How Often Should You Check Your Brokerage Account Balance? (2024)

3 Reasons Not to Keep Your Savings in Your Checking Account

It's important to save money for things like emergency expenses and big purchases. But you'll need to make a decision about where you should keep the money you are saving.It may seem convenient to just keep all your cash in the checking account where your paychecks are deposited and where you pay bills from, but the reality is there are some huge downsides to that approach.In fact, here are three key reasons not to keep your savings in your checking account.1. Your savings will be too easy to spendYour checking account is the place where you keep the money you spend regularly. You'll use the money in checking for bills, but will also likely be able to access it easily by taking cash out of an ATM or by using your debit card to charge purchases.If you have your savings intermingled with the money you're using for your expenses, it can be too hard to keep track of what is meant to be reserved and what's left to spend.For example, if you have $8,200 in your account but $5,500 is supposed to be saved, you'd have to subtract $5,500 from $8,200 to see what was left over to use for your expenses. Do you really want to have to do the math every time you check how much is available to spend in your account?2. Tracking your progress on financial goals will be more difficultIf you're hoping to save money in your savings account for something specific -- like a home down payment or an emergency fund -- it will likely take you time to build that up.You'll probably want to invest a set amount each month -- like $300 or $500 or some other figure based on your timeline and the total you need. And you'll want to check to make sure the money has gone into that account and that your balance is growing on schedule.If you have your savings in your checking account and you have money going into this account all the time for other things, it can be hard to keep track of whether you've deposited enough specifically for your savings goal. You'll also have to do that pesky math again, but this time subtracting all of the money you're intending to use for other things to see how much is left over that's actually saved.It's a whole lot easier to just sign into your savings account, see that you deposited the necessary amount that month, and see what your current balance is with one glance.3. You'll miss out on interest you could earnFinally, if you keep your money in a checking account instead of a high-yield savings account, you're going to miss out on interest that could help your balance grow.It's reasonable to expect that you could earn around 4.00% or more on a high-yield savings account right now. If you have your money in a checking account instead, chances are you'll earn $0 in interest. If you have $5,000 saved and you earn 4.00% on it each year, that will add $200 to your account balance by year's end. You'd pass that easy (and essentially free) money up if you kept your savings in your checking account.For all of these reasons, you should keep your savings in a savings account. Research high-yield savings accounts today, open one online, and move your money over now. That way, you can start earning interest on it and remove it from an account where it's more likely to be spent.

The Average American Has This Much Debt. How Does Yours Compare?

U.S. consumers generally aren't strangers to debt. People borrow money all the time, whether to finance a car or cover essential bills that are too much for their paychecks.But recent data from Northwestern Mutual shows that American consumers carry an average debt load of $21,800. Now that sum doesn't include mortgage debt. And it's also lower than it was a year ago, when the average personal debt pile totaled $22,354.But still, $21,800 in non-mortgage debt isn't a small amount. In fact, Northwestern Mutual says that this year, credit card balances account for 28% of consumer debt. And borrowing via a credit card balance can be extremely expensive.If you're struggling to keep up with your debt, you should know that falling behind could damage your credit and make it very hard to borrow money affordably in the future. But there are steps you can take to make your debt more manageable.1. Consider a balance transferThe problem with credit card debt in particular is that the interest rate on it can climb over time, making it more expensive. Not to mention, the interest rate you're paying may be exorbitant to begin with.If you have good credit and owe money on various cards, you may want to look at doing a balance transfer, where you move your existing balances over to a new credit card with a lower interest rate. Many balance transfer offers, in fact, allow you to snag a 0% introductory rate on your debt. So you might get a reprieve from racking up interest for 12 months, 15 months, or sometimes even longer.If you manage to score a 0% introductory rate on a balance transfer, one thing worth doing is picking up a side job so you can boost your earnings and free up more cash for debt payoff purposes. You'll want to knock out as much of your debt as possible before that introductory period comes to an end and your remaining balance begins accruing interest.2. Consolidate your debt via a personal loanA personal loan can be a more affordable option for borrowing money than credit cards because you'll likely be looking at a lower interest rate if your credit is in decent shape. And also, personal loans offer the benefit of fixed interest rates, so your monthly payments are predictable. That alone could make your debt easier to manage.3. Consolidate via a home equity loanIt's a big myth that you can only take out a home equity loan to fix or improve your property. Like personal loans, home equity loans allow you to borrow money for any purpose. But if you have a lot of equity in your home, you may find that you're able to borrow at a lower interest rate than what a personal loan will give you.While it's encouraging to see that Americans have less debt in 2023 than in 2022, personal debt levels are still high. If your debt has reached the point where it's no longer manageable, then it pays to explore these options for making it easier and more affordable to keep up with.

4 Little-Known Perks of a Costco Membership

Costco has a faithful legion of fans -- otherwise known as members. There are 123 million of them, to be precise. Throughout the years, Costco has added new membership benefits, some less well-known than others. Here are four that members may not realize exist.1. RV parkingWhether you spend part of each year visiting the highways and byways of North America or you're hoping to rent an RV for your next vacation, it's good to know that some Costco locations allow RVs to park overnight in their lots. Free overnight parking can certainly cut down the cost of travel.Consider the convenience. You arrive near closing time, pick up all the items you've already burned through or forgotten to bring, and spend the night in a well-lit lot. Granted, pulling an RV into a (typically) packed Costco lot may not be the easiest thing you've ever done, but once the lot clears out, you may even hear the sound of crickets.Notice we said that some Costcos permit overnight parking for RVs. When a store does not, it's often because local ordinances don't allow it. However, with so many Costcos scattered across the country, you should have options.The easiest way to determine which Costcos allow overnight RV parking is to check this Costco locations finder. Once you see one near where you plan to stay, call that store and ask to speak with the manager. Once you have them on the line, ask about their overnight policy. If the store does permit overnight parking, ask for permission to stay. According to the Camper Report, Costco has rules for campers, so you may want to ask where you can get a copy of those.2. Home, auto, renters, and specialty insuranceIn the back of our minds, most of us realize that Costco offers insurance, but we're not sure of the details. Partnering with CONNECT, powered by American Family, Costco members receive discounted rates on many of their insurance needs. Beyond the initial discount, CONNECT allows you to add more. For example, you may qualify for a safe driving, multi-policy, or student discount.And if you're an Executive member, CONNECT sweetens the pot even more by providing you with benefits like roadside and lockout assistance.At a time when many people are unhappy with the insurance industry, 9 out of 10 members who sign up for CONNECT coverage go on to renew their policy with the insurer.3. Home and business suppliesWhile it may occur to you to pick up envelopes and printer paper at Costco, have you ever taken advantage of the low prices on items like checks, ink stamps, and address labels? Many of the supplies you need to take care of business -- at home or in the office -- are available for up to 50% off.Executive members enjoy an even deeper discount.4. Floral deliveryOnce you factor in delivery costs, sending a lovely bouquet of flowers to someone can cost a small fortune. That's not the case at Costco. Costco's online floral department offers everything from anniversary and graduation bouquets to bulk flowers. And here's where the real savings come in: Delivery is free. The price you see listed on the site, plus tax, is the price you pay.Few things are more frustrating than typing your credit card number into a florist's site, only to learn that delivery costs nearly doubled your purchase price.As Costco layers on new perks, keeping track of them may become even more difficult. It's a good idea to check periodically to see if there are any you're not taking full advantage of.

3 Signs You Should Avoid Costco Shopping at All Costs

Costco is a great warehouse club. You can get amazing deals that help keep more money in your bank account while allowing you to bring home products that have a passionate following. You can also enjoy free samples of tasty treats in the store, or dine on a $1.50 hot-dog-and-soda combo at the food court.But, while there are benefits to a Costco visit, there are certain situations where you absolutely are better off steering clear of the club. Here are three signs you should avoid shopping at Costco at all costs.1. You're buying wants instead of needsIf you regularly end up with items in your Costco cart that you want but don't really need, you should probably steer clear of the store.It's tempting to give into impulse buying -- especially when the products you are purchasing seem like a good deal because you're getting them at a warehouse club. But, even if an item is on sale or priced great, it is not a deal if you don't really need it. It's a waste of money.There's no reason to put yourself in the path of temptation if you find it hard to resist. Especially since the whole point of shopping at Costco is to save you money by scoring bargains with your membership, not to leave you with a huge credit card bill because you just can't say no to its tasty treats or unique household items.You can avoid a Costco visit by shopping online for the things you really need, using grocery pickup, or simply shopping somewhere else where you aren't as likely to find tempting products you don't need.2. You aren't using up all of the items you're purchasingCostco provides customers with the chance to save by selling bulk items. But, if you buy something that is too large a portion for you to actually use, you end up wasting a ton of money by throwing a good amount of the product in the trash.If you can't use an 18-pack of Ritz crackers before they get stale or a 10-pound case of Mahi Mahi before it goes bad, then avoid shopping at Costco and stick to a store with more manageable proportions.3. You're going into credit card debt to shop thereFinally, if you find yourself with a big credit card balance because of your Costco shopping, you should stop going to the store cold turkey. With the average credit card interest rate at 20.68% as of July 10, 2023, carrying a balance on your credit cards is really expensive. The added interest you pay will negate any savings you get from buying at Costco instead of other stores.Ultimately, if you cannot shop responsibly at Costco by sticking to your budget and using all of the items you buy, then a membership may do you more harm than good. If this is your situation, avoid visiting the warehouse club at all costs and stick to stores where you don't have as much potential to derail your financial goals.

4 Little-Known Perks of a Costco Executive Membership

When you become a Costco member, you'll need to decide if you want a Gold Star membership that costs $60 per year or if you want an Executive membership that costs $120.The most obvious benefit of the Executive membership is that you receive a 2% annual reward on qualifying Costco purchases. But there are some lesser-known benefits for Executive members as well. In fact, here are four perks you may not know that Executive members get exclusive access to.1. Cash back on travel purchasesCostco Travel provides the chance to get deals on vacation packages, rental cars, hotels, and other travel-related services. And Gold Star and Executive members get to take advantage of these bargains so the trips they take will cost them less on their credit cards.But, Costco Executive members get an extra perk that standard members are not able to take advantage of. Specifically, those with an Executive membership can claim their 2% cash back rewards on travel.This is a huge benefit, especially when purchasing an expensive trip. If you charge $1,500, for example, a 2% cash back bonus from Costco would mean you end up with $30 coming back to you. That could pay for a meal out on your vacation.If you can get cash back from Costco and a travel rewards card, you can double dip, getting 2% back from the warehouse club as well as whatever cash back your card issuer offers. This could mean you end up getting a good amount of money coming back to you. This cash back can significantly reduce your out-of-pocket spending on your vacation.2. Extra savings on checksBuying checks is not a very fun purchase, and the price of them can add up -- especially if you routinely write checks and need to order them often. The good thing is, Costco offers discounts on checks through its partnership with Harland Clarke Check Printing.While many of the checks are already a little bit cheaper than what competitors charge, Executive members score even more savings. Specifically, Executive members get an extra 20% off of their checks compared to the discount provided to Gold Star members.3. Exclusive insurance benefitsCostco can help members save on insurance as well, with both home and auto policies offered at a discount by CONNECT powered by American Family Insurance. Costco indicates that members can save an average of $595.86 if they switch their coverage to CONNECT.While the affordably-priced insurance is available for all Costco members, Executive members get some exclusive perks when they get covered. These benefits open to Executive members include:Lifetime renewability of coverageRoadside assistanceReimbursem*nt for glass repairsLockout assistance if they become locked out of their homeThese benefits could make a huge difference when something goes wrong, but an Executive membership is the only way to take advantage of them.4. Other savings on Costco servicesFinally, Costco has a long list of services that members can take advantage of including:Car-buying programPayment processing services for businessesBottled water deliveryPet insuranceCostco makes clear that Executive members can get some bonus savings with many of these partner-provided services as well.Ultimately, if you are shopping at Costco on a regular basis, or if you want to take advantage of any of these extra perks, then upgrading to an Executive membership may be well worth it for you.