These senior discounts could save you up to $200 on a round trip flight – and possibly more. The average domestic airfare is $349.17, according to the latest federal data. That is before luggage fees or in-flight entertainment. To cut costs pack lighter, use frequent-flyer miles and select the most inconvenient travel times. But if you are 50 or older, there is one more way to save: Ask for a senior discount. Here are a few airlines that offer senor discounts:

1. American Airlines
2. British Airways
3. Delta Air Lines
4. Southwest Airlines
5. United Airlines

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Today is Election Day! Remember to VOTE!

Voting is also a means to support financial literacy legislation. Financial literacy education programs and consumer protections and all decided at the ballot box. Financial literacy education in schools, in the workplace, and state-wide education is an important measure to prepare citizens to be aware of consumer protections that affect our daily lives. Contact your local representatives to let them know that you want financial literacy education programs in your community.

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Using plastic to make purchases is convenient, but it carries a risk. Take precautions to avoid all-too-common forms of credit card fraud. Using credit cards to make purchases has become so routine that it’s easy for consumers to forget they’re at risk of becoming the victims of fraud. Be diligent by following these tips:

1. Carefully review billing statements
2. Use a shredder
3. Closely guard your credit card details
4. Beware of skimmers
5. Destroy old credit cards

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Tax savings is a key advantage of 529 plans which are great savings for higher education. Morningstar analyzed and earned positive ratings – either ”Gold, ”Silver”, or ”Bronze”.

Still, only four plans earned the highest positive rating – and they are the same four plans that earned the rating last year. These Gold-rated plans, and the states that sponsor them, are:

1. Bright Start College Savings – Illinois
2. Invest529 – Virginia
3. Vanguard 529 College Savings – Nevada
4. my529 (formerly know as Utah Educational Savings Plan) – Utah

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You do not need to pay back your reverse mortgage as long as you continue to live in your home, and you do not have to make any payments on the loan. However, you will need to keep up with other housing costs like property taxes, homeowners insurance, repairs and association dues. When the owner of the home dies, the loan will be due. Your heirs can pay off the loan balance if they want to keep the property to settle the debt. There are a few drawbacks to getting a reverse mortgage:

1. fees
2. interest grows over time
3. no annual tax deduction for interest
4. loan must be repaid if you move out
5. additional housing costs and;
6. a smaller inheritance

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Reverse mortgages have gained popularity in recent years and provide additional monthly income for adults aged 62 and older with equity in their homes. Reverse mortgages let you borrow against your home’s equity so that you receive cash without selling your home. You can choose to receive a lump-sum payout, regular payments overtime, or set up a line of credit that allows you to take out money when you need it.

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It’s good to exercise caution even with reputable lenders, but many lenders are on the up-and-up. Legitimate lenders will conduct a credit check, won’t pressure you into agreements and may offer financial education and  tools to help you understand the details of your loan. Arming yourself with knowledge can help you understand what to look for in a loan and avoid bad terms.

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This 1968 law empowers borrowers in a few important ways. Lenders must clearly summarizes the APR, sum of all payments, total amount paid in interest and fees, and the total credit granted in a disclosure given to borrowers before they sign a loan contract. This law also gives borrowers the right to change their mind, in which they have three days after signing certain loans to cancel the loan.

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Learn to steer clear of these loans, which are great for the lender but horrible for your wallet. Payday loans are typically seen as predatory because the costs can escalate quickly: Annual percentage rates can reach 40o percent or higher, and borrowers may be encouraged to roll fees into expensive new loans. But mainstream loans, such as mortgage and auto loans, may have predatory terms, too. Learn how to protect yourself from these loans, how to spot one and alternative ways to borrow money. Research the lenders business record and whether they have questionable consumer rights actions or litigations.

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Cash in on unwanted gift cards instead of letting them go to waste by turning to trusted exchange sites. The five top websites to sell gift cards are:

1. Cardcash.com
2. Cardpool.com
3. Giftcash.com
4. CardKangaroo.com
5. Raise.com

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