Apps like the Nike Training Club can give you a plethora of workout routines — all without costing you a penny. oneinchpunch / Shutterstock.com
Editor’s Note: This story originally appeared on Living on the Cheap. Yes, you can get fit on a budget. Sure, personal trainers do wonders, but there are plenty of ways to improve your fitness without one. Try out these free fitness apps on your smartphone to shape up in no time.
Your driving habits before an accident can impact your rates after.
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You know that sick feeling you get when you hear metal on metal and realize you’ve been in an auto accident? Your first concern is for everyone in the car and ensuring they’re all right. Your second thought may go directly to wondering how much this little mess will cost you.
That’s because auto premiums take a bump after nearly any accident. Here, we dive into why your rates may increase following a crash, even if you’re not at fault.
We all know that auto insurance companies are, first and foremost, “companies.” They’re in business to make money. When an insurer sets rates, it considers how much risk it will assume to cover a particular driver.
For example, statistics show that the risk of vehicle accidents is higher among teens ages 16 through 19, according to the Centers for Disease Control (CDC). Males in that age group are three times as likely to die in a car accident than female drivers of the same age. And if there’s another teen or young adult in the car? With each young passenger in the car, the risk increases.
It’s easy to understand why insurance companies consider teen drivers a high-risk proposition and set their rates to reflect that. On the other hand, according to the Insurance Institute for Highway Safety (IIHS), drivers in their 70s are less likely to be involved in a fatal crash than drivers in their prime working years. And it’s not just because drivers in their 70s get behind the wheel less. Statistics show older drivers have fewer police-reported crashes per mile than middle-aged drivers.
Older drivers get a price break because insurers worry less about shelling out for claims.
Takeaway: You can’t control your age, but you can seek every possible driver discount — even after an accident. The idea is to minimize the financial impact of a premium spike.
How much could rates jump? There’s no one-size-fits-all answer to how much you can expect your premiums to increase following an accident. However, this table will give you an idea of the average increase in a sampling of states:
According to Allstate, how much your premiums increase following an accident depends on several factors. Here are some of the issues your insurance company may consider:
Every claim is different. For example, if someone hits you from behind and the damage is relatively minor, it’s quite different from an accident in which the vehicle is totaled and passengers are hospitalized. The more severe the accident, the more the insurance company is likely to be on the hook to pay.
If another driver is at fault, it’s possible your insurer will not increase your rates at all, particularly if you rarely make a claim. Once a claim is made, your insurance company will assign an adjuster to determine the damage to your vehicle. Another thing the adjuster might do is review the police report and interview those involved in the crash. Working with the insurance company, the adjuster tries to figure out who was responsible for the accident. If it’s the other driver, you may get a break.
Even if you’ve had a stellar driving record, an accident may prompt your insurer to re-evaluate your record. If the accident was clearly a “one-off,” the insurance company could decide to leave your rates the same. The decision ultimately depends on the insurer.
Two takeaways:
Minimize the chance of a rate increase by carefully protecting your driving record. That way, if an accident occurs, there’s a better chance your rates will remain the same.Before you’re ever in an accident, ask if your insurer offers accident forgiveness. An accident forgiveness program ensures your rates won’t increase after a crash, even if you’re at fault.
Typically, an accident will impact your rate for three to five years. The precise time depends on your insurer, regulations in your state, and the severity of the incident.
Ideally, you’ll never experience an auto accident. In the event you do, though, you may need to prepare for a temporary rate increase.
Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.
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.Dana George has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Don’t make this mistake if you are recently widowed.
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Losing a beloved partner can lead to tremendous financial stress. According to the U.S Census Bureau, more than 15 million Americans are dealing with this unfortunate circumstance. For those over 75 years old, there are twice as many women (58%) than men (28%) affected. To aid in this difficult process, here are five steps to help you get your finances in order.
Although managing money is important, don’t forget that there is a grieving process you must go through as well. Allow yourself the time and space to grieve without feeling guilty or pressured. Don’t make the mistake of rushing any decisions or hoping it will all go away.
Following the death of your spouse, it can be difficult to know where to start and what decisions need urgent attention. Gather some support from friends and family who are willing to help you. Break down all the tasks into manageable parts that require varying levels of priority — such as setting up funeral arrangements or taking care of bills that are due immediately.
It is also essential for survivors to contact the Social Security Administration (SSA) in order to retitle any assets. Funeral homes take on this responsibility, but you should double check it just to be sure. Take enough time to recover before making any big financial decisions that are not urgent.
The next step is to collect all your financial documents. Start by taking inventory of your late spouse’s assets, such as money, retirement accounts, and insurance plans, as well as estate-planning documents. Take stock of any outstanding debts you are responsible for as well. In addition, organize all your bills that you must pay. If your spouse handled all of the bills, it is important you can pick up where he or she left off. Make a list of all utilities, mortgage or rent payments, credit card payments, loans, and any other bills.
Create a new budget so you know how much you can spend moving forward. If your income has decreased, you may have to readjust your spending or start drawing from retirement accounts. For your retirement snapshot, calculate your updated net worth. This will help you get an accurate picture of your finances and how you’ll pay for your needs going forward.
If your spouse had a life insurance policy, make sure to contact the insurer and begin the process of collecting benefits owed to you. Notify the SSA to receive a one-time lump-sum death payment of $255 if you were living with your late spouse. If you are the widow or widower of a person who qualified for Social Security, you can receive reduced benefits as early as age 60. If you qualify for Social Security on your own, you can switch to your own benefits at age 62. You can also receive benefits as early as age 50 if you have a disability and the disability started before or within seven years of your spouse’s death.
If you have not remarried and you take care of your late spouse’s child who is disabled or under the age of 16, then you can receive benefits at any age. If you already receive benefits as a spouse, your benefit will automatically convert to survivors benefits after the SSA receives the report of your spouse’s death. You will need to make an appointment at your local Social Security office to apply for survivors benefits.
Review all the bank and investment accounts to make sure everything is in order, and update the beneficiary designations accordingly. Contact any financial and investment firms to have any joint accounts retitled. You may want to keep some accounts open and in the name of your late spouse if you’ll be receiving money in that name. Whenever you are talking with financial companies, the SSA, or other service providers, keep detailed notes with case numbers, account numbers, and other details for future reference.
A financial advisor can help you make informed decisions about how to manage your finances going forward. If your spouse handled the household finances, then you may need some additional help. An advisor can also help walk you through the difficult transition and provide guidance for investments, taxes, estate planning, retirement savings, and more. Be careful that you don’t fall to many scams out there that try to take advantage of those recently widowed.
Following these steps can help you transition into widowhood easier by making sure your finances are in order before moving forward. It can take some time to adjust after such a major life event, but taking it one step at a time will help you get through this difficult period. With patience and care, you will be able to move on with your life with clarity and stability.
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Are you helping your child learn how to manage a financial tool or giving them a loaded weapon?
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Popular financial author and radio host Dave Ramsey makes no secret of his views on debt. In one article, he says it “flat-out stinks.” In that context, his recent tweet on not giving your children a credit card is hardly surprising. Ramsey said, “Your teenager does NOT need a credit card.” Let’s dive into his reasoning and find out if it holds water.
Two of the biggest arguments for giving a teenager a credit card are to teach them how to use credit and help them build a credit history early. Ramsey vehemently disagrees with both. He believes credit is dangerous, period. So there’s no such thing as learning how to use it responsibly. And he doesn’t think we need to build a credit history. For him, the most responsible use of credit is not to have it at all.
No stranger to hyperbole, Ramsey compares giving a teen a credit card with allowing them to sleep with a gun. In a blog post, he says, “You are not teaching your 16-year-old child to spend responsibly when you give him or her a credit card any more than you are teaching gun responsibility by letting him sleep with a loaded automatic weapon with the safety off.”
It’s worth clarifying that by law, under 18-year-olds can’t get a credit card in their own right. If you want to give your child a credit card, you’d need to add them as an authorized user to your account. On top of which, the 2009 CARD Act means under 21-year-olds need to prove they have income to cover any payments or apply with a cosigner.
Ramsey is right to say that credit cards can be dangerous. It is all too easy to overspend and run up a balance you can’t afford to pay off at the end of the month. This can prove costly, as credit cards often charge high interest rates. Plus, missed payments can mean late fees and damage to your credit rating.
All the same, credit cards are part of our society whether you like them or not. According to research by The Ascent, Americans owed a total of $841 billion in credit card debt in 2022. There can also be benefits to using a credit card, including getting rewards for your spending and potentially snagging lucrative sign-up bonuses. Some cards also offer additional consumer protections like insurance.
Ramsey would likely disagree, but it is possible to use a credit card without getting trapped in a debt cycle. We teach our kids to handle all kinds of dangers in life, such as driving a car or crossing the road. Why not teach them to use a credit card? Show your teenager how to pay their balance in full each month — and what the consequences are if they don’t. Sit down with them and talk about interest rates, late fees, and credit scores.
This isn’t about giving teens free rein to run up a balance they can’t pay off. Instead, agree on some ground rules and set limits on how much they can spend. In addition to teaching your teen about using a card, there are other benefits to starting early. These include:
Building their credit rating: If you make your payments on time, adding your child as an authorized user can help them get started on the credit score front. Talk to your card issuer about what age they start reporting positive activity to the credit bureaus. Fraud protection: Most credit cards offer strong protections against fraudulent charges, meaning you’re protected if the card is stolen or someone skims the details.Credit card rewards: If you have a rewards credit card, you can earn points for your teen’s spending.
Be aware that if you co-sign an account or add your child as an authorized user, you will be responsible for any debt they run up — and their behavior could impact your credit score.
A couple of credit cards let you set a different credit limit for an authorized user, which could help minimize the risks.
On the other hand, if you don’t teach your kids to manage credit, there’s a risk they will wind up in trouble later in life. Ramsey himself points out that credit card companies target young people, though there are limits on what they’re allowed to do. The just-say-no approach will only go so far when your kids enter a world where all their friends have their own cards and you have little control over their decisions.
For sure, there are risks associated with giving your teen a credit card, and it needs to be done with care. If they are already struggling to manage money, now might not be the right time to give them access to credit. But if they have a good understanding of their finances and know how to make a budget work, a credit card could be a good next step.
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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.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
Breaking up (with your bank) isn’t hard to do.
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No one enjoys break-ups, but some are definitely easier to bear than others. Ending a personal relationship can really stink, but if your old bank account just isn’t giving you the chance to earn much interest or charges you excessive fees, you’re likely happy at the prospect of finding a new home for your hard-earned cash. After all, a new bank account can come with perks like a higher APY, easier access to your money, and even a new account bonus.
Thankfully, closing your old bank account because you’re opening a new one isn’t an arduous process. And don’t worry, closing your old bank account won’t hurt your credit unless you had a negative balance you didn’t pay off. Here’s how to close that old account right, and ensure you don’t lose money in the process.
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First things first! If you’re closing an old bank account, you need to ensure you have a new account to send your money to. Maybe you’re getting a new checking account. Or perhaps you’ve got your eye on a high-yield savings account with an online-only bank, ensuring you’ll earn a very nice return on the cash you keep in it. Either way, open your new account and be sure you have the details on it (such as your account and routing number) handy.
If the account you’re closing is a checking account, odds are good that you were using it to pay bills and receive your paychecks. Go through your bank statements (usually available online these days) and make a list of everything that gets paid out of the account. Then you can arrange to have bills come out of your new account. If you don’t use automatic payments, you’ll need to update the account on file with your creditors, utility companies, and any other entities you pay money to.
While you’re at it, get in touch with your employer and update your bank account on file for direct deposit payments. And if you’ve got your old account linked to another financial institution, such as for making transfers for saving or investing, make sure you set those up with the new account.
Once you’ve gotten your bill payments sorted out, it’s time to take whatever money is in your old account and move it to the new one. You don’t want to leave any money behind, but if you were unable to change an automatic payment at the last minute, you want to wait to make sure all pending payments are taken out of the old account. The last thing you want is to overdraft your old account, and if you close the account without paying the bank back, that’s when your credit could be negatively impacted. You could even be reported to ChexSystems, dinging your reputation as a banking customer and making it harder to open accounts in the future.
This is your last step, but it’s still a very important one. You’ll need to contact your old bank to let it know that the account is empty (and have it confirm this), and you’re closing the account. You may need to provide something in writing, confirming your name, address, and account number. And it’s a good idea to also request written confirmation that your account is empty and closed, just in case you have an issue later.
Now you’ve got a shiny new bank account that’s ready to serve your financial needs, and you’ve concluded your relationship with your old bank. While there are a few hoops to jump through to reach this point, it’ll be worth it to know your money is safe and ready to help you achieve your goals.
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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.
Reduce your energy consumption in three simple steps.
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Who wouldn’t love to save a few bucks on their monthly electricity bill? Even if you’re trying to be energy efficient, it’s likely that you are still paying too much. The good news is there are some easy and cost-effective upgrades that you can make in order to lower your electricity bill. Here are three simple tips you can use today while staying on budget.
LED light bulbs are an easy upgrade for anyone looking for ways to save money on their electricity bills. LED light bulbs use significantly less power than traditional incandescent bulbs — 75% less — resulting in lower energy costs over time. In addition, they last 25 times longer than traditional bulbs, meaning they will need fewer replacements over time. This reduces long-term expenses related to lighting costs. A traditional 75 watt incandescent light bulb will cost around $3.00 per bulb, while the equivalent 11 watt LED bulb comes in at about the same price.
The average home has 40 light bulbs. Let’s say you have them on for five hours a day at $0.13 per kilowatt hour. If you switch from the standard incandescent of 75 watts to the equivalent 11 watt LED bulb, you would save close to $600 a year! Over 10 years, that is close to $6,000 more in your bank account. In addition to helping you save money, LED light bulbs produce brighter and more natural light and are much better for the environment. With LED light bulbs costing almost the same as an incandescent bulb, it’s an easy call to swap out your bulbs today.
Smart plugs and outlets are the perfect solution for those who want to control their energy consumption without having to manually turn off appliances. Smart plugs allow you to set up automated schedules so that your appliances will turn off when they don’t need to be running. This means that even if you forget to turn something off, it will automatically shut down after a certain period of time. It also allows you to monitor your electricity usage with real-time data so you can see exactly how much energy each appliance is using at any given time.
In addition, a smart plug can help you better understand your energy consumption habits. When you connect to apps like Amazon Alexa and Google Home, you can get insights on how you can save even more energy and money. Currently, you can purchase a smart plug for as low as $9. With your potential savings, the plug will pay for itself in about two months.
Smart thermostats are a great way to optimize your home’s heating and cooling systems while lowering your electricity bill. A smart thermostat uses motion sensors, temperature sensors, and other technology to adjust the temperature in different rooms according to what is needed throughout the day. It automatically adjusts the temperature in your house based on your preferences as well as the weather.
This helps conserve energy by only using as much as necessary at any given time and reducing the amount of wasted energy from overuse or underuse of heating or cooling systems. You can purchase a smart thermostat for as low as $78. Based on the potential savings, the thermostat would pay for itself in about six months.
By making just a few simple upgrades around the house like installing smart plugs and outlets, investing in a smart thermostat, and switching out old light bulbs for LEDs, you can reduce your electricity bill costs every month. Not only will these upgrades help you save money now, but they also have long-term benefits like reduced maintenance costs and improved environmental sustainability. By making these changes, you can start saving money today.
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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. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet and Amazon.com. The Motley Fool has a disclosure policy.
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