Money Management

As humans, our minds can forget things. But read on to see what to do if you’ve forgotten your debit card PIN. 

There’s a reason consumers are often advised to pay for purchases with a debit card over a credit card. With a credit card, you risk racking up scores of interest if you don’t pay your balance on time. In fact, as of the end of 2022, Americans had a whopping $930 billion in credit card debt, according to data from TransUnion. And that’s reason enough to stick to a debit card for upcoming purchases.

Your debit card gives you access to the money you have in your checking account. You can swipe a debit card at a store to pay for a given purchase, and you can use your debit card to withdraw cash from your bank account at an ATM.

To do so, however, you’ll need to know your debit card’s PIN. And if you don’t use your card often, you might run into a situation where you’ve forgotten your PIN.

In that case, you will have the option to reset your debit card PIN. But the process might take longer than you’d like it to.

When your memory fails you

Given the number of passwords you might be juggling in your brain these days, it’s easy to see how you might end up forgetting your debit card PIN. If this happens, you may want to log onto your bank’s website (assuming you haven’t forgotten your password) and see if you can reset your debit card PIN there. It may be an option — but often, it won’t be.

Rather, in many cases, you’ll need to visit your bank to reset your debit card PIN or call your bank and speak to a live agent. If you go to your bank in person and show up with proof of ID, you may be able to have your debit card PIN reset on the spot. But if you can’t make it over to your bank, you may, for security reasons, need to wait for your bank to mail you a letter with your new PIN.

Should you write down your debit card PIN to avoid forgetting it?

That’s not necessarily a smart move. Let’s say you have your debit card PIN written on a piece of paper in your wallet, and you then lose your wallet. If someone dishonest finds it, they can’t really do much damage to your checking account if they don’t have the ability to use your debit card. But if your PIN is right there, someone can take money out of your account or swipe your debit card to buy things.

That’s why you don’t want to carry around your debit card PIN in writing. But one thing you can do is write that information down and store it in a locked safe at home.

That won’t help you if you’re out and about and need to take a withdrawal from your local ATM. But that way, you can at least access that information once you get home, as opposed to potentially having to wait for your bank to send you a letter with a new debit card PIN in the mail.

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Dave Ramsey has recommended some money hacks including making a budget and tracking transactions. Learn more to decide if you should give them a try. 

Figuring out the best way to manage your financial affairs is a challenge for many people. But finance expert Dave Ramsey has some advice. Specifically, Ramsey has recommended five money hacks he believes people should try out if they want to grow their wealth.

Here’s what Ramsey suggests, along with some tips on whether you should follow his advice and how to do it.

1. Create a monthly budget every month

Ramsey believes that budgeting is the most important money hack of all, because without a plan for your money, you’re not going to be able to take control over your financial life.

“Making a plan for your money (aka budgeting) is how you go from wondering where your money went to telling it where to go! It puts you in the driver’s seat, calling the shots,” Ramsey said.

This hack is a good one because it really is important to make conscious decisions about spending — and your habits do have to change each month to account for special events or irregular expenses. So, making a monthly budget can allow you to use your money more wisely.

You can do this in a number of different ways, though. While Ramsey generally recommends giving every dollar a job, you can also adopt a simpler approach such as a 50/30/20 budget. That type of budget is easier as you simply keep fixed expenses to 50% of your income or less, save 20%, and spend the rest on wants. You don’t have to account for each dollar if you don’t want to.

2. Track all of your spending

Ramsey also recommends tracking every single transaction you make. “Every time you spend or make money during the month — track it,” he urged.

This is also a great idea, as tracking your spending both makes you more conscious of where your money is going and helps to ensure you are sticking to your budget. This is especially helpful when you’re just starting to take control of your spending — you may not want to do it forever.

There are apps that allow you to do this process easily by linking your credit card and bank account, but if you’re finding you end up spending too much, try physically writing down each purchase as this will make you think more before you buy.

3. Make sure you’re budgeting for your goals

Ramsey’s third money hack is to make sure you prioritize your financial goals in your budget. This includes not just long-term and important goals like saving for retirement, but also things like budgeting for a vacation you want to take or new books you want to buy.

Following this advice can be very helpful because you should make sure you have room in your spending plan both for the things you need and the things you want. You can have a line item in your budget for whatever your favorite hobbies are so you can spend guilt free.

4. Avoid overspending on insurance

Ramsey recommends checking your insurance policies to make sure you have enough coverage but not too much. And he suggests getting insurance quotes regularly to avoid overpaying.

This is great advice too, because you need to have insurance to protect your assets but you don’t want to waste money on premiums when you could find more affordable coverage elsewhere.

5. Reducing impulse spending

Ramsey’s fifth hack has to do with not making impulsive purchases, and he offers a few tips to stop doing that like deleting shopping apps from your phone or setting a time that you will think about a purchase before you make it.

Following this suggestion can be a great money hack too. Impulse buys are often made based on emotion in the moment and you end up regretting them or they don’t bring very much value to your life. To make sure you’re using money as wisely as possible, consider taking Ramsey’s suggestion and really taking the time to consider whether something is worth it.

A 24-hour rule is one way to do that — you’ll simply wait 24 hours when you see an item you’re thinking about buying on impulse. If you still want it later, you can go back and buy it. But you may just find that it’s no longer attractive after sleeping on it.

Each of these suggestions are pretty good ones, especially when modified to meet your specific needs. So, why not give these hacks a try and see if they make managing your money easier for you.

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When a pet insurance company fails, policyholders are protected by the state guaranty association. Learn how claims work and if you’ll get the full payout. 

The insurance industry, like banking, is heavily regulated. When big insurance companies run into financial difficulty, the U.S. government will typically swoop in to bail them out. But what happens when small insurers — like some pet insurance companies — falter? Who steps in to ensure policyholders get money on their claims?

What happens if your pet insurance company fails?

Pet insurance companies are protected by state guaranty associations. If an insurance company becomes insolvent, these associations will pay claimants up to a certain amount — usually $300,000 per individual — for claims filed before the insurance company failed.

All 50 states, plus the District of Columbia and Puerto Rico, have guaranty associations. Wherever a pet insurance company is headquartered, it must become a member of that state’s guaranty.

Insolvencies are rare. But when they happen, a state guaranty association will typically do several things:

Put the company in receivership. The guaranty association will try to prevent the company from becoming insolvent. If this fails, the guaranty will move on to the next three steps.Transfer policies to another insurance company. Much like the FDIC auctions off the deposits of failing banks, the state guaranty will look for other insurance companies to pick up policies.Sell the insurance company’s assets. This money will be used to pay back claims that were filed before the company became insolvent.Dip into the state guaranty’s funds. State guaranty associations are nonprofits and are funded by insurance companies themselves. If an insurance company’s assets cannot pay back claims, the state guaranty will dip into its funds to pay policyholders up to a certain amount.

Will you get the full payout for your pet insurance claims?

Unless you’re performing heart surgery on a humpback whale, then, yes, you’ll likely get the full payout that your policy allows.

Most state guarantees will give a maximum of $300,000 for property and casualty claims, which pet insurance, like auto and homeowners insurance, falls under. That’s enough to cover the average unexpected vet bill for both a dog ($1,270 to $2,803) and a cat ($961 and $2,487).

That said, you’ll only get the full payout if you filed your claim before the insurance company went insolvent. If you filed after the company failed, your state’s guaranty association cannot promise your claim will be paid.

How to avoid risky insurance companies

Before picking a pet insurance company, take a look at its credit rating to assess its financial strength. These ratings range from A to C or D, and you can usually find them on the company’s website. Alternatively, you can search for the company’s profile on the websites of the following five major credit rating agencies:

AM BestFitchKroll Bond Rating AgencyMoody’sStandard & Poor’s

A rating of A or higher (A++, AAA, Aaa) indicates that the crediting agency has confidence in the insurer’s ability to pay policyholders and meet its own financial obligations. Ratings of C or D, however, means the rating agency lacks faith in the insurance company’s financial commitments.

Even if a company has a good financial standing, it can be downgraded to a lower rating over time. A good practice, then, is to check your pet insurance company’s financial standing the day before your policy renews. If the company is still financially strong, you can continue your policy. Otherwise, you might want to pick a better pet insurance company if your current insurer’s finances have declined.

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Airplane insurance protects pilots financially from medical bills or hull damage. But the amount pilots pay annually for insurance might surprise you. 

There are no bones about it: A private airplane can be one of the most expensive machines you can insure, second only to space shuttles and certain long-distance satellites.

For some small airplanes, like the Beechcraft Bonanza G36, you might get away with paying $1,000 annually for liability and “hull coverage” — the policy to cover the physical plane. But for larger private aircraft, you could pay anywhere from $10,000 to hundreds of thousands of dollars per year in airplane insurance.

That said, the price of airplane insurance is circumstantial and will vary based on what plane you’re flying, how many hours you’ve flown as a pilot, and where you park it. You might also pay less if you’ve never filed an insurance claim — or more if you plan to teach aviation students how to fly with your plane.

How much does it cost to insure a private plane?

To give you a rough idea of how much it would cost to insure a private plane, here are the average insurance premiums for five popular planes.

What airplane coverage can you buy?

Insurance companies typically break airplane insurance into two policies: liability and hull coverage.

Liability covers the costs related to bodily injury of pilots, crews, and passengers. Usually, companies will offer a minimum liability of $100,000, with a maximum in the multi millions.

Hull coverage helps you pay for physical damages to your aircraft, whether from accidents, vandalism, or weather. Because planes are expensive to repair or replace, hull coverage tends to take up the bulk of your insurance premiums.

Of course, insurance companies are in the business of making money and, as such, they have numerous policies you can add for an extra cost. Some of the most common include:

International liability. This is extra insurance to cover you, your crew, and your passengers if you’re traveling outside the U.S. Some countries, in fact, require you to have international liability to fly within their airspace. Public liability: This covers any damages or bodily injury to civilians and their property if you have an accident.

What factors affect airplane insurance premiums?

Much like car insurance and homeowners insurance, the price of plane insurance can be difficult to pin down. Insurance companies typically look at numerous variables to calculate your premiums, such as:

Model of your aircraft. More expensive planes will cost more for hull coverage. Flying experience. Insurance companies will look at how many total hours you’ve flown. Typically, if you’ve flown over 5,000 hours, you’re considered an experienced pilot. Your insurance history. More accidents or insurance claims will make your premiums more expensive. Plane parking. Sheltering your aircraft in a hanger can lower insurance costs. Frequency of airplane use. The more miles you fly on your plane per year, the higher your premiums will likely be.

Who sells airplane insurance?

You can buy airplane insurance for most private planes from BWI Fly, Wings, and USAA. Like other types of insurance, you can also enlist an independent insurance agent to help you find the best overall coverage at the lowest price.

Do you need airplane insurance?

Yes. If you’re going to fly an aircraft, you should have airplane insurance.

Unlike car insurance, the federal government does not require pilots to have airplane insurance. But 12 states do require you to have a certain amount of liability coverage to fly legally. Currently, those states are California, Connecticut, Hawaii, Indiana, Maryland, Massachusetts, Minnesota, North Dakota, Oregon, Rhode Island, Virginia, and Utah.

Even if your state doesn’t require liability coverage, it’s wise to have this policy before you fly with other people. If you get in an accident without insurance, you’d be on the hook for paying out-of-pocket for the medical bills of your passengers, not to mention your own.

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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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Google is piloting a price guarantee promise that will pay you back if a flight changes price after you booked it. Find out whether it’s worth checking out. 

Google dominates the way many of us use the internet — whether it’s for work or pleasure. But soon it may dominate the way we vacation as well. The tech giant has just announced new tools to help you book hotels, flights, and plan your trip. They make it easier to check hotels from your phone and get prices and information about activities once you’ve arrived.

Flight-wise, it is piloting a new program with a price guarantee. For certain flights, Google is so sure the price won’t go down after you’ve booked that it will refund you the difference if it does. There are a few caveats, which we’ll discuss below. But if you’ve ever hesitated to book a flight in case the price drops a few days later, you’ll know how useful this tool could be.

How Google’s flight price guarantee could change the way you book your holidays

Google’s price guarantees mean you could say goodbye to price alerts and time spent monitoring other services to find the cheapest ticket. Unsurprisingly, you’ll need to use almost everything Google to search and book your flight. That means using Google Flights to search and its Book on Google feature to reserve. If you receive a payout because the price drops, you’ll need Google Pay to get it.

The program itself is free. Look for the multi-colored price guarantee badge when you’re hunting for flights. If it’s there, you’ll need to check the “Price Guarantee” box when you book. If the price drops by more than $5 before you fly, you will get an email and receive the difference in your account.

Here’s what you need to know:

Right now, Google’s price guarantee badge only applies to certain flights that are either in the U.S. or depart from the U.S.Your region must be set to the U.S. and your currency needs to be in U.S. dollars, otherwise you won’t see the price guarantees.You need to use a U.S. billing address and phone number when you book.You need to have the Google Pay app installed to claim any money back.You can receive up to $500 back per calendar year, and have up to three price-guaranteed bookings open at any one time.Multi-city trips do not qualify. The guarantee only applies to one-way and round-trip flights that depart from the United States.

How to get the best flight deals

When it comes to getting the best deals on flights, Google’s new box of tricks is not the only gig in town. There are a lot of other ways to get great deals, especially if you can be flexible with your dates. It isn’t always feasible work-wise, but having a few days of flexibility on either side can sometimes save you hundreds of dollars.

Here are some other ways to score low cost flights:

Use a travel rewards card: Travel rewards credit cards can be a great way to reduce the cost of flights or hotels. Look for ways to both maximize your rewards and get the best value when you come to redeem your miles. You may be able to redeem them directly for travel or transfer them to an airline or hotel. Check out our guide to how credit card points work for more info.Watch for deals: Airlines often have sales with discount flights to a range of destinations. Keep tabs on their social media accounts and don’t dismiss airline emails as spam, especially if you’re planning a big trip.Use search tools: Google Flights may eventually dominate this market, but until it does, there are a bunch of other options to help you find the lowest cost flight. Check out Kiwi.com, Skyscanner, Kayak, and more to find one that suits your needs.Watch for extra fees: Budget airlines can seem like a great deal until you find you have to pay for pretty much everything. I recently got a budget flight that only allowed me 2 kg of hand luggage and nothing in the hold. Another charged me for online check in. Those extra charges can add up and at times mean budget airline tickets cost more than regular ones.

Bottom line

If you’re planning this year’s vacations, check out Google’s new travel products. But don’t let them blind you to the existing ways you can reduce costs. It’s worth also checking other sites and your credit card travel portal to see if there are better deals out there.

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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. Emma Newbery 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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Mainstream travel rewards programs leave a lot of coverage gaps. Keep reading for programs that may help you earn rewards even when you vacation outside the box. 

Most of the travel rewards talk out there centers on a few specific programs. For instance, the rewards programs associated with travel rewards credit cards get a lot of coverage. As do their transfer partners, which consist of the most prevalent hotel and airline brands.

But the world of travel rewards programs is actually so much larger than a few big banks or popular brands. There are a ton of smaller travel rewards programs, aimed at specific types of travelers, that can be just as rewarding as their more mainstream counterparts.

Before you hit the road — or the skies — take a look at some of these niche travel rewards programs to see if they may add value to your next trip.

1. Audience Rewards

If you’re a fan of Broadway — or Off-Broadway, or opera, or cabaret — this program is for you. Audience Rewards offers members the ability to earn and redeem ShowPoints for tickets to all of the most popular productions (and the ones that are less popular, too).

How many points you earn varies a lot by the particular show. At minimum, you’ll earn 2X ShowPoints per dollar on most tickets. Some shows also have bonus ShowPoints, with some offering up to 2,500 extra points per ticket.

You can also redeem your ShowPoints for tickets, with the option to use only points or a combination of points and cash. Only select shows offer award tickets, however, and costs vary quite a bit. At the low end, you could see The Book of Mormon for just 4,500 points. At the high end, you’ll be forking over 25,000 points (or 15,000 points and $120) for each ticket to Sweeney Todd.

2. Amtrak Rewards

Although the U.S. rail system pales in comparison to pretty much any other developed country, you can still have a pretty interesting journey when you travel across the country in an Amtrak train. What’s more, that journey can be rewarding. Amtrak has its own rewards program — aptly called Amtrak Guest Rewards — through which you can earn rewards for every train trip.

Even if you don’t travel by train that often, even a single trip may be worth joining the program. They have a ton of different redemption options, from train tickets to hotel stays and even gift cards for popular retailers.

(Don’t forget that the rewards you earn through the program are separate from any you’ll get with a rewards credit card. So be sure to pay with a card that gives you extra points for travel purchases.)

3. Casino rewards programs

Whether you’re headed to Las Vegas or hitting Atlantic City, if you like to gamble, then a casino rewards program may be worth joining. Most big casinos have their own program, including:

MGM Resorts M LifeCaesars RewardsWynn Rewards Red CardVenetian Resort Grazie Rewards

These programs will reward you for both your gaming activities, as well as any spending you do on eligible hotel rooms, dining, entertainment, and spa services.

The perks you receive will vary depending on the program and your elite status tier. But they can include everything from discounts on slots to priority access to services and events to free cruises.

4. Cruise rewards programs

We love travel rewards programs for the ability to earn free travel. But what if you prefer to sail the high seas instead of fly? These cruise rewards programs may be your answer. Some of the most popular programs include:

Royal Caribbean Crown & Anchor SocietyCarnival Cruise Line VIFP ClubPrincess Cruise Line Captain CircleNorwegian Cruise Line Latitudes RewardsDisney Cruise Line Castaway ClubCelebrity Cruises Captain’s Club

Most programs offer points based on either number of cruises or how many nights you travel on the ship. Unlike other programs, though, you won’t redeem your points. Instead, the points are how you earn your way up the status tiers.

Benefits will depend on your status tier, but they can include a lot of valuable perks. For example, you may enjoy exclusive onboard activities, priority boarding, or even complimentary laundry service.

5. Rental car rewards programs

Unless you’re hitting a big city, rental cars are virtual necessities for domestic travel in the U.S. So it can make a lot of sense to join the loyalty program for your go-to rental car company.

Avis PreferredBudget FastbreakEnterprise PlusHertz Gold Plus RewardsNational Emerald Club

Each program operates a little differently, but they offer similar benefits. For one, you can usually redeem your rewards towards free rentals. Plus, you’ll earn your way up the status tiers. Higher status can unlock a lot of perks, including free car upgrades and faster checkouts.

If you have a premium travel rewards card, it can be worth checking out your benefits page. Many top travel rewards cards come with complimentary elite status with one or more popular rental car programs. (Some cards also come with free rental car insurance!)

6. Museum, zoo, and aquarium reciprocal programs

Alright, so this one isn’t about rewards programs, per se, as you don’t earn or redeem rewards. But it is something that can save you money on your travels, so it’s worth a mention.

Many museums, zoos, aquariums, and other cultural sites, have reciprocal programs with other similar organizations. These partnerships give you access to free or reduced-price admission to other sites in their program.

For example, if you are a member of a museum that is part of the North American Reciprocal Museum Association (NARM), you could visit any participating museum for free (or at a discounted member price). You would also get discounts at the gift shop and on ticketed events.

Off the beaten (rewards) path

The big rewards programs may get the most press, but they’re definitely not the only ways to enjoy perks and rewards on your travels. It can be worth doing a little poking around whenever you plan travel or entertainment with a company outside the Big Brands. You never know what you’ll find.

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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 recommends Carnival Corp. The Motley Fool has a disclosure policy.

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