💰Walmart may owe you

It feels like this year is flying by in the blink of an eye but instead of fretting about time not making sense since 2019, we’re making a promise to ourselves: we’re going to start making more of each day. We’re done putting things off for tomorrow and then the next day and then the next day. Sign up for that hike; get around to planning that new experience; take a money quiz and then take control of your finances. We’re in this world for such a short period of time. Let’s live!

- Milan

IN THE KNOW

Surge Prices at Check-In 

First commuting, then fast food, and now checked luggage? Much to everyone’s dismay, dynamic pricing, better known as surge pricing, has wriggled its way into the world of flying. JetBlue recently adopted this strategy, introducing varying fees for checked baggage depending on the day of departure. Under the new fee structure, the price of a first checked bag can range from $35 to $50, determined by JetBlue's classification of peak or off-peak dates. Customers can enjoy a $10 discount by adding a checked bag during booking and at least 24 hours before check-in, with prices ranging from $35 for off-peak dates to $40 for peak dates.

These changes come as JetBlue raised the prices of checked luggage earlier this year, grappling with the challenges of increased costs and ongoing losses since the pandemic. The airline cites rising wages and fuel costs as contributing factors to the fee adjustments, emphasizing the need to return to profitability. However, exemptions apply to certain customers, such as those with airline-branded credit cards, premium Mint cabin tickets, or Mosaic status. Despite the adjustments, JetBlue faces ongoing financial pressures, evident in its recent losses and strategic decisions to streamline operations, including flight reductions and exits from certain cities.

If you have any travel mapped out for this year, it’s time to update your budgets and add a little extra padding to your expected expenses. If you still don’t budget your monthly expenses or are looking for an upgrade to your existing planner, check out Milan’s Ultimate Budget Planner which will help you track your money, save more, and get rid of debt permanently!

Rising Retirement Funds 

Prepare to be floored: Retirement dreams (or dread) are reaching new heights, with the average American worker now setting their sights on a whopping $1.46 million as the golden ticket to a cozy retirement, according to a recent Northwestern Mutual survey. However, reality paints a much bleaker picture, as the same study reveals that the typical worker's retirement account holds a mere $88,400, leaving a staggering $1.37 million gap between dreams and savings.

Why the big jump in retirement aspirations? Experts point to factors like inflation and the growing belief that longer lifespans mean longer retirements. But with Social Security's trust fund reserves on the verge of depletion by 2033, concerns about the future of retirement benefits are also on the rise. Despite the urgency, many Americans, especially those over 50, are flying blind into retirement, with only half having a concrete retirement plan in place.

The DIY ethos of today's retirement system means many are left to navigate the complex world of savings and investments alone. Whether you’ve taken our money quiz before or this is the first time you’re hearing about it, it’s time to give it another go. Our brand new Financial Freedom tab breaks down retirement savings and brings you one step closer to a comfortable next phase of life. Get started for free at milansingh.co/money-quiz

Walmart May Owe You 

If you snagged some weighted groceries or bulk fruit at Walmart in recent years, heads up! You might be in for a cash payout through a class action settlement with the retail giant. This lawsuit, initiated in October 2022, alleges that Walmart shoppers nationwide who bought specific sold-by-weight meat, seafood, and bulk bag citrus items may have paid more than the lowest advertised price in stores. Although Walmart refutes the claims, it has agreed to settle the matter by shelling out $45 million, giving eligible consumers the chance to claim cash payments.

To get in on the action, swing by the settlement administrator’s website here to check out which products qualify and how to file a claim. This opportunity is open to those who made purchases at Walmart locations across the U.S. and Puerto Rico between October 19, 2018, and January 19, 2024. Depending on your proof of purchase, you could pocket anywhere from $10 to $25 if you’re without receipts, or snag up to 2% of the total cost per product with proper documentation, capped at $500. Once your claim is approved, expect your payment via electronic transfer or by paper check. Mark your calendars—the deadline to submit claims is June 5, with a final hearing slated for June 12.

If you do manage to score some of the settlement for yourself or run into some extra money, the best thing you can do is invest it. The stock market is the most profitable money-making tool if used properly and you can start with as little as $10. Watch your wealth grow with our Beginner’s Guide to the Stock Market today!

MONEY MYTH OF THE DAY

“You Need a Lot of Money to Start Investing”

Speaking of the stock market, let's bust a major money myth: the idea that you need a boatload of cash to dip your toes into the investing pool. Contrary to popular belief, you don't need to be rolling in dough to start building wealth through investments. In fact, many investment platforms allow you to start with as little as a few dollars, making it accessible to almost anyone with the desire to grow their money.

Thanks to the rise of commission-free trading and fractional shares, you can invest in stocks, ETFs, and other assets with whatever spare change you have lying around. Whether it's $5 or $500, every dollar you invest has the potential to grow over time, helping you work towards your financial goals, whether it's saving for retirement, buying a home, or simply building a nest egg for the future. So don't let the misconception that investing is only for the wealthy hold you back—start small and watch your money grow! 

VIDEOS YOU MAY HAVE MISSED THIS WEEK

Here are the top videos you loved the most this week. Which one was your favorite?