Money Management

There are so many great credit cards out there that it can be hard to choose. See why simplifying your options might be the way to go. [[{“value”:”

I know there are plenty of excellent credit cards on the market, and there’s an audience for each of them. But while I’ve had multiple cards in my wallet for most of my adult life, they all have the same issuer logo on them. No matter how many promotional offers I’ve received advertising excellent sign-up bonuses and generous perks, I’ve never been tempted to stray.

Perhaps I’m missing out by not playing the credit card field, but I don’t feel that way. In fact, I feel just fine about my choices. Here’s why it can be beneficial to stick with one issuer for your credit cards.

1. You can pool points in one redemption portal

My biggest hang-up every time I get a new credit card offer? I know the points I’d accumulate would be in a new redemption program. I don’t want to earn, track, juggle, transfer, and redeem points through three or four separate portals.

By keeping all your credit cards with one issuer, you can concentrate your earnings in one place. That means you can rack up a higher total in one portal rather than small-to-medium totals in multiple portals, making it easier to cash out on a big redemption sooner.

2. You can simplify your finances

If you’re someone who doesn’t like having to keep track of a bunch of logins and accounts (raises hand), simplifying your credit card situation is the way to go. You’ll just have one website or app to check when you want to monitor your spending.

I love being able to log in to one place and see each of my credit card summaries, as well as my checking and savings account balances. It gives me a better perspective on my finances since I can get a look at everything together. And I don’t have to worry about remembering another password and another username, thank you very much.

3. You can minimize the risk of missing a payment

The other great thing about having all your cards in one place is that it’s a lot easier to keep an eye on when each of your payments is due. Whenever possible, you want to pay your credit card bill in full. But you always want to pay that bill on time.

Payment history is a huge factor in determining your credit score — it makes up 35% percent of your FICO® Score — so you don’t want to accidentally miss a payment because you forgot to log in and confirm when it was due. If all your cards are on one platform, it’s a lot easier to track their payment dates.

Even if you have your cards set to auto-pay each month, you’ll want to keep an eye on your transactions to ensure you’re not overspending. Being able to check all your cards at once can benefit you there, too.

Keep it simple

Just because I’ve turned down excellent card offers from other issuers doesn’t mean I’m missing out. I have some great credit cards that are targeted to my spending habits, and I earn rewards with every swipe.

If you’re thinking of building up your card arsenal, take a look at the offerings from your current issuer. There’s likely an excellent option available to you — and you won’t even have to create a new uniquely impossible-to-remember password.

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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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Reaching $1,000 in savings can be a big milestone, but it’s even better when you realize that money can work for you. Here’s how much it can grow. [[{“value”:”

Although saving $1,000 might sound like small potatoes to some people, it’s a huge accomplishment for others. And the best way to celebrate that accomplishment is to make sure that money can keep working — keep growing — for you.

The simplest course of action is to place your $1,000 into a savings account. This can be a great option, especially if you need access to the money going forward.

However, the type of savings account you choose will have a huge impact on how much you can earn. Let’s take a look at the numbers.

If you have a high-yield savings account

The best savings accounts will be high-yield accounts with competitive interest rates. Right now, you can find high-yield savings accounts with APYs over 5.00%, which is historically very good.

Here’s how much you’d earn on $1,000 in one year in a high-yield savings account at a variety of different APYs:

These calculations assume you aren’t touching that $1,000 — or adding any more to it. If you keep saving over the year, you’ll earn even more as your balance continues to compound.

If you have an average savings account

While your $1,000 could grow a decent amount in a great high-yield savings account, you’re not going to see much of a return if you have an “average” savings account. The national average interest rate on savings accounts is a sad 0.46%.

What’s worse is that average means many accounts pay out far, far less. Many big banks have accounts with interest rates as low as 0.01%.

Here’s what you’d earn after one year in an account with a more typical rate:

As you can see, if you have an average savings account — it’s time to switch.

Other places to put $1,000

High-yield savings accounts are good places to keep your savings, but they have pros and cons alike. Here are some other places you could put $1,000 to make it grow.

Money market account

A good high-yield money market has the benefits of a savings account, with a few extras that make it easier to access your money: ATM/debit cards and check-writing abilities.

I think money market accounts are the best place to keep savings you might need immediate access to, such as your emergency fund.

Certificate of deposit (CD)

It’s all but certain that the Fed cuts rates this month, and experts expect more cuts later in the year. A lot of interest-paying products base rates at least somewhat on the federal funds rate, so savings account APYs could see a dip.

Certificates of deposit, or CDs, are a good way to lock in current high rates for the life of the CD. You can get short-term CDs — as short as six months — as well as longer-term CDs as long as five or 10 years.

The upside is you can get about the same interest rate, depending on your CD term. The downside is there are expensive penalties if you need to withdraw your money before the CD matures.

Retirement or investment account

If you’re certain you don’t — and won’t — need your $1,000 anytime soon, then it could be a good time to start, or add to, a retirement account. The earlier you start investing for retirement, the more money you’ll have when it’s time.

If you’re already maxing out your retirement contributions, then consider opening an individual brokerage account. You can invest in anything you like, from index funds to individual stocks. (Look for new account bonuses, as many brokerages offer them!)

There are a lot of ways you can celebrate saving up $1,000. Savings accounts are the baseline option you should use, and they can earn well, but they’re not the only choice. Choose what’s best for your own financial situation.

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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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Some businesses take years to turn a profit. Read on to discover a few that can earn you cash much faster. [[{“value”:”

I’m currently trying my hand at a new e-commerce idea that I’ve had brewing for a while. I’ve committed to working on it for at least six months, and if I generate a few sales over that time frame, I’d consider it a win.

Committing time and energy to a project can be scary because you don’t know if it will be worth the effort. If you need help with a few ideas that might be worth launching and could pay you right away, here are three possibilities.

1. Launch a consulting business

As someone who’s worked for years managing content for companies, I like to think I’ve learned a few valuable things. My experience has allowed me to do some consulting work, helping clients with their content strategy.

I haven’t launched a business dedicated to this, but plenty of people use their years of experience to provide insights to others.

To get your consulting business off the ground, talk with potential clients you already know who might need help in your area of expertise. Show them how you can add value to their business and pitch them on a few projects you can help them with.

How it can pay off quickly: Consulting generally has low overhead, and if you do it on the side, you likely won’t have to pay other employees. All of this means that picking up just one or two clients could be immediately profitable. The average hourly consulting fee is $100 per hour, though you may need to charge less initially.

2. Use your personal style to sell pre-owned items

Launching an online consignment business could be a great idea for you if you’re the type of person who’s always finding hidden treasures that everyone else overlooks. This business could be anything from finding vintage clothes and reselling them to refinishing old furniture and selling it online.

I know someone who has found discarded furniture and clothes in a very nice part of their town and has resold them online as a side hustle. You’ll have to invest some time finding new items and likely some money to get a list of products ready for sale through Etsy or Shopify.

Selling pre-owned items could be a great business if you’re especially good at social media. Getting the word out about your new items and generating ongoing interest will go a long way to generating sales.

How it can pay off quickly: You can start making money almost immediately if you already own items you can sell online. The amount you make will depend on what you sell and if it costs any more to repair it or clean it. For example, if you source clothes and sell them on ThredUp, you could earn between $15 to $60 for items priced between $50 to $100.

3. Tap into your love of pets to start a pet care business

I was talking with a neighbor the other day about her need for someone to walk her dog when she’s out of town. While there are already services, like Rover, that make it easy for people to hire someone to do this, my neighbor only wanted people she knew to take care of her dog.

Some pet lovers could have an advantage in starting their own pet care business — if they’re willing to find local clients with whom they can build trust.

How it can pay off quickly: Launching a dog-walking or pet-sitting business requires little effort besides getting the word out. Talking to friends and family, posting your availability on social media, and even putting up a flyer in your apartment building can all be good ways to get started.

The average dog walker can earn just under $15 per hour, which won’t make you rich, but could become a good side business if you build up repeat clients.

While these business ideas could pay off relatively quickly, it’s worth mentioning they won’t make you rich overnight. Like anything worthwhile, it’ll likely take some commitment to see a payoff. And like so many other things in life, taking the first step may be the hardest part — but you’ll never know your idea’s potential unless you try your hand at it.

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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.Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Etsy. The Motley Fool has a disclosure policy.

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Costco memberships are supposed to save you money. Read on to find out when it might not work in your favor. [[{“value”:”

I recently canceled my Costco membership because my family only used it occasionally, and we found deals at other stores that are a little more convenient to where we live.

If you’re considering whether you should renew your Costco membership, here are five reasons why it might be the right time to cancel.

1. You don’t buy gas at Costco

Costco members know that one of the best perks of a Costco membership is the company’s discounted gas, which can be up to $0.30 cheaper than the average gallon. That means the average driver, who uses 489 gallons of gas annually, can save an estimated $146.

But you might not need your Costco membership if you’re not tapping into that gas savings. I live in a fairly walkable downtown and work from home, so I don’t have to gas up my car very often. This means I don’t get the full benefit of having a Costco membership, and you might not need it either if you don’t visit Costco fuel stations often.

2. You don’t use your bulk food purchases

One of the main reasons people get a Costco membership is that they can get really good deals on bulk food purchases. But not everyone needs to buy food in bulk, and it can sometimes be more expensive if you end up throwing some of the food away.

According to Feeding America, Americans waste about 38% of their food every year, either going unsold or uneaten. If you have too much food left over after dinner or don’t use up all the food you’ve bought before it goes bad, it might be time to cancel your Costco membership.

3. You’re going over your budget

While most people save money at Costco, busting your budget with your membership is possible. For example, if you find yourself frequently taking advantage of Costco sale items — like a new phone, furniture, or jewelry — it may be time to cancel your membership.

I was recently shopping in a store for a new computer and saw great deals on new TVs. Did I need a new TV? No, but I almost bought one because the sale seemed so good. With Costco frequently offering good deals, it can be easy to talk yourself into a purchase that’s not great for your budget.

4. You live too far away from a Costco store

My nearest Costco store is only about 15 minutes from my home, so it’s technically not far away. However, it’s on a very busy road that often gets gridlocked on weekends, which can easily double the travel time.

In contrast, I have two local grocery stores five minutes away and one I could technically walk to if I were more ambitious. I’m more inclined to drive to places closer to me, which means the drive to Costco often loses out to the closer grocery stores. If the same is true for you, canceling your membership may be a good idea.

5. You can find better deals elsewhere

I’m constantly searching for good deals, whether I’m buying a computer or grocery shopping. While my family has benefited from Costco membership deals, we tend to save more money by shopping at Aldi and finding BOGO deals at Publix.

If you find yourself shopping at other grocery stores even after you’ve made a Costco run, it might be worth taking a look at your receipts to see where you save the most money. Our trips to Aldi are by far the least expensive, and the few things we can’t get there, we can usually find for a good price without needing to run to Costco.

Everyone’s budget and grocery needs are different, so you might find that a Costco membership is easily worth the $65 annual cost or $130 for the Executive Membership. But if you’re not using some of the membership perks, are spending too much money, or simply live too far away from a Costco store, it might be time to look elsewhere to save.

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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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool has a disclosure policy.

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It takes effort to keep my credit score in great shape. Read on to see how I pull it off. [[{“value”:”

Like many people, my credit score tends to change from one month to the next. Sometimes it’ll rise by five points. Other times it’ll drop by eight or nine. But for the most part, my credit score has consistently been over 800 for the past couple of decades. And the last time I checked my score, it was an 822. Given that the highest possible credit score is 850, I’m happy with that number.

In fact, Experian, one of the three credit reporting bureaus, calls a credit score of 800 or above exceptional. And I’m motivated to keep my score in that range because I know it makes me more likely to get approved for a new loan or credit card when I need one, and at the most competitive interest rates.

But the fact that my score is above an 800, and has been for years, isn’t an accident. Rather, I consistently do these things to keep my score where it is.

1. I pay my bills on time

Your payment history carries more weight than any other factor when calculating a credit score. Knowing that, I make a point to pay my bills on time. And a good way to ensure that I’m not late is to set my bills to get paid automatically.

For example, each month, I have money debited automatically from my checking account to cover my mortgage and car payment. Not having to write those checks myself spares me from being late — and seeing my credit score take a hit — due to human error.

2. I pay off my credit cards each month

My primary motivation to pay off my credit cards in full each month is to avoid racking up interest. But this practice also serves the important purpose of keeping my credit score in great shape.

Credit utilization, or the amount of revolving credit you’re using at once, is another big factor that goes into calculating a credit score. The lower your credit card balances are relative to your total spending limit across your various cards, the better it is for your credit score. Paying those cards off in full keeps my utilization down.

3. I’m choosy with my credit cards

Some people open a new credit card account every few months. On my end, it’s rare for me to open more than one new credit card in a given year. And I’ve been known to go several years without applying for a new credit card. This practice helps my credit score in a couple of ways.

First, each time you apply for a new credit card, you get a hard inquiry on your credit report that generally results in a minor credit score hit. A single hard inquiry isn’t a big deal. And you shouldn’t necessarily let it stop you from applying for a loan or credit card when you need one. But applying for several credit cards a year could have a more significant impact on your credit score, so the fact that I don’t do that helps.

Also, because I’m choosy with my credit cards, I tend to apply for ones that make sense for me to keep for many years. This, too, helps my score, because the longer you keep your accounts open and in good standing, the better it tends to be for your credit score.

4. I check my credit report every three months

Reading my credit report isn’t exactly an activity I look forward to. But I make myself do it every three months anyway.

Your credit report is a snapshot of your borrowing history. It contains a list of your open loans and credit card accounts, and it shows you your balances. It also tells you if there are late payments or delinquencies on your record and lists the hard inquiries you’ve recently had.

The reason I check my credit report regularly is twofold. First, credit reports can contain mistakes. And some mistakes, like a late payment that’s not legitimate, can drag down your credit score. So it’s important to be on the lookout for those.

Secondly, checking your credit report is a good way to discover if you’ve been the victim of fraud. A few years back, my husband discovered that a criminal had taken out a line of credit in his name by checking his credit report and seeing a lender listed that he didn’t recognize. He was able to resolve the issue before it caused a lot of damage.

You can request a free copy of your credit report from each of the three major credit bureaus on AnnualCreditReport.com.

It takes work on my part to keep my credit score above 800. But it’s worth doing because I know that if I want to borrow money, I should generally have an easy time getting access to credit. And if you take the same steps, you may find that your credit score improves nicely or stays in the excellent shape it’s already in.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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Over 40% of millennials have a savings account with an APY of over 4%. Find out why millennials have embraced high-yield savings accounts. [[{“value”:”

Today’s excellent savings rates have made high-yield accounts popular with Americans of all ages. In the past, it wasn’t always easy to earn returns of 5% a year without compromising on safety or accessibility. That’s exactly what top high-yield savings accounts offer at the moment.

But for millennials — aged between 28 and 43 right now — those accounts hold a special appeal. Studies show millennials are more likely than other generations to look for safer places to park their cash. At the same time, millennials are internet pioneers who are willing to break away from norms. As such, they’re well-positioned to switch to the best online accounts.

Here are three great reasons why millennials love high-yield savings accounts.

1. Saving is important to millennials

A recent survey by PNC Investments showed that millennials take saving money seriously. Many millennials learned about saving from their parents and have held on to those values. So much so that PNC Investments says millennials are overly focused on saving. It wants to see them invest more in the stock market to build long-term wealth.

That’s backed up by 2017 research from Merrill Edge. It asked different age groups about what they’d rely on financially in 20 years’ time. Unlike other generations, 66% of millennials said they’d rely on their savings account.

Many millennials witnessed their parents and grandparents struggling during the Great Recession. As a result, they’re less willing to take risks — which makes the relative safety of savings accounts appealing.

You can earn APYs of over 5% right now on the best high-yield savings accounts. That’s an attractive proposition for a generation that’s both financially aware and risk-averse.

2. Millennials know how to find the best rates online

Millennials came of age as the internet was taking off, and they’ve consistently led older generations in terms of adoption of new technologies. ABA research shows millennials are most likely to use mobile and online tools to access their checking accounts and manage their money. Given online banks often offer the highest savings rates, it isn’t surprising that millennials are tech-savvy enough to jump on them.

Millennials are most likely to have a savings account that pays at least 4% APY. According to research from The Motley Fool Ascent, 43% of millennials have a high-yield savings account, which is the highest of any generation. It also shows the median transaction account balance for people aged 35 to 44 is $7,500.

Shopping around for the best savings account APYs can make a significant difference to your balance. According to the FDIC, the average savings account APY is 0.46. That’s a fraction of the rate you’ll get with top high-yield accounts. If you have $7,500 in savings, as some millennials do, that difference could translate to earning over $350 in a year.

A good proportion of millennials know how to get the most out of their savings by using high-yield accounts, often with online banks. This can boost their savings balances and help build financial stability.

3. Millennials have ambitious savings goals

Millennials have gotten a bad rap when it comes to saving, but that doesn’t mean they aren’t putting money aside. Over half the millennials and Gen Zers surveyed by the Travis Credit Union said they contribute to their savings monthly.

Indeed, another reason why millennials love high-yield savings accounts is because they’re busy saving toward different milestones. Some of the things they’re saving for include:

Buying a homeRetirementTravelBuying a carEducationWeddings

Setting clear, achievable goals is the first step to reaching them. If you have multiple financial goals, it can help to use a separate savings account for each one, or an account that offers savings buckets. That makes it easier to track your progress, especially if you’re managing a mix of timelines.

Bottom line

No matter what your age or generation, there’s a lot to be said for savings accounts that pay rates of 4% or 5%. It’s great that so many millennials are using them to achieve their financial goals. And really, what’s not to love about a high-yield savings account?

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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.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PNC Financial Services. The Motley Fool has a disclosure policy.

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