Money Management

Not a planner? Don’t worry. Keep reading to learn how you can still find deals on holiday travel by following these tips. 

Figuring out your holiday travel plans at the last minute isn’t the best thing for your personal finances. Most of the time, waiting until the last minute to buy that plane ticket or book that hotel will cost you more.

RELATED: Best Airline Credit Cards

But that doesn’t mean there aren’t ways to save as much money as possible by finding last-minute deals. Here are a few tips that could help.

1. Keep your travel dates up in the air

One of the best ways to save money on travel is by keeping your plans flexible. You can save a lot of money by being willing to fly on days when most people aren’t traveling.

For example, CheapAir.com says that flying on a Tuesday or Wednesday saves you the most money — up to $100 on a ticket compared to flying on Sunday. If you’re flexible on time, use sites like Google Flights to adjust your holiday travel dates to find the best deal.

2. Be flexible about where you’re going

If your goal is just to get out of town and you aren’t picky about your holiday travel destination, you’ll likely be able to find a decent travel deal. I quickly checked airfare prices through Google, departing from New York on Dec. 26 and returning on Dec. 29.

Google lets you choose “anywhere” as your destination, and I found a round-trip, non-stop flight to Boston with those dates for just $173.

3. Book your departure and return separately

Sometimes, you can save on your flights by booking two one-way tickets through different airlines or from various airports. You’ll have to spend some time finding the right flights at the best prices, but the time investment could help you score a lower airfare.

4. Download the app

A few months ago, when booking a hotel in Charleston, South Carolina, I did a lot of preliminary research on several booking sites, trying to find the best deals.

While comparison shopping, I saw Priceline promoting its app on its website and offering better deals inside the app. Sure enough, I scored a better deal by booking in the Priceline app than through the desktop website.

5. Spend time comparison shopping

Prices for hotels and flights can change quickly, so it pays to spend some time shopping around. Combine all the tips listed above and then use them across several platforms and apps to see which has the best prices.

Even if you don’t find a cheaper price after comparison shopping, you’ll at least know you’ve scored the best deal possible.

A bonus tip for saving money on holiday travel

Seasoned travelers will already know this one, but if you plan on doing a lot of traveling soon, you may want to sign up for a travel credit card. They can be a good way for frequent travelers to earn points toward flights and hotels.

If you find yourself booking flights or hotels regularly — and can pay down your balance each month — then earning rewards that can be redeemed for future travel plans could be a good option for your next trip.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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It may be time to buy life insurance after putting off that purchase. Read on to see if you should get a policy in the new year. 

Life insurance is one of those things that can be uncomfortable to think about. And let’s face it — we all have bills we can’t avoid, and most of us would probably rather not pile onto our existing expenses by adding life insurance premiums into the mix.

But there’s a reason an estimated 52% of Americans have a life insurance policy in place, according to LIMRA. Having that coverage could protect your loved ones if something happens to you and they no longer have your income for financial support.

Now, the start of the year is generally a good time to get your financial ducks in a row. But should you buy life insurance in 2024? If any of these factors apply to you, the answer is probably a resounding yes.

1. You’re having your first child

When it’s just you and a spouse or partner and both of you work, you may decide not to get life insurance just yet. And that logic makes sense to some degree.

If you’re both capable of going out and earning money, then perhaps your partner would fare well enough financially in your absence. So why spend your money on life insurance when you have other goals to save for?

But while you might make the argument that another grown person can hack it on their own, financially speaking, in your absence, a child most certainly cannot. So if you’re having your first child in 2024, that alone is a good reason to get a life insurance policy. That way, your child is protected financially in case your income disappears.

Remember, even if you leave a surviving spouse behind who earns their own money, they may not earn enough to cover the ever-growing cost of child care. So once you get the news that there’s a baby on the way, start shopping around with different life insurance companies to explore your options.

2. You’re taking on a large expense jointly with a partner

It may be that as of now, you could cover your monthly expenses on either your income or your spouse or partner’s. But if you’re taking on a large expense in 2024, like the purchase of a home, that requires both of your incomes to keep up with, then that alone is a good reason to buy life insurance.

Let’s say that without your income, your surviving spouse wouldn’t be able to afford the home you bought together. Would you really want to leave them in a position where they have to get uprooted overnight? A life insurance policy could help prevent such a thing from happening.

3. You’re stepping into a caregiving role

It’s not just a child you might end up having to care for in your lifetime. Some people end up having to become caregivers for aging parents. If that’s the case, and you’re stepping into a caregiving role in the new year, then it pays to buy life insurance and designate your parents (or whoever you’re caring for) as beneficiaries.

Let’s say that in your absence, your parents would need to be moved into a nursing home for $200,000 per year. (And yes, that really is what it might cost for a couple to reside in one of these facilities.) Having life insurance could help your parents cover that expense rather than go bankrupt.

You may not relish the idea of having to tackle yet another expense. But if any of these factors apply to you, take it as a sign that one of your first orders of business in 2024 should be to put a life insurance policy in place.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review 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.

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Still looking for the perfect holiday gifts? It’s not too late to shop for Christmas. Find out which Amazon gift deals are worth your time and money. 

Christmas is nearly here! If you haven’t completed your shopping, now is an excellent time to finish up so you have less stress leading into the holiday. If you’re short on time, I suggest shopping at Amazon. The popular retailer is open 24/7 and has items for everyone on your list, even the picky folks who have it all. Plus, you can use your Amazon Prime perks and score fast, free shipping. Here are some fantastic deals on last-minute Christmas gifts for your shopping inspiration.

1. HOMPOW 4K Mini Portable Projector with Wi-Fi and Bluetooth

This gift will make movie night more fun. A mini-projector lets your loved one watch their favorite films on any wall, ceiling, or screen. They can build a cozy fort and stream their favorite shows in their bedroom or plan an outdoor movie night with friends when the weather warms up.

The HOMPOW 4K Mini Portable Projector is a solid choice that won’t break the bank. This model supports wifi and Bluetooth connectivity for added convenience. Amazon has it on sale for $79.99 instead of $179.99. Plus, the included coupon can save you an extra 10% on the price. This is a gift that anyone would feel lucky to receive.

2. Keurig K-Slim Single-Serve K-Cup Pod Coffee Maker

Caffeine makes the world a better place. A brand-new coffee maker is a great gift idea. You can buy the Keurig K-Slim Single-Serve K-Cup Pod Coffee Maker in white for $69.99. This single-serve coffee maker is compact, so it’ll fit in the smallest of spaces and brew multiple cup sizes. The best part is this model usually costs over $100, so this is a solid deal to shop.

3. JBL FLIP 5 Waterproof Bluetooth Speaker

A Bluetooth speaker is an excellent option for your favorite music lover. Amazon has the JBL FLIP 5 Waterproof Bluetooth Speaker in many color options for $79.99. It’s compact, waterproof, battery-powered, and supports up to twelve hours of playtime. It’s the perfect portable speaker. Instead of paying $129.95 for this gem, you’ll pay $79.95. That means you can get a winning gift under the Christmas tree without spending all the money in your checking account.

4. Bath & Body Works virtual gift card

Got someone on your list who loves home fragrance products and body care essentials? A Bath & Body Works gift card will make for the perfect present. You can send an electronic gift card to your favorite pal and deliver it via text or email. Even better, Amazon has a limited-time offer that could save you money on this gift. While supplies last, when you spend $50 on a Bath & Body Works gift card, you’ll save $10. Enter code “BATH” at checkout to get this deal.

Minimize stress by avoiding further delay

Now you know what to buy your friends and family. All of these gifts can be delivered before Dec. 25. Yes, there’s still time to get your Christmas shopping done. But don’t continue to delay. You’ll feel less stressed and more confident knowing you’re ready for the holiday.

As you shop, be sure to keep your personal finances in mind to avoid overspending. Set a spending limit and stick to it so you don’t spend more than you can afford and regret it. The last thing you want to deal with is credit card debt in the new year. It’s the thought that counts.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

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Forgetting to update a debit or credit card can be a costly mistake for bills like insurance. See how I learned that the hard way when my dog got sick. 

When I lost my wallet at a roller-skating rink in December 2021, I did all the usual things: I ordered new credit cards and updated the card numbers for the bills I have on autopay.

Alas, there was one bill that I forgot about. I realized it seven months later at my dog’s veterinarian’s office. My rambunctious black mouth cur mix, Kermit, had been a tad less rambunctious than usual, so I took him in for bloodwork. The results showed a dangerously low white blood cell count.

As her staff called various emergency clinics to see if any could admit him for a blood transfusion that night, the vet warned me: Diagnosing and treating this ailment would be extraordinarily expensive.

“It’s OK,” I said. “I have pet insurance.”

I tried to log into the account. That’s when I discovered that the policy had been canceled. As I frantically searched my 300,000-plus unread emails, I saw that the pet insurance company had emailed me several times warning that the policy would be canceled if I didn’t update the payment information.

I’d avoided tears until that point. But as it hit me just how sick Kermit was — and that I may not have the money needed to treat what appeared to be a rare blood disorder because of my own dumb mistake — I burst into sobs.

How my mistake cost me $8,655

This isn’t a story that ends well. Kermit died just a few days later. He was only 5 or 6.

I had no idea how high the bill could climb as I drove Kermit from his regular vet to the emergency clinic that night. I had a decent emergency fund, but because of the uncertainty, I applied for CareCredit, a medical credit card.

I got approved for a $20,000 line of credit. I chose 12-month no-interest financing. But I knew that “no-interest” financing really meant deferred interest, which is where you get hit with interest on the entire amount you financed if there’s any remaining balance at the end of the promo period. So I vowed that I’d pay off the entire balance within the 12-month window.

In all, I would spend $10,367 on Kermit’s care in the days before he died. I’ll never regret spending that money, though. I know I gave him every chance he deserved.

My policy had a $750 pet insurance deductible and a reimbursement percentage of 90%, up to $15,000. In other words, had the policy been active, I would have paid the first $750 of that $10,367 bill, leaving $9,617. Then, the insurer would have covered 90% of the remaining $9,617, or $8,655.

When Kermit died a few days later, I was too grief-stricken to even think about the bill. But I’ll admit that when I started making the almost $1,000-per-month payments, it was hard knowing that I didn’t even have my dog to show for them.

I paid off $1,000 immediately, then about $5,500 over four months, mostly by taking on extra work. But after that, I decided I needed to move on, so I withdrew the remaining $3,100 and change from my emergency fund.

How I’ve organized my finances since then

Organization has always been a challenge for me, as you can guess by the fact that the pet insurance cancellation notices got buried in my hundreds of thousands of unread emails. Since then, I’ve created a new email address that I only use for bills so I can avoid such oversights moving forward.

I’ve also started tracking my expenses using the PocketGuard app. The app is pretty simple and breaks down your expenses in each category and reminds you of upcoming bill due dates. It’s easiest to use when you sync all your accounts because it can automatically detect recurring payments and send you alerts.

If I had to make this mistake, I’m lucky that it happened at a point when my personal finances were stable. Had this happened in my 20s, when my finances were in shambles, I wouldn’t have had credit or savings to turn to. I would have faced an agonizing choice as a result.

The experience reminded me of why I’ll always have pet insurance for any animal companion I have, as long as they’re insurable. About 1 in 3 pets need emergency vet care every year in the U.S., which often comes with exorbitant costs. I want any decision I make to be about my pet’s health and well-being instead of money.

On that note, two months after Kermit died, I went to my local Humane Society and adopted a three-legged mutt I named Abraham. I bought his pet insurance policy while I was still in the shelter’s office waiting for his microchip to be installed.

I give him his heartworm preventive medication on the first of every month. Then, I immediately log into his pet insurance account just for extra confirmation that my payment went through and his policy is in good standing.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Robin Hartill, CFP® has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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For many borrowers, refinancing was a “no” in 2023. Will things be different in 2024? Read on to find out. 

In 2020 and 2021, mortgage lenders started offering record-low interest rates to entice borrowers during a major economic crisis fueled by the pandemic. But mortgage rates have climbed steadily since 2022, and this year, they reached levels not seen in many years.

Because of this, 2023 has generally not been a great year to refinance a mortgage. But will things be different in 2024?

Borrowing rates may not drop all that much

As of Dec. 7, 2023, the average 30-year mortgage rate was 7.03%, according to Freddie Mac. We don’t know exactly what mortgage rates will look like at the start of 2024, or what they’ll look like as the year progresses.

But there’s a good chance that mortgage rates will come down during 2024, especially if inflation continues to cool and the Federal Reserve cuts interest rates. But whether mortgage rates fall to a level that makes them competitive again is questionable.

It’s pretty fair to say that if you’re a typical borrower who signed a mortgage in the five-year period prior to the fall of 2022, then a refinance in 2024 likely won’t result in a lower interest rate. But snagging a lower interest rate isn’t the only reason to swap an existing mortgage for a new one.

Refinancing might help you pay off costly debt

If your goal in refinancing is to save money on your mortgage payments, then you’ll ideally want to lock in a rate that’s about 1% lower than your current rate. So let’s say you signed your mortgage at 5% in mid-2022, right before rates really started to climb. For a mortgage refinance to make sense in 2024 from an interest rate perspective, you’d ideally want to target a rate of about 4%. That’s unlikely to happen given where rates are today.

The reason for wanting that 1% rate reduction is that you’re charged closing costs to refinance a mortgage. So you want to make sure your monthly savings are high enough to allow you to recoup those costs in a reasonable amount of time.

But even if you can’t lower your mortgage’s interest rate with a refinance in 2024, it could still pay to get a new home loan if you’re carrying high-interest debt. If you do a cash-out refinance, you can tap the equity in your home to borrow more than your remaining mortgage balance. You can then use the extra cash to pay off high-interest debt.

As an example, let’s say you owe $150,000 on your mortgage and your home is worth $250,000. Let’s say you also owe $50,000 on your credit cards, and you’re paying an average interest rate of 20% on that debt.

You might be paying 6% on your mortgage now, and you may only qualify for the exact same rate on a new loan in 2024. But if you can take another $50,000 out of your home at 6% (in other words, do a cash-out refinance for $200,000), you’re effectively replacing the 20% interest rate from your credit cards with a 6% rate, thereby saving yourself money.

All told, refinancing won’t make sense for many borrowers in 2024. But pay attention to how rates trend in case they end up dropping at a faster pace than expected. Also consider refinancing if you have a lot of high-interest debt to pay off and a lot of equity in your home you can tap.

Our picks for the best credit cards

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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.Maurie Backman has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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