Buying a home is a big financial decision that isn’t right for everyone. Whether buying or renting is better for you depends on your current lifestyle and financial situation. Here are some factors to consider when deciding between buying vs renting.

Renting provides more flexibility and less risk. If you rent, it’s easier to move to a new place with a shorter lease commitment. You also aren’t responsible for any maintenance or repair costs, so there are fewer financial risks. However, you won’t build any equity or own an asset.

Buying builds equity and stability. When you buy a home, your mortgage payments go toward owning an asset that will likely appreciate in value over time. You can also customize and renovate the space to your liking. However, buying requires a large down payment, good credit, and a long-term financial commitment to paying off a mortgage.

Consider your current lifestyle and future plans. If you move frequently or aren’t ready to settle down in one place for a long time, renting is probably better. Buying only makes sense if you plan to stay in the home for at least 5-7 years. Think about if your living situation may change in the coming years due to relationships, family, or jobs.

Factor in your finances and job security. To buy a home, you’ll need enough saved for a down payment and closing costs, as well as a steady income to qualify for a mortgage and afford monthly payments. If your income or job is unstable, renting poses less financial risk. But if you have savings, good credit, and a consistent income, you’re in a good position to buy.

There are also hybrid options like renting to own or buying a multi-family property. A rent-to-own agreement lets you rent for a period of time before buying the home. And a multi-family or mixed-use property with rental units can provide income to help offset your costs. These options may provide more flexibility than buying or renting alone.

In the end, you need to weigh all these factors and determine what will work best for your unique situation. While buying a home is an exciting milestone, make sure you go in with your eyes open to both the rewards and responsibilities that come with it. If renting will allow you to live more freely and focus on other financial goals for now, that may be the smarter choice. But if you’re ready to settle down and want to build equity in your own place, buying could be the right move.

Insurance is one of those necessary evils in life that we don’t fully understand but know we need. There are many types of insurance policies available, from health and life to home and auto. It can be confusing to determine what coverage you really need and what is excessive. Here is a breakdown of the essential insurance policies you should have versus what you can probably skip.

Homeowner’s or renter’s insurance is highly recommended to protect your most valuable assets. It covers damage or loss of your home and belongings from events like fire, theft, or natural disasters. Without it, you could face major financial losses if something were to happen to your home. For renters, a basic policy covers your belongings from the same types of risks. These policies are relatively affordable and provide solid protection.

Health insurance is vital to cover expensive medical costs. Hospital stays, surgeries, and long-term care can easily reach hundreds of thousands of dollars without insurance. While health insurance plans vary in coverage and cost, having at least a basic major medical policy is critical to avoid potential financial devastation from health issues.

Life insurance provides financial protection for your loved ones if something were to happen to you. The most common types are term life and whole life insurance. Term life lasts for a specific period of time and is more affordable. Whole life insurance is permanent and builds cash value over time but is more expensive. For most people, a term life policy for 10 to 30 years of coverage is sufficient and the most budget-friendly option.

On the other hand, some types of insurance you may not need include mortgage life insurance, credit card insurance, and cancer or dread disease insurance. These provide limited benefits at often high costs. Mortgage life insurance only pays off your mortgage in the event of death, but a regular term life policy provides more comprehensive coverage for your family. Credit card and dread disease insurance also have limited scope and may exclude many conditions. It is best to avoid these niche insurance policies in favor of more broad coverage.

In the end, the essential insurance policies to have are homeowner’s or renter’s, health, and life insurance. These provide the best protection at a reasonable cost for most situations. Be wary of high-pressure sales tactics for insurance you likely do not need. With the right coverage and adequate limits, insurance gives you confidence that you and your family’s wellbeing are protected from life’s uncertainties.

Travel doesn’t have to cost a fortune. Here are some tips to experience the world without breaking the bank:

Travel in the off-season. Visiting destinations in the shoulder months, just before or after the busy summer season, can save you a bundle on flights and accommodation. The weather is still pleasant in many places, the crowds are smaller, and deals abound. Some of the best times are April-May and September-October in Europe, and December-February in Southeast Asia.

Be flexible with your dates. Flying midweek or non-direct can often save you money. Don’t be afraid to take a budget airline for short hops between cities or countries. They get you where you need to go for a fraction of the price.

Travel slowly. Take longer to explore each destination. Not only will you save on transportation costs, but you’ll appreciate each place more fully. Look into weekly and monthly rentals to save on accommodation. Eating in and cooking for yourself is much more budget-friendly than eating out for every meal.

Consider alternative lodging. Forget expensive hotels and resorts. Options like hostels, homestays, couchsurfing, and house sitting will allow you to save on accommodation costs. You’ll also get to connect with locals and other travelers. Many offer private rooms in addition to dorms.

Walk, bike or use public transit. Save money on taxis, rental cars and tour buses by using your own two feet or public transportation to get around. Not only is it budget-friendly but also a great way to soak in the sights and sounds of a place at a leisurely pace.

Buy a travel rewards credit card. Use it to pay for all your travel-related expenses like flights, hotels, meals, and souvenirs. Redeem the points you earn for free flights and accommodation. Some cards offer bonus points for signing up that can translate into big savings. Be sure to pay the balance in full each month to avoid interest charges.

Take free walking tours. Many cities offer walking tours with local guides that introduce you to the history, culture, architecture and hidden gems. They provide an affordable way to get oriented, learn about the destination, and pick up some budget-friendly tips from the guide. Be sure to tip generously at the end.

Eat street food and take cooking classes. Street food is a delicious, affordable way to sample authentic local cuisine. Cooking classes are also a great way to learn recipes and techniques to recreate your favorite dishes at home. You’ll save money by cooking more meals yourself.

Take advantage of free museums and attractions. Most cities offer access to museums, galleries, public spaces, religious sites and more at no cost. They provide a frugal way to soak in the local culture and see some world-class art and artifacts. Donate a small amount if you’re able to.

Travel with friends or family. Sharing accommodation and transportation costs with others is an easy way to cut down on expenses. You can also split meals, activities and guide fees. Traveling with a group allows you to do and experience more for less. Discuss budgets and financial expectations before the trip to avoid surprises.

Save on data and calling. Disable data roaming on your phone to avoid hefty charges. Use Wi-Fi whenever possible to connect to the internet. Consider purchasing a local SIM card if staying long-term in one country. Use calling apps like WhatsApp, Skype and FaceTime to make free audio and video calls.