Failing one class does not mean you’ll automatically lose access to federal financial aid. But these funds do have academic eligibility requirements, as outlined in your school’s satisfactory academic progress (SAP) guidelines. So if you fail to meet the SAP requirements set by your school’s financial aid office, you could be cut off from future aid.
Federal aid — any aid you received by submitting the Free Application for Federal Student Aid (FAFSA) — could include need-based grants, work-study and federal student loans. These could be taken away if you violate your school’s SAP policy.
Each institution defines its own SAP policy, so requirements could vary. But many schools follow these guidelines.
Students must:
Maintain a minimum cumulative GPA between 1.6 and 2.0.
Complete at least 67% of all attempted credit hours.
Finish a degree in no more than 150% of the program’s average number of required credit hours. (If the degree typically requires 120 credits, you can only get financial aid for 180 credits — including classes that you failed or dropped.)
Contact your school’s financial aid office for information on your specific SAP requirements.
What happens if you fall below your school’s SAP requirement?
Before cutting your access to federal financial aid, a school may issue a warning and put you on probation. You may still have access to federal funds during this time, but your grades, for example, are expected to improve. If you do not achieve SAP standards by the conclusion of your probation, you will be unable to receive federal funds until you do. How long you’re ineligible for aid depends on how often the school evaluates student performance.
Some schools only offer SAP probation if you fail to meet academic guidelines due to extenuating circumstances, such as a death in the family or serious illness or injury. By submitting a satisfactory academic progress appeal, you can explain why you could not meet SAP standards and why you believe you will be able to meet those standards in the future. If your appeal is approved, you may be able to maintain financial aid eligibility while the college monitors your progress.
How to regain eligibility for financial aid
To regain access to federal aid, you’ll need to show your institution that you can make satisfactory academic progress as outlined by the financial aid office. You might need to:
File a satisfactory academic progress appeal. Depending on the school’s process, filing an approved SAP appeal could help you regain access to aid faster by placing you on probation, where your performance is evaluated more frequently.
Retake courses at your current school. To improve your GPA or pass more classes, you may need to retake what you previously failed. This can be hard to do without federal financial aid. You may need to consider private student loans to close the temporary gap in funding — but only if you have a solid plan to improve your grades and meet SAP standards.
Transfer to a less expensive college. Improving your grades without financial aid is no small feat. Consider transferring to a less expensive university or community college while you raise your GPA and accumulate enough credits to meet SAP requirements. You can also enroll part-time so that you can work while taking classes.
Submit the FAFSA every year. Your completed FAFSA is valid for one academic year. Complete the FAFSA each year to qualify for federal aid, especially if you’re in better academic standing and are now meeting SAP requirements.
Have you ever wondered if you could get your Medicare premiums automatically deducted from your bank account each month? Less hassle, less administration?
Good news: You can do this with Medicare Easy Pay.
Medicare Easy Pay is a free service from the federal government that will deduct your Medicare payments from your bank account on a monthly basis.
Who can sign up for Medicare Easy Pay?
You can set up Medicare Easy Pay if Medicare is sending you bills — that is, if you’re paying Medicare directly for your Part A or Part B premiums, or for your Part D income-related monthly adjustment amount (IRMAA).
Most people get their Medicare premiums deducted from their Social Security benefits, so they don’t need to sign up for Medicare Easy Pay.
If you’re getting bills from the Railroad Retirement Board, you cannot sign up for Medicare Easy Pay. You must pay the Railroad Retirement Board directly.
And note that if you’re paying for a separate Part D, Medigap or Medicare Advantage plan — which are plans sold by private insurers — you’ll pay premiums to the insurance company. These payments aren’t eligible for Medicare Easy Pay.
How do you sign up for Medicare Easy Pay?
There are two methods for setting up Medicare Easy Pay:
Log in to your Medicare.gov account. Don’t have one? You’ll need to create one. Then select “My Premiums” and “Sign Up” to access an online form.
Fill out a paper form. You’ll need to mail the form to the Centers for Medicare & Medicaid Services (CMS).
What information do you need to sign up for Medicare Easy Pay?
If you’re signing up online: You’ll need your Medicare card and your bank account information.
If you’re signing up using a paper form: You’ll need your Medicare card and a blank check from your bank account, plus some general information about yourself. If you’re signing up to have payments deducted from a checking account, you’ll need to attach a blank, voided check to your form.
How long does it take to activate Medicare Easy Pay?
It can take six to eight weeks to process your information for Medicare Easy Pay. In the meantime, continue paying your premiums directly.
Once Medicare Easy Pay is active, your Medicare bill will say “THIS IS NOT A BILL” in the upper right corner, according to the CMS. (Here’s a sample.) Your premiums typically will be deducted on the 20th of the month (or the next business day).
Your first deduction may be as much as three months of premiums, which is the Easy Pay limit. If you owe for more than three months, Easy Pay won’t deduct automatically and you’ll need to pay your Medicare premiums a different way until what you owe is within the three-month limit.
When your Medicare premiums change, the amount deducted from your account will update automatically.
What if there’s a problem with the payment?
If your premium can’t be deducted, Medicare will send you a letter explaining why it couldn’t deduct your premium. Then you’ll get your next Medicare bill in the mail, and you’ll need to pay the premium directly. Once you’ve caught up on payments, your Medicare Easy Pay service will resume. If it doesn’t, contact Medicare.
If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).
Lindsay Mack earned her bachelor’s degree from Georgetown University in 2005. Nearly 15 years later, when she considered the best way to grow her business acumen, an MBA was not it.
Mack, who is from Philadelphia, grew her career without an MBA. When ready to advance her skills in platform strategy, she opted for a faster, lower-cost cohort program instead.
For students like Mack, the cost of a top MBA — averaging $225,605 in the U.S., according to a 2022 report by BusinessBecause, an online publisher of graduate business content — is daunting, and the value is questionable.
“I didn’t see how making such a significant investment (in an MBA) would really leapfrog me to the next level,” says Mack, now Comcast’s executive director of product management.
Cost isn’t the only barrier to attaining a graduate business degree. BusinessBecause reports that the average acceptance rate for the most competitive U.S. business schools is 16%, based on its analysis of data from U.S. News & World Report and other sources.
If you want access to business school education without the price of tuition or hassle of admissions, you have other options.
If you prioritize credentials
Consider a graduate business certification. A certification — offered by accredited colleges and universities — differs from an MBA degree primarily in how long it takes to complete the program.
For example, a graduate business certificate from the University of Nebraska–Lincoln College of Business requires 12 credit hours to graduate. An MBA from the same university needs 48 credit hours for completion.
Because you’re taking fewer credits compared to an MBA, you can expect to pay much less. For example — based on the 2022-23 academic year — tuition for a graduate certificate in strategic management from Harvard Extension School, a Harvard Division of Continuing Education, is $15,500. A Harvard MBA costs $73,440 in tuition, not including fees.
Certificate programs are often more specialized than graduate business degrees. This can be great for those looking to develop a specific skill set — like business analytics — to advance in their career, says Olivia Jobson, associate director of graduate recruitment at Oregon State University College of Business.
If you need a more flexible schedule
Consider a self-guided online course. Companies like MasterClass, Skillshare, Udemy and Coursera let you learn business skills at your own pace.
“Our central tenet is to meet learners where they are,” says Marni Baker Stein, Park City, Utah-based chief content officer at Coursera. The company offers individual courses, professional and credentialed certifications, and full degrees through university partnerships.
Many online companies allow you to access some courses for free, but the full libraries require a monthly subscription. MasterClass, for example, offers unlimited access to existing and new content for $180 annually.
Unless partnering with an accredited institution, these programs typically do not offer credits for completion. If you need credits to transfer to a university, consider enrolling in an accredited program.
If you want more of the MBA experience
Consider a business training cohort. Though it’s hard to replicate the two-year, in-person MBA experience, some companies creatively found ways to incorporate its key components into online learning.
Section, a New York City-based online business education company, for example, offers one- to two-week online sprints structured much like sections within an MBA program. Members participate in live classes online, group discussions and even team projects for $996 per year.
Similarly, the Invited MBA, by Texas-based corporate leadership development company Abilitie, offers a 12-week program that includes live virtual sessions, team business competitions, study groups and even online happy hours. Tuition is $1,850.
Companies like Section and Abilitie are not accredited universities. Graduating from these programs will not result in an MBA degree, but some graduates of the programs say it delivered exactly what they needed — practical business skills, a strong network and greater employability at a fraction of the cost of an MBA.
“I have folks who are at the exact same level as I am, who did full-time MBAs and have school debt, and I am now peers with them,” says Nicholas Schroeder, a Seattle-based graduate of Abilitie’s Invited MBA.
Upon completing the Invited MBA in May 2021, Schroeder, a former U.S. Army officer, transitioned into a career in consulting — the most coveted industry for prospective graduate management students, according to a 2022 survey by the Graduate Management Admission Council, an association of graduate business schools.
This article was written by NerdWallet and was originally published by The Associated Press.
When dealing with interest-bearing bank accounts, it’s important to understand the difference between annual percentage yield (APY) and interest rate. The two are similar, but they’re not exactly the same. Knowing the distinction between the two terms will help you know how much return to expect on your deposits and investments.
Here’s what you need to know about APY vs. interest rate.
APY vs. interest rate: What’s the difference?
APY reflects the total amount of interest you earn on money in an account over one year, while an interest rate is the rate at which interest is earned on the original amount. Both are expressed as percentages.
The key difference between APY and interest rate is compound interest.APY includes interest that’s earned on the original balance as well as the amount of compound interest earned in one year. Interest rate only accounts for interest earned on the original amount.
SoFi Checking and Savings
Min. balance for APY
$0
Bask Interest Savings Account
Min. balance for APY
$0
CIT Bank Platinum Savings
Min. balance for APY
$5,000
Interest-bearing accounts: APY vs. interest rate
Financial institutions are required to show rates as APY, but can also show the corresponding interest rate. When it comes to your savings account, it’s more important to know the APY, because knowing the compound frequency (that is, how often interest is paid) will give you more precise information about how much you will earn within the year.
APY vs. interest rate in your bank account
Here’s an example showing how APY is different from interest rate:
Suppose you have $10,000 and earn an interest rate of 4.17% at a bank, paid after one year, without compounding. The amount of interest you earn is $417 ($10,000 x 4.17% = $417).
Now, instead of waiting one year, suppose the bank deposits a proportional share of the interest earned after one month (that is, 1/12th of the 4.17% APY). This means the total bank balance will be a little more than $10,000: $10,034.75.
After the next month, the bank deposits another proportional share of interest. When that happens, the interest earned the previous month compounds, meaning that it also earns interest. So in the second month, you’re earning interest on $10,034.75. At the end of the second month, you’ll earn $34.87 in interest and the total bank balance will be $10,069.62.
If the interest continues to compound each month at the same rate, then at the end of one year, the account would actually earn about $425. This means that with compounding, the APY would be around 4.25% ($10,000 x 4.25% = $425). You can use a savings calculator to calculate balance amounts and try other scenarios with daily, monthly and annual compounding.
So in this example, where interest is compounded monthly, the interest rate is 4.17% and APY is 4.25%.
Frequently asked questions
What’s the difference between APY and interest rate?
The difference between APY and interest rate is that APY includes compound interest, and interest rate doesn’t.
Why is APY higher than the interest rate?
APY is higher than the corresponding interest rate because APY includes interest on the original amount and compound interest. In contrast, the interest rate only features interest on the original amount, with no compounding interest.
Unemployment ticked up in May, but employers kept pumping out jobs — more than enough to beat expectations.
The U.S. added 339,000 jobs in May, according to Friday’s jobs report from the Bureau of Labor Statistics (BLS). That’s well above the 190,000 gain forecast by economists surveyed by the news agency Reuters. It’s the 29th straight month of positive job growth.
The unemployment rate, meanwhile, rose to 3.7% in May, up from 3.4% in April, according to the BLS. Unemployment has wavered between 3.4% and 3.7% since March 2022.
As for wages, the May data shows hourly earnings grew 4.3% over the last year. It’s lower than the growth we saw in May 2022, when wages grew 5.2% over a 12-month period.
Which industries added jobs?
In May, the most job gains were in:
Professional and business services: +64,000.
Government: +56,000.
Health care: +52,000.
Construction: +25,000.
Transportation and warehousing: +24,000.
Social assistance: +22,000.
Leisure and hospitality jobs also rose (+48,000) but remain below their pre-pandemic level by 2.1%, BLS data shows.
April data showed other strong jobs numbers
On Wednesday, the BLS Job Openings and Labor Turnover Summary (JOLTS) also showed promise for the job market. Job openings climbed to 10.1 million in April, well above 9.6 million openings in March. In addition, layoffs and discharges decreased from 1.8 million in March to 1.6 million in April. And quit rates, which can indicate how workers feel about new job prospects, didn’t change much: 2.4% in April compared to 2.5% in March.
The areas that saw the most job opening growth in April were:
Retail trade: +209,000.
Health care and social assistance: +185,000.
Transportation, warehousing and utilities: +154,000.
What’s the Fed’s next move?
Despite interest rate hikes, bank failures, the threat of a government default and high inflation, this labor market is still standing strong.
The jobs report is just one indicator the Federal Reserve considers as it weighs its next action to curb inflation. The inflation rate has declined for nearly a year but has yet to reach the Fed’s 2% target rate.
The Fed pays close attention to the core personal consumption expenditures index (PCE) as a proxy for inflation — that’s the change in the prices of all goods and services except food and energy. The latest 12-month core PCE index was 4.7%, according to the May 26 data released by the Bureau of Economic Analysis. That’s down from its peak of 5.1% in September 2022 but still far from the Fed’s 2% target.
Following 10 consecutive rate hikes aimed to cool inflation, the Federal Reserve might press pause during its next meeting, scheduled for June 13-14. As of Friday, the financial derivatives marketplace CME Group’s FedWatch Tool has the odds of no change to the rate at approximately 66%, compared to a 33% chance of a rate hike.
A strong job market tends to push inflation higher. However, that wasn’t the primary factor in the last couple of years, according to a May 23 Brookings Institution paper written by former Fed Chair Ben Bernanke and former head economist of the International Monetary Fund Olivier Blanchard.They found that the cost of goods — not labor — was the most significant contributor to inflation when it began rising during the pandemic.
But now that dynamic has shifted, and persistent labor market tightness is likely to become the more dominant factor in inflation. They say the “Fed is unlikely to be able to avoid slowing the economy to return inflation to target.”
The next jobs report is scheduled to be released on July 7.
Adoption is an emotional process and can come with a hefty price tag. Depending on the type of adoption, the total cost can range from less than $1,000 to $60,000 or more.
While some employers have family-building benefits that may include adoption assistance, such as reimbursements and paid leave, adoptive parents more commonly cover these expenses themselves.
Putting cash aside in savings is the most cost-effective way to pay for adoption, but loans can also help cover the costs. Learn more about how adoption loans work, how to compare financing options and other payment methods to consider.
Adoption loans
Adoption loans are personal loans that you can use to pay for expenses such as agency costs, medical and travel expenses and court fees. An adoption loan is money you borrow and repay with interest over a set amount of time, typically two to seven years. Compare adoption loans from banks, credit unions and online lenders to find one with a low annual percentage rate and monthly payments that fit your budget.
Bank loan
Who it’s best for: Existing bank customers with good to excellent credit (a score of 690 or higher).
If you have a good relationship with your bank and strong credit, consider applying for a personal bank loan. Banks typically have low rates and perks for existing customers. In addition, most banks allow borrowers to apply in person at a branch location or online.
Credit union loan
Who it’s best for: Members of a credit union and those with thin credit profiles.
Credit unions can offer low rates and fees on personal loans. Applicants are typically assessed on their whole financial picture when qualifying for a loan, so those with fair or bad credit (scores of 689 and lower) may qualify more easily with a credit union. You must be a credit union member to apply.
Online personal loan
Who it’s best for: Prospective parents who need fast funding and prefer managing their finances online.
Online loans provide a complete online application and funding process. These lenders offer loans to borrowers across the credit score spectrum. However, a higher credit score typically means a lower interest rate. If you need funds quickly, some online personal loan lenders can approve and fund a loan within a few days.
Most online lenders let you prequalify to preview rates and terms on potential loans. It only requires a soft credit check, meaning there’s no harm to your credit score. In addition, prequalifying with multiple lenders lets you compare different loan options to find a low rate and monthly payments that fit your budget.
Loan amount
Interest rate
$5,000-$100,000.
7.49% – 24.49%.
$2,000-$35,000.
9.95% – 35.95%.
$2,000–$50,000.
8.99% – 35.99%.
$5,000-$100,000.
8.99% – 25.81%.
Nonprofit loans
Who it’s best for: Families with a financial need or aligned interests with an organization’s mission.
Some nonprofit organizations or foundations offer loans to prospective parents of adoptees. These loans can cover all or a portion of the adoption cost and come with little or no interest. Organizations such as A Child Waits Foundation may require you to have a co-signer and show evidence of financial need when applying for a loan.
How to compare loan options
Here are factors to consider when deciding between loan options.
APR: The annual percentage rate is the loan’s interest rate plus fees. You can use the APR for an apples-to-apples comparison between loan options. The loan with the lowest APR is the least expensive option.
Monthly payment: A loan’s monthly payment is based on the loan amount, APR and loan term. Payments typically start 30 days after receiving the loan funds. Look for a loan with payments that fit comfortably into your monthly budget.
Fees: Some personal loan lenders charge origination fees from 1% to 10% of the loan amount. Some may also charge a late payment fee.
Loan term: Since the adoption wait time can range from a few months to several years, keep the repayment term in mind when deciding how long you want to repay it. A longer loan term can mean lower monthly payments but higher interest costs.
Other ways to pay for adoption
Family and friends
Family and friends can be a valuable lifeline when it comes to growing your family. Consider talking to family and friends who may offer a low- or no-interest loan or a portion of the money as a gift. Crowdfunding is another way friends and people in your community can help raise funds.
HELOC
A home equity line of credit is a revolving line of credit based on the value of your home. With a HELOC, you can draw money as you need and pay it back monthly, usually at lower rates than a personal loan. It can be a good option if you aren’t sure how much you’ll need upfront. Your home is collateral on a HELOC, which means the lender can take it if you fail to make payments.
Grants
An adoption grant — funds that don’t need to be repaid — is another way to pay for adoption. Organizations such as WAT! (We Adopt Too) Black Family Adoption Assistance, Gift of Adoption Fund and Helpusadopt.org offer grants to cover adoption expenses. With organizations like these, you’ll need to check deadlines and eligibility requirements, like parental status and financial need. Upon applying, you may need to pay a fee, provide references and show proof of an approved home study.
When your finances start to spiral and it becomes increasingly difficult to keep up with credit card payments or build toward financial goals, switching your payment method temporarily to cash or debit could help.
Spending with credit cards can stimulate the brain’s reward center and drive you to make more purchases, according to a recent study by MIT Sloan School of Management. The 2021 study had a small sample size of 28 participants, but other research also finds that people are likely to spend more with credit cards. However, it is possible to avoid overspending and the costs of interest charges on outstanding debt by using cash instead.
A vacation from credit card spending isn’t for everyone, though. If you want to preserve your credit scores, you’ll still need to keep zero-balance credit cards open and active with small recurring purchases such as paying for streaming service subscriptions or other similar transactions. Issuers may close inactive accounts, which can cause credit scores to drop.
By not piling new purchases on your credit cards, making more progress on debt or savings is possible. If you need a sign to determine if this course is right for you, here are some instances when shifting your spending to cash or debit can make sense.
1. You frequently overspend in certain categories
You might not need to go cold turkey on your credit card spending. If you tend to overspend only in specific categories, consider setting aside a fixed amount of cash or funds on your debit card to cover those expenses. For those purchases that don’t lead your budget astray, continue using a credit card and paying it off in full every month to avoid interest charges.
If, however, you usually overspend across multiple categories, using only cash may help you stay on track.
2. You’re an emotional or impulsive spender
You may not be aware that you’re an emotional or impulsive spender. However, it’s possible to get an idea by reviewing credit card statements and reflecting on the reasons behind the purchases, says LaQueshia Clemons, a financial therapist at Freedom Life Therapy and Wellness in Connecticut.
“When you get upset or whenever you’re emotional, this may be when you find yourself on Amazon or going to the mall,” Clemons says. “As a way to avoid negative feelings, you may find yourself buying items because this can give you a euphoric feeling to replace the negative emotions.”
If you realize you might be in this category after reviewing your purchases, stop spending with credit cards and analyze your financial habits, she says.
You might also consider meeting with a financial therapist if it’s difficult to accomplish financial goals or you’re in a continuous cycle of debt. The Financial Therapy Association has a directory to help you find a professional.
3. You can’t see a way out of debt
If your credit cards are maxed out or you’re struggling to keep up with minimum payments, it’s time to come up with a strategy to pay off the debt.
After several layoffs early in her career, Aileen Luib, a digital content creator based in California, says she had to rely on credit cards to get by. Her combined balances grew to $10,000 by 2015, putting a wrench in her plans, so she came up with a new one.
“I was doing a lot of different things to rack in the money and chip away at that debt as quickly as I could,” Luib says. “I was kind of tapping into my skill sets to start scraping up money in little corners of my life, and it all added up.”
Luib says she also used a balance transfer to consolidate debt from several credit cards onto one with a lower interest rate, and she didn’t add new purchases to the card. With these tactics, she says she paid off her balance in 2017.
Balance transfers typically require a good credit score of 690 or higher. The ideal balance transfer card will have an interest-free window long enough to pay off debt, no annual fee, and a balance transfer fee of 3% or lower. To determine if a transfer is worth it, consider whether the balance transfer fee costs less than what you’re projected to pay in interest charges on the current credit card. (An online interest calculator can help.) You’ll also make more progress on the debt if you stop putting new purchases on credit cards.
With less-than-ideal credit, you still have options if it’s becoming increasingly difficult to meet payments. Consider meeting with a counselor from a nonprofit credit counseling agency. They aren’t mental health professionals, but they can offer financial guidance and help you determine whether you qualify for a debt management plan that consolidates debt into a single payment with a lower interest rate. Your credit cards may be closed if you enroll in this plan, so expect to shift to cash or debit to cover expenses.
This article was written by NerdWallet and was originally published by The Associated Press.
Choosing your cabin on a cruise can present a dizzying array of choices. Interior, ocean view or balcony? Low or high cabin? Forward or aft? What service level do you want? And each option comes with its own price point.
One of these decisions is whether to book a stateroom on the port side versus starboard side of the cruise ship.
If you have an interior room, this won’t matter much, but even in ocean-view rooms with only a window view, your choice can make a huge difference in your experience.
Here’s how to understand what is port side versus starboard side of a cruise ship and decide which is the right cabin for you.
What is port vs. starboard side?
For avid cruisers, port and starboard may be as natural as saying “left” and “right.”
But if port sounds like an after-dinner drink and starboard is what you feel after you’ve had too much port, here’s a quick primer.
Port and starboard are terms for direction relative to the front of the ship. When facing the front of the ship, the port side is on your left and the starboard side is on the right.
The terms come from Old English and how boats were configured in the early days of boating. Port and starboard are on the same sides of the ship, regardless of your orientation. If you face the rear (aft) of the ship, port is on your right and starboard is on your left.
When does the choice matter?
Your choice of the starboard or the port side of a cruise ship may not matter if you select an interior room or have a lower stateroom with only a small window. Typically, your choice of ship side will start to matter if you opt for a higher room offering a balcony.
Some cruises offer an equal experience for those on the port side and travelers on the starboard side. If your cruise is a closed-loop or a round-trip beginning and ending at the same port, your cruise is likely to be equally scenic on the port or starboard side. You may just see different things at different parts of your journey.
The same is true if you are cruising across the open ocean. Your view of the ocean will be similar on both sides.
Ensuring spectacular coastal views
If it’s majestic coastal scenery you are after, consider booking the side that will face the direction of the coast for the majority of your trip.
Some captains will turn the ship around in particularly scenic locations like Glacier Bay in Alaska or Napali Coast in Hawaii so that all passengers can enjoy some views. But if you are cruising along the coast, one side of the ship will likely offer better views.
Whether the starboard versus port side of your cruise ship is more desirable depends on the travel direction and route.
For example, cruising from Vancouver, B.C., to Whittier, Alaska, northbound, you might prefer a starboard side room to get majestic views of the Canadian and Alaskan coastlines. Southbound cruisers will want to opt for a port-side room for the same views.
Here comes the sun
You may also prefer the port versus the starboard side of your cruise ship based on where the sun is.
If soaking up every warm ray of sunshine is your priority, a room facing the equator on an east-west cruise will provide the best sunshine all day long. In the Northern Hemisphere, book the starboard side of an eastbound cruise and the port side of a westbound cruise.
On the other hand, if you are sensitive to the sun, or want to ensure that your cabin remains cool, consider booking on the side of the ship that is likely to face the nearest pole.
On an east-west cruise in the Northern Hemisphere, you will get the most protection from the sun if you book the port side of an eastbound cruise or the starboard side of a westbound cruise.
If you’re cruising in the Southern Hemisphere, the north-facing rooms will enjoy the most sun, so take the recommendations above and swap the sides. Eastbound cruises get the most sun on the port side; westbound on the starboard side.
Watching a sunset over the ocean or seeing the sun slip behind distant islands can also be a reason for a side preference.
To catch sunsets, you’ll want to be on the port side on northbound cruises and starboard on southbound cruises.
If seeing the sunset from your cruise is a priority, ensure that your dinner time doesn’t conflict with the sunset. Cruise operators will often publish the sunrise and sunset times along your route. And dining in your stateroom is an option if you want to take advantage of the view.
Embarking and disembarking
Another consideration is the view you get when your ship is in port. But which side offers a better view is relatively unpredictable because cruise ships can dock on either side of the ship.
The direction a ship docks depends on port configuration, direction of travel, regulations and captain discretion. Even if you painstakingly research which ports you will visit, basing your cabin selection solely on this is unlikely to pay off with a great view.
The views from most ports aren’t typically spectacular and you’re probably going to spend most of the time in port on shore exploring. And at a larger busy port, any view is likely to be blocked by other cruise ships.
The bottom line
There is no one side of a cruise ship that is always “the best.” Whether a cruise ship’s port versus starboard side is better for you on a given itinerary will be a personal calculation based on preferences, route and what you want to see.
The best way to determine the best side to book is to examine the planned route, consider your preferences for scenery and sunshine, and book the side likely to give you the experience you value most.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Eligible Discover cardholders will save at the pump this summer and when they make purchases without swiping a card.
Gas stations (including public electric vehicle (EV) charging stations).
Digital wallets.
While gas stations return as a Discover bonus category for the 10th consecutive year, digital wallet payments like Apple Pay and Samsung Pay are making their second appearance. Be sure to add your eligible Discover card as the default payment method in your digital wallet so you don’t miss out on those extra rewards. Note that using digital wallets to make purchases at gas stations will earn only a total of 5% back (up to the combined spending cap).
Discover bonus rewards categories for 2023
Q1 (Jan. 1–March 31)
Grocery stores*.
Drugstores.
Select streaming services.
Q2 (April 1–June 30)
Restaurants.
Wholesale clubs.
Q3 (July 1–Sept. 30)
Gas stations.
Digital wallets.
Q4 (Oct. 1–Dec. 31)
TBD (In 2022: Amazon.com; digital wallets).
*The grocery stores category does not include grocery purchases at Walmart or Target or at other superstores or wholesale clubs.
🤓Nerdy Tip
For the first time in the past five years, Discover has elected not to release its entire 5% bonus calendar all at once in January, meaning cardholders must wait for categories to be revealed quarterly. The release of the full year’s bonus calendar had been a distinctive feature, making it easier for cardholders to time their purchases. But this move puts Discover in line with other 5% rotating-bonus-category cards, like the Chase Freedom Flex℠.
Bonus categories can be activated online at Discover.com, through the mobile app or by calling 800-347-2683. Bonus rewards will not be applied retroactively, and only qualifying purchases made after activation will earn 5% back.
The gas station category includes purchases inside or at the pump at standalone gas stations but may exclude stations affiliated with supermarkets and wholesale clubs. Public EV charging stations are included.
You’ll also earn 5% back when you use a digital wallet like Apple Pay or Google Pay to check out online or in store with your smartphone, tablet or wearable.
Cash back may be redeemed for a statement credit, direct deposit, gift card or charitable donation. Discover’s Pay With Cashback Bonus program also allows cardholders to use rewards to pay for merchandise with select merchants.
Our rights as women have come a long way since we earned the power to vote on August 26, 1920.
But the financial playing field between men and women still isn’t level. Not even close.
To help you make waves in your own financial life, I interviewed several Millennial and Gen Z women to find out what financial advice they’d give to other women today
Here’s what they had to say.
What’s Ahead:
1. “Don’t be afraid to negotiate your salary.”
Anna Barker, Founder of LogicalDollar, offered me this advice.
There’s no question that it can be scary to ask for more money. Especially as women, we often internalize the feeling that we’re going to be seen as pushy or demanding if we ask for a raise.
However, various studies show this is actually one of the reasons women end up earning less over their lifetimes than men, who tend to be more likely to ask for more money.
2. “Take advantage of any employer match ASAP.”
Barker also talked with me about retirement. One of the best things that you can do for your future financial security is to start investing as early as possible.
If your employer offers any matching of your 401(k) contributions, this is basically free money and you should do everything you can to invest up to the limit of the match.
3. “Avoid high-interest debt.”
According to Barker, a big money mistake that a lot of women in their 20s and 30s make is signing up for high-interest credit cards. To be clear, credit cards can actually be a great tool if used correctly — which primarily involves paying the balance off in full by the end of each billing cycle.
The problems start to arise once those interest-free periods run out and you realize you’re not able to immediately pay off the debt you’ve accrued.
4. “It is SO cliché, so hear me out… please start saving early for retirement!”
Heather Albrecht, Financial Coach and Founder of Balance Financial Coaching, discussed this with me.
It’s hard because when you’re young, you seem to have SUCH a long time until that money is needed. But the math doesn’t lie.
Starting young makes it easier because you can save less. Gosh, I wish I had made the space in our spending plan to save earlier even though it seemed impossible. The $25 here or there would have been huge by now.
5. “Start using a spending plan or budget. Zero it out each month, and save the rest.”
Albrecht also spoke with me here. And I have to say if I had been able to get myself into the mindset of “saving money is spending money on my future freedom” at a younger age, there would have been a lot less stress at times.
Budgeting doesn’t have to be difficult, either. Just pick the right method and it’ll become just another habit.
6. “As a Millennial myself, the best money advice I would give women in their 20s and 30s is to diversify how you save and spend money.”
Siobhan Alvarez, Founder of Budget Baby Budget, shared this wisdom with me.
I am a big believer in not being dependent on one checking and savings account! I have a long-term high-yield savings account for an emergency fund, a savings account at my local bank for big purchases, a checking account for everyday expenses; and a checking account for fun purchases throughout the month.
This has helped me not only pay off a huge amount of debt over the past few years but do it in a way so I didn’t feel like I was missing out on life and fun!
7. “Protect yourself and your people financially.”
Brittney Burgett, Head of Communications at Bestow, gave this little nugget of advice. Emergency savings, disability insurance, and life insurance matter, especially if you have financial dependents.
Insurance, in particular, is more affordable to buy the younger and healthier you are. I, for example, have life insurance because I own a home.
My mom is my beneficiary, so if anything were to happen to me, the payout from a policy would enable her to continue the mortgage payments and decide later on what to do with my house — keep it, rent it or sell it. Life insurance would give her flexibility when it’s needed most.
8. “Educate yourself so you understand how money, interest, and debt works.”
Lindsay Feldman, Publicist and Founder of BrandBomb Marketing, broke down this for me.
It wasn’t until I really started reading financial books and listening to podcasts that I really began to take control over my financial situation. Understanding how money, interest, and debt works are key to being able to make your money work for you. I look at everything differently now which has empowered me to make smarter decisions.
9. “Sign up for Experian Boost. It’s free and will report monthly bills that generally don’t boost your credit like a phone bill, gas, and power!”
Feldman offered up a way for folks to finally help their credit the easy way. Experian Boost™ is free and it takes just a few minutes to sign-up.
Always be on the lookout for ways to improve your credit – it’ll only help you in the long run.
Feldman shares a great tip that can help homeowners own their home sooner (and pay wayyy less in interest). If it’s possible, work those extra payments into your budget.
11. “When it comes to money, you can have your cake and eat it too.”
Youmna Rab, Founder of Brilliantly Budgeting offered me this quote.
You don’t need to save every penny you earn and give up your favorite indulgences like spa days or dinners out.
If you make a plan for your money, you can enjoy what you like while also saving money for the future.
12. “Do not share bank accounts with anyone you’re dating but not married to, even if you live together.”
Shannon Vissers, the Financial and Retail Analyst of Merchant Maverick, shared some tough love here.
If you break up or your partner spends on things you don’t agree with, you’ll have no legal recourse to get your money back apart from suing them in small claims or court (which is expensive and stressful and may not go in your favor).
13. “Do not lease your car. Take out a loan instead.”
Vissers makes a good point here as well. A lease is essentially a very expensive car rental, and it’s a bad choice unless you’re wealthy enough to comfortably afford this luxury.
This doesn’t mean you can’t get a new car when you’re young. Rather than leasing a car out of your price range, opt to finance a cute, reliable car that you’ll own in three or five years (ideally three). You’ll build credit history this way and, in a few years, you won’t even have a monthly car payment.
14. “Be a minimalist, especially if you rent.”
While this tip may not be for everyone, there’s a good reason Visser’s offers this pearl of wisdom as well.
A good case can be made for spending on experiences when you’re young – trips, concerts, etc. — but overspending on retail goods is another story. Ever heard of the saying, what you own, owns you?
It’s true.
Remember, you’ll have to deal with all your clothes, shoes, furniture, kitchen items, knick-knacks, etc. the next time you move — and your headaches will be compounded if you have to move to a smaller place.
15. “The greatest gift you can give yourself is to save and invest early.”
Sarah Jane Paulson, CFP® at Valkyrie Financial, gave me this bit of guidance.
The classic pay yourself first mentality is the easiest way to a financially strong future. Build that emergency fund (or F*** You fund, if you prefer) of three to six months worth of expenses in a separate account other than your everyday checking.
Then go out and open an IRA or Roth for yourself. Put your money into cheap, diverse index funds and keep adding to it. The greatest money strength you have on your side is that you have years for the market to create an avalanche out of the first few snowflakes of money you invest.
16. “Becoming a financially grown-up woman means unlearning a lot of money lessons society taught us as girls: that men are better at money and math (they’re not), that investing is scary (it’s not), and that the best route to financial stability is to marry a high earner (absolutely not!).”
Sara Rathner, credit cards expert at NerdWallet, wanted to share this with other women.
So throw all those old lessons in the garbage, because that’s where it belongs. Now, today, learn everything you can about managing your finances on your own.
There is nothing more empowering than being the boss of your own life, and of being an equal partner in your relationships. No one will ever care as much about your money as you will.
17. “Surround yourself with people with similar money values.”
Sue Hirst, Co-Founder and CFO of CFO On-Call shared her experience when we talked.
When I was in my 20s, I used to hang out with many people who didn’t share my money values. As a result, almost every time I went out with my friends, I splurged money recklessly due to peer pressure.
This was one of the top reasons I was unable to save as much money as I would have liked each month. Looking back, I wish I had either told my friends directly that I wasn’t comfortable spending huge amounts of money routinely, or made new friends whose financial values aligned with my own.
18. “Make saving a habit as soon as you start making income.”
Imani Francies, Finance Expert at US Insurance Agents, shared this little mind shift.
Saving becomes easier when you look at yourself with the same significance that you look at your power bill or any other bill. No matter what, you are going to do your best to pay your power bill. You should feel the same way about putting money into your savings.
Paying yourself first every month is investing in your future. Even if you can only put $5 into a savings account once a month, start early.
19. “Budget, but give yourself room to indulge.”
Lisa Thompson, Savings Expert at Coupons.com, offered up ALLLL the good tips when I spoke with her.
What’s your weakness: designer handbags, weekend getaways, fine dining with a great bottle of champagne? Make room for things you love by controlling what you spend in other areas.
20. “Cash back offers are everywhere, from brands like Rakuten, to credit card perks, to apps like Coupons.com. Use them!”
Thompson also offers this bit of advice. Refuse to pay full price for anything until you’ve looked for an offer. If you can pair a coupon or cash back offer with a store discount or sale, bam! That’s a savvy way to shop.
21. “Learn to use credit cards wisely.”
To tack on, Thompson also had this to say.
She makes a good point, too. Today, there are so many options for credit cards that offer perks from cash back to miles to points, as well as incentives, like a free Dash Pass for DoorDash or money toward a Peloton membership. The key, of course, is to not carry a balance and pay so much interest that it cancels out the perks. But if you can learn to use credit cards wisely by paying them off each month, the perks and incentives can help make everything from dining out to travel more affordable.
22. “Get a side gig by turning a passion into a money-making opportunity.”
Finally, Thompson ended our conversation with the quote above.
Do you love essential oils? Make balms, rollerballs, and pillow sprays, and sell them on Etsy or at pop-up shops.
Do you love thrifting, going to estate sales, and visiting antique shops? Find items worth more than what you’re paying and resell them! Facebook Marketplace is the perfect spot for that, and it’s free.
If you can turn a hobby into a source of income, that’s extra money for you to invest, save, or use as your slush/entertainment fund.
23. “Know your worth and advocate for yourself when negotiating.”
Amy Maliga, Personal Finance Consultant at Take Charge America, tells it like it is with her wise advice above.
Since the gender pay gap is still a real thing (ugh), it’s important to do your research on salaries for your position and advocate for yourself when negotiating a new job or discussing your annual performance review.
24. “Set goals and actively work toward them.”
Maliga offered me a simple but strong piece of advice above.
Whether it’s buying a home, starting a business, or embarking on world travel, setting financial goals gives a structure and framework to how you plan your finances.
25. “Forget FOMO. Don’t be afraid to say no.”
Maliga also makes a good point here.
TikTok made me buy it – or did it?
It’s way too easy to shop these days, and social media knows exactly what it takes to get you to press “add to cart.” When you’re tempted to buy something you hadn’t planned on, or friends are trying to talk you into activities you can’t afford, keep those long-term financial goals in mind, and don’t be afraid to say no.
Summary
We celebrate Women’s Equality Day every August 26th to commemorate the day the 19th Amendment finally recognized that women have the right to vote. But that same equality hasn’t trickled to the financial space yet, where the gender pay gap, wealth gap, and investing gap still exist today.
We’ve made a lot of progress over the decades, but a lot still needs to happen at the company, state, and national levels to achieve equal pay and equal opportunities for equal work. Until then, I hope these financial tips from awesome Millennial and Gen Z women serve as inspiration for how you can up the ante in your own financial life.
Are there any tips you’d add to the list? Let me know in the comments below!