A guy gets a flat tire and finds the spare is flat, too. Where’s inflation when you need it? A bad joke but a good reminder to be prepared before you set out on your summer vacation trip in the car. Rob has some tips for the open road on this MoneyWise.
A guy gets a flat tire and finds the spare is flat, too. Where’s inflation when you need it? A bad joke but a good reminder to be prepared before you set out on your summer vacation trip in the car. Rob has some tips for the open road. This is MoneyWise Live - biblical wisdom for your financial journey. The National Highway Traffic Safety Administration has a great checklist checklist of things to do before and after heading out this summer.
MAINTENANCE - If you want to be prepared for anything along the highways and byways, start with inspecting and maintaining your vehicle. It’s important to perform routine maintenance and follow your car’s maintenance schedule. That’ll keep your warranty in good standing and help you avoid breakdowns. So inspect your car’s fluid levels, wiper blades, tire pressure, lights and air conditioning.
RECALLS - You’ll want to check for any recalls on your vehicle. Dealerships do those repairs for free, but a lot of people still drive cars with safety recalls. Things get busy in the summer, so don’t wait until the last minute to schedule repairs.
KIDS - If you have kids, their safety is your main concern.
All under 13 years old should ride in the back seat.
Birth-1 year, in a rear-facing seat.
1-3 years in a forward facing seat.
4-7 years in a booster seat.
It’s also a good habit to check the rear seat every time you leave your vehicle, to make sure you haven’t forgotten about a child or pet back there. Sadly, the NHTSA says nearly 40 children die each year due to heatstroke from being forgotten in a car.
SAFETY KIT - Put together a basic safety kit before hitting the open road where anything can happen. Make sure you bring these items:
A cell phone and charger
First aid kit
Flashlight
Flares
Jumper cables
A jack
Water
Non-perishable food items
Washer fluid
The always useful duct tape
TRAFFIC - It may seem liberating to just head out with a general destination in mind, but since you don’t always know what lies ahead, planning your trip carefully may save you a lot of headaches. Check road conditions, weather, and traffic before you set out. Smart phones have plenty of apps for that and they come in pretty handy if you have to call for a tow truck.
RENTALS - If you’re renting a car, pick it up a few hours early so you can get familiar with it before heading out. Check the manual for safety features. Get acquainted with the dashboard and switches so you don’t have to do that while driving. On some makes, even the location of the trunk and fuel hatch buttons can be a bit of a mystery at first.
AVOID RUSH HOUR - Try to drive during non-peak hours. Those would be during morning or evening rush hour, Monday through Friday, and weekend afternoons and evenings during summer. Instead, leave between rush hours on Friday or early Saturday morning.
On the return trip, try to leave after the morning rush on Monday if you can afford the time away. Also, try to avoid night driving. A National Sleep Foundation survey found that over 100 million people have fallen asleep at the wheel at some point. Pull into a rest stop if you feel yourself getting fatigued. Get out and stretch your legs. It’s also good to keep the air conditioning at a cool setting while driving. Warmer temps may make you feel drowsy.
QUALIFIED DRIVER - If you have older children who are qualified to drive, a road trip can be a good way for them to gain highway experience, so share the driving as long as you remain attentive in the shotgun seat.
BE POLITE - You also want to share the road. Keep your eyes peeled not just for other cars and trucks, but also motorcycles, bicycles and pedestrians that tend to be out in droves during the warm summer months. Pay attention to the distance you give other vehicles. There used to be a guideline that you should leave one car length separation for every 10 miles of speed, but in recent years, analysts have realized you have to give more than that at higher speeds when stopping time is critical. So adjust accordingly, and never tailgate. Getting there a few seconds faster is never worth putting yourself, your passengers and other vehicles at risk.
BUCKLE UP - Everyone should be buckled up. The American Medical Association says traffic accidents are a leading cause of deaths in the U.S., but wearing a seatbelt can greatly improve your odds of surviving a crash.
BUDGET FOR GAS - Make sure you’ve factored gasoline prices into your vacation budget. They tend to go up sharply during the summer, and highway and interstate gas stations tend to have the highest prices.
Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
Is it a good idea take a loan out on your 401(k) to buy a car?
If you're retired, working a small part-time job, single with no children and you really need your retirement account to make ends meet starting near the end of the year and you recently lost about 15% (from $350,000 to $297,500) of the account even though it's well diversified, what should you do if you're growing very concerned about whether it can last?
Should you believe that, in the very near future, using silver and gold will be the only way to purchase things?
Can you roll over from a Roth IRA to I Bonds?
If you're in your 30s and would like to purchase a house but you have student loans in excess of $100,000, should you pay off the loans, then focus on the house or pay the minimum payment on the student loans and save for the house simultaneously?
If you have 2 daughters, 15 and 11, and have a 529 plans for each that isn't growing as you'd like, are there any changes you could make to improve earnings?
If you're in your 30s, you've begun budgeting and you're being fiscally responsible, but you have $12,000 of student loans, how can you take steps to attack your debt so that you're a good steward of your money?
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