Can care homes fund enough staff for their residents? Ground Picture / Shutterstock.com
The Biden administration finalized nursing home staffing rules Monday that will require thousands of them to hire more nurses and aides — while giving them years to do so. The new rules from the Centers for Medicare & Medicaid Services are the most substantial changes to federal oversight of the nation’s roughly 15,000 nursing homes in more than three decades. But they are less stringent than…
Business class is amazing, but the price puts it out of reach for many travelers. Check out an easy hack to get the business-class experience for much less. [[{“value”:”
Image source: Upsplash/The Motley Fool
Flying business class is one of the best ways to treat yourself when you travel. You’ll get a much bigger, more comfortable seat. Many business-class cabins even have lie-flat seats that turn into beds. The meals are better. There’s more than just in-flight benefits, too. Most business-class tickets also get you into the airline’s lounges and an expedited security line.
Treating yourself comes at a cost, though. If you’re flying internationally, a round-trip business-class ticket could be $3,000 to $5,000 or more. As nice as it is, it’s also out of most travelers’ budgets.
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Luckily, there’s an alternative. I’ve been getting the business-class experience for years, and I definitely haven’t been paying thousands of dollars for it. Here’s how.
The best way to save on the business-class experience is by using travel credit cards. I recommend these for anyone who likes to travel, but especially people who are interested in higher-end travel. There are two ways travel cards can help you with this.
Paying in cash often isn’t your only option for booking a business-class seat. There’s another option that can save you quite a bit of money: Book your ticket through the airline’s frequent flyer program using your miles.
When you pay with miles, then the only things you need to cover with cash are taxes and fees. These can be as low as $5.60. Yes, you could fly business class for less than the cost of a specialty drink at Starbucks — if you have the miles.
That’s where travel credit cards come in handy. Most of us don’t fly nearly enough to earn the miles you need for a business-class ticket. But if you have a travel card, you can earn points or miles on your purchases. Travel cards also usually have large welcome bonus offers you can earn as a new cardholder.
If you normally fly with the same airline, you could get one of its airline credit cards. This will earn you miles directly in that airline’s loyalty program. But I prefer credit cards with transferable travel rewards. These let you transfer your points to many different airline loyalty programs. You can do this with cards in the following rewards programs:
Chase Ultimate RewardsAmerican Express Membership RewardsCapital One Venture RewardsCiti ThankYou Rewards
You don’t need a business-class ticket to get some of the benefits of flying that way. You could also open a premium travel card. These cards can be expensive — many have annual fees of $400 or more. But they often have similar benefits to what’s included with a business-class ticket, including:
A complimentary membership to an airport lounge program so you can use its lounges free of chargeA membership fee credit for services that get you through airport security more quickly, typically Global Entry, TSA PreCheck, or CLEARAccess to an airline’s priority check-in, security screening, and early boarding
With the right credit card, you can get the full business-class experience at the airport, even while flying economy.
The one thing you’ll be missing is a business-class seat on the plane. But you could book that using travel rewards, as mentioned earlier. Or you could book an economy ticket and see if there’s an option to upgrade before your flight. Some premium airline cards even get you on the complimentary upgrade list. And if you don’t get an upgrade, you’ll at least still have benefits at the airport through your credit card.
The reason I recommend travel credit cards is because I’ve experienced firsthand how useful they can be. And in particular, they make business-class tickets and benefits much more accessible, no matter your budget.
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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.American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 and Starbucks. The Motley Fool has a disclosure policy.
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Get to know the golden visa program better — as well as more affordable European visa options. oneinchpunch / Shutterstock.com
Recently, a reader wrote to me to ask whether she should buy property in Greece to qualify for residency under its golden visa program. She was considering the golden visa because she wanted more time in the Schengen Area than her U.S. passport allows (90 days in any 180-day period), but she had questions because she’d read that, even with a Greek golden visa, she’d still only be able to spend…
If you don’t research and save for healthcare costs ahead of retirement, you may get thrown for a serious loop. Read on to learn more. [[{“value”:”
Image source: Getty Images
Some of the expenses you face today may go down once you retire. For example, if you own a home, your mortgage might be paid off by the time your career wraps up. So if that’s a $1,400 monthly expense you’re dealing with now, you won’t have to worry about it in retirement.
However, if there’s one expense that tends to rise in retirement, it’s healthcare. As people age, health issues have a tendency to pop up. And while Medicare might pick up some of your costs, that doesn’t mean you won’t spend a large chunk of your retirement income on medical bills.
In fact, it’s really important to read up on healthcare in retirement and understand how Medicare works. If you don’t, you might end up struggling financially as a senior. Worse yet, you might end up in a situation where you can’t afford the care you actually need. With that in mind, here are some steps to take ahead of retirement.
The amount of money you might spend on healthcare as a retiree will hinge on factors like the state of your health, and how well you take care of yourself. But it’s a good idea to research general healthcare costs to get a sense of what you might be dealing with.
Fidelity says that the average 65-year-old retiring in 2023 could expect to spend $157,500 on healthcare during retirement. Your personal spending may be lower or higher. But this at least gives you a number to work with. If you figure on a 20-year retirement and rely on that $157,500 figure, it means you may be looking at almost $7,900 a year in medical expenses.
You may not be inclined to read about Medicare when you’re in your 30s and 40s and you know it’s not available to you. But the more you learn about it, the better you can plan for future healthcare expenses.
First, you should know that Medicare eligibility begins at age 65. So if you’re planning to end your career at, say, 62, you’ll need to factor in the cost of health insurance for the first three years of your retirement.
Plus, once you’re able to enroll in Medicare, it won’t be free. Original Medicare consists of three parts:
Part A, which covers hospital carePart B, which covers outpatient carePart D, which covers prescription drugs
Part A generally is free for enrollees, but there’s a monthly premium for Part B that changes annually. Right now, the standard monthly Part B premium is $174.70. That figure could rise (a lot) over time, and higher-income retirees pay more than that. There’s no standard cost for Part D, as it hinges on the plan you choose — but there is a cost.
On top of that, you’ll have copays, deductibles, and coinsurance to cover for services covered by Medicare. Those are definitely expenses to factor into your budget.
Because healthcare might cost you so much in retirement, it’s a good idea to save for it specifically. Sure, you could pad your IRA or 401(k), but you might feel better knowing you have dedicated funds available for healthcare during your senior years.
To that end, it pays to fund an HSA, or health savings account, if you’re eligible to. HSAs let you save for healthcare in a tax-advantaged manner. You can contribute to an HSA any year you’re eligible and carry that money into retirement so you have separate funds for healthcare only.
The requirements to participate in an HSA change yearly. In 2024, you’re eligible with a self-only health plan that has a minimum deductible of $1,600 and an out-of-pocket maximum of $8,050. If you have family coverage, you need a minimum deductible of $3,200 and an out-of-pocket maximum of $16,100.
You’re not doomed if an HSA is off the table. You could open a regular brokerage account and save and invest funds for healthcare there. You won’t get the same tax breaks as with an HSA, like tax-free contributions, growth, and withdrawals, but it’s an option nonetheless.
If you don’t plan ahead for healthcare costs in retirement, you might end up struggling financially as a senior. And, you might end up skimping on care and suffering as a result. To avoid that, read up on healthcare in retirement and Medicare, and do your best to save for that expense so there’s money dedicated to it.
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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.Maurie Backman 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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Loud budgeting and saving money shouldn’t make you lonely. See how to fight FOMO and avoid downsides of loud budgeting with creativity and a sociable spirit. [[{“value”:”
Image source: Getty Images
Loud budgeting is not just a goofy video trend on TikTok encouraging people to be more vocal about their money goals; it’s become a mini-movement and Gen Z rallying cry in the world of personal finance. Gen Zers love loud budgeting because it’s giving them a new vocabulary to talk about their spending, debt, and financial wellness.
But budgeting isn’t always easy or painless, even when it’s “loud.” According to a new survey from Clarify Capital, Gen Zers who use loud budgeting habits often feel a few drawbacks and pain points. If you want to get the biggest benefits of loud budgeting, it’s important to be aware of the possible downsides.
Let’s look at the top three downsides of loud budgeting, according to Clarify Capital’s survey of Gen Z.
The Clarify Capital survey of Gen Z found that 56% of loud budgeters said they sometimes feel “fear of missing out” (FOMO) on events. If you’re sitting at home, cooking dinner for yourself and canceling streaming subscriptions to save money, it’s easy to feel like the real action is out there, where life is happening without you.
But saving money doesn’t have to feel lonely. Here are a few ideas to turn frugality into a more sociable, creative activity:
Have a picnic brunch in the park instead of bottomless mimosas at a crowded (pricey) restaurant.Start a hiking club that meets at local forests and nature preserves, instead of going to an expensive gym.Host a Netflix and microwaved popcorn party at your place, instead of shelling out big bucks for a movie theater.Host a Spotify DJ party at your home, with drinks and dancing for a much lower cost than a night out at a club.
Maybe it’s not “spending money” that you really miss; maybe you’re just wistful about not spending enough time with good people in your life. You can still have fun occasions and happy memories, while saving money in creative ways.
The second biggest drawback of loud budgeting that was mentioned by the Clarify Capital survey was “living below your desired means” (mentioned by 48% of respondents).
If you want to save money for the future, there has to be a trade-off between the goals and desires of present-day “you,” and “future you.” Sometimes that means “present-day you” must accept a lower standard of living, so that “future you” will be better off. Are both of you going to be happy with the deal?
Here are a few examples of living below your means that (most people) might consider fair and reasonable:
Saving money on takeout by cooking at homeCutting expensive conveniences so you can boost your emergency savingsCanceling subscriptions or memberships that you don’t use enoughChoosing lower-priced clothes instead of buying all-new, high-end, designer labelsBuying a used car instead of a new carWaiting a few years to buy a home so you can save up for a bigger down payment
But sometimes living below your means is extreme and impractical, in a way that reduces the well-being of current you and “future you.” Here are a few situations where choosing to save money instead of spending could be the wrong move:
You live in a place that feels unsafe or has high levels of criminal activity: your home needs to be a peaceful, restful place for you to recharge after a long day at work. If you can afford to move to a better neighborhood, that money is well-spent.Your car is breaking down so often that the mechanics don’t recommend fixing it anymore: Sometimes you just need to spend the money and get an auto loan to have a reliable car. It’s important to have good transportation to get to work, and it can be worth borrowing for.You haven’t been to the doctor or dentist in years: “Health is wealth.” If you can afford to pay your copay or whatever it costs to get an annual physical and occasional dental checkups, spend the money. Trying to skimp on healthcare is often a false economy — you end up paying for it in other ways.
The third most common loud budgeting drawback mentioned in the Clarify Capital survey was “financial pressure” (39% of respondents). Sometimes when you’re saving money, that automatic transfer from your checking account each month feels like another “expense.” Let’s say you’re trying to save $500 per month, and you earn $4,000 per month — that savings goal is eating up 12.5% of your income!
Loud budgeting can cause financial pressure in other ways. What if you make big promises about how much you’re trying to save, and then fail? What if you try hard to save money each month, and give up going out for tasty dinners and fun times, and you still can’t make the numbers work?
But here’s the thing to remember: taking control of your financial life is always worth trying, even if you fall short of the goal. And you don’t have to do it alone. The best budgeting apps today make it easier than ever to see how much money you make, where it goes, and what you could do differently.
Loud budgeting is not a magic wand; there are still going to be challenges and drawbacks along the way. But if you’re aware of the drawbacks of loud budgeting, you’ll be more likely to stay on target for your financial goals. Try to approach your personal finances with clarity, intention, and creativity. You can have the life you want, while still having money in the bank.
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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 positions in and recommends Netflix. The Motley Fool has a disclosure policy.
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It’s not easy for families to live on one income, but there are some benefits to doing so. Read on to find out a few financial perks for stay-at-home parents. [[{“value”:”
Image source: Getty Images
The latest data from the Pew Research Center shows that about 18% of American parents don’t work for pay, which was unchanged from 2016.
Families with a stay-at-home parent aren’t often associated with being financially better off than those with two working parents, but there are some benefits. Let’s look at four little-known financial perks families with a stay-at-home parent have.
My wife homeschools our two kids, something she succeeds at after working for a short stint as a lawyer. She’s not alone, either; according to FlexJobs, 34% of stay-at-home parents left managerial or higher-level jobs to stay at home.
When she opted to stay at home, we ditched one of our vehicles. We’ve had just one car for our family of four for about five years, and it’s likely saved us a good chunk of change. Kelley Blue Book estimates that if someone purchased a vehicle for $19,272, the cost of ownership over five years — including fuel, financing, car insurance, maintenance/repairs, and depreciation — would be $35,998.
I’d like to say that my savings account has that much more money in it because I only own one car, but that’s not quite accurate. Still, with car insurance prices up 24% from 2022 to 2023, having one fewer car can definitely help families reduce their monthly expenses.
Managing your kids’ and work schedules can be very difficult and expensive. Many parents have to pay for some form of child care, and 47% of them spend more than $1,500 per month on it, according to Care.com’s 2024 Cost of Care Report.
Child care expenses can weigh on anyone’s monthly budget, and the report says that families spend nearly one-quarter of their income on it, and about 33% of families dip into their savings to help cover the cost.
Care.com’s report says 25% of Gen Z and millennial mothers say they’re stay-at-home parents either because they want to be home with their kids or because child care is too costly.
For some parents, staying at home may be cheaper than paying for child care. Of course, many people want to work, and stopping work can lower someone’s lifetime earnings if they re-enter the workforce later.
There are many daily expenses working parents have to pay for that stay-at-home parents don’t. For example, the average American spends $1,945 on apparel and services (like dry cleaning) every year, and some of those costs go directly to a person’s work clothes. Since stay-at-home parents don’t have to buy work clothes, some of these costs can be kept out of the monthly budget.
Additionally, a report from Owl Labs says that office workers spend an average of $1,020 monthly on job-related expenses. For example, the average worker spends $16 on lunch daily, $8 for parking, $14 on commuting, and $13 on breakfast and coffee.
Not all apparel expenses or lunches out can be eliminated by staying at home. Still, if we estimate that at least one-third of those expenses go by the wayside, families would save about $988 annually from these costs alone.
While many stay-at-home parents don’t work, FlexJobs says 34% of stay-at-home parents work on freelancing projects to earn money.
Zippia estimates that the average side hustle earns about $483 per month. For many families’ budgets, that extra cash could offset some of the rising costs of housing and groceries over the past couple of years.
While staying at home isn’t the right choice for all parents, there are some financial benefits. And with more people able to make money from side hustles than in the past, there may be more work options for stay-at-home parents than in the past.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
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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