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6 new rules for smarter European travel

September 20, 2022 By Liz Weston

Tourism rebounded this summer in Europe — and Europe wasn’t ready. Pandemic-related staff shortages led to massive lines and flight cancellations at many airports; meanwhile, prices for hotels and taxis soared.

Then there were the record-breaking temperatures that caused roads, airport runways and railroad tracks to buckle , leading to further disruptions.

Our family of three visited Europe this summer — our first trip there in three years — and had a great time despite the challenges. Still, climate change, growing crowds and lingering effects of the pandemic have altered the way we travel. In my latest for the Associated Press, learn tips to save money and have a better trip experience to Europe.

Filed Under: Liz's Blog Tagged With: tips to travel Europe

Monday’s need-to-know money news

September 19, 2022 By Liz Weston

Today’s top story: To prepare kids set to invest with custodial accounts. In other news: 8 Latino financial pros on building wealth and knowledge in 2022, Smart Money Podcast on fall money tasks, and saving enough to retire, and if a line of credit is right for your business recession plan.

Get Kids Set to Invest With Custodial Accounts
To prepare kids to take over their custodial accounts, they need financial education and solid money habits, which can be developed early on.

8 Latino Financial Pros on Building Wealth and Knowledge in 2022
Education about finances and talking honestly about money are key, Latino financial experts say.

Smart Money Podcast: Fall Money Tasks, and Saving Enough to Retire
This week’s episode starts with a reminder to check in on your finances as we enter into the last quarter of the year and some suggestions for some money tasks to complete.

Is a Line of Credit Right for Your Business Recession Plan?
How your business operates and whether you have fluctuating funding needs can help you decide when to apply for a business line of credit.

Filed Under: Liz's Blog Tagged With: building wealth and knowledge, business line of credit, business recession plan, custodial accounts, get kids set to invest, Latino financial pros, line of credit, saving enough to retire, Smart Money podcast

Q&A: Social Security’s complex rules

September 19, 2022 By Liz Weston

Dear Liz: You recently mentioned that people can’t always trust the information they get from Social Security representatives. I worked for Social Security for 25 years. When I was ready to file for spousal benefits a few years later in another town, the rep I got immediately told me I wasn’t eligible and was not even going to fill out an application. I knew he was wrong but he was adamant. Always, always tell your readers to insist on filing an application no matter what, as that protects their appeal rights. The applicant might be wrong but will receive a formal determination telling them why. I spent 20 minutes educating that rep on what he should have already known. They don’t train them like they used to.

Answer: Social Security rules can be immensely complicated and, as you note, not every Social Security representative understands those rules as well as they should.

Anyone who’s thinking of applying should first educate themselves as much as possible (the latest edition of “Social Security for Dummies” by Jonathan Peterson is an excellent place to start). Consider using Social Security claiming software or getting personalized advice from a fee-only financial planner. Once you’re well informed, you’ll be better able to recognize and avoid bad advice.

Filed Under: Q&A, Social Security

Q&A: How to practice good credit card hygiene to avoid getting hacked

September 19, 2022 By Liz Weston

Dear Liz: We have one primary credit card, which we use all the time, that collects airline miles we use for travel. Every few months it is “compromised” and we have to get a new one. Is there something we’re not doing right? Are there “good hygiene” rules for credit cards?

Answer: Yes, and most involve reducing the number of places that have access to your card’s information.

Many online retailers and web browsers offer to save your card information to make future purchases easier.

While these autofills save time, they mean your credit number information is being stored in databases that are outside your control. Refusing this option — and deleting your stored cards from browsers and retail accounts — means less convenience but more security.

Another option is to add two-factor authentication to your retail accounts, which makes them harder to break into. This would require you to enter a code that’s texted or emailed to you or generated by an authentication app.

Some credit cards offer the option to use virtual numbers online. If yours does, this is another option worth using. The retailer never has access to your real credit card number, so it can’t wind up in a potentially vulnerable database.

You can avoid exposing your credit card numbers while shopping in person by using mobile payment apps such as Apple Pay and Google Pay.

These apps create a “token” from your credit card information that’s transmitted to the merchant when you want to buy something. Again, the merchant never sees and can’t store your actual card details.

Other good practices involve steering clear of unsafe merchants and sites. When shopping online, always make sure the little lock symbol shows in the left side of your browser’s address bar and that the site’s address starts with “https” rather than just “http.” If a site doesn’t offer these basic security features, you shouldn’t shop there.

Be wary of in-person merchants that use old-fashioned magnetic card readers, the ones that require you to swipe, without the option of tapping or inserting your chipped card. It’s much easier to clone the information on a card’s magnetic stripe than from its chip, so avoid swiping if you possibly can.

Also be wary of skimmers and shimmers, which are devices that thieves install on unattended ATMs and fuel pumps to steal card information. These devices can be hard to detect, so consider paying for your gas inside the station and using ATMs attached to banks.

You also should avoid using public Wi-Fi for any financial transactions because these networks usually aren’t encrypted and are easily compromised. Finally, be on the lookout for phishing attempts, which is when criminals try to get you to divulge credit card and other sensitive personal information by pretending to be from a trusted source.

Understand that you can do everything right and criminals may still steal your card’s information. Fortunately you’re protected against fraudulent charges, so a compromised card is more of a hassle than a financial disaster.

Filed Under: Credit Cards, Q&A Tagged With: credit card hygiene

Thursday’s need-to-know money news

September 15, 2022 By Liz Weston

Today’s top story: How to find a happy balance among competing savings goals. Also in the news: Smart Money Podcast: live from Las Vegas, easy solutions to 3 common air travel nightmares, and how relaxed COVID guidelines will affect your next trips.

How to Find a Happy Balance Among Competing Savings Goals
Deciding how to prioritize different savings goals can be overwhelming, but financial experts recommend ordering them by urgency.

Smart Money Podcast: Live From Las Vegas!
This week’s episode is a special live episode that was recorded at a company gathering in Las Vegas over the summer.

Easy Solutions to 3 Common Air Travel Nightmares
Insuring your trip through a travel card or independent policy can come in handy if things don’t go as planned.

How Will Relaxed COVID Guidelines Affect Your Next Trip?
Reduced isolation periods and other changes to CDC recommendations make it less likely your trip will be disrupted.

Filed Under: Liz's Blog Tagged With: relaxed COVID guidelines, savings goals, Smart Money podcast, trip insurance

Tuesday’s need-to-know money news

September 13, 2022 By Liz Weston

Today’s top story: Socially conscious financial decisions in tight times. Also in the news: How to start saving for your kids’ college, If a high-yield savings account is really high-yield, and if Airbnbs are more cost-effective than hotels.

Socially Conscious Financial Decisions in Tight Times
Even if you can’t donate cash to causes you care about, volunteer and use everyday dollars to effect change.

How to Start Saving for Your Kids’ College
A survey finds that 20% of parents of minor children haven’t started saving for their kids’ college, but want to.

Ask a Nerd: Is a High-Yield Savings Account Really High-Yield?
A high-yield savings account should earn many times more than the average savings account rate.

Are Airbnbs More Cost-Effective Than Hotels?
Airbnbs are usually cheaper than hotels for longer stays and large groups, but they don’t offer the same services.

Filed Under: Liz's Blog Tagged With: Airbnb, high-yield savings account, hotels, saving for child's future, volunteering

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