, though, is that those 15 minutes had very little opportunity cost. Every time I’ve opened a new bank account, it’s because the time investment would pay off — literally.
Here are a few ways I’ve been paid for opening a new bank account.
Long gone are the days when the banks hand out small appliances with new accounts. Now, they tend to stick with cash.
You can find new account bonuses for checking accounts and savings accounts (and credit card and investment accounts — pretty much anything, really). Most new account bonuses will require you to meet some qualifications, such as receiving direct deposits or meeting a minimum balance requirement for a set amount of time.
Amounts vary quite a bit, but they’re typically between $100 and $500. You’ll get the largest bonuses if you have a lot (read: five or six figures) of money to move around.
Even if you don’t get a bonus for signing up, a new bank account could be quite profitable if it includes a significant boost to your interest rate. And if you have a savings account at a brick-and-mortar bank, chances are good your APY has a lot of room for improvement.
The average APY for a checking account is a measly 0.08%. Sadly, savings accounts aren’t faring that much better, with a national average of just 0.46%.
On the other end of the spectrum, the best high-yield savings accounts are paying out at least 4% APY right now, with the most competitive accounts offering over 5% APY.
To show you what a stark difference this makes, here’s what you could earn on $10,000 in one year in an “average” vs. high-yield account:
If your current bank account charges you a monthly maintenance or account fee, then that alone could be enough financial incentive to change banks. It’s easy to find competitive checking and savings accounts without any monthly fees, so you aren’t stuck!
Even a small monthly fee can add up to a big annual cost:
Let’s say, at worst, it takes you an hour to open a new bank account and update everything else that goes with such a switch. If you’re now saving $5 a month (or more) in bank fees, that means you effectively just paid yourself (at least) $60 for an hour’s worth of work.
Unless you make more than $60 an hour, that’s an excellent return for your time. Even better, you’ve saved yourself that money for years to come, too. That’s now a long-term investment.
A lot of us are stuck with this idea that switching banks is a chore, but opening a new bank account is not only easy and fast, but it can also pay off in a variety of ways.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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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Hulu has announced many of its streaming plans will cost more as of Oct. 17. Here are four ways to avoid paying a higher price to stream Hulu content. [[{“value”:”
Image source: Getty Images
It feels like one of the major streaming platforms announces a price hike every few months. Hulu is one of the latest brands to announce upcoming price increases. Subscriptions will cost more starting on Oct. 17, 2024. Rates previously increased in October 2023.
Increased service prices are not only disappointing — they can also greatly impact your checking account balance. It’s important to consider your finances when deciding whether to continue using a streaming platform like Hulu after rate increases are announced.
Are you sick of constant streaming service price increases? You’re not alone. Many subscribers are trying to decide what to do now that they’ll have to pay more to stream Hulu content. I’ll share a few ways to navigate Hulu’s upcoming price changes so you can avoid paying more.
There are plenty of streaming service options available in 2024. If you’re already paying for other services and want to lower your entertainment spending, now is a good time to cancel your Hulu subscription before prices rise in a few weeks.
If you’re not using other streaming platforms and want to avoid increased service costs, you may want to compare the prices for other streaming apps to see if canceling Hulu and signing up for an alternative platform could offer savings. A cheaper service may satisfy your needs.
Some companies extend a discount to subscribers who enroll in annual billing. While you must pay the entire cost of your yearly subscription upfront instead of monthly, you can save a lot.
Unfortunately, Hulu only offers a yearly subscription for one of its plans — Hulu with ads. However, this is the most affordable plan if you want to pay the minimum to access streaming content through Hulu.
I’m considering making this move myself. I’m a Hulu (no ads) subscriber who is sick of frequent price increases. Based on the upcoming higher subscription price of $18.99 per month, I’d pay $227.88 for the next year as a Hulu (no ads) subscriber.
But if I subscribe to the annual Hulu with ads plan before the price increases start, I’ll pay only $79.99 for a year of service — a savings of nearly $150. Since I’m more of an occasional Hulu streamer, I think I can deal with a few ads.
For some subscribers, especially those with the higher-priced bundled plans, the upcoming price hikes may be completely out of budget. If this is the case for you, it may be time to see whether you can get value from a more affordable plan that Hulu offers.
Switching to a lower-priced subscription can allow you to continue streaming content without racking up costly credit card charges. If you switch to a cheaper plan and don’t like it, you can always reassess your subscription options and switch again later.
You can pause your Hulu subscription if you ever need to take a break. Subscriptions can be paused for up to 12 weeks at a time.
Here are the steps to do this:
Log in to your Hulu account.Navigate to “Account.”Under the “Subscriptions” section, click “Pause.”Set the duration (up to 12 weeks).
If you plan to take a much longer break, you can also cancel your plan and resubscribe in the future when you’re ready to stream again. Rotating subscription services can help you reduce your entertainment spending.
As an added bonus, this strategy gives you the chance to catch up on content. When you pay for multiple streaming apps, watching every show and movie on each platform is nearly impossible because the options are so vast.
Yes, increased service costs have become the norm, but don’t assume there’s nothing you can do about it. You get to decide whether you want to pay more. If you’re sick of price hikes like this, research your alternatives and make a choice that aligns with your financial situation.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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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IRAs have their benefits. But read on to see why it’s important to branch out beyond an IRA. [[{“value”:”
Image source: Getty Images
I’m not a fan of paying taxes. I’ll of course follow the rules and do it because I have to, but I’d rather do everything I can to pay the IRS as little as possible — within legal limits, of course.
That’s why I’m a big fan of saving for retirement in an individual retirement account (IRA). Each year, the IRS sets a contribution limit for IRAs. The current limit is $7,000 if you’re under age 50 or $8,000 if you’re 50 or older, but these numbers could change in 2025.
The more money you put into a traditional IRA up to the limit that applies to you, the more income you can shield from taxes. For example, if you fall into the 22% tax bracket and you contribute $7,000 to an IRA, you’ll save yourself $1,540.
Plus, investment gains in an IRA are tax-deferred. You don’t pay taxes on them each year like you would in a regular brokerage account. Rather, you’re taxed at the time you take withdrawals.
This beats a brokerage account because let’s say you sell stocks at a gain in one of these accounts but reinvest the money instead of withdrawing it to spend. Well, you still need to pay capital gains taxes that year. But with an IRA, you’re only being taxed when you take withdrawals.
As much as I would recommend maxing out an IRA for the tax benefits, I don’t recommend putting all of your retirement savings into one. Doing so could come back to bite you if you end up wanting to retire early.
The IRS offers some nice tax benefits for IRA participants. But in exchange, the IRS wants to make sure that money is earmarked for retirement — not something else. Generally speaking, you’ll face a 10% early withdrawal penalty if you remove money from your IRA before turning 59 1/2.
There are some limited exceptions to this rule, such as paying for college. And you can take up to a $10,000 withdrawal penalty-free to purchase a home for the first time.
But otherwise, you risk being penalized for accessing money that’s yours. And that kind of stinks. But for this reason, it’s a good idea to keep some of your retirement savings outside of an IRA.
If you want that money invested, a brokerage account is a good bet. You can even use a regular old savings account (though it’s best to invest the majority of your long-term savings so that money is able to grow). But it’s important to have at least one account earmarked for retirement that isn’t restricted by the IRS. That way, if you decide you’ve saved enough to retire by age 48 or 54 or 57, you don’t have to face a penalty for accessing funds to live on.
Remember, too, that even if you don’t actively choose to retire early, you may be forced to do so. Your health could decline and leave you unable to work. Your company could fold, leaving you to struggle to find a suitable job as a replacement source of income.
There are, unfortunately, a lot of ways your retirement plans might get upended. You need the flexibility to access at least some of your savings whenever you might need to.
If you’re looking for a second home for your money outside of a traditional IRA, you could look at putting some of your savings into a Roth IRA. With a Roth IRA, you won’t get an upfront tax break on your contributions, but your investment gains will be tax-free. And the same applies to your withdrawals.
Also, because you don’t get a tax break on the money you contribute to a Roth IRA, you’re not penalized for early withdrawals as long as you only touch the contribution portion of your account, not the gains portion. So if you contribute $15,000 to a Roth IRA and your balance grows to $60,000 through the years, you can withdraw the $15,000 whenever you want without penalty.
For this and other reasons, splitting your long-term savings between a traditional and Roth IRA could be a smart idea. This gives you the benefit of an up-front tax break on some of your contributions, but also some tax-free income later in life. And you get the ability to access some of your money without stress if you retire ahead of schedule.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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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