Money Management

What’s a few grand between furry friends? 

Studies have found that around 70% of households — that’s more than 90 million families — have pets. While costs can vary, the average pet owner spends more than $1,000 a year on their furry friends.

And that’s if nothing goes wrong.

Routine veterinary care is expensive enough. If your pet faces a medical emergency, you can easily face the terrible decision of paying thousands for care — or saying goodbye to a beloved member of the family.

This is why personal finance guru Suze Orman believes that if you have pets, you need two important things: pet insurance and a dedicated pet emergency fund.

Pet insurance can save you thousands

Similar to human health insurance, pet insurance helps pay for both routine veterinary care as well as helping pay for more serious issues. The best pet insurance companies will offer plans that cover everything from flea treatments to x-rays and even surgery.

But, also like human health insurance, your pet’s pre-existing health conditions can seriously impact the cost of pet insurance, and may even limit your options for providers. That’s why Orman says you need to get coverage as soon as you can.

And Dr. Mary, a veterinarian and guest on Orman’s podcast, agrees. When asked if she recommends pet insurance, she said, “I say yes, double yes, underlining bold. Yes. And the sooner you buy it, the better.”

Happily, pet insurance is typically fairly affordable, with plans in the $1-a-day range not uncommon. Your pet’s current health, age, and breed will all impact the cost, however, so be sure to shop around to find the best rate.

A pet emergency fund: priceless

One of the most frequent tips Orman gives her listeners is to ensure you have a solid emergency fund. Since the start of the pandemic, she’s even suggested boosting the amount in that fund to eight to 12 months’ worth of expenses.

But if you have pets, she has a little extra advice: Set up an emergency fund for them, too.

For one thing, pet insurance typically works by reimbursement. You generally have to cover the cost out of pocket, then submit your claim to get your money back. This means you need the cash on to cover costs regardless of whether you have pet insurance.

What’s more, when something goes wrong, you don’t want to be worrying about how you’ll cover the cost while you’re also worried about the life of your loved one. Having an emergency fund dedicated to their care can make all the difference. It could very well save their life.

Dr. Mary has some advice on this topic, too. “I would really recommend $2,500 for an emergency event,” she says.

If that seems steep, consider this: Emergencies don’t typically occur conveniently during business hours. And if you need to go to an after-hours pet hospital, that automatically increases costs. Then there’s the cost of tests, treatments, perhaps surgery. These things can all add up fast.

Pets are totally worth it

All right, so we’ve talked a lot about how much pets can cost. But we’ve also talked about ways to keep those costs manageable.

And, at the end of the day — pets are worth it. They bring so much to our lives. Study after study has shown that pets make us happier and healthier. The least we can do is return the favor.

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Flying doesn’t have to be expensive. 

Many travelers look for the best ways to save money on flights and hotels to stick to their vacation budget and honor their personal finance goals. Every bit of money saved adds up and can make a difference. While travel can be expensive, it doesn’t have to be. If you’re flying with Southwest Airlines soon, there are several ways to get a good deal on airfare.

1. Buy Wanna Get Away fares

Similar to other airlines, Southwest has several fare types. If you want the best price possible, opting for Wanna Get Away fares is the way to go. Since this is the airline’s base fare, you’ll pay the lowest prices this way. You’ll get flight credit if your plans change and you cancel your ticket — as long as you cancel at least 10 minutes before your flight is set to depart. Southwest recently updated its flight credit policy, and flight credits no longer expire — talk about a win!

2. Use the low-fare calendar to find the cheapest prices

Southwest makes it easy to find the best deals on its website. Travelers can use the airline’s low-fare calendar to compare pricing by date. If you’re flexible and don’t need to travel on set dates, this tool can allow you to travel without draining your checking account balance.

3. Book your tickets during an airfare sale

Southwest is generous with its sales, promoting airfare sales several times a year. Purchasing tickets during a sale is an excellent way to keep your spending to a minimum. It’s worth noting that sometimes the savings are more significant for specific destinations. If you’re an adventurous traveler, you may want to let the deals decide your next destination. Make sure you sign up for Southwest’s emails so you don’t miss the next sale.

4. Monitor prices and rebook when prices decrease

Did you know that Southwest doesn’t charge cancellation fees if you need to change your flight? If you cancel at least 10 minutes before departure, you’ll only be charged if there is a difference in airfare. This flexible policy can help travelers save on the cost of airfare. Once you book a flight, you can keep an eye on prices and rebook your flight if the price drops. Southwest loyalists do this to get the best Southwest deal.

Note: Southwest fares won’t appear when using airfare price comparison tools. The airline doesn’t allow outside companies to access its pricing data, so you’ll need to use the Southwest website or mobile app to monitor prices.

5. Use points to fly for nearly free

If you like to fly with Southwest, make sure you join the free loyalty program. You’ll earn Rapid Rewards points when you fly and can also earn points in other ways, like when you spend money with Southwest credit cards. You can redeem your rewards for nearly free flights. When booking award travel flights, travelers are responsible for paying taxes and fees. But paying a few dollars in fees is much more affordable than paying the entire ticket cost.

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Yes, airfare costs can be high, but there are ways to score cheap airline tickets. Using travel credit cards can also be worthwhile, as you can earn valuable rewards and get extra perks to improve your travel experience. Review our list of the best travel rewards credit cards to learn more.

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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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool recommends Southwest Airlines. The Motley Fool has a disclosure policy.

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The average woman has over $7,000 less in her checking account than the average man. 

March is Women’s History Month. Now is the perfect time to celebrate women’s historical wins and find out what work still needs to be done for continued progress for equality. Unfortunately, women as a whole are at a financial disadvantage when compared to their male counterparts. There are many reasons for this, including the current gender wage gap. It turns out women also have lower average checking account balances than men.

The average woman has more than $7,300 less in her bank account

There is often a big difference in the financial situations of men and women. We tend to focus on the gender wage gap, which is a significant issue — but there are also other ways the average woman is behind financially compared to men.

Overall, women tend to have less money in their bank accounts. We’ve previously discussed average checking account balances at The Ascent. Using data from the Federal Reserve Board, we found the average woman has a checking account balance of $5,283.96, while men have an average balance of $12,586.30. That’s a noticeable difference — $7,302.34 less.

Factors that lead to financial disparities for women

Having less money can make living in today’s expensive world more challenging. You may wonder why the average woman has less money in her bank account. There are a variety of factors that lead to financial inequalities between men and women. Here are a few:

A gap in wages: The gender wage gap still exists. Recent data from the Pew Research Center shows that women earned an average of 82% of what men made in the United States in 2022. While the gender wage gap is narrower now when compared to decades past, progress must continue. Women remain at a financial disadvantage as they continue to make less money, yet they live longer than men.A low federal minimum wage rate: The current federal minimum wage is $7.25 an hour, which hasn’t increased since 2009. It’s hard to imagine how anyone can afford to live working at such a low wage. More women are working minimum wage jobs than men. According to the National Women’s Law Center, women represent more than 2 in 3 minimum-wage workers nationwide.Child care costs: Lack of affordable child care is another factor impacting women’s finances. Many women leave the workforce because high childcare costs make it prohibitive to continue working. It can also be harder for mothers to reenter the workforce after time away to raise children. The American Association of University Women notes that the “motherhood penalty” significantly impacts women’s finances. Mothers make $0.58 for every dollar paid to fathers.Gaps in financial knowledge: There is also a gender gap regarding financial literacy. A lack of financial knowledge can lead to decreased confidence surrounding money management. A 2019 study by UBS found that globally, only 23% of women make long-term financial planning decisions. Increased access to financial literacy resources can empower women to feel more confident so they can take charge of their finances.

Let’s change the narrative

While financial disparities still exist between men and women, we can work hard to make progress. Supporting political candidates with policies prioritizing women’s equality and showing up to the polls are two ways to make a difference and change the narrative.

Additionally, women especially can set themselves up for success by improving their financial knowledge. They can also share what they learn with other women. If you’d like to improve your financial situation, check out our free personal finance resources to learn more.

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It’s actually a pretty disturbing reason. 

There’s a reason Costco rotisserie chicken has long been a customer favorite. While Costco prices tend to vary by geographic region, there are certain prices it upholds throughout all of its stores. The food court hot dog and soda combo, for example, is $1.50 no matter where you buy it. Similarly, no matter where you’re buying Costco rotisserie chicken, you’ll only see about a $4.99 charge for it on your credit card.

But while Costco rotisserie chicken may be an ultra affordable meal, lately, consumers have been voicing concerns about its taste. And so you may want to think twice about buying a Costco rotisserie chicken until the warehouse club giant is able to address the issue at hand.

How do you feel about chemicals in your food?

When you buy rotisserie chicken, whether from Costco or another source, you want it to taste like, well, chicken. But lately, Costco customers have been complaining on social media that their rotisserie chicken has a distinct chemical taste to it. One Redditor called the rotisserie chicken “soapy.” And that’s not a taste you want in any food you’re eating.

Now, this isn’t the first time Costco fans have noted a chemical taste in their rotisserie chickens. Back in May of last year, Redditors from Canada as well as California voiced concerns about the chicken having a chemical taste. But the fact that this is happening again is a bit disturbing.

A concerning trend

No matter what you’re eating, you shouldn’t be tasting chemicals. Period. So if your Costco rotisserie chicken has adopted that taste, it may be time to hold off on buying it until Costco is able to remedy the situation.

That said, if that rotisserie chicken is a staple dinner item in your household, find the manager of your local Costco and talk to them about it. Costco supplies many of its rotisserie chickens from a facility in Nebraska. But that’s not its only source. And you never know if your local Costco might be able to get its chicken from a different source so it can continue to sell the item while the issues at hand are worked out.

A deal worth skipping for now

The cost of a main course you cook yourself is apt to be comparable to, if not more expensive than, a $4.99 Costco rotisserie chicken. So it’s easy to see why you might rely on that chicken to feed your family.

But if the chicken doesn’t taste right, then you’ll need to find a replacement entree for the time being. The good news is that Costco commonly stocks uncooked chicken at an affordable price. Pick up a jar of sauce, toss it in the oven, and bam — dinner is served.

These days, a lot of people are struggling to pay their bills and add to their savings accounts because of inflation. So it’s easy to see why Costco’s rotisserie chicken might hold a lot of appeal. But when food tastes like chemicals, it should sound alarms. And it’s not worth potentially compromising your health in order to save some money.

Of course, just because Costco’s rotisserie chicken seems to have adopted a chemical taste in some markets doesn’t mean it’s actually laced with chemicals. But either way, that sort of taste is just not enjoyable, which means it’s time to give that chicken a pass until things improve.

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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.Maurie Backman 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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The good news is that it’s something you can work on. 

If you own a car, you’re no doubt aware that insuring it is a large expense. And there are different reasons why your auto insurance company might charge you a higher premium than expected.

For one thing, if you’re a fairly new driver, you might come off as a riskier person to insure. So your premium costs might reflect that. If you have a history of moving violations, that’s apt to impact your auto insurance costs, too. After all, if you’ve been caught speeding more than once, it might lead your car insurance company to believe you don’t really practice safe driving habits. And it might jack up your premiums as a result.

But there’s another factor that could explain why you’re paying more for car insurance — and it’s one that might catch you off guard.

How’s your credit?

The average credit score among U.S. consumers was 714 in 2022, according to Experian. That’s considered a good credit score to have, though there’s room for improvement, as credit scores go as high as 850.

But what if your credit score is considered poor? If your score really isn’t in such good shape, you may not be surprised if a lender charges you a higher interest rate on a loan or mortgage. But you may be shocked to learn that poor credit could lead to higher auto insurance rates.

Now, if you feel this doesn’t make a lot of sense, you’re surely not alone. It stands to reason that you might be charged a higher interest rate on a loan when your credit is poor because a lower credit score speaks directly to your tendency to manage your debts and pay your bills. But when you get auto insurance, you’re not borrowing money; you’re paying money in exchange for coverage.

Still, some auto insurance companies regard poor credit as a general risk factor. So even if you have a solid driving record, if your credit score isn’t so great, you might get stuck paying higher premium rates.

How to boost your credit score

Boosting your credit score could do more than just help you save money on auto insurance. It could also make it easier for you to borrow money in a more affordable manner.

If you want to raise your credit score, one of the most important things to do is pay all of your bills on time. You should also, if possible, try paying down some credit card debt if you have a large balance relative to your total spending limit.

Checking your credit report for errors is another good way to potentially improve your credit score. If you spot a mistake and get it corrected, your score might rise pretty quickly.

It may seem strange that your credit score would dictate what premium rate you’re charged by your auto insurance company. But alas, that’s how many insurers work. So if you want to spend less to insure your vehicle, work on improving your credit score.

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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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