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☆ I love airport lounges and flight upgrades, but I worry I'll regret spoiling my tween with them
▼ + stars: | 2024-12-02 | by ( Amanda Adler | ) www.businessinsider.com time to read: +5 min

My tween son, however, groaned. AdvertisementMy son and I both appreciate the amenities that come with flight upgrades. For me, choosing to pay more for flight upgrades my tween will enjoy is no different from when I splurged on pricey trips to Disney parks when he was little. If travel upgrades leave my family feeling well-rested and ready for adventure when we land, then investing in them is just as valuable as the excursions we book at our destination. So, even if traveling in style is spoiling my tween, I'll continue to upgrade us whenever it's within our budget.

Persons: you'd, He'd, we'd, I've, I'm, Amanda Adler, it's Organizations: Spirit Airlines, United, Saks Fifth Locations: scrimping, Florida, Japan, Disney

☆ This personal finance educator says budgeting is ‘toxic’ — try ‘intuitive’ spending instead
▼ + stars: | 2024-11-27 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +3 min

You're going to feel that shame because you're not reaching those sorts of arbitrary goals that are being set." Try 'intuitive' spending insteadAccording to Miranda, the toxicity of budgeting stems from a capitalistic culture geared toward making more money and accumulating assets, rather than focusing on the quality of life of individuals. Instead of scrimping and saving your money, Miranda recommended "conscious spending," as an alternative. "It's like an intuitive or mindful approach to spending and using their money." "As long as we understand how our debt products work and the consequences of different decisions that we make around debt."

Persons: Dana Miranda, Miranda, Sheida Isabel Elmi, it's Organizations: CNBC, Research, University of Minnesota, Aspen Institute Financial Security

☆ I solo parent triplets and had no choice but to teach them independence. At 3, they know how to load the washing machine and set the table.
▼ + stars: | 2024-11-03 | by ( Marylou Costa | ) www.businessinsider.com time to read: +5 min

Megan Smyth, a 35-year-old mom, has been a single mom to triplets for 18 months. AdvertisementThis as-told-to essay is based on a conversation with Megan Smyth, mom to 3-year-old triplets. Eighteen months ago, I became the sole parent of three identical triplet toddlers — something I never thought I would say. They know to put their dirty clothes in the washing basket and washing machine. Nothing can ever prepare you for having triplets or for being the sole parent of them.

Persons: Megan Smyth, —, it's, I've, They'll, It's Organizations: Service, Facebook

☆ As a single mom, finances can be tight. Taking my son to Legoland was a good way to teach him about money.
▼ + stars: | 2024-10-12 | by ( Deborah Goldstein | ) www.businessinsider.com time to read: +6 min

As a single mom, finances can be tight, and I needed to figure out how to make it happen. At the start of every day during our trip, we talked about our budget and how to spend money. However, as a single mom, finances can be tight, and I knew it would take some strategic planning and scrimping to make the trip happen. He wanted a $150 Lego set at Legoland, so he knew he had limited funds to spend elsewhere. What he'll remember is seeing the panda at the San Diego Zoo and driving the cars at Legoland.

Persons: —, I'm, I've, I'd, He'd, Noah, wouldn't, Deborah Goldstein Organizations: Service, Lego, SeaWorld, San Diego, San Diego Zoo Locations: Legoland, San Diego, Oregon, California, San, SeaWorld, La Jolla

For Love & Money is a column from Business Insider answering your relationship and money questions. Write to For Love & Money using this Google form. Buying them all new shoes doesn't feel optional to me, but it does to my partner, who is still pretending we're surviving off only one income. Your partner doesn't want to spend just to spend, and I don't think you want to save just to save. Write to For Love & Money using this Google form .

Persons: isn't, —, I'm, it's, we're, they're, doesn't Organizations: Business, Service

☆ Young Chinese are looking for dupes and cheaper substitutes for everything from Hermès to travel
▼ + stars: | 2024-09-30 | by ( Huileng Tan | Matthew Loh | ) www.businessinsider.com time to read: +9 min

Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.

Persons: —, It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia

☆ The hidden costs of owning a home are surging for Americans
▼ + stars: | 2024-06-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).

Persons: we’re, That’s, Bankrate, Jeff Ostrowski, ”, Jennifer Schauer, Schauer, wasn’t, “, Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho

☆ An early retiree shares 3 money moves he made to save seven figures, quit work at 48, and still live comfortably: 'You don't have to live on ramen'
▼ + stars: | 2024-05-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewFor most of his career, Eric Cooper wasn't pursuing early retirement or financial independence. He used most of his part-time job earnings to pay off the mortgages on his four rental properties. Here are three money moves he made in his 20s and 30s to retire by 48 while still living comfortably. "My net worth was really starting to take off with four rental properties and a nice paying job," he said. So those rental properties buffered that a bit because they allowed me to have that income coming in still and some extra peace of mind."

Persons: —, Eric Cooper wasn't, Cooper, Eric Cooper, I've Organizations: Service, FI, Business, EconoMe Conference, FIRE Locations: Louisville, Egypt

☆ Self-made millionaire Vivian Tu went from 'scrimping and saving' to creating wealth with this mindset shift
▼ + stars: | 2024-03-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

"I was still living below my means and then investing that larger proportional difference," she said. Those raises helped Tu invest and grow her wealth more quickly. Why both saving and investing are criticalTu's mindset shift is one other women can learn from. Lifelong saving and investing are both critical for women, according to Boston-based certified financial planner Catherine Valega, founder of Green Bee Advisory. Leaving the workforce reduces earnings and the chance to save and invest for retirement, Valega said.

Persons: Vivian Tu, Heidi Gutman, Tu, Catherine Valega, Valega Organizations: Green Bee, Federal Reserve Bank of Minneapolis Locations: Boston

☆ I became a millionaire at age 27—here are 4 'unpopular' rules rich people follow that most don't
▼ + stars: | 2023-12-27 | by ( Vivian Tu | ) www.cnbc.com time to read: +2 min

Here are four unpopular rules rich people follow that most others don't:1. The problem with this mindset is that it can make people very competitive with other folks in similar financial situations. A rich person has no problem, for example, socking away money in a retirement account. But they know that just because they can't spend that money now, it's not like it has disappeared. It's actually the opposite: the longer they wait, the more money they get later on.

Persons: Rich, They're, we're, they're, it's, It's

☆ A $50,000 wedding for free: What it's like to win an all-inclusive wedding giveaway
▼ + stars: | 2023-07-01 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +5 min

Half of wedding vendors say higher costs of goods, from food to flowers to gas, are driving them to increase their service prices. A growing share of couples are adding cash funds to their wedding registries — some even earmarked specifically to help pay for the wedding itself. But with their surprise wedding winnings, Moore estimates their wedding day will be valued at more than $16,500. Usually, couples who win the free services are asked to promote the businesses on social media, or to appear in their marketing materials online and elsewhere. Now a couple of years after her wedding, Brallier continues to shout out the vendors who gifted her and her husband, Jacob, 26, a dream wedding.

Persons: Zola, Melanie Moore, Brandon Wallace, —, Moore, Wallace, Wallace's, Emily Forrest, Forrest, Jen Brallier, Jen, Jacob Brallier, Brallier, Jacob Organizations: Savings Locations: Memphis, Zola, Puerto Vallarta , Mexico, Tulsa

☆ Consumer spending: Gen Z, Millennials are scrimping. Boomers are living it up
▼ + stars: | 2023-06-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments. If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative. Bank of America spending data shows a noticeable bump in spending by households that received the cost-of-living boost. The student debt freeze, in effect since March 2020 when the Covid pandemic erupted, is expected to conclude by the end of August. For millions of Gen Z and Millennials, the return of student debt payments will mean less money for spending on restaurants and vacations.

Persons: Gen X, Gen, ” David Tinsley, Tinsley, ” Tinsley, ”, Biden, “ Organizations: New York CNN, Younger, Bank of America, Boomers, Bank of America Institute, CNN, Baby Boomers, Social, New York Federal Reserve Locations: Tinsley

For Love & Money is a biweekly column from Insider answering your relationship and money questions. Write to For Love & Money using this Google form. You, my friend, are a rockstar, and while I know you're tired, you're going places. But, as you know well, money is finite, especially when you are young and beginning your career. Rooting for you,For Love & Money

☆ Patagonia's founder, who gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Even now, Chouinard still wears old clothes and drives a rundown Subaru, The NY Times reported. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

In 2023, my family will deliberately be saving less money. We'll reinvest in our businessThe biggest way we're "spending more" in 2023 is by reinvesting in the financial planning firm that my wife and I run together. We're spending money on childcare for the first timeIn 2022, my wife was the lead parent to our infant daughter. The fact that we didn't have to pay additional money for childcare did help our budget last year. That includes having the wiggle room in our financial plan to make an adjustment like saving less, at least for this year.

The increase in college tuition and predatory lending have created a situation where, unless you’re fortunate to get a full-ride scholarship or come from a lot of money, students are vulnerable. Though Biden’s debt relief focused on federal student loans, there have been problems with private lenders as well, including the suit against student loan giant Navient. Research has shown that student loans increase access to financing and add to student diversity, which is great, but data also shows that women and people of color are disproportionately more likely to have debt. Student debt relief is one way to let people be people, first and foremost, and loanees second. But we need to do these things because we choose to and not because our college system is broken.

☆ Meet an island salesman who started as a tour guide and now helps the super-rich buy and sell private islands all over the world
▼ + stars: | 2022-10-26 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +10 min

Founder Chris Krolow runs a marketplace for buying, selling, and renting private islands. More than 20 years later, Krolow is now an island expert and the owner and operator of Private Islands Inc., a marketplace for renting and selling islands around the world. From tour guide to island salesmanSapodilla Private Island, one of the properties Krolow owns with his business partner, David Keener. He'd stumbled on a smart formula: Marketing a private island individually is expensive, as the audience for rentals or sales is small and dispersed. People aren't just crazy about renting islands, but they'll pay a premium to own one," he said.

☆ Patagonia's founder, who just gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-09-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

☆ Parents struggling with inflation: 'I left that $25 backpack for my preschooler at the checkout.'
▼ + stars: | 2022-09-04 | by ( Parija Kavilanz | Cnn Business | ) edition.cnn.com time to read: +6 min

New York (CNN Business) As Sarah Longmore finished her back-to-school shopping, the mother of five looked at a $25 backpack for her preschooler. Like Longmore, many parents — regardless of income — are finding their back-to-school dollars aren't going as far as they once did. Just 36% of parents said they would be able to pay for everything their kids need this school year, according to Morning Consult's annual back-to-school shopping report . JUST WATCHED Online shopping prices are starting to ease. Here's why that's significant Replay More Videos ... MUST WATCH Online shopping prices are starting to ease.

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