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Thursday’s need-to-know money news

August 29, 2013 By Liz Weston

Chevy VoltPreparing for rising interest rates, making your charitable donations go further, and why having extra liability coverage is essential.

Extra liability coverage is cheap, cheap, cheap
Buying as much car insurance as humanly possible is essential.

5 Steps to Take Control of Your Personal Finances
Simple things you can do to take control.

Charitable Donation Tips for Boomers
Establishing a charitable plan can make your donations go further.

Top 10 fastest-growing jobs in the U.S.
Thinking of changing careers? Try one of these.

How to Prepare for Rising Interest Rates
After years of record lows, the party is almost over.

Filed Under: Liz's Blog Tagged With: car insurance, charitable donations, interest rates, liability coverage, tips

Hacking Hawaii

August 29, 2013 By Liz Weston

DSC06577“It’s beautiful, but so expensive!”

More than one friend has told me they were blown away by how much their Hawaiian idyll cost them. They were prepared for hefty airfares, but the daily costs of living are what got them.

Here’s what we did to keep the bills down during a recent trip to Maui:

Used points and miles. Home exchanges, AirBnB and even camping are options to minimize lodging expenses, but we like nice resort hotels with fancy pools. Fortunately, hotel rewards programs typically give you a much better bang for your buck than most airline frequent flyer plans. You typically have to pay a $25 to $30 daily resort fee and you may have to pay for parking, but that’s way less than the usual $350-and-up rack rate. Both resort hotel rooms had refrigerators, which made it easier to:

Eat like a local. There are some wonderful restaurants on Maui…and many that charge a lot for a mediocre meal. We stocked up on breakfast foods, healthy snacks and lunch fixings at a local Safeway, then pestered locals for recommendations to holes-in-the-wall with good food and low prices. The people who work at resorts or who guide adventures are often a wealth of information, since they’re trying to live on not-great salaries in an area with a high cost of living. (Just avoid the concierge desk, since those folks may have incentives to steer you to pricier places.) We booked a few dinners at some Frommers-recommended restaurants that we thoroughly enjoyed, knowing these pricier places were offset by our thriftiness elsewhere.

Eschew resort prices. One of our hotels charged $20 a day to rent a snorkel set. Steps away an independently-run kiosk charged $25 for a week. In Lahaina, a shop charged $9 a week. Activities offered through the resort (parasailing, kayaking, snorkel trips and so on) also had big markups. The convenience simply isn’t worth the cost, in most cases. Booking adventures and excursions directly with the provider online can save you a bunch of cash. A good guidebook can steer you to the best outlets.

Put everybody on an allowance. Our daughter was allowed to bring $100 of her savings to buy souvenirs. I set a daily allowance for our spending as a family, and we stuck pretty close to it (excluding what we spent for Christmas and other gifts). Knowing how much you’ve got to spend makes it easier to say “That’s it for today” when you’ve reached your daily limit, knowing you can schedule pricier excursions, meals or purchases for tomorrow.

Check out farmers markets. We didn’t get a chance to do it this visit, but on previous trips we’ve enjoyed fresh fruits and vegetables at good prices as well as crafts and artwork produced by locals. Maui has farmers markets in several locations.

Enjoy the free stuff. I had a great time watching an evening hula show at an outdoor shopping mall. The performers may not have been as dazzling as the fire dancers at the hotel luau, but they were more authentic (fire dancing is a Samoan, not a Hawaiian, specialty) and lovely to see. In previous trips, we’ve enjoyed free open-air concerts and demonstrations of various crafts. Splashing in the pool, swimming in the ocean and talking long walks through beautiful scenery are always highlights of our trips. You can check the local newspaper and search for “free stuff to do in Hawaii” online for more ideas.

 

 

 

Filed Under: Liz's Blog Tagged With: Hawaii, Maui, travel, travel costs

Wednesday’s need-to-know money news

August 28, 2013 By Liz Weston

HomeHow not to sabotage your finances, what to be on the lookout for when buying a new car, and finding the hidden costs of retirement.

10 Ways to Sabotage Your Finances
Consider this a To Not Do List.

Use Cash or Mortgage to Buy a Vacation Home?
The answer may surprise you.

6 ways to financially protect yourself in case of serious injury
Don’t let your injuries spread to your finances.

5 sneaky car dealer sales tricks
How to avoid falling for the good old bait-and-switch.

4 Hidden Costs of Retirement
What to be on the lookout for.

Filed Under: Liz's Blog Tagged With: car buying, new car, Retirement, retirement savings

Tuesday’s need-to-know money news

August 27, 2013 By Liz Weston

College studentSaving on back-to-school purchases, a new way to pay for holiday expenses, and how being bad tenant can cause an array of problems.

Financial caution pays off in stocking up for school
Don’t let the back-to-school rush drain your bank account.

Your Ticket to Extra Cash for the Holidays
The holidays (and their expenses) are right around the corner.

Are you a lousy tenant? 7 ways it can cost you
Being late with your rent can cost you in more ways than one.

4 Tips to Help 30-Somethings Make Ends Meet
How to survive the present while planning for the future.

Refinancing Your Mortgage? When to Lock In
Fluctuating mortgage rates make a strategy plan a necessity.

Filed Under: Liz's Blog Tagged With: back to school, holiday shopping, mortgages, renters

Monday’s need-to-know money news

August 26, 2013 By Liz Weston

NannyHow your weekend Netflix binges could help you get a mortgage, the dangers lurking inside “flipped” homes, and what to expect when Mom or Dad rejoin the workforce.

Can Your Netflix Account Help You Get a Mortgage?
Orange is the New Mortgage.

4 Family Money Lessons From Top Companies
Financial education for the entire family.

Why Your Boss is Dumping Your Wife
It’s not why you’re thinking.

Buying a “flipped home”? Be careful.
Why it’s important to look beyond cosmetic repairs.

What stay-at-home parents need to know before rejoining the work force.
Preparing for the transition back to the work.

Filed Under: Liz's Blog Tagged With: family finance, flipping, home purchase, Insurance, mortgages, stay at home parents

Friday’s need-to-know money news

August 23, 2013 By Liz Weston

Dollar mazeFinancial advice from Woody Allen, how to avoid living off of ramen noodles in college, and what happens to your credit after a short sale.

12 Personal Finance Lessons, Broken Down, In Woody Allen’s ‘Blue Jasmine’
Financial wisdom can come from some pretty odd places.

How to Manage the Costs of College Life
Manage your money correctly and you won’t have to live off of ramen noodles.

9 Ways to Save on Sports Tickets
The less you spend on sports tickets, the more you can spend on souvenirs!

Beware escalator clause when homebuying
What to do if you find yourself in a bidding war.

How Long Does It Take to Rebuild My Credit After a Short Sale?
Unfortunately, it’s going to take a while.

Filed Under: Liz's Blog Tagged With: college costs, financial lessons, short sale, sports tickets, woody allen

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