Considering all the particular preferences of coffee shop regulars, Cafe Duet has made its stake in keeping it simple.The cozy Stroudsburg coffeehouse off Courthouse Square boasts a full breakfast, lunch and beverage menu, but its coffee-based and tea drinks are very traditional.Barista Luke Heller said 90 percent of its drinks, aside from coffee, depend on espresso as a key ingredient. That means Cafe Duet — on days when Monroe County Farmer’s Market customers [...]
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الأحد، 18 ديسمبر 2016
My Seven Favorite Ways to Save Money on Travel
Over the last year, we have taken family vacations to different cities in Mexico, Jamaica, and Florida. Add onto that, my husband and I traveled alone to Barbados, Grand Cayman, Italy, and Greece.
Since I write about travel all over the web, our trips are always part work and part play. But that doesn’t mean it’s all free.
While writing about travel means I get tax deductions for some of our expenses, I still need to pay for the bulk of our trips upfront. And for every freebie I get, there are 10 fun (read: expensive) experiences I feel like I cannot live without.
Since we live on a tight budget, travel is one area where we constantly run the numbers looking for ways to compromise. It’s important for us to travel and experience the world, but as always, our family’s financial health must come first.
How We Save on Family Travel
Fortunately, saving on travel isn’t that hard if you’re willing to make trade-offs. A few hours of research each month easily yields thousands of dollars in savings for us, and of course we use travel rewards to save even more.
None of our strategies are rocket science, but they help us stretch our travel budget so we can go farther and actually enjoy the experiences we crave. Here are my favorite ways to save on travel, most of which anyone can use:
Have some flexibility in terms of where you go.
If I could only offer one piece advice, it would be to keep your mind open as you explore travel options. If your mind isn’t set on an exact destination for each trip, you can easily save hundreds – or even thousands – of dollars, even if most of the other variables (like travel dates and climate) are the same. This is especially true when it comes to booking flights. Because the price of airfare fluctuates all the time, you could wind up with a rotten – or awesome – deal depending on where you’re going and when you book.
Let’s say you’re angling for a beach getaway, but don’t want to travel too far from the U.S. I would start by making a list of four or five options to consider. Maybe you love the east coast of Florida, but would also consider the state’s west coast, the Bahamas, or even South Carolina or the Gulf Coast. By at least considering more than one option, you’re expanding your options to save.
Once you have a list of travel “maybes,” start by comparing flight options to each of your spots. After that, you can narrow down your list by pricing out hotels or rental condos. Depending on your dates, you might find that Bahamas flights are on sale and flights to the Myrtle Beach area are absurd, or vice versa. Or maybe you’ll find that Tampa or Fort Lauderdale are super cheap through a discount carrier like Southwest or JetBlue. When you add accommodations, you can see which one of your options is the best deal overall. You can also add in other travel expenses like food costs, rental cars, and activities to come up with an even better idea of how much you’ll spend.
By comparing prices for several destinations you’re willing to consider, you can take advantage of destination-themed sales and score the best deal possible. But if you only consider one, you’re stuck paying whatever prices the market will bear.
Travel off-peak when you can.
While having kids in school can spoil your off-peak travel plans, it’s still possible to save by traveling outside peak travel times. You might be stuck traveling during certain weeks of the year, but you can still mix up your dates and times to save.
Here’s a good example: My kids get two weeks off for winter break, making winter an excellent time to travel. Unfortunately, winter break is easily one of the busiest and most expensive travel times of the year. To save money, we opt to travel after Christmas instead of during or before. That means this year’s trip is at the beginning of January instead, but we’ll still return before school starts back up on January 9th.
Another way to save is to travel during the least busy days of the week. Out of our home airport in Indianapolis, that usually means Tuesday to Tuesday. We also pick the first flight of the day, which can lead to even more savings.
Take advantage of free breakfast.
In expensive cities especially, I always go out of my way to book a hotel or inn that offers free breakfast. A lot of times, having a large breakfast helps us avoid a large meal at lunch. So really, we’re getting two or at least 1 ½ free meals every day.
Depending on where we go, getting free breakfast can mean booking at a bed and breakfast or an overnight stay at a small inn. It can also mean booking a night at the Holiday Inn or another small chain hotel that includes continental breakfast as part of your stay.
Book rental condos instead of hotels.
Rental condos might be the perfect option for families with kids. For our beach trips, we almost always book a rental condo. With our own kitchen, we can cook some of our meals at home and save money on dining out. And with a living area to ourselves, we can spend time relaxing in our condo without feeling the need to go out and spend money.
Most of the time, we eat breakfast and lunch in our condo and only go out to dinner when we’re able. This strategy easily helps us save $50 – $100 per day, and we often save more since rental condos are often more affordable than hotels in the first place.
- Related: Renting a House as a Vacation Option
Pay attention to flash sales, and be willing to plan ahead.
If you’re flexible with your dates and destinations, watching out for flash sales can help you save on both airfare and hotels. Just last week, I booked flights into Madrid and out of Paris for my husband, myself, and the kids for fall break next year. Our cost? Only $1,723 round-trip for all four of us — less than $450 per person, including taxes. The only reason this was possible was because I took advantage of a flash sale that only lasted a day. Oh, and I was willing to book airfare nearly 11 months out, which is not for the commitment-phobic.
In addition to watching for great sales on international fares, I also check for sales on my favorite domestic airlines. Southwest Airlines has all kinds of lucrative sales all year-long, as does Frontier Airlines, Allegiant, and JetBlue. By watching for sales and having the money saved up, you can pounce when the price is right. Again, this does require some flexibility and the ability to book at a moment’s notice.
Fortunately, you don’t have to shop for flights manually to save. If you want help spotting the best deals as they com up, set up price alerts on airfare sites like Kayak.com and check websites like The Flight Deal and Secret Flying frequently.
Consider all-inclusive resorts.
While the value you’ll get at an all-inclusive resort depends on where you stay and how you normally spend money, I’ve found that all-inclusive resorts can be an awesome deal for families. We’ve been to several of them with the kids, and I find they make planning a breeze.
At the Holiday Inn Resort in Jamaica, for example, room rates start at around $188 per night for our family of four. We’ve been there two years in a row and already have a third trip planned for next year. Since food, drinks (including alcohol), and entertainment are included, you seriously cannot beat it. Even if you count the “room rate” as $100 of each night’s stay, that means we’re eating three meals, enjoying an awesome beach and pool, and watching nightly shows for $88 per day for four people.
Even without kids, all-inclusive resorts can be an awesome deal. Later this month, I’m heading to Breezes Super-Inclusive Beach Resort in Nassau, Bahamas with my sister. The nightly rate at this property is extremely affordable, and it includes everything – food, drinks, non-motorized water sports, entertainment, and even tips. By booking a property that includes everything you need, you can save money and avoid a surprise vacation bill when you return home.
Get serious about credit card rewards.
While we do spend our own money on travel, my family also relies heavily on credit card rewards. We hoard airline miles for the bulk of our air travel, then cash in flexible travel points or hotel points for our stays. We also use cash-back rewards to cover some incidentals like train travel, public transportation, and entries into museums and attractions.
My favorite rewards program by far is Chase Ultimate Rewards. With Chase Ultimate Rewards, you have a lot of flexibility in how you use your points. For example, while you can book hotels, airfare, rental cars, and activities directly through the Chase Ultimate Rewards portal, you can also transfer Chase points to popular loyalty programs like British Airways, Southwest Rapid Rewards, United MileagePlus Explorer, Marriott, Hyatt, Ritz Carlton, and IHG at a rate of 1:1.
There are plenty of great travel credit cards to consider depending on your family’s travel style and spending habits. Make sure to shop around before you decide on the best card for your needs.
- Related: Best Travel Credit Cards
Final Thoughts
Travel isn’t cheap, but there are plenty of ways to save if you’re willing to compromise. If your budget is a huge concern, don’t be afraid to consider multiple destinations and think outside of the box. Most of all, it helps to start planning early and be ready to pounce when a good deal comes along.
You never know when an amazing flight or hotel deal will pop up, but you’ll only be ready if you keep your eyes and ears open.
Holly Johnson is an award-winning personal finance writer who’s obsessed with frugality, budgeting, and travel. She blogs at ClubThrifty.com and teaches others how to write online at EarnMoreWriting.com.
Related Articles:
- Five Reasons Everyone Should Get the Chase Sapphire Preferred Card
- Why I’ll Never Feel Bad About My Vacation Spending
- The Disney Hangover: Are Brand-Name Vacations Worth the Price?
What is your favorite way to save on travel? What was your favorite cheap trip so far?
The post My Seven Favorite Ways to Save Money on Travel appeared first on The Simple Dollar.
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You’re Probably Paying Too Much for Life Insurance. Here’s How to Save
If I had to pick between paying extra for bacon on my cheeseburger or handing those dollars to an insurance company, I think I know which I’d choose.
Hopefully we’re all on the same page here.
Paying money to a life insurance company isn’t likely at the top of anyone’s fun-ways-to-spend-money list. While some people are happy to get approved and just pay to keep the insurance company from calling during dinner, a little due diligence can help us save in the long run.
As a seven-year veteran in life insurance sales, I’ve spoken to thousands of consumers all across the country about their purchases, and most of them make similar mistakes over and over. I can shed some light on these common errors and save you time and money.
Whether you’re buying new or looking to drop your premiums, here are seven ways many people are overpaying on premiums — without even realizing it.
1. Paying Quarterly
This payment method is outdated and it’s costing you. Never choose to pay quarterly when you’re handing over your payment information at application.
“Based on our data, 99.9% of the time, you will pay less per year if you make your payments monthly versus quarterly,” said Nic West, president of NinjaQuoter. “Because the carrier doesn’t have to directly bill you and lapse rates drop significantly, it’s an easy way to save a couple bucks, and get your payment automated.”
But hey, let’s not stop there. Why not save even more? Try paying annually, if you can afford it!
Here’s a quick breakdown of costs for a healthy, non-smoking male, aged 35, who’s considering a 10-year, $250,000 policy.
Note: Rates shown here are representative of actual quotes for a top-rated applicant and are subject to underwriting and carrier availability.
Quarterly: $34.25 per quarter, or $137 total per year
Monthly: $11 per month, or $132 total per year
Annually: $125 per year
This person would save nearly 9% just by switching their payment from quarterly to annually.
2. Skipping the Exam
One increasingly popular life insurance product is one where you can skip the medical exam. Sounds peachy, right?
If you’re tragically scared of needles, go for it. But you can earn yourself a lower rate by taking the exam.
While the savings can be nominal, older applicants and those looking for larger amounts of coverage could see more drastic savings.
The cost of life insurance increases as age does. The age-based increases are exponential, not linear, so the costs creep up for younger applicants but skyrocket for older applicants.
Let’s play the numbers game again with the same gentleman from above.
No Exam Policy: $12.03 per month or $137.50 annually
Fully Underwritten Policy: $11 per month, or $125 annually
If you’re going to pay your life insurance premiums for 10 or even 20 years, is a medical exam worth saving 10% or more to you?
3. Buying the Wrong Product
Ah, the old “term versus permanent” debate.
For the average person, a term policy will do just fine. Term is your most basic policy, where the only components are a premium and death benefit; however it terminates after a certain period. A term life policy is your cheapest option, per thousand of coverage.
Permanent life insurance, which costs more because the carriers are on the hook to pay out regardless of when you die, has more niche purposes than most of us will need. The excess premium you pay for permanent coverage also creates a small, accessible cash value, too.
But, I think we all know we’re not buying life insurance to make money.
The argument doesn’t stop there, as life insurance companies are more clever than ever. Have you heard of Return of Premium Term? It’s a policy where you pay a little extra for what is essentially a term product, but when you get to the end of the designated term period, you get all your money back!
Is it worth it? Let’s find out using a similar simulation from above on a 20-year duration.
Return of Premium (ROP) Term: $46.54 per month, or $535 annually
Traditional Term: $14.13 per month, or $161.49 annually
Ouch! Sure, maybe you get a nice check for over $10,000 when it’s done, but are you willing to more than triple your outgoing cash for it?
Oh, by the way… if you don’t make it to the very last month, you get nothing back.
4. Locking In Rates for Far Too Long
No one can predict the future, but if you decided to lock in your rates for too long, you’ll end up overpaying for as long as you keep your policy.
The idea behind locking in rates is you won’t have to worry about increasing costs or retaking the medical exam. You’re locking in your younger, healthier you in case you decide to convert to a permanent policy later.
These points aren’t wrong, but if you can’t reasonably expect to keep the same life insurance policy for 30 years, don’t buy it.
Here’s what the guy from above would have to choose from based on term length:
10 Year: $11 per month, or $125 annually
20 Year: $14.13 per month, or $161.49 annually
30 Year: $23.32 per month, or $266.49 annually
The jump in premium to a 20-year policy may not hurt too much, but the 30-year policy is quite the hike. The security of owning a 20-year policy for just a few bucks more might seem worth it, and there’s no fee or penalty to lower the benefit or close a policy before its end date.
However, as the age of the applicant increases, the differences in premiums grow faster and faster. For this reason, choosing the right duration is even more important for older applicants than younger ones. That way you ensure you’re not paying for something you’ll never need.
5. Falling for the ‘Bundling’ Trick
Did your local insurance agent ever ask you to “save” by “bundling” your life insurance, car and homeowner’s insurance policies?
Do yourself a favor: Don’t.
“For the first time, satisfaction with price is higher among unbundled customers than among bundled customers,” according to J.D. Power and Associates.
The additional cost of bundling the life insurance policy is enough to offset the discount on your car insurance, and then some. In other words, if you kept the higher car insurance premium and bought a separate life insurance policy, the net cost of the two would be lower than a “bundle.”
6. Getting Suckered Into Intro Offers
Introductory offers aren’t just for credit cards.
Several companies specializing in senior life insurance products are happy to offer the first month’s coverage for just a dollar! But then what?
These policies have a lot of backend backlash!
For example, starting in month two, they push you into age brackets of up to five years separation, spreading the heavy costs over all the applicants in this age group.
Wait, there’s more! They also get you by saying there’s “no medical questions” and “no medical exams.”
These guaranteed life insurance policies not only cost the most per thousand compared to any other life insurance, but they also have graded payouts, meaning your beneficiaries may only get a portion of the benefits you applied for in the first two or three years of the policy.
7. Paying Smoker Premiums When You Don’t Use Cigarettes
It’s well established that smoking costs money. While we can’t help cigarette users, there’s a quick and easy win for those of you who use e-cigarettes but are still paying smoker’s rates because your agent didn’t know otherwise (tsk, tsk).
E-cig users now have access to rates up to standard plus (a discounted rate, even). The best three non-smoker ratings you can get, all considered discount premiums, are Preferred Plus, Preferred, Standard Plus. Each is slightly discounted compared to the base premium, called Standard.
The only caveat? You cannot have used a single cigarette or other tobacco product — aside from e-cigarettes — in the past year and you must disclose this information on your application.
It’s imperative you let the insurance company and agent know about your e-cigarette use at the time of application — not after they find out through a blood test or mouth swab.
And, finally, if you’ve made it this far, here’s a little extra nudge for your wallet.
Bonus Tip: Ask About Paying With a Credit Card for Points Or Cash Back!
Not many carriers are on board with this just yet, but you’d be surprised which companies are.
Ask to pay your premiums with a credit card and take advantage of the perks your card offers, like cash back or some much-needed points to get you your next ticket to paradise.
Jason Fisher is a multi-state licensed life insurance agent and founder of BestLifeRates.org, a seasoned craft beer snob and homebrewer, avid runner, a father to two wild and crazy boys, and a diehard Ford Mustang enthusiast.
The post You’re Probably Paying Too Much for Life Insurance. Here’s How to Save appeared first on The Penny Hoarder.
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