Latest news with #AnaStaples
Epoch Times
27-05-2025
- Business
- Epoch Times
6 Expert Tips to Travel Smart and Stay out of Debt
Ana Staples Traveling for vacation gets expensive fast. It's no wonder more than half of U.S. adults (54 percent) are planning to skip travel altogether this summer, according to Bankrate's Summer Travel Survey. And of those who do plan to travel, almost a third (29 percent) are expecting to go into debt to pay for it. Many Bankrate experts have a rule not to carry a credit card balance, but we sure love to travel. And I'm going to share with you our favorite tips on how we make vacations happen without going into debt. Plan Far in Advance It's such a romantic notion to fly somewhere on a whim. I'd love to be that person who suddenly decides on a Friday night to spend the weekend in Spain and then simply does it. Sadly, that would put me in the kind of debt I can't afford. If that's true for you too, plan as far in advance as you can, says Bankrate's credit cards writer Ryan Flanigan. 'You can often get better prices or availability the further out you book,' Flanigan explains. 'Also, you can budget how much you need to save or make a plan to earn the miles and points you need for your trip.' Use Credit Card Rewards Speaking of rewards credit cards, I would be able to afford very little travel without them. For that reason, I try to book flights and hotels for every trip with points and miles. Related Stories 5/5/2025 1/21/2025 Sarah Gage, Bankrate's credit cards managing editor, does the same. 'That way, my only expenses are food (outside of what I can get for free at the hotel), transit and excursions,' she says. 'It's not always doable—we're going to VidCon this year, and there's no way to do the hotel on points, for example—but it makes a major difference in the overall number and quality of trips we can take.' Besides, travel credit cards, as well as hotel and airline loyalty programs, sometimes offer extra perks. For example, I greatly enjoy expedited airport security and lounge access that comes with my Capital One Venture X Rewards Credit Card. Bankrate senior writer Katie Kelton earns her points with Southwest. Doing so gets her some free travel as well. 'Lately, my boyfriend and I have been making good use of the Southwest Companion Pass!' she says. 'It's gotten us to Hawaii and Montana just this year.' Have a Separate Savings Account It's best to save cash for everything that you don't pay for with rewards. Think the portion of the hotel costs you don't have enough points for, food, entertainment, shopping, and anything else you want to do on your vacation. I like to keep my travel fund separate from my emergency savings. This is the money I save specifically to spend on vacations without feeling guilty for touching my rainy day fund. It helps to compartmentalize and keep things structured. For both my emergency fund and travel fund, I have high-yield savings accounts. This type of account tends to offer much higher returns than a traditional savings account. Be Open-Minded on Destination Certain places are more expensive to go to than others. But spending less money doesn't mean you'll leave with fewer amazing memories. 'I'm a fan of letting the deal plan the trip,' says Brooklyn Lowery, a senior editor on Bankrate's credits cards team. 'We have some places we know we want to go, but we're also just travel-curious. If I spy a great flight deal—either points or cash—I'm likely to say, 'Let's go there!' and figure out the details later.' Lowery notes that such an approach doesn't always lead to the cheapest option overall, but the random destinations they've been to have never been disappointing. Liza Carrasquillo, a credit cards editor for Bankrate, also likes to rethink destinations. 'I can't afford to go to Japan to see the cherry blossoms right now, but I can take a long drive to Washington, D.C.,' she says. Be Flexible With Timing It helps to be flexible with where you're going—as well as when you're going there. For example, traveling during any kind of major holiday might save you some paid time off. The problem is, many people have the same idea. This causes increased travel demand and, as a result, higher airfare prices. Kelton also suggests traveling during the offseason, 'like eyeing Portugal in the early winter.' It also matters what day and time you're traveling, notes Carrasquillo. 'Flying super early or on red eye flights, as well as flying out during the week, can save money,' she says. Seek Ways to Bring Costs Down Finally, there are ways to bring your traveling budget down that go beyond flights and accommodations. Kelton offers some examples. 'I also often book with Turo because it's cheaper and has better options than traditional rental car companies,' she says. 'And I opt for Airbnbs because you can find unique, cool stays for as good or better prices than hotels.' I also like to get creative when it comes to saving on travel. For instance, I went to Germany for nine days last year and spent under $500. I used public transport and walked a lot, ate like a local and shopped for groceries. It was as unforgettable as it was inexpensive. The Bottom Line A vacation can be a tough thing to afford if you're hoping to travel. Plenty of people are even willing to go into debt for it—but it doesn't have to be that way. From planning far in advance to using credit card rewards and staying flexible, there are steps you can take to make your vacation happen without running a balance. Safe travels! Copyright 2025 Distributed by Tribune Content Agency, LLC. Dear Readers: We would love to hear from you. What topics would you like to read about? Please send your feedback and tips to
Yahoo
04-05-2025
- Business
- Yahoo
Even Bankrate experts have financial regrets. Here's what to learn from them
Sometimes you have to learn by doing, even doing the wrong thing. And that's true, unfortunately, in personal finance. Just ask Bankrate's experts. Even they have regrets about their financial decision-making earlier in life: how they invested, where they socked away their savings and how they borrowed and repaid debt. But take their experiences to heart. Then you, hopefully, won't have to learn the same lessons the hard way. Ana Staples, principal writer (credit cards), doesn't remember her first savings account fondly. What I wish I knew earlier: 'My first savings account was with a major bank. It earned meager interest and charged a hefty monthly fee.' What it cost me: '$200 to $300 in fees, plus more in interest that I could have earned' Why it's an important lesson: 'I was actually losing money on [my first account] rather than saving. I closed that account in 2020 and opened a high-yield savings account — never made the same mistake again.' Bankrate tip 'Don't just go for the savings account offered by the same bank where you have your checking account. Shop around and pay attention to rates and fees.' – Ana Staples, Bankrate Principal Writer Matthew Goldberg, senior reporter (consumer banking), said he also boarded the high-yield savings train too late. Goldberg estimated that not opening his first account until 2019 cost him 'between $500 and $2,000, and perhaps more due to preserving purchasing power.' 'Yes, rates have generally decreased, but I'm still earning an amount of money that I'm proud of in interest payments each month,' says Goldberg. 'And I'm outpacing inflation. So, I feel really good about that each month when I see my interest credited. Bankrate tip 'With high-yield savings accounts at FDIC-insured banks that have no minimum balance requirement and no monthly service fees, savers of all levels should consider these accounts. Of course, make sure you're at an FDIC-insured bank, are within FDIC limits and that you're following the FDIC's rules.' – Mathew Goldberg, Bankrate Senior Reporter Benét Wilson, lead writer (credit cards), didn't max out her employer-provided retirement plan up to its contribution limits, even when provided with a company match. What I wish I knew earlier: 'All I saw was a chunk of my meager paycheck being taken away for something that was way, way in the future, instead of understanding the joys of compounded interest.' What it cost me: '$100,000-plus' Why it's an important lesson: 'Your retirement comes faster than you think. You feel like you have all the time in the world to work on your 401(k) and other retirement planning. I say: There's no time like the present to get it done, to ensure you have a large enough nest egg to enjoy yourself after you retire.' What if your company doesn't offer a match? Fortunately, there are many retirement savings vehicles. If you're self-employed, for example, consider a solo 401(k). Karen Bennett, senior writer (deposits), looks back and wonders how much sooner she could have achieved her goals of traveling or buying a new car, to name a couple of examples. What I wish I knew earlier: 'To come up with clear savings goals and create different buckets to save for them.' What it cost me: 'Tens of thousands in extra savings' Why it's an important lesson: 'Having the money saved up ahead of time means you won't have to go into debt to pay for these things, which is a wonderful feeling.' Bankrate tip 'When saving for multiple goals, it helps to keep the money separate for each planned purchase or expense. This way, you're not coming up short for any goal, such as by taking from one category to fund another. One way to do this is to open up separate savings accounts for each goal. Alternatively, some banks offer a single savings account that enables you to set up buckets, or custom categories, for each of your goals. Whatever savings account you choose, make sure it's earning a high yield. Top-earning accounts are currently offering yields more than 400 times greater than accounts that earn rock-bottom rates.' – Karen Bennett, Bankrate Senior Writer Katie Kelton, senior writer (credit cards), used a cash back credit card for much of her early adulthood. In retrospect, she's pained by the 'opportunity cost' of not snagging travel points instead. What I wish I knew earlier: 'How valuable credit card rewards could be, so I could've cashed in on more free travel, among other perks, in my early 20s.' What it cost me: 'It's hard to estimate, because I could've snagged several thousand dollars in welcome bonuses throughout the years, in addition to regular rewards earnings. But I would approximate around $5,000.' Why it's an important lesson: 'I traveled a lot in my 20s — to Italy, Peru, Mexico, Northern Ireland and all over the U.S. with friends. For most of those trips, I didn't earn or redeem a single travel point or mile. Then… I learned how travel points are typically worth more, even though Americans prefer cash back. I researched when to get the best welcome bonus for a card and how to combine rewards for a higher value. Basically, I gained a ton of knowledge on how to tap into the valuable world of rewards. Now, my flights are covered by points.' Bankrate tip 'Rewards aren't for everyone, especially if you're accruing interest on a credit card balance or chasing rewards while in debt. But if you've got a good handle on responsible credit management, I recommend doing your research to find the ideal rewards card that matches your spending habits.' – Katie Kelton, Senior Writer Related: I'm a credit cards writer. Here are 7 things I wish I'd known about money in my early 20s James Royal, principal writer (investing), regrets not moving faster to 'invest in a strong stock index fund,' to avoid the 'volatility of individual stocks.' What I wish I knew earlier: 'How easy it is to invest in these funds and make money over time even without having a lot of investing knowledge.' What it cost me: 'Millions of dollars, because the more you delay beginning to invest, the more it costs you [in lost earning potential] decades later.' Why it's an important lesson: 'While the stock market can be volatile, over time it's been 'up and to the right,' making individuals a whole lot of money… You might think that stocks are only for rich people. But stocks are how the wealthy became wealthy, and you can do it, too.' Bankrate tip 'Anyone can get started investing, even with a small amount of money. The secret to investing is to buy an index such as one based on the S&P 500, invest in it regularly and then hold on for decades. Forget buying and selling and all that Hollywood nonsense you see.' – James Royal, Bankrate Principal Writer Ted Rossman, a senior industry analyst, admitted to the mistake of blindly following his real estate agent's recommended mortgage lender. He applied to only one home loan company before closing. What I wish I knew earlier: 'I should have shopped around more aggressively.' What it cost me: 'I borrowed $417,000 at 4.625%. I don't have the loan anymore, but if I held it for the full 30 years, I would have ended up paying about $355,000 in interest. If I had shopped around and gotten a rate a half-point lower, the total interest expense would have been about $273,000.' Why it's an important lesson: 'Getting at least three price quotes is a good idea, especially with something as expensive as a mortgage. But that's also good advice for home renovations, insurance carriers, auto lenders and so on.' Related: How to shop for and compare mortgage offers Lauren Nowacki, senior writer (loans), recalled that her 29-year-old self didn't fully grasp the post-mortgage financial commitment of homeownership, such as property tax increases and home maintenance. Her advice: Build that into your budget before you make an offer on a property. What I wish I knew earlier: 'There are so many other costs beyond the ones that come with purchasing the physical house.' What it cost me: 'In the long run, thousands of dollars.' Why it's an important lesson: 'When it's your first home, you likely don't have the stuff required to fill and maintain a home… Maintenance is all on you now, so repairs and such are on you and your wallet. All of that needs to be considered in your budget — and when you're looking at homes.' Linda Bell, senior writer (home lending), would like a do-over for how she and her husband have repaid their 30-year home loan. What I wish I knew earlier: 'The significance of making extra mortgage payments… I wish we were more intentional about bringing down that principal in earlier years.' What it cost me: 'It's hard to estimate the overall financial impact of our mistake, but through the years, it probably cost us tens of thousands of dollars in avoidable interest charges. The frustrating part is, while we had the extra money most of the time, I didn't realize what a difference those extra payments could have made.' Why it's an important lesson: 'It's not just that we could have paid off the loan faster. The more you chip away at the principal, the less interest accrues over time.' Bankrate tip 'Take advantage of high-income periods, tax refunds or when you get bonuses from work to make extra mortgage payments. Every extra dollar you put toward your principal now can save you thousands in interest down the road. If I could go back, I would prioritize making principal payments whenever I had the extra cash.' – Linda Bell, Bankrate Senior Writer Related: Should you pay off your mortgage or invest? Jeff Ostrowski, principal writer (home lending), is proof that what may be best for one consumer may not be for another. Ostrowski wishes he 'hadn't been so eager to pay down my mortgage.' 'Given the stock market boom of recent years, I would have been better off to keep the mortgage balance elevated and put the difference in stocks rather than my home,' he says. 'Yes, paying down the mortgage can help you feel more secure, but it might cost you in the long run.' Denny Ceizyk, senior writer (loans) and former mortgage loan originator, says he was in his 40s when he realized that his 'one-job life' didn't support his past choices of taking on debt. He wants you to understand the value of entrepreneurship and cash-flow management, so you can lessen your reliance on loans. What I wish I knew earlier: 'Debt became a crutch in my life because I made a lot of big decisions — cross-country moves, buying investment properties, et cetera — based on a debt-leverage mentality rather than a [focus on] income diversification and maximization. As a former debt salesman, I've realized that most loan products, from student loans to mortgages, send people the message that debt is necessary; when the truth is, scaling income and aggressively saving and investing can eliminate the need for any type of debt later in life.' What it cost me: 'Easily hundreds of thousands of dollars. I went from having over a million-dollar net worth about a decade-and-a-half ago to having a large debt load to pay off due to a debt-leveraged mentality that I learned from originating loans for 25 years.' Why it's an important lesson: 'The swipe-and-go spending culture doesn't lend itself to savings — and Americans' low savings rates only bear that out. Besides examining your budget and shopping for loans, Americans should be looking at their earnings, skills and interests to adopt a more entrepreneurial approach to their lives.' Those of us who learned about personal finance as kids are more likely to handle money more effectively as adults, at least in certain ways, according to Bankrate's Financial Habits Survey. For the rest of us, we could be in for some hard lessons learned. The learning never really ends, whether you recently graduated college or already have an extensive credit history. Consider that the 11 Bankrate experts we interviewed reported learning their financial lessons in their late 20s and 30s, even into their 40s and early 50s. And hey, if our experts didn't know this stuff, you shouldn't feel bad about your blind spots. To uncover them and avoid potential money mistakes, consider these additional tips: Ask a lot of questions. There's an unnecessary taboo related to talking about money, but it can help to commiserate with friends and family. Better yet, consult certified professionals who can steer you in the right direction. The Department of Justice's list of approved credit counseling agencies could be a good place to start. Question the answers. You probably heard this before, but personal finance is indeed personal. Just because someone says a particular product or strategy worked for them — or because an expert recommends a one-size-fits-all solution — doesn't mean it'll work for your circumstances. So, keep a healthy level of skepticism. Mix up your media diet. Whether you're a book reader, social media user or a podcast listener, find personal financial influencers who are experts (perhaps through first-hand experience) in their fields. You can also utilize free resources online, such as Bankrate's suite of calculators. Have you learned a hard financial lesson? Email the writer at APentis@ Sign in to access your portfolio
