Money Management

Are you a frequent traveler looking for more ways to save on travel costs? Find out how Costco can help you save money on travel. [[{“value”:”

Travel costs can add up quickly, so any savings you can score are a win for your wallet. Before finalizing the details for your next getaway, look for opportunities to save money. If you’re a Costco member, your membership perks could help trim your travel spending.

Sure, Costco has great prices on groceries, electronics, and clothes — but that’s not all. Here are a few ways you can use your Costco card to get better deals on travel expenses.

1. Save money by booking reservations through Costco Travel

Before you make a reservation for an upcoming trip, check the prices on Costco Travel. You can book hotels, rental cars, cruises, and vacation packages through Costco, which could offer significant savings.

Need help determining where to go for your next trip? Costco highlights limited-time travel deals that could offer considerable savings. You may even receive free daily breakfast or resort credits when booking eligible trips, which would provide additional savings.

2. Get a deal on new luggage

Good luggage can last a long time, but there may come a point when you need to replace your existing suitcase. Check to see if you can get a deal on quality bags at Costco. Here are three deals to explore if you’re shopping for new luggage:

Traveler’s Choice Granville II 2-piece Luggage Set for $169.99Samsonite Amplitude 2-piece Hardside Set for $199.99Traveler’s Choice 30″ Creekside Hardside Check-in Luggage Spinner for $139.99

Luggage sets from popular brands like Samsonite can cost $300 or more, so getting your travel gear at Costco could be a win for your personal finances.

3. Add a driver for free on eligible car rental bookings

Another way Costco members can save on travel is by adding a driver to their car rental reservation for free. This membership perk applies to bookings made with Alamo and Enterprise for U.S., Canada, U.K., France, Germany, Ireland, and Spain rentals.

The additional driver fee is also waived for Avis and Budget U.S. car rental bookings. Additional driver fees usually cost $13 to $15 per driver per day. This membership benefit could save you up to $150 for a 10-day road trip.

4. Pay less for travel gift cards

You can use your Costco membership perks to save money on gift cards to your favorite retailers. But that’s not all. Costco sells gift cards for popular travel companies like Southwest. At the time of writing, Costco has a $500 Southwest Airlines gift card for $449.99. Saving over $50 on your next airfare purchase can allow you to stretch your vacation budget further.

5. Save money on gas

You can also use your Costco membership benefits to get a deal on gas when filling up at Costco. This is helpful for your day-to-day needs and can also help you save money on your next vacation. Before your next road trip, check to see if any clubs will be along your route so you can fill up your tank at a discounted rate.

How much money can this perk save you? Most reports suggest that Costco’s gas prices are about $0.20 less per gallon than other gas stations. If you drive a car with a 15-gallon tank, a discount of $0.20 per gallon would save $3 every time you fill up.

Get the most out of your Costco membership

A Costco membership costs $60 to $120 a year, depending on the level you choose. Use the benefits available to get the most out of your investment. You can save money on expenses beyond groceries and household goods. The travel savings mentioned above are just a few other ways to use your membership perks.

Check out our ultimate Costco guide for tips on maximizing the value of your membership. You should also consider using a credit card that earns rewards when paying for your Costco haul. Review our list of the best credit cards for Costco to learn more about the rewards potential.

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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool recommends Southwest Airlines. The Motley Fool has a disclosure policy.

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Want to make money working from home? The best side hustles identified by FlexJobs pay about $30 to $60 per hour. Get inspired here. [[{“value”:”

Even though some companies are requiring employees to go back to the office, many Americans still want to work from home. If you have the right in-demand professional skills and can make good use of a flexible schedule, finding a work-from-home side hustle is a great way to boost your income.

According to recent survey data from FlexJobs, some of the best side hustles let you work from home — and pay $30 to $60 per hour on average. Let’s look at some opportunities that pay the highest hourly rates.

1. Software developer ($59.71 per hour)

If you have software skills, companies might want to hire you on a freelance basis. Software developers are always in demand for creating, maintaining, and updating software apps and websites. If you can work in a flexible, collaborative way, FlexJobs survey data shows that the median software developer gig pays about $59.71 per hour — and this career field is growing much faster than average (25% per year).

2. Project manager ($45.85 per hour)

Companies need project managers for a wide range of purposes, like IT modernization projects, marketing campaigns, or driving results on a strategic business transformation. Project managers need to be organized, detail-oriented, and able to communicate effectively to coordinate people’s efforts and marshal expertise.

Being a work-from-home project manager can be a great side hustle, especially if you can do most of your meetings via video calls. FlexJobs’ survey shows that this gig pays a median of $45.85 per hour.

3. Consultant ($45.81 per hour)

All kinds of organizations hire outside experts to help achieve specific results or get a fresh set of eyes on a problem. This is what being a consultant is all about: You get hired for a short-term project, you offer your expertise, you make recommendations, and you ideally leave the client in a better situation — while getting paid a good hourly rate.

FlexJobs’ survey found that consultants earn a median of $45.81 per hour, with faster-than-average career growth expected for this field.

4. Account manager ($43.57 per hour)

“Account manager” is another job title that sounds a bit vague and all-encompassing — but most often, this gig is all about sales and client service. Account managers work in sales, sales development, client success, or another client-facing role where you help drive strategic results and earn revenue. Many prospecting activities, sales calls, and client meetings can be done via video call nowadays, which makes this gig a great fit for working from home.

FlexJobs found that this side hustle earns a median rate of $43.57 per hour.

5. Web designer ($38.81 per hour)

Like software developers, web designers seem to be constantly in demand. Companies always need help with building websites and mobile apps, updating their existing sites, or migrating content to a new platform. As a work-from-home side hustle, web designers can expect to earn a median hourly rate of $38.81.

6. Technical writer ($38.44 per hour)

Companies hire technical writers to create brochures, white papers, user manuals, and other complex content to explain their technologies, products, and services. If you have strong writing skills and a good eye for detail, getting a work-from-home side hustle as a technical writer might be right for you. And the pay is pretty good: a median rate of $38.44 per hour, according to FlexJobs.

7. Market researcher ($32.80 per hour)

Companies always want to know what their customers are thinking, how consumers are shopping, why people are buying (or not), and what the future might hold for their brand, business, and industry. This makes market research an in-demand side hustle. And you can work from home — as long as you have the right skills and resources to conduct surveys, analyze market data, and offer well-informed perspectives about changing consumer behavior.

FlexJobs says that the median pay for market researchers is about $32.80 per hour.

8. Recruiter ($30.88 per hour)

What if you could get a side gig…helping people find a new gig? Recruiters have been in strong demand recently since unemployment is so low; companies have been trying harder to find workers to fill the available jobs. Working from home as a recruiter is more possible than ever before, with Zoom calls, LinkedIn, and other online tools letting you do the work on a flexible schedule from any location. FlexJobs’ survey found that recruiters earn about $30.88 per hour.

9. Legal transcription ($30.56 per hour)

Legal proceedings, such as depositions, court proceedings, and civil and criminal trials, have to be recorded in writing. That creates mountains of work for court reporters, and legal transcriptionists can help! Working in legal transcription can be a good work-from-home side hustle if you type quickly, have a laser-sharp eye for detail, and have a good ear for legal terminology. Legal transcriptionists can earn about $30.56 per hour, according to FlexJobs.

10. Video editor ($30.01 per hour)

It seems like there’s more video being recorded and shared online now than ever before — and this creates more work for video editors. Companies need to hire video editors to make YouTube videos, advertisements, social media posts, and more. Video editors earn an average of $30.01 per hour, according to FlexJobs.

Bottom line

Some of the best side hustles pay up to $60 per hour on average, and you can work from home. Use your career skills to earn extra income on a flexible basis. Check out FlexJobs (flexjobs.com) for more ideas and gig postings.

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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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Not fixing bad credit can be costly, plus you may need to apply for credit sooner than you think. Learn about the easiest way to fix your credit. [[{“value”:”

As a 19-year-old college student, I charged up a bunch of credit cards. When I couldn’t afford the minimum payments, I tried to ignore my debt and my creditors — which is hands-down the worst thing you can do. Not repairing my credit cost me big-time. These are the consequences I experienced as a result of not fixing my bad credit. Take these hard-earned lessons to heart, then learn what I wish I’d done differently.

I paid more for a lot of things

I figured that I’d simply avoid using credit until the negative information fell off my accounts. But negative information sticks around on your credit report for seven years, which is a long time to go without credit. And even though I wasn’t applying for credit cards or loans, I paid more in other ways.

When you have good credit, you can often avoid security deposits for things like your electric bill and cellphone. Some apartment complexes will even waive security deposits for tenants with good credit. But because my credit scores were in the low 500s, I often paid security deposits of several hundred dollars. Coming up with extra money for deposits when you’re on an entry-level salary gets painful quickly.

Not surprisingly, I also paid a lot more for auto insurance as a result of having bad credit. Drivers with poor credit pay an average of $4,145 annually for car insurance, according to research by The Motley Fool Ascent. That’s more than double what a driver with excellent credit can expect to pay.

Debt collectors hounded me

I avoided answering any calls from numbers I didn’t recognize, but debt collectors have a way of finding you anyway. Every day, I got a rainbow’s worth of colorful envelopes from collection agencies in my mailbox. I tried really hard to ignore those letters.

But then they started calling me at work. I hung up when a debt collector first reached me on my office line. Then, the collector called our accounting department and asked them to verify my employment so they could pursue wage garnishment in court.

I knew I couldn’t put off dealing with debt collectors any longer. Finally, I returned their calls and agreed to pay $275 a month on my largest account in collections. That was a huge burden, considering I only took home about $2,000 per month back then after taxes and health insurance.

In retrospect, I should have negotiated with debt collectors. Usually, they can’t garnish more than 25% of your disposable income — the income you have left over after you’ve paid for necessities — and they can only do so with a court order. Given my low income, I probably could have gotten them to agree to a substantially lower payment.

I paid 18% APR for a car loan

You know how I said I thought I could avoid credit for seven years? Well, by 2010 my Gumby green Toyota Corolla had over 200,000 miles on it. Finally, my mechanic refused to fix it, saying the car was a fire hazard.

I was a writer for a local newspaper back then and easily drove 1,000 miles covering stories, so going without a car wasn’t an option. After fetching $121 when I sold my old Corolla for scrap metal, I paid a whopping 18% APR on a $7,700 used car.

What I wish I’d done sooner to fix my credit

There’s not much you can do to have negative information removed from your credit reports, provided it’s accurate and within the statute of limitations. But I didn’t need to wait for the negative information to disappear in order to start rebuilding. I could have applied for a secured credit card, where you put down a security deposit that becomes your line of credit. As you make on-time payments, you build positive history on your credit reports, and your score usually improves over time.

With any financial mistake, you’ll typically have better options if you take quick action to correct the issue. But take it from me: You don’t want to wait until you’re sitting in the financing office of a used car dealership to start thinking about how to fix your credit.

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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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$10,000 is not enough for most American households to build an emergency fund. Find out how much to keep in your fund. [[{“value”:”

You lose your job, your son breaks his leg, and your car blows a gasket. Cha-ching. That’ll be $10,000, minimum. If you have an emergency fund, you pay your expenses and move on. If not, you may need to take out a loan and spend the next year paying it back, plus interest.

An emergency fund keeps you safe from debt. But how much money should you keep in it? Common wisdom (and sound financial advice) suggests you should keep three to six months of expenses in an emergency fund. Some gurus, like Suze Orman, suggest you save even more.

Let’s assume we’re the typical American being paid an average salary. We’re aiming to save somewhere in the middle — more than the bare minimum, less than what you’d need to survive a zombie apocalypse. Below, we’ll dig into how much money you should keep in an emergency fund.

Six months is the sweet spot

Six months’ worth of income is a sizable emergency fund. It’s enough to get you through half a year of joblessness or pay for a major surgery without sending you into debt.

But how much is that, exactly?

The average American household spent $6,081 a month in 2022. This is according to the most recent Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics (BLS). To save six month’s worth of living expenses, the average household would need to save $36,486.

But that includes nonessentials like entertainment and alcohol. To save for essentials like food, housing, and transportation, the average American household would need to save $22,974.

Keep in mind that this number applies to an entire household. If you’re going at it solo, you may need to save much less to hit the sweet spot. The same applies if you spend less than average.

Six months’ worth of income is okay, too

Maybe you don’t know your yearly expenses. No problem. You can also calculate how much to save by multiplying your income. This is instead of multiplying your spending.

The typical American household earned about $61,937 in 2022, according to research by The Motley Fool Ascent. To save six months’ worth of income, the typical American household would need to save $30,968.50 to hit the sweet spot. That’s a comfortable margin of safety.

What if you want to save the bare minimum?

Experts advise keeping at least three months’ worth of spending or income in your emergency fund. The typical American household would need to save $11,487 to cover three month’s worth of essential expenses.

If that’s too much effort, you can simply estimate your income and multiply that by three. That should get you the bare minimum you need to pad a proper emergency fund.

In some cases, less is more. You don’t necessarily want to keep all your savings in an emergency fund. The point is just to keep some money saved for unexpected bills. Think medical bills, automobile repairs, or between-jobs money.

A high-yield savings account can help you save

You can put your emergency fund anywhere. But there are advantages to keeping it in a high-yield savings account. You can access the money when you need it most, and you don’t pay a penalty for doing so. (Certificates of deposit charge you for early withdrawals.) Plus, you earn interest on your deposit, helping you save faster.

As of May 2024, Federal Reserve rates are historically high. Some of the best high-yield savings accounts earn you more than 5% interest. With $10,000 in an emergency fund, you’d earn $500 per year. It’s more than you’d earn keeping the money in a typical savings or checking account.

Regardless of how much you save, something is better than nothing. Building an emergency fund is often an ongoing process, one with many ups and downs. Life happens, and it does so without warning. Do what you can to hit that sweet spot; your wallet 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.The Motley Fool has a disclosure policy.

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Many people buy starter homes with plans to upsize. But read on to see why staying in your starter home could be a smart move. [[{“value”:”

Buying a starter home is a great way to get used to homeownership. Since these homes tend to be on the small side, generally speaking, a starter home lets you get your feet wet without committing to the cost and work of owning a larger property.

You may have bought your starter home thinking you’d upsize after a few years. But here’s why you may want to stay in your starter home.

1. You locked in a low mortgage rate

These days, you’re looking at an average mortgage rate of around 7% for a 30-year loan. But if you bought your home in 2020 or 2021, you may have signed a 30-year loan at around 3%. Or, you may have refinanced to a lower rate if you bought your home a bit prior to 2020. Either way, 4 percentage points is a huge difference in mortgage rates.

The rates that mortgage lenders were offering a few years ago may not be available again for a long time, if ever. So if you’re locked into a favorable fixed loan, you may want to stick with it.

2. You’re used to your monthly mortgage payments

Even if mortgage rates somehow fall so they’re comparable to the rates buyers were getting a few years ago, if you upsize your home, you’ll generally be looking at a larger monthly mortgage payment either way. But if you can afford your current mortgage payment, you may want to avoid shaking things up.

Let’s say you’re used to spending $1,250 a month on a mortgage. You’re able to arrange all of your remaining expenses around that number so it’s manageable. If you’re looking at going from $1,250 a month to $1,850 a month, that could require quite a bit of financial juggling on your part.

This isn’t to say that you won’t be able to afford the higher payments. Rather, you may find them more stressful. There’s something to be said for sticking with a monthly payment you know is doable because you’ve been managing it just fine for years.

3. You don’t want to deal with more maintenance

Upsizing your home will generally mean spending more money on maintenance. But costs aside, it could also mean having to give up more of your time for upkeep.

Let’s say you have a small home on one-tenth of an acre right now. If you upsize to a one-acre lot, that’s 10 times as much mowing, snow removal, and seasonal cleanups.

And that’s just your exterior. If you increase your home’s square footage, you’ll have more rooms to clean, more floors to vacuum, and more areas to dust — to name just a few tasks.

A smaller home may require considerably less work. So if you value your free time, that’s reason alone to stay in a starter home.

Upsizing from a starter home could give you more space. And there’s a benefit to that for sure. But think about what you may be giving up — a fantastic mortgage rate, a monthly payment you can easily afford, and your time. You may decide that staying put is your best move after all.

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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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