PennyWise: Recent Episodes
Lee Enterprises
A show about money, finances, and investing. Join Teri Barr every Thursday as she's joined by specialists from Forbes Advisor and NerdWallet to talk about the topics that affect your bottom line.
In this episode of PennyWise, host Nat Cardona engages in a thought-provoking discussion with Chip Lupo, a writer and analyst for WalletHub, as they explore the evolving landscape of tipping in America. With 75% of Americans feeling that tipping has spiraled out of control, they dive deep into the cultural implications and the new norms surrounding gratuity in various service sectors. Chip shares insights on the traditional tipping percentages for services like dining, hair salons, and delivery, while also addressing the growing trend of tipping at self-service kiosks and other unexpected places.
Listeners will gain a clearer understanding of when and how much to tip, including guidelines for different service scenarios. They also discuss the ethical concerns surrounding tipping as a potential substitute for fair wages, prompting listeners to consider their own tipping practices and the pressures associated with them. Chip emphasizes the importance of tipping for good service while also acknowledging the discomfort that can arise when service falls short.
For more insights on tipping trends and best practices, check out WalletHub's extensive resources on personal finance.
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In this episode of PennyWise, host Nat Cardona is joined by NerdWallet personal finance expert Kim Palmer to tackle the dual challenge many American couples face: financing a wedding while pursuing homeownership. As costs continue to rise, they discuss practical do's and don'ts that can help newly engaged couples navigate these financial hurdles effectively.
Listeners will learn about the shifting demographics of first-time homebuyers, with the median age now at 38, and strategies for building a house fund instead of opting for traditional wedding gifts. Kim shares insights on the importance of avoiding credit card debt when financing wedding expenses, emphasizing that it's crucial to minimize financial burdens post-wedding.
More on this episode from Nerdwallet- First Homes and Weddings
For more insights, check out NerdWallet's comprehensive resources on financing weddings and homeownership.
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In this insightful episode of PennyWise, host Nat Cardona sits down with WalletHub's financial expert, Adam McCann, to tackle a common question: how much should you budget for clothing in 2025? As clothing prices continue to rise, Adam breaks down the average annual spending on apparel, revealing that households typically spend around $1,945 on clothing each year. However, he emphasizes that this figure can vary widely based on personal needs and lifestyle.
Listeners will discover practical tips for saving money on clothing, including the importance of shopping during sales, utilizing coupons, and understanding the difference between 'needs' and 'wants' in their wardrobe. Adam also discusses the benefits of investing in quality pieces that last longer, as well as savvy shopping strategies like buying off-season and exploring thrift stores or community clothing swaps.
Additionally, the episode covers the advantages of using the right credit cards for clothing purchases, highlighting how rewards and cashback options can maximize savings. Adam stresses the importance of managing credit wisely to avoid interest charges that can negate savings from rewards.
More on this story- How Much to Budget for Clothes in 2025
For more insights on budgeting and saving, check out WalletHub's resources at WalletHub.
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In this episode of PennyWise, host Nat Cardona teams up with tax expert John Kiernan, Managing Editor at WalletHub. John shares essential last-minute tax tips for the 2025 filing season. As the deadline approaches, they emphasize the importance of filing a return regardless of your ability to pay, explaining the significant penalties associated with failing to file. Listeners will learn about the IRS's direct file program and how to utilize free resources for tax assistance, especially for those facing financial challenges.
The conversation also covers strategies for managing tax payments, including the benefits of using credit cards wisely to earn rewards while settling tax obligations. They delve into disaster relief for those in FEMA-designated areas and the advantages available for taxpayers in these situations, such as extended filing deadlines and deductions for personal property losses.
For more insights and resources, check out WalletHub's budgeting features to get your finances in shape.
More on this story- Countdown to Tax Day: WalletHub’s Tax Tips for 2025
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In this episode of PennyWise, host Nat Cardona engages with WalletHub's personal finance writer, Milvionne Chery Copeland, to explore the innovative world of AI budgeting tools. As artificial intelligence continues to permeate our daily lives, Milvionne explains how these tools can revolutionize the way we manage our finances. Listeners will learn about the benefits of using AI to automatically track and categorize expenses, saving precious time and effort in the budgeting process.
The conversation delves into how AI can analyze spending patterns, alert users to unusual expenses, and even help automate savings by identifying manageable amounts to set aside. There are also tips on utilizing AI chatbots, with occasional review, as virtual financial assistants, providing instant advice and insights.
Learn more from WalletHub at Are Budgeting Apps Safe?
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In this enlightening episode of PennyWise, host Nat Cardona welcomes NerdWallet's senior writer, Holden Lewis, to debunk the common myth surrounding down payments for home buying. Many potential homeowners believe that a hefty 20% down payment is a necessity, but Holden clarifies that this isn't the case. The discussion addresses the financial pressures faced by first-time homebuyers, including interest rates and living costs, which can make homeownership seem unattainable.
Listeners will discover that conventional loans can require a lot less down, while FHA loans offer nearly unbeatable opportunities for first-time homebuyers.
This episode is packed with practical advice and reassurance for anyone feeling overwhelmed by the home buying process.
https://www.nerdwallet.com/article/mortgages/data-down-payment
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In this informative episode of PennyWise, host Nat Cardona sits down with WalletHub's financial writer, Adam McCann, to discuss the rising costs of groceries and how different states are faring in terms of food expenses. With grocery prices increasing over 25% since 2019, Adam shares insights from WalletHub's latest study that reveals which states spend the most and least on groceries. Listeners will learn that while Mississippi tops the list for grocery spending, New Jersey enjoys the lowest percentage of income spent on food.
The conversation dives into practical budgeting strategies, emphasizing the importance of tracking grocery expenses and creating a shopping list to avoid impulse purchases. Adam also highlights the benefits of using credit cards that offer rewards on grocery purchases.
For more details on grocery spending by state, check out WalletHub's report here.
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In this engaging episode of PennyWise, host Nat Cardona is joined by Milvionne Chery Copeland, a personal finance writer at WalletHub, to explore the fascinating dynamics of budgeting across various cities in the U.S. As many individuals continue to face financial challenges, Nat and Milvionne dive into the cities with the best and worst budgeters and uncover the strategies that set successful budgeters apart.
Listeners will learn about the impressive debt-to-income ratios in cities like Seattle and Fremont, as well as the importance of maintaining a low credit utilization ratio. Milvian emphasizes the critical role of smart spending and the necessity of paying more than the minimum on credit card balances to avoid spiraling debt.
Cities With the Best & Worst Budgeters in 2025
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In this engaging episode of PennyWise, host Nat Cardona is joined by NerdWallet's travel expert, Sally French, to explore the evolving landscape of vacation rentals. As family travel needs shift towards larger accommodations, the episode delves into the emergence of hotel-affiliated vacation rentals that are challenging traditional platforms like Airbnb and VRBO. Sally discusses how major hotel brands such as Hilton, Hyatt, and Marriott are entering the vacation rental market, catering to groups seeking multiple rooms and kitchen facilities.
Listeners will learn about the advantages of these hotel-backed rentals, including consistent quality and service, as well as unique amenities that enhance the vacation experience. From sprawling resort-style properties to high-end villas, Sally paints a vivid picture of what travelers can expect when opting for these new accommodations.
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In this enlightening episode of PennyWise, host Nat Cardona engages with WalletHub's managing editor, John Kiernan, to tackle the essential topic of emergency funds. With many Americans feeling unprepared for unexpected expenses, especially amidst rising inflation, John provides valuable insights into the importance of building a financial safety net.
Listeners will discover the alarming statistics from WalletHub's recent survey, revealing that over 40% of individuals lack confidence in their ability to cover surprise costs. John shares practical strategies for initiating an emergency fund, including budgeting tips and the significance of making minimum debt payments while saving.
More from WalletHub https://wallethub.com/blog/emergency-saving-survey/133932
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In this insightful episode of PennyWise, host Nat Cardona welcomes NerdWallet's Sarah Rathner to discuss the intriguing findings from the 2024 American Household Credit Card Debt Status Study. As we transition into 2025, Nat and Sarah reflect on the financial landscape of 2024, a year that appeared promising on the surface but felt challenging for many consumers. They delve into the paradox of rising economic indicators contrasted with the personal financial struggles faced by individuals and families across the country.
Listeners will learn about the significant increase in household expenses compared to income, the alarming statistics surrounding credit card debt, and the impact of daily necessary purchases on financial stability. Sarah shares valuable insights on how consumers can regain control over their finances, emphasizing the importance of tackling debt and building emergency savings.
https://www.nerdwallet.com/article/credit-cards/credit-card-data/2024-american-household-credit-card-debt-study
In this informative episode of PennyWise, host Nat Cardona sits down with Chip Lupo, a credit card writer for WalletHub, to explore the vital topic of credit freezes. As the importance of maintaining a good credit score becomes undeniable, Chip offers a comprehensive guide on how to protect your credit and identity through the strategic use of credit freezes.
Listeners will gain insights into the process of implementing a credit freeze, its benefits, and potential drawbacks. Chip explains how a credit freeze can safeguard personal information from fraudsters, especially during times of increased vulnerability, such as the holiday season. He also discusses the ease of managing credit freezes through the major credit bureaus—Experian, TransUnion, and Equifax—via online platforms, phone, or mail.
Learn about the importance of unfreezing your credit before applying for new credit accounts and the impact of a credit freeze on existing accounts. Chip also highlights scenarios where a credit freeze might be beneficial and clarifies misconceptions about its effects on credit score improvements.
https://www.nerdwallet.com/article/finance/how-to-freeze-credit
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In this essential episode of PennyWise, host Nat Cardona is joined by NerdWallet expert Elizabeth Ayoola to discuss the upcoming changes to Medicare in 2025. With new developments on the horizon, Elizabeth provides listeners with crucial insights into the evolving landscape of Medicare Part D, including the introduction of an out-of-pocket maximum for prescription drugs, which promises relief for many consumers.
Explore the implications of declining plan ratings and the potential impact on premiums, as well as tips for ensuring your prescription drugs remain covered. Elizabeth also sheds light on the special enrollment period for those affected by plan changes and the rising costs associated with Medicare Parts A and B.
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In this motivating episode of Penny Wise, host Nat Cardona is joined by WalletHub finance writer Adam McCann to tackle the age-old tradition of New Year's resolutions with a focus on achieving real financial results in 2025. Adam offers expert advice on setting practical resolutions, specifically around saving money and budgeting, to help listeners start the new year on the right financial foot.
Discover the benefits of high-yield savings accounts, the strategic use of credit cards, and the importance of budgeting to keep your finances in check. Adam shares insights from WalletHub's financial resolution survey and highlights the top cities for sticking to resolutions, thanks to their robust financial environments and healthy living infrastructure.
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In this insightful episode of PennyWise, host Nat Cardona welcomes NerdWallet's personal finance expert Kimberly Palmer to share practical tips on reducing your monthly bills. As holiday expenses mount and budgets tighten, Kimberly provides a step-by-step guide to negotiating lower rates on your internet, cable, and utility bills.
Learn the art of timing your calls for the best results and discover the importance of speaking with a real person rather than a chatbot. Kimberly emphasizes the power of politeness and preparation.
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In this insightful episode of PennyWise, host Nat Cardona is joined by WalletHub editor Milvian Cherry Copeland to delve into the world of gift cards, a popular holiday gift choice. While they are convenient, not every gift card fits the recipient's needs. Milvian shares expert advice on how to make the most of unwanted gift cards, including where to sell them and how to avoid common scams.
Discover where to fins discounted gift cards, and learn which gift cards have the highest resale value. Milvian also highlights the convenience of electronic gift cards and the importance of registering your cards to protect against loss or theft.
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In this festive episode of PennyWise, host Nat Cardona is joined by NerdWallet travel expert Sally French to explore nine last-minute Christmas vacation destinations across the United States. Whether you're looking to escape the cold or embrace the holiday spirit, Sally's curated list of spectacular getaways has something for everyone. And they're easier to get to than you might think.
Join us as we uncover these diverse and delightful holiday destinations, perfect for creating unforgettable Christmas memories.
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In this episode of PennyWise, host Nat Cardona explores the evolving world of cruise dining with travel rewards expert Sally French from NerdWallet. Gone are the days of mundane buffets under heat lamps; cruise lines are now elevating their culinary offerings with renowned chefs and unique dining experiences.
Discover the allure of specialty dining on cruises, where partnerships with celebrity chefs like Tony Gemini and Guy Fieri bring gourmet options to the high seas. From Guy's Burger Joint to Tony's artisanal pizzas, these collaborations offer a fresh take on cruise cuisine.
Learn about the innovative use of local ingredients as cruise lines source fresh produce and seafood directly from their ports of call.
Join us as we navigate the exciting world of cruise dining and discover how to make the most of your culinary journey on the open seas.
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In this episode of PennyWise, host Nat Cardona is joined by NerdWallet's personal finance writer Elizabeth Ayoola to help you navigate the whirlwind of Cyber Monday shopping. With the holiday season in full swing, it's easy to get swept up in the frenzy of deals and discounts. Elizabeth shares expert tips on how to spend wisely and avoid common pitfalls during this busy shopping period.
Learn how to set a realistic budget using the 50/30/20 rule to ensure your holiday spending doesn't derail your financial goals. Discover the importance of price comparison and the use of price tracking tools like Keepa, CamelCamelCamel, and PayPal Honey to ensure you're getting the best deals. Elizabeth also emphasizes the need to check return policies and reviews before making a purchase, especially for big-ticket items.
In this episode of PennyWise, host Nat Cardona addresses a common fear among drivers: the dreaded insurance rate increase after a car accident. With expert advice from WalletHub's Milvionne Chery Copeland, listeners will learn practical strategies to avoid overpaying on car insurance following an at-fault accident.
Discover the benefits of accident forgiveness programs and how they can shield you from rate hikes. Learn the importance of shopping around for insurance quotes to ensure you're getting the best deal, potentially saving up to $1,778 annually. Explore the advantages of taking a defensive driving course and other discounts that can reduce your premium by up to 35%. Considering reducing your coverage? Find out when it might make sense to opt for state minimum coverage.
More from WalletHub https://wallethub.com/answers/ci/how-to-avoid-insurance-increase-after-car-accident-2140797148/
In this episode of PennyWise, host Nat Cardona dives into the world of store credit cards with expert insights from WalletHub editor Christy Mathern. With enticing offers at the checkout counter, store credit cards can seem appealing, but are they truly beneficial?
Explore the essential "do's" and "don'ts" of store credit cards, from understanding your credit score before applying to comparing rewards with traditional credit cards. Discover the hidden pitfalls of deferred interest and the importance of using credit responsibly to build your score. Christy shares valuable advice on avoiding common mistakes, ensuring your financial health remains intact.
More from WalletHub https://wallethub.com/edu/cc/mistakes-to-avoid-with-store-credit-cards/95806
Are you a Disney fan, but weary of the prices and endless lines at the theme parks? Or perhaps you have a large family and taking a trip to Orlando, Florida or Anaheim, California isn't in the budget. In this week's episode, host Nat Cardona is joined by NerdWallet's Sally French who has 5 U.S. destinations for Disney fans that aren't Disneyland or Disney World.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise. Lee Enterprises produces many national, regional and sports podcasts.
Join host Nat Cardona on this episode of PennyWise as she explores the exciting world of pickleball travel with insights from NerdWallet's Sally French. With nearly 14 million players in 2023, pickleball enthusiasts are taking their passion on the road.
Discover how cruise lines and resorts are embracing this trend, offering pickleball courts and tournaments at sea and on land. Learn about group vacations to exotic destinations like Portugal and Mexico, where pickleball fans can enjoy the sport and local culture.
Tune in to see how pickleball is reshaping travel, offering endless opportunities to play and explore the world.
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In this episode of PennyWise, host Nat Cardona explores the surprising resurgence of the cruise industry with insights from NerdWallet travel expert Sally French. Despite the pandemic's initial impact, the cruise sector is experiencing a remarkable comeback, drawing travelers back to its unique allure.
Recent data shows cruise transactions reaching all-time highs. Delving into the demographics, Sally highlights the strong appeal cruises hold for Baby Boomers, who account for a significant portion of cruise spending. However, she also notes the growing interest among families and younger travelers, fueled by innovative offerings like Disney's expanding cruise fleet and themed experiences.
This episode of PennyWise to discover why cruises are once again capturing the hearts of travelers worldwide. Whether you're a seasoned cruiser or considering your first voyage, this episode offers valuable insights into the revitalized world of cruising.
In this episode of PennyWise, host Nat Cardona dives into the world of Black Friday shopping with insights from WalletHub analyst Chip Lupo. As the holiday shopping season kicks off, many are gearing up to snag the best deals. But are Black Friday discounts as good as they seem? This episode is your guide to navigating the sales and maximizing your savings.
The conversation starts with an analysis of WalletHub's latest Black Friday study, revealing potential savings on popular items, with some discounts reaching up to 80%. Chip highlights key categories where significant bargains can be found.
Whether you're shopping in-store or online, tune in to this episode of PennyWise for expert tips on making the most of Black Friday deals while avoiding common pitfalls. Ensure your holiday shopping is both savvy and rewarding.
More from HalletHub- https://wallethub.com/edu/best-worst-items-for-black-friday/16901
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In this episode of PennyWise, host Nat Cardona navigates the world of travel credit cards with insights from WalletHub analyst Chip Lupo. As the holiday season approaches, many are planning trips, and the right travel credit card can offer substantial savings and perks. If you're gearing up for holiday travel and want to maximize your rewards, this episode is a must-listen.
Tune in to this episode of PennyWise to discover how to leverage travel credit cards for maximum savings and benefits this holiday season. Whether you're a frequent traveler or planning a special holiday getaway, this episode provides essential guidance to make the most of your credit card rewards.
More from WalletHub- https://wallethub.com/edu/cc/mistakes-to-avoid-with-store-credit-cards/95806
https://wallethub.com/best-travel-credit-cards
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In this episode of PennyWise, host Nat Cardona delves into the recent Federal Reserve interest rate cuts with insights from NerdWallet lead writer, Kate Wood. If you're in the housing market—whether buying, selling, or refinancing—this episode is packed with crucial information to help you navigate these changes.
The discussion starts with an overview of the Federal Reserve's recent decision to cut the federal funds rate by 50 basis points, and how this impacts various interest rates, especially mortgage rates. Kate explains how mortgage rates had already begun to drop even before the Fed's announcement, causing confusion for many potential homebuyers.
For buyers, Kate discusses the implications of these rate cuts, providing a forecast that suggests mortgage rates will likely hover around the 6% mark for the foreseeable future. She emphasizes the importance of personal timing over market timing when deciding to purchase a home.
Homeowners considering refinancing are also in a potentially advantageous position. Kate breaks down the factors to consider, such as the break-even point and the impact of rising home values, which might make refinancing more beneficial than initially expected.
Sellers, on the other hand, might find themselves in a strong position due to increased home equity. Kate explains how selling in the current market could provide substantial funds for a robust down payment on a new home, making offers more attractive to sellers.
Kate also addresses the unlikely return of the ultra-low interest rates seen during the pandemic, explaining that such rates were outliers and would require significant, undesirable economic events to occur again.
Tune in to this episode of PennyWise for expert advice on navigating the complexities of the current housing market. Whether you're looking to buy, refinance, or sell, this episode offers valuable insights to help you make informed decisions.
In this episode of PennyWise, host Nat Cardona explores the potential pitfalls of relying on Google search results for financial advice with insights from WalletHub expert, John Kiernan. If you're accustomed to trusting the top Google search results for your financial decisions, this episode is essential listening.
The discussion begins by addressing the common practice of Googling financial products like credit cards and savings accounts, and the assumption that the top search results are the best options. John shares findings from a recent study that reveals how this trust can be misplaced, often costing consumers significantly more money than they realize.
John explains how the deterioration of Google search result quality, with a bias towards big brands and advertiser-driven content, can lead to subpar financial product recommendations. For example, the study found that the top five Google search results for popular financial terms could cost consumers around $200 on average, and in some cases, up to $1,400.
The conversation delves into specific financial search terms like "best credit cards to build credit" and "best savings accounts," highlighting how these results often prioritize products with high fees and low rewards, benefiting publishers rather than consumers. John also shares insights from a survey conducted by WalletHub, revealing that a majority of people expect Google to show the best result first, yet many are noticing a decline in search result quality and an increase in bias towards big brands.
To help listeners navigate these challenges, John offers practical tips for overcoming Google’s flaws. He suggests trying alternative search engines, comparing multiple search results, and relying on trusted websites like WalletHub.com for direct recommendations. He also advises looking out for signs of quality and transparency in product comparisons to avoid biased recommendations.
Tune in to this episode of PennyWise to learn how to protect yourself from misleading Google search results and make more informed financial decisions. Discover strategies to maximize your savings and ensure you're getting the best financial products available.
In this episode of PennyWise, host Nat Cardona dives into the murky waters of credit-building products with insights from WalletHub expert, Christie Matherne. If you're struggling with poor to fair credit and looking for ways to improve it, this episode sheds light on the pitfalls of some questionable credit-building practices and products.
The conversation begins with a basic overview of what credit-building products are, including examples like credit cards and credit builder loans. Christie explains how these products promise to help you build credit faster and better but often come with hidden drawbacks.
They discuss key findings from a recent study on credit-building products, revealing that about 30% of these products do not provide access to usable funds through a loan or a line of credit. Instead, some products pretend that a debit card purchase is a credit card purchase or even pay your bill for you using money set aside from a debit account, which doesn't actually help build your credit.
The episode also highlights the issue of false credit utilization reporting. Some products report inflated credit limits to credit bureaus, making your credit utilization look better than it is. This can lead to future lenders extending credit based on false pretenses, which might set you up for financial trouble.
Christie emphasizes that you don't need to pay anyone to build credit effectively. Traditional methods like getting a secured credit card can help you build credit from scratch without any additional costs. She also cautions against products that cherry-pick bill payment transactions to only report positive payments, as this doesn't help you learn how to manage credit responsibly.
The episode touches on the "island approach" to credit building, where you use multiple credit cards to maximize rewards and improve your credit score. This strategy involves using specific cards for specific types of purchases to get the best rewards and discounts
Christie debunks the myth that you need to carry some debt to build good credit. Paying off your statement balance every month is sufficient for building a good credit score without incurring interest charges.
Tune in to this episode of PennyWise for expert advice on navigating the world of credit-building products and strategies. Learn how to build your credit effectively without falling into the traps of shady practices.
In this episode of PennyWise, host Nat Cardona uncovers the concept of "shoulder season" with insights from Nerdwallet travel expert, Sally French. If you're looking to save money and avoid the crowds on your next vacation, this episode is a must-listen.
The discussion kicks off with a clear explanation of shoulder season, defined as the period between peak season and off-season. Sally highlights how this timeframe can vary by destination, offering the perfect balance of fewer crowds and better prices. For instance, you might find different shoulder seasons in places like Arizona compared to Hawaii.
Sally emphasizes the financial benefits of traveling during shoulder season. Not only are prices typically lower than peak season, but you also have a higher chance of booking coveted reservations and experiencing fewer crowds at popular attractions.
The episode also explores how shoulder season can sometimes offer unique local experiences. Many destinations host special events to attract visitors year-round, such as food and wine festivals. These events can make your trip even more memorable while still enjoying shorter lines and less crowded attractions.
However, Nat and Sally discuss a growing trend: shoulder season itself becoming more crowded. With the rise of flexible work situations, more people are taking advantage of this travel period, leading to higher occupancy rates in traditionally less busy times. Sally advises listeners to pivot their plans and consider less trendy destinations to truly avoid the crowds and high prices.
Sally shares practical tips for finding these hidden gem destinations. She suggests using tools like Google Flights to explore various travel options and find the best deals. By entering your home airport and travel dates, you can discover affordable flights to unexpected places, making your trip both cost-effective and unique.
Tune in to this episode of PennyWise for expert advice on maximizing your travel budget and enjoying a more relaxed vacation experience. Whether you're dreaming of a quiet beach or an adventurous national park, these tips will help you plan the perfect getaway without breaking the bank.
In this episode of PennyWise, host Nat Cardona delves into the critical topic of life insurance with Nerdwallet financial expert, Elizabeth Ayoola. They discuss six key milestones that signal it's time to reevaluate your life insurance needs, providing essential insights for anyone looking to safeguard their family's financial future.
The episode begins with a fundamental overview of life insurance, explaining its importance for anyone with financial dependents. Elizabeth shares a poignant example of how the lack of life insurance can leave families in financial distress, emphasizing the need for adequate coverage.
Next, they explore the significant life events that should prompt a review of your life insurance policy. These include getting married, having children, buying a house, and taking on significant debts like student loans. Each scenario underscores the necessity of ensuring your loved ones are financially protected in case of an untimely death.
The conversation also covers the importance of reassessing your life insurance when starting a new job. Many people overlook the fact that group life insurance from a previous employer may not transfer to a new one. Elizabeth advises listeners to check their new employer's life insurance offerings and consider supplemental personal policies if needed.
Affordability is another key topic. Elizabeth dispels the myth that life insurance is prohibitively expensive by sharing her personal experience with term insurance, which can be surprisingly affordable. She suggests reallocating funds from less essential expenses to ensure you can afford this crucial coverage.
For business owners, life insurance is equally important. Elizabeth explains how having a policy can provide financial stability for business partners and employees in the event of the owner's death, ensuring the business can continue operating smoothly.
The episode also touches on the importance of life insurance for primary caregivers of aging relatives. With many long-term care costs not covered by Medicare, having a life insurance policy can prevent financial hardship for those left behind.
Elizabeth emphasizes the importance of using tools like life insurance calculators to determine the appropriate amount of coverage needed. She highlights Nerdwallet's own calculator as a simple and effective resource for getting an accurate estimate.
Tune in to this episode of PennyWise for expert advice on when and why to reevaluate your life insurance policy. Implement these strategies to ensure your loved ones are financially secure, no matter what life throws your way.
In this episode of PennyWise, host Nat Cardona discusses strategies for parents supporting their adult children financially, featuring insights from Nerdwallet financial expert, Kim Palmer. With six in ten parents having helped their adult children in the past year, this episode provides practical tips to guide your kids toward financial independence.
The conversation starts with the importance of early money talks. Communicating about budgeting and financial choices from a young age can lay the groundwork for future financial responsibility. Nat and Kim share examples of how to integrate these discussions into everyday scenarios, like planning a family vacation.
Next, they explore the common scenario of adult children living at home. Charging a nominal rent can help young adults internalize the cost of living and contribute to household expenses, setting realistic expectations for their future independence.
The episode also highlights the value of helping with specific purchases rather than offering blanket financial support. Whether it's contributing to a down payment on a home or covering groceries for a week, targeted assistance can help your child manage their budget without becoming overly reliant on parental support.
Setting clear, realistic deadlines for when your child will take over their financial responsibilities is another key strategy. Establishing milestones, such as paying their own cell phone bill upon securing a full-time job, can help young adults work towards financial independence gradually.
Kim also suggests ways to help young adults build wealth, such as assisting with real estate purchases or encouraging retirement savings. Some parents may even match their child's contributions to foster the habit of saving for the future.
Finally, the episode underscores the importance of protecting your own finances while supporting your children. Being too generous can jeopardize your financial security, so it's crucial to balance your support with your own financial well-being.
Tune in to this episode of PennyWise for expert advice on helping your adult children achieve financial independence while safeguarding your own financial health. Implementing these strategies can make the journey smoother for both parents and children.
In this episode of PennyWise, host Nat Cardona explores practical ways to secure cheap car insurance with Nerdwallet expert, Melissa Lambarena. Car insurance is a necessity in many states, but that doesn't mean you have to overpay. This episode provides actionable tips to help you get the best deal on your car insurance policy.
The conversation begins with the advantages of working with an independent insurance agent. Unlike online searches, agents can shop multiple insurers, including smaller regional ones that might offer cheaper coverage. They can also identify available discounts and help you choose the right coverage limits.
Next, they discuss the various discounts you can ask about. Bundling multiple policies like car and home insurance, safe driver discounts, and opting for electronic statements or automatic payments can all lower your premium. Melissa emphasizes the importance of always inquiring about these potential savings.
Another tip is to consider increasing your deductible. While this can reduce your premium, it's crucial to ensure you have enough savings to cover the higher deductible in case of an accident. This strategy isn't suitable for everyone, so weigh your options carefully.
They also touch on the idea of dropping comprehensive and collision coverage for older cars. If your vehicle isn't worth much and you can afford repairs, this can be a cost-effective way to save on insurance. However, it's essential to consider all potential costs before making this decision.
Building your credit is another key point. In most states, insurers use a credit-based insurance score to set rates. By paying bills on time and using less than 30% of your available credit, you can improve your credit score and potentially qualify for better insurance offers.
Finally, Melissa advises listeners to shop around for the best offers every year and to always ask about available discounts. The worst response you'll get is a "no," but you might find substantial savings.
Tune in to this episode of PennyWise for expert advice on securing affordable car insurance. Implement these strategies to ease the financial burden of car insurance and make your money work harder for you.
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In this episode of PennyWise, host Nat Cardona is joined by a Nerdwallet financial expert to discuss five ways credit cards can help ease the burden of back-to-school expenses. As the school year approaches, families often face significant costs for clothes, supplies, and electronics. This episode offers practical tips to make those purchases more manageable.
The conversation kicks off with the benefits of credit card rewards. Whether it's cash back, points, or miles, redeeming these rewards can help offset the cost of back-to-school shopping. Listeners are encouraged to audit their current credit cards to ensure they align with their spending needs and explore new cards that offer valuable sign-up bonuses.
Next, they discuss the advantage of 0% APR offers. These interest-free windows can be particularly useful for spreading out the cost of school supplies without incurring additional charges. However, it's essential to understand the terms and ensure the balance is paid off before the promotional period ends to avoid retroactive interest.
The episode also highlights the value of online shopping portals and card-linked offers. By shopping through a credit card's bonus mall or taking advantage of linked offers, consumers can earn extra rewards or discounts, further stretching their back-to-school budget.
Another tip discussed is the utilization of credits that come with certain credit cards. These can include discounts on meal delivery services, streaming subscriptions, and more. Such perks can provide convenience and savings during the busy back-to-school season.
Finally, the importance of budgeting and responsible credit card use is emphasized. Charging only what you can afford to pay back and spreading out purchases throughout the year can help manage expenses effectively. Listeners are reminded that paying off the card's balance in full each month is crucial to avoid interest charges that can negate the value of rewards.
Tune in to this episode of PennyWise for expert advice on making the most of your credit cards during the back-to-school season. Implement these strategies to ease financial stress and make your money work for you.
In this episode of PennyWise, host Nat Cardona delves into the concept of financial self-care with Nerdwallet financial expert, Kim Palmer. Often, self-care is associated with relaxation activities like reading a book or taking a spa day, but financial self-care is about ensuring your financial practices contribute to your overall well-being.
The discussion begins with the importance of reflecting on your past financial habits and understanding how early money lessons impact your current financial behavior. Kim emphasizes the need to identify and change any negative patterns that may have been ingrained since childhood.
Next, they explore setting realistic and aspirational financial goals. Kim shares insights on how visualizing big dreams, like owning an expensive home, can motivate you to create actionable steps toward achieving those goals. This process involves regular check-ins and adjustments to your financial plans.
Tracking spending is another crucial aspect of financial self-care. With the help of budgeting apps, you can monitor your expenditures, receive alerts when you exceed your spending limits, and make informed decisions about your purchases. This practice helps keep your finances in check and reduces unnecessary spending.
The episode also addresses the challenge of saving money and building an emergency fund. Kim offers practical tips on prioritizing savings by cutting back on non-essential expenses like subscriptions and takeout orders. Building up your savings can provide a sense of financial security and peace of mind.
Lastly, they discuss the importance of maximizing employee benefits. Many jobs offer benefits that can significantly impact your financial health, such as flexible spending accounts, disability and life insurance, and childcare expenses. Kim advises listeners to check with their HR departments to ensure they are taking full advantage of these benefits.
Tune in to this episode of PennyWise for expert advice on practicing financial self-care and making your money work for you. By implementing these tips, you can achieve a more relaxed and content financial life.
In this episode of PennyWise, host Nat Cardona dives into the critical topic of staying safe from third-party seller scams. Joined by Nerdwallet financial expert Kim Palmer, they explore the various ways consumers can protect themselves when shopping from third-party sellers on major marketplaces like Amazon and Walmart.
These scams often involve setting extremely low prices to lure in buyers, only for the purchased items to never arrive, arrive as something entirely different, or even come with bogus tracking numbers. Nat and Kim emphasize the importance of vigilance and the risks associated with these fraudulent schemes.
Listeners will learn practical tips for identifying and avoiding scams. Kim advises on the necessity of researching the seller before making a purchase, including checking the seller's history of sales and reading reviews from other buyers. Red flags such as limited sales history or poor reviews should prompt consumers to look elsewhere.
The conversation also covers the significance of understanding retailer policies. Major platforms like Amazon and Walmart often indicate whether an item is sold directly by them or by a third-party seller. Knowing this can help consumers understand the level of support and recourse available if something goes wrong with their purchase.
Another essential piece of advice is to always pay with a credit card when shopping online. Credit cards offer built-in fraud protection, making it easier to dispute charges and recover funds if a scam occurs. Nat and Kim stress the importance of regularly monitoring credit card statements and banking reports to quickly identify and address any fraudulent activity.
Tune in to this episode of PennyWise for expert advice on safeguarding your online shopping experiences and ensuring you don't fall victim to third-party seller scams.
As summer travel heats up, it's crucial to ensure your credit cards are ready for the journey. In this episode of PennyWise, host Nat Cardona and financial expert Sally French from NerdWallet dive into a comprehensive credit card checklist to maximize your travel experience.
They start by emphasizing the importance of bringing a credit card on your trip. Many aspects of travel, such as renting cars or purchasing in-flight amenities, often require a credit card. Sally explains the benefits of using travel credit cards, including earning higher rewards on dining and travel expenses, and the underrated perk of TSA Precheck or Global Entry fee reimbursement offered by many cards.
The episode also highlights the value of airport lounge access provided by certain credit cards. These lounges offer a range of amenities, from complimentary coffee to full buffets and showers, making your wait time at the airport more enjoyable and productive.
Another critical point discussed is notifying your credit card issuer of your travel plans, especially for international trips. This helps prevent your card from being frozen due to suspected fraudulent activity. Sally advises checking if your card requires this notification and how to easily set it up online.
Foreign transaction fees can add up quickly, so the duo recommends researching and applying for travel credit cards that waive these fees. Many cards offer this benefit, ensuring you don't pay extra for your international purchases.
Finally, they discuss the importance of using the most rewarding credit card for your purchases and taking advantage of money-saving offers. Whether it's earning extra points on hotel stays or getting cashback on rideshares, these rewards can significantly offset your travel costs.
Tune in to this episode for essential tips to make your summer travel smoother and more rewarding. Start planning now to ensure your credit cards are ready for your adventures.
In this episode of PennyWise, host Nat Cardona discusses the much-anticipated Amazon Prime Day, happening on July 16 and 17. Joined by Nerdwallet expert Kim Palmer, they dive into the best strategies for making the most out of these two days of deals, highlighting what to buy and what to skip.
The episode kicks off with a focus on electronics, a category that often sees some of the lowest prices of the year during Prime Day, second only to Black Friday. From video game systems to laptops, listeners are advised to do their research and be ready to act quickly to snag the best deals. Nat shares personal anecdotes about scoring great deals on Apple products like AirPods Pro, emphasizing the potential savings on high-ticket items.
Next, the discussion shifts to essential items for parents, such as car seats and strollers. These bulky and expensive items often see significant price drops, making Prime Day an excellent opportunity for parents to save on necessary purchases.
Amazon devices are another hot topic. From Fire TV sticks to Echo devices and Ring doorbells, Prime Day is touted as a prime time to buy these items at reduced prices. However, Kim advises listeners to track prices throughout the year to ensure they are getting the best deal.
The episode also covers toys, a tricky category where prices can be unpredictable. Kim suggests keeping desired toys in your cart to monitor price drops and using tools like the Camelizer browser extension to track price history.
Small appliances, such as air fryers and handheld vacuums, are another category where Prime Day can offer great deals. Yet, listeners are reminded that pop-up sales occur throughout the year, so it's essential to stay vigilant and use price tracking tools like Camelizer or Honey.
As the episode wraps up, Nat and Kim stress the importance of budgeting and avoiding impulse purchases. They recommend implementing a 48-hour rule to help make informed decisions, even starting this process a few days before Prime Day to be prepared. Inventory can be limited, so acting quickly on desired items is crucial.
Tune in to this episode of PennyWise for expert advice on navigating Amazon Prime Day, ensuring you make smart purchases and maximize your savings.
In this episode of PennyWise, host Nat Cardona dives into the essentials of creating a home gym without breaking the bank. Joined by Nerdwallet expert Sarah Rathner, they explore practical tips and financial strategies to help you set up your workout space efficiently.
The episode begins with a discussion on the rise of home gyms during the COVID-19 pandemic and the continued trend of working out at home for convenience and cost-saving reasons.
Listeners will learn the importance of identifying the types of workouts they enjoy before investing in expensive equipment. Nat and Sarah suggest trying out different fitness classes or gym memberships on a trial basis to determine what equipment will be most beneficial for your home setup.
Budgeting is a key focus of this episode. They emphasize the importance of comparing prices and considering secondhand options for equipment like dumbbells, kettlebells, treadmills, and spin bikes. Platforms such as Facebook Marketplace and Nextdoor can be great resources for finding quality used fitness gear at a fraction of the cost.
The conversation also covers strategic financial planning for major purchases. Sarah advises on the benefits of saving up for equipment and using credit cards with rewards or 0% APR promotions to spread out payments without incurring interest. They also discuss the pros and cons of buy now, pay later plans, which can help manage cash flow but require careful monitoring to avoid overspending.
Finally, Nat and Sarah stress the importance of commitment to your fitness goals to ensure that your investment pays off. They encourage listeners to start with basic equipment and gradually add more as needed, always keeping an eye on their budget and financial health.
Tune in to this episode of PennyWise for actionable advice on building a cost-effective home gym that supports your fitness journey and financial well-being.
In this episode of PennyWise, host Nat Cardona dives deep into the pros and cons of credit limit increases with Wallethub financial expert, Cassandra Happe. Whether you're considering requesting a credit limit increase or have recently received one automatically, this episode offers valuable insights to help you make informed decisions.
Nat and Cassandra explain the two main ways to increase your credit limit: requesting an increase from your credit card issuer or receiving an automatic increase. They highlight the benefits and potential drawbacks of each method, emphasizing the impact on your credit score.
One of the key advantages of a higher credit limit is the added spending power, providing a financial cushion for emergencies and unexpected expenses. Cassandra explains how responsible credit card users who pay their balances on time can benefit from this increased limit without the stress of hitting their credit ceiling.
Another significant benefit is the potential for lower credit utilization, which can positively impact your credit score. Cassandra discusses how maintaining a low balance relative to your credit limit is crucial for a healthy credit score, both for individual cards and across all your credit accounts.
The episode also explores the greater rewards potential that comes with a higher credit limit. By using your credit card for more day-to-day purchases, you can maximize rewards and enjoy perks like cashback, travel points, and more. Cassandra shares tips on how to strategically use your credit card to earn these rewards without falling into debt.
In terms of the cons of credit limit increases, Cassandra warns about the risk of accumulating more debt and the potential difficulty in obtaining other lines of credit. She emphasizes the importance of using credit responsibly and being mindful of your spending habits.
Finally, they discuss the impact on your credit score when you request a credit limit increase. While an automatic increase often involves only a soft credit pull, a requested increase usually results in a hard pull, causing a slight dip in your credit score. Cassandra offers a pro tip: ask your lender if they're willing to increase your limit without a hard pull, as some may accommodate this request.
Tune in to this episode of PennyWise for practical advice and essential tips to help your college-bound child navigate the world of credit cards responsibly and build a strong financial foundation for their future.
Hosted by Nat Cardona and speaking with Wallethub expert Cassandra Happe, this episode is designed to help parents make informed decisions about their child's financial independence and responsibility.
They emphasize the importance of having a credit card for emergencies, especially when your child is far from home. A credit card can provide a safety net in unexpected situations, ensuring your child has access to funds when needed.
They also cover the significance of building credit history early. By becoming an authorized user on a parent's account, students can start establishing their credit without being legally liable for the charges. This sets a foundation for good financial habits and a strong credit score, which will benefit them in their adult life.
Nat and Cassandra also discuss the benefits of secured credit cards and student credit cards. These options provide a controlled environment for young adults to learn about credit management. With secured cards requiring a security deposit, students gain a sense of accountability and the importance of spending within their means.
A key point is the recommendation to limit the number of credit cards a student holds. Starting with just one card helps prevent overspending and simplifies financial management. Cassandra warns about the negative impact of multiple credit card applications in a short period, which can harm a young person's credit score.
Teaching students about on-time payments and keeping credit utilization below 30% are essential lessons for building good credit. While rewards cards can be tempting, the focus should be on responsible spending and timely payments rather than accumulating points.
Cassandra also advises against using credit cards for friends or family members, stressing the risk involved if they fail to repay. This lesson is crucial for young adults who may still be financially dependent and working part-time jobs.
Finally, the episode addresses the pitfalls of cash advances on credit cards. While they can be a quick solution in dire situations, the high fees and interest rates make them a costly option. Cassandra recommends having a debit or ATM card linked to a checking or savings account for cash needs, as these typically incur lower fees and no interest charges.
In this episode of PennyWise, host Nat Cardona talks with Cassandra Happe, Consumer Finance Expert for WalletHub.
They dive into the art of the staycation, exploring how to make the most out of your time off without the hassle and expense of traveling. Whether you're looking to save money or simply prefer the comfort of your own home, this episode is packed with tips to help you create a memorable and relaxing staycation.
Key points discussed include the importance of planning ahead, creating an itinerary, and setting a budget to ensure you don't overspend. Cassandra also shares creative ways to transform your home into a peaceful oasis, from decluttering and lighting candles to indulging in at-home spa treatments. The episode highlights the benefits of disconnecting from work and social media to fully immerse yourself in relaxation.
Listeners will learn about exploring local attractions, such as museums, parks, and downtown areas, as well as the joys of trying new activities like picnics, hiking, and visiting nearby towns. The conversation also covers the value of learning new skills or hobbies during your staycation, utilizing free resources like YouTube, TikTok, and local libraries.
Nat and Cassandra emphasize the importance of attending local events, whether they are free community gatherings or special events at local breweries and wineries. For those who enjoy socializing, hosting a budget-friendly event like a backyard barbecue or a virtual hangout with friends and family is also suggested.
The episode wraps up with a reminder to capture staycation memories through photos and notes, making it easier to look back and appreciate the experience. Nat also recommends WalletHub as a valuable resource for finding the best cities for staycations, travel credit cards, and road trip ideas.
Tune in to this episode of PennyWise for actionable tips and creative ideas to make your staycation truly special, no matter where you live.
In this episode of PennyWise, host Nat Cardona is joined by financial expert Christie Matherne to discuss the crucial steps to rebuild your credit. As many have faced financial challenges in recent years, this episode provides a comprehensive guide to getting back on track.
Christie shares practical advice on how to review your credit report, catch up on past due bills, and deal with debt collection agencies. She emphasizes the importance of starting a budget and building an emergency fund to avoid falling into the same pitfalls again.
The episode also explores the benefits of becoming an authorized user on a credit card and the strategic use of secured credit cards to rebuild your credit. Christie highlights the significance of checking your credit score regularly and staying patient as you work towards improving it.
Finally, the discussion wraps up with an advanced strategy known as the "island approach," where you use multiple credit cards for specific purchases to maximize rewards and further boost your credit score.
Whether you're struggling with debt or looking to improve your financial health, this episode of PennyWise offers valuable insights and actionable steps to help you rebuild your credit and secure a better financial future.
In this episode of PennyWise, host Nat Cardona dives into dynamic pricing with a focus on recent announcements from fast food giant Wendy's. As we navigate 2024, the concept of fluctuating prices has many consumers on edge, but is there really a reason to worry?
Join us as we clarify what dynamic pricing actually means. We'll explore how prices adjust in real time to supply and demand, and why this pricing strategy is more common than you might think, with examples from the travel industry to your local movie theater.
Discover how technology, particularly digital menu boards and AI, is paving the way for more dynamic pricing in the retail space. We'll also tackle the fears consumers have about potentially uncontrollable price changes and discuss the balance retailers must strike to avoid alienating their customers.
Whether you're a savvy shopper or just curious about the future of pricing, this episode of PennyWise with Elizabeth Renters offers valuable insights into how dynamic pricing affects both retailers and consumers, and how you can potentially benefit from it. So tune in and learn how to navigate this evolving pricing landscape, because understanding dynamic pricing could save you more than just pennies.
In this episode of PennyWise, host Nat Cardona sits down with NerdWallet's senior writer Holden Lewis to discuss the strategic move of selling your home to boost your retirement savings. As many Americans consider downsizing for their golden years, we delve into the critical factors that should guide this life-changing decision.
Holden brings a personal touch to the conversation, sharing his own considerations as he plans to transition from the sunny coasts of Florida to the mountains of North Carolina or Tennessee. With his house's value quintupling over 25 years, he exemplifies the potential financial windfall and the importance of researching the cost of living, property taxes, and medical care in your desired retirement location.
The episode covers practical advice on timing your home sale, navigating mortgage challenges post-retirement, and the wisdom of 'test driving' a new location in all seasons. Whether you're dreaming of a quiet mountain retreat or a bustling city condo, PennyWise is here to help you retire in style without sacrificing financial security.
Episode References:
NerdWallet | https://www.nerdwallet.com/
Zillow | https://www.zillow.com/
Episode summary created by https://headliner.app
In this episode of PennyWise, host Nat Cardona is joined by NerdWallet's personal finance writer Elizabeth Ayoola to unpack the concept of generational wealth and guide you on starting your own legacy of financial prosperity. From defining what generational wealth means to you, to taking the first steps towards investing, this episode is a resource for actionable advice.
Elizabeth clarifies the process of wealth-building, emphasizing the importance of education, setting clear goals, and developing a tailored strategy. Whether you're a passive investor who prefers to 'set it and forget it' or someone looking for more active engagement, this episode covers various investment avenues, including the convenience and innovation of robo-advisors.
Consistency is key, and despite the challenges of the current economy, Elizabeth highlights the power of compound interest and the need for time to let your investments flourish. Moreover, the discussion delves into the critical role of estate planning to ensure your hard-earned wealth serves your intended purpose for future generations.
PennyWise is here to remind you that creating generational wealth is a marathon, not a sprint, and every small step is a stride towards financial freedom for your descendants. Tune in for an episode that could mark the beginning of your family's financial legacy.
Episode References:
NerdWallet | https://www.nerdwallet.com/
Episode summary created by https://headliner.app
Show notes created by https://headliner.app
As we navigate the world of interior design trends, PennyWise invites you to embrace the bold and eclectic with maximalist decor. Host Nat Cardona is joined by NerdWallet's senior writer Sara Rathner to discuss how to infuse your living space with personality, without emptying your wallet.
In this episode, we're ditching the stark minimalism of the past decade and saying hello to a world where more is definitely more. Learn how to mix and match colors, textures, and unique pieces to create a space that's unmistakably you. From thrifting to DIY projects, Sara shares tips for finding or creating eye-catching decor on a dime.
We also delve into the art of curating meaningful pieces that tell a story, rather than rushing to fill spaces with forgettable items. Discover the joy of building a home that reflects your journey, with treasures that may take years to collect but offer a lifetime of satisfaction. Whether you're a homeowner or a renter, this episode is your guide to personalizing your habitat in a way that's both financially smart and stylishly stunning.
Episode References:
NerdWallet | https://www.nerdwallet.com/
Buy Nothing Project | https://buynothingproject.org/
Episode summary created by https://headliner.app
In this episode of PennyWise, host Nat Cardona teams up with NerdWallet's personal finance writer Kim Palmer to give you the latest on getting the best incentives when buying a new car in 2024. As the auto market recovers from its pandemic-induced slump, buyers are once again finding themselves in the driver's seat with a variety of enticing deals.
Discover what auto incentives entail, from rebates to low-interest financing, and learn why flexibility and research are important when it comes to car shopping. We'll go through the ins and outs of navigating dealership offers, regional rebate variations, and being armed with information before you step foot on the lot.
Charge up your knowledge on electric vehicles (EVs) as well, as we discuss how to combine manufacturer incentives with federal tax credits for savings. Whether you're buying or leasing, PennyWise is here to ensure you're geared up for negotiation and ready to secure the best possible deal on your next ride.
Episode References:
Nerdwallet | https://www.nerdwallet.com/
Kelley Blue Book | https://www.kbb.com/
Episode summary created by https://headliner.app
Show notes created by https://headliner.app
In this episode of PennyWise, host Nat Cardona takes off with NerdWallet's travel expert Sally French to explore the surprising trend of dropping airfares in 2024. Despite the inflation affecting almost every corner of the economy, travelers are seeing a welcome decrease in ticket prices, especially for international flights. From a nearly 12% drop for South America-bound flights to a 7.5% dip for Asia, the reasons behind these savings are just as intriguing as the destinations themselves.
Tune in as Sally explains how increased competition, new routes, and the resurgence of budget airlines contribute to these cost cuts. Learn why now might be the ideal time to embark on an international adventure and how strategic booking can maximize your savings. But it's not all clear skies – the episode also touches on the rise in baggage fees, a balancing act airlines are performing to keep base fares low. Whether you're a seasoned globetrotter or a first-time flyer, this episode is your boarding pass to understanding the current air travel landscape and how to navigate it penny-wise.
Remember, while airfares may be falling, don't wait to book your flight – planning ahead is key to keeping your travel budget grounded. So fasten your seatbelt and get ready for takeoff with PennyWise, where we help you fly smart without breaking the bank.
Episode References:
Nerdwallet | https://www.nerdwallet.com/
Delta Airlines | https://www.delta.com/
Norse Atlantic Airways | https://flynorse.com/
American Airlines | https://www.aa.com/
Episode summary created by https://headliner.app
In a world where the cost of living is constantly on the rise, millennials are facing a unique financial dilemma: to have or not to have children.
This week on PennyWise, Nat Cardona is joined by NerdWallet's personal finance writer Kim Palmer to unpack the economic factors influencing family planning decisions. With childcare expenses skyrocketing and the median household income struggling to keep pace, many are choosing to delay or forego parenthood altogether.
Tune in as we delve into the NerdWallet survey's findings, explore the cost of raising a child today, and discuss the creative ways parents are navigating this financial frontier. Whether you're considering starting a family or looking for ways to manage the costs, this episode offers insights that hit close to home. Don't miss this candid conversation on the financial realities shaping a generation's approach to family life.
"It is so expensive now to have children, to pay for their childcare, to pay for all of their other costs, that people are actually deciding not to have kids." - Kim Palmer
Episode summary created by https://headliner.app
Credit card late fees can be the bane of any budget, but a new rule from the Consumer Financial Protection Bureau might just be the relief many users need.
In this episode of PennyWise, host Nat Cardona delves into the details with NerdWallet's credit card expert Sara Rathner. They break down the significant drop from $32 to $8 in maximum late fees and what this means for your wallet.
Discover the implications for your financial health, the rationale behind this substantial reduction, and the anticipated timeline for its implementation. Plus, get expert tips on how to avoid late payments altogether and protect your credit score.
"Don't ruin the hard work that you've put in to raising your credit score over a long period of time in a flash, just by missing a payment. Really focus on ways you can meet those deadlines."
Episode References
Consumer Financial Protection Bureau | https://www.consumerfinance.gov/
Nerdwallet | https://www.nerdwallet.com/
Card Act of 2009 | https://www.congress.gov/bill/111th-congress/house-bill/627
Federal Reserve | https://www.federalreserve.gov/
Episode summary created by https://headliner.app
Pet owners know that their cuddly companions can rack up quite the bill, especially when accidents happen. Join us on Pennywise as Nat Cardona chats with Kim Palmer from Nerdwallet about the financial cushion pet insurance can provide. They discuss the potential benefits and pitfalls, including how pre-existing conditions and age affect coverage. This episode is a must-listen for anyone considering pet insurance for their beloved animal.
Episode summary created by https://headliner.app
Are you feeling the crunch of the current housing market? Dive into the illuminating insights of the 2024 Homebuyer Report with NerdWallet's senior writer Elizabeth Renter on the latest episode of Pennywise. Discover why 77% of Americans couldn't secure a home last year, the unique challenges facing first-time buyers, and whether renting might just be the smarter choice in today's economy. Join host Nat Cardona for a candid conversation that could redefine your idea of the American Dream.
Episode summary created by https://headliner.app
📋 Episode Chapters
(00:00) Lee Enterprises podcast features latest M 2024 Homebuyer Report
(01:34) 77% of Americans who began last year with intention to buy a home were unsuccessful
(03:56) Supply was already hurting pre COVID, right
(04:25) The rate of people planning to buy is higher among younger generations
(05:30) A lot of people view the down payment as holding them back from buying homes
(08:04) Some people may go from buying a house to renting, according to survey
Big fans of Costco will tell you that good buys justify the cost of membership. However, Costco knows what it's doing. Host Nat Cardona is joined by Kim Palmer, a personal finance writer with NerdWallet, who points us down the right aisles.
Self-checkouts aren't the only things becoming more and more common for shoppers. Now the option to donate money as shoppers pay at the checkout has become a common occurrence, but should you use the opportunity to share the wealth? On the latest episode of PennyWise, host Nat Cardona is joined by NerdWallet's Sara Rathner who weighs in on when it's a good idea to skip the charitable donation at the checkout and when it might be a good idea.
Read more on NerdWallet here!
About this program
Nat Cardona is host of Pennywise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chrionicle. Lee Enterprises produces many national, regional and sports podcasts.
Episode transcript
Note: The following transcript was created automatically and may contain misspellings and other inaccuracies.
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host, Nat Cardona.
When it comes to supporting a charity, it doesn't get much more easy than donating at that card reader in the checkout line. But depending on your motivations and your financial situation, it might not be the best approach, really. NerdWallet Travel and credit card expert Sara Rathner joins us to help you decide whether you should give to charity on your next shopping trip or you're checking out a cash register at any given store.
And oftentimes you'll be greeted with that little donation. QUESTION Would you like to donate $1 or $3, $5 to whatever charity? So today we're focusing on if you should skip or give to a donation, whatever it may be. So let's just go right into it. We're going to play a little game of skip a bit. So let's say you want to have a significant impact and you want to give maybe a little bit more than a dollar.
When you head into Walgreens, what's your suggestion there? Should you skip the cash register then or give at that time?
In that case, skip the cash register and donate directly to the cause, either the one that's being offered to you at the register or another cause that's really meaningful to you?
And kind of what I just mentioned, a lot of times those questions that you'll be greeted with at the cash register are, Hey, do you want to make a small donation? So if that suits you, is this the time to give or a time to skip?
Yes. And it could suit you for a couple of reasons. One, you're giving budget might be a little bit low this year if you've had a tough year financially, but you still want to give money to causes, it could be meaningful for you and impactful to give a couple dollars here and there to different causes as you shop for the holidays, or if it just makes you feel good to spread your donation dollars around to a number of different causes rather than concentrate them all in one place, then in that case, giving at the register could be not just a useful way to do that, but also a convenient way to do that because it's something you can do while you're already completing other tasks in your life.
Okay. And this is maybe trying to get one of those tasks off your list, talking about tax breaks. So if you're hoping for an easy task, break. My guess is probably skip in this.
Year for a couple of reasons. First of all, in order to get a tax deduction for charitable donations, one, you'd actually need to itemize your deductions, which many taxpayers don't do. Many opt to take the standard deduction. So if you take the standard deduction, you're don't count on your charitable donations being a tax deduction you can still give, of course, is just not something that you're going to have to submit proof of when you do your taxes later on in a couple of months.
You also need to make sure that the charity in question is recognized by the IRS so that you could get that itemized deduction for it. And so you'll want to look into that before you give. And then the third thing is you need to be able to provide proof in the form of some sort of receipt that you've made this charitable deduction.
And so if you're spreading your charitable dollars around across multiple retailers at these, you want to keep receipts of everything so that if you do itemize your tax deductions, you'll have receipts available to provide proof of that. And that's just a little bit of an administrative lift. But honestly, so is itemizing your deduction. So if you're already doing all that extra work, then then you'll want this to count to.
Serve as all just go full in.
Yes.
So speaking of your budget, times are tough for a lot of Americans out there. You I'm going to cut a scene here. So you're at any given store and the person working at the cash register asks you, you said, would you like to give a donation to, you know, the Children's museum? The children's hospital? They really get you.
It seems every time like with a really, really a tough one that's hard to refuse oftentimes. But let's say your budget's a little bit tight. What do you do in that situation?
It's okay to graciously say, no, no, thank you. It's nice to do that. Right. And a lot of people feel pressure and guilt into giving. Our survey found that 67% of Americans don't actually like to be asked this question at the Register. And part of that is because nobody likes to feel pressured to give, especially at a time where budgets might be tight and you're already feeling kind of bad about all the other things you have to say no to.
And this is just one more thing to have to say no to. And it makes you look like a total Scrooge, at least in your own mind. But the person asking the question does not know the full story of what's going on in your day to day life. And so that moments of discomfort where they ask you a question, you have to say no and you feel really bad about it.
And there's that awkward silence in there. It's okay. Just let the moment pass in a sure transaction. Ultimately, the most important thing is making sure that you and any anyone in your household has as much financial security as you can have. And then hopefully you might be in a place later on where your situation has stabilized and now you can give as generously as you're able.
And so it's okay to say no to stuff. It's okay to say no. In general. It's a complete sentence.
How do you do that sometimes, man? And I was just going to say it's good to keep perspective because those people are just doing their jobs.
They're just doing their job. They were told by their manager to ask the question, so don't take it personally and they don't take it personally. If you say no, it's maybe they do you, I don't know. But like so what? They're probably also I mean, you know, it's just it's everybody's just doing the best they can.
That's a great attitude and perspective of anything else you want to add about this charitable donation stop at the register that I didn't mention.
So we talked a little bit about tax deductions is now 2024 and all of your actions will be applied to that tax year. Yes.
So start early in that case.
So. Yeah. So, yeah, you know, listen, I mean, maybe it's a situation where like by the end of the year you're feeling so strapped for money or buying gifts and paying for travel and entertaining and hosting guests, and it's just a very expensive time of year. But you want to give to charity and you don't want to feel that pressure.
Maybe give to charities at times of year where you aren't spending so much money on other things and spread your donations out not just to different charities, but throughout different months of the year. And that might make it easier for you to have that charitable giving budget that feels realistic given all of your other obligations.
Nothing like wham bam at the end of the year.
Yeah, you already have so much other stuff going on at the end of the year. Maybe take a little pressure off of yourself and be charitable over the summer or in the spring or in February, like Valentine's Day Show the love by giving donations to causes that you care about at a time of year where you're not really spending much money on too many other things unless you have a habit of buying really expensive Valentine's Day gifts, it's another story entirely.
Anyways, that's all I have for you. I am sure I will talk to you more in the future.
Are you a Disney fan, but weary of the prices and endless lines at the theme parks? Or perhaps you have a large family and taking a trip to Orlando, Florida or Anaheim, California isn't in the budget. In this week's episode, host Nat Cardona is joined by NerdWallet's Sally French who has 5 U.S. destinations for Disney fans that aren't Disneyland or Disney World.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicals. Lee Enterprises produces many national, regional and sports podcasts.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host, Nat Cardona.
Calling all Disney fans! Orlando, Florida and Anaheim, California. Been there, done that, right? Are you looking for a new adventure to express your love for Disney? We have NerdWallet travel rewards expert Sally French with us today, ready to share five alternative Disney inspired destinations. All right, Sally, we've got a fun topic today, as you know.
I know pretty much anyone in the living world knows Disney fans are big fans. They're just all hyped up for all things Disney. The two destinations we have in the US are the one in Anaheim, Disneyland and then Disney World in Orlando and all the things that come with it. But you've recently written an article about five US destinations that Disney fans may not know of that are maybe some hot places for them to go.
So let's just jump right into it. I looked at this list and was pretty surprised by every single one. First one being New York City.
Yes. You know, this is a major tourist destination for anyone, Disney fan or not. But there are some good reasons for Disney fans to skip the Disneyland and Disney World vacation in 2024 and maybe head to New York City instead. So, for starters, Disney's official stuff is the two musicals that it's got running Aladdin and Lion King. Lion King is an absolute classic, really stunning art.
And then Aladdin is just so much fun. The genie is hilarious. It's just great energy. So if you want to see a Broadway musical, those are two good ones to see. And not far from Broadway is the Times Square Disney Store. Unlike your usual mall Disney store, this one's two stories. It's got the usual Disney merch, but it's also got cool, unique, unique New York merchandise.
And then finally, my best free to visit option and doesn't require, you know, that $100 plus Broadway ticket or buying stuff at the Disney store. This one's free You can head to the New York Public Library. What's really cool is they have the actual original plush versions of Stuffed Winnie the Pooh and all his friends. So little stuff, Tigger, Piglet, all those guys.
So I think that's a pretty cool historical thing to see that Disney fans in the plaza.
Who do guess it's super awesome. Very, very cool. The next saw an even less of what I expected. Hilton Head Island in South Carolina. What's Disney related We're.
We're heading south to Hilton head get a little more warmth from New York and this is home to a really interesting Disney owned resort. It's called Disney's Hilton Head Island Resort. And it's part of the Disney Vacation Club. And this is a sort of timeshare like program. And to be honest, Nerdwallet does not recommend that most people join this unless you're the most ardent Disney fan who spends a lot of money as it is.
In fact, the baseline cost to join it now is more than $30,000. And then there are annual resort fees or sorry, sorry annual annual dues for DDC. But what's interesting is you don't necessarily need to be a DVC member to stay at this resort. You can pay cash rates when available. And another thing that people do is they rent DVC points from existing members who just aren't vacationing that year.
00:03:27:18 - 00:03:52:13
Speaker 2
And so I will pay you to use your points instead. And it's interesting, unlike the resorts that are, you know, super high energy, you have a ton going on. Hilton Head is more leisurely. This is good for the Disney fan who want some Disney touches, but also just wants to go fishing or hiking or swimming. And so this is a really great way to take a Disney vacation that's far more relaxing than your theme park vacation.
Actually, that's fascinating. I wish I could talk to somebody that's a part of that because I had no idea. That's nuts. Yeah, yeah.
And you know, it can definitely be worth it if you truly go to Disney every year and, you know, sometimes you can get DLC, look at, you know, a resort like the Animal Kingdom budget, Disney World, which is so beautiful and has actual animals out front. You can get rooms there for the equivalent of like 100 or $200 in your DVC points versus, you know, the cash rates.
There are can be easily over 400. So it can be a good deal. The problem is you have to commit to a Disney vacation every single year, which you might not necessarily want to do, or maybe just something like, you know, hopefully not another COVID pandemic happens and you can't travel that year and you're kind of out of luck.
Yeah, we don't want that at all. But the next place we have, we're heading down to Missouri. Yes.
This is Marceline, Missouri. I and this is Walt Disney's considered his hometown. Walt Disney was actually born near Chicago, but he spent most of his boyhood in Marceline. So so we consider this Walt Disney's hometown. And it's actually said to have shaped his vision for Main Street U.S.A., which is the iconic entrance to the park. And when you go to Marceline, you really feel that same thing.
It's a small town, feel really cute, small town. And then if you're a Disney fan, you have to go to the Walt Disney Hometown Museum. They have tons of memorabilia. They've got Walt's desk there from when he was a grade school kid. And you know, it is because he carved his name in the desk just like we all did when we were in first grade.
Walt Disney did the same thing. And you can see that desk there on some other cool stuff. You can see his boyhood home. A really great place to check out if you're a Disney fan.
And Sally, I see that you've maybe gone there before from this date.
I checked it out. I saw I saw his desk with my own eyes. And it's a fun spot. It's sort of a little hard to get to it. I would recommend flying into Kansas City Airport and then you definitely will need a rental car to get there. But if you're a Disney fan, it's absolutely worth it.
Yeah, Missouri is one of those cool little spots, various parts across the state. I'm from Chicago, and so Illinois is obviously the next state over and there's a lot of hidden gems there. And I just really didn't know that Walt Disney's Hometown Museum was one of them. So not to mention it totally is. So we're heading towards your neck of the woods, San Francisco.
That's correct. So there's the hometown museum in Marceline, Missouri, and then there's the Walt Disney Family Museum. And this is located in San Francisco. Walt Disney, whose family lives in the San Francisco Bay area. So this museum was actually founded by his daughter, who has since passed away. But now it's sort of overseen by his grandchildren. And this is a really cool place, especially if you love history of any type, whether it's Disney history or just, you know, World War Two era history, Depression era history is really compelling.
00:07:06:19 - 00:07:37:10
Speaker 2
And they have cool stuff in there. They have a multi plane camera, which is just one of three in the world that was used to film animated movies like Pinocchio and Bambi. And there's an amazing Disneyland model, and it's really fun to look at. You could spend hours and hours there. And besides the the Walt Disney Family Museum, there's other really interesting Disney touches on the other side of the Bay Bridge over in Emeryville, which is the city adjacent to Oakland, is Pixar's headquarters.
You can't walk through. But they do have, you know, some stuff that you can see out front. And of course, when in Oakland, you need to stop for ice cream at Fenton's Creamery, which you can see that exact version animated in the Pixar film app.
I didn't know that. And the other one little aside that you had mentioned, Disney at Berkeley, the library, that's very similar to the one in Monsters University I can contest. That's true. And I'm a good old friends. I went to Berkeley and we walked through it and I was like, my God, I'm 20 years old. Look at this.
This is just like the movie. It looks familiar, doesn't it? It's that's really last on on the list here. Looks like Oahu, Hawaii. Tell me more.
Now. This is another vacation club outpost, so much like we talked about with the Hilton head, where you have to be a DVC member to stay. Alani is the DVC resort. But again, you can rent points or you can book remaining rooms on cash. This is an interesting resort. It's removed from Waikiki Beach. Where is all the tourists hullabaloo?
This is an area called Colina, which is a little quieter, a little bit off the beaten path from Waikiki. And you can meet Disney characters here. The lines are so much shorter than meeting them in the parks. So if you want to meet Moana, you want to meet Mickey and Minnie, come do it here. And they've got giant pools and water slides, and then they've also got the Disney treats.
So Disney fans loved it. You can buy that there. You can buy a spare moose Ruby in the shape of a mickey Mouse. And then, of course, if you do love toilets, you might as well head to Oahu anyway, because they've got the Dole plantation there, which is definitely a must visit for any door fans.
Yeah, I've heard. It's very beautiful too, from the pictures that I've seen it Absolutely beautiful. Is it fair to say, since we're wrapping up this list here of these other Disney destinations, that you're a Disney fan yourself?
Ooh, I think you got me. How did you guess?
I don't know.
I've been to all of these places because I'm such a personal fan. In fact, I was just at Aulani last week doing some very important research. I had to buy a Mickey shaped spam musubi just to make sure that I knew what I was talking about when I came to talk to you.
Okay. And can you just tell me exactly what that is? I mean, I know you're saying the word spam, but I don't know what the next part is.
Yes. Is there spam? Musubi is is a great Hawaiian classic treat. And you can buy these everywhere. You can buy them in the little mini markets like little ABC stores. And it's basically just a piece of spam and some rice and it's wrapped in seaweed and it's really tasty and those sprinkles and seasonings on it. And you can also customize these things.
So if you want to get fancy, you could add some egg. You could add a little shrimp, you could add, you know, avocado. You can get fancy with a spam movie. But, you know, the fanciest for Disney fans is eating the rice in the spam in the shape of a Mickey Mouse head.
Yeah. So once in a lifetime event can't be said.
All right, Sally, anything else you need to add? Want to add about these Disney destinations?
You know, there's so many good destinations around the U.S. and I think, you know, so many of us Disney fans go to Disneyland and go to Disney World. And we think we've seen it to the max. We've seen every corner. But there are so many other places to go travel to and experience Disney without being at a theme park.
And save yourself some of those lines, too. Thank you so much, Sally. I appreciate it.
Thank you.
Unexpected expenses can cause a lot of stress-- emotional and financial. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by NerdWallet's Kimberly Palmer who has six key tips for recovering from financial surprises and how to prepare for the next one.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to PennyWise and the Enterprises podcast. I'm Ambre Moton, the producer and editor of the show, filling in for Nat Cardona. Today we're talking about ways to recover from a financial shock and how to prepare for the next time. Being faced with unplanned expenses is a challenge that can feel overwhelming in the moment and for longer for managing a sudden loss to emergency house repairs to an unexpected medical bill.
The reasons may be common, but that doesn't lessen the shock or lasting impact on your finances. Joining me today from NerdWallet is personal finance expert Kimberly Palmer to discuss how to recover from these shocking expenses and what to do to prepare for next time. Generally, thanks again for joining us. So you have some guidelines for our listeners. What is the number one tip to help in situations when you suffer a big financial shock?
The most powerful tool you can have for yourself to help you get through a financial shock is to have an emergency fund, because basically that is your insurance policy. If you suddenly lose your job or have a huge house repair that you didn't expect any kind of big expense, you can turn to that emergency fund. And of course, not everyone has that all set, but that is the goal is to have an emergency fund, you know, ideally of 3 to 6 months worth of expenses.
But even having a smaller amount can really go a long way toward insulating us from financial shocks, which really are inevitable to experience at some point.
And I read the article that you should tailor your savings to a type of emergency. What does that mean and how can people do it?
I really like this idea of having separate emergency the savings account, so it's not all lumped into one because really there's all kinds of different emergencies we could face. I mean, something really catastrophic, like a job loss or, you know, a death, Something really horrible is a different kind of situation than if there is a sudden house repair or, you know, a bigger than expected tax bill or something like that that's a bit more manageable.
So actually having separate accounts that are tailored towards these different types of situations can just kind of help us be prepared and help that mental accounting of knowing where our money is. So you might have one account that's for catastrophic things that you are putting money into over time, and then you might have another account that's for unexpected bills that pop up.
And it can just give you that peace of mind to know you have some money tucked away for those different kinds of financial stocks.
Okay, so as an elder millennial, I can say that Treat yourself was the refrain the past several years. But just do things that people might seem is a little unnecessary, but that can be something that we probably should stop in order to help these situations, right?
That's right. If you notice that your emergency fund is nonexistent or, you know, it should be much bigger than it is, then you really want to think about maybe cutting back on some unnecessary expenses. So instead of going out to eat at restaurants, instead of making those retail purchases, you can put that money into your emergency savings instead, and it gives you that protection.
So you're more prepared if something does happen that you really weren't expecting and you suddenly have to pay out more money.
Okay. So we are talking about, you know, sudden financial shocks. Are there hardship options for people who might need extra time or some kind of help?
There are so many options out there and it's so worth understanding them just in case you get into this situation. So, first of all, most importantly, if you are ever in a situation where you cannot afford the basics like food or housing, there's a really helpful website 211. org and it helps connect you to local resources, places like food banks, other resources that can help you.
So that's the most important thing. And then a lot of utility companies and even credit card companies, mortgage companies, they have hardship programs. So if you fall on tough times, say you lose your job, For example, you can call and see if you can enter one of their hardship programs, which might give you more time to pay your bills.
I mean, it is worth noting that if you are paying a loan, interest will likely still accrue, but it does give you the extra flexibility of having more time and at least knowing that you're not also hit with late fees and just compounding the problem and making it even worse.
And how do people stay organized and kind of, I guess, keep from being overwhelmed in these situations?
It is so hard because any time you experience a financial shock, it is overwhelming on so many levels. And that's why it's so important to know that you have a support network behind you to share with a good friend or family member when you're going through something really hard. And maybe they can share when they've gone through something similar.
And just knowing that you have that support can really go a long way. Just staying on track and, you know, not really feeling hopeless because sometimes situations that are so challenging, you can almost just want to throw up your hands and say, you know, I don't even know what the next step is, but that friend, that support network can help you figure out the next step.
How about managing, you know, just kind of the stress and strain that people might experience when something like this happens.
It's so challenging and really it can be so helpful to just even acknowledge that mental health side of things and understanding that there is room. Everyone feels stress, everyone goes through these things. And so just having that room to talk openly about it can really go a long way.
And is there anything else that people can do or any other tips that you might ask?
I think what surprised me most is just acknowledging that we all experienced financial shocks at some point in our life. So even though it's a shock, it's really something we should and can anticipate and prepare for. And ideally, it starts with having that built up savings account, but it also just starts with acknowledging that these things happen and it's not something to be embarrassed or ashamed of and it's something we can just confront and work through and get to the other side.
That's great. Thank you so much for this. Listeners, you can go to Nerdwallet and check out the full article. We will have a link in the show notes to that. Thanks, Kimberly.
Thank you.
Gen Z and Millennials stand to inherit a significant amount of money and propert in the future as family members age. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by NerdWallet's Kimberly Palmer shares tips on how to ensure you're well-prepared for any future inheritance.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to PettyWise, A Lee Enterprises podcast. I'm Ambre Moton, the producer and editor filling in for Nat Cardona, surreally associate, a Boston based research and consulting firm, so that over $80 trillion in wealth will be passed to millennials and Gen Xers via inheritance from parents and grandparents between 2021 and 2045. That is a pretty mind boggling amount, particularly when you consider that they anticipate that less than half of that volume is expected to come from high net worth households to discuss how to prepare for potential inheritance.
NerdWallet personal finance expert Kimberly Palmer's joining me. Kimberly, let's talk about potential inheritance. If someone knows they're going to leave anything to their kids, grandkids, just any relatives or friends, what's the first step that everyone needs to take to get ready?
The first step is to talk openly about it. The last thing anyone wants is surprises or unexpected things to come up later when you no longer have the chance of talking about it. So basically, even though it can be kind of an awkward topic, talking about inheritance, you want to discuss that with your parents, your grandparents, and just talking about money generally can help make everyone feel more comfortable.
And I think it's important to note that this isn't just a conversation for the super wealthy, and that's because there is a massive transfer of wealth between the baby boomers, older generations, and then the younger generations over the coming 20, 30 years or so. And so it's something we can all be mindful of. It's not that everyone is going to inherit a ton of money, but it might be something like $1,000, $5,000, $10,000, any amount is worth talking about because what you do with it then is up to you.
Gotcha. When it comes to money, I know some families do find it difficult to have conversations about it, especially, you know, certain cultures. Is that something that can be kind of navigated?
Absolutely. One thing I heard over and over again from financial advisors who work with clients on this topic is that basically every family is different and you want to be really sensitive, especially if you're, say, your parents or grandparents are just resistant to talking about this topic of money. You don't want to ambush some or make them feel uncomfortable, but you want to set aside a time in advance, say, hey, we're all going to be together for the holidays.
For example, why don't we talk about money? Talk about your expectations, the future, what the future holds. If you need any help managing your money. If there's something I can do to be of assistance to you, all of those conversations can be difficult. But if you set aside a time so everyone knows to be prepared to talk about it, that can really help.
And the article said that you should make sure that the money is safe. What does that mean?
Well, unfortunately, among older adults, we see a lot of fraud and scam artists actually targeting older adults. And that's for the simple reason that older adults hold so much wealth. So from a scam artist perspective, they make a really good potential victim. And so we want to help protect our parents and grandparents from all of that. And even just talking about the risk of scams and being open about it can help everyone protect themselves.
Now, my grandfather there has definitely a few years ago started getting a lot of those phone calls. So that's been a fun thing to navigate with my mom and my uncles of my grandfather.
That is so, so hard.
There are some depressing statistics about lottery winners going broke, for example, and sometimes I think an inheritance can feel like winning the lottery. Are there any tips on what people can do so that they're not one of those statistics?
Definitely. And actually, the first thing to consider doing, if you're lucky enough to to get an inheritance, is to think about what is really important, your overall financial picture. And that might mean paying off any debt that you've accrued. Building up savings. And then you can think about more fun things like maybe if you have dreamed of buying a home but haven't been able to.
Or something like that. Or even a vacation, A family vacation. Something that you've really wanted to do for so long but haven't had the ability to do. So basically talking in advance with the person who might potentially leave you an inheritance can also help you incorporate their ideas and their wishes for what you might do with that money.
And why should people be counting on inheriting wealth from older generations?
Well, the challenge is that you really never know what's going to happen. And older adults often face a lot of big expenses later in their life that are hard to anticipate. For example, health care costs could come up later in life that you didn't really fully realize the impact of or the expense of. And so you don't ever really want to count on that money.
But that doesn't mean we can't talk about it and plan and have those conversations.
Was it definitely all great tips? Everybody can go to Nerdwallet. We have a link at our show notes that you can read the article if you want even more details. Thanks, Kimberly!
While it's best to refrain from going into debt, sometimes incurring debt can be unavoidable. Attempts to pay off the debt can be difficult. On the latest episode of PennyWise, producer/editor Ambre Moton is joined by WalletHub's Jill Gonzalez shares tips on the best ways to pay off debt.
Read more on WalletHub here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Jill Gonzalez is the spokesperson for WalletHub. Her appearances as a Wallet Guru include Wall Street Journal Live, Yahoo Finance Live and ABC News New York. Her take on consumer finance issues has been featured in publications such as The New York Times, Washington Post, CNBC Online and Kiplinger.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Sometimes incurring debt just can't be avoided. It can, however, be a struggle trying to figure out how to pay it off. Welcome to Pennywise, the Enterprise Enterprises podcast. I am Ambre Moton, producer and editor of the show filling in for Nat Cardona. Jill Gonzales from Wallethub is joining me today to talk about the best ways to pay off debt.
Jill, thank you so much for being here for the podcast.
Thanks for having me.
We going to be talking about the five best ways to pay off debt. So I guess overall, like what's the first step that people should take towards paying off debt?
So the best way to really pay off debt is definitely a multi-pronged approach so that you're ready for your future once you don't have this debt anymore. So look at your spending patterns. Get current on your payments, lower your interest rates. All of that starts with stopping the bleeding by making a budget.
We definitely hear about that a lot. You mentioned lowering interest rates and I know I hear about that all the time, but how can that actually be done?
Right. So lowering your interest rates on your debts is going to lower your costs overall. So the first step here is trying to lower your interest rates by consolidating your debt or by negotiating with lenders. You know, if you actually call up your lenders or sometimes you can use the chat little feature on, you know, their website or app.
I think calling is probably still the best way. A little more time consuming, but worth it 80% of the time. If you ask your lender, hey, I want a lower interest rate or I'm considering, you know, opening up a new card, jumping ship, something like that, then they'll negotiate with you and you should be able to get that interest rate lowered.
That won't decrease your balance, but it can at least slow it or even stop it from increasing.
That's really good. You know, I've heard that you can do it. And I fully admit I have never attempted, but to hear that statistic about how many, you know, the chances of it actually happening, that is going to motivate me, I think, to actually do it my own life.
Exactly. Yeah. Take take the risk. Women, what have you got to lose?
Right. Worst case, they say no. And I'm still making my regular payments with my regular APR. Right. But I feel like I've always been told to have an emergency fund. But, you know, how can someone do that if they're also struggling with debt?
Yeah. So when we talked about budgeting, so part of your budget and, you know, our first step here is going to be budgeting for saving. So that's going to become your emergency fund. So that's something that we need. You know, setbacks happen all the time. We just came off of a huge pandemic. A lot of people lost jobs.
There were a lot of emergency health issues. So, you know, there are setbacks that happen all the time that even if you pay your debt off, can send you right back to it. So any safety net that you have can keep you afloat just enough to avoid erasing all your debt. Pay off progress that you made. So ideally, one day you'll be able to have six months to a year's worth of income as an emergency fund.
But, you know, take small steps and start with just budgeting for any type of saving in your step. Number one.
I like that. That makes it sound a lot more manageable than when you say taking steps to do it, start doing it as opposed to, you know, you need to have six months immediately. You know, I think that hearing that it's kind of intimidating for people when they're struggling.
Exactly. And that's kind of the key here. I mean, that's why we started off with saying stop the bleeding, because I think sometimes people get so overwhelmed, they're like, I don't want to look I don't even want to look at my savings right now. I want to look at my credit card bills. I don't want to look at my, you know, banking app.
But that really is number one. You got to know where you stand on each of your balances. And you know what? You can afford to pay off. Now, what you're working to pay off later, but stopping the bleeding and just, you know, making it more manageable is the first step, right? Baby steps.
So if someone has a balance on multiple credit cards, which I think is a lot more common than most people think, what's the best strategy for dealing with that?
So this is what I refer to as the island approach. And for all of us in debt, I know it's hard to think about Hawaii and ever being able to go there, but for the purposes of this, think of Hawaii. Think of your debts and your credit card, your separate credit cards, as you know, interconnected islands, each kind of having their own approach.
And then we're going to use the snowball effect. So kind of the opposite of Hawaii did pay them down. So I understand. And rank your dad's and pay off the highest rate balance first. So say you have three credit cards and the one with the lowest balance might be $1,000. The one with the lowest balance I would do that might be 800.
But the difference is that $1,000 balance has an interest rate of 20% and your $800 balance has an interest rate of at 26%, which is actually the average right now, which is the highest it's ever been. So you want to rank that highest rate balance first because that is costing you the most money over time. So instead of sprinkling any extra cash you have on hand across all of your credit cards, focus any extra cash on that one with the highest balance and pay the minimum, do the minimum bills on the other.
And then once you've paid off that highest rate balance first, then you can move on to the next highest rate balance. So that is really going to be the cheapest and the most efficient way for you to pay off your debt. There's something to be said for tackling the smallest island first as well. I mean, if you do have a balance that is $100 and you know that you can tackle that, it might be worth the psychological payoff for you to do that.
And that's just a different approach. It's not the least expensive approach, but maybe you do need that to even get in to this mindset of paying off debt. And hey, you can mix them up. Maybe you need to do that to dip your toe into debt, pay off, and then you switch to the bigger island and then you get to the middle one.
So it can definitely be whatever works for you and whatever motivates you.
So there's no real wrong approach. It just might be financially smarter to pay off that highest rate balance first.
Exactly. That's going to be the least expensive.
I like that. So what other debt solutions can people explore if they maybe aren't able to be completely or feel that they're being completely successful with the tips we've already discussed?
Yeah. So this will really depend on the size of your debt. There is what's called debt settlement that typically happens directly with your lender. So you pay a portion of what you owe as a lump sum. If you're already in default, it's usually unavailable and then any amount forgiven will probably be taxed as income by the IRS. So that's good to keep in mind.
But essentially you're paying off what you can pay off and hopefully getting the rest forgiven. That's debt settlement that happens directly with your lender. And then the other option is bankruptcy, which is not necessarily the end of the world. There is chapter seven, Chapter 11. The bad news is it does really tank your credit score. You're going to have to work on that after this.
And basically, it either restructures your debt with a 3 to 5 year payoff plan. That's Chapter 11. Then that's usually the most common, or it discharges all of your unsecured debt with chapter seven. And that's a little bit harder to essentially get approved for. But Chapter 11 bankruptcy, especially after a pandemic, especially in the midst of sky high inflation, is a lot more common than people think.
I know a lot of people tend to think of bankruptcy as kind of a scarlet letter when it comes to finances. So it sounds like it's something if you if you desperately need it, but maybe not look at it as your first choice.
Exactly. Right. So, you know, hopefully when you do these other steps, you know, budget, lower your interest rate, rank your debts, then, you know, if none of this is working and you've exhausted other options, bankruptcy is certainly there.
I really appreciate everything that you've mentioned. You know, is there anything else you just kind of wanted to add?
So if you need more help on any one of these things, you know, there's a guide that wallet hub to, you know, really get into budgeting or really get into the island approach the snowball method, the avalanche method, all of which we, you know, briefly mentioned here.
Inflation is up, interest rates are high and Americans' budgets are getting tighter. The balance transfer offers on credit cards can look like an attractive option for those carrying balances on their cards. On the latest episode of PennyWise, host Nat Cardona is joined by Melissa Lambarena, credit card expert at NerdWallet, shares tips on how to avoid common pitfalls with credit card balance transfers.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to PennyWise, a Lee Enterprises podcast. I'm your host Nat Cardona. Times are tough for many American households right now. High interest rates, inflation, tight budgets, debt piling up. For all of these reasons. Balance transfer credit cards may be a helpful option for zapping that debt, but they aren't a cure all. Nerdwallet Credit Card Team senior writer Melissa Lambarena is here with us with some ways to avoid balance transfer credit card mistakes.
Everyone knows that we've got high inflation, high interest rates. People are really hitting up their credit cards because times are tough for a lot of households. And something appealing may be moving your high interest from one credit card to another that has maybe zero APR. You can run into some trouble with some of these things, though. So we want to kind of go over some of the mistakes to avoid.
The first being, this one that I see right here is trying to transfer a balance between cards with the same issuer. Let's just go into that. That's something you probably want to avoid. Yes. You actually even transfer a balance with the same credit card issuer. So this is when it might make sense to open a balance transfer credit card with the new issuer.
Sometimes if you have a different credit card with another issuer, they might send you offers via email or in your email inbox. And this might be helpful in letting you use an existing line of credit to take advantage of a 0% balance transfer offer. Okay, that makes sense. And sometimes you might be missing the balance transfer deadline. Let's get into that.
That might be something that people aren't aware of. When you're trying to transfer a balance, you typically have somewhere between 30 and 120 days to complete that transfer. So if that's your main goal, you want to make sure to act quickly so that you can take advantage of all of the benefits and make sure that you still qualify and are able to complete that transfer.
Sure. And just like anything else, there are hidden fees left and right, and you could miss the fact that you're not taking into account that there is a balance transfer fee, right? Yes. The balance transfer fee is one thing that people sometimes fail to consider and it can be a little bit tricky. You have to compare that costs with the amount of interest that you're already paying and projected to pay over time.
So you want to factor in the transfer fee that might be 3% or 5% of the total amount transferred. And compare if it's going to save you money compared to the amount of interest you'll pay over several months. And Nerdwallet has a calculator that can help you weigh these costs. Okay. Thank you for bringing that up, because that's very important, because a lot of this stuff can be overwhelming for sure.
This is one that I have heard of people encountering in the past, overestimating how much debt that can be transferred. Let's get into that. Yes, a balance transfer limits is very different from your cards credit limit. It's significantly lower where you can only transfer as much as that balance transfer limit permits. So you want to be mindful of that.
This means that you might not get to transfer all of the debt that you were hoping to do, do so, and you might have to come up with another plan, a different plan for that balance that might be leftover that you couldn't transfer. Sure. And when you're planning things out and planning out your finances and budgeting, just kind of with any credit card or any bill you have, you need to and probably want to make more than the minimum payment, especially when it comes to those balance transfers.
Right. Thinking more than the minimum is always a great idea. And that is one common mistake that people might make with a balance transfer because you're not paying interest in that promotional period. But the goal of this card is to make sure that you make a debt in that balance, and by paying more than the minimum, you'll be able to do so.
You want to make sure that you take the total balance and divide it by the number of months within that promotional period and contribute that amount monthly to make sure that it's paid off once that promotion expires. Sure. And speaking of making those smarter financial decisions, so you've moved your hefty balance from one card to the next. You've now got zero IPR, a little bit of breathing room.
Some may be tempted to continue spending on that now freed up original card. Right. And of course, it's got to be something you want to avoid. Yes, you definitely want to avoid this. It will delay your progress. And not only that, if you think about the mindset, right, you're looking and hoping for that balance to decrease over time.
If you see it continue to build up. What is that going to do to your motivation as well? So it can delay your goals in several different ways and you just want to make sure that you keep that card with the goal of paying it down and maybe consider other options. Switching to debit or cash for other expenses.
And that can make a huge difference in final thing here, while balance transfers may be a beautiful tool and very helpful in a time of need and actually a good financial decision when it comes down to it, it's not the overall debt management solution for your finances, right? That's right. A balance transfer credit card can be a great tool for getting out of debt, but it's important to come up with a plan to prevent that debt cycle for repeating.
And this might mean that you do your budget and make any necessary changes or work to an emergency fund or any other changes that might keep debt up. It's important to be able to have your finances in order to make sure that the cycle doesn't keep repeating. Sure, it's that lifestyle change stuff that's welcome to adulthood. You got to kind of pivot where necessary.
Okay, Melissa, anything else you want to add about balance transfer between credit cards, benefits, anything like that? You can use your time to shine. Anything you want to add when considering a balance transfer credit card, make sure that you weigh all the cost. The ideal balance transfer credit card should have no annual be a 0% introductory EPR. That's long enough to help you pay down your debt and a low balance transfer free fee, which is typically 3% or less.
Well, beautiful. Thank you so much.
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As of 2023 Americans owe more than $1 trillion in credit card debt, but being proactive and completing four key steps can help consumers avoid credit card debt. Joining PennyWise this week is personal finance writer at WalletHub, Chip Lupo, to describe in detail how to accomplish the four steps.
Read more on WalletHub here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Chip Lupo is a personal finance writer for WalletHub.com, specializing in credit cards, credit reports and scores, and debt management, and has worked remotely from the Columbia, SC area since joining the WalletHub team in 2018. Chip manages all the finances in his household and has become adept at employing strategies to minimize the family’s debt.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to PennyWise, a Lee Enterprises Podcast. I'm Ambre Moton the producer and editor of the show, filling in for Nat Cardona. Americans collectively owe more than $1 trillion in just credit card debt as of 2023. So it's fair to say that staying out of debt is a challenge for many people. Luckily today, our friends at Wallet Hub published a story called How to Stay Out of Debt, Tips, Strategies and more.
To help with that, I'm being joined by Chip Lupo of Wallet Hub to go over some tips for staying out of debt. Chip, according to this article, there are four main steps to staying out of debt. The first step is to cover all of your bases. What exactly does that mean? Well, it's a tiered process here. And start off.
It's important to note that these rules are these tips. While they primarily apply to people who have spent months or years trying to get out of debt, they're also very helpful to someone starting out managing finances for the first time to avoid getting into debt in the first place. So there's just four basic steps and we'll expand on these as we go.
You want to build an emergency fund? That's that's the first step. You want to set a budget very important and stick to it. What you set your budget develop a routine which involves checking your finances to make sure you're staying on budget. And then finally, most important, avoid repeating any past mistakes that got you into debt. That's definitely a good one.
And then you said developing a routine. What can you. Can you just kind of explain that a little bit more? Well, developing a routine is just basic habits. Once you once you set a budget, you want to make savings, a recurring expense. Most people put savings on the back end when it comes to prioritizing. You want to make that part of your part of your budget the same as your mortgage, the car payments, utility bills, a certain amount every week, every month, according to your finances.
But make sure that's built into your budget. That's part of the one step of the routine. You also want to review your monthly bills regularly, particularly those that fluctuate power bills, utility bills. Check your cable bills regularly or phone bills for any, you know, rates go up, things like that. So if you want to stay on top of that, because sometimes price hikes can make a major change to your budget, you also want to keep track of any savings investment accounts, review your bank statements regularly, check for fees, check for anything, any hidden costs.
Look for any any types of frauds or any errors in your account. So you want to stay on top of that. You also want to employ what we call the island approach to credit card spending, which means using different credit cards for specific expenses. If you have a gas credit card, you want to use that to track you fuel purchases every month.
That way, they're isolated. They're itemized on one statement. And then you can adjust your budget accordingly. Now, of course, that approach works best if you plan on paying your credit card bill in full every month, which is something you should be doing anyway in order to stay at it. You also. Okay, so the next thing in this article, it says that you should activate, safeguard or safeguard just it's more like protecting your investments.
You want to sign up for credit monitoring checks, anything that checks for identity theft, anything along those lines that will more or less keep your mind, your ease, particularly if you're one of these people who's been in debt and the last thing you want is some identity theft or someone racking up loans on your on your credit. Things like that.
That's what we mean by talking about safeguards in your in your banks and your credit card companies. They have a vested interest in fraud prevention, too. So check with them. A lot of times you can get free services, wallet, help has three credit monitoring services shop around and find a deal that works best for you. When you talk about shopping around specifically related to credit monitoring systems, you know what quality should be looking for, what you would want something ideally something that is 24 seven.
Weekends, holidays, any time. Fraud is 24% and there's no timeline when it comes to fraud. So you would want a service that would be able to provide that around the clock. Are there any other things that people struggling with debt or, you know, struggling to stay out of debt should really do? Sure. Building an emergency fund that's probably that should be your first step because you would want to have a backup plan if you lose your job, if you have an injury to prevent you from working or any other unexpected costs that would help you avoid falling back into debt once you pay off what you owe.
And ideally, you would want to try to have at least six months of salary saved up. That's usually recommended, but that can be more or less depending on your budgets. Secondly, the budget you want to set a budget and stick to it. Basically, that means and it can be as simple or as elaborate as you want it to be, but it boils down to writing down all of your expenses and how much money you're bringing in, and it allows you to track where your money is going and identifying the sources of any overspending that could be.
Subscription services. You sign up for a trial, 14 day trial, and then a year later you're still being charged for something you may not even be using anymore. Next up is that every month you would want to divvy up how much you want to put towards the essential expenses savings and for one case or any kind of retirement plan.
Do that first to determine how much you have left at the end of the month for any non-essential expenses for dining, entertainment, those types of things. And that way. So when the time comes, if you have to make any major spending cuts or a change in your financial situation, you'll know exactly what needs to go, what has to stay, what has to go.
Yeah, all of those sound, you know, pretty, I guess, common sense. And there's no way, no better way to do that than to put it down on paper if you see it in front of you, especially in this electronic credit card, you don't see the money coming in knowing you have a spreadsheet or a notebook or however you want to track your budget.
You see it right in front of you. So you know immediately where every penny of your money is going. That's definitely an awesome tip. I just bought a new notebook specifically for tracking all of my expenses because I feel like you said, with everything being electronic, paying my bills, my rent, everything electronic, it's sometimes hard to see where everything's going out compared to what's coming in.
Right. And again, as I mentioned earlier, it can be as simple or as elaborate. We talked about developing a routine earlier. So what we're going to do now is avoiding repeating any prior mistakes. You have to understand how you got into debt in the first place and detail onto that. You make a plan to to resist the temptation to overspend.
Treat yourself once in a while when you're making progress. Rewards yourself. Go to Starbucks, have a long day. But don't get to the point where it becomes a habit again, because otherwise you're going to be falling right back into that same cycle all over again. And then what's a really good thing that we can do? Are there ways to teach next generation?
Is that a good way to help keep them from getting underwater when they first, you know, strike out on their own? Well, that's very important, and I'm glad you brought that up. It is never too early to teach your children financial literacy. And a lot of banks now have cards and accounts set up specifically for children with spending limits.
So you teach them about budgeting. You open out or give them a debit card with a $100, $200 limit so they know right away how much they have and if they blow it all in the first day, or whether you gain financial literacy through practice, it's you know, we stand here and talk about and talk about habits through practice that you really understand how to stay out of debt.
It's never too early to start planning to stay out of debt and never too late to try and get out. Right. To make smart choices. Absolutely. Yes.
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Text messages warning of financial concerns will prompt users to click on a link or call a number to resolve an urgent matter. But that message is very likely an attempt to extract sensitive information. On the latest episode of PennyWise, host Nat Cardona is joined by Elizabeth Ayoola of NerdWallet to share tips on how to avoid a common text messaging scam.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, the Enterprises podcast. I'm your host, Nat Cardona. Today, we're talking scams. There are a million types of scams to choose from, but our focus today are those sneaky little text message scams that find their way to your phone. We have NerdWallet personal finance writer Elizabeth Ayoola with us today, ready to share a few basic but important precautions you can take to ensure that you don't fall prey to a bank impersonation tax scam.
Scams are here. They're everywhere. They come in a million shapes and sizes and formats. Today we're talking about the top tax message scam that's putting your cash at risk. And I was really shocked to find it's under the guise of being your banking institution. So the first thing I want to get into is can you call to lay out what this could look like when it comes to your phone?
Yes. So you may get a text message and someone a strange phone number may send you a link or tell you, hey, you have to call me right away, because if you don't, you're going to lose money or you're going to be locked out of your account. I personally have gotten those messages before. And when it comes to your money, that can create a lot of urgency or fear within yourself because you're like, my God, you know what's going to happen to my money?
And I want to protect my stuff? So sometimes that allows people judgment and the first thing that they do is click on the link or call the number and what the scammer might do on that and is now try to extract sensitive information from you. So it could be your account number, your source code, your Social security number, your address.
And unfortunately what they could do with that information is an array of things they can set up auto pays with your information and deduct money from your account that way. And also in some cases as well, they can actually use your information to get credit cards out or take out loans, which can be terrible for people, which is why it's so important as well to check your credit report regularly, to check your bank information regularly and flag any suspicious information that you see on there.
Right. I've had this actually happen to me personally, but it was under the guise of of what do you call it, a masked phone number. It was the exact same number as my banking institution. I mean, it said the name everything and yeah, and it was the phone number and it was I mean, it's just insane. But the text message I haven't personally seen, so it'll probably pop up with urgency.
But then going off of what you just said is never makamu under pressure like Hastings. Always.
Now I have personally an email. I've actually email scam. I've fallen prey to. And again, it was that urgency. And they said that actually I was getting overpaid in taxes. So my first instinct was really, I'm getting money back. But then I was just like, okay, so they take me to some forum. And again, these things are really sophisticated.
They really mimic the institutions they say they are. And I filled out my account number, my shortcode and everything, and after I did it, I was like, Ooh, this probably was a bad idea. So it's very, very easy to fall prey to that. But just be sure, take a pause, no matter how urgent it is, and call your financial institution to confirm first.
Sure. Which leads me to my next point here. But don't call a number that's texted to you.
Please don't. And in your case, that's crazy because it looks like the same number as your bank.
So it was insane.
Yeah, that's really, really crazy. So definitely go to your Financial institutions website and, you know, get the number directly from there. And a lot of these institutions also have an app, you know, customer service contacts. So sometimes you can log into your app and call directly that way. So call in a secure way and not from the number that they give you for sure.
And actually under the same header that I just read about, don't call the number that's texted to you. It seems that the median loss of these texts scams could be in the amount of like $3,000. It's so it's not an insignificant amount of money. I mean, it's not a 25 bucks. They got a gift card out of you or whatever, right?
Yeah. No, it's not always a significant amount, but a good tip for people is to definitely if you can bank with FDIC insured banks so that even if you do lose money, you can get some of your money back. Most banks that I've worked with personally are pretty good, and I have less lost money through fraud before. In kind of returning those funds.
They will launch an investigation first. But, you know, sometimes you can recoup your money.
So let's get into that a little bit more. It's kind of the last major thing here is like the worst has happened. You fell prey to don't just get past the shame and the embarrassment. It is what it is. What do you do if you were unable to avoid that scam, what's the next stop waiting to take?
Well, the first thing that you want to do is you want to contact your financial institution and you want to let them know what has happened. So most banks usually have a fraud department, so you can report that to the fraud department. The second thing that you want to do is reporting it to an institution like your local police station, even the FBI or any kind of institution that can basically help you with that.
And the importance of doing that last step as well is to help other people. I know it's not necessarily your obligation to do that, but when you report these scams, hopefully they can, you know, get investigated and shut down if possible, so more people don't fall prey to it.
Sure. Sure. I've seen stuff even in my local news. I live in the Madison, Wisconsin area. And when there is an uptick in these things and it somehow leads just strictly in the same area, there's always usually a good news story about it, about, you know, X amount of people that have been dealing with something. So, yeah, it does help if you report these things.
So and this is a thought that's popped in my mind and correct me if I'm wrong with your expertise, but like your book is not going to text you. Well, they'll probably text you. You know, the banking texts that I get are very robotic, like you made a deposit in X amount of money and it's like, but I've set it up that way so I know what to expect.
But like otherwise you're not going to have Jane or Jim texted you like, gosh, right now, right?
You're not. You're not. But again, some people get thrown off card with like, you know, getting a random text message. And again, when it has to do with your money, you're like, my God, my God. So you're just not thinking about your bank or financial institution is. I hope they're not going to affect you. For my experience, they're usually not going to call you and tell you to call the strange number.
The most I usually get is an encrypted message that says, Hey, even if they send you a message on your app, log in to your app. You know, we have something that we want to tell you. So again, always just call and confirm first. I think that's the best practice.
So there you go. Anything else you want to add about this topic?
Yes, just generally, because I do have to say I'm not a financial investment advisor and because everyone's financial situation is different, this information is not personalized. So I do have to put that out there. But otherwise you can go on nerdwallet dot com and get more information about how to keep your bank safe and secure. I will also add that it's good safe practices to get two step authentication.
Most platforms offer that, so that's another another layer added added layer of protection where aside from adding in your password, they might send you a one time code as well that you have to put in. So scammers will find it a lot more harder to hack into your accounts if you have to step authentication. I know we hate doing this, but change your passwords regularly, even if it means just adding a one to the end of your existing password because you just never know who might have access to that sensitive information.
thank you for saying that, because when I fell prey to it, the two the two factor authentication, it just it really changed my world. Yes, it's annoying. I feel ridiculous to have to press extra links, but that added layer of security is actually in the last few years since this snafu had happened. Breathing easier every day. Yeah.
Yes. But when a friend of mine set up alerts with your bank from emails and text. So anytime suspicious, suspicious information goes on in your account, you get alerted about it as well.
All about that piece of mind. Well, thank you so much, Elizabeth.
You're welcome.
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Carrying a balance on your credit card from one month to the next may not be recommended but for many Americans it’s unavoidable. On the latest episode of PennyWise, show producer Ambre Moton is joined by John Kiernan, managing editor of WalletHub, who shares the the top credit card mistakes to avoid.
Read more on WalletHub here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
John Kiernan is the managing editor at WalletHub. He oversees WalletHub’s content strategy and helps produce product reviews, educational guides, and other content to help answer people’s financial questions and help them save money.
John joined WalletHub’s parent company as a writer in 2010. Since then, he’s helped build WalletHub from the ground up, becoming one of the most senior members of the team. His previous work experience includes USA TODAY, US News and The Washington Post.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
It's been hammered into our heads to not carry a balance on our credit card from month to month and to live within our means. And yet Americans are notorious for being fairly deep in credit card debt. Welcome to Pennywise Lee Enterprises podcast. I'm Ambre Moton, the producer and editor of the show filling in for Nat Cardona. WalletHub managing editor John Kiernan is joining me to talk about credit card mistakes to avoid.
Based on the article, it looks like there's eight common mistakes that people make in regards to credit cards. So let's start with that. There are so many options for credit cards right now. What should people be taking into account when selecting cards? What are the most common credit card selection mistakes?
Sure, the first one right off the bat is not having a credit card. Some people kind of think it's dangerous to have one, but really not having one is is dangerous, especially for your credit, regardless of what card you pick. If you have a major credit card, it's going to be reporting information to the major credit bureaus monthly.
And so you could have a card with no annual fee that you lock in a drawer and still benefit. So kind of the fear of credit cards that some people have is one thing you immediately need to get over. Beyond that, as you mentioned, there are tons of options. We track more than 1500 cards in our database at WalletHub.
And so it really what you focus on really depends on who you are as a consumer and what you're looking for from your card. And that might seem obvious, but it can be more difficult in practice. The first thing we recommend people doing is checking their credit score. This will immediately kind of focus you on a segment of the market.
You have a pretty good idea that you'll be approved. So if I check my credit score and say that it's 700, I say, okay, maybe I have a pretty good chance of getting a credit card that requires good credit and I can kind of rule out the ones that are have lower requirements that are very attractive or the ones that require excellent credit outright.
And beyond that, just kind of the main rules of thumb are if you're going to pay in full monthly, you should focus on rewards because interest rates don't matter in that scenario. So you can kind of a card that has excellent rewards and a really high interest rate, that's fine. The interest rate won't affect you. Conversely, if you're going to carry a balance, we recommend trying to get a card with a 0% introductory rate to really kind of be able to finance whatever big ticket purchases or balance transfers you need to do in the short term and then get out of debt before the high regular rate takes effect.
Pretty much no credit cards at the moment have very low regular, ongoing APR. So you kind of have to take advantage of limited time deals.
I know I'm constantly getting all the offers where it's like, Hey, here's this, here are all the perks, here's all of that. So I really like you talking about if you're going to pay it off every month, then go ahead and go for those.
And those offers you get in the mail. Like a lot of times people will just say, I got an offer. Let me apply for it without context, which is the wrong approach. But you can use those to get a sense of what kind of offers you have good approval odds for. If you're receiving something in the mail for a card that requires good credit, you can pretty feel pretty confident and you'll have good approval odds for other cards, for good credit.
And you can then kind of say, Can I beat the offer that I got in the mail with other cards that are on the market?
Gotcha. In the article, there was something about mistaking no preset spending limit for a limitless credit line. Can you talk about that for a minute?
Sure. So this is kind of something the credit card companies are intentionally misleading about having? No. And limit, in the short phrase, kind of gets people thinking, I have I can spend as much as I want. There are no restraints. But the kind of preset part of no preset spending limit is very important. So all credit cards have a limit.
Is just the limit on a no preset spending limit card can vary from month to month based on your spending and payment habits. The state of the economy. They can be issuers, financials. And the problem with that is they don't always communicate to you what that limit is. So with these cards, you don't sure have a firm set limit that's in your online account that you can reference, but there is a limit of them of the day.
And there's a lot of uncertainty that comes along with that. The other problem with that is that the credit card companies don't always communicate. No preset spending limit cards, spending limits accurately to the credit bureaus. So this can sometimes lead to mistakenly high credit utilization that can hurt your credit score. It really kind of depends on how the issuer reports things.
So it can vary, but this isn't to say that those cards are something you should stay away from. Some of these cards are the best among the best cards on the market for certain types of rewards and things like that. But it's definitely something to take into account and to not be misled by it.
And another thing that I thought was really interesting was thinking that college students can't use credit cards. I remember being an undergrad, and any time you go to a game or an event or even like career fairs, there's always someone handing something out. But I feel like we were always told, No, no, no, you can't have one. You can't have one. You're not, you know, you're still a student.
So, yeah, things have kind of the pendulum has swung throughout the years back in the day. You're right that you could go get a free T-shirt or Frisbee or whatever. Can they get your information Signing up for a credit card. Laws have since changed, and so they can no credit card companies can't do that type of direct kind of outreach on campus anymore.
But a lot of people have taken that combined with rules about independent income when applying for a credit card, and they've mistaken it to be that you can't get a credit card as a student. But all the rules really require now is if you're under 21, so 18 to 21 years old, you have to use independent income to show that you can afford bill payments.
And the difference is older people can use shared household income. They have reasonable access to it. And so it's basically everyone at the end of the day has to prove or show that they can afford a new credit line. And with students, they just want to make sure that you're not just kind of reporting your their parent's income or something like that.
And they really can afford the the credit that they're taking on.
We all know that, you know, it's important to build credit. But what do people usually get wrong when they're building credit with credit cards.
Kind of going back to not having a credit card? It's really not getting started early. I know one thing that I'm thankful of. My parents made me an authorized user on their credit card when I was young, before I could get one on my own. So by the time I was able to apply legally at 18 and get my own credit card account, I already had some credit standing, so it made it easier to get approved.
So you can add someone to as an authorized user to your account when they're a minor and help out on the credit. And then once you turn 18, I think people really need to get their own credit card, even if they don't plan to use it. So they get that monthly influx of information to their credit bureaus and their credit reports.
The contents of your credit card is what makes up your credit score. And so and using the credit card responsibly is the easiest way to get information onto your credit report month after month. And you don't even need to use it. You can just open a card with a $0 fee and lock it and draw and you'll benefit.
When it comes to looking up your credit score. Do you ever pay to get your credit score?
No, definitely not there. I'm obviously a little biased because Wallethub does free credit scores and credit reports and credit monitoring, but there are a ton of options, reputable options these days that have free credit scores and reports. And you're going to those are based, again, on the information, your major credit reports and so with the kind of prevalence of so many free options that are reputable and will tell you what you need to know, there's really no reason to try to pay.
A lot of people think, I need to get the exact same model as the credit card company or the lender is going to be using. But that's really tough to do because the lenders all modify kind of the publicly available models with their own in-house variations is never really going to get the same exact model. And the different credit scores are basically kind of directionally the same.
I think there's a CFPB report a few years ago that said there's like a 90% correlation between the contents or the credit scores, the final credit score, credit ratings based on the different models. So they're pretty much kind of on par. Basically, if you're checking the same free one over time, that's what you really want to see. So if you're improving by any of those models or any of those free scores, you should be improving by the others as well.
Awesome.
Okay, then we have to talk fees. I know I'm always getting mailings about transferring balances or fees on cash advances. What are some of the more common credit card fee mistakes?
Well, on one end of the spectrum, a lot of people see annual fees and say, okay, a card with an annual fee must be worse than one with a fee or vice versa. They have these assumptions, but you really need to try to take into account what the card offers in return for the fee. So if you're going to get a $500 initial bonus and 5% cash back on purchases, but you have to pay a $95 annual fee, you still might come out and you're likely to come out way ahead at the end of the day, once you take that into account and the no annual fee card could be more at the end of the day, or it might not. Knowing your fee is kind of it's more likely to save you more when you're not going to be using the card super often or spending a lot on it. But the bottom line is people should have kind of an open mind about annual fees and take into account what they're getting for that.
When it comes to balance transfer fees, it's a it's a similar situation. Most of the best balance transfer cards that offer 0% introductory APRs for the longest possible period do charge a 3% balance transfer fee. You have far fewer options if you want a card without a balance transfer fee and the intro periods are going to be much shorter.
So if you don't need as long to pay to pay off what you're going to be transferring. For example, if you could do it in 12 months instead of 21, then the no fee option will probably saved you more money. But if it'll take you a much longer time than a card with a fee balance transfer fee like you said, be more given how expensive the regular interest rates on balance transfer cards are.
So if you don't pay off the full balance transfer by the time the intro period ends, the remaining amount will be subject to the regular MPR. And so that could end up being a lot more expensive than a 3% fee.
Gotcha. I had a couple of teammates in college who would joke around about how using a credit card was free money and then they would, you know, try and consolidate or transfer and things like that. And I think they just kind of ended up spending a lot more on the fees.
And I think that that is a concern. A lot of people think they can hop from one card to another, but it's kind of like musical chairs at some point they up the offers kind of dry up or become very expensive in terms of fees. And so then you're kind of left holding a pricey bag, not the good kind, I guess.
So what can you say about the mistakes that people are making about spending and payments? Is it the end of the world if you miss a payment or if you're late?
Yeah. So it's not the end of the world if you missed kind of one due date, especially because credit card companies usually don't report a missed payment until the second due date. So you're 30 days late on the first and you've missed your second due date or been report was late and that's very bad for your credit score, especially if you keep being reported as late.
So you want to avoid that. But if you happen missed one due date or something like that, that's often not the end of the world. What I would definitely recommend is calling your credit card company or company and saying, Hey, whatever the case may be, something came up and I paid on time every time until then. Can you kind of mark me as on time when I make it up or waive the late fee?
We've done surveys of and people credit card companies are more willing than you might think to kind of forgive a one off fee or something like that, especially to keep you as a customer in terms of the missing payments. Beyond that, obviously, like, you can have some leeway if you missed one or something like that. But the best thing to do is to set up automatic payments from a bank account.
If you're like me, you're kind of forgetful. You're liable. Sorry. my gosh. That payment was due three days ago. If you don't have something automatic set up so setting up from a bank account kind of just takes forgetfulness out of the equation and it can be really helpful. I know early on in my credit card career, I've missed a payment and just because I forgot.
But since I autopay and I haven't since there's some kind of things you need to take into account with that you can't just forget about your account and not look at the charges ever, because it could be something that you got overcharged for a fraudulent purchase or something along those lines. And you need to make sure you're kind of keeping within your budget and all that.
Is it, I guess, worst to exceed your credit limit or do a cash advance? Are they both bad?
Yeah, neither is very good. You might not be able to exceed your limit. It's up to the kind of issuer if they'll approve a transaction that would go over your limit or not. But maxing out your card is definitely not good for your credit score. It's not the end of the world. If it happens at one point and you pay it off pretty quickly thereafter.
A cash advance, kind of a similar situation. It's bad in the sense that pretty much all cards will charge a fee for the cash advance. And you might also be hit with ATM fees. And then there's a high interest rate that starts applying immediately. There's no grace period for cash advances, but if you're okay with like an $8 fee or whatever the case may be, and you can you need cash for something for some reason, you can't get it another way and you'll be able to pay it back pretty quickly.
So you're not accruing much interest. It's not the end of the world, but it's not something you want to be doing on a regular basis, Right?
So in case of emergency as opposed to something you can do.
Exactly. And if you have to do it, the sooner you can pay it off, the better.
Fraud and identity theft. What mistakes are people making in this category when it comes to credit cards?
Yeah, The biggest mistake people have here is kind of not being engaged, not reviewing their account history. One of the the benefits of credit cards is that all major cards have a $0 fraud liability guarantee. So if you notice a fraudulent charge or charge, you didn't make or charge double for something by a merchant by accident, you're not going to have to pay for that.
But you it's better if you can notice it and tell the credit card company because they won't always catch everything. So reviewing your monthly statements, just watching out for things like that, it in the most important and as with your email and other important accounts, changing your password regularly is a good idea. Just in case lots of accounts are kind of compromised and data breaches and things like that.
You know, make your yourself less of a target if you have a good strong password being changed fairly regularly.
You know, that sounds something I definitely need to get better about. It's changing those passwords need to know what are the best tips to kind of combat the mistakes that are commonly made when it comes to using credit cards internationally.
Yeah, it's a good question. The biggest thing is before you leave to make sure you have a no foreign transaction fee credit card, about 70% of cards do charge foreign transaction fees, but a growing number of issuers such as Capital One don't charge foreign fees on any of their cards. And so the foreign fee is important because it's usually around 3% that every purchase that's process internationally.
And so if you're going abroad, you're going to end up making a lot of purchases and spend 3% more than you have to, which is going to add up to a lot. So getting no foreign fee card on the Visa MasterCard network will help you avoid that extra costs and we'll be able to use it pretty much wherever cards are accepted.
The additional benefit to using a credit card is Visa. MasterCard automatically gives really competitive exchange rates. And so you're going to be getting a lot more bang for your buck on the conversion than you would if you're converting hard currency at a local bank or an airport kiosk. And it's going to be happening automatically. So you'll need to be carrying around hard currency and worry about getting pickpocketed or losing it, etc. And unlike cash, your credit card can be easily replaced and you don't have to you're not liable for purchases made with it if it gets stolen.
So you have the cost savings and the security and the convenience of not having to lug around a bunch of extra stuff when you're when you're traveling abroad.
I know my last trip I went to Barcelona by myself and I did get cash once I got there, but I mainly used a credit card that didn't have a foreign transaction fee, and so I just tracked everything set and already set aside money. So I knew as soon as I got home I could pay it off. So but that's yeah, definitely.
You know, my friends were like, “No, just get cash!”
I think people feel like they're a little more immersed or something when they have the local currency, but they can take that, that feeling and you can save 3%. The other benefit I went after college on a trip, I think starting in Spain, I went to France and a bunch of places, but my bags were delayed. They lost them for a long time and I basically had to buy a bunch of new stuff and it would have been really expensive.
But my credit card had baggage insurance. wow. So I basically could just submit the receipts. I'm mad because I went shopping in France and got a bunch of not nice stuff. And yeah, I felt more secure at the time of the benefit than I could have gone crazy. But but yeah, so those types of secondary benefits can really help you out in a pinch too.
Yeah, that's cool. Definitely have to look into that because I've had my bags delayed getting to me while traveling too. So that's. Yeah, that's a good one. Okay. So so far we basically talked about, you know, credit card debt as it relates to individuals. But what are some of the common business credit card mistakes?
Most of the same mistakes apply for consumers and businesses. There are some differences in the regulations on consumer cards and business cards that kind of can maybe influence your decision. So, for example, business cards aren't subject to the same rules under the CARD Act as consumer cards. And so one of the rules that allows kind of the business credit card issuers to increase interest rates whenever they want, and some credit card companies have proactively extended the rules to their business cards.
And so it's not a concern, but it's kind of it's not something you can rely on as much with a financing. So a lot of business owners might want to get a 0% consumer card, especially if it gives 0% for longer. And some people might be worried about using a consumer card for business given the increase in liability.
But one thing a lot of people don't realize about business cards is that you're personally liable for any debt on those because credit card companies generally view a small business as an extension of the owner's personal finances. So you can really cast a wide net when you're looking at business credit cards. A lot of times with with rewards and other features like that, you can get a little more functionality from a business credit card, but you can also consider consumer cards if they can get you better deals as well.
That makes sense. Well, is there anything that we haven't talked about that you think is really important that our listeners learn about credit card debt and mistakes that people make.
Not really paying attention to the latest offers is is probably something to consider. People maybe shop for credit cards a couple of years ago. And then I think the market doesn't change so much. But we're seeing a lot of competition. So kind of the initial bonus offers are among the most attractive they've ever been 0% periods or as long as 21 months.
Right now. And I guess the other thing is if you want to have get a better credit score or have a better credit card, the kind of long term thing you need to do is improve your credit score and try to earn more money, income and your credit history. The most important things and the best cards overall require good or excellent credit.
And in the short term, just comparison shopping is really important. Not taking any offer in a vacuum and kind of saying, okay, one initial bonus, let's compare the different offers out there and get the best one based on the numbers. And as a plug, WalletHub can can help you do that.
Pretty awesome. That's great. Well, John Kiernan of WalletHub, thank you so much. We appreciate it.
Thanks for having me.
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Travel booms during the holiday season and between winter weather and large crowds, delays and cancelations are to be expected. U.S. airlines are not required by law to compensate passengers for flight delays, and refunds are only guaranteed for flights that are canceled. There are, however, things you can do to get some compensation for travel disruptions. On the latest episode of PennyWise, host Nat Cardona is joined by Sally French of NerdWallet who shares the script that worked for her to get compensation from airlines for cancelations and delays.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host Nat Cardona.
Ah, air travel. It's stressful at times, especially when you're hit with seemingly endless delays or a cancellation that will leave you sitting in an airport chair staring at that God awful carpet pattern while you wait. Nerdwallet Traveler Awards expert Sally French joins us today with two personal flight anecdotes that prove maybe, just maybe, you can be compensated for your time in trouble through your airline if you follow her script.
Sally we're talking about flight delays and two experiences that you had going off of a script to get compensation because of those two flights. So flight delays and cancellations happen. They seem like they're happening more and more often or more. Maybe people on social media are complaining about it. Whatever. Have you. So you're in the airport, your flight's delayed and delayed or delayed.
Let's talk about your anecdotes first and we can just pop in tips along the way. So just go for it.
Yes. So I've been caught up in two fairly significant flight delays this year. The first one happened because I was trying to fly from my home in Oakland, California, to Saint Louis, and I had a layover in Denver. So what happened is the flight departing from Oakland departed late, and it turned out that it ended up being so late that we missed the connecting flight to Saint Louis.
We missed it by just barely. In fact, 20 of my now closest friends who were also trying to make that connection. We ran off the first plane and we saw the plane taking off from the jet bridge and rolling on to the tarmac just there, and they couldn't wait for us. So what ended up happening is we got rebooked on the next departing flight.
But that meant an irritatingly long layover, many hours in the Denver airport, plus a 2 a.m. arrival time in Saint Louis was not ideal. So my question was, what can I do? What can I get out of this other? The flight was on Southwest and they did automatically rebook me to my next flight, but it was still pretty annoying.
So I headed to the customer service desk and I basically said, Hey, it's because this flight is leaning so late, my ride isn't going to be able to pick me up. Do you offer any sort of compensation? And they said, No, we can't get you a ride to your next destination, but how about we offer you an $100 voucher?
And I was like, You know what? I'll take it. I'm rebooked. Anyway, this sounds like a good deal as they're printing out the voucher. I said. Can you offer any food as well? And they also sent me a voucher so I could get dinner up to $14 in the airport to tide me over until the flight. So that was my first.
That Southwest experience. It ended up being not too bad. I got $100 out of it and I had to stay at the airport for like a bonus for hours. But it seemed to work. My second situation was the United flight melt down during 4th of July weekend. I was headed to again, I was actually headed to Colorado. And as I was just looking at my flight arrival time, I saw that my flight had been canceled.
And so this was a huge meltdown because many, many people's flights were canceled that weekend. So what happened is I had to get to Colorado. So I ended up booking a flight actually on Southwest Airlines last minute because I was going to get there no matter what. So you are legally entitled to a full refund for a canceled flight?
I had to pay initially for my United flight. I then paid for an expensive last minute Southwest flight, but I was able to get a full refund on that United flight. However, I felt like that wasn't good enough because I had to book a last minute flight for a higher cost. So I emailed United and I basically said, Hey, my flight was canceled.
The next available option for you to rebook me was to wait. It was going to be two days later, which wouldn't work for my travels. I ended up having to book this other expensive flight. So I'm requesting compensation and I requested exactly $599.56, which was the cost of my new airfare, my travel companions, new airfare, plus an Uber to the hotel that we would have to take because of the delayed flight.
And so I requested about $600 and they responded back to me. They sent both me and my travel companion 30,000 United Miles points and we also got a a refund on the offer. And then the United rep sent me a $500 gift certificate towards future United flights, which basically made up the cost of my flight that I had to purchase anyway.
All in all, it was a pretty good deal out of a bad situation. And and so it just sort of illustrated a big learning is that in the U.S., you are not entitled by the government to compensation for delayed flights. But that doesn't mean you can't get compensation. You just simply have to ask.
Right. Right. And that's immediately with your first story of the delayed flight. It's just putting yourself out there to talk to the agent at the desk and being polite. I imagine, is a huge thing, which you often see in airports is not the case. Right?
Right. That's exactly. Is the person at the ticket counter or is not the cause of your delay, but they can help you get to where you need to go. They can ultimately have that power to rebook you. They're the ones who can issue those meal vouchers or those frequent flier miles. So you really want to make sure that they are on your side?
I'm sure. Sure. And then, you know, in the second predicament that you had with the cancellation, any advice and I don't know if you can just pull this out of your back pocket, but let's say somebody doesn't have immediate extra funds to rebook on a separate airline outside of what they've already. Let's say if it's united or American and you kind of are stuck with a horrible cancellation and reschedule, what would your approach be there, do you think?
Right. That's exactly one of the tough situations, is I just immediately booked a Southwest flight for a couple of reasons. One, I was able to have the funds on hand to book the flight right away. Two, Southwest is a great airline because you can then cancel your flight pretty much within 10 minutes of takeoff and you can get that money back as a Southwest travel credit.
So I knew that all my plans are up in the air and I would be able to at least have that Southwest credit on hand. Southwest makes it really easy to change and cancel flights. In fact, there normal top rated airline in terms of change and cancellation policies. The other thing that you might want to consider is simply holding travel insurance because travel insurance will often help you rebook on another flight.
The catch is it has to be a covered reason and it can be really nebulous. What a covered reason is. It varies based on the policy and it depends on the reason for the cancellation. Travel insurance is typically a percent of your overall trip cost. However, you might not even need to pay for travel insurance. Many travel credit cards offer travel insurance is a benefit for booking that trip on the card.
So I would definitely recommend looking into one of these travel credit cards that offers travel insurance as a benefit. So that way, if you are in a similar predicament where maybe you have to stay in a hotel for an extra night, often your travel insurance is the one that will cover that. Nerdwallet has a list of all the best credit cards that have travel insurance.
Many of them do have annual fees, but the reality is often annual fee is still less than the cost to buy travel insurance out of pocket. So if you are going to buy a travel insurance, it's often a no brainer.
Yeah, that's a great suggestion because it's when you book your tickets individually and then you see that checkbox at the end, do you want to add travel insurance? A lot of people overlook it, but nowadays pretty beneficial. And yeah, if you're using your credit card, I didn't even realize if you have a travel credit card that that perhaps could already be looped in there.
So that's that's important stuff. The one other thing I want to touch on here is acting quickly. If you get yourself in one of these predicaments, whether if like it's canceled or delayed, that being in my personal experience. Pay attention to your app that is connected to your airlines, because if you have to manually pick seats, choose what flight, what time.
Remember, you're probably competing with a lot of other people for the same thing.
Correct.
That's a great point, because especially, you know, in my Southwest example, there were about 20 of us who needed to get on this connecting flight, which means there were 20 empty seats on the flight that were left without us. And who knows how many empty seats are on the next departing flight. Luckily, in that case, there was a seat for everybody.
But if there hadn't have been, then we would have been competing against each other to get that seat on the next departing flight could be really stressful. Similarly, in the United situation where United just completely canceled flights, I ended up booking on Southwest. And the reality is so many other people did. In fact, I when we were boarding in the southwest, boarding gate attendant said, how many of you guys never intended to take this Southwest flight and are coming from United?
And the whole boarding gate erupted in cheers because there were so many people. And the the attendant said, you know, I had to get that because this flight usually has like ten people who take it on average. And it's a full flight, which means everyone, when there's a cancellation or a delay, is jumping to get on the next available flight, which again, you're just competing with everyone.
And often there's not enough seats.
There to have your phone charged and wallet handy.
Really. And the good news is that there are so many apps that have made it better. The airline apps make it pretty easy to book a flight online and often, you know, you look at the customer service desk and the line is just snaking around the airport. But often you can rebook yourself self-service using the app is is often just as good as speaking to a human at the customer service desk.
There you go. I've done it more than handful of times that I'd rather admit I've had a lot of bad luck multiple times. no. My husband and I were talking about it like, seriously, the last five trips we've taken and we have a little one they've gotten totally just whether it's a severe delays or cancellations. But we are both separately on our phone, moving things around.
So, yeah, just that's I'm a big believer in that. Good tips there. Okay.
I'm glad you're on top of it. Despite all the flight cancellation woes.
Hey, no, it's not going to you know, just I'm not going to cancel my travel plans in the future, but I'm like, come on, this can't happen six times in a row now.
So you don't like it happening more frequently, which is why it's just never a bad idea to have that backup plan to know what other flights are departing because you might need to take advantage of that.
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'Tis the season — the season for shopping and massive sales. With the holiday season in full swing, many people are counting down and plotting their plan of attack for Black Friday and Cyber Monday. On the latest episode of PennyWise, show producer Ambre Moton is joined by Kimberly Palmer of NerdWallet who shares the top items to buy, what to skip and a few other tips for navigating two of the biggest shopping days of the year.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm Ambre Moton, the producer and editor of the show filling in for Nat Cardona.
'Tis the season, the season for shopping in big deals anyway. While shoppers have already seen early Black Friday deals in October from retailers like Amazon, Target and Walmart, a survey reported that only a quarter of verified buyers during Amazon Prime Big Deal days purchased holiday gifts waiting for Black Friday and Cyber Monday, maybe.
And are those deals even really worth it? Joining me today from NerdWallet is personal finance expert Kimberly Palmer to go over what to buy and what to avoid on two of the biggest shopping days of the year.
Kimberly, thank you so much for joining. Let's just go ahead and dive in. My mom mentioned that she's had a TV every year that isn't working properly. Should I plan on waiting for Black Friday to get her a new one?
Yes, Black Friday is actually a great time to buy big electronics like televisions. You have another opportunity in February or on the Super Bowl. So if you missed a chance, it's okay. You have another chance to get great TV deals. But it sounds like your mom might need it sooner. And Black Friday is such a good time because we see those prices on big electronics, including televisions, drop on Black Friday and the days surrounding Black Friday.
So it's the perfect time to buy.
What are some of the other good things to buy during those post-Thanksgiving sales?
Definitely. Anything in the electronics category, which includes appliances, both large and small appliances. So if you are in the market for anything like a vacuum, a coffeemaker, anything like that around your house. Black Friday is when we see the lowest prices on those items. So it's the perfect time to pick those up. And then if you need to stock up on any winter clothing, winter jackets, any of that winter gear, it's also a great time to buy on Black Friday.
So basically, those are the highlights. You want to think electronics, big electronics, small appliances, large appliances and then winter clothing.
Awesome. I am definitely in the market for a new winter coat, so I will hold off until Black Friday to go looking for a new one.
Yeah, you'll see some great deals.
Okay, so how about what do you think should be avoided?
The biggest category to avoid on Black Friday is toys and holiday decor. And that is because the prices on those items keep dropping as we get closer to the holidays. And so you don't want to make the mistake of buying them too early because you will pay more. However, you do want to keep in mind that if your child or the children in your life want a specific toy, we do start to see inventory really drop as we get closer to the holidays too.
So it might be worth paying a little extra just to make sure you get that one item they really have their eye on. But in general, you want to wait on toys and holiday decor and then also sporting goods. So we do see lower prices for sporting goods as we get closer to Christmas as well. So if you can you want to wait on that.
And then tools and home improvement items is another category that we tend to see lower prices hit as we get closer to the end of the year and even into January.
Okay. That's definitely things to write down because I had a lot of things on my of those on my list for shopping. So I'm really glad I'm talking to you now.
Yeah. And it's really helpful if you do have a list like that, you can actually use a tracking tool like Honey or camel eyes or browser extension, and you can track all these items. And so then you can see as soon as the price drops, which if it's in the right category, will be on Black Friday, you can go ahead and make that informed decision of whether or not it's a good time to buy.
that is a great shopping tip. Do you have any other holiday shopping tips? I know I see a lot of buy now pay later badges. Is that something that's a good idea to take advantage of?
Well, basically, you want to be a little careful with buy now, pay later, because basically it does give you that flexibility to spread out your spending. You're you're essentially breaking up a payment into usually for chunks. And so instead of paying all of the money upfront, you can pay it over time. However, you want to be careful because you're still you still have to pay that money and you don't want to enter the new year with a lot of debt and a lot of payments that you owe.
So as long as you're careful about it as ideally the best way to cover all of these expenses is out of savings. But not everyone has that option. And so buy now, pay later can offer some flexibility and it lets you spread out those payments over time.
Gotcha. And then one of the drawbacks I know personally for me about shopping during the holiday season is the pressure to get the perfect present or please, people. Do you have any tips for mitigating that?
There is so much pressure and I think the best thing we can do is to kind of step away when we start feeling that intense. Basically, retailers want you to feel that. They want you to get wrapped up in all of that stress because then we end up spending more. And so the best thing we can do as shoppers is to kind of step away and give ourselves space and breathing room.
One really helpful thing is because Black Friday sales are not just on one day, they tend to start earlier and last longer. So you don't have to buy everything on one day. And actually spreading out those purchases over time can make it easier on our budget and also just easier emotionally to handle all of that intensity.
That's great. That definitely will help relieve some stress when it comes to holiday shopping. Is there anything we've missed that you wanted to make sure that all of our listeners get to hear about Black Friday and Cyber Monday?
Just one more thing we've noticed this year as a trend, because so many people are feeling that stress of inflation and higher prices. A lot of people are talking with their family and friends and saying, Hey, let's scale back a little bit this year. We'll all spend less. And it's something that everyone can get on board with. And so it might be a good idea just to have those conversations early.
And that way you can save money.
That's great. Thank you so much. I really appreciate it.
Thank you.
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Disaster strikes — your washer is making a weird noise and won't drain. Do you fix it or replace it? On the latest episode of PennyWise, host Nat Cardona is joined by Kimberly Palmer of NerdWallet with tips when to repair and when to replace your large appliances.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host Nat Cardona.
A disaster strikes. Your large home appliance is making a funny noise and not working how it should. Maybe even water is involved. Choosing whether to repair or replace major appliances can be more complex than you would expect. Nerdwallet personal finance writer Kimberly Palmer joins us today as a living, breathing financial guide to paying out your appliance repair or replace options when to repair or replace your appliances.
I just went through this myself and the picking and choosing of what you're going to do and what's most cost effective. Talk about really having to work really hard to figure things out. So let's go into this. I mean, where should we start?
Well, the interesting thing about appliances is that sometimes when you actually buy a new one and replace one, even though it's so expensive, you can save money in the long run. And that's because these newer appliances are so sophisticated, energy efficient. You know, if you have a 15 year old fridge, it might be taking up more energy than a newer model.
And the same is true for other big appliances. And so that is a way of kind of, you know, justifying that shopping spree. If you do need a new appliance.
Or the one thing that's mentioned in this article, let's talk about those smarter appliances that they've got fancy buttons and they hook up to I and this and that, but maybe that's not always necessarily the route you want to go.
Exactly. These new appliances are I mean, they're really amazing. They look like, you know, what we would have thought of as the future years ago. You can have a TV screen on while you are on the front of your fridge, while you're making dinner. You can have a camera inside your fridge that you know, when you're at the grocery store and you're not sure if you're out of milk, you can just log in and have an inside look at your fridge.
So it's really incredible the directions of all these new appliances. The downside, like you alluded to, is the fact that first of all, they're more expensive and then also they're harder to fix. So if something does break down, you might need to hire someone with really specialized knowledge of your specific appliance for them to fix it. And those the cost to fix it can actually be a lot higher than you might be anticipating.
So it's something to keep in mind if you do buy one of the more complicated appliances, you always want to ask about those repair costs because sometimes they can be really steep.
Yeah, like I mentioned at the top, this there's literally three of our appliances went in two months ago. They all went in within the hour. Now, it was insane. And so we had a lot of the decisions to make and that between research and talking to store specialists, I found out there's a couple brands that they can't just be you can't call your local handyman to do and fix in, you know, five years if something happens that, yeah, the more specialized that you need, that specialized scalp.
So there is it was interesting and kind of sad or I was like, okay, maybe I'm not going to get the most fancy one because of that. You know, you have to think ahead and actually the another interesting thing that was mentioned here are, yeah, we know that these are all going to be big ticket purchases, you know, in the hundreds or thousands of dollars range.
But I see that maybe where we are here, where we're price prices now between basically 2019 and last year. Do you have. Yeah, well, the hard thing.
For consumers is that the cost of these big appliances has gone up just like so many consumer goods. So between 2019 and 2022, the cost of major appliances rose more than 22%. So that's a pretty shocking figure given that, you know, of course, people's incomes haven't gone up that much in that time on average. And so it's really challenging to fit the cost of buying a new appliance into your budget.
It's often something you have to plan for and, you know, save up for setting aside money. In some cases, you might be able to finance it with 0%, a 0% intro offer a pure credit card, but not always. And so it's something to consider before you make that purchase there.
It's at the end of the day, appliances are investments. See, I've got to really think it through. Let's see. It looks like the last thing here would be the easing, the environmental, environmental impact on the appliances that you choose or the appliances that you have. Let's go into that for sure.
So first of all, one thing to be to note is just how much more energy efficient big appliances have become. And so that's why it can make sense in some cases if you're looking at your energy bill, which of course, has also gone up for so many people to make that initial upfront cost to buy a more energy efficient appliance can actually help you in the long run.
And then the other thing to think about is how you're going to dispose of your appliance when you are replacing it. So you might want to investigate where your fridge or freezer or you know, any kind of big appliance is going after it's replaced because in some cases there are recycling facilities. And so it's definitely something to ask about because, of course, we all want to ease that environmental impact for sure.
Yeah. And another sneaky cost that can come upon you if you don't do your research as far as Holloway and recycling. So yes, explore those options. Anything else that you want to add as far as replacing or repairing your appliances goes?
The only other thing I would add is that one really difficult decision for consumers is when your appliance does break down as you experience firsthand, you always have to decide, am I going to repair it or replace it? And to help you make that decision, there are some helpful online calculators. So, for example, Consumer Reports has one online and it can help you just weigh those costs because often replacing it might be more expensive in the short term, but you don't want to be hit with recurring repair costs year after year as well.
So there's a lot to think about.
And I didn't know that existed. That would have been helpful. But I will say we had a very trusted handyman who was just honest and he said we had our two appliances fixed in the past and he was like, the next time something happens, don't just buy new ones because it's just going to be might as well be the same price.
So, yes, you go that route to have a trusted person just really let you know, you know, way that the cost ratio there. So yes.
That's even better than a calculator for sure.
But all good tips. Thank you so much, Kim.
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While it may still be early fall, the time to figure out your holiday travel is here. From flights to hotel stays to finally taking that trip to Europe to visit the Christmas markets, travel costs can add up.
On the latest episode of PennyWise, host Nat Cardona is joined by Sally French of NerdWallet with tips when to start booking your travel for the holidays.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona.
It may be the very start of fall, but if you plan to travel for the holidays, now is the time to do your research and pull out your wallet. We have Nerdwallet travel rewards expert Sally French here with some tips to save on holiday travel this year. Okay, so talking about holiday travel, you know, as people look towards the next couple of months, you've got Thanksgiving and then it seems around Christmas, people are flying here, they're everywhere. Is there any advantage to last minute flights? I know that last year that was a big thing.
Yes. In general, booking last minute flights is not something you should bank on. We typically see last minute hotel deals because hotels just want to fill up whatever available rooms that they have. But that's not really the case with airfares because people would be desperate to book a last minute flight. We actually see airfares get more expensive last minute.
So I don't want to completely write off the idea that you won't find a great last minute airfare. But the reality is you should plan to book your airfare now, especially for holiday travel there.
So a lot of that would entail tracking prices. So let's go into that.
Yes. So there are a number of apps that make it pretty easy to track your prices. One of the great ones is Google flights. And Google flights has a bunch of individual features that can make this helpful. So Google flights has a calendar display that will show the flight prices across all the airlines for any day of that month.
This is great for people who want to fly, let's say, for the holidays, but are flexible. If they fly out on Tuesday or Thursday, they don't really care. Google Flights Calendar View makes this really easy. Another thing that you can do is if you know you want to fly a specific airport, which is pretty common. If you're going to visit family for the holidays, you can enter in that airport versus your home airport.
And Google flights will send you an alert when it sees that airfares are cheaper than usual to that destination.
I am a huge believer in that calendar layout that you just mentioned. There's nothing more beautiful in my like, planning mind when it's you know, this says 380 on Tuesday and then a week later on a Friday, it's whatever, 300. I just love the breakdown. It's just all it's so neat how they do it right.
And, you know, you would be so surprised at how much the price is different just by adjusting your flight by a couple of days. And there are just a lot of people who automatically assume they're going to fly out one day because they think that's most convenient for them. But when you realize maybe extending by one day could save you $200 times all for people in your family, then this can be a huge savings.
So don't overlook that calendar view and see if you can change your trip gates by just one or two days to possibly save money.
Sure. And I just kind of want a ground back here. So for Thanksgiving, when would be a good time to book for that long weekend?
Yes. So definitely I would recommend booking that Thanksgiving travel by mid-October at the latest. However, Nerdwallet in general recommends booking travel 1 to 3 months out, and the reality is for the holidays, people should probably. But even earlier, we know that more people are planning to travel for the holidays this year versus last. And holidays are one of the busiest days to fly.
In fact, in each of the past four years, the Sunday after Thanksgiving was the most crowded day to fly of that week. So you want to avoid traveling that week. And perhaps most interestingly, is that every year in the past four years, aside from 2020, the Sunday after, after Thanksgiving was also the busiest single day to fly of the entire year.
Well, my gosh, everyone. I mean, that's the classic camera shot. And see ABC, CBS, whatever that reporter in the airport. And it's utter chaos happening in the background as people try to go home for Monday to start.
Right? Right. Everyone thinks that they need to fly homeless sunday after thanksgiving. But that's exactly it is. Use that calendar view and realize that there's going to be way lighter traffic if you change your travel itinerary by just a couple of days. In fact, the best day to travel post holiday is giving. Tuesday has among the lightest crowds.
So is the Wednesday after and so does Black Friday. If you want to do that Thanksgiving dinner and just fly home the next day, that's also a great day to travel.
Okay. And then as far as the Christmas holiday goes, that end of December or last week or two. What's the suggestion with purchasing or booking your flight any time soon?
Yes. Again, it's never too early to book Christmas travel, especially when we're talking about right now. It's just, again, a busy day to fly. That said, if you want to avoid crowds, travel on Christmas Day itself is a pretty light day. So if you are in a pinch, you've booked last minute, you don't know what to do. Maybe except that you travel on Christmas Day.
It'll be less crowded, probably cheaper, and everyone will probably be a lot more merry on the flight that day anyway.
Just fly and show up for dinner. That's fine. You think that's your only obligation?
I agree. Open presents at home, fly and then have family dinner over at your next place.
And make it all in. Let's talk about European travel. Whether you're a family or you're being adventurous. This one's often a little bit more difficult because not necessarily direct flights. You usually have two legs of a flight that you have to do. Let's get into that.
Yes. So we're seeing a lot of interest in European travel, especially for the holidays. You can go abroad to the Christmas market. People love that. It's so magical. But the reality is, even though we're seen flight prices drop domestically, we're seeing a high interest in European travel. Everyone wants to go there to make up for lost time during the pandemic.
So what we're seeing is that European travel is past its 2019 travel levels and the best time to book an international flight. So that would be the European flight from the U.S. is 72 days or more before departure. Once it's within that ten weeks window, we see airfares start to rise significantly. Unfortunately, we are sort of past that booking window for holiday travel to Europe.
But again, that's where you start to employ those tricks, like being open to the exact day that you travel, maybe booking that basic economy airfare instead to save money.
Sure. And that just goes back to this next point for the article. Being flexible, we've really kind of beat the dead horse on that throughout everything that we just talked about. So, I mean, anything you want to add as far as holiday travel goes as people are planning the next couple of months?
One of the big things that I think some people almost forget about traveling to Europe is that Europe is not celebrating Thanksgiving. So if you do want to go to the Christmas markets, a lot of people want to go for Christmas, but consider traveling for Thanksgiving because you won't see that huge spike in not only airfares but hotel prices, because for them, the end of November is pretty much just a normal day.
So stay home for Christmas and maybe consider doing in Europe for Thanksgiving.
Yeah. Kick off the holiday season that way. That's that's a really good tip. Yeah. And so be that Christmas.
Shopping at the Christmas markets. And then you have your gifts ready to go.
Yeah, go to Germany. That would be really cool. That's on my bucket list.
Same.
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It seems like every day there's a new warning about financial scams circulating, with the scammers getting more and more creative. Many people think that it could never happen to them, and then they find themselves on the phone with their bank trying to recoup their losses.
On the latest episode of PennyWise, host Nat Cardona is joined by Kimberly Palmer of NerdWallet with tips on how to avoid falling for common scams and what to do in case you do.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise a Lee Enterprises podcast. I'm your host, Nat Cardona.
One of the biggest mistakes when it comes to protecting yourself from financial scams is thinking you're too smart to be duped by one. It can literally happen to anyone, regardless of age or circumstance. I mean, come on. There are a lot of sophisticated scams out there. But thankfully, Nerdwallet personal finance writer Kimberly Palmer joins us today with a few key strategies to help keep you safe.
Man, those scammers are really sneaky out there. Let's talk about that. If you get a call from your bank, probably not legit. Let's go into that.
Exactly. One of the most common scams out there is your bank or some kind of financial institution calling you. But it's not really your bank. It's someone. It's a scam artist, essentially impersonating your bank. And because they can be so convincing, they actually convince people who have picked up the phone to share their personal information, share things like passwords, Social Security numbers, all kinds of personal details that they then use to steal your money or steal your identity.
And so you want to be so careful whenever you get a phone call from anyone or a text message or an email you want to verify who it is. So actually, even though it feels rude, you want to say, I'm going to hang up and call my bank myself, and then you get the verified number on the back of your bank card or wherever you have it and call yourself.
And that's the only way to really know who you're talking to.
Right. And just for clarity sake. Scammers can spoof numbers. I've had this happen personally where it says your banking institution, it's the exact same number, whatever, one 800 number calling you. But again, it's you should call that not the other way around.
Exactly. I'm so glad you mentioned that, because it can be so convincing. And also, when you get that call, they are often the most pleasant kind of sounding customer service reps you've ever spoken to. But it's all a scam. Just trying to get to trying to trick you.
Right. Right. And a lot of that comes back to general security practices, especially when you're banking online and on your phone and all of that jazz. Any tips there?
The most important thing is just to make sure that you are constantly monitoring your own accounts, because often the first sign of a scam is even a really small deduction, like a $5 deduction that you don't recognize. And it's a way for the scam artists to really test if they can go bigger and subtract more money from your account.
So you want to be regularly reviewing your credit card statements, your banking statements, most importantly, to look for anything you don't recognize. And if there is something that seems out of place, you want to call and investigate because then you can shut down. If there is a scam starting to take place, you can shut that down. And then also you want to just be sure that you have strong passwords across all your accounts.
Set up two factor authentication so a person can't log in with only the password but needs to get that code. Also texted or emailed to you as well just to make sure all those accounts are safe.
Yeah, I 100% agree with that. That two factor authentication authentication is just that has changed my life and given me such a peace of mind just because there's so many goofy things that people are trying to get at us. Let's go into that. The common scams that might come your way. Aside from the banking one that we mentioned, anything you want to add there?
It's really helpful, I think, to know what those common scams are. So every year, the Federal Trade Commission basically puts out a list of the top scams. And so they include things like impersonating institutions like we talked about. Also fake sweepstakes. So someone you get in a letter or an email saying that you won something, but of course it's just a way to get your personal information.
Fake job postings, especially for remote work that has really taken off and then, sadly, romance scams. So if you're, you know, online dating have a profile, you ought to be really careful about whoever is reaching out to you.
Definitely. If it's good, too good to be true in any sense. It's it is. It always is the one thing and I wonder if it fits here. I just personally experienced this lesson a week ago. I was selling some stuff on Facebook Marketplace and there are like the cash app scams, whether it be Venmo or Zelle, where people will comment on your post right away message you and then they are trying to get.
It's a crazy swapping of information like they're they want your, you know, whatever email or phone number you use with your cash app account. And then there's I had to look into this whole thing because it happened repeatedly and I was like, What the heck is going on? And it was the yeah, I think I don't remember what, but some site that protects people was explaining that yes, this is a scam that people do.
Again, it's just like trying to get a hold of your information in this really roundabout way and it can really cut you off guard when you feel like you're in the right place doing the right thing. So just lots.
It's so frustrating. And you think that you're, you know, connecting with a real person, but it actually turns out to be just the scammer.
Yeah. Yeah. It's the it's the mental pretzel stuff. Like, it's hard to trust anyone sometimes, but let's say you one of those scams that you mentioned has come across your your computer screen or your phone. What do you do in that case?
Well, the first thing you want to do, if you actually have shared any of your personal details, is to immediately alert your bank. You might your bank will probably suggest that you change your bank account, you know, shut down the old one or the new one just to keep that money safe. If you have actually shared anything with anyone who has contacted you and then you want to report it, because if we report scams, it makes it easier for the authorities to track them, to find patterns and of course, to track down these scam artists.
And so there's a whole bunch of places you can report scams to the Federal Trade Commission, your state attorney general's office, the FBI, even your local police station, just like any theft. And so you definitely want to do that. Unfortunately, when you do have money stolen from you in this way, it can be really hard to recover it.
And so even if you do report it to the police station, it doesn't mean you'll necessarily see that money again. Sadly, that's the really tragic thing about these scams. But you might be helping other people, you know, prevent this fraud from continuing.
Definitely. It's one of those things it's okay to be hyper about and be very, very cautious about. Do you have your walls and guards up? I'm all there.
Yes, exactly. And I think one interesting thing is that it can really happen to anyone. There's so much kind of shame and embarrassment around scams because you feel like it's your fault for falling for something. But I think that it's so important to let go of that feeling of embarrassment and shame, because really anyone can fall for a scam.
These scam artists have gotten so sophisticated that it's not your fault at all. You shouldn't, you know, be embarrassed. And we just want to try to prevent it from happening again.
Thank you for imagining that, because I know people that have had that experience and I've had that experience myself where I just got duped, that I never very good, but you live, you learn.
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Want to travel around but don't have a travel buddy? Traveling alone can come with single surcharges and not having someone to share costs with can make solo travelers blow through their budgets quickly.
On the latest episode of PennyWise, host Nat Cardona is joined by Sally French of NerdWallet with tips for solo travelers who want to be fiscally responsible while exploring the globe.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona
Today we're talking solo travel. It's getting more and more popular these days, but let's face it- Traveling by yourself can get really pricey. Thankfully, we have NerdWallet travel expert Sally French here with us to give us tips on how to make the most of it all.
Today we're talking about the topic of solo travel, keeping it fun and I guess financially friendly, you could say.
Okay, I love it. First things first. From the Nerdwallet article, I read the amount of people opting for solo travel has gone up as compared to past years. Is that correct?
That is correct. So what Nerdwallet has found is actually based on Google searches for solo travel, they have increased 59% in the first half of this year versus the same period in 2019. More people now are interested in solo travel travel than they were pre-pandemic.
No, that's what they say. So what's the big difference that I guess people are just eager to get out there, huh?
Yeah, You know, I think there is definitely this uptake since the pandemic of people being okay out there, being solo. We spent so much time alone and now people are spread out. People have moved away, but people still want to go on trips. People especially want to take those bucket list trips. So sometimes the best way to take that bucket list trip might just be by yourself.
Yeah, there's a few steps you got to take first. Let's talk about the travel in itself, that airplane ticket. Any advantages to flying solo?
Well, this is actually an area where you can save money. So one of the challenges with flying solo or traveling solo is that it can be more expensive. You're not able to split the cost of that rental car, of that ride, share of that hotel room. But with airfare, in some ways, you can find a better deal. You might just be able to get that last available flight if seats are sold out for two.
That's not going to work If you're traveling with someone else. If you're by yourself, that can be better. Another thing is you might be more inclined to be okay with that middle seat. What we've seen is that airfare prices are actually down this year versus last year. They're down this year versus 2019. They're down this year versus what they were ten years ago.
And a big reason for that is because airfares have engaged in this practice called unbundling or bundling, where they'll charge a lower base airfare, and then they'll add all these extra costs, extra cost check bags, extra cost to board early. And one of those extra costs is to pick your seat, especially with families. People want to sit together.
And so we see a lot of air. Airlines will pay. A lot of travelers will pay extra to be able to take their seat to travel with their family members. But if you're traveling solo, you don't have any family members to travel with. And so you can probably skip that expense. The reality is you're probably going to end up in the middle seat, but maybe not a huge deal if you're a solo traveler looking to save money.
Seriously, at the end of the day, it's just tapping the person next to your shoulder. Got to get up quick. It's never a big deal.
But I remember going on a flight. You're going to remember the trip. You're not going to remember the middle seat anyway. At least I.
Totally. They keep remembering that something you touched on just a bit ago is the other important part of travel. And traveling alone is picking that place to stay. So when we put a price tag of, let's say 150 bucks a night on a hotel room, that's often great if you're traveling with a friend, you split it down the middle and you know it's everyone's happy.
But when you're by yourself, it's all on you. So what are your options there for your lodging?
Yeah, you're completely right, is what Nerdwallet has found is that at hotels, you can save money when you're traveling with someone else. In fact, if you're traveling with large groups, nerdwallet encourages you to book. Airbnb is where you can save even more money. But the bad news is when you're traveling solo, there's no one to split that cost with.
That said, there are a few options. So I mentioned Airbnbs and the rule is found that these are a far better deal with large groups, but actually Nerdwallet or Airbnb recently revamped their rooms feature. And so if you're willing to stay in a house that you share with other people, Airbnb has what's called rooms and you can book just a room and that might not be something that you're willing to do with a family.
But when you're a solo traveler, you book just that room. Airbnb has filters where you can filter out rooms that have a lock on the inside, which might be something that you want to do as a solo traveler. You can search by hosts and hosts, even write a bio about themselves. It's intended to sort of help connect travelers who actually want to talk to the host.
What we found is increasingly Airbnb is just kind of operate like vacation rentals or timeshares where you never even meet the host. And, you know, sometimes that's great if you want to spend your vacation with your family and friends, you don't want to talk to the host anyway. But as a solo traveler, often you do. And so Airbnb rooms can be a really good way to save other things that you might consider are hostels.
Hostels don't just have to be for 19 year olds, we've increasingly been seeing more hostels that older adults are going to. That can be an excellent way to save money as well as capsule hotels. So these are just little tiny rooms. Often the ceiling won't even be a full room ceiling height. These are like pods. And so sometimes the ceiling can be six feet, eight feet.
It'll typically be just a bed with a room to put down a bag and that's it. You're probably not going to want that if you have to share it with somebody else. But if you're by yourself and you're just looking for a place to lay down your head to sleep, just store your bags and you're going off into the city to check it out.
A capsule hotel can be an amazing option for solo travelers.
That's awesome. I've never heard of the last option. Are those more popular in some countries or places and others.
Do you know? Yeah. You know, I actually stayed in in a pod hotel or a capsule hotel in Singapore, because Singapore is one of the most expensive places that you can visit. And I'm not really interested in spending a lot of time in the hotel. I'm interested in spending the time out in Singapore to see what they have.
And you're right, the ceiling was really, really short. Luckily, I'm short, so it was like just a little bit taller than what I was. And I have to tell you, the only time I spent in that room was sleeping enough to change my clothes and get out of there. But again, if you're really on a budget, that can be an excellent way to go.
And we're seeing this more and more. Not necessarily even capsule hotels in the US, but just these really micro hotels. There is a chain called the hotel and those focused on really small hotel rooms, which is ideal if you don't want to pay for site space that you're not using otherwise.
Yeah, I golden rule. Just go to sleep there, clean up there, then be outside. The rest of the time.
I'm definitely a you know, if you're traveling with a family, you want to have that kitchen and living room and all that. But you know, for couples, for people who want to see the city, they're not trying to relax in the room. And solo travelers, that's you. You definitely do not need that.
There you go. And the other main part of travel, food and going out and grab it, food and drinks. Any tips there?
Yeah. You know, one of the fun things about traveling is that if you're with a big group, you can order a bunch of things and try a little bit of everything and you're probably not going to experience that as a solo traveler. But one of the nice things is that you have freedom. Often when people are in groups, they feel like they have to do an expensive waiter service restaurant.
But as a solo traveler, you can eat on your own time, on your own budget, on your own schedule. And I always encourage all travelers to do this. But go to the street food stands, get what the people are eating locally. And especially as a solo traveler, you have just a little bit more freedom to do that. The food's more expensive or it's more authentic, it's tastier.
And the reality is it's probably a lot cheaper, too.
Yeah, that's one of my favorite things to do when I travel is grab something from a cart and just sit and people watch in the area wherever you may be. I go to Mexico a lot and that's what we were doing, is a lot of the taco carts and then crossing the street, sitting on the bench and watching the cars go by.
There's nothing better.
Definitely. And food is one of the best ways to immerse yourself in the local culture. You know, I love a breakfast buffet for groups can be really convenient because everyone can ensure that they eat. But the reality is breakfast buffet food is probably just going to be your generic hotel pancakes. When you go out in that car, you're trying the local fruits, which are probably way fresher than what's in your grocery store.
You can get amazing meat skewers. That is a really, really good way to immerse yourself in the culture, try something new.
Grab and go. Keep it moving. The final thing that I had in mind is financials aside, how can we keep solo travel fun and light?
Yes. So one of the challenges I think for solo travel is just inherently you're alone, you're by yourself, you don't have people to talk to and to share your experience with. But that doesn't have to be the case. One of the best piece of pieces of advice is to take one of your hobbies you have at home and experience that out on the road.
And so if you're someone who loves to take a yoga class at home, find a local yoga class in that new city that you're exploring. And I'm a competitive weightlifter. And so whenever I go travel, I find a local weightlifting gym and I make friends that way. And those people are always the one telling me the best wrecks of places to go eat, things to go.
See, it's always way better than what the guidebooks are going to tell you anyway.
More personalized that way. A little ambitious to put yourself out there, but that is seriously great advice. Thanks for mentioning that. That's good. That's a good one to keep.
Yeah. The other thing to remember is that there are often group tours and some of these tours, things like cruises or other tours that put you in a hotel, they might charge extra if you're traveling solo because you're not able to split the cost of the room. But some don't. If you look specifically for tours that do not charge an extra single supplement, and that's the wording that you'll see single supplement, find those that don't charge extra.
And that can be an excellent way to meet people as well, is just make friends with people on the cruise or on the group tours.
Well, good to know. Sally, anything you want to add about solo travel? No.
Solo travel is fun. Get out there. You're not tied to someone's schedule, especially for international trips where everyone has jetlag. Your partner is asleep super early. You want to stay up super late. That doesn't matter. When you're traveling solo.
You work on your own schedule. I've done it and I just highly recommend it. So yeah, also awesome as always. Thank you, Sally.
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The costs of being a Taylor Swift fan are high, but there are ways to manage your spending to keep from blowing your budget.
On the latest episode of PennyWise, host Nat Cardona is joibed by Elizabeth Ayoola of NerdWallet to guide Swifties through getting the full Taylor experience without blowing swiftly though your bank account.
Read more on NerdWallet here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona
Today's finance-ocused topic is Taylor Swift. Ah, yes, you heard that right. As of this recording, her mega-popular Eras tour is on the road and fans have shelled out unfathomable amounts of money to sit in seats worse than in the nosebleeds to dress like her while they attend and to collect every item under the sun that has Taylor's name stamped or attached to it.
Let's think beyond the life of her tour is chasing her ongoing music merchandizing a financial-friendly decision or more of a burden on your financial well-being. Thankfully, Nerdwallet personal finance writer Elizabeth Ayoola is here to help guide Swifties in the right direction.
I am not a Taylor Swift fan. I don't get what is going on with this. I mean, I can understand fandom and stuff like that, so you're going to really have to help guide through the logic behind some of these purchases that people decide to make. Yeah. So today we're talking about Taylor Swift and the good old business woman that she is and her entertainment. Oh, my God. Mega stardom, whatever you want to call it that she has. Though the Eras tour is going on right now, very cutthroat market out there for those tickets and all of that jazz.
Whether you buy them directly from Ticketmaster, you're getting them at resale value. People are going insane and spending tons of money. Really, the first thing that came to my mind is when people are making these big purchases for a ticket for themselves for a Taylor Swift concert. What would be your suggestion in way of funding it? Like, should you really should you shop that much money from your checking account, or is this an appropriate time for a credit card purchase?
Well, you got it. So I would say the latter. Credit cards can be very helpful when it comes to credit card rewards. Right. So people can take advantage of credit card rewards, which usually basically give you money for spending money. And yes, it's free money. So if you get the right card, specifically a cashback card and you use that card to buy your ticket, then at least, you know, you get some money back after spending all that money on the ticket. You know, assuming that it's expensive and even if it's inexpensive, you still get some money back. So you can be a Swifty and also get paid for being one.
Mm hmm. Is there any element of restraint that you would suggest one would have? I mean, these people are really big fans and it is that big ticket purchase. I mean, I know you keep you're not in everyone's minds telling them what to do. But is is it okay to splurge sometimes like that?
Well, it's such a sentimental thing. I wouldn't say there's a right or wrong to splurge like that, but I think the primary thing is planning, budgeting, saving. Right. So one thing that people could do, especially the diehard fans, is create a Taylor Swift budget. Right. So you could open yourself maybe a high yield savings account and dedicate that literally towards all of your merch, concert tickets and everything else and just pop money in there every month. It may be five or $10. It could be more depending on how crazy you go. But I think another key thing to remember is not to impulse spend, if possible. So before you're making that purchase, whether it's on buying your third concert ticket or buying some more merit. Ask yourself, is this thing really going to bring me joy or is this just like a knee jerk reaction to her dropping a new album or her dropping some new merch? And is it going to put me in a bad financial spot? Sure. I'm glad you mentioned that the budgeting and saving, because I realize that there's this new slew of concert dates that she put out and they're quite far out. So you could potentially have a year plus to be budgeting for this. And like you said, five bucks here, ten bucks here, and then, you know, that's a win win for everyone, I guess.
Heading into the whole merchandizing thing. The segue would ideally be when you're at the concert and you see that T-shirt or sweatshirt or whatever have you. Again, is this a justifiable moment when your T-shirt that's 100% cotton is 50 bucks at least, or is this one of those things that you should kind of just like stay away from?
Well, again, I'm just going to bring up the budget again because I can sometimes be a shopper myself. So I know the struggle, but something I personally do is create a budget for things. So again, if you say an A cash, actually bring in cash for the concert might be another way to tackle that. So if you say I'm only going to bring 50 bucks to the concert, this is all I have. My cards are at home and please don't use Apple Pay on your phone. Okay. I'm not saying don't, but you might be tempted to do that. Right. But if you only have that cash, then you have no choice but to spend what is on you. So, again, you know, having some self-control and saying, this is my budget, this is my limit, and I'm not going to exceed that.
I love that idea. I have to use that idea. But I need to be more careful with my cash because the joke is when I go to like live sporting events or concerts, I have a couple of beers and I drop my cash out. Oh, no, no, that would suck. That looks like that. Yeah. So do better than me.
But that is a good way. Taylor Swift, like I said at the beginning, is a really, really good businesswoman knows how to make her money and put out her products and this and that. So concert and current to her side, she's doing all those rereleases of her albums and re-recordings and this and that. But it seems that it's not just on one download or one CD or one rocker that you can buy. It's multiple options, maybe with different cover or that kind of thing, different kind of collectible details, I guess, whatever have you. What what's your advice there when something like this or of the different collectible CDs, they all of the same music are $15 a pop? I could see someone spiraling and being like, I need all four. You know, even though they're all the same thing, like, what is your advice here?
So that is a tough one, especially if you're an impulse buyer again. But I think it's just reminding yourself that, you know, do I really need every version and every color? Is this really going to bring me more joy again? And also, just remembering that there are always going to be more albums, there's always going to be more merch, and you literally don't necessarily have to buy every single one.
But if you're itching and you must. Another tip is just, as I mentioned, credit card rewards before. Maybe you can let those kind of the cash points that you build up or the cash you build up, rather, you can let it build up and sit in your account and you can say, Hey, I'm going to use my cash rewards to buy a couple. But again, set a limit for yourself, whether it's two three so that you're not just spiraling out of control and buying literally everything that drops. Be general message that I'm getting here is stay away from that impulse knee jerk kind of purchasing. In so many respects in life, but mostly if you're 60, probably. Yes. Yes. And if it helps.
I personally blocked Zara on my phone because I was all week long. Zara. So if you need to block the website with the vs. dropping so that you can. You know, our phones make it so easy to make purchases, right? So you know, you're just going to go on there if you need to block that whatever you need to do to kind of restrain yourself, just do it.
Love it. Love it. Unfollow that account. It's hard to follow Taylor Swift, if you love gets to use. If you have anything else you want to touch on with this, lay it on me. If you've got any other thoughts on this whole topic, nothing much more except if people want. Like you said, the main theme here is budgeting, save, saving and trying to avoid impulse spending.
So we have more tips on Nerdwallet for how to budget, save and make the right financial decision when it comes to music and toys as well. And the one thing I will say about Nerdwallet is much of the information you all put out there, it still allows you to have fun. That good old balance. That was important because otherwise if you restrict yourself too much, then you go crazy.
It's just like with the dieting and stuff and then you overspend, right? And money is the tool is supposed to bring you joy. It's supposed to make life easier. So you should get happiness from things you spend your money on too. Bing, bing, bing. There we go as well.
Thank you so much, Elizabeth.
You're welcome.
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From curated ads to influencers showcasing the newest, hottest items it is impossible to escape ads on social media, and it's never been easier to purchase these items. But how can you stay on top of trends without overspending on things you, frankly, don't need.
On the latest episode of PennyWise, host Nat Cardona talks with Kimberly Palmer of NerdWallet about how to keep social media from helping you overspend.
Read the NerdWallet article here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona
We're all guilty of it sucked into buying a gadget you saw in a Facebook ad or late night scrolling that turns into a whole shopping spree because of all those hard to miss deals. Personal finance expert Kimberly Palmer joins us today on how to curb your social media spending. I'm actually kind of excited to talk about this topic.
We're looking at five tips to keep you from overspending on the things that you see on social media. A lot of people are guilty of it, myself included. The first one is just an oldie but goodie. Making that wish list and waiting.
Yes, I actually use this myself all the time because it's such a helpful way just to not buy everything you want right away. So if you see something online, maybe on social media or anywhere, instead of clicking purchase, you just click to put it in your cart or add it to your wish list and then you can circle back to it later. You can wait a day or a week or a month, and it just gives you that extra chance to think about if you really want it.
Definitely my go to approach with Amazon. Yeah, this is the cart. It kind of lives there. Gets stores on it, and then I'm like, Oh, you know, why did I even think I wanted that?
Exactly. And the secret that a lot of people don't know is that retailers, online retailers, notice when you put it in your cart and then they might even send you a follow up coupon to apply. So it's extra It's actually an extra way to save money, too.
Oh, I like that. Next thing here: Evaluate the item without thinking about the sale price attached to it. Too much. Let's go into that.
It is so easy to see something that's on sale and just let that excitement get the better of you. And then you think that item is actually better than it really is. And so you want to take a minute and think, Would I actually want this even if it wasn't on sale? Just to consider take that the sale price out of the equation.
Because the fact is, even though there's so much messaging around, you need to buy this now, the sale is only coming once. The fact is sales definitely do reoccur and it's not your only chance to get it. And so if you do actually want it, you can just get it next time it goes on sale too.
I know that around prime days or that Nordstrom's sale that happens, is it just it's going on in the mom influencer world. It kind of feels like you're in competition with other people trying to buy the same kid's gadgets. And I know what I've seen that 30% off price tag. I'm like, I need to get it before that mom over there does so.
Exactly.
Yeah. And then it never turns out well with a huge pack and play like I do that I'm trying to get rid of. Oh, no. This one's an important one for us. All that late night scrolling.
This is such a challenging time of day. When it's late at night, you're exhausted. You've had a long day, you're stressed out, you're trying to unwind. And basically it's so easy to make those purchases that you don't really need when you're doing that late night scrolling because all of your defenses are down. And so if possible, you want to hold off any purchases at that time of day and wait and look at it again the next day when you have a good night's rest and you're looking at it with fresh eyes because basically it's just so easy to click and purchase into seconds late at night and then you can just as easily regret that you did that.
Yeah. Post-Midnight Monopoly money.
Exactly.
Going on to this next tip. It's not so great for your budget oftentimes. So an oldie but goodie. Probably want to know how much you can spend on the things you want.
Exactly. So it can be really helpful to set aside a portion of your budget for spending on things that you want but you don't need. And so one helpful rule of thumb, I really like the 50-30-20 budget, which basically means 50% of your take home pay is going towards needs like housing and food, 30% towards wants and 20% towards savings and debt payments. So out of that middle 30%, you can use that to buy items that you want to shop. And so, of course, everyone's budget will be slightly different, but it's a good rule of thumb because there's no need to feel guilty about things that you actually want and, you know, if it fits into your budget. But using this rule of thumb to decide whether it fits into your budget and how much you want to spend can just help it help you from overspending and prevent that overspending.
And so to me, I think that's a useful kind of rule of thumb to use.
Yeah, it keeps you feeling good about your purchase. Yeah. Yeah. You want to be happy with what you got here? Exactly. And this final tip, the fifth and final one hitting that unfollow button.
You definitely alluded to this already, but basically, it's just so easy to see what other people have online. You know, who knows how they're reporting it. That's not always shared. But basically you see these lifestyles or items that other people have. And then we want them. And so if you notice that you keep getting those feelings of envy evoked from looking at specific influencers online or even friends online, there is nothing wrong with unfollowing them because, you know, it's stirring up that negative emotion and so you might as well just skip it.
That's the word to the wise men Do that. Kim Anything else you want to add about curbing spending on social media?
I think the biggest thing is forget about the guilt. So don't feel bad if you've already done this, but you know you can start fresh and use some of these strategies like putting things into your cart or wishlist, and it's a way to just get back on track. So you feel good about your spending because that's the ultimate goal.
There you go. I appreciate it.
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With record-setting temperatures across the United States, home energy bills are skyrocketing.
On the latest episode of PennyWise, host Nat Cardona talks with Elizabeth Ayoola of NerdWallet about changes people can make to reduce their energy bills.
Read the NerdWallet article here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona
It's summer, and pretty much anywhere you go in the US it is hot, just like with anything at this time in the economy. Energy costs are way up, but fear not. We have some steps to share with you to check that your house is working efficiently and ways to take control of your energy bill. Personal finance expert Elizabeth Ayoola joins us today with more on that.
Today we're talking about energy costs and cutting them during the summer. That dreaded bill comes every month. I literally hate seeing the number that pops up. I am very pro air conditioning and I think a lot of Americans feel the same way, especially in these summer months. So we've got about five tips to help us cut our energy costs this summer.
The first one, based off this article was really interesting to me, the idea of your electronics leaking because you obviously wouldn't think of that naturally, you think of pipes bursting and leaking and then that's a real problem. So let's let's jump into that. Taking a baseline of the electronics in your home.
So it is possible for your electronics to leak, Of course. And I am definitely a culprit of leaving everything plugged in and not unplugging things or turning switches off. So it just sometimes requires a change in your daily routine. So if you're used to, again, leaving things plugged in overnight, then you can maybe try before bed, unplugging things and taking things out, turning off all the switches.
And if you have kids at home, of course they could be culprits for that as well, with kids using so much technology. So just have them add that to their nighttime routine in terms of unplugging things and taking them out of the walls as well.
All right. And that just is a perfect segue right into establishing efficient habits. So let's talk about that, especially with your thermostat.
Again, you may want to during the winter months, obviously, you may be using air conditioning as an example. You may tend to use less air conditioning during the winter months. So maybe just consider adjusting for the temperature or the climates that you're in for whatever season you're in so that you can cut costs that way. You can also try to measure how long you have your air conditioning on and compare your bills or whether that be heating in the winter months to see basically how much you can cost by maybe reducing it by 2 hours or, you know, switching between the fan and the air conditioning or the heating at night just to kind of
see what works so well and save dimension to going right off of that is maybe upgrading to a safe thermostats. I still have an old school one in my house so it's it seems to be that's the better way to go though, to save some money.
Yes. So people might be scared by the upfront cost of that at first. But one of the things that you can do is budget for it. So you can go around and do some comparison shopping and see if there are cheaper alternatives that you can do and then save towards it. If it's not a cost that you can kind of do right away.
But remember that you're offsetting the cost long term. So it may seem like, you know, expensive upfront cost, but the change might help you save money long term.
And another thing I wanted to mention is actually I think it depends on what state and what county you're in. At least where I live in Wisconsin, there is a program where they will reimburse you for your upgrade of a smart thermostat, which is a pretty sweet deal. So probably want to check that out wherever you live respectively.
Absolutely. And the same you know, this is kind of jumping off to a kind of different topic, but the same if you want to do solar panels. There's also a tax credit called the federal Residential Solar Energy Credit that homeowners can claim to install panels and help to offset the cost as well. So it's good to do research and see if the government has any incentives. They can kind of help you offset those costs.
Great advice there going right off of that and making small upgrades. So aside from the smart thermostat, there's other things you can do. I'm seeing little house projects like adding or replacing, whether strips.
Yes, absolutely. Another thing you can do is add doors at the bottom and top of your stairs to contain heat or cooling. So that's assuming that you have a two storey house or even a one storey house. Also adding Zealand to Windows and other places that could be leaking heat or cool air like pipes, wiring holes. Baseboards can be an easy way or kind of a low cost way to cut costs as well in terms of energy leaking from your house.
And if you're not sure where the leaks are, because some people may be like, how can I check where they are? You can use an air leak detector as well as the dollar bill technique, which is where you put a dollar bill underneath wherever you think there will be a leak. And if it goes out easily, then you probably have a leak that you need to fix.
Easy enough. I like that one. I'm going to have to do that. Another scary one, perhaps, for for a U.S. customer is maybe taking a look at updating your larger appliances.
That is a scary one. Larger appliances can be extremely expensive to replace and it can be a shock bill. So it's recommended that people put aside what we call a sinking fund, which is a fund where you can save for those kind of larger expenses. So if you're saving for them, for example, throughout the year, then when you do have when it does come time to replace it, if not as much as a financial shock.
Another thing that people can do in that regard is to check when the appliances expire, because also appliances that are close to the expiry date can also consume more energy sometimes as well. So check what the lifespan of your appliance is. And if you know, hey, this has two years left or five years left or one year left on it, then you can plan ahead versus they breaking down and you just having a huge cost on your hands because especially this is summertime and I'm sure unfortunately a lot of people's ACS have broken down this summer and maybe have they kind of looked at what the lifespan of the AC was or done regular maintenance, they wouldn't have had that huge will come when it's so hot, you know.
Good tips for me, Good freaking me out. I'm going, Oh, yeah, my AC is like ten years old, so I've got to think about that. Elizabeth, anything else that you want to add before we part ways on cutting energy costs this summer?
Of course. So negotiating your utility bill, some people might not know that this is something that you can do. But if you live in a state that allows energy choice, the options to choose from various which is options to use from various natural gas and electricity providers, then you might be able to negotiate or compare between providers. You might want to also research other rates for people or rather companies around you that are providing utilities to see if you can use that as leverage to negotiate with your utility company in terms of lowering your bill.
And if you're a loyal customer, that gives you an added advantage as well, because nobody wants to lose a loyal customer, do they? So see if there's anything they can do to kind of help you lower your bill.
All right. It seems like the listeners have a laundry list of things to do to save the money, but all for the good, right?
That's right.
There you go. Well, thank you so much.
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Things are tight right now for many Americans. If you find yourself among the growing number of car owners unable to make a car payment on time, there are steps you can take to get back on track and minimize any financial damage for the future.
On the latest episode of PennyWise, host Nat Cardona talks with Kimberly Palmer of NerdWallet about how borrowers can mange the car payments they can't make.
Nerdwallet explains tips for booking domestic and international flights as well as how to use travel rewards to your benefit.
Read the NerdWallet article here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise Lee Enterprises podcast. I'm your host, Nat Cardona
Let's be real here for a second. Times are tough. High car prices and rising interest rates are squeezing people's budgets. If you find yourself among the growing number of car owners unable to make a car payment on time, there are steps you can take to get back on track and minimize any financial damage for the future.
Nerdwallet personal finance expert Kimberly Palmer joins us today with more on that.
Are people seeing more of that these days? Right. And let's be honest here, regardless of what your car maker model you're buying, it's usually going to be at least a few hundred dollars.
And it's that's not chump change. Right. So if you are experiencing that financial strain, that hardship, what do you do when you know, if you look at the 15th on the calendar and you're like, oh, no, that payment's coming up. I'm not going to be able to make it. That sets in a lot of panic for a lot of people.
So what would be the first step to take? Right. And I'm thinking back to my younger years and when unfortunately, Financial Times were not the best in my life and really strapped for cash with that first job out of college, that kind of thing and needing to make payments. I can only attest to my story when I've heard from other people.
There's some shame or embarrassment when you aren't able to make those important payments that come every month. Surely I'm guessing your advice would be don't ignore the problem. You have to call that lender because what what's what happens if you don't?
When we're talking about making car payments on a car you own versus leasing, is it kind of the same thing, same process?
Yeah, sure. All good things to keep in mind. Anything else on car financing, car loans at this tough time with inflation going on.
Amen to that and can really ruin you in the future. So great advice. Great advice to live by literally day to day.
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Who knew that summer vacations could be so much work?
On the latest episode of PennyWise, host Nat Cardona talks with Sally French of NerdWallet about her top 6 tips for summer travel.
Nerdwallet explains tips for booking domestic and international flights as well as how to use travel rewards to your benefit.
Get more travel tips from Sally French here!
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host, Nat Cardona. Summer is in full swing. But it's not too late to plan your summer vacation and save some money while you're at it. Here's travel expert Sally French. All right. So today's topic, we're talking about six tips for traveling this summer. Where do you want to begin?
I think we should start by talking about how early in advance you should book on. Unfortunately, it is already this summer, so this advice might come a little bit late. But the bad news is it it can be really difficult to find. Last minute flight deals. A lot of people are used to last minute deals when it comes to hotels and rental cars in shows. Unfortunately, that's just not the case. So the sooner you can book, the better.
For domestic flights, the best deals are usually found 1 to 3 months out for international flights. The best deals are 2 to 8 months out. So, you know, maybe you just start planning ahead for summer of next year. That or the very tail end, right as it's about to hit September. Throw it in there that could be summer, too.
Aside from that, what else do you have for me? Yeah. You know, the next thing is to choose the right location. We saw in the early years of the COVID pandemic, borders were closed. So often domestic airfare prices got really, really high because the people who otherwise would have done international travel might just instead do domestic travel. That sort of actually flipped.
In fact, domestic airfare prices overall have actually dropped in summer 2023 versus summer 2022. So that's really good news. If you are a domestic traveler, you might pay less this year than you did last year. But the reality is international flights are much more expensive. Most people haven't taken international trips in a while. So this is a summer.
They're making it happen. According to Hopper data, the average flight between the U.S. and Asia this summer costs more than 1800 dollars for economy class. And it makes sense. Demand is high. The number of passengers leaving for Asia is about four times what it was this year versus last year. Okay. I may be jumping ahead and one of your tips that you have coming up, but when we talk about flights versus driving, do you have any tips on that?
Yeah, you know, it's hard to say whether driving or flying is a better deal because often it depends on your own individual circumstances. How many people can you fit in that car? Also, what are the things that you typically pay for when you travel? So something to consider when it comes to airfare is often you're not paying for the airfare alone.
You're also paying for checked bags. If you're someone who needs to board early, then you're also often paying for priority boarding. And the nice thing about a rental car or your own car is that you can pack as many people into the car as you can fit. You can pack as much stuff as you can fit. So often, if you're someone who packs heavy, who has a big family or other travel companions, that car can be worth it.
Another thing to consider this year is that luckily gas prices are down from what they were last summer. So you do get that reprieve when it comes to the cost of your road trip. Yeah, thank God for that, because that was a little intense last year. What do we have for number four? Yeah, well, I you know, sort of in that vein is a lot of people think about airfare when it comes to travel, that's often their biggest component.
People will say, I got two airfare deals, so I want to book this trip. But the reality is often hotels and rental cars tend to be an increasingly large factor of your vacation budget, especially car rental prices. They're up 50% more than what they were in 2019. We saw car rentals prices spike during the pandemic because so many people wanted to do road trips.
Couple that with things like the semiconductor shortage just made, car rental prices go so much higher. Luckily, car rental prices are down from those early pandemic highs, but again, 50% more expensive than what they were in 2019. That's a huge factor of your budget. Yeah, And hotels are 20% more expensive, what they were in 2019. So that's still a big factor.
I think a lot of people, especially if they're taking a longer trip, that's going to require them to stay in a hotel for many, many nights. They often figure I got a cheap airfare to someplace, but that place is really expensive. It might actually net out better overall if you book a more expensive airfare to a cheaper place because your hotel costs won't be as high when you're there.
Very, very good advice there. Wouldn't have thought of that. So thanks for sharing that one. We have just a couple more tips for summer travel. What do you got? Yeah, well, you know, I mentioned that hotel and rental car prices are up, but Nerdwallet tracks inflation prices for restaurants as well. And restaurant prices are up 25% now versus the same time in 2019.
That's a huge increase, one of the biggest increases. And of course, most people when they travel, go out to eat at restaurants. So whatever you can do to save on your food costs is so crucial. One of my favorite tips for saving on food costs is to head to the local grocery stores. I find this just to be a fun activity, to learn about the culture.
If you don't even go to a grocery store but go to a farmer's market or some sort of other open air market, these can be a great way to find a new fruit that you've never seen before or just to pick up those local snacks. It's always fun to try the chips and the candy from a different culture.
I always feel like I see something that looks like it's made by Coca-Cola and it doesn't taste like any sodas that I've had before. So I almost think that's one of the most exciting parts about travel anyway, is going to the grocery store, is it? And just to kind of piggyback off of that is if you don't opt for a hotel and you go more of the Airbnb furbo right route, you can always hopefully have a kitchen to be a little bit better equipped for that kind of style of eating.
Absolutely. And then it's fine. You find vegetables you've never seen before and you find a fun ways to cook them that can actually be part of the vacation experience itself. There we go. Keep things interesting for sure. All right, Sally, we got the last thing on the summer list. Of course, my final tip that I live by is making sure I have the right travel credit cards.
So you can use travel credit cards to rack up points to pay for travel. And a lot of people think I don't have that many points. I'm never going to be able to book of international flight with my miles. I just don't have that many. But even if you don't have that many points yet to book after travel, credit cards can save you money in so many other ways, so you can accrue enough points for your spending.
But many airline hotel credit cards will or airline and hotel credit cards will have perks that save you money. So often, airline and credit cards will offer something like free checked bags, free priority boarding. And you figure even if a card has a $100 annual fee, which is pretty common, but you check bags each direction for you and your buddy, that pays for itself right there.
The same goes with these hotel credit cards. Many of them have perks like free breakfast, free room upgrades, even a free night certificate. These credit cards that have annual fees, about $100, and they give you a free night certificate. Find me a hotel room for less than $100 is a challenge that that can be worth it right there.
Other credit card benefits include things like travel insurance, which we all learned during the pandemic are so crucial. Many of the best travel credit cards offer travel insurance as a benefit for paying on the card. So that's just another way that these credit cards can save you money. Even if there's an annual fee, it's not for everyone. But if you can take advantage of that, that can often see you in the end.
Yeah perks all around there and just a friendly reminder this would be going directly through the airline and website, not some third party website if you're using their credit card. Correct. So typically when you are looking to get those bonus points on something like a hotel or an airline, typically you do have to book it directly with that hotel or that airline.
But that's what Nerdwallet recommends anyway. Travel. These are really, really great to get an overview of the location and compare flights or compare hotels, but typically it's best to book directly anyway. You can get more benefits often lower rates, because you figure a hotel likely will have to pay a commission to that third party travel agency if you book with them So often hotels will just pass on that savings to you, at least in some small way.
And even if it's not lower prices, it's pretty common for hotels to offer things like free breakfast if you book directly with them. And then you figure if you have to make a change or a cancellation to your reservation, it's much easier to cut out that middleman and just be able to call the hotel directly and change that reservation rather than then say, Well, we need to contact your online travel agency.
That just adds an unnecessary next step. Most of the time, if things are black and white, no gray area, I can speak from experience to always go the direct route. There's a lot of headaches that every once in a while you'll find like an amazing deal on those third party travel agencies. And if you do, you know, you don't want to pass that up.
But often if the prices are similar, it's better to just go. Director Perfect. Perfect. Well, I think that's it for your six travel tips through the summer. Correct. Good luck to you with your travels this summer. Road trips ahead, nothing too, and saying. Right. Good luck to everything. Thanks so much, Sally. I'll be talking to you soon. Thank you.
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Did your grandparents give you savings bonds for high school graduation and you don't know what to do with them?
On the latest episode of PennyWise, host Nat Cardona talks with Chanelle Bessette of NerdWallet about the article: Ask a Nerd: How do I cash in a savings bond?
Nerdwallet explains how and where to cash in a savings bond, what documents you need to do so and how to check the value and see if it's worth it.
Before you run to the bank, make sure you do your homework.
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Episode transcript
Note: The following transcript was created by Adobe Premiere and may contain misspellings and other inaccuracies as it was generated automatically:
Welcome to Pennywise, a Lee Enterprises podcast. I'm your host, Nat Cardona. Dust off your old savings bonds. It might just be time to give them another look. We have Nerdwallet personal finance writer Chanel Bessette with us today to guide us through the process of cashing in, saving smart, talking about the world of cashing savings bonds. It's usually one of those things you have a stack of.
If you're lucky enough, they're in an envelope. They're in a box and probably haven't been dusted off in a very long time. So what's the first thing you want to know when you grab them? Look at them and say, Hey, they're ready to be cashed? What do you do first?
The age of them definitely matters because once they're past a certain age, they've stopped earning interest. So you are potentially facing that opportunity cost of losing money by keeping them as paper. Paper bonds instead of cashing them. So looking at the age first and foremost is great. If you haven't looked at them in a long time, if you've had them for a long time, it is likely that you're not facing any kind of penalty by withdrawing early.
But that is something to consider if you did get a savings bond recently. So so let's say it's the former and that you do have that old savings bond. Cashing it out is going to be a great opportunity for you to have a little windfall or a big windfall, depending on how much the bond was. And then you can take that money and reinvested.
Use it for a purchase that you want to make or just use it to beef up your emergency bond and have it as liquid cash so that you can use it for more day to day conveniences and needs.
All right. And physically, when you're like, okay, this is good to go, these guys are ready to be cash. Do you go to your bank? Where do you go for this?
So it's important to reach out to the bank in advance to make sure that they can, in fact, cash it. Not all major banks do. So you want to maybe call around at first and make sure that you know which bank is actually going be able to accept it. If you have an electronic savings bond, then you'll go to the U.S. Treasury website and cash it there.
Okay. Quick question about the physical savings bonds. Ironically or coincidentally enough, my husband had found a stack of them literally a week ago. They were good to go. So we were like, okay. And didn't realize it kind of looks like a check on the back that you would endorse, fill in that kind of thing. I did read something on one of these Nerdwallet articles that you actually aren't supposed to fill that out before heading to the bank, correct?
Correct. Do you want to wait until you are at that moment of reimbursement? You probably want to follow along with whatever banker is working with you, whatever customer service rep is working with you to make sure that you are doing everything at the right time, at the right moment, because you don't want to accidentally create more problems for yourself with the with the process.
That'd be a big bummer. After waiting so damn long. Yes, exactly. So speaking of that, going into the physical bank branch, let's say you have your I.D. Do you need any other forms of I.D. to fear this is you on these savings bonds?
Yes. When you do go in, you need usually at least a couple of forms of ID. It's a good idea maybe to have your your state issued ID like a driver's license and maybe something like your Social Security card or passport. That way, you're you're genuinely confirming that you are who you say you are.
Right. And once you cash in those savings bonds, as we realized, you get a nice little form that you get to submit to the IRS when you have to pay your yearly taxes. What what other implications surrounding that on taxes that you need to know when it comes to cashing in savings bonds?
Right. So savings bonds actually are a lot like bank account in that way and that you do have to pay taxes on the interest that you've earned. A lot of people don't necessarily think about that usually, because always in the past, interest rates have been so low that you don't really have enough that to like really register by paying a lot of taxes on what I've earned.
But when it comes to a savings bond, that could be quite a bit of money if you've had it for decades. So it's important to make sure that you're taking that into consideration as your, you know, check cashing out that savings bond and making sure that you have that money set aside to pay Uncle Sam.
It all catches up to us eventually. Right. This is just maybe me thinking out loud here. Another thing we didn't realize about the savings bonds is, hey, aside from them being a valuable thing to have and keep safe your Social Security number, at least on the physical ones from 30 years ago, plus have your whole social on them, which I didn't realize.
And I think maybe not everybody realizes that.
Right? Yeah, it's kind of wild how we could be so at risk for something like that. That's such a official government documentation. Yes. So. So the physical security of your savings bonds is something to think about and consider. Hopefully your parents kept it in a safe place, maybe a security deposit box or in your safe at home or in some filing cabinet that is hard to know.
You know where exactly it is. People were not able to rifle through it and find your Social Security number just hanging out. So, yeah, when it comes to any kind of government documentation that could potentially put you at risk for some kind of identity theft or, you know, someone using your Social Security to open new accounts, it make sure that you are keeping it somewhere safe and away from prying eyes.
Lovely, lovely. Always good advice for multiple things, unfortunately. Speaking of these savings bonds and kind of being a thing of yesteryear when it came to anniversaries or birthdays, baptisms, other special events, where where do you savings bonds come in today's world? Is it a weird thing to give out nowadays, or is it actually coming back? Is it hot?
Yeah, you don't hear about it a ton, but you know a lot of older folks who are looking for a gift to give, maybe a new grandchild or a parent looking to give something to their child that's going to mature over the course of their young adulthood. You know, savings bond can still be something pretty, pretty great to get because it does help hedge against the rate of inflation and help you earn interest.
And it's perhaps a little less technical than having to manage a savings account for that long period of time. So being able to add that beneficiary or co-owner on the savings bond makes it pretty easy to transfer as a gift. And I would say the main difference these days, though, is that paper bonds are probably not as frequently used as electronic ones.
Electronic ones are also a little bit easier to cash. As I mentioned a moment ago, you can do it online and that's just the way the world has had it in a lot of different ways when it comes to finances is being able to just manage everything electronically. So that's probably how things are changed these days. But there are, of course, other options for setting up money for your child or grandchild.
You know, college savings accounts and things like that are also fairly common.
Aside from gift giving or out of the goodness of your heart when to give one of these out, would you suggest getting some of your own personal life or your own finance?
Hmm. That could be something doable, but something worth noting though. So. So keep in mind, I'm not a financial advisor when it comes to investments. This is just me as a personal finance writer. But when it comes to investing in savings, bonds do tend to pale in comparison to how mutual funds or other stock based investments do over a long enough period of time.
So if you're looking for something like investing and saving for retirement, that's where 41k comes into play. Or if you do want to do a college 529 investment for your child, you are likely to earn more interest than you potentially would with the savings bond on both savings bonds. There is the nice factor that is a guaranteed return, whereas saving in the stock market, you know it it could be volatile, especially in the short term.
So that's why you're thinking of the longer term investments. Stock market investing is definitely something to look for.
Okay. All important things to think of as you look at your finances. Is there anything else that you want to add about cashing in savings bonds, savings bonds in general in the year 2023?
Yeah. So savings bonds could be a solid part of a, you know, diversified portfolio for your finances. You know, there are all kinds of vehicles that you can use to set aside money in interest if you're looking at just a regular banking products right now, savings accounts, the answer certificates of deposit are earning relatively high interest rates compared to how they have been in recent years.
So you could look into that. You could look at a CD if you want to access that money sooner than you might think. On savings, bonds could be very long term and therefore less accessible and less liquid for things that you might need in the short to medium term. So just making sure you know what kind of options are available to you, what kind of rates you could potentially get.
And and of course, you know, your own tolerance for risk and how you like to manage your money. But it's definitely a worthwhile option if that's something that you think you would benefit from.
Beautiful. Sounds good. Thank you.
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Flying isn't always the most enjoyable part of a vacation and some of the biggest airports in America can challenge even the most patient traveler.
But not every airport has to cause frustration. There are a lot of smaller airports, even ones near big cities like Los Angeles or major vacation destinations such as Yellowstone National Park, that offer a charming experience.
On the latest episode of PennyWise, host Nat Cardona talks with Sally French of NerdWallet about her article: 9 of America’s Most Charming Airports
French's list highlights airports that offer unbeatable views, unique amenities and a great atmosphere. To qualify for this list, airports also had to have fewer than 1.5 million arriving passengers in 2022. By comparison, Hartsfield-Jackson Atlanta International had more than 37 million arriving passengers in 2022.
Before you book your next trip, give these airports your consideration.
About this program
Nat Cardona is host of PennyWise as well as Lee Enterprise's true-crime podcast Late Edition: Crime Beat Chronicles. Lee Enterprises produces many national, regional and sports podcasts. Learn more here.
Support the show: https://omny.fm/shows/pennywise
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Travel is the fastest growing segment of the "buy now, pay later" purchasing trend. It may work for some, but there are some big pitfalls, too.
Helping us navigate the scenarios with host Teri Barr is Sally French, a travel expert with NerdWallet, to help explain the pros and cons.
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Is there any new information about the student loan debt cancellation plan from the President?
Host Teri Barr is finding out by talking with Cecilia Clark, a student loan specialist with NerdWallet.
Clark also answers the five biggest and most confusing questions about student debt cancellation, including if the lawsuits filed against the President's plan are going to the Supreme Court anytime soon, plus two new parts of the plan to consider if you are already thinking about bankruptcy.
Also, the income-driven repayment plan hasn't received a whole lot of attention, but could be important for many borrowers:
- How the New Income-Driven Repayment Plan Works
More from Cecilia at NerdWallet:
- Is $20K Student Debt Forgiveness Still Going to Happen?
- What to Do With Your Remaining Student Loan Debt
- Unlock the College Financial Aid You Need Starting Oct. 1
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If you have one checking and one savings account, you have what's considered, the typical accounts. But could you — and your money — be doing better?
PennyWise host Teri Barr is talking with Chanelle Bessette, a personal finance expert with NerdWallet, to learn why it pays to do an annual review of your bank accounts.
Chanelle also shares the five questions to ask yourself to understand if your current set up is working best for you or if it's time to consider some other options.
Past Pennywise episodes with Chanelle Bessette as the guest:
- 4 things to consider before changing banks
- Four of five Americans are choosing to reallocate their savings
- Looking for a different way to save money? 4 rules for starting your own savings circle
More from Chanelle on NerdWallet:
- Carver Federal Savings Bank Review: Checking, Savings and CDs
- Overdraft Protection: What It Is and Different Types
- Ask a Nerd: Will Interest Rates Continue to Rise?
- 4 Bank App Features You Might Be Missing Out On
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A new survey shows one in three Americans say their resolution for 2023 will focus on finances.
PennyWise Host Teri Barr is talking with Jill Gonzalez, a Spokesperson for WalletHub, to learn why the number of Americans making a money-related resolution is higher than in the past. Jill also shares four ways to make your resolution stick throughout the year.
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If you are still searching for a one-of-a-kind last minute present, here's a unique idea for your holiday shopping -- check out a thrift store!
PennyWise Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with NerdWallet, to learn why the idea of thrifting for gifts is trending right now. Kimberly also shares five benefits you'll enjoy when spending your hard-earned-money at a resale store.
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Planning carefully now can help you before it's time to file your 2022 taxes next year.
PennyWise host Teri Barr talks with Andy Rosen, investing and tax spokesperson for NerdWallet, to learn why — even though the holiday season is busy — it's also important to think about your taxes before the end of the year. Andy also shares five things to consider to support your planning efforts.
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Winter travel, especially during the holidays, can be trying on both your patience and your pocketbook.
PennyWise host Teri Barr is talking with John Kiernan, managing editor at WalletHub, to learn why it's especially important to plan ahead for your travels. Kiernan also shares five important tips to make your travels, smooth sailing.
Helpful links from WalletHub:
- Best Travel Credit Cards
- 2022 Winter Travel Survey
- Best No Foreign Transaction Fee Credit Cards
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Could more disruptions in the supply chain lead to new shortages on store shelves?
Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with Nerd Wallet, to learn if supply chain issues are expected to derail the holidays. Kimberly also shares four things to consider right now -- from retailers overstocking to weather and strikes impacting items you may have on your shopping list.
More from Kimberly on NerdWallet:
- Holiday Survival Strategies From 5 Financial Educators
- 5 Ways to Save Money on Holiday Shopping This Season
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Are you considering a way to support a charity or nonprofit right now?
PennyWise Host Teri Barr is talking with Adam McCann, a Financial Writer and Editor with WalletHub, to learn whether you should donate time or money this holiday. He shares five great tips to help you make the right decision when it comes to your time or money and how it helps make a difference for others.
- Determine the best value of volunteer hours versus working more and giving cash: Charity Calculator
- Find a charity and see how it rates: Charity Navigator
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Are you struggling to find the perfect present right now? PennyWise Host Teri Barr is talking with Milvionne Chery, a Personal Finance Editor for WalletHub, to learn how a gift card can take the guesswork (and stress) out of your gift-giving.
Milvionne also shares five important tips you need to know if you plan to purchase any gift cards for others this holiday season.
- Best Gift Cards in 2022
- Can You Buy Gift Cards with a Credit Card?
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Are you working on your gift list but you also really need to stick to your budget?
PennyWise Host Teri Barr is talking with Christie Matherne, a Personal Finance Writer and Editor for WalletHub, to learn why a new survey shows many shoppers will spend thousands of dollars, despite not having the budget to support these big holiday purchases.
Christine also shares five tips to help you save money during the gift-giving season!
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The student loan debt plan is on hold, again, and no one knows if or when it's coming. What could this mean for you?
Host Teri Barr is talking with Cecilia Clark, a student loans expert with Nerd Wallet, to learn why this newest hold on the program could take awhile and three things you need to know about right now, including making your loan payments again in the New Year.
The latest from Cecilia at NerdWallet:
- Is $20K Student Debt Forgiveness Still Going to Happen? - NerdWallet
- What to Do With Your Remaining Student Loan Debt - NerdWallet
- Unlock the College Financial Aid You Need Starting Oct. 1 - NerdWallet
More episodes on debt:
- Pros and cons of holiday shopping with store credit cards
- Don't wait! 3 steps to help you start tackling debt right now
- 3 ways debt can be a helpful tool
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Are you feeling some pressure when it comes to your holiday shopping this year? If you plan to use or open a store credit card account, there are some good and bad cards — and things to know — before you decide to swipe it as your payment.
Host Teri Barr is talking with Melissa Lambarena, a credit card expert with NerdWallet, to learn why it's important to slow down and think about financing your purchases with a store credit card. Lambarena also breaks down the pros and cons about using these types of cards during the Holidays, or anytime.
Past episodes of Pennywise with Melissa Lambarena:
- Don't wait! 3 steps to help you start tackling debt right now
More from Melissa Lambarena on NerdWallet:
- What Fed Interest Rate Hikes Mean for Your Credit Cards
- 7 Lesser-Known Credit Card Moves to Stretch Your Budget
- AmEx's Member Week Brings Cardholders Exclusive Discounts
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Prices are up more than 8% in the last year. Is that why many consumers have already started their "Black Friday" shopping?
Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with NerdWallet, to learn what to expect if you are hunting for holiday deals this year, and why there are four specific things you should be prepared for while shopping.
More from Kimberly on NerdWallet:
- How to Handle Your Medical Bills
- How to Find a Happy Balance Among Competing Savings Goals
- 5 Ways to Feel Richer (Even If You’re Not)
- How to Plan Your Big Expenditures for the Year
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Host Teri Barr talks with Andy Rosen, an investing and taxes spokesperson with NerdWallet, to learn about the new projections for 2023 taxes based on inflation.
If your income isn't keeping up, we'll tell you why some tax adjustments, credits and savings contributions could change your bill, and why it may be for the better.
Read more here:
- Higher Inflation Could Mean Smaller Tax Bills
More from Andy on NerdWallet:
- Proof of Work vs. Proof of Stake in Cryptocurrency
- Friendly Reminder: Celebrity Crypto Endorsements Don’t Mean Much
- What Are Smart Contracts in Cryptocurrency?
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A new survey shows one in five Americans have decided to put off any debt payment planning.
PennyWise Podcast host Teri Barr is talking with Melissa Lambarena, a credit card expert with NerdWallet, to learn why so many people are deciding not to deal with their debt right now.
Melissa tells us more about the survey, than walks us through the simple but solid steps to start tackling your debt.
More from Melissa on NerdWallet:
- AmEx's Member Week Brings Cardholders Exclusive Discounts
- 5 Things to Know About the Dick's Sporting Goods Credit Card
- 5 Things to Know About the JCPenney Credit Card
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What do you know about your credit score? PennyWise Podcast host Teri Barr is talking with Kimberly Palmer, a personal finance expert with NerdWallet, to learn why it's important to understand some of the "myths" surrounding your credit score.
Kimberly takes us through a new survey showing most of us admit to not knowing enough, including confusion about the top three credit score myths. We talk about those and get you the right answers, too.
Past Pennywise episodes with Kimberly as the guest:
- 6 tips to help you save on back-to-school shopping this year!
- 6 steps you can take to control your food budget
More from Kimberly on NerdWallet:
- How to Handle Your Medical Bills
- How to Find a Happy Balance Among Competing Savings Goals
- 5 Ways to Feel Richer (Even If You’re Not)
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Have you ever thought about who your bank does business with using your money in checking or savings as loans to those businesses?
PennyWise Podcast host Teri Barr is talking with Chanelle Bessette, a banking expert with NerdWallet, to learn why more Americans want to deal with banks considered socially conscious.
Bessette explains what it means, and how you can find out if your bank is using your money to make loans to businesses that matter to you.
She'll also share details to find a socially conscious bank that matches what you care about as a customer and community member.
Learn more about what to ask if you want a socially conscious bank at the brand new hub from NerdWallet here: https://www.nerdwallet.com/l/ethical-finance
More from Chanelle Bessette on PennyWise:
- 4 things to consider before changing banks
- 4 rules for starting your own savings circle
- Four of five Americans are choosing to reallocate their savings
The latest from Chanelle Bessette at NerdWallet:
- Andrews Federal Credit Union Review: Checking, Savings and CDs
- Overdraft Protection: What It Is and Different Types
- Ask a Nerd: Will Interest Rates Continue to Rise?
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Do you have an extra $12,000? It's how much more experts say you are spending, on average this year, compared to two years ago.
PennyWise host Teri Barr is talking with Elizabeth Renter, a Personal Finance Data Analyst with NerdWallet, to learn more about the specific categories where you've had to spend a lot more money in 2022.
Elizabeth also shares what this means related to a recession, and what you can do about it.
More from Elizabeth on NerdWallet:
- First-Time Home Buyer Metro Affordability Report – Q2 2022
- Got an Extra $11,500? You’ll Need It to Keep Up With 2022 Prices
- U.S. Drivers’ Gas Spending Soars Toward $562 Billion in 2022
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Are you happy with your current bank? Our host Teri Barr is talking with Chanelle Bessette, a banking expert with NerdWallet, to learn why right now may be the perfect time to make a change!
Bessette also shares the four important things to consider if you are ready to open a new account or go to a different bank, altogether.
Past Pennywise episodes with Chanelle Bessette as the guest:
- Four of five Americans are choosing to reallocate their savings
- Looking for a different way to save money? 4 rules for starting your own savings circle
More from Chanelle on NerdWallet:
- Overdraft Protection: What It Is and Different Types
- Ask a Nerd: Will Interest Rates Continue to Rise?
- 4 Bank App Features You Might Be Missing Out On
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Many people are remaining in their homes right now and hoping to increase the value with a remodel of their bath, kitchen or basement.
Our host Teri Barr talks with Kate Wood, a home and mortgage writer for NerdWallet, to learn what areas of a house are currently bringing the best bang for your buck.
Wood also explains why it's so important to budget for your project and shares some options to help you pay for it.
Past Pennywise episodes with Kate Wood as a guest:
- Will interest rates go up again? What to do if you are a homebuyer
More from Kate at NerdWallet:
- Fed Raises Target Rate Again, but Mortgage Rates Are Unfazed
- Mortgage Rates Head Higher as Federal Reserve Raises Key Interest Rate
- What Are Real Estate Agent Networks?
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Host Teri Barr talks with Sara Rathner, a personal finance expert with NerdWallet, about the increase in additional costs to own and operate a new car.
A new survey from AAA shows those expenses are up 11% in the last year:
- Buying a New Car? Prepare for Over $10K in Yearly Ownership Costs
Thankfully, Sara shares 8 factors to consider and be prepared for, and how knowing these can help you save money.
Past Pennywise episodes with Sara:
- 3 ways debt can be a helpful tool
- 5 tips to help avoid credit card debt
- 5 tips to help tackle higher credit card interest rates
More from Sar at NerdWallet:
- Best USAA Credit Cards - NerdWallet
- A Scarcity Mindset Can Cost You Mentally and Financially
- How the Wells Fargo Autograph Stacks Up Against Competitors
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The cost to travel remains expensive — and airfare, which is still up by 30% compared to a year ago — isn't going down in price anytime soon.
PennyWise Podcast host Teri Barr is talking with Sam Kemmis, a travel rewards expert with NerdWallet, to learn if there are ways to find any deals on your next flight. Kemmis has four great tips to help you find affordable airfare, but you'll also need to be flexible.
Past PennyWise episodes with Sam as a guest:
- 3 of the worst hidden travel fees and how to avoid them
More from Sam Kemmis for NerdWallet:
- Airbnb Prices: Here’s What They Actually Are
- What You Should Bring to Your Next Airbnb to Make It Livable
- Are People Getting COVID on Planes?
- Is it Better to Book Airbnbs in Advance or Last Minute?
- Has Remote Work Changed the Travel Landscape?
- Airbnb Cleaning Fees Can Be Brutal — How to Cope
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PennyWise Podcast host Teri Barr talks with Sally French, a travel expert with NerdWallet, about the high cost to rent a car these days.
French reveals what she found during a recent analysis comparing brands, prices and where you rent your car.
She also shares her tried and true tips to help you save money the next time you need to book a car rental.
Past PennyWise episodes with Sally French as a guest:
- Is room service dead? Why you're seeing other, cheaper options taking over
- How to Be a 5-Star Traveler This Holiday Season
- Planning a trip to Vegas? Here's what you need to know!
More from Sally for NerdWallet:
- This Major Travel Cost Is Up 50% Since Before the Pandemic
- Is It Worth Booking Airbnbs for 1 Week?
- Airbnb Cleaning Fees Can Be Brutal — How to Cope
- Travel Problems? 12 Ways to Make It Less Bad
- Are Airbnbs Really Cheaper for Large Groups?
- Avoid Airline Cancellations: How to Book Better
Support the show: https://omny.fm/shows/pennywise
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PennyWise Podcast host Teri Barr is talking with Sara Rathner, a Personal Finance Expert with NerdWallet, to learn how you can use debt as a financial tool.
Sara shares the differences between bad and "good" debt, and explains the three ways to use it to your advantage, especially right now.
More Pennywise episodes with Sara:
- How to protect yourself from debt collectors using this new tactic
- High gas prices have you down? Try these 4 simple tips to save at the pump!
- How to manage credit card debt with inflation and rising interest rates
- 5 tips to help tackle higher credit card interest rates
More from Sara at NerdWallet:
- Sometimes, Debt Can Be a Helpful Tool
- 5 Things to Know About the Upgrade OneCard
- How the Wells Fargo Autograph Stacks Up Against Competitors
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Teri is off this week, so Chris Lay is filling in as the host and introducing this little dip into the archives from August, 2021:
Host Teri Barr is talking with Jason Metz, Insurance Analyst from Forbes Advisor, to learn why insurance often isn't on the back to school list for college students.
Jason has important details about insurance in case of an accident, theft or poor decision making while your student is away from home. He also shares a checklist to help you consider if you do -- or don't -- need to add any levels of protection; plus, explains a few types of insurance you may not have heard about until now.
Read more here: Insurance Checklist For College Students And Their Parents
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A new survey shows credit card use has quickly grown in the last few months and many people say they are also racking up debt due to the increased use of their cards.
PennyWise Podcast host Teri Barr is talking with Sara Rathner, a Personal Finance Expert with NerdWallet, to learn why so many people are turning to their credit cards right now.
Sara also shares five important tips to help you avoid going into debt due to your credit card use.
More Pennywise episodes with Sara:
- How to protect yourself from debt collectors using this new tactic
- High gas prices have you down? Try these 4 simple tips to save at the pump!
- How to manage credit card debt with inflation and rising interest rates
- 5 tips to help tackle higher credit card interest rates
More from Sara at NerdWallet:
- Getting Therapy When Cost and Access Are a Barrier
- 5 Things to Know About the Walgreens Credit Card
- AmEx Blue Cash Everyday Gets More Rewarding
- Sometimes, Debt Can Be a Helpful Tool
- 5 Things to Know About the Upgrade OneCard
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A new survey revealed that 90% of shoppers say the current economic conditions will impact their back-to-school budget this year.
Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with NerdWallet, to learn how higher prices and lower supplies are impacting back-to-school shoppers.
Kimberly also shares six creative tips to help you save on your school shopping budget.
More Pennywise episodes with Kimberly:
- 6 steps you can take to control your food budget
- Worried about interest rate increases? Try these quick money-saving tips!
- Going to any weddings? Here are tips to keep your costs down!
- 5 easy steps to strengthen your finances for Financial Literacy Month!
- Four great tips for buying used cars online
More from Kimberly at NerdWallet:
- Spring-Clean Your Finances With Some Automation
- To Fight Inflation, Take Down Food Expenses
- How to Offset Rising Prices and Interest Rates
- Why Managing Your Money Starts With Your Emotions
- How to Plan Your Big Expenditures for the Year
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A new survey shows many of us are paying more to travel due to hidden travel fees.
PennyWise Podcast host Teri Barr is talking with Sam Kemmis, travel expert with NerdWallet, to learn what to look to uncover these fees.
Sam also shares some unique tips and tricks to help you avoid these extra costs to save money.
More from Sam at NerdWallet: Family Travel Insurance Might Save Your 2022 Trip Budget Remember: Travel Prices Usually Fall in September What the Strong Dollar Means for Summer Travel The Worst Hidden Travel Fees: How to Avoid Them Travel Price Tracker: July 2022 Europe in 2022: A Budget Destination?
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If you are trying to find different or extra ways to save money, there's an old option that's making a comeback right now.
PennyWise host Teri Barr is talking with Chanelle Bessette, a Personal Finance Expert with NerdWallet, to learn how a savings circle or money pool may work for you. They also share the top four rules to follow to get this idea underway.
Previous Pennywise episodes featuring Chanelle:
What the Increase in the Federal Interest Rate Means for You and Your Money Four of five Americans are choosing to reallocate their savings
More from Chanelle at NerdWallet:
8 Best Banks for Overdrafts
What Is Regulation E and How Does It Impact Your Bank Account?
How to Save More When Inflation Makes Your Money Count Less
Varo vs. Chime: Which Is Better for You?
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Have you checked your credit card interest rate lately? Since credit cards are a type of variable-rate financing, and interest rates are on the rise, your credit card debt is getting a lot more expensive this year!
Host Teri Barr is talking with Sara Rathner, a Credit Card Expert with NerdWallet, to learn more about the direct impact interest rate increases have on credit cards. They also discuss five steps you can take to pay off your credit card.
Previous Pennywise episodes featuring Sara: How to manage credit card debt with inflation and rising interest rates How to save at the pump with these 4 simple tips! How to protect yourself from debt collectors using this new tactic
More from Sara at NerdWallet: Getting Therapy When Cost and Access Are a Barrier Using Credit Card Points at Checkout Has Become Too Easy
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It's time for some summer fun. But if you are thinking about adding big fun in the form of a recreational vehicle or boat, there are three big financial considerations: the price of oil and gas are up, interest rates on your loan are up, and those added costs like storage, insurance and maintenance.
Host Teri Barr is talking with Annie Millerbernd, a Personal Loans Expert with NerdWallet, to learn about the different options to pay for your new Summer toy. They also discuss the "extras," things like storage and insurance, and why you need to add these items to your considerations list.
Previous Pennywise episodes featuring Annie: Pay Later Services? Myths and truths explained!
More from Annie at NerdWallet: How to Finance Solar Panels New Laws, Lenders Boost Access to Affordable Small Loans
How to Finance a Swimming Pool
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If you are still in the market to buy a house, you probably know interest rates are increasing sharply.
Host Teri Barr is talking with Kate Wood, a Mortgage Expert with NerdWallet, to learn how we got here and why it's important.
Kate also discusses what could happen next, and if you still want to buy a home, she has a few ideas to consider when you lock in your rate
Previous Pennywise episodes featuring Kate: Proposed Changes to Medicare and How They Could Impact You
More from Kate at NerdWallet: Fed Hoists Key Interest Rate as Mortgage Rates Reach New Heights What Are Real Estate Agent Networks? What Does a Real Estate Agent Do?
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Are high prices and inflation taking a big bite out of your budget? Why not make some extra cash (or go hunt for bargains) at a summer yard sale!
Host Teri Barr is talking with Certified Financial Planner Liz Weston from NerdWallet to learn why it can be worth your time to hold a yard sale.
She also shares how these types of sales have changed, along with the three biggest tips to be sure your sale will be a success.
Previous Pennywise episodes featuring Liz: How to Prioritize Your Debt Payments... Now!
More from Liz at NerdWallet: How to Make More Green at Your Next Yard Sale How to Understand and Reduce Taxes When Selling Your Home Dealing With Death? There’s an App for That You Can Tweak Your Tech Settings to Protect Your Privacy
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Is your savings account adding up in the way you'd like right now? A new banking study shows four of five Americans are choosing to reallocate their savings.
Host Teri Barr is talking with Chanelle Bessette, a Banking Expert with NerdWallet, to learn more about the study, the trends it reveals, and a few signs to keep an eye on if you are considering other savings options.
Previous Pennywise episodes featuring Chanelle: What the Increase in the Federal Interest Rate Means for You and Your Money
The latest from Chanelle Hope Credit Union Review: Savings, Checking and CDs How to Save More When Inflation Makes Your Money Count Less Varo vs. Chime: Which Is Better for You?
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Grocery costs are up by 10% in the last year and there's no sign prices will go down anytime soon.
Host Teri Barr is talking with Kimberly Palmer, a personal finance expert with NerdWallet, to get some ideas you can try right now to help you save on your food budget.
Previous Pennywise episodes featuring Kimberly: Worried about interest rate increases? Try these quick money-saving tips! Going to any weddings? Here are tips to keep your costs down! 5 easy steps to strengthen your finances for Financial Literacy Month! Four great tips for buying used cars online. Environmentally conscious updates and your tax credits!
The latest from Kimberly How to Deal With Rising Prices and Interest Rates To Fight Inflation, Take Down Food Expenses Spring-Clean Your Finances With Some Automation How to Put Your Tax Refund to Work for You
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If you are concerned about the continuing increase in the interest rate, there are some steps you can take to save money.
Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with NerdWallet, to get some quick money-saving tips you can use right now.
Previous Pennywise episodes featuring Kimberly: Going to any weddings? Here are tips to keep your costs down! 5 easy steps to strengthen your finances for Financial Literacy Month! Four great tips for buying used cars online. Environmentally conscious updates and your tax credits!
The latest from Kimberly To Fight Inflation, Take Down Food Expenses Spring-Clean Your Finances With Some Automation How to Put Your Tax Refund to Work for You
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The Summer Wedding Season is just ahead and a new survey shows that it's going to be a busy and expensive year. Can you attend and keep your finances in check?
Host Teri Barr is talking with Kimberly Palmer, a Personal Finance Expert with NerdWallet, to dive deeper into the surprising results of the survey, while also learning some ways to keep your costs down if you plan to attend any weddings in 2022.
Previous Pennywise episodes featuring Kimberly: Environmentally conscious updates and your tax credits!
The latest from Kimberly at NerdWallet: To Fight Inflation, Take Down Food Expenses Spring-Clean Your Finances With Some Automation How to Put Your Tax Refund to Work for You
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A legacy investing brand just announced it will offer access to cryptocurrency as a choice for your 401(k) retirement account. It's exciting news for some, but what could it mean for you?
Host Teri Barr is talking with Alana Benson, investing Writer for NerdWallet, to get a better understanding about this possible choice, when it could happen, and what you may want to consider before you decide to add Crypto to your retirement investment account.
Previous Pennywise episodes featuring Alana: Environmentally conscious updates and your tax credits!
More from Alana at NerdWallet: What Are Meme Stocks? What Is Halal Investing? Is It Too Late to Start Investing? How My Fiancé and I Reconciled Our Relationships With Money Is Trading Employee Equity a Good Idea? How to Invest in Cryptocurrency Without Buying Any
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A new report shows credit card debt has been on the decline. But could rising interest rates and inflation upend the better money habits you may have built?
Host Teri Barr is talking with Sara Rathner, a personal finance expert at NerdWallet, to learn what to expect in the months ahead.
Sara also shares a few ideas you can take action on right now to manage your credit card debt during big fluctuations in the economy.
Previous Pennywise episodes featuring Sara: High gas prices have you down? Try these 4 simple tips to save at the pump! How to protect yourself from debt collectors using this new tactic Ready for Spring Break? Things to consider before booking vacations in 2022 Financial Resolutions: Tips for Better Budgeting in 2022 Life after Debt? How to Manage Debt so it Stops Managing You! Ten Things a Digital Wallet can do to Simplify Your Finances Money and Your Emotions: How to Make Your Values Your Spending Guide
More from Sara at NerdWallet: How Millennials Can Take Their Money Beyond the Basics Revamped PayPal Cashback Card Will Earn 3% on Purchases Via PayPal Forget the Fed, Pay Off Your Credit Card Debt How to Avoid Credit Card Interest — or at Least Reduce It How One-Income Couples Can Remain Equals
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Did you know April is Financial Literacy Month? Host Teri Barr is talking with Kimberly Palmer, Personal Finance Expert with NerdWallet, to learn why it's a good time to start caring about your financial health!
Kick off Financial Literacy Month by taking this quick quiz to evaluate your current financial literacy awareness:
https://www.nerdwallet.com/blog/financial-literacy/
Then, listen as Kimberly also walks us through 5 easy and smart steps to manage your money while finding ways to make the process fun, too.
Previous Pennywise episodes featuring Kimberly: 5 Simple Steps to Start Filling Your Budgeting Gaps Today (May 6, 2021) How Video Games Can Level Up Kids’ Money Skills (Sep 15, 2021) Five End of Year Financial Tasks You should Tackle Right Now (Oct 21, 2021 Five Quick Tips to Help You Save Money this Holiday Season (Nov 4, 2021 Four great tips for buying used cars online (Feb 28, 2022)
More from Kimberly at NerdWallet: Spring-Clean Your Finances With Some Automation (April 7, 2022) How to Put Your Tax Refund to Work for You (March 10, 2022) The Most Romantic Money Moves You Can Make (Feb. 10, 2022)
Support the show: https://omny.fm/shows/pennywise
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Are you feeling like you should change your upcoming travel plans due to the increasing cost of gas?
Host Teri Barr is talking with Sara Rathner, Personal Finance Expert with NerdWallet, to learn about some of the simple things you can do to keep more of your money in your pocket.
Sara includes a smart strategy around both your buying and driving to help you save on gas right now.
Previous Pennywise episodes featuring Sara: Money and your emotions: how to make your values your spending guide Ten things a digital wallet can do to simplify your finances Life after debt? How to manage debt so it stops managing you! Financial resolutions: Tips for better budgeting in 2022 Ready for spring break? Things to consider before booking vacations in 2022 How to protect yourself from debt collectors using this new tactic
More from Sara at NerdWallet: New Bread Cashback AmEx Credit Card: 2% Back on Everything (April 13, 2022) 5 Things to Know About the Prosper Card (April 11, 2022) How Millennials Can Take Their Money Beyond the Basics (April 11, 2022) Forget the Fed, Pay Off Your Credit Card Debt (March 31, 2022) What Is a Virtual Credit Card Number? (March 15, 2022)
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Host Teri Barr is talking with Alana Benson, an Investing Writer with NerdWallet, to learn which "green" updates like solar panels, geothermal heat pumps, and electric vehicles, may make you eligible for tax credits to offset your investment.
Alana breaks down the green practices that will typically qualify and why it can really be beneficial to your bottom line.
Read more from Alana Benson at NerdWallet: Is It Too Late to Start Investing? How My Fiance and I Reconciled Our Relationships With Money Is Trading Employee Equity a Good Idea? How to Invest in Cryptocurrency Without Buying Any Green Bonds: What They Are and How to Invest
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Did you know some new rules allow debt collectors to use a different tactic to contact you? Host Teri Barr is talking with Sara Rathner, Personal Finance Expert with NerdWallet, to learn what you can do to protect yourself and your money.
Sara also shares information about consumer's rights and how to know if you are actually being scammed.
Read more from Sara Rathner at NerdWallet: Forget the Fed, Pay Off Your Credit Card Debt What Is a Virtual Credit Card Number? How to Avoid Credit Card Interest — or at Least Reduce It How One-Income Couples Can Remain Equals 5 Quirky Credit Cards That Actually Exist
More episodes featuring Sara Rathner: Money and your emotions: how to make your values your spending guide Life after debt? How to manage debt so it stops managing you Financial resolutions: tips for better budgeting in 2022 Ready for spring break? Things to consider before booking vacations in 2022 Ten things a digital wallet can do to simplify your finances
Support the show: https://omny.fm/shows/pennywise
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The federal interest rate recently increased for the first time in more than three years.
Host Teri Barr is talking with Chanelle Bessette, a Financial Expert with NerdWallet, to learn how the increase will impact you.
Chanelle also shares how borrowers will be effected, and has some great tactics for finding the right account to help you grow your savings.
More from Chanelle at NerdWallet: The Latest in Bank Overdraft Fee News (March 14, 2022) Overdraft Fees: News, Key Terms and Resources (March 10, 2022)
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There are many tax filing changes and updates this year so host Teri Barr is sharing your questions with Kemberley Washington, Tax Expert with Forbes Advisor.
Will I owe taxes on my third stimulus payment? How can I be sure my home office counts as a deduction? Kemberley answers for these questions and so much more, including a timely warning about online tax scams.
Previous Pennywise episodes with Kemberley as the guest: Three big changes to know before you file your taxes Child Tax Credit Payments: What will they mean for you?
More from Kemberley at Forbes Advisor: Even If You Usually Don’t, File A Tax Return This Year Best Tax Software Of 2022 6 Common Tax Deductions For The Self-Employed The Best Tax Software Of 2022 I’ve Filed My 2021 Taxes. When Will I Get My Refund? How To Maximize Your Tax Deductible Donation
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If you haven't traveled and stayed at a hotel in awhile, many things are changing these days.
Host Teri Barr is talking with Sally French, Travel Expert with NerdWallet, to learn why the long-time option of ordering room service, may no longer be available at many hotels.
Sally also talks about the cost, and how cheaper alternatives are picking up steam to help save you money during your next stay.
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This is a PennyWise Podcast topic YOU asked us about -- buying used cars online.
Host Teri Barr is talking with Kimberly Palmer, Personal Finance Expert with NerdWallet, to get the answers you need about buying in-person and online, including why the used car market is just as hot as the new car market!
Plus, four important tips to make your experience a good one.
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Host Teri Barr is talking with Sara Rathner, a Travel Expert with NerdWallet, to learn what you need to consider before booking a Spring Break trip or vacation with friends or family this year.
Sara also shares new information about travel insurance, along with change and cancelation policies that could make or break your vacation!
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Remember the Home Equity Line of Credit? HELOC use fell following the housing bust in 2008. So why could it make a comeback this year?
Host Teri Barr is talking with Holden Lewis, a Mortgage and Real Estate Expert with Nerd Wallet, to learn what may be pulling home owners towards a HELOC.
Holden also shares some great advice to consider before you take out your own HELOC.
You can read more at Nerd Wallet here: Is It Time for a HELOC Comeback?
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The housing market continues to break records, and host Teri Barr is talking with Natalie Campisi, a Mortgage and Housing Analyst with Forbes Advisor, about the ongoing trend of high prices and low supply.
Natalie fills us in on what to expect if you are in the market for a home this year, and how some planning may support your efforts.
Read more from Natalie Campisi at Forbes Advisor here:
Mortgage Rates Stall At 3.55% As Omicron Dings Economy. Here’s What Experts Say.
Homebuyers Running Out Of Options As Housing Supply Hits All-Time Low
After Record-High Mortgage Rates In January, Weekly Rates Fell Flat To 3.55%
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Tax season is upon us and there are a few important changes you'll want to know about before you file this year.
Host Teri Barr is talking with Kemberley Washington, a Tax Analyst with Forbes Advisor, to learn what is changing this year and if it could impact your refund.
Kemberley also shares some of the surprising results from a new survey focused on taxes.
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The COVID-19 pandemic has pushed life insurance sales to an all time high. Host Teri Barr is talking with Michelle Megna, Insurance Analyst with Forbes Advisor, to learn more about the trend, and what you need to consider if you don't have enough (or any!) life insurance.
Michelle also shares information about the latest changes in the industry and how some may actually be a plus for consumers.
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The winter weather is settling in around the country and host Teri Barr is talking with Ben Moore from NerdWallet about common weather-related issues that can impact your home and your wallet during the winter months.
Ben shares what to watch for and how to prevent the four most common problems. And learn why it's important to be sure your insurance will cover even the most bitter disaster.
Read more at NerdWallet here: https://www.nerdwallet.com/article/insurance/winter-home-insurance-claims
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Host Teri Barr is talking with Sara Rathner, a Personal Finance Expert with NerdWallet, to learn how to keep your financial resolutions in the new year.
Sara explains what to tackle first, how to get beyond the basics, and why automating some of your financial tasks can help make your goals last longer than most resolutions.
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Host Teri Barr is talking with Lisa Rowan, Consumer Finance Expert with Forbes Advisor, to learn what you need to do if a new career is part of your resolution for the new year.
Lisa shares straight forward tips to consider when you start thinking about leaving your current job, as well as when you are ready to quit.
Teri also asks Lisa what we've learned from the "Great Resignation" during the last year, and how to put it to work for you, now.
Read more about the Great Resignation from Lisa Rowan and Forbes Advisor here:
How To Get Your Finances In Order For The Great Resignation: https://www.forbes.com/advisor/personal-finance/prepare-finances-great-resignation/
Need A Career Change? How To Make The Great Resignation Work For You: https://www.forbes.com/advisor/personal-finance/great-resignation-career-change/
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Host Teri Barr talks with Sally French, a Travel Expert for NerdWallet, to learn why it's important not to be a Scrooge as you travel this holiday season.
Sally shares some great tried-and-true tips, along with a few new tricks to help you stress less during your holiday travels (or anytime).
You can read more at NerdWallet: "How to Be a 5-Star Traveler This Holiday Season"
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Host Teri Barr is talking with Annie Millerbernd, Personal Loans Expert for NerdWallet, about the growing popularity of "Buy Now/Pay Later" services.
A new survey shows 37% of Americans say they used a Buy Now/Pay Later service in the last few weeks. One out of four of those responding, believe it will help build their credit.
Annie dives in to the myths and truths surrounding Buy Now/Pay Later services, including how it could impact your bottom line.
Read at NerdWallet: Use of Buy Now, Pay Later Outpaces Personal Loans in Past Year
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Host Teri Barr talks with Kelly Anne Smith, Consumer Finance Reporter for Forbes Advisor, to learn how you can safely choose a nonprofit or organization to support this holiday.
A new survey shows 90% of donors plan to give the same amount or even more in 2021 than last year.
Kelly Anne shares tips to be sure your donation will make the biggest impact, and has a few other great ideas for you to consider during the "giving season."
Read more here: 3 Ways To Embrace Conscious Gifting This Year
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Host Teri Barr talks with Lexi Pelchen, Home Finance Expert with Forbes Advisor/Forbes Home, to learn about the easy ways to save money on your holiday decorations.
DIY? Trade? Forage? So many great ideas to help you keep more cash in your pockets this year. And a bonus tip, too! How to save money by planning ahead for 2022.
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Host Teri Barr is talking with Dia Adams, a Credit Card Expert with Forbes Advisor, to learn about the 4 things you can do right now to be ready for Black Friday and the rest of the holiday shopping season.
Dia shares her top tips, including how to set up price and supply tracking alerts, two of the most important steps to help you save money and find what you're looking for this year.
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Host Teri Barr talks with Sara Rathner, Credit Cards Expert with NerdWallet, to learn about the important steps to take when starting on the path to managing your debt. It can be hard but Sara tells us how take charge!
Feel like you are already managing your debt? Check out some of Sara's creative ideas to take your finances to the next level by living debt free.
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Host Teri Barr is talking with Kimberly Palmer, Personal Finance Expert with NerdWallet, to get the best tips for you to SAVE money during the holiday shopping season (it IS possible)!
Kimberly explains why debt and regret often follow shoppers for months after the holiday. She also shares simple tips to help you save this season, and includes details on a unique "no spend" challenge you can try with family and friends right now, or when you kick off your budget in the new year.
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Host Teri Barr talks with Lisa Rowan, Consumer Finance Expert with Forbes Advisor, to get an update on the continuing supply chain issues.
A new survey shows three out of five Americans already say they aren't able to find their preferred gift this year, and Lisa explains how shipping and shopping is being impacted, along with what retailers are trying to do to help.
She also shares some specific ways you can be sure the holiday gift-giving season is still a happy one.
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Host Teri Barr is talking with Kimberly Palmer, Credit Card and Personal Finance Expert with NerdWallet, to learn about the five specific financial tasks to tackle before the end of the year.
Hard to believe 2021 is quickly coming to a close, but before it does, there are some financial tasks you'll want to conquer right now.
Kimberly explains and shares some great ideas to easily get through your "to do" list. And she has some simple tips to get the new year started on the right financial foot, too.
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Host Teri Barr talks with Sara Rathner, Credit Cards Expert with NerdWallet, to learn more about the growing popularity of digital wallets. What is it and can you safely use it on your phone?
Sara explains and shares some of great things a digital wallet can do for you. It's so much more than you may realize!
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Host Teri Barr is talking with Robin Saks Frankel, Credit Card Analyst with Forbes Advisor, to learn what is pushing credit card issuers to change the perks being offered.
Some are making big changes!
Robin also shares insight on the new perks, and tips for choosing the card that will match your personal goals.
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Host Teri Barr talks with Carly Schaffner, Automotive Expert with Forbes Wheels about electric vehicles, and everything you need to know if you are in the market for one, including current incentives. They also discuss some of the hurdles of owning an EV in 2021.
And learn more about the President's recent executive order which mandates, by the end of the decade, half of the new cars, trucks, and crossovers sold in the U.S. will be EVs.
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Host Teri Barr is talking with Kimberly Palmer, Credit Card and Personal Finance Expert for NerdWallet and asks, "Can the video games your kids are playing really teach them money skills, too?"
The answer is YES and Kimberly shares four simple ways to help you start the conversation with your video game-loving kids.
Plus, a bonus! Learn how to add the value of real money alongside a video game with an allowance or savings account.
More at Nerd Wallet: https://www.nerdwallet.com/article/finance/how-video-games-can-level-up-kids-money-skills
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Host Teri Barr talks about the connection between your money and your emotions with Sara Rathner, Travel and Credit Card Expert for NerdWallet.
Sara shares information on recent surveys indicating spending is up on things like travel and dining out yet consumer confidence fell to a six month low at the same time.
She also dives in to what's behind those trends and how you can move past emotional spending with tips to focus on what should really be important to your bottom line right now -- your values. It's an old-fashioned type of money discussion!
Read more here: https://www.nerdwallet.com/blog/author/srathner/
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Host Teri Barr is talking with Jason Metz, Insurance Analyst from Forbes Advisor, to learn why insurance often isn't on the back to school list for college students.
Jason has important details about insurance in case of an accident, theft or poor decision making while your student is away from home. He also shares a checklist to help you consider if you do -- or don't -- need to add any levels of protection; plus, explains a few types of insurance you may not have heard about until now.
Read more here: Insurance Checklist For College Students And Their Parents
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Host Teri Barr is talking with Phil Reed, Automotive Expert from NerdWallet, to learn why the car market -- usually decent at this time of year -- is actually at its worst.
You can read Phil's article at NerdWallet here: https://www.nerdwallet.com/article/loans/auto-loans/car-prices-rising
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Host Teri Barr is asking Lisa Rowan, Consumer Finance Expert with Forbes Advisor, about the importance of having an emergency savings fund.
Lisa has details from a new survey highlighting what we learned about emergency savings in the last year, and why you need to start your fund -- or start rebuilding your fund -- right now. She also has the realistic tips needed to help you take action.
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Host Teri Barr is talking with Sally French, Travel Rewards Expert from NerdWallet, and getting the scoop on all the big updates happening right now in Vegas!
Sally shares details on the hottest new hotels including one in the downtown area of Fremont Street where there hasn't been a new hotel built from the ground up since 1980.
She also has information about several renovations and renames, along with overall tips to plan and book your next trip there.
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Host Teri Barr talks with Lexie Pelchen, Home Finance Expert and Assistant Assigning Editor from Forbes Advisor, to learn how to save money the next time you move.
Lexie shares ten tips, ranging from moving estimates and why the lowest bid isn't always the best, to when packing strategically can really pay off.
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Host Teri Barr talks with Kelsey Sheehy, a Small Business Expert from NerdWallet, to learn why employees should no longer settle for what's long been considered your typical benefits, like vacation or a 401-K.
Kelsey shares some surprising new benefits you may want to talk about with your employer, why the time to do it is now, and she has tips on how to make your ask for more as an employee.
You can read Kelsey's article on NerdWallet here: You Could Be Getting More From Your Employer Benefits
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Host Teri Barr talks with Caroline Lupini, Senior Travel Rewards Analyst for Forbes Advisor, to learn what the newest survey indicates about traveling this year. Caroline unpacks the results which include some surprising trends you'll want to know, especially if you plan to travel with your kids or rent a car.
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Host Teri Barr talks with Kemberley Washington, Tax Analyst for Forbes Advisor, to learn more about the Child Tax Credit Payments, including who may qualify and how much you could receive in 2021.
Kemberley also explains what's different about these payments, and if you need to do something to be sure your family receives it.
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Host Teri Barr talks with Lisa Rowan, Consumer Finance Expert for Forbes Advisor, to learn why the price of everything from coffee to paper products to semi-conductor chips is quickly rising, if these items are even available right now.
Really need some of these products? We'll learn what you may be able to do to keep your budget from busting.
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Host Teri Barr talks with Dia Adams, Travel Rewards Analyst for Forbes Advisor, to learn why your budget (or even the destination!) doesn't have to be the driving factor for booking future vacations.
We also have a great checklist for finding your next trip, and a fun BONUS! Dia shares her favorite secret spots right now, and what makes each stand out.
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Host Teri Barr talks with Kate Ashford from NerdWallet to get the latest on the various changes proposed for Medicare, including the cost of prescription drug coverage, an expansion of current benefits, lowering the age of eligibility, and more.
We also have the results of a new poll which reveals which parts of the proposed changes Americans support, and why.
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Host Teri Barr talks with Jason Metz, an Insurance Analyst from Forbes Advisor, to learn what you should be doing to prepare for the storm season ahead.
Weather disasters for 2021 are already predicted to be above normal, and you may be surprised to know, few people are ready. We're providing the step-by-step process to take right now.
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Host Teri Barr is talking with Kelly Anne Smith, Consumer Finance Reporter with Forbes Advisor, to learn more about the new "American Families Plan" proposed by the President.
Highlights include everything from support for paid family and medical leave to changes in the cost of child care and paying for community college. Could it become reality? Teri and Kelly Anne discuss the time-line, and more.
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Host Teri Barr talks with Kimberly Palmer, Personal Finance Expert with Nerd Wallet, about taking the steps to your personal financial security, and why it starts with identifying your budgeting gaps. Learn how to find your specific gaps, what to do to fill those gaps, and why you want to start doing this now, rather than later.
Also, here is the link to the financial gap quiz Kimberly talks about so you can get started on filling your budgeting gaps today! https://www.nerdwallet.com/blog/financial-literacy/
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Host Teri Barr talks with Natalie Campisi, Mortgage and Housing Analyst with Forbes Advisor, about President Biden's huge plan to boost infrastructure, and in particular, affordable housing.
Natalie explains why it's important, especially with a booming housing market, and outlines the 5 main steps in the plan. Learn what it means for you and your family!
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Teri Barr talks with Daphne Foreman, Banking and Personal Finance Expert with Forbes Advisor, about the simple idea of saving money and shares 3 important reasons to get started today.
Daphne also explains why making saving a part of your regular habits will help put you in a better place for your next emergency.
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Host Teri Barr talks with, Holden Lewis, Mortgage Expert with NerdWallet, about the top remodeling trends, and learns about some dramatic changes happening right now.
Holden also shares why he believes the latest trends won't be going away anytime soon, and could also help you get more money when you sell your home.
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Host Teri Barr talks with Amy Danise, Chief Insurance Analyst with Forbes Advisor, about travel insurance and why it's become so important when planning your post-pandemic vacation.
Amy also shares the benefits of the different types of travel insurance, the costs, when you should consider buying, and how it can simply give you peace of mind about your next trip.
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Host Teri Barr talks with Robin Saks Frankel, Personal Finance Expert with Forbes Advisor, about credit card debt, and how consumer's habits have changed during the last year.
Also, why too much debt can impact other parts of your financial life, and learn the 5 strategies that can help you lower your credit card debt in 2021.
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Host Teri Barr talks with Phil Reed, Automotive Expert and Editor with NerdWallet, about rising gas prices, and learns why today's average isn't even close to the spike you may see as you hit the road this Spring or Summer.
Then, get some great tips to help you save at the pump, no matter where you may be driving.
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Teri Barr talks with Mitch Strohm, a consumer banking expert and editor with Forbes Advisor, about a new consumer survey showing why more people started using a mobile banking app in the last year, along with the most and least valuable mobile features, according to the survey.
Also, learn about the 5 benefits of digital banking, and if it all adds up to enough to get you to try it.
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Host Teri Barr talks with Natalie Campisi, Mortgage and Housing Analyst with Forbes Advisor, about where you may need to live to find a home you can afford, and they reveal the brand new list of top 10 cities to consider. Why it may include some surprises. Also, what are the factors when it comes to affordability? And how college grads may have an edge in some cities.
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Host Teri Barr talks with Taylor Tepper, a Personal Finance Expert with Forbes Advisor, about the trend of investing in Cryptocurrency. Learn how digital money really works, and why it's so popular.
Also, what you need to consider before you purchase a cryptocurrency like Bitcoin or Ethereum, and when it may be important for you to just say, "No Thanks."
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Teri Barr talks with Liz Weston, NerdWallet Columnist & Certified Financial Planner, about the stress of dealing with debt, especially during the pandemic.
Learn why the continuing crisis is leading to extraordinary relief options, and how to find out if you qualify; also, when you may want to consider the one many don't like to talk about -- bankruptcy, and who really needs to be strategic starting right now!
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Caroline Lupini, Travel Rewards Analyst with Forbes Advisor, joined Teri Barr to talk about the travel industry.
Learn why you may want to book now for a trip later, how to be sure you can change your plans for free or get your money back. Also, who is making COVID-specific amenities an important consideration, and what can an award booking service do to help with your plans?
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Kemberley Washington, a Tax Analyst with Forbes Advisor, sat down with Teri Barr to help break down why tax season is late this year, and what it means for you right now; also, will you owe taxes on your stimulus payments? And timely tips to keep more money in your pocket.
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This week's guest, Lisa Rowan, a personal finance expert for Forbes Advisor, talks with Teri about the various strategies you can use to support your savings plans (especially when interest rates will be low for a while), how thinking beyond cash savings may work for you, and why any progress in 2021 should make you proud.
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Presidents and Your Money: What the first 100 days of past Presidents can teach you about what's happening right now, with Taylor Tepper, Investing and Retirement Analyst with Forbes Advisor. Plus: Catching up on the wild ride of GameStop stock, BitCoin, and more!
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A show about money, finances, and investing. Join Teri Barr every Thursday as she's joined by specialists from Forbes Advisor and NerdWallet to talk about the topics that affect your bottom line.
Support the show: https://omny.fm/shows/pennywise
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