Money Management

Insurance for teen drivers is more expensive. Read on for some techniques to try to keep your auto insurance costs to a reasonable level. 

Insuring a teen driver is undoubtedly a huge financial burden. Although costs can vary, industry estimates suggest that adding a teen driver to an auto insurance policy increases the cost of auto insurance by about 150%, with a motorist paying $1,000 annual premiums seeing the policy cost jump to $2,500.

This is expensive for anyone to bear, and it may leave parents and teens wondering if it’s even possible to get affordable insurance for younger motorists. The sad reality is, it’s hard to get cheap auto insurance for teens because they are seen as a higher-risk customer for insurance companies. This is because, due to inexperience, young drivers are more likely to become involved in collisions. But, there are steps that policyholders can take to try to make insurance as cheap as possible.

Here’s what to do to try to reduce the huge expenses associated with getting car insurance for a younger motorist.

Try to add a teen driver to an existing policy

Teens can typically be added to a parent’s car insurance policy or a separate standalone policy could be purchased. The latter option is much more expensive. In fact, while adding a teen to a parent’s policy might add about $225 to $300 monthly to the premiums, a standalone policy for a younger driver would typically be about $450 or more per month.

It is not always possible for a teen to be added to an adult driver’s policy. Their parents must be willing and able to do that. But, if it is an available option, it’s usually the best approach to get affordable coverage.

Take advantage of good student discounts if possible

Looking for discounts on coverage is another way to find affordable insurance for teen drivers. And one discount many insurers offer is a discount for good students. This is often defined as having a GPA of at least a 3.00 or a B average, although it’s a good idea to check with individual carriers.

A good student discount can result in premium savings of around 14% on average, although the exact savings varies by insurer. The ability to save money on insurance should be a good incentive to help kids keep their grades up.

Consider having the teen take a driver’s education course

Another way to score a discount would be to have the young driver take a driver’s education course. Completing a driver’s education course can result in savings of around 5% to 20%, depending on the insurance carrier.

Driver’s education courses are offered by local schools in many cases, but teens may also be able to find classes outside of school in their area. Check with an insurer to find out what driver’s ed programs will open up the door to discounted premiums.

Shop around carefully for coverage

Finally, it is important to shop around for coverage for teen drivers, as the premium charges can vary from one carrier to the next. It’s easy to get quotes online, both for teens as well as for a new policy for parents that has a teen included on it. By taking the time to get at least three or four quotes from the best car insurers for teen drivers, parents and teens can make sure they are paying the lowest premiums possible.

Each of these steps can help reduce the cost of insurance coverage that can be very expensive. Just remember, the price of being underinsured can be a financial disaster, so don’t skimp on coverage to try to save money when insuring a teen driver.

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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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Summer can be an expensive time for parents because kids are out of school. Here are four ways to entertain your kids without draining your bank account. 

School is out for summer, which means it’s time for parents everywhere to find solutions for keeping their kids entertained. For parents who aren’t fans of screen time, this can sometimes mean spending a lot of money for camps or paid attractions like zoos and theme parks.

The good news is, you don’t have to do a number on your checking account to keep your kids occupied. Here are four ideas to help you keep your children busy and off their iPads without running up a huge credit card bill.

1. Check out free local events

Summer is prime time for free outdoor events, and many of these are geared toward children and families.

Your local library is a great place to start looking for no-cost activities, as many libraries offer story hours, craft events, visits from firefighters with fire trucks, and a host of other fun activities at no cost to parents. Check the event calendar at the library to find a complete list of weekly and special events in your area.

If you have a state park or nature center in your area, many of these places also offer free programs for kids as well, such as guided hikes or other events where your children can learn about nature. These activities can be an especially great way to get outside and learn something new.

2. Do a tour of local playgrounds

If you have kids who are playground age, doing a tour of all of the local playgrounds can be a great way to spend some time. There are often more playgrounds in an area than you know about and you can make a complete list of them and aim to make a visit to each over the course of summer. To make it more fun, rate each playground as you visit to find your favorites or invite a friend to meet you there for a picnic lunch.

3. Get fun summer gear at the Dollar Tree

Dollar Tree has a seemingly endless supply of summer toys you can pick up for your kids for only $1.25 each. You can buy squirt guns for water fights, tons of sand toys, beach balls, bug-catching kits, easy-fill water balloons, and a ton more. Pick up a big basket of these items you can pull out as needed for days when kids say “I’m bored!”

4. Create some summer craft projects

Finally, if you want to keep your kids occupied and entertained, devise some fun summer craft projects.

Squirt gun painting (with diluted paint in a squirt gun) is one of many options perfect for outdoor weather. You just need some squirt guns and a canvas and your kids can go to town. You can also make popsicle stick bird feeders, do chalk art, or make a homemade marshmallow catapult with popsicle sticks. Pinterest is a great resource to find outdoor craft ideas and you can get most supplies at Dollar Tree.

Give these activities a try to help you fill the long summer days and you will both keep your spending in check and create happy childhood memories your kids will look back on fondly.

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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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The popular warehouse club famous for pallets of bulk buys also wants to sell you glasses and contacts. Here’s why you should take a look. 

The Kirkland Signature brand is a big part of what makes warehouse club Costco so popular. (Just ask any Kirkland fan, and they’ll be happy to tell you all about their favorite items!) It’s also part of what makes Costco a good personal finance choice for many families.

But what all those Costco shoppers may not realize is that the beloved house brand goes far beyond the pallets of products in Costco’s many, many aisles.

Believe it or not, you can also find Kirkland Signature items tucked into the Costco Optical centers in many locations. And, just as with the rest of the store, there are a number of good reasons to consider using Costco Optical for your next pair of glasses or contacts.

1. Savings

Costco’s whole schtick is savings, so it makes sense that it applies that mentality to its optical shops.

For example, many Costco locations have independent optometrists who perform eye exams. They’ll typically accept most popular insurance plans. WIthout insurance, exams average around $70, which is quite competitive with the market overall. (You can also just bring in a prescription from your own optometrist.)

The glasses and lenses can vary in cost depending on the style and extras. Costco’s popular house brand, Kirkland Signature, shows up big in the optical stores, offering hundreds of colors and styles all for $59.99 for the first set of frames. If you’re in the market for multiple pairs, you can get $30 off each additional frame purchase. Lenses also start at $59.99 for clear, with extra costs for polarized ($69.99) and Transitions lenses ($99.99).

Costco also offers a huge variety of contact lenses — including, yes, the fan-favorite Kirkland Signature brand. Kirkland Signature Daily Disposable 90-packs will run you $58.99 per box online. You can save more by buying multiple boxes, with 4-box and 8-box discounts of $35 and $95, respectively.

2. Convenience

Another good reason to consider Costco Optical is how downright convenient it can be.

Firstly, Costco has 586 locations in the U.S., the majority of which have optical centers inside. This means there’s a pretty good chance you can get your eye exam, glasses, and contacts right at your local club. If you time it right, you could get your eyeglasses and weekly groceries in one trip.

That said, you don’t necessarily need to head to the store to get your new frames. While Costco normally has a downright abysmal online presence, this is one area they actually do it right — well, mostly.

You see, if you’re interested in picking up a pair of Kirkland Signature-branded glasses, you can do the whole thing online. It starts with the virtual try-on. Use your device’s camera to digitally dress up in a variety of styles and colors until you find your new look.

Once you’ve chosen a frame, you’ll be prompted to upload your current eyeglasses prescription. Next, select the lenses you like. After you’ve chosen your perfect pair, you can check out and complete your order, all from the comfort of home.

3. Guarantee

Beyond the deals and Signature brands, Costco maintains its dedicated fan base by offering great customer service. A big part of that service is its 100% satisfaction guarantee on everything in the store — including your membership.

And yes, this extends to its optical department. If there’s anything wrong with your purchase, Costco will make it right. This includes offering free glasses adjustments whenever you need them.

In Costco’s words: “Please see our Costco Optical department for any adjustments or questions. We are committed to providing quality and value on the products we sell with a risk-free 100% satisfaction guarantee on both your membership and merchandise.”

See if Costco Optical is for you

Like Costco itself, the warehouse club’s optical services may not be for everyone. But if you’re looking for affordable, convenient eye exams, glasses, and contacts, it may be worth taking a look.

Keep in mind that, while you don’t need to be a member to get an eye exam at Costco, only members can shop Kirkland Signature glasses and contacts.

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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.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Are you a broke college student looking for a cheap streaming subscription? Read on for five popular streaming service discounts for students on a budget. 

Life is costly when you’re a student with limited income. Student discounts can offer significant savings and help you reduce your monthly expenses. Before you sign up for a new streaming service app, check to see if special pricing is available to students. Many of the top streaming services offer discounted prices for eligible students. Here are a few streaming services discounts for students that could help you keep more money in your pocket.

1. Hulu

Hulu is a popular streaming app with a vast collection of movies and shows. If you’re considering subscribing to Hulu, you can sign up for the ad-supported student plan for $1.99. Non-student Hulu subscribers pay $7.99 monthly for ad-supported content. At over 75% off the standard price, this is a great price to pay for hours of entertainment.

2. Paramount+

Students can also get a discount when they subscribe to Paramount+. The ad-supported Paramount+ Essentials plan, which has limited ads, usually costs $4.99. As a student, you can get the same plan for $3.75. If you’re looking for an affordable streaming service that won’t drain your checking account, this may be a good one to consider.

3. Spotify Premium Student with Hulu

This discount is perfect for music lovers. Students can subscribe to Spotify Premium Student, which has no ads. Student subscribers can also access Hulu (with ads) at no extra cost. This plan is available to students for $4.99 per month. Since your first month is free, you can test both services before spending money. An individual Spotify Premium subscription costs $9.99, and an ad-supported Hulu plan costs $7.99. That means you’ll save over 70% as a student and can access two streaming services for one low price.

4. Amazon Prime Student

If you like shopping online and enjoy streaming content, you may want to invest in an Amazon Prime membership. Prime Video is full of binge-worthy streaming content, and is included as a perk to Amazon Prime members. This paid membership usually costs $14.99 per month or $139 per year — which is a significant expense for budget-conscious students.

Customers also have the option to subscribe to Prime Video without a Prime membership for $8.99 per month. However, students can save big and access both Amazon Prime and Prime Video for one low monthly price. As a student, you’ll pay only $7.49 monthly or $69 annually for an Amazon Prime membership. Amazon is currently promoting a six-month free Amazon Prime trial to students, so you can get free access for several months before paying.

5. Apple Music Student with Apple TV+

Apple Music is another streaming service that students can subscribe to at a discount. Instead of paying the usual monthly price of $10.99, students can sign up for the Apple Music Student plan for $6.99. But that’s not all there is to love about this deal. For a limited time, Apple Music student plans also include access to Apple TV+, which usually costs $6.99 monthly. $6.99 is a reasonable price to pay for two great streaming services. Even better, your first month is free.

Don’t ignore student discounts

Yes, life can be expensive. But if you’re resourceful, you can find ways to save money. If you’re a student with limited extra funds, don’t ignore student discounts. With eligible discounts like the ones mentioned above, you can save money on everyday expenses to continue prioritizing your personal finance goals as you keep up with your studies.

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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.com and Apple. The Motley Fool has a disclosure policy.

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