Remote and hybrid work has affected many industries, from commercial real estate to downtown restaurants. And it has impacted how many workers, unfettered by office attendance requirements, plan their travels.

Some call it “bleisure travel,” “laptop lugging,” “workations” or simply “blended travel.” The gist is the same: Remote and hybrid employees extend work trips to include leisure activities or work during their leisure trips.

Whatever it’s called, it could upend the traditional divide between leisure and business travel.

The travel lodging industry is already seeing the trend’s impact. Because bleisure travelers’ needs differ from those of traditional vacationers or work trippers, existing lodging options — particularly hotels — can fall short. This has created an opportunity and appears to be fueling a boom among short-term vacation rentals such as Airbnb.

Quarterly demand growth for short-term rentals has outpaced that for hotels since the first quarter of 2022, when travel began to fully rebound from the pandemic, according to a 2023 report from AirDNA and STR/CoStar, hospitality industry analytic services. This shift reflects changing traveler preferences and the ability of short-term rental hosts to react swiftly to these changes.

“We saw more and more people looking to convert their homes to short-term rentals,” says Jamie Lane, chief economist at AirDNA. “So supply could be added in an instant. It takes 10 minutes to create a listing, while building a hotel can take years.”

Indeed, the year-over-year growth in supply of short-term rentals has exceeded 15% in every quarter from the first quarter of 2022 through the second quarter of 2023, compared with below 5% growth for hotels, according to the report.

More short-term rentals are available and more travelers are choosing them. How does “bleisure” travel factor in?

A new kind of travel — and traveler

Vacations used to be something that employees squeezed between long periods of work. That’s no longer the paradigm for many office workers with more flexible schedules.

Far from being a pandemic-only trend, the popularity of bleisure travel is increasing. For instance, more than a third of workers plan to do some work on holiday season trips this year (up from 26% during the 2022 holiday season), according to a fall 2023 survey by consulting firm Deloitte.

Importantly, remote employees who planned to work during their holiday trips expected to extend their trips by nine days due to increased schedule flexibility. That is, bleisure travelers are taking much longer trips than they would have if they had to rush back to the office.

This has profound implications for the lodging industry.

“Half of nights booked are now over a week,” Lane says, referring to short-term rental booking data. “And when people are looking to stay longer, there’s a higher propensity for them to book a short-term rental.”

Many short-term rentals offer discounts for extended stays, which is attractive for bleisure travelers. And they provide home-like conditions that make them more comfortable for longer stays.

“They want those amenities — a kitchen, workspace, etc.,” explains Lane.

We can always (not) go downtown

Combining work and play has shifted what amenities travelers seek, and where they’re traveling. While business travel and business hotels are traditionally centered in dense urban cores, bleisure travelers appear to be looking elsewhere.

“The vast majority of hotel supply is in large cities and along the interstate,” says Lane. “The vast majority of short-term rental supply is in the mountains and beaches.”

Indeed, small city and rural destinations saw the largest supply uptick in the first part of 2023, followed by suburban areas, according to the AirDNA and STR/CoStar report.

This has led to another change in lodging preferences.

“We’re not seeing a recovery on shared rooms or studios, they’re still below 2019 demand,” says Lane. “We’re seeing all that demand growth in larger homes.”

Travelers combining work and play are looking for larger accommodations out of major cities that they can rent for longer. All of these changes favor short-term rentals over traditional hotels.

According to Lane, these dynamics are unlikely to shift in the near future as economic headwinds stunt new hotel development, leaving room for the number of homeowners who list their properties on Airbnb to meet demand and fill the supply gaps.

The bleisure travel trend, and its industry-shaking implications, could just be getting started.

This article was written by NerdWallet and was originally published by The Associated Press.

The article Why ‘Bleisure’ Travel Gives Short-Term Rentals a Boost Over Hotels originally appeared on NerdWallet.

American family finances have weathered the fallout of the dot-com bubble, the Great Recession and a pandemic over the last 30 years. Despite these challenges and more, single-parent households as a whole have actually seen broad financial improvements during this time.

Some households are better insulated to emerge unscathed (and even improved) from economic turmoil. On the other hand, families with one earner and multiple mouths to feed are at a disadvantage compared with those with multiple incomes when there is a job loss, high inflation, unexpected medical expenses or trouble in financial markets, for example. Measuring the financial health of a single-income household against one with two incomes would uncover few surprises. However, examining how the financial well-being of single-parent households has changed, and how it’s changed relative to others over time, tells a story of certain improvements and remaining opportunities for growth.

I am the product of a single-parent household. From the time I was 3 years old in the early 1980s, my mom raised my older brothers and me solo. Later, as an adult, I was the head of a single-parent household, raising my daughter who was born in 2000. Much has changed during that time, both in how I experienced the world through finances personally and within the broader economy. Charting the household finances of single-parent households across decades underscores these changes. Income, net worth and homeownership rates among single-parent households have improved dramatically, but these households still lack insulation from financial shocks, according to data from the Federal Reserve.

Family finances through the decades

The Federal Reserve’s Survey of Consumer Finances is released every three years and is a trove of household financial data. I examined 30 years of the data, from 1992 to the recently released 2022 report, to see how my lived experiences aligned with the national picture and how the financial conditions of households like mine have changed.

Roughly 30 years ago, in 1992, I was 14 years old, living with my mother and one older brother, while my eldest brother was in college. During childhood, my mom received child support, but we still qualified for the free lunch program at school, a common proxy for household poverty. She had the good fortune of always having a steady job and put herself through college while raising us.

My experience as a parent — beginning in 2000 — was different in that I didn’t receive support payments from another parent but did qualify for broader public assistance. When my daughter was an infant, I received EBT benefits or “food stamps,” public housing and Aid to Dependent Children, commonly referred to as “welfare.” I, too, put myself through college and held down a job from the time she was born. Despite beginning my journey as a single mother at a deficit from where my mother began hers — quite a bit younger and with only one source of income — I was able to climb more quickly, perhaps because I only had one additional mouth to feed or because government and social supports of the era made it easier to do so.

Over the past 30 years, the median annual income of single-parent households has grown just over 45%, after adjusting for inflation, to $43,000, slightly faster than any other household type. Across all households, typical incomes grew about 27% during that period.

Note: The Survey of Consumer Finances defines single-parent households as those with children but not married or living with a partner.

A higher real income means a higher standard of living — your money can go further toward paying for the things you need. And my personal experience as a child and a parent aligns with this data — later in my daughter’s childhood, I was better able to afford things my mother would have considered luxuries when I was young.

I want to make it very clear that it’s little more than a neat coincidence that my personal life reflects the Federal Reserve data. Much is hidden in national aggregates, and many people have their own anecdotes that would run contrary to the data. In the case of “median income,” for example, we know that half of single-parent households earned less than $43,000 in 2022, and many likely earned much less. On the other hand, half earned more than that median amount. And though the national median grew during this 30-year period, some households surely experienced periods of declining income. Big aggregates allow us to examine broad trends, but they also sacrifice some details.

Net worth nearly triples; homes and retirement assets climb

Your net worth is the amount of your assets (the things you own of value) minus your liabilities, or debts. And single-parent households saw significant increases in net worth from 1992 to 2022. While households overall saw inflation-adjusted net worth climb 87% during this period, those headed by a single parent rose 189%.

A higher net worth represents greater insulation from financial difficulties. When you have more savings, equity in a home or lower debt, for example, you’re better able to accommodate unexpected expenses and better able to plan for long-term financial goals.

At least some of this growth in net worth is due to the rise of homeownership among single parents. The percentage of single-parent households who own their primary residence grew from 43% in 1992 to 50% in 2022, an increase of 17%, and the most dramatic increase among all family types during the period.

I was raised in rentals; my mother hasn’t owned a house since she had to sell the family home after my parents’ divorce. However, I purchased my first home when my daughter was 7 years old, thanks in part to the more accommodating standards of an FHA mortgage, down payment assistance and when I bought — it was 2007, and home loans were being passed out like candy.

Another important asset, retirement accounts, are now held by 37% of single-parent households, compared with 24% in 1992. While a marked improvement, there is still room for growth here. Among all households, 54% have retirement accounts.

So what can account for these improvements? It’s likely a combination of factors, starting with a “catch-up” period. Moms make up 80% of the heads of single-parent households, according to the U.S. Census, and women were afforded the right to apply for credit and loans such as mortgages only in 1974. The full implications of this change could certainly take decades to work their way into household personal finances and the economy at large. Further, the share of single mothers who work and the share of women going to college has increased over the past several decades, contributing to increased earning power. And finally, while a 2022 Pew Research Center survey found that the stigma of single motherhood is on the rise again, it’s likely still at a better place than 30 or 50 years ago, when legal protections against discrimination were lacking.

Where single-parent households can still gain ground

The share of single-parent households that save money actually fell over the 30-year period examined, from 45% to 41%. In fact, it fell across most household types during this period, though it fell the furthest for single parents. Without savings, you’re more likely to depend on debt when emergency expenses arise and less likely to be able to keep up with monthly bills.

Single-parent households are also the most common household type to revolve credit card debt, or carry it from one month to the next. More than half (52%) of these households carry a balance on their card from month to month, compared with 44% of all households, according to the data. Further, single-parent households saw the greatest change in this metric among all household types during the two-year period capturing the COVID-19 recession — from 2019 to 2022, that share rose 15%.

Carrying credit card debt increases monthly payment obligations, and household payment-to-income ratios reflect this. In any given month, roughly 11% of single-parent households have monthly debt payments exceeding 40% of their monthly income. This 40% threshold is considered a measure of financial vulnerability, and a greater share of single-parent households find themselves on the wrong side of this line than any other household type. Further, while the share of households over this 40% mark has decreased in the last 30 years, it’s fallen the least in single-parent homes.

Keys to continued improvements

Overall, typical household finances have improved over the last 30 years, and by some measures they’ve improved most dramatically for single-parent households. But going it alone as a parent, whether by choice or by chance, still presents some greater financial challenges. Namely, households like mine often lack the additional safety valves afforded households with two potential earners, making them more vulnerable and more likely to have to turn to debt in periods of financial stress.

For me, a single parent raised by a single parent, money decisions were always about caution and resourcefulness, being careful and conscientious about every dime spent and being a scrappy problem-solver when money was too tight to cover all of the expenses. Honestly, I was resentful of this as a child. But I was grateful for the foundation when I became a parent. Early in my daughter’s life, these lessons were crucial for keeping the lights on, quite literally. And now that I’m financially secure, these lessons still underpin how I think about money and how I talk about it in my work.

The average finances of single-parent households have improved over the years, but individual household finances can hit setbacks along the long-term climb. The path to financial security is rarely linear. Incrementally building an emergency fund, using debt strategically and knowing where to turn when things get tough can make it easier to rebound and get back on an upward track.

The article 30 Years of Change in Single-Parent Household Finances originally appeared on NerdWallet.

Most people buy life insurance to provide financial protections for their loved ones when they die. But some policies offer benefits while you’re still alive. If you purchase life insurance with living benefits, you may be able to access part of your death benefit if you become ill or use its cash value to supplement your income.

What are life insurance living benefits?

Life insurance living benefits are policy features that provide financial protection while you’re still living. There are two main types of living benefits in life insurance:

• Policy riders. A life insurance rider is an add-on to your policy that provides additional protection. Some policy riders allow you to receive part of the policy’s death benefit in some circumstances, like if you’re diagnosed with a serious illness or you need long-term care.
• Cash value life insurance. Permanent life insurance policies have a built-in savings component called cash value that grows over time. You can usually take a loan or withdraw from the policy’s cash value. Some people use their policy’s cash value to supplement their retirement income.

Living benefits in life insurance can provide an extra layer of financial security if you become sick or need an extra source of income. One downside, though, is that living benefits often reduce the policy’s death benefit for your survivors.

Living benefits riders

A living benefits rider is an additional feature in a life insurance contract where the insurer agrees to provide benefits if you’re diagnosed with a chronic or terminal illness, you become disabled, or you require end-of-life care.

Though you have to pay extra for most living benefits riders, some may be automatically included in your policy, depending on the insurer. If you have an older policy, your insurance company may have added one of these riders, so be sure to check.

Some common types of living benefits riders include:

• Accelerated death benefit rider. This feature pays out some or all of a policy’s death benefit if you’re diagnosed with a serious illness. Your payout reduces the benefit that your survivors will receive after you die. Insurance companies have different rules for when an accelerated death benefit rider is activated. For example, you may not be eligible to access the death benefit unless you have a terminal illness, typically defined as a diagnosis where your life expectancy is 24 months or less. Some insurers also offer critical illness riders or chronic illness riders, which can trigger a payout if you have a heart attack, stroke, cancer, renal failure or certain other qualifying illnesses.
• Long-term care rider. An LTC rider pays part of your policy’s death benefit if you require long-term care that traditional health insurance doesn’t cover. Your policy may pay out a lump sum or a percentage of your death benefit each month. As with an accelerated death benefit rider, the payout may reduce the amount your beneficiaries receive. Many policies have a waiting period of about 90 days before you can access this benefit.
• Return-of-premium rider. A return-of-premium rider will refund some or all of your term life insurance premium payments if you outlive your policy term. This is one of the most expensive life insurance riders available. If you cancel your policy before it expires, you won’t receive a refund.

• Waiver of premium rider. This benefit allows you to suspend life insurance premium payments while keeping the policy in force if you become disabled and can no longer work. Many policies have a waiting period of a few months to a year from the time of the diagnosis until this benefit will kick in, though many insurers will reimburse you for premiums paid during this window if your claim is approved.

Cash value as a living benefit

When you buy permanent life insurance, your premium is split between the cost of insuring your life and the cash value component. You can eventually use cash value life insurance to take out a policy loan, make withdrawals, or surrender the policy altogether. Some people also use their cash value to pay premiums or purchase additional coverage called paid-up additions. Usually, you won’t owe taxes on money you borrow or withdraw as long as you don’t take out more than you paid in premiums.

Cash value can be a valuable source of money to retirees who are on a strict budget. However, withdrawals and outstanding loans will generally reduce your policy’s death benefit.

How to get life insurance with living benefits

It’s important to think about whether you need life insurance with living benefits while you’re shopping for a policy. You typically can’t add riders to an existing policy. Make sure you read your contract thoroughly so you know whether any riders are automatically included and how the riders work. Ask your life insurance agent or broker about the cost of any additional living benefit riders.

Also, consider whether you want access to living benefits in determining what type of life insurance to buy. Term life policies only offer a death benefit and don’t build cash value. Any living benefits you receive from term life insurance will come courtesy of a policy rider. If you want access to cash value, you’ll need to purchase a permanent life insurance policy, such as whole life or universal life.

Cost of life insurance with living benefits

The cost of life insurance with living benefits can vary widely. For example, some insurers automatically include some living benefit riders, such as an accelerated death benefit rider or a waiver of premium rider. But with some policies, these add-ons can increase life insurance premiums by as much as 25%.

Other living benefit riders are far more expensive. For instance, buying term life insurance with a return of premium rider often costs about five times more than if you purchased a standard policy.

Also, permanent life insurance policies that build cash value are substantially more expensive than term life policies with a similar death benefit. For example, Quotacy estimates that the premiums on a $250,000 policy for a 35-year-old man in excellent health could be anywhere from seven to 14 times more expensive with permanent life insurance compared to a 30-year term policy.

Robin Hartill, CFP® writes for NerdWallet. Email: articles@nerdwallet.com.

The article What Are Life Insurance Living Benefits? originally appeared on NerdWallet.

In 2023, President Joe Biden’s signature student loan debt cancellation plan died, a new repayment plan was born, millions of longtime borrowers got forgiveness and others saw their monthly student loan bills come due again.

This year, even more change is coming.

From a redesigned financial aid form to halved monthly payments, Biden’s debt cancellation Plan B and more, here’s what to expect with college student financial aid in 2024.

Monthly payments will be cut in half for millions

The newest income-driven repayment plan, SAVE, launched in fall 2023. Nearly 5.5 million borrowers enrolled, 2.9 million of whom qualified for $0 monthly payments, the Education Department announced in November. And the perks will sweeten this year. Starting in July, monthly payments on the SAVE plan for some borrowers will be capped at 5% of a borrower’s discretionary income, rather than 10%. That means borrowers who sign up for SAVE — but earn too much to qualify for $0 payments — will still see their payments cut in half.

For example, an individual earning $50,000 per year had a monthly payment of roughly $270 on the REPAYE plan, which was SAVE’s predecessor. Currently, their monthly payment under SAVE is about $143, and in July, that will drop to $72.

Another big SAVE change coming in July: Borrowers who originally took out $12,000 or less for their degree can get their loans forgiven after 10 years on SAVE, rather than 20 or 25 years. These borrowers could receive student loan forgiveness this summer — or move significantly closer to the 10-year forgiveness finish line — if they sign up for the SAVE plan.

Payment on-ramp will expire

Federal student loan bills resumed in October, after a three-year pandemic pause. But borrowers had a cushion: a 12-month “on-ramp,” during which missed payments would not hurt their credit score, nor cause borrowers to default on their student loans. By mid-November, 40% of borrowers had missed their scheduled October payment, according to the Education Department.

The yearlong buffer is set to expire on Sept. 30, 2024. After that, late, partial or missed payments can lead to severe consequences, like loan default, debt collection and garnished paychecks.

“If we take away the pause, it’s fair to presume that a lot more stress will come, people will change their financial behaviors, and they probably won’t be able to save as much or even spend as much on things,” says Dan Collier, assistant professor of higher and adult education at the University of Memphis. “For older borrowers, that means retirement. For younger borrowers, that means emergency savings or investments for future income.”

Potential delays for financial aid packages

Students who plan to be in college next fall may contend with delayed financial aid packages and uncertainty around how much money they’ll get for school. That’s because the 2024-25 Free Application for Federal Financial Aid (FAFSA) launched at the end of 2023, after a three-month delay and an updated formula to calculate aid eligibility.

The Education Department won’t start sending students’ FAFSA information to colleges until late January. And that’s just the starting line — then, schools must build financial aid packages and get those out the door with enough time for families to make an informed decision, says Karen McCarthy, vice president of public policy and federal relations at the National Association of Student Financial Aid Administrators.

“That May 1 [college decision] deadline day is on everybody’s mind,” McCarthy says. “Once we have an exact commitment from the department on when schools will actually get those processed FAFSAs, I feel like those conversations can then become a lot more real.”

More Pell Grant money for more people

Outside of loans, changes are on the way for Federal Pell Grants — another key type of financial aid — which will expand this year. The program gives students from low-income backgrounds up to $7,395 per year for college that doesn’t need to be repaid. Due to the redesigned 2024-25 FAFSA, an additional 610,000 students are slated to qualify for Pell Grants next fall, and 1.5 million more students are expected to get the maximum award — for a total of over 5.2 million students eligible for the maximum Pell.

Congress will also weigh a bill that would allow students to use Pell Grants to pay for short-term career-training programs, like coding boot camps or welding courses. (Currently, a program must last at least 15 weeks for it to be eligible for a Pell Grant.)

Political uncertainty and Biden’s Plan B

The Biden administration is pursuing a Plan B to pass student debt cancellation, after the Supreme Court struck down its plan to erase up to $20,000 in debt per borrower earning less than $125,000.

The new plan would be more limited in scope and apply to fewer borrowers. For example, if the interest on a loan grew to be larger than the borrower’s principal balance, the government would erase any amount above what was originally borrowed.

Policymakers wrapped up negotiations on the new plan in December, and there could be a draft version as early as April — but legal challenges and a presidential election this year could derail the plan, says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.

“The way negotiations left, there are still a lot of unanswered questions about what this might look like,” Mayotte says.

New workplace retirement savings perks

Since Jan. 1, some student loan borrowers have had an easier time saving for retirement while also chipping away at their student loans. Thanks to a SECURE Act 2.0 provision that just went into effect, employers can “match” an employee’s student loan payment by contributing the same amount to a workplace retirement account.

So, if a borrower sends in a $200 on-time student loan payment, their employer can contribute up to $200 to their 401(k). But only if their employer opts to. Borrowers should ask their employer’s human resources department about this benefit.

“Especially with the economy the way it is, some employers that may not be able to give higher raises look for alternative ways to bulk up their total packages, and this could be a way to do that,” Mayotte says.

The article More Student Loan Changes Are on the Way. Here’s What to Expect originally appeared on NerdWallet.

Putting expenses on a credit card can be rewarding — but only if doing so isn’t driving you deeper into debt.

According to NerdWallet’s annual household debt report, 40% of Americans who are carrying credit card debt from one month to the next say they use credit cards to earn rewards. The problem is, when you have revolving credit card debt, the interest you pay can quickly cancel out the rewards you earn on new spending.

When to use a rewards credit card

A rewards credit card is best used to earn cash back, points or miles on spending you would be doing anyway. Ideally, you would be able to pay your full balance each month, meaning you never incur interest, and the spending wouldn’t keep you from achieving your financial goals.

If you find yourself spending more than you normally would for the sake of earning rewards, or because the credit card gives you more buying power than you would otherwise have, that’s a signal to reevaluate. Consider setting limits on credit card spending, or using cash or debit to keep your budget in check.

Rewards are a nice perk for good financial management. If you plan to spend $100 on groceries regardless, it makes sense to put that amount on a card that kicks back, say, $3 in rewards, then pay your balance in full, rather than pay with cash or debit and get nothing back. But rewards cards aren’t for everyone, at least not all the time.

When not to use a rewards credit card

Among Americans who have revolving credit card debt, 18% say the debt is worth it for the rewards they earn on their spending. But the math simply doesn’t bear this out. When you carry credit card debt from month to month, you incur interest on new purchases as soon as you make them. That interest will almost certainly outweigh the rewards earned on purchases, perhaps faster than you think.

The NerdWallet report shows how quickly this can happen: Say you get a new credit card that earns 2% cash back and charges the average interest rate, which was 22.77% in the most recent figure available from the Federal Reserve. If you spend $1,000 a month on the card but make payments of $500 a month, the interest you’ll pay will outweigh the rewards you’ll earn in less than six months. And that’s when you’re starting from $0 on a brand new card; if you’re already carrying a balance on a credit card, you may pay more in interest than you ever earn in rewards on a purchase.

Of course, using a credit card for expenses might not be optional. The survey found that 31% of Americans with revolving credit card debt say they need to use a credit card to make ends meet. If that is your situation, look at your spending to ensure you’re not going further into debt for nonessentials. Cut back where you can, but at the end of the day, putting food on the table and keeping the lights on are what matter most.

That said, if you’re using a rewards card while carrying debt on the card and you have the option to switch to cash or debit, do so and focus on paying down the debt. You can go back to using credit to earn the rewards after the debt is eradicated and you’re no longer incurring interest.

Paying off credit card debt

If you’ve stopped adding to the balance, it’s time to make a plan to pay off your debt. Start by getting the full picture. According to the survey, 13% of Americans who currently have revolving credit card debt aren’t sure exactly how much they owe. Log into your accounts to get your current balances, minimum monthly payments and interest rates. You might opt for the debt snowball method, in which you focus on the smallest debts first, or the debt avalanche, where you target the highest interest balances. You could choose to pay off the debt that upsets you the most first. The best debt payoff method is the one you stick to — everything else is details.

It’s also worth trying to lower your interest rates. According to the survey, 22% of Americans with revolving credit card debt have used a balance transfer card to save money on interest, and 14% have successfully negotiated a lower interest rate on at least one credit card. Credit card interest rates are higher than they’ve been in decades, so getting your rate down could mean paying off your balances earlier and saving money.

The article Know When — and When Not — to Use a Rewards Credit Card originally appeared on NerdWallet.

This time last year, Choice Hotels wasn’t even a contender in NerdWallet’s annual analysis of hotel brands and their loyalty programs.

In past years, we didn’t collect data on Choice because its award search didn’t show enough availability. (As part of our analysis, we collect data on bookings eight months from the time of search.)

But technology updates addressed booking issues, and Choice’s recent acquisition of Radisson brought new interest to the program. In 2022, the $675 million deal brought nine Radisson brands into the Choice portfolio, adding some higher-end brands to a company that was more known for budget brands like Quality Inn and Sleep Inn.

The merger went into full effect when the Choice Privileges rewards program absorbed the Radisson Rewards Americas program in July 2023. According to the press release after the merger, the Choice Privileges program had grown to 60 million members. That’s about half of the members enrolled in the Marriott Bonvoy or the Hilton Honors programs, and about double the number in World of Hyatt.

So for our most recent analysis on best hotel brands and rewards programs, Choice was too big to ignore. How does it stack up against competitors? And should you consider switching loyalty?

What factors we considered

In NerdWallet’s 2024 analysis of best hotel brands, we collected data on hundreds of hotel bookings across seven hotel brands. Each one had to have properties in the majority of states in the U.S. and offer a loyalty program with a publicly available rewards search calendar with rewards booking availability from 15 days to eight months from the time of the search.

We rated each company on a five-point scale (with five being the highest) on four factors:

1. Fees: the cost of resort fees and parking fees compared with the room rate.
2. Pet policies: the percentage of hotels that allow pets, pet fees and other policies.
3. Rewards rate: how quickly visitors earn points and the value relative to dollars spent.
4. Elite rewards: the value of elite status benefits compared with the amount of money members would have to spend to earn elite status.

Here’s how Best Western, Choice, Hilton, Hyatt, IHG, Marriott and Wyndham performed across these categories.

So how did newcomer Choice fit in? The brand shined in one area in particular: lack of fees. On the five-point scale, Choice scored a perfect 5.0. The next closest brands didn’t crack 4.0.

Choice Privileges also rated respectably in the middle for its rewards rate.

These factors combined led it to be named NerdWallet’s best hotel brand of 2024.

The lowest fees

Finding a hotel with reasonable fees is a challenge. Even President Joe Biden is calling for the end of “junk fees” in travel and other industries. According to the American Hotel and Lodging Association, 6% of hotels charge resort fees, and the average resort fee is $26 per night.

Of the sample stays we analyzed, the average resort fee at Choice properties hovered closer to $22, beating the industry average. Other brands were charging an average of up to $60 per night for resort fees.

Choice also keeps parking fees to a minimum, averaging less than 3% of the room rate. Meanwhile, Marriott and Hilton parking fees are closer to 12% and 13%, respectively. That means you could save up to 10% on similarly priced rooms by staying at a Choice hotel with a lower parking fee.

A decent rewards rate

Choice Privileges members can accumulate points for a future award stay relatively quickly. Choice is one of only three hotel programs that offer rewards rates of at least 10% (meaning if you spend $100 at the hotel, you’ll earn at least $10 in points).

Wyndham Rewards, World of Hyatt and Choice Privileges offer the highest rewards rates, at 12%, 11.5% and 10%. Comparatively, Marriott Bonvoy and IHG One Rewards members can expect to earn 8% back in value. Hilton Honors members earn 5% back.

Should you choose Choice for your loyalty?

Choice’s low fees and high rewards rate suggest that it shouldn’t be overlooked, particularly for travelers who are searching for affordable accommodations and want to earn more hotel points with less spending on stays. These are great features, but they don’t apply to everyone.

Here are some things to consider.

Do you like staying at Choice properties?

If you frequently stay at brands like Cambria Hotels or Woodbridge Suites, then strategizing your spending to take advantage of Choice Privileges benefits would be useful. It might be worth familiarizing yourself with some of Choice’s lesser-known brands, like the boutique Ascend Hotel Collection.

Are there Choice properties where you travel?

Choice Privileges has more than 7,400 hotels around the world. Marriott, meanwhile, has almost 8,900 locations, which means you’ll likely have more options in more places with Marriott loyalty. That said, the size of a hotel’s footprint isn’t everything. Hyatt, NerdWallet’s 2024 winner for the best hotel rewards program, has only 1,300 hotels.

One important caveat is that a different company owns Radisson properties outside of North and South America. If you plan on using hotel points for international travel, you might want to check availability with other Choice brands.

Can you earn Choice points with credit card spending?

A well-rounded hotel loyalty strategy often includes travel credit cards. Choice Hotels offers its own co-branded hotel credit cards, and the newest launched in spring 2023.

Choice Privileges transfer partners include American Express Membership Rewards, Citi ThankYou Rewards and Capital One miles. If you already have a credit card that earns one of those types of points, you already have a way to start booking Choice hotels with travel rewards.

The article Why Choice Hotels Was a Surprise Winner in NerdWallet’s Annual Rankings originally appeared on NerdWallet.

I tried going vegetarian once when I was in high school. My best friend was a vegetarian, and I was curious. I lasted only about four days. My downfall: a buffalo chicken sandwich. Since that ill-fated attempt, I’ve never tried to curb my meat consumption. It’s just too dang tasty.

But in 2022, a family member was diagnosed with a life-threatening disease. In addition to taking new medications, they adopted a strict whole-food, plant-based diet in the hopes that it would improve their health. If diet could potentially help a serious disease, I figured maybe it could help my far less serious health issues. Why not try it?

And it worked.

What’s more, in addition to making me feel better, switching from a meat-heavy diet (eating meat nearly twice a day) to a plant-heavy diet (eating meat one to three times a week) saved me more than $800 over the course of five months.

An economic diet

At first I wasn’t thrilled about eating salad over steak, but I loved how much money I was saving. And it turns out my case isn’t unique.

A 2021 study from Oxford University found that vegan diets reduced food costs by as much as one-third.

When you think about it, it makes sense: The average cost of a pound of ground beef was $5.23 in October 2023. If you replace that meat with chickpeas, you can expect to pay around a dollar for a 15.5-ounce can.

Toni Okamoto, founder of the blog Plant-Based on a Budget in Sacramento, California, says that many of her clients spend $40 to $50 a week per person on groceries while following her plant-based meal plans.

“I was living paycheck to paycheck working a job that led me to live a life below the poverty line,” says Okamoto. “And through meal planning and being thoughtful about my plant-based eating, I was able to climb out of debt and start saving money.”

Eating more plants has also been shown to potentially improve long-term health. Reducing your health risks could mean fewer doctors’ visits, prescriptions and other health-related expenses in the long run.

Katie Cummings, a vegan certified financial planner with Vision Capital Management in Portland, Oregon, notes how diet as potential disease prevention can help cut costs.

“One thing that really derails a financial plan is a long-term care event,” says Cummings.

How to eat more plants

When I started eating more plants I tried to focus on adding rather than subtracting. For me, that looked like eating one new vegetable a week. That’s how I discovered I liked romanesco and was not a fan of kohlrabi. Instead of focusing on cutting out meat, I thought about how many vegetables I could add to my diet. Eventually my tastes changed and I even started craving vegetables.

If you’re looking to eat more plants, there are a lot of ways to approach it, but Okamoto suggests keeping it simple.

“Try not to get overwhelmed with thinking about it as a whole new lifestyle change, but simply think about the things that you eat and how you can make swaps,” says Okamoto. “For example, if you like pasta, you can still eat pasta with marinara sauce and a can of cannellini beans with some frozen veggies thrown in there, or if you like beef tacos, try using lentils instead. They’re heart-healthier and much cheaper.”

Grow your savings

If you search “make money fast,” you’ll find a lot of suggestions, such as delivery driving or teaching an online class. But few of these can actually put money in your pocket today. If you’re looking to make money, reducing your grocery bill can help you save money instantly.

Cummings suggests that people looking to start eating a plant-based or vegan diet can benefit from tracking their spending.

“Just be really clear and honest with yourself when you’re looking at your budget. Be nice to yourself when you’re starting out on it, and set the limits for your categories kind of high,” says Cummings. “And then you can slowly crank them down, and modify it, checking in often. I always tell my clients once a week if you can, if you can dedicate just 15 minutes once a week.”

If you’re saving a significant amount of money, checking your budget may even start to feel fun. If you cut your grocery bill by a third, you may suddenly have some extra money to work with. You could pad your emergency fund, save for retirement or put money toward a vacation. No matter what you choose to spend it on, the savings and health benefits might just make it worth going meatless.

This article was written by NerdWallet and was originally published by The Associated Press.

The article I Saved $800 in 5 Months by Eating More Plants originally appeared on NerdWallet.

Majoring in science, technology, engineering and mathematics (STEM) isn’t the only way to land a job that makes college worth it.

A liberal arts degree can pay off, too — but you may need to put in more legwork than a STEM major would.

“Going to school and being a liberal arts major in and of itself is not going to give you the same outcomes as focusing on your career preparation in tandem with going through your college experience,” says Joshua Kahn, associate director of research and public policy at the National Association of Colleges and Employers (NACE).

If you want to major in English, history, sociology or another nontechnical field, here are some expert-approved tips to help make your liberal arts degree pay off.

Do your research before choosing a program

Before deciding on a college or specific degree program, research your post-diploma employment and salary prospects.

“Check out the schools that have really good internship rates for liberal arts majors,” Kahn says. “Ask about resources at their career center, and what they’re specifically doing for liberal arts majors.”

Research student outcomes at various colleges through the U.S. Education Department’s College Scorecard. You can also use the U.S. Department of Labor’s Occupational Outlook Handbook to compare average earnings across various industries and job functions.

Earnings data can help you determine how much to borrow for college. As a rule of thumb, aim for monthly student loan payments that won’t exceed 10% of projected after-tax monthly income in your first year out of school. So, a borrower who will make $50,000 a year should ideally take out no more than $29,000 in student loans.

Start career planning early

Start thinking about your future career as early as high school or your freshman year of college. You don’t need to know exactly what you want to do yet, but having a dream career in mind can help you build a path to your first job.

“Career-readiness is really an ongoing process. It’s not a one-time thing, so I think it’s really important for students to start out early,” says Leigh Anne Byrd, assistant director of career development and college relations at Virginia Tech, a large public university.

Work with a career counselor at your university or reach out to alumni for informational interviews about their jobs. And while researching, remember that your future career doesn’t need to align perfectly with your major — especially in the liberal arts.

“A student might think that, as a history major, maybe they need to go into education, but history majors can work in the media, they can work in business, they can do nonprofit work, they can work in the government or law,” Byrd says.

Get internship and work experience

Practical work experience is crucial to landing your first job. An internship helps you build a resume, professional network and new skills.

“Employers say that students with these experiential learning and internship opportunities are deciding factors for them when they’re making selections of who their hires should be,” Kahn says.

Doing undergraduate research with a faculty member, joining a study abroad program and job-shadowing are other ways to gain hands-on experience, Byrd advises.

Consider a second major, minor or certificate

While liberal arts majors have strong long-term salary prospects, STEM students earn more straight out of school: 99 of the top 100 programs that lead to the highest average salaries in the four years after graduation are in STEM, finance or economics, according to an April 2023 College Scorecard analysis of 36,000 undergraduate programs.

If you major in a liberal arts field, adding a second major, minor or professional certificate in a more technical subject could give you the biggest payoff.

Even if you don’t pursue a formal STEM certification as a liberal arts student, take as many elective classes as you can in areas like statistics, artificial intelligence and coding, says Mark Schneider, director of the Education Department’s Institute of Education Sciences.

“You have to follow your passion, but you better have some skills to put bread on the table,” Schneider says.

Market your skills effectively

Technical skills can help your resume shine. But employers also value liberal arts students for their soft skills, like critical thinking, communication, adaptability, cultural and ethical awareness and emotional intelligence, explains Anthony Pernell-McGee, executive director of career exploration and development at Oberlin College and Conservatory, a private liberal arts and music school in Ohio.

“Students who graduate from the liberal arts are lifelong learners,” Pernell-McGee says. “We hear from employers that our students may not have the business background, but within six months, they can learn it, and then they come to the table with the other core skills that the employers like their candidates to have.”

Reach out to your university’s career center for personalized help in marketing your skills. You can set up a one-on-one session with a career counselor, attend resume and interview workshops, get connected to your alumni network and access other resources.

While the holidays tend to be a reflective time, the definitive flip of the calendar into a new year can inspire you to set your sights high.

Go to the gym more. Be on your phone less. And — if you’re like many Americans — get your credit card debt under control, once and for all.

Summer 2023 marked a new high for Americans’ total credit card debt, with balances passing $1 trillion for the first time in history, according to the Federal Reserve Bank of New York.

This type of debt can feel uniquely stressful, like something you can’t get ahead of no matter how hard you try. Though there’s no quick fix for credit card debt, consolidation can be a smart financial strategy that simplifies your debts and lowers the amount of interest you pay.

Here are five signs that consolidation may be the right financial move to make in 2024.

1. You have a pretty good credit score

Your credit score is one of the most important factors when consolidating credit card debt, because strong credit will help you qualify for a debt consolidation product.

Tiffany Johnson, a certified financial planner based in Athens, Georgia, says the first step she takes with her clients is to have them pull their credit reports from the three major credit bureaus (Experian, Equifax and TransUnion) and check for any errors. You can get your credit report weekly for free at AnnualCreditReport.com.

“If they have a reasonable credit score, I would say at least 600, that’s when we’ll start looking at debt consolidation options for them,” she says.

Though some consolidation products are available to borrowers with credit scores below 600, interest rates tend to be similar to or even higher than their current debts, so it probably won’t make sense to consolidate, Johnson says. A similar rate means you’ll miss out on interest savings, and you may not be able to get out of debt faster.

2. You’re juggling multiple credit card balances

If you’re struggling to wrangle many balances, consolidating can help because it combines multiple debts into one, usually via a balance transfer card or a debt consolidation loan.

With a balance transfer, you roll all of your credit card debts onto the balance transfer card, so you’re left with only one balance. If you go with a debt consolidation loan, you use the loan funds to pay off your credit cards, leaving you with just the monthly payment on the loan.

This can make a pile of unruly debts seem more manageable, since you only have one payment instead of multiple.

Johnson says she looks for whether her clients have more than three credit cards with different payment dates, minimum payment amounts and interest rates before recommending consolidation.

3. You’re making minimum monthly payments, but seeing no progress

If you feel like you can’t get out from under your credit card debt, that’s because you’re not just dealing with the debt itself, but also the interest that accumulates when you carry a balance.

In 2022, consumers were charged $130 billion in interest and fees — the highest amount ever measured by the Consumer Financial Protection Bureau, which released the report in October 2023. Interest accounted for $105 billion of that sum.

Consolidation can help break the high-interest trap, especially if you go with a balance transfer card, since these cards have zero-interest promotional periods that can last up to 21 months. You’ll pay no interest during this time even if you carry a balance.

Debt consolidation loans do charge interest, but if you qualify for a lower interest rate than the average rate across your credit cards, you’ll still save money.

If your debt is half or more of your gross income, or it’ll take you longer than five years to pay it off, you may want to explore debt relief options instead of consolidation. For example, working with a reputable credit counseling agency to enter a debt management plan can help you pay down your debts at a reduced interest rate.

4. You’re motivated by a clear finish line

The psychology behind paying off debt is just as important as the logistics, says Allison Sanka, an accredited financial counselor based in Berwyn, Pennsylvania.

If you prefer knowing an exact date you’ll be out of debt, consolidation can give you a clear endpoint, particularly if you go with a debt consolidation loan. These loans have fixed interest rates and repayment terms, so as long as you make the payments on time, you’ll know the exact date you’ll be debt-free.

But a loan isn’t the only option. Sanka says most of her clients have success without consolidating by using the snowball or avalanche methods, in which you tackle debts one-by-one, starting with either the smallest debt (snowball) or the one with the highest interest rate (avalanche).

“I have my clients pay off the lowest balance first if they can knock it out really fast,” Sanka says. “It’s pretty psychologically rewarding to see the debt being tackled in its original form.”

5. You’ve gotten to the root of your debt

Both Sanka and Johnson emphasize addressing the origin of your debt before consolidating. If you skip this step, consolidation won’t matter since you’ll likely find yourself in debt again, they say.

Sanka recommends working backward to figure out what led to your debt in the first place. For example, if you struggle to manage unexpected expenses, it’s important to build up an emergency fund. Even $500 can mean the difference between being able to cover a surprise bill or having to reenter the debt cycle, she says.

Johnson advises clients to not use their credit cards for discretionary expenses like eating out since those costs vary month-to-month and are hard to budget for. Instead, tie fixed expenses to your credit card so that you’re charged the same amount each month. You’re then less likely to be caught off guard by your credit card statement, she says.

“You just need something to keep you off the hamster wheel of using the credit card for everything that comes your way,” Sanka says.

The article 5 Signs You Should Consolidate Your Credit Card Debt in 2024 originally appeared on NerdWallet.

The first workday in January after the holidays hits a little bit differently: The parties are over, debt payments are soon due and it can feel like there’s nothing to look forward to.

You may be able to minimize the doldrums with some planning and other steps to turn things around, financial experts say.

“Financial stress can be temporary,” says Tonya Rapley, financial educator and founder of the millennial money and lifestyle blog My Fab Finance. She suggests focusing on small steps such as paying this month’s bills, then reminding yourself that you can recover from December’s overspending.

Here are a few more ways to fight this month’s financial downers:

Make or update a budget

The new year is a great time to create or update a budget, which can give you back a sense of control, says Mike Croxson, CEO of the National Foundation for Credit Counseling, a nonprofit financial coaching organization.

The popular 50/30/20 budget, for example, suggests putting 50% of your take-home income toward needs, 30% toward wants and 20% toward savings and debt paydown. You can adjust those percentages as needed, especially if you live in an urban area with high housing costs.

“The best way to get control back is to make a plan,” Croxson says. “You can get back on top of this and back to where you feel good about your finances.”

Pay off debt

With interest rates higher than they were a couple of years ago, credit card debt is also more expensive, which makes paying it off a financial priority. How exactly you do that is up to you, Croxson says.

“Paying off the highest interest rate balance first makes the most common sense, but for some people, paying off the smallest dollar amount first is most important because they feel like they accomplished something,” Croxson says. Small wins can give you momentum to continue.

Online calculators for those two methods, known as the avalanche and the snowball, respectively, can help you stay on track.

Track your payments carefully

If you purchased holiday gifts using “buy now, pay later,” which allows shoppers to split payments into multiple installments, then it’s important to note when those bills are due, says Christine Alemany, chief marketing officer for i2c, a global banking and payments platform.

Alemany suggests tracking your buy now, pay later due dates with a financial management tool or spreadsheet to avoid late fees or interest charges. “The variety of payment methods that consumers now have gives them the option to choose what’s best for them,” she says, but “that convenience needs to be balanced by discipline.”

Build up savings

Amid all of that repayment, it’s also important to find a way to save money, Croxson says. “Having a savings line item in your budget is a critical step for virtually every consumer, even if it’s $20 or $25 a month,” he says. “There will be an emergency, and you will need it.” Being able to turn to savings in the future also helps you avoid building up debt again, he adds.

The good news for Americans is that positive signs in the economy, such as a slower rate of inflation and lower gas prices, means it’s a little easier to find room for savings, according to Alan Gin, associate professor of economics at the University of San Diego’s Knauss School of Business.

With gas prices coming down, Gin says, “not only will consumers be more confident, but they will have more money.”

Know your rights

If an expensive item you bought or received as a gift in December breaks in January, that’s another potential downer, which is why knowing your refund rights is critical, says Wayne Hassay, partner attorney for LegalShield, a legal services provider. He suggests keeping track of all paperwork related to the item and any warranty attached whenever you make a big-ticket purchase.

In some cases, paying with a credit card can give you additional protections, he adds. And if your pricey new electronics break, don’t hesitate to follow up with the retailer or brand until you get a satisfactory response, which could be a refund or a new product.

Get help if you need it

Working to pay off debt and get back on budget in January can feel lonely because it’s such a solo activity, which is why it’s helpful to reach out for additional support, whether that’s from financial professionals or friends and family.

“Be honest with people,” Rapley says. She suggests sharing in a friend group chat if you are looking to scale back and spend less, because you’ll likely find encouragement that can help you stay on track. “That communication is definitely important,” she says, and can help you feel less alone — and with more good things to anticipate in the year ahead.

This article was written by NerdWallet and was originally published by The Associated Press. 

The article Overspent in December? Here’s How to Battle the January Blues originally appeared on NerdWallet.