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Apple sometimes bundles multiple App Store purchases and subscriptions into a single transaction, which may not be charged to a user’s account until several days later.
Some consumers face budgeting challenges and hefty overdraft fees as they grapple with the unpredictability of when charges will hit their accounts.
“They’re not accounting for that charge hitting later, and they may spend [the money] on something else in the meantime and then end up with hefty fees,” one expert said.

Igor Golovniov | SOPA Images | LightRocket via Getty Images

For many purchases, once you swipe your debit or credit card or click “buy now,” that transaction swiftly shows up as pending on your account. But that’s not always the case if you’re shopping in Apple’s App Store. 
Apple is known to do something called “bundled billing,” where it groups purchases made within a certain period into a single charge. 

The tech giant has used the practice since the early days of the iTunes Music Store in 2003, and it often means users can purchase apps, subscriptions, books and music without having the funds charged to their account until several days later.
It may seem like a small difference in timing, but Apple’s practice of delaying and combining charges can lead some consumers to face budgeting challenges and hefty overdraft fees as they grapple with the unpredictability of when expenses will hit their accounts. 
“It doesn’t make any sense,” said developer David Barnard, growth advocate for RevenueCat, which makes a tool to automate Apple’s billing on the developer side. Barnard has also experienced the delay with some of his own App Store purchases. 
“In modern times, where you purchase something online and you get an email receipt within seconds, it’s a bizarre practice,” he said.

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Longtime Apple user Savannah Moore, 35, of Buena Vista, Colorado, told CNBC the bundling affected her less when she worked full-time and generated more income. But now that she’s on disability and only gets paid once a month, she said not knowing when she’ll be billed makes it harder to plan. 

Apple recently billed Moore a total of $15.98 for two separate transactions, a subscription and an in-app purchase, causing her to be charged three days after purchase for the subscription and two days after the in-app purchase.
With the delayed charges, she said she is often misled by her account balance and has incurred overdraft fees on multiple occasions. 
“I go out with my friends, buy a cheap drink and get a taco,” she said, recounting an experience. “I wake up the next morning and my account bounced because the taco was charged by the person I bought it from that night … but Apple didn’t charge what they were supposed to charge [days earlier], until also that night.”

A spokesperson at Merchant Advisory Group, which works with more than 150 merchants across the U.S., said it’s not unusual for businesses to develop systems that help them minimize the transaction costs imposed by card networks. Starbucks, for instance, has a rewards program that incentivizes customers who pay with a Starbucks gift card by awarding two “stars” for every $1 spent, as opposed to one star if they were to pay with a credit or debit card. 
“It’s really the same process, just a different way of making that process work.”
That said, Apple’s practice is unique among major app stores.
Asked about the practice, an Apple spokesperson told CNBC in an emailed statement that the company sometimes bundles multiple purchases and subscriptions into one bill for the convenience of its customers, and sends a single email receipt instead of an individual email for every purchase a customer makes. It also notes the practice on its website in the support section on how to confirm billing charges.
Apple did not respond to follow-up requests to clarify how it determines the duration of a delayed charge and when it decides to group purchases.
Meanwhile, Google Play does not bundle, a company spokesperson told CNBC. Its website says that customers are charged “shortly” after purchasing content and will receive a confirmation email with their order information. 
An Amazon spokesperson said purchases on Amazon Appstore are treated separately and a “separate clear” notification is sent to the customer for each charge.

Bundling charges can cut ‘swipe fees’

There are likely financial advantages for Apple in bundling and delaying charges, some experts say.
Businesses have to pay a per-transaction fee — or “swipe fee” — each time they process an electronic payment. The swipe fee is typically a percentage of the transaction amount plus a fixed fee. Credit card swipe fees average 2.24% but can be as high as 4%, according to the Merchants Payment Coalition. The Federal Reserve capped debit card fees at 21 cents plus 0.05% of the transaction. 
By delaying a charge so it can be grouped with other purchases, Apple may be able to retain a larger profit margin.
Delayed and bundled charges were more comprehensible in the early days of the iTunes Music Store because charging a customer each time they purchased a $0.99 song would have been coupled with steep interchange fees, said Barnard, the developer. But the practice made less sense with the emergence of the App Store in 2008.

When we swipe our credit card or make a purchase, we’re happy. We enjoy buying stuff, we just don’t like seeing the transaction.

Michael Barbera
Chief behavioral officer at Clicksuasion Labs

Bundling could have cost-cutting perks for the customer, said Lawrence Sprung, a certified financial planner and the founder of Mitlin Financial in Hauppauge, New York.
Since Apple can save on transaction fees by grouping purchases, he said it’s also likely that customers can pay less for those purchases.
“If the company can keep their cost down, then the hope is that they’ll keep the cost down for the consumer,” Sprung said.

An illusion of spending less money less often

When a customer isn’t billed immediately after a purchase, it can drive them to make more purchases, according to psychology experts.
Bundled billing can reduce “pain of paying,” which refers to the negative emotions people experience when paying for goods or services, said consumer psychologist Michael Barbera, chief behavioral officer at Clicksuasion Labs. If a customer receives a receipt or notification after every purchase they make, they’ll be less likely to spend money in the future.  

“When we swipe our credit card or make a purchase, we’re happy,” Barbera said. “We enjoy buying stuff, we just don’t like seeing the transaction.”
So, when customers can indulge in an app or service without being billed on the spot, they’re more likely to associate their interactions with Apple as experiential rather than transactional, said Barbera — and that positively influences consumer behavior.
The practice of bundling charges and the lack of clarity on how the policy is executed create the illusion that customers are spending less money less often, said Avigail Lev, a clinical psychologist and consultant based in San Francisco.
That can lead to overspending — especially for people who aren’t the best at tracking expenses.

At some point, we kind of have to say, ‘Hey, I’m an adult. I know I’m spending this money, I need to keep track of it.’

Taylor Kovar, CFP
CEO and founder of Kovar Wealth Management

The financial consequences of bundled billing may also disproportionately affect people who live paycheck to paycheck, said behavioral scientist Piyush Tantia, chief innovation officer at Ideas42. Those individuals tend to have volatile income and expenses that make it difficult for them to track their finances thoroughly. 
“They’re not accounting for that charge hitting later, and they may spend [the money] on something else in the meantime and then end up with hefty fees,” Tantia said. “For someone who’s already tight on finances, that extra fee is very, very painful.”

How to limit the financial effect of delayed billing

Artistgndphotography | E+ | Getty Images

As Apple user Moore discovered, bundled billing can be more problematic for shoppers using debit cards. After the Consumer Financial Protection Bureau began scrutinizing banking fees, some banks have eliminated overdrafts or implemented more consumer-friendly policies. Even so, the average overdraft fee is $26.61 and can be as high as $38, according to recent data from Bankrate. 
Certified financial planner Taylor Kovar, CEO and founder of Kovar Wealth Management in Lufkin, Texas, said Apple’s delayed billing has affected some of his clients. Although it would be ideal for customers to know when they will be charged — as they do for many recurring bills such as utilities or student loans — he said, it’s still important for them to take responsibility for their purchases.
“At some point, we kind of have to say, ‘Hey, I’m an adult. I know I’m spending this money, I need to keep track of it,'” Kovar said. 
With technological advancements, Kovar said, consumers should take advantage of free budgeting apps that allow them to set up alerts and track where their money is going. He also said it’s safer to charge Apple App Store purchases to a credit card instead of a debit card because it protects against fraud and overdraft fees.

It’s not common for people to buy something and immediately check their bank accounts to see if the charge is posted, said behavioral scientist Michael Liersch, head of advice and planning for Wells Fargo Wealth and Investment Management. People tend to keep a “mental account” of their money as it comes in and goes out, and check in on it sporadically.
Due to this, he said, the delayed charges can affect people differently based on how often they engage with their finances.
“When you think of general consumer behavior, it’s not uncommon for people to look at that information possibly once a month,” Liersch said. “It’s much less usual for someone to look at it moment to moment or daily.”
For people to maintain agency over their finances with delayed billing, Liersch said it’s critical for them to focus on how much money they have available to spend on a daily, weekly and monthly basis. More

If you’re making $120,000 per year, saving $1 million for retirement might seem out of reach. But with a little dedication and the right timing, it’s certainly possible — if you stick to a clear plan.
As a rule of thumb, most financial advisors suggest that you save 10% to 15% of your salary for retirement. But if your goal is to get to $1 million, the percentage you need to invest will vary drastically depending on how old you are when you start investing.

CNBC crunched the numbers, and we can tell you how much of your income you’ll want to tuck away if you make $120,000 per year. 
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These numbers assume that you plan to retire at age 65 and have no money in savings now.
Financial advisors typically recommend the mix of investments in your portfolio shift gradually to become more conservative as you approach retirement. For investing, we assume an average annual 6% return. We don’t take into account inflation, taxes, pay increases or other savings-affecting factors life may throw your way, so make sure you plan accordingly. 
Watch the video above to learn how much you should be saving to reach your goal. More

Retail credit cards and buy now, pay later programs are ways to spread out payments on big purchases.
However, they both operate differently: one typically involves paying set amounts over time, the other requires committing to a new line of credit.
“Either tool can work for you, it really just depends on your particular situation,” said Matt Schulz, chief credit analyst at LendingTree.

Getty Images

Both retail credit cards and buy now, pay later programs can offer opportunities to spread out payments for high-priced purchases, especially during the year-end holiday shopping season.
Buy now, pay later, or BNPL, is like a new form of old-school layaway plans, except you can take an item you buy with you rather than leaving it at the store until you pay it off. Using financing deals from retail credit cards also allows you to take an item home immediately after purchase, but they operate differently than BNPL plans and serve different purposes.

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Shoppers who plan on spending hundreds of dollars on holiday gifts this year may want to compare and contrast both payment options.
“Either tool can work for you, it really just depends on your particular situation,” said Matt Schulz, chief credit analyst at LendingTree.
Here’s how to decide which program works best for you and your financial goals, according to experts.

Buy now, pay later deals can buy you ‘a little extra time’

“If you need a little extra time to pay something off, then a ‘buy now, pay later’ loan can be a really appealing thing,” said Schulz.

That’s because BNPL allows you to take an item home or have it shipped to you immediately after you agree to make a set number of payments over a set period of time, according to Sara Rathner, a credit card expert and writer at NerdWallet.

While consumers may find these programs a bit more palatable compared to carrying credit card debt, shoppers should be mindful that interest or fees may still be rolled into those monthly payments, depending on the company and terms of the deal, added Rather.
BNPL accounts can also be difficult to manage if you have several different ones active at one time.
“If you bought a bunch of stuff and you entered into several BNPL plans around the same time, you’re going to be having these withdrawals from your account within a short time frame of each other,” said Rathner.
Depending on how tight your budget is, your financial situation can get complicated, noted Schulz.

Retail store 0% deals can help with big purchases

Retail stores’ co-branded credit cards can give shoppers valuable benefits, such as discounts and early access to sales, especially during the holidays.
But their interest rates tend to be much higher than regular credit cards: The average retail card APR hit a record 28.93%, according to recent Bankrate research. Consumers can bypass interest payments by paying their balance in full every month, said Rathner.
In addition, retail credit card accounts — especially newly opened ones — often include “deferred” or zero interest promotions. A “deferred interest” or 0% interest retail card can give you roughly six to 12 months to pay a bigger purchase off, said Schulz.
However, it will be really important to pay the balance off before the period ends. Otherwise, not only will you be saddled with interest on the remaining balance, you will also retroactively incur interest on the original purchase price, warned Rathner.

How BNPL, retail cards can affect your credit

Holiday debt can be very sticky for cardholders. Nearly a third of Americans (31%) of Americans who incurred credit card debt when shopping during last year’s holiday season had yet to pay it off in August, NerdWallet found.
Yet, people still plan on financing their holiday purchases on debt. Actually, sign-ups for retail credit cards consistently spike every year in the fourth quarter, specifically November and December, according to credit bureau company Equifax.

Retail cards are often a cardholder’s first line of credit opened because they can be easier to qualify for.
Unlike a BNPL, a new retail card will mean you’ll be able to access that credit going forward if you need it, and it can also help you to rebuild your credit score, said Schulz.
BNPL don’t help you improve your credit score because that payment history isn’t reported, said Schulz.
Additionally, credit cards can provide a stronger consumer protection; if you need to make a return or if a merchant doesn’t hold up their end of the bargain with a purchase, you have the ability to dispute the charge and get money back if ruled in your favor, said NerdWallet’s Rathner.
“So many people, for better or worse, lean on credit cards as an emergency fund in difficult times,” added Schulz. “That’s not something you can do with a BNPL.” More

Planning for your financial future can be difficult if you’re struggling to get through the day.
Here’s how stress is impacting workers and what financial experts say they can do about it.

Nicoletaionescu | Istock | Getty Images

Workers’ biggest financial concern is still keeping up with rising costs, more than one year after inflation peaked at a new 40-year high, according to a new report from Telus Health.
Those money woes may have a connection to mental health, according to the health technology services company.

“There’s a lot of talk right now about mental health, as there should be,” said Paula Allen, global leader of research and client insights at Telus Health.
“But you really can’t have a proper mental health strategy without really thinking about financial well-being,” Allen said.
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Telus measures both financial well-being and mental health with indexes it has developed.
The company’s latest results for September show the financial well-being score of workers fell to 65.9 in September, down from 66.7 when it was last measured in February, representing the lowest score since the index was launched in January 2021.

Meanwhile, the mental health score fell to 69.7 in September, a 1.4 point drop from August.
Financial well being is “very predictive of people’s mental health,” Allen said.
Those who are feeling more financial stress are not alone. Unfortunately, it’s a common feeling. A recent CNBC Your Money Survey found 74% of Americans are financially stressed, up from 70% in April.

Financial strain associated with anxiety, depression

Academic research has also highlighted a connection between mental health and retirement savings.
People with anxiety and depression are almost 25% less likely to have a retirement savings account, according to 2017 research published by experts from Cornell University and Medica Research Institute.
Moreover, people with psychological distress had retirement savings up to 67% lower as a share over their overall financial assets compared to people without those psychological symptoms, the research found.
Admittedly, it may be difficult to identify whether mental health conditions lead to poorer financial outcomes, or vice versa.
“There’s been a lot of research for many years that financial strain is associated with anxiety, depression,” said psychologist Brad Klontz, a certified financial planner and expert in financial psychology and behavioral finance. Klontz is also a member of the CNBC Advisor Council.
People who are experiencing anxiety may be more inclined to set aside money, as we saw when the Covid-19 pandemic prompted higher savings rates, he said.

“It works the other way, too,” Klontz said, in that someone with depression may be less likely to plan for a positive financial future.
Accumulating money toward a long-term goal like retirement is difficult for everyone, he said, due to instincts that naturally make our thinking more short-sighted.
“You have to overcome that instinctual desire to consume now versus to save for the future,” Klontz said.
The research from Telus Health points to strong relationships between financial preparedness and mental health.
Workers with the best financial well-being and mental health scores know how much retirement savings they will need to maintain the standard of living they want, the company found. Likewise, those who had the worst mental health and financial well-being scores did not know how much they will need.
Moreover, the lowest mental health and financial well-being scores were among workers who are concerned they will not be able to retire, the research found.

Emergency savings can affect mental health

Whether workers have emergency savings set aside was another factor that led to higher or lower mental health scores, Telus Health found.
“Not having emergency savings was one of the biggest factors in terms of people’s mental health,” Allen said.
Not having a cash cushion set aside may prompt a higher level of vulnerability or anxiety, regardless of income, she said.

These mental exercises may help change your outlook

Regardless of the benefits an employer provides, there are steps that employees can take to improve their financial and mental health, like paying down high interest credit card debt and accumulating money towards emergency savings, Allen said.
Moreover, all employees would benefit from understanding the benefits available to them and taking advantage of those offerings, including those related to mental or financial health, she said.
Klontz’s research has found workers may start to change their outlook by first developing a “really exciting vision” of why they are saving.

“You have to have strong emotion attached to that goal in order to take action because you’re asking yourself to do something that we’re just not wired to do,” Klontz said.
If you’re focusing on retirement, ask yourself what that phase of life means to you, who you will spend time with, what you will do and how that experience feels.
The clearer your vision, the more likely you will be to take steps to achieve your goal, Klontz said.
Likewise, if your focus is building emergency savings, you may envision the feeling of safety and security that having extra money set aside may bring.
  More

If you want to buy in one of the two most expensive metro areas of the U.S., you’ll need to earn more than $400,000, a recent report finds.
To put those figures into perspective, the median U.S. household income was $75,000 in 2022, according to the report. 
“The Bay Area has consistently been one of the most expensive markets in the country,” said Daryl Fairweather, chief economist at Redfin.

Thomas Barwick / Getty

As home prices and interest rates rise, would-be homebuyers need a salary of $114,627 to afford a median-priced house in the U.S., according to a recent report by real estate site Redfin.
If you want to buy in one of the most expensive metro areas of the U.S., you’ll need to earn even more. In the top 10 cities, you’ll need to earn more than $200,000, or close to it, researchers estimate. Buying in the priciest two metros would require salaries of more than $400,000. Redfin analyzed median monthly mortgage payments in August 2023 and August 2022.

To put those figures into perspective, the median U.S. household income was $75,000 in 2022, according to the report. 
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Metros where homebuyers need to earn the most

San Francisco and San Jose, California, are the top two metros that require the highest salaries, of $404,332 and $402,287, respectively, according to Redfin.
“The Bay Area has consistently been one of the most expensive markets in the country,” said Daryl Fairweather, chief economist at Redfin.

Three more California metros — Anaheim, Oakland and San Diego — round out the top five, requiring interested buyers to earn between $240,000 and $300,000 annually.

The median income in these cities is high, but so are real estate prices. Higher interest rates have increased the cost to borrow, so buyers will need to show significant income to get a mortgage.

Why the New York metro area is low on the list

Midtown Manhattan, New York, as seen from Hoboken, New Jersey.
Gary Hershorn | Corbis News | Getty Images

While the borough of Manhattan in New York may have the highest cost of living among U.S. cities, according to the Council for Community and Economic Research’s Cost of Living Index, the New York metro area as a whole ranks ninth on Redfin’s list.
That’s because the metro area goes beyond Manhattan and the city’s four other boroughs, extending into nearby counties. 
“Even though Manhattan is really expensive, once you get to the outlying areas [in] the New York metro area, it actually becomes quite affordable,” said Fairweather.

Interested homebuyers in the region still need to earn six figures annually to afford a home, about $197,734, Redfin estimates. 

All-cash purchases price out first-time homebuyers

Earning a high salary isn’t enough in some competitive markets. Buyers may find themselves competing against veteran homeowners who can make cash offers.
Some homebuyers are using their home equity to buy new homes in lower-priced areas instead of financing, to avoid an 8% mortgage rate, said Fairweather.
“That might be driving prices up and affordability down,” she said.
The share of first-time homebuyers dipped to 27% in September, down from 29% in August, according to the Realtors Confidence Index survey. During the same period, all-cash buyers bumped to 29% from 27%.

Historically, first-time homebuyers would make up around 40% of the housing market, said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.
“Seeing it at 27% speaks to the affordability and inventory challenges first-time homebuyers are facing,” said Lautz.
All-cash homebuyers are largely older consumers who have housing equity and are able to make housing trades without financing new mortgages, added Lautz.
Additionally, while some all-cash buyers are local to the areas in which they’re buying, long-distance movers are more likely to pay in full.Don’t miss these CNBC PRO stories: More

Americans paid $130 billion in interest and fees in 2022, according to a new report by the Consumer Financial Protection Bureau.
Late fees continued to be the most significant penalty charged to cardholders.
“As big as these 2022 numbers are, I don’t think anybody should be surprised if the 2023 numbers ended up being bigger,” said Matt Schulz, chief credit analyst at LendingTree.

American cardholders paid $130 billion in interest and fees in 2022, according to a new report from the Consumer Financial Protection Bureau.
Cardholders were charged more than $105 billion in interest last year, and $25 billion in fees. The tally represents “the highest amount of interest and fees ever measured by the CFPB’s data,” according to the report.

A separate analysis from WalletHub estimated credit card holders paid roughly $163.89 billion in fees and interest last year. The site assessed data from the Federal Financial Institutions Examination Council.
Between 2018 and 2020, such charges were roughly $120 billion per year, according to a 2022 report from the CFPB.
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“As big as these 2022 numbers are, I don’t think anybody should be surprised if the 2023 numbers ended up being bigger,” said Matt Schulz, chief credit analyst at LendingTree.
The Federal Reserve has implemented four rate hikes so far in 2023, and although the central bank is not expected to raise rates again when it meets next week, another rate hike may not be completely off the table this year.

Late fees continue to outpace other charges

Late payment charges are the “most significant” credit card fee, in terms of frequency and cost, the CFPB found. Consumers paid roughly $14.5 billion in such fees last year, the agency said, which represents a return to pre-pandemic levels.
The Biden administration has focused on cracking down on what it terms “junk fees” with the Federal Trade Commission and the CFPB in all areas of consumers’ lives, including certain credit card penalties.
Some credit card companies charge as much as $41 for a missed payment. The goal is to reduce late-payment fees to $8, ban late-fee amounts that go over 25% of the cardholder’s required payment and end the automatic annual inflation adjustment, the CFPB said in a February statement.

These charges are significant for lower-income households that may pay these fees constantly, amounting to almost a few hundred dollars over the course of a year, said Schulz.
Proposed changes are meant to fill gaps in the Credit Card Accountability Responsibility and Disclosure Act of 2009, or CARD Act. The law imposed guardrails on credit card companies such as price controls on penalty fees and specific conditions in which they can be charged. However, there is no restriction on how much APR a company can charge nor language on late fees.

How to minimize credit card fees, interest

Cardholders who carried a balance paid about 20% of their average statement balance in interest and fees last year, the CFPB found. WalletHub estimates that cardholders paid on average $76.27 in fees and interest per credit card account in the fourth quarter of 2022.
It’s worth looking at ways to lower these additional charges.
“Life is so expensive in 2023 and it’s not going to get any cheaper any time soon,” Schulz said.

1. Ask your card issuer for a break

Littlebloke | Istock | Getty Images

Cardholders “can ask their card issuers for help,” Schulz said. Those who do “are more successful than most people realize,” he said.
For instance, more than 3 in every 4 cardholders who asked for a lower interest rate on one of their credit cards in the past year got one, according to LendingTree. Almost 90% of people who called their issuer about a late fee were able to get it waived, a 2022 WalletHub survey found.
If you ask your card issuer to lower your interest rate, they may run a credit check to see if anything has changed with your financial situation since you opened the card. However, the savings you may get with the lower rate may be worth taking the “little hit on your credit score,” said Schulz.

2. Use autopay, but remember it ‘isn’t perfect’

Consider setting up automated payments for your credit card statements so that you don’t miss a payment or accidentally pay late.
However, don’t lose sight of your monthly statements because “autopay isn’t perfect,” said Schulz.

Autopay makes a lot of things easier, but it doesn’t absolve people of the responsibility for still keeping an eye on things.

Matt Schulz
chief credit analyst at LendingTree

You could still end up paying late if you don’t monitor the due date, and you may not be paying enough to cover the minimum if your balance is higher than expected. To avoid paying more in interest and fees, try to make sure you cover the entire statement balance.
“Autopay makes a lot of things easier, but it doesn’t absolve people of the responsibility for still keeping an eye on things,” added Schulz.
You can also ask to change your due date to make it more convenient, said Sara Rathner, credit cards expert and writer at NerdWallet. You’re aware of how much money you have available in your checking account this way before an automated payment goes through.

3. Avoid surprises

Take advantage of opportunities to mitigate surprise charges and get the information you need about your card, said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners in Irvine, California.
Make sure you’re aware of your charges, whether that means routinely checking your statements or setting up push notifications every time your credit card is charged, said Sun, a CNBC Financial Advisor Council member. That can help you spot fraud and be aware of fees and interest you’ve accrued.
Finally, if you haven’t reviewed the terms and conditions with your credit card company in a long time, contact your issuer’s customer support and ask for a list of fees and how much each costs.
“You can always contact your card issuer and ask basic information about the card you have,” said Schulz.Don’t miss these CNBC PRO stories: More

A new travel requirement to visit most European nations was delayed to sometime in 2025. It was scheduled to take effect in 2024 and has been postponed many times.
The requirement is an online travel authorization via the European Travel Information and Authorisation System, or ETIAS.
It’s meant to strengthen security checks on people from more than 60 nations, including the U.S., who can visit Europe’s Schengen Area without a visa.

Thirty European nations have delayed implementing the ETIAS travel authorization scheme for U.S. and other foreign visitors until 2025. Pictured, Krakow, Poland.
Martin-dm | E+ | Getty Images

A new requirement for American travelers bound for Europe slated to take effect next year was delayed — again — to 2025.
The requirement — an online travel authorization via the European Travel Information and Authorisation System, or ETIAS — applies to visitors to 30 European nations, including popular destinations such as France, Germany, Greece, Italy, Portugal and Spain.

Americans won’t be allowed to visit without the authorization.
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Until late last week, the European Union had telegraphed that the ETIAS program would begin in 2024. That has now been pushed to sometime the following year.
The system “will be ready to enter into operation in Spring 2025,” according to an announcement following an Oct. 19-20 meeting of the Council of the European Union.
The European Union website for ETIAS has similarly updated language, citing “mid-2025” as the new official start date. Since the program isn’t yet operational, no applications are currently being collected, the EU website said.

A spokesperson for the European Commission didn’t respond to a request for comment on the delay by press time.
The European Commission, the executive body of the EU, in 2016 proposed to establish the ETIAS to strengthen security checks on people from more than 60 nations (including the U.S.) who can visit Europe’s Schengen Area without a visa. The new European system is similar to one the U.S. put in place in 2008.
The travel authorization requirement — which carries a nonrefundable fee of 7 euros a person, or about $7.40 at current exchange rates — has already been delayed many times. It was initially meant to take effect in 2021, then 2023 and 2024 — and now 2025.

Processing could take up to a month for some

Photoman | Istock | Getty Images

People under age 18 or over 70 are exempt from the application fee.
Most applications will be processed in minutes and within four days at the latest, according to the EU. However, it can take longer — up to an additional 30 days for travelers asked to provide extra information or documentation or do an interview with national authorities, the EU said.
“We strongly advise you to obtain the ETIAS travel authorization before you buy your tickets and book your hotels,” the EU website said.
The ETIAS authorization is valid for three years or until your passport expires, whichever comes first. Travelers with a valid ETIAS don’t need to apply for a new one each time they visit Europe. More

With inflation and higher interest rates taking a financial toll, fewer Americans put money in an emergency fund this year, according to a new report.
Most financial pros recommend having at least six months’ worth of expenses set aside, or more if you are the sole breadwinner in your family or in business for yourself.

It’s becoming increasingly difficult for Americans to set money aside.
Largely due to high inflation and rising interest rates, 81% of adults said they did not contribute to their emergency savings this year, and 60% also said they feel behind when it comes to building a cash cushion, according to a new Bankrate report.

“Rising prices and high household expenses have been the predominant impediments to boosting emergency savings,” said Greg McBride, Bankrate’s chief financial analyst.
“When expenses increase faster than income, that puts households in a bind.”
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Up until now, most Americans have benefited from a few government-supplied safety nets, most notably the large injection of stimulus money, which left many households sitting on a stockpile of cash after 2020, according to Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics.
But that cash reserve is now largely gone after consumers gradually spent down their excess savings from the Covid years.

“Going forward, I am beginning to worry because savings are running out,” he said.
Soaring inflation in the wake of the pandemic made it harder to make ends meet. At the same time, the Federal Reserve’s most aggressive interest rate-hiking cycle in four decades made it costlier to borrow.

How to start building an emergency fund

A customer shops at a Costco store in San Francisco on Oct. 2, 2023.
Justin Sullivan | Getty Images

Most financial experts recommend having at least three to six months’ worth of expenses set aside, or more if you are the sole breadwinner in your family or in business for yourself.
To improve your cash cushion, “you’ve got to do what works for you,” McBride said.
“Cutting household expenses in a meaningful way may not be feasible with the run-up in prices for mainstay items such as shelter, food and energy over the past couple of years.”
Instead, “consider tapping into the tight labor market with a side hustle, freelance or contract work, or even taking on a second job for a period of time in order to make headway on boosting savings,” McBride said.
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