Use this guide to ensure your bathroom remodel doesn’t end in disaster. bbernard / Shutterstock.com
Editor’s Note: This story originally appeared on Point2. Whether you’re a new homeowner or planning to sell, bathroom renovations can be a fantastic investment. However, it’s not a project to enter into lightly. Expenses can soon creep up, while mistakes concerning materials and design can result in a dysfunctional, ugly, and potentially dangerous bathroom. With that in mind…
As a woman, you have a lot of options to start earning extra cash right now. RomarioIen / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Women hustle. It’s in their DNA. If you’re a woman, you know how to work hard and overcome the obstacles that come up along the way. You’re willing to do what it takes to provide for your family, even if that means putting in a little more elbow grease than what most people are comfortable with. But sometimes…
Retirement is full of surprises: some good, some not so much. Here are some things I would have done differently. Kues / Shutterstock.com
Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. So, you’re thinking about retirement, huh? Well, let me tell you, it’s not all sunshine and rainbows. As someone who’s been there and done that, I’ve got a few insights to share. Retirement can be a mixed bag of emotions and…
If you want something done right, you’ve sometimes gotta do it yourself. Learn how one freelancer is giving herself paid time off. [[{“value”:”
Image source: Getty Images
As of last month, I’ve officially been a full-time freelance worker for a full year. I started freelancing alongside a more traditional W-2 job that offered the kinds of benefits we’ve all come to expect from full-time white-collar jobs.
For example, I had employer-subsidized health insurance coverage, and when I quit that job, I encountered sticker shock when I hopped onto HealthCare.gov to see how much a self-funded marketplace plan would cost me. Ditto for how complicated my tax situation has become — I’ve opted to hire a tax professional rather than attempt to file my returns myself via tax software, but it’s still a new extra expense.
But perhaps the biggest hurdle for me as a freelancer (and indeed, a small business owner) has been accepting that I need to take time off occasionally — and I would no longer have employer-provided paid vacation time. Luckily, I came up with a solution.
I’m writing this after returning home from a much-needed vacation (and I was even recovering from surgery at the beginning of the trip). I can no longer pretend that I’m some kind of superwoman who doesn’t need to unplug from work and recharge occasionally — the proof was in the pudding (I got better sleep on my vacation than I’ve had in years).
I’ll admit that the prospect of having a few smaller paychecks as a result of working fewer hours makes me nervous, however (and given how long I spent in a low-paying career and living paycheck to paycheck, this isn’t so surprising). So near the end of 2023, I hatched a plan.
I did some math and arrived at a dollar figure that represented a few full days’ worth of work at my usual hourly rate, and I spent the last two months of 2023 building up that amount in my savings account. I knew this was just a starting point, and since achieving that initial savings goal before 2024 officially began, I’ve been able to stick several hundred dollars more into my “PTO Fund.” I hope to add more, maybe $50 here, $100 there, until I can cover at least a full week’s pay from the fund. And best of all, I’m saving money that I’ve already taken taxes out of, so I’ll be able to pay myself back for time off without sweating about owing Uncle Sam.
My vacation fund is an example of how leaning on the right bank account can make your life easier. I opened a high-yield savings account with an online-only bank almost two years ago, and I have come to love that account so much. I can create up to 30 sub-accounts within my main one, which has let me save for quarterly tax payments (freelance life!), buying a home in 2024, and vacations like the one I just returned from.
When I decided to save this money, I created a new sub-account, set an initial goal, and got to saving. My bank sends me emails updating my progress, and I even get a “congratulations” email when I meet a saving goal. It’s all very encouraging, and if you struggle to save money, having this kind of extra motivation might help you, too. Plus, my bank has a great mobile app, so I can check in on my PTO fund anytime I want, from anywhere.
RELATED: Best Mobile Banking Apps
All things considered, I love being a freelancer — I make my own schedule, I choose my own work, and leaning into this work style has brought me the kind of financial success I have never had before. A lack of paid vacation time is definitely a drawback, however, so I’m really pleased I was able to do this for myself. If you have a similar employment situation, I recommend making it a priority — your future self will thank you.
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When buying car insurance, the one thing drivers absolutely must do is decide how much money they can afford to lose. Here’s why. [[{“value”:”
Image source: Getty Images
Buying auto insurance can seem like a challenging task. After all, there are a lot of insurance companies out there offering policies. And there are a lot of different types of auto insurance coverage for sale. It may seem like a full-time job to sort through all this info to get the right protections in place at a fair price.
The good news is, there’s really only one thing drivers need to do when buying car insurance. Here’s what it is.
When buying car insurance, the one big thing every driver needs to ask themselves is how much they can afford to lose.
See, the reason this question is so important is because insurance is supposed to provide protection for assets. Many people forget about this in their quest to get the cheapest coverage. As a result, they end up taking risks like going without protections they need or setting policy limits too low or a deductible that is too high to be affordable.
By getting back to this fundamental question, auto insurance buyers can make more informed choices about what risks they want to transfer to an insurance company. They can make their choices on coverage based on what really makes sense for their personal finances in the long term — rather than based on saving a buck or two on premiums.
So, how can drivers put this into practice and actually figure out how much insurance to buy based on thinking about what they can afford to lose? It’s simple:
Consider how high of a deductible is affordable. The auto insurance deductible is the amount of money that has to be paid out of pocket when a covered claim is made. If a driver cannot afford to pay a $1,000 deductible, they should opt for a lower one even if that means higher premiums.Consider whether paying out of pocket for a new car is feasible. The average cost of a new vehicle is now over $48,000. A driver who could not afford to pay to replace their car out of pocket if they are in an at-fault crash should buy collision coverage.Consider whether it’s affordable to pay off the remaining balance of a car loan after an insurer pays fair market value. Insurers pay only what a car is worth, while data suggests close to 20% of people have negative equity in their vehicles (they owe more than the market value of their vehicle). A driver who couldn’t afford to pay off the difference between what they owe and what their car is worth should have gap insurance.Consider whether paying for a rental car is affordable. If a car needs to be repaired due to a covered loss, most people will need something to drive in the meantime. If it’s not affordable to pay out-of-pocket costs for a rental car (which average more than $100 a day), then they should add rental car coverage.
With each type of coverage on offer, look at what it is providing protection from. If it’s a loss that would do serious damage to a bank account and that is simply not affordable, then buying insurance against that loss is the way to go. This should guide every driver in buying car insurance, so they can get the protection they truly need.
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You don’t have to spend beyond your means to set sail on a luxury cruise — deals and discounts exist. Find out how to score the best price. [[{“value”:”
Image source: Getty Images
Cruising is an excellent way to explore more of the world, and for some travelers, it’s especially ideal. They can see multiple destinations during their vacation and feel less overwhelmed about the trip’s logistics because most of the planning details are handled already. Cruise deals are an excellent option for cruisers who want to avoid overpaying for travel.
Standard cruise lines aren’t the only brands that promote cruise deals. You can book discounted luxury cruises if you prefer more luxury amenities while traveling. Are you ready to set sail? Here are four tips to help you find luxury cruise deals that won’t drain your bank account.
Luxury cruise lines typically offer the best prices to those who book early. As more travelers book, prices rise due to greater demand and reduced cabin availability. Last-minute cruise deals exist, but there are no guarantees that you’ll be able to score a last-minute deal — so don’t delay. If you want to book a specific luxury cruise, make your reservation as early as possible to get the best price.
If you want to book a luxury cruise without the high price tag, it can be beneficial to dig into websites that aggregate cruise deals. These websites highlight the latest cruise sales to help travelers like you get the best deal. Here are a few cruise deal websites to consider:
Cruises.comCruiseDirectCruise Critic
You may also be able to save money another way: check the pricing for entry-level cabins. You can enjoy the many benefits of sailing with a luxury brand without having to spring for a premium cabin with a higher price tag. You’ll enjoy the same food, amenities, and service.
Entry-level cabins are smaller than premium cabins, but generally, the cabins on luxury cruise ships are much bigger than those found on ships for more mainstream lines. The best part is you’ll still be treated like a VIP — but you’ll get a better deal on the price of your cruise.
Luxury cruise lines aren’t known for having frequent sales, but you can still score a deal if you find a sale. If a specific cruise isn’t doing as well, a luxury brand may run a sale to fill more cabins. Follow luxury cruise lines on social media and sign up for email newsletters so you don’t miss out on upcoming sales that could help you stretch your vacation budget further.
Even on a tight budget, you can cruise the world in style. Use the above tips to find more affordable luxury cruise options. If the higher price point is holding you back, begin setting aside money in your vacation fund. Every little bit saved adds up and gets you close to your goal.
Over time, your savings will grow and you’ll have the money you need to book an exciting cruise adventure in the future. But make sure you keep your savings in a high-yield savings account so you earn interest. For additional money-saving tips, check out our personal finance resources.
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When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
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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.
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