Editor’s note: This is a recurring post, regularly updated with new information and offers.
Virgin Atlantic has a great new offer to save thousands of points on your next redemption.
Virgin has discounted the cost of all redemptions between the U.S. and the U.K. by 30% for travel from now until Sep. 30. The carrier is following the lead of Air France-KLM’s Flying Blue Promo Rewards and Singapore Airlines’ Spontaneous Escapes,
The offer isn’t quite as generous as the “redemption deal of the year” we saw in 2022, which offered a 50% reduction in the Virgin points required for redemptions to almost all destinations. This new offer is only 30% off the cost of a standard redemption. However, all classes of service are included, and there are no blackout dates this summer.
The 30% off applies to Virgin Atlantic flights between London’s Heathrow Airport (LHR) and:
Hartsfield-Jackson Atlanta International Airport (ATL)
Austin-Bergstrom International Airport (AUS)
Boston Logan International Airport (BOS)
Los Angeles International Airport (LAX)
Miami International Airport (MIA)
New York’s John F. Kennedy International Airport (JFK)
Las Vegas Harry Reid International Airport (LAS)
Orlando International Airport (MCO)
San Francisco International Airport (SFO)
Seattle-Tacoma International Airport (SEA)
Tampa International Airport (TPA)
Washington’s Dulles International Airport (IAD)
Virgin Atlantic’s routes from New York, Atlanta and Orlando to Manchester Airport (MAN) are also included — as is the nonstop flight from Orlando to Edinburgh Airport (EDI).
The discounts apply to flights in either direction, in any cabin with award availability. This offer is available for redemptions, upgrades and companion tickets. Virgin Atlantic must operate the flights to qualify for the promotion.
Related: Video alert! TPG reviews all cabins on Virgin Atlantic’s brand-new Airbus A330-900neo
Even for peak summer travel, round-trip redemptions start from just 28,000 Virgin points from the East Coast or 35,000 from the West Coast. You’ll see the points discount applied when booking online.
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Unfortunately, the full fees, taxes and substantial surcharges are payable on all routes in all cabins. Unlike British Airways, there is no way to reduce the carrier-imposed surcharges by redeeming more points. Even in economy, you can expect to pay hundreds of dollars extra; in business class, the total is more than $1,000 round trip. These surcharges remain the biggest frustration with the Flying Club program.
Related: Is Virgin Atlantic premium economy worth it on the A330-900neo?
To take advantage of this great offer, you must book by July 24 and complete travel by Sep. 30. Unfortunately, the discount does not apply to existing bookings. You may consider canceling and rebooking if your existing flight falls within the eligibility window. However, availability is not guaranteed.
If you need to earn Virgin points for one of these awards, you can transfer them from American Express Membership Rewards, Bilt Rewards, Capital One, Chase Ultimate Rewards and Citi ThankYou. All of these transfers process at a 1:1 ratio and should post instantaneously to your Virgin account.
This is a great initiative from Flying Club, and it is generous, given it covers peak summer travel across the Atlantic in all classes. Just be mindful of those pesky surcharges when booking.
Grandma probably doesn’t want another scented candle, but she could very well use a ride to the store. Your underemployed nephew would likely prefer a little help filling the pantry instead of a jokey T-shirt. And the sister who’s staying home with her kids may not be able to afford any extras just now. Instead of dropping $40 on a sweater, why not put that money toward a membership to the local museum?
You’ve still got a few weeks to think about Christmas gifts. Make this the year when you pick presents that actually help.
Giving gifts that help
I’ve put together a list of items that save the recipient money or fill a specific need. Prices range from as little as $5 to upwards of $50 or more — and some of the suggestions will cost you little except time.
Warehouse club membership
If you’ve got $40 or $50 to spend, why not make it possible to buy in bulk all year long? Note that this gift isn’t suitable for folks who don’t buy much at a time or who have limited storage space — unless you offer to split some big buys with them. Frugal hack: If you’ve got a membership already then make up a gift certificate that says, “I will take you shopping once a month for 12 months.”
Greeting cards
Some of us dinosaurs still like to send snail-mail birthday, get-well or “thinking of you” cards. You can get decent ones two for a buck at some dollar stores. I got an even better deal on Hallmark assortments at Walgreens: 10 cards to a box, two boxes for $5, or a quarter apiece. Ideally, you’ll spring for at least a 10-pack of stamps along with this gift. Frugal hack: Shop thrift stores and rummage or yard sales — a lot of really nice card sets end up deeply discounted in both places.
Annual pass
A season’s membership to a local zoo, museum or theater company may cost less than you think. You’re not only giving someone a year’s worth of entertainment, you’re investing in community organizations. Frugal hacks: Social commerce sites like Groupon or Buy With Me sometimes offer annual passes; sign up for a few of these services right away and see what pops up in the next few weeks. Be sure to buy the social commerce vouchers through a cash-back site for a 6% rebate.
Pet supplies
People who have recently lost their jobs or who are living on fixed incomes could be hard-pressed to provide for Fluffy or Fido. Find out what kind of kibble the animal eats and drop off a jumbo sack of the stuff, or one of those huge buckets of kitty litter. Possible frugal hacks: Watch for loss leaders at places like Petco and PetSmart, and pay with a discounted gift card.
Yard work
Aging or chronically ill relatives might not be up to mowing, weeding, shoveling snow or cleaning out the gutters. Give a homemade gift certificate good for a certain number of hours of work each season.
Supermarket or drugstore gift card
Your giftee can shop the best sales or treat himself to an item that’s normally out of his price range. Since some supermarkets sell gasoline, that card might come in real handy during a particularly tight week — you can’t get paid if you can’t get to work, right? Frugal hacks: Some drugstores give free gift cards if you fill or transfer a prescription. Some rewards programs and rewards credit cards offer them. Discounted gift cards for merchants like Shell, Exxon, Walgreens, Jewel-Osco, Safeway and Albertsons are often available for about 3% off; see above link for how to buy them.
The Entertainment Book
It’s got discounts for food, movies, cultural attractions, sporting goods and all kinds of services. Frugal hack: Buy it through a cash-back site and you’ll get a rebate of up to 35% plus free shipping.
Transit pass
For those of us who don’t own cars, the prospect of a month’s worth of public transit sounds mighty fine. Or how about paying for a year’s membership in a car-sharing service? Frugal hack: If you’ve got a car, make your gift “I will take you to do one errand a week (with advance notice) for the next year.”
Community-supported agriculture
If money is no object, buy that special someone a CSA share. He’ll eat fresh produce from late spring until early fall, and you’ll be helping a local farmer stay in business. Go to this U.S. Department of Agriculture site and scroll down to “Find a CSA farm.”
Prepaid calling card
Not everyone has unlimited minutes on his cell phone, or a cell phone at all for that matter. The card lets the recipient talk with relatives and friends without worrying about the phone bill. Frugal hack: If you’ve got unlimited minutes on your cell, arrange to let your relative or friend use it once or twice a month.
Socks and underwear
Yes, you are turning into your mother. But these are the kinds of things we all need to replace. So if you know the person well enough to know his or her needs (and size!), then watch the clearance tables or use a price-comparison website to find the best deals. If this is a family with young kids, buy a size or two up.
Green ’em up
Make your gift a bunch of compact fluorescents, faucet aerators and low-flower showerheads to reduce the giftee’s utility bills. Offer installation if necessary. If you’ve got money to burn consider installing a water-saving toilet, too. Frugal hacks: Pay with a discounted gift card from Lowe’s or Home Depot, or buy through a cash-back site, specifying “local pickup” (i.e., order online but go get it yourself) if free delivery isn’t offered.
Car care
Buy a case of motor oil and filters and offer to do the changing if they’re unable and you’re handy. Or spring for a set of replacement wiper blades, some new floor mats and a gallon or two of windshield washer fluid. Frugal hack: Watch auto-supply store ads for sales and rebates.
Medicine cabinet
Buy that special someone any or all of the following: a year’s worth of vitamins and supplements; cold or allergy medicines, nighttime cough syrup, lip balm, throat lozenges and those tissues with the lotion in them; analgesics, antibacterial ointment, bandages and the like. Frugal hack: Many of these items can be obtained cheaply or free after rebate.
All right, dear readers, it’s your turn: What suggestions do you have for gifts that help?
You probably are well aware that you can swipe or tap your credit card almost anywhere you shop, and you likely also know that many retailers offer their own store credit cards. These store credit cards can give additional perks and benefits specific to their store.
Store credit cards come in two different forms — open-loop and closed-loop. An open-loop store credit card will typically have the logo of a payment network on it (such as Visa or Mastercard), and it can be used anywhere those networks are accepted.
A closed-loop store credit card, on the other hand, can generally only be used at the store that issued it. While there may be added benefits and rewards with a closed-loop store credit card, that may be offset by the limited places where you can use it. Still, it can make sense to have a store credit card, especially if you frequently shop at a particular retailer.
Here’s a closer look at how store cards compare to major credit cards, what their pros and cons are, and how store cards can impact credit.
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What Is a Store Card?
A store credit card or retail credit card is a card issued by a store or retailer. There are two main types of store cards — open-loop and closed-loop store credit cards.
• An open-loop store credit card is likely a Visa or Mastercard that simply is co-branded with the retailer’s name and logo, but good to use anywhere those networks are accepted.
• A closed-loop store card, also called a private label credit card, can only be used at the retailer that issues the card.
How Store Cards Works
Open-loop store credit cards are typically Mastercard or Visa credit cards, and they can be used anywhere those payment networks are accepted. While it may be marketed or branded with the retailer’s logo and name, an open-loop store card works the same way any other credit card works.
On the other hand, a closed-loop store card is only accepted at the store that issued the card. If you try to use a closed-loop store credit card at any other place, it will be declined.
With either kind of card, you’ll get a statement each month with the charges you’ve made. You’ll be charged interest on any outstanding balance, just like with a general-purpose credit card.
Recommended: Charge Card vs. Credit Card
Pros and Cons of Store Cards
One pro of store credit cards is that they often give perks and rewards that are specific to that particular store. If you frequently shop at a particular retailer, it can be lucrative to get their store credit card. You may also be able to get a signup bonus for applying and being approved for the card.
On the other hand, a store credit card can be limiting, especially if it is a closed-loop credit card that you can’t use anywhere else. Many store credit cards also come with higher-than-average interest rates, so it can be wise to pay off your balance in full each month so you can avoid paying any extra.
Store Card vs Credit Card Compared
While there are some important differences between store cards and general-purpose credit cards, they also share some similarities.
Similarities
• You get a monthly statement with a list of all of your purchases.
• You’ll be charged interest on any outstanding balance.
• Payment history and balance information typically reported to the major credit bureaus.
• Open-loop store credit cards and general-purpose credit cards can both be used anywhere the payment network (Visa, Mastercard) is accepted.
Differences
There are also some key differences between store cards and credit cards that you’ll want to be aware of:
• A closed-loop store card can only be used by the issuing retailer.
• You may pay a higher interest rate for a store card.
• The rewards you get will likely only be usable at the retailer.
Here is how these features stack up in chart form:
Store Card
Credit Card
Where they can be used
A closed-loop store card can only be used at the retailer who issues it
Anywhere the payment network (e.g. Visa or Mastercard) is accepted
Interest rate
Varies, but often higher than general-purpose credit cards
Varies depending on the card
Rewards
Usually limited to discounts or benefits at one particular store
May have more flexible credit card rewards or cash back.
Recommended: How Many Credit Cards Should You Have?
Is It Easier to Get Store Cards?
How easy it will be to get any kind of credit card depends on the specific card and your own financial situation. However, it is generally believed that on average it is easier to get a store credit card than it is to get many other major credit cards.
In fact, at some stores, you may even be able to get approved in the middle of your transaction as you check out.
Can Store Cards Impact Credit?
Yes, store cards can impact your credit, either positively or negatively, depending on how you use them. That’s true of all credit cards and is part of how they work.
Just like any credit card, your store card information is also reported to the major credit bureaus (Equifax, Experian, and TransUnion). That means that if you use your store card responsibly, you can help build your credit, while if you fall behind on payments and/or carry a balance, it might have a negative impact on your credit.
Which Is Right for You: Store Card or Credit Card?
Deciding whether a store card or regular credit card is right for you will depend on your own specific shopping habits and overall financial situation. If you frequently shop at a particular store or retailer, you may be able to take advantage of rewards, discounts, or other benefits that come with the store’s credit card.
However, general-purpose credit cards may offer better or more flexible rewards, in addition to having more flexibility in where you can use them.
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The Takeaway
Store credit cards come in two different varieties — open-loop and closed-loop cards. An open-loop store card is one that may be branded or marketed as a store credit card, but can be used anywhere the card’s payment network (e.g. Visa or Mastercard) is accepted. A closed-loop store card can only be used at the store or retailer that issues it. While there can be good reasons to get a store credit card, you might be better off with a more flexible credit card that gives cash back or other flexible rewards.
If you’re in the market for a general-purpose credit card that gives outstanding cash-back rewards, you should consider the SoFi Credit Card. With the SoFi Credit Card, you can earn cash back with every eligible purchase, which you can then use for travel or to invest, save, or pay down eligible SoFi debt. You can also add an authorized user to your SoFi credit card as a possible way to earn additional rewards.
Shop smarter with the SoFi Credit Card.
FAQ
Which is better: a credit card or store card?
There isn’t a single right answer as to whether a credit card or a store card is better. Instead, it will depend on your own specific situation. If you are a frequent shopper at a particular store or retailer, it may make sense to open its store credit card and get those rewards. However, if you’re not especially loyal to certain stores, you might prefer to get a general-purpose credit card and earn rewards that way.
Does a store card count as a credit card?
A store credit card can be considered a credit card since you can carry a balance and get charged interest. But keep in mind that only open-loop store credit cards can be used more widely like other major credit cards.
What are the disadvantages of a store card?
While it can make sense to apply for a store card, depending on your financial situation and shopping habits, store cards may come with some disadvantages. Many store credit cards have interest rates that are higher than average, so it can be best to pay off your balance in full each month to avoid those steep charges. Additionally, closed-loop store cards can only be used at the retailer that issues them, which makes them less flexible.
Photo credit: iStock/RgStudio
SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.1 The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1See Rewards Details at SoFi.com/card/rewards.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
My mom has a sixth sense when it comes to bargain hunting. Where I’m thrilled to get 25 percent off and free shipping, she’s finding deals of 70 percent off and getting inside scoop from the salespeople, who probably have her on speed dial should a ginormous everything-must-go-or-we-torch-it clearance sale come along.
Okay, so I’m exaggerating, but not by much. The point, however, is that the key to finding bargains is timing—off-season, end-of-season, new models bringing down prices on the old models. There’s a pattern and a perfect time to buy just about anything.
When possible, plan your purchases by using the following list to score the best deals and to keep more of your money in your high interest savings account:
House and Home
Real estate—March through August are active months for buying and selling, so a buyer looking for a deal will have better luck negotiating on an offer in autumn and winter.
Flooring—Carpet and flooring goes on sale near the end of the year due to slow sales, though discounts are possible throughout the year from independent retailers.
Furniture—January and July, when stores need to make room for new inventory.
Gas grill—Like air conditioners, the best time to buy is during winter months, when demand for outdoor grills is low.
Cookware—April and May (think graduation and wedding prime time) and October and November (holidays approaching).
Linens—January “white sales” and the end of each season (i.e. as spring approaches, winter-colored linens will go on sale). It’s common to see linens (in all colors, not just white!) on sale for up to 60 percent off retail.
Mattress—New mattresses arrive in stores in May, when you’ll find a good deal on the previous year’s models.
Vacuum cleaner—June, when new models hit the floors, and end of winter.
Hardware—Big sales occur around Father’s Day and between Thanksgiving and Christmas.
Home appliances—New models arrive in September and October, when you’ll find good deals on last year’s models. Holiday weekends—Fourth of July, Labor Day, Columbus Day, Presidents Day—also are good bets for deals. If you’re willing to buy an appliance with a ding or a scratch, you can save hundreds.
Air conditioner—Winter months, when demand is low.
Flora
Flowers—Tulips are less expensive in February, peonies in May. Flowers are at their best when in season.
Shrubs, trees, etc.—Autumn is a good time to buy bulbs (store them according to directions on the packaging) and trees and shrubs (nurseries are trying to clear out inventory).
Recreation
Outdoor (general)—Swings, beach and pool toys, swimming gear, and other outdoor items go on sale in August, when retailers are trying to make room for fall and winter items.
Outdoor gear (bicycles, for example)—February and March, when new models replace last year’s models.
Boat—Boat shows, held from January through March, generally offer the best prices.
Gym membership—Membership sales soar in January as everyone resolves to lose weight, but lag in spring and summer. You’ll find lower fees and waived enrollment fees to lure you to their treadmills.
Movie tickets—Matinees are an established way to spend less at the theater (as is smuggling in your own M&Ms, not that I’d condone such behavior or ever do so myself…). A.M. Cinema (AMC Theaters) sells discounted tickets before noon from Friday to Sunday and on holidays.
Broadway tickets—Find bargains hours before the show, or try the well-known TKTS booth in Times Square.
Electronics
Blu-ray player—Black Friday sales and after-Christmas sales offer some of the best deals.
TV—Sales can be found throughout the year. Times to note include Black Friday, between Thanksgiving and Christmas, right after New Year’s Day, before the Super Bowl, and in May and June. New models hit stores in August and September, when you’ll find sales on new models and discounts on the previous year models.
Cell phone—New customers get the best deals. For new phones, wait six months if you can. Search online for coupon codes, as well.
Digital camera—The Consumer Electronics Show and Photo Marketing Association convention mean new models will arrive in stores. Shop in January and February for deals on last year’s models.
Computer—Back-to-school season yields a few sales, but the best deals can be found when a technology is outdated and retailers want to get rid of the older models. Look for a few extras (free shipping, bundled accessories, etc.) around the holidays.
Tip: In general, you’ll find a good deal when an electronic item is outdated. Wait until after technology shows like MacWorld and the International Consumer Electronics Show to see if your iWhatever will be discounted to make way for the next big thing.
Auto
New car—New models roll into the lot in fall, so shop in September for last year’s model. Shop on a weekday at the end of the month to get the undivided attention of a salesperson trying to make their monthly quota.
Used car—Dealers increase their inventory in April to start the spring selling season. You’ll find a good selection and willing negotiators.
Recreational vehicle—Dealers sometimes offer specials in winter, but generally buying an RV works like buying a car (see new cars).
Gasoline—Fuel up on a weekday, early in the morning if gas prices are rising or in the evening if gas prices are going down (prices are usually changed between 10 a.m. and noon).
Oil change—Look for early bird specials in your area.
Tires and auto parts—During April (National Car Care Month) and October (Fall Car Care Month), you are likely to find buy-three-get-one-free deals on tires, free oil changes, and other checkups.
Car wash—Early birds (before 8 or 9 a.m.) can often find deals at full-service car washes.
Travel
Airline tickets—For domestic nonholiday travel, look for the lowest fares 21 days from your departure. Fares are updated at 10 a.m., 12:30 p.m., and 8 p.m. on weekdays, and airlines file one update on Saturday and Sunday. Lowest fares are filed on Tuesdays, Wednesdays, and occasionally on Saturdays. Wednesday is generally the cheapest day to fly and Sunday the most expensive. (Exception: the Wednesday before Thanksgiving—the busiest travel day of the year.) For holiday travel, start looking in September to get a good price. Fares can change quickly, and much depends on the carrier and the market.
Travel (general)—The off-season or shoulder-season for your destination will offer the most savings on lodging, recreation, transportation, etc.
Food
Groceries (supermarket)—On Sunday evenings, you’ll save money through store sales (typically run Wednesday through Thursday), and by shopping in the evening, you can save even more on items that must be sold by day’s end. If you clip coupons from the Sunday newspaper, you’ll enjoy additional savings.
Coupons—While coupons are available throughout the year, the most coupons appear in the Sunday paper during November and December. The best deals on turkeys can be found two weeks before Thanksgiving to Christmas. In spring, you’ll find coupons on seasonal produce, ham, and frozen food (apparently March is National Frozen Food Month—who knew?). Summer coupons offer discounts on grilling items and ice cream. Autumn brings coupons on soup and other canned items.
Groceries (farmers market)—Vendors often lower prices near closing to avoid having to pack up perishables and take them back to the farm.
Champagne—With steep competition to be your New Year’s Eve bubbly, Champagne houses drop prices during the holidays.
Clothing and Accessories
Clothing (general)—Got your heart set on something in particular? Shop on a Thursday evening six to eight weeks after the item arrived in the store. By Thursday, the weekend sales have started and the selection will still be good. Season-end clearance sales also offer up savings.
Baby clothes—Shop during your pregnancy for end-of-season clearance items. If it’s springtime and you are due in winter, look for winter closeout sales now for infant clothing.
Jewelry—Avoid the holidays, when you are most likely to pay full price.
Weddings
Wedding (general)—The off-season can mean big discounts. If you live in a cooler climate, you’ll find savings during the winter months. Hotter climates mean likely deals in summer months.
Wedding dresses—After Thanksgiving and before Christmas. Boutiques are stocked with gowns for Christmas engagements, but it’s a slow sales period.
Other
Toys—October and November offer good bargains as retailers gear up for the holiday season.
Wrapping paper—January, of course!
I might not ever be as good as my mom at bargain hunting, but knowing when to shop might make me almost as good. If you’re one to make resolutions every new year, resolve to save money and correcting your small errors by including a check on your free credit report to make a huge difference in your purchases in 2010 by timing your purchases.
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The ripple effect of a financial mindset can be seen in every aspect of your life.
Think about it: If you are not mindful of how you spend and save money, then you will be in a constant struggle each and every month.
If you are simply someone who is struggling to make ends meet, there are many things we can do to save money. If you are trying desperately to reach financial freedom sooner, then you need these best money hacks to make it happen sooner.
Around here at Money Bliss, we spend a lot of time on our money mindset and setting goals.
Everyone is in a different season with their finances.
But, one thing is true… Most of us never learned proper money management.
Do you find yourself in a constant cycle of financial struggle? Do you feel like you are constantly trying to live up to unrealistic standards?
It is easy for people to feel that they are constantly broke, and in some cases this is true. But, it is also important to remember that there are ways in which you can make more money and start saving for your future.
Since changing money habits does not always come easy and often requires some serious changes in our mindset, we are here to support you to find the top money hacks.
Read on as we share 50+ ways you can start saving more money as well as making more money while also saving your sanity!
What are Money Hacks?
Money hacks are the ways in which people stretch their money.
These money hacks can come from a variety of sources, such as personal experience, family members or friends, and other individuals on social media.
Money hacks can come in many forms such as:
Simple money saving hacks
Ways to make money on the side
Strategies to make every dollar count
Thrifty ideas to be more frugal
Ideas to be more conscious of our waste
All in all, money hacks will help you to spend less money. Thus, saving more money.
As you will learn at Money Bliss, saving money opens up doors of opportunities
Best Money Hacks
Money hacks are ways to build long-term wealth.
Even though most of the hacks for money include quick saving wins, over the long term, you will actually start a snowball effect of more money in your bank account.
Sometimes, it can be difficult to find the motivation to save money, but these 7 best real money hacks will help you reset your financial mindset and start saving!
The best money hacks are the overarching big picture concepts that you must master for long-term success.
1. Think Big
Open up your mind.
One way to reset your financial mindset is by opening yourself up to new ways of thinking about spending and saving.
Too often, we are focused on what is directly in front of us instead of thinking about the big picture.
A great way to think big with your finances is to decide how you want to live life with intention.
2. Habit of Saving Money
Get back in the habit of saving.
If you have been beyond your means or barely scraping by, the best way to get back on track is by saving at least 20% of your income.
This may seem a little ludicrous. However, by prioritizing saving first, you will be pleasantly surprised how well you live off the rest.
In this post, there will be so many simple and easy ways to start saving today.
3. Make a Plan for Your Money
Create a spending plan (aka that dreaded word budget).
Creating an outline for what you want and need will help you to make smarter decisions about your spending.
This concept has been made too difficult over the years.
The bottom line is you want to spend less than you make. So, make a plan for that to happen today.
4. Make Money on the Side
This one is huge!
Personally, making extra money has been a priority for the last 5 years. We spent many years trying to cut our expenses and hating our inability to actually spend less as a growing family. So, we changed our focus to finding ways to make more money instead.
Start a side hustle. If you are not making enough to live comfortably, start a side hustle! Use your unique skill set to make extra cash.
Pick up a second job or ask for more hours.
There are plenty of ways to make money fast.
5. Invest in Stock Market
This means a way to make money or increase your net worth. AKA make your money work for you.
Too many times, the concept of investing is big and scary. The thought of starting is way too overwhelming. So you put it off until next week or next month. Then, a couple of years go by and you have not invested your money.
That is the biggest financial mistake you can make.
Start small by investing in an index fund. Each month consistently add more money.
If you want to learn to trade stocks, then you must enroll in the best investing course I have found.
Read my in-depth investing course review.
6. Pay Off Debt
Ugh… debt is the cash flow killer.
You are unable to make forward progress if you are straddled by debt.
Figure out how to pay off debt ASAP.
When calculating how long it will take to pay off high-interest debt, you should consider paying the highest interest rate first. Here is the best debt payoff app available.
7. Watch Your Spending
Be mindful of your spending.
This is a great practice that many people need to start doing again, regardless of how much money or how little money they have.
Every few months, you need to evaluate your spending to see if it matches up with your values.
As you can imagine there are many money hacks that can help you save, but the list above is the money hacks that will make the biggest difference the quickest. Below we have many more money hacks for you to explore.
Hacks for Saving Money
Money app hacks are small, quick, and easy ways to improve your finances.
They can range from things like automating your budget or creating a money jar that pays for itself, to more complex solutions like changing your tax withholding or moving money around to get a higher return.
Honestly, there are so many life hacks for saving money.
8. Automatic Savings
This is a practice of automatically transferring money from your checking account into your savings account on a regular basis.
It is best to set a transfer amount and stick to it.
Since it is easier to save your money before you spend it, you must save as much money as possible in order for this strategy to be effective.
9. Financial goals
A financial goal is a long-term, quantifiable expectation for how much money you want to have, or what you plan on doing with your money. Your goals can be as simple as saving for the down payment on a house or as involved as saving for retirement.
Our financial goals allow us to set specific, numerical targets that help us achieve our desired lifestyle in a more concrete way.
You must set smart financial goals.
10. What brings you joy?
At the end of the day, it is important to remember that life is all about finding what brings you joy.
The question is open-ended, but your money must line up with what brings you joy.
Spend a few minutes and stew on the question.
11. Build an emergency savings fund
Building an emergency savings fund is a great idea if you are in the habit of saving money and want to make sure that you have some money saved up when times get rough.
If you are struggling to save, there are a few ways you can increase your savings.
For example, you might be able to set up automatic transfers from your checking account into an investment account. You should also make sure that you have a way to save money outside of your checking account.
Saving cash in a jar or saving up coins are ideas for some people.
12. Invest spare change
If you go shopping and buy something, most stores will give you change. If you use a debit or credit card, you can do the same thing with help of a popular app!
Simple money hack: investing your spare change.
In order to invest your spare change in an account, you can open one for as little as $5. Acorns then automatically invest the money from your checking account and into a savings acorn account.
As the round-up feature continues to add upon each purchase, it is a good idea to invest in this app so that you can save more dollars!
13. Challenge Yourself to Save
If you are looking to save money, it is best to set up a budget that includes challenging yourself.
A great way to do this is with the no spend challenge.
A no-buy is when you decide to simply not make any purchases for a certain amount of time.
A no-spend is when someone decides to not spend any money in a certain period of time.
When you are struggling with spending too much money and want to reset your wallet, then give up spending money. Period.
14. Join a buy nothing group
The buy nothing groups are a growing movement that started in order to help people cut their ecological footprint, save money, and break free of consumerism.
This is a great way to find things you need as well as declutter your house.
15. Negotiate everything
The key to successful negotiation is preparation.
Research the company’s past sales, price changes, and discounts offered in order to get a better understanding of what you’re negotiating for.
Don’t be afraid to negotiate.
What is the worst thing that can happen when someone says no!?!
16. Refinance Your Mortgage
It is never too late to refinance your mortgage.
In fact, it might be a good idea if you’re in the market for a new home or refinancing your loan on an existing property.
You must weigh the costs of refinancing to how much you will save over the time period of the loan.
Ask around for mortgage broker recommendations and get at least two quotes.
17. Downsize your Home
Downsize your home is the term for reducing a residence in size. This can be done by either moving to an apartment or buying a smaller house. There are many benefits of downsizing, including living a more affordable lifestyle and having less upkeep.
Downsizers use their homes as investments and save money on rent or mortgage payments.
18. Cut the cord
With the internet becoming accessible to everyone, people have started cutting their cable and watching shows online. People can save up to $500 a year by cutting cable from their bills.
Cut the cable & stop watching TV!
19. Learn about Finances
Ask for help.
If you are struggling, there is no shame in asking for assistance from your friends or family members.
The goal is to get ahead with money and not keep digging further into a hole.
Check out any of our courses to help you.
20. Save for What You Want
Decide what you want most and work towards it with the money you have now, instead of waiting for a windfall or a large inheritance.
This may mean setting aside $200 a month.
For example, as a reminder of your long-term goal of buying a beach property, you may buy something you would hang in the new place. Every time you see it, you will be reminded of what you are saving towards.
Budget Hacks
Financial hacks are not unusual.
Since it is so easy to overspend, you must know a few budgeting hacks ahead of time.
21. Need vs Want
A want is a desire for something, while a need is something that fulfills the requirement of your body like food or shelter.
When you think about buying something, ask yourself if it is a want or a need.
By uncovering needs vs wants, you are quickly able to find ways to spend less and save more.
22. Avoid Temptation
To avoid temptation, it is important to maintain a healthy amount of physical and emotional distance from the things that tempt you.
Sometimes, spending triggers are easy to avoid but other times they’re not.
However, people should always be aware of their temptations and try to stay away from them because it will lead to unnecessary debt or stress in the long run.
23. Practice the 30-day rule
Many people wonder what’s the 30 day rule with money…
The 30-day rule is the principle that states that you should practice a new habit or stop an old habit for at least thirty days before expecting success.
When it comes to your money, it means to wait thirty days before making big purchases or changes.
24. Keep a Budget Binder
A budget binder is an important tool that helps people keep track of their finances.
The binder can help people plan out their finances by providing a place to record expenses and income.
Keeping a budget binder is an effective way to track your spending and keep yourself accountable.
By keeping it, you can easily plan for future expenses in advance as well as see what money could be saved or spent on different items over time.
25. Get a spend tracker and use it regularly
Track your spending for 30 days. It can be a good idea to track your spending for at least a month to get an idea of what you’re spending and where.
A spending tracker is a tool that helps people keep track of how much they are spending on a certain item. It is important to use this tool regularly in order to be able to see patterns in your spending.
Then, review your spending. Share it with a trusted friend or family member to come up with some goals to reduce expenses in order to save money.
26. Create a budget
Create a budget, and follow it.
When you schedule your spending, make sure to leave room for savings. This is the easiest way to ensure that you can stick to your budget.
Find more budgeting resources on our site.
27. Pay Bills on Time
This should be a simple statement that we all know. However, life can throw curveballs.
Try to pay your bills on time and in full every month, and make sure all of your bills are paid each month.
This will show lenders that you are responsible and that you are taking care of your credit. Plus you don’t rack up those pesky late fees and high interest rates.
28. Avoid Missed Payments
Don’t miss any payments, and pay off your balances each month to avoid paying high interest rates or fees on late or missed payments.
Read again… do not miss paying your bills.
29. Reconcile Your Checking Account
Balance your checkbook monthly. Okay, no one really uses a checkbook anymore, but you can still do this with pen and paper.
Even better, use Quicken as a simple way to balance your checking account. Read my Quicken review.
This is a great way to check for being charged too much or find a subscription you don’t use anymore.
30. Avoid Summer Budget Busters
Avoid spending money for the summer by just being conscious of your spending and reviewing what is different than the norm.
It is too easy to get into the trap of spending money because the weather is warm.
31. Review your Credit Card Statements
If you’re like most people, you probably review your credit card statements once every six months.
What’s the best way to go about reviewing them?
It depends on how often you use your credit card, how much debt you have, and what your credit score is. You should review your statements at least once a year if you’re carrying a balance on your credit cards.
If you use your credit card, then you should review your statements at least monthly.
32. Use the Cents Plan Formula
While the 50/30/20 budgeting rule is popular, our method of budgeting your money will be more helpful.
Learn how to divide your income into various categories.
Check out the Cents Plan Formula.
33. Use Cash
Use cash instead of credit cards to spend, which will make it easier to limit yourself to how much you can spend.
The envelope system helps you save money by only spending from one designated cash stash each month and withdrawing a set amount for different types of expenses (like groceries).
34. Spending Freeze
Implement a spending freeze, which helps you get used to not buying things for an allotted time so that when the freeze is over, it’s easier to buy what you want.
You will be surprised how much random online shopping you do.
Begin your spending freeze now.
35. Use a Budgeting App
Use your bank’s budgeting tools, like Quicken, which can help you track how much money is coming in and out of your account.
This is the simplest way to manage your money wisely.
Using a money app or a personal finance website can help you to stay organized and get more creative about your budgeting.
Check out this list of the best budgeting apps available.
Hacks to Make Money
Hacks to make money are a list of ways to generate income for yourself. Many ways to make money include blogging, affiliate marketing, or day trading. These money making hacks are great, but they can take more time and energy invested.
36. Use cash back apps
Cash back reward apps like Ibotta are a way to get extra money for your purchases.
They take some time getting used to and you only have access to partner stores that offer cash-back offers. It only takes a few seconds to make some extra cash.
Check out the best cash back apps available.
37. Ask for a Raise
A raise is an increase in pay for a job, labor, or service.
If you are concerned about asking for a raise, then you are missing out on lost money.
Your boss may be receptive to it, then try negotiating more money. Not only will this be good for your career, but also the relationship between you two can improve as well.
38. Get a side hustle
A side hustle is an additional job or career, usually, one that requires only a small amount of time and effort.
For example, someone who wants to work on the weekends might start a side hustle as a bartender.
Side hustles are a form of entrepreneurship that allows you to earn money and do little tasks. They are not difficult or time-consuming, but they can still help you make extra cash on the side.
Pick one of the best gig economy jobs.
39. Rent out a part of your home
A part of your home is often a room, which can be rented out on Airbnb.
Airbnb is the largest and most successful company in the world that lets people rent their extra space or properties. They are a well-known company that provides an easy way for people to make money from their extra space.
Use Neighbor to lend out your space in your home.
40. Declutter: sell your junk for cash
Decluttering is the act of getting rid of excess or unnecessary items.
In order to declutter, you must be willing to give up something that has been a part of your life for a long time. It is important to remember that decluttering does not have to be a quick or easy process.
Then, sell your stuff on Facebook Marketplace, Nextdoor, eBay, etc.
Learn more at Flea Market Flippers.
41. Earn Money While Watching TV
Although it is not a fast way to get rich, this can be used as a side hustle.
It’s better to use the money earned from watching TV or something else that takes up your time for other things like bills and groceries.
Survey platforms are online sites that allow people to earn money while watching TV.
The survey platform will send surveys through the mail or email, and then they can choose whether they want to take the survey for a set reward amount or if they would like cash back on their purchase.
One of these options is MyPoints, which allows users to earn points by completing tasks such as taking surveys and shopping online at specific retailers.
Others include:
42. Maximize Your Income
Find ways to increase the amount of money you bring in, whether that’s through a side hustle, increasing hours at work, or asking for a raise.
In today’s society, there are plenty of ways to make more money.
Only you put a limit on what you are capable of earning.
43. Build Your Credit
Building your credit can be a long process, but it’s worth the effort. If you’re trying to establish or improve your credit score, here are some tips that might help:
Try to keep your credit utilization rate below 30% at all times.
Do not open too many new lines of credit in a short period of time.
Pay your bills on time.
This will help you avoid damaging your credit score.
Hacks for Free Money
Hacks for free money are a form of fraud wherein the perpetrator solicits payment via PayPal, credit card, or other methods in exchange for access to what they promise will be a legitimate business opportunity.
Hacking free money is a way to make more cash, fund your financial goals, or help you pay off debt. There are lots of ways that people hack their finances and use cash back apps for some extra income.
Other options include signing up for bank bonuses or credit card bonuses.
Honestly, real free money hacks are more likely to be scams. So, beware when searching online.
Money Hacks in the Kitchen
You can save the most money by looking at what you eat.
Typically, people waste over 25% of their grocery budget and throw out food. Would you willingly throw out $250 a month? Probably not.
So, learn how to stretch your money for food.
44. Start meal planning
Meal planning is a money-saving strategy that can help in the long run. It’s also important to eat healthily and reduce food waste when meal planning.
But planning ahead will help save on the grocery budget, and it’s not too late to start now.
Start meal planning by deciding what you want to eat for each day. Then, make a list.
45. Say no to prepackaged foods
Packing your lunch for work or school can be time-consuming, especially if you have a family.
Some people prefer to buy prepackaged foods because they save time, but this is not always the best option.
A better choice is to make your own food at home and pack it for lunch, which you can then eat in peace without worrying about what other people might be saying about the food you packed.
46. Eat at home
Eating at home is a way to save money. It may be uncomfortable for those who do not enjoy cooking as it requires extra effort and time.
Instead of getting food at restaurants, consider cooking your favorite meals at home.
You can save money and time by eating the same meal over and over again.
Learn about the frugal home must haves.
47. Grow your own herbs and food
The most common methods of gardening include container gardening, hydroponics, and both indoor and outdoor gardening.
Many people are growing their own herbs and food for the satisfaction of being able to eat something that was grown with their hands.
48. Take your lunch
If you are interested in saving money, consider taking your lunch. This will save you up to $1,000 a year on work lunches and make it easier to meet the recommended daily intake of fruits and vegetables as well.
“Take your lunch” is an invitation to eat at home. There are many benefits of eating out less often, such as saving money and gaining more control over food choices.
Travel Hacks to Save Money
The following are travel hacks that can help you save money on your next trip.
Some of these hacks include traveling during weekdays, using public transportation, staying at hostels and Airbnb instead of hotels, and using a travel credit card.
49. Use foreign websites for lower prices abroad
Foreign websites are websites that have been created by people from other countries, and they sell products in the language of their country. These websites often offer lower prices on products than what is offered in the United States.
If you’re traveling abroad and need to find a place to stay, there are plenty of websites that can help. A few websites have deals on places where travelers often stay while they travel internationally.
50. Stay for free or get paid to house sit abroad
A house sitter is someone who looks after someone’s property for a certain amount of time in exchange for the promise of payment.
House sitting is typically offered by homeowners to travelers and others who are looking to stay in a particular location for an extended period of time.
The main types of house sitting include:
– full-time house sitters, who are responsible for all aspects of the house and who are typically paid a monthly salary,
– part-time house sitters, who may be responsible for taking care of one or more specific tasks such as gardening or handling the mail
51. Hide your search
To avoid being taken advantage of by airlines, it is best to open a new incognito or private window between searches.
This will make sure that you are not tricked into buying tickets that may be significantly more expensive than they need to be.
Airlines use cookies in your browser to make you believe the prices are going up and up.
Money App Hacks
Money app hacks are ways that people have figured out to make their money work for them in terms of saving and spending. These apps offer different features, such as budgeting, tracking your spending, and saving money.
If you want a simple way to save money, then any of these money apps are designed to find excessive spending.
52. Billshark
This is a legitimate way to save money on monthly bills. Billshark offers you the opportunity to save up to 25% each month (when compared with regular bill payments).
All of this can be done for you by BillShark team, and there are no fees involved!
Try Billshark for free!
53. Trim
Review your spending habits to find what you can cut out, like subscriptions.
Find other ways to save by looking for ways to reduce costly bank fees or getting a discount on your cell phone plan. By using Trim, you are saving money and improving your financial health.
Sign up with Trim now.
54. Truebill
Truebill can help you to track your spending, save money and get a clear picture of your financial life.
This helps you identify services that you are no longer using but continue to pay for. It will help save money by automatically negotiating prices with your service providers and receiving a refund of the money going to waste, which is free money.
Get started with Truebill.
Which Life Money Hacks Can You Start?
This is a lot to take in, but don’t worry.
Take the time to read through each suggestion and consider how you can implement it into your life.
The more hacks you try out, the closer you’ll get to a healthy financial mindset.
These are the life hacks to save money I have found to work for me and my family in order to reset our financial mindsets and grow our net worth.
Everyone will find their niche and what will work best for them.
Personally, you need to figure out how do I make more money. That will make the biggest impact the fastest.
What have you done with your money lately?
Know someone else that needs this, too? Then, please share!!
With its discount fares, a fleet of new Airbus jets and a robust frequent flyer program, Frontier Miles can be a great value for Frontier Airlines travelers. As a Frontier Miles member, you can earn miles and elite status. Frontier elite status has many perks to make your travels more enjoyable and less expensive, including complimentary carry-on luggage, advance seat assignments and the ability to pool your miles. You can then redeem your miles for award travel.
Surprisingly, despite being one of the top low-cost carrier loyalty programs, the program often flies under the radar. You can quickly earn enough miles for a free trip even after just a few flights. And recently, the airline launched a limited-time promotion where eligible Frontier Miles members with a travel rewards credit card can secure Elite 20K status for as little as $199.
Here’s an overview of how the program works.
How to earn Frontier Miles
The Frontier Miles program is free to join. You can earn Frontier Miles by flying, through its cobranded credit card and transacting with Frontier partners.
Earn Frontier Miles by flying
Unlike many loyalty programs nowadays, you earn Frontier Miles on the length of your flight (rather than the price of your ticket). You earn 1 mile per mile flown regardless of your fare type. For example, if you fly from Orlando International Airport (MCO) to New York’s LaGuardia Airport (LGA), you’d earn 950 miles.
Mid and upper-tier elite members earn the following bonuses on their flights:
Elite 20K: No bonus
Elite 50K: 1.25 miles per dollar bonus
Elite 100K: 1.5 miles per dollar bonus
Earn miles with the Frontier Airlines credit card
Frontier Airlines partners with Barclays to offer the Frontier Airlines World Mastercard®.
New card members earn 50,000 bonus miles after spending $500 on purchases and paying the annual fee in full within the first three months of cardmembership.
With this card, you’ll earn 5 miles for every dollar spent directly with Frontier (including airfare, fees and onboard purchases), 3 miles per dollar spent at restaurants and 1 mile per dollar spent everywhere else. The miles you earn on this card count toward elite status.
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The card also offers valuable benefits like Zone 2 boarding on all Frontier flights and family pooling. You also earn a $100 flight voucher after spending $2,500 or more on purchases with your card during your cardmembership year (terms apply). Cardholders also get waived award redemption fees. We’ll discuss redemption fees later, but Frontier charges between $15 and $75 for close-in reservations.
Unless you place a high value on Frontier Airlines miles and elite status, we generally don’t recommend this card. Most travelers are better off with a transferable points credit card like the American Express® Green Card.
The information for the Frontier card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Earn points with Frontier’s partners
Frontier has relationships with several major rental car companies, so you can earn bonus miles and access negotiated rates when booking through their transportation partner page. While earning rates depend on the rental car company, you can generally earn between 50 and 100 miles per rental day or 1,000 miles per rental.
Frontier Airlines also partners with Marriott Bonvoy, Radisson Rewards and Wyndham Rewards. You can transfer Marriott points at a 3:1 ratio (with 5,000 bonus miles for every 60,000 points you transfer), while Radisson Rewards transfer 10:1. You can’t transfer Wyndham points to Frontier.
These are not favorable ratios; you’re probably better off redeeming those points for hotel stays. However, it’s an option worth knowing about if you ever need to top off your Frontier Miles account.
Depending on the Marriott brand, you’ll generally earn either 1 or 2 Frontier Miles for every qualifying dollar spent. You must update your Marriott account preferences to earn Frontier miles instead of Marriott points. We don’t recommend doing this since you’ll get a maximum of 2.2% back in Frontier Miles instead of at least 4.2% back in Marriott Bonvoy points for your Marriott stays, based on our valuations.
Like Marriott, you can also opt to earn Frontier Miles instead of Wyndham points on your eligible stays:
Wyndham Blue (standard): 1 mile per dollar spent on all stays
Wyndham Gold: 1 mile per dollar spent
Wyndham Platinum: 2 miles per dollar spent
Wyndham Diamond: 2 miles per dollar spent
Again, we generally recommend earning hotel points instead of Frontier Miles.
You can also buy or gift Frontier Miles and earn on eligible Vinesse Wine and Teleflora purchases. Finally, you can book a cruise through Frontier Cruises and earn miles at a preset rate. Often, you can earn more miles by booking through other cruise programs.
One- to five-night cruise: 1,500 miles
Six to nine-night cruise: 3,000 miles
Nine to 12-night cruise: 5,000 miles
Cruises 13 nights and longer: 10,000 miles
Related: What it’s like to fly Frontier Airlines from Miami to Newark on the Airbus A320neo
How to redeem Frontier Miles
You can redeem Frontier Miles for two things: flights and magazines. As you’d expect, the best use of Frontier Miles is redeeming them for award flights. The airline publishes an award chart with starting award rates, but there are a few added fees that you should be aware of before booking. Here’s a look at the specifics.
Frontier offers three different redemption tiers: Value, Standard and Last Seat.
Value: This is the lowest redemption rate for all Frontier redemptions and can be compared to a “Saver” ticket on a traditional carrier. These are generally offered during off-peak dates and less desirable flights, but we’ve also found Value tickets when there’s low demand.
Standard: Standard awards are generally priced out at twice the cost of a Value ticket. These awards are available on more (but not all) dates.
Last Seat: As the name suggests, Last Seat awards are available for booking until the last seat on the plane is booked. Unfortunately, these awards are only bookable to Frontier elites and cost 2,500 more miles each way than Standard awards. This can be a good option if you’re booking at the last minute and paid fares are high.
Here’s a look at Frontier’s current award chart, with starting award rates:
Travel within the U.S. and Puerto Rico
Value
Standard
Last Seat
10,000
20,000
22,500
Award tickets to or from Mexico, Dominican Republic, Jamaica, El Salvador, Guatemala, the Bahamas, Costa Rica and Antigua
Value
Standard
Last Seat
15,000
25,000
27,500
Fees associated with Frontier award tickets
Unfortunately, Frontier adds a booking fee to most award tickets. You’ll pay this fee when you book an award flight within 180 days of departure; the closer you get to departure, the higher the fee is.
Here’s a look at the fee structure — note that these fees are charged in addition to other taxes and fees:
At least 180 days before departure: $0
21-179 days before departure: $15
7-20 days before departure: $50
Six days or less before departure: $75
These fees are waived for Frontier elite status members and those with a Frontier Airlines credit card. If you frequently book award tickets close to departure, you may find applying for a Frontier credit card worthwhile, as this can save you considerable money. Additionally, companions booked on the same reservation as a Frontier cardmember or elite member receive waived redemption fees.
Be sure to factor these fees into the cost of your ticket when booking travel on Frontier Airlines. In some cases, booking a paid ticket instead of an award ticket may make more sense if you’re subject to a booking fee. Frontier often offers low-cost tickets at the last minute, making the cent-per-point redemption value extremely low.
Related: 7 takeaways from my first Frontier Airlines flight in over 4 years
Discount Den membership
Frontier Airlines offers a subscription service called Discount Den. While not the same as elite status, the program gives members access to discounted fares for $59.99 annually. New members have to pay a $40 enrollment fee.
Children under 15 fly for free when accompanied by the Discount Den member on select flights, offering excellent savings on certain routes.
We’ve found that Discount Den can offer pretty excellent deals, too. On a given flight from San Francisco International Airport (SFO) to Las Vegas’ Harry Reid International Airport (LAS), a Discount Den member would save $20-$30 per ticket over the standard price.
These discounts also apply to international flights. For example, you can score a $10 discount per person when flying from Hartsfield-Jackson Atlanta International Airport (ATL) to Cancun International Airport (CUN).
We recommend that frequent Frontier flyers consider a Discount Den membership if they’ll get more than $59.99 annually in savings from the service. That said, a family of four may recoup the cost of a Discount Den membership from just one family vacation a year.
Related: Should you join Frontier’s Discount Den or the new Spirit Saver$ Club?
Go Wild! Pass
Frontier Airlines also offers an all-you-can-fly pass, which it calls Go Wild!
TPG tested the pass and found unexpectedly high fees and limited availability. Additionally, while it’s advertised as an all-you-can-fly pass, it doesn’t provide unlimited free travel after you buy it.
You generally can get the most value from the pass by booking last-minute flights. Here’s an example from Houston’s George Bush Intercontinental Airport (IAH) to Las Vegas.
Go Wild! Pass customers can get confirmed bookings the day before flight departure for domestic travel and starting 10 days before flight departure for international travel.
The annual pass costs $1,999, but you might be able to find limited-time promotions here.
Related: I bought an all-you-can-fly pass — here’s what it was like to use it
Frontier elite status
Frontier elite status has three tiers: Elite 20K, 50K and 100K. You can achieve these elite status tiers by earning 20,000, 50,000 and 100,000 Frontier miles from flying on Frontier or spending on the cobranded credit card. Frontier Airlines also has a promotion where eligible cardholders can secure Elite 20K status for as little as $199.
Let’s look at each of these status tiers and their respective benefits.
Benefits
Elite 20k
Elite 50k
Elite 100k
Qualification
20,000 qualifying miles or 25 flight segments annually
50,000 qualifying miles or 50 flight segments annually
100,000 qualifying miles or 100 flight segments annually
Redeemable mileage earning on Frontier flights
1 mile per mile flown
1.25 miles per mile flown
1.5 miles per mile flown
Carry-on
✓
✓
✓
Seat assignment
✓
✓
✓
Family pooling
✓
✓
✓
Priority boarding
✓
✓
✓
Waived redemption fees
✓
✓
✓
Waived travel fees
✓
✓
✓
Last Seat availability
✓
✓
✓
Stretch seating
At check-in
✓
✓
Family seating
✓
✓
Discount Den membership
50% off
✓
Checked bag
✓
Family status (the Works bundle)
✓
Family status (the Works bundle) is the key benefit here. When you reach Elite 100K, you and your family get free checked bags, carry-on bags, priority boarding and seat selection. Plus, you can change or refund your flight for free, giving you the utmost flexibility when flying with Frontier. This can save your family hundreds of dollars per flight, making the Works one of the most impressive Frontier elite status benefits.
Related: How to get airline elite status
Bottom line
Frontier may not be the most exciting airline, but its loyalty program is worthwhile for those who fly on the airline often. Its award chart is extremely easy to understand and can provide excellent value if you avoid pesky booking fees. Furthermore, Frontier Airlines’ elite status is great for families and those who want to avoid fees when flying on a low-cost carrier.
Now, you have the background to decide if Frontier Miles is the right program for you.
Today we’ll take a deep dive into a major credit union that’s also a sizable mortgage lender, Pentagon Federal Credit Union, or PenFed for short.
While originally intended to serve the U.S. military, veterans, and various defense department government employees, today anyone can join PenFed, whether part of those groups or not.
For example, if you have no military affiliation whatsoever, it’s possible to join if your employer is eligible or if you make a small donation to an organization.
PenFed has been around since 1935, and today serves more than two million members worldwide with a whopping $25 billion in assets.
They lend in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, and Okinawa. Let’s learn more.
PenFed Mortgage Fast Facts
Members-only credit union federally insured by NCUA
Founded in 1935, headquartered in Alexandria, Virginia
Anyone free to join regardless of lack of military background
Offer checking and savings accounts, credit cards, mortgages, and HELOCs
Licensed to lend in all 50 states, D.C., Guam, Puerto Rico, and Okinawa
Funded $18.9 billion in home loans last year
Did about a fifth of total loan volume in home state or Virginia
Also operate a wholly-owned title insurance company called PenFed Title, LLC and real estate brokerage called PenFed Realty
As noted, anyone can join PenFed, though they are a members-only credit union. So once you become a member, you can take advantage of their many product offerings, including home mortgages.
Last year, the Alexandria, VA-based credit union did roughly $18.9 billion in total home loan origination volume, with about a fifth of it in its home state of Virginia.
A good chunk was also originated in the nearby states of Maryland and Florida, along with Texas and faraway California.
Home purchase loans accounted for roughly 50% of volume, with 25% rate and term refinances, almost 20% cash out refinances, and the remainder HELOCs.
And while most of their home loans were fixed-rate mortgages, they offer a variety of adjustable-rate mortgages as well.
How to Apply for a Home Loan with PenFed Mortgage
Members can submit their loan application directly from their account on PenFed Online
They ask that you call them or submit a call back request online if refinancing or inquiring about a HELOC
Those looking to generate a pre-approval can do so right away via the online portal
They offer a digital mortgage loan experience that allows you to complete most tasks electronically
Assuming you’re a PenFed member, it’s possible to get the ball rolling simply by calling them up directly or by filling out a short call back request form on their website.
If you’re looking for a mortgage pre-approval for a home purchase, you can also begin on your own via the PenFed online portal.
Speaking of real estate, PenFed operates an affiliated real estate brokerage known as PenFed Realty, which is backed by Berkshire Hathaway HomeServices.
Like many other banks and lenders, PenFed offers a digital mortgage experience where you can eSign disclosures, scan and upload documents, receive real-time status updates, and check loan progress 24/7.
PenFed also operates its own title insurance company, which might speed up the loan process and/or result in discounts on such services.
Loan Programs Available at PenFed Mortgage
Home purchase loans
Refinance loans (rate and term and cash out)
Conventional loans backed by Fannie Mae and Freddie Mac
Jumbo loans up to $5 million loan amounts
VA loans for eligible military and veterans
Home equity lines of credit (HELOCs)
Various fixed-rate and adjustable-rate options available
PenFed offers both home purchase financing and refinance loans on a variety of property types, including single-family homes and condos/townhomes, along with multi-unit properties.
It’s possible to finance a primary residence, second home, or investment property using a conventional loan backed by Fannie Mae and Freddie Mac, or a jumbo home loan that exceeds the conforming loan limit.
They also specialize in VA loans seeing that they were originally geared specifically toward military and veterans.
While they don’t offer FHA loans or USDA loans, which is a major downside for some borrowers, they do offer a home equity line of credit (HELOC) product, with the possibility to tap equity up to 90% CLTV.
PenFed pays most of the closing costs on the HELOC, and will waive the $99 annual fee if $99 in interest is paid during the preceding 12-month period.
The only caveat on that product is if you pay it off or close it within 36 months you’ll need to reimburse the full amount of the PenFed-paid closing costs for the loan.
PenFed also offers some unique proprietary loan programs like their 15/15 ARM or their 5/5 ARM if you’re looking for something a little different.
And they offer traditional ARMs like the 5/6 ARM and 7/6 ARM, along with the usual fixed-rate options like a 30-year and 15-year fixed.
PenFed Mortgage Rates
One nice thing about PenFed is the fact that they openly advertise their mortgage rates for all to see on their website.
You don’t need to sign in to see their rates – simply surf over to their site to see today’s rates on a variety of products including conventional fixed-rate loans, jumbo fixed-rate loans, and VA loans.
They don’t advertise their ARM rates so you’ll either need to click on “Get My Rate” to generate your own mortgage rate quote on their website or call in for pricing if you want an adjustable-rate mortgage.
From what I saw, their mortgage rates were competitive, especially since they say they don’t charge lender fees.
Additionally, those purchasing a home get a lender credit ranging from $500 to $2,500 depending on loan amount, which can be used to offset any third-party closing costs like the home appraisal or title insurance.
All in all, PenFed’s mortgage rates seem competitive and the lack of lender fees makes them even more desirable when you consider the mortgage APR.
PenFed Mortgage Reviews
They have a rather marginal 3.8-star rating out of 5 on Zillow, though it’s only based on about two dozen customer reviews. Still, it leaves a lot to be desired.
Similarly, they have a 3.9-star rating out of 5 on WalletHub from a much larger sample size of about 6,000 reviews, but that may include non-mortgage related products.
However, quite a few seem to focus on their mortgage or home equity products, so you’ll be able to read about relevant customer experiences.
It’s the same story over at Bankrate, a 3-star rating from eight reviews. Again, not a lot there, but still seems to be consistent with other ratings sites.
While they aren’t a Better Business Bureau accredited company, they do currently have an ‘A+’ BBB rating based on complaint history.
But their customer reviews on the BBB website are rather poor, with a 1.2-star rating on 75 reviews at last glance.
So it seems they’re struggling a bit in the customer satisfaction department, despite having a solid website, competitive mortgage rates, and no lender fees.
PenFed Mortgage Pros and Cons
The Good
They openly advertise their mortgage rates which appear to be competitive
Don’t charge lender fees
Lender credit specials on home purchase loans
Can apply for a mortgage online via digital process
Offer lots of home loan programs including home equity products
Jumbo loan amounts as high as $5 million
Free mortgage calculators on their website
They service their home loans
The Maybe Not
Limited number of branches if you don’t live by a base
This probably sounds strange coming from a guy who has been anti-budget all his life. Besides, haven’t I paid off all my debt? Don’t I have a positive cash-flow of over $1,000 per month? Yes, these things are true. But I’ve noticed something troubling: I’ve begun to experience that lifestyle inflation I’m always warning others about.
Lifestyle inflation is the natural tendency to increase our spending as our incomes increase. When we get a raise at work, we’re likely to spend more at home. A little lifestyle inflation is fine. But there’s a real danger of becoming too comfortable with increased spending. Once we become accustomed to a certain lifestyle, it’s difficult to cut back.
Cracks in the Foundation
On our flight home from Orlando, Kris and I talked about my spending. It has increased in recent months. Some of this is deliberate. I’ve made a conscious decision to allow myself to spend more money on Wants. I can afford it. The trouble is that I’ve begun to spend indiscriminately again, and I’m afraid that’s a slippery slope. I’ll buy random magazines at the grocery store, or pick up a game for the Wii that I’m only half interested in.
I’m certainly not spending beyond my means, but I’ve begun to make more impulse purchases. I want to correct this now — before it becomes a problem. In the past, I’ve used a spending plan to help me meet my goals, and more recently I’ve been following the broad outlines of Elizabeth Warren’s balanced money formula:
But sometimes broad outlines aren’t enough. In this case, Kris suggested that a budget might help curb my impulsiveness, and I think she’s right. With a budget, I can set specific goals. I can focus on the things I really want instead of just spending on random things that appeal to me in the moment.
So, I’ve decided to create a budget. Not a comprehensive budget — my Income, Needs, and Saving are all fine — but a budget for my Wants. I want to exercise discipline in this area so that I’m spending on things that are actually important to me instead of random stuff, stuff that ultimately turns into clutter.
Blueprint for Success
To start, I reviewed my discretionary spending from last year and compared it to the totals from the first four months of 2009. This is where tracking every penny you spend can prove valuable. By comparing my past spending to my present spending, I’m able to detect trends. It’s very clear, for example, that I am again spending too much on dining out. Time to cut back.
Next, I thought about my goals. What is it that I really want to do? Lately, travel appeals to me. Kris and I both would like to take a vacation to Europe in 2010. To make that happen, I need to save. This gives me a medium-term goal to save toward.
Finally, I allocated a specific amount of money toward my monthly Wants. Remember, because I’m self-employed, I have an irregular income that passes through my business account first. If I pull out $2500 per month (after taxes) to act as personal income, that gives me $750 to spend on my passions. That should be plenty.
Note:Based on my Income, Needs, and Saving, I can afford to allocate $750 for Wants. This might seem high to some GRS readers. It would have seemed high to me once, too. But because I’ve paid off my consumer debt, I have $750 per month to spend on the things that make me happy.
Building the Budget
After collecting the data and setting my goals, I made a first pass at a budget. This is what I’ll use for June and July:
Books: $50/month
Comic Books: $50/month
Entertainment: $50/month
Clothing: $50/month
Charity: $50/month
Dining Out: $200/month
Vacation 2010: $200/month (plus small windfalls)
Miscellaneous: $100/month
Obviously, you might make different choices. I know that many GRS readers are avid contributors to charity, for example, and I suspect few of you budget for comic books! These are the allocations that seem to make sense for me and my situation. I’m sure that I’ll make changes to this budget as I work with it in the real world.
Actually, I have a lot of questions about how a budget should work in the real world. Because I’m a budgeting novice, I could use some help. I’m hoping that you experienced budgeters can answer some of my questions:
How often do you re-evaluate your budget? Do you make monthly adjustments? Quarterly? Yearly?
If you go over budget for a month, what do you do? Do you make immediate adjustments? Or do you simply try to correct things the following month?
What if I go under budget in a category? Does that mean I get to carry that money into the next month? Can I use it for a different Want category? (Perhaps sweep anything extra into the Vacation fund?) Or does does that money go to Saving instead? Or should I donate it to charity?
How do you track your spending against the budget? If I used the envelope system, I’d allocate the actual cash to each account before-hand. But what if I don’t want to have that much cash around the house? Is there a good way to keep track of current spending in each category? Should I carry a notecard with my monthly spending on it? (That seems to be what Bargain Babe recommends.)
Do you try to further reduce spending on these categories? For example, should I try to drop my budget for Dining Out even more?
This is a strange new world for me. Over the past year, I’ve been pursuing more and more advanced personal finance subjects and concepts. Yet here I am, in better financial shape than ever, about to implement a basic skill I’ve never mastered before. That’s okay. I believe it’s important to continue focusing on the fundamentals even as we tackle more advanced topics.
My Discretionary Spending: Bits and Pieces
I want to talk about a couple of my spending habits. One is a worrisome trend, and one is a thing I’m doing right.
Food for Thought
Long-time readers know that Kris and I love to dine out. It’s one of those things we’re willing to spend on. We cut corners in other areas of our lives so that we can afford to make this happen. Still, I’ve been concerned about my restaurant spending for the past couple of years. It seems a tad excessive.
How’d I do last year? Well, my grocery spending dropped, but my restaurant spending went up again — a lot. Here’s a look at five years of data:
In 2005, we spent $1423.39 to dine out 100 times, for an average cost of $14.23 per meal.
In 2006, we spent $1869.58 to dine out 108 times, for an average cost of $17.31 per meal.
In 2007, we spent $2051.93 to dine out 84 times, for an average cost of $24.43 per meal.
In 2008, we spent $2628.08 to dine out 77 times, for an average cost of $34.14 per meal.
In 2009, we spent $3443.61 to dine out 69 times, for an average cost of $49.91 per meal.
Holy cats! Will you look at those numbers? We’re only dining out about half two-thirds as often as we were in 2006, but we’re spending nearly three times as much per meal. At the current rate of spending growth, we’ll be spending $300 per meal in 2015! Since I can afford our current spending — I’m not living beyond my means — the real question is: Am I getting my money’s worth? I’m not sure that I am.
If I’m honest, I have to admit that I don’t like the idea that we’re paying $50 per meal. I’d much rather return to our former habit: Dining out more often, but spending less each time. To that end, I’ve been brainstorming ways we can work to cut costs:
We could do a better job of looking for discounts. We have an Entertainment book, and the local paper often features specials at local restaurants. We should take advantage of both of these. We used to do this, but have fallen out of the habit (primarily because we’ve become so used to eating at the same places again and again).
We need to find more cheap places to eat. Half the fun of going out is just going out. Sure, we love the fancy restaurants, but we used to be happy with Dairy Queen. (This is lifestyle inflation in action!) The real problem is that the cheap places I know and love (Cha Cha Cha and Imperial Garden) aren’t Kris’ favorites. We need to find cheap places we both like.
When we do eat in the same old haunts, we need to make an effort to reduce our spending. It’s okay to have an appetizer, entree, dessert, and drink all in the same meal now and then, but we could save money by cutting one or two of these from the mix each time we dine out.
Finally, we should invite friends to our home for dinner more often. As soon as the book is done (getting close!), I’m going to make a habit of inviting one family to dine with us every couple of weeks. We used to do this a lot, but have fallen out of the habit. It’s fun and frugal to have folks over for dinner.
So, that’s one part of my financial life that still needs work. Next, let’s look at something I’m doing right.
Tangent: Portlanders, help me out. What are your favorite cheap places to eat around town? Bonus points for inner southeast, West of 39th from Hawthorne south to Oregon City.
A Waning of Want
Here’s something that amazes me: We’re twelve days into the year and I haven’t spent anything yet on personal expenses. I haven’t even felt the urge. I’ve bought gas for the Mini and groceries for home, and Kris and I went out to lunch last Friday, but I haven’t spent a dime on gadgets or books or games or toys or magazines.
“Big deal,” you might say. “That’s how it should be.” You’re right. But for me, this is a big deal. All my life, I’ve had the uncontrollable urge to buy Stuff. It used to be that I couldn’t go more than a day or two without buying something. Even while writing this blog, that’s been the case. (I’ve just learned to channel my desires into smaller, cheaper things.) Now, as last, I seem to have licked it.
I still want things — no question! — but I’ve become very good at ignoring the wants and moving on. How?
Sometimes, I just put down the thing I want, turn off my brain, and walk away. I force myself to stop thinking about it. (Usually by thinking about something else — like our upcoming trip to Europe, and how I need to save for that instead.)
If I still want the thing when I get home, I put it on my Amazon wish-list. For whatever reason, that’s often enough to satisfy the strange inner workings of my mind. I feel comforted knowing I’ve let myself put it on a list where I won’t forget it.
I’m very good about using the 30-day rule to control my impulse spending. My Amazon wish-list plays a role in that, but so does my mountain of index cards. (My life wouldn’t be complete without index cards.) I have a handful of cards on my desk filled with notes about the things I want. It’s amazing how many times I sort through this stack and end up throwing cards away because I no longer want the item I’ve written down.
These techniques help me deal with desire. They don’t quell it completely — nor would I want them to — but they do keep it in check. That last rule is probably the most effective. By delaying purchases 30 days, I don’t feel like I’m denying myself. I can still buy what I want if I want it 30 days later, but I’m not just giving in to impulse spending. (When 30 days rolls around and I do still want something, it actually feels pretty good to be able to buy it.)
My current spending moratorium isn’t permanent, and I know that. In fact, the new Dick Tracy anthology comes out tomorrow, so if nothing else, I’ll be shelling over $25 for that.
Remember: there’s nothing inherently wrong with spending money on things that bring you joy. Problems arise when you finance these purchases with debt. If you’re meeting your other financial goals and have money left over, it’s good to indulge your interests and passions. Just make sure you’re getting value for the dollars you spend.
A Look Back to Previous Years
I believe there are two components to building wealth:
Reducing costs
Boosting income
Doing one or the other can help you meet your goals, but to really succeed, you must do both. My goal has been to create a significant positive monthly cash flow. I’ve managed to do this. But as my income increases, so does the temptation to spend more. Have I been able to fight the urge? It’s time for the annual review of my largest sources of discretionary spending:
Although I use comics as a prop for laughs at Get Rich Slowly, I’ve genuinely struggled with my spending on them in the past. Not this year. I made vast improvements in 2008, actually spending less on comics than I had planned. There are two reasons for this. First, I’ve narrowed my focus, collecting only those titles I most desire. I’m also making an effort to read all of the books I’ve bought but never finished. These two changes have helped me to spend less on this hobby.
At one time, I spent over $200 a month on books. Now I spend less than $40. I’m content with this number, especially since many of these are for our monthly book group. One reason my inclination to buy books has decreased is that I’m able to purchase personal-finance books through Get Rich Slowly, the business. (Plus authors and publishers send them to me for free.) This gives me a never-ending source of reading material, and makes me less inclined to spend time in a bookstore. And again, I’m trying to read books I own but have never finished.
Entertainment (2005: $478.81, 2006: $543.55, 2007: $1094.83, 2008: $897.91)
This number isn’t as bad as it seems. It includes two Decemberists concerts for me and Kris, and it also includes some of our television viewing. (Remember that Kris and I cut back to basic cable, and now we watch TV through Netflix and through the iTunes Music Store.) There’s also a one-time $236 event here that ought to have been a business expense. I’m not unhappy with my spending on Entertainment.
Many personal finance writers view pets as an unnecessary expense. To me, $35 a month to keep four cats is a bargain. It only costs me about a quarter a day for each animal, and they bring much more joy to my life than that. If Kris would let me, I’d be the “crazy cat lady” on the block. (Are there “crazy cat gentlemen”?) Note that our actual pet expenses are greater. Kris pays for their food, and that’s not reflected in these numbers
This includes wine, liquor, pipe tobacco, poker nights, etc. I don’t smoke regularly, but I do smoke a pipe maybe a dozen times a year. Most of this expense is for alcohol at dinner parties and social gatherings. My alcohol consumption did increase during 2008, which is a concern, but that’s not the reason for the increased spending. For the first time ever, we bought a couple of cases of wine. This will actually reduce the “wages of sin” in the long run, but it bumped the number for 2008.
Although this report is interesting, there are problems with my methodology. For example, I’ve included my grocery spending above (although it’s not really discretionary), but have not included spending on exercise equipment (which is discretionary). Also, Kris pays for much of our grocery shopping. Because we keep separate accounts, her share of that expense isn’t reflected in these numbers.
In order to be consistent from year-to-year, however, I’ve elected to continue reporting the same expenses in the same ways. You’ll have to take my word that the figures here are representative of my spending as a whole. This annual report is sort of like tracking a stock market index, I guess. It doesn’t reveal nuances, but it’s still a useful indicator of the Big Picture.
So despite cutting back on the areas that are really important to me — books and comics — my spending increased. And most of that increase came from dining out.
How did you do on your spending goals last year? Are there areas where you wish you spent less? If so, what strategies do you use to keep yourself in check?
The Disney Vacation Club (DVC) is a type of timeshare program run by The Walt Disney Co. that lets members exchange Vacation Points — which they purchase — for hotel rooms, villas and suites at Disney resorts.
Some of the biggest Disney fanatics love it, as there can be outsized value for those who maximize redemptions at official DVC resorts every year of their contract. That said, it’s far from a good deal for most people. For instance, members have been caught off guard by annual dues increases that aren’t exactly well-advertised.
But it’s not all about money, and by providing opportunities and experiences that you otherwise can’t get anywhere else, DVC can offer benefits beyond just financial savings. So with that, here are the pros and cons of Disney Vacation Club.
Pros of Disney Vacation Club
The upfront costs (at least $32,550 in 2023) and risks are high, but even those who either breakeven or lose money might still come out “ahead” given the other DVC benefits, many of which are pretty underrated.
Rentals are large and luxurious
Rooms, suites and villas are generally more spacious and have more amenities than standard hotel rooms.
Discounts and freebies on other Disney lodging
WhileNerdWallet doesn’t recommend redeeming points for Disney trips outside the official DVC portfolio, DVC members can find steep discounts if they book such trips in cash.
Discounts on dining, shopping, tickets and tours
DVC members get discounts at hundreds of restaurants and shops. Discounts are usually 10%, but they’re occasionally higher. DVC members can also find discounts at after-hours theme park parties, backstage tours, and on activities like golf and dessert cruises.
Surprise gifts
Disney occasionally surprises members with small gifts, like pins, buttons and beignets.
Access to DVC member lounges
DVC has a few members-only lounges sprinkled throughout Disneyland and Disney World. Perks vary by lounge, but you might find free refreshments, premiere views and rare Disney memorabilia.
Members-only events and trips
You might snag a reservation to Moonlight Magic, an after-hours party limited to DVC members. There are also paid DVC-only trips including cruises, which often sell out.
Cons of Disney Vacation Club
Aside from the huge upfront cost, these other pitfalls don’t necessarily have a dollar figure associated with them.
Redeeming beyond DVC properties is a terrible deal
Since the non-DVC resort redemptions end up devaluing your points, such redemptions should be limited. If you love Disney but would rather get your fix at an international park, skip DVC.
Points expire
While you can bank and borrow points from either last year or next year, the process comes with its own rules and limitations. Generally speaking, plan on using your allotment of Vacation Points each year — as points otherwise expire.
You’re committed for decades
DVC contracts are long. You could give your contract to friends or family later in life, but it can be a hassle and warrant additional financial concerns.
Selling your contract typically comes at a loss
If no one wants your DVC contract “gift,” then you may be able to sell your DVC points. That’s also complicated. DVC reseller website DVC Resale Market has nearly 800 resale listings available, where many properties sell for discounts of 50% or more. Reselling also involves other selling costs (e.g., a licensed real estate broker).
Further, anyone who’s on the financing deal can only transfer ownership once their mortgage loan is paid in full.
Renting Disney Vacation Club points can be complicated
Perhaps you’re not vacationing this year. If so, you can rent out unused Vacation Points to someone else, as long as it’s not for commercial purposes (Disney has a policy against a “pattern of rental activity,” though rentals every once in a while are OK). There are plenty of third-party DVC rental websites, but while you’ll recoup some costs of unused points, you’ll still usually come out in the red.
After all, buyers expect to snag Vacation Points at a discount and these websites take a cut of profits. The going rate that major DVC rental websites pay owners tends to be about $18 per point.
Your heirs are likely saddled with paperwork when you die
If you want someone to inherit it (and they want it too), add that person as a joint owner. But adding their name after the initial contract was set up requires paying a title company or attorney to assist with recording a new deed.
If you die before adding someone to your contract, then your family will need a probate attorney.
Multiple people per contract can get messy
Multiple families might also share one contract to reduce upfront overhead costs and alleviate pressure to take every vacation at Disney (one family could use the points one year, while another family claims them the next).
But contracts binding multiple people can get messy.
Splitting up points in divorces or friend splits can be painful. Disney won’t let you divide your Vacation Points. Though you might divide points and payments in your own, separate agreement, it might be better to use an attorney if you can’t agree.
Have a contingency plan if one party stops paying their share, as you’ll still be on the hook for unpaid dues (Disney doesn’t care who flaked). If your contract’s balance is unpaid for long enough, Disney can foreclose on the deed, which can negatively impact your credit scores.
You might just remove their name from the deed, but that saddles you with their portion of the costs — and it also incurs a fee to change the name on the deed. Even if it doesn’t get to foreclosure levels, one party refusing to pay their share can bring interpersonal fallout, which might be the biggest cost of them all.
The bottom line
DVC is certainly for some people, but it’s not for everyone. NerdWallet got pretty, well, nerdy, with its calculations to understand how much a DVC point actually costs if you join today. Check out those figures over at NerdWallet’s guide to whether DVC is worth it to assess if you’ll find financial savings in joining DVC versus just booking future Disney vacations in cash.
But not every benefit of DVC is purely financial. So despite carrying its fair share of cons, the pros of joining DVC can alone be worth it for some Disney fans.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Plenty of real estate agents make good money but never seem to get ahead. On today’s podcast, author Joan Sotkin joins Pat to discuss why so many Realtors are so bad with their finances. Joan also shares several habits, techniques, and tips for improving one’s financial fitness. Listen and learn how to build your money muscles so that you’re the strong, disciplined leader your real estate business needs to succeed.
Listen to today’s show and learn:
About Joan Sotkin [2:17]
Why real estate agents are terrible with money [4:32]
The importance of cashflow management [7:12]
Tips for tracking your money [12:19]
Why you need to track finances to make good financial decisions [14:16]
Joan’s spreadsheet for tracking earnings and expenses [15:30]
How to beat “financial vagueness syndrome” [17:34]
What all wealthy people have in common [19:20]
How to build your money muscles [21:57]
Tips for overcoming the urge to spend [23:43]
The key to confidence [32:23]
Why being overly materialistic is a bad look [37:52]
Related Links and Resources:
Thank You Rockstars! It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email. -Aaron Amuchastegui