Money Management

Make sure to put all of these on your list. 

The start of a new year is when people tend to make lists of financial items to tackle. And one area of your financial life you don’t want to ignore is insurance.

It’s important to have different types of insurance so you have the coverage you need. But your insurance should also be affordable. With that in mind, here are three insurance moves worth making in 2023.

1. Buy life insurance if you don’t have it already

The idea of buying life insurance can be intimidating, since it effectively forces you to grapple with the idea of potentially not being around for your loved ones. But to spin it positively, putting a life insurance policy in place could bring you peace of mind. So if you don’t have life insurance yet, make 2023 the year you change that.

You shouldn’t, however, overpay for life insurance — especially not at a time when you may be looking at higher-than-average living costs due to inflation. And to avoid overpaying, focus on getting a term life insurance policy rather than whole life.

Term life insurance won’t cover you forever like whole life insurance will, and it won’t accumulate a cash value. But you might spend a quarter as much on term life premiums as you would for whole life insurance, which means you’re less likely to run into affordability issues that force you to let your policy lapse.

2. Make sure your homeowners insurance policy is up to date

Homeowners insurance can be a large expense, so it’s important to keep your insurance company informed of changes that might affect your premium rates. Let’s say you put in an alarm system over the past year. And let’s say you also decided to get rid of your pool and level off your backyard instead. Those are changes that could result in lower premiums, so it’s important to make your insurance company aware that they’ve taken place.

3. Shop around for better auto insurance rates

Owning a car is an expensive prospect these days. If you purchased your car over the past year or so, you probably paid a higher price than usual for it, which means you may be looking at hefty auto loan payments. And so in that case, the last thing you need is auto insurance that’s more expensive than it needs to be.

You might assume that sticking with the same auto insurance company for years will result in the lowest premium rates. But that’s not automatically true. So instead, take a little time to shop around for auto insurance. You never know when you might be in a line for a discount by making a switch.

You may have a lot of financial matters to tackle in 2023. But don’t neglect matters related to insurance. These moves could help your family get the protection they need, and they could also result in a nice amount of savings at a time when life has gotten more expensive than a lot of people have bargained for.

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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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Ready to travel with your pet? 

Headed on vacation and want to bring your furry pal along? You’ll need to consider where you stay. Not all hotels are pet-friendly, and many hotels that allow pets charge additional fees. You can bring your furry companion and avoid these fees if you stay at the right place. Keep reading to find out which pet-friendly hotels don’t charge pet fees.

1. Kimpton Hotels

The boutique chain Kimpton Hotels is an excellent place to stay if you’re traveling with a pet. Guests can bring their pets free of charge. Even better, there are no size, weight, or breed

restrictions. Pet care amenities like water and food bowls, and pet beds are also available.

2. Magnolia Hotels

Magnolia Hotels welcomes furry travelers. All furry, four-legged creatures can stay free of charge, and there are no size or breed restrictions. No more than two pets may occupy each guest room. All pets must be on a leash or caged when outside your room.

3. Motel 6

Motel 6 invites pets to stay at no extra cost. All service animals and well-behaved pets are welcome to stay with their human companions for free. Only two pets are allowed per room. It’s worth noting that Motel 6’s Studio 6 locations do charge pet fees.

4. Virgin Hotels

Virgin Hotels is another pet-friendly hotel chain. The hotel provides pet-friendly amenities like dog beds and doesn’t charge extra fees when you bring your favorite furball. There are no breed or size restrictions, either.

Are you ready to book a hotel for you and your furry friend? Review current pet policies before making a reservation. Policies can change anytime, so you want to be informed in advance to avoid surprise charges that make your trip more expensive.

Not all pet-friendly hotels let pets stay for free

As you begin researching accommodation options, beware of hotels that market themselves as pet-friendly. Pet-friendly may come at an extra cost. Many hotel chains allow pets to stay, but they charge additional pet fees. Some hotels charge a daily pet fee, while others charge a per-stay fee. Knowing what to expect before you arrive can help you stay on budget.

Don’t forget about vacation rentals

If there are no fee-free pet-friendly hotels at your destination, other options exist. You can choose to stay at a pet-friendly hotel that charges fees. You might also consider booking a vacation rental instead of a hotel. You can use websites like Vrbo and Airbnb to book a place. You can find pet-friendly rentals by filtering the search results.

One thing to remember is that rental property hosts may charge a pet fee. This is an additional charge on top of the rental rate, and it’s up to the host to decide if they impose a fee. You may find rentals that don’t charge additional fees for pets. You can always compare fees before booking to find a solution that fits your vacation budget.

As you make your travel plans, paying with rewards credit cards is a good idea. You can earn rewards on your travel spending and redeem your rewards for free flights and hotel stays in the future. Check out our list of 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 has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Debt can be a bear, but it’s a bear you can beat. 

If you’re like most Americans, your home is one of your largest assets. From the moment you were first pre-approved for a mortgage, you considered yourself a homeowner. Even if you hadn’t found “the” house just yet, you could picture yourself living in a home with your name on the deed.

However, you may now find yourself deeply in debt and unsure how you’re going to climb out, and wondering if selling your home to pay off debt is the right move. Here, we’ll examine when it makes sense to sell your home to pay off debt and when it doesn’t.

When it makes sense to sell

Few things in life are black or white, and that includes when it’s the right time to sell a home. However, if any of the three following scenarios remind you of your current situation, you may want to consider selling.

1. When you can’t pay bills

If you’re unable to pay all the bills included in your monthly budget, you know you’re in too deep. Further, if you can’t imagine a way to come up with the extra funds needed, selling your house could make sense. Before selling, though, make sure you have someplace else to live.

2. When your credit is taking a hit

Unpaid bills lead to a plummeting credit score. And as you’ve probably learned by now, your credit score is used to determine everything, from whether you’re eligible to rent an apartment to whether you qualify for specific jobs.

The goal is to carry a high enough credit score to make it easier to qualify for the things you want and need. Let’s say you’re just starting to struggle with bills and your score hasn’t taken a huge hit yet. If you can’t see another way to pay off the bills that are holding you back, it’s time to examine selling your home.

3. When your mental health is suffering

According to the American Psychological Association (APA), money is the top cause of stress in the U.S. If you find yourself constantly on edge about your financial situation or fighting with your significant other over money, it’s time to slow down and determine whether owning a home is worth the suffering.

Look around to learn whether there are other, less-expensive homes in your area for sale or rental properties you can lease until your finances are in better shape.

Nothing is more important than your mental well-being — even a house.

While it’s a tough time to purchase a home, it’s still a seller’s market in most parts of the country. If you can sell your home and walk away with enough money to pay off your existing debt, you just might end up with a clean slate.

When it doesn’t make sense to sell

While selling your home may be the fastest, easiest way to pay off debt, it’s not always the best choice. Here are three instances when it may pay to stick around.

1. When there’s light at the end of the tunnel

If you’re still able to cover your bills with a little left in your bank account each month, you have enough breathing room to take a deep dive into your next best move.

Sit down and crunch the numbers. Figure out if there’s a debt payoff method that will work for you. If there is, you might want to hold off on selling.

2. When you have a plan

Let’s say you choose a payoff plan like debt avalanche. You decide that it’s feasible to turn your favorite hobby into a side hustle that brings in enough each month to pay extra toward your debt. The fact that you have a plan is a good sign. That means you’re actively seeking ways to rid yourself of debt while keeping your home.

It makes sense to give yourself time to ensure your plan works.

3. When it would disrupt your family

If you live close enough to work to walk, or your kids are in a school that meets their needs, moving can be tough. Unless you’re sure that uprooting your life to pay off debt is worth the trade-off, hold onto your home until you’re certain.

Debt stinks, but it’s not the end of the world. Millions of Americans have discovered ways to cut back on unnecessary spending and focus on paying off debt. It’s not easy, but it will be worth the effort.

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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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By earning a gift card, you can make your next Target trip more affordable. 

It can feel like a win for your wallet when you use a gift card to pay for a purchase. If you’re a frequent Target shopper, don’t miss out on the opportunity to earn free gift cards through the Target Circle Rewards program. Here’s how it works.

The Target Circle Rewards program is valuable

You’re missing out if you’re not yet a Target Circle Rewards member. This valuable loyalty program is free to join and easy to use. Once you become a member, you can benefit in many ways. Here are a few perks you can take advantage of by joining.

1. You get 1% back on your spending

As a Target Circle Rewards member, you will earn 1% cash back on eligible purchases when at Target. You can apply these earnings to future orders as a discount to your total bill.

2. You can clip money-saving offers

Within the Target mobile app, you can clip money-saving offers that function like coupons. You’ll get a discount on your order when you clip an offer and make an eligible purchase. Small discounts can add up and make your shopping bill cheaper overall.

3. You can score a 5% discount on your birthday

Target will send you a 5% discount offer as a birthday gift. You can use this to reduce your spending when shopping during your birthday month. Make sure you use it on a bigger shopping trip to maximize your savings.

4. You can earn free gift cards through bonus offers

You can also earn free gift cards by activating bonus offers through the Target mobile app. Once you activate a gift card offer and make an eligible purchase, you’ll earn a gift card. We explain how to do this in greater detail below.

How to earn free gift cards

So, you want to earn free gift cards to make future Target hauls more affordable? First, make sure you’re a Target Circle Rewards member. If not, go ahead and join the program. Next, you’ll want to download the Target mobile app.

You can check to see if there are any gift card offers available by clicking “Target Circle offers.” If a gift card offer is available, click the “+” button to activate the offer and add it to your account. You can review details about the offer to see what items qualify and if there are any exclusions that you need to know.

Finally, make sure you purchase eligible items to earn your gift card. If you meet the qualifications, you’ll receive a gift card during checkout. While you can’t use it immediately, you can use it the next time you shop at Target.

A gift card could help you keep more money in your bank account and make your next Target trip cheaper. Target adds new offers regularly, so be sure to check in on current offers in the app before heading to the store.

Take advantage of deals and freebies

A shopping trip can be expensive if you’re not careful. But your next trip to the store doesn’t have to break your budget. Make sure you take advantage of deals and freebies like the ones mentioned above, so you don’t overspend and have a more enjoyable experience. Check out our personal finance resources if you’re looking for additional ways to save money.

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

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