I Got Multiple Quotes From Mortgage Lenders. Here’s How Big the Difference in Rates Was

By: Natasha Etzel |
Updated
Aug. 15, 2023– First published on Aug. 15, 2023

That’s $4,923.64 — nearly an additional $5,000 earned in five years, assuming the APY doesn’t change. However, APYs can and do change, so your APY likely won’t stay at the same rate for five years.Earn more interest with no extra workConsidering the rates offered, now is an excellent time to open a high-yield savings account. By stashing your cash in a bank account with a higher APY, you can earn more interest without doing any work. Most bank accounts take only a few minutes to open, so it’s worth the effort. You can improve your personal finances by boosting your bank account balance with earned interest.

By: Maurie Backman |
Updated
Aug. 19, 2023– First published on Aug. 19, 2023

For many people, owning a car isn’t a luxury — it’s a necessity. If you’re in this boat, then you’re probably painfully aware that auto insurance is an unavoidable expense, too.The average U.S. driver pays $1,553 a year for auto insurance, says U.S. News & World Report. But different factors will help determine what premium rates you end up with. These include the cost of your vehicle, your driving record, and where you live.You may be struggling to keep up with your auto insurance premiums on top of your seemingly never-ending string of bills. So if that’s the case, shopping around with different insurers might help you carve out a lower rate. But you may also want to look into these lesser-known discount opportunities and see if any might apply to you.1. A low mileage discountThese days, many people are working remotely and, as such, are not using their vehicles for commuting purposes. If you don’t put a lot of mileage on your car, then you may be eligible for a low mileage discount.Some car insurance companies will allow you to pay for your insurance by the mile. This type of arrangement could work to your financial benefit if you really only use your car for tasks like running errands or the occasional trip into the office or to see family. Talk to your insurer to see what options are available.2. A driver safety discountThe idea of having to sit through a defensive driving course may not seem so appealing. But the upside is that you might not only develop strategies for safe driving but also, score yourself a discount on auto insurance in the process.Some auto insurers will give you a discount if you take a driver safety course. But don’t just sign up for any course. Instead, talk to your insurer so you know which types of courses are approved. You don’t want to waste your time and money on a course that won’t result in money off of your premiums.3. A good student discountBeing a good student could result in scholarships that lower the cost of your studies. But it could result in lower auto insurance costs, too.Progressive, for example, offers a discount for full-time students under the age of 23 who can maintain at least a B average. In most states, that shaves 10% off of the cost of insurance.Talk to your insurance company about the discounts it has for students. And if there aren’t any, you may want to switch to a different insurer, especially if you have several years of studies ahead of you and you know you tend to get good grades.Auto insurance is a cost you can’t avoid if you need a car. But that doesn’t mean you can’t lower that expense to give yourself some breathing room. It pays to look into these discounts, especially if you’ve been struggling to keep up with your premium costs.

If you’re looking to trim fat from your budget, shopping at dollar stores may be a good place to start. The days when everything at a dollar store actually cost $1 are gone, but you can still score steep discounts.You probably won’t be able to replace supermarket shopping entirely with your local dollar store, as dollar stores tend to have sparse selections of fresh groceries, particularly produce. But you can easily shave money from your grocery total if you buy these five things at the dollar store instead of the supermarket.1. Baking mixesDollar stores usually have a wide selection of mixes for baked goods like cake, muffins, and brownies. They’re often priced around $1 and tend to have a long shelf life, so you can stock up on a variety of flavors and keep them in your pantry.When you need a last-minute treat for a birthday party, bake sale, or potluck, you can quickly whip up a batch of goodies.2. Spices and seasoningsSpices and seasonings are notoriously expensive, so stocking up on the basics like oregano, chili powder, basil, and thyme at the dollar store is a good way to save money on groceries.One thing to keep in mind, though: Many shoppers report that the per-ounce prices on spices at discount grocery stores like Aldi or Walmart are actually cheaper, as dollar store products often come in smaller containers. But if you’re looking to stock your pantry with the basics, the dollar store can be a good starting point.3. Frozen fruits and vegetablesFrozen fruits and vegetables maintain almost all the health benefits of fresh produce — and research shows that they may contain even more vitamins and nutrients than their pricier counterparts. While the dollar store usually isn’t a good place to find fresh fruits and veggies, it often has a decent selection of frozen produce.One popular option is Dollar Tree’s Smoothie Starters, which contain a mix of fruits and veggies — like strawberries, bananas, kiwis, and spinach — that you can easily blend into a smoothie.4. Food storage itemsWhether you’re meal prepping or trying to make the most of leftovers, having a solid set of food storage items can help you stop wasting money. Dollar stores often have a good selection of name-brand storage items, including plastic containers, jars, and food storage bins.The best part: Dollar store containers are up to a third cheaper than you’d find at your regular supermarket, which is great news for your personal finances.5. CandyIf you have a sweet tooth, you don’t want to miss the candy aisle at the dollar store. Many dollar stores carry name-brand candies for way cheaper than grocery stores. Many families report that they like to hit the dollar store to buy candy before going to the movies or before a road trip. Dollar store candy can also be a good option for stocking stuffers or party favors.However, if you’re buying a large amount of candy — say for Halloween or Easter — you’ll often get a better deal at a warehouse club, like Costco.How to save money at the dollar storeWhile everything is priced at a few bucks or less at the dollar store, that doesn’t necessarily mean the prices are a bargain. Here are a few tips for saving money at the dollar store.Compare per-ounce prices. Dollar stores may be more expensive than grocery stores when you compare items on a per-ounce basis, since the sizes are often smaller. That may be fine for items that you don’t use often or if you’re a one-person household, but you may be better off shopping at a warehouse club or discount grocer if you have a large household.Check expiration dates. Because dollar stores have lower staffing levels than major supermarkets, there are fewer employees checking expiration dates. Be extra vigilant about checking sell-by dates at dollar stores, as you’ll waste money if you load up on items that are about to go bad.Avoid impulse buying. Dollar stores are a good place to stock up on pantry staples, but they may also tempt you to add a bunch of unnecessary items to your cart, like candles, cheap decorations, and toys for kids. There’s nothing wrong with the occasional splurge, but if saving money is the goal, make a shopping list and stick to it.Whether you’re shopping at a dollar store or a regular grocery store, consider taking advantage of credit card perks by using a grocery credit card or a rewards credit card that earns cash back or travel points. Combining your savings at the dollar store with credit card rewards could give a big boost to your bottom line, provided that you pay the balance in full each month.

By: Emma Newbery |
Updated
Aug. 7, 2023– First published on Aug. 7, 2023

Are SNAP benefits enough?A monthly payment of $973 for a household of four equates to around $8 per person per day. While SNAP benefits aren’t designed to cover everything, it isn’t easy to feed a family on around $2.66 per person per meal. Indeed, research from the Urban Institute showed that the maximum benefits often don’t cover a family’s food costs. “Amid inflation, SNAP benefits did not cover the cost of a meal in 99 percent of counties in 2022,” said the report.The new benefit amount — a monthly increase of $34 for a household of four — is roughly in line with cost-of-living increases measured by the Bureau of Labor Statistics (BLS). Its latest Consumer Price Index figures show that the cost of all items in June, 2023 was up 3% over the year before. However, inflation does not impact all aspects of life equally.The BLS data also shows that food at home increased by 5.7% year over year. The new SNAP benefits do not match this. Hypothetically, a 5.7% increase in benefits for a family of four would mean a new monthly payment of $992, rather than the planned $973.In addition, this year brought the end of the pandemic-era emergency food benefits throughout the country. According to CBPP calculations, this meant the average person received about $90 a month less in SNAP benefits. Even factoring in the increased SNAP benefit amount, many households have seen a significant drop in their food benefit amount, and the revised 2024 payments will do little to close this gap.How to make your SNAP benefits go furtherIt can take time and energy to provide healthy food for your family on a strict budget. The challenge is that in a busy household, time and energy are also limited resources. Even so, if you can carve out some time to plan your grocery-shopping trip, it can make a big difference.Here are some ways you might stretch your SNAP benefits a little:Use cash back apps and coupons: Look for cash back apps that work in stores that take your EBT card. You’ll usually need to download an app and then scan your receipt after you’ve been to the store. Pay attention to coupons, whether in store or online as these can often carry hefty discounts.Always shop with a list: Planning your food shopping is one of the best ways to reduce costs. Even more so if you use a cash back app or coupons. Check what offers are available on items you normally buy before you go shopping. Mark the items that qualify for rewards or discounts on your list, so you don’t miss them when you’re shopping.Look for double up programs: There are Double Up Food Bucks or other programs in various states that essentially give you two for one on all produce at participating farmers markets and stores. It’s a great way to get more fruit and vegetables for your SNAP dollars.Buy in bulk and batch cook: It isn’t always easy to find the extra cash for bulk buying when you’re eking out every cent. However, if you can manage it, you may be able to save both money and time. You might, for example, batch cook a stew and freeze portions for future meals.Unfortunately, food insecurity still impacts many American households. If you don’t have enough money to feed your family this month, look for additional help. Find out what food pantries and soup kitchens are operating in your area on which days, and whether you’ll need to present any documents. Call United Way at 211 for information about assistance programs in your area.