Louisiana has a rich mix of culture, history, and natural beauty. From the vibrant jazz rhythms that echo through the streets of New Orleans to the historic charm of Baton Rouge, the state captivates visitors with its unique blend of Creole and Cajun influences. Whether exploring the lively French Quarter or meandering along the serene bayous, Louisiana offers a sensory feast for the adventurous traveler. However, living in Louisiana comes with its own set of challenges. In this ApartmentGuide article, we’ll go through the pros and cons of living in Louisiana, providing you insight on what life is like in the state.
Renting in Louisiana snapshot
1. Pro: Rich cultural heritage
Louisiana’s cultural heritage is evident in its diverse architecture, vibrant traditions, and exuberant festivals. For example, the French Quarter in New Orleans stands as a living testament to the state’s colonial past, with its picturesque streets lined with historic buildings dating back centuries. Annual events like Mardi Gras and Jazz Fest epitomize Louisiana’s multicultural influences, drawing visitors from around the globe.
2. Con: Hurricane risk
Louisiana’s geographical location along the Gulf Coast exposes it to a significant risk of hurricanes, which can result in catastrophic damage to homes, infrastructure, and communities. For instance, Hurricanes Katrina and Rita in 2005 left a trail of destruction in their wake.
3. Pro: Culinary scene
Louisiana’s culinary scene is renowned worldwide for its tantalizing array of flavors and dishes that reflect the state’s cultural melting pot. From iconic classics like gumbo and crawfish boils to innovative fusion cuisine blending Cajun, Creole, and international influences, Louisiana offers a gastronomic adventure for food enthusiasts. For instance, the West Bank area of New Orleans is celebrated for its Vietnamese-Cajun cuisine, where dishes like pho and crawfish are creatively combined to create unique culinary delights.
4. Con: Mosquitoes and pests
Louisiana’s warm and humid climate provides an ideal breeding ground for mosquitoes and other pests, which can be a persistent nuisance and pose health risks to residents. From pesky mosquitoes swarming during outdoor activities to invasive species like Formosan termites wreaking havoc on homes and structures, you’ll want to try preventative measures to mange them.
5. Pro: Natural beauty and outdoor activities
Louisiana’s natural beauty is as diverse as it is breathtaking, encompassing swamps, bayous, and coastal marshes teeming with wildlife. Residents have many opportunities to immerse themselves in the picturesque scenery, whether it’s embarking on a swamp tour to encounter alligators and herons, kayaking through the tranquil waters of the Atchafalaya Basin, or birdwatching in the pristine habitats of the Sabine National Wildlife Refuge.
6. Con: Poor infrastructure
Louisiana ranks as one of the top 10 states with the worst infrastructure. The state faces ongoing challenges, including aging roads, bridges, and levees, which are susceptible to damage from hurricanes and other natural disasters. For example, the state’s transportation network may suffer from congestion, potholes, and delays, impacting residents’ daily commutes and hindering economic development.
7. Pro: Vibrant music scene
With genres ranging from jazz and blues to zydeco and Cajun music, Louisiana’s music scene is known around the globe. Cities like New Orleans and Lafayette are great cities to find some live music, where residents can revel in performances by local musicians and renowned artists. From the soulful melodies of jazz bands in Frenchmen Street to the infectious energy of zydeco dance halls, Louisiana’s music scene is an integral part of its cultural identity.
8. Con: Traffic congestion
Urban areas in Louisiana, particularly New Orleans and Baton Rouge, grapple with heavy traffic congestion, especially during peak hours, leading to frustration for drivers and increased pollution levels. From gridlocked highways to bottlenecked intersections, navigating the city streets can be a daunting and time-consuming task, impacting productivity and quality of life for residents.
9. Pro: Sports culture
Louisiana residents are fervent sports enthusiasts, with football reigning supreme as a source of community pride and camaraderie. Whether it’s cheering on the New Orleans Saints in the electric atmosphere of the Superdome or the LSU Tigers at the iconic Tiger Stadium, sports culture unites fans across the state in a shared passion for their teams.
10. Con: High humidity
Louisiana’s subtropical climate brings high humidity levels, especially during the hot and humid summer months, which can make outdoor activities uncomfortable and exacerbate feelings of heat exhaustion. From sticky, sweltering days to muggy nights, coping with the oppressive humidity can take a toll on residents’ physical comfort and well-being.
11. Pro: Festive atmosphere
You’ll find a festive atmosphere year-round in this state, with a calendar brimming with cultural celebrations and events that showcase Louisiana’s way of life. From the colorful pageantry of Carnival season with its elaborate floats and masked revelers to community festivals celebrating everything from seafood to music, there’s always something to celebrate in Louisiana.
12. Con: Limited public transportation
Outside of larger cities like New Orleans, public transportation options in Louisiana may be limited, leaving residents without access to personal vehicles at a disadvantage. For instance, rural areas may lack reliable bus services or commuter rail connections, making it challenging for residents to access essential services, employment opportunities, and educational institutions.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
In today’s volatile housing market, ensuring your home is protected against unexpected repairs and replacements is more crucial than ever. As homeowners seek peace of mind amidst the unpredictability of homeownership, home warranty companies have stepped up to offer a buffer against unforeseen expenses.
5 Best Home Warranty Companies
With so many options available, pinpointing the most reliable and value-packed home warranty company can be daunting. To help you choose, we’ve curated a list of the best home warranty companies to ensure your home’s systems and appliances receive the top-tier coverage they deserve. Take the time to discover which provider aligns best with your needs.
#1 Choice Home Warranty
There are plenty of reasons to go with Choice Home Warranty. First, they are a top-rated business according to ConsumerAffairs.com and have an average rating of 4.8 out of 5.
They have a five-star rating from Trust Pilot, and Inc. 5000 has recognized them as one of America’s fastest-growing private companies.
Choice has customer service available 365 days a year, 24 hours a day, 7 days a week. So if you’ve got a problem, don’t be afraid to pick up the phone and call them.
They are more than happy to answer any questions about your home warranty plan or, if need be, put in a request for a repair. A licensed, pre-screened, and continuously monitored technician will come to your house, usually within one or two business days.
The age of your home, its systems, and appliances is not relevant to Choice Home Warranty. They always cover items that have been properly maintained and were in well-working order when coverage was initiated.
If the item in question needs to be replaced but is no longer available on the market, they will give you a cash payment of the item’s replacement cost.
Another plus is that you don’t even have to get your home inspected before Choice Home Warranty will begin offering you coverage.
Choice also has a very reasonable $85 dollar service call, which makes them among the most competitive warranty providers for service calls.
Plan Options
1. Total Plan ($450 a year)
Includes coverage on the following —
AC
Heating
Electrical
Plumbing
Water Heater
Whirlpool
Refrigerator
Oven
Dishwasher
Microwave
Garbage Disposal
Washer and Dryer
Ductwork
Garage Door Opener
Ceiling and Exhaust Fans
2. Basic Plan ($378 a year)
Includes coverage on everything mentioned above, EXCEPT:
AC
Refrigerator
Washer and Dryer
Items that can be added at additional cost include:
Pool
Central Vacuum
Well and Sump Pump
Limited Roof Leak
Stand Alone Freezer
Second Refrigerator
Septic System
Septic Pumping
Read our full review of Choice Home Warranty
#2 Advanced Home Warranty
Advanced Home Warranty offers comprehensive coverage and a 24/7 claims hotline, making it a strong choice for anyone considering a home warranty.
Home warranties are available nationwide, so you can qualify for a plan, no matter where you live in the U.S. Plus, you can try it out without any risk by signing up to get your first month completely free of charge.
Trade service fees are reasonable at $60. If the cost of the repair is less, you’ll pay the smaller amount. This is one of the lowest service fees available among the providers on our list.
While they don’t offer a wide range of plans, you can get coverage on some of the big-ticket items associated with homeownership.
A low monthly fee can be much more manageable than paying for replacements outright every time an appliance breaks. There are also parts of even larger systems that are included in their coverage.
Here’s a breakdown of the two home warranty plans available from Advanced Home Warranty, how much you’ll pay, and what exactly they include.
1. Basic Plan ($370 a year, plus one month free)
Includes coverage on the following:
Heating System
Electrical System
Plumbing System
Dishwasher
Microwave
Garage Door Opener
2. Total Plan ($450 a year, plus one month free)
Includes coverage on everything above, PLUS:
Air Conditioning
Refrigerator
Washer/Dryers
Do read each home warranty plan for details on exactly how each specific item on the list is covered.
Read our full review of Advanced Home Warranty
#3 Liberty Home Guard
Liberty Home Guard offers a high degree of personalization for your home warranty coverage. For example, you can pick the plan and also how often you want to be billed.
You can choose monthly payments, annual payments, or for the most savings, multi-year home warranty plans.
Liberty Home Guard offers a service call fee of $60, which is a competitive service fee. You can also expect your service call to be delivered within 48 hours of making a claim.
You don’t need a home inspection to qualify for coverage with Liberty Home Guard. There’s also no limit to how many claims you can file within a year.
You can file your claims online for your ease and convenience. And with a 60-day satisfaction guarantee on service, you’re sure to be satisfied with the repair or replacement process.
If for some reason, you want to cancel your plan early, it’s entirely possible because there’s no annual contract. You’ll receive a prorated refund for any time you’ve paid for, except for a small administrative fee.
With Liberty Home Guard, there are three different coverage options you can choose from. You can also include optional add-ons in any plan.
1. Appliance Warranty for $39.99 Monthly or $399.99 Annually
Clothes washer
Clothes dryer
Refrigerator with ice maker dispenser
Built-in microwave oven
Dishwasher
Garbage disposal
Range/ oven/ cooktop
Ceiling and exhaust fans
Garage door opener
2. Systems Guard for $49.99 Monthly or $499.99 Annually
Air conditioning
Heating
Ductwork
Plumbing
Electrical
Water heaters
3. Total Home Guard for $59.99 Monthly or $599.99 Annually
This choice offers the most protection of all the plans and includes everything listed in the two plans above.
4. Optional Add-ons
Pool and spa: $17.00 monthly; $195.00 annually
Sump and pump: $3.00 monthly; $36.00 annually
Central vacuum: $3.00 monthly; $36.00 annually
Well pump: $9.00 monthly; $101.00 annually
Additional spa: $16.00 monthly; $188.00 annually
Septic system and septic sewage ejector pump: $11.00 monthly; $123.00 annually
Stand alone freezer: $4.00 monthly; $44.00 annually
Second refrigerator: $4.00 monthly; $44.00 annually
Read our full review of Liberty Home Guard
#4 Complete Protection
Complete Protection is another excellent home warranty company. Servicing all but nine states, this A+ Accredited Business is open 24/7.
Only slightly more expensive, this once small-scale, family-owned business offers some of the most comprehensive home warranties available in North America.
One of the many benefits offered by Complete Protection is their no-fee service call policy. With most quality providers charging at least $50 per service call, having no service call fee at all is a major perk.
They have five plans you can choose from:
Kitchen/Laundry: $32 a month/ $384 a year — covers your dishwasher, oven, refrigerator, and washer and dryer.
Heating/Cooling: $34 a month/ $408 a year — covers your furnace, AC, and water heater.
Basic Built-ins: $40 a month/ $400 a year — Furnace, AC, water heater, dishwasher, and oven.
Full House: $50 a month/ $600 a year — Furnace, AC, water heater, dishwasher, oven, refrigerator, and washer and dryer.
Full House Plus: $60 a month/ $720 a year — Includes everything mentioned in the first four plans, but also includes electrical wiring and in-bound water pipes.
What makes Complete Protection stand out even more:
There are a few other things that make Complete Protection stand out from its competitors. For one, their home warranties don’t have a deductible. As a result, you don’t have to pay any approved repair costs when something happens — this includes the initial service call, parts, and labor.
Secondly, CP pays for all preventative maintenance. Other home warranty companies mandate that their customers undergo preventative maintenance on items such as HVAC systems, but they won’t even pay for it. Instead, they force their customers to do so!
Thirdly, CP home warranties cover all the parts within an appliance. Most home warranty companies exclude parts like ice makers or washing racks within dishwashers. CP does not pick and choose which parts it will cover.
Lastly, Complete Protection allows you to choose your own service contract provider. So, if you have a certified contractor with whom you work, you can go to them whenever home repairs are needed.
They do this because they feel that their customers should always be comfortable with the person working in their house.
Read our full review of Complete Protection
#5: American Home Shield
The accolades American Home Shield has received are many. In addition to being a Better Business Bureau Accredited Business, they also received the Women’s Choice Award from 2014 to 2016.
On top of that, Home Warranty Reviews gave American Home Shield the Best in Service award in 2014 and ranked them as Top Rated from 2015-2017. Last but not least, they are Consumer Affairs Accredited.
Why so much recognition from the industry? For starters, they’re always open. You can always reach them regardless of what day or time it is. And, when you do, expect a local contractor to be at your home within no more than 24 hours. You don’t even have to get on the phone. You can request home repairs directly from their website.
Another reason American Home Shield is recognized as the best among the best is its versatility with its home warranty plans. They have four to choose from:
Systems Plan: Covers the replacement or repair of your home’s key systems, such as: plumbing, electrical, heating, air conditioning, and smoke detectors.
Appliances Plan: Includes coverage on common, everyday household appliances, such as refrigerators, built-in food processors, dishwashers, and washer and dryers.
Combo Plan: Get coverage on all of your primary home systems and appliances. Saves you $14 a month if you were to rather purchase the systems and appliances plans separately.
Build your own plan: Choose only what you want to be covered by selecting 10 or more items from their list of covered items. This way you get the coverage that you care about the most.
Another element of their customized service is their service fees. American Home Shield allows customers to choose from a service fees range of $75, $100 or $125 per service request. This allows you to get the plan you want without having to account for a high service call fee.
The ability to choose your own service call fee regardless of the plan you’re on separates American Home Shield from most other home warranty companies which carry a standard service call fee.
Additionally, American Home Shield can provide coverage for your pool, spa, well pump, and septic system (at additional costs) and can assist you during the moving process by covering your home while it’s listed. If the new owner decides they would like to upgrade service afterward, it’s an easy switch to do so at closing.
Read our full review of American Home Shield
Methodology: How We Chose The Best Home Warranty Companies
When researching the best home warranty companies, we analyzed over 20 of the most popular home warranty companies. Our team spent hours reviewing each home warranty company. We examined many factors, but mainly focused on the following:
Home warranty plans and options
Pricing
Reputation and trustworthiness
Customer reviews
Pros of Home Warranties
Peace of Mind
One of the major benefits of a good home warranty is peace of mind. A home warranty can bring some real financial security against unexpected home repairs. While getting your home in ideal shape can be tough, maintaining that level can be even more stressful. A good warranty coverage can cut away a big chunk of that worry.
Convenience
One of the biggest problems people can encounter when faced with unexpected breakdown at home is finding good help. But a home warranty also reduces some of that stress, as your provider can provide you with a relevant licensed expert within their network.
Potential Savings
In many cases, standard home repairs – such as a new boiler, for example – can be a lot cheaper if replaced under warranty. While home warranties can’t guarantee savings, chances are you will see the benefits speak for themselves over time.
Transferable
Many home warranties are transferable, meaning you could carry your plan to a new home if you decide to move. Be sure to check whether transferability is a feature of any warranty before signing if that’s important to you.
Cons of Home Warranties
Wait Times
Unfortunately, wait times for claims can sometimes keep you waiting. If you need a quick fix or emergency repairs at home, you may have to wait longer than you would like. One thing that can help here is looking for a provider that provides an online claims process. This is because online claims are often processed faster than those done over the phone.
Coverage Exclusions
Home warranties don’t cover everything, and it can be hard in an emergency to remember your exact coverage limits. It’s important to read the details carefully before signing up, and put a plan in place if you need work that falls outside your warranty coverage.
Cost
Home warranty coverage isn’t cheap, especially if you want to secure protection across your property. You won’t necessarily be covered by service fees, even if you choose a plan with a high service fee. And of course, some maintenance and repairs can come with further costs on top of your plan. These high costs can make it difficult to discern whether a home warranty is the right thing for you.
Other Home Warranty Companies to Consider
Here are a few other home warranty companies that didn’t make our top 5 that you may still want to look into.
Like so many things in our lives, a home warranty is something that we don’t often think about until we absolutely need it. Sure, you have home insurance, maybe even flood insurance, but that only covers certain situations.
Homeowners Insurance
Homeowners or renters insurance can cover damage to your home from things like fire, theft, storms, and some natural disasters. In addition to your homeowners insurance plan, you should choose to purchase a home warranty to protect your belongings in a way that insurance lacks.
If you’ve ever purchased a large appliance, a computer, or even a television from a retailer, then you’re probably familiar with the concept of a warranty.
However, those are warranties sold at the time of purchase and cover only one product. The benefit of home warranty protection is that it can cover every product in your home and more.
Choosing a Home Warranty Plan
What a home warranty plan covers will depend on the plan you choose, and there are many to choose from. A home warranty can cover anything from your microwave oven to your plumbing and your electrical systems.
Deciding which plan is right for you will determine what items and systems it covers and how much it will cost. Typically, home warranties charge either a small monthly or annual fee that can save you a lot of money in the long run.
How to Choose the Right Home Warranty
Choosing the right home warranty is key. Let’s run through all the details you need to consider before making your decision.
Determine Your Coverage Needs
At the very least, it’s important to get at least an idea of what sort of coverage you need. Take the time to decide which items in your home you want to protect before comparing offers. You’ll find plans that cover appliances, home systems, and plans that cover both.
Compare Quotes
It’s worthwhile to shop around. Try to acquire at least three different quotes from plans that you’re genuinely interested in. And use this time to also prioritize clearing up any questions you have about the policies you’ve been offered.
Don’t forget to pay close attention to the various prices you’ll see for service call fees. Some companies are much more competitive than others, and some even offer a service fees range which you can choose from depending on your needs and budget.
Review Sample Contracts & Liabilities
The next step is to review any sample contracts carefully. You’ll want to identify the limitations and exclusions in the contract, especially.
Furthermore, be sure to double-check cancellation policy just in case you decide your warranty isn’t working for you later on.
Check Reviews
Finding the best home warranty company for you will require some further research. You can read customer reviews online to find a company that provides great customer service as well as competitive plans.
Be sure to look out for any record of previous legal action taken against the company, too.
Home Warranty FAQ
What is a home warranty?
A home warranty is a type of service contract purchased to cover breakdowns, repairs, and replacements of home appliances and systems. Home warranties are designed to cover normal wear-and-tear damage on covered items and systems.
When a covered item breaks down or otherwise requires attention, you file a claim with your warranty provider. They then send a licensed technician to your home to assess the issue. Instead of paying for the full cost of the repair, being under warranty generally means paying only a small service fee for necessary repairs. The price of service fees varies between providers.
Home warranties are popular because they offer homeowners maintenance coverage and emergency repairs without having to rely on savings. The home warranty market today is huge and can provide terms for homes and budgets of many shapes and sizes.
What does a home warranty cover?
Home warranties can cover a whole range of systems and appliances within your home. You can decide how much you want to spend and determine what items will be covered by your home warranty.
Most home warranty companies break down their offerings into good, better, and best options. The good option, and least expensive, is one that covers most if not all of your appliances.
Major Home Systems
More expensive on an upfront basis are plans that cover major home systems. These home warranty plans cover the systems within your home. If you’re renting, this may not be of concern to you. However, if you own your home, you know that a plumber or electrician can cost a lot more than replacing your refrigerator.
If you’re less concerned with appliances and worried about what keeps your home humming along, then you may want to consider a system plan.
Appliances
Appliances like your microwave, washer and dryer, dishwasher, and often a lot more are covered by the best home warranty companies. These are great options for those who are renting or want to spend the least amount of money.
Systems & Appliances
The most expensive plans, of course, offer the most coverage. The best plans cover both systems and appliances. So while they’re the most expensive, they’re also the best value. Covering your systems and appliances together will typically save you around 20% to 30% of your total bill.
Basic plans from the best home warranty companies will cover the majority of systems and appliances in your home but don’t cover everything. If you have a pool, for instance, you may have to choose additional coverage.
Some home warranty companies even allow you to add coverage to cover your homeowners’ insurance deductible. Combining appliance and system coverage may also include these additions.
There are exclusions to what a home warranty will cover. Unfortunately, no plan is a blank check to have every item in your home replaced. These are repair plans and not replacement plans.
What is not covered by a home warranty?
The extent of your warranty coverage will vary greatly between companies and plans available. Having said that, however, here is a list of the ideas that are usually not covered by a home warranty:
Structural issues, paint and flooring
Commercial-grade equipment or systems
Pre-existing conditions
Rust, corrosion and sediment problems
Improper maintenance, installation, design, or manufacturer defect
Detection and removal of asbestos and mold
Building and zoning code violations
How much does a home warranty cost?
Home warranty pricing varies greatly depending on the coverage you choose, the home warranty company, and the area in which you live. In general, though, if you’re just covering appliances, expect to pay around $30 a month.
If you’re looking for only system coverage, you’ll probably pay around $35 a month. However, if you combine your coverage to include both systems and appliances, expect to pay around $45 per month.
Adding things not covered by a typical home warranty plan can also increase your monthly bill. If you have an atypical appliance or system, it’s possible that basic plans do not cover it. Not everyone has a swimming pool, a septic tank, a whirlpool tub, or a spa.
Check with your individual plan to ensure that all systems and appliances you want to have covered are actually included. If they aren’t, see if you can add them separately.
Service Fees
In addition to your monthly fee, you’ll also need to pay service fees for a service call. This cost can vary greatly.
The best home warranty companies offer plans that will cost you around $50 to $125 per repair. This is based on the home warranty company, the plan, and the item that needs to be fixed. While this may seem like a lot, consider the cost of the average repair without a warranty.
What can you expect to pay without a home warranty?
The average repair cost of a refrigerator is $275 to $325. The igniter on an oven or range may only cost $110 to $200 to repair, but a control board could cost you more than $260.
Replacing a rubber gasket on your washer will set you back between $200 to $300. These expenses can quickly add up compared to the fee home warranty companies charge for a visit.
Bottom line: They’ll address the issues with your current item but won’t give you a new one.
Pre-Existing Conditions
Pre-existing conditions are not covered either. Unfortunately, if one of your major appliances breaks, you can’t just sign up for coverage and expect to have it fixed.
Most home warranty companies will cover an unknown pre-existing condition. However, you can’t have an appliance covered if you or the home warranty provider knows that it’s already broken. This is why it’s a good idea to think about purchasing home warranty coverage before your appliances break.
Coverage Waiting Period
Most companies impose a 15 to 30 day waiting period before coverage can begin. There are, however, exceptions to this rule. For instance, if you have a home warranty that is ending soon, you may be able to begin on the date your coverage stops.
It’s important to read the fine print of your service contract. Each home warranty company will have very specific coverage details.
While all will most likely cover your refrigerator, not all of them will cover wear and tear on the gasket that seals it. Typically, the more expensive the plan, the more it covers, but this is not always the case.
What is the process for having an item repaired?
When something breaks, especially if you have a home warranty, you’ll want it fixed as quickly as possible.
Going without a microwave for a week or two may be acceptable, but if it’s your refrigerator, you may not be so patient. When an item malfunctions or breaks, you’ll need to contact your home warranty company’s customer service and explain the issue.
Make sure you report the problem as quickly as possible. The faster you make the call, the faster you’ll get an appointment and have your issue resolved.
Independent Contractors
The home warranty provider will most likely assign an independent contractor to inspect and repair the item. Obviously, system repairs can take longer and be more labor-intensive.
For example, replacing a part on your furnace will be a lot easier than repairing electrical wiring or plumbing inside your walls.
Depending on what is wrong, the contractor may have to order parts or return with specialized equipment. You’ll be required to pay a service fee for each item you wish to have repaired. However, the contractor should ensure that the item returns to working order.
Workmanship Guarantee
Once you’ve had an appliance or system repaired, that item is covered under a workmanship guarantee. Think of it as a warranty within your warranty.
The home warranty provider guarantees the parts and labor of that particular repair for a specified amount of time. This is usually around 90 to 180 days after the repair. So, even if you cancel your plan, they will still cover the repair during that time.
Who should pay for a home warranty?
Many times the seller will buy a home warranty to make the purchase of the home more appealing. Sometimes a real estate agent will even purchase a home warranty as a courtesy to the clients they’re representing. However, buyers, sellers, real estate agents, and current homeowners can all buy a home warranty. It’s also important to note that buying a home warranty can be done at any time, before or after closing.
What should you look for in a home warranty company?
A home warranty can save you a lot of hassle and headaches, not to mention money, down the road—as long as you do your homework and think it through.
A home warranty covers many things that homeowners insurance does not. Having peace of mind knowing that costly home repairs won’t spring up unexpectedly is a great feeling.
Choosing the right type of coverage for you is the next step. When you think about the type of coverage you want, think about the items you want to protect in your home.
Renters
If you’re just renting, then plumbing and electrical work is not a concern for you. Your homeowners insurance should cover things like theft and fire, but you still want to be covered when something breaks that you actually own. Choosing an appliance plan is probably the right option for you.
If you live in an older home that you own, a more comprehensive plan may be the right choice for you. It’s comforting to have your home inspected before purchasing, but things can still go wrong. You can avoid costly maintenance as long as you plan ahead.
Are home warranties worth it?
The answer to this question will depend largely on your unique circumstances. Two of the biggest factors are the age of your home and the quality of your appliances. In addition, your own ability and comfort with repair and maintenance is a factor.
Almost every home appliance and system will eventually require significant repair or even replacement. Depending on your own DIY skills, you might be comfortable taking responsibility for most repairs. Others might want more comprehensive coverage. But even still, there could be plenty of reasons why you would prefer to have a home warranty.
How do I cancel my home warranty?
Your first step should be to review your contract and make sure you understand the cancellation policy. Most companies will charge a cancellation fee that can range from 5% to 10% of the outstanding fee.
Thereafter, you can contact the company and tell them you’re considering cancelling your warranty. If possible, try to speak to a sales rep with whom you’re familiar.
Some companies require you to send a written notice of termination. Remember to cancel any automated payments from your credit card or bank account, if necessary. It might also be a good idea to request a written confirmation of the cancellation for your records.
Which home warranty company has the lowest service call fee?
Service call fees can vary widely between companies, but it’s important to try to find the most competitive service call fee available to you. Service fees generally range from $50 to $150 per service call.
The trick with finding a competitive service fee call is making sure you don’t sacrifice the quality of service calls. Some of the top-rated home warranty companies charge a higher service fee. However, it could be worth it to have the security and confidence of quality home service.
Final Thoughts
To find the best home warranty company, you will need to read the contract thoroughly. Every company that you investigate will have a contract. In that contract, they’ll spell out exactly what they do and do not cover.
They’ll also explain the cost, who will fix your items if they break, and more. Comparing two or more home warranty companies can give you a sense that you’ve made the right decision. Always make sure you do your homework.
Furthermore, check to see if a home inspection is required before qualifying for a home warranty with a specific company. Many don’t require this extra step, but it’s wise to be prepared in case they do. You definitely want to consider both cost and convenience as part of your ultimate decision.
Full Reviews of Home Warranty Companies
Looking for more options? Check out our other home warranty reviews below.
If you’re considering pursuing a career as a veterinarian, you probably have tremendous affection and compassion for animals and want to help them via medical training. That probably means you’re considering attending veterinary school. Among the questions you may be wondering about are, How long is vet school? How do I apply? How much will vet school cost, and how can I afford it?
This guide will help you understand the process for how to become a vet and how you might afford this fulfilling career.
How Much Does It Cost to Become a Veterinarian?
The cost for a four-year veterinary school for in-state residents is over $200,000 while students with out-of-state tuition may pay more than $275,000, depending on the school, according to the VIN Foundation Student Debt Center.
While that’s a lot of money, getting a doctorate in veterinary medicine (DVM) can lead to a median salary of $103,260 a year according to the Bureau of Labor Statistics. A vet’s salary depends on what kind of practice they go into and where they are located.
How Long Does It Take to Become a Veterinarian?
The path to becoming a vet can vary, and the length of time it takes to become a vet can vary as well. In general, most vet schools are four-year programs for a DVM. Some, however, have accelerated programs and semesters and get the work done in three years.
Those pursuing a veterinary career path might also want to factor in how long it takes to complete the prerequisites. In general, that will require students to have a bachelor’s degree, which also takes around four years to complete. If you have already completed your bachelor’s degree but didn’t take the courses required for vet school, then you may need to pick up those credits as well before you start your applications.
That said, what follows are six key steps if you are wondering how to be a veterinarian. 💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.
6 Steps to Become a Veterinarian
The steps to becoming a veterinarian are often as follows:
Step 1: Check Off The Prerequisites
These points can help you move towards your degree as a veterinarian:
• The Veterinary Medical College Application Service resource will show you the list of prerequisite college courses that are generally required for students applying for veterinary school. Required courses for most veterinary schools include biology, chemistry, animal sciences, and advanced math.
• Students interested in pursuing vet school who are currently enrolled in undergrad may want to review their current course of study to be sure they are on track for vet school prerequisites.
• Another tip is to volunteer, get an internship, or do part-time work with an animal hospital, local business, or charitable organization that helps animals. See if your college has a prevet extracurricular club that could broaden your experience and help you learn more about the field.
Getting a lot of hands-on animal experience can help build your resume and help you make sure that you’re pursuing a career path that appeals to you.
Also, know that to file your vet school application, you’ll most likely be required to submit your undergraduate transcripts and provide a reference from a college professor or professional in the animal sciences.
Step 2: Determine How to Pay for School
Before you decide on which veterinary school you want to attend, consider evaluating what savings you have to put toward vet school and estimate what you may need to borrow in student loans or fund with grants and scholarships.
It’s important to think about veterinary school costs as you begin researching schools so you have a good idea of what your veterinary school debts may look like.
According to the most recent data from the American Veterinary Medical Association, the average educational debt among the 82% of US veterinary college graduates who take on debt was $179,505. While vets do earn a good salary once they find employment, that is a significant sum to consider.
Working a part-time job while attending school might help offset some of the vet school costs or the amount you have to take out in loans in order to cover living expenses, but it might be challenging to balance work and school, especially as your schoolwork increases.
Recommended: Why Your Student Loan Balance Never Seems to Decrease
Step 3: Research Veterinary Schools
Once you have an idea of how much money you have to pay for vet school, research the veterinary schools in the country. You’ll likely consider the location, costs, and the types of programs offered if you’re pursuing a specialty veterinary degree.
This step can be an important part of the journey on how to become a veterinarian. As you read above, it may be more affordable to attend a vet school in your state.
Also, check that the vet school(s) you are applying to are suited to the type of vet medicine you want to practice. For example, if you’d like to pursue a career working with horses, research schools that offer equine programs.
If you plan to pursue a general DVM degree, find an accredited veterinary program that fits the criteria most important to you, such as your budget or where you want to live.
Step 4: Apply to Veterinary Schools
Check out the schools’ admissions website to determine the specific graduate school application requirements. Some pointers:
• Most vet schools require students to submit scores for either the Graduate Record Examination (GRE) or the Medical College Admission Test (MCAT). Some schools may also require applicants to take the Biology GRE.
• You also might need a letter of recommendation or two, as noted above.
• Some applications may also require a personal essay.
• Once your application is received, there may also be an in-person interview.
Yes, the vet school application process can be involved and long. It can get expensive, too. Vet schools often charge a non-refundable application fee; many schools follow the fee structure set by the American Association of Veterinary Medical Colleges, which sets the first application fee at $227, and then each additional application fee is $124. 💡 Quick Tip: Federal parent PLUS loans might be a good candidate for refinancing to a lower rate.
Step 5: Attend Veterinary School
A three- to four-year vet med school degree often involves a few semesters of coursework, followed by clinical training and intense clinical training to gain hands-on training at one of the college’s affiliates.
Students can apply for scholarships and grants to help alleviate some of the costs of a veterinary degree. By managing your budget and minimizing extraneous expenses, you may also lower the amount of student debt you end up borrowing.
In order to practice veterinary medicine and become a veterinary, students will also need to study for and pass the North American Veterinary Licensing Examination (NAVLE). Generally, vet students take the exam during their senior year.
Step 6: Begin The Job Search
The experiences you had during clinical rotations can help you determine which area of veterinary medicine you want to go in. Options include private veterinary practice, vet hospital, research, education, diagnostics, or even public health with a DVM degree.
In general, it can be helpful to start looking for a job in veterinary medicine before graduating from vet school. After passing the NAVLE and graduating from school, you’ll be ready to hit the ground running if you have a job in place.
Having a job secured before you graduate may also provide peace of mind as you start thinking about student loan repayment.
The Takeaway
A career in veterinary medicine can be a rewarding one. You’re helping sick or injured animals heal, providing preventative care, and getting to interact with animals all day long. When it comes to discovering how to become a veterinarian, the process takes planning, dedication, and hard work.
Attending veterinary school can be a challenging but fulfilling journey. It’s also typically an expensive one. After graduating, refinancing student loans may be an option that can lower the loan’s interest rate, and potentially reduce the cost of borrowing in the long term. However, you may pay more interest over the life of the loan if you refinance with an extended term. Also, refinancing federal student loans means you forfeit some borrower protections, such as loan forgiveness and deferment.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
Where do veterinarians work?
Veterinarians work across the country and around the world in a variety of settings, such a s private clinics, animal hospitals, and zoos, or they may operate out of an office and then visit homes or ranches.
What does a veterinarian do?
A veterinarian cares for the health of animals, whether pets, livestock, or other animals. They diagnose and work to heal issues animals endure and may protect public health by doing so.
What’s the salary and job outlook for a veterinarian?
The median salary for a veterinarian is currently $103,260 a year according to the Bureau of Labor Statistics. The need for vets is seen as increasing, with a projected growth of 19.4% between 2021 and 2031.
What hours do vets work?
The hours a vet will work can vary tremendously depending on a specific job, type of employment, and location. Most vets work four to five days a week, eight to 10 hours a day.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
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Inside: Are you finding yourself struggling to cover unexpected expenses? This guide will teach you how to create a financial plan and budget that will help you avoid costly surprises.
Life is full of surprises, and not all of them are pleasant. Sometimes, these surprises come in the form of unexpected expenses, hitting when one least expects them.
This can leave you devasted financially. Over the years, we have been slapped with unplanned costs and left scrambling.
However, you can successfully navigate through the rollercoaster ride of money management.
The key is knowing “What are unexpected expenses?’ Along with the knowledge equips you to avoid or mitigate them.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are Unexpected Expenses?
In the realm of personal finance, unexpected expenses are costs you haven’t foreseen or budgeted for. They strike out of nowhere, leaving you scrambling to balance your finances.
These expenses differ from other cost categories such as fixed expenses (weekly, monthly, and recurring costs like rent) and variable expenses (those that do not happen regularly but vary in cost like groceries).
The crux lies in not being able to anticipate these unplanned expenses, making them disruptive to financial plans.
What is an example of unplanned spending?
Unplanned spending often occurs when there’s an unforeseen event that demands immediate financial attention.
Picture this scenario: You take your car for a routine inspection; however, the car fails the inspection due to a defective part that needs immediate repair. Initially, you hadn’t allocated funds for this, but now you have to deal with this unforeseen cost – a classic case of unplanned spending.
Common Examples of Unexpected Expenses
Unforeseen financial events can leave many unprepared and struggling, adding unnecessary stress. This section will delve into examples of typical unexpected expenses that individuals often encounter, providing key insights into how to efficiently incorporate these into your financial plan.
By understanding and preparing for these unexpected expenses, one can effectively mitigate the surprise factor they pose, promoting a healthier and more secure financial state.
We have overcome many times and you can too!
1. Medical Emergencies and Healthcare Costs
Medical emergencies are prominent examples of unexpected expenses. Even with health insurance, costs can amass, thanks to high deductibles, co-payments, and therapies not covered by insurance.
One factor is paying for the medical costs, but the other weighing factor is loss of income when dealing with medical emergencies or critical diseases like cancer.
Overcome this by:
Contributing the max each year to your Health Savings Account (HSA). This way you have a bucket of money just for medical expenses.
Look into short-term disability insurance that can cover part of your lost wages while you can’t work.
2. Automatic Home or Vehicle Repair Needs
Home and vehicle repairs often sneak up as unexpected expenses. Time, accidents, natural disasters — all can cause wear and tear that demands immediate repair. The consequences of ignoring these repairs can be hefty.
Similarly, significant home repairs such as fixing a faulty HVAC system or leaky roof can set you back by thousands of dollars.
Overcome this by:
Be proactive with routine maintenance. Take care of your house and car before problems escalate.
Save the same amount each month for home and vehicle repairs separately.
Personally, we save $100 monthly for car repairs as one is a beater car. This amount will be increased to $350 to start saving for a new car. Conversely for home repairs, we keep a minimum of $1000. This amount will fluctuate depending on when we last did a major repair. Since we just replaced our HVAC, our funds are lower.
3. Natural disasters
Natural disasters, such as hurricanes, earthquakes, wildfires, and floods, lead to unexpected spending. The impact of these events can cause significant damage to homes, cars, and other property, leading to repair and replacement costs.
Furthermore, these situations might also necessitate expenses for emergency supplies, temporary shelter, and other necessities. For instance, Hurricane Katrina inflicted a staggering $196.3 billion in damage, illustrating the overwhelming cost of such unpredictable events.1
Overcome this by:
Make sure you have proper insurance whether it is renter insurance or flood/wildlife insurance. Also, make sure you have the proper amount of insurance. As highlighted by the Marshall Fire where most people were underinsured. 2
Storing cash on hand at home in case of an emergency. A cushion of money will always be helpful.
4. Increase in Bills
Monthly bills are a constant in our lives, but what’s not constant is their amount. Landlords may raise the rent when leases are up for renewal, utility companies could increase their rates, and insurance premiums may also inflate periodically.
All these scenarios lead to higher monthly expenses. For example, the U.S. energy costs per household rose by 13% in 2022 reaching the highest percentage increase since it was measured. 3
Being unprepared for these increases can cause significant financial strain.
Overcome this by:
Get one month ahead on your bills. Then, you will start building a cushion. Also, known as aging your money – thanks to YNAB.
Be proactive and realize that with inflation high. All of your bills will likely increase in cost.
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5. Overlooked Taxes
Overlooked taxes pose another source of unexpected expenditure.
A higher than expected tax bill can indeed surprise and unbalance your budget. This happened to my friend when she started her own fitness coaching business.
Uncertainties in estimating the exact tax amount, mathematical errors in filing, or an overlooked quarterly tax payment often culminate in an escalated tax bill. An audit from the IRS, though it may find no additional taxes owed, can lead to expensive fees from a CPA or tax attorney.
Overcome this:
Use a tax calculator to know what your estimated tax payment due.
Understand the common reasons you may owe higher taxes this year.
6. Pet Emergencies
Pet emergencies can bite a large chunk out of your budget without warning. For instance, if your cat suddenly starts having seizures or your dog gets hit by a car, the medical costs associated can spiral rapidly.
Emergency vet care can range between a few hundred dollars to several thousand dollars. For instance, a poisoning can range from $200-$3000. 4
Overcome this by:
Prevention methods like pet insurance can help you manage these costs effectively.
Decide in advance the maximum you are willing to spend on emergency vet care.
7. Delayed payments
Delayed payments may not be an external expense, but the repercussions can be just as financially challenging. This affects your income stream, potentially leading to difficulty in managing your financial obligations.
For example, if an employer goes bankrupt, salaries might be delayed or even indefinitely withheld. According to research, late payments can cost businesses $3 trillion globally, affecting both personal financial planning and business operations.5
This is a highly stressful situation.
Prepare yourself financially by:
Aging your money. By getting one month ahead of your bills, you can scrap through a delayed payment. YNAB coined this term.
Start saving for a large rainy day fund.
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8. Gifts and Special Occasions
Commemorating special occasions can lead to unexpected expenses. Life events such as birthdays, weddings, baby showers, and retirements, traditionally require gift-giving.
While typical gift giving on Christmas or birthdays should be part of your planned variable expenses. Saying yes to being a bridesmaid can definitely set you back a few thousand dollars. These are costs that we often fail to factor into our budgets.
Overcome this by:
Setting aside money monthly to cover gifts and special occasions.
If saying yes to a special event will hamper your finances, then you may have to politely decline the invitation.
9. Unexpected Travel Costs
Unexpected travel costs can significantly impact your budget, particularly when they arise from unplanned events such as attending a funeral or a wedding. The costs of last minute travel can vary widely depending on the destination, distance, and mode of transportation.
To manage these expenses, consider driving or taking public transportation for shorter trips, exploring less expensive lodging options, and creating a meal plan that limits dining out.
Overcome this by:
Setting aside a regular amount in a travel fund can help prepare for these unexpected costs that tend to crop up every year.
Decide if taking the unplanned trip is something you can feasibly manage with your current financial situation.
10. What You Forget to Budget for
Some subtle but regular expenses often sneak past our budget plans. This is why we have a full list of budgeting categories so hopefully, you don’t miss anything!
Consider online subscriptions and memberships: Many services offer free trials, but the charges kick in if not canceled. Other overlooked budget items may include pet care, parking fees, and toll fills—small amounts that may seem insignificant but can considerably dent your budget over time.
Overcome this by:
Review your checking account and credit card bills to see all of your expenses for the past year. Write down those unexpected expenses that came through.
Now, make a plan for how to spend your money in advance with your findings.
This helps you prepare for unexpected expenses
Here are simple tips to make sure you employ the habits of a financially stable person.
Tip #1 – Building an Emergency Fund
Building an emergency fund is a fundamental strategy to brace for unexpected expenses. This fund acts as a financial buffer, providing the economic security to cover unexpected costs without tapping into monthly budgets or savings aimed at other goals.
As a starting point, aim to save $1000 and then work your way up to save a month’s paycheck. Start small and build over time – every penny set aside helps to mitigate future financial stress.
Tip #2 – Properly Utilizing Sinking Funds
Sinking Funds are a sagacious tactic to prepare for larger, infrequent expenses. They allow you to systematically and gradually save up for anticipated financial obligations such as vacations, holiday gifts, car maintenance, etc.
By assigning a specific amount to save each month, by the time the need arises, you’ll have a pool of money ready. With platforms like YNAB, creating sinking funds becomes easier, letting you monitor your progress month by month.
This is how we have less frequent unplanned costs than we did in our 20s.
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Tip #3 – Saving for the Larger Rainy Day
Beyond smaller emergency funds and sinking funds, saving for the ‘larger rainy day’ is a crucial tactic to avoid financial duress caused by unexpected expenses. This refers to padding your savings to cover larger, more substantial financial shocks that might require more than just a few months’ worth of expenses.
It may take time to build such a fund, but even a small contribution each month can result in substantial savings over time.
Tip #4 – Pick up a Side Hustle
One way to strengthen your financial resilience against unplanned expenses is to start a side hustle. This could mean picking up extra shifts at work, selling handcrafted items online, or using skills like photography or writing for freelance work.
With the rise of the internet, making money online is really easy and simple to get started. We have a few side hustles to shield against unforeseen costs.
Tip #5 – Budget Properly and Stick to It
Budgeting is an essential line of defense against unexpected expenses. By tracking your income and comparing it against both predictable and variable expenses, you can calculate how much money can be saved each month.
Regular budget check-ins help ensure you’re staying on track, steadying your financial footing.
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Tip #6 – Regular Review of Financial Plans
Regularly reviewing and updating your financial plans can serve as a preventative measure against unexpected expenses. Consider changes in income, expenses, and lifestyles, and adjust your savings and spending plans accordingly.
Tip #7 – Utilizing Digital Banking Features for Money Management
Digital banking tools have revolutionized financial management and can be part of a robust strategy to avoid unexpected expenses.
Features such as instant account balance checking, transaction alerts, set-and-forget savings transfers, budgeting tools, and proactive spending categorization help you grasp where your money is and how it’s being spent.
Tools to Ward Off Unexpected Expenses and Not Go into Debt
Unexpected expenses are inevitable, yet going into debt to cover these costs can lead to financial strain due to accumulated interest and fees.
Here are crucial steps in preventing unexpected expenses from turning into debt.
Dealing smartly with Credit Cards options
Credit cards can serve as a lifeline during a financial crunch but should be employed judiciously.
To smartly deal with unexpected expenses, consider options like 0% or low-interest credit card offers – these are particularly useful if you can pay off the balance during the introductory period. But tread with caution: high-interest rates can cause difficulties if you can’t pay off the balance in time.
Profit from Asking for a Paycheck Advance
In times when emergency expenses arise, asking for a paycheck advance can help. Some employers offer this as part of their policy to assist employees dealing with abrupt financial needs. A salary advance allows you to ‘borrow’ from your future earnings and repay the amount through future pay deductions.
Budgeting apps like Chime not only help in tracking expenses, but they also enable early access to your paycheck, up to two days before payday. This feature ensures you avoid running short of money at the end of the week or month, allotting you ample room to plan, track, and adjust your spending and savings.
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Exploring Personal Loans for Emergency Situations
Personal loans are a convenient option during urgent monetary needs. They are unsecured loans and therefore don’t require collateral.
However, they’re typically accompanied by relatively high-interest rates. Consider using online prequalification tools for personal loans to determine if you’re eligible and view potential interest rates.
Explore different lenders, but be wary of the terms and conditions to make sure you don’t invite more financial trouble.
Which of the following is true regarding unexpected expenses?
Unexpected expenses are costs that are not anticipated or planned for, such as sudden car repairs or medical emergencies.
To efficiently manage unexpected expenses, it’s recommended to make them a part of the monthly budget. A suggested approach is to analyze past “unexpected expenses”, then estimate their costs and timing, which can provide an estimate of how much should be saved each month.
While basing future expenses on past ones only furnishes savings guidelines, this method can prevent an unexpected expense from turning into a severe financial emergency.
Planning for unexpected expenses by setting aside money from each paycheck can protect individuals from unforeseen financial difficulties.
Understanding what types of unexpected expenses might occur can help in the development of strategies to handle them successfully, reducing the impact of any unpleasant financial surprises.
Yes, all of the statements above are true.
What is not true about unexpected expenses?
Unexpected expenses are entirely out of our control.
Unexpected expenses can be completely avoided.
These unanticipated costs only occur irregularly or infrequently.
You can’t prepare for unexpected expenses.
All of these statements are not true. While the occurrence of these expenses might be unexpected, they’re not entirely unpredictable. Many times, they are the result of poor financial planning or management as they are often unforeseen costs that were not anticipated or included in a budget.
Frequently Asked Questions (FAQ)
It’s advisable to aim for at least 3 to 6 months of living costs for an emergency fund. This acts as a buffer to cover unexpected expenses and offers financial security during unexpected life events like job loss or serious illness.
However, the “right” amount to save varies depending on your personal situation, lifestyle, and financial obligations. Always remember: saving something is better than saving nothing; start small and increase gradually as your income allows.
Financial experts generally advise having an emergency fund equivalent to three to six months of monthly expenses. This guidepost factors in expenses such as food, housing, utilities, transport, healthcare, and other necessities.
However, if you are in a volatile occupation or the sole breadwinner of the family, aiming for a larger fund may be prudent. Whichever your situation, remember it’s not about reaching the benchmark overnight; the key is consistency in saving.
Managing urgent financial liabilities without incurring debt hinges on proactive financial planning.
Building an emergency fund: Start small and deposit to accumulate enough to cover at least three to six months of essential expenses.
Proper budgeting: Maintain a budget, ensuring you live within your means and regularly contribute to savings.
Insurance coverage: Adequate insurance coverage can help circumvent the financial impact of medical emergencies or catastrophic events.
Extra income: Consider a side hustle for additional income to bolster your budget and increase your savings.
Plan Ahead to Avoid Unforeseen Expenses
While unexpected expenses are an inevitable part of life, their financial stress isn’t.
Through effective planning and budgeting, you can cushion their blow, ensuring they don’t throw you into financial turmoil. Around here at Money Bliss, we strive for our readers to have less stress with money.
No matter how well you plan, unexpected costs can still arise from time to time. They can happen quite regularly, which is why it’s crucial to include them in budget planning.
By setting aside a portion of each paycheck in a savings account, you can be better prepared for such costs when they arise.
Remember, every dollar saved is a step towards greater financial stability, helping you to navigate life’s uncertainties with confidence and peace of mind.
Now, make sure you are financially sound.
Source
NOAA.gov. “Costliest U.S. Tropical Cyclones.” https://www.ncei.noaa.gov/access/billions/dcmi.pdf. Accessed December 1, 2023.
Colorado Public Radio. “Most people who lost homes in the Marshall Fire were underinsured, Colorado insurance regulators say.” https://www.cpr.org/2022/05/02/most-people-who-lost-homes-in-the-marshall-fire-were-underinsured-colorado-insurance-regulators-say/. Accessed December 1, 2023.
U.S. Energy Information Association. “U.S. residential electricity bills increased 5% in 2022, after adjusting for inflation.” https://www.eia.gov/todayinenergy/detail.php?id=56660. Accessed December 1, 2023.
BetterPet. “Average emergency vet costs: what to expect.” https://betterpet.com/emergency-vet-costs/. Accessed December 1, 2023.
Mastercard. “Your real-time guide to real-time payments.” https://www.mastercard.com/news/perspectives/2023/real-time-payments-what-is-rtp-and-why-do-we-need-instant-payments/. Accessed December 1, 2023.
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Maintaining a spotless home is essential for your well-being and comfort, and to achieve this, you need the right cleaning gear. In this guide, we’ll walk you through the top cleaning supplies and tips every young renter should have and why they are essential for maintaining a clean and healthy living environment. We broke our cleaning supplies list down by room to save you time, so scroll to a specific room if needed.
Why keeping a clean home is important
Keeping your house clean offers a multitude of physical and mental health benefits. On the physical front, a clean home reduces exposure to allergens, dust and harmful bacteria, which can help prevent respiratory issues and allergies — and not to mention, needless illness.
Regular cleaning also promotes physical activity, as tasks like vacuuming, mopping and decluttering engage your muscles and contribute to a more active lifestyle. Moreover, a tidy and organized living space minimizes the risk of accidents and injuries, such as slips and falls.
Mentally, a clean home can significantly reduce stress and anxiety levels. A clutter-free environment promotes mental clarity, allowing you to focus better and feel more in control of your surroundings. The act of cleaning itself can be therapeutic, providing a sense of accomplishment and order in your life. Additionally, living in a clean and organized space can boost your self-esteem and overall well-being, as it fosters a sense of pride and comfort in your home.
Essential cleaning supplies list for every room
Before we dive into room-specific cleaning essentials, let’s start with the basics that are indispensable for maintaining a clean home regardless of the room.
Cleaning gloves: A pair of durable cleaning gloves is your first line of defense against dirt and germs. They protect your hands from harsh chemicals and ensure you can tackle even the messiest cleaning tasks with confidence.
Cleaning caddy: Invest in a portable cleaning caddy or bucket to keep your cleaning supplies organized and easily accessible as you move from room to room.
Trash bags: Keep a stash of high-quality trash bags on hand. Regularly emptying the trash (think once per day) is key to maintaining a clean space.
Multi-purpose cleaner: Opt for a versatile, all-purpose cleaner that can be used on various surfaces. This will save you money and space compared to having specialized cleaners for every surface. If you want to go the natural route, we’ve provided some low-cost, DIY cleaning solution ideas below.
Kitchen cleaning essentials
The kitchen is often the heart of the home, so keeping it clean is essential for both hygiene and aesthetics.
Dish soap and sponges: You’ll need these to hand wash dishes and clean countertops, sinks, and appliances.
Oven cleaner: To tackle baked-on grease and grime in your oven, a specialized oven cleaner is a must.
Refrigerator cleaner: Keep your fridge smelling fresh and bacteria-free with a dedicated refrigerator cleaner.
Dishwasher detergent: If your apartment comes with a dishwasher, make sure you have a good quality detergent to keep your dishes sparkling clean.
Bathroom cleaning supplies
The bathroom is another area that requires regular cleaning and sanitizing to prevent the buildup of mold, mildew and bacteria.
Toilet bowl cleaner and brush: A dedicated toilet bowl cleaner and brush are essential for maintaining a clean and hygienic toilet.
Tile and grout cleaner: To keep your bathroom tiles looking pristine, invest in a tile and grout cleaner.
Shower and tub cleaner: Prevent soap scum and grime buildup in the shower and bathtub with a specialized cleaner. Some of them have mold and mildew cleaning agents that keep buildup in check.
Glass cleaner: For mirrors and glass surfaces in the bathroom, a good glass cleaner is a must-have for streak-free surfaces.
Living room cleaning essentials
The living room is where you unwind and entertain guests, so make sure to keep it clean and inviting.
Furniture polish: Keep your furniture looking its best with a quality furniture polish.
Carpet cleaner: If your living room has carpeting, a carpet cleaner or stain remover is essential for tackling spills and stains.
Electronics cleaner: Safely clean your TV, computer screen and other electronics with an electronics-specific cleaning solution.
Bedroom cleaning necessities
Your bedroom is your sanctuary, so it’s important to keep it clean and comfortable.
Bed linens spray: A bed linen spray can freshen up your bedding between washes, creating a cozy sleeping environment.
Mattress protector: Protect your mattress from spills and stains with a waterproof mattress protector.
Dust cloths: Dusting regularly is essential for maintaining a clean bedroom. Microfiber dust cloths are effective at trapping dust and allergens.
Eco-friendly cleaning options
If you’re environmentally conscious, consider incorporating eco-friendly cleaning supplies into your arsenal.
Biodegradable cleaning products: Look for cleaning products that are biodegradable and environmentally friendly.
Reusable cleaning cloths: Reduce waste by using washable and reusable cleaning cloths and sponges instead of disposable ones.
DIY cleaning solutions
For those on a budget, DIY cleaning solutions can be just as effective as store-bought products.
Distilled white vinegar and baking soda: These two household staples can clean and disinfect various surfaces.
Lemon juice: Lemon juice is a natural degreaser and can add a pleasant, energizing scent to your cleaning solutions.
These cleaning products keep your house clean and green
If you prefer store-bought green cleaning products, there are many options available.
Plant-based cleaners: Look for cleaning products that are made from plant-based ingredients and are free from harsh chemicals.
Certified Green products: Some cleaning products carry certifications like the Green Seal or EPA Safer Choice, indicating they meet specific environmental and safety standards.
Cleaning tools and accessories
To efficiently tackle cleaning tasks, you’ll need the right tools.
Mops and brooms: A good quality mop and broom are essential for keeping your floors clean. If you want an AI-powered version of either or both, there are now robot brooms and mops available for sparkling floors, but they’re pricey.
Microfiber cloths and sponges: Microfiber cloths are excellent at trapping dust and dirt, making them versatile cleaning tools.
Vacuum cleaners: If your apartment has carpets, invest in a vacuum cleaner that suits your space and needs. If you have more than one pet or a heavy shedder, consider a vacuum specifically geared toward eliminating pet hair concerns.
Organizing your cleaning supplies
Now that you have your cleaning supplies, it’s crucial to keep them organized for easy access.
Storage solutions
Shelving or cabinets: Consider adding shelving or a cabinet in a convenient location to store your cleaning supplies neatly.
Labels: Use labels on containers and shelves to ensure you can quickly locate the right cleaning product.
Time-saving techniques
No one has endless hours to devote to cleaning tasks. Here’s what you can do to stay on track and clean more efficiently so you can get back to what you actually enjoy at home.
But first, declutter
Before cleaning, declutter the space to make cleaning more manageable. Decluttering nearly automatically decreases mess because it’s one less item you have to clean — or an obstacle to clean around. Plus, a decluttered space is one that collects less dust.
Try a room-by-room approach
Clean one room at a time to stay focused and maximize efficiency. Some people have even suggested closing the door to the room until it’s clean to keep you from noticing things you might need to clean or tidy in surrounding areas.
Deep cleaning vs. routine cleaning
All of the products and techniques we outlined above apply to both deep cleaning and routine cleaning, but it’s important to know the difference between the two.
Routine cleaning for a healthy home
Regularly scheduled cleaning tasks are considered preventative because they help prevent the buildup of dirt and grime. Setting aside just 10-15 minutes per day to take care of routine cleaning tasks, like washing dishes, vacuuming, tidying or cleaning kitchen counters eliminates the need for a deep clean later. If it helps keep you on track, stick to one area at a time: Committing to clearing one counter will save minutes and hours later.
Deep cleaning for a spotless home
Not everything can be taken care of by the spot cleaning we mentioned above. Whether you’ve let cleaning tasks pile up for a while or you just want a total cleaning reset on your home, deep cleaning might be your best bet. Set aside time for deep cleaning sessions to tackle more thorough tasks like cleaning the oven or scrubbing tile grout.
Basic cleaning supplies checklist
To recap, here are all the house cleaning supplies and organization tools mentioned in this article, listed for your convenience. Next time you’re headed to the store, make sure you have all the supplies we discussed here.
What you need:
Cleaning gloves
Cleaning caddy or bucket
Trash bags
Multi-purpose cleaner
Dish soap and sponges
Oven cleaner
Refrigerator cleaner
Dishwasher detergent
Toilet bowl cleaner and brush
Tile and grout cleaner
Shower and tub cleaner
Glass cleaner
Furniture polish
Carpet cleaner
Electronics cleaner
Bed linens spray
Mattress protector
Dust cloths
Reusable cleaning cloths
Vinegar and baking soda
Lemon juice
Plant-based cleaners
Certified Green products
Mops and brooms
Microfiber cloths and sponges
Vacuum cleaners
Start your pre-spring clean today!
In conclusion, having the right cleaning solutions and supplies is essential for keeping your apartment clean and comfortable as a young renter. By investing in these essential cleaning supplies and following a cleaning schedule, you can maintain a spotless home that you’ll be proud to call your own. Whether you prefer eco-friendly options, DIY solutions or traditional cleaning products, there are plenty of choices on our cleaning supplies list above to suit your cleaning needs.
Home is where the cleaning happens, after all. Still looking for a place to call your own? Browse our available apartments for rent today.
Having your Social Security number or card stolen isn’t exactly like getting your bank account information taken. You can easily get a new bank account number and have your bank freeze your accounts. On the other hand, it’s a bit more difficult to get a new Social Security number from the Social Security Administration.
What Is a Social Security Number?
The Social Security Administration loosely defines a Social Security number as a nine-digit number for identity-tracking purposes. It’s also used to track wages earned during someone’s lifetime for Social Security benefits.
As of 2011, the selection of this number is randomized. Whenever you start a new job or apply for government benefits, you need your Social Security number. It’s used to verify your identity and keep track of Social Security earnings.
You can locate your Social Security number on your Social Security card. If you can’t find your card, make sure you reach out to the Social Security Administration directly.
What Can You Do with a Social Security Number?
Since the government uses your social security number as a unique identifier, you can use it to do the following.
I just watched a documentary on the dark web, and I will never feel safe using my credit card again!
Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
I need that peace of mind in my life. What else do you get with ExtraCredit?
It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
…we live in Oklahoma.
Apply for jobs
Open a bank account
Sign up for a credit card
Apply for a passport
File taxes
Enroll in health insurance
Get a driver’s license
How Social Security Number Theft Occurs: What Happens If Someone Gets Your Social Security Number?
There are a lot of ways someone can steal your identity or Social Security number. Thieves could swipe your Social Security number by exploiting data breaches, going through the trash for personal documents or using any number of other approaches. Thieves can then sell your identity or pretend to be you to open various accounts in your name, access medical care, file fraudulent tax returns or, at worst, commit crimes.
ExtraCredit’s Guard It feature offers dark web monitoring and proactive alerts if it discovers that your Social Security number or other personal information has been compromised or shared online. In addition to alerts, Guard It offers $1 million identity theft insurance to help you with costs associated with identity restoration, legal expenses, and lost wages. Sign up now!
What Can Someone Do with Your Social Security Number?
Once an identity thief has your Social Security number, they can commit all sorts of financial fraud, potentially leaving you on the hook for their misconduct. Social Security numbers are wrapped up in most aspects of Americans’ lives—employment, medical history, taxes, education and bank accounts, to name a few. Below is a list of just a few things someone can do with your SSN if they get their hands on it.
1. Open Financial Accounts
Your Social Security number is the most important piece of personal information a bank needs when extending you credit or opening an account. With that number, a thief can get credit cards or loans. And when it’s time to repay them, they won’t, which will damage your credit score. Those missed payments are tied to your Social Security number, so they’ll end up on your credit report and could impact your ability to apply for any type of loan or new account in the future.
Once you spot suspicious transactions, you can use your credit scores and credit reports to detect fraud and put an end to it. Unfortunately, it could take years for the fraudulent information to be removed from your credit report and, as a result, for your credit scores to recover.
Can Someone Access My Bank Account with My Social Security Number?
Thieves might have a difficult time accessing your bank account if they only knew your Social Security number. Most of the time, to either access an existing account or open up a new bank account, the bank would require additional forms of identification, such as your physical Social Security card, Real ID or passport.
Also, many banks have implemented additional security measures to prevent this, such as requiring security questions to access your bank account.
2. Get Medical Care
Someone using your Social Security number could also undergo medical treatment, effectively tainting your medical records. Inaccurate medical records can have deadly consequences. For example, imagine what could happen if you received treatment based on a false history listing the wrong blood type. Additionally, thieves can poach your health insurance coverage, which could leave you in a bind when you need it.
3. File a Fraudulent Tax Refund
Taxpayer identity theft continues to be a problem in the United States, although theIRS reported in 2018 that incidents were on the general decline, noting a 40% decrease in taxpayer reports of identity theft since 2016. However, in 2017, the IRS still received 242,000 reports of identity theft from taxpayers.
Identity thieves use stolen Social Security numbers to get a fraudulent refund, which then delays any refund the victim is rightfully owed.
So, the sooner you file your taxes, the more likely you’ll get your refund before an identity thief has an opportunity to take advantage of your stolen identity. You’ll know someone stole your identity if your return is rejected as a duplicate. Then, you get to start the process of resolving the fraud and, if necessary, getting the refund you deserve.
4. Commit Crimes
Getting your Social Security number might just be a fraction of the thief’s crimes. If the identity thief gets arrested for another crime and gives your Social Security number to law enforcement, you can become tangled in their criminal history. Their criminal record could prevent you from getting jobs or interfere with anything else that requires a criminal background check.
5. Steal Your Benefits
A thief could also use your Social Security number to file for unemployment or Social Security benefits, depleting those resources and preventing you from accessing that assistance when you need it later on.
How to Find Out If Your Social Security Number Has Been Stolen
Thieves can operate under your identity for years without discovery, and some of these crimes are very difficult to detect. One of the best things you can do is regularly check your credit report from Credit.com’s credit report card. Review your credit report thoroughly for unauthorized accounts or public records not related to you. These red flags could indicate clerical errors or identity theft. Either way, you want to watch out for it and act as soon as you see something suspicious.
If you sign up for an ExtraCredit account, our dark web monitoring feature will alert you of suspicious activity right away. When you get an alert, you’ll know it’s time to check your report and take preventative actions.
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Privacy Policy
You can also go to IdentityTheft.gov, a website run by the Federal Trade Commission, or call its hotline at 877-ID-THEFT.
Identity theft is a major problem. According to the Federal Trade Commission (FTC), there were more than 650,000 victims of identity theft in 2019, making ID theft the most-reported type of FTC complaint. Chances are good that you will encounter identity theft in your lifetime. That was the case for at least 1 in 10 Americans ages 16 and older in 2016, according to the most recent data from the Bureau of Justice Statistics.
Protecting your identity and privacy should be a priority for you, and knowing what identity theft is can help you prepare. There are many different types of ID theft, which can make safeguarding your personal information even more important—and more difficult. Let’s look at some of the most common examples of identity theft and what you can do to manage the risks.
Defining Identity Theft
The term “identity theft” is used a lot, often interchangeably with “fraud.” Though many instances of identity theft are committed for fraudulent reasons, the two are slightly different. If you are a victim of identity theft, you want to catch it before it becomes fraud.
According to the National Center for Victims of Crime (NCVC), identity theft is “the knowing transfer or use, without lawful authority, of another person’s identity with the intent to commit, aid, or abet unlawful activity.” In simpler terms, ID theft is the act of stealing another person’s information, like through mail theft, phishing, card skimming, unsecure Wi-Fi or a data breach. Fraud is when a criminal illegally uses that information for their own gain.
The NCVC calls the latter “identity fraud,” which encompasses crimes like credit card fraud, medical fraud, and Social Security number theft. Identity fraud can be financially driven, but is also committed out of other motivations. Someone might try to steal your passport or driver’s license information to travel unnoticed by law enforcement, for example.
I just watched a documentary on the dark web, and I will never feel safe using my credit card again!
Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
I need that peace of mind in my life. What else do you get with ExtraCredit?
It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
…we live in Oklahoma.
Whether an ID thief uses your credit card or medical insurance, the cost to you can be big. Javelin Research found that the 2018 out-of-pocket costs for victims of identity theft were $1.7 billion.
Different Types of Identity Fraud
As a popular saying goes, “Know your enemy.” Let’s take a closer look at identity fraud types and preventative measures you can take to prepare yourself and protect your finances.
1. Credit Cards
Credit card fraud is by far the most prevalent type of identity theft, according to FTC numbers.
You probably store your credit card information with different vendors or subscription services. If you used your card once at a retail store, they’ll still have your information on file. If a data breach occurs at one of those businesses, someone may gain access to your credit card number and begin to make fraudulent purchases.
While it may be easier to catch a fraudulent charge on a card you have, it could be harder to spot a new account in your name. In the meantime, hard inquiries and high credit utilization due to fraud could wreck your credit score.
What you can do: Requesting a chargeback might help you avoid paying for specific fraudulent transactions, but checking your credit report will show you if the problem is deeper. Sign up for ExtraCredit to keep an eye on your credit report and scores at the same time to make sure that fraudulent accounts aren’t being opened or used. You can also request your free credit report from each of the three credit reporting agencies once a year to keep close control over your identity and credit profile. If you notice anything fishy, request a freeze immediately and file a report with the FTC.
Note: Due to the COVID-19 coronavirus pandemic, you can currently review your credit reports from each of the three credit bureaus for free each week, through April 2022.
2. Loans and Leases
Somebody with your personal information might try to apply for a loan online. Fraudsters may then be able to get financing to buy a car or real estate. The FTC has also reported fraud instances related to student loans and payday loans.
Loan application fraud is a challenge to track, but the impact is someone racking up debt in your name. When creditors come calling, it won’t be the thief who has to answer the phone.
What you can do: As with credit card fraud, regularly check your credit reports to watch for red flags. If you spot something, immediately contact the responsible financial institution. You may also want to file a police report or contact the office of the attorney general for your state. If you are the victim of loan/lease fraud, consider using credit repair services to help you recover.
3. Phones and Utilities
Mobile takeover fraud is a complicated scheme, but it’s a growing problem. Basically, it involves a fraudster using your information to access your smartphone and then lock you out. In the meantime, they can use your apps, read saved documents, or scam others by impersonating you. They might also harvest your personal and financial information that you have saved. The same might happen for an electricity or water account: A criminal finds a way in and consumes services that are ultimately billed to you.
The common theme with identity theft here is that if someone has your info, they can do just about anything with it. This includes opening up utility accounts in your name, getting free electricity, gas, water, internet or cable.
What you can do: Maintain strong passwords for all the accounts you have. If you need to, use a password manager to help you keep track of all the complex log-in credentials. Never, ever make your passwords using personally identifiable information, like a pet, birthdate, or home street. Should something happen, immediately contact your service provider.
4. Tax Fraud
Come tax time, a refund is a happy surprise for some Americans. Others may get a nasty shock when they’ve learned someone has claimed their return before they even file their taxes. Tax fraud typically occurs when someone has stolen your Social Security number, which they can then manipulate to falsely file a return and claim your refund.
What you can do: Under no circumstances should you give your SSN to anybody but trusted entities like the government, your bank, or your credit card company. Be wary of scammers posing as the IRS who will call or email you demanding your SSN information. This is a surefire sign of fraud. You can also opt to file your taxes early, thereby eliminating the opportunity for thieves to file for you and claim your return.
The IRS recommends watching out for various scams. If you believe you’ve been a victim, file a report on IdentityTheft.gov, call the IRS at 1-800-908-4490, and complete and submit the identity theft Affidavit.
Taking the Next Steps to Protect Your Identity
Identity theft is a constant threat, so you’ll always need to be on your toes.
Guard It from ExtraCredit provides you with proactive alerts, dark web monitoring, account monitoring, and $1 million in ID theft insurance. Sign up today or read more articles about identity theft and fraud.
This article originally appeared on The Financially Independent Millennial and was republished with permission.
When consumers purchase a car, there are several things to think about. While the primary process has been handled entirely with test drives and dealerships or private sellers, it’s up to you to continue further down the checklist to get the most out of a used car.
People might think that there’s nothing left to do after buying a car, but don’t forget to take the steps needed to keep a used car on track.
1. Get the Car Insured
When you buy a car, the first thing to always do is to get insurance before leaving the car lot. Getting into an accident just after leaving is a terrifying possibility after spending hard-earned money on a car, even if it’s a used car. Either way, it’s an investment, and buyers need to protect themselves.
It’s a good idea to call around before purchasing the car model you have in mind to get a quote. If that didn’t happen before, getting the best car insurance must be the top priority to get taken care of once a vehicle is purchased. Some dealerships require buyers to have insurance before leaving, so being ready with insurance is imperative for a good experience.
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2. Check for Existing Recalls
Recalls happen in brand-new and used vehicles as technology changes over time. Sometimes, manufacturers will send out information for a recall because of a necessary update, too. Certain recalls can also affect driver or passenger safety, so recalls cannot be ignored.
After the purchase is complete, buyers can find information about recalls from the National Highway Traffic Safety Administration. Get the vehicle identification number or VIN from the car to complete a search. It’s also a good idea to check for recalls multiple times a year because new recalls are released periodically.
3. Transfer the Title
If a car is purchased from a dealership, the dealership typically handles the title transfer. The title is the official document that proves ownership, so if you buy privately, it’s critical to get this taken care of as soon as possible after purchase.
When purchasing from a private seller, buyers need to verify liens do not exist from the previous owner. If there are, those need to be handled immediately. Buyers need proof that the seller has documents that prove any loans have been paid as required. If a buyer has any questions about transferring a title, the DMV needs to be contacted for state-specific answers.
4. Get the Car Registered
Once a car has been purchased, it must be registered with the DMV soon after. Car dealers will typically handle getting the vehicle registered in the buyer’s name, but it’s different when working with a private seller. Private sellers should provide documentation to the buyer to show to the DMV to get the registration done.
Some of the documents needed include the bill of sale showing the purchase price, the title that has been signed over by the previous owner, the VIN, proof of insurance, odometer reading, sales tax if applicable, and evidence of passed inspections. Buyers also need to contact the local DMV to find out if any further documents are required.
5. Find a Trusted Mechanic
Finding a mechanic can be challenging, which is one reason that buyers may prefer to purchase from a well-respected dealership. Dealerships have mechanics on staff that are responsible for conducting an inspection and doing any preventative maintenance before the purchase.
Private sellers are different, and buyers need to be aware of getting a used car with issues. Ideally, the vehicle should be checked before purchase, but it needs to have a thorough inspection done when that’s not possible. When in need of a trusted mechanic, buyers should research reviews and request recommendations from local groups to get an idea of who to trust.
6. Schedule Any Necessary Repairs
Once the mechanic has had a chance to complete an inspection, it may be recommended to replace spark plugs, belts, or any frayed wires, along with any other issues. There may also be cosmetic issues that may need to be dealt with if the buyer deems these repairs are essential.
Some repairs may be more critical than others, so depending on what the mechanic says, there may be a list that needs to be followed. It’s possible that the new owner might need to prioritize repairs to get things done over time. If that turns out to be the case, working out a schedule with a trusted mechanic will be a great way to get things done.
7. Read the Owner’s Manual
It’s a good idea to read the owner’s manual to get to know your newly purchased vehicle inside and out. It may not be full of entertaining reading, but knowing what the lights on the dashboard mean can be helpful should they come on. Buyers can also read about any potential existing warranties that might still apply to the car.
Getting to know more about the car is helpful because new owners can learn about what to expect regarding the engine and other internal components of the vehicle. It also gives the owner a chance to become familiar with some of the more specific details about different parts of the car.
8. Create a Maintenance Schedule
Using the manual, buyers can also get to know what the regular maintenance schedule is for the car. Each manual contains a suggested maintenance schedule, so a buyer knows what to expect and plan for in the future. Sticking with the recommended schedule can help in saving money over time, too.
Maintenance is a crucial part of being a responsible car owner. That includes keeping an eye on the wear and tear of tires, keeping up with oil changes, and getting regular tune-ups. Finding a trusted mechanic is essential in keeping car maintenance from becoming overwhelming.
9. Consider an Extended Warranty
When purchasing a used car, buyers may also want to consider a used car warranty. There are many different options available for warranties that range from expensive repairs to bumper-to-bumper coverage. Buyers should still do research to figure out the best options available.
Keep in mind that some warranties appear to be scams, so researching is vital in making the best selection. Buyers should also check for any specific fine print regarding repairs and coverage. Some warranties are only effective at particular mechanics, so those might be ones to steer clear from.
10. Get Familiar with Features
Once the car is ready to go, buyers need to familiarize themselves with the car’s features. Learning what all of the buttons do is vital because the last thing anyone wants to deal with is trying to figure out how to open the gas tank at an inopportune time. Knowing how to program the dashboard is helpful, too, to enjoy driving to the perfect soundtrack.
Features go beyond the buttons, though, and include levers for seats and the position of latches if installing a car seat is an essential aspect of the car. Finding out where all of the power outlets are is also important so owners can charge their gadgets as needed.
A Few Last Words on What to Do after Purchasing a Used Car
There’s a lot to think about after purchasing a used car. Getting car insurance and title transfers are essential to getting started. Finding out about recalls is critical to keeping the car safe for drivers and passengers. Once registration is complete, it’s time to get the car inspected by a trusted mechanic.
After that, it’s all about creating a schedule for repairs or maintenance to get the most out of a newly purchased car. Getting familiar with the features is also essential to feel comfortable with a new car, even if it’s a used car, because it will be new to you.
Once all of the necessary tasks are done, it’s time to get down to the fun stuff, like finding the accessories that reflect your personality. Adding some exciting goodies to a vehicle should be a part of what it means to have a new car. Taking care of it with regular car washes and giving the car some character is the icing on the cake. When everything is squared away, it’s time to take a drive and enjoy your new car experience.
The cost of owning a car is significant, and maintaining it can be pricey too. But it’s what keeps your wheels running, whether that means commuting to work, doing school drop-off, shopping, road tripping, and beyond.
You’ll likely deal with lots of expenses, such as oil changes, new tires, shock and spark plug replacement, and more as you navigate car ownership.
Here, learn how you can save big on the typical services most cars need so you can hold onto more of your hard-earned cash.
How to Lower the Cost of Owning a Car
What follows are 31 ways to make vehicle maintenance less expensive. Some of these strategies help you save money right away, while others can lead to serious savings down the road.
1. Buying the Right Car
One of the best opportunities you have to lower your maintenance costs comes before you actually buy the car.
If you’re looking to buy a new car–or for a good deal on a used car–it can be wise to not only consider the purchase price, but also the long-term costs. With a little bit of research, you can likely find out the model’s repair record, and the average annual cost of upkeep.
Recommended: How to Save Up for a Car
2. Keeping Up With Oil Changes
It’s inconvenient and, with synthetic oil and filter changes running around $65 to $125 a pop, the money you may not feel like spending. But this regular expense will almost certainly save you money in the long run. Oil lubricates your engine and keeps it from overheating. And, replacing the whole engine will definitely cost a whole lot more.
3. Reading Your Owner’s Manual
Unless you’re a serious car geek, you probably haven’t spent a lot of time perusing your owner’s manual. But this guide contains key information about what maintenance services need to be done and when making it essential reading. (If you’ve misplaced yours, you can probably find it online — just search for your car’s make, model, year, and the words “owner’s manual.”)
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4. Timing Your Maintenance Properly
The maintenance schedule set out in the owner’s manual was created by your car’s designers to help you keep ahead of major repairs that would pop up if you didn’t intervene. Skipping preventative maintenance can be penny-wise, but pound-foolish.
5. Knowing Fair Maintenance Prices
Charges for car maintenance services, like tune-ups and tire rotations, can vary widely depending on the shop. One way to find out if you’re being charged fairly is to research rates before you bring the car in. Websites like RepairPal can tell you what you should expect to pay for a particular maintenance task — and can even connect you with certified shops.
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6. Patronizing a Mom-and-Pop Mechanic
Want a way to save money daily? Think small. Independent mechanics can sometimes offer lower pricing (and potentially better customer service) than auto repair chains, which have to cover the cost of being part of a franchise. So it can be worth shopping around. Exception: If your car is still under warranty at the dealership, you might void the agreement by taking it anywhere else, so it may be best to stick with them.
7. Sticking With the Same Shop
Although it might not matter for minor maintenance issues like oil changes, bigger services can be costly — and if you continually take your car to new mechanics, they won’t know your vehicle’s service history, which could lead you to pay for the same service twice.
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8. Getting Your Transmission Fluid Changed
Transmission fluid is as vital to your transmission as oil is to your engine. This fluid is a lubricant that helps keep all of the moving parts inside of your transmission functioning properly. Transmission work can be some of the priciest projects you can face, running anywhere from $800 for a repair to a couple thousand or more for a rebuild to $4,000 to $7,000 for a replacement.
9. Getting Your Coolant Fluid Flushed
Yet another important fluid to keep an eye on, your coolant protects your engine from overheating, as well as offering more lubrication for certain engine parts. It usually needs to be changed out every 10,000 to 50,000 miles (you can find out in your manual), and failing to do so can lead to rust and dirt clogging up the system.
10. Cleaning Your Battery
You may not think about your battery very much…until the morning your car doesn’t start. To keep your battery in good working order, and avoid surprises, it can be good to occasionally clean the corrosion off the terminals using a small brush, some water, and baking soda.
11. Keeping Up With Your Transfer Case Fluid
This one only applies to those with four-wheel drive vehicles — but if you have one of those, you’ll likely need to familiarize yourself with the transfer case. That’s the part that shifts power from the transmission to the axles so the wheels can turn. And, like other parts, it has its own special lubricating fluid which needs to be regularly checked and changed.
12. Getting your Tires Rotated Regularly
You’ve probably already noticed how expensive tires are to replace — so chances are, you want to replace them as seldom as possible. Getting your tires regularly rotated and balanced can help ensure they wear evenly, which extends their overall longevity. This can be an especially good thing to do before you take an affordable road trip.
13. Carrying an Air Pressure Gauge
DIY moves can not only enhance your self-confidence, they can also be ways to save dollars and improve your money mindset.
One example: Maintaining optimum air pressure in your tires can improve your mileage (and save you money in gas) and also extend the life of those expensive tires. It also keeps your vehicle safe to drive. You can check your tires free of charge by keeping a tire gauge (typically less than $10) in your glove box.
14. Refilling Your Tires as Needed
As you roll around on them, your tires will gradually seep air over time — but you usually don’t need to schedule a special maintenance trip to refill them. Most gas stations offer coin-operated air pumps, and many even allow you to pre-set the proper PSI, or pounds per square inch. (Otherwise, you can grab your pressure gauge.)
15. Regularly Checking Your Alignment
Alignment controls the angle at which your tires meet the road, and is important for making sure your tires wear evenly. Proper alignment also helps increase your vehicle’s gas efficiency, so it’s worth getting it checked at least once yearly, or sooner if you notice a pull as you’re driving.
16. Inspecting Your Shocks and Struts
Your shocks and struts, which keep your car from bouncing, also impact how quickly your tires wear, as well as your vehicle’s fuel efficiency. Depending on your driving habits, these generally need to be replaced roughly every 50,000 to 75,000, depending on how heavy your use is.
17. Shopping Around for Tires
No matter how assiduous you are maintaining your tires, you’re eventually going to have to replace them. But unlike other car parts that may be proprietary to your car’s make and model, tires are pretty easy to shop for yourself — and doing so can lead to major savings. Warehouse discount or wholesale clubs like Costco and Sam’s Club sell tires, as do online retailers like Discount Tire Direct.
18. Using Winter Tires Only in the Winter
Using winter tires can make driving in snowy conditions much safer. But these tires wear considerably faster than all-season tires, especially in non-winter conditions. So it can be a good idea to change your tires back to all-weathers as soon as the last frost has thawed.
19. Skipping the Winterization Package
Many mechanics will offer you a “winterization” service that involves flushing and replacing your coolant (also called antifreeze). However, you only need to have that done every 30,000 miles or so, as noted above. If it hasn’t been that long since your coolant has been replaced, you don’t need this service.
💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt, so try to eliminate that ASAP.
20. Having Your Spark Plugs Inspected
Spark plugs literally spark the fuel that runs your engine. When the spark plugs start to fail, your engine won’t run as efficiently, and eventually, their misfiring could put stress on your catalytic converter, which is costly to repair. Check your owner’s manual for advice on how often spark plugs should be replaced. The number can vary widely, from 18,000 to 100,000 miles. When the time comes, however, it can be wise not to hesitate.
21. Changing Your Own Engine Air Filter
In most cases, paying a professional to do your maintenance and repair work is worthwhile in the long run (and less costly than making a mistake and hiring someone to repair it). But changing your engine air filter is actually easy. Since that filter keeps dirt and debris out of your engine, keeping it clean is key to your car’s longevity. There are plenty of YouTube tutorials you can check out to learn how.
22. Keeping Jumper Cables in the Trunk
This might not seem entirely necessary, but if your battery dies and you’re not near home, you’ll likely be glad you didn’t have to rely on a tow truck for such a simple problem.
23. Making Sure You Have Roadside Assistance
…That said, every once in a while, you might need a tow. If you do, having access to a roadside assistance program can be major cost savings. And, it can pay to shop around for this service. AAA might offer perks, like hotel discounts, but the roadside assistance package offered by your car insurance company might cost less.
24. Heading to the Car Wash
It may seem like a minor detail, but keeping your car’s exterior clean can help the paint job last longer by removing road grime and residues that can eat through the finish. A $10 drive-through wash is way better than paying up to 10 times that for a new paint job.
25. Detailing the Interior
Your car’s interior is also vulnerable to staining and residue build-up that can lower your car’s overall value. At many car washes, you can access a powerful vacuum that can get rid of loose debris, but giving your car’s interior more thorough attention every few months may help you resell it for a higher price later.
26. Waxing Your Vehicle Every Six Months
Waxing your vehicle twice a year is another important way to help keep the paint job looking fresh and new. It can also help to avoid rust build-up that can cause structural damage to the body of your car.
27. Changing Your Own Light Bulbs
For most bulbs on your car, changing them isn’t difficult. They typically have a twist-and-pull bayonet base or simply pull out and push in. You can usually find replacement bulbs in any auto parts store, and sometimes even hardware stores. In some cases, accessing a bulb can be tricky, so you may want to check the manual or look online if getting the bulb out isn’t obvious.
28. Paying Attention to Recalls
If your car’s manufacturer sends out a notice about a recall, it’s likely worth making an appointment at your local dealership — no matter how insignificant the problem may seem. The recall repair will be free at the dealership, and it could save you from more extensive damage that would not be covered.
29. Buying Some Touch-Up Paint
Just like washing and waxing, using touch-up paint can be a smart maintenance measure. With a little bit of touch-up paint, you can seal chips and cracks early on before they have a chance to become a real (and real expensive) problem like rust or paint decay.
30. Heeding the Check Engine Light
It may be annoying, but your check engine light is trying to tell you that something needs your attention. And, typically, it’s better to pay attention sooner rather than later. A small repair cost now is better than a large one later on if you let that light go for a few months.
31. Driving Less
The less you drive, the less wear-and-tear you put on your vehicle, and the lower your maintenance and repair costs are likely to be. While it’s hard to save money these days, when it’s possible, you may want to consider walking, biking, or carpooling. These moves can not only be wallet-friendly but also good for the environment.
Recommended: 7 Ways to Save Money on Commuting to Work
The Takeaway
Generally speaking, the best way to keep your car maintenance costs low is to keep up with maintenance in the first place. That means referring to your manual and following the recommended service schedule.
You can also save money on car ownership by doing some basic vehicle care yourself, such as keeping your car clean and inflating your tires properly, as well as shopping around for a mechanic who charges fair prices.
To make sure you have enough money to cover all the expenses of car ownership, it can be a good idea to set up a car fund, which is easy to do with a dedicated bank account.
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As any long-term investor in the market can attest, stocks rise and fall — influenced by a mix of economic trends and supply and demand.
Given the inherent volatility of stock values, there are periods when the market is down, and times when it’s gaining steam. So, how low can a stock go? Well, in some cases, stock prices can fall all the way to zero.
What happens when a stock goes to zero? Watching a stock in free fall can induce fear and panic in investors, causing some to sell their holdings. While most every investor aims to buy low and sell high, timing the stock market is very challenging and doesn’t guarantee that investors will see gains.
Sometimes when a stock goes down in value it can present an investment opportunity, but in other cases the stock could fall to zero and never recover. In the latter case, it may benefit investors to sell before the stock price falls all the way down to zero.
What Causes a Stock to Fall to Zero?
When a stock falls to zero, it doesn’t mean that the company is worth nothing. Some companies with very low stock values are still earning money or possess assets. And, some investors buy penny stocks that have extremely low prices.
What happens to a company when stock prices fall to zero? If a company continuously spends more money than it earns, and investors sell off the stock, ultimately, that can lead to the company going bankrupt. Most companies file for either Chapter 7 or Chapter 11 bankruptcy before their stock reaches $0.00.
Chapter 7 Bankruptcy
With a Chapter 7 bankruptcy filing, the company must sell off its assets until it can repay lenders and creditors. The order that stakeholders get paid is: creditors, bondholders, preferred stockholders, common stockholders.
This means that if the asset sale doesn’t bring in enough money to pay everyone, it’s likely that common shareholders won’t receive a dime. In this case, stockholders lose all the money they had invested in that stock.
Under Chapter 7, stock trading and all business activities must be put on hold.
Chapter 11 Bankruptcy
Under a Chapter 11 bankruptcy, the company negotiates loan terms with its creditors in order to avoid selling off assets. With Chapter 11, companies can still conduct business and their stock can be traded.
Once a company files for Chapter 11, it is likely that the stock will continue to fall, since many investors won’t have much faith in the business. Sometimes shares are canceled with a Chapter 11 filing. In that case, investors lose all the money they had put into the stock.
Even if a company files for bankruptcy before its stock falls to zero, their attempts to salvage the business may ultimately fail and the stock could become worthless. However, it can take a strong team and business model to go public and get listed on stock exchanges in the first place, so some bankrupt companies may have the potential to make a comeback.
Some companies with very low stock prices get acquired by larger companies before their stock falls to zero. Even a company with a low stock might have a promising product or service that a larger company is able to sell successfully. One example of this is when Alphabet acquired FitBit in 2021. 💡 Quick Tip: All investments come with some degree of risk — and some are riskier than others. Before investing online, decide on your investment goals and how much risk you want to take.
What Happens to a Company When Stock Prices Fall to Zero?
Some stock exchanges delist stocks if they fall below a certain level. For example, the New York Stock Exchange will remove a stock if its share price falls below $1 for 30 days in a row.
And, as mentioned above, if a company files for Chapter 7 bankruptcy, its stock will be delisted temporarily.
Can a stock go negative? Fortunately, it is not possible for a stock’s price to go into the negative territory — under zero dollars in value, that is.
Still, if an investor short sells or uses margin trading, they may lose more than they invested. For this reason, margin trading and short selling are risky investment strategies.
Short selling is when an investor predicts that a stock is going to decrease in value. So, rather than buying the stock, they ‘bet’ that it will go down. If the stock does in fact go down, they make money.
But, if the stock ends up increasing in value, they lose money. Potentially, an investor in this scenario could lose more money than they put into the initial short sell.
Margin trading is when an investor borrows money from the brokerage firm to trade stocks. If the investor makes a trade that doesn’t go in their favor, they can end up owing the brokerage firm money.
How Low Can a Stock Go?
Stock prices can fall all the way down to zero. That means the stock loses all of its value and a shareholder’s earnings are typically worthless. In this case, the investor loses what they invested in the stock.
Reasons for a Stock Losing Value Down to Zero
What makes a stock fall to zero? The are a number of reasons that may come into play, including:
• Losses in the company’s revenue or earnings, especially if the losses are persistent
• A perception in the market that the stock is overvalued
• Management issues, shake-ups in the company’s leadership positions, scandal, fraud — in short, anything that can make investor sentiment turn negative
For investors, these are all signs a stock is underperforming and red flags to watch out for.
Types of Stocks Likely to Fall to Zero
What is a stock that falls to zero? Every stock comes with risks, but some are more risky than others. Besides companies on the brink of bankruptcy, there are certain types of businesses that have a higher chance of becoming worthless.
Knowing what to look for and researching and evaluating stocks before buying is key to building a resilient portfolio. Some of these higher risk stocks might include:
Companies With Weak Business Models
Even if a stock is currently performing well, it may fall in the future if the business model is fundamentally flawed. For this reason, many investors prefer to research a company’s practices, team composition, and business model before investing in its stock.
Penny Stocks
Stocks that trade below $5 are known as penny stocks. These low price stocks tend to be very volatile, as the companies that issue them have low or no profit.
Sometimes penny stocks can even turn out to be scams.
Buying the Dip
Rather than selling stocks when the market declines, some investors believe it can be a good idea to buy while the market is low. By buying the dip, as it’s known, investors pay less for stocks.
And, since these stocks still have the potential to go up in value as the market recovers after the decline, they can be preferred by long-term investors who may have more time to let their portfolio go back up in value.
However, if a company is going bankrupt or otherwise likely to fall to zero, it’s unlikely to offer a strong return on investment.
It’s also very difficult to time the market, so a trader might buy in when they think the market has hit bottom, only to watch it continue to go down.
Generally, building a diversified portfolio can offer higher returns on average over time than trying to time the market based on shorter-term trends or dips.
Examples of Stocks That Fell to Zero
There are two particularly infamous examples of stocks that fell to zero:
Enron
In the 1990s, Enron, an energy company, hid massive losses by using accounting tricks. At one point, its stock price was over $90. In 2001, analysts and investors became suspicious and began asking questions. That same year, the company reported huge losses, and its stock plummeted to $0.26 right before it declared bankruptcy.
World Com
This telecom company falsely inflated its cash flow and net income by listing expenses as investments to hide losses. Its stock price fell from more than $60 a share to less than $1 before the company declared bankruptcy in 2002. 💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.
How to Prevent Holding a Stock that’s Falling Lower
While it’s true that the market is impossible to predict, there are some measures that investors can take to protect themselves from losses — especially in the case of a stock spiraling towards zero. Below are some common preventative investment measures.
Stop Losses
Knowing when to sell a stock is important. Investors can set up a trade to automatically sell shares if a stock reaches a specific price. This type of trade is called a stop loss. It’s a strategy that could help prevent losses in the case of an individual stock or overall market drop.
There are multiple types of stop losses, including trailing stops and hard stops. Trailing stops move the stop level up as the stock rises in value, but stay in place if the stock falls. Hard stops are fixed at a specific price and will execute if the stock falls to that price.
Limit Orders
Limit orders allow investors to set the price at which they want to buy a stock. An investor selects the price and the number of shares they wish to buy. In practice, the order only executes if the stock then hits that price.
This is one way for traders to step away without worrying that they’ll be buying in at a price they didn’t want.
Put Options
A put option is a type of order that gives traders the option to sell or short-sell a specific amount of stock at a specific price, within a certain time frame. If a stock decreases in value in this case, the trader can still sell it at a higher price than it previously held.
Diversifying Asset Holdings
In an effort to prevent losses, investors may want to diversify their portfolios into a mix of non-correlated assets — dividing their holdings between assets at a higher and lower risk of fluctuating in value.
In a diversified portfolio, if one asset class decreases in value, the other types may not. Over time, the ups and downs of each asset could possibly balance the losses in each.
Setting Up a Stock Portfolio
By researching companies and setting up a portfolio according to one’s personal risk tolerance, and then keeping tabs on the assets in that portfolio to monitor their performance, it may be possible to help hedge against a stock sinking down to zero.
FAQ
At what point does a stock become worthless?
A stock becomes worthless when it falls to zero and has no value. In this case, an investor loses the money they invested in the stock.
How low can a stock go before being removed?
Some stock exchanges delist stocks if they fall below a certain level. The New York Stock Exchange will remove a stock if its share price falls below $1 for 30 days in a row, for instance.
Do you owe money if a stock goes negative?
No. A stock price can’t go negative, or, that is, fall below zero. So an investor does not owe anyone money. They will, however, lose whatever money they invested in the stock if the stock falls to zero.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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.
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