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Money Management

The Most Important Part of Planning a New Life Abroad

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 Connect the dots between your priorities and your destination. pixelheadphoto digitalskillet / Shutterstock.com

This will be a piece of cake, I told myself as we prepared for our move from Baltimore to Waterford what now seems like a lifetime ago. How different can Ireland be from the United States? My husband, my daughter, and I, we’ll slide right into Irish life. I discovered quickly, though, that I’d been overly optimistic. The Irish speak English (sort of), but they operate differently from…

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4 Big Drawbacks to Shopping Costco Next

By Money Management No Comments

Costco Next can be a great place to find discounts with dozens of brands. But before shopping with it, you should consider these potential issues. [[{“value”:”

Image source: Getty Images

Hidden in plain sight, Costco Next is a Costco member perk that I think few members have ever tried. It’s a discount shopping portal where members can find deals on hundreds of items from popular and niche brands.

Want to save 40% on a Viking cookware set? Costco Next can help you. Looking to get a Nomatic travel backpack for cheap? Check out Costco Next for a 25% discount.

Although I found tons of great deals in the portal, I’ve also run into some important drawbacks that everyone should know before they use the service. Here are some of the biggest.

1. Your order isn’t handled by Costco

You need to sign into your Costco account to get to the special Costco Next pages at each retailer. Once you click the link to go to the retailer’s site, though, Costco’s proverbial hands are washed.

You’ll make your purchase through the retailer. The retailer will fulfill your order. Any issues? Yep, talk to the retailer. Costco isn’t responsible for handling any of the customer service related to your Costco Next purchases.

Since part of why people love Costco so much is the (generally) great customer service, this is a big bummer. Instead, your service experience will likely vary based on which retailer you shop. If you’re particular about this sort of thing — and/or spending a ton of money — it could be worth it to do a bit of snooping into the specific retailer’s customer service reputation.

2. Costco’s return policy doesn’t apply

Arguably the most important result of Costco not doing the customer service for these purchases is that it means Costco’s return policy won’t apply to them. Each retailer will have its own return policy that you’ll need to follow instead.

Costco’s return policy is one of the most generous I’ve seen. It’s very unlikely you’re going to get as great of a policy shopping the retailers in the portal.

In any case, make sure you read up on the retailer’s individual return policy before you make your purchase, so you know what you’re getting yourself into when you buy. (I’d also recommend choosing the right credit card. Something with a nice return protection policy and/or purchase protection would be handy, especially for large purchases.)

3. Prices don’t include retailer sales

I’ll admit that I was pleasantly surprised by how good the deals I found through Costco Next were as a whole. However, that doesn’t mean every single discount was a good deal.

For example, I saw an Anker product listed for about $88 through Anker’s link in the Costco Next portal. That same product was regularly around $110 through Anker’s regular website. It just so happened, though, that Anker was holding a sale on that item on its own website. That sale price was lower than the Costco Next price.

Long story short, always comparison shop your purchases, even if you’re shopping somewhere that normally has bargains. (This applies to the things you buy directly from Costco or costco.com, too, by the way. Never assume Costco has the best price on something!)

4. You can’t earn Costco Executive rewards

Upgrading from a Costco Gold Star membership to an Executive membership costs an extra $60 a year (that’s on top of the $60 a year you pay for the Gold Star membership). The big reason why folks pay this extra cost is because Executive members earn 2% back on Costco purchases.

Unfortunately, since Costco Next is just the portal, and Costco doesn’t handle the actual purchases, you don’t get any of your Executive benefits — which means no 2% reward. Looking at the prices of some of the items in there, this could be a big loss.

On the bright side, Costco’s credit card restrictions don’t apply to Costco Next purchases, either. This means you can use any rewards card you want to maximize your return.

Costco Next is still worth checking out

Although I’ve spent a few hundred words talking about the downsides of Costco Next, I still think it’s well worth checking out.

The majority of the deals are substantial — I saw Viking cookware sets for 40% off! A lot of the featured brands are quite pricey normally, so these kinds of deals could easily be worth hundreds of dollars. Even if you’re not already a Costco member, these discounts could make it worth the cost to join.

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.Brittney Myers 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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7 Tips to Retire With a Million-Dollar Nest Egg

By Money Management No Comments

 Only 4% of Americans have a million-dollar retirement nest egg. Here’s how to join that exclusive group, and how to figure out how much you’ll really need. Aaron Freeman / Money Talks News

Editor’s Note: This episode initially aired on July 20, 2022. It may contain some details that are out of date. According to one recent survey, only 4% of Americans have $1 million or more in retirement savings, which means 96% of us don’t. Of course, depending on your situation, a million bucks may be overkill: Many people could fund their retirement years for a lot less. Still, it’s a nice…

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6 Ways Retirees Can Cut Their Health Care Costs

By Money Management No Comments

 Discover the secrets to trimming your health budget without sacrificing essential care during retirement. Ground Picture / Shutterstock.com

Health care bills can put a major crack in your nest egg during retirement. Some experts suggest that these costs can add up to hundreds of thousands of dollars during your golden years although others have questioned those numbers. Still, no matter your view, medical expenses almost certainly take some type of bite out of your budget if you are retired. So, finding ways to contain these costs…

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Is a Brick-and-Mortar Savings Account Ever Worth It?

By Money Management No Comments

Brick-and-mortar savings accounts usually don’t have high interest rates, but there are a few exceptions. Here’s how to know if one is right for you. [[{“value”:”

Image source: Getty Images

Online banking makes good financial sense for a lot of people these days. You usually don’t have to worry about pesky bank fees, and you can earn a competitive interest rate on your savings. Right now, the best savings account interest rates today are earning over 5%. That could pay you $5 per year for every $100 you have in the account.

That makes it hard for many to contemplate switching to a brick-and-mortar bank, which may offer rates as low as 0.01%. But there are a few times you may want to consider holding onto a brick-and-mortar savings account.

When is a brick-and-mortar savings account worth keeping?

Brick-and-mortar savings accounts aren’t known for having spectacular rates on their savings accounts, but this depends in part on where you look. Large, national banks typically have the lowest interest rates. They have the largest branch networks to maintain, which costs quite a bit of money. So rather than offering competitive interest, they rely upon reputation, customer service, and relationship benefits, like discounts on loan products for bank account holders, to draw in new customers.

Regional and local banks and credit unions sometimes offer better deals, though. For example, Peoples State Bank in my neck of the woods currently offers 5% APY on the first $15,000 of your savings account balance. Some people could earn more than this with an online bank, but it’s still a lot better than what you could find with a large, national bank.

If your local bank offers decent rates, you might prefer to keep banking there, especially if you value customer service. It can be more challenging to get personalized support with an online bank when you need it. But if this isn’t the case, an online savings account is a better fit for you.

What should you look for when choosing a savings account?

The savings account’s interest rate will be the most important factor when choosing which bank to work with, but it’s not the only one to consider. Some other things to focus on include:

FDIC insurance: FDIC insurance protects your money up to $250,000 per person, per bank, per ownership type, against bank failure. It’s crucial to only bank with institutions that have this. If you’re working with a credit union, verify that it has National Credit Union Administration (NCUA) insurance.Maintenance fees: Most online banks don’t charge them, but you want to be sure you won’t pay to own your account anyway. If it has a maintenance fee, see if there are options to waive it.Online and mobile tools: Solid online and mobile account management tools are critical when your bank doesn’t have branches. Check out app reviews to learn about how user-friendly it is.Support methods and hours: Online banks typically have phone and email support and some have live chat help as well. Make sure you’re comfortable with the support options available to you, so you can get the assistance you need quickly.ATM card: An increasing number of online banks offer ATM cards to their savings account customers so they can withdraw cash directly without first transferring their funds to a checking account. If this interests you, focus your search on accounts with ATM cards.Other fees: Review the bank account’s fee schedule so you understand what it can charge you for. Common fees to look for include wire transfer fees, out-of-network ATM fees, and fees for making too many withdrawals per statement cycle.

Once you’ve narrowed your list to a few options, compare them side by side to decide which you like best. If you have any questions, reach out to the banks directly for more information. Remember, you can always close the account later if you change your mind. But it’s a lot easier to make a decision you’re comfortable with the first time.

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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 States With the Highest Gas Prices

By Money Management No Comments

Gas prices aren’t too bad in most of the U.S., but some drivers pay a lot more than others. Here are the 10 states with the highest average rates now. [[{“value”:”

Image source: Getty Images

The national average rate for a gallon of gasoline is $3.657 as of April 30, 2024. But whenever you’re talking about averages, there’s always someone getting a worse deal.

The following 10 states are facing sky-high rates right now. But with the right strategy, it might be possible to match — or even beat — the $3.657 national average.

The 10 states with the highest average gas prices right now

These 10 states have the highest average regular gas prices as of April 30, 2024:

State Regular Gas Price per Gallon California $5.392 Hawaii $4.810 Washington $4.694 Nevada $4.575 Oregon $4.500 Alaska $4.377 Arizona $4.025 Illinois $3.952 Idaho $3.924 Utah $3.917
Data source: AAA.

With the exception of Illinois, all of these states are located in the western part of the country. New England comes next, with average prices ranging from $3.642 to $3.916, followed by the Midwest and the South. Drivers in southern states are currently paying between $3.099 and $3.283 per gallon of gas on average.

If 2024 follows last year’s trend, we can expect these prices to remain relatively flat through mid- to late July before rising again in late summer. But the cost of oil isn’t always easy to predict. If prices rise sharply, we could see gas prices spike sooner.

It’s also possible we could see prices fall in the near term. The Energy Information Administration (EIA) reported gas demand has dropped from 8.66 to 8.42 million barrels per day in the last week and oil prices have also dipped slightly.

Five good ways to save on gas

Here are five tips to help you save on gas in the coming months.

1. Drive less

Driving fewer miles reduces how often you need to fill up your vehicle. You might walk instead of driving, use public transportation, or aim to complete all your errands in a single trip rather than spreading them across several days.

2. Use a gas credit card

Find a cash back credit card that offers bonus rewards for gas purchases. You won’t reap these rewards right away, but eventually, you’ll earn enough to redeem for gift cards or to knock a little off your credit card bill.

3. Use a fuel rewards program

If you’re loyal to a particular gas station chain, enroll in its fuel rewards program. This could earn you discounts at the pump or on other gas station services, like car washes.

4. Use a gas app

Apps like GasBuddy help you see how much all gas stations in the area charge so you can quickly locate the cheapest one. This is especially helpful when driving through unfamiliar areas.

5. Pay attention to how you drive

Idling your vehicle or driving aggressively can reduce your fuel economy. Try to slowly accelerate and brake and avoid idling as much as possible to help your gas last longer.

You’ll still experience some ups and downs with gas prices when following the above tips. But this is just part of owning a vehicle, along with paying for maintenance and car insurance. If you’re worried about possible rising gas prices in the future, consider taking the money you’re saving on gas now and putting it in a savings account for when prices are higher.

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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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