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Liz Weston

Wednesday’s need-to-know money news

July 13, 2022 By Liz Weston

Today’s top story: Advice for renters priced out of homebuying. Also in the news: How to book a flight that (likely) won’t get canceled, U.S. drivers’ gas spending soars, and how to build generational wealth.

Advice for Renters Priced Out of Homebuying
Use a timeout from home shopping to reevaluate goals and strengthen finances.

How to Book a Flight That (Likely) Won’t Get Canceled
Airline cancellations can’t be avoided entirely, but there are smart steps you can take to prepare just in case.

U.S. Drivers’ Gas Spending Soars Toward $562 Billion in 2022
If there were a poster child for current inflation, it would be the price of gasoline.

What is generational wealth and how do you build it?
Experts shared some ways for people to begin to build generational wealth.

Filed Under: Liz's Blog Tagged With: air travel, gas costs, generational wealth, homebuying, renters

Tuesday’s need-to-know money news

July 12, 2022 By Liz Weston

Today’s top story: How the rest of 2022 might play out for homebuyers. Also in the news: How a hotel satisfaction promise has led to more discontent, 4 money moves to make before baby arrives, and when to choose miles over reward points.

‘Good deals for the bold:’ How the rest of 2022 might play out for hopeful homebuyers
Demand still exceeds supply, but the imbalance isn’t as lopsided as it was before rates went up and home sales slowed.

How a hotel satisfaction promise has led to more discontent
In the 1990s and early 2000s, hotels began offering 100% Satisfaction Guarantees to customers

4 money moves to make before baby arrives
Do them before the sleep deprivation kicks in.

When to Choose Frequent Flyer Miles Over Rewards Points
https://lifehacker.com/when-to-choose-frequent-flyer-miles-over-rewards-points-1849163378

Filed Under: Liz's Blog Tagged With: 2022 real estate, hotel satisfaction, miles vs points, pre-baby money moves

Monday’s need-to-know money news

July 11, 2022 By Liz Weston

Today’s top story: Are 4-day workweeks and flexible hours the future of full-time? Also in the news: A new episode of the Smart Money podcast on home affordability trends in the United States and abroad, what to do if you can’t out-budget inflation, and how to set your own prices for Amazon Prime Day.

Are 4-Day Workweeks, Flexible Hours the Future of Full-Time?
While a shorter week sounds appealing, there are trade-offs — and perhaps other ways to raise worker satisfaction.

Smart Money Podcast: Why Are Homes Pricey in the U.S. and Abroad?
This week’s episode is a conversation among NerdWallet’s housing Nerds who discuss home affordability trends in the United States and abroad.

What if You Can’t ‘Out-Budget’ Inflation?
Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs.

How to Set Your Own Prices for Amazon Prime Day (and Why You Should)
Beat Amazon’s manipulation tactics by setting your own maximum prices on Prime Day.

Filed Under: Liz's Blog Tagged With: 4-day workweeks, affordabiity, Amazon Prime Dy, Budgeting, inflation, Smart Money podcast

Q&A: How to walk away from timeshare maintenance fees

July 11, 2022 By Liz Weston

Dear Liz: We have owned a timeshare since 2007. It’s paid in full. We are not using it anymore and would like to stop paying the annual maintenance fees. Help! Selling or giving it away is not easy. Should we just stop paying the maintenance fees? At 71, how bad could the impact be?

Answer: Timeshare developers have different policies about pursuing unpaid maintenance fees. If the developer turns your account over to a collections agency, your credit could suffer for up to 7½ years.

Before you simply stop paying, consider first asking the developer to take back your timeshare. Only a few timeshare developers have formal programs to accept surrendered timeshares, but many will consider doing so as long as the timeshare is paid off. Ask to speak to the person who handles such surrenders or “deed backs.”

If the developer resists, you have a few other options. Sites such as the Timeshare Users Group and RedWeek have marketplaces where you can list your timeshare. You may have to offer to pay the maintenance fees for a year or two as an incentive to get someone to take the timeshare off your hands. Another alternative is to rent your timeshare, since you might be able to cover the maintenance fees that way.

If someone contacts you offering to help sell your timeshare, it’s probably a scam. You can find legitimate brokers who facilitate sales by contacting the Licensed Timeshare Resale Brokers Assn., but these professionals typically only handle sales at high-end resorts.

Filed Under: Liz's Blog Tagged With: q&a, timeshare maintenance fees

Q&A: Credit rating after mortgage payoff

July 11, 2022 By Liz Weston

Dear Liz: We are recently retired and will own our home free and clear in about six months. Will not having regular mortgage payments dent our credit ratings? If so, what can be done as a good substitute?

Answer: Your credit scores may dip after you pay off your mortgage, particularly if you don’t have another installment loan such as a vehicle or personal loan. To get and keep the highest credit scores, you typically need both installment loans and revolving accounts, such as credit cards.

The good news: You don’t need the highest credit scores to get the best rates and terms from lenders. Using credit cards lightly but regularly can help you maintain good scores without taking on debt.

Filed Under: Credit Scoring, Mortgages, Q&A Tagged With: credit rating, mortgage, q&a

Q&A: Credit freezes

July 11, 2022 By Liz Weston

Dear Liz: You recently suggested a credit freeze. I agree that’s a good idea, and probably the only good way, to try to protect your credit.

But I’ve tried to periodically unfreeze my credit reports and that rarely goes well. The banks won’t tell you which credit bureau or bureaus they use to check your credit, so you have to temporarily thaw your reports at all three. This weekend, only one bureau worked well. At another, I was able to sign on but got a message the site was temporarily unable to access my information. The third didn’t recognize any of my possible usernames, so I tried my Social Security number and date of birth, which it also didn’t recognize. I’m SURE I don’t have those wrong, so I’d say part or all of their database is offline. More than likely I’ll be able to sort this out on a weekday when the bureaus staff their phones, but so far, I’ve worked on unfreezing my credit for two days and only one of the three services responded correctly.

Answer: Freezing and thawing your credit reports is certainly easier and faster than it used to be — plus, these services are now free by federal law. But as you’ve learned, you need to keep careful track of the credentials associated with your accounts at each credit bureau, including any login IDs, passwords and personal identification numbers.

You can write this information down and keep it in a secure location, but also consider using a password manager. These secure software programs allow you to create unique credentials for each site you visit. Given the prevalence of database breaches, it’s essential that you don’t reuse usernames and passwords. The programs also can help you change your passwords regularly, which is also important in keeping your information secure.

Filed Under: Credit & Debt, Q&A Tagged With: credit freeze, q&a

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