Money & Life Archives | Page 29 of 32

Apr

2023

Improving Your Relationship With Money

By Walecia Konrad | Budgeting & Goals, Financial Independence, Money & Life | Comments Off

It might seem strange to think about having a relationship with money. But it makes sense when you consider that everyone has feelings about money and those feelings can deeply impact our financial behavior.

Your parents, friends, and life experiences have likely helped you develop different perceptions and biases about money. Those attitudes can influence the financial decisions — both large and small — that you make throughout your life. These decisions, in turn, can have a significant impact on your financial health.

When you have a healthy relationship with money, you feel confident, in control, and satisfied with your financial situation. An unhealthy relationship with money, on the other hand, can lead to avoidance, impulsiveness, anxiety, and increased levels of stress. Indeed, research shows that money is a top cause of stress for many Americans. In a February 2022 study from the American Psychological Association (APA) , 65 percent of respondents said money is a significant source of stress, up from 57 percent in February 2021. Worries about money can lead to, or worsen, depression, anxiety, and other mental health issues.

Exploring and understanding your relationship with money can be the first step to improving that relationship and enhancing your financial (and overall) well-being.

Why the Psychology of Money Matters

It’s almost impossible to separate money and emotions. Those feelings may come from the way we grew up and what our parents showed us and told us about money. Or they may come from what we’ve learned about money over the years. Regardless of their roots, negative emotions — like fear, guilt, jealousy and shame — can get in the way of making smart financial decisions. Some examples of how this can play out:

• The market plummets and fear tells you to get out — which is likely the opposite of what up should do.

• You’re living paycheck to paycheck but guilt tells you that you should take the kids on vacation anyway.

• You’ve racked up a lot of credit card debt but feel so ashamed about overspending, you freeze up and avoid your finances altogether.

• A friend posts photos of their beautifully decorated home on social media and jealousy prompts you to buy furniture you can’t afford.

Emotions aren’t necessarily bad, however. Positive emotions, such as gratitude, serenity, and compassion, can inform our financial habits and decisions in positive ways. Feeling grateful for the money we earn can help us establish a disciplined savings plan. A sense of responsibility and optimism helps motivate long-term financial planning.

The more you understand how emotions impact your relationship with money, generally the easier it is to manage your wealth to achieve your goals.

Finding Your Money Personality Type

Money management habits tend to fall into five financial personality types. Your money “type” can impact your relationship with money and the decisions you make about how to spend, save, and invest it. Often, we fall into a combination of types and not just one. You may find you identify with one or more of these money mindsets.

The Spender

Spenders have no qualms about buying things. They like spending money on material items and experiences that bring them joy, whether it’s the latest iPhone or a vacation in Hawaii.

Spenders are generous with their friends and likely to support charitable causes. However, they often make spontaneous spending decisions and tend to live beyond their means. Many spenders are also investors and aren’t afraid of a risky portfolio.

Potential pitfalls: If you spend everything you make, you can end up going broke. Also, if you spend impulsively (rather than plan your purchases), your spending may not line up with what you truly value.

The Saver

Unlike spenders, savers don’t like to part with money. They continually sock away their paychecks, sometimes with no actual goal in mind. Saving simply makes them feel more secure in life.

Savers don’t keep up with the latest trends and will happily shop around, comparing prices to find the best deal. They will often drive used cars, pay their credit card balance in full each month, and watch their bank accounts grow. Savers tend to be conservative investors.

Potential pitfalls: If you save everything you make, you’re going to miss out on a lot of experiences that can bring happiness and purpose to your life. You could possibly live your whole life without spending much of what you’ve worked so hard to save.

The Avoider

Avoiders don’t like to deal with finances and don’t spend much time thinking about money. It isn’t because they don’t care about money — their head-in-the-sand approach to finance often stems from anxiety about money or a feeling that they don’t deserve to have money.

Avoiders will generally ignore their accounts so that they don’t have to think about money. They tend to let bills pile up and have difficulty making money decisions. Just the idea of going through their financial statements and budgeting makes them feel uneasy.

Potential pitfalls: That lack of attention can result in overdrawn accounts, late payments, and racked-up debt. Avoidance may also mean missed long-term opportunities such as not signing up for a 401(k) match.

The Gambler

These folks are willing to make giant leaps of faith with their money, whether it’s investing in crypto or spending more than they can afford on a home (because it’s bound to go up in value). The thrill of risk and the promise of reward bring them pleasure.

Gamblers also tend to be instinct-driven and don’t pay much attention to sound financial advice. Their risk-taking doesn’t necessarily come from a place of irresponsibility but rather strong gut feelings and a sense of optimism that everything — including their finances — will turn out fine in the long run.

Potential pitfalls: Gamblers are willing to lose it all – and they just may, which can be a huge problem if they are the primary earner in a household. They may also compensate for losses by borrowing against their retirement money or children’s college fund.

The Risk Averse

Unlike gamblers, risk-averse people prize security, financial stability, and planning. Fear of losing money or that they are not doing a good enough job managing their money is at the heart of this money type. A volatile stock market stresses them out, and they’ll spend hours finding the source of a $1.90 error on their bank statement. Above all, the risk-averse wants to be in control.

This group is usually very organized about money, which serves them well. They also tend to prefer safe investments and will be thorough in their research prior to investing.

Potential pitfalls: A more conservative, risk-averse approach can hold you back from worthwhile opportunities to grow your money. Problems can arise if you are too risk-averse to make sound long-term investments.

6 Ways to Improve Your Relationship with Money

Like all relationships, cultivating a good relationship with money takes time and effort. Below are six tips that can help you build a better relationship with money and feel more satisfied — and less stressed — about your financial situation.

1. Examine Your Behaviors

Take a look at your money patterns in the past few months to a year. Are you spending more than you are taking in each month? Have you been making impulsive purchases or investment decisions? Are you avoiding financial decisions, such as how much to contribute to your retirement account?

If you’re unsure what your patterns look like, you may want to track your spending for a few months to get an idea of what money is coming in and going out of your accounts. An easy way to do this is to link your accounts to a budget planning or money tracker app, such as SoFi. These tools automatically categorize your spending and provide a bird’s eye view of your finances. This can help you quickly spot trends in your financial behavior.

Recommended: Are you financially healthy? Take this 2 minute quiz.💊

2. Consider How Emotions Have Impacted Your Financial Decisions

For many people, emotions surrounding money are most acute when they are faced with a big financial decision. It might be when you’re buying a home or making another major purchase, such as a car, or when choosing how to invest your money.

Think back to what emotions you’ve felt while making important financial decisions. Were you focused on what you wanted when you made a large recent purchase, as opposed to what you actually needed? Did your decision line up with your long-term financial goals? Were you gambling on the next big investment trend hoping for a huge reward?

If you see that your emotions are causing you to make poor choices, consider how you can work through those emotions in future scenarios.

3. Set Some Financial Goals

One of the best ways to manage your relationship with money is to know what you want to accomplish financially. If you aren’t working towards anything specific, you may spend more than you should, or the opposite — never reap the rewards of your hard work.

Keep in mind that you can have multiple financial goals with different timelines. Consider where you’d like your finances to be in one year, three to five years, and 10 or more years. Here are some examples of goals you might set:

• Short-term: Building an emergency fund, buying a new car, or going on vacation

• Mid-term: Paying off credit card and student debt or putting a downpayment on a home

• Long-term: Saving for a child’s education or growing your nest egg with retirement planning

Once you’ve come up with a list of achievable and measurable goals, you’ll want to create an action plan to make them happen. This could mean cutting cable to save extra monthly cash, setting up a recurring monthly transfer from your checking to your savings account, and/or contributing more to your 401(k).

4. Communicate with Your Partner

Talking honestly and positively about finances with your significant other can help you have a healthier relationship with that person and also with money. Sharing how you feel about money and the attitudes you learned from your own family can help you and your partner understand each other better.

To get started, you may want to sit down together and talk about what money means to you, what your parents taught you about money, what you want to accomplish with it, and what your fears about money are. Having an understanding of your partner’s beliefs and perceptions can help you avoid conflict and set the stage for healthy discussions about your joint finances. You and your partner can then work together towards shared goals.

You may also want to set up a weekly or monthly money meeting with your partner to go over current challenges and anticipate future needs

5. Talk to a Financial Planner

Working with a professional can be an effective way to take emotions out of your financial decision-making. A financial planner will generally assess your current financial situation, then work with you to develop an individualized financial plan. They can help you set and work towards long-term financial goals, create a budget, build wealth through an investment portfolio, and put protections in place to help secure your future.

6. Review What Resources Your Employer Might Offer

Many companies now offer a range of financial wellness tools and resources that workers can use to strengthen their finances and make sure they’re on the right path for long-term goals. These benefits might include help with student loan repayment, a 401(k) with employer matching, and access to free financial planning and coaching.

If you work for a company that has a benefits portal, that can be a good place to start to see what’s open to you. Ideally, you don’t want to leave anything (money or support) on the table.

The Takeaway

Everyone feels emotions about money. Exploring and understanding your relationship with money can help you take steps to overcome emotional obstacles, reduce money stress, and build a more secure financial future.

Sofi at Work offers a variety of financial wellness and financial education resources to help employees make objective decisions about money and build a positive foundation for financial success.

Photo credit: iStock/stockfour

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Apr

2023

How to Balance the Urge to Travel and the Need to Save

By Walecia Konrad | Budgeting & Goals, credit card, Money & Life | Comments Off

If you’re like most Americans, you’re looking forward to a well-earned vacation, especially as travel continues to come back from the pandemic. The percentage of Americans planning to travel at least once in summer 2023 rose to nearly 85%, compared to 80% in summer 2022, according to the Vacationer Summer Travel Survey.

That’s despite the fact that our travel dollars don’t go as far as they used to: Inflation has added significantly to travel costs. What’s more, many Americans are relying on credit card debt to make ends meet, and that can mean adding vacation expenses to their balances. So how can we weigh our desire for travel versus the need to stay on track with our finances, including savings?

“Logically, people know when they can’t afford something,” says Brian Walsh, senior manager of financial planning at SoFi. “But they still don’t always make the best decisions. The key is, how do you limit your spending?”

One answer: careful planning. If you approach your vacation strategically, you may be able to enjoy a getaway without jeopardizing your finances. Here, we’ll look at creative ways to fund your travel, along with plenty of cost-saving tips that can help you combat the urge to overspend.

How Much Does the Average Vacation Cost?

Travel can mean anything from a budget road trip to a grand tour around the world, so vacation costs naturally vary widely. According to Destination Analysts’ State of American Travel survey of more than 4,000 American adults, heading into spring 2023, the average annual travel budget among respondents was expected to be $4,677.

The survey also found that respondents planned to prioritize travel in the coming months over home improvements, clothing, entertainment, and dining out.

Of course, averages don’t necessarily tell your story. How much you’ll spend on your next vacation depends on where you’re going, how you’re getting there, and for families, how many people are traveling.

Recommended: How Families Can Afford to Travel

How Much Should You Be Saving?

As you try to balance the urge to get away and your need to save, “you’ll want to assess your total financial picture to determine how much flexibility you have for travel,” Walsh says.

Ask yourself the following questions:

• Do I have enough in my emergency fund? (Ideally, three to six months of living expenses in case of a job loss or other sudden event.)

• Do I have high-interest debt that’s weighing me down?

• Am I saving enough for retirement?

These are the three areas that should be a savings priority before you budget for travel. When you can check off these boxes, you’re likely ready to hit the road, says Walsh. That is, he adds, if you have enough in your savings to pay for a vacation without going into massive credit card debt.

6 Ways to Pay for Travel Without Sabotaging Your Savings

Finding ways to pay for airfares, hotels, and other costs that won’t deplete your savings or rack up credit card debt can help you keep your finances intact. Here are some ideas to consider.

1. Rent or Swap Your Space

If you can rent your apartment or home to other vacationers, you can use that money to pay for your lodging elsewhere. Or consider swapping homes with someone in your desired destination who’s planning on visiting your hometown.

Check with friends or family in or near your destination for the easiest swaps. Exchange sites such as Homestay and Home Exchanges can facilitate swaps, but may also list homes to rent, usually at much lower rates than hotels. Either way, it can mean saving a huge amount on lodging.

If you find someone to rent or swap and they don’t mind feeding your cat, picking up your mail, or watering your plants, you’ll save on the cost of a local pet or house sitter too.

2. Housesit or Pet Sit

By the same token, you may be able to find free or low-cost lodging by offering your services as a pet sitter or house sitter. Again, you’ll want to check with friends, family, and acquaintances. For a fee, you may also find opportunities in the U.S. and abroad on sites like Nomador and Mind My House.

3. Pick Up a Side Gig

Consider freelance professional work, rideshare driving, handyperson jobs, or other side gigs that can help fund your family vacation. This takes advance planning, but can be well worth the financial peace of mind. Consider offering your services through your neighborhood online classifieds, which are often free, or on for-fee platforms like Upwork.

You may want to put the extra cash in a designated savings account earmarked specifically for travel. That way you won’t inadvertently spend the money on other things.

4. Declutter and Earn Extra Money

How can spring cleaning benefit your summer vacation? Declutter your garage, basement, and attic by selling unwanted items and put that money toward your next vacation. You may be surprised at how much you can earn this way. Plus, you get a cleaner house!

5. Extend a Business Trip

If you can stay a few days extra after a conference or other business trip in an attractive destination, you’ll be reimbursed for at least one airfare and partial lodging costs, depending on the circumstances. In many cases, that can tip the scales so you can afford your getaway without financial stress.

6. Cut Back on Other Spending

Rejiggering your discretionary spending priorities may be all you need to take a debt-free vacation. Look closely at your spending on entertainment, meals out, hobbies, and other nonessential expenses. Are there places you can cut back to make room for travel expenses?

After your trip, you can reinstate your original budgets. Then again, you might discover you’ll enjoy a weekend getaway more than a new pair of boots.

4 Ways to Save on Travel Costs

Budget travel can be just as relaxing and reviving as a luxury trip. But it helps to learn a few tricks for reining in costs.

1. Be Flexible

Flexible plans can save you a bundle on travel expenses. Avoid peak travel times such as holidays, spring break, and high summer to save money on lodging, airfare, and more. Keep in mind, off season doesn’t have to mean the Bahamas in the heart of hurricane season. Traveling just a few days or weeks on either side of the rush can translate to significantly lower costs.

If you live near multiple airports, being flexible about where you fly from can also pay off. Walsh, who lives in Grand Rapids, MI, is about a two-hour drive from both Chicago and Detroit airports. For a recent vacation, he was able to save $1,000 on airfare by flying out of Chicago, a savings that more than made up for the gas and parking fees he paid to drive there.

You’ll also want to evaluate your departure times. Flying or driving early in the morning means you’ll likely have the better part of the day at your destination and save yourself a night’s hotel stay. With airlines, first and last flights of the day are often sold at a discount compared to late morning or afternoon flights.

Being willing to commute a bit on your trip is another good way to save, especially if you have a car or you’re in a spot with good mass transit. Hotels located on the outskirts of town or in the suburbs are often much less expensive than their downtown counterparts.

2. Compare Prices at Discount Travel Sites

Online travel agents and travel websites like Priceline, Expedia, Kayak, and Orbitz offer discounted airfares, hotels, and rental cars for thousands of locations. But rates vary widely among the sites, so you’ll want to look at several of them to find the lowest price. And restrictions may apply, such as no refunds or no date changes.

3. Track Prices

If you’re in the beginning stages of planning your trip and choosing between destinations, consider using apps such as Hopper, Skyscanner, or FareDrop to monitor airfares. Just plug in your departure airport(s) and the dates you want to travel, and the apps will send notifications when flight prices to those destinations drop.

Rebookey works the same way for hotels. It will periodically check to see if specific hotel rates fall. If you book a refundable hotel rate that allows you to cancel at any time, and the rate you book drops, you can rebook your reservation at the lower rate, then cancel the original.

4. Use Rewards and Cash Back

If you have an airline credit card or travel credit card, you already know that using points for airfares, hotels, and car rentals is one of the best ways to cut the cost of your trip. Plus, your card may provide valuable trip insurance to protect you from losing money if your plans go sideways.

Don’t forget any hotel loyalty programs you may belong to. Check for member discounts at properties in or near your destination.

If you have a cash-back credit card, you may have enough in the “bank” to cover some of your travel costs. At the very least, if you use your cash-back card to pay for all or part of your trip, you can start earning money toward your next vacation.

The Takeaway

Indulging the urge to travel while honoring the need to save can be a challenge. It’s important to assess your total financial picture in order to determine how much discretionary income you have to spend on travel. Finding ways to pay for travel that won’t jeopardize your savings — like home swapping — can also help balance these two priorities. Finally, being flexible so you can find the best deals on airfare, lodging, and other travel costs can help make your trip more affordable.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

Wherever you’re going, get there with SoFi Travel.

FAQ

How can I balance travel with saving?

If you have three important financial building blocks in place — emergency savings, no or low credit card debt, and regular retirement savings contributions — you likely will find you have the discretionary funds to travel, especially if you plan your trip strategically to find the best deals.

Should I pay for my vacation with my credit card?

Paying for at least some of your travel costs with a credit card is just about inevitable. And paying with a cash-back or travel-rewards card can help you earn money or rewards for your next trip. What you want to avoid, however, is racking up massive credit card debt that will jeopardize your financial stability.

What are some good ways to save on travel costs?

Avoiding travel during peak times such as holidays, major events, and school vacations can be a great way to find deals. Renting or swapping your home, lodging off the beaten path, and using credit card and loyalty program rewards also help. Careful shopping, including using discount travel sites and fare tracking apps can take some time, but often pays off in big savings.

Photo credit: iStock/AndreyPopov

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, Student Loan Refinance, or toward SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. For more details, please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Apr

2023

What to Do if You Lose Your Wallet While Traveling

By Lauren Ward | credit card, Money & Life | Comments Off

Losing your wallet while traveling can quickly suck all the fun out of a trip. You may lose the cash and credit cards you need to pay for lodging, transportation, and food. And being without ID can make it difficult to keep traveling — or get back home.

But hey, it happens. Especially when you’re dealing with jet lag, shuttling all your things from place to place, and getting distracted by new sights and experiences.

So instead of stressing, take a few deep breaths, and follow these steps outlining just what to do when you lose your wallet. And for bonus points, you’ll also learn advance planning to minimize the impact of this kind of loss. Here’s the scoop on:

• What to do when you lose your wallet

• How to get money when you lose your wallet

• How to be prepared in case you lose your wallet so your trip isn’t ruined

Stay Calm and Courteous

Wondering what to do if you lose your wallet? The first thing to remember is to remain calm and polite to those around you. Yes, it’s stressful and you may worry that your summer travel or holiday vacation is ruined. However, you’re much more likely to get help and find your wallet if you can think and act with a clear head.

Even if you have reason to believe that someone took it or perhaps found it and kept it, try not to lodge any accusations (at least, not without solid proof). That can make a distressing situation more combative.

You have likely put a good amount of time and energy into your trip, so you’ll want to focus on remedying this tough situation as quickly and smoothly as possible.

Steps to Take After You Lose Your Wallet

Now that you’re calm, here’s what to do if you lose your wallet while on vacation.

1. Rewind What Happened

Try to recall the last place you had your wallet to use as a starting point for recovering it. If you think you lost it while in transit (say, on a plane or bus), contact the crew, driver, or company and inquire about next steps.

The wallet may turn up, or there could be a lost and found where you locate it. As unlikely as it may sound, we know someone who recovered a wallet she left on a NYC bus — twice!

2. Notify Your Bank and Credit Card Companies

Unless you find your wallet right away, you will want to quickly contact your bank (or banks) and credit card companies about the cards in your wallet. This lets them know to freeze your cards so that anyone who tries to use them will be declined.

If your bank has a mobile app, you may have access to some type of card control feature. Log on to see if you can manually freeze them before calling your bank.

3. Contact the American Embassy

What do you do if you lose your wallet while traveling abroad? You definitely want to reach out to the nearest American embassy or consulate. Visit USEmbassy.gov to find an official list of all the American embassies and consulates overseas.

4. File a Police Report

It may feel like a hassle, but contacting the police is necessary for two reasons. First, they may be able to help you recover your wallet. But even if they can’t, your insurance company may require a police report when you file a claim.

5. Contact the Credit Bureaus

Once you’ve reached out to the local police, contact one of the three major credit bureaus: Equifax, Experian, or TransUnion. You can initiate a credit or security freeze, which can help prevent identity theft. In other words, if someone uses any information in your wallet to try and impersonate you in order to apply for credit, they won’t get past the credit check.

6. Call the Airline Regarding Your ID

If you think you lost your wallet at the airport, it’s smart to file a lost and found report with your airline. You can still file a report even if you’re not sure where your wallet was lost.

You may still be allowed to fly without your ID. Just arrive at security earlier than you usually would in order to undergo identification verification.

7. Figure Out Work-Arounds

A lost wallet and its contents can be very disruptive, especially when traveling. If you can’t quickly locate your wallet, you will need to figure out how to pay for such vacation expenses as renting a car and paying for your lodging.

You may have access to cards via your mobile wallet. If not, a bank representative or your credit card issuer may help you navigate the situation, such as replacing a card via overnight delivery.

Advance Planning

No matter how careful you may be, misplacing your wallet or having it fall out of your pocket or bag is always a risk. Here are some smart steps to take that can help minimize the risk if you do misplace your wallet.

Set Up Credit Cards on Your Phone

If you’re wondering how to get money when you lose your wallet, a good strategy can be to connect your credit cards to your smartphone’s mobile wallet ahead of time. That way, you can still pay for things wherever smartphones are accepted at a register. You can also likely use ridesharing apps this way as well.

Use a Tracker

Slip a small tracking device into your wallet to keep track of it whether it’s lost or stolen. The wallet tracker is paired with your phone so you can locate it as long as you have your mobile device with you. Some examples are Tile and Chipolo Card Spot, among others.

Take Photos

It’s smart to have photos on hand of the items in your wallet in case it gets lost. If you snap pictures in advance, you’ll have copies of all your IDs, health insurance cards, and even credit card numbers (including your airline credit card) available to quickly reference.

Gather Phone Numbers

You should also keep certain phone numbers in a safe location, including your bank and credit card customer service numbers, the digits for your health insurance company, and other emergency resources you may need.

Stash Some Cash Elsewhere

Keep back-up cash and a credit card outside of your wallet. (Bonus: You can still earn credit card rewards while finishing your trip.) There are tons of stealthy products available that are designed to hide your cash, like money belts, socks, and even underwear! Get creative so that you have access to some emergency money even if you lose your wallet.

Consider Travelers Insurance

Getting travel insurance through your credit card or other service can help you during a financial emergency. While lost wallet coverage may not be explicitly included, you may get lost baggage or luggage coverage.

What Not to Keep in Your Wallet

Protect yourself as much as possible by not storing certain vital items in your wallet. The impact of losing the following can have a major impact:

• Your Social Security card

• Your house key

• Insurance cards

What to Do When You Get Home

If you’ve lost your wallet and followed the steps above, you’ll likely have asked your bank to ship replacement debit and credit cards to your home. Ask if there are any other actions you should take to keep your future finances secure. You can also file an insurance claim if you have any policies that cover personal property.

These moves can also help you rebound:

Check Your Credit Reports

Check your credit report to make sure there is no fraudulent activity. It may be worth enrolling in a credit score monitoring service for the next few months.

Contact the DMV

Go online to your state’s DMV to request a new copy of your driver’s license. You may need to submit the police report in order to get a new driver’s license number.

Notify Your Health Insurance Company

You’ll also need to reach out to your health insurance company if you lost your insurance card. They can send you replacements in the mail.

What Are the Odds You’ll Get It Back?

Interestingly, a benchmark global study showed that the more money in a lost wallet, the more likely it was to be returned. There are many variables involved, of course, including other contents (like your contact information) and the country you’re in.

Recommended: How to Save Money on Hotels

The Takeaway

A lost wallet adds a lot of stress to a vacation. But understanding how to respond can help you resolve the issue more quickly and even prevent it from happening again. By contacting your card issuer(s), authorities, and other resources, you may not get your wallet back, but you will minimize the impact on your travels.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

SoFi, your one-stop shop for travel.

FAQ

Can you get on a plane if you lost your wallet?

It depends on the situation and where you are when you attempt to board your flight. That said, if you have your passport with you, you will likely be able to travel internationally or domestically.

Should you go to the police if you lose your wallet?

Yes, file a police report to help protect against fraud and initiate any insurance claims you’re eligible for. And if your wallet doesn’t contain contact information, someone may return it to the police.

Where do people usually return lost wallets?

People may try to find you via any contact information found in your wallet. They might also turn it into a police station or mail it to your home address.

Photo credit: iStock/dobok

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Apr

2023

8 Mother-Daughter Getaway Ideas

By Beth Greenfield | credit card, Money & Life | Comments Off

“The older I get, the more I see the power of that young woman, my mother,” poet Sharon Olds wrote of the connection between a mother and adult daughter. How better to strengthen your relationship than to take a trip together, affording you some time to relax and get to know each other all over again.

Still, one-on-one time with Mom can be intense. Where should you go? How will you fill the time? We’ve got you covered, with some sample itineraries for moms of every stripe.

Tips for Planning Your Getaway

First, you’ll want to pick a mother-daughter getaway that’s right for each of you individually and together. Here are a few questions worth considering: Are you or your mom by nature self-directed, or do you thrive when there’s a set schedule to follow? Are you seeking adventure-filled days and nights? Unfamiliar surroundings and culture? Are you foodies whose days would best revolve around meals and culinary adventures? Or do you just need some pampered, luxurious downtime?

If you’re a mom and doing the planning, think about your daughter’s age and what holds her attention — and how long you two can get along without working each other’s last nerve.

Consider the same if you’re the grown daughter planning an escape for you and your mother, and think about your dynamic: In what situations do you tend to be at your best together? And for how long? Are there any physical limitations if your mom is elderly? Keeping this information in mind when you look at locations will guide you in the right direction.

Popular Destinations for Mothers & Daughters

A handful of spots tend to make just about every mother-daughter getaway list out there: New Orleans, New York City, Las Vegas, Paris, London, and Washington, D.C. These places all offer excellent mixtures of culture and excitement, from museums and theater to live music and culinary adventures. Also popular for their range of offerings: Sedona, AZ; Taos, NM; Newport, RI; Sonoma, CA; and Miami Beach.

8 Getaway Itineraries

There’s nothing scarier than a blank page you’re expected to fill — especially if that page is a travel itinerary and your mom is looking over your shoulder. Use the ideas below as a template to get you started. Solicit input from your mom (or daughter) so you’re building a getaway plan together. And make sure to leave room for spontaneous discoveries or naps.

1. Outdoorsy Mom

Spending time in nature has health benefits, both physical and mental, that can make an outdoorsy-mom getaway a life-affirming choice for both of you. Consider a number of destinations before making any decisions, including the aforementioned Sedona. Boulder (CO), Hilo (HI), and Taos (NM) also offer stunning scenery without requiring an up-to-date passport. If you’re looking for a more far-flung adventure, consider Iceland.

Once there, your itinerary might look something like this:

• Settle into your nature-themed accommodations, whether a glamping tent, cabin, or lodge. Then get your hands on a local trail map. Prepare daypacks with water and snacks.

• Have dinner at your lodge or near where you’re staying, and get to bed early.

• Get up with the sunrise, have a healthful breakfast, and head out for a hike, making it as long or as short as makes sense for each of your physical abilities. Have an al fresco lunch with a view, preferably at the peak of your hike. Then head back before sunset.

• Enjoy dinner and some wine at a local spot. Wash, rinse, and repeat the next day.

2. Foodie Mom

The world is your oyster! Pick a place known for its cuisine that’s within your budget and an acceptable distance — anywhere from Portland or Chicago to Nashville or Philadelphia. Or hey, why not? Paris or Rome.

• If you’re into trying the hottest spots at your destination, you’ll want to reserve tables well in advance and confirm before you head out. Then linger over every meal, being sure to take precious time to reminisce and share life goals.

• Book a cooking class, preferably one that’s specific to your locale. Learn how to make a perfect gumbo in New Orleans, for example, crepes in Montreal, or Cuban tostones and ropa vieja in Miami.

• Spend an afternoon hitting local markets and food emporiums, stocking up on spices, oils, and other culturally specific pantry items that will double as useful and evocative souvenirs.

3. Artsy Mom

Most of us don’t take the time to explore the art scene in our hometown. That makes this trip a special opportunity for the creatively inclined duo.

• Pick an arts-rich city. San Francisco, for example, has the most art museums, theaters, music venues, cultural centers, art supply stores, and music shops per square mile, according to a recent ranking of U.S. destinations. Get hold of a local exhibit guide. Then get out there and see it all. Other arts-rich spots: Miami (brimming with art fairs, galleries, and dealers), New York, and Chicago. Not to mention smaller locales, from San Antonio and Santa Fe to the tiny Cape Cod strip of Provincetown, each of which draws crowds for regular and lively art gallery walks, especially during summer travel season.

• Schedule your trip around a major art fair. Miami’s Art Basel, for example, NYC’s Armory Show, or the spring rite of passage in Italy, the Venice Biennale. Book your hotels and restaurants well in advance. Then enjoy the works of art — and some parties, too, if you’re both up for it.

4. Spa Mom

Who isn’t a spa mom, really? Booking a room and a lineup of treatments could not be a better approach to mother-daughter bonding in our opinion. You’ll find a lavish place to be pampered pretty much anywhere, but these favorites should get you started:

• Lake Austin Spa Resort, in Texas Hill Country, comes with a water view and farm-to-table cuisine. LakeAustin.com

• The Lodge at Woodlock, in Pennsylvania, has everything from hydro-massage to cooking demos. TheLodgeatWoodloch.com

• Miraval Resort Arizona, or any of its other properties, from the Sonoran Desert to the Berkshires in Massachusetts. MiravalResorts.com

• Amangiri, a dreamy 5-star hotel and resort in Utah. Aman.com/resorts/amangiri

Once you’re there, figuring out how to fill your days should be easy. May we recommend a combination of:

• Massages, facials, and body wraps

• Lazing in pools, hot tubs, and saunas

• Strolling peaceful grounds and dining on clean, fresh foods

5. Wine Mom

Does Mama love her vino? Consider a weekend of vineyard-hopping — in Sonoma, on the North Fork of Long Island, through Oregon’s Willamette Valley, along Michigan’s Leelanau Peninsula, or through the Finger Lakes region of Upstate New York.

Your shared goal: getting around to the various wine tastings and vineyard strolls. Cap it off nightly with regional fare and tucking in at a local B&B or hotel, perfect for stretching out, watching a movie, and bonding with before-bed conversation. Some points to have on your checklist:

• Start by renting a car with a credit card. Or if you head to Santa Barbara for its charming Urban Wine Trail (UrbanWineTrailSB.com), a couple of bicycles. Prioritize your vineyard visits with the aid of a local map and guide.

• Leave plenty of time to linger at each place — for shopping as well as sipping. Double-check the times of their tasting hours.

• Wind up at a spot that offers dinner, too, so you can soak up the alcohol while you download your favorite parts of the day.

• Tuck in at a place that’s close by, and look into the unique experience of sleeping at an actual winery, as is offered at vineyard B&Bs such as Sannino Vineyard on Long Island (SanninoVineyard.com), the Glass House Winery in Charlottesville, VA, on the Monticello Wine Trail (GlassHouseWinery.com), the Chateau Grand Traverse Inn on Michigan’s Old Mission Peninsula (CGTWines.com) or Chateau de Vie in California’s Napa Valley (CDVNapaValley.com).

6. Party Mom

Is your mom your best friend, from whom you hold nothing back, including a shared crazy night out? Then go all-in with a trip to a place where nightlife is the main attraction — and shopping, strolling, and eating gets you happily through the days. We’re talkin’ Las Vegas, Los Angeles, Key West, New Orleans, or Austin.

• Start by making dinner reservations at all the hotspots. Then get a hold of local arts weekly, which will give you the rundown on nightlife (something a hotel concierge can help you with, too).

• Spend your day shopping, browsing, perhaps getting your hair and nails done for your evening. Then relax back at your room before having a festive dinner followed by a night of dancing or live music.

• If you’re the mom and you’ve got a restless teen on your hands, show her a great time by making her favorite pop star’s concert the destination’s main event — whether it’s Pink in Boston, Taylor Swift in New York, or Adele in Las Vegas. She’ll never forget it. And trust us: Neither will you.

Recommended: What is a Charge Card?

7. Hippie Mom

One way to bond and relax, with a little bit of structure helping you along, is to sign up for one of the many mother-daughter retreats offered at centers around the country. Some are geared toward specific ages — moms with tween or teen daughters, for example — and all offer a range of activities, discussion groups, and relaxed, unstructured time.

Programs are offered at Omega in upstate New York (EOmega.org/ mother-daughter-retreat); Kripalu in the Berkshires of Massachusetts (Kripalu.org/ presenters-programs/ mother-daughter-yoga-weekend); and various wellness-trip operators in Costa Rica (HereandNowTravel.com/ mother-daughter-costa-rica) and Mexico (BookRetreats.com/s/ other-retreats/mother-daughter-retreats/mexico) — just for starters! Your itineraries will be taken care of by the planners at each retreat.

8. Sun-Worshipper Mom

Time to hit the beach! If you two can’t soak up enough of those rays, consider a jaunt to one of these wonderful year-round destinations (and please don’t forget to pack plenty of SPF). Miami, St. Petersburg, Grayton Beach, and St. Augustine in Florida are all perfect for a winter getaway. And for summer travel, Block Island (RI), Cape Cod (MA), Chincoteague (VA), and Cape May (NJ).

• Check into your room. (Why yes, you really should get the water-view room!)

• Pack a beach bag and hit the sand or pool, ordering waterside drinks if it’s an option (and you’re not traveling with a teen).

• Find al fresco lunch and dinner spots, and catch up over plates of seafood.

• Catch sunset at the shore, get some lovely post-sun sleep, and do it all again the next day.

Accessible Ideas for Less Mobile Moms

If one of you is older or less mobile for any reason, consider a trip where you’re a bit more taken care of and shepherded around: a riverboat cruise, for example, such as through Mississippi with Viking Cruises (VikingRiverCruises.com), or a more traditional cruise with a theme, such as Seth’s Big Fat Broadway cruises (SethsBroadwayVacations.com/#/Cruises), chock full of your favorite talent from the Great White Way.

You might also consider a guided bus tour or a stay at a full-service resort that has plenty of restaurants and activities right on-site.

The Takeaway

Mother-daughter bonds can be complicated. That is precisely why it’s worth making a thoughtful plan to reconnect with your parent or child. Choose a location and itinerary that caters to both your interests (art, food, the beach, nature hikes), and leave plenty of time for reminiscing and discussing life goals. You’ll both come back from your get-to-know-you-better getaway with a newfound understanding of the most remarkable woman in your life.

SoFi, your one-stop shop for travel.

Photo credit: iStock/Ridofranz

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.

Apr

2023

When Is the Best Time to Book Fall Travel?

By Dan Miller | credit card, Money & Life | Comments Off

While you might think that summer is the most popular time to travel, fall travel is also primetime for many people to hop a flight, get behind the wheel, or otherwise head off on an adventure.

After all, not everyone is tied to school schedules that dictate spring break and summer vacations. People looking for less oppressively hot weather, those without kids, or travelers looking for fewer crowds might choose to travel in the autumn. Any fall foliage adds to the allure.

Another reason to travel after August: Prices can be lower in fall for everything from flights to lodging because there is typically less demand. But it’s important to note that there can be a wide range in overall costs, depending on a number of factors, including the destination, exact dates, kind of trip (camping vs. classy hotel), and when you book the travel.

That last factor can play a significant role in the cost of fall travel, so here’s a closer look, including:

• When to book flights for fall

• When to book hotels for fall travel

• How far in advance to book a rental car

• When to book a fall cruise

Things to Keep in Mind

Fall travel encompasses a wide variety of trips. Here is some intel that can help you assess pricing and when to book:

• Autumn can be the peak time for some types of getaways. For instance, New England for leaf peeping can be one of the best places to travel in fall. But it could be off-peak or shoulder season for other locations. Beach vacations or ski resorts aren’t likely to make the list of best fall travel destinations.

• Understanding peak vs. off-peak gives you insight into supply and demand for travel. When demand is high, prices tend to go up. But when it’s low (that is, fewer people are booking flights or hotel rooms), prices tend to drop. This knowledge can help you decide where to travel in the fall and plan an affordable vacation.

• You’ll also want to be aware of any special events that might be going on at your location. For instance, if you are dreaming of a fall getaway in Paris, you’ll want to avoid the days when the fashion shows are in full swing, sending costs soaring. People from all over the world flood into the city for these shows, meaning an affordable hotel room can be hard to find.

• Using credit card miles or cash back can also be a part of paying for your trip. If you’re using miles, check for how the time of year may impact points needed. There might also be blackout dates to avoid.

Recommended: Where to Keep a Travel Fund

When to Book Flights for Fall

Knowing the right time to book flights for fall travel can depend on how you’re planning on paying for your flights. If you apply for a credit card to earn airline miles or credit card rewards, you’ll want to leave enough time to collect the miles from your welcome bonus and still have time to book your flights. Otherwise, it can depend on whether you are booking domestic or international flights.

Domestic Flights

Just as with summer travel, you’ll want to start watching flight prices a few months before your planned travel dates. Consider using a travel booking site (you may hear them referred to as online travel agencies, or OTAs), such as Expedia or Booking.com. Look for ones that offer comparisons to past results. That can give you an idea how the price today stacks up vs. historical price trends. If the current price is below historical averages, consider booking your flights right away. Otherwise, check back in a week or two. You may also find some sites that use predictive data analysis to say prices are likely to rise or fall, which can be very helpful info.

International Flights

Booking international flights can be a bit more complicated, because there are often a lot more moving parts on an international vacation. Hotels, activities and excursions, and other transport can be harder to arrange when you’re traveling overseas. Booking your fall travel at least a couple of months in advance can be a wise move. You can often snag a good price by booking early, and nailing down your ticket can help the other plans fall into place.

Also, if you need to get a visa for your international trip, you probably want to make sure that your flights are locked down several months before your trip. You may need your travel documentation to get that visa approval.

A budget-boosting move: When booking international travel, you are likely going to rack up a good number of miles and dollars. Being part of an airline points program or using an airline credit card can be a smart way to earn rewards.

Of course, there’s no harm in using your usual plastic and collecting those credit card rewards to redeem as you see fit. Perhaps you’ll get enough cash back to have an amazing meal as you travel, whether you’re headed for South Carolina or Singapore.

Booking Hotels for Fall: Advance vs Last-Minute

When booking hotels for fall travel, you may wonder whether you’ll score a better deal by doing so way in advance or last-minute. Some points to consider:

• Both techniques can have their upsides. An early reservation may allow you to lock in a low rate before demand grows, sending prices upward. However, if a hotel has rooms lingering unbooked, it might discount them at the last moment in the hopes of filling them up.

• Many hotels offer rates that have very lenient cancellation policies. So one way to make a hotel reservation can be in the form of book now, pay later travel.

You might save money on hotels by making a cancellable reservation at your preferred hotel. Then, regularly check on the rates for your hotel and other nearby hotels. If the price goes down, you can cancel your first reservation and make a new one at the lower rate. This strategy can combine the benefits of booking in advance and booking at the last minute. You can keep an eye on pricing and search for a better deal until your departure date, yet you still know there’s a room reserved for you if you don’t find a better price.

How Far in Advance to Book Rental Cars for Fall

If you will be renting a car on your trip, you can use the same strategy as outlined above. Most rental car companies allow you to make your reservation and then pay for it if and when you arrive on site. You can make an initial reservation and then monitor it over time to see if the price drops.

Bonus tip: When booking a rental car for fall travel, your credit card may offer car rental insurance. Check into that detail. If your card does carry this perk, you may be able to save money by declining the rental company’s insurance.

When to Book a Fall Cruise

It can be cheaper to book a fall cruise many months or even years before the date of the cruise. Cruise companies can offer lower prices on cruises with a long lead time, in the hopes of filling their ships. As the date of embarkation gets closer, it’s common for cruise prices to increase.

In general, you’ll find the best prices for cruising around the Caribbean, up to Alaska, or elsewhere if you book during the industry’s sale season, which tends to be November through March. That’s when holiday (Black Friday and Cyber Monday) and “wave season” discounts are usually offered.

However, it’s also common for cruise companies and travel sites that specialize in cruising to offer last-minute deals. So if you have the flexibility to travel at the last minute (maybe you’re sitting on some unused vacation days at work and have a slow week coming up), you can often score a great deal. Using a travel credit card can also help you earn rewards that you can use for cruising.

Best Time to Book Tours, Sites, and Activities for Fall

Are there specific tours or activities that are “must dos” for your fall vacation? A sightseeing Jeep ride or an exhibition at a museum that requires a timed ticket? By all means, you should book them in advance as soon as you know when and where you’ll be traveling. That way, you don’t have to worry about them selling out.

For other activities, you can consider waiting to see if there are any coupons or deals that come available. Also consider that many credit card companies have travel portals that allow you to pay for activities with credit card rewards. This can be a way to save money on your fall vacation while still packing in cool attractions and experiences.

The Takeaway

There isn’t a single best time to book fall travel — instead, the best timing will depend on a variety of factors, such as where you want to go, how you are traveling, and your comfort level with “fly by the seat of your pants,” unplanned travel.

Generally speaking, booking further in advance can get you good deals and provide you with the best choice. You can also take advantage of “book now, pay later” refundable or cancellable reservations for hotels, rental cars, and activities. Once those are secured, if the price drops, you can save money by canceling and rebooking at the lower rate.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

SoFi Travel can take you farther.

Photo credit: iStock/AleksandarNakic

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.