Money Management

Discover key ways seniors can save on home insurance. Here’s how to unlock discounts for big savings. [[{“value”:”

Navigating the waters of home insurance as a senior can feel a bit like trying to make a gourmet meal out of leftovers. You know there’s potential there, but how do you unlock it without ending up with something that resembles a kitchen disaster? Fear not! With a sprinkle of savvy and a dash of know-how, seniors can save a bundle on home insurance. Let’s dive into the smorgasbord of options.

1. Chat up your insurance agent and ask for senior discounts

Don’t underestimate the power of a good chat. Your insurance agent can be your ally in uncovering hidden discounts. For instance, some insurers offer a “mature homeowner discount,” which could save you 10%-25% if you’re over 55 and retired. That’s a saving you wouldn’t want to miss, all from just picking up the phone.

Many insurers offer senior discounts. For example, a 10% discount for seniors over 65 could mean an annual saving of $120 on a $1,200 policy. It’s a simple acknowledgment of your experience and stability, translating into direct savings for you.

2. Bundle and save

Bundling home and auto insurance can lead to an average of 16% savings. It’s like hitting two birds with one stone. If you’re paying $1,200 a year for home insurance and $1,000 for auto insurance, a 16% savings on the bundled cost could reduce your total payment to $1,848, saving you $352 annually.

3. Increase your deductible

Raising your deductible from $500 to $1,000 could reduce your premium by up to 7%. Raise it to $2,000 and you could save 16%. If you’re comfortable with a higher out-of-pocket cost in the event of a claim, this could lead to significant savings. On a $1,200 policy, that’s up to $192 back in your pocket each year.

4. Make your home disaster-ready and safer

Fortifying your home against natural disasters might involve some upfront costs, but the long-term savings on insurance can be substantial. For example, upgrading to storm-resistant roofing can reduce premiums by 5%-35%. On a $1,200 policy, that’s a $60 to $420 yearly savings, plus the added peace of mind.

Also, adding security features to your home makes you feel safer and can lead to discounts. For instance, installing a burglar alarm or a monitored security system could lower your premium by up to 20%. On a $1,200 policy, that’s a potential saving of $240 every year.

5. Shop around

Comparison shopping can reveal significant price differences between insurers. A study found that premiums can vary by more than $1,000 annually for similar coverage. Spending a little time getting quotes can lead to substantial savings. Just a 10% lower rate from shopping around could save you $120 on that hypothetical $1,200 policy.

Armed with these strategies and a bit of determination, seniors can find multiple ways to reduce their home insurance costs without compromising on coverage. It’s about being proactive, asking the right questions, and making informed choices. With these tips, you can ensure your retirement savings go toward enjoying your golden years rather than overpaying for insurance.

Our picks for best homeowners insurance companies

There are many homeowners insurance companies to choose from. We’ve researched dozens of options and short-listed our favorites here. Looking for a green build discount or easy bundle policies? Want an easy-to-use interface? Read our free expert review and get a quote today.

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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Some people worry that rewards credit cards will cause overspending. But the best credit cards give you new control over your budget. Find out how. [[{“value”:”

Sometimes people are concerned about getting started with rewards credit cards because they don’t want to overspend or hurt their credit. It’s true that if you’re not careful and organized with paying off credit card balances, you might owe interest or spend more than you intended.

But if you’re the kind of person who enjoys managing your budget and using online banking apps, rewards credit cards can be a fun way to improve your life. Rewards credit cards make me feel like I’m making money from my everyday spending.

I just recently got started with the rewards credit cards hobby, but here are a few ways that these credit cards are already making a positive difference in my personal finances.

1. I’m more aware of my monthly spending

Before I signed up for rewards credit cards, I was concerned that the cards might make me lose track of my spending. “What if I pay for too many things with one card, and forget to pay it off?” The truth is the exact opposite. Using rewards credit cards has let me turn my banking app into a home base for my everyday spending and monthly budgeting. I know exactly where my money is going, and I’m getting reward points along the way.

2. I feel more in control of my budget

Critics of rewards credit cards warn that these cards give people an incentive to overspend. I’ve found my experience to be the exact opposite: Rewards credit cards are giving me extra motivation to pay attention to my monthly budget and know where my money is going.

My mobile banking app has built-in budgeting features so I can see how I spend. And the app makes it easy to pay credit card bills on time, or even early — paying off credit cards before the statement date can help keep your credit utilization ratio low.

Reward credit cards aren’t making me spend too much; they’re giving me better visibility for how I spend, and when. Now I have a better sense of the ups and downs of my monthly cash flow.

3. I’m more likely to seek out good deals on everyday shopping

Here’s a fun perk of rewards credit cards that I didn’t know about: They often have special offers. These targeted offers appear within my Chase banking app, and they’re easy to activate. Then I use my Chase card to buy from each special offer brand or merchant, and get 10% discounts (or more), or get cash back as a statement credit.

I recently cashed in a $12 discount on some new clothes that I needed from StitchFix, and I’m also seeing tempting offers like 10% cash back on Lindt chocolates or up to 10% cash back on Southwest Airlines purchases.

4. I’m excited about paying big bills

Paying the bills every month is no longer a mundane chore; it’s an opportunity to maximize credit card rewards! I am using my rewards credit cards to pay as many bills as possible, even my utilities bill and my health insurance premium. I’m not afraid of paying my taxes or getting a price hike on my auto insurance — more points for me!

Want to see how this works? Let’s say a credit card gives you a welcome offer of 1.5% of additional cash back on the first $20,000 you spend on the card in the first year in addition to 1.5% cash back on most everyday purchases. Let’s say you run all your monthly bills through this card, spending $2,000 per month, for 10 months. You’ll spend $20,000 and get 3% cash back, or $600. And you may be able to spend that cash back in your card’s shopping or travel portal, making it worth even more.

5. Shopping is more fun

My new credit card has some fun perks like a free DashPass membership, which has already saved my family money on DoorDash delivery fees. And another card in my wallet has different bonus categories each quarter that give an extra 5% cash back on purchases from that quarter’s category, like groceries or restaurant meals.

Now with everything I buy, I’m thinking about it in terms of “how many rewards points will I get, and how can I convert them into travel rewards?” Instead of just paying bills and buying groceries, credit card rewards turn everyday life into a fun game behind the scenes of the financial system. I’m getting a little something extra out of my life as a shopper, and it feels good!

Bottom line

If you are trying to improve your credit score or struggle from excessive spending, rewards credit cards might not be right for you. Don’t put yourself at risk of damaging your credit or racking up credit card debt. But if you have a strong credit score and are curious about rewards credit cards, applying for one of the the best credit cards could be a good place to start. Rewards credit cards can make your everyday life feel a bit richer.

Alert: our top-rated cash back card now has 0% intro APR until 2025

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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends JPMorgan Chase and Target. The Motley Fool recommends Flow and Southwest Airlines. The Motley Fool has a disclosure policy.

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How much does it cost to care for a cat each year? A Rover study asked pet parents to weigh in. Learn the results here. [[{“value”:”

It takes a lot of work to care for a pet. Before adopting a cat, it’s wise to consider whether you can meet your new fur pal’s needs. That includes giving them a safe place to live, plenty of attention, and being financially able to care for them.

If you’ve never owned a cat but are considering adding one to your family, it’s a good idea to research the care costs first. Keep reading to discover how much the average pet parent spends on their cat. It may be more money than you think.

Pet parents are spending up to $2,865 on annual cat expenses

Rover’s The Cost of Cat Parenthood in 2024 study examined how much the average pet parent spends on their cat. The study researched the average cost during the first year of pet ownership and the average annual cost. Pet owners’ spending varies greatly.

According to the study findings, cat moms and dads spend between $535 to $2,810 during the first year of ownership. Many pet owners pay additional expenses like adoption fees, vet exams and vaccinations, initial pet supplies, microchipping, and spay or neuter surgery when they first adopt a furry companion.

Even after their first year together, pet parents spend significant money to give their cats love and care. Regular expenses include food, toys, litter, and annual wellness exams. Cat parents spend between $710 and $2,865 yearly to care for their furry friends on an ongoing basis.

Unless your pet has unique medical concerns, you will likely get away with spending much less than $2,865 annually for their care. However, this study is a good reminder to consider how your finances will be impacted by adopting a pet.

It’s excellent that you want to give an animal a safe, loving home. But you don’t want to risk not being able to afford their care after adopting them. You should also consider the day-to-day care your cat will require and ensure you can physically and emotionally meet their needs.

How to financially prepare to become a pet parent

Here are some suggestions to help you financially prepare so you can give your cat the best life possible.

Build an emergency fund

Even the healthiest pets have emergencies. Before you adopt your new furry friend, you’ll want to have savings in the bank to afford emergency medical needs if they arise.

Keeping your emergency fund in a high-yield savings account is recommended, because you’ll earn interest while your cash sits in the bank. With a sizable emergency fund, you can avoid using a credit card to pay a costly vet bill. You don’t want to risk racking up credit card debt.

Set and stick to a budget

Following a budget is a great strategy to ensure you spend within your means. Before adopting a pet, you may want to get used to setting and following a budget to ensure you can afford the additional expenses of being a cat parent. If you’re new to budgeting, one of the best budgeting apps may help.

Consider investing in pet insurance

Some pet owners buy pet insurance to help protect themselves financially. A pet insurance policy can help you pay for eligible expenses, like vet bills and medical needs. This coverage is an additional expense to budget for, but it may give you peace of mind to have a policy.

The Rover study above found that pet owners pay between $10 and $100 monthly for cat insurance. Costs vary by plan and insurer, so compare rates before buying a policy. Review our list of the best pet insurance companies before bringing your new cuddly creature home.

By using these strategies, you can better prepare for the financial responsibilities of caring for a cat. Owning a furry companion may not be cheap, but it’s well worth it.

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.

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Costco offers low prices on phones, plus exclusive discounts when you buy one with a new service plan. Learn how Costco can help you save on your next phone. [[{“value”:”

When I first heard you had to pay $60 to get a basic membership at Costco, I was skeptical the store would help me save enough to justify adding another annual expense to my budget. But, now that I’m a member, I’ve discovered multiple ways to earn back the cost of a membership in a single purchase.

One of those is buying a smartphone through Costco. Although Costco doesn’t have a huge selection of phones, it offers great savings through its partnerships with AT&T and T-Mobile. If you’re in the market for a smartphone, here are some reasons you might want to check out Costco’s deals.

1. Costco members get extra discounts for new plans and phones

If you’re in the market for both a smartphone and a new plan, Costco might give you an extra discount for enrolling with one of its partner carriers, AT&T or T-Mobile.

For example, you can get up to $350 off an eligible smartphone when you switch to AT&T from an eligible third-party carrier and purchase the phone on a 36-month 0% APR plan. It will also waive the $35 activation perk for Costco members only. Meanwhile, T-Mobile and Costco offer a combined $400 off when you activate a new line with a Go5G plan (other terms may apply).

Those are two of the best deals you’ll find for a new plan and phone. But read the fine print first to see what the deal entails. For example, the T-Mobile discounts says $400 off, but what it means is that you’ll get a $250 prepaid Visa Card to use at T-Mobile or Costco and a $150 Costco Shop Card. Meanwhile, the AT&T isn’t a flat $350 off, but rather a $100 Costco Shop Card and a $250 discount spread out over 36 months. In this way, you’ll get $6.95 off your smartphone for every month during your 36-month installment plan. Your savings will eventually come out to $350, but it doesn’t all come at once.

If you’re okay with those conditions, the $350 and $400 savings are hard to beat. You can also trade in your old smartphone to get money off your new one. All in all, it can be a good deal, especially if you’re willing to switch to a new carrier.

2. Low prices on new iPhones

If you don’t need a plan, you could always buy an unlocked iPhone. To be sure, Costco doesn’t have a huge selection of iPhones. In fact, if you’re shopping online, you can only purchase the iPhone 15 Pro and iPhone 15 Pro Max. Even so, Costco’s prices are slightly lower compared with Apple.

These are just the face prices, however, and don’t take into account discounts from trade-ins or cash back you might get with the right credit card. If you plan to trade in your iPhone for a new one, I would recommend getting a trade-in value from both Costco and Apple, as Apple typically gives higher trade-in values than Costco does.

3. Longer return policy than most phone carriers

Costco gives you 90 days to return your smartphone, which is significantly longer than most phone carriers. For instance, T-Mobile and AT&T both give you 14 days, while Verizon gives you 30 days.

Having more time to return your smartphone ensures that any hidden manufacturing problems can manifest before the policy runs out. On the flip side, you might have to pay a restocking fee for some smartphone returns. For example, you might have to pay a $55 fee for some phone purchases made on an AT&T plan.

All in all, if you’re in the market for a new smartphone, Costco might provide you with the best way to save money. Toss in the fact that you can also buy many phone accessories for cheap — like headphones and headsets — and you could keep even more in your savings account.

Alert: our top-rated cash back card now has 0% intro APR until 2025

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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Apple, Costco Wholesale, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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