Money Management

Want to buy summer essentials without going broke? A warehouse club membership can help. Find out whether Costco or Sam’s Club has the best summer deals. [[{“value”:”

As everyday costs rise, some shoppers are turning to warehouse clubs to get the best deals. If you have Costco and Sam’s Club locations near your home, you might consider joining one of these clubs to save money on groceries, household goods, and other essentials.

Which one should you join? If you’re planning to scoop up some summer deals so you’re ready to enjoy the warmer months, you may wonder which retailer has the best discounts. Let’s look closely at each warehouse club to determine which has the best summer deals.

Costco has what you need to enjoy summer

You can find all of your summertime essentials at Costco. Here are some noteworthy summer deals that you can buy right now:

Harbor Bay 2-pack Beach Towels

This two-pack towel set features two oversized towels made with 100% cotton for $28.99. You can choose from multiple designs.

Banana Boat Sport Ultra Performance Sunscreen Pack Broad Spectrum SPF 50

This three-pack of Banana Boat Sport Ultra 50 SPF sunscreen features two eight-ounce sprays and one eight-ounce lotion. For $18.99, you’ll be stocked up with all the sunscreen protection you need without a costly credit card bill.

20-piece Bucket Playset

This 20-piece bucket playset will make building sand castles a breeze for all the families headed to the beach this summer. It’s on sale for $15.99 through May 5, 2024, or $18.99 after that date.

Bestway Steel Pro MAX 13′ x 30″ Round Above Ground Pool Set

If you’re looking for a way to beat the heat this summer, this pool is a worthy deal. It includes a filter pump and pool cover and is available for an affordable price of $199.99. But this is an online-only deal so you won’t find it at your local club.

Sam’s Club has plenty of summer fun finds

Sam’s Club sells various goods at a discount, including all the summertime must-haves on your list. Here are some worthwhile deals that Sam’s Club is promoting right now:

Bestway Power Steel 18′ x 48″ Round Above Ground Pool Set

This above ground pool features a steel frame with a three-layer liner for added durability. You can buy it for $399.99 with a Sam’s Club membership.

Member’s Mark Cabana 2-pack Beach Towels, 40″ x 72″

This set of two extra-large beach towels is available in multiple designs, and each towel is reversible. It is machine-wash safe and costs $19.98.

Banana Boat Sport Ultra Sunscreen Spray, SPF 50, six-ounce, three-pack

This set features three six-ounce spray bottles of SPF 50 Sport Ultra sunscreen. For $14.68, you’ll have the sun protection you need for all your summertime adventures.

Member’s Mark 18-piece Giant Castle Sand Playset

For those planning a trip to the beach this summer, this 18-piece sand castle playset is an ideal buy. It includes 18 pieces and is made from 65% recycled plastic for $14.98.

Both retailers have solid summer deals

When comparing the prices and offerings highlighted above, you’ll notice some items are more affordable at Sam’s Club while others are sold at Costco for a lower price. There is no clear winner when considering which warehouse club has the better summer deals.

However, you can feel confident knowing that Costco and Sam’s Club offer a good selection of products and affordable deals that won’t drain your checking account. Your best bet is to compare offerings before joining to know what to expect. You can browse available items on each retailer’s website to learn more about availability and pricing.

A warehouse club membership may be a worthwhile investment that can offer big savings. If you live near a club, can afford the yearly membership fee, and can get the essentials you need, you may be able to keep more money in the bank by shopping at Costco or Sam’s Club. For additional money saving tips, check out our personal finance resources.

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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CDs are red hot right now. Here’s how to choose between multiple options from multiple banks. [[{“value”:”

The impossible has happened — certificates of deposit (CDs) have become, dare I say, sexy. This is thanks to a persistently higher federal funds rate than we’ve seen in a good long while. This number doesn’t directly inform consumer interest rates, but they do tend to move in the same direction.

If you’ve caught the CD bug and are looking to open your first one, here are a few factors you should consider when you’re picking the right account for your needs.

1. Online or traditional bank?

Let’s get this out of the way right now: You are overwhelmingly more likely to find the best rates available on CDs offered by online-only banks. Online banks don’t have the overhead costs of maintaining physical bank branches. Consequently, they tend to offer higher APYs on CDs, savings accounts, money market accounts, and sometimes also checking accounts.

Online banks have their pros and cons, and in the context of opening a CD, you may need to link an external bank account to an account at an online bank, to fund your CD. You won’t be able to, say, go in person to open the account and deposit cash into it. That said, since CDs are more of a hands-off type of account, the best options being at online banks shouldn’t be a deal breaker.

2. What term lengths are available?

You can find CD terms as short as seven days, and as long as 10 years. The most common options range from three months to five years, however. If you’re hoping to benefit from higher rates on CDs now, you’re likely to find the best CD rates on terms between six and 18 months. Now could be a great time to create a shorter-term CD ladder, in fact — you could open multiple CDs with term lengths between three months and 18 months, and have money freeing up every few months.

This is because it’s widely believed that the Federal Reserve will start cutting the federal funds rate later this year. Consequently, you won’t see higher rates on, say, 5-year CDs — banks don’t want to pay out these rates for any longer than they have to.

3. Is there a minimum deposit required?

Whether you want to open one CD or several, you need to assess how much money you can afford to part with, because some banks have rather high minimum deposit requirements. Of course, the more you put into a CD, the more interest you stand to earn — and you generally can’t add more money to a CD over time. If you’re just testing the waters, target a bank with no minimum required deposit, or a lower one (such as $500).

4. What’s the early withdrawal penalty?

CDs can be a great way to safely earn interest on your cash, provided you can leave the money untouched for the duration of the term. If you can’t, however, you’ll have to pay an early withdrawal penalty. These are usually the equivalent of several months’ (or longer) worth of interest earned on the account — and if you haven’t had the money in there long enough to earn that much, you’ll end up with less principal than you started with.

This isn’t ideal, so investigate those early withdrawal penalties from any bank you’re considering, and be sure you can leave the money in the account for the full term.

5. Can you make more money elsewhere?

Finally, it would be remiss of me not to mention that if you want a risk-free way to grow your money, you are not limited to just CDs these days. You can earn APYs of 5.00% and up on savings accounts and money market accounts now, too — and these accounts don’t have the same restrictions as CDs.

High-yield savings accounts (HYSAs) are simple to use and while they often have monthly withdrawal limits, you can still access your money if you need it. Money market accounts (MMAs) also usually have those limits, but they make it even easier to get your money — they often come with checks or debit cards. So before you decide for sure that a CD is what you want, consider these two options as well.

Just note the advantage of CDs over HYSAs and MMAs: with a CD, you’re locking in the high rate you get for the duration of the term. Rates on HYSAs and MMAs are variable and subject to change at any time (and I’ll be watching for this if the Federal Reserve cuts rates later this year as expected).

CDs can be a great way to grow your money over time, if you can cope with their restrictions and find the best rates and terms for you. Consider these factors when you’re doing your research.

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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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Whether your mom is a Costco superfan or a first timer, the warehouse club has Mother’s Day gift ideas for the whole spectrum. Learn about four of them here. [[{“value”:”

Mother’s Day is less than two weeks away, so it’s time to put our thinking caps on and decide what to get Mom to show our love and appreciation this year. The thing about moms is, they’re often tough to buy for. They can be picky and opinionated, and generally, if they see something they want, they buy it for themselves. Where does that leave us frustrated daughters and sons who are tapped out on gift ideas, but still want to impress Mom with a thoughtful gift this May 12th? Costco might have the answer.

Whether your mom is a Costco superfan or someone who’s never set foot in the store but has always wondered about the treasures that lay inside the vast warehouse club, here are four gift ideas for you.

1. Give the gift of time — take her on a Costco date

This one hits close to home for me, and this is what I personally plan to do for my own mom. See, my mom has never been to a Costco store, as she lives almost an hour away from the nearest location. She does love a good bulk deal, however, and is always intrigued by my own stories of my Costco shopping trips and the savings I reap there.

So, my plan is to pick her up one afternoon (probably a weekday shortly before or after Mother’s Day to avoid the weekend crowds), treat her to lunch, then spend a couple hours wandering Costco’s aisles and filling our cart together with Costco’s numerous deals. Quality time, a nice meal, and getting to check out Costco, all with her favorite person (that’s me!), should make for a pretty fantastic Mother’s Day, if I do say so myself.

2. Costco joggers for the superfan mom

I’m jumping clear to the other end of the spectrum for this one. Got a mom who has not only been to Costco, but adores and raves about it? Maybe she also enjoys being comfortable? How about this pair of Costco Wholesale Ladies’ Logo Joggers? They come in sizes XS to XXL and two color options (black and gray). Better yet? They have pockets! Mom can lounge around in her new joggers and wear her Costco fandom loud and proud. These joggers are priced at a very reasonable $16.97. And if you buy online through May 12, you can save $15 by spending $50 on qualifying mix-and-match clothing or shoe purchases.

3. For the gift-giving traditionalists: Flowers and sweets

Maybe Mom doesn’t live nearby and has always really enjoyed the good old-fashioned gift of a floral bouquet or gift basket. Good news: Costco has your back here too.

Is there really anything worse than browsing a flower or other gift delivery site, selecting a nice, reasonably priced item, then getting to the checkout page and discovering that your gift has almost doubled in price due to the shipping and handling charges? I mean, sure, Mom is worth it, but why waste all that extra cash if you don’t have to? Do your credit card tab a favor and buy one of Costco’s deliverable gifts instead. Not only is the base price cheaper, but you won’t pay for shipping and handling!

I found two examples to show you how Costco can save you here: The first, a beautiful Rainbow Tulips Floral bouquet. And the second, for the mom with a sweet tooth, a 24-count box of Cheryl’s Assorted Cookies (if you’ve never had Cheryl’s cookies, I highly recommend them!). See how they compare:

As you can see, the difference is stark. Be sure to check out Costco’s numerous deliverable gift items before ordering from anywhere else.

4. Buy Mom her own Costco membership

So, Mom likes deals and has a Costco store nearby, but hasn’t bitten the bullet and joined. Why not buy her a membership of her own that she can use all year long as she pleases? You can purchase Costco memberships online. A basic membership will set you back $60, and an Executive membership, earning Mom 2% back on her purchases, comes to $120 for the year. If Mom is already a proud Costco member, you could also buy her a Costco Shop Card that she can use to renew or upgrade her current membership.

Let Costco do the tough part

Picking out a gift for Mom this Mother’s Day doesn’t have to be hard on your brain, or on your personal finances. We love and appreciate our moms all year round, so lean on Costco to find the perfect way to say “thank you” this year, and watch her face light up!

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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool recommends Discover Financial Services and Flow. The Motley Fool has a disclosure policy.

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Good money management skills can help you be more successful as a small business owner. Find out how busy freelancers can better manage their finances. [[{“value”:”

Freelancing is hard work, but it can provide a more flexible lifestyle than a typical 9-5 job. As a freelancer, you’re likely juggling multiple tasks and projects. Even when your work schedule gets busy, taking good care of your finances is essential.

I’ve been a freelance writer for seven years, and throughout the years, I’ve made adjustments to manage my money better. Here are some strategies that have helped me succeed as a freelancer.

1. Stick to a budget

It can take time to grow a freelance business, so keeping your spending in check is essential. Setting and following a budget is a good money management move that can help you avoid racking up expensive debt. You can use one of the best budgeting apps to guide you. With time and practice, it becomes easier to follow a budget.

2. Keep your business finances separate

You can operate a freelance business without opening a business bank account, but keeping your business finances separate is best. When you continue using your personal checking account while freelancing, things can get confusing come tax time, and you may struggle to understand where your business finances stand.

It’s easy to open a business checking account. Review account features and fees as you explore options, so you know what to expect. A dedicated business bank account can help you stay organized, so you can make informed financial decisions that impact your business.

3. Automate your savings

Whether you’re saving for emergencies, taxes, a future vacation, or upcoming business expenses, automation can help. Life gets busy, especially when juggling multiple clients and projects, and you can save time by putting your savings contributions on autopilot. Through your bank, you can enable automatic transfers to move money into your savings account regularly. Doing this can help eliminate forgetfulness and stay on top of your savings goals.

4. Use digital tools and software to track income and expenses

It’s essential to keep good financial records when freelancing. You must report every dollar you make to meet your tax obligations. One option is to use accounting software to track your earnings and expenses.

Another option is to use free solutions like Google Sheets. This approach has worked well for me and makes tax season less stressful. Options like this can help you stay organized and save you time.

5. Make quarterly estimated tax payments

Here’s another tip: make quarterly estimated tax payments. Doing this can save you money by avoiding penalties and eliminating the stress of paying a hefty tax bill in April.

The IRS requires workers to pay taxes as they earn income. So, as a freelancer, you must set aside money for taxes and make quarterly payments. You’ll need to pay self-employment tax, federal income tax, and any local or state income taxes you might owe.

Making quarterly estimated tax payments can ensure you pay enough taxes throughout the year. The IRS will impose penalties if you pay your taxes late or underpay. The best strategy is to set aside money regularly to save for this expense and submit quarterly payments.

6. Plan for slow periods and days off

There will be days when you don’t have the energy to work and times when work may be slower. Plus, you’ll want to take a sick day or vacation day when necessary. The last thing you want to worry about is whether you can afford to step away from work.

Make sure you plan for these moments by stashing some extra money away. I set aside some of my earnings for sick days and emergencies so I can afford to rest. Because I automate my savings, the money is in my high-yield savings account when needed.

Keep your finances in mind

Staying on top of your finances is wise, no matter what kind of work you do. But busy freelancers can especially benefit from developing money management skills. The above tips may help you stay more organized as you navigate your freelance journey. For additional business financial tips, check out our small business resources.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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A credit score below 500 means you’re going to look like a risky borrower. Read on to see if it’s possible to get approved for credit with a score that low. [[{“value”:”

Your credit score may not be a number you think about regularly. But it’s one you’re apt to focus on when you’re looking to borrow money, whether in the form of a loan or a new credit card.

Now, you may be aware that a credit score in the 500 range isn’t really a great one. And unfortunately, having a credit score below 500 might make it near impossible to get approved to borrow, period.

What a credit score below 500 means for you

Experian says that if your credit score is between 300 and 579, it’s considered very poor. So if your credit score is below 500, it may be really difficult for you to get approved for a loan or credit card. And if you do manage to get approved for credit of some sort, you should expect a much less favorable interest rate.

That could make your debt extremely costly and, worse yet, increase your risk of falling behind on payments. Falling behind on payments could cause — wait for it — even more credit score damage.

Also, with a credit score below 500, you may be required to put down a security deposit when you sign up for utility services. Similarly, you may have a hard time getting a cellphone plan due to your poor credit.

As far as mortgages go, it generally takes a minimum credit score of 620 to qualify for a conventional home loan. With a score below 500, a conventional mortgage is off the table. While you can get an FHA loan with a credit score of 500, that’s the lowest you can go. So basically, if your credit score is below 500, you’ll probably need to wait to buy a home due to being unable to qualify for financing.

How to boost your credit score

A credit score below 500 is going to limit your borrowing options in a really big way. If your credit score needs work, try taking steps to boost it.

The more timely you are making payment on your debts, the more your credit score might improve, since your payment history carries more weight than any other factor when calculating that number. If you don’t have debts you’re paying off because your score is so low you can’t qualify to borrow, you may feel trapped in a Catch-22 situation. But there may be one solution.

One thing you can do in that case is apply for a secured credit card. A secured credit card has you put down a deposit, and you can then charge expenses against that limit.

You can qualify for a secured credit card even with really poor credit because you’re not borrowing money from the issuer so much as charging expenses against a deposit you’ve put down. In other words, your credit card issuer really isn’t taking on any risk. Then, as you make your secured credit card payments on time, that positive activity is added to your payment history, which could give your score a lift.

Sometimes, all it takes is a few delinquent payments to send your credit score below 500. But it’s important to try to do what you can to raise your score so you have the option to borrow money when you need to.

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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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If you’re paying extra on your mortgage, or thinking about doing so, CDs might be worth considering instead. Read on to learn why. [[{“value”:”

Certificates of deposit (CDs) have high enough rates right now that they’re an attractive investment option for some people. If, for example, you have been sending extra money to your mortgage lender to pay off your home faster, you may want to put the money into a CD instead. And if you’re thinking about making extra payments on your mortgage, you also may want to reconsider that plan and research CDs as an alternative.

Here are two important reasons why buying a CD could make a lot more sense for most people right now than paying extra on a home loan.

1. You may be able to get a better ROI from CDs with no added risk

If you make extra mortgage payments, the return on investment you get is the interest you save. If you took out your home mortgage between 2009 and March of 2022, chances are good you have an interest rate that’s under 5.00%.

Right now, there are many CDs offering rates above 5.00%. These are FDIC-insured CDs. So you aren’t taking any risk when you put your money into them, as long as you don’t need the money before the CD term ends. If your mortgage rate is below that 5.00% threshold, you can get a better risk-free return by opening a CD instead of making extra mortgage payments.

There is absolutely no reason not to pursue this better return. This isn’t like buying a stock share, where you take a chance of loss. The CD rate is guaranteed for the duration of the term and it’s just as much of a sure thing as early mortgage payoff.

2. A CD is a more liquid investment

A CD makes your money much more accessible than paying extra on a mortgage. You do have to leave your money locked up for the duration of the CD term to avoid penalties. But terms generally range from three months to five years, so you aren’t making a huge time commitment. And if you end up having to take the cash out, you can do it pretty easily (although you pay a penalty equal to a few months of interest — or longer, depending on the issuer and your CD’s term).

On the other hand, if you’ve paid extra on your mortgage, you’ve built equity in your house. You now have a greater ownership share since you owe the bank less. But you can’t really get that money out if you need it. You’d either have to sell your home or take out a home equity loan, which can be really expensive and time-consuming.

Say you have an emergency and need money. You could cash out your CD if you had to, and just pay the penalty. Or, depending on the CD term, you could wait a few months for it to mature. Either of these options is almost definitely going to be easier and cost you less than selling your house or pursuing a loan against the home.

Better returns, more liquidity, and no risk. It’s an easy call. Don’t pay extra on your home loan if it has a rate below 5.00% when you could open a CD instead.

Pick a CD with a great rate from this list of CDs with the highest rates today. Put your money into that CD instead of sending extra to your lender. Then enjoy the unprecedented chance to earn the recent record-high rates CDs have been offering. If CD rates drop in the future, you can always go back to making those extra mortgage payments.

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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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