Money Management

Pet insurance may not cover everything, but it can still be well worth having. 

Around four years ago, my dog went into congestive heart failure due to a problem with her mitral valve. When she was given her diagnosis and a prognosis of eight to 12 months to live, I was devastated and began researching my options. I found there were (at the time) two surgeons in the world who could help her — and they were in the U.K. and Japan.

My dog is my baby and I had a hefty emergency fund in my savings account, so we were on a plane to London a few months later after going on a waiting list for the surgery and jumping through some hoops to be able to get Molly to the U.K.

I did not have pet insurance at the time of this incident, so I knew my only option was to pay for the procedure myself. And even if I had coverage, it wouldn’t have paid for this since it was out of the country and considered experimental by some insurers despite the fact it had greater than a 90% success rate.

Although pet insurance wouldn’t have helped me out in this particular situation, I still wished at the time — and wish now — that I had a policy. Here’s why.

Pet insurance would have paid for before and after testing and treatment

Although pet insurance coverage would not have paid for Molly’s heart surgery, it would have paid for the care that she received leading up to her life-saving operation.

Molly had to be on heart medications from the time of her diagnosis until after her surgeons repaired her damaged valve. The combination of medications cost more than $100 per month, but was necessary to keep her alive and out of heart failure.

She also had to see a cardiologist several times to ensure she was stable and no adjustments were needed. And we had to go to numerous vets to complete the necessary tasks to enter into the U.K., including getting a vaccine and dewormer before our departure.

Since her surgery four years ago, she has also visited the cardiologist twice a year to make sure the repair is holding up well and that her heart has remained stable in size. These appointments cost several hundred dollars as well, and would have been covered by pet insurance.

At a time when every dollar counted to pay for the heart surgery and the travel, it would have been nice to have an insurer picking up the tab.

Pet insurance offers peace of mind

Molly’s condition came out of nowhere as she appeared healthy one day and was in heart failure the next. And the sad reality is, no one can predict what types of medical problems will impact their companion animals.

I was lucky to be in a position where I had the funds to help her, but even in my situation, having insurance coverage would have been a welcome relief. And, unfortunately, many people aren’t in a position where they can spend what is needed. Pet insurance can pay for expensive care and provide the peace of mind of knowing that a beloved family member can get the best treatment available when things go wrong.

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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 a furry friend, these Costco items could belong in your cart. 

Costco has many wonderful products you’ll be eager to break out the credit cards for. From baking products to rotisserie chickens and beyond, there’s likely something at Costco that almost every member of your family will enjoy.

And that includes your pets. In fact, owners of both dogs and cats rave about a number of Costco items that your furry family members will adore. Here are a few of the top Costco picks for your animal companions during the holiday season and beyond.

1. Pendleton Blankets

Costco’s Pendleton Sherpa Fleece Blankets come in a variety of colors and are priced between $26.99 and $32.99. These machine washable blankets are described by Costco as being “ultra soft and cozy,” so it’s no wonder pets adore them.

These blankets are such a fan favorite that there are numerous Reddit threads showing dogs — and even a few cats — wrapped up tight and looking as comfortable as can be in them. If you’re hoping to keep your animal companions warm and comfy on those long winter nights, it may be worth picking one up.

2. Maine Coon Cat House

Costco offers a variety of cat houses, including a Maine Coon Cat House designed for multi-cat households and extra large cats.

Coming in at $199.00, the Maine Coon has a cute little hiding spot for cats and kittens as well as numerous “branches” for jumping and climbing. It’s made of solid wood, sisal rope, and household grade carpet so it’s also awesome for scratching. With more than 750 reviews and a 4.6 star rating, this feline favorite is worth a look.

3. The La-Z-Boy Newton Pet Sofa

Many pet beds are not particularly attractive, but the La-Z-Boy Newton is an exception.

The sofa is perfect for dogs up to 75 pounds and provides plenty of room to sprawl out or cozy up in one of the raised corners with bolsters on three sides. While the pet bed is priced at $219, it periodically goes on special (it’s $50 off as of the start of December).

The cushion can be removed for washing so the bed will stay looking nice, and more than 600 user reviews are overwhelmingly positive, so consider splurging on a bed your pet will love that won’t mess up your decor.

4. Kirkland Signature Dog Biscuits

Kirkland Signature dog biscuits come with no artificial flavors or colors, and you can buy a 15-pound box of their Chicken Meal & Rice formula for just $18.99 minus periodic discounts (there’s $4 off as of the beginning of December).

The treats are textured to help promote good dental health and they are even fortified with vitamins and minerals, so you can give your dog a delicious treat while feeling good about your choice.

These are four of the top Costco products that pet owners rave about, and each one comes at a great price while giving you the chance to make your furry friend’s life a little happier. They’re well worth checking out the next time you visit your local Costco store.

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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.Christy Bieber 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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With identity theft cases skyrocketing, safeguarding your information is more important than ever. 

The latest numbers on identity theft paint a concerning picture. Identity theft complaints received by the Federal Trade Commission (FTC) more than doubled from 2019 to 2020. They increased by another 22% in 2021, when there were nearly 1.7 million cases.

It’s clear that identity theft is becoming more common, and unfortunately, this type of crime can be a huge hassle to deal with. Many consumers don’t notice it until somebody has already opened an account in their name, racked up debt, and damaged their credit score.

This is a situation where time matters. The best-case scenario is proactively preventing identity theft. If it does happen to you, then the sooner you catch it, the better. Here are six tips to protect yourself.

1. Never give out sensitive information to people who call you on the phone

Scammers often call and pretend they work at financial institutions or government agencies. Then they ask for information they can steal, such as your Social Security number or credit card number.

If you get a call that’s supposedly from your bank, credit card company, or the IRS, don’t provide any sensitive information. Nobody legitimate is going to call you and ask you to read your credit card number to them.

If you’re not sure, pull up the official number to the company the person claims to represent, and call it. For example, if the caller says they’re from Chase and calling about your credit card, hang up and call Chase at the number on the back of your card.

2. Use strong and unique passwords

“Password1234” just doesn’t cut it. To keep your accounts safe, use strong passwords with a mix of letters, numbers, and special characters. Make sure you also have a unique password for each account. If all your passwords are similar and one gets compromised in a data breach, it could jeopardize all your accounts.

The tricky part with having unique passwords for all your accounts is remembering them. To avoid needing to reset passwords all the time, use a password manager to conveniently store your login information.

3. Monitor your credit file

When you think of credit card fraud, the first thing that comes to mind may be someone stealing your card info. That does happen, but it actually accounted for less than 10% of credit card fraud reports in 2021.

Far more common is new account fraud, when an identity thief uses your personal information to open an entirely new credit card. This is one of the reasons why it’s so important to review the activity on your credit file regularly. If you see an account you don’t recognize, you can report it as fraud right away.

You can see activity on your credit file and get alerts about new activity with a credit monitoring service. There are several credit card companies with free identity theft protection, so check if yours offers this. Make sure you also get a free credit report at least once per year to see all the data the credit bureaus have on file for you.

4. Don’t open suspicious links

Another popular way bad actors steal information is URL phishing. Here’s how this works: Scammers create a website impersonating a major company, such as a bank or online store. Next, they send you a link to that website, normally in an email or text message from an unfamiliar number. The message might say, for example, that you need to click the link to confirm information in your bank account or to take advantage of a limited-time sale.

If you open the link, the scammers can steal any information you provide. For this reason, don’t visit any links if you’re not completely sure of the sender.

5. Keep important documents in a safe location

Find a good place in your home to store documents that contain sensitive information. Ideally, these should go in a locked cabinet or safe. Although no form of protection is 100% secure, keeping documents locked away makes them much harder to steal.

On the subject of important documents, one of the most important is your Social Security card. Don’t make the mistake of carrying it around in your wallet, since this could be lost or stolen. Your Social Security number is a key piece of information, and if anyone gets access to it, they could open accounts in your name.

6. Set up a fraud alert or credit freeze for additional protection

There are a couple of anti-fraud measures consumers can take with their credit reports. You could place a fraud alert at the three major credit bureaus. When a creditor checks your credit, it will see this alert. It instructs the creditor to take additional steps to verify your identity, such as calling you at a phone number you provide in the alert.

You could also set up a credit freeze with the credit bureaus. Once a credit freeze is in place, the credit bureau won’t share your information with anyone. This prevents anyone from opening a new account in your name. Note that you will need to at least temporarily lift the freeze if you want to open any new credit cards or loans yourself.

Taking the right preventative measures, like protecting sensitive information and using strong passwords, is often enough to avoid identity theft entirely. If you want even more protection, or you’ve been a victim of identity theft before, you could put a fraud alert or credit freeze in place.

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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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly 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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Do your best to avoid these at all costs. 

It’s common to make New Year’s resolutions, and if that’s a habit of yours, 2023 may be no exception. Now come January, you may be resolving to save more money, eat healthier, and spend less time on social media, to name a few popular pledges. But another item to put on your list is “avoid credit card blunders.” In fact, these are some of the worst credit card mistakes you can make in 2023 and beyond, so you’ll want to do your best to steer clear of them.

1. Only making your minimum payments

If you make your minimum credit card payments every month, you won’t be counted as delinquent on those bills. And that means your credit report won’t feature a series of late payments, which is important.

But while only covering your minimum payments may not hurt your credit score by virtue of late payments, not paying your credit cards off in full could cost you a boatload of money in interest. This especially applies these days given that recent interest rate hikes have made credit card borrowing more expensive.

2. Hitting your spending limit

Maybe you’re able to hit your spending limit across your credit cards and still pay off a nice amount of your balance each month. Even so, reaching your spending limit isn’t a great idea.

For one thing, what happens if you max out your credit cards and then you need to use one in a pinch? In that scenario, you’ll risk having it declined.

Also, from a credit score standpoint, too high a credit card balance can spell trouble. In fact, any time you rack up a balance that exceeds 30% of your total available limit, you risk a hit to your credit score. So if you’re reaching your spending limit, it means your credit score might really take a dive, making it harder to get approved for a personal loan or line of credit the next time you need one.

3. Closing out credit cards you’ve had a long time but don’t use

You might assume that if you have a credit card that’s collecting dust in your wallet, that you might as well cancel it rather than let it sit there unused. But if it’s a credit card you’ve had for a long time, that could cause your credit score to plunge.

One factor that goes into calculating credit scores is length of credit history. If you close out a credit card account you’ve had open for 10 years, and then leave yourself with cards you’ve only had for a year or two, it will shrink the length of your average open account and most likely drag your score down in the process. So if you’re talking about a credit card that doesn’t charge an annual fee, don’t cancel due to a lack of usage — just store that card somewhere safe and let it be.

Sometimes, seemingly innocent credit card moves can result in a world of trouble. Do your best to avoid these errors so you don’t end up racking up scores of interest or damaging your credit score in the new year.

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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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Could lounge access actually be a really good value? 

Recently, my husband and I signed up for a credit card for the primary purpose of getting airline lounge access which the card offered as a member perk. We already have other cards that provide bonuses for travel spending or that offer other generous rewards, so the big draw of this card was the lounge access alone.

The card came with an annual fee of $450. This may seem like a lot of money to pay just to be able to get into an airline lounge. But, in reality, it’s likely to pay for itself each year. Here’s why.

Paying $450 for lounge access could actually end up saving us money

My husband and I have a house in Florida and a house in Pennsylvania, and we go back and forth because my son has preschool and my husband has to work in Pennsylvania (I’m lucky enough to be able to work anywhere).

While we sometimes drive, this year we have decided to fly because my eight-month-old is not a big fan of her car seat. Since we visit our house often, we will end up taking 12 airline flights over the course of the year (that’s round trip, for six trips).

Before we had airline lounge access, we would end up having to buy food at the airport for our family of four on each of those trips. Sometimes, my in-laws also traveled with us and that was another two meals tacked on as well. Between meals and drinks, we’d typically end up spending anywhere from $40 to $60 (when my in-laws tagged along).

With lounge access, though, we get access to meals and drinks at the airport. This means we end up saving a minimum of $480 assuming we save $40 on meals on each one of the days we are at the airport — or more, when you figure that my in-laws get to come to the lounge as guests and eat for free as well.

Not only do we save money on food, but we also end up with meals that are better quality. The last time we flew, we had chicken and rice soup, meatball sliders, and brownies and Rice Krispies treats for dessert — along with fresh-squeezed orange juice, and some Ruby Red grapefruit juice bottles that delighted my son.

The lounge also afforded us unlimited refills on the food and drink — which meant we could eat as much as we wanted rather than just settling for whatever our meal money bought for us at the fast food joint at the airport.

Consider the big picture when deciding if a card is worth it

While I initially balked at the idea of paying $450 for a credit card, when I did the math on how much we’d save on meals, paying the price was well worth it. This just drove home the lesson that sometimes spending a little more money upfront can help you save over time.

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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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