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3 min read

3 MIN READ

APRIl 2025

Your financial knowledge toolkit

Dealing with money and finances can be overwhelming. But small changes, wise choices, and a little guidance and support can help you reach your financial goals.

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Here are some tips:

Be mindful with your spending

“I can’t afford a house, so I might as well treat myself to a fun weekend.” That might seem like a good idea in the moment. But here’s the truth: small, intentional spending decisions can add up more quickly than you think, and help you reach big goals.  

Reduced spending can also reduce waste in landfills. Ordering out for dinner means higher meal costs plus plastic bags, boxes and other disposable materials. Meal planning for the week on a free day helps you save money and reduce your carbon footprint.

Write down your financial goals

What are your financial goals? What’s important to you? SmartDollar, your no-cost confidential online personal finance program, is designed to help you reach your goals.

SmartDollar’s step-by-step plan helps you take small steps to pay off debt and save more using the online budgeting tool. It keeps you motivated with video lessons from personal finance experts and gives tips to: 

  • Pay off debt faster
  • Set up an emergency fund
  • Save for college 
  • Buy a car
  • Save for a down payment on a house

Free one-on-one financial coaching is also included. To sign up and get started, visit SmartDollar.com/enroll/costco or text Costco to 33789* to download the app.

If you want to grow your financial knowledge, additional financial resources are available through Resources for Living. Get a free 30-minute consultation per concern with a financial specialist. They can help with things like budgeting, credit repair and reports, mortgages and refinancing, debt management and tax questions. Visit RFL.com/Costco to request a free financial consultation.

Be smart about big purchases

Do your research before buying a house or car. Take the time to compare prices and learn about the market in your area. Consider things like rates and resale value to make an informed decision and get the best value for your money. Consider checking out the Costco Auto Program.

Watch these SmartDollar videos for additional ways to save:

Take advantage of these ways to save

Your Costco benefits can help you make the most of your money.

  • Save on monthly expenses — New for 2025, you have access to LifeMart for employee discounts on gym memberships, virtual fitness and childcare.**
  • Contribute to your 401(k) — Costco offers matching and annual contributions to your retirement plan with T. Rowe Price. To check your 40l(k) account balance, set up automatic payroll deductions, adjust your investment mix and much more, go to RPS.TRowePrice.com.
  • Purchase company stock — The Employee Stock Purchase Plan (ESPP) lets you buy Costco stock through payroll deductions. You choose the amount you’d like to invest per pay period.
    To learn more, visit Costcobenefits.com > Financial Wellbeing > Employee Stock Purchase Plan (ESPP). 
  • Save on taxes — Use reimbursement accounts for eligible expenses.
    • A Health Care Reimbursement Account (HCRA) lets you set aside pretax dollars to pay eligible medical expenses. You can use it for things like copays, deductibles and coinsurance, dental and vision expenses, plus prescriptions and over-the-counter items. Sign up for an HRCA during Annual Enrollment.
      To learn more, visit Costcobenefits.com > Financial Wellbeing > Health Care Reimbursement Account.
    • A Dependent Care Assistance Plan (DCAP) lets you set aside pretax dollars to pay for qualified child and elder care expenses needed for you and your spouse to work. You can use it for expenses like day care, before- and after-school care, nursery and pre-school, and in-home aids. Keep in mind that the DCAP isn’t for dependent health care expenses. You can sign up, change or stop your DCAP based on your dependent care needs.
      To learn more, visit Costcobenefits.com > Financial Wellbeing > Dependent Care Assistance Plan.

NOTE: If you were enrolled in a reimbursement account in 2024, remember that your claim filing deadline is April 30. Any unused funds are forfeited after this date. Only your HCRA rollover amount of up to $640 can be carried over from 2024 to use in 2025.

*Message and data rates may apply. 

**Childcare discounts are not available in Puerto Rico. 

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2 min read

2 MIN READ

APRIL 2025

Talk about money — even when it’s hard

It’s easy to fall into the trap of thinking everyone but you has their money figured out. But the truth is, 72% of Americans report feeling stressed about money within the last month.  

Topics like budgeting, investing, interest rates and managing debt aren’t always taught in homes or schools. And that can leave many adults feeling overwhelmed by their finances.

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It’s ok to talk about it. And you should. If you share expenses with a spouse or partner, talk to them. Getting on the same page is important. But you can only do that if you have clear, open communication about your financial goals.

Talk with a trusted friend or family member. Once you start getting more comfortable having money conversations with the people in your life, not only will it shed light on your own milestone moments, but it will also help you understand how the people close to you view money and make decisions.

And be sure to ask for help when you need it. Support is available from these helpful resources: 

  • Struggling to make ends meet? Get connected with local community resources through Worklife, made available by Resources for Living® (RFL). They can connect you with resources for rent, water and electricity, food and more. Social workers are also available to help support you and your family. 
  • Stressed and overwhelmed? RFL offers 6 free counseling sessions per issue per year for you and your household members. Dependent children living away from home can use RFL up to age 26.
    To connect with support, call 833-721-2320 (TTY:711) or visit RFL.com/Costco. 
  • Need help taking the first step out of a rough financial situation? SmartDollar offers budgeting tools and free one-on-one financial coaching. They can help you figure out a financial plan that meets your needs, such as tackling debt, repairing credit or saving an emergency fund.
    To get started, visit SmartDollar.com/enroll/costco or text Costco to 33789* to download the app. 

Learn more about the importance of talking about money with SmartDollar.

Here’s the truth about money: If you don’t tell it where to go,  you’ll always wonder where it went.
– Dave Ramsey

*Message and data rates may apply. 

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APRIL 2024

Video: How to improve your credit score

Your credit score is a three-digit number, from 300 to 850, that represents your credit worthiness, or the likelihood you’ll pay your bills on time. The credit score model was created by the Fair Issac Corporation, now known as FICO, and is used by financial institutions. While other credit scoring systems exist, the FICO score is most commonly used.  

There are several factors that go into calculating your credit score, including your payment history and the total amount of credit you have. Credit card companies and lenders may consider your credit score when deciding whether to approve you for a new account or what interest rate you qualify for.  

Having a good credit score — one that’s over 670 — makes it easier to achieve major milestones, such as renting an apartment, buying a car or getting a mortgage for your first home.  

If you haven’t applied for a credit card yet, you can build a good credit score by making on-time payments to your cell phone or utility bill. If your credit score is low or has dropped, you can take steps to raise it, such as applying for a secured credit card that requires a deposit before use, usually starting at $200. 

Building and maintaining a good credit score is important — and doable. Check out the simple tips in the video below to help you get started.

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Sources:
Consumer Financial Protection Bureau. How can I improve my credit score?
CNBC. The beginner’s guide to credit scores: How to understand and improve your credit score.

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FEBRUARY 2024

How to handle financial stress

Your palms are sweaty, you haven’t been able to sleep soundly for a week and your stomach is in knots. You may be experiencing financial stress, a condition that’s affecting 72% of Americans, according to the American Psychological Association.

But you don’t have to suffer forever. There are strategies you can follow to lower your stress about money. See if they can help you find a sense of peace — even empowerment — over your finances.

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Money worries can hurt your physical, emotional and social well-being

Financial stress can be described as worry, fear and anxiety about economic or financial events. It can sneak up on you out of nowhere and show up anytime, day or night. Chronic financial stress can cause insomnia, headaches, fatigue, weight loss or gain, muscle tension, stomach concerns, and depression. Over time, it can lead to an increased risk of heart attack or stroke.

And it doesn’t stop there. Worries about money can take a toll on your relationships with your partner, family and friends. It can hurt your focus at work. The stress you feel may make you more irritable and cause you to argue or lash out at loved ones. Research backs this up — studies show that finances are what couples fight about most.

Men and money

Cultural stereotypes can add to the stress. According to a Pew Research Center survey, 72% of American men say a man needs to provide for his family to be a good husband or partner.1 This pressure to provide can bring up feelings of guilt or shame if a man doesn’t feel like he’s living up to his potential. Society may also condition men to associate money with their success as individuals or a mark of their character. Money troubles can hurt their sense of self.

6 steps to financial peace

Fortunately, there are actions you can take to help you handle financial stress in a healthy way. Follow these steps to take control of your money.

number 1

Take inventory.

If you’ve been stashing your bills in a drawer, it’s time to take them out. Just because they aren’t in plain sight doesn’t mean they’ll just go away. It may be scary, but facing your debts head on is the most helpful thing you can do to start relieving stress. Organize your bills by closest due date and tackle them one at a time so you don’t get overwhelmed.

number 2

Make a budget and stick to it.

It may not seem like it, but creating a budget gives you more freedom. A zero-based budget is one to try. First, write down your income. Then, write down your expenses. Then, subtract your expenses from your income until it equals zero. This doesn’t mean you have nothing in the bank. It means you’ve given every single dollar a purpose and a job to do. Use the free EveryDollar app from SmartDollar to make budgeting even easier.

number 3

Have monthly budget meetings.

Budgeting can be hard. But doing hard things is easier when you connect with another person in the same situation. It can be your spouse, a family member or a trusted friend who’s encouraging enough to cheer you on but bold enough to hold you accountable.

number 4

Track your expenses.

When you see where your money is going, you’re not wondering where it went. You can start taking responsibility and make changes, which, in turn, will reduce your financial stress.

number 5

Practice gratitude.

If you’re constantly comparing yourself to others, it’s easy to be caught in a trap of wanting what you don’t have and overlooking what you do. Learn what triggers these feelings — social media is a common culprit — and limit your exposure to them. Remember, contentment doesn’t come when we have enough. It comes when we see that what we have is enough.

number 6

Set goals.

When you’re stressed about money, it can be hard to set financial goals. Goals not only keep you motivated, but each successful step toward your goal can increase your confidence and reduce your stress. Start with something small but doable, such as saving 10% of your paycheck for an emergency fund.

quotes

SmartDollar has taken away a lot of confusion and helped me create a monthly budget. I feel less worried about money.

— a Costco employee

1Pew Research Center. Americans see men as financial providers, even as women’s contributions grow.

Sources:
Ramsey Solutions. How to deal with financial stress.
American Psychological Association. Speaking of psychology: The stress of money, with Linda Gallo, PhD.
The Independent. Money problems can take a big toll on men’s mental health — signs someone needs support.

Ready to reduce your financial stress? Turn to these resources to help you change how you handle your money.

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AUGUST 2023

Money 101: Kids’ edition

You teach your children about safety, physical health, good study and work habits, acceptable behavior, and more. You want to instill in them all the things they’ll need to function well once they leave the family nest.

So why not include lessons on how to earn and manage money? After all, it makes sense for everyone to learn to spend wisely, save and invest what they earn.

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The best way to start teaching your children about money is to show them how you handle it. As soon as your children are old enough to understand, include them in your family’s budgeting, planning and saving discussions. As a bonus, your kids will know what to expect in terms of what the family can afford. They’ll also learn how their own choices can help them get things they want.

Be a role model for your children

Make sure your own financial behavior is responsible. If they see you spending money on things you don’t need instead of paying your bills, they may grow up thinking that’s an acceptable way to handle finances. 

If you use credit cards, make sure your kids also see you checking your credit card statements and paying your bills on time. Show your children that those little plastic cards aren’t magical sources of free money. Let them see how much interest you pay, too.

Help them practice decision-making

Let your children manage their own funds. When they get old enough, help them open and maintain a bank account. Whether they earn an allowance or income from a part-time job, help your kids make good decisions with their funds. 

A lesson about saving on taxes

As every grown-up knows, taxes can be complicated. But it’s never too early to teach your children an important lesson: it pays to take advantage of the tax benefits you have.

For example, with a reimbursement account, administered by PayFlex®*, you can set aside pretax dollars and pay yourself back through a Health Care Reimbursement Account or a Dependent Care Assistance Plan.

The Health Care Reimbursement Account (HCRA) allows you to reimburse yourself for health care costs your medical plan doesn’t cover, such as out-of-pocket costs for medications and copays. The Dependent Care Assistance Plan (DCAP) lets you set aside pretax dollars to reimburse yourself for eligible child (under age 13) and elder care expenses necessary for you and your spouse to work, including child care and nursery/preschool costs.

Talk to your kids about how these accounts help your family save money on taxes. And remember to enroll in an HCRA or DCAP during Annual Enrollment.

*Available in Mainland and Hawaii.

Give your kids the tools to succeed

Encourage your children to save, and guide them in setting up a personal budget. Teach them how to compare prices before buying a pair of sunglasses, a skateboard or something else they want. Show them how much an investment account can grow over time by reviewing your retirement account’s growth together. That way, they can see the importance of saving even a small amount as soon as they start working as adults. 

If they make a money mistake, don’t be too quick to bail them out. Instead, help them learn from it so they’ll make a better decision next time. As they get older, you can even show them more details about your family’s finances. For example, you can explain how interest can add up when you don’t pay off your credit cards each month or why making dinner is easier on your budget than ordering take-out.

Your kids can learn from all sorts of activities, including:

  • Counting the coins in a piggy bank
  • Creating a budget on paper or online
  • Checking monthly statements for charges for apps and subscriptions
  • Buying a used car and shopping for insurance
  • Opening a savings account
  • Researching how to finance their education

You can find teachable moments just about every day. It’s never too early to start setting your children up for financial success. 

Source: Resources For Living. Teaching your kids about money.

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JULY 2023

Live your best financial life

It’s great to have money, but who wants to think about it? The short answer is: You do. Because the earlier you think about it, the better. If you’ve decided it’s time to learn more about money and get your financial life on track, congratulations. Getting control of your finances is the first step toward achieving the financial life you’ve always wanted.

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Live your best financial life

Get started now

If you’ve already decided to learn about money and create a financial plan, you’re one step ahead of most people. An important next step can be to share your journey with friends and family. That way, when they check back with you about your progress, you can be accountable to someone. Remember: Goals that aren’t written down are just wishes. So write your decision down, share it with loved ones and stay accountable.

After making your decision, you’ll want to know exactly where you stand. One way to do that is to look at your credit report so you know what information lenders are seeing about you. Check with any of the three credit score issuers: Transunion®, Equifax® and Experian®. Review your credit report carefully and be sure to challenge any mistakes or inaccuracies.

Make a plan — and a budget

Looking through your credit report can give you an idea of the existing debt and expenses you have. Write down all your monthly expenses and your monthly income. Capturing your total income and expenses is the first step in making a budget. Depending on your history with money, you may have a negative association with the word budget, but it’s important to remember that a budget is just a tool. It can help you stop spending money on things that aren’t important to you, so that you still have money to spend on the things that are important to you.

Cut your expenses

Again, you’ll want to make sure your budget is written down and tracked. Once you’ve been budgeting for a few months, you’ll start to notice patterns in where and how you spend your money. Decide which expenses align with what’s important to you, and cut the things that don’t. Use any extra money each month to create an emergency fund and reduce your debt. 

Grow your income

While many budgeting guides talk about eliminating that daily coffee purchase or unused gym membership, that’s only one side of the story. There’s only so much you can cut out of your budget, while in theory at least, you have unlimited income potential. Look for more ways to save in your spending when you go shopping, or out to dinner. Wait for larger items to go on sale before you pay the full price. And also look for ways to bump up your income — perhaps selling items you don’t need or doing small jobs in your spare time.

It’s a marathon — not a sprint

Finally, remember that financial health is a marathon, not a sprint. Depending on where you’re starting, you may not completely eliminate your debt in a few months or even a few years. It will take time. So it’s important to remember to be steady and patient. And not all months will be the same. There will be times when you slip up and make poor financial choices. This is another reason why writing down and tracking your progress can be useful. It helps you see that if you have a bad financial day, you’ve also had many good days. You’ll get there. 

Need help?

As a Costco employee, you have access to SmartDollar®, a financial well-being program, as well as one-on-one financial coaching, that’s included in your Costco benefits — at no cost to you. In addition to educational content from financial experts, it offers a full suite of budgeting, tracking and financial tools, plus Dave Ramsey’s 7 Baby Steps program. This proven program is designed to help you learn how to stick to a budget, get out of debt, save for the future and retire with confidence — no matter where you start.

The bottom line

Deciding to manage your financial situation, track your expenses, learn to budget and get control of your money is one of the best financial decisions you can make. Building on a sound financial foundation can provide peace of mind and help you lead a more stable life. Decide to start, write it down and share it with trusted friends and family. Gather information on your monthly income and expenses and start a budget.

Remember, sharing your decision and your progress with others helps keep you accountable, even when the inevitable slip-ups happen. When you do slip up and make a poor financial decision, the most important thing you can do is acknowledge that it happened and plan to do better tomorrow. One day at a time, you’ll find your path to a brighter financial future.

Source: Intuit MintLife. Getting my finances together: Where do I even start?

*With more than 90 days of service.

If you’re ready to live your best financial life, the following resources can provide the support you need.

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JULY 2023

Video: Setting financial goals you can reach

Is your credit card debt keeping you up at night? Are you putting money into a retirement plan? Is your dream vacation just that — a dream? Is buying a house out of the question? Maybe now is the perfect time to stop worrying about money and start taking control of it.

As this informative three-minute video suggests, you can learn how to set reasonable financial goals and accomplish them.

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Source: Resources For Living. Setting financial goals you can reach.

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JUNE 2023

How to have a fearless financial life

Few people are completely rational when it comes to money. Most of us don’t create and follow a budget or save something every paycheck, though we think we should. We know we need a financial plan, but somehow it doesn’t happen. We often spend too much money because it’s more fun to buy a higher-priced item today than to put the money in savings and wait twenty years to reap the rewards. Often we spend too little because we feel guilty. And sometimes our behavior with money brings on uncomfortable feelings.

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Many of us have a complex relationship with money. We make decisions about money that impact our financial situation, and those impacts in turn affect our feelings and future behaviors. And it’s a relationship that evolves over a lifetime.

Here are three key things to know about our relationship with money:

  • Emotion plays a huge role.
  • Anxiety and avoidance create a vicious cycle.
  • Our family dynamics and past experiences affect our behavior.

Emotion and money

The emotions you connect to money, including fear, envy, shame and guilt, tend to drive your actions.

What’s there to be afraid of? You might be afraid of looking foolish, for example, when it’s your turn to pick up the check and you’re short on cash. Perhaps you’re afraid that you’ll never have as much money as the people you see on TikTok and Instagram. If you’re making more money than your friends, you might be worried that they secretly envy and resent you. Or you might fear being exposed or humiliated if you experience a sudden drop in income.

Shame is one of the most common and powerful emotions associated with money and personal finance. It’s one of the main reasons people avoid doing what they know they should. 

Here are just some of the possible versions of shameful feelings related to money:

  • I don’t have enough money.
  • I’ve avoided thinking about finances.
  • I’ve avoided doing what I’m supposed to do about finances (creating a safety net, planning for retirement, sensible budgeting).
  • I’m really ignorant about all of this.
  • I spend too much.
  • I buy stuff when I’m unhappy.

Shame interacts with avoidance to create a vicious cycle. When you’re filled with shame, the natural tendency is to avoid facing whatever is making you uncomfortable. That avoidance itself leads to additional shame and more avoidance. Next thing you know, your taxes are overdue, and it’s six years since you decided to finally make an appointment to see a financial planner – and it still hasn’t happened.

People who avoid tackling financial necessities often label themselves procrastinators and assume they’re just lazy or undisciplined. That’s not helpful. The fact is, we’re hardwired to try to avoid things that make us feel anxious or uncomfortable. The tricky thing is that in the very short run, avoidance works to reduce anxiety. Because it works, you’re inclined to do it again in the same circumstance.

The vicious cycle of anxiety and avoidance

Here’s how it unfolds. You’re thinking about sitting down, taking a hard look at your financial situation and creating a realistic financial plan. But just thinking about it increases your anxiety, because you’re afraid you won’t be able to face the reality that, for example, you have nowhere near enough saved for your kids’ education. That anxiety leads to avoidance. You postpone the task and distract yourself. At that moment, your anxiety level immediately drops, giving you positive reinforcement for avoidance.

You repeat this cycle over and over. But each immediate drop in anxiety doesn’t quite bring you back to the previous baseline level of distress. And over time, your overall level of anxiety increases and increases.

So, what happens when you confront this unpleasant task? As you face the facts, your anxiety temporarily increases. If you stay with it, however, the overall level of anxiety will steadily decline. You have to tolerate that short-term increase in distress to benefit from the long-term decrease in anxiety. In the end, the lesson is that reality makes a better friend than avoidance.

Other emotions that come into play with money include envy, greed, over excitement and a social-psychological phenomenon known as “jumping on the bandwagon.” Some of these are more relevant in the realm of professional investing as opposed to personal finance.

Family and childhood influences never end

Every family has its own particular psychology of money. What can be talked about, who should be in control, what money responsibilities are assigned to what gender, how important money is or isn’t.

Additionally, there are always stories about money that are part of a family’s identity. Maybe a serial entrepreneur grandfather lost the family fortune, prompting later generations to be very conservative with money.

You may have experienced subtle pressures to right the wrongs experienced by previous generations. Or you may feel internal pressure to oppose the family money mentality. If you’re the first in your family to succeed, you might want to give back to the rest of the family and neglect your own financial needs.

How to harness money emotions

Emotion isn’t all bad. It tells you what you’re passionate about, what really matters to you. It makes you feel alive. Anxiety isn’t all bad either. A little anxiety can motivate you to make much-needed changes that improve your situation. Harness it to tackle what you need to face and know that you’ll feel better when you’ve done so.

The key is self-awareness. Much of our emotional world is unconscious. But it’s not that hard to access. You just need to know what to look for and have a blueprint for the kinds of emotions and family stories that can influence your personal relationship with money.

Source: Forbes. The psychology of money: what you need to know to have a (relatively) fearless financial life.

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FEBRUARY 2023

Saving for your kids’ college education

A NerdWallet survey found that 1 in 5 parents of children under age 18 haven’t started saving for their children’s college education but want to. If you’re a parent who knows you need to start building your child’s college education fund but haven’t gotten started yet, here’s how to begin.

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Consider opening a tax-advantaged account

529 account

When choosing an account for college savings, look into tax-advantaged options. One such option is a 529 account, which is specifically designed to save for education expenses. A 529 account allows your savings to grow tax-free, and some states even offer a tax deduction on your contributions.

The downside of a 529 account is that if you withdraw funds for anything other than qualified education expenses, you’ll be penalized. There’s also the risk that you won’t need the funds for education at all – though you can change a 529 beneficiary to another family member or even yourself for qualified education expenses if your child decides not to go to college. There are also limited investment options with a 529.

Roth IRA

Another savings option is a Roth IRA, which is traditionally used as a retirement account, with earnings that grow tax-free. Contributions to a Roth IRA are limited to $6,500 a year — $7,500 if age 50 or older — for the 2023 tax year.1 There are also income restrictions and contributions which can’t exceed earned income. So, unless your child earns money, you’ll have to use your own Roth IRA to save for your kids’ college education.

Contributions to a Roth IRA can be withdrawn at any time, but earnings are usually subject to a penalty if you withdraw them before you turn 59 ½ years of age. If you made the first contribution to your Roth IRA at least five years before, you could also withdraw the growth for qualified education expenses. The benefit of using a Roth IRA over a 529 account is flexibility. If your child doesn’t go to college, you can leave the savings in the Roth IRA for your retirement. Also, you have more investment options.

Start saving consistently, no matter how much

The average tuition cost at a public four-year in-state university is $9,377 in 2022-23, according to the Education Data Initiative. (The average tuition at a four-year private, non-profit college is $54,501.) If your child is young, this will likely be much higher when they’re ready for college. Costs will be higher still if they don’t live at home and need to pay for room and board.

While teens are thinking about getting into their “dream school”, they may not be thinking about what the student loan debt will do to their lives in 20 or 30 years. According to Dave Ramsey of Ramsey Solutions, student loan debt has become part of culture and is accepted as a normal part of life. The financial loan crisis, which is also referred to as a “Borrowed Future”, is drawing national attention and negatively affecting people and our economy.

While earning a college education isn’t everyone’s dream, it can be overwhelming to think about how much your child will need to pay for college, but the best thing you can give your money is time to grow. That means putting some money away on a regular basis, even if it feels like a drop in the bucket, and starting as soon as possible.

Let’s say you deposit an initial $200, then save $50 per month from birth through age 18. By the end of that time, you’ve contributed $11,000, but when you include modest investment returns of 5%, you’ll have $18,025 saved. That may not be enough to cover four years of college, but it can make an impact. And that’s assuming your savings rate doesn’t increase.

You can use an investment return calculator to see how college savings can grow over time.

Make a plan for extra money in your budget

Over time, you’ll probably find extra money in your budget that could boost college savings, like a tax refund or merit raise. Child care costs will also likely diminish or go away as your child ages, lowering your fixed expenses. Plan early to use some of these funds to save more for college.

Perhaps you want to put one-quarter of any windfall into college savings, or you decide to reallocate funds that previously went toward child care into their 529 account. The details don’t matter, but you’ll want to make these plans before the money is in hand. Otherwise, extra funds have a way of allocating themselves.

Don’t compromise your retirement for college savings

The NerdWallet survey also found that nearly 3 in 10 parents of children under 18 who have personal student loan debt (29%) prioritize saving for their kids’ education over saving for retirement. While it makes sense that parents want to keep student loan debt from burdening their children, retirement savings need to come first. Student loans are an option if your child needs them, but you can’t take out loans to cover your expenses in retirement.

Look into ways to cut costs before applications start

You don’t need to wait until your child’s junior year of high school to start thinking about how to keep college costs reasonable. Talk to your child early about how much you can afford to contribute to their education and the steps they can take to limit student loan debt. This could mean starting out at a two-year college, choosing an in-state school and applying for scholarships.

1The Motley Fool. Roth IRA contribution limits in 2023 are better than ever.

Sources: NerdWallet. How to start saving for your kids’ college.
Ramseysolutions.com. What No One Told You About Student Loans, Podcast series.

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JANUARY 2023

Put your well-being on the calendar

In January, the new year is still a blank canvas. If you’ve taken the 2023 pledge, you’re probably already thinking about your goals for your emotional, financial and physical well-being. You may also be thinking about all the ways you plan to grow this year.

Want to make the best possible start? Take the pledge (if you haven’t already) and encourage your spouse or domestic partner to join you. Then take out your calendar and start scheduling appointments that are essential for your well-being.

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Schedule these appointments in 2023

Here are just a few of the well-being appointments you should schedule for and put on your calendar. Check the resources below to learn more, including how to find a primary care doctor.

Annual physical

COST: $0*

During this exam, the doctor will check your vitals, like your blood pressure, heart rate and temperature, and will talk to you about your family’s medical history. Depending on your health background and history, your doctor might also do some blood work or further testing. Even if you’re young and in excellent health, it’s important for your doctor to get to know you, establish a baseline and be alert to changes in your health that may occur in the future.

Two dental exams and cleanings

COST: $0*

It’s important to get a dental exam and have your teeth cleaned every six months. Not only will your dentist monitor your dental hygiene, but they’ll also check for gum disease. And they’ll periodically take X-rays to check for tooth decay, impacted teeth or tooth movement. Remember, the earlier oral health problems are treated, the less costly and aggressive the treatment will be.

Dermatology exam

COST: VARIES

According to the Skin Cancer Foundation, 1 in 5 Americans will develop skin cancer in their lifetime. Be sure to conduct monthly skin cancer self-exams. Plus, annual skin exams by a board-certified dermatologist may be recommended if you have a:

  • History of skin cancer in your family
  • History of blistering sunburns or tanning bed use
  • Large number of moles or a history of atypical moles
  • History of regular sun exposure

Vision exam

COST: COVERED UP TO $80*

The American Optometric Association recommends getting an exam at least every two years to have your eyes checked for things like cataracts and glaucoma. After age 40, you’ll want to get an eye exam every year.

Gynecology exam

COST: VARIES

If you’re female and over age 21, or are sexually active (whichever comes first), you need to start seeing a gynecologist. During this exam, your doctor will check your breasts, conduct a pelvic exam and possibly do a Pap smear (this is typically done every three to five years, depending on your age), where they’ll check your cervix to test for any cancerous cells or abnormalities. 

Mammogram

COST: $0*

A mammogram is a low-dose X-ray of the breast. Regular mammograms can help detect breast cancer at an early stage. They can often find breast changes that could be cancer years before physical symptoms develop.

  • Women under the age of 40 with family history of breast cancer, or who have discovered a lump.
  • Women between ages 40 and 44 have the option to start screening with a mammogram every year.
  • Women ages 45 to 54 should get a mammogram every year.
  • Women ages 55 and older can switch to a mammogram every other year, or they can choose to continue yearly mammograms. Screenings should continue as long as a woman is in good health.

Vaccinations

COST: $o*

Make sure to get your flu shot and any other vaccinations your in-network primary care provider (PCP) recommends. You’ll find a complete list of vaccinations the CDC currently recommends by age group here.

Financial checkup

COST: VARIES

A financial checkup looks at the current state of your finances and helps you determine any changes you need to make to meet your goals. It may include the following.

  • Reviewing your life changes. They can affect your taxes and financial goals.
  • Creating a budget to be intentional about spending, saving and investing.
  • Assessing, reducing and managing your debt.
  • Checking your credit score since it affects loan rates and terms you receive.
  • Revisiting your retirement plan to make sure it aligns with your goals.
  • Evaluating your estate plan so your loved ones are protected.

Get a free 30-minute financial consultation through Resources For Living® (RFL®)**.

*If you’re enrolled in a Costco medical plan.

**Resources For Living is available to all employees and members of their household, including children up to age 26 living away from home.

Sources: InStyle. The 6 doctors’ appointments you need to make this year.
American Cancer Society. American Cancer Society recommendations for the early detection of breast cancer.
Investopedia. How to conduct a financial checkup.

For more information on how your Costco benefits can support your efforts to enhance your emotional, financial and physical well-being, see the resources below.