Ask Liz Weston

Get smart with your money

Liz Weston

Friday’s need-to-know money news

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Today’s top story: What to do with your remaining student loan debt. Also in the news: Unlock the college financial aid you need starting Oct. 1, and how to negotiate with debt collectors (and why you always should).

What to Do With Your Remaining Student Loan Debt
For the 23 million borrowers with debt left over, now is the time to develop a payoff plan.

Unlock the College Financial Aid You Need Starting Oct. 1
Applications for the 2023-24 school year open on Oct. 1, and those who apply early stand the best chance of getting more free money for school.

How to Negotiate With Debt Collectors (and Why You Always Should)
Don’t ignore calls from collectors when you can find a way to talk the debt down.

Thursday’s need-to-know money news

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Today’s top story: How the September 2022 fed rate increase will impact your bank account. Also in the news: 6 new rules for smarter European travel, how to weigh the risks and rewards of buying a used EV, and Fed boosts rates yet again, pushing down home affordability.

How the September 2022 Fed Rate Increase Will Impact Your Bank Account
Expect higher rates on savings accounts and CDs. Don’t hold your breath on interest checking accounts.

6 New Rules for Smarter European Travel
If you’re planning a trip to Europe, consider the following tips to save money and have a better experience.

Is a Used Electric Vehicle a Bargain or a Trap?
Here’s how to weigh the risks and rewards of buying a used EV.

Fed Boosts Rates Yet Again, Pushing Down Home Affordability
The Federal Reserve continued to shout from the rooftops Wednesday that it will do what it takes to get inflation under control.

Wednesday’s need-to-know money news

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Today’s top story: The downsides of hotel free night certificates. Also in the news: travel prices that are coming back to earth, if your airline miles and hotel pointes are worth less now, and a hotel kitchen that may not save you money after all.

The Downsides of Hotel Free Night Certificates
Free night certificates can be a major pain to use. You’re often better off pursuing hotel loyalty program points.

Travel Prices Are Coming Back to Earth
Falling prices and a strong dollar mean U.S. travelers could finally see some relief in the coming months.

Are Your Airline Miles and Hotel Points Worth Less Now?
The value of your points and miles is up slightly, but it may not be enough to keep pace with inflation.

A Hotel Kitchen May Not Save You Money After All
Look for other ways to cut food costs on trips, like planning no-cook meals or prioritizing free hotel breakfast.

6 new rules for smarter European travel

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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.

Monday’s need-to-know money news

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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.

Q&A: Social Security’s complex rules

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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.