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Money Management

Jul 23
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How Much Cheaper Is EV Charging vs. Buying Gas?

By Money Management No Comments

Electric vehicles are usually cheaper to refuel. Read on to find out about one of their hidden costs. [[{“value”:”

Image source: Getty Images

While inflation has cooled off recently, the high cost of nearly everything is still eating into Americans’ budgets.

And the price of gas isn’t helping. The average cost of a gallon of gasoline is $3.51 right now, according to AAA. That number is down slightly from last year, but higher than last month’s gas prices.

Some Americans are fed up with fluctuating gas prices and have opted to buy electric vehicles instead. But is it actually cheaper to charge a battery than to fill the gas tank? Let’s take a look.

You could save big with EV charging

The cost of electricity can change, but it doesn’t fluctuate in the same way that gasoline prices do. And, for the most part, electricity is much cheaper than gas.

Research shows drivers can save up to $1,000 annually by charging their vehicle vs. filling up with gas.

Read more: check out our picks for the best car insurance companies

Here’s what some of the latest EV charging vs. gasoline data found:

Charging an EV is cheaper than filling up with gas in all 50 states, according to The Washington Post.Car owners could save $700 annually, and truck owners could save $1,000.The average EV owner spends 60% less to power their vehicle than owners of gas-powered vehicles.Consumer Reports research shows that a typical EV owner saves between $800 and $1,000 by using electricity instead of gas to fuel their vehicle.

Another benefit for some potential car buyers is the recent introduction of tax credits for EV purchases. More than a dozen EV models qualify for either a $7,500 or $3,750 credit, which can be immediately applied to the price of the car when you buy it.

With lower costs to fuel up and government-sponsored financial incentives, it’s no surprise that nearly 30% of Americans say they’d consider buying an electric car.

This could give EV owners sticker shock

Unfortunately, it’s not all sunshine and rainbows for EV owners. Car insurance premiums are often more expensive for EVs than gas-powered vehicles.

Progressive Insurance says that electric vehicles are more complex, and their parts are more expensive to replace than traditional vehicles. Their batteries are also very expensive to replace, costing between $4,000 to $20,000.

This has caused some insurers to write off EVs as a loss if they’re involved in an accident, rather than pay to repair them. This is expensive for car insurance companies, which then pass the cost onto their customers.

The best way to save on car insurance is to compare quotes. Research from Jerry Insurance shows that 60% of people who comparison shop for car insurance end up saving money on their premiums.

Car insurers weigh your driving history, credit score, where you live, and other factors differently from their competitors. To find the cheapest car insurance, get a few quotes from companies online and compare the premium amounts, available discounts, and deductible costs.

Even if you don’t own an EV, you can likely save on your insurance by switching. Car insurance premiums are up an average of 26% from 2023. Whether you’re considering buying an EV or planning to go the traditional route with your next car purchase, spend some time getting a few insurance quotes. Your bank account will thank you.

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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 recommends Progressive. The Motley Fool has a disclosure policy.

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Jul 23
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How to Use Your Costco Membership to Save Big as a Senior

By Money Management No Comments

You can unlock big savings at Costco with your membership. Learn how seniors can save on essentials and more. [[{“value”:”

Image source: Getty Images

For the average American senior living on less than $30,000 a year, making every dollar stretch is essential. Enter Costco, the caped crusader of cost savings. This wholesale giant is not just a place to buy in bulk — it’s a goldmine for discounts and deals, especially for the silver-haired shopper.

Grab your oversized shopping cart, and let’s dive into how Costco can become your budget’s new best friend.

Unlock exclusive benefits

Your Costco membership offers more than the chance to buy large quantities of goods; it’s your entry into a world of exclusive benefits designed to save money and increase convenience.

Save big on bulk basics

Costco is the holy grail of bulk buying, allowing substantial savings on daily essentials. Imagine reducing your store trips because you’ve got a pantry stocked with a year’s supply of toilet paper or enough laundry detergent to last through the next presidential election. The spacious aisles and ample parking can make shopping more of a delightful excursion than a tedious chore.

Get discounted health services

In our golden years, health becomes wealth. Costco’s pharmacy is renowned for competitive prices on prescription medications — often much lower than those at your average drugstore. Costco’s pharmacy offers a range of affordable solutions, including free health screenings and deep discounts on over-the-counter items like vitamins and supplements.

Also, Costco’s Hearing Aid Centers and Optical services offer significant savings on hearing aids and eyewear. Comprehensive eye exams at Costco can cost significantly less than those at private optometry offices, and you can find frames starting from as low as $59.99 — a price that won’t make you squint. And Costco’s high-quality, low-cost hearing aids often come with free check-ups and cleanings.

Access home and auto services

Costco provides valuable home and auto services that can help streamline your lifestyle. Members enjoy competitive pricing at the Tire Center, which includes sales and services like tire rotations and balancing. Costco’s range of home installation services also offers affordable solutions for significant upgrades, such as water filtration systems and custom closets, ensuring both quality and affordability.

Whether you’re upgrading your home theater system or installing new appliances, Costco ensures members receive the best deals backed by solid warranties and reliable customer support.

Save on travel

Now that you’re retired, traveling more might be on your wish list, and Costco Travel is your passport to savings. Members can access exclusive deals on vacation packages, cruises, and rental cars — often at rates significantly lower than market prices. Whatever type of vacation interests you, Costco can make your travel dreams come true without your budget waking up in a nightmare.

Maximize your shopping strategy

Knowing when and what to buy at Costco can lead to more savings. Here are some strategic tips.

1. Leverage the Kirkland Signature brand

Costco’s Kirkland Signature brand offers high quality at lower prices. These products, from groceries to vitamins and even clothing, are priced lower than national brands, but often come from the same high-quality sources.

2. Plan around sales and coupons

Keep an eye out for Costco’s monthly coupon books, which offer instant savings applied at checkout. Planning your shopping list around these deals can lead to substantial savings.

3. Get a Costco credit card

If you’re a Costco member, consider applying for the warehouse club’s credit card. This credit card not only lets you earn cash back on your purchases at Costco but also offers bonus cash back across various spending categories, maximizing your reward potential every time you shop.

So, brush off that Costco membership card and dive into a world where retirement savings meet adventure. At Costco, it’s not just about saving pennies — it’s about enriching your golden years with quality, value, and maybe even a little extra room for those fun splurges.

Remember, every aisle holds a new opportunity to make the most out of your retirement budget. Who says you can’t have your cake (or that $1.50 hot dog combo), and eat it too?

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

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.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Jul 23
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5 Productivity Moves That Can Help You Earn More as a Freelancer

By Money Management No Comments

Are you a freelancer who wants to get more done? Finding ways to boost your productivity can help — read on for five great tips. [[{“value”:”

Image source: Getty Images

For many, freelance work is a preferable way to earn a living. This type of work can provide greater flexibility, including control over the projects you take on, the money you earn, and your schedule. But it takes hard work to build and run a business.

Changing how you complete tasks could help you improve your productivity. Here are a handful of ways to boost your productivity and increase your freelance income.

1. Reduce distractions

When you can focus on your tasks, you can get more done and produce quality work. You can’t control every distraction, but there are ways to reduce outside distractions so you can focus on your work.

When I’m working on an important project, I like to use my phone’s do-not-disturb feature. I can stay more plugged into my work by hiding my app notifications. Some days, I also use a social media blocker on my desktop to keep me from mindlessly scrolling my social media feeds. Looking for ways to reduce the distractions around you can lead to more productivity.

2. Use software to stay organized

Small business software is valuable. While you can likely do much of your work without it, investing in solutions could help you better manage your workflow and improve your organization. For example, freelance writers can benefit from using project management software to better plan their work week and stay on top of deadlines.

If you’re new to freelancing, don’t assume that software is out of your budget. You don’t have to spend a lot of money, as many platforms offer affordable pricing for individual business owners. Investing in an affordable software solution may help you improve your productivity.

3. Take breaks

It can be easy to forget to take breaks when you’re self-employed and don’t work in a traditional office setting. But it’s essential to give your mind and body time to rest. Forcing yourself to plug through work without a break can lead to frustration.

Taking a short walk or working on a quick household chore between tasks can give your brain a rest. Plus, you’ll likely be more productive when it’s time to sit back down and work.

4. Stick to a set routine

Freelancing offers flexibility, but there are still benefits to establishing and following a routine. Setting a schedule that works best for you can lead to better productivity.

For example, working during weekday hours is ideal for my lifestyle because I feel more energized and focused. It’s also easier to communicate with my clients with this schedule. Adjusting your schedule and routine accordingly may be worthwhile if you’re struggling with being your most productive self.

5. Batch similar tasks together

How you organize your work tasks can also make a difference. While I’m great at hopping from one project to another, sometimes I struggle with juggling the types of tasks I do. I easily get distracted and waste more time if I try to jump around too much between tasks.

Some days are strictly writing days, while others are editing and revision days because I can be more productive by batching similar tasks together. If you get distracted juggling between tasks, this tip may help you improve your organization.

Productivity can be a financial win

Don’t assume how you currently handle your daily business affairs is the only way to work. You can increase your productivity overall by finding small ways to improve your workflow and organization. Taking these steps could lead to financial wins for your business. If you want to boost your productivity and the balance of your small business bank account, give these tips a try.

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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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Jul 23
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Here’s How to Save 20% off an Uber One Membership

By Money Management No Comments

Thinking of joining Uber One? Read on for an easy way to save big when you get a membership. [[{“value”:”

Image source: Getty Images

There’s perhaps no company that epitomizes the trend of paying for conveniences like Uber. Not only can you hail an Uber to get to your destination without having to wait for a bus or worry about having to park your own car, but you can also use Uber Eats to order restaurant food or have groceries delivered to your door. And thanks to the Uber One program, you can enjoy added perks on all of these things.

Uber One is a subscription service you can pay for on a monthly or annual basis. If you pay every month, it costs $9.99. For an annual subscription, you’ll pay $96.

As an Uber One member, you can enjoy a number of benefits. Some of the primary ones include:

$0 delivery fees on eligible food and grocery purchasesUp to 10% off of eligible delivery orders6% Uber Cash on eligible rides

If you’re thinking of signing up for Uber One, you should know you may be eligible for a 20% discount on your membership — that is, if you’re a Costco member or plan to become one.

Another way Costco can save you money

Costco members are familiar with the concept of saving money on items like groceries and household essentials. But the savings opportunities go well beyond that.

When you join Costco, you’re eligible for perks that include discounted travel packages, eyewear, and home services. Heck, even the gas at Costco is cheaper than at most stations, generally speaking.

You should also know that Costco recently teamed up with Uber Eats to offer grocery delivery for people who either don’t have an easy way to shop at Costco in person, or who don’t enjoy the experience (the one downside to Costco is that stores are perpetually crowded in many corners of the country). And as a Costco member, you can also get 20% off an annual Uber One membership.

Should you join Uber One?

Let’s be clear: The services Uber offers are luxury ones — not luxury in the sense of diamonds and caviar, but luxury in the sense that they’re usually not necessary, kind of like streaming services and most subscription boxes.

Of course, there are exceptions. If you’ve been injured and can’t drive or shop for food in person until you’ve recovered, then an Uber One membership may be a need more so than an indulgence. But for most people, it’s the latter.

And that’s OK, provided you can afford it. If money is tight, though, then you may want to hold off on joining Uber One until you’re in a better place financially. And if you’re juggling high-interest credit card debt, definitely work on paying it off before adding non-essential expenses like this to your monthly budget.

Also, if you’re not sure how much use you’ll get out of Uber One, you may want to join on a monthly basis. You can cancel at any time, and that way, you won’t risk throwing $96 away (or a little less, if you get the Costco member discount) if you find that you don’t use the service very often.

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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 and Uber Technologies. The Motley Fool has a disclosure policy.

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Jul 23
Love0

This Is How Much the Average American Home Costs by State

By Money Management No Comments

Ever wonder what the average home costs in your state? Well, wonder no more — we’ve got your answers here. [[{“value”:”

Image source: Upsplash/The Motley Fool

I spent a decade of my life selling homes in my community as a Realtor, and I can tell you, there’s nothing that makes buying or selling a house easier than really being armed with knowledge.

You can’t know everything — that’s why you have an agent — but the more prepared you are going into your purchase or sale, the fewer surprises that will await you. Read on for some helpful information about home prices in all 50 states.

The average American home cost by state

Whether you’re looking to buy a home and you need some idea of pricing to give your mortgage lender, or you’re thinking about selling, it sure helps to know what average prices are near you.

The prices in the table below are based on data from the Zillow Home Value Index (ZHVI). The ZHVI reflects the typical value for a home between the 35th and 65th percentile for an area, making it a fairly realistic gauge of value for the typical buyer in an area. Choosing to look at this slice of data means you eliminate deeply distressed properties, as well as high-end luxury mansions where the last thing you’re worried about is mortgage rates.

I’ve also included the change in price since 2021, so you can see how much equity you may currently have, based on your state’s average.

More: Check out our picks for the best mortgage lenders

Ranking By Price State Q1 2021 Q1 2024 % Change Since 2021 2024 % Difference From Median 1 Hawaii $772,634 $967,296 20.12% 129.87% 2 California $635,822 $785,294 19.03% 86.62% 3 District of Columbia $714,340 $717,557 0.45% 70.52% 4 Massachusetts $486,094 $616,983 21.21% 46.62% 5 Washington $483,026 $589,807 18.10% 40.16% 6 Colorado $452,239 $550,989 17.92% 30.94% 7 New Jersey $403,550 $519,941 22.39% 23.56% 8 Utah $412,426 $519,469 20.61% 23.45% 9 Oregon $418,103 $494,780 15.50% 17.58% 10 New Hampshire $349,856 $475,398 26.41% 12.97% 11 Montana $326,256 $450,517 27.58% 7.06% 12 Rhode Island $343,776 $448,778 23.40% 6.65% 13 Idaho $362,762 $443,630 18.23% 5.43% 14 Nevada $344,911 $441,950 21.96% 5.03% 15 Arizona $332,801 $436,307 23.72% 3.69% 16 New York $334,559 $428,712 21.96% 1.88% 17 Maryland $358,880 $418,225 14.19% (0.61%) 18 Connecticut $307,236 $409,905 25.05% (2.59%) 19 Florida $287,217 $409,638 29.89% (2.65%) 20 Virginia $310,472 $383,327 19.01% (8.91%) 21 Maine $278,905 $379,011 26.41% (9.93%) 22 Vermont $291,444 $375,943 22.48% (10.66%) 23 Delaware $299,760 $371,763 19.37% (11.65%) 24 Alaska $324,818 $362,644 10.43% (13.82%) 25 Wyoming $275,014 $333,745 17.60% (20.69%) 26 Minnesota $282,618 $328,696 14.02% (21.89%) 27 North Carolina $240,089 $324,113 25.92% (22.98%) 28 Georgia $235,319 $323,386 27.23% (23.15%) 29 Tennessee $229,520 $310,207 26.01% (26.28%) 30 Texas $235,889 $299,474 21.23% (28.83%) 31 New Mexico $226,076 $293,801 23.05% (30.18%) 32 South Dakota $230,548 $293,085 21.34% (30.35%) 33 South Carolina $217,913 $289,251 24.66% (31.26%) 34 Wisconsin $231,052 $289,236 20.12% (31.27%) 35 Pennsylvania $212,295 $256,822 17.34% (38.97%) 36 Illinois $208,545 $255,278 18.31% (39.34%) 37 North Dakota $230,507 $252,455 8.69% (40.01%) 38 Nebraska $201,109 $251,976 20.19% (40.12%) 39 Missouri $188,758 $239,144 21.07% (43.17%) 40 Indiana $180,217 $231,797 22.25% (44.92%) 41 Michigan $188,711 $230,579 18.16% (45.20%) 42 Ohio $175,775 $218,937 19.71% (47.97%) 43 Kansas $171,725 $218,078 21.26% (48.18%) 44 Alabama $177,880 $217,961 18.39% (48.20%) 45 Iowa $174,555 $212,618 17.90% (49.47%) 46 Oklahoma $157,331 $200,364 21.48% (52.38%) 47 Arkansas $162,526 $198,530 18.14% (52.82%) 48 Kentucky $158,945 $196,576 19.14% (53.29%) 49 Louisiana $190,184 $195,141 2.54% (53.63%) 50 Mississippi $148,394 $170,810 13.12% (59.41%) 51 West Virginia $131,784 $155,333 15.16% (63.09%)
Data source: Statista / Zillow Home Value Index. Table by author.

Hawaii has the highest property values, where West Virginia has the lowest. The median sales price of homes sold in America was $420,800 in Q1 2024, according to the Federal Reserve Bank of St. Louis. So both Hawaii and West Virginia are very far off the median, which may also influence where you shop for a home or how you plan for your retirement.

Choosing a home in any state

While it’s important to understand property values where you live and where you’re shopping for a home, this information can be used to plan for the future. For example, if you currently live in Virginia, you may find it’s worth choosing your next home in West Virginia when you’re attempting to downsize.

Your life may not change much, depending on where you are in each state, but selling a home in a more expensive location and buying one in a less costly one is one part of a killer retirement strategy.

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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.Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.

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Jul 23
Love0

Here’s How Much Sam’s Club Gas Could Save the Average Driver in a Year

By Money Management No Comments

Thinking of joining Sam’s Club to save on gas? How much you drive can make a difference in your total savings. Find out how much the average drive could save. [[{“value”:”

Image source: Getty Images

Many people shop at warehouse clubs like Sam’s Club to keep more money in their wallets. Every dollar saved makes a difference as everyday costs continue to rise. In addition to extending discounts on household essentials, groceries, clothing, and electronics, Sam’s Club members can get a deal when filling their gas tanks.

Are the gas savings worth it? Let’s explore how much the average driver can save annually by purchasing gas at Sam’s Club.

Here’s what savings could look like for the average driver

One membership benefit that Sam’s Club offers is discounted gasoline prices. The savings vary by location and club, but you can expect to save at least a few cents per gallon when using your Sam’s Club membership perks. You can check the prices at your local club to learn more.

I researched gas prices in Denver, Colorado to get a feel for the savings that Sam’s Club could offer drivers. At the time of writing, AAA listed the average cost for regular unleaded gasoline in Denver, Colorado as $3.27 per gallon.

Meanwhile, the Sam’s Club, located at 7805 E. 35th Avenue in Denver, Colorado, lists the average cost of regular unleaded gasoline as $2.95 per gallon. That’s a savings of $0.32 per gallon for Sam’s Club members.

According to estimates from the American Petroleum Institute, using 2021 data, the average U.S. driver uses about 500 gallons of gasoline per year per registered vehicle.

With this information in mind, the average driver could save $160 a year by filling up their gas tank at Sam’s Club. If you have a multi-vehicle household or drive further distances requiring more gasoline, you could save even more.

Are the gas savings worth it at Sam’s Club?

In my example above, the average driver in Denver, Colorado, could save $160 a year on gasoline expenses. This is a deal, considering being a Sam’s Club member costs $50 to $110 per year. The retailer also offers discounts on other everyday expenses like food, clothing, and household goods — so the total annual savings for the average shopper can be significant.

Should you consider joining Sam’s Club to save money on gas? If you drive regularly and live near a Sam’s Club, you can likely benefit from the gas savings the warehouse club provides. Want to maximize your savings? It’s best to do most of your fill-ups at Sam’s Club.

If you’re not near a club and must drive out of your way every time you fill up your gas tank, it’s probably not a worthwhile membership perk. But you may want to see if there’s a Costco in your community, because this retailer also offers discounted gasoline to its members.

Earn rewards when you shop at Sam’s Club

Saving money by shopping deals is a smart financial move. But it’s also wise to take advantage of the chance to earn rewards when you shop at Sam’s Club and other retailers. You can use rewards credit cards to pay for your purchases.

Earning cash back or other valuable rewards could benefit your bank account balance. Check out our list of the best cash back credit cards to learn about the top features of each card.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2026

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.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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