Americans are expected to spend a record-shattering $41.5 billion on back-to-shopping in 2023. That's roughly $895 that each household with children will spend. Is that in line with your back-to-school shopping?
The Fed has raised
#interestrates
10 times since March 2022 in an effort to cool the pace of
#inflation
. In June, the Fed decided to pause its interest rate hikes...but will that be enough to prevent a widespread economic downturn?
How to shop for a house, with insight from
@Thefrugalgay11
: "I typically make the most money on the ugliest houses. People are quick to get caught up on ugly wallpaper and laminate countertops but often the biggest opportunities are in these."
I can't stress it enough when I say mortgages are not your only housing costs.
Stuff like:
- Maintenance
- Closing costs
- Insurance
- Repairs
- Taxes
- HOA
All must be accounted for in the decision making process.
@Experian
A2: Finding joy and satisfaction in something other than possessions can free up an incredible amount of money for saving/travel/investing/etc.
#CreditChat
Upgrade to an Executive membership. This costs $120 a year (vs. $60). The Executive membership gives 2% back on all Costco purchases, even online ones. Spend $3,000 at Costco in a given year and you break even: 2% of $3,000 amounts to the extra $60 an Executive membership costs.
๐ Congrats to the winners of The Ascent's Best-Of 2020 Awards!๐ See our picks for the best personal finance products of the year across banking, stock brokers, mortgage lenders, personal loans, and credit cards:
Quick PSA: Don't leave tons of your money hanging out in your digital payment apps. If that app goes down or the company goes bankrupt, your money could be lost since these apps are not FDIC insured. Learn more:
@Experian
A1: 1. Make a list of all your debts -- and the details
2. Determine what your debt is costing you
3. Make minimum payments on time every month
4. Get help if you struggle to make payments
...and 10 more:
#CreditChat
@Experian
A5: Hold your investments. Don't be one of the people who gets nervous from falling market prices and starts selling off their portfolio at a loss.
Continue investing. You have an opportunity to buy at a low point and make big gains when the economy recovers.
#CreditChat
Pay attention to price reductions. If a sale happens after you've purchased something, head to customer service and ask for a price adjustment. If you're within 30 days, Costco will generally do this without any sort of hassle, even if you don't have the item with you. 4/5
"[Side hustles] can be a way to help increase your income without jeopardizing your current job." Get more advice on how to retire on $100k per year, with tips from
@iliketodabble
:
@Experian
A2: A budget will help you navigate those challenging times. Figure out your monthly essential expenses, determine how much money you have coming in, decide what to do about your savings goals and then develop a system.
#CreditChat
@Experian
A3: Budgeting can be oddly freeing and, yes, exciting. You'll be motivated from the guilt-free spending, saving for cool stuff, and seeing your credit score improve.
#CreditChat
@Acme_Gamers
@kindnessaj
The Motley Fool has existed since 1993 with the aim of helping folks attain financial freedom. Our name is in homage to the one character in Shakespearean literature โ the court jester โ who could speak the truth to the king and queen without having his or her head lopped off.
@Experian
Q3: Some documents you can shred after a few months, some you'll want to file away for a few years. Here's our full list of what to keep and what to toss (and when):
#CreditChat
We are excited to announce the winners of the Best-Of 2022 Awards from The Ascent, a Motley Fool service. If youโre interested in leveling up your
#personalfinance
game this year, these tools can help make you smarter, happier, and richer in 2022.
Congratulations to The Motley Fool Ascent's 2024 Best-Of Awards winners! To see who won best credit cards, banks, stock brokers, car insurance, personal loans, and mortgage lenders, please visit
@Experian
A8: Talk about money with girls. Give your daughters an allowance. And so much more: we've got an awesome list of ways to help girls become more financially savvy and confident.
#CreditChat
Congratulations to
@RobinhoodApp
for winning Best Stock Broker for Options Trading, Best Stock Broker for Optional Shares, Best Investing App Overall, and Best Investing App for Beginnersโ !
@Experian
A6: Depends on your goals. Building/rebuilding credit? New to credit cards? 1. Maximizing rewards, or already have an excellent credit score? 2. Full guide here:
#CreditChat
If buying a home isn't urgent, maybe wait for different market conditions, esp. if it lets you save more down payment, improve your credit score, or pay off debts. Median sales prices HAVE trended downward and the Fed has indicated it may pause interest rate hikes in 2023. (6/6)
@Experian
A4: A high credit score will snag you excellent interest rates for car loans, credit cards, and mortgages. It can also help you refinance existing loans to speed up debt payoff.
#CreditChat
One good way to increase your money knowledge is listening to podcasts: you can learn without pausing the rest of your life. Here's a look at 14 personal finance podcasts that will increase your money IQ.
@Experian
A1: Quite simply, it's an excellent way to make your money work for you. Don't invest and you miss out on average returns of over 10% per year.
#CreditChat
School is almost back in session. While your children are busy learning, take the opportunity to impart some financial wisdom, such as:
-How to save
-How to budget
-How to comparison shop
#budget
#personalfinance
#savings
#WordOfTheDay
: Credit Score. For some, a source of pride. For others, a stressor. Click through to learn about the factors affecting your credit score and how to address them.
With inflation up, it's a good idea to keep your extra cash in an interest-bearing account. Look into high-yield
#savingsaccounts
, money market accounts, or CDs.
Anyone can benefit from putting money into a Roth IRA. But if you're younger, it could especially pay to fund one of these accounts.
#personalfinance
#retirement
Our friends at
@MorningBrew
are running a very cool and fun 3-part crash course on credit cards. Highly recommend reading it with a coffee and a croissant. Or if you're not a coffee drinker, two croissants.
High mortgage rates could discourage sellers from listing their homes. Not only will they potentially forfeit a lower monthly mortgage payment by selling, but they'll also be entering the home-buying fray and clamoring with the rest over the few homes for sale. (5/6)
Happy
#FiscalFriday
! What is one thing you're doing this month to better handle your finances? One idea: pay your credit cards next to a beautiful alpine lake.
Life happens and expenses pop up. Savings accounts are there to help you cover those expenses and avoid high-interest debt.
#personalfinance
#budget
#savings
@Experian
A5: 1. Find out which benefits you're entitled to receive.
2. Make spending cuts.
3. Reduce medical costs and make an HSA contribution.
4. Refinance (personal loan or mortgage) for a lower monthly payment.
5. Reach out to the institutions you owe money.
#CreditChat
Interested in
#crypto
? Our panel of experts has selected
@Gemini
as the Best
#Cryptocurrency
Exchange and the Best Cryptocurrency Exchange and App for
#Bitcoin
in The Ascent by The Motley Foolโs 2021 Cryptocurrency Exchange and App Awards.
Women still earn an average of $0.82 for every $1 earned by men -- not much of a change from 2002, when that figure was $0.80 per $1. These laws could help if they pass:
You may have more tax-saving opportunities than you realize.
#TaxDeductions
exempt a portion of your earnings from taxes and some deductions are less common than others, but it's important to know about them.
We at The Ascent care about your needs during this difficult time and will be continually updating our new resource hub with available resources for the duration of COVID-19's impact:
If you're struggling with your mindset + debt, here's 1 simple exercise:
Blank sheet of paper. Split it in 2. Debts you're comfortable with on one side; Debts you're uncomfortable with on the other.
Then thought exercise: How can we tip the scales in your favor?
#MondayMotivation
: Short on time, high on credit card debt? Check out our 3-minute guide to paying off debt with a balance transfer card. That's less time than it takes to make a really nice sandwich or take our office elevator literally anywhere.
@Landonny57
Respectfully, we disagree. Credit cards, when used responsibly, are an excellent tool for building up your credit score and even earning rewards.
@Experian
A5: Mock budgets...or ones based on your actual household expenses. Review your household bills and show your children how you prioritize your spending and they'll get a sense of what's most important (food, shelter, and other basic needs) and what's less critical.
#CreditChat
What's more romantic than flowers and candy and a really lovely dinner?
Budgets.
And fiscal responsibility.
Check out our extremely sexy study on the financial timeline of relationships: