Amazon is once again America's second favorite retail giant (just behind Walmart), according to the National Retail Federation's 2023 Top 100 Retailers report. And, for good reason. 

Not only can you find a huge selection of products and services, and if you're a Prime member, you'll also get free, two-day shipping on all eligible items, as well as access to digital storage for your photos, video streaming and much more — just a taste of what keeps customers coming back often.

But, since Amazon hiked the price of its subscription in 2022, you might have been thinking about canceling your Prime membership. Before you pull the plug, take a look at these 10 money-saving hacks.

1. Shop Woot! deals

Woot! is Amazon’s daily deals site where you can get deals and discounts on everything from clothing to home items and electronics. But check back daily to see what’s available, because offers change all the time. If you're a Prime member, you’ll get free standard shipping on all Woot! purchases.

2. Use Amazon coupons

Amazon offers coupons  — clippable coupons (yellow buttons or orange tags), link coupons and promo codes that automatically apply to your cart or require you to enter the code during checkout. But the easiest way to find Amazon coupons is on Amazon’s Coupon Page.

New coupons are added daily and you can search by brand or category. If you’re about to order an item and you're not fixed on that specific brand, check to see if there’s a similar item that has a coupon attached.

3. Find lightning deals

You can find lightning deals throughout Amazon, as well as in the Today’s Deals section. Although many of these deals are temporary, you can usually score big bargains. You’ll see a status bar that indicates when the deal expires — either when enough customers claim the deal, or when the timer runs out. 

4. Subscribe and save

There are certain items that you always need around the house, like coffee, vitamins and paper towels. These are often available at a discounted price through Amazon’s Subscribe & Save program. If there's a discounted price, you'll see it on the product page, so you can see how much you'll save by signing up vs. a one-off purchase.

There are thousands of qualifying products available. Just pick the quantity and delivery frequency that works for you. You have the option to cancel or change your preferences at any time. Plus, once you order five or more Subscribe & Save products in a month to a single address, you’ll unlock extra price discounts.

5. Select no-rush shipping

If you don't need your Amazon packages right away, choose no-rush shipping on your order.  By doing so, you will receive an immediate discount or rewards — like digital credits for movies, books, and music — to use later on.

But although discounts are available to everyone, rewards are only available to Prime members and you don't get to choose which you want. The rewards depend on the offer.

6. Get free shipping without a Prime membership

If you don't order from Amazon often enough to warrant spending $139 a year for Prime membership, there are a couple of other ways to get your occasional orders delivered free. When you order $35 worth of eligible products, your entire order qualifies for free economy shipping, which typically takes five to eight business days.

7. Shop Amazon Warehouse deals

When eligible used, pre-owned and open-box products are returned to Amazon, they go through a quality check before being sold in Amazon’s Warehouse Deals section. You can find deep discounts on everything from computers and household goods to tools and pet supplies. However, the used price may not be a better deal than buying new so compare before you buy.

8. Search by discount

Amazon doesn't allow you to sort by the "percentage off" discount on items, which can make it challenging to find the best deal. And sorting by price can bring up dozens of pages of irrelevant results. To find hidden discounts, enter a product in Amazon's search bar and add &pct-off;=50- to the URL. This will show you items that are discounted by 50%. 

This little hack works for any discounted amount. Although the results aren’t always perfect, you'll never know if it works on a specific item unless you try it out...

9. Check out the Prime Visa credit card

You may be hesitant to apply for another credit card, but if you shop a lot on Amazon, the Prime Visa card comes with many benefits worth checking out. First, you'll get 5% back on Amazon purchases and at Whole Foods Market. You'll also get back 5% off at Amazon Fresh and on Chase Travel. 

Amazon offers 2% back at gas stations, restaurants, and local transit and commuting, and 1% back everywhere else. This all comes with no annual fee or international transaction charges.

10. Add another adult

There's a way for some folks to reap the benefits of Amazon Prime without having to fork over the $139 annual membership fee. Prime members are allowed to add one adult in their household to their Prime account free of charge. The second adult must have his or her own Amazon account and must use the same billing address as the primary Prime account holder. 

(Caution: Both individuals will have access to credit card information associated with the Prime account.) Once the new household member has been verified, he or she gets access to free two-day shipping, video streaming, online photo storage and the Kindle owners' lending library.

Good luck, and happy shopping!

Read more

• A Guide to Amazon Prime Deal Days — How to Bag the Best Deals
• When Is Amazon Prime Day?
• Amazon Prime Day vs Walmart Deal Days: Which Is Better?

Save money on energy bills the easy way

During an especially warm summer, homes can consume around 82% of their normal energy even when unoccupied — averaging an unnecessary expense of about $590. And, since a typical electricity bill can average about $173 a month, up from $168 last year, it would help to know these seven easy steps you can take to save on your energy bills.  

1. Program your thermostat

Setting your thermostat at a higher or lower temperature when you leave can save you money on your utility bill. If you have a programmable or smart thermostat, set it to ‘vacation’ mode. Adjusting your manual unit a few degrees up or down can also have a significant impact. In fact, according to Duke Energy, a change of just three degrees for 24 hours a day can save 30% on your energy costs. Or, if you’re not leaving for an extended time and the forecast calls for mild weather, consider turning the system off. 

2. Unplug appliances and electronics

When electrical appliances, "energy vampires," are plugged into an outlet, they use energy even when turned off, which can account for up to 10% of your energy bill. To save money, unplug all large and small electrical appliances, such as your computer, cable box, coffee maker, microwave, printer, television and toaster. 

3. Turn off or turn down the water heater

“Water heating accounts for up to 25% of the energy a home consumes, and you won’t even be there to use it,” says Mark Feygin, founder and CEO of PowerSetter. “Switch off the water heater at the breaker while your home is vacant … but remember to leave yourself a note to turn it back on again when you return.” Turning off your water heater also prevents any unexpected malfunctions while away, like a water leak and flooding. 

Many water heaters also have a vacation setting, usually found on the temperature dial. Adjusting it to 50 degrees Fahrenheit or the lowest setting available can help you save money while away. 

4. Put lights on timers

Although simply turning off the lights saves you money while on vacation, many people choose to keep the lights on for security reasons. Instead of leaving the lamps lit all day and night, install timers and take the worry out of how much energy you’re using. Keep in mind that while incandescent bulbs can get hot and overheat, LED lights save more energy and can be left on for extended periods of time without overheating, according to energy.gov. 

5. Keep window coverings half-way or all the way closed

Your house will stay cool, and you’ll save energy by keeping window shades and blinds closed when the temperature climbs. Feygin recommends keeping window coverings closed while away. “If the sun has had weeks to raise the temperature in your home uninterrupted, it’s going to take a whole lot of work for your air conditioner to cool it once you get back.” Plus, the afternoon sun can make your home hot and unbearable for pets if left alone. 

Similarly, Feygin adds, “Reflective film can stop heat from entering your home by bouncing back the sun’s rays, making it easier to maintain a comfortable temperature. Less heat buildup while you’re away means less reliance on air conditioning once you return.”

However, you may not want to advertise you are physically away, and closed curtains can give the impression that nobody is home. So, before you leave on an extended vacation, the experts at Duke Energy suggest leaving your curtains or blinds halfway open and investing in a smart security system.

6. Keep your refrigerator half-full

A fully stocked refrigerator stays colder than an empty one. Although you may want to remove all the food from your fridge when leaving town, keeping your refrigerator and freezer at least half full is actually more energy efficient.  But if you just can’t fathom the thought of coming home to sour milk, fill your fridge and freezer with full water bottles or ice trays, and adjust the thermostats on your refrigerator and freezer to a higher setting — 38 degrees F for the refrigerator and 5 degrees F for the freezer. If you leave for more than four weeks, you will probably want to empty and unplug your fridge. 

7. More ways to save while away

Before you walk out the door, add these other “to dos” to your list and save even more on your energy bill. 

1. Turn off both ceiling and personal fans.
2. Drain and winterize your hot tub, or unplug the hot tub heater.
3. Turn off or lower the temperature on the heater for your swimming pool, but leave the pool pump on.
4. Unplug your window air conditioner.
5. Unplug any landscaping water features if not absolutely needed, or set them to come on less often or for a shorter period of time.

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That’s a lot of money on hot dogs and potato salad. But don’t worry, you actually don’t have to spend a fortune to keep your guests happy and full. Many grocery chains across the country are offering deals and discounts on cookout staples — like hot dogs and potato chips — to make July Fourth grocery shopping a bit easier on your wallet. 

One deal in particular that stands out is Walmart’s Summer Cookout Basket. With it, you can feed a party of eight for under $50. The basket, which includes 18 classic cookout items, costs just $45.43 before tax, a little under $6 per person. 

But is it a good deal? Or just a well-designed marketing tactic? We compared similar products from both Publix and Kroger to see if Walmart's Fourth of July cookout basket gets you more bang for your buck, as well as to identify items that you can get cheaper from somewhere else. Here's what we found. 

Fourth of July cookout basics

After comparing prices per item, Walmart came out as the cheapest option for Fourth of July cookout essentials, costing just $45.43 (pre-tax). If you shopped at Kroger you'd pay almost $10 more ($55.10) and if you filled up your cart at Publix, you could expect to pay almost $25 more ($69.54) than you would at Walmart. And that includes any additional coupons, sales or BOGO promotions both Kroger and Publix offered. Keep in mind that for all stores, additional pick-up, shipping or delivery fees may apply.

Another plus side to Walmart's deal? You don't have to search for each item individually (like we did sourcing these prices). Just follow the link, hit "add all to cart" and checkout. On the other hand, if you have some extra time, you could strategically shop at all three stores to get the cheapest option for each individual item. For example, you could forgo the watermelon and hot dogs from Walmart and buy them at Kroger, which will save you a couple of dollars.

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Residential customers' electricity bills are estimated to average $173 per month this summer, up from $168 last year, according to the most-recent estimates from the Energy Information Administration. 

Data from the Environmental Protection Agency (EPA) supports the fact that smart thermostats meeting Energy Star criteria save users an average of 8% on their utility bills. That can equal about $50 annually, although savings may be greater in locations with frigid winter temperatures or hot summers. But, research also shows that just slightly more than 30 million homes in the U.S. had smart thermostats in 2020. 

Budget-friendly Google NEST thermostats are WiFi-enabled thermostats that require programming when set up for the first time. For many people, that’s just fine, as they would rather adjust temperatures themselves. That’s not to say that you can’t do some basic automating with the NEST thermostat. Just a few taps on your smartphone and you can easily program everything through the Google Home app.

What are smart thermostats? 

The technology behind home thermostats has come a long way. From manual controls to programmable options, smart thermostats can save money, add convenience and keep you comfortable. They offer a variety of features not found in manual thermostats, such as Wi-Fi connectivity, data on energy use and maintenance alerts. Some smart thermostats even provide the ability to learn your family’s heating and cooling needs.

How do smart thermostats work? 

Smart thermostats are hardwired into your home’s HVAC system, just like traditional thermostats. However, they also need a Wi-Fi connection to function remotely with an app or your phone. Fortunately, if your Wi-Fi goes out, you can still program your thermostat manually. 

Through the app, you can typically schedule when your heating or cooling turns on. You can adjust the temperature in your home no matter where you are, so even when away, you can come home to cozy or cool temps. Smart thermostats work with most heating and cooling setups, even those connected to radiators. 

Many smart thermostats have a touch or digital screen that allows you to control temperature. You can’t control your home’s humidity, but you can monitor it and set an alarm if it changes. You can also set your smart thermostat to run during specific times of day through geofencing — the ability to create a virtual fence or imaginary boundary on a map — so that when you leave the house, you can adjust the home’s temperature for maximum efficiency and energy usage. 

Can a smart thermostat save you money?

It’s no secret that smart thermostats can cost more than manual thermostats. Most are easily installed by homeowners, while some may require professional installation, adding to your costs. However, upgrading to a smart thermostat can optimize your HVAC systems, reducing energy waste and maximizing savings — about 8% on your heating and cooling costs per year. 

A study by NEST found that NEST customers saved an average of 10% to 12% on heating costs and 15% on air conditioning costs, or about $131 to $145 a year. Of course, actual savings can vary from one home to the next and are based on your family’s preferences and energy costs in your area. 

On the flipside, the retail price of a smart thermostat is between $120 and $250, not including installation, while a mechanical thermostat may only cost between $15 and $50. At $130, the Google NEST Thermostat is one of the most reasonably priced smart thermostats on the market.

What are the upsides of smart thermostats?

While smart thermostats are efficient and offer cost-savings, there are a few downsides to consider also, such as possible security issues and upfront costs. Here are the upsides:

Energy efficient — Smart thermostats offer control over your heating and cooling systems. You can schedule and track energy use and offer the ability to control your home temperature from your smartphone or other smart device to create customized heating and cooling schedules. That way, your system only runs when needed, which equals energy savings.  

Convenience — Smart thermostats can be controlled by a smart device, which is probably one of their best features. Many smart thermostats also learn your routines, alert you when the system needs maintenance, and track outdoor weather. 

Cost-efficient — Smart thermostats can save customers an average of 8% on HVAC costs, while some manufacturers boast even higher savings. The cost savings will vary depending on location, climate and comfort levels. 

What are the downsides of smart thermostats?

On the downside, smart thermostats have higher installation costs and certain security vulnerabilities. Here are the downsides:

Upfront cost — Smart thermostats are generally more expensive to install than manual and mechanical thermostats, and those with specialized capabilities can cost significantly more. If you’re not a DIYer, add installation by a professional to your upfront costs. 

Security vulnerabilities — Smart thermostats can present a gateway for hackers and malicious intruders to access your internet network. Regular software updates can limit access, but the threat still exists. 

Tech-savvy barriers — Although smart thermostats are generally easy to install, homeowners must be reasonably tech-savvy to get the most out of them. If you’re not particularly tech-savvy and web apps aren’t your strong suit, the headaches these devices can cause may outweigh the benefits. Also, you may have to overcome a learning curve if you don't understand HVAC systems. 

Notable features of the NEST thermostat

• Programming via an app. You can program everything on your smartphone in the Google Home app. 
• Presence sensing. The NEST Thermostat uses a built-in motion sensor, touch controls, and your smartphone’s location data via a schedule you program to know when you leave your home.
• Voice control. The NEST thermostat also works with Amazon Alexa and the Google Assistant for voice control. 
• Ease of operation. The Google Nest Thermostat is also very easy to manually operate and control.
• Low price tag. The NEST thermostat offers convenience without a high price tag.

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Armstrong herself became a widow in 2023, and when I interviewed several of my women friends who had become widowed in the past few years, all three seconded her advice. 

“If you really want to do a good thing for yourself, make a list ahead of time, keep it one place and take it out once in a while to add to it,” says my friend Elinor, whose husband, Walter, died in 2022. “That would have made things easier for me.”

In addition to financial information, Elinor recommends keeping a record of big-ticket household items: “When does the roof have to be replaced? How old are the appliances? What’s the contact info for the plumber and the electrician?” 

Access to passwords is also a “huge issue,” says my friend Susan. When her techie husband, John, died unexpectedly in 2018, she was shut out of his computer and all his Apple devices. “It took me close to a year and a half to resolve all the electronic stuff,” says Susan. “A lot I had to give up on.” 

Because Elinor had access to passwords for her husband’s e-mail and other accounts, she kept them open for at least six months and was able to monitor them for notices of things she needed to take care of. “When all I was getting was junk, I knew I had done my job,” she says.

My friend Lorna urges couples to think seriously about housing options as they age. She and her husband, Peter, who suffered from ALS, had sold their home and moved to a continuing care retirement community. But when Peter died shortly after they moved in 2019, a CCRC wasn’t suitable for Lorna. “It took me four years to come up with a place I can think of as home,” says Lorna. She eventually purchased a house that the previous owner had outfitted to age in place. 

Susan regrets that she and her husband didn’t talk about funeral arrangements. John served as a Green Beret and had bought a burial plot in a military cemetery, but he had never discussed the service he wanted. When the time came, says Susan, “the choices had to be solely mine.” 

All three of my friends have found it beneficial to work with financial advisers — and they prefer to work with them in person. After about a year, Lorna switched from her husband’s adviser to a new one because “I wanted someone who would call me back.” 

Armstrong, who is founder and CEO emeritus of her own financial advisory firm, is sympathetic on both counts. “Any new relationship with an adviser should be personal,” she says. “A widow should say that up front and ask whether the adviser would be comfortable doing that.” (Search for an adviser through the National Association of Personal Financial Advisors.) 

Advisers can also be helpful for sorting out thorny tax issues, such as your new filing status, any medical expenses for the deceased spouse and rules for inherited IRAs, which are “ridiculously complex,” says David Silversmith, senior tax manager with Eisner Advisory Group in Melville, N.Y. 

On a personal note, Susan advises giving yourself at least two years to adjust to your new situation. “I think you have to go through a cycle of holidays first,” she says. As time goes on, “you feel the loss as an ache rather than a sword through the heart.”

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“Consumers may not have much control over some of the costs of their vacation, but there are many ways to prepare in advance so that they can save more,” says Rod Griffin, senior director of consumer education and advocacy for Experian. “I always suggest consumers make a budget before finalizing their vacation plans, then research costs for different accommodations, activities and experiences, and book those accordingly.”

Additionally, Griffin suggests leveraging credit cards to earn reward points and discounts to apply toward vacation plans. Check out the best credit cards for gas and EV charging rewards. 

How far will you go?

Only about one in nine road-trippers plan to drive more than 1,000 miles, with the average planned road trip mapped out to about half that, or 512 miles — just enough for motorists driving gas-powered cars to refuel at least once. The average electric car gets about 250 miles on one charge, according to the UC Davis Plug-In Hybrid and Electric Vehicle (PHEV) Research Center. 

Of course, some EVs will get less mileage, and some can get 350 miles or more. Many hybrid models can travel more than 500 miles on a full tank based on the results of Car and Driver’s 75-mph highway fuel-economy test.

Top three road trip expenses

Not surprisingly, most drivers say they expect gasoline (76%) and lodging (61%) to be the biggest expenses on their road trip, and another 47% say food will be one of their big-ticket items this summer. 

The national average price of regular unleaded gasoline slipped to $3.47 per gallon in June 2024 after peaking at almost $3.70 earlier this year. That’s good news for summer travel. In fact, indications are that gas prices are expected to be below average this summer as a result of the U.S. releasing some of its fuel reserves, but they are not likely to fall below $3 per gallon. Honestly, unless you're driving an electric car this summer, you’re looking for ways to save on gas.

Other anticipated costs

Other expected costs while on the road are entertainment (18%), car maintenance (10%) and vehicle rental (6%). Understandably, 15% of those surveyed also mentioned insurance premium costs for their own vehicle or, if they rent, the additional coverage they'll either use or purchase for their rental. Insurance costs have climbed more than 26% since 2023. As such, they have become a constant pain point among many motorists, even on vacation.

Griffin points out that, “consumers can consider splitting costs with friends or family members, sharing hotel rooms and packing food instead of eating out at restaurants for all of their meals to help cut back on some of these expenses.”  

Test drive insurance premiums

As reported by Kiplinger, car insurance rates will likely remain elevated until 2025, according to Bankrate’s True Cost of Auto Insurance Report. "So, if you think this summer’s road trip may break your budget, Griffin adds, "it may be time to compare car insurance quotes online from top auto insurance carriers."

If you're rethinking your auto insurance, check out Bankrate's tool below to help you compare rates.

Compare auto insurance rates

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Staying cool will be a challenge and a necessity. Is it better to use a fan or air conditioner to beat the heat? The best answer can vary from person to person, depending on several factors. To determine which cooling solution is best for you, we first need to look at how both technologies work, when they work best and how much they cost to install and operate. 

Here are some facts that can help get you through the hot summer months without dramatically increasing your energy consumption and expenses.

Fans vs. air conditioners: how do they keep you cool?

Fans and air conditioners help you stay cool in very different ways. But both are primarily leveraging the cooling power of evaporation. 

Part of what makes fans so energy efficient is they aren’t cooling down the whole room, just you. Fans blow air over your skin, which promotes moisture evaporation. Evaporation is an endothermic process, meaning the moisture absorbs heat from its surroundings as it turns into vapor. A fan helps by replacing this hot, humid air with cooler, drier air, allowing for more evaporation.

An air conditioner provides cold air inside your home by removing heat and humidity from the indoor air. It returns the cooled air to the indoor space and transfers the unwanted heat and humidity outside.

A standard air conditioner or cooling system uses a specialized chemical called refrigerant and has three main mechanical components: a compressor, a condenser coil and an evaporator coil. These components work together to quickly convert the refrigerant from gas to liquid and back again.

Fans vs. air conditioners: The cost of cooling

Cooling yourself with a fan vs. an air conditioner is significantly more energy efficient and cheaper. Fans use around 1% of the electricity consumed by air conditioners. You could leave a fan running for 24 hours and still use less energy than 15 minutes of air conditioning.

On average, an air conditioner costs between $0.06 and $0.88 per hour to use, according to inspirecleanenergy.com data. To get a general idea of your daily energy costs, multiply the wattage of your air conditioner by the number of hours of energy consumption.

The average cost to run central air conditioning is $30 to $270 per month, depending on the unit size and efficiency. A three-ton unit (or 36,000 BTU) can cool a 1,500-2,000 square foot home and consume 2,400 – 4,500 watts per hour. The average monthly cost to run a unit that size is $86 – $162, according to homeguide.com data. 

A standard window air conditioner costs an average of $19 to $55 per month. The typical master bedroom is  224 square feet and would need a unit with 8,000 – 10,000 BTUs. An air conditioner this size consumes 800 to 1,000 watts per hour for $29 – $36 per month. 

Most ceiling fans range between 55 and 100 watts, with an average of around 75 watts. For instance, a large 72-inch ceiling fan with a wattage of 180 will only draw 0.18 kilowatt-hour. The average cost in the U.S. for electricity (as of March 2024) per kilowatt hour is 16.68 cents. Let's do the math $0.167 x 0.18 kWh = $0.030. It only costs around $0.03 per hour to run a large ceiling fan. If you’re someone who loves the cool breeze and white noise, you’ll pay 72 cents a day to keep the fan running for a full 24 hours. 

Pros of fans

Using fans to cool your home can help you save on energy costs because they’re cheaper to operate. However, they may not work effectively to cool your house when the temperatures and/or humidity is high. 

Fans, such as ceiling fans, desk fans and window fans are best when used at close range. While the strongest fans can circulate air throughout an entire room, they're much more effective if you're sitting right in front of them.

Electric fans offer the following benefits:

• Fans cost less.  Buying and installing a new ceiling fan can cost between $85 and $625 without complex wiring. The average cost is $249, according to Angi.com data. Adding wiring where there is no ceiling wiring is a big job that might cost up to $2,000.  Your electrician will have to open walls, run wires, install boxes, and hook up your junction box. 
• They don't harm the environment. Electric fans don’t use coolants and require less energy than air conditioners.
• Portability/Ease of installation. Adding a ceiling fan to a room is a breeze compared to installing central air conditioning. Except for ceiling fans, you can move fans around the house and use them where you need them. 

When fans just aren't enough

Using a fan can be more harmful than helpful when indoor air temperatures are hotter than your body temperature. When indoor air temperatures are hotter than about 95°F, using a fan may cause your body to gain heat instead of lose it. On very hot, humid days, sweat evaporates off the skin slower than normal, and fans make it even more difficult for the body to lose heat by sweating.

Limitations of electric fans include:

• Inferior cooling power. Fans don’t cool the air, so even if you run several fans, they won’t be able to match the cooling power of an air conditioner, especially during extremely hot and humid days
• Fans don’t improve air quality. Fans don’t have filters, so they can't reduce the amount of dust, pollen and other harmful particles in the air
• Humidity issues. Fans don’t suck the moisture out of the air. They make you feel cool by making your sweat evaporate. To reduce the moisture in the air, you'll have to run a humidifier in addition to a fan. 
• Safety risks. Floor and tabletop fans can pose some risks for small kids who might poke their fingers through the grills

Pros of air conditioning  

Using an air conditioner can be your best friend during scorching weather as it can quickly bring the room temperature down to a comfortable level. They’re much better at cooling larger areas because they reduce the ambient heat in your environment. Your body dissipates heat more efficiently because air conditioners reduce humidity by removing moisture from the air. However, air conditioners consumer a significant amount of electricity.

Here are the benefits you and your home can get from air conditioners:

• Improves air quality. ACs can filter out dust, outdoor pollen, and other allergens. They also reduce humidity, which keeps the growth of mold and mildew in check. 
• Effective at reducing humidity. When the moisture is higher than 50%, the humidity can lead to mold growth. An air conditioner can suck the moisture out of the air, making a room more comfortable during sweltering days and reducing conditions that irritate allergies.
• Can cool large areas. An air conditioner can bring room temperature down quickly, while fans can only increase air circulation
• Prevents dehydration and heat stroke. Exposure to high temperatures leads to profuse sweating and can lead to dehydration. ACs reduce sweating, thus preventing dehydration and bringing down air temperature reduces the risk of heat stroke.

Drawbacks of using an air conditioner

• It costs more. The average cost of a new central air conditioning system is $5,856, but it can range from $3,800 to $7,500, according to architecturaldigest.com data. Central AC systems are the most popular choice in hot climates and are the most expensive to install and run. 
• Central air conditioners and scale of installation. Installing a central AC system. requires the services of an installer to cut into your walls, put in the ductwork and possibly install the unit outdoors.   
• Cheaper options are still costly. Window units cost less and many can be installed without professional assistance.  A window-mounted air conditioner can cost anywhere from $150 to $550 depending on its size and cooling capacity. 
• Maintenance costs. Regular air conditioner maintenance servicing costs around $75 to $200 for simple tune-ups, with a national average of $100, according to homeadvisor.com data. Recharging AC refrigerant costs around $100 to $350
• Can cause health problems. Lack of proper maintenance can reduce energy efficiency and make people sick. A clean filter improves air quality by removing dust and allergens. Filters can become clogged without regular cleaning and replacement. Dirty filters spread harmful particles that can trigger or worsen respiratory ailments. 

Which option is best for you?

A head-to-head comparison between using a fan vs. air conditioner has limited use because each one helps you cool down in different ways. Figuring out which one is better for you depends on current weather conditions, your needs and the size of your space.

Use a fan if:

• The humidity is at or below 50%
• The temperature is less than 95°F. Use a fan when outdoor air temperatures are cooler than indoor air temperatures. 
• You can locate yourself close to the fan
• You want to use less electricity

Use an air conditioner if:

• The humidity is at or above 60%
• If the temperature is more than 75°F 
• You’re looking to cool a large area
• You can afford a higher electrical bill

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The average price of car insurance spiked more than 20% over the 12 months ending in February 2024 and more than 38% since 2020, according to the consumer price index. Insurers requested an average premium rate increase of 11.3% for homeowners insurance in 2023, but that impact is not spread evenly nationwide. 

Some states, including New Jersey, Utah and Vermont, still have relatively affordable home-owners insurance markets, but others, such as Colorado, New Mexico and Texas, are dealing with much more expensive premiums. In California and Florida, homeowners are struggling just to find coverage.

Given that auto and home insurance are essentially mandatory, these premium increases may feel particularly painful. Nearly every state requires drivers to have at least basic liability auto insurance coverage to pay for damage they cause to others in accidents. Lenders typically require homeowners with a mortgage to buy insurance. And even if you own your home outright, it’s not wise to leave your property unprotected. 

Although the hikes might seem like a money grab, insurers are also getting hammered. The U.S. property insurance industry lost $38 billion in 2023, the largest underwriting loss in a decade, according to A.M. Best, a credit-rating agency that specializes in the insurance industry. 

What’s causing all this havoc in the insurance markets? Is there any relief in sight? And what can you do to trim your costs?

Why auto insurance premiums are rising

More crashes. To understand the auto insurance market, you need to go back to 2019, says Crewdson. “That was the last relatively normal year for auto insurance.” In 2020, the pandemic hit. Suddenly, people started driving much less as they stopped commuting, going on vacation and seeing friends and family. “Miles driven went down, so claims went down.”

Because insurers collected more than they paid in claims, they returned that money to consumers through refund checks and reduced premiums. But in 2021, drivers returned to the road — and so did car accidents. Dangerous driving has increased post-pandemic, with more people speeding, driving recklessly and becoming distracted with mobile devices and in-vehicle screens. “People are looking down when they drive now,” says Jeff Schlitt, owner of Schlitt Services, an independent insurance agency in Vero Beach, Fla. 

The result has been more crashes and claims. Car crash fatalities were up more than 10% in 2022 compared with 2020, according to the most recent data available from the National Highway Traffic Safety Administration.  

More-expensive repairs. “Vehicles are built with all these new safety features, which is great but adds to the cost,” says Schlitt. “It used to cost $300 to replace a broken windshield, but now it can cost over $1,000 with all the technology.”

Auto repair shops still deal with inflation, supply chain issues and labor shortages. They are passing on these costs to consumers and their insurers. Repairs are taking longer as garages wait on parts, meaning auto insurance policies must provide policyholders with longer vehicle rentals. 

Finally, used cars have been retaining more of their value post-pandemic because of higher demand. If you total your car, most auto insurance policies pay the value of your vehicle on the day of the crash. Because used vehicles are worth more, on average, than they used to be, they are more expensive for insurers to replace. 

More lawsuits. If you cause an accident, you’re liable for covering the repairs and medical bills of the injured parties. Inflation has pushed up these costs for insurers as well.

These days, people are more likely to sue and to be awarded much larger settlements for their injuries than in the past. Auto insurance policies usually cap what they pay for lawsuits against you at $500,000 if you buy the maximum coverage. You might buy an umbrella policy with additional liability coverage to protect against lawsuits beyond your auto liability limit. As seven-figure settlements become more common, umbrella insurance costs are also rising.

Tips to save on auto insurance

Auto insurance premiums are increasing as insurers adjust to this perfect storm of issues. “Our industry operates slowly on these numbers. Aggregating takes time,” says J.D. Power’s Crewdson. Auto insurers should be pricing these factors into policies, slowing future rate increases. But how can you save money until then? 

Check for discounts. “Insurers offer many discounts that consumers don’t know about,” says Crewdson. Taking a defensive driving course or installing an antitheft device on your vehicle are often ways to save money. If you have a student driver, you may get a discount if he or she earns good grades at school. 

You could also qualify for discounts by paying your premium annually and opting for electronic statements. Finally, depending on the insurer, you might get a lower rate if you’re older than 55, a military member or veteran, a federal employee, or a member of certain academic, professional and trade organizations.  

Save with safe driving. Many insurers offer discounts if you agree to use a telematics system to monitor you driving habits — through either an app you download on your phone or a device you temporarily plug into your vehicle’s diagnostic port. “You agree to have the insurer ‘ride around’ with you for 90 days,” says Schlitt, the insurance agent from Florida. The app or device checks for risky behaviors such as hard stops, quick acceleration and driving after midnight, when the roads are more dangerous because of drunk drivers. 

Most insurers will give you a premium credit of at least 10% just for agreeing to the test, says Schlitt. And companies usually don’t penalize bad driving; they just withhold the discount for drivers who don’t meet the safety standards.

If you work remotely and aren’t commuting every day, you could set up a mileage-based auto insurance policy. Your premium depends on how many miles you drive each month, so people who spend little time on the road can save.

Pay for minor repairs out of pocket. Auto insurance companies increase your rates for every claim you make. You may come out ahead in the long run by paying for small repairs out of pocket. “If you call roadside assistance or make a claim to repair a crack in a window, that didn’t count in the past, but today it does. Only use your insurance when you truly need it,” says Schlitt.

Estimate insurance costs before buying a car. Before you purchase a new vehicle, check how much it would cost to insure, suggests Matt Hagen, a director at Assurance IQ, an online insurance marketplace. Newer vehicles with more technology are more expensive to insure, he says. So are sports cars, which have higher accident rates on average. 

Drop rental coverage if you have a backup. If you have more than one vehicle available, consider dropping your auto policy’s rental coverage, which provides you with a car to drive if yours is in the shop for a lengthy repair. Instead, drive the backup vehicle. 

Increase your deductible. The deductible is what you pay out of pocket before insurance kicks in. Raising your deductible lowers your monthly premium. Make sure to keep enough money in savings to cover your deductible in case of an accident.

Remove collision coverage from old vehicles. If you’re driving an old vehicle that isn’t worth much, consider dropping the collision and comprehensive coverage while keeping liability. Your insurance would pay to repair the damage you cause to others but not to repair or replace your vehicle. “If you can afford a down payment on a new vehicle after a crash, this strategy could make sense,” says Hagen. You must have paid off the car first, as lenders require you to maintain insurance when you have an outstanding auto loan. 

Bundle multiple policies with one insurer. Insurers offer discounts if you buy multiple types of insurance from them. For example, if you purchase auto, home, boat and/or life policies from one insurer, you could qualify for a discount on all the premiums. If you want umbrella insurance, you usually get a lower premium by buying it from the same company that handles your auto insurance, says Schlitt.

Why homeowners insurance is getting more expensive

Disasters nationwide. Homeowners insurance premiums are rising primarily for one reason: The country is being hit with increasingly intense natural disasters, such as hurricanes, blizzards and wildfires, and dealing with the aftermath is getting more expensive. “It’s happening everywhere, even in places that don’t come to mind right away. A hailstorm in the Midwest might not make national news, but it could still create massive damage,” says Crewdson.

Rising costs from inflation, labor shortages and supply-chain issues mean home repairs have become more expensive. If you rent your home and buy renters insurance, you’re likely seeing an increase in premiums, too. 

In California and Florida, the insurance market has become so challenging that many homeowners struggle to buy insurance. “If you have a roof that’s more than 15 years old in Florida, your odds of getting insurance are nil,” says Mike Moran, executive director of Florida PACE, a public agency that provides financing for hurricane-resistant home improvements. “For many people, it’s not a question of saving money but figuring out how they can even get home insurance.”

Regulatory issues. Though more-costly disasters are the root cause of insurance woes in California and Florida, government and regulatory issues haven’t helped. “Compare these states to Texas,” says Crewdson, who notes the state “has also seen rising premiums and a streak of natural disasters, but in-surers haven’t left the market.” 

California’s Department of Insurance restricted insurers from raising premiums to compensate for higher costs. In response, insurers pulled out of areas vulnerable to wildfires. California has since started allowing future rate increases, which could encourage insurers to return.

In Florida, there were problems with contractors running roofing insurance scams. The contractors would offer homeowners a free roof by finding signs of storm damage, though the damage wasn’t enough to justify an insurance claim.  The contractors would then sue insurers for refusing payment, hoping to get a large settlement in court far beyond the cost of the roof. Even though Florida represented just 8% of national homeowners claims in 2019, it accounted for more than 76% of all litigation claims. “Carriers took big losses, and the money went to attorneys, not to repair homes,” says Schlitt.

In 2023, Florida passed significant tort reform. There are signs that insurers are returning to the market, slowing down rate increases, and even reconsidering coverage for homes with older roofs, says Schlitt. For example, six new property insurers entered the Florida market in January. But there’s still a backlog. He expects it will take a couple of years for markets to stabilize.

Tips to save on homeowners insurance

While changes to address regulatory and legal issues could help in markets that are facing those difficulties, the country is still dealing with more natural disasters. So what can you do to qualify for a more affordable policy?

Use all possible discounts. Insurers may offer discounts for paying your premium annually instead of monthly, switching to paperless statements, being a nonsmoker, being a loyal customer, avoiding claims for several years, and bundling your homeowners insurance with other policies, such as auto, boat and life. 

Keep your home safe. Taking steps to protect your home can prevent costly claims and qualify you for other discounts. For example, insurers give credit for setting up a fire-alarm and home-security system. You could also set up leak-detection devices to catch flooding early. If your heating, plumbing and electrical systems are getting up there in age, consider replacing them for another discount. Finally, you could save by removing a dangerous “attractive nuisance,” such as a trampoline, pool or treehouse.

Invest in home hardening. Home-hardening renovations protect your property against the most severe local risks. In a fire zone, you could replace your roof, deck and walls with fire-resistant materials. In an area vulnerable to hurricanes, you might replace the roof with one more resistant to wind and leaks, buy a sump pump for the basement, and install stormproof doors and windows. 

“You see a photo after a hurricane. Five homes are flattened, while one looks untouched. These home-hardening methods work,” says Moran, from Florida PACE. Insurers may require these upgrades in especially risky areas. Making the investment increases your chances of qualifying for a policy and possibly getting better rates. 

Raise your deductible. Increasing your deductible reduces your monthly premium, though you’ll pay more out of pocket when filing a claim. If you use this strategy, ensure you’ve saved enough cash in a “deductible fund” first, recommends Hagen, from Assurance IQ. 

Improve your credit score. In some states, insurers can consider your credit score when setting insurance premiums. By improving your credit, you can save on your home and auto insurance premiums. To boost your score, make your monthly loan and credit card payments on time, and limit your credit card balances to no more than 30% of your available credit. 

Don’t cancel coverage. With the cost of insurance soaring, 16% of Americans are considering canceling their homeowners or renters insurance, according to a 2023 survey from Assurance IQ. “I would strongly urge consumers to rethink this decision. The long-term risk can outweigh the immediate financial gain,” says Hagen. Insurers consider whether you maintain ongoing coverage as a factor in their decisions. “Not only are you putting your home at risk, but going without insurance can hurt your ability to qualify in the future.”

Note: This item first appeared in Kiplinger's Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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With nearly 20 million households behind on their utility bills, according to the National Energy Assistance Directors Association, you may be wondering how to stay ahead and save money on your summer energy bills. 

You’re in luck. We’ve put together (along with some advice from the experts) ten ways you can cut your utility bills and stay cool this summer. 

1. Shop around for better rates

Milwaukee has the highest utility costs in the U.S., according to a 2023 study from doxoINSIGHTS, with households paying an average of $538 per month or $4,196 per year in utility bills. 

“Many states have deregulated their energy markets, so customers can shop around for the best deal," said Mark Feygin, Founder and CEO at PowerSetter. "When picking a supplier, you don’t have to worry about quality — It’s all the same. You just need to figure out which company is offering the cheapest price and the best terms for your needs, and there are tools out there to help.”

2. Update your thermostat

Another way to save on summer energy costs is to update your old or faulty thermostats, says Lucas Haldeman, CEO and Founder at SmartRent. “Outdated hardware that isn’t easily adjustable or can’t be programmed is often left to run AC and cooling systems too long.” Smart thermostats improve efficiency and energy consumption, and they can help achieve the most efficient temperatures and eliminate costly temperature fluctuations.” 

3. Take advantage of state programs

“Many utility companies offer free energy efficiency programs for their ratepayers, as well as complimentary energy efficiency audits and generous incentives and rebates for equipment replacement,” said Christine Ciavardini of Baltimore, Maryland-based MD Energy Advisors. If you need help paying your cooling bills, you may qualify for the Low Income Home Energy Assistance Program (LIHEAP). 

Or, if you make improvements to your home that will save money on energy, you may qualify for help through the Weatherization Assistance Program (WAP). If available in your area, you may try taking advantage of the Community Solar program, where most subscribers can save an average of 15% per month on energy costs.

4. Make use of low-demand periods

“Electricity prices fluctuate depending on demand. Prices creep up in the early evening as people get home from work, switch on the TV, and start cooking,” said Mark Feygin. "Then, later in the evening as everyone goes to bed, electricity prices fall, which is the perfect time to schedule your dishwasher or washing machine.” 

5. Clean your air conditioner, ducts and vents

If your air conditioner is clogged with dust and debris, it ends up working harder than it needs to. “Ideally, you should change your filter every three months and get the system serviced at least once a year, which can reduce its energy consumption by as much as 15%,” Feygin said. It also pays to keep your air ducts and vents clean. That way, any dust and dirt that has accumulated won't bog down your HVAC system. 

6. Switch to energy-saving appliances

Most modern-day appliances have built-in energy-saving features and use significantly less electricity than their older counterparts. Besides saving you money on your utility bills, the energy-saving features provide a long-term return on your initial investment and potential access to various rebates and incentives. 

7. Close the blinds and draw the curtains

Something as simple as closing the drapes or pulling the blinds on south-facing windows can help block the sun and keep your house from heating up. Installing insulated drapes can also keep your home warm in the winter — a win-win. Or, install a reflective window film. By reflecting back the sunlight, the safety film can help keep rooms cooler. 

8. Use fans to keep you and your home cool 

It’s natural to feel cooler under a ceiling fan, because your body cools by evaporating sweat. “Turning on a ceiling or floor fan means you can turn up your thermostat by 4 degrees and still be comfortably cool,” Mark Feygin asserted. “Position a couple of fans on window ledges on opposite sides of a room to create a cross-ventilation effect. Essentially, one fan blows hot air out while the other pulls cool air in, creating a low-cost air conditioning system that won’t break the bank."

9. Turn down the water heater

Energy.gov explains that water heating for showers, laundry or washing the dishes accounts for about 18% of your home's energy use and is the second largest energy expense in any home. Turning down the temperature of your water heater can help reduce your energy consumption and save money.

10. Switch to energy-efficient lighting

Incandescent light bulbs use about 60 watts of electricity, while LED light bulbs use about 10 watts on average. LED bulbs also last nearly 25% longer. So, replacing your incandescent bulbs for LED bulbs can save a ton of energy and money over time. The average price of a LED bulb is $5 to $7, while the average price of an incandescent bulb is $2 to $3. Even so, the savings overtime far outweigh the upfront costs of the bulbs. 

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Julia Rodgers, a family law attorney who co-founded Hello Prenup, a website that helps users create a do-it-yourself prenuptial agreement, says a prenup is particularly important for couples who have children from a previous marriage. Baby boomers will leave an estimated $80 trillion in assets to their millennial and Generation Z children through 2045, according to Cerulli Associates, a research and consulting firm. “If you want to keep your wealth in the family and not lose it in a divorce, you should protect it with a prenup,” Rodgers says. 

If your marriage ends and you don’t have a prenup, a divorce court determines how your assets will be divided, and divorce laws vary by state. “By having a prenup, you decide the rules for yourself,” Rodgers says. “Without a prenup, you’re letting the state decide for you.”

Prenup essentials

In a prenuptial agreement, each person must disclose all of their financial information, including assets and debts. Assets that should be listed in a prenup include bank accounts, investments, real estate, small-business holdings, jewelry and other valuables. 

Assets designated as separate property in the prenup can’t be divided with your spouse in the event of a divorce. Assets that aren’t designated as separate will be considered marital, or community, property and split 50- 50 in a divorce. 

Although your Social Security payments are not considered community property, you can use the prenup to protect retirement plans and accounts such as pensions, 401(k)s and IRAs, says Kristen Marinaccio, a family law attorney with Brach Eichler LLC in Roseland, N.J. 

Amanda Singer and Brad Farrow, who were married in 2020, decided to keep their retirement accounts as separate property in their prenup but designated their investment accounts as community property. Singer, a family law attorney in San Diego, says their prenup also stipulates that the percentage of her business that’s designated as community property will increase every five years that the couple is married. 

In addition to determining how to divide assets, a prenup can help you split up your debts. If you and your future spouse don’t want to be liable for each other’s student loans, credit card balances and other debts in the event of a divorce, your prenup can clarify that you want to keep your debts separate.

Spousal support

If you earn more than your spouse or vice versa, you can specify in your prenup how much support the lower-earning spouse will receive if you divorce. You can also spell out whether the support will be provided in a lump sum or monthly payments, along with how long you’ll need to be married before a specific amount of support is provided, Marinaccio says. 

Singer and Farrow’s spousal support agreement is based on a percentage of the difference in income between the higher- and lower-earning spouse. For example, if the difference between their salaries is $30,000, the lower-earning spouse could get 10% of the difference, or $3,000 a month, in spousal support. They also limited how many years spousal support will be provided, based on a percentage of the number of years they’re married. If they divorce after 20 years, for example, the lower-earning spouse can only collect spousal support for 10 years. 

Child support or child custody can’t be included in a prenup because that must be settled by a family court judge. You also can’t include day-to-day non-financial matters, such as how to divide chores. 

If your marriage ends and you’re unhappy with the terms of the prenup, you can contest it in a family court. The court can void the prenup if it finds that the agreement gives one of the divorcing spouses an unfair advantage, Marinaccio says. However, challenging a prenup is difficult. In most cases, you must demonstrate that it would leave you destitute or that you signed it under duress. 

Once you’ve drawn up a prenup, both you and your partner should sign it, and you should also have it notarized. In some states, such as Florida, an attorney must review the prenup in order for it to be valid.

Prenups can cross state lines

If you live in one of the nine community-property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), a prenup can override community-property laws that require you to split your assets and debts 50-50 in a divorce. A prenup will also override laws in states that require equitable distribution of assets based on both partners’ incomes. 

If you’re planning to move after your marriage, you can include a “choice of law” clause that lets you choose which state will enforce your prenup. For example, if you sign your prenup in New York and stipulate that you want your prenup enforced under that state’s prenup law, the prenup will be enforced according to New York law even if you divorce after moving to New Jersey. 

In addition, the Uniform Premarital Agreement Act can help you make your prenup binding in multiple states. The UPAA has been enacted in 28 states and Washington, D.C. (find the full list of states here). The act creates a unified standard for prenups that can be enforced in participating states. You should consult a lawyer to see how each state will interpret your prenup, especially if you live in a state that hasn’t enacted UPAA.

What a prenup costs

Hiring a family law attorney to draw up a prenuptial agreement can cost from $1,000 to $10,000, depending on the complexity of the contract. 

Hello Prenup charges $599 per couple, plus $50 for notarization, for a program that guides you and your intended spouse through detailed questionnaires about your assets, debts, inheritances and more. You can ask an attorney questions for an extra $99 per partner. If you want an attorney to represent you, conduct a thorough review and digitally sign your prenup, it’s an additional $699 each. 

Rocket Lawyer provides a template you can use to create a prenup. The cost is $19.99 a month after a seven-day free trial. Another DIY option is Law Depot, which offers a downloadable prenuptial agreement. You can sign up for a one-week free trial; after that the cost is $33 a month. If you use one of these services, consider paying a lawyer to review your prenup to make sure it’s enforceable.

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