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How Much Money Should You Have in Your Savings Account?

A savings account is a good place to put money you don’t need right away, but will in the future. To ensure you have enough money in your savings, it’s best to get into the habit of adding to it every month.However, as strange as it may sound, it is possible to overdo it. Just like you can run into issues if you don’t have enough money in your savings account, there are also consequences to having too much in savings. Fortunately, it’s fairly easy to figure out how much money you should have saved.Here’s how much money you should have in your savings accountYour savings account should have your emergency fund and money for upcoming expenses. The exact amount will depend on how large of an emergency fund you want and the expenses you have on the horizon.The traditional recommendation on emergency funds is to save enough to cover three to six months of living expenses. If your essential living expenses are $4,000 per month, then aim for $12,000 to $24,000. You can save more if you want. Some experts recommend having as much as a 12-month emergency fund. Saving less than three months of expenses isn’t recommended, because it may not be enough in an emergency.Upcoming expenses include anything that falls outside of your everyday spending. Here are some common examples:Down payment on a home or vehicleVehicle maintenanceTraveling/going on vacationHoliday gifts for family and friendsA weddingTip: Consider setting up sub-savings accounts for each savings goal you have. Many bank accounts let you create separate sub-accounts that are all part of your savings account. You could create sub-accounts and name them “Emergency fund,” “Travel fund,” “Home down payment,” and so on.Why you shouldn’t save too muchThe consequences of not saving enough are well documented. You may not have enough money for big expenses, which means you need to go into debt to pay for them. But why is it an issue to have too much money in your savings?The problem here is that you could be investing that extra money and getting a much higher return. Some of the best savings accounts earn APYs of 4% or higher right now, which is very good. But the average stock market return is about 10% (before inflation) per year going back decades.Imagine that you have $25,000 more in your savings than you really need there. Over the next 20 years, it earns an average of 3% per year. That’s less than current savings account rates, but rates change. A few years ago, even high-yield savings accounts were earning less than 1%.After 20 years at a 3% APY, your $25,000 would be worth $45,519. Now, let’s say you had invested it instead and gotten a return of 8% per year. That’s reasonable, based on historical averages. After 20 years, your $25,000 would be worth $123,070 — a difference of $77,551!An example of how to set up your savingsTo put it all together, we can go over an example of how to figure out the amount you need in your savings. Let’s say that:Your living expenses cost $4,000 per month, and you want a six-month emergency fund. Target: $24,000You plan to buy a $350,000 home and put at least 10% down. Target: $35,000You want to go on two weeks of vacation per year and expect to spend about $250 per day. Target: $3,500You spend about $1,500 per year on vehicle maintenance and registration fees. Target: $1,500You spend about $1,000 per year on holiday gifts. Target: $1,000Based on those goals and expenses, you would need $65,000 total in your savings account. If you wanted to keep things more organized, you could follow that tip above about setting up sub-savings accounts. That way, you can track how much you have for each goal separately.If you haven’t hit your savings goals yet, transfer what you can to your savings each month until you do. Once you’ve reached your goals, you’ll be better prepared for major expenses.

5 Things to Never Buy at Sam’s Club

It’s easy to go wild while shopping at Sam’s Club. After all, there are new things to see and buy every time you walk into the warehouse store. And while many purchases are spot-on, some only make sense if you go in with a plan. Here are five things it rarely makes sense to buy at Sam’s Club. 1. Huge containers of anythingIf you’re excited by the idea of purchasing a one-gallon container of mayonnaise, you’re my kind of person. However, it may not be the best idea, particularly if you’re unsure how long it will take to consume a container of mayonnaise as large as a newborn baby.While there are dueling expert opinions on the matter, Dr. Karen Latimer is quoted in EatDelights as saying that a jar of mayonnaise can last for months if left unopened and stored away from sunlight. However, once that jar is opened and refrigerated, you have between two and three months to ensure it’s consumed. And if you accidentally leave it out for eight hours? Prepare to toss it. In short, unless you’re running a school cafeteria, a massive quantity of mayo may not be a good buy. It’s easier to save money on groceries if you’re willing to give up mega-sized products. 2. Fresh produceEvery time I walk into a warehouse store, I rack my brain to figure out who would benefit from purchasing the fresh produce. It’s colorful and looks supremely healthy, but you can’t just pick up two or three tomatoes or apples. So, unless you’re throwing a huge party and need enough avocados to put a bowl of guacamole on every table, or you’re a summer camp director and know the kids will tear through 10 pounds of onions with their burgers, you’ll probably save money by picking up the actual quantity of produce you need at your local farmer’s market or grocery store. Given that an estimated 20% of the food we buy goes to waste, making an extra stop could be worth the money. 3. SunscreenSummer is upon us, and we all know better than to allow our skin to burn in the midday sun. Sunscreen is essential, but unfortunately, it does expire. According to Mayo Clinic, we have 36 months to use sunscreen from the time it’s manufactured. The active ingredients will break down faster if exposed to excessive heat or direct sun. Picking up a three-pack of sunscreen as you browse your local Sam’s Club may seem like you’re saving money.. However, if you still find yourself squeezing sunscreen from one of those bottles three years later, you’re essentially putting lotion on your body and expecting it to protect you from the elements. 4. Vitamins and over-the-counter medicines One of the things that make vitamins and over-the-counter medicines so attractive at Sam’s Club is how much less you have to pay per unit. After all, the less you spend, the more money you’ll have to put away in a savings account, right? It’s not quite that simple.Let’s say you need to pick up Bayer Low Dose Aspirin. At Target, you’ll pay between $0.05 and  $0.06 per tablet. But at Sam’s Club, you’ll pay only $0.03 per tablet. In this situation, there’s no doubt that Sam’s offers the best bargain. According to Bayer, aspirin remains 100% effective for up to four years, and you’ll probably use an entire bottle of aspirin in that time. However, it can be tough to determine when other products in the pharmacy department are due to expire. The Food & Drug Administration does not require vitamin manufacturers to put expiration dates on their products. While some manufacturers do so willingly, it’s not something you can count on. For example, if you were to pick up a 400 count bottle of Vitamin C + Zinc 500 mg at Sam’s Club today, you’d pay $0.04 per capsule. Here’s the problem: A Brazilian Journal of Pharmaceutical Sciences study found that 92% of vitamin C supplements lose efficacy after 12 months of storage. But unless you know that in advance, you don’t know if you’re getting an actual bargain. 5. Diapers and toilet paperGoing out of your way to purchase either diapers or toilet paper at Sam’s Club may cost you more than it’s worth. We all use toilet paper. Retailers know that, so they frequently discount toilet paper to lure shoppers into their stores. Chances are, you’ll score a deeper discount by purchasing TP when it’s on sale at your local market. You can compound the savings by using a coupon. The same is true of diapers. Today, the cost of Member’s Mark Newborn Diapers comes out to $0.16 per diaper. At the same time, Target’s Up & Up Newborn Diapers sell for a little less than $0.14 per diaper. It’s not a huge difference, but the savings add up when you consider how many of those things you go through while a child is young. By determining what constitutes a good buy and which products you want to avoid before walking into a Sam’s Club, you can spend less and keep more in your bank account.  

5 Reasons People Have Their Sam’s Club Membership Revoked

If you like shopping at Sam’s Club, the last thing you want is to lose your membership. Since it has a large selection and reasonable prices, it’s a great place to shop without too much of a hit to your finances. Fortunately, Sam’s Club doesn’t go around canceling people’s memberships for no reason. That wouldn’t be a great way to run a membership club.However, it does reserve the right to revoke membership, and it lists actionable offenses that could lead to this on its website. Here are the most common reasons for people to have their Sam’s Club membership revoked.1. Writing bad checksBounced checks could get you bounced from Sam’s Club. You might be able to fix this if it’s a one-time issue, but not if it happens on a regular basis. A better option is to pay with a rewards credit card instead of a check, so you can earn cash back or points on your purchase. If you’re one of the store’s frequent shoppers, there are Sam’s Club credit cards that are worth checking out.2. ShopliftingLike most of the actionable offenses on Sam’s Club’s list, this one’s pretty self-explanatory. Most stores ban people who get caught trying to shoplift. With those that require a membership, including Sam’s Club and Costco, they’ll usually take away your membership.3. Violent behaviorYour local Sam’s Club is not the place to throw down, even on Black Friday. You’ll most likely lose your membership, plus there’s the whole “could get arrested and spend the night in jail” part.4. Abusive, disrespectful, or threatening behavior toward an associate; profanity used toward an associateIt should go without saying, but sadly, not all customers treat retail employees well. Sam’s Club considers practically any type of rude behavior toward its associates as an actionable offense. That gives it plenty of leeway to revoke memberships of problem customers.5. Questionable returnsReturn abuse is a common issue for retailers, especially those with generous return policies. It’s the No. 1 reason people have their Costco membership revoked, and it’s also an actionable offense at Sam’s Club.You don’t need to worry if you have a legitimate return to make every now and then. Even if it has been months, or years since you made the purchase, Sam’s Club lets you return most items at any time. This stipulation about questionable returns is designed for the small percentage of customers who try to game the system. Here are a few examples of what can qualify:Returning a large number of your purchases.Frequently returning items you’ve had for a long time.Committing any sort of return fraud, such as trying to pass off an old laptop or phone as a new one.Most members won’t have any problemsThe reasons listed above are the actionable offenses that Sam’s Club specifically mentions. It can technically revoke your membership for any reason, without cause.The typical shopper doesn’t have anything to worry about. All the things Sam’s Club will ban you for aren’t exactly normal customer behavior. If someone tries to steal, start fights, or return 90% of what they buy at Sam’s Club, their membership could be revoked. The people who just shop there, enjoy the deals, and don’t yell at the employees can have a membership for as long as they want.

Now’s the Time to Take Advantage of This Sam’s Club Clearance Sale

One problem with shopping at a warehouse store is that there are many new things to check out. Unless you have an unlimited budget, leaving some things behind is necessary. When Sam’s Club offers items on clearance, that’s the time to make the purchase because once they’re gone, they’re gone.Here are five great deals you may be interested in.1. The Modern Gourmet Ice Cream Bar Gift SetRegular price: $22.98Clearance price: $17.98Competitor’s price: $30 at ShelhealthWhat’s better after a hot summer day than cold ice cream? With the Ice Cream Bar Set, you have all the classic toppings at your fingertips. The set includes rainbow sprinkles, Oreo cookie pieces, and three different syrups. You’ll also find two ceramic ice cream cone cups and a stainless steel ice cream scoop. Just because the word “gift” is in the name of the product, don’t think you have to give it to someone else. Why not reward yourself?2. The Modern Gourmet Margarita Fiesta Gift SetRegular price: $29.98Clearance price: $24.98Competitor’s price: $65 at WalmartMargarita fans, rejoice. This set has it all. In addition to spice margarita mix and two different rimming salts, you find a recipe booklet that shows you how to create three different types of spicy margaritas. There’s also two unique recycled cocktail glasses, an avocado slicer, guacamole seasoning, and a colorful bowl to hold your fresh guacamole.Further proof that there’s no reason to deplete your checking account to purchase a gift set. It’s a win/win.3. Member’s Mark Gourmet Rubs and Spice Rack Gift SetRegular price: $26.98Clearance price: $19.98Competitor’s price: $40 through EbayIf you’re someone who enjoys trying out new spices, this is the set for you. You get a bamboo spice rack with 24 unique rubs and spices, and labeled reusable spice tubes. The great thing about spices is that they let you get creative. Use them on meat, fish, chicken, vegetables, or anything else that strikes your fancy.4. Member’s Mark Gracyn 7-Piece Fire Pit Dining SetRegular price: $2,999Clearance price: $1,999You’ll notice that we didn’t include a competitor’s price. There are two reasons for that: It’s Member’s Mark, so it’s not carried by any retailers other than Sam’s Club, and frankly, we could not find anything comparable to it at another store. With $1,000 off the regular price, this is a great deal for a 7-piece outdoor dining set, with two swivel chairs and four stationary chairs.In the middle of it all is a tile top fire pit with BTU 55,000 and glass beads. With high-performance Sunbrella fabric, you don’t have to worry about fading, mold, or mildew. To top it off, there’s a furniture cover to keep it safe when you’re not using it.This set looks so exquisite, no one will guess you saved so much money.5. Honeywell LED Indoor/Outdoor 36′ String Lights with Bluetooth SpeakersRegular price: $79.98Clearance price: $63.90Competitor’s price: $90 at WalmartIt’s tough to beat a product that can so easily set the mood for an outdoor party. String these lights along a fence, from a gazebo, or anywhere else you’re looking for ambiance. The built-in Bluetooth speakers provide crisp, clear audio of your favorite songs. It’s heavy duty, weatherproof, and durable. It also comes with a free five-year manufacturer’s warranty.If you’d like, think of this sale as your secret. It’s a great place to pick up gifts — for you or someone else.

Who Treats Employees Better: Costco or Sam’s Club?

Winner: Costco, due to a more generous healthcare plan and bonus program. For example, long-tenured hourly employees receive an annual bonus as well as additional compensation twice a year in the form of bonuses and extra checks.Potential to unionizeDue to its merger with the union-staff Price Club in the 1990s, employees working in the old Price Club locations are unionized. According to a Q&A feature on Indeed.com (where answers are provided by employees), even mentioning unions as a Sam’s Club employee can lead to termination.Winner: CostcoEmployee satisfactionThe job search site Glassdoor gives company employees the opportunity to rate the company they work for. Along with the respect they’re shown on the job, flexibility, and the opportunity to move up the ranks, this is where having enough money to save a little each month factors into job satisfaction. Here’s how Costco and Sam’s Club employees rated their respective employers.Overall ratingCostco employees: 4.0 out of 5Sam’s Club employees: 3.3 out of 5CEO approvalCostco employees: 84%Sam’s Club employees: 61%Would recommend the job to a friendCostco employees: 76%Sam’s Club employees: 54%Winner: CostcoPerhaps the best snapshot of how well a company treats its employees can be found in one statistic: The turnover rate. While Costco experiences a turnover rate of 17%, Sam’s Club has a rate of 44%. In our opinion, that makes the final decision easier. Costco treats its employees better than Sam’s Club treats its employees.