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Spring break 2023 is poised to be a budget-buster.
We have a look at the most popular destinations, how this year’s travel rates stack up, and how you can potentially save.
US stocks finished lower Thursday as Fed Chair Powell’s statements on Capitol Hill continue to ripple through Wall Street.
• The Initial Jobless Claims report showed the number of Americans filing for unemployment benefits jumped by 21,000 to 211,000 in the week ending March 4th. This was well above market expectations of 195,000 and highlighted the potential for a loosening labor market that could help the Fed in its fight against rising consumer prices.
• BJ’s Wholesale Club (BJ) posted better-than-expected results with earnings per share of $1 compared to the Street’s estimated $0.88. CEO Bob Eddy said 2022 was a record year for the company, surpassing $1 billion in adjusted earnings for the first time and reaching an all-time high membership renewal rate of 90%.
• Silvergate (SI) announced it would officially begin winding down its operations and proceed with liquidating its assets. Being one of the larger players in the crypto space, the bank shutting its doors could create additional reputational and liquidity concerns in the industry.
What to be on the lookout for today
• The release of employee hourly earnings will round out the week. In January, average earnings rose by 10% from December to $33.03. This is up 4.4% from a year earlier.
• Bird Global (BRDS) will offer insight on why the electric scooter business has been struggling. In February, the company announced its decision to leave the San Francisco market.
Like a lot of things in life, moving costs aren’t entirely predictable.
According to the American Moving & Storage Association, a local move can set you back $1,250 on average. Moving a long distance (1,000 miles or more) typically costs $5,000.
And these figures only account for the move itself. As anyone who has relocated knows, hidden costs can pop up every day, from boxes and storage space to cleaning fees and lost security deposits.
There are also costs that come with a new home. Most new rentals require upfront cash for a deposit, sometimes totaling three times the monthly rent (first, last and security). Opening new utility accounts may also require a deposit.
And don’t forget about replacing household items left behind — even basics like soap, light bulbs, shower curtains, and ketchup can easily total a few hundred dollars.
Lastly, miscellaneous costs can arise during the move itself, such as replacing broken items. Even with insurance, there’s usually a deductible to pay.
The key to paying for a move without a load of stress is planning. We’ve drawn up a Moving Expenses Checklist that aims to include every little thing that needs to be accounted for in your budget.
And if you need a little more cash on hand to help with your move, a low-interest personal loan (also known as a relocation loan) may help defray some out-of-pocket costs associated with moving.
Today’s top stories
Are you in the market for a new TV? Roku (ROKU) just launched its own branded set. These new TVs expand on the array of streaming services that Roku typically offers through its plug-in dongles. Here’s how to get your hands on one, and what you can expect once you do. Read more >> Friday Funding: Anthropic receives $300m to develop Claude, a generative AI chatbot that will differentiate itself from ChatGPT in one major way. Learn why Google (GOOGL) believes the startup could rival ChatGPT and how this influx of AI tech could make your life a bit easier. Read more >> Is it better to rent or buy? The price-to-rent ratio is a reference point that can help gauge affordability in any city — especially for people on the move. Here’s a look at the home price-to-rent ratio in some of the biggest US cities. Read more >>Not-so-breaking news
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Eli Lilly’s (LLY) “solanezumab” treatment failed to slow Alzheimer’s progression in people who are in the very early stages of the disease. While this failure is a blow to the drugmaker, Eli Lilly has two other Alzheimer’s drugs in late-stage clinical trials.
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According to a Gallup poll, 50% of Americans say they’re worse off financially than they were last year, citing high inflation, rising interest rates, and a stock market slump. The only other time that the majority of Americans gave this response was during the Great Recession.
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President Joe Biden wants to raise taxes on the wealthy to help fund Medicare. His proposed plan would increase the net investment income tax to 5% from 3.8% on earnings over $400,000.
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US oil production might never top its pre-pandemic peak, due to a limited refining capacity and inventory issues. Because of this, experts expect gas prices to remain in the current range.
Financial planner tip of the day
“Many lenders will actually allow customization of due dates to line them up with pay dates. Most allow automatic payments from a checking or savings account. Take the time to find the mix that works and keeps accounts up-to-date.”
Brian Walsh, CFP® at SoFi