4 Ways to Lower Your Auto Insurance in 2024

These Are the 8 Auto Insurance Providers That Had the Best Rates in 2023

By: Kailey Hagen |
Updated
Dec. 3, 2023 – First published on Dec. 3, 2023

Auto insurance premiums averaged about $3,017 per year in 2023, up from $2,875 in 2022. And in all likelihood, they’ll probably climb higher next year. That makes it crucial for drivers to shop around to ensure they’re getting the best possible rate on their 2024 auto insurance.While a company’s prior-year rates aren’t always indicative of what they’ll charge the next year or any given individual, it can still give drivers some idea of which companies they might like to include in their search. So with that in mind, here’s a closer look at which top insurers offered some of the most affordable premiums in 2023.The eight companies with the best auto insurance rates in 2023The following eight companies had the lowest average annual premiums among large auto insurers in 2023, according to our data:USAA: $1,844*Geico: $2,104Erie Insurance: $2,273Travelers: $2,343Progressive: $2,587Nationwide: $2,697State Farm: $2,770Farmers: $2,825* USAA is only available to active-duty military members, veterans, and their family members.It’s worth noting that these are averages from across the country based on several driver profiles, including drivers with accident histories and DUIs as well as young drivers. Those with clean records will likely be able to snag a policy for less than the rates listed above. And drivers with blemishes on their record will likely pay a bit more than the prices listed here.How to find the best auto insurance rates in 2024Auto insurers may be adjusting their rates for 2024, but the principles for finding the best coverage remain the same. The most important thing a driver can do is shop around and compare quotes before making any decisions.Each company weighs risk a little differently, which is why each one gives a driver a different quote. Some might penalize drivers more heavily for accidents, for example, while age may play a bigger factor in premiums with a different insurer. Insurers don’t publicize how they come to their premiums, so getting a quote is the only way drivers can know which will offer them the best deal.Auto insurance discounts can help reduce premium costs, but more discounts doesn’t always guarantee a lower rate. Still, if you have special circumstances, like being in the military or owning a hybrid vehicle, it doesn’t hurt to look into companies that reward drivers for these factors.Those who are open to it should also consider enrolling in a driver monitoring program if their insurer offers one. This is an optional service many companies make available to customers who are willing to demonstrate their good driving habits. It usually comes with an upfront discount for enrolling.Finally, drivers can keep their premium costs down by raising their deductible. This means they’ll have to pay more out of pocket in the event of a claim. But this might not be a big deal for those who are able to save up for the deductible in an emergency fund.It’s possible that drivers could still pay more for car insurance in 2024 regardless, because of inflation. But it’s still worth taking the steps above so drivers can be sure they’re getting the most affordable rate. And if there aren’t any great options right now, consider shopping around again in a few months to see if anything has changed.

Does Your Income Make You Upper Class, Middle Class, or Lower Class?

By: Christy Bieber |
Updated
Sept. 5, 2023 – First published on Sept. 5, 2023

Incomes vary widely across the United States, with some people making many times the amount that others earn. If you’ve ever wondered how your personal finances stack up, and what “class” your income officially puts you in, here’s what you need to know.What income do you need to be upper, middle, or lower class?Based on 2021 data, here’s what you would need to earn in order to be in each class:Lower class: This is defined as the bottom 20% of earners. Those in the lower class have an income at or below $28,007.Lower middle class: This is defined as individuals in the 20th to 40th percentile of household income. Earnings among this group are between $28,008 and $55,000Middle class: The middle class is officially those whose earnings put them in the 40th to 60th percentile of household income. The income range is $55,001 to $89,744.Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131.Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.Take a look at these numbers and see where you fall based on your own earnings. And remember, this is a snapshot in time — your earnings can change throughout your life, and so can your class designation.Will your success be determined by your income and class?It’s probably not a surprise that those in the upper classes or in the upper middle class do have a higher net worth than those in the lower class or the lower middle class. But the disparity is greater than you might think. While the median net worth of those with incomes of $149,132 or higher is $805,400, the median net worth of those in the lower class is just $12,000.Your income impacts how easy it is for you to build wealth. If you make more money, it is easier to save it and invest it in a brokerage account where it can work for you. If you make less money, then you may struggle even to cover the necessities out of your checking account, much less to buy valuable assets that help you grow richer over time.But that doesn’t mean people who don’t make a lot of money can’t be a financial success. A lot depends on what you do with the money you actually have, including how much you spend and how much you save.There are plenty of people who make over $100,000 a year who live paycheck to paycheck, and plenty of people with incomes that put them squarely in the lower or lower middle class who have diligently saved and grown quite wealthy over many years.Here’s how you can improve your standingDon’t be discouraged if you aren’t in the class you hope to be. For one thing, you have opportunities to increase your income by taking the following steps:Learning new job skills: You could obtain a certification, take part in a management training program at work, or take some classes to develop skills that may help you get promoted (such as computer training courses or public speaking classes), depending on your industry.Take on a side hustle: The average side hustle brings in $483 per month, which is a good amount of extra money that could make a meaningful difference in your income.Work some extra hours: If your company allows you to work overtime, take advantage of it, as many people are paid time and a half for overtime hours.Negotiate your salary: According to Pew Research, when workers negotiated for higher pay, 28% said they received the extra money they asked for and 38% indicated they were given more than originally offered but less than their ask. Whether you are getting a new job or staying at your current job but feel you’re underpaid, it doesn’t hurt to make a request for more money — especially if you can find salary data to back up the fact that others in your industry are paid more.And even if your earnings never put you in the top 20% of earners, you can still have a rich life and end up with the financial security you deserve — especially if you prioritize saving as much as you can for as long as you can.

Will SNAP Benefits Increase in 2024?

By: Chris Neiger |
Updated
Nov. 14, 2023 – First published on Nov. 14, 2023

The Supplemental Nutrition Assistance Program (SNAP) is a federal initiative to help families cover their monthly food costs. SNAP has some specific income and work eligibility requirements, but in general, the program can significantly help lower-income families who need extra help buying food.More than 22 million U.S. households — 12.5% of the population — receive SNAP benefits, according to Pew Research Center. The program is especially important right now as elevated inflation, rising interest rates, and the generally high cost of nearly everything have strained many Americans’ personal finances.Each year, the government decides how much SNAP benefits should increase for the next fiscal year, which begins on Oct. 1, and in 2024, the amount has gone up slightly, but not by much.SNAP benefits have increased for 2024The U.S. The Department of Agriculture (USDA) recently announced that it will increase the SNAP maximum benefits for a family of four in 2024 to $973. And while the increase is likely welcomed by those using the program, it’s also a relatively modest increase of 3.6% from the previous year’s maximum benefits of $939.The USDA makes an annual cost-of-living adjustment for SNAP benefits, but the problem with this year’s increase is that it’s not keeping up with the rapid rise in food prices. The USDA cites on its own website that food prices are up by 5.8% on average this year, above the historical average. For example, in 2020, food costs increased by about 3.4%.The USDA may have made the SNAP benefits adjustment based on food cost predictions for 2024 — which are estimated to rise by 2.1%, instead of looking back on food prices from the previous year. The agency says the average monthly cost for a family of four, using the USDA’s strictest food budget, is $974.Still, the increase to $973 per month may not go far enough to help some families, especially given the fact that inflation has soared over the past couple of years. If you want to sign up for SNAP benefits, you can do so through your state. You can find local SNAP offices, contact information, eligibility requirements, and online applications on the USDA website.Food is just one part of a monthly budgetWhile receiving any type of food assistance is likely welcomed by some families, there’s no getting around the fact that most Americans’ monthly budgets are strained right now. The latest Consumer Price Index figures show how much prices have risen in the following categories over the past year:Shelter costs are up 7%Gas prices are up 3%Electricity prices have risen 2.6%Transportation services are up 9.1%With all those expenses rising, it’s unsurprising that Americans aren’t feeling optimistic about their finances right now. Nearly 70% of Americans say the economy is getting worse and not better, according to a recent Suffolk University and USA Today poll. And 49% say rising food prices are one of their biggest concerns.Keeping track of a month’s worth of expenses is complicated enough on its own, and it’s even harder when prices rise. A budgeting app can be a helpful tool to track where your money is going and even to track how much your spending in specific categories has changed.There’s no telling what will happen with the economy in 2024. Right now, the job market remains strong, and thankfully, inflation is slowing. But many Americans’ budgets will likely remain strained as their savings rate has fallen and credit card debt has topped $1 trillion.That may keep demand for SNAP benefits elevated, and it remains to be seen whether the latest increase in benefits for 2024 will be enough.

5 Awesome Costco Gifts for the Mom Who Has Everything

By: Maurie Backman |
Updated
Nov. 29, 2023 – First published on Nov. 29, 2023

Your mom is the person who raised you, cooked your favorite meals when you were down, and cared for you after countless scrapes, bruises, and falls. So it’s natural to want to get your mom something awesome for the holidays. And you may even be willing to dip into your savings account balance to come up with the perfect gift.But your mom may not want you to spend a lot of money on a holiday gift. In fact, she might specifically lecture you not to rack up a giant credit card tab since she already has everything she needs.But remember, gifts aren’t always about fulfilling a need. It’s okay to get your mom something she might simply enjoy as an extra. With that in mind, here are some great Costco finds your mom might truly love.1. Kirkland Signature Ladies’ Fleece Full Zip JacketA good fleece jacket is the sort of item you really can’t have too many of. That way, if one gets sweaty during a cold morning run, you can swap it for another one after you’ve showered off.Costco is selling a women’s fleece jacket online for $21.99. And you should know that prices can vary between what’s listed online versus in stores — and that store prices are almost always more competitive. Choose from gray, teal, or cream in a variety of sizes.2. Eddie Bauer Ladies’ Mid Length Down ParkaIf your mom is constantly telling you to remember your coat, why not give her a taste of her own medicine — in a good way, of course? Costco is selling an Eddie Bauer mid-length parka for just $36.99. It’s hooded, lightweight, and easy to pack down, making it a great gift for someone who has a winter coat already that may be on the bulky side. Choose from dark blue or black.3. Lucky Brand Ladies’ Lounge Pant, 2-packAfter a long, hard day, many moms would love nothing more than to swap their work pants for a pair of comfy lounge pants instead. Right now, Costco is selling a two-pack for just $11.99 that could easily double as pajamas. They feature an adjustable waistband and soft jersey knit fabric. What more could any mom want?4. Kirkland Signature Ladies’ Shearling SlipperThere’s nothing like a cozy, breathable slipper to make romping around the house and tackling late-night chores, like laundry, more palatable. Costco is selling women’s shearling slippers for $24.99. As of this writing, sizes are limited online, but it’s worth checking your local warehouse club store, which might offer more of a variety. (Also, check back online, since Costco.com might restock.)5. Thermos Stainless Steel 18oz Travel Tumbler, 2-packIf there’s one thing moms tend to need lots of, it’s coffee — specifically, coffee on the go. Enter this two-pack of travel mugs for just $19.99. Made of stainless steel, these mugs are designed to keep beverages hot for an impressive five hours. And they claim to keep beverages chilled for up to 14 hours. Throw in a gift card to your mom’s favorite coffee shop, whether it’s Starbucks, Dunkin’, or a local establishment, and you’ve got the makings of a really great gift.Shopping for your mom may not be easy. But remember, it’s the thought that counts. And thanks to Costco, you can come up with a meaningful gift without having to go overboard on spending. So that way, your mom won’t have to feel the slightest bit bad about being on the receiving end.

5 Awesome Christmas Gifts at Costco for Under $30

By: Maurie Backman |
Updated
Nov. 29, 2023 – First published on Nov. 29, 2023

If you’re stressed out about the number of holiday gifts you need to buy this year, you’re no doubt in good company. And if you’re short on funds, you may be wondering how on earth you’re going to find something for everyone on your list without ending up with a massive pile of credit card debt.If you’re a Costco member, though, you’re in luck. The warehouse club giant has a host of products in store that make great Christmas gifts for under $30. Here are some worth checking out.1. Kirkland Signature Ladies’ Cozy Fleece CrewneckIf you live in an area with cold winters, you can really never have too many warm sweatshirts. Costco is selling a Kirkland brand women’s fleece top for $16.99. It’s a longer length for added coverage and comes in a range of sizes and two colors — oatmeal beige and purple. It’s machine-washable for easy care and a great gift for that person in your life who always seems to be cold.2. Spyder Active Men’s Long Sleeve ShirtWearing cotton during a workout can mean sweating up a storm only to have your shirt stay damp and cold until you’re able to peel it off. That’s just not a good feeling. So if there’s someone special in your life with a tendency to hit the gym or go for a jog, this shirt makes a great gift. It’s a moisture-wicking top that’s perfect for an intense workout, and it features reflective shoulder detailing so that whoever wears it is more visible during those early morning or evening runs. It comes in blue, black, and gray in a variety of sizes for just $15.99.3. Fun With Mouse & Friends: 6 Picture Book Box SetIf you need a holiday gift for a book-loving toddler or preschooler, you should consider this set. It features fun classics such as If You Give a Moose a Muffin and If You Take a Mouse to School. At $26.99, you’re only paying about $4.50 apiece for six hardcover books. The set also includes a bonus poster.4. Life Comfort Reversible Sherpa Fleece BlanketThrow blankets are a good gift for pretty much anyone. And Costco is selling a reversible sherpa fleece throw for $19.99. It’s large enough to fit a queen- or king-sized bed and is machine-washable for easy care. Choose from mutli-colored, gray, or dark gray, depending on your recipient’s taste.5. Cuisinart EasyPop Hot Air Popcorn MakerA big reason some people like going to the movies is getting to enjoy a bag of freshly popped popcorn. Now, your loved ones can experience that from the comfort of home — and save the money they’d otherwise have to spend on a ticket. This popcorn maker produces up to 15 cups of popcorn — enough to feed a crowd. And all of its removable parts are dishwasher-safe for easy cleanup. You can find this gadget for just $23.99.All of the items above are available on Costco.com, and the prices listed reflect what you’ll pay online. But Costco often has lower prices at its warehouse club stores. So if money is tight this season, it could pay to brave the crowds and do your holiday shopping in person. You might end up spending even less on the gifts you’re looking to buy.