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When my husband and I bought our second home at the end of 2019, we were excited about the lower interest rate compared to our first mortgage. We were comfortable with the new payment, but the lower rate made it easier to stomach the higher monthly payment. In the spring of 2021, however, we realized we could likely get an even lower rate and decided to go through the refinance process. Refinancing our mortgage allowed us to go from a 3.875% to a 2.875% 30-year fixed mortgage, shaving 1% off our mortgage interest rate. For anyone that has closed on a home, you know that closing costs are typically thousands of dollars.

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I started investing in my 403(b) retirement account as soon as I became eligible as a teacher. But I invested in expensive mutual funds on the advice of another teacher. He recommends index funds as well as passively managed mutual funds or exchange-traded funds (ETFs). Before you join a 403(b) plan, know that costly 403(b) fees can significantly reduce your savings over the course of your career — sometimes by hundreds of thousands of dollars. You should learn what your 403(b) plan fees are, as well as the fund fees of the different investment options you have within the plan.

Persons: Brian Walsh, Read, Bobby Glotfelty, Glotfelty, Walsh, it's Organizations: Service, Business Locations: Wall, Silicon

When I learned about Barista FIRE, where you work part-time in "retirement," it was perfect for us. I thought, There are people who have decided to forgo the "work until you're of standard retirement age" lifestyle? It's called "Barista FIRE" because some people choose to work part-time as a coffee shop barista in early retirement. Then, you subtract the amount you think you will earn from your expenses number to get your Barista FIRE number. Using the same numbers as above and assuming $25,000 a year earned from part-time work or passive income, our Barista FIRE number changes dramatically.

Persons: It's, Read, Roth, — Organizations: Barista FIRE, Service, FIRE, Barista Locations: Wall, Silicon

After college, I got into the habit of just switching my car insurance to whichever policy was cheapest. But while I've never had difficulty filing a claim, I have had less favorable customer service experiences. Recently, I've compared prices and thought about switching providers to save money. The customer service is excellent, and we also get free roadside assistance, which I've already used once this year due to a faulty transmission. While finding ways to save money is always a top priority of mine, financial savings sometimes come with a different price: risk.

Persons: I've, J.D . Powers, we've, Stuart Winchester, Winchester Organizations: Service, J.D Locations: Wall, Silicon, J.D .

I didn't really know all the details when I first set up my retirement plan years ago. My retirement plan focuses on a variety of index funds with low fees now. I rolled my old 403(b) into a traditional IRA plan at Fidelity, where my Roth IRA was housed. My Roth IRA was in a targeted retirement plan then, meaning the investments would rebalance to become less aggressive as I neared retirement. Once I made the index funds switch for my IRAs, I got started on my husband's retirement accounts.

Persons: Roth, IRAs, Roth IRAs, that's, R.J, Weiss, It's Organizations: Service, Fidelity, Roth IRA Locations: Wall, Silicon, Minneapolis

A year later, rates were down even further, and we realized we could save long-term by refinancing. We're coming up on the break-even point, and long-term, we'll save over $63,000. See Insider's picks for the best mortgage refinance lenders »We could break even on a refinance after 4 yearsWe moved in right before Thanksgiving and spent the next year making our house feel like a home. After this time, the savings on our mortgage going forward would outweigh what we would pay in refinancing closing costs. Although we didn't refinance to pay off debt, it still made sense to do it soon after purchasing our home.

Organizations: Service Locations: Wall, Silicon

We considered a 529 plan or UTMA to save money for our daughters' future. However, we aren't sure they'll pursue higher education, so we didn't use a 529 plan. Why we didn't choose a 529 plan to save for collegeAlthough a 529 plan is an extremely popular choice for caregivers looking to save for a child's college education, the funds can only be used for education expenses. High interest rate Check mark icon A check mark. For most people, a 529 or UTMA plan makes perfect sense.

Persons: —, Read, Taylor Sohns, that's Organizations: Service, Bask, Bask Bank, FDIC, Chevron, Texas Capital Bank, Reading Chevron, LifeGoal Investments, Payment, Fidelity

Maggie Tucker and her husband, both in their early 40s, retired on the same day. Tucker and Woods had a specific plan for how they would reach early retirement. Saving additional money in index funds and getting into real estate investing helped them meet their early retirement goals. Early retirement still held some surprisesWhile there have been relatively few disadvantages to retiring early, Tucker says that there are some — including a sense of ennui. And remember to celebrate: After retiring early, Tucker and Woods took their children on a six-week trip around Europe, visiting six countries in six weeks.

When purchasing a traditional life insurance policy, you ensure their financial well-being once you're gone. Buyers also choose between permanent life insurance policies, which are projected to last the entire lifespan of the person's life, and term life insurance policies which last a certain number of years. You may also pay penalties begging the question: When is it appropriate to draw from the cash value of a life insurance policy? Understanding how cash value worksPermanent life insurance policies, sometimes called cash-value life insurance, can be whole, variable, or universal life insurance. Bob Gaydos, CEO of Pendella, a life insurance company offering individual coverage to employees entirely online, puts it this way: "Permanent life insurance can be a vehicle to build wealth.

Use life insurance to build generational wealth and set family up for successReducing debt and increasing savings are two of the ways life insurance can helpDiscuss trust options with a professional if you want to limit uses for life insurance proceedsGet the latest tips you need to manage your money — delivered to you biweekly. When strategically used, life insurance offers many advantages, including the beneficiaries' ability to build generational wealth (wealth that passes to younger generations of a family). A life insurance policy can protect loved ones' present situation and help build future generational wealth. Acquania Escarne, Life Insurance Producer & Wealth Strategist at The Purpose of Money®, explains it by saying, "Life insurance is how you can buy wealth before you build it. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Courtesy Katie OelkerMy husband and I use 0% APR credit card offers to finance our furniture purchases without paying interest. At the furniture store, we discovered we could open a store credit card and pay no interest for so many months. Before deciding to open and use a 0% intro APR credit card, ask yourself the following questions:Is this something I can afford? Easy cash rewards: Wells Fargo Active Cash® CardFor a no-annual-fee card, the Wells Fargo Active Cash® Card offers remarkable cash rewards earning. New cardholders can earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months from account opening, and earn 2% cash rewards on purchases with no limits.

I never thought I'd be a stay-at-home parent but the pull to be with my first daughter was strong. But these past few years as a stay-at-home parent have been some of the most rewarding and fulfilling of my life. As I transitioned to full-time, stay-at-home parenting, I did some financial coaching and started a podcast on the side. I was hoping to be able to continue writing and work part-time at a local high school. I'm sure that if I were working a full-time job I wouldn't be able to pursue these side projects.

Liz Gendreau was motivated to pay off her family's mortgage early after two catastrophes struck. She refinanced and used a high-yield savings account to pay off the mortgage with a lump sum. The couple paid off their mortgage 17 years earlier than they'd originally planned, motivated after enduring several catastrophes in a row. They used a high-yield savings account strategicallyGendreau and her husband started putting every financial windfall, large and small, into a high-yield savings account. Gendreau and Gwiazdowski saved up a lump sum and paid the outstanding mortgage balance off all at once.

I never thought I'd be a stay-at-home parent but the pull to be with my first daughter was strong. After having two children I was ready to go back to work, but it didn't make financial sense. As I transitioned to full-time, stay-at-home parenting, I did some financial coaching and started a podcast on the side. I was hoping to be able to continue writing and work part-time at a local high school. I'm sure that if I were working a full-time job I wouldn't be able to pursue these side projects.

☆ Many people think Amex points are only good for flights and hotels, but my family saved over $850 by redeeming them for a vacation car rental
▼ + stars: | 2022-03-10 | by ( Katie Oelker | Jasmin Baron | Read More | ) www.businessinsider.com time to read: +4 min

My family needed a large rental car on vacation for six days, and prices were high. I redeemed Amex Membership Rewards points for a rental minivan and saved $856. Read Insider's guide to the best travel rewards credit cards. Using credit cards to earn travel rewards points is nothing new to us, and in the past, we've mainly used these points for booking flights and hotels. As we looked at our vacation plans for 2022, we knew we'd need flights for our family of four, accommodations, and a car rental.

Persons: Read, — Organizations: Service, Hilton, Southwest Airlines, Hilton Head, American, American Express Locations: Savannah, VRBO, Alamo

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). This brought us to open our first premium card recently — The Platinum Card® from American Express. If you're unfamiliar with the Platinum Card, it is a heavy-duty metal card, and it's definitely got the sleek factor going for it. Prior to obtaining this card, the most we had paid for an annual fee was $250 for the Delta SkyMiles® Platinum American Express Card. When my husband and I were initially discussing the Platinum Card it definitely gave me sticker shock.

A fee-only financial advisor will be one you'll come across during your search. What is a fee-only financial advisor? A fee-only financial advisor is an advisor that's paid on a set rate based on the services they provide a client, rather than being paid based on commission. The financial takeawayWorking with a fee-only financial advisor can be a great way for clients to get fiduciary financial advice that's in their best interest. "Working with a fee-only advisor minimizes conflicts of interest, but just because someone is a fee-only advisor does not inherently mean they have the particular expertise you are looking for," says Brandon Renfro, CFP and owner of Belonging Wealth Management.

At age 27, my dad passed away and I inherited a retirement account from him worth $50,000. I could have used the money to pay off my student-loan debt, but I would have had to pay penalties and taxes on the entire balance. Although I inherited around $50,000 and had roughly the same amount of student-loan debt, I decided to keep most of that money invested instead of paying off my loans in full, and I'm glad I did. I was working as a teacher at the time of my dad's passing and was making more than the minimum payments to more aggressively pay down my student loans. I could have kept that money invested or cashed it out to pay off the rest of my student loans, but there were trade-offs to those options as well.

You could also transfer your credit card debt to a balance-transfer card to avoid interest charges, or speak to your creditors to work out a payment plan. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Mason Miranda, credit industry specialist from CreditCardInsider.com, had this to say about balance-transfer cards: "A balance-transfer card could help in paying off credit card debt.

I work as a financial coach, and since the pandemic began I've been getting a lot of similar questions. AdvertisementAs a financial coach who speaks and teaches courses on financial literacy, I get a lot of similar questions about money. Below I've compiled some of the most common questions I've been hearing lately and the advice I've been giving. I recommend having at least six months of savings in an emergency fund, and then beyond that is personal preference. AdvertisementI don't recommend investing money you will need in three to five years in the event we have another major economic downturn and it takes a few years to rebound.

Persons: I've, they've, They've, —, Roth, you've Organizations: Service, IRA, Fidelity

My husband gets discounts on car rentals through his employer, but even with that perk, renting a car through Costco is typically cheaper. Car rental companies typically try to get you to add on rental insurance even if you're already covered. According to The Simple Dollar, it can easily cost upwards of $30/day for rental car insurance. While I wouldn't purchase a Costco membership just to use the Costco Travel discount site, it is a nice perk of the $60 membership fee. Annual Fee $0 Intro offer N/A Recommended Credit Excellent Regular Annual Percentage Rate (APR) 19.74% Variable Editor's Rating 3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available.

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