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Why Timing Is Everything When Saving Money on Travel

Nick Wharton — Mon, 17 Jul 2017 08:30:15 +0000

Nearly half of Americans say they won't be taking a vacation this summer, according to a poll by The Associated Press-NORC Center for Public Affairs Research. The top reason: cost, named by 49 percent of those who'll be staying home.

Traveling in low season may just be the answer to this nation without vacation conundrum. By traveling outside of summer and public holidays, or by going abroad during the less popular times of year, you can save a considerable amount of money on your total travel bill. Here's how.

First of all, what is peak season?

Typically peak season refers to the time of year when the most tourists (foreign or local or both), descend upon a popular travel destination. In many countries, peak season falls around Christmas, New Year's, Easter, and over some summer holidays.

The exact dates of peak season will depend on where you're traveling to, what festivals are on, and what the majority religion is in the country. For example, Easter is extremely busy in the Philippines, while there isn't much rise in tourism in Muslim countries during the Christian holiday.

Similarly, Brazil is extremely busy during Carnival in February, but the date of Carnival is different in many South American countries and it's different on Caribbean islands as well. It's best to do a bit of research to find out exactly when "offseason" happens in your selected destination.

Pros and cons of offseason travel

Of course, there are a few cons to offseason travel or everyone would travel then, so it's important to cover those here. While many people might worry that they'd be constantly drenched if they travel during rainy season, that's often not the case. In many places, heavy rainfall does occur in the off-peak months, but typically it falls for an hour or so and then goes away.

If you're really worried about weather, you may consider traveling in the "shoulder season," which is a good middle ground between high season and low season. (See also: Best Times of Year to Travel Anywhere)

Pros of low-season travel:

Cheaper prices.
Fewer travelers.
Some great local festivals happen in the offseason.

Cons:

May not be optimal weather.
Some sights and hotels may be closed.

How to save on accommodations

Hotels, hostels, B&Bs, and vacation rental apartments all tend to jack up their prices during the most desirable travel periods. Take, for example, a three-bedroom home listed on Airbnb in Manzanillo, Mexico. If you book this particular apartment in July, when it's not peak season, it's only $166 a night, while the same apartment booked over Christmas this year will run you $330 a night!

This isn't just on Airbnb, either. I've personally been traveling over the Christmas season for nearly eight years straight and I've always had a hard time finding accommodation deals for that time period. Typically I end up spending at least 50 percent more, simply because I'm getting close to Christmas. (See also: 10 Surprising Ways to Save Money on Hotels)

How to save on flights

We all know that hotels aren't the only ones jacking up their prices during the holiday and peak seasons. Airlines have been doing this for years. According to a study by CheapAir.com:

"Over the course of the entire holiday booking period, travelers paid an average 50 percent more for a flight during the holidays than for the same flight during a non-holiday time. That means a $300 ticket during off-peak time cost $450 during the holidays."

That's no joke! I've personally paid as much as 60 percent more on my airfare, simply because I was flying during a public holiday or during a festival. Traveling in the offseason could save you a lot of money on your airfare. (See also: 10 Flight Booking Hacks to Save You Hundreds)

How to save on food

Believe it or not, even restaurants give discounts in the offseason. I have been in some towns where nearly every restaurant offers a "local discount" during the offseason because there are so few tourists that it is the only way they can make money during the slower months.

During a trip to Thailand in 2014, I watched many restaurants on Railay Beach change their menus over to get ready for the peak season. All of the prices I had come to know (and love) suddenly went up by as much as 20 percent. As peak season starts, many restaurants will hike up their prices, so traveling off-peak can save you money on food as well! (See also: How to Eat Street Food Safely While Traveling)

Offseason is a fine season for travel

When I first started traveling frequently back in 2008, I was always checking the weather to make sure that I was planning my trip for the perfect time of the year. The only problem with that theory was that everyone and their dog had the same idea and my trips cost me a lot more than they had to.

Today I use the offseason or the shoulder season as much as I can and I'm able to travel for far less. So can you. Next time you plan a holiday, consider going when fewer others do. The amount you save could mean that you can go on a longer trip, or maybe budget in another holiday throughout the year.

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This article is from Nick Wharton of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Beware: Your Insurance May Not Cover These 8 Losses

Dan Rafter — Fri, 19 May 2017 08:30:08 +0000

You might think that you have enough insurance protection. After all, you have car, homeowners, life, health, and disability insurance coverage. What else could you possibly need?

Here's an unsettling truth: Even if you've taken out all the insurance policies necessary to protect yourself and your family, you might still face coverage gaps. Review your policies regularly. And when you do, watch for these potential gaps in your coverage.

1. Life insurance

Many employers offer group life insurance to their workers as an important financial benefit. The American Council of Life Insurers said that at the end of 2015, group life insurance represented 44 percent of all life insurance policies issued in the United States.

Employees like this insurance because it is usually inexpensive. But there are some negatives: Most group life insurance policies end if you leave your employer, and the next company at which you work might not offer this coverage. Secondly, the payouts for group life policies tend to be smaller than for an individual life policy that you'd buy for yourself. Usually, the death benefit with a group life policy is one to two times your annual salary. That's a nice bit of cash, but it's certainly not enough to provide for your family long-term should you unexpectedly pass away.

That's why you should use a group policy as a supplement, not a replacement, for an individual life insurance policy. Yes, an individual policy will cost more, but you'll also receive a far larger death benefit. (See also: Why Your Group Life Insurance Is Not Enough)

2. Dog bites

According to the Insurance Information Institute, dog bites and other dog-related injuries accounted for more than one-third of all homeowners insurance liability funds paid out in 2016. That equaled 18,123 claims, with the average cost for each claim coming out to $33,230.

The challenge with dog bites is that many insurance providers won't insure homeowners who own certain breeds considered "dangerous." Insurance companies vary on this, but many won't insure pit bulls, Rottweilers, German shepherds, or Doberman pinschers. If you have a dog, check with your insurance company to make sure that it is covered. Paying for a dog bite without the help of your insurer can prove costly.

3. Transportation expenses

Your car insurance policy will cover the damages to your vehicle following an accident as part of its collision coverage. But what if you need to rent a car to get around while your vehicle is in the shop? That can be expensive.

Unfortunately, most auto policies don't provide what is known as transportation expenses coverage. And when policies do provide it, the amount they'll give you to rent a car — often as little as $20 a day — might not be enough to cover the whole cost.

Check your policy to determine if it will cover a rental car. If it does, make sure you know exactly how much you'll be getting. If you're not satisfied, it might be time to pay to boost this coverage.

4. Extra liabilities

What if a neighbor drowns while swimming in your pool? Will your homeowners insurance provide enough coverage if your neighbor's family files a costly lawsuit against you?

Probably not — and that's where an umbrella insurance policy comes in. An umbrella policy provides extra liability coverage above the limits of the coverage provided by your auto or homeowners insurance. Maybe your homeowners insurance policy provides liability coverage of up to $500,000. If someone sues you for $1 million, you then might be on the hook for the extra $500,000.

An umbrella policy can protect you from this. It kicks in when a legal action against you supersedes the amount of liability coverage you have. In the example above, your umbrella policy would cover the extra $500,000 that the homeowners policy would not. An umbrella policy can offer you the same kind of extra protection if you cause a serious car accident.

Umbrella insurance isn't overly expensive. The Insurance Information Institute says that consumers typically pay between $150 to $300 a year for $1 million worth of umbrella liability protection. This investment might help you avoid a financial catastrophe.

5. Not enough disability coverage

You might think you've taken the steps to protect yourself and your family by taking out a disability policy. If you are injured or become ill and can't work, this policy will kick in to provide you and your family regular payments.

Here's the challenge, though: Most group disability insurance plans only pay out 60 percent of the insured's base salary. And employees who rely on bonuses and overtime won't receive any pay out for those extras.

Receiving 60 percent of your pay even though you are not working might sound like a good deal. But it can be challenging to live on just a portion of your regular income. Could you afford to cover all your monthly expenses if 40 percent of your income suddenly disappeared, especially if you've got medical deductibles and other costs to cover?

If not, consider investing in supplemental disability insurance. You will have to pay for this, of course, but this extra coverage could protect you in case medical problems keep you out of work.

6. Wind or hurricane damage

A 2016 report from Travelers Insurance identified heavy wind storms as the cause of the greatest number of homeowners insurance claims from 2009 through 2015.

You better make sure, then, that your homeowners insurance policy provides adequate coverage for wind damage.

The Insurance Information Institute says that many insurers, especially those clustered along the Atlantic seaboard and Gulf of Mexico, include deductibles for hurricane and wind damage that are separate from those for incidents such as fire or lightning strikes. These can be expensive. Your standard deductible for most forms of home damage might be as low as $500, meaning that you'll have to cover the first $500 of any repairs before your homeowners insurance kicks in. But an extra deductible for wind or hurricane damage may instead be a percentage of the insured value of your home.

Say your home's insured value is $300,000 and your insurer's wind or hurricane deductible is 5 percent. This means that you'd have to cover $15,000 in damages out of your own pocket before your insurance coverage would kick in.

If you live in a storm-prone area, check your coverage. If the deductible for wind or hurricane damage is too high, it's time to shop for a new policy.

7. Flooding

If a heavy rainstorm causes your basement to flood, a standard homeowners insurance policy won't cover the damages caused by the water.

If you want to protect yourself from floods, you'll need to purchase a separate form of protection known as flood insurance. You can usually purchase one of two policies — one that covers your home for up to $250,000, and a second that covers your personal property for up to $100,000.

Flood insurance will only cover water damage resulting from a flood. It won't provide coverage if your water heater bursts and floods your basement or if water backs up from your toilets.

Flood insurance doesn't do much to protect your personal belongings if they are stored in a basement, either. This insurance only covers damages to mechanical systems, electrical systems, and structural elements. (See also: 9 Surprising Things Your Homeowners Insurance Doesn't Cover)

8. Fire

What if a fire destroys your home? Yes, your homeowners insurance policy will help you rebuild. But don't expect it to pay for the full cost.

Most insurance policies place caps on the amount of coverage they'll pay out. They also factor in depreciation when determining the value of the possessions that were destroyed in the fire. You might receive a much smaller payout than you expect when it's time to rebuild your home.

Call your insurer to make sure that you will receive enough coverage should a fire destroy your home. If that coverage isn't enough, you might have to pay for extra protection.

9. Theft

According to the Insurance Services Office, the average loss in a home burglary is $3,786. Your homeowners policy can help you recover some of the costs from your stolen personal property, but don't assume it'll reimburse you completely. Often, the payout comes up very short.

In order to keep premiums down, homeowners policies put caps on some valuable items, such as jewelry, electronics, or artwork. Even cash often has a measly limit of $200. Let's say your homeowners policy puts a $1,000 threshold on jewelry, and your $3,000 diamond ring is stolen, along with several other expensive necklaces. You'd be out thousands of dollars. The payout wouldn't come close to the value of what was stolen.

If you have valuable items in your home, you may want to consider purchasing an additional rider (or "floater") policy that will cover items beyond what homeowners will offer. Some providers offer special riders for unique items, such as jewelry or camera equipment.

This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The 5 Best Men’s Rain Boots

Andrea Cannon — Thu, 29 Sep 2016 09:30:22 +0000

The only thing worse than a wet, dreary day is sopping wet feet. That’s why you need a good pair of rain boots to keep your feet and socks dry.

What Are Rain Boots?

Rain boots are designed to withstand rain and wet conditions. Whether you’re exploring the urban jungle or the great outdoors, your rain boots can protect you from rain, mud, and maybe even snow. When the weather outside is frightful, these men’s rain boots will be so delightful.

Top 5 Men’s Rain Boots

Tretorn Men's Strala Vinter Rain Shoes

The modern Tretorn Men's Strala Vinter Rain Shoes offer a classic design that can suit any outfit and are stylish enough to be worn all day. The practical, lightweight boots feature a rubber sole and upper to provide the ultimate waterproof protection. The inner micro fleece lining will keep your feet warm, comfortable, and dry. The heel loop and dual side goring make it easy to slip them on and off. The trim, slip-on ankle boots are recommended by Huffington Post, Esquire, and Business Insider. They are also backed by outstanding online reviews. The Tretorn Men's Gunnar Rain Shoes are another highly recommended option that aren’t your conventional rain boots.

Currently $37.99 on Amazon

Bogs Men's Classic High Winter Snow Boots

The Bogs Men's Classic High Winter Snow Boots will keep your feet warm, dry, and comfortable, even in the worst conditions. The durable rubber boots have high soles that provide good traction and can protect you from water, ice, snow, and mud. They also have a removable, wicking, full-length contoured Neo-Tech four-way stretch sock liner to reduce heat, eliminate odors, and provide additional comfort, protection, warmth, and durability. They feature a rubber foot shell, neoprene stretch shaft, and a waterproof, breathable upper. They can withstand temperatures of -40º Fahrenheit and are 100% waterproof to protect you from all of the elements. The knee-high boots are an Amazon best-seller and have great online reviews. They are also backed by a 100% satisfaction guarantee for your added peace of mind.

Currently $95.95 on Amazon

Timberland Men's Premium Wheat Nubuck Boots

The cult classic Timberland Men's 6-inch Premium Wheat Nubuck Boots are some of the best rugged rain boots you can find. The sturdy, dependable, supportive boots feature premium leather, a rubber sole, padded collar, Primaloft insulation, and logo detail on the side heel. They are guaranteed waterproof and offer unmatched craftsmanship, durability, and abrasion resistance to keep your feet warm and dry. The exclusive anti-fatigue comfort technology and flexible forefoot construction ensure that your feet are comfortable after all-day wear. These are available in a wide range of colors to suit your style. They have outstanding online reviews, including nearly 900 five-star reviews on Amazon.

Currently $149.99 on Amazon

The Original MuckBoots Adult Chore Hi-Cut Boots

The Original MuckBoots Adult Chore Hi-Cut Boots are insulating and tough on rain, snow, mud, and gravel, making them the ideal work boots. The dependable, rugged rain boots have durable neoprene uppers, stretch-fit topline, breathable mesh lining, gathered collar, and reinforced Achilles, toe, and heel areas. The wide-cut heel provides additional stability and comfort for all-day wear. The lightweight boots feature a blown rubber outsole to deliver slip-resistance and shock-absorbing traction. The kick rim also enables hands-free removal. They are comfortable and stretchy enough for wide calves. They are 100% waterproof and can withstand subfreezing temperatures and the toughest conditions. The high-quality tall boots have outstanding online reviews, including more than 600 five-star reviews on Amazon.

Currently $82.00 on Amazon

Tingley Economy SZ9 Kneed Boots for Agriculture

The comfortable Tingley Economy SZ9 Kneed Boots for Agriculture can protect you from water and dirt. The solid, sturdy boots also make ideal work footwear and farm work boots. They feature injection-molded construction for 100% waterproof protection. They have a tougher cleated outsole, which spits out debris and offers good abrasion resistance. The flexible eco-conscious upper is made from 30% recycled material and stays supple in cold temperatures, so they are comfortable enough for all day wear and protection. The affordable boots are an Amazon best seller and have nearly 400 five-star reviews on Amazon. The Tingley Men’s 1400 Pull-on Work Overboots are another highly reviewed and recommended option, which can be worn over your work boots.

Currently $24.25 on Amazon

And those are our recommendations for the best men’s rain boots. As always, be sure to check Wise Bread's Buying Calendar to learn when and how to buy just about anything!

This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Surprising Benefits of Colder Winters

Brittany Lyte — Wed, 04 Feb 2015 16:00:15 +0000

Heavy snow. High winds. Sub-zero temperatures. You can almost feel the chill just thinking about it, right? But while they conjure unpleasant thoughts of numbing fingers and toes, colder winters do bring about some exciting benefits. (See also: 50 Fun things to Do When You're Stuck Inside for Winter)

1. The Cold Kills Off Bugs

Some ticks, mosquitoes, and stink bugs die off when exposed to freezing temperatures, meaning there are fewer skin bites, garden pests, and unwelcome home visitors in the wintertime. A cold snap can also help kill or reduce cockroach populations.

2. Longer, More Meaningful Phone Conversations

Who we call and how long we speak to them changes with the weather, according to research from Newcastle University. Analysing the call patterns of 1.3 million mobile phone users, a research team found that people tend to have longer phone conversations with a smaller number of people during "uncomfortable" weather conditions. Not only are our conversations longer, they're more more meaningful. When the wind howls and there's a coat of ice on the street, we're more likely to contact our close friends and family rather than our casual friends and acquaintances.

3. Low Temperature Longevity

Preliminary studies show that biting winters may lead to longer life. Researchers from the Department of Molecular and Integrative Physiology at the University of Michigan discovered that worms exposed to cold temperatures have longer life spans. Experts aren't sure yet, but they say the same might go for humans, too. "It's too early to say, but it is possible our research applies to humans, because the genetic pathway we identified is found in people," says study author Shawn Xu.

4. The Cold Might Curb Pain

Finnish researchers found that cold-water plunges as well as whole-body cryotherapy sessions can bring about a two to three-fold jump in norepinephrine levels in humans. Norepinephrine is a chemical in the nervous system that is linked to pain suppression, meaning that exposure to extreme cold could reduce our aches and pains temporarily.

5. Cold Helps You Burn Fat

Exposure to a cold snap helps activate brown fat, the heat-producing, calorie-burning fat that helps babies regulate their body temperature, according to literature from Harvard Medical School. Brown fat withers with age, and by adulthood there's not much left of it. But researchers say that when it comes to weight loss, there could be some very mild benefits to cold exposure.

6. Big Hawaiian Surf

Colder air, along with a sagging jet stream and stronger winds, combine to create the massive winter swells that draw surfers from around the globe to the north and west-facing shores of the Hawaiian islands. A monster swell can create 40 to 70 foot waves, some of the largest and deadliest in the world. They're a spectacular sight to see, and for skilled surfers they're an even bigger thrill to ride.

7. It Boosts Our Appreciation of Sunshine

We need a little bad weather here and there to maintain a healthy appreciation for warmth and sunlight. Studies show that if the weather never changes, we lose our gratefulness for the weather when it's truly spectacular. As it turns out, those bone-chilling days of winter are a large part of the reason we're able to truly enjoy the balmy, bluebird sky days of spring.

8. The Fruit Tastes Sweeter

Cold weather is typically no friend to crops. But some of southern Florida's citrus fruits can actually benefit from a well-timed winter freeze. "A good cold snap lowers the acidity in oranges and increases sugar content, (which) sweetens the fruit," Florida Farm Bureau Federation Policy Director Frankie Hall told The Weather Channel.

9. It Helps Runners Recover

Research shows that runners who immerse themselves in extremely cold water after a strenuous run recover from muscle strains more quickly. Experts say the cold shocks the body into recovery mode by reducing inflammation, which helps the muscles fend off aches, pains, and discomfort. It also helps runners regain their muscle strength more quickly.

10. Winter Sports Heat Up

A chill in the air is one of the precursors of a great winter sporting season. Without it, the skiing, riding, and snowshoeing just isn't as enjoyable. During warmer winters, ski resorts and tubing parks tend to open late in the season and close early, and nature trails that can otherwise provide fine terrain for cross country skiing well into April are bare with grass.

How does a cold winter benefit you?

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Investments That Do Better in Winter

Brittany Lyte — Tue, 20 Jan 2015 14:00:19 +0000

This could be one of the snowiest and most frigid winters in the last 50 years, predicts Joe Bastardi of WeatherBell Analytics. That's bad for our heating bills and chances of avoiding a wretched winter cold. But it's great for certain types of investments, which tend to skyrocket in the ice and gloom.

Read on for our roundup of some of the best places to grow your money in the depths of winter. Because if your weather can't be hot, your investments might as well be.

1. Vail Resorts

Skiers behold: There's a publically traded ski resort, and it is Vail Mountain Resorts (NYSE: MTN). Perhaps it should be no surprise that its stock tends to spike during winter, when skiing and other snow sports at the company's seven resort properties are in full force. The 2014-2015 winter season is looking to be a particularly good one for Vail stockholders, following the company's recent announcement of plans to build the largest U.S. mountain resort at Utah's Park City, starting with an unprecedented $50 million investment. With such a game-changing project in the works, analysts are strongly recommending that investors buy Vail Resorts stock this winter season.

2. Johnson & Johnson

America's largest pharmaceutical company (NYSE: JNJ) does better in the markets when the weather is cold and stormy. Why? Because people are getting sick at higher rates and their skin is getting chapped — two unpleasant circumstances that can lead to sales spikes for drugs and body lotions, two of Johnson & Johnson's staple products. Analysts are forecasting an increase in the company's stock value over the course of the next 12 months, indicating healthy growth potential even well after the winter months are over.

3. Douglas Dynamics

The maker of snow plows and salt spreaders (NYSE: PLOW) stands to benefit greatly from a rugged winter season. Last year was an exceptionally snowy one and therefore an exceptionally profitable season for Douglas shareholders. "Record fourth quarter sales signify a continued improvement in business conditions compared to last year, as snowfall levels were strong across core markets," CEO James L. Janik said in a statement. If this winter follows suit, shareholders will again be sitting pretty.

4. Compass Minerals International

Compass Minerals (NYSE: CMP) is one of the largest providers of highway salt in the U.S. And if this winter plays out anything like last year, it's going to be a boom for the highway salt business. Dozens of cities across the nation ran out of road salt last year as storm after storm pummeled parts of the midwest and northeast. But regardless of how much white stuff the season brings us, Compass has increased its dividend in each of the past 10 years, making it a solid investment in and of itself.

5. Columbia Sportswear

The maker of winter coats and boots (NYSE: COLM) stands to cash in on a season of plentiful snow storms, especially since the brand is a fan favorite among both winter athletes and the everyday consumer. What's more, the company underwent a two-for-one stock split in September that made its shares more affordable to individual investors, according to a NASDAQ analysis. Our recommendation: Buy now and pray for snow.

What are your hot investments for winter?

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Remove Snow and Save

Meg Favreau — Fri, 04 Feb 2011 13:36:08 +0000

I grew up in New Hampshire's White Mountains, went to college in upstate New York, and am currently living in Philadelphia, which has recently been hit with an increasingly ridiculous series of winter storms. In short: I know snow. And I also know that if you get hit by several storms, removing that snow can get expensive mighty fast. Whatever your situation, here are some suggestions for how to save money on snow removal.

DIY...If the Numbers Add Up

Removing snow yourself; whether by shovel, snow blower, plow, or another method; is often the cheapest way to clear out your driveway or sidewalk. However, in many situations — such as if you have a long driveway but live in an area where extensive snowfall is rare — it's going to be more cost-effective to hire someone to plow instead of buying a snowblower or plow attachment for yourself. If you are thinking of purchasing a plow or snow blower and are trying to figure out how much you'll save over hiring someone, make sure to include the value the time it'll take you to remove the snow in your calculations. (See also: That Age-Old Conundrum: Time vs. Money)

Purchase Double-Duty Tools

Whenever possible, purchase snow-removal tools that have other uses. Growing up, my family shoveled snow with the same metal shovels we used in the garden. Our snow blower was an attachment for our ride-on lawnmower. Even your bag of ice-melt can do double-duty: If you purchase rock salt instead of chemical ice melters, you can use the leftovers to make ice cream come summer (plus rock salt won't leave bright-blue stains on your walkway like some other ice-melts do).

Barter for Snow-Removal Services

Whether you're hiring the shovel-wielding kid next door or the guy with a pickup truck who plows practically every driveway in town, ask if you can barter goods or services in exchange for a clean driveway or sidewalk.

Offer Yourself for Hire

You're certainly saving money if you're making money. Instead of being on the hiring side of the snow-removal equation, offer up your shoveling, snow-blowing, or plowing services (if you have the equipment) to make some extra cash. And if you are driving around town to plow, check out these tips from Linsey on creating homemade windshield de-icer.

Avoid Fines

In Philadelphia, homeowners and renters face fines if they do not remove snow from the walkways in front of their residences within six hours after the snow has stopped. In New York City, residents have just four hours after snowfall to clean their sidewalks before risking fines ranging from $100 to $350. Make sure you know what, if any, snow-removal codes affect your area.

Do you have any tips for frugal snow removal? Share them in the comments.

This article is from Meg Favreau of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: