Here are three of the week's top pieces of financial advice, gathered from around the web:
The costs of downsizing
Near-retirees with a small retirement fund may be tempted to downsize their home and use the equity to boost their savings, said Jane Bennett Clark at Kiplinger. But there are "surprising costs" to this common strategy. Making the property more attractive to sell may require thousands of dollars in repairs and upgrades. Real estate agent commissions and the cost of packing and moving will eat into your profits, as will possible condo fees at your new place. If you lose a driveway in the move, you may have to fork out for a parking space. And be prepared to pay for a storage unit to stash those keepsakes and heirlooms you can't squeeze into your new home.
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Getting more from mortgage rewards
Major lenders offer a host of rewards programs for mortgage borrowers, but "not all promotions are created equal," said Anya Martin at The Wall Street Journal. Be sure to crunch the numbers, and "resist the urge to let the lure of a short-term reward dazzle" you into taking a loan that will cost more in the long run. CapitalOne credit-card holders can currently get up to 1 million free air miles if they purchase or refinance a home with the bank. Wells Fargo credit-card holders can apply points toward mortgage and home-equity-loan payments; someone with a $500,000 mortgage and $30,000 in annual card spending could save more than $15,000 on interest on a 30-year loan. Last year, Chase offered a cash-back program in which mortgage borrowers could earn 1 percent of their principal and interest payment annually, up to $500 a year.
Four ways to save on rental cars
A few "money-saving hacks" can save you big bucks when you rent a car, said Brittany Jones-Cooper at Yahoo. First, "go off-site." Renting from the airport is often more expensive, because of extra airport fees. Renting a standard car for a weekend from the Avis at St. Louis airport costs $171, for example, but only $102 from an Avis site a 10-minute drive away. Second, join car rental companies' loyalty programs. It's free, and you get emails about discounts and no-cost upgrades. Next, say no to extras. You don't need a collision damage waiver if you book with a credit card, since most cards offer basic car insurance, and you can use a GPS-enabled smartphone app like Waze instead of springing for a satnav. Finally, "always refill yourself." Rental companies charge far more for fuel than the gas station.
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