Money Management

Are you throwing your grown kids money every month? Make sure you know what you’re doing and aren’t wrecking your finances in the process. [[{“value”:”

When you have kids, you’re basically signing up to parent them for as long as you live. Sure, you may not have to spoon-feed them at a certain age or pick out their clothing. You may not even have to drive them places. But at the end of the day, you’ll always be the parent — even when they’re grown and have children of their own.

Because of this, you may be inclined to want to support your grown kids financially as much as you can. But recent data reveals that parents today may be going too far.

On average, parents who provide financial support give $1,384 to their children each month, according to a recent survey by Savings.com. And that’s a sum you may be struggling to part with.

But even if you’re giving your grown kids less financial support every month, it could still be hurting your finances — and your future. So you may need to rethink your approach to parenting in this regard.

Can you afford to give your kids financial support?

Maybe you’re someone with a large amount of savings — for both the near term and the future. If you feel confident that you’re perfectly set with regard to your own financial needs and goals, and you have extra room in your budget to help your grown kids, then why not? But if it’s a struggle to find the money to give to your kids, then you really shouldn’t push yourself to offer financial support.

The reason? Every dollar you give your grown kids is a dollar that can’t go into your 401(k) or IRA for retirement. It’s also money you can’t use to pad your own emergency fund. And putting your kids’ financial needs ahead of your own could backfire on you. It could leave you struggling to pay your bills in retirement and racking up costly debt in the near term when unexpected expenses arise.

In fact, let’s say you’re not giving your kids anywhere close to $1,384 a month, but rather, $300 a month. You might think you can afford it because you’re paying your bills just fine without it. But what if you’re 15 years away from retirement?

If you were to put that money into an IRA or 401(k) that generates an average annual 10% return, which is in line with the stock market’s average over the past 50 years, you’d add over $114,000 to your long-term savings total. That’s huge.

There may be another way to help out

Young adults today have it pretty rough. Many are grappling with leftover debt from college and are being forced to take on bills at a time when inflation is still a problem. And let’s not forget the exorbitant cost of paying for child care or buying a home.

You may be inclined to try to help your grown kids financially because of all these things on top of your love for them. But if doing so means giving up money you need for your own savings, then that’s not a great idea. So instead, think of ways you can give indirect financial support.

Maybe your job is flexible while your grown son and his wife both work from an office. If you can be there daily to grab your granddaughter from the bus stop, you can save them the $30 a day they might otherwise have to pay an after-school sitter. Or, if you’re someone who cooks often, you can make extras and bring them leftovers so they don’t have to spring for takeout due to having demanding work schedules and no time for food prep themselves.

These are just a couple of examples. The point, however, is that if it works out for you to support your grown kids financially, then go for it. If not, it really is OK to put your own needs first and find other ways to help out that don’t have you parting with money that you need to ensure your own well-being.

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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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Are you getting the most from your Costco membership? Read on to learn about some opportunities you may be passing up. [[{“value”:”

Unlike a regular supermarket or big-box store, there’s a cost to walking into a Costco warehouse and doing your shopping there. The current cost is $60 a year for a basic (Gold Star) membership, or $120 a year for an Executive membership that rewards you with 2% cash back on your purchases.

Now for many people, those fees are more than worth paying. But still, if you’re going to pay for a Costco membership, it’s important to make the most of it. And if these situations apply to you, it may be that you’re letting your membership go to waste to some degree.

1. You’re assuming it never pays to buy fresh food in bulk

Buying fresh food in bulk can be risky. If you don’t consume your haul before it goes bad, you’re essentially throwing away money.

But if you’ve never even considered buying perishable food at Costco in bulk, you may want to rethink that. There are certain so-called bulk items you’ll find at Costco whose sizes aren’t all that enormous.

Milk, for example, is sold by the gallon, which is a common size. But you may find a gallon of milk is cheaper at Costco than at your local supermarket. And certain fruits and vegetables may come in quantities that your family can easily go through before risking spoilage. So don’t write off the idea of buying fresh food in bulk entirely.

2. You’re not gassing up your car when you do your shopping

In many areas, the price you’ll pay for Costco gas is considerably less than what you’ll pay at other stations. So if you’re not in the habit of filling up your car in conjunction with your Costco trips, you’re missing out.

In fact, one thing you may want to do is specifically time your Costco outings to when your tank is low. It may not make sense to drive all the way to Costco to fill up your tank only. But if you’re already there, you might as well benefit.

3. You’re not giving Costco Travel a chance

If you’re someone who’s used to researching travel deals online and booking your own vacations, then you may not be so inclined to give Costco Travel a look. But that could be a huge mistake.

Costco offers dozens of travel packages that could save you a lot of money. Plus, when you book through Costco, you get the support of a team of dedicated customer service representatives to help you navigate any snags you might hit. It’s also worth noting that booking a cruise or resort stay through Costco could give you perks you won’t otherwise be privy to, like credits for things like spa services.

4. You’re not scooping up gift cards on the cheap

Costco’s selection of gift cards may be somewhat limited. But it pays to browse that section of the store or look online for the potential savings involved.

When you buy gift cards through Costco, you’re paying less than the face value of those cards. So right now, for example, Costco is offering $100 worth of IHOP gift cards for $79.99. If your family’s tradition is to eat breakfast at IHOP every Saturday, picking up these gift cards is an easy call.

The benefits you reap from a Costco membership may be more than worth the fee you’re paying. But if any of these signs apply to you, it means you’re potentially giving up a membership perk you should be taking advantage of. And in that case, you may want to change your approach to Costco shopping so you’re able to enjoy your membership to the fullest and save as much money as possible in the process.

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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. The Motley Fool has a disclosure policy.

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Costco is a warehouse club retailer with affordable prices — and a growing footprint. Discover which U.S. cities are getting Costco clubs this summer. [[{“value”:”

Costco is a popular warehouse club with over 850 locations worldwide. In the United States and Puerto Rico, the retailer operates over 600 clubs. Costco continues to build new locations, making its affordable deals available to more shoppers with every additional store it opens.

Costco continues to expand

You’ve likely heard friends and family rave about Costco, even if you’re not a member or have never stepped foot in a club. That’s because shoppers appreciate the retailer’s affordable prices.

Many everyday essentials are sold in bulk at Costco, so consumers can stock up on everyday goods while getting a good deal. Although membership costs money, many members keep more cash in their checking accounts thanks to Costco’s deals.

If you don’t yet have a club near your home, one may open nearby in the future. The warehouse brand continues to expand, with new club locations being added regularly. Six more clubs will open in the U.S. this June and July.

The following locations will be opening this June:

North Port, FloridaMt. Juliet, Tennessee Riverbank, California Richmond, Texas

The following locations will be opening this July:

NW Omaha, Nebraska Chaska, Minnesota

No exact opening dates have been announced at this time. If you have questions about the opening details for any clubs listed above, contact Costco for more information. You can also review Costco’s website for more specifics, like club addresses and hours of operation.

Should you join Costco?

Before investing in a Costco membership, consider your budget, spending habits, and goals.

If the annual membership cost of $60 or $120 is out of budget, you should wait to join. Spending beyond your means could cause financial stress and potentially result in credit card debt.

It’s also wise to review the products that Costco sells before joining to ensure a membership aligns with your spending habits and shopping preferences. Before you join, you can browse available products on the Costco website or mobile app.

The retailer also outlines current sales online, so you can use this information to plan your shopping list and avoid overspending beyond your means. Costco regularly runs promotions, so you’ll want to review current sales prices often to avoid missing out.

How to get the most out of a Costco membership

Want to get more from your Costco membership? Here are some tips for success:

Don’t shop without a plan: Costco has many new products and limited-time deals that can be tempting. If you go to your local club without a plan, you could spend more than necessary. For best success, it’s a good idea to create a shopping list before you stop at Costco.

Get a deal on big-ticket items: In addition to saving money on household goods and groceries, you can save money on bigger purchases like appliances and electronics. Remember to use your membership perks when it’s time to make a major purchase.

Buy discounted gift cards: Costco sells discounted gift cards for popular retailers. You can get a deal on purchases at other businesses using the discounted gift cards you buy. Pay attention to holiday gift card sales because the savings can be even more significant.

Go shopping when you need to refill your tank. The warehouse club has affordable gas prices. Planning your shopping trips so you visit when your gas tank is low could allow you to maximize the savings you get at the gas pump.

Getting a good deal on groceries, household essentials, clothes, electronics, appliances, and more could be a major win for your personal finances. Check out our ultimate Costco guide for additional tips for getting the most from your membership.

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.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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