Money Management

You should be happy with your pet insurance — and settle for nothing less. 

When you adopt a pet, you take on a host of expenses. These include food, grooming, preventive care, and, in some cases, the cost of addressing health issues. The latter, however, can be prohibitively expensive.

If your pet gets injured, for example, a series of tests (like X-rays) to assess their condition could cost hundreds or thousands of dollars — and that’s before your pet even receives treatment for the issue at hand. Similarly, as pets age, their likelihood of being diagnosed with a medical condition increases. And if that happens, your pet care costs could skyrocket.

That’s where pet insurance comes in. While you might have to work the cost of pet insurance premiums into your budget, in exchange, you’ll generally be protected from having to shell out a catastrophic amount of money if your pet is hurt or becomes ill.

But if you’re going to pay for pet insurance, you might as well have a policy that works well for you. And if these three signs apply to you, it means it may be time to switch insurers.

1. You’re overpaying for mediocre coverage

As a general rule, you get what you pay for with insurance. Paying a higher premium might result in more comprehensive coverage. But if you’ve found that your pet insurance company charges high premiums but doesn’t offer better coverage than what other people you know have, then it may be time to make a change. You may find that you’re able to secure the equivalent amount of coverage with a different insurer, only at a lower premium cost.

2. Your pet insurance company has poor customer service

It’s often the case that people who have to make a call to a pet insurance company do so when they’re experiencing a health issue or crisis with their pet. And in that situation, you want someone on the line who’s helpful and knowledgeable. You also don’t want to get stuck waiting 25 minutes to speak to a live person — especially not when you’re en route to the animal hospital. If you’ve found that your pet insurance company is lacking in the customer service department, that alone is a good reason to switch.

3. Your pet insurance company is slow to reimburse you

Pet insurance often works by having you pay upfront for pet care using your own debit or credit card, and then submitting a claim for reimbursement. But some pet insurance companies are slower than others to process claims and reimburse customers. If yours definitely falls on the slow end of the spectrum, then it could be time to change. Waiting a long time to get reimbursed could mean having to carry a credit card balance forward and accrue interest on it.

Ultimately, your pet insurance policy should make your life easier, save you money on vet care, and bring you peace of mind. If you’re not getting those things, then it pays to shop around and see what options you have for changing your coverage.

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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’re struggling with a debt payback plan, this advice could help. 

If you are working on paying back debt, chances are good that you’ll be faced with a difficult choice. Most likely, you will owe multiple different creditors money. For example, you might have several credit cards that have balances you must pay back. You might even have other loans like installment or payday loans.

There are lots of different theories on which debt you should repay first. Some experts, like Dave Ramsey, suggest focusing on first paying off debts with low balances because you’ll get a morale boost when those are paid in full. This is the debt snowball method. But others believe the best method of becoming debt free ASAP is to focus on loans with high interest rates because those are the most expensive. This is the debt avalanche method.

It can be a challenge to decide which of these theories to follow. And, no matter what you do, you’re either going to be working on just one of many debts or find yourself spreading your money so thin you don’t make much progress on paying down anything.

If you want to avoid this issue, though, there’s a different approach you can take. And a personal loan is central to it.

How a personal loan can solve this debt payback issue

A personal loan can help you to solve the conundrum of what debt to focus on first. It can also enable you to avoid the feeling that you’re making progress on just one debt when you have many.

Here’s how: You can take out a personal loan, ideally at a competitive interest rate. Once the lender deposits the money from your loan into your bank account, you can use those funds to pay off other debts. Ideally, your loan will be for enough money that you can pay off everything else you owe. If it is, you can change many debts into just one big loan. And, ideally, you will be paying off debts that have a higher interest rate than your new personal loan.

This approach is called debt consolidation, and it can make loan payoff faster, simpler, and easier to manage. Since you are going to have only one loan to pay, each payment you make is going to feel like you’re making real progress on dealing with all your debt so you’re likely to feel a lot more motivated. And if you want to make extra payments beyond the minimum, there will be no hard choices to make — you can just send all that extra cash to your personal loan.

Is consolidating debt with a personal loan a good option for you?

Consolidating debt with a personal loan makes a lot of sense in many situations. You do, however, have to make sure of a few things.

First, you don’t want to use personal loan proceeds to pay off debt that is currently at a lower rate than the loan. If you have a credit card with a 0% introductory APR and you’re working on paying it down, repaying that balance with a loan that charges a 9% rate wouldn’t be a smart choice, since you’d increase your financing charges.

And second, you don’t want to make your payoff time a lot longer. If you’re on track to pay off a loan in a year, consolidating it into a loan with a five-year repayment timeline wouldn’t make sense since you’d pay more interest over time.

Outside of these situations, a personal loan may be just the solution you’re looking for if you’re struggling to find a debt payoff approach that works for you.

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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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It’s certainly an option worth considering. 

Side hustles have become more popular in recent years. That’s because there are so many options for giving your income a boost via a second job.

And that second job doesn’t have to be boring. You could sign up to walk dogs if that’s something you like to do, or become a private chef if you’re talented in the kitchen. And if you don’t have a hobby you can monetize, you can always revert to classic options like driving for a ride-hailing service on weekends or picking up evening shifts at a restaurant or retail establishment.

But while you may have plenty of choices for getting yourself a side hustle, you might also be less than eager to commit to one. After all, working a second job — even a fun one — means committing to giving up downtime. And you might desperately want those extra hours to sit on the couch, browse the internet, or indulge in some streaming content to get your mind off of the less pleasant things in life, like your nagging boss.

But while carving out time for a side hustle is easier said than done, if you’ve been teetering on the verge of credit card debt, then you may want to make that effort. What you lose in terms of downtime, you might gain in the form of savings on interest and less financial stress.

It pays to push yourself to boost your income

If you’ve come close to racking up credit card debt in the past few months, then it may be time to take on a second job so you can continue to avoid that fate. Any time you carry a balance forward on a credit card, you’re charged interest (unless you happen to have a 0% introductory APR on your card). And that interest can compound against you on a daily basis, resulting in a large amount of it over a fairly short period of time.

Not only can credit card debt be costly, but it can also be stressful. The feeling of owing money usually isn’t a good one. Neither is the feeling of knowing that for every day your credit card balance remains unpaid, it’s costing you additional money in interest.

Plus, if your credit card balance gets too high, it could cause damage to your credit score. That could make it harder to take out a loan when you need to.

And that’s why it makes sense to push yourself to get a side hustle. You may not love the idea of having to put in the time on a second job. But if you feel that’s your best way to avoid credit card debt, then it’s a sacrifice worth making.

You’re not committing for life

If you’re hesitant to get a side hustle, one thing you should remember is that you’re not being forced to work that second job for life. Instead, you could work a side hustle for a year and use your earnings to build up a nice amount of savings. That way, you’ll have cash reserves to tap during those periods when your credit card balance is higher than usual, thereby staying out of debt.

You may even find that working a side hustle for just a few months makes a difference in your finances. And so it’s worth giving it a try, even though it may be a tough adjustment.

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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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Do you hold on to online purchases you don’t want to avoid the stressful return process? You’re not alone. 

Shopping online can add convenience to your life. But not every purchase works out. When it comes time to return a purchase, it takes effort to package it up and get it in your mailbox promptly. If you use Amazon to shop, there may be more return options than you realize. Find out which major retailer will accept your Amazon returns for free.

Returning online purchases can feel like a chore

When shopping online, there may come a time when you find it necessary to return an item you’ve bought. It could be the wrong size, no longer meet your needs, or not be as advertised. But sending out a return package will add another item to your constantly growing to-do list.

Life is already busy enough for many people, and having to make an extra stop at the post office is not ideal. Even if you know you won’t put your purchase to use, you may avoid the returns process altogether because of the extra work involved.

A 2018 NPR and Marist Poll study found that 58% of online shoppers surveyed said the main reason they kept an online purchase they wanted to return was because the return process was too much of a hassle. Do you do this? If so, you’re wasting your hard-earned money.

Following through with a return could help you boost your bank account balance once the merchant processes your return and gives you your money back. Before ignoring the need to return an unwanted purchase, check to see if other more convenient return options are available. You may be able to return the item more efficiently without doing much extra work.

You can drop off Amazon returns at Kohl’s

If you have an eligible Amazon purchase that needs to be returned, there is an easier way to handle the return. You can drop off your returns at a nearby Kohl’s store. This solution could be a time saver and make the returns process less stressful.

Here’s what you need to do in three easy steps:

Begin the return process through Amazon.Select the Kohl’s drop-off option and save the QR code you’re emailed.Bring the items you’re returning to a participating Kohl’s location and present the QR code that was sent to you by Amazon.

You don’t have to do anything else. Kohl’s will pack, label, and ship your return for you. The best part is this service is free. This return option could save you time and entice you to follow through with a necessary return instead of losing money by keeping something you don’t want.

If you’re a frequent Amazon shopper and don’t like spending extra time printing out return labels and getting your return package in the mail, give this return method a try soon.

Don’t forget to research return policies

When was the last time you looked at a company’s return policy before placing an online order? If this isn’t a normal habit, you may want to change your behaviors.

Many retailers are making changes to their return policies, and some brands no longer offer free return shipping — instead, putting the financial responsibility on the customer. It’s beneficial to review return policies before placing an online order so you know what to expect.

Doing this can help you decide if placing an order is worthwhile. Choosing not to check return policies could cost you money. You’re likely feeling the impact of higher everyday prices, so any extra money in your pocket can be a win for your personal finance situation.

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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.John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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My mistake could help you avoid buying the wrong home. 

Years ago, I was on the quest for the perfect home. After looking at an endless array of properties, I got approved for a mortgage and found one that seemed like it was a great fit. It had a lot of features I liked including a nice pool and lake view, as well as an open floor plan.

The house seemed ideal, so I made an offer and bought it. A few short years later, though, I found myself forced to list it — and go through the expense of paying closing costs for the sale and the hassle of moving.

This happened because I made a simple yet common mistake during the home-buying process.

This was the error I made when purchasing my property

When I bought my house, it seemed like a great place to live and it was — for a short period of time. But, problems arose quickly when I decided to have children and my son was born.

The master bedroom was downstairs with no rooms anywhere near it that could serve as a nursery. The rooms upstairs were very small and there was a pretty dangerous staircase with very narrow (and slippery) stair treads. The open floor plan also provided no place for a child to play (or for toys to be tucked away). And the layout of the pool and the backyard made it very difficult to close off the pool area while still enabling outdoor play.

The house, in other words, was totally impractical for a family to live in. I hadn’t thought of that when I purchased the place, because I didn’t have children at the time and I failed to look at the long-term prospects of how the house would work as my life evolved.

When I looked for properties to move into, I had to be very careful not to make the same mistake twice. I found myself falling into the trap of loving properties that would be perfect for my current stage of life with a small child, but that might not work out very well once I had teenagers instead of toddlers.

Since I don’t really want to move every few years, I took the time with my next purchase to really think about what I would need both now and decades in the future. This enabled me to be much smarter about what home I ultimately ended up purchasing.

How to make sure a home is the right one for you

It’s really hard to picture what your life might look like in five or 10 years — but it’s worth trying to at least get an idea of this before you purchase a home. Since moving is difficult and expensive, ideally you’ll want to try hard to find a property you can stay in for a while. This doesn’t mean you should put a ton of pressure on yourself to find a “forever” home, but thinking ahead into the distance can save you a lot of heartbreak in the end.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

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.

 Read More