Money Management

A business-class seat may not be in the cards, but don’t resign yourself to a terrible flight experience just yet. See a few ways to zhuzh things up a bit. 

Every time I board a plane and have to walk through business class to reach my seat, I grumble to myself just a little bit. Those seats sure look comfy, politely spaced out and with plentiful legroom. It’s a little unfair to have to march by that luxury to reach the economy section, isn’t it?

But even though I’ve always coveted one of those business-class seats, I’ve never been able to bring myself to cough up the cash or credit card miles to book one. I’d rather spread out my spending on the entire trip, and maybe book a nicer hotel or more excursions than I otherwise would have. As a result, I’ve had a lot of practice making my economy class seat as comfortable as it can be over the years. Here are some of the best tips I’ve found that work for me.

Bring your own provisions

I’ve never been a big fan of plane food, despite it sometimes being included in the cost of a ticket. And I’m definitely not a fan of paying those high prices to eat in the terminal before a flight. Instead, I like to pack my own snacks and meals when I fly.

I’ll include a variety of healthy items, like granola bars and trail mix, to munch on either out of hunger or boredom. I’ll also prepare a hearty, packable meal that I can bring with me on the go (think chicken salad, chickpea salad, and grain bowls). By avoiding super salty, processed foods on travel days when I’m stuck sitting at the gate and on the plane for hours at a time, I feel a lot healthier and more comfortable.

It’s also a good idea to bring a reusable water bottle when you travel, rather than relying on pricey sugary or alcoholic drinks purchased in the airport or on the plane. Dehydration can make you feel sluggish and bloated, which are two things I definitely want to avoid when I’m flying.

Pack all the creature comforts for a red eye

If the price is right, I’ll book an overnight flight to avoid “wasting” a day of vacation on travel, but that doesn’t mean I enjoy it. It takes me a while to fall asleep in the best of conditions, and a cramped economy seat is certainly not that. Over the years, I’ve learned what to bring on a red eye that makes for a more comfortable setup.

I make sure to pack a quality eye mask and ear plugs, as well as a reliable neck pillow. Not all neck pillows work for everyone, but I’ve found a version that keeps me supported without feeling as if I’m being strangled, and it truly makes a difference in being able to nod off on a flight.

I also like bringing noise-canceling headphones to pop on over my ear plugs if a flight is especially noisy, and an oversized scarf I can use as a blanket if needed. I’m sure I look very Weekend at Bernie’s-chic once I’m wrapped up in all my gear, but if I can catch even a few hours of sleep, it’s worth it.

Check seating maps when selecting a seat

Basic economy tickets don’t always allow you to pick your seat when booking your flight, but when the option is available, I’ll search online before making my selection.

I use Seat Guru to search my flight number and see the seat map, which will tell me which seats have extra legroom, don’t recline, or are next to a bathroom. This helps me make a more informed decision and ideally end up in a roomier row.

Book with a travel credit card

I always use one of my travel credit cards when I book a flight to ensure I get a few extra comforts on travel day. A good airline credit card can get you in the priority boarding group, even on the basic economy fare, which means you’ll have early dibs on that precious overhead bin space. These credit cards also include a free checked bag if you’d rather only carry a personal item onto the plane with you, which will free up even more legroom under the seat in front of you.

Some cards even include airport lounge access, whether as a regular perk or a once-a-year pass. While this doesn’t make the flight itself more comfortable, it can provide some nice amenities and a relaxing experience before you board, which will put you in a better state of mind in the air.

Fly in comfort

Booking an economy ticket is a great way to spread out your vacation budget, but it’s not going to be the most comfortable choice. Plan ahead and do what you can to make your flight a gentler ride so you can start and end your trip on a better note without making a business class-size dent in your personal finances.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, 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.

Read our free review

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.

 Read More 

One writer shares how she’ll make improvements to grow her small business this year. Discover what she’ll focus on to boost her productivity and income. 

The start of a new year is an excellent time to consider what business goals you’ll tackle in the months ahead. In December, I thought about what I wanted to do with my freelance business in 2024. I’m happy with where my business stands now, but I want to improve to feel more satisfied, be more productive, and do better financially. I’m happiest when I’m learning and growing everyday. Here’s how I intend to level up my business this year.

1. Improve my workflow and day-to-day processes

I want to improve how I structure my days and weeks and overall workflow. I’m planning to experiment with apps and tools to better plan each day, use my time more efficiently, and keep myself better organized.

So far, I’ve been playing around with Notion, a web-based note-taking and productivity app. Developing a better routine and workflow will result in me wasting less time when I could be working.

2. Be more intentional about the work I take on

Throughout the last year, I’ve gotten better at being more selective with the type of work that I do. I want to continue putting effort into this, so I’m not taking on projects I later regret. I know the kind of work that fits my interests and abilities, so I plan to continuously remind myself of that when new opportunities come my way.

Not every project is for me — and that’s okay. In the past, I’ve taken on work that I ended up dreading, and I found it took much longer to do and caused added stress, which impacted my personal finances and well-being. Being more intentional about the projects I take on will result in me putting out my best work and feeling more satisfied overall.

3. Grow my community

I’ve met many other freelancers in person and online during my career. It’s been fun watching everyone’s journey unfold as we stay connected over the years. This year, I want to continue to build my network of fellow freelancers. I want to surround myself with others willing to lend support and who are comfortable sharing their struggles and goals.

Freelance life can sometimes be lonely, so I need to make it a point to continue building these relationships. Finding more freelancers who have similar goals will be helpful. We can share what’s working and what’s not to help each other grow. I don’t want to stagnate, and surrounding myself with others who feel similarly will help me challenge myself.

4. Set clear boundaries and communicate them effectively

Boundaries are another thing I plan to work on more this year. I’ve been getting better at being firm about my personal and professional boundaries — but I still have work to do.

I will remain clear about how much I’m willing and able to work and how much time I need to step away from work to be healthy and refreshed. I’m a former workaholic, so it’s taken me years to learn how to rest. But I’m committed to establishing firm boundaries and communicating them better with those in my professional sphere so we’re all on the same page.

Leveling up my business will likely be a win for my finances

My efforts will not only help me make my business better but also benefit my checking account. Finding ways to improve my freelancing business can make it easier for me to boost my earnings.

If you’re a small business owner, you might consider finding areas of improvement to focus on in 2024. Being open to making changes can result in greater success.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, 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.

Read our free review

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.

 Read More 

Drivers with poor credit pay over twice as much for car insurance as drivers with excellent credit. Here’s why your credit score affects your premiums. 

Car insurance companies use your credit history to set your rates in most of the country. The only states that don’t allow this are California, Hawaii, Massachusetts, and Michigan. It’s a controversial practice, and it can have a huge impact on how much you pay for auto insurance.

The overall average for annual car insurance premiums is $3,017. It’s just $1,947 for drivers with excellent credit, according to research on how credit scores affect auto insurance rates by The Motley Fool Ascent. Drivers with poor credit pay far more — an average of $4,145.

If you’re wondering why your credit score would have anything to do with your car insurance, here’s the answer.

Drivers with poor credit are more likely to file insurance claims

When car insurance companies set your rates, they use an insurance score. Several factors go into this insurance score, including your credit history. Some of the other big ones are your age, driving record, location, and the type of car you drive.

All these factors are related to risk. Younger drivers are more likely to be in an accident than older drivers, so they pay more on average. A driver with a clean record is less likely to be in an accident than a driver with speeding tickets or DUIs.

The same is true with your credit score. Drivers with lower credit scores are more likely to file car insurance claims. There have been several studies that have reported this, including by the Federal Trade Commission (FTC) and the American Property Casualty Insurance Association.

Filing more claims costs insurance companies more money. That’s why they set higher rates for drivers who are statistically more likely to file more claims, including those with bad credit. While this can be frustrating, it also means you could cut your insurance costs by raising your credit score.

How to improve your credit score

If you don’t have a high credit score, it’s good to make that a goal. After all, the difference between average annual premiums with excellent credit and poor credit is $2,198. In addition to saving on insurance, you’ll also qualify for lower interest rates on loans and better credit cards, to name a few more perks of good credit.

Improving your credit score isn’t complicated. It’s sometimes even possible to make big changes in a matter of months. Here’s how:

Use a free credit score tool to see where you’re at. There are lots of ways to get your credit score online. These tools also let you know what factors are negatively affecting your credit. With that information, you can come up with a plan to improve it.Pay down credit card debt as much as possible. A large part of your credit score is based on your credit utilization. This is how much of your credit you’re using. If you have high credit card balances, and you pay them down, it can quickly boost your credit.Never miss a payment. Your payment history has the greatest impact on your credit. Late payments count against your credit once they’re at least 30 days past due. They can do serious damage to your credit score — as much as 110 points.Don’t apply for new credit cards or loans too often. Each credit application will require a hard credit check, which has a small impact on your credit score. It’s not a huge issue, as it usually only takes a few points off your score. But when you’re working on your credit, it’s better to avoid anything that can lower it.

Keep an eye on your credit using the free credit score tool you choose. When it has increased, go rate shopping to see what kind of deals you can get. It takes a little work to build your credit, but it’s all worth it once you qualify for lower insurance rates.

Our best car insurance companies for 2024

Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.

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.

 Read More 

A higher income is always nice, but it can lead to an unexpected issue. See what common problem you need to watch out for as you earn more money. 

Earning more money is always a good thing. It’s one of the best improvements you can make from a personal finance standpoint. You might also assume that it will take care of most of your money problems.

It’s true that if you’ve dramatically increased your income, you’re probably not struggling to save or make ends meet. But it doesn’t mean everything is going to be smooth sailing. People usually run into new financial issues as they earn more. And there’s one serious problem that often goes unnoticed.

You could get too careless with your spending

When you have plenty of disposable income, it’s easy to say yes to everything. Going out for drinks multiple nights a week? Sure. A fancy vacation every three months? Absolutely. New shoes? You can afford it!

It’s normal to relax about your spending as you earn more. You don’t need to closely monitor every single expense any more to make sure you can pay all your bills. And there’s nothing wrong with using some of your extra money to improve your life. After all, one of the reasons to make more is to live better.

But it’s also possible to take this too far, to the point where you become careless about how much you spend. There are two typical ways this causes problems for high earners:

They spend so much that it interferes with their financial goals. Some people start living lavish lifestyles that even their new incomes won’t support. If you’re saving the same amount you were when you earned half as much, or if you’re not saving at all, then you’re probably overspending.They’re wasteful with money. For example, they frequently make impulsive purchases that they rarely end up using. Even if you’re still able to save and manage your bills, it’s never good to waste money. If you often regret past purchases, that’s a sign you’re not using your money wisely.

These issues can occur at any level of income. Case in point, a SecureSave survey last year found that 35% of people earning over $100,000 were living paycheck to paycheck. That group also had no savings to fall back on. While $100,000 doesn’t necessarily make you rich, it is well above the median household income of $74,850.

How to manage your spending as you make more money

To be clear, it’s fine for your spending habits to change as your income goes up. You don’t need to live like you’re making $30,000 a year if you’re now making $120,000. Enjoy this — you’ve earned it.

So, you can and should spend more. And you don’t need to be too strict about everyday expenses. Once you reach a certain income, it’s a waste of time and energy to worry about spending an extra $20 on groceries this week.

But it’s still important to manage your spending well. At a high income, there are a couple of things to focus on here:

Set monthly savings and investing goals. A popular guideline is to save 10% of your income and invest another 10%. But as you make more, you’ll likely be able to bump up those numbers. If you’re able to meet your goals every month, then you’ll know you’re not overspending.Find areas where you love to spend money. Don’t waste your salary on impulse buys and expenses you end up second guessing. Think about where you can spend to get the most out of your money. Maybe you want to go on more vacations, buy back your time by hiring help with tasks around the house, or get your dream car.

If you’ve raised your income, you should feel proud of yourself. It’s a sign that you’re doing well at work, and it’s great for your finances. But watch out for signs that you’re getting too careless about your spending. Make sure at least some of that additional income gets set aside for savings and investments. Also, spend time figuring out how you can use your money to make your life better.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, 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.

Read our free review

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.

 Read More