Lodging is one of the biggest travel costs, but it actually can be an optional expense. Halfpoint / Shutterstock.com
Travel rarely is cheap, and lodging is one of the biggest vacation expenses — especially during these inflationary times. Wouldn’t it be nice to eradicate that hefty cost? This may sound like a stretch, but it’s possible. And no, we’re not talking about a staycation. Following are ways to cut your lodging expenses to as little as zero.
A home gym can be a great investment for your health, but you need to protect that investment. Here’s how.
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Having your own home gym can be a convenient way to skip the hassle of a gym membership and the commute. But building even a modest home gym isn’t cheap — and I’m not just talking about the cost of the equipment. For example, there’s also any renovation costs you might have, like adding more comfortable flooring.
And then there’s the insurance. Your new home gym may actually require some additional homeowners insurance (or renters insurance, if you don’t own the property). Here are a few types of insurance to consider if you have a home gym.
These are the types of coverage you’ll need if you don’t use your gym as a small business.
Coverage that protects your personal property is a standard part of pretty much any homeowners policy. In most cases, this should cover basic gym equipment, including machines like treadmills and stationary bikes.
However, the fancier your gym gets, the more coverage you may need. Most homeowners policies have a cap on property coverage.
Don’t get me wrong, that cap is usually fairly high: 50% to 70% of your dwelling limit (what it would cost to rebuild your home). But if you have a high-end gym full of top-of-the-line equipment — and a house full of equally high-end everything else — you may need to look into adding to your policy.
You should also make sure your property coverage includes accidental damage. For instance, if you drop a heavy weight and damage your floor, some policies may help you repair it.
One of the perks of having a home gym is you can invite friends over and work out together. Before you send out the invites, however, make sure you have some type of injury liability coverage in your homeowners or renters insurance.
Personal injury liability coverage is the part of your insurance that pays out if someone is injured on your property or from your neglect. Without liability coverage, if a guest is injured while working out in your home gym, you could be on the hook for the cost of their medical care.
We’re all certain our friends would never sue us — until they do.
Debt can drive a wedge in the strongest of friendships. Protect yourself — and your friendships — by having proper liability insurance coverage before letting your buddies on your bench press.
If you use your home gym for business purposes, your regular homeowners insurance won’t be enough to cover you, your equipment, or your clients. So if you’re going to teach students or offer personal training services from your home gym, you’re going to need to get appropriate business insurance.
General liability insurance is the commercial version of the personal injury liability coverage that may come with your homeowners policy. Specific policies vary, but some of the perils typically included in a general liability policy can include:
Bodily injury and property damage liabilityPersonal injuryMedical paymentsAdvertising injury (copyright infringement)Reputational harm (libel, slander, etc.)
In other words, general liability insurance is what you’ll rely on in the case that someone is injured in your home gym while you’re offering professional services.
The same way regular liability insurance won’t cover business clients in your home gym, regular property insurance may not cover the equipment in a home gym if you use it for your business.
That’s not to say homeowners policies won’t cover any business property that is in your home. But typical residential property insurance will have a very low coverage cap — a few thousands bucks, at best — for equipment used by your business. A high-end treadmill could cap out your homeowners policy in and of itself, let alone any other piece of equipment you may own.
If you use your home gym for business, definitely consider a separate commercial property insurance policy. Make sure the cap is high enough to cover the replacement cost of all of your equipment.
Many insurance companies will bundle general liability and commercial property insurance for a lower price.
Compared to all the sleek glass and metal, insurance is definitely not the sexiest part of a new home gym. That doesn’t make it any less important, though. So make sure your gym has a healthy insurance policy — just in case.
There are many homeowners insurance companies to choose from. We’ve researched dozens of options and short-listed our favorites here. Looking for a green build discount or easy bundle policies? Want an easy-to-use interface? Read our free expert review and get a quote today.
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.
If you can’t pay your credit card bill, it can lead to late fees and ruin your credit. See what steps you can take in this situation.
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With credit cards, it’s best to pay off your full balance by the due date every month. When you do this, you get to take advantage of all the perks that credit cards offer, including rewards and purchase protections. And you won’t be charged any interest on your purchases.
If you can’t pay off your card’s full balance, you can pay less. Minimum payments on credit cards are normally about 1% to 2% of the balance. It’s not good to get into the habit of only paying the minimum, but in a pinch, it at least keeps you current on the account.
But what if you can’t make your minimum credit card payment, either? That’s a serious problem. Your card issuer can charge you a late fee for missing a payment, and not paying can eventually cause your credit score to drop. Here are the steps to take if you can’t pay your credit card bill.
Not paying your credit card is a financial emergency. The longer it takes you to get caught up, the more it will cost you in fees, and the more damage it does to your credit score.
Because this is an emergency, you should do everything in your power to resolve it. Cut spending wherever you can. Here are a few ways to do this:
Cancel subscription services, such as Netflix, Spotify, and Amazon Prime.Spend less at the grocery store. Look for budget-friendly meals, and buy cheap ingredients in bulk.Go rate shopping for your car insurance and homeowners/renters insurance.
It’s not going to be fun, but keep in mind that this is temporary. Once you have your credit card debt paid off, you can relax more with your spending, as long as you don’t overspend and end up in the same position.
There are plenty of ways to earn extra money that you can put toward your credit card bill. The most convenient is asking if you can pick up some extra hours at work. If overtime isn’t an option, look for a side hustle. Here are some services you could try:
Driving for rideshare companies, such as Uber and LyftOffering dog walking or pet sitting services — Rover is a popular platform for thisDoing deliveries through DoorDash, Uber Eats, or PostmatesRenting out a room in your home on Airbnb
If you make an extra $50 to $100 each week, that could be enough to make your credit card payment, and start chipping away at your debt.
A credit counselor can review your finances with you and help you make a plan to get out of debt. If necessary, they can also contact your credit card issuers on your behalf and help negotiate better terms, such as a lower interest rate.
You can find credit counseling services in your area through the following nonprofits:
National Foundation for Credit Counseling (NFCC)Financial Counseling Association of America (FCAA)
Lots of people worry about calling their card issuer when they’re having payment issues. You shouldn’t. Your credit card company may be able to help. And it has good reason to do so — it’s better for your card issuer if you pay what you can than if you don’t pay anything.
Call the number on the back of your credit card, explain that you aren’t able to make your full minimum payment, and ask what your options are. Your card issuer may be able to lower your minimum payment or reduce the interest rate on your credit card.
It’s stressful when you don’t know how you’ll pay your credit card, but there are ways out. You’ll probably need to make some serious cuts to your spending. You may also need to pick up a side hustle and work with a credit counselor or your card issuer. If you work hard at it, you’ll be able to get caught up on your credit card payments and start paying down what you owe.
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Editor’s Note: This story originally appeared on NewRetirement. Were you the kid in kindergarten that shot her hand up to answer every question? The shy one who secretly ate paste in the corner? Or were you the one solving all the math equations from the end of the book on your first day in class? (I knew those kids. All of them were in my class, though I’m not yet admitting to being one of…
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Editor’s Note: This story originally appeared on Live and Invest Overseas. Back in Paris now to enjoy the holidays with our children and granddaughter — all of whom call the City of Light home — and I’m reminded of all the reasons this is my favorite place on Earth. What is it about life in Paris that I find so rewarding? Central historic Paris is an open-air museum. The heart of the City…
Planet Fitness hypes its $10 a month plan in all its advertising. But the real cost is significantly higher. Find out how it adds up.
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We’ve all seen the pervasive ads for Planet Fitness claiming a no-strings-attached gym membership for just $10 a month. Sounds great, right?
Well, if it sounds too good to be true, it probably is. And the $10 a month gym membership definitely falls into that category.
Before you ever get to the monthly fee, be prepared to fork over a whopping $59 for the “startup fee.” While this is a one-time fee when you start your contract, even one $59 fee is too many.
That’s effectively an extra $5 a month assuming you keep the membership for a year. Worse, the fee isn’t refundable if you don’t stick around.
I will say that Planet Fitness seems to have fairly regular deals for a lower startup fee. You can also find referral codes that drop the fee to $1. But if you don’t go through these extra hoops, it’ll cost you.
Assuming you manage to get around the startup fee, you’re still not paying $10 a month for your membership. That’s because Planet Fitness also charges an annual fee — and it’s an eye-popping $49 a year.
If you divide that out over the year, that’s an extra $4.08 each month. This puts your total monthly cost at $14.08.
In other words, even without paying a startup fee, the annual fee means you’re effectively paying 40% more than the $10 advertised rate.
Whether you think that $14 a month is a fair price for a basic gym membership, it definitely feels a little scammy that they advertise a rate so much lower than the real cost.
Oh, and this is just for the “Classic” membership. This only gives you access to one Planet Fitness location, with no guest access or the extra perks. If you want to visit multiple locations, use the massage chairs or tanning beds, or bring guests, you’ll need to upgrade to the $24.99 a month Black Card. (And yes, that still has the same $49 annual fee.)
The most obvious way to get a good deal on a gym membership is to luck out and sign up during a sale. Most big chains have them fairly regularly, and even smaller gyms may offer the occasional discount when membership is sluggish.
If you don’t want to wait on a deal, you can try these tips to workout for less.
If you know someone who already has a Planet Fitness Black Card membership, tag along as their guest. You won’t be able to use the Black Card exclusive perks, but you’ll have full access to the rest of the gym.
Some gyms may offer deals to folks who are referred by current members. You can find these referral links/codes online fairly easily for big-brand gyms. You can also ask any friends or family members who are already members if they can send a referral your way. Most of the time, the referrer will also get some kind of bonus, like a free month of membership.
I have rewards credit cards for pretty much everything, including my gym membership. Picking the right card can get you up to 5% cash back on your membership fees. Even a flat-rate cash back rewards card could give you 2% back on the monthly gym fees.
If all else fails, you can skip the gym membership altogether and DIY your own workout space at home. You can fit a surprisingly good home gym into a surprisingly small space — and small budget. A jump rope, set of resistance bands, and a few free weights are enough to get you started and won’t wreck your personal finances.
Sure, $14 a month for a gym membership doesn’t sound too bad. It would just be nice if companies didn’t disguise their real costs behind hidden fees and fine print.
Planet Fitness may be a “Judgement Free Zone,” but I’m definitely judging their advertising choices.
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