This rejuvenation treatment can be part of your lawn care routine. Aleksandr Finch / Shutterstock.com
Is your turf a patchy battlefield of worn-out grass and invading weeds? These are signs you need to overseed your lawn (and probably fix an underlying turf problem). Overseeding is an annual maintenance task that encourages new turf growth. When your grass turns yellow, grows slowly, or develops patches, the lawn could benefit from overseeding. But remember, overseeding does not cure the issue…
Unmask essential tips for building and protecting your assets. Krakenimages.com / Shutterstock.com
What’s the point of diversifying offshore? “Why,” for example, as a consulting client asked me recently, “would someone want an offshore bank account?” “And what,” this client continued, “can a second passport really do for me?” Good questions.
Most 30 year olds haven’t saved much for retirement yet. Learn if you should start saving for retirement at this age or if you can wait until you’re older. [[{“value”:”
Image source: Getty Images
If you’re 30 years old, you might wonder if it’s worthwhile to start saving for retirement. Retirement is still decades away, and maybe it’s not a big concern among people you know. That’s the case with most young adults. The average retirement savings for Americans under 35 is $18,800, according to Federal Reserve data.
It’s tempting to spend your money elsewhere instead of investing in stocks so you can retire one day. But if you’re thinking of waiting, you should probably reconsider.
It’s never too early to start saving for retirement. That may sound cliche, but it’s the truth. The younger you are when you get started, the easier it is to save, because your money has more time to grow.
At 30 or thereabouts, you’re still pretty young. You have the perfect opportunity to start saving, without needing to put in a lot of money every month. If you wait until you’re 40 or 50, it will be much more expensive to build your retirement savings.
Imagine you want to retire at 65 with $1.5 million. We’ll assume you invest your money and get a 10% return. That’s the average long-term return of the S&P 500 going back over 50 years. The table below shows how much you’d need to invest per month, depending on how old you are when you start. It also shows how much you’d end up investing total in each scenario.
You need to put in much more money, both per month and overall, if you start saving later in life. It’s in your best interest to save for retirement as early as possible.
The best way to get started with your retirement savings is through tax-advantaged accounts. One option, if your employer offers it, is a 401(k) plan. You can set this up and have contributions taken directly from your paychecks.
Individual retirement accounts (IRAs) are another option. These are available for almost any individual, and you open them on your own through a stock broker. The value of 401(k)s and IRAs is that they save you money on taxes.
With traditional plans, your contributions are tax-deductible. There are also Roth 401(k)s and Roth IRAs, where contributions aren’t tax-deductible, but withdrawals in retirement are tax-free.
Once you’re contributing to a 401(k), IRA, or both, you also need to choose investments. Target-date funds are a simple, effective option. These do all the work for you — the fund will choose investments based on when you want to retire. For example, if you want to retire in 2060, you’d invest in a 2060 target-date fund, and you’re done.
Or, you could invest in index funds that follow the stock market. S&P 500 index funds are a popular choice. At age 30, a stock-heavy portfolio isn’t an issue. You’ll maximize growth, and you’ll have plenty of time to ride out any down periods in the stock market.
The example from earlier showed how you could save $1.5 million by investing $461 per month. If you don’t have $461 per month to invest, don’t worry. You can start saving for retirement with any amount. It could be $25, $50, or $100 — whatever works for you.
What’s important is getting into the habit of saving for retirement. It doesn’t need to be a huge amount of money. As you get older, your income will probably increase, which will allow you to invest more. But it’s good to get the ball rolling on your retirement savings as soon as possible. In 10 years’ time, you’ll be happy that you started now.
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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.Lyle Daly 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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Thinking of becoming a Costco member? You may want to join before August ends. Find out how joining Costco now could save you money on membership fees. [[{“value”:”
Image source: Getty Images
Becoming a warehouse club member is a smart money move for many shoppers. Warehouse club companies like Sam’s Club and Costco offer members-only rates on essentials like groceries, toiletries, clothes, cleaning supplies, and household goods. If you’re a member, shopping these deals can help you keep more money in your checking account.
If you’ve considered investing in an annual Costco membership, you may want to join now. The retailer will increase annual membership fees in September, so if you join by Aug. 31, 2024, you can save $5 to $10. Here’s what you need to know about this news.
As of Sept. 1, 2024, shopping at Costco will cost more. The warehouse club announced its plans to increase membership fees earlier this summer. In September, a Gold Star membership will increase by $5 from $60 to $65 annually.
Meanwhile, an Executive membership, which includes more perks, will increase by $10 from $120 to $130 per year. While the membership price increases are minimal, it’s an added cost that shoppers should consider.
If you’ve been thinking of becoming a member to reduce your household spending, you may want to join in the coming days to save you a few dollars on your first year of membership.
If you’re new to Costco, you may wonder which membership type is best for you. I’ll explain what you need to know so you can choose the ideal membership for your needs.
The Gold Star membership is a standard Costco membership. You’ll get access to the retailer’s best deals and can shop in-club or online. If you don’t need added perks and just want to save money when buying everyday goods, this is likely the membership for you.
An Executive Membership is the premium membership option. You’ll get extra benefits, including additional discounts on check printing and extra perks like free breakfast or resort credits when booking eligible travel packages through Costco Travel.
But that’s not all. As an Executive Member, you can earn 2% rewards when making eligible Costco purchases. Currently, members can earn a maximum of $1,000 in rewards annually. However, the maximum yearly rewards cap will increase to $1,250 in September when membership prices rise.
You should invest in an Executive membership if you can benefit from perks and rewards like this. But it’s also worthwhile to consider your budget and shopping needs when deciding which membership to get.
Shopping members-only deals at warehouse clubs like Costco is a great strategy to incorporate into your personal finance routine. But there’s another way you can save money when shopping: You can earn valuable rewards by using rewards credit cards to pay for your Costco hauls.
Our top strategy to save money at Costco is using credit cards to earn rewards. You can earn cash back when you shop, which can maximize the savings you get. Check out our list of the best credit cards for Costco to learn more.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
Click here to read our expert recommendations for free!
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.Natasha Gabrielle 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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Have you ever wondered if your emergency fund is enough? Read on to find out just what you need to meet the average household expenses. [[{“value”:”
Image source: Getty Images
Savings is a vital tool to provide a household with a great deal more security than it would have otherwise. Without a healthy savings account, you can be pressured into doing work that you’re not super thrilled about, or having to accept positions that aren’t really ideal for you because they happen to pay better than a job that would be more in line with your interests or training.
On average, Americans have about $8,000 total in their transaction accounts, which include both checking and savings accounts, but only 45% can cover a $400 emergency expense. It’s generally recommended that you have about three months of expenses set aside in an emergency fund just in case, but how much is that, really?
Americans, on average, spend most of what they make — it’s a serious problem for us as a nation. According to the U.S. Bureau of Labor Statistics Consumer Expenditure Survey, the average consumer household makes about $94,000 per year before taxes and spends about $73,000 each year.
And what are we spending it on? Food at home, for example, is almost $6,000 per year, shelter is about $14,500 per year, and transportation over $12,000.
So, for that average household, three months of savings comes up to about $18,000 — or $10,000 more than we have on average, as Americans.
An average American household for the purposes of this study was made up of 2.4 people, 0.6 of them were children under 18, 0.4 of them were adults over 65, and 1.3 members of the household contributed to the household’s income.
But that’s hardly what every household looks like, and for many, $18,000 in savings is just impossible to achieve. So, instead of just looking at averages and saying that you must have $18,000 in savings, let’s see what some common household configurations should have in their rainy day fund.
A family of one has a lot fewer needs than a family of 2.4, but that doesn’t mean that they only need half the money of an average household. It’s actually kind of expensive to live by yourself, and the singles tax most definitely applies in so many areas of life.
For a family of one, just under $11,000 should cover three months of expenses. That includes $794 for food at home, $2,743 for shelter, $694 for utilities, $1,515 for transportation, and $904 for healthcare costs. It might sound more attainable than $18,000, but remember the average household of one only makes $45,588 before taxes.
A family of two comes much closer to the average household, with an income of $96,710 and a need for about $18,257 in savings. That includes $1,347 for food at home, $1,129 for utilities, $3,480 for shelter, $2,932 for transportation, and $1,671 for healthcare.
A family of four in America generally includes children or other household members who aren’t working, but averages 2.0 earners, according to the Bureau of Labor Statistics. For them, $24,000 is about three months of expenses, but with small children or elderly family members, you may actually need a bit more for surprises that can crop up.
When it comes to households with dependents, more is always better, but as always, we all do the best we can in this life.
How much you need in savings really depends on your own household spending and the non-savings resources you may have to lean on in hard times. For some families, more savings may be useful if they’re in a field where it can take a long time to get a new job, or if they have a medically complicated family member who may require a lot more healthcare expenses.
The best way to know for sure what your own needs are is to look at your household budget and build a savings plan from it. Including the most important expenses is a good starting point, then you can add additional funds as needed.
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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.The Motley Fool has a disclosure policy.
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How you store food is critical to preserving its freshness. oneinchpunch / Shutterstock.com
How you store food is critical to preserving freshness and extending shelf life. As you build a stockpile, it’s important to make sure the food doesn’t go bad. There’s no point in having 25 pounds of flour if it ends up going rancid. Let’s look at the best way to store foods that are commonly stockpiled or bought in bulk to ensure they don’t go bad before you can eat them.
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