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Travel Insurance Family: How to Choose the Best Plan for Your Loved Ones
Traveling with your family is exciting but can come with unexpected risks. That’s why travel insurance family plans are essential—they protect you and your loved ones from mishaps like missed flights, lost luggage, or medical emergencies. If you’re wondering about annual family travel insurance, want to find cheap family travel insurance, or need to compare family travel insurance options, this guide will help you make the right choice.
What Is Family Travel Insurance?
A family travel insurance plan covers everyone in your family under one policy, instead of buying individual plans for each person. It works just like individual travel insurance but simplifies managing claims and coverage for your whole group.
What Does Family Travel Insurance Cover?
Coverage varies by plan, but most family travel insurance policies include:
- Emergency medical coverage: Covers unexpected medical expenses abroad.
- Trip cancellation and interruption: Reimburses non-refundable trip costs if you must cancel or cut your trip short.
- Luggage protection: Covers lost, stolen, or delayed baggage.
- Emergency travel assistance: Helps with emergencies like medical evacuation.
- Rental car insurance: Sometimes included or available as an add-on.
- Cancel For Any Reason (CFAR): Optional coverage that lets you cancel your trip for reasons not covered by standard policies.
Who Should Get Family Travel Insurance?
If your family trip involves significant expenses or multiple bookings, family travel insurance is a smart choice. Before buying, check if your travel credit cards already offer some coverage. For example, the Chase Sapphire Reserve® card covers many family members when you use it to pay for your trip.
Family members typically covered include:
- Spouse or partner
- Children and stepchildren
- Parents and stepparents
- Grandparents
- Aunts, uncles, nieces, and nephews
Top Family Travel Insurance Options to Consider
To help you find the best plan, here’s a quick look at top-rated family travel insurance providers based on coverage, cost, and flexibility.
*Based on a sample family trip costing $12,000
Allianz Travel
Offers customizable plans including rental car and Cancel Anytime insurance. Great for families needing coverage for pre-existing conditions and lost baggage protection.
World Nomads
Known for affordable plans that cover over 200 adventure activities like skiing and rafting. Ideal for active families who want extra protection.
AXA
Provides 100% trip cost coverage for cancellations and interruptions, plus trip delay and missed connection benefits.
IMG
One of the cheapest options, with up to $2 million in emergency medical coverage and flexible deductibles.
Tin Leg
Offers strong trip interruption benefits and covers pre-existing conditions. Pricing varies, so comparing plans is key.
How to Choose the Best Family Travel Insurance
- Compare plans online: Use comparison tools to see coverage and prices side by side.
- Check what your credit cards cover: Some cards offer travel insurance that might reduce what you need.
- Consider your travel style: If your family enjoys adventure sports, pick a plan like World Nomads.
- Look for customizable options: Add-ons like rental car insurance or CFAR can be valuable.
- Read the fine print: Understand exclusions and claim processes.
Final Thoughts
Family travel insurance is a must-have for peace of mind on your next trip. It protects your family from costly surprises and lets you focus on making memories. Start by comparing policies that fit your family’s needs and budget.
Ready to find the best family travel insurance? Check out Squaremouth’s comparison tool to get free quotes and secure your trip today!
2026-01-16 · 19 days ago0 0526Don’t Start a Business Without Knowing This: The Truth About Cost of Goods Sold COGS
What Is Cost of Goods Sold (COGS)? Why Every Business Owner Must Understand It
If you run a business—whether you're selling on Amazon, running a Shopify store, or even managing a traditional brick-and-mortar shop—you must understand Cost of Goods Sold (COGS). Why?
Because knowing how to calculate COGS isn't just about crunching numbers—it’s about understanding how much money you’re really making.
COGS is one of the most important accounting metrics that affects your profits, taxes, pricing strategy, and even inventory management. Yet so many business owners and aspiring entrepreneurs ask the same thing:
- What is cost of goods sold?
- How to calculate cost of goods sold?
- Is cost of goods sold an expense?
- What does cost of goods sold mean?
What is Cost of Goods Sold? The Foundation of Your Business’s Profitability
Cost of Goods Sold (COGS) refers to the direct costs of producing the goods or services a business sells during a specific period. These costs include raw materials, labor, and manufacturing expenses but exclude indirect costs like marketing or rent. Understanding what is cost of goods sold is critical for business owners because it directly impacts your gross profit and, ultimately, your bottom line.For example, if you run a coffee shop in the US, your COGS would include the cost of coffee beans, milk, sugar, and the wages of baristas preparing the drinks. In contrast, the rent for your shop or the cost of advertising on social media wouldn’t count as COGS. Knowing this distinction helps you answer, Is cost of goods sold an expense?
Yes, it’s an expense—but a specific one tied directly to production. By mastering COGS, you can:
- Accurately calculate your profit margins.
- Identify areas to cut costs without sacrificing quality.
- Make informed pricing decisions to stay competitive in markets like the US, UK, or Australia.
Why Should You Care About COGS?
Whether you’re a seasoned retailer in New York or a startup owner in London, understanding how to find cost of goods sold is essential for several reasons:
1- Profitability Analysis: COGS directly affects your gross profit, which is calculated as: Gross Profit = Revenue – COGS. A lower COGS means higher profits.
2- Tax Deductions: In many countries, including the US and UK, COGS is deductible, reducing your taxable income.
3- Pricing Strategy: Knowing your COGS helps you set prices that cover costs while remaining competitive.
4- Inventory Management: Tracking COGS helps you monitor inventory levels, avoiding overstocking or shortages.
For instance, a UK-based clothing retailer might notice rising fabric costs impacting their COGS. By analyzing this, they can negotiate better supplier deals or adjust prices to maintain profitability in GBP.
How to Calculate Cost of Goods Sold: The Simple Formula
Let’s get to the heart of the matter: how to calculate cost of goods sold. The cost of goods sold formula is straight forward: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory Here’s a step-by-step guide to make it crystal clear:
1- Determine Your Beginning Inventory: This is the value of your inventory at the start of the accounting period (e.g., January For example, a US bakery might start the year with $10,000 worth of flour, sugar, and other ingredients.
2- Add Purchases During the Period: Include all costs related to acquiring or producing additional inventory, like raw materials or direct labor. If the bakery buys $5,000 more supplies in January, this is added to the equation.
3- Subtract Ending Inventory: At the end of the period (e.g., January 31), calculate the value of unsold inventory. If the bakery has $3,000 left, subtract this amount.
4- Calculate COGS: Using the formula:
COGS = $10,000 (Beginning Inventory) + $5,000 (Purchases) – $3,000 (Ending Inventory) = $12,000
This $12,000 represents the bakery’s COGS for January, reflecting the cost of goods sold to generate revenue.
How to Find Cost of Goods Sold in Different Business Models
The process of how to find cost of goods sold varies slightly depending on your business type:
1- Retail Businesses: For retailers, COGS includes the cost of purchasing products from suppliers. A US-based electronics store, for example, would count the wholesale price of phones or laptops.
2- Manufacturing Businesses: Manufacturers include raw materials, direct labor, and factory overhead. A UK car parts manufacturer would factor in steel, assembly line wages, and machine maintenance costs.
3- Service-Based Businesses: Service businesses may not have traditional inventory, but COGS can include labor costs for service delivery. A freelance graphic designer in Australia might include software subscriptions or printing costs as COGS.
By tailoring your COGS calculation to your business model, you ensure accurate financial reporting, whether you’re dealing in USD, GBP, or AUD.
Is Cost of Goods Sold an Expense? Clearing Up the Confusion
A common question is, “Is cost of goods sold an expense?” The answer is yes, but it’s a specific type of expense. COGS is classified as a direct expense on your income statement, distinct from operating expenses like rent or utilities. This distinction matters because COGS directly ties to revenue generation,
making it a critical metric for assessing business efficiency. For example, a Canadian e-commerce store selling handmade jewelry would list the cost of beads, wires, and packaging as COGS,
while their website hosting fees would fall under operating expenses. Understanding this helps you optimize both direct and indirect costs.
Common Mistakes to Avoid When Calculating COGS
Even seasoned business owners can stumble when calculating COGS. Here are pitfalls to watch out for:
1- Mixing Up Direct and Indirect Costs: Don’t include expenses like marketing or office supplies in COGS. Stick to costs directly tied to production.
2- Inaccurate Inventory Counts: Errors in beginning or ending inventory can skew your COGS, leading to faulty financial decisions.
3- Ignoring Currency Fluctuations: If you operate internationally, account for exchange rates (e.g., USD to EUR) when calculating purchases.
4- Overlooking Labor Costs: For manufacturers or service providers, direct labor (e.g., wages for production workers) must be included in COGS.
By avoiding these mistakes, you’ll ensure your COGS calculations are accurate and actionable.
Pro Tips to Optimize Your COGS and Boost Profits
Now that you know how to calculate cost of goods sold, let’s explore ways to optimize it:
- Negotiate with Suppliers: Bulk discounts or long-term contracts can lower raw material costs, whether you’re in the US or Australia.
- Streamline Production: Invest in efficient processes to reduce labor or manufacturing expenses.
- Monitor Inventory Closely: Use inventory management software to avoid overstocking, which ties up capital and increases COGS.
- Analyze COGS Regularly: Track COGS monthly or quarterly to spot trends and adjust strategies, ensuring profitability in any currency.
For instance, a small business in London might switch to local suppliers to reduce shipping costs, lowering their COGS and boosting profits in GBP.
Ready to Take Control of Your Business Finances?
Understanding what is cost of goods sold and how to calculate cost of goods sold is more than just number-crunching—it’s a game-changer for your business.
cost of goods sold formula, you can make informed decisions that drive profitability and growth. Whether you’re a retailer in the US, a manufacturer in the UK, or a service provider in Australia,
COGS is your key to financial success.
Your Profits Are Hiding in Plain Sight—Start Tracking COGS the Smart Way with BYDFi!
2026-01-16 · 19 days ago0 0355The Smart Saver’s Guide to High Yield Savings Accounts in 2025
What Is a High Yield Savings Account?
A high yield savings account (HYSA) is a savings account that offers significantly higher interest rates—often 10 to 20 times the national average of 0.38%—allowing your money to grow faster through compound interest. Unlike traditional savings accounts offered by brick-and-mortar banks, HYSAs are typically provided by online banks, credit unions, or fintech companies, which can offer better rates due to lower overhead costs.
These accounts are ideal for U.S. residents looking to save for short-term goals, like an emergency fund, a vacation, or a home down payment, while keeping funds liquid and federally insured up to $250,000 by the FDIC or NCUA.
Key Benefits of a High Yield Savings Account:
- Higher Returns: Earn high yield savings account rates up to 5% APY or more, compared to 0.01%-0.38% for traditional accounts.
- Safety: FDIC or NCUA insurance protects your money up to $250,000 per depositor, per ownership category.
- Liquidity: Access your funds anytime without penalties, unlike CDs, though some banks limit monthly withdrawals.
- Low or No Fees: Many HYSAs, especially from online banks, have no monthly fees or minimum balance requirements.
If you’re wondering what is the best high yield savings account for your needs, it depends on factors like APY, fees, and accessibility. Let’s explore how these accounts work to help you decide.
How Does a High Yield Savings Account Work?
Understanding how a high yield savings account works is key to maximizing its benefits. HYSAs function like traditional savings accounts but with a turbo-charged interest rate.
Deposit Your Money: You open an account with a minimum deposit (sometimes as low as $0-$100) and fund it via ACH transfer, direct deposit, or mobile check deposit.
Earn Compound Interest: Interest is typically compounded daily or monthly, meaning you earn interest on your principal and the interest already accrued. For example, a $10,000 deposit at 4% APY could earn over $400 in the first year, compared to just $38 in a traditional savings account.
Variable Rates: HYSA rates are tied to the Federal Reserve’s federal funds rate, so they can fluctuate. In 2025, rates remain high (around 4%-5%) due to steady Fed policies.
Access Your Funds: Withdraw money when needed, though some banks cap free withdrawals at six per month to encourage saving.
To see your potential earnings, use a high yield savings account calculator. For instance, inputting $5,000 at 4.5% APY with monthly $200 deposits can show how your savings grow over time. Many banks, like Synchrony or Discover, offer free online calculators to estimate your returns.
How to Open a High Yield Savings Account
Ready to start saving smarter? Opening a high yield savings account is straightforward, especially with online banks. Follow these steps to get started:
Research the Best Options: Compare high yield savings account rates, fees, minimum balance requirements, and digital banking features. Top picks for July 2025 include:
- Varo Bank: 5.00% APY with a $1,000 monthly direct deposit.
- Axos Bank: 4.66% APY with no minimum deposit.
- Synchrony Bank: 4.00% APY, no fees, and an optional ATM card.
Gather Required Information:
- A U.S. address
- Social Security Number or Individual Taxpayer Identification Number
- A government-issued ID (e.g., driver’s license or passport)
- Proof of address (e.g., utility bill)
Apply Online: Most HYSAs can be opened in minutes via the bank’s website or mobile app. For example, Openbank’s app allows account setup in under five minutes.
Fund Your Account: Transfer funds from a linked checking account, deposit a check, or set up direct deposit. Some banks, like Discover, have no minimum opening deposit.
Set Up Online Banking: Monitor your account, track interest earnings, and manage transfers through a mobile app or website.
Pro Tip: Check for promotional rates, but beware of temporary offers that drop after a few months. Always read the fine print for minimum balance or deposit requirements to earn the advertised APY.
What Is the Best High Yield Savings Account for You?
Choosing the best high yield savings account depends on your financial goals, whether you’re in the U.S. saving in USD for an emergency fund, a big purchase, or a down payment. Here’s how to pick the right one:
Prioritize High APY: Look for accounts offering 4% APY or higher. Varo Bank and Fitness Bank currently lead with 5.00% APY.
Avoid Fees: Opt for accounts with no monthly maintenance fees or minimum balance requirements, like Forbright Bank’s Growth Savings.
Consider Accessibility: If you need frequent access, choose an account with an ATM card, like Synchrony or UFB Direct.
Check Digital Tools: A user-friendly mobile app, like UFB Direct’s highly rated one, makes managing your savings easier.
Evaluate Bonuses: Some banks offer sign-up bonuses, like Discover’s bonus for new customers (credited within 60 days, offer ends 09/11/2025).
Top Picks for 2025:
- Varo Bank: Best for highest APY (5.00%) with direct deposit.
- Synchrony Bank: Best for no fees and ATM access (4.00% APY).
- Discover Online Savings: Best for no minimum deposit (3.50% APY).
- Forbright Bank Growth Savings: Best for eco-conscious savers with no fees.
User Concern: If you’re worried about online-only banks, rest assured they’re FDIC-insured, offering the same $250,000 protection as traditional banks. However, if you prefer in-person banking, consider credit unions or premium savings accounts at national banks like Capital One.
Maximize Your Savings with a High Yield Savings Account Calculator
Wondering how much you could earn? A high yield savings account calculator helps you project your savings growth based on your initial deposit, monthly contributions, and APY. For example:
Scenario: around $10,000 initial deposit, 4.5% APY, $200 monthly deposits for 5 years.
Result: You could earn approximately $2,700 in interest, growing your balance to over $12,700, assuming daily compounding and no withdrawals.
Most online banks, like Synchrony and Popular Direct, offer free calculators on their websites. Input your deposit amount, expected contributions, and time frame to see how a high-yield savings account can accelerate your savings.
Common Pain Points and Solutions
Concern: Are high yield savings accounts safe?
Solution: Yes, as long as the account is FDIC- or NCUA-insured, your deposits are protected up to $250,000. Always verify the bank’s FDIC status on FDIC.gov.
Concern: Will the rates stay high?
Solution: HYSA rates are variable and tied to the Federal Reserve’s policies. While 2025 rates are strong (4%-5%), they may dip if the Fed lowers rates. Stay nimble and switch banks if your rate drops significantly.
Concern: What if I need my money quickly?
Solution: HYSAs offer liquidity, but check withdrawal limits. Online banks like UFB Direct provide ATM cards for instant access.
Why Act Now?
In 2025, high yield savings account rates remain a rare opportunity to grow your money safely while outpacing inflation. With traditional savings accounts offering as little as 0.01% APY, you’re losing purchasing power every day. By switching to a high-yield savings account, you can:
1- Earn hundreds or thousands more in interest annually.
2- Keep your money safe with FDIC insurance.
3- Stay flexible for short-term goals or emergencies.
Don’t let your savings stagnate. Use a high yield savings account calculator to estimate your earnings, compare the best high yield savings accounts, and open an account today to start growing your wealth faster.
Conclusion: Take Control of Your Financial Future
A high yield savings account is a powerful tool for U.S. savers looking to maximize returns without risking their money. By understanding what a high yield savings account is, how it works, and how to open one, you’re equipped to make an informed decision. Whether you choose Varo Bank for its 5% APY or Synchrony for its no-fee flexibility, the right HYSA can transform your savings strategy.
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2026-01-16 · 19 days ago0 0956
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