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Sky News
4 days ago
- Business
- Sky News
Sky News launches Money newsletter from award-winning team
Sky News is launching a brand new free Money Newsletter - bringing the kind of content you enjoy in the Money blog directly to your inbox. Each Friday subscribers will receive exclusive tips, from why you shouldn't book a holiday on your laptop to the budget ketchup that beat the market leaders in our blind taste tests. It'll be your essential personal finance companion, with digestible information to help you make smarter decisions on your savings, mortgages, holiday money and much more. As a newsletter subscriber, you'll get additional exclusive content that goes beyond the blog. At a time when the global economy faces so much uncertainty, we'll have analysis from our trusted economics teams on the big stories that impact the cash in your pocket. You'll also get first looks at popular features such as Money Problem, Cheap Eats and What It's Really Like To Be A... All of this will be curated by the team behind the award-winning Money blog that is read by millions of Britons each month. Sign up today and join our Money community - we're excited to have you on board!
CBS News
4 days ago
- Business
- CBS News
If you're paying for things like protection plans and ATM fees, you could be wasting your money
Are you paying for these things? You could be wasting your money. Are you paying for these things? You could be wasting your money. Are you paying for these things? You could be wasting your money. Whether it's spending money on services you don't need or paying for products you could get for free, CBS News Philadelphia is In Your Corner to help you save money. The nonprofit consumer advocacy group Consumers' Checkbook recently released its list of 65 things it says you probably shouldn't be paying for. These are items or services, according to Consumers' Checkbook, that either won't save you money or can be had without paying at all. We picked out a few to highlight. Product protection plans From electronics to exercise bikes and office chairs, so many retailers now offer these plans. For a small additional fee at checkout or a monthly payment they promise added coverage for repairs in case something goes wrong. But Consumers' Checkbook general advises against them, arguing these protection plans are more of a hassle than they're worth because typical repairs usually won't cost that much, or parts that are typically the problem aren't actually covered. "These are really bad deals for most consumers. They're enormously profitable for the companies that sell them. That's why they push them so strongly," said Kevin Brasler, executive editor at Consumers' Checkbook. "But most consumers will find that even if you try to make a claim these companies deny most claims, and there's lots of fine print exclusions." Instead, Brasler suggests checking your credit cards because many automatically add some type of warrant on purchases. If you do opt for one of these plans, Brasler says make sure you know exactly what you're getting, what's covered, and for how long. It's also important to make sure you know how to file a claim. Some warranties require the original store receipt. Credit monitoring, reports, scores Keeping an eye on your credit doesn't have to cost you. While many identity theft monitoring systems charge a monthly fee, you can freeze your credit for free. Freezing your credit blocks bad actors from taking out a loan or opening a new credit card in your name. You can do it online with the three major credit bureaus, Equifax, Experian and TransUnion. Much of the identity theft we see could be easily prevented if consumers would only freeze their credit files, according to the nonprofit consumer watchdog U.S. Public Information Research Group (PIRG). You don't have to pay to get your credit score either. Check with your bank, credit union or credit card provider, because many already let you see your FICO score for free. As for your credit report, under federal law you are entitled to one free copy of it each year. You can request yours through Just remember that's the only site authorized to give those free annual reports. ATM fees Consumers' Checkbook points out that ATM fees are another expense that doesn't have to cost you. You can avoid fees when using out-of-network machines by opting for cash-back when you pay with your debit card at grocery stores or similar retailers. Some banks and credit unions also offer accounts that will reimburse ATM fees. Basic economy fares Booking the cheapest airplane ticket you can find might not save you the money you think it will, according to Brasler. These fares generally carry the most restrictions, like not allowing you to change your trip for any reason. If you have to cancel or reschedule your flight you could lose out on a lot more than you saved with the basic fare. Additionally, many airlines will then charge you to check a bag or choose your seat. Unused subscriptions The average American forks over more than $900 a year on digital subscriptions. But you could be throwing money away on ones you don't use often, if at all. Consumers' Checkbook advises periodically doing an inventory of all of your subscriptions and canceling the ones you don't use. You can read the full list here on CBS Philadelphia viewers can use this link to gain free access to the entire Consumers' Checkbook website until the end of June. Have a money question, a consumer issue, or a scam story you want to share? Email InYourCorner@
Yahoo
4 days ago
- Business
- Yahoo
I'm a Financial Advisor: 5 Worst Things You Can Do for Your Finances This Year
The best time to revisit your financial plan is right now. Knowing the best money moves to make and avoid can set you up on the path for a financially successful rest of the year. Good To Know: For You: GOBankingRates spoke with Eric Franklin, CFP, managing principal and co-founder of Prospero Wealth, to find out some of the money behaviors you should ditch in 2025. Although we have a new president still early in his term, Franklin doesn't see this as a reason to upend your current financial strategy. 'How much ink has been spilled about repositioning assets to take advantage of the new U.S. presidential regime? There's so much excitement and dismay, and journalists are highly aware that they can fan these flames and drive panicked urgency,' he said. 'While that's good for selling advertising, the people who will win are the ones who plug their ears, save through thick and thin, and use low-cost, tax-efficient, diversified strategies with consistency.' Trending Now: It's always important to have a plan for the worst-case scenario. 'You will face setbacks,' Franklin said. 'We all do. If you have people who depend on you, carrying term life insurance and having some disability coverage — 1 in 4 people will rely on that disability coverage — are table stakes. Employer benefits are a good place to start.' He also recommends keeping expenses low and avoiding temptations to overspend. Going along with planning for the worst, Franklin said it's essential to prioritize building and maintaining an emergency fund. 'Our daily lives are full of surprises,' he said. 'In the absence of perfect planning, emergency reserves are the shield protecting you from financial folly. Most advisors will recommend three to six months of cash reserves put aside in an account separate from your checking account so you do not see it every day. 'Behaviorally speaking, it's best if these assets are at a completely separate institution,' Franklin continued. 'You want these funds out of sight and out of mind, accessible within a couple of days for any emergency, and replenished as a top priority once withdrawn.' Some people need a helping hand to keep their finances on track. If you're one of those people, be sure to reach out to a financial professional who can provide guidance and support. 'Most people are smart enough to figure out how to manage their finances, yet they fail ignominiously to do so,' Franklin said. 'Reasonable intelligence and good intentions combined with a lack of action leave many people with guilt and a lack of confidence in their financial futures. 'If you're never going to light up at the thought of financial planning, rebalancing or learning how to invest more tax efficiently — and you're likely to keep neglecting it — you should seek help.' Money has long been seen as a taboo topic, but not talking about it can cause more harm than good. 'More people should be speaking about their financial issues and learning from each other,' Franklin said. 'If you're looking for improved financial outcomes, the most important thing you can do is find yourself accountability partners. Look for people you already trust or for mentors who can help effectively structure your next best steps.' More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years The New Retirement Problem Boomers Are Facing This article originally appeared on I'm a Financial Advisor: 5 Worst Things You Can Do for Your Finances This Year Sign in to access your portfolio
CTV News
26-05-2025
- Business
- CTV News
Evaluate your financial fitness
Ottawa Watch We're kicking off Financial Fitness Week by looking at how you can evaluate your own financial fitness! Personal finance expert and author Jessica Moorhouse gives us her tips.
Yahoo
24-05-2025
- Automotive
- Yahoo
Jaspreet Singh: Avoid These 7 Big Wealth Killers in Your 20s
As a young adult, you're possibly making a lower income, still attending college or trying to understand the basics of using money responsibly. While you might not yet have a ton of cash to invest, avoiding common poor money decisions will help you build wealth earlier in life. Discover More: Find Out: According to Empower Personal Dashboard data, the median net worth for those in their 20s was just $7,638 in November 2024, compared to $35,649 for those in their 30s. In a recent video, finance YouTuber Jaspreet Singh discussed these seven wealth killers that harm people in their 20s. A new car payment averaged $753 in April 2025, according to Cox Automotive. That doesn't include other expensive ongoing costs that Singh discussed, like premium gas, insurance and maintenance. He also said that many people get into a cycle of taking out more expensive auto loans since they get a fancier vehicle once they've paid the last one off. That will keep taking up your budget and making investing and building wealth difficult. Singh recommended getting a cheap, modest car in your 20s, putting your extra cash toward investments and getting a better vehicle when you're in better financial shape in your 30s. While you're at it, consider buying your cars with cash to avoid loans and interest. Explore Next: Singh said, 'The reason why the watch industry has been so profitable is because after the jeweler sells you the watch, they're now also selling the financing for you to pay for that watch.' Getting a luxury watch in your 20s might seem like a good way to look fancy, but the total financing cost with interest may not be worth it. Holding off until you're older and have enough wealth to buy one debt-free is wiser. Singh also mentioned there's no guarantee your fancy Rolex will gain value, especially as more people hold off on nonessential purchases. That's bad news if you're considering the watch an investment. Seeing other young adults posting pictures of their dream vacations online can tempt you to book a trip to enjoy yourself, but the cost can quickly damage your finances. The travel insurer SquareMouth found that one trip abroad averaged over $10,000 alone. Singh said that these vacations aren't helping you make money; instead, they can leave you stuck with a credit card bill you can't pay. Plus, you might continue the pattern of booking more fancy trips due to stress. That's why Singh advised not taking a trip unless you have the cash. Singh said, 'People would rather look rich than be rich.' He discussed the increase in luxury purchases when people got stimulus checks and unemployment checks during the 2020 to 2021 downturn. While some may turn to such items to feel richer in a tough financial time, Singh said the only people getting wealthy from those purchases are the companies. It's wiser to hold off on designer clothes in your 20s while you build real wealth. Eventually, you can afford them and not simply look rich. Having children adds many new expenses, like food, diapers, doctor bills and nursery equipment. Singh said these costs can lead to debt so that you don't have money for your children's college and get financially stuck yourself. He advised waiting to start a family until your finances are in the right place. Singh also encouraged picking a partner carefully since divorce is financially damaging. You'll want to choose someone who is an asset and doesn't create financial problems. According to Singh, it's common to regret buying a home due to affordability issues. Besides buying a more expensive home than you should, you might not look at the costs (like utilities, repairs and upgrades) that aren't in the mortgage payment. This can leave you drowning. Singh explained, 'All of your money is going right into the home, so it becomes a money pit as opposed to something that you thought you're gonna just be able to pay off and live a little bit more financially free.' To own a house in your 20s without straining your budget or missing out on investing opportunities, find something with a truly affordable monthly payment based on your budget. Fannie Mae gave a guideline of not letting housing costs exceed 30% of your pre-tax pay. Your 20s are a great time to avoid new debt and get rid of existing debt since those payments otherwise cut into your wealth-building progress. Singh suggested it can make sense to invest less so you can get rid of high-interest debt sooner. Besides saving you on interest, being debt-free will reduce your financial stress. Reining in your spending and finding higher income opportunities can help you invest some money and pay down the debt at the same time. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 Sources Empower, 'The average net worth by age in America' Minority Mindset (Jaspreet Singh YouTube channel), 'The 7 BIGGEST Wealth Killers In Your 20s (AVOID THIS)' Cox Automotive, 'April Sees Sharp Decline in New-Vehicle Affordability Amid Rising Prices and Highest Monthly Payment Since December' Squaremouth, 'Economic Pressures Shift Travel Behaviors — But Most Americans Still Aren't Giving Up Their Vacations' Fannie Mae, Mortgage Affordability Calculator This article originally appeared on Jaspreet Singh: Avoid These 7 Big Wealth Killers in Your 20s Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
