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Car Insurance Rates Are Up…Here’s How To Pump The Brakes On Costs
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ICYMI, car insurance rates have gone up…way up. According to a recent report from The Zebra, an insurance comparison site, drivers paid an average of $1,841 to insure their vehicles in 2023. That’s 5% more than they did the year prior and follows a 15% hike that took place between 2022 and 2023. Time to ask (again) do you really need that (second) car?
Where will rates go from here? "Based on historical data, we'll probably continue to see rates increase this year," notes Beth Swanson, an expert with The Zebra. "How much rates increase, though, is yet to be determined. Because economic factors impact insurance rates and business expenses for companies, we might see more fluctuation than normal due to this being a major election year."
No, that’s not the greatest news for drivers. But there are things — aside from dispatching a vehicle — that you can do to pump the brakes on costs. First and foremost, talk to your insurer and see if there’s anything they can do to help. As the experts told us, discounts are commonly offered if you pay for a year’s worth of coverage upfront. There are also better deals for those who take defensive driving courses, bundle their auto insurance with another type of coverage (like homeowners insurance, for example) and even discounts for students with good grades.
For more on what you can do to cut costs, click here.
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This Week In Your Wallet
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Across the country, statewide rent prices have grown for the first time in six months…with one exception. The national average for one-bedroom rent increased 0.3% to $1,487, while the cost of a two-bedroom jumped 0.5% to $1,847, reports CNBC. Only one state saw rent decreases in every major metro area: Arizona. One of the reasons? More supply and better concessions, like waived deposits and application fees or up to two months of free rent. "If you’re in that market, it’s a great time for renters to snag an amenity-rich apartment that would have been out of reach otherwise," says Crystal Chen of the real estate
data site Zumper. That’s in stark contrast to New York City, where the average rent for a one-bedroom apartment is up 25% from a year ago.
If you’ve noticed it’s getting harder to get vacation time approved, you aren’t alone. New data shows the gap between how much PTO employees ask for and how much they actually get has grown larger. While employee PTO requests have increased an average of 11% annually since 2019, approvals have only gone up 9%, reports USA TODAY. "You have this huge friction going on between organizations that are getting slammed with these requests and individuals who feel like they have the right to make them," says New York University psychology professor Tessa West. As one saying goes, PTO doesn’t stand for "paid time off,"
for many vacation-ready workers, it translates to "prepare the others."
Are credit card reward programs about to get less rewarding? That could be the case following a proposed settlement between Vista, Mastercard and merchants. It would lower the swipe fees paid by merchants for five years and save them an estimated $30 million. There’s no guarantee those savings will get passed on to you though. As MarketWatch reports, consumers could actually end up seeing "additional charges and fewer rewards." "It’s definitely a negative," explains Brian Kelly, CEO of The Points Guy. "At the end of the day, the pot from which rewards are paid for is shrinking." As for when
consumers can expect to see changes, that’s still unclear as the settlement still needs court approval and there’s always the possibility of an appeal.
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Things That Are Costing You Money
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Freezing food is a great way to save $$$...but not always. From certain veggies to cheese for your next charcuterie board, here are 8 foods that can be ruined if you put them on ice.
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Buyer beware: Amazon’s $.01 iPhone 15 deal is too good to be true and as Gizmodo reports, can actually cost you. There’s a $60 - $70 charge just to get the phone in hand…plus a "mandatory" 36-month
contract that’ll have you out $2,160 at a minimum and $2,530 max…and that’s before "other fees."
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No-show fees for missing doctors, dentist, and other appointments are on the rise. (One HerMoney staffer was just notified there’d be a $50 charge if she missed the appointment to have a dress hemmed for a wedding!) Here’s how to avoid them and if you get hit with one, (hopefully) get it waived.
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How To Build A Sustainable Fashion Brand With Ellie Chen and Jensen Neff
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Did you know the fashion industry wastes 14 million (yes, million) pounds of fabric daily? That didn’t sit well with Jensen Neff and Ellie Chen so, they took action, launching Oddli, a sustainable clothing company that uses materials that otherwise would go to waste.
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"We were both absolutely falling in love with the project and creating clothes that we wanted to wear that didn't exist in the market at that time," Chen says. "They sold out immediately and it was this moment of, ‘What was the future of community and clothing going to be in the fashion industry?’ and feeling like we could create a company that told that story."
This week on the How She Does It podcast, Oddli’s founders sit down with host Karen Finerman to share how they took the company from simple beginnings at Neff’s mother’s sewing machine to becoming a multi-million dollar profitable brand…and all the while, have kept their friendship intact. Learn how they do it, here.
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Ask Jean
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Today's question comes from Christina. She writes: I have two grandsons, ages 5 and 7. What are your ideas for ways to start saving for their college funds? Or even toward a large purchase after they are fully grown?
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Hi Christina. I’ve long been a fan of state-sponsored college savings plans, otherwise known as 529. I like them even more now after changes in the new retirement law known as Secure 2.0 improved upon them in a few significant ways. A 529 account is a tax-free way of growing money for educational purposes. You put money in (for which, depending on where you live and the state plan you choose you may get a state tax deduction). The money is invested and grows tax-free. And when you withdraw it — as long as you use it for "qualified educational purposes" which include not just tuition and room and board but also books, and a computer among other
things — you don’t pay any taxes on the gains. That’s how they’ve worked for years. Secure 2.0 adds more flexibility by allowing up to $10,000 in 529 funds to repay student loans and $35,000 to be rolled into a Roth IRA starting this year. That last provision is a better answer than we’ve had previously to the question: What if the child doesn’t go to college? In the past, you’ve been able to use the money for another child in the family.
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Submit your questions to Jean here.
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Get Your Free Retirement Review
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Sponsored by
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We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money.
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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines –
Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3442999.
HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.
¹Limit one complimentary offer per household, per 18 months. Offer ends April 12, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion.
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