Heres What You Should Be Doing With Your Extra Cash EXCLUSIVE
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Pay down high-interest credit card debt. Do you have balances on your credit cards That answer could help determine what to do with $5,000. Interest accrues on cards each day they're left unpaid, so making a big payment right away could pay off. If you have debt across several credit cards, consider putting more money toward the one with the highest rate first.
After your $1,000 cash buffer, Fidelity suggests working toward saving 3 to 6 months of your essential expenses (think: major bills and necessities) to help cover you if, for example, you lose your job or have a hospital stay. \"If you're single with no dependents and a stable job, 3 months of savings may be enough,\" says Padamsee. \"But it's smart to have 6 or even 9 months of savings when you have a family or you're the sole earner in your household.\"
With a high-yield savings account, you won't have to worry about losing your cash, since these accounts are backed by the Federal Deposit Insurance Corporation (FDIC). But you may be limited to a certain number of withdrawals each month.
But there's a catch: You'll have to pay penalties if you withdraw your funds before the term is up. \"Remember that CDs are not fully liquid,\" says Padamsee. \"They can give a slightly higher yield, but this only works if you don't plan to dip into the money regularly.\" That means that while CDs are not ideal for storing your full emergency fund, they work well if you can anticipate when you'll need the money.
Getting some help. Investing in individual stocks, bonds, or funds takes a lot of time and research. But there are many ways to get help creating and maintaining your portfolio. An investment provider like Fidelity can help you create a personalized investment plan based on your goals. You can also choose to have your money managed for you with an affordable robo advisor, such as Fidelity Go, where you answer a few questions online, we'll suggest an investment strategy, and our investment professionals will manage your money according to your selected investment strategy, making adjustments as needed to help keep you on track.
You didn't think we'd leave this out, did you Once you've set yourself up with a strong financial foundation, polished up your emergency fund, and considered your short- and long-term goals, think about using some of your extra money for something fun. Celebrating wins with smaller incentives, such as a fancy dinner out or a weekend away, can help reinforce your good habits and motivate you to keep making wise money decisions over time.
For money you want to save for future use or emergencies, put that cash into a high-yield savings account where it can earn a bit more interest than it would sitting in a checking account. Cole points out that there are opportunity costs with keeping large checking balances, beyond just the temptation to spend. A high-yield savings makes sure that you aren't missing out on higher earnings.
We recommend the Marcus by Goldman Sachs High Yield Online Savings for no fees whatsoever and easy mobile access. It is the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached.
Airlines don't guarantee their schedules, and you should realize this when planning your trip. There are many things that can-and often do-make it impossible for flights to arrive on time. Some of these problems, like bad weather, air traffic delays, and mechanical issues, are hard to predict and often beyond the airlines' control.
If your flight is delayed, try to find out how late it will be. But keep in mind that it is sometimes difficult for airlines to estimate the total duration of a delay during its early stages. In so- called \"creeping delays,\" developments occur which were not anticipated when the carrier made its initial estimate of the length of the delay. Weather that had been forecast to improve can instead deteriorate, or a mechanical problem can turn out to be more complex than initially evaluated. If the problem is with local weather or air traffic control, all flights will probably be late and there's not much you or the airline can do to speed up your departure. If your flight is experiencing a lengthy delay, you might be better off trying to arrange another flight, as long as you don't have to pay a cancellation penalty or higher fare for changing your reservations. (It is sometimes easier to make such arrangements by phone than at a ticket counter.) If you find a flight on another airline, ask the first airline if it will endorse your ticket to the new carrier; this could save you a fare collection. Remember, however, that there is no rule requiring them to do this.
Each airline has its own policies about what it will do for delayed passengers waiting at the airport; there are no federal requirements. If you are delayed, ask the airline staff if it will pay for meals or a phone call. Some airlines, often those charging very low fares, do not provide any amenities to stranded passengers. Others may not offer amenities if the delay is caused by bad weather or something else beyond the airline's control. Contrary to popular belief, for domestic itineraries airlines are not required to compensate passengers whose flights are delayed or canceled. As discussed in the chapter on overbooking, compensation is required by law on domestic trips only when you are \"bumped\" from a flight that is oversold. On international itineraries, passengers may be able to recover reimbursement under Article 19 of the Montreal Convention for expenses resulting from a delayed or canceled flight by filing a claim with the airline. If the claim is denied, you may pursue the matter in court if you believe that the carrier did not take all measures that could reasonably be required to avoid the damages caused by the delay.
When booking your flight remember that a departure early in the day is less likely to be delayed than a later flight, due to \"ripple\" effects of delays throughout the day. Also, if an early flight does get delayed or canceled, you have more rerouting options. If you book the last flight of the day and it is canceled, you could get stuck overnight. You may select a connection (change of planes) over a nonstop or direct flight because of the convenient departure time or lower fare. However, a change of planes always involves the possibility of a misconnection. If you have a choice of connections and the fares and service are equivalent, choose the one with the least-congested connecting airport, so it will be easier to get to your second flight. You may wish to take into consideration the potential for adverse weather if you have a choice of connecting cities. When making your reservation for a connection, always check the amount of time between flights. Ask yourself what will happen if the first flight is delayed; if you don't like the answer, pick another flight or \"construct\" a connection that allows more time.
Airlines set their own \"boarding priorities\" -- the order in which they will bump different categories of passengers in an oversale situation. When a flight is oversold and there are not enough volunteers, some airlines bump passengers with the lowest fares first. Others bump the last passengers to check in. Once you have purchased your ticket, the most effective way to reduce the risk of being bumped is to get to the airport early. For passengers in the same fare class the last passengers to check in are usually the first to be bumped, even if they have met the check-in deadline. Allow extra time; assume that the roads are backed up, the parking lot is full, and there is a long line at the check-in counter.
Airlines may offer free tickets or dollar-amount vouchers for future flights in place of a check for denied boarding compensation. However, if you are bumped involuntarily you have the right to insist on a check if that is your preference. Once you cash the check (or accept the free flight), you will probably lose the ability to pursue more money from the airline later on. However, if being bumped costs you more money than the airline will pay you at the airport, you can try to negotiate a higher settlement with their complaint department. If this doesn't work, you usually have 30 days from the date on the check to decide if you want to accept the amount of the check. You are always free to decline the check (e.g., not cash it) and take the airline to court to try to obtain more compensation. DOT's denied boarding regulation spells out the airlines' minimum obligation to people they bump involuntarily. Finally, don't be a \"no-show.\" If you are holding confirmed reservations you don't plan to use, notify the airline. If you don't, they will cancel all onward or return reservations on your trip.
Things like this should be carried on your person or packed in a carry-on bag. Remember, the only way to be sure your valuables are not damaged or lost is to keep them with you. Full flights sometimes run out of room in the cabin for full-size carry-on bags. In those situations the airline must sometimes \"gate check\" the carry-on baggage of the last passengers to board the flight. This happens near the door to the aircraft. Pack your carry-on bag in a manner so that if it must be gate-checked you can quickly remove the fragile, valuable and critical items described above. For example, consider packing all such items in a small, soft bag that will fit under the seat in front of you, and make sure that this small bag is easily accessible in your carry-on bag.
As with carry-ons, checked baggage is subject to limits. Some airlines permit one or two checked bags at no charge; other carriers charge for even one checked bag. There can also be an extra charge if you exceed the airline's limits on the size, weight or number of the bags.
The bags you check should be labeled inside and out with your name and phone number. Add the name and phone number of a person to contact at your destination if it's practical to do so. Almost all of the bags that are misplaced by airlines do turn up sooner or later. With proper labeling, the bag and its owner can usually be reunited within a few hours. 153554b96e
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