Money Management

We scored a 50% discount on an Airbnb in Colorado, but driving across half the country got old pretty fast. Here’s why I’d keep the trip shorter next time. 

For several years, I had the idea that I wanted to go on an extended road trip with my family, staying at Airbnbs along the way, all while I continued to write for work.

Fortunately, my wife was on board with this wild idea, and when she was about to start homeschooling our kids, we decided it would be a good time to give our idea a try.

The plan was pretty simple. We’d sell our house after the end of the school year, spend the summer staying in Airbnbs, and assess if we wanted to keep the road trip going when the fall began. Instead of using savings or relying on credit cards for the journey, I would work as usual, and we’d go sightseeing on the weekends or occasionally take some weekdays off.

We were fortunate enough to spend time doing everything from hiking the Rocky Mountains, watching a rocket launch at Cape Canaveral, and spending a week roaming around St. Augustine, America’s oldest city.

It was an amazing adventure — and I’d never do it again.

Travel fatigue set in pretty fast

While we didn’t backpack across Europe or experience jet lag, the constant moving around started to get old after a couple of months.

We wanted to travel light, so everything we had for our family of four over the months-long trip had to fit in the back of our Honda CR-V. And while Honda does a good job of making a roomy compact SUV, we still had a lot of packing and unpacking every time we pulled up to a new Airbnb rental.

After a few months, some excitement of visiting a new town or seeing a new place to stay wore off. While we made sure to make visiting family and friends part of the road trip, it still got lonely being on the road by ourselves for several months.

It takes a lot of constant planning

Since we didn’t know how long we would be traveling, we kept the schedule of places we would stay pretty open. We knew we wanted to visit my family in the North at the beginning of the summer and see my wife’s family in the South at the end of the summer.

Everything else in between was pretty up in the air. The first place we stayed — and my favorite — was an Airbnb rental at a ski resort in Colorado. It was summer when we arrived, and we booked a full month’s stay — which gave us an amazing 50% discount — so we didn’t break the bank staying there.

We’re not rich, so we planned to find good deals to stay in that wouldn’t negatively impact our personal finances. Sometimes that meant booking an Airbnb for a longer period so we could receive a discount. And while that worked out well, it still took a lot of planning to get right.

That made booking our stays somewhat stressful, especially when trying to find good deals and when some locations have minimum requirements for how long you have to stay.

What I’d do differently the next time

I feel fortunate to have taken that trip, and at the time, I really wanted to do it the way we did, but I wouldn’t do it the same way again.

Instead of driving across many states, I’d visit a few places near one central location and keep the trip to just one month.

I remember talking to my father-in-law about our trip when we were winding things down, and he said that his dad traveled extensively in retirement before realizing he didn’t want to keep moving around so much. Instead, he split his time between living in a small southern town and on a canal boat in France. Now there’s an idea.

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Don’t let that old phone, laptop, or tablet just sit around collecting dust. Find out how you can get cash for your electronics today — even if they’re broken! 

Are you one of those people who don’t know what to do with their old or broken electronic devices, such as phones, laptops, and tablets? You can now dispose of them in an eco-friendly way and even get in return gift cards to Walmart or Sam’s Club. Through Walmart’s Gadget to Gift Cards Program, you can sell your used electronic devices for recycling. Here’s how the program works.

What is Walmart’s Gadget to Gift Cards program?

Walmart’s Gadget to Gift Cards is a partnership between Walmart and CExchange, a company specializing in electronics recycling and trade-in services.

The program aims to help customers dispose of their old electronic devices in an environmentally friendly way, while providing a convenient platform as well as gift cards to get rid of them.

How does it work?

To begin, visit the Gadget to Gift Cards website and complete online appraisals for all the items you want to trade in. When sending your items, you are responsible for packaging them securely, but CExchange will cover the shipping costs.

After receiving your items, CExchange will carefully evaluate them to ensure they match the appraisals. If everything checks out, the well-known recycling service for retailers will send you a confirmation email. You can expect to receive your gift card two to four weeks after the products are received.

Items in good condition and working order will be resold, ensuring their continued use. Items that are no longer usable will be disposed of responsibly, taking care of the environment. For items that fall in between, Walmart will sell them in the secondary refurbishment market.

The Walmart eGift Card is a reusable card for shopping, gift giving, and more. It can be used for purchases at Walmart.com or any Walmart store nationwide. Sam’s Club members can also use it for purchases at Samsclub.com. The Walmart Gift Cards are exempt from sales tax, and they have no expiration date.

What items can you trade in?

The CExchange program accepts a wide variety of electronic devices, from smartphones and tablets to MP3 players, video games, cameras, laptops, and GPS units, among others. You can even send accessories such as chargers and adapters. You can find the list of accepted items on the Gadget to Gift Cards website.

You can even send broken or damaged items as long as they appear on the list on the website. When appraising a damaged item, you will need to provide an accurate description in the “Condition” section. This will determine how much money you’ll receive.

How much will I get?

During the appraisal process, you find your device and answer a few questions about its working condition and what accessories you will include. The CExchange offer will be calculated immediately.

During the evaluation process, however, if there are any discrepancies in the condition, model name/number, or accompanying accessories, the firm will reach out to you via email and provide a revised appraisal.

There’s no limit to the number of electronic devices you can recycle, meaning you can clean out your entire house and add money to your savings account.

Is it worth using this service?

Walmart is now leading the way in secondhand electronics by allowing customers to recycle their used electronic devices. Trading in old electronics not only declutters your space, but also allows you to earn gift cards in return.

As much as we take care of our devices, they only have a limited lifespan. However, throwing them in the trash is neither practical nor environmentally responsible. Over 50 million metric tons of electronic waste (e-waste) is produced worldwide each year, with an average of seven kilograms, or over 15 pounds of e-waste generated per person.

This e-waste, when left in landfills, releases toxic chemicals that harm the environment and living organisms. By choosing to trade in your old electronics, you not only benefit financially but also help protect the planet and its inhabitants.

The Walmart Gadget to Gift Cards program offers a convenient, environmentally conscious, and financially rewarding way to dispose of your electronic devices. By participating, you’re not only protecting the environment but also getting paid for doing so. If you have electronic devices that you no longer need, take advantage of the program and enjoy the benefits at Walmart or Sam’s Club, instead of contributing to the ever-growing electronic waste problem.

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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 positions in and recommends Walmart. The Motley Fool has a disclosure policy.

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Can you afford the mortgage payments on a $500,000 home? Read on to find out. 

There was a point in time when a $500,000 home may have seemed like an expensive one. But these days, home prices are up across the board, so you may end up having to look at homes in the $500,000 range to be able to live in the type of neighborhood you find most desirable and enjoy the home features you want.

As a general rule, it’s important to keep your homeownership costs to 30% of your income or less. This means that if you bring home $10,000 a month, your predictable housing costs should really be $3,000 or under. And by “predictable housing costs,” we’re talking about your monthly mortgage payments, property taxes, homeowners insurance costs, and any other preset fees that might come into play, like HOA dues.

Also, as a point of clarity, the typical American may not bring home $10,000 a month. But those looking at a $500,000 home might, whereas lower earners will commonly be looking at less expensive homes.

But can you afford a $500,000 home? It will depend on what your monthly mortgage payments look like. And those will hinge on factors such as the down payment you make and the mortgage rate you’re able to lock in.

What will a $500,000 home cost you?

The more money you’re able to put down on a home, the lower you can expect your monthly mortgage payments to be. It’s that simple. Similarly, the lower the interest rate you’re able to snag on a home loan, the less you’ll have to spend each month on a mortgage.

With that in mind, let’s go through some different down payment scenarios based on a 30-year fixed-rate mortgage at 6.81% interest. That’s the average interest rate for that loan product as of this writing, according to Freddie Mac.

This table will give you a sense of the mortgage payments you might be looking at.

So what does all of this mean for you? Well, going back to our example, if you earn $10,000 a month, it means you can swing $3,000 a month in housing costs. If you’re able to make a 25% down payment on a $500,000 home and your property taxes and homeowners insurance only come to $550, then you’re in that affordability range.

But if you can only swing a 10% down payment, then a $500,000 home isn’t attainable, because you’re basically maxing out the $3,000 you can afford to spend on a mortgage payment alone. To put it another way, on a $500,000 home, there’s pretty much no way you’re only looking at $62 a month in property taxes and homeowners insurance together.

Don’t go overboard

It can be tempting to stretch your to purchase a home. But know that spending more than 30% of your income on housing could lead to a true financial crunch. So if you can’t afford a $500,000 home today, which may be the case even if you’re a higher earner, you might need to either look at homes in a lower price range or wait for mortgage rates to come down. Once the latter happens, all of the above numbers will look very different.

In fact, if you make a 20% down payment on a $500,000 home when mortgage rates are averaging 5%, you’ll be looking at a monthly payment of just $2,148, compared to $2,612 at today’s average rate. Clearly, that’s a huge difference.

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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 massive pay cut could be worth your sanity, but you have to go in prepared. Read on to learn more. 

My first job out of college was a trading assistant at a hedge fund, and I was able to quickly climb the ranks as a result of hard work and an ability to learn on the fly. As such, by the time I was 27, I found myself earning a six-figure income.

That income made it possible for me to do things like pay my bills with ease, travel several times a year, and sock money away for retirement. There was just one problem — I was miserable at my job.

Not only were the hours long, but the atmosphere was downright toxic. There was constant yelling, and while it wasn’t always directed at me, it was a stressful environment to work in.

In addition to feeling constantly stressed and unhappy about the workplace atmosphere, I just plain didn’t enjoy what I was doing. I wanted to spend my days doing something more creative and fulfilling. And so after five years in finance, I quit my high-paying job and took a job designing electronic toys.

My new job came with shorter working hours and less stress. But it also came with a lot less money. In fact, I took a pay cut of over $50,000 in the course of getting that new job. But it was more than worth it.

When you prioritize your personal wellbeing

Data from the American Institute of Stress reveals that 41% of workers who are stressed cite their workload as the cause, while 32% point to issues with the people they work with. At my finance job, both factors applied.

Not only did I have lots of work I was expected to get done (hence the many late nights), but the people I worked with weren’t pleasant for the most part. A few were downright rude and obnoxious. And most of the people I worked with didn’t show me much respect — perhaps due to my younger age.

That’s why leaving my finance job when I did was the right choice. I had reached the point where the idea of going to work had me stressed beyond belief, and that just wasn’t a good way to function. So I decided it was worth making some lifestyle changes to be able to do something completely different at a lower salary.

How I made my pay cut work

I knew, after five years in finance, that I didn’t want to just leave my job — I wanted to leave the industry. But I was well aware that doing so was going to mean earning a much lower salary, at least at first.

That’s why I prepared for my resignation strategically. Rather than quit on a whim, I spent many months socking money away in my savings account. By the time I left my finance job, I had enough money in the bank to cover more than six months of essential bills. I figured that in a worst-case scenario, I’d be able to dip into my savings to cover some expenses until my earnings picked up in my second career.

I also made a point to slash some expenses in conjunction with changing careers. For one thing, I gave up a costly New York City apartment and moved in with my then-boyfriend, now-husband in the suburbs. Doing so cut my housing costs significantly.

I also limited myself to very low-cost travel the first year I was in my new toy designer job. That meant staying at budget hostels where you bunked with seven other adults in the same room because hotel rooms just weren’t something I could pay for. I also cut back on dining out quite a bit, reserving restaurant meals for special occasions only and doing the vast majority of my cooking at home.

Taking a massive pay cut wasn’t easy. But it was worth it in the end and I don’t regret it at all. So if you’re feeling burned out at work, you may want to explore options that are better for your mental health. And if you prepare accordingly and get on board with some spending changes, you may find that you’re able to manage a giant pay cut should the need to take one apply to you, too.

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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.

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