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March 22, 2021 By Liz Weston

Monday’s need-to-know money news

Today’s top story: Making a plan to get your money resolution back on track. Also in the news: A new episode of the Smart Money podcast on redlining and auto loans, the 6 biggest life insurance myths about COVID, and how to know if there’s too much cash in your savings account.

Make a Plan to Get Your Money Resolution Back on Track
Checking in at the three-month mark.

Smart Money Podcast: Redlining, and Paying Off a Car Loan
Redlining and its effects on the racial wealth gap.

The 6 Biggest Life Insurance Myths About COVID, Cost and Coverage
Life insurance may not be as expensive as you think. Learn the truth behind COVID impact, coverage cost and other myths.

How to Know If There’s Too Much Cash in Your Savings Account
A look at just how much cash you need on hand.

Filed Under: Liz's Blog Tagged With: banking, COVID, life insurance, money resolutions, redlining, savings account, Smart Money podcast
October 8, 2020 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: Hidden home risks that send insurance through the roof. Also in the news:How to buy a salvage-title vehicle, 12 items you should always buy in bulk, and why savings accounts and CDs are still worth it despite low rates.

Hidden Home Risks That Send Insurance Through the Roof
A house’s location, construction or age can dramatically increase its risks and the cost to insure it.

Too good to be true? How to buy a salvage-title vehicle
They can be a good value if you know the history of the car, but proceed with caution

12 Items You Should Always Buy in Bulk
Not everything bought in bulk provides the best value, but these items are often a deal.

Savings accounts and CDs are still worth it despite low rates
The rates may be low but stability matters.

Filed Under: Liz's Blog Tagged With: bulk buying, CDs, home costs, home risks, Insurance, interest rates, salvage title vehicles, savings account
February 3, 2020 By Liz Weston

Monday’s need-to-know money news

Today’s top story: Is chasing the highest savings rate worth it? In other news: A new tax form that may help simplify things for seniors, a new episode of the SmartMoney podcast, and 5 things you’ll wish you knew before you retired.

Is Chasing the Highest Savings Rate Worth It?
Breaking down the pros and cons.

This New Tax Form May Help Simplify Filing for Seniors

SmartMoney Podcast: ‘How Should We Manage Money as a Couple?’
The joint account debate,

5 things you’ll wish you knew before you retired
What some retirees wish they had done differently.

Filed Under: Liz's Blog Tagged With: couples and money, interest rates, retirement regrets, savings account, Seniors, SmartMoney podcast, tax forms, Taxes
October 11, 2019 By Liz Weston

Friday’s need-to-know money news

Today’s top story: The silliness of using airline miles to go to Europe. Also in the news: Black Friday is now a season, students who don’t fill out FAFSA are missing out on their share of billions in financial aid, and why you should leave your high-yield savings account alone.

The Silliness of Using Airline Miles to Go to Europe
Sometimes it makes more sense to pay cash.

Black Friday is now a season, and it’s coming soon
Just a few weeks away.

Students who don’t fill out FAFSA are missing out on their share of billions in financial aid
Don’t pass up free money for college.

Leave Your High-Yield Savings Account Alone
Don’t panic.

Filed Under: Liz's Blog Tagged With: airline miles, Black Friday, Europe, FAFSA, financial aid, high-yield savings account, interest rates, reward miles, savings account
July 26, 2019 By Liz Weston

Friday’s need-to-know money news

Today’s top story: Why you need a midyear budget check-in. Also in the news: Betterment hikes APY to 2.69% and adds checking and savings accounts, upgrading from your broker, and why you should always pay for a rental car with a credit card.

Why You Need a Midyear Budget Check-In
Prepare for the holidays and next year’s taxes.

Betterment Hikes APY to 2.69%, Adds New Checking, Savings Accounts
Better rates than typically seen.

Wealth Management: Is It Time to Upgrade From Your Broker?
Is it time for an expert?

Always Pay for a Rental Car With a Credit Card
Get your insurance for less.

Filed Under: Liz's Blog, Uncategorized Tagged With: banking, Betterment, brokers, budget, budgets, checking account, rental cards, savings account, wealth management
June 14, 2019 By Liz Weston

Friday’s need-to-know money news

Today’s top story: Father’s Day gifts under $50. Also in the news: Tips for couples on merging money, a savings account for those on Disability, and why many Americans say their financial situation is worse since the Great Recession.

7 Father’s Day Gift Ideas Under $50
The clock is ticking.

Love Is Thicker Than Venmo: Tips for Couples on Merging Money
It doesn’t have to be painful.

If You Have a Disability, Consider an ABLE Savings Account
These savings won’t count against your benefits.

Many Americans Say Their Financial Situation Is Worse Since the Great Recession, Survey Finds
Median family income remains the same.

Filed Under: Liz's Blog Tagged With: ABLE, couples and money, disability, Father's Day, Great Recession, poll, savings account, tips
December 21, 2018 By Liz Weston

Friday’s need-to-know money news

Today’s top story: 5 smart ways to use and repay holiday debt. Also in the news: Gamifying your financial goals, what your credit card rental car coverage doesn’t include, and how much the wrong savings account cost you in 2018.

5 Smart Ways to Use and Repay Holiday Debt
Reward yourself for giving.

Budgeting No Fun? Try Gamifying Your Financial Goals
Winning the budget game.

What Your Credit Card Rental Car Coverage Doesn’t Include
Reading the fine print.

How Much the Wrong Savings Account Cost You in 2018
Don’t make the same mistake in 2019.

Filed Under: Liz's Blog Tagged With: credit card rental insurance, credit card rewards, financial goals, holiday debt, rental cars, Savings, savings account
January 25, 2016 By Liz Weston

Monday’s need-to-know money news

60710Today’s top story: The important reason you should check your credit card bills right now. Also in the news: What you need to know about charitable giving, how to avoid IRS scams, and what to consider before signing a VA loan.

The Reason You Should Check Your Credit Card Bills Right Now
Detecting fraudulent holiday purchases.

6 Things To Know About Charitable Giving This Tax Season
Getting the most from your tax deductions.

IRS calling about money? Most likely a scam
Protecting your personal information.

3 Important Considerations for VA Loans
What to consider before signing on the dotted line.

Create a Shopping Ban Savings Account to Collect Your Impulse Spending
Curbing impulse spending without denying yourself.

Filed Under: Liz's Blog Tagged With: credit card bills, credit card fraud, Credit Cards, impulse buying, IRS, savings account, tax deductions, tax scams, VA loans
March 21, 2014 By Liz Weston

Friday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: You cannot hide from debt collectors. Also in the news: Why you’re losing money with your savings account, the most important document you’ve been ignoring, and how to talk to your child about your finances.

Why You Can’t Hide From Debt Collectors
They specialize in relentless.

Why you’re losing money by stashing cash in a savings account
Your checking account could provide more favorable terms.

The most important document you’ve never read
Meet the Free Disclosure Statement.

Smart Money: Five Essential Financial Discussions for Parents and Children
Including your children in the conversation.

Child Tax Credit: Are You Eligible?
Taking advantage of a way to reduce your tax bill.

Filed Under: Liz's Blog Tagged With: 401(k), child tax credit, debt, debt collectors, Kids, money talk, savings account
April 2, 2013 By Liz Weston

Why you need an emergency fund for your parents

Old Woman Hand on CaneWe recently lost my wonderful mother-in-law to complications from a stroke following a diagnosis of cancer. As we prepare for her memorial service, I’ve been thinking about what a blessing it’s been to be able to help care for parents in their final days—and to do so without having to worry excessively about expensive plane tickets, time off work and other potential financial burdens.

If you have parents who are elderly or in poor health, consider opening a savings account dedicated to making their lives, and yours, a little easier. That fund can pay for:

Getting there. In the five years my mom battled cancer, I spent a small fortune on plane tickets getting from my home (which was then in Anchorage) to hers in Washington state. Sometimes, these were pretty routine visits where I could plan ahead and score reasonable fares. Other times, I’d get the call that there was a crisis and that I needed to get there fast, grabbing whatever seat I could. Because I didn’t carry credit card debt and had a fat emergency fund, I was able to buy airfares without triggering a financial crisis.

Some other tips: Sometimes reward seats open up at the last minute, so if you have frequent flyer miles you can use, check out that option. If you’re within driving distance, consider buying a $50 or $100 gas card and setting that aside for use in emergencies.

Being there. About three years into her fight, Mom had a serious setback. Dad was providing most of her care and he was overwhelmed. I was able to take a two-month unpaid leave from work to help out—again, thanks to my emergency fund and to the flexibility of my employer, which held my job for me. (This was before the passage of the Family and Medical Leave Act of 1993, which allows covered employees to take unpaid, job-protected leaves to care for a spouse, child or parent with a serious health condition.) Two months with no paychecks took a serious bite out of that savings account, but I’ll never regret the cost. I was able to take another month off a couple of years later, at the end of her life, and was again so grateful to be able to be there.

Getting help. A few years ago, my father had a massive stroke while visiting a relative in Florida. We couldn’t fly him home, since he was too ill to travel. To help us manage his care long distance, we hired a geriatric care manager who was worth her weight in gold. She not only translated the medical-ese that baffled us, but helped us find a good nursing home for him and a friendly companion who could keep him company in between my frequent visits. Families are often left on their own to figure out how to care for an incapacitated relative, and she hooked us up with resources we might never have found otherwise. None of this was cheap—we spent about $10,000 on the care manager alone over four months—but she dramatically shortened our learning curve and ensured my dad got good care at the end of his life. Whenever friends are dealing with an ill or declining parent and don’t live nearby, I encourage them to hire a geriatric care manager to help them assess the situation and find solutions. A session with a care manager can even help when you live locally, since these folks live and breathe elder care, which is a new world to most of the rest of us.

It’s impossible to know in advance how much money you might need, but anything you can set aside will help ease the financial burden when the time comes to help your folks.

Filed Under: Liz's Blog Tagged With: elder care, elderly, emergency fund, emergency savings, Savings, savings account
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