August 14, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on seasonal housing market trends and travel credit card tips. In other news: How to survive a strike, act fast to preserve credit when a credit card issuer decides to close an account, and home hospital care is on the rise.

Smart Money Podcast: Seasonal Housing Market Trends, Travel Credit Card Tips
Seasonal housing market trends can have a big impact on homebuying (or selling!), which is why NerdWallet data writer Liz Renter joins today’s episode to discuss the latest patterns.

How to Survive a Strike
The more savings you can set aside in the event of a strike, the better you’ll feel about supporting the cause when the time comes.

Issuer Closing Your Credit Card? Act Fast to Preserve Credit
When a credit card issuer decides to close an account, there may be a narrow window of time to safeguard credit.

Home Hospital Care Is on the Rise — Is It Right for You?
The pandemic gave a boost to the concept of sending patients home for certain types of care. Here’s what to know.

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August 7, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on student loan repayments and midyear money review. In other news: What disability lawyers to and how much they cost, women’s soccer games are way cheaper than men’s, and  how can U.S. airport terminals be better.

Smart Money Podcast: Student Loan Repayments and Midyear Money Review
Learn how to conduct a midyear financial check-in with help from hosts Sean Pyles and Liz Weston, who offer practical advice for reassessing your financial situation and getting back on track if you’ve fallen behind.

Disability Lawyers: What They Do and How Much They Cost
A disability lawyer assists you with your SSDI application and appeal process. Their fees are capped by federal law.

Women’s Soccer Games Are Way Cheaper Than Men’s, So Cheer Them On
The National Women’s Soccer League is home to some of the best players on the planet.

Ask a Travel Nerd: How Can U.S. Airport Terminals Be Better?
Airport terminals across the country need improvements, starting with better infrastructure and quiet airport programs.

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August 7, 2023 By

When to repair or replace your appliances

When our 17-year-old refrigerator started wheezing, I fully expected we’d need a new one. I was shocked — and frankly a little disappointed — when a repair technician fixed it for less than $200. I had to postpone my dream of a shiny French-door replacement, but our no-frills Frigidaire is still working fine eight years later.

Our experience illustrates that the decision about whether to repair or replace major appliances can be more complex than general guidelines may imply. Getting more useful years out of your existing appliances can save money and keep potentially dangerous components out of landfills, where they may harm the environment. But on the other hand, a replacement could be much more energy efficient, repairs sometimes can be expensive and prices for new appliances have been falling recently.

All this makes the choice of repairing versus replacing a tricky one, says Dan Wroclawski, home and appliances writer for Consumer Reports, a nonprofit member organization that tests consumer products. In my latest for the Washington Post, learn when to repair or replace your appliances.

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July 31, 2023 By

How to stay safe from financial scams

One of the biggest mistakes you can make when it comes to protecting yourself from financial scams is thinking you’re too smart to be duped by one.

“We’re all vulnerable — we can all fall for a scam given the right set of circumstances,” says Eva Velasquez, president and CEO of the Identity Theft Resource Center, a nonprofit organization that provides advice and assistance related to identity theft. Keeping yourself safe starts with accepting that fact, she adds.

“You look at the profiles of victims who filed complaints and it runs the gamut from highly educated, high-income people all the way down to the most vulnerable people in our population,” says John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, a nonprofit advocacy group that speaks out about consumer concerns.

While there isn’t a “foolproof solution to stay safe from all scams,” as Breyault puts it, there are strategies you can employ to reduce your risk. In Kimberly Palmer’s latest for the Washington Post, learn how to stay safe from financial scams.

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July 31, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on saving on Disney trips, and self-employed retirement. In other news: How a credit card saved me over $1,100 on a home remodel, 5 times credit card rewards aren’t worth it, and as Fed resumes rate hikes, Chair Powell isn’t ‘optimistic’ yet.

Smart Money Podcast: Saving on Disney Trips, and Self-Employed Retirement
Unlock the magic of making your next Disney vacation more affordable with insider tips from travel Nerd Sally French.

How a Credit Card Saved Me Over $1,100 on a Home Remodel
A ‘triple-threat’ credit card, combined with a high-yield savings account, helped me defray a portion of the project.

5 Times Credit Card Rewards Aren’t Worth It (and 1 Rule Breaker)
Using a rewards credit card for purchases can put money back in your pocket, but not always. Knowing when to pay with cash can result in savings, too.

As Fed Resumes Rate Hikes, Chair Powell Isn’t ‘Optimistic’ — Yet
Still targeting inflation, the Federal Reserve has raised the federal funds rate a quarter of a percentage point to a range of 5.25% to 5.50%.

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July 24, 2023 By

Don’t let your credit scores retire

Getting rid of debt before retirement is often a good idea. Getting rid of your credit scores? Not so much.

People who stop using credit also stop generating enough data to produce credit scores, the three-digit numbers used to gauge creditworthiness. Not having scores can make it harder and more expensive to get loans. Even if you’re sure you’ll never borrow again, lacking credit scores also can make insurance, cellphone plans and security deposits more expensive.

Fortunately, you don’t have to be in debt to have good credit scores. You do have to use credit, however. In my latest for the Washington Post, learn how not to let your credit scores retire.

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July 24, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on smart ways to get out of debt, and pet insurance planning. In other news: Not enough homes are for sale, so let’s pay owners to sell, how to pay for an expensive summer move, and growing loyalty programs mean more travelers competing for perks.

Smart Money Podcast: Smart Ways to Get Out of Debt, and Pet Insurance Planning
Personal finance Nerd Tommy Tindall joins Sean Pyles and Liz Weston to discuss alternative ways to pay off debt when you can’t get a personal loan.

Not Enough Homes Are for Sale, so Let’s Pay Owners to Sell
Tax credits could encourage people to sell their homes in a meager housing market.

How to Pay for an Expensive Summer Move
A credit card or personal loan can help you pay for a pricey summer move, but pay attention to interest rates and trim costs where you can.

Growing Loyalty Programs Mean More Travelers Competing for Perks
If you thought it’s been harder to get upgrades or lounges have been more crowded lately, you’re not alone.

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July 17, 2023 By

What to consider before budgeting with the cash-stuffing method

When Giovanna “Gigi” Gonzalez wanted to cut back on her food spending, the finance expert and money coach applied what is known as the “cash-stuffing” method of budgeting. She put the cash she allotted to food for the week into an envelope and limited her spending to that amount.

“I could see when I had just 20 bucks left for the week, so it was really helpful,” she says.

Popularized through TikTok videos, cash stuffing has brought back the old-fashioned envelope system of budgeting: You divide up your cash into different envelopes, each dedicated to a category of spending or saving. “It’s a tried and true method,” says Gonzalez, who also founded The First Gen Mentor, a money course where she promotes financial literacy.

In Kimberly Palmer’s latest for the Washington Post, learn what to consider before budgeting with the cash-stuffing method.

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July 17, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on social media shopping tips, and investing spare cash. In other news: Student debt canceled for 804k longtime borrowers, stop using paper checks, and Hollywood on strike 2023.

Smart Money Podcast: Social Media Shopping Tips, and Investing Spare Cash
Personal finance Nerd Kimberly Palmer joins hosts Sean Pyles and Liz Weston for a look at how your social media feed may be leading you to spend more money than you should.

Student Debt Canceled for 804K Longtime Borrowers
The Education Department is forgiving $39 billion in student debt — with more relief expected this year.

Stop Using Paper Checks, Already
Check fraud tied to mail theft is on the rise. Take these steps to keep your payments (and bank account) safe.

Hollywood on Strike 2023: What Happens Next?
Roll up the red carpet because Hollywood is officially on strike.

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July 10, 2023 By

This week’s money news

This week’s top story: Smart Money podcast on longevity literacy, and how debt impacts credit scores. In other news: What happens if UPS goes on strike, federal student loan interest rates now highest in a decade, and why Americans can’t buy Chinese cheap electric cars.

Smart Money Podcast: Longevity Literacy, and How Debt Impacts Credit Scores
Sean Pyles and Liz Weston delve into the significant yet often overlooked concept of longevity literacy.

What Happens if UPS Goes on Strike?
A strike by the shipping giant could put a crimp in America’s e-commerce habit.

Federal Student Loan Interest Rates Now Highest in a Decade
For undergraduates, interest rates on federal student loans are 5.50% for the 2023-24 academic year — up from 4.99%. But there are ways to keep your costs down.

China Makes Cheap Electric Cars; Why Can’t Americans Buy Them?
China has better access to battery materials and other advantages. But don’t look for those cars in the U.S. anytime soon.

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