Money Management

I put my house on the market recently and took four steps in order to make sure my house was likely to sell. Find out what they were. 

I listed my house for sale not too long ago. Before I moved forward with putting the property up on the MLS so people looking to buy a home could find it, I took four important steps to get ready. Here’s what they were.

1. Comparing the price and condition to recently sold homes

The first thing I did before listing my house for sale was take a deep dive into what my competition looked like. I wanted to see how my house stacked up in terms of others that recently sold in the area. This helped me determine if I needed to make any changes and also what price to list my property at.

I didn’t want to have the most expensive house in the neighborhood for obvious reasons, nor did I want to leave money on the table. Instead, I decided to set the price at a competitive rate that was right around the average price that comparable homes sold for.

I also didn’t want to over-improve my house or have it viewed as a fixer-upper, so I took a look at what upgrades and changes my neighbors had done and decided to make similar moves, like replacing the carpet in the bedroom with some nice (but inexpensive) tile.

2. Decluttering and depersonalizing the house

The next thing I did was declutter and depersonalize the house as much as possible. I’ve sold homes before and have received bad feedback from potential buyers if there was too much stuff in the closets or the kitchen. It makes people think there’s insufficient storage.

I also know that if there’s too much personal stuff around, it is harder for potential buyers to imagine themselves actually living in the property. And it can be more difficult to show off a home’s best features.

Since I knew I would be moving anyway, I boxed up a lot of our personal items, along with our kids’ toys, and put it all into the storage unit I would be moving the rest of our stuff into once the sale had finalized.

3. Improving the curb appeal

Next, I decided to make my house look as inviting as possible from the outside. That’s because I know how much the first impression matters. I got some new mulch and planted a few nice colorful blooming flowers, and I also got a bright rug for my front porch. These made the house stand out from others in the neighborhood that looked similar and set the tone for the showing by letting buyers see right away that I’d taken a little extra care.

4. Considering where I’d live next

Finally, I did some research into where I would go next. I know that the market where I am looking to buy a home is still relatively competitive, although it has slowed down from last year. I wanted to be sure I would be able to afford to get a mortgage and pay for a house in my desired area. After all, the last thing I wanted was to sell my current home and discover I was priced out of living where I wanted because of rising property values.

By taking these steps, I ensured I was really ready to sell and maximized my chances of finding the right buyer who was willing to pay a fair price.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

 Read More 

Transferring travel rewards can unlock huge value and great travel opportunities. Here’s what to expect. 

In the travel rewards community, cards with transferable points are typically heralded as the best travel cards. And it makes perfect sense when you think about it. Transferable rewards offer great flexibility, as well as lots of opportunities to get outsized per-point value.

To give you a look at how it all works, we’ll talk about how to transfer your points and what happens when you do so. Let’s get started.

Preparing for the transfer

The first step is to decide where you want your points to go. Each rewards program has its own transfer partners. Take a look at the partners for the four most popular programs to get an idea of your options:

American Express Membership RewardsCapital One Venture MilesChase Ultimate RewardsCiti ThankYou Points

Before you start transfering points, it’s vital that you have a specific use in mind. Once you transfer your rewards, there’s no going back — you can’t transfer them back. This is a one-way road.

For example, if you transfer Chase points to your World of Hyatt account, they become Hyatt points. You can’t turn them into Chase points again.

The only time you may want to transfer points without a specific redemption already planned is if there is a transfer bonus. Most transfers are 1:1, meaning you’ll get one point or mile for every point you transfer.

With a transfer bonus, you get extra points when you transfer to the specific travel partner. These bonuses can give you an extra 30% (or sometimes more).

As an example, say Amex has a 30% transfer bonus to Virgin Atlantic. In this case, if you transferred 1,000 Amex points to Virgin Atlantic, you would end up with 1,300 Virgin miles (instead of the 1,000 miles you’d normally get).

As great as these bonuses can be, however, make sure you only transfer to programs you’re likely to use relatively soon. It doesn’t matter how great the bonus is if your points or miles will expire before you use them.

Transferring your points

If you’re ready to put your points to use, it’s time to transfer. The actual process will vary depending on the rewards program. The general steps are fairly universal, however:

Log into your credit card account (online or in the mobile app).Head to the rewards portal. (There is usually a link for this on your main credit card account screen where your current points balance is displayed.)Choose the “transfer points” option. (See note below.)Select the airline or hotel partner to which you want to transfer your rewards.Input the number of points you want to transfer.Complete the transfer.

Note: You specifically want to look for a “transfer points” option, not the travel portal. Many rewards programs let you redeem your points directly for travel through their own internal travel portals. However, you’ll usually get a flat rate for your points that isn’t as good as what you could earn by transferring those points to a travel partner.

After the transfer

The time it takes for a points transfer to complete can vary based on the program and partners involved. Most transfers should be nearly instantaneous, but it could take up to a few days. (I haven’t, personally, had to wait more than half an hour, but your mileage will vary.)

Once the transfer is completed, you should see your new hotel points or airline miles in your loyalty account. From there, you can redeem them for hotel rooms or flights just as if you’d earned those rewards directly.

Transferring points is by far the best way to not only get great value from your rewards, but also to score amazing free travel opportunities. While transfers can take more effort (and research) than other redemption options, the benefits are often well worth it.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. 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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends Hyatt Hotels. The Motley Fool has a disclosure policy.

 Read More 

I recently paid a fortune to professional movers for a short move. Take a look at why it was worth every penny. 

I sold my home recently and I’m in the process of finding another property. I don’t have my new house yet because I haven’t found a place I like. I also wanted the proceeds from the sale of my current home to serve as my down payment when I get a mortgage. As a result, I had to move my stuff temporarily into storage.

I chose a storage facility that was just 15 minutes down the road. But while the storage facility was close, I still had to pay around $4,000 to move my possessions out of my current home and into the storage area.

This seems like a fortune, but there are some very good reasons why I opted to make this financial choice despite taking a hit to my bank account.

Paying movers made sense given my situation

There are a few reasons why I felt like paying professional movers was the right course of action for me.

First and foremost, moving would have taken me a tremendous amount of time. I have a lot of stuff and much of it is breakable and heavy. If I wanted to move it on my own, I would have spent many hours wrapping and packing it, and I would have struggled to carry the heavier items.

By the time I spent the hours necessary to move, I would have missed out on a ton of work time. And, since I am an independent contractor and only earn money when I actually produce work, I would have lost a lot of money. The amount of lost time and funds I would have incurred had I moved myself was far more than the amount I paid to the movers. So it would have cost me more money to DIY than hiring a professional.

I also have two young kids and don’t really have help to move besides my husband since this is a vacation home in an area where I don’t know many people. I would not have been able to ask friends to assist, and my family members had helped me move into the house only 18 months prior so I didn’t feel right imposing on them again.

Finally, I have a lot of stuff, much of which is delicate and expensive. If I tried to move everything myself or brought in people who weren’t professional movers, there was a big risk I would have ended up breaking valuable items that cost more to replace than the expense of hiring the movers in the first place.

Good movers are expensive

Once I made the decision that I had no choice but to move on my own, I shopped around quite a bit to try to find the best price. But the reality is, good movers are expensive.

I wanted to find movers who were licensed and insured, so I used the Federal Motor Carrier Safety Administration’s website to confirm the companies I was considering had a moving license. I also made sure they offered replacement coverage if they damaged my possessions (some movers will pay by the pound for losses, rather than actually replace your items). And I checked references.

After getting multiple quotes, the cheapest movers I could find who I trusted ended up costing me $4,000. This was a lot of money, but it was well worth it to make sure my stuff got safely delivered to my destination and to avoid missing so many hours of work and losing even more in pay.

Ultimately, when you decide whether to move yourself or hire professionals, you need to think about the opportunity cost and potential risk of doing it yourself and weigh that against the price of hiring professional movers. You may find hiring help works for you as it did for me, or you may find DIY is the way to go. A lot depends on your finances, preferences, and abilities, so the decision is personal.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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 

When money goes into my checking account, it’s used for one of four things. Read on to learn where deposited funds end up. 

Like most people, I have a checking account that money is deposited into on a regular basis when I get paid. I want to make sure I am using my hard-earned money as wisely as possible, so after money goes into my checking account, I have a careful plan for what to do with it.

Here’s what happens to the funds in my account.

A cushion to prevent overdrafts

One of my rules regarding my checking account is to always keep a cushion in it to prevent overdrafts or bounced checks. Overdraft fees can be expensive, running around $35 per transaction. And bounced check fees can run between $10 and $40, depending on the bank. I don’t want to get hit with these costs.

To make sure I don’t end up making a mistake that leads to an overdraft or a bounced check, I always keep a cushion of $1,000 in my account. Basically, I treat having a $1,000 balance as the equivalent of having a $0 balance and I don’t let my account drop below this amount.

This may be a lot for some people to keep as a cushion, but you can decide how much makes sense for you. Even an extra $250 or $500 in the account could save you from problems. The key is to make sure you have something there if you can so you aren’t at risk of dropping below $0 if you forget about an expense.

Automated transfers

I want to make sure I am putting enough money into my savings accounts and my brokerage accounts, so I have set up automated transfers of funds into these accounts.

I determined how much I need to invest for retirement and for other big purchases and goals like my vacation fund, and this money comes right out of my checking account the day my paycheck hits it. That way, it always goes exactly where it needs to go.

Automatic bill pay

The next thing I do with the money in my checking account is use it to pay bills. I’ve made this process automatic as well. My mortgage and credit card bills are set up to be paid automatically directly out of my bank account on the days I get paid.

That way, I know there is money in there to cover these bills and I never make a mistake and end up paying late and facing the consequences of doing so.

Spend the rest

Finally, any other money left over in my checking account is available for spending. Since I know that I have a cushion in the account to prevent overdrafts and I have my savings and bills being paid automatically, any money that is left is mine to do what I want with so I can spend it guilt free.

This system really works well for me because everything happens automatically and each dollar in my checking account has a purpose — even if that purpose is to have fun with it. I don’t need to think about what to do with the money since it’s all set up to work well for both my current spending needs and my future goals.

Your plan for what you do with your checking account may be different from mine. The important thing is to have a plan, because otherwise you may find you’re not using the money as wisely as you should be.

These savings accounts are FDIC insured and could earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.

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