Money Management

A three-month emergency fund is a great start. Read on to see why you may want to save beyond that point. [[{“value”:”

Last year, SecureSave reported that 63% of Americans were not equipped to tackle an unplanned $500 expense. So if you have a three-month emergency fund — meaning, you have enough cash in savings to cover three months of essential expenses — then you’re in pretty good shape, comparatively speaking.

But while saving up a three-month emergency fund is a fabulous accomplishment, you don’t necessarily want to stop there. It could very much work to your benefit to have more like six months’ worth of expenses on hand in your savings account.

Why three months’ worth of savings may not suffice

The purpose of having an emergency fund is to be able to cover your expenses in the event of a layoff. It’s also to tackle unplanned expenses that arise, like home and car repairs, which could cost thousands of dollars on an individual basis.

The logic behind the three-month emergency fund is that if you were to lose your job, it might take a good 90 days to search for open positions, go on interviews, and negotiate an offer. And you definitely want a way of paying your bills while you’re out of work so you don’t automatically have to resort to credit card debt.

But depending on your job situation, a three-month emergency fund may not be enough. If your job is an upper-level position, you may not want to go from being a manager to being an individual contributor at another company. But since manager positions often aren’t as available, it might take more than three months to get hired again in that capacity following a layoff.

What’s more, you could lose your job the same month your home needs a major repair. So you might, in that situation, need three months’ worth of savings to cover your essential bills plus another $6,000 to address the repair at hand.

That’s why you may want to aim for six months’ worth of living expenses in your emergency fund instead of just three months’ worth. Having that extra money on hand could make it possible to embark on a job search with less pressure. It could also make it so you’re covered in case you find yourself out of work on top of having to make home or car repairs.

There’s your own peace of mind to consider, too

A six-month emergency fund gives you more options than a three-month emergency fund. But one thing you might appreciate having as much as options is peace of mind.

Imagine you were to lose your job today. Wouldn’t you feel better knowing you can cover your living costs for half a year without risking debt?

That might help you approach the situation more calmly. It’s worth trying to save extra for the mental benefit alone.

Of course, if you’re in a place right now where you pretty much have $0 savings, your focus should be on building a safety net slowly but steadily over time. But don’t necessarily stop once you reach the three-month point. Pushing yourself to go beyond could be one of the best moves you’ll ever make.

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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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Want to buy Ozempic at Costco? See how Costco members can get low-cost access to prescriptions for Ozempic, Wegovy, and other weight loss drugs. [[{“value”:”

Costco is becoming known as a place where you can save money on healthcare — not just on groceries, household items, or big-ticket items like electronics and appliances. But Costco Optical, Hearing Aids centers, and the Costco Pharmacy are not the only ways to save on healthcare costs. Costco is now offering a unique weight loss program with its partner company, Sesame (sesamecare.com), a telehealth platform.

Costco members can use the special Sesame Costco weight loss program to get help with losing weight — and you can even get prescribed GLP-1 weight loss drugs, like Ozempic.

Let’s look at the details of how you can get Ozempic with a Costco membership, and how much it costs.

Why people might want to get Ozempic at Costco

Would you like to lose weight? If you’ve heard about the latest blockbuster “miracle” weight loss drugs like Ozempic and Wegovy (also known as GLP-1 drugs), you might wonder how to get a prescription. People who have struggled to lose weight (and keep the pounds off) with diet and exercise changes might be good candidates for GLP-1 weight loss drugs — if your healthcare professional agrees.

GLP-1 drugs like Ozempic are changing the world. Weight loss patients who use these drugs are reporting dramatic results in their weight loss and overall health and wellness; these drugs seem to have powerful effects to reduce people’s cravings.

Some major food and beverage companies saw big declines in their stock prices because of Ozempic, Wegovy, and other drugs. Walmart announced in October 2023 that Walmart customers who use Ozempic and other GLP-1 drugs were buying less food and fewer calories in their grocery shopping at Walmart. Some investors believe that widespread use of GLP-1 drugs could cause a massive, permanent reduction in consumer demand for snacks, sweets, and high-calorie meals.

How much it costs to get Ozempic at Costco

So far, much of the hype about Ozempic, Wegovy, and other GLP-1 drugs seems to be fair and justified: the drugs seem to work incredibly well for many people who could not lose weight with traditional methods. But GLP-1 drugs are not cheap. Without insurance, the exact price can range from $950-$1,600 per month. And as of May 2024, there are no FDA-approved generic versions of Ozempic or other GLP-1 drugs.

The Costco weight loss program with Sesame could help you get access to Ozempic, Wegovy, or other GLP-1 drugs prescribed by a healthcare professional. As a Costco member, you can get three months of the Costco weight loss program with Sesame for only $179 (about $60 per month).

Keep in mind: the Costco weight loss program does not include the cost of Ozempic or other GLP-1 drugs. Any medications that you might be prescribed as part of your weight loss program will have to be paid for separately.

What you get with the Costco + Sesame weight loss program

The Costco weight loss program is a unique opportunity for Costco members. You can get three months of online weight loss support and access to healthcare professionals who can diagnose you and prescribe weight loss medications (as appropriate to your healthcare needs).

For $179, you get:

Your choice of healthcare provider from Sesame’s online marketplace of clinicians (including nurse practitioners, physician assistants, and some M.D.s)Online meeting with your healthcare professional, who will create your treatment plan and order lab work if needed (lab prices cost extra)Access to weight loss prescription (if appropriate based on your clinician’s diagnosis)Three months of ongoing help and guidance on nutrition and exercise — via unlimited messaging with your healthcare professional

The program renews after three months, unless you decide to cancel. Results will vary, but typical goals for the Costco + Sesame weight loss program include:

Losing 5% of body weight by three monthsLosing 10% of body weight by six monthsLosing 15% of body weight by 12 months

If you have a high-deductible health insurance plan (HDHP), the Costco weight loss program could be your lowest-cost way to see a clinician (via online meetings, instead of expensive office visits). Costco can’t give you a cheaper price on Ozempic. But your Costco membership can help you start your weight loss journey with low-cost online healthcare and get easier access to prescription weight loss drugs that are right for you.

Bottom line

Costco cannot necessarily get you “cheaper Ozempic.” The price you pay for Ozempic or other GLP-1 weight loss drugs will depend on your health insurance. But if you believe you’re a good candidate for Ozempic, Wegovy, or other GLP-1 weight loss drugs, your Costco membership could help you get the treatment you need, hopefully without breaking your budget. Check out the Costco + Sesame weight loss program to learn more.

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.

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

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Shopping at your local dollar store could result in savings. But it’s important to steer clear of these common pitfalls. [[{“value”:”

People tend to have a lot of mixed feelings about dollar stores. On the one hand, it’s kind of hard to argue with the price point. But some people will tell you that dollar stores offer low-quality items that aren’t worth the money, and that they commonly drive local companies out of business.

Personally, I have no problem with dollar stores. I find that running in for last-minute school supplies or party favors is convenient and cheap. And while I don’t shop at dollar stores as often as some of my friends, when I do stop in, I find that I generally get decent value.

But if you’re going to shop at dollar stores, you’re going to want to reap savings in the process. So to that end, make sure you’re not making these common mistakes.

1. Assuming you’re getting the lowest price

These days, not every dollar store upholds the $1 price point. At my local store, the going rate is $1.25. We can thank inflation for that.

But even so, since dollar store products are inexpensively priced, you may be wired to assume that you’ll always be getting the best deal. That’s not automatically the case, though. Sometimes, you’ll spend a lot less buying items in bulk at Costco or on Amazon.

Now, if you need something like a 12-pack of markers in a pinch for your child’s school project that’s due tomorrow, then fine, spend the $1 or $1.25. But before you load up on dollar store buys, take a little time to compare prices and make sure you’re really getting the good deal you think you are.

2. Not looking at quantities when buying food or personal care items

You may find everything from hand soap to macaroni and cheese to canned vegetables at your local dollar store. And at first, the prices there might seem more competitive than your local grocery store.

But remember, while your dollar store may be charging a lower price per item, it’s not necessarily charging a lower price per ounce. If a 30-ounce bottle of body wash costs $2.99 at your local supermarket, you’re paying about $0.10 per ounce. If an 11-ounce bottle costs $1.25 at the dollar store, you’re paying $0.11 per ounce.

If money isn’t tight in your household, then you may, frankly, not have to worry so much about paying $0.01 more per ounce of a product you want. But if you’re on a tight budget, these are things to pay attention to.

3. Not using your credit card

Because dollar store purchases tend to be inexpensive on an individual basis, you may be inclined to pay for them in cash. But in doing so, you could be forgoing credit card rewards that put cash back in your pocket.

Remember, the $3 here and the $6 there you spend at the dollar store can add up over time. So don’t hesitate to swipe your credit card, even if it’s for a smaller purchase. If money has been scarce, every extra dollar you get back counts.

Whether you’re a fan of dollar stores or not, chances are, you’re going to end up shopping at one for some reason or another. So you might as well do what you can to reap the most savings — namely, by avoiding these blunders.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Costco Wholesale. The Motley Fool has a disclosure policy.

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Owning a car is expensive. Read on to find out where living a car-free life can save you the most. [[{“value”:”

For the past four years, my wife and I have shared one car. We have a family of four. We don’t live in a large city, but we do live downtown in a small city and can easily walk to the coffee shops, restaurants, and parks.

Based on the average cost of owning a car in South Carolina, we save about $5,837 annually by sharing a car. But there are many cities where it’s even easier to get around, thanks to robust public transportation, biking paths, and pedestrian-friendly neighborhoods.

Here are 10 cities where you can save $5,000 or more by ditching your car.

Cities where you save $5,000 by not owning a car

Car prices have jumped 15% over the three years. Yikes! This has made car ownership more expensive over the past few years and means that those who can go without one could save big bucks.

To determine how much you could save in each city, let’s look at the top 10 cities where it’s the easiest to go car-free and the annual cost of ownership in those states, according to U.S. News & World Report:

Philadelphia, Pennsylvania: $5,008Washington, D.C.: $5,057Chicago, Illinois: $5,217Minneapolis, Minnesota: $5,534Boston, Massachusetts: $5,596Newark, New Jersey: $5,635Jersey City, New Jersey: $5,635New York, New York: $5,694Seattle, Washington: $5,778San Francisco, California: $6,545

Of course, each city may have its own taxes and fees that could drive the average car ownership costs higher than the state’s average. But, in general, you could save $5,000 or more in these states by giving up your car.

How to keep the car and still save money

Car insurance premiums have soared 26% since last year, and the average driver now pays $2,543 annually.

OK, so that’s the bad news. The good news is that shopping around for car insurance can save you a lot of money.

I recently went online and compared my monthly car insurance premiums of $137 to a quote by a competing provider of $105. I’m planning to make the switch next month, which could save me $384 annually.

How to save $1,500 or more on car insurance

When shopping for cheaper car insurance, pay attention to three important insurance details: The deductible, collision coverage, and comprehensive insurance. Here’s how changing your coverage could save lots of cash.

1. Raise your deductible

Your car insurance deductible is the amount you pay out of pocket if you get into an accident. Everyone’s budget is different, so find an amount you’re comfortable spending in that event, and then increase your deductible. Consumer Reports says you could save up to $500 annually by raising the deductible from $500 to $1,000.

2. Consider dropping collision and comprehensive coverage

Collision coverage covers fixing your vehicle when it’s in an accident. Meanwhile, comprehensive coverage covers some of the cost of repair or replacement when the vehicles are damaged by acts of nature, like a fire or a storm.

Consider dropping both if you have an older car. Consumer Reports says ditching collision (and maybe even comprehensive) coverage once your premiums are 10% of the value of your vehicle could save you about $1,000 per year.

I’ll likely have to buy a second car when my kids get older. But I plan to get a used one and find a good deal on car insurance to keep my monthly costs as low as possible. Either that, or I’ll make my kids ride their bikes everywhere when they reach driving age to save on costs. Now, there’s an idea.

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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.Citigroup 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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You could be missing out on easy money if you’re using the wrong bank account. Read on to find out how your cash can grow in a high-yield savings account. [[{“value”:”

Savings accounts are paying some of the highest interest rates in years, with some banks paying more than 5%. After sitting on the sidelines for far too long, I’m in the process of opening a high-yield savings account to take advantage of generous annual percentage yields (APYs). I’ll put about $5,000 into the new account, which should earn me about $255 over the next year.

If you have a large sum and don’t know where to put it, a high-yield savings account is the way to go. Here’s what happens to your cash when you leave it in one.

The magic of high yields for your cash

Opening new bank accounts can seem like a hassle. I get it — I try to think about my bank as little as possible, too. But you’re missing out if you have a sizable sum of money sitting in a savings account that’s not paying a high interest rate.

Your savings account could generate hundreds or even thousands of dollars a year in earnings. Here are a few examples:

$10,000 in a 5% savings account becomes $10,511 in 12 months$20,000 in a 5% savings account becomes $21,023 in 12 months$50,000 in a 5% savings account becomes $52,558 in 12 months

As you can see, putting your money into a high-yield account pays. But what if you let it sit in a traditional account that pays a much smaller rate? You might want to close your eyes; you won’t like what you see.

How much money you’re leaving on the table with a traditional account

Let’s assume you don’t move your money into a savings account paying high yields of 5%. Instead, you leave your money in a regular savings account that pays the national average of just 0.46%.

Here’s much you’ll earn compared to a high-yield account:

$46 vs. $511 in interest for a $10,000 deposit$92 vs. $1,023 in interest for a $20,000 deposit$230 vs. $2,558 in interest for a $50,000 deposit

There’s no shame here; I’ve waited way too long to switch over some of my funds to a high-yield account. As a result, my $5,000 would have earned me about $524 over the past two years. That realization stings, but the best way to learn from our financial mistakes is to face them and learn from them.

What to know before opening a high-yield savings account

OK, now you know how much better a high-yield savings account can be for larger (and even smaller) sums. But is there a catch to the upside? Not really. But there are a few things you should know before opening an account.

1. The APY isn’t guaranteed

Unlike with certificates of deposit (CDs), a high-yield savings account’s APY isn’t fixed. This means your savings account interest rate could go down anytime. So if the Federal Reserve cuts interest rates at the end of this year or early next year, it would likely cause savings account yields to fall.

2. Check for fees or minimum deposits

Most savings accounts don’t have fees, but some do. Check before you open an account to see if the bank charges maintenance fees. Additionally, some banks may require a minimum deposit amount or regular direct deposits to earn a specific interest rate. For example, a bank may want a $100 initial deposit and $5,000 in the account to earn the maximum APY.

3. Comparison shop before you choose

Don’t choose the first savings account you see. Instead, compare APYs, deposit minimums, maintenance fees, and other details like transfer limits and ATM access. Many excellent account options are available, so you’ll likely find one that fits your needs.

I waited too long to open a high-yield savings account, but you don’t have to make the same mistake. Put your cash into one of these accounts now, and you’ll likely be happy with the results a year from now.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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