Money Management

Having a lot of subscription services isn’t always a problem. Find out why I’m not going to cancel any of mine, even though I have seven of them. [[{“value”:”

I do the occasional review of my finances to see if there are any improvements I can make. Recently, I decided to check how many subscription services I have, and there were a lot — seven total.

The cliche advice for my situation would be to cut back. Trim that down to three or four subscriptions per month, and I might save $30 or $40. But I’m not going to do that, for several reasons.

Most of them serve different purposes

Even though I have quite a few subscription services, there’s not much overlap between them. Here’s what I currently have and what I use them for:

Netflix and Max for streaming shows and moviesAmazon Prime for fast and free shipping with AmazonAudible for a library of free audiobooks and a monthly credit for one free audiobook outside of that libraryYouTube Premium to watch YouTube videos without those annoying adsSpotify to listen to music and podcastsDeliveroo Plus for food deliveries without paying a delivery fee (if you haven’t heard of this one, it’s a delivery app in Europe, where I live)

The only two that are the same type of service are Netflix and Max. I like their content libraries, so I don’t mind paying for both of them. Other than that, everything serves its own purpose.

Two are bundled together so I pay less

One of the reasons I signed up for Deliveroo Plus is because I saw that I could get it for free. I got a free 12 months of service with a membership to Amazon Prime here in France. Bundling subscription services can be a good way to save money if you know you’ll use all of them.

I use all of them

I don’t mind paying for services I use. If I found a subscription that I hardly ever used, I’d cancel it without a second thought. But the subscriptions I have are all services that I use regularly.

My wife and I watch shows on Netflix and Max throughout the week. I use YouTube Premium every day — YouTube is the second-most-visited website in the world, after all. Audible is a recent addition, but I’ve found that I really like listening to audiobooks while doing chores around the house. Overall, I feel like I’m getting my money’s worth on everything.

Some of them save time and make my life easier

A goal of mine for this year is to save time by outsourcing more tasks. It makes sense from a financial perspective. Since I’m a freelancer, being able to work more is a way to increase my income. And it also gives me more free time to relax and enjoy life.

Amazon and Deliveroo have both been helpful with this, because they offer grocery deliveries. The French version of Amazon Prime includes free deliveries from a popular chain, Monoprix. If you’re in the United States, you may have access to something similar with Amazon Fresh. It offers same-day grocery deliveries in major cities. And if not, there’s always Instacart.

This has been a game-changer for me. No spending an hour or more at the grocery store. I just add what I need to my cart, and it’s delivered to my door.

The cost isn’t holding me back financially

If I was in a tight spot financially, I’d absolutely cut back on subscriptions. But even with seven of them, they aren’t costing me that much. I pay less than $85 per month total. More importantly, they aren’t getting in the way of achieving my money goals.

I’m able to invest a large portion of my income in my brokerage account. I have enough money in my savings account, including a six-month emergency fund.

I don’t like to think small when it comes to money. At the start of the year, my focus was on ways to add at least $10,000 to my income, not how to save an extra $30 per month.

Getting rid of monthly subscriptions is popular advice. It makes sense for some people, but not for everyone. If you’re using all your subscriptions and they’re not causing you any financial harm, don’t feel like you need to cut back just because you have several of them.

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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.Citigroup is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Netflix. The Motley Fool has a disclosure policy.

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Being financially prepared when traveling away from home is beneficial. Learn why one writer always travels with multiple credit cards. [[{“value”:”

While I sometimes use cash to make purchases, I often use rewards credit cards. This strategy allows me to earn rewards for my everyday spending. Plus, using credit cards responsibly is good for my credit score. However, I only charge what I can afford to pay off so I don’t rack up expensive credit card debt.

I also use credit cards when I travel, but I pack more than one credit card. Here are a few reasons I always bring an extra credit card when traveling.

I’m protected if my credit card gets lost or stolen

No matter how prepared you are, unexpected incidents can happen anytime. I’m cautious when carrying cash and credit cards when traveling, but there’s a chance that my money or cards will become lost or stolen.

If this ever happens to me, I want to ensure I can continue paying for everyday essentials while I’m in a non-familiar place. That’s why I always bring a second credit card when on a trip. That way, I have another source of funds to continue my journey as planned. Once I reach my intended destination, I hide a second credit card away from the card I plan to use primarily.

If I’m staying in a hotel with a safe, I usually place one of my credit cards and passport there. If I don’t have a safe, I’ll tuck one of my credit cards within my personal belongings in a place only I know about so it’s out of sight but available if I ever need it.

I feel more confident traveling solo

I don’t always travel alone, but planning solo getaways is not unusual. The last thing I want to do is feel unsafe while traveling on my own. Bringing a backup credit card when traveling makes me feel more confident and prepared so that if one of my cards is stolen or lost, I don’t have to rely on others to help me while I’m far away from home.

Since I like to travel internationally, I often operate in a different time zone than my loved ones back home. If I needed their help accessing money, it could take a while due to the time difference. But with a backup credit card, I have the funding I need if an emergency happens.

Be strategic about which credit cards you bring when traveling

If you like using credit cards, it’s wise to consider which ones to bring when you travel. Think about how your credit cards earn rewards and the purchases you plan to make. If your spending will vary, a credit card that offers flat-rate rewards may be best. But if not, a dining or travel credit card may be the better option. Being strategic about which rewards or cash back or credit cards you bring can allow you to boost your credit card rewards.

You should also consider fees. If you’re traveling outside the United States, you’ll want to bring a card with no foreign transaction fees. If your card charges foreign transaction fees, you’ll have to pay a fee every time you swipe your card for purchases made in a foreign currency.

Many credit card issuers charge a fee of 3% for foreign transactions. You can avoid extra fees like this by being prepared and bringing credit cards with no foreign transaction fees when traveling abroad. Check out our list of the best credit cards with no foreign transaction fees.

Keep your finances top of mind

It’s wise to pay attention to your finances, whether traveling to a nearby city or a far-away country. Sure, your packing list and itinerary are important. But you should also consider your financial needs and what you would do if you lost one of your credit cards while on a trip.

Bringing a backup credit card is one way to be financially prepared so you can continue your journey as planned. Are you considering applying for a credit card that earns travel rewards? Check out our list of the best travel credit cards for inspiration.

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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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Child care costs can be exorbitant. Read on to see how you can avoid some big blunders when covering child care. [[{“value”:”

As a parent of three kids, I’m no stranger to the immense cost that is child care. And even though I don’t spend much on child care during the school year, since my kids are out of the house most of the day, during the summer, my bills rise tremendously due to having to pay camp tuition.

If you’re new to paying for child care, you might unfortunately fall victim to certain mistakes that could cost you. Here are three you’ll really want to take care to avoid.

1. Not shopping for infant care early

Daycare center rules vary based on the age of your child. But the rules dictate that you typically need a smaller caregiver to child ratio for infants than toddlers and older children. As such, it can be difficult to secure infant care since those slots tend to fill up quickly. That’s why it’s so important to shop around for infant care way before you need it.

When I was pregnant with my son, I toured daycare centers during my second trimester and put down a deposit months before my child exited the womb. I had to do this because even though I was a good eight months away from needing care at the time I did my research (keeping in mind that many centers won’t accept an infant younger than three months old), a couple of the places already had a waitlist for the month my child’s care needed to start.

If you wait too long to secure infant care, you might end up having to use whatever daycare center has availability in your area. But that could leave you paying a lot more. And it could also mean having to settle for a daycare center you’re not the most comfortable with. That’s a whole other issue.

2. Not asking family members for help

Watching a young child is a tough job. And if you have older relatives who live locally, even if they’re retired, it may not be reasonable to ask them to look after your 14-month-old from 8:00 a.m. to 6:00 p.m. daily so you can go to work and save money on daycare.

But what you may be able to do is ask for a little bit of help. Let’s say your daycare center has a half-day option that could cut your costs significantly. If your child is in the habit of napping every day from 1:00 p.m. to 3:30 p.m., and you typically get home from work at 6:00 p.m., your retired aunt or mother-in-law may be willing to help out in the afternoon.

After all, it’s not so hard to look after a napping child. You just need to be under the same roof. In that scenario, it may be feasible for a relative to fetch your child from daycare at the time of their nap, put them to bed, and then just handle a few hours of care until you get home. This arrangement could be even more doable if you happen to have multiple relatives close by with time in their schedules to share the load.

3. Not running the numbers to see if it even makes sense to pay for child care

When I had my son in daycare, I spent a small fortune. But the cost made sense because I was still bringing home a decent paycheck after covering child care and commuting expenses.

However, when I got pregnant with twins a couple of years later, I knew it wouldn’t make financial sense to work full-time and pay for daycare for three kids at a time. So I shifted back into freelancing instead — something I’d been doing prior to having my son.

Before you sign up to pay for child care, crunch the numbers and see how much money you’re likely to bring home from your job. If you have more than one child needing full-day care, you may find that once you account for commuting, daycare, and taxes, you’re only bringing home $200 or $300 a month.

At that point, you may be able to make tweaks to your budget to free up that money rather than work 40 hours a week or more for minimal financial benefit. Or, you might find part-time work that puts that cash in your pocket and doesn’t require you to shell out money for child care.

It’s difficult to get around the expense of child care when you work and have kids who are very young. But avoiding these mistakes could spare you a lot of financial upheaval.

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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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