Tuesday, May 23, 2017

5 Ways to Save Money and Nab Last-Minute Flight Deals

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One of the best ways to save money on a flight is to plan ahead. But sometimes, you don’t have the luxury of advance notice. Here’s how to find cheap last-minute flights, whether you’re traveling for a family emergency, a business trip on short notice or a spontaneous escape.

1. Use a flight map

Google Flights and Skyscanner have handy map tools that can help you find the cheapest flight.

If your destination is set in stone, use the map to compare fares at nearby airports as well. It may be cheaper to fly into a location a few hours away and rent a car to reach your final stop.

If your destination is open-ended — i.e., “anywhere with a beach” — use the map to pick the most economical locale. Select your dates and home airport(s), and then scan the map for an affordable flight. Google Flights will even show you potential destinations; all you need to do is pick your travel dates and interests, whether they be wildlife, food, beaches or nature.

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2. Call the airline

A handful of airlines still offer bereavement fares, which could help take the financial sting out of last-minute travel for a funeral. To get the discount, you have to book the flight by phone and typically need to start travel within seven to 14 days. Be prepared to provide the name of the relative and the name and phone number of the relative’s doctor or funeral home.

Alaska Airlines, for example, will knock 10% off its published fares for passengers traveling due to the death of an immediate family member, according to Halley Knigge, a spokeswoman for the carrier. This also applies to Virgin America, which was acquired by Alaska Air Group.

Delta Air Lines and Air Canada also offer special rates for those traveling due to a death in the family.

However, there may be cheaper deals elsewhere, so compare the bereavement rates with regular fares from other airlines using sites such as Kayak or Last Minute Travel.

3. Fly during undesirable hours

“Go on a red-eye or crack-of-dawn flight,” says Elizabeth Avery, the founder of the travel website Solo Trekker 4 U. These flights tend to have unfilled seats and often will be less expensive than midday flights.

Go on a red-eye or crack-of-dawn flight.

Elizabeth Avery,

founder of the travel website Solo Trekker 4 U

A red-eye trip from the Washington, D.C., area to San Diego, for example, was nearly $130 cheaper than other options for that route, according to a recent search for flights available within seven days.

» MORE: How to save money

4. Tap your rewards

If you can’t find an affordable fare or skip the trip, consider redeeming credit card rewards or airline miles to subsidize your flight.

Not sure whether to use rewards or cash?

You can calculate the value of your rewards for a given flight using this formula: (ticket price – taxes and fees) ÷ rewards cost. Then multiply that number by 100 to find out your rewards value.

Here’s an example: A flight that costs $250 (with $20 in taxes and fees) or 25,000 miles would equal 0.92 cents per mile. That’s below the average value of rewards and miles from a variety of programs, so consider using cash.

But if the same flight was $500 (with $20 in taxes and fees) or 25,000 miles, it would work out to 1.92 cents per mile. That’s a good case for redeeming your miles, as it exceeds the average value of most rewards programs.

» MORE: Our family vacation: 7 people, 3 nights and $1,500 in D.C. 

5. Follow your favorite airlines

Several airlines post last-minute deals to their Twitter accounts. Here’s a chart of major domestic airlines’ deal pages and Twitter handles:

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Updated May 23, 2017.

Friday, May 12, 2017

Net Worth Calculator: Find Your Net Worth

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Net worth is the total value of a person’s assets minus the total value of his or her liabilities. You won’t use it to make many day-to-day decisions, but it’s a useful snapshot of where you’re at financially. Use our net worth calculator to find yours.

What is my net worth?


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What is net worth?

The formal definition of net worth is the combined value of your assets, or the things you own that have monetary value, minus the value of your liabilities — the accounts or loans that you’re paying off.

Net worth is the combined value of your assets minus the value of your liabilities.

Assets that count toward your net worth tend to be liquid assets. Some fixed assets can count, too, but it depends on whether you can or would sell them if you needed to. Liabilities are a bit easier to classify — any money you owe to another person or entity falls under this category.

» MORE: How to create a budget

What are assets and liabilities?

If you’re not sure what assets and liabilities are, here are some guidelines:

Assets: Assets include cash — such as in your checking, savings and retirement accounts — and items such as cars, property and investments that you could sell for cash. Count your home if you would be willing to sell it should the need arise or if you use it for a home equity line of credit.

Assets include cash and items that you could sell for cash.

Liabilities: Liabilities are debts. Revolving consumer debts — such as credit card balances — fall into this category, as do personal, auto, payday and title loan balances. If you’re using your home as an asset, its mortgage counts as a liability as well.

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How your net worth compares

The Federal Reserve releases its Survey of Consumer Finances every three years — the most recent report was issued in September 2017 with data from a survey fielded in 2016. Here’s how net worth stacks up by income, age, family size and education, and how it has changed since 1998 in dollar amounts.

Net worth of U.S. families

Income tier19982016Change 1998-2016 All families$105,800$97,300-8.03% Up to $25,300$8,600$6,700-22.09% $25,301 to $43,500$48,900$32,300-33.95% $43,501 to $69,500$78,800$81,6003.55% $69,501 to $111,400$165,700$168,3001.57% $111,401 to $177,100$278,100$393,60041.53% Over $177,101$667,400$1,640,100145.74%

Source: Federal Reserve 2016 Survey of Consumer Finances

Age tier19982016Change 1998-2016 All families$105,800$97,300-8.03% Less than 35$13,500$11,100-17.78% 35–44$93,600$59,800-36.11% 45–54$155,800$124,200-20.28% 55–64$188,700$187,300-0.74% 65–74$216,200$224,1003.65% 75 or more$185,300$264,80042.90%

Source: Federal Reserve 2016 Survey of Consumer Finances

 19982016Change 1998-2016 All families$105,800$97,300-8.03% Single with child(ren)$23,800$22,400-5.88% Single, no child, age less than 55$22,800$13,800-39.47% Single, no child, age 55 or more$128,800$114,800-10.87% Couple with child(ren)$128,500$117,000-8.95% Couple, no child$219,200$226,3003.24%

Source: Federal Reserve 2016 Survey of Consumer Finances

 19982016Change 1998-2016 All families$105,800$97,300-8.03% No high school diploma$31,100$22,800-26.69% High school diploma$79,800$67,100-15.91% Some college$113,100$66,100-41.56% College degree$251,000$292,10016.37%

Source: Federal Reserve 2016 Survey of Consumer Finances