Money Management

Credit card concierge service is an underrated perk. Learn how it works, so you can make the most of it. [[{“value”:”

If you feel like there’s never enough time in the day, you probably wouldn’t mind having personal assistants to help with tasks. You might already have access to this without even knowing it.

Many credit cards offer a concierge service. When you call your credit card concierge, you can request assistance with all kinds of tasks, from planning what to do on your vacation to booking dinner reservations at an exclusive restaurant.

Not everyone takes advantage of this benefit or even knows their card offers it. If you haven’t used it yet, here’s what to expect.

What happens when you call your credit card concierge

If it’s your first time calling your concierge, you may need to set up a profile. You only need to provide some basic information, so it doesn’t take long.

Once you’ve done that, you can make your request. People often wonder what exactly they can request from a concierge, and the answer is almost anything (as long as it’s legal). Here are some examples of what you could ask your concierge to do:

Make reservations at a restaurant, spa, or anywhere else you want to visitProvide recommendations in your area for any service you need, such as a hair stylist or auto mechanicFind a gift for someone you know and have it delivered to themGive you ideas for things to do on a vacation

Basically, if it’s something you don’t want to do yourself or can’t do yourself, your concierge may be able to help. It could be something simple, like if you need to find a pet sitter in your area and don’t want to spend time scouring Yelp. Or it could be something more difficult, like scoring reservations at a popular restaurant.

The concierge will ask you any questions they have to complete your request. For example, I once asked for help finding a hair stylist in a city in France. The concierge asked when I wanted the service and my budget. I also provided my address and let them know that I preferred a place close by.

If the concierge needs time to complete your request, they’ll ask about the best way to contact you. They’ll also let you know approximately how long it will take. Once they’ve completed it, you’ll get an email or a call, depending on the contact method you chose.

Concierge service is free, but you’ll be charged for any purchases you authorize them to make on your behalf. For example, if you ask your concierge to buy a gift for someone, the cost of the order will be charged to your credit card. The concierge will ask about your budget so they don’t buy anything out of your price range.

Credit cards with concierge service

Concierge service is a common benefit, especially on cards with annual fees. To see if your credit card has it, check the guide to benefits. You likely received one when you opened the card, and you can also probably find it online in your credit card account. Or you can call your card issuer to ask.

There are a few types of credit card concierge service, depending on the card you have:

Visa concierge service: Available with Visa Signature and Visa Infinite cards.Mastercard concierge service: Available with World Mastercard and World Elite Mastercard.American Express concierge service: Available with select American Express cards. Terms apply.

Concierge service is an underused credit card perk. It doesn’t get nearly as much attention as travel rewards or big bonus offers. But it’s a convenient way to get help with certain tasks and save yourself some time.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.American Express is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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Are you seeking ways to earn more? You may find spending money helps you earn more money. Check out a few examples of spending that could benefit your wallet. [[{“value”:”

Spending money to earn money may sound like an unwise decision, but it’s not a bad idea. To be clear, you don’t have to spend money to make money, and spending a lot of money without thinking it through is unwise. But spending money on some purchases could be a win for your wallet. Here are a few examples of ways you could earn more money by spending money.

1. Take a class or learn a new skill

We can all benefit from continued learning. Spending money on a course or training that helps you advance your skills could be a win for your career and your savings account. Some people find continued education helps them become more qualified for other jobs with higher pay.

Whether you’re looking to transition to a completely different industry, advance your career by applying for a new job or a promotion, or start a small business offering freelance services, investing in training could help you take your skills to a new level and earn more money.

2. Hire a financial planner

Knowing how to improve your finances can be difficult if you don’t have guidance. Guessing your way through important financial decisions can be risky. Some people hire a financial planner to help guide them through financial planning so they can benefit from expert advice.

Working with a financial expert could help you earn, save, and invest more throughout your lifetime, and it could help you make fewer costly mistakes. There’s plenty of quality, free financial advice online, but you can still benefit from working with a professional who tailors their advice to your specific situation.

3. Investing in your business

Another way spending money to make money can be a smart move is by investing in your business. You can do this in many ways, but some examples include hiring part-time help, paying for software that lets you do your job better, or paying for marketing services.

You should only spend money if you can afford it, and it’s wise to consider your overall business goals before spending a significant amount on business expenses like the ones highlighted above. You don’t want to rack up credit card debt on your business credit cards.

However, you may be able to grow your business and earn more by making strategic spending decisions. Consider whether certain purchases could help you reach your business goals sooner. Some companies may decide to invest in products and services to increase their revenue.

4. Buy a warehouse club membership

Many shoppers invest in warehouse club memberships to get a deal on bulk buys. While you won’t earn a paycheck from this endeavor, it could help you save money on everyday purchases. A Costco membership will run you $60 to $120 annually. But as a member, you can get a better deal on groceries, clothes, cleaning supplies, and much more. Spending less on household essentials could help you free up more money to prioritize your financial goals.

Don’t be afraid to spend money

Always keep your personal finance in mind. You shouldn’t rush to make purchase decisions, otherwise you could drain the funds in your checking account or rack up costly debt. But remember that you work hard to earn your money and it’s OK to spend it. Making intentional purchases beyond your everyday spending could help you earn more money in the long run.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Having trouble building savings? Read on for one simple tip that could really make a difference. [[{“value”:”

My friend Beth was having a hard time getting her emergency fund to a solid place. She and her husband didn’t have a lot of savings to begin with before having kids. Now, as a mom of three, including one child who’s barely old enough for part-time nursery school, Beth doesn’t work because the cost of child care would basically wipe out any earnings she’d bring home.

But between generally rising living costs and the expense of raising kids, Beth and her husband are struggling. They have some money in savings, but not a lot. And they fear they’re vulnerable in the face of something like a layoff or major home repair.

When Beth came to me for help, the first thing I told her was to try to see if she could find a part-time side hustle she could do from home. But so far, she’s struggled to find something that wouldn’t require her to pay for child care for her youngest.

I then reminded her that when it comes to savings, sometimes, slow and steady wins the race. And through one change, she’s already managed to grow her savings this year.

When you’re willing to make a change

Beth used to joke with me that the cost of gymnastics for her oldest child was the equivalent of a mortgage payment. Only when I looked at what she’d been spending between lessons, tournaments, and uniforms, I realized it actually wasn’t such a joke.

Beth was spending $500 a month at a minimum on this one activity for her child. But every time the subject came up, her daughter didn’t exactly talk about gymnastics with overwhelming enthusiasm. Rather, she chalked it up to something that she enjoyed doing mostly because her friends were doing it, too.

So I decided to give Beth a reality check. Not spending $500 a month on gymnastics could lead to an extra $6,000 in savings per year. From there, it was a no-brainer. Beth had a heart-to-heart with her daughter, and they jointly concluded that continuing to pay for gymnastics wasn’t worth it. In fact, her daughter was actually kind of relieved to discontinue those classes and free up time in her schedule.

Once they made that decision, I told Beth to set up an automatic $500 monthly transfer from her checking account to her savings account. I wanted to make sure the money she wasn’t spending on gymnastics didn’t accidentally get spent on something else.

So far, it’s worked. Beth is already $1,000 richer than she was a few months ago. And if she continues on this path, she’ll get to a much better place financially by the end of the year.

A two-pronged approach

If you’re having a hard time saving money, that’s understandable. But one thing you may want to do is assess your spending and see if there are any expenses you can shed with relative ease. Chances are, you have at least one.

And it doesn’t matter if that expense is just a $40 gym membership. Bank that sum every month, and in a year, you’ll be almost $500 richer.

But don’t just give up an expense and call it a day. Rather, automate the exact amount you’d normally spend as a recurring savings contribution. It’s a great way to stay on track and buy yourself the financial protection you need and deserve.

Of course, the side hustle advice I gave Beth still stands. If your situation is such that you can take one on, that ought to help, too. But if you have constraints like child care, then start by cutting a single expense, automating that amount into savings, and seeing where it takes you.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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A personal loan can be a great way to fund a large purchase or expense. Keep reading for important questions to ask when determining the amount to borrow. [[{“value”:”

Taking out a personal loan can be a good way to borrow money for important purchases because you have flexibility in how you use the funds. And with an average rate of 12.35% (compared to an average credit card interest rate of 21.47%), a personal loan can also be an affordable borrowing solution.

You do, however, have to determine how much to borrow when you are using a personal loan. Unlike a credit card, which gives you access to a line of credit you can draw from as needed, you apply for a personal loan for a set amount and receive your money in one lump sum that you can use right away and that you’ll begin paying back right away.

Deciding exactly how much to borrow can be complicated, but asking yourself these questions can help you to make the right choice.

1. What are my goals for the money?

The first thing you need to think about is what you’re going to do with the money you’re borrowing. After all, you want to borrow the minimum you need to accomplish your goals.

Depending what you’re doing, this could mean shopping around or getting price quotes for your proposed purchase or project before you borrow. For example, if you’re borrowing to remodel your kitchen, you’d want to get a quote from a contractor to see how much your project would be, as this could determine the amount you need.

Remember, you don’t want to borrow more than necessary because that would make repayment costlier. But at the same time, you can’t just go back and borrow more if you underestimated your needs. So, say you were doing a big remodeling project and your contractor estimated it would cost $15,000. Since remodeling projects often cost more in the end, you might want to borrow an extra 10%, making your total loan $16,500. If you confirm there are no prepayment penalties on your loan, you could then pay back the extra $1,500 immediately if a miracle occurs and it turns out you didn’t go over budget on your project.

2. How much will I be allowed to borrow?

You also need to consider how much you’ll be allowed to borrow. This will be based on your income, credit score, lender policies, and other financial considerations. Some personal loan lenders offer loans for as much as $100,000, but there’s no guarantee you’ll be allowed to take out such a large loan — especially if you don’t have a very high income.

You can generally get lender quotes and get prequalified to borrow without a hard credit check by inputting your financial information with lenders online. It’s a good idea to do this with a couple different lenders to see what loan limits you’re offered, so you can make sure you’ll actually be offered the funding you’ll need.

3. How much can I comfortably afford?

Finally, you have to make sure you can afford the monthly payments on your loan, because otherwise you shouldn’t even consider borrowing. When you get prequalified, your lender will tell you how much your monthly payments would be with different loan options. Work those payments into your budget and see if you have the cash you’ll need.

You may even want to do a practice run and test out living without that money for a month or two to make sure your loan is really not going to cause financial strain (you can put the “payment” into savings instead of making it to a lender in this scenario).

By taking these steps, you can make sure you get the right personal loan to meet your needs — and you won’t end up regretting your borrowing choice.

Our picks for the best personal loans

Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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There are some tax breaks parents don’t always take full advantage of. Keep reading to find out more. [[{“value”:”

When my first child was born, a colleague congratulated us on our “new, tiny tax shelter.” We’re both financial planners, so the humor was well-received. But they were right. While kids are expensive, there are some major tax breaks available to help offset the cost of raising a child.

Of course, there are some tax breaks for parents that are well known (and are typically applied automatically by most tax software). This includes the extremely valuable Child Tax Credit, which is worth as much as $2,000 per qualifying child, as well as the Earned Income Tax Credit (EITC).

On the other hand, there are some tax breaks for parents that are not quite as well known. Here are three that you might want to check out.

1. Don’t assume day care is the only way to get this credit

It can be difficult to budget for child care, but fortunately there is a tax break designed to help. The Child and Dependent Care Credit is worth as much as 35% of qualifying child care expenses, up to $3,000. For two or more children, the credit can be based on as much as $6,000 of qualifying expenses. There are plenty of rules regarding the credit, but the general idea is that the children must be under 13 and the care expenses must have been incurred so the parents could work.

One of the most common misconceptions about the Child and Dependent Care Credit is that it is only to cover the cost of daycare for very young children. But this isn’t the case. If the children are under 13 and you’re working for the most part while they’re receiving care, other forms of care such as babysitters, after school programs, and summer camps can qualify.

2. Save for college the right way

There are several valid ways to save or invest for college expenses, but one of the more popular ways is to use a 529 savings plan.

529 plans are run by the states. Each state has its own 529 plan, and you don’t necessarily have to use your state’s plan. However, by doing so, you could get a rare double tax break (assuming you live in a state that assesses income tax).

Here’s why. Contributions to 529 plans are not deductible on your federal tax return, but eventual withdrawals will be 100% tax free, regardless of how well your investments have performed. However, if you use your state’s plan, your contributions will often be deductible on your state tax return. So, you get the combination of a modest tax break for your contributions and unlimited tax-free compounding.

3. Many parents don’t calculate medical expenses correctly

If you’re a parent, I’m probably not telling you anything you didn’t know by saying “kids are expensive.” And for obvious reasons, the average couple with two kids is likely to spend about twice what they would on medical expenses without kids.

The IRS allows people who itemize to deduct medical expenses that exceed 7.5% of adjusted gross income (AGI). This may sound like a high bar to many people — after all, this means that if your AGI is $100,000 this year, you’ll need more than $7,500 in medical expenses to qualify. But when you see the full list of expenses that count, you might be surprised at what your qualifying expenses truly are.

Some medical expenses are obvious, like the co-pays when you or your child have a doctor’s appointment. But here are some examples that count toward the medical expense deduction from the IRS’s full list that are often overlooked:

Dental careVision carePrescriptionsAny medical-related home expenses (like adding grab bars in a bathtub)Fertility treatmentsExpenses related to traveling to get medical care

How much could you save?

Every tax situation is different and not all of these potential tax savings strategies will apply to everyone. But these are three ways that many parents end up paying more taxes than they should, and if one or more of them apply to you, taking steps to correct it can potentially save you hundreds or even thousands of dollars.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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