Travel insurance is an essential financial cover that protects one from unforeseen circumstances while traveling. From losing luggage to hotel cancellations, there are a few incidents against which insurance can be claimed. But before opting for one, it is important to thoroughly understand the policy document, including what is covered in the insurance and what is not. Here are a few common travel insurance mistakes that travelers can easily avoid. Ignoring credit card perks Several credit card companies offer travel insurance benefits to card holders. If you purchase a ticket using the card, you may be eligible for insurance. Credit card-based travel coverage may include claims against delayed, lost, or damaged baggage; trip cancellation or interruption; medical emergencies; evacuation; travel mishaps; or rental car insurance. With these advantages, frequent travelers might not need to get additional insurance. Not reading the details of the insurance Most travel insurance policies have a “cancel for any reason” provision. However, the requirement for this is often overlooked. The “cancel for any reason” coverage often has to be bought 7 to 21 days after paying the original trip deposit. Additionally, one can only receive compensation if they cancel their trip 48 hours in advance. Depending on one’s level of insurance, the reimbursement amount may vary.

In the rush of filing taxes, it can be easy to overlook deductions that could help you save money. Tax deductions are expenses you can subtract from your taxable income. Knowing which expenses can be claimed as deductions is the key to limiting the hard-earned money you owe the government. From student loan interest payments to health expenses, here are some of the most overlooked tax deductions you should know: How do deductions work? Tax deductions lower the amount of tax you owe. A standard tax deduction—a single deduction of a fixed amount—is determined by your filing status: single, married, head of household, or filing jointly. You can claim the standard deduction without providing additional documentation or expense receipts. In contrast, itemized deductions are specific expenses you can deduct from your taxable income, such as clinical expenses, charitable contributions, and mortgage interest. Most overlooked tax deductions Job hunting expenses If you are looking for a new job in your existing field, you may be able to deduct expenses such as those incurred in resume preparation, traveling for interviews, and career counseling services. Charitable contributions Many know that cash donations to charity can be claimed as deductions but often overlook non-cash contributions like clothing or household items.

The goal of a side hustle is to earn extra money to support one’s lifestyle. With the current economic scenario, people are constantly looking for sources of income besides salaries. It provides greater financial security and the freedom to pursue one’s interests while maintaining job security. The most important aspect of a side hustle is that it is exciting enough to keep one interested. Here are some of the most creative side-hustle ideas for 2023. Best side hustle ideas for 2023 Online surveys Filling online surveys is one of the simplest and most popular side hustles to get started with. Although it might not be the highest-paying job available online, it can be a great place to start learning about time management and balancing two careers, which may eventually lead to finding something more significant. For each survey, people can earn between $1 and $20. Writing blogs Starting a blog can be a fantastic option for people with a creative side who want a voice and a creative outlet. Most blogs generate a little money at first, but as their readership and reach grow, they generate more and more money. Bloggers can earn roughly tens of thousands of dollars per month.

Purchasing insurance can be an excellent financial decision. When you buy insurance, you make small payments called premiums to an insurance company so that you and your loved ones are protected during a financial emergency. However, there are a lot of factors to consider when buying an insurance plan. And more often than not, people make mistakes during the process, which cost them a lot more than they would otherwise pay. Opting for low premiums People often opt for a plan with a lower premium because it is easier on the pocket. However, such plans usually provide a smaller claim amount during an emergency. So, try to find a balance between the premiums you pay and how much money you get during a claim. Not trying other insurance providers Staying with the same insurer might make the documentation process easier when renewing the policy or buying a new one. However, it can cost you more in the long haul. The provider may not always offer the best price for a preferred plan. So, if your situation changes—for example, if you get married, buy a car, or move to a new state—compare different insurance companies before choosing one. Not reading the fine print Every insurance plan comes with terms and conditions.

Financial planning is a complicated endeavor that does not stop with simply opening savings and certificate of deposit accounts. You need an expert who can advise you on the best investment and diversification strategies for building a solid portfolio to secure your financial needs. But before hiring a good advisor, it is essential to understand how the process works and how to proceed from here. These questions can be a starting point. Here are the five questions you must ask a financial advisor: What are your qualifications? Financial planning is a vast topic with several areas of specialization in practice. So, you need to understand whether the advisor provides assistance for financial planning in general or focuses on a specific aspect of portfolio building. Primarily, they practice with a Certified Financial Planner (CFP) qualification approved by federal regulatory authorities and guidelines for safe practices. What is the range of services you offer? Their experience will vary depending on the type of services provided, ranging from planning for retirement to tax mitigation strategies and real estate trust services. Some CFPs work as fiduciaries, ensuring they keep your best interests at heart when planning and strategizing your finances. You must also check to confirm any disclosures on the record of previous misconduct or legal sanctions imposed on their range of services.

While loans offer quick access to money, repaying them can be challenging. For many, debts feel like an unshakeable monkey on their backs. Additionally, if one fails to repay loan installments per the agreed schedule between them and their lender, the interest and penalties keep spiraling upward. To avoid this and other similarly nasty outcomes, repaying loans quickly and early is incredibly necessary. Here are some ways to achieve quick and easy repayment of loans: Making bi-weekly payments Usually, loan installment schedules are geared toward monthly repayments. However, one can speed up this process and simplify it by making the payments bi-weekly. All one needs to do is submit a half-payment of each weekly installment. This approach has multiple benefits. Firstly, as the payments are carried out more frequently, the interest rates do not accrue and grow with time. Additionally, breaking down the installment amounts make them smaller and easier to pay off. Additionally, by making about 26 half-payments annually, one shortens the life of their loan by a few months or even years. For example, using this approach on a 30-year mortgage can reduce its span to about 26 years. Refinancing personal loans Refinancing is the process where people can change the interest rate or terms of their current mortgage.

Financial scams are a common phenomenon in the country; according to data released by the Federal Trade Commission, consumers reported losing more than $3.8 billion due to investment scams in 2022. So, it is important to remain vigilant and practice caution before initiating any online interaction or transaction with a business or a stranger. Here is a look at some common mistakes you should avoid to protect yourself from financial fraud: Using one password for multiple accounts You should frequently change passwords for your sensitive accounts, like those on banking apps and other platforms that have access to your confidential information. So, your accounts investment portals and digital wallets should have unique and strong passwords that are not easy to crack. It is also important to note that using one password for all your accounts increases the risk of fraud. When one account is hacked, others with the same password can also be hacked. Falling for shopping scams Online shopping has made it extremely convenient for customers to order anything from anywhere. While this has helped businesses grow, it has made room for all kinds of scams. You should ensure that the business you are buying from is legitimate. Not only that, you should use a secure Wi-Fi network to carry out all kinds of transactions.

A credit score is a measure of one’s creditworthiness, usually presented as a 3-digit number between 300 and 850. If one has a higher score, it makes one a better candidate for loans. However, a bad credit score can make it challenging to obtain loans. Fortunately, some apps available in the market can assist one in improving one’s credit score. Continue reading this article to learn about the best apps to help improve a bad credit score. 3 apps to help improve a bad credit score Credit Karma With an experience that spans more than a decade, Credit Karma is one of the best apps to consider when trying to improve a bad credit score. One may come across various beneficial tools that can trigger changes in the credit score while using this app. This includes access to one’s credit report, tips to increase credit score, and even products that can prove beneficial in saving money. Experian As a credit-building software, Experian gives its customers access to adaptable and straightforward offerings. This comprises access to FICO and Experian credit scores, the Experian Boost feature, credit score change alerts, and credit card recommendations. All of these features are available to users for free, providing them with easy access to all the necessary information.