Money Tips Network

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This week's topic: Having a Frugal Staycation!

Points and miles make it possible to see the world at a much lower cost, but that doesn't mean everyone is in the best position to earn them.

Mortgage rates have dropped sharply over the past few months, giving millions of homeowners an opportunity to refinance into a more affordable loan.

The average rate on a 30-year fixed mortgage fell to 4.04% on June 12, according to Bankrate’s weekly survey of large lenders. Just four weeks earlier, the average rate was 4.25%, while it was 4.76% a year ago.

These decreases can make it tempting to refinance your mortgage. Some 6.8 million homeowners could benefit from making such a move, saving an average of $268 a month, according to real estate analytics firm Black Knight. But before you do, here are a few considerations and questions to keep in mind.

Do the Benefits Outweigh the Costs?

Determining the interest rate “trigger” point for a refinance transaction hinges largely on benefits over costs, says Peter Van Brady of SoCalVAHomes.org.

Gardening is popular hobby, and for good reason! It can be a lot of time and work, sure, but it's incredibly fulfilling to watch your plants grow from your efforts. Even better if you can eat it!

Do you have a garden? What sorts of plants do you grow?

Amazon, the online retailer that wants to be all things to all people, has just rolled out what may be the retail industry’s first secured credit card.

Aimed at consumers with subprime credit scores or those who have no credit history at all, the card is a smart move for Amazon on many levels.

The Amazon Credit Builder Card is a closed-loop card, meaning it can be used only for purchases on Amazon.com. Thus, Amazon will receive the revenue from any spending on the card.

And in order to get the card, users must provide a deposit of anywhere from $100 to $1,000. (The money will be held by Synchrony Bank, the financial firm Amazon has partnered with to launch the card.)

I’m pretty sure that my father will read this sometime today or tomorrow, or else my mother will read it aloud to him. In either case, I’ll start off with the most important thing: thank you, dad, for everything I’ve written about below and so much more.

My father is in his mid seventies now, and simply typing that is almost unbelievable to me. I have a lifetime of memories and experiences and lessons from him, but an awful lot of them come from my memories of him when he was approximately the same age I am now, so I guess that realizing this lately – that my earlier memories of him are from when he was roughly the same age that I am now – has caused me to think a lot about him, the kind of person he’s been, the life he’s led, and the lessons that I’ve learned from him.

Open up your closet door, dig past the first things you see, and look at ten things you happen to find in the back (or everything, if you want). Out of those ten things, how many of them fill you with buyer’s remorse? How many of them had you completely forgotten?

Look at the last ten purchases on your Amazon account (or all of them, if you want). How many of them fill you with buyer’s remorse? How many of them had you completely forgotten?

Find an old grocery store or department store receipt. How many items on that receipt fill you with buyer’s remorse? How many of them had you completely forgotten?

Look at your credit card statement. Take a look at the first ten items on the list (or every item, if you want). How many of those items fill you with buyer’s remorse? How many of them had you completely forgotten?

If you don’t own your home (or no longer do), but you still have plenty of prized possessions, purchasing a renters insurance policy makes sense. This coverage is very affordable nationwide, with average costs of $188 per year according to the Insurance Information Institute (III). However, your coverage could easily save you thousands of dollars if you need to file a claim someday.

Renters insurance from The Hartford is offered in conjunction with AARP, and it comes with the same benefits most renters insurance policies offer. Not only can you get a free quote online, but you can customize your policy to meet your unique needs.

While your landlord purchases a homeowners insurance policy that covers the building you live in, it’s important to note that their insurance coverage doesn’t insure your personal belongings. Ultimately, that’s why many tenants purchase renter’s insurance. With this type of policy, you can insure your personal belongings against damage or theft. Even better, renters insurance tends to be a lot less expensive than people think.

If you’re in the market for a renter’s insurance policy, make sure to keep Nationwide in mind. While this insurer is mostly known for their auto insurance, homeowner’s insurance, and life insurance offerings, they also offer high-quality renter’s insurance for prices most people can afford.