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7 Ways to Save Money on Vacation
Vacationing on a budget doesn’t need to involve six layovers and questionable bed linens. But unfortunately, you may need to be a little sneakier this year when it comes to saving on travel. This summer, prices for hotels and domestic flights are up four percent from last year, according to Hotwire.com’s recent State of Summer Travel Report.
Before you try to convince yourself that a stay-cation really is as good as a tropical getaway, use these tips to score the blissful trip you deserve:
Stay put in July
Sure, a Fourth of July vacation sounds ideal, but it may also cost you. According to reports by Hotwire and Priceline, June and August airfare will be slightly cheaper than packing up in July. And if you can swing it, planning your trip for right after Labor Day (September 2) will score you huge discounts, says Clem Bason, president of the Hotwire Group.
Avoid weekend travel
Flying from weekend to weekend may be the best option for your work schedule, but it’s the worst for your wallet. “Everyone wants to do that in the summer, and because the planes are already very full, your prices spike for those departures and returns,” says Bason. “If you’re willing to book weekday to weekday for a 7-day trip—preferably on a Tuesday or Wednesday—you can save about 10 percent over a weekend departure.”
Spend more time searching for flights
Airfare search engines are great, but they’re not foolproof—so don’t assume you can find the lowest fare with just one click. Always expand your search to include nearby airports, says Bason, since some lesser-known private airports are starting to offer commercial flights. “Half the time, you don’t even know these airports exist,” says Bason.
If you’re traveling with a few people, make sure to search for seats individually before you search for them together. If a flight only has three seats left at one price and you’re looking for four, they’ll bump you up to the next price bracket, says Bason. Plus, you might still be able to change your seats later on so you’re sitting together.
Book your hotel, then keep looking
You know you can save a ton by booking at the last minute, but you also don’t want to deal with the anxiety of possibly getting stuck in a bed bug-ridden, half-star lodge. Bason’s suggestion: Book a hotel online with a liberal cancellation policy (ideally, one you can cancel at no charge up to 24-hours before the reservation). Then take another look at the last-minute deals the week before your vacation. If you can cancel on the same day at no charge—or if you’re truly planning an impromptu trip—check out the Hotel Tonight app or Priceline Negotiator app. Both tools show you same-day hotel reservations at seriously reduced prices.
Don’t pay extra for bags
With many airlines charging $ 30 for the first checked bag, it may be worth it to skip packing that fourth pair of heels. “Before you fly, know what your airline’s baggage requirements are and stay under them,” says Brian Ek, travel expert for Priceline.com. Check the airline’s website for their exact size and weight dimensions since these can vary from carrier to carrier, and check your bag before you leave the house with your bathroom scale—if it doesn’t fit, just weigh yourself holding the suitcase and subtract your own weight.
Bundle your trip
Even if you’re traveling solo, you can get a deal by purchasing your flight, hotel, and car service together. The reason: most sites will only show you the total price instead of an itemized bill, and airlines and hotels are more comfortable giving steep discounts when you can’t actually see the final price. “They don’t want to be seen as discounting,” says Ek.
Consider heading someplace new
There are a few travel options that are going to be particularly cheap this summer. For a nearby trip, try Washington, D.C. Due to the recent budget cuts from the sequester, fewer business travelers are coming in for agency meetings, say Bason. As a result, the hotels are struggling to fill rooms and dropping prices. Another place hungry for travelers is Vancouver, which added resorts for the winter Olympics in 2010 and is seeing many of them go unused, says Bason. And if you’re heading to Europe, check out the rates in Berlin. They recently added thousands of new hotel rooms in anticipation of a new airport that has been delayed, says Bason.
photo: iStockphoto/Thinkstock
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Are You a Good Money Match?
When you start dating a guy, there are all kinds of clues you look for to assess if you’re right for each other: Would you rather spend time with him than with anyone else? Can you totally be yourself around him? Are there fireworks between the sheets? Well, according to recent research, there’s one incredibly crucial factor that probably doesn’t even cross your mind: money. A new survey by TD Ameritrade found that only five percent of people say money is an important consideration when choosing a partner—yet 40 percent admitted they don’t fully trust their significant other with their combined finances, and couples argue about money an average of five times per year.
A ton of divorces are caused by financial conflicts, say Scott and Bethany Palmer, “the money couple,” authors of The 5 Money Personalities. “Many people assume these fights revolve around long-term decisions like debt and retirement planning,” they say—but that’s not always true. Couples often clash over small issues that come up every day, like your spouse buying a double skinny mocha latte for $ 4.50 when he could make coffee at home for pennies. “It’s those nitpicky things that can ultimately kill a relationship,” says Scott Palmer. So even though financial compatibility may not be on your radar early on, it should be. Here’s how to tell if you and your newish man are a good pair-up when it comes to cash.
Start the conversation
“Soooo…got any credit card debt?” Uh, not exactly the opener you want to throw out there on a date. But discussing where you each stand on finances will give you insight into a guy’s money mindset. A better convo starter? Use this blog post as a jumping-off point. Tell him you were reading an article about money and relationships, and realized that you’re more of a saver than a spender. Then ask him, “Off the top of your head, would you say you’re a saver or a spender?” “It’s a non-confrontational way to get the ball rolling because you’ve revealed something about yourself first,” says Scott Palmer. “Plus, you’re probing him based on who he is rather than what he has.” From there, segue into a more in-depth chat. If anything he says freaks you out (yikes, he’s 35 and doesn’t have a 401K— or he’s so cautious with money that he hasn’t taken a vacation in three years), that’s evidence there might be financial drama in your future.
Think ahead
Certain money habits that you find attractive in a boyfriend might drive you crazy in a husband, so you’ll want to stay a few steps ahead of the game. For example, who wouldn’t love being pampered by a guy who takes you out to fancy dinners and surprises you with blingy birthday jewelry? But ask yourself if you’d feel differently about those earrings he dropped a grand on if the dough was coming out of your joint account. “Your dating lens is often very different from your marriage lens,” says Bethany Palmer. Don’t expect him to change his tune after you walk down the aisle, though.
Spot red flags
Even in the early stages of a relationship, there are tip-offs that a guy will be a crappy money partner down the line. One warning sign: He’s fiscally controlling. “If he’s telling you how you should spend your income, run,” says Scott Palmer. At this point, it’ll show up in subtle ways (think comments like, “Is that another new dress?”). Later on, that behavior can translate into him holding the purse strings, deciding where your money goes and how much you can access…and you feeling resentful and powerless as a result.
Another biggie is keeping secrets. “People are secretive because they don’t want to be told no,” says Scott Palmer. “So someone who lies in general will also lie about money.” A guy who claims he’s working late but actually goes out with his buddies all night is the type to have a hidden bank account or conceal a bad financial decision from his wife.
Finally, take stock of how he acts when he’s out of his fiscal comfort zone. Let’s say you like to splurge on vacation, whereas he’s pretty thrifty. Does he insist on staying at a hostel in Cabo when you’re pushing for the luxe resort, or can he compromise with a mid-range hotel? Does he make a stink when you treat yourself to a massage on the beach, or can he let it go and indulge so long as it’s only once in a while? It’s fine for you to have different philosophies about spending. But whether or not he’s able to find common ground with you even when he doesn’t agree with you reveals a lot about how you’d get along if your earnings were linked.
photo: Zoonar/Thinkstock
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Scary Money News
Besides wrinkles, there’s one thing that nobody wants more of: debt. And while people in the U.S. are less likely to be in the red than they were in the past, those who do have debt are even deeper in the hole, according to a just-released report from the U.S. Census Bureau.
To track the ups and downs of U.S. household debt, economists took a look at money owed by American families in 2000 and 2011 and adjusted the figures for inflation. Their findings: the percentage of U.S. households in debt declined from 74 percent to 69 percent. Unfortunately, people who carried debt in 2011 owed a median of $ 70,000—nearly $ 21,000 more than the inflation-adjusted figure from the year 2000. And it gets worse: The net worth of most U.S. households—as in total, not just those that were in debt—dropped by nearly $ 13,000 during the years examined by the study.
Compulsive shopping isn’t the culprit here—college loans and medical bills were more likely to be behind people’s debt than credit card statements.
Want to get out of the hole—or make sure to stay in the black? Start with these simple ways to avoid debt and manage any outstanding balance you might have.
photo: iStockphoto/Thinkstock
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5 Money Lies Your Boss Is Telling You
The number of calories in a carrot versus a Big Mac. The price of a Jason Wu dress compared to a Jason Wu for Target dress. The hotness quotient of Ryan Gosling…or Meatloaf. There are some things that you don’t expect to be equal. One thing you do? The amount of money you and a male coworker earn—for doing the same exact job.
According to a recent study from the Institute for Women’s Policy Research, women working full-time in 2012 made 80.9 percent of what men took home in weekly pay—a drop from 82.2 percent in 2011. In terms of annual salary, women lagged even further, earning just 77 percent of what men raked in, a half a percentage point down from 2011. That means women made an average of $ 691 a week in 2012 (less than in 2011), while men earned about $ 854, a small gain over their 2011 pay.
Part of the reason for the discrepancy is that women often don’t negotiate as much as men do. It’s intimidating—especially given a lot of the lines bosses like to dole out, like “You’ll get fired if you tell any of your coworkers what you make” or “We can only give cost of living increases.” The thing is, these statements—and several others your boss may make to stand in the way of you and a pay increase—just aren’t true. Business coach Lisa Gates, cofounder of She Negotiates, a company that provides negotiation training for women, debunks some of the most common whoppers—and explains savvy ways to get around them.
“We don’t have the budget for raises this year.”
First, research how your employer’s faring. For public companies, go to Google.com/finance, enter the name of the organization, click on it, and then go to the “financials” link on the left-hand side of the screen to see a summary of profits and losses. If you work for a private company, scan their website for an annual report, or check business journals in your area—they often publish special issues detailing local financial statements. If you find out income is up? “Tell your boss that you know the organization’s doing x percent better than last year, and explain how you’ve contributed to the bottom line,” Gates says. Another tip: Your company might have a separate budget for bonuses versus salaries, so brainstorm with your boss about whether there are any extra pockets of money to tap into. On the other hand, if your workplace is legitimately under financial stress, request other incentives instead—like more vacation, working from home once a week, a nicer office, or an assistant.
“Sharing compensation information is prohibited.”
It’s actually against the law to forbid staffers from discussing salaries—it violates the National Labor Relations Act. And since knowing where you rank helps you gauge whether the raise you’re requesting is reasonable, it’s worth asking trusted colleagues. “That said, if you’re only talking to female coworkers, you’re not getting a clear picture of the pay scale across genders,” Gates points out. Instead, see if you’re underpaid at sites like GlassDoor.com or GetRaised.com. Then you can go to your boss armed with accurate info to help you achieve salary parity.
“There’s a pay structure we need to keep in place so you won’t be making more than your higher-ups.”
BS alert: If sharing compensation information is “forbidden,” how would your coworker know you’d surpassed her? In any event, the best retort is to propose being given a new title that better reflects your job description. Gates suggests having a conversation with your boss about the job you were originally hired for, and how what you’re actually doing goes above and beyond that. And what goes great with a promotion? A raise, of course.
“It’s not time for raises.”
“Typically, budgets are established at a certain date,” Gates agrees, “But this could also be corporate code for, ‘I just don’t want to give you more money.’” Respond by asking your boss, “When will that time be, and what do I need to do to put myself in line for a raise?” Frame it like a discussion, not a demand: Tell her what you’ve accomplished, and ask her to help you fill in any blanks so you know what goals you need to meet to ensure you make bank in the future.
“Corporate doesn’t allow raises bigger than the standard cost of living increase.”
Compensation almost always has some wiggle-room, but your boss may have to go to bat for you by asking her higher-up for more money. Since she’s probably reluctant to rock the boat, you need to prove it’s worth her while. “Using specific examples, lay out what you’ve done to boost profits and productivity, and explain that your salary should correlate with those results,” Gates says. If she still gives you pushback, say something like, “In my research, I’ve discovered that the market value of my position is x. I want to continue to help you hit your targets and exceed them, to be as valuable to you as I possibly can. In return, I’d like you to value my contribution, too. Can we brainstorm ways we can meet each other’s needs?” Calling out the fact that you’ve done your homework shows her you know what you’re talking about, and emphasizing how your getting a raise is also beneficial to her softens things.
“You’re already at the top of the pay scale.”
If your company uses a pay scale (a tiered salary system commonly used in union, government, and public jobs to ensure equal compensation for everyone with a certain level of experience), find out whether the salaries they offer are in line with the rest of the market by checking websites like GlassDoor.com or the Bureau of Labor Statistics. Making less than your peers in a similar line of work? Print out those reports, bring them to your boss, and say, “It seems there’s a disparity in the salary range for my position, and I’d like to talk about re-benchmarking the pay scale. Can we review the classification so that it’s more in line with what my research shows me?” If possible, have the conversation over lunch to set a relaxed tone. “Starting off with small talk, like asking about her kids or vacation plans, releases the bonding hormone oxytocin, which makes her more receptive,” Gates says. “Plus, it’s hard to be contentious when you’re enjoying delicious food.”
photo: Photodisc/Thinkstock
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The Best Apps for Saving Money
You can increase your next bank statement with the click of a button—but there’s a catch: That button has to be part of a money-saving app or website. Nearly 60 percent of the people who frequently use online banking tools say the resources helped them save more cash, according to a recent survey from the insurance and investments company Country Financial. As an added bonus, 70 percent of all the people who reported using the tools say they’re also great for staying on top of their finances.
“The reality is that if you break down your financial life into a series of smaller, doable goals, you can spend less and save more,” says Catey Hill, a personal finance journalist and the author of Shoo, Jimmy Choo! The Modern Girl’s Guide to Spending Less and Saving More. “Lots of apps and websites can help do that.”
Hill shared a few of her favorites. The sooner you sign up for (or download) these, the sooner your bank account can start growing:
Mint.com
You may think of “budget” as the other B-Word, but Mint.com makes it a much friendlier term: The site links to your credit card accounts, and every time you swipe, the app automatically organizes your spending into categories (rent, groceries, gas, etc.) and creates a chart. “It’s unlikely that someone would write out every purchase he or she makes,” Hill says, “so this app does all the hard work for you.” The app also sends you email and SMS alerts when you’re close to going over your monthly spending limit, which helps prevent buyer’s remorse.
Red Laser
This app takes the legwork out of bargain hunting. Use your phone to scan the barcode of any item while you’re shopping, and the Red Laser app pulls up a list of websites and nearby stores that carry the same product, along with the price tag at each place. Driving five minutes to save $ 25? So worth it.
Gas Buddy
Filling up your tank and then realizing gas is 10 cents cheaper at a station off the very next exit is the worst. Enter Gas Buddy. The app keeps a running list of user-generated data from across the country (i.e., 20 million users who’ve shared gas prices), so you’ll know where exactly to make gas stops on your next trip, whether it’s from one coast to the other, or simply across town.
SnipSnap
Even if you tear out a coupon, that’s no guarantee you’ll remember to bring it with you when you go to the store. SnipSnap solves that problem. With the app, you can take a picture of a printed coupon and store it on your phone so you’ll be sure to have it on you at all times.
Retail Me Not
Saving money is no fun if you can’t splurge on clothing, shoes, and makeup every once in a while. The good news is you don’t have to give up your shopping habit—just rein it in a bit by downloading Retail Me Not. The app uses GPS tracking to determine what store you’re in, then gives you any available coupons for that shop and surrounding retailers. “All you have to do is hold your phone up at the register to be scanned,” Hill says.
photo: Photodisc/Thinkstock
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The Money Mistake You’re Probably Making
Suffering from credit card bill-induced panic attacks? You may be setting yourself up for a lifetime of debt. Younger Americans rack up more credit card debt than their parents and are slower to pay it off, according to a recent study in the journal Economic Inquiry.
Researchers at Ohio State University used monthly surveys to look at the credit card habits of 32,542 Americans between 18-85 years old. They found that Americans born between 1980-1984 will rack up over $ 5,000 more debt by the time they’re 45 than people born between 1950-1954 had at that same age. Plus, they’ll pay off 24% less every month, when compared to their parents’ generation. “It’s a simple calculation to show that they’re never going to pay off that debt,” says co-author of the study, Lucia Dunn, Ph.D., professor of economics at Ohio State University.
But this younger generation isn’t necessarily reckless with their money. “They’ve racked up enormous amounts of student debt,” says Dunn. “There are also many things that people consider necessities today—like a car—that others didn’t think of as necessities before.”
Need another reason to curb your spending? Women are more likely to stress about debt than men, according to a follow-up study by Dunn and her colleagues. So whether you’re deep in debt or working hard to avoid it, use these tips to stay on top of your finances:
Double your minimum payment
Here’s some good news: Research showed that when the minimum monthly credit card payment is raised just a little, it causes people to pay back even more, which means you’ll get out of debt quicker. “It has a psychological impact on people,” says Dunn. “It makes them take repaying more seriously. In the end, everything costs less if you pay off faster.” Since you can’t control what the bank asks for, make your own rule and stick to it. If your bill says you owe a minimum of $ 50, make it $ 100.
Forget your friends’ finances
When it seems like everyone is suffering the same money woes, it can make you less serious about taking control of your spending. “It’s still not the norm to carry credit card debt, but many think it is,” says Liz Weston, financial expert and author of The 10 Commandments of Money. “Don’t take comfort in thinking everyone else is in debt.”
Pick the right plastic
Those fancy reward cards are great, but their rates can be higher than normal. If you’re paying your bill in full every month, go for it. “But if you’re carrying a balance on your card, look for one with a low rate instead,” says Weston. And read the fine print—some cards are made for really big spenders.
Check out these tools
Websites like Mint.com let you track your spending so you can figure out where you budget needs some work. You can also set up helpful text alerts from your bank. Need to save for a big purchase? Set up an online account somewhere like Ally or ING Direct, says Weston. They’ll let you set up free sub-accounts that will automatically subtract savings each month.
Don’t forget the future
It may seem way too far away, but the best time to start saving for retirement is in your twenties and thirties. Even if you’re paying down student loans and credit card debt, keep a little money stashed away in savings so that it gains interest. “People think, ‘I have my whole life to save,’ but that’s not how the math works,” says Weston.
Know when to wave the white flag
Unfortunately, if your debt becomes unmanageable, it’s better to get help sooner rather than later. “If your debt is equal to half or more of your income, it’s time to talk to a credit counselor or bankruptcy attorney,” says Weston. Check out the National Foundation for Credit Counseling at NFCC.org for help.
photo: Hemera/Thinkstock
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The Money Mistake You’re Probably Making
Suffering from credit card bill-induced panic attacks? You may be setting yourself up for a lifetime of debt. Younger Americans rack up more credit card debt than their parents and are slower to pay it off, according to a recent study in the journal Economic Inquiry.
Researchers at Ohio State University used monthly surveys to look at the credit card habits of 32,542 Americans between 18-85 years old. They found that Americans born between 1980-1984 will rack up over $ 5,000 more debt by the time they’re 45 than people born between 1950-1954 had at that same age. Plus, they’ll pay off 24% less every month, when compared to their parents’ generation. “It’s a simple calculation to show that they’re never going to pay off that debt,” says co-author of the study, Lucia Dunn, Ph.D., professor of economics at Ohio State University.
But this younger generation isn’t necessarily reckless with their money. “They’ve racked up enormous amounts of student debt,” says Dunn. “There are also many things that people consider necessities today—like a car—that others didn’t think of as necessities before.”
Need another reason to curb your spending? Women are more likely to stress about debt than men, according to a follow-up study by Dunn and her colleagues. So whether you’re deep in debt or working hard to avoid it, use these tips to stay on top of your finances:
Double your minimum payment
Here’s some good news: Research showed that when the minimum monthly credit card payment is raised just a little, it causes people to pay back even more, which means you’ll get out of debt quicker. “It has a psychological impact on people,” says Dunn. “It makes them take repaying more seriously. In the end, everything costs less if you pay off faster.” Since you can’t control what the bank asks for, make your own rule and stick to it. If your bill says you owe a minimum of $ 50, make it $ 100.
Forget your friends’ finances
When it seems like everyone is suffering the same money woes, it can make you less serious about taking control of your spending. “It’s still not the norm to carry credit card debt, but many think it is,” says Liz Weston, financial expert and author of The 10 Commandments of Money. “Don’t take comfort in thinking everyone else is in debt.”
Pick the right plastic
Those fancy reward cards are great, but their rates can be higher than normal. If you’re paying your bill in full every month, go for it. “But if you’re carrying a balance on your card, look for one with a low rate instead,” says Weston. And read the fine print—some cards are made for really big spenders.
Check out these tools
Websites like Mint.com let you track your spending so you can figure out where you budget needs some work. You can also set up helpful text alerts from your bank. Need to save for a big purchase? Set up an online account somewhere like Ally or ING Direct, says Weston. They’ll let you set up free sub-accounts that will automatically subtract savings each month.
Don’t forget the future
It may seem way too far away, but the best time to start saving for retirement is in your twenties and thirties. Even if you’re paying down student loans and credit card debt, keep a little money stashed away in savings so that it gains interest. “People think, ‘I have my whole life to save,’ but that’s not how the math works,” says Weston.
Know when to wave the white flag
Unfortunately, if your debt becomes unmanageable, it’s better to get help sooner rather than later. “If your debt is equal to half or more of your income, it’s time to talk to a credit counselor or bankruptcy attorney,” says Weston. Check out the National Foundation for Credit Counseling at NFCC.org for help.
photo: Hemera/Thinkstock
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4 Steps to Make More Money Than Your Coworkers
Got the cubicle blues and don’t know why? Your coworker’s paycheck might be to blame.
A new study out of Madrid found that the key to happiness at work isn’t in how much you are paid, but how much you are paid relative to your peers. So basically: Make less than your coworkers, “have a sad” in the office restroom on a regular basis.
To make matters worse, when workers discover income disparities, studies show they tend to work harder. “[This is] due to the idea that if those around me earn more than I do, it might indicate that if I work hard I will end up earning as much as they do,” says Eduardo Pérez Asenjo, study author and professor of economics at UC3M in Madrid. Ultimately, this strategy will likely just result in even greater feelings of resentment that you’re underpaid… and also overworked.
The good news is that there are strategies you can take if your goal is to earn more money.
Here’s how to ask for a raise and hear ‘yes’ in four simple steps.
1. Pick a number—but not just any number
Asking too high makes you look insane, asking too low means you’re missing out on potential income. The key is figuring out what the sweet spot is. “Too many people ask for raises based on what they’d like to earn or a general gut feeling that they should be making more,” says Alison Green, author of the popular Ask a Manager blog. “Do some research on industry norms for your particular work in your geographic area and see where your salary falls relative to those markers.”
Tip: Don’t use salary websites as a reference. Green says that the most reliable method is to ask other people in your field for their opinion. That said, most people tend to squirm when asked about their salary directly. “But you can bounce figures off them and see how they respond,” she says. “Do they think the number you mention is about right, or does it seem too high or too low to them?” Base your ask off your intel.
2. Wait for the ideal time
Make sure you’ve put in a significant amount of time (at least a year) and have a sustained track record of accomplishment before you try to climb the monetary ladder. And don’t become a repeat raise demander! If you just earned a raise 3 months ago, don’t come knocking too soon. “In most companies, you won’t get your first raise until you’ve been there for at least a year, and you usually won’t get a raise more than once a year after that,” Green says.
Also, Green adds, it’s important to think big picture. “It helps if the company is in decent financial straits; when employers are going through a rough financial time, they’re looking for places to cut costs, not add them, so you want to be sensitive to that,” she says.
3. Sell yourself
Don’t just tell your boss why you deserve a raise—show her. “A raise is an acknowledgement that you’re now contributing at a significantly higher level than when your salary was last set,” Green says. “So think about what achievements you had in the last year and why your work truly is worth more to your employer now than it was when your salary was last set.” Hard facts trump emotions every time. Possible accomplishments to mention: compliments from customers, increased revenue by X dollars, or evidence that you handle twice the caseload of your original responsibilities.
4. Never give up
Don’t take your boss’s “no” as a devastating rejection and plan to burn down the building Office Space style. “If your boss turns down your request, ask what you would need to accomplish to earn a raise in the future” Green says. “A good manager will be able to show you what a path to a salary increase would look like.”
photo: iStockphoto/Thinkstock
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