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The average cost of a financed used car has risen significantly since the pandemic began. Even if the price of a used car comes back down, you might still get hit by high interest rates. Americans' cars are worth $313 billion more than 2020Many of the used vehicles on America's roads are worth considerably more now than they were last year. That means that while many used cars likely haven't appreciated in value, newer cars have risen in value significantly. All the used cars that were financed last year are worth a collective $1.5 trillion — $313 billion more than they were worth in 2020.

Many Americans rely on their tax refund as a way to catch up on bills and other expenses. Inflation means that refunds have dropped in value, and refunds are expected to be much lower this year. Your 2022 tax refund will likely be a lot smaller than the tax refund you received in 2021. More than 129 million Americans received an average tax refund of $2,815 for their 2020 taxes. If Americans received refunds of $2,815, on average, in 2023, it would represent a $26.7 billion loss to inflation.

If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $93 billion. See Insider's picks for the best personal loans »Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $93 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

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Get a jump on starting an emergency fund and earning extra income by having a financial plan. When you don't have an emergency fund, one job loss or medical issue could totally upend your life. This will take time and effort to accomplish, but the peace of mind and confidence that an emergency fund gives you will be well worth it. This can often lead to disaster when something breaks down and needs total replacement, which can lead to spending money you are not prepared to spend. When handling your money and thinking about the future, being proactive rather than reactive can save you money and help you be more financially secure.

Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience. It found most travelers who bought travel insurance were concerned about their travel provider or their health. About 11% said they always buy travel insurance out of habit, and just 5% said a friend had recommended it. Of those who responded to the survey, about 18% had purchased travel insurance and made a claim, while 24% had not made a claim on their coverage. As we continue to see travel delays and disruptions, travel insurance will become more important and will be viewed as a necessity and not just an expense.

But without a plan to combat it, debt can harm your credit score, financial stability and future financial prospects. Confront your debtThis may be overwhelming, but one thing about debt: You have to confront it to tackle it. There are two debt repayment strategies that can help you decide: the debt avalanche method and the debt snowball method. Debt avalanche methodWith the debt avalanche method, you focus on the debt with the highest interest rate first. Debt snowballWith the debt snowball method, you focus on the debt with the lowest balance first to build momentum.

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money. Here's what: Don't panic over holiday spendingThe holidays are such a fun time of year, but it goes without saying that they can come with a hefty cost. It's so easy to overspend and get off track with your budget and financial goals between dinners and parties, holiday planning and gift-giving. And even if you carefully laid out a holiday budget ahead of time, unexpected costs can add up quickly. The 18 best personal finance books for 2022Ready to get your finances on track in the new year?

Try to avoid taking on new debt you don't need, like a house or car. Look critically at smaller expenses, too — there's no reason to keep paying for things you don't use. Although you typically need a job and financial security to buy a home, it does not make a purchase of this magnitude recession-proof. Excess groceriesA lot of consumers impulse buy at the grocery store, but during a recession when you need to control your spending, it's important to grocery shop with a plan. During a recession, it's important to pay attention to spending and be wary of making unnecessary and expensive purchases.

Personal finance blogger Carmen Perez had $48,000 worth of student loans when she graduated in 2009. Three steps helped her tackle that debt: writing out everything she owed, choosing a method to tackle debt, and making sure to pay each month. In her journey to pay off her student loans, she found three steps that helped her to go from feeling overwhelmed to debt-free. Write out what you owe"I think the biggest advice is just to get organized around your student loans. By starting with these three steps, student loans can feel less overwhelming, more manageable, and be paid off sooner.

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