Money Management

Our phones are a key part of daily life, used for communication, social media updates, and even productivity on the move. Read on to see the cheapest plans. 

In today’s world, owning a smartphone has become more of a necessity than a luxury. We use our phones for everything, from communicating with friends and family to checking social media and even getting work done on the go. But with all of these benefits, the cost of a plan can be quite steep. Luckily, there are many phone plans available that won’t drain your checking account. Here are the five best cheap phone plans out there now. The prices listed are for their unlimited data plans. Each carrier also offers cheaper plans with data limits.

1. Mint Mobile

Mint Mobile is a popular choice for people who want to save money on their phone bill. Plans start at $15 a month for 5GB of data or unlimited for $30 (three-month prepaid plan). Mint Mobile operates on the T-Mobile network, so coverage is likely not an issue.

All of Mint Mobile’s phone plans have a 7-Day Money Back Guarantee for all purchases made on mintmobile.com or using the app. Under the Mint Family Plan, you can mix and match your data amounts, offering more flexibility. Mint’s prepaid plans are either for three, six, or 12 months.

2. Tello

Tello is another budget-friendly phone plan that makes it easy to customize your plan to your needs. Plans start at just $10 a month with no contracts or hidden fees. You can choose the amount of data and minutes you need and change it at any time.

Tello also offers customized plans for family members and you can share your data plan balance free of charge with all your other devices or with your friends. Tello offers a free mobile hotspot feature, as well as free calls to more than 60 countries with every calling plan, based on the available minutes. Tello operates on the T-Mobile network.

3. Visible

Visible is an affordable phone plan that runs on the Verizon network. Visible offers two plans. Its basic plan is $25 a month and you get unlimited data, talk, and text. All taxes and fees are included in this low price and there are no data limits on your mobile hotspot usage.

Visible’s Premium Plan starts at $35 and includes 5G Ultra Wideband, Verizon’s highest performance 5G, and 50GB of premium data at faster speeds. Some of the other benefits include $10/mo off on Verizon Home Internet, spam protection, and international calling to over 30 countries.

4. Boost Mobile

Boost Mobile offers a wide range of budget-friendly options, with plans starting at just $8.33 a month for 1GB of data. Boost’s unlimited plan is $25 a month, but autopay is required. Customers who do not enroll in it pay $35/month.

Boost was previously owned and operated by Sprint. Following the Sprint and T-Mobile merger, DISH has acquired Boost Mobile and operates on both the T-Mobile and AT&T networks.

5. Google Fi

Google Fi has three plans. The most affordable plan is the Simply Unlimited plan with four lines of service, coming in at $80, or $20 each. The plan comes with family safety features including spam blocking, location sharing, and contact controls.

In addition, when you use a Google Pixel Watch or Samsung Galaxy Watch5 with Google Fi, you can make phone calls, send messages, and use data. You don’t have to be connected to your Google Fi phone.

Google Fi’s other plans, the Unlimited Plus and Flexible, offer data in more than 200 international destinations, and 5G in select countries for supported Pixel and Samsung phones.

These cheap phone plans offer a great balance of affordability and coverage, making them an excellent choice for anyone on a tight budget. Smaller carriers utilize the reliable networks of major carriers while delivering substantial savings. With so many options to choose from, you’re sure to find a plan that meets your needs and helps you save money in the process.

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

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If your kid’s clothes from last summer no longer fit, don’t panic. Read on for a few ways to shop for kids’ clothes without going broke. 

With summer quickly approaching, you may realize that your kids have outgrown the summer clothes they wore last year. Due to frequent growth spurts, refilling your kids’ closets with new clothes can get expensive. Here’s the good news: You don’t have to go into credit card debt buying summer clothes for your kids. There are affordable ways to buy clothes that your kiddos will love. Here are a few ways to get clothes for your kids and teens without overspending.

1. Facebook marketplace

Facebook marketplace can be an excellent resource if you want to purchase used items that aren’t expensive. Like you, many parents are looking to get rid of clothes that no longer fit their children. You may be able to score a good deal on new-to-you clothing finds that fit your kid.

2. Yard sales

The spring and summer months are an ideal time to stroll through yard sales in your community. Other families are likely looking to get rid of children’s summer clothes. Yard sales can be a great place to go when you’re on a budget, and it can feel like a game as you look for the best bargains. If you need to restock your kids’ closets with more clothes, don’t ignore yard sales.

3. Online neighborhood groups

Another place to look for affordable kids’ clothes is online community groups. There may be families in your town or city looking to get rid of clothes they’re no longer using to boost their income and declutter their homes. Check to see if there are any groups on social media you can join to shop for nearby bargains. You can also sell your extra clothes, too.

4. Consignment stores

Consignment stores are another solution to explore if you need affordable children’s clothes. These stores sell secondhand clothing, accessories, home furnishings, and more. Instead of buying brand-new clothes at the mall, you can get a deal on secondhand finds at these shops.

5. Shop the clearance rack

Buying new clothes for your kids can get expensive, especially if you have more than one constantly growing child. But you don’t have to pay much for new clothing if you know where to look. The next time you find yourself at your favorite retailer, take a few moments to scan the clearance rack to see if you can load up on cheap summer clothing finds for your crew.

6. Host a clothing swap party

Here’s a great solution if you’re friends with other parents in your area: Consider hosting a clothing swap party where everyone brings the clothes their kids have outgrown. By swapping clothes, everyone can save money — plus it’s good for the planet. You might consider planning a clothing swap and play date combo if you and your friends have young children.

Look for deals before you shop

If you shop before looking for deals, you may overspend. As you shop for summer clothes for your children, look for bargains. You can keep more money in your checking account by purchasing gently used or clearance clothing items. If the high cost of living is getting you down, you’re not alone. For additional ways to save money, check out our personal finance resources.

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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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If you have poor credit, a secured card could be the ticket to help you improve it. Read on to find out why. 

If you don’t have good credit, it’s going to be hard to get approved to borrow money. In fact, Chase Bank indicates that if you want to be approved for just about any credit card out there, you’d need a credit score of around 700. Since credit scores go all the way down to 300, individuals with bad credit are a long way away from having their choice of cards.

The good news is, if you have bad credit, you aren’t stuck with it forever. There are ways to improve your score — including, in many situations, applying for a specific type of credit card.

Could these credit cards be the ticket to improving your score?

If you want to improve your credit score, there’s a difficult problem you have to deal with. Improving your score requires you to show you are a responsible borrower. You need to demonstrate:

You can pay your bills on time, as payment history is the most important determining factor in your credit score.You can use your credit responsibly, which usually means keeping your credit utilization ratio below 30% (not using more than 30% of credit available to you).You need a good mix of loan types so you can demonstrate you’re able to repay different kinds of loans responsibly.

In order to prove these things, you need to actually be able to borrow, though. And that’s where the big problem comes in. If you have bad credit, most lenders aren’t going to let you borrow. So, you can’t prove yourself.

There’s one exception, though: You can get a secured credit card. Just about anyone can be approved for a secured card because of the way they work. With a secured card, you make a deposit equal to the line of credit you’re given. So, if you want a secured card with a $500 limit, you’d deposit $500 into a special account.

You get to use the credit card like normal, charging things on it, paying it each month, and then charging on it again. But that deposit sits there waiting in case you stop making payments, in which case the lender can take it. Since you can’t borrow more than the deposited amount, there’s essentially zero risk to the lender, which is why even people who just recently came out of bankruptcy can get a secured card.

Once you get a secured card, you can then do all those things mentioned above to improve your credit, like pay your bill on schedule and use only a small amount of credit available. You’ll start to develop the payment history you need to do other kinds of borrowing to get a good mix of different kinds of credit. And your credit score will go up over time.

What to look for in a good secured credit card

If you want a secured card to help you build credit, be sure to find one that reports to each of the three major credit bureaus: Equifax, Experian, and TransUnion. Otherwise, the card won’t have the desired credit-building effect.

You should also look for a secured card with no fee, as there are options out there you don’t have to pay for. Don’t worry too much about card rewards right now, even though that’s a nice perk that some secured cards offer. The goal is to improve credit, not rack up rewards. And, if you plan to pay off your balance in full each month, the APR doesn’t really matter either.

Once you get your card, you can start doing all those things already mentioned by setting up autopay and keeping track of how much you charge — and you should start seeing your credit improve so you can begin reaping the benefits that come with a better score.

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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. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

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Stay-at-home parents do jobs that have value. Keep reading to learn why it’s essential to get a life insurance policy, per financial guru Dave Ramsey. 

Traditionally, when people buy life insurance, a big part of the reason is because loved ones are relying on their income. In fact, it’s common for individuals who are getting covered to be told they should buy a policy with a death benefit equal to 10 or 12 times their earnings.

Stay-at-home parents do not have paychecks going into their bank accounts, so they may not think about needing coverage. Finance expert Dave Ramsey said this is shortsighted and a big financial mistake. Ramsey believes stay-at-home parents need life insurance coverage because the services they provide have a huge value.

“A life insurance policy for a stay-at-home parent doesn’t replace their income — it provides the money necessary to cover all the jobs the SAHP did before they passed away,” Ramsey said. He advised purchasing between $250,000 and $400,000 in coverage to ensure there are funds available to provide these services.

But, is Ramsey right?

Do stay-at-home parents really need life insurance?

When it comes to the question of whether stay-at-home parents really need life insurance or not, the answer is an unequivocal yes.

I’m not a stay-at-home parent, but I’m a work-at-home parent with a flexible schedule so I do many of the tasks an at-home parent would. This includes things like watching my kids during the day, cooking, grocery shopping, taking my kids to school, trying to keep my house from turning into a disaster, driving my children to activities, and an almost endless list of other mundane tasks.

During most weeks, I end up spending way more time on childcare activities than I spend on actual paid work. And, if I wasn’t here to do all of these things, it would be a huge burden on my husband (who has an out-of-the-house job without flexibility). He would end up having to either drastically reduce his work schedule (and income) or hire someone to handle everything I do, or both. And hiring someone to manage the household full time would cost a fortune.

In fact, Salary.com surveyed 19,000 mothers, determined all the jobs they do, and estimated the market value of all of that work. This research revealed that, in 2021/2022, the median salary for stay-at-home moms would come to $184,820. And, of course, this would be the same for stay-at-home dads too, of which there are a growing number.

The reality is, the services that an at-home parent provides would absolutely need to be replaced in the event of a death, and life insurance would likely be necessary to provide the funds to do that.

Don’t leave loved ones in the lurch

Any family who has a stay-at-home parent should make sure to carefully heed Ramsey’s words of advice and get the right coverage in place ASAP. No one knows when disaster will strike, and if a parent passes, not only will there be a need for funds to pay someone to fulfill their role, but there may also be a need for additional money to help children with therapy to cope with the effects of losing a caregiver.

Term life insurance is a very affordable way to make sure that the money is there to help surviving loved ones during this difficult time. So, buy a policy ASAP to ensure that everyone can still be cared for if the worst occurs.

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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Some people move into adulthood with no idea of how to manage credit. Find out how making your graduate an authorized user on a credit card can help. 

There’s a shadow of time between childhood and adulthood when financial lessons become vitally important. Now that your child is graduating high school, consider adding their name as an authorized user on one of your credit cards. Before rejecting the idea outright, consider these reasons. It just may benefit you both.

What is an authorized user?

First things first. Let’s talk about what an authorized user on your credit card can and cannot do. An authorized user is someone you add to your credit card account. They can make charges to the card but have no responsibility to make payments. They also have access to most of the credit card’s benefits. This includes perks like rental car protection, purchase protection, and airport lounge access.

As an authorized user, your child will receive a credit card of their own, but that doesn’t mean they have all the same privileges as you as the primary account holder. Usually, an authorized user can’t request a credit line increase, redeem rewards, or add someone else as an authorized user.

Depending on the credit card issuer, they can obtain a copy of the account balance, request statements, and make payments. If that’s something you would prefer they not do, contact your credit card company to learn more about its policy before adding an authorized user.

Another essential thing to remember is that you can remove the authorized user’s name from the account anytime. You can always call it quits if it’s not working the way you hoped.

In the meantime, here are some of the benefits you (and your authorized user) may enjoy.

Peace of mind for you

Whether your child is going into a trade, attending community college while they work, or heading off to university, there will be times you worry about them. This is particularly true if they leave home and run into an emergency you can’t immediately respond to.

You set up the parameters of the card. For example, you may tell your child they can only use the card in the event of a bona fide emergency. You may allow them to use the card to cover specific purchases, like textbooks. Or, you may tell them that the card should never be used at all. The next point will explain how the authorized user will benefit from the card, even if they’re never allowed to use it.

It helps them build a credit history

Bad credit can prevent a person from scoring a low interest rate on a loan, landing inexpensive auto insurance, renting an apartment, or even getting a job. Equally alarming is credit invisibility. A person is considered “credit invisible” when they have no credit history that can be reported to the three national credit bureaus. According to Experian, 28 million Americans are credit invisible. And without a credit history from which to draw, credit bureaus cannot assign the FICO® Score most lenders depend on to make lending decisions.

Even if your child never pulls out the credit card, they receive credit every time you make an on-time payment on the card. That means the credit card issuer sends a report to the credit bureau in each of your names, giving you both credit for the payment.

They can practice using the credit card in a responsible way

Depending on the limits you set, the authorized user on your credit card will learn to use credit responsibly. That may mean making small purchases and paying them off in full before the end of the credit cycle. It may mean having the discipline to carry a card without using it. It’s up to you. You serve as the guardrails.

As mentioned, if you decide it’s not working out, you can remove their name from the account without damaging their credit score.

By the time your graduate is a full-fledged adult, they’ll have experience managing a credit card — even if it was in a limited capacity. Ideally, they will have learned at least two lessons as a first-time credit card user:

The discipline required to use a credit card only in an emergency or when they can afford to pay it off in full.The importance of positive monthly reports to the credit bureaus.

Adding your teen as an authorized user may sound like a scary proposition, but if you can trust that they will follow your guidelines and use the credit card responsibly, it can lead to a great outcome.

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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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You don’t have to bust your budget to get away for Memorial Day weekend. Read on for some tips to save. 

There’s a reason so many people often to travel over Memorial Day weekend. For one thing, the holiday weekend marks the unofficial start of summer, and that alone tends to put people in a vacation mindset. And also, it’s natural to want to take advantage of the built-in day off from work.

AAA expects 42.3 million Americans to travel 50 miles or more to a destination this Memorial Day weekend. That’s a 7% uptick from 2022. Air travel is also expected to increase for the upcoming holiday weekend by 11% from a year prior, with 3.4 million people expected to board a flight.

You may be eager to go somewhere fun this Memorial Day weekend. But if you’re worried about the cost involved, here are a few ways to save.

1. Be flexible with your dates

If you’re looking to fly out to a destination on Friday afternoon and return Monday night, you might end up with a pretty large credit card tab. If you’re able to be flexible — say, because you work remotely or are self-employed — then flying out on Thursday and returning home on Tuesday could make for a less expensive flight.

That said, your lodging costs might increase by virtue of having to stay an extra night or two, so you’ll need to run the numbers to see what makes sense. But if you’re visiting family or friends and aren’t paying for lodging, this is an option worth exploring.

2. Pack lightly

If you book your Memorial Day weekend flight using a travel rewards credit card, you may be entitled to a free checked bag. But if not, then you may want to cram your belongings into a carry-on to avoid the added fee.

On Delta, for example, it costs $30 to check a bag on a domestic flight. And to be clear, that’s $30 each way. So packing carefully might help you save $60, which is money you can keep in the bank or use for something like entertainment at your destination.

3. Skip the hotel

Staying at a hotel might mean having a housekeeper come in daily to make up your room. But it’s worth looking into private rentals from sites like VRBO and Airbnb and seeing if you can lower your lodging costs that way. You might also get access to a full-sized kitchen if you book a private rental, which could allow you to easily prepare your own meals and save money on food.

4. Find some tripmates to drive with

If you’re driving to your destination this Memorial Day weekend, you might end up spending quite a bit of money to fill up your car. So it may be worth it to reach out to friends and see if anyone wants to join you on your trip. You can not only save money on gas, but have people to split the driving with. And it especially helps to travel with others if you don’t own a vehicle and have to pay to rent one for the weekend, because you can share that cost, too.

The last thing you want to do is end up with credit card debt on the heels of Memorial Day weekend. If you employ these tips, you can lower your costs while still enjoying a fun and relaxing getaway.

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.The Motley Fool has a disclosure policy.

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