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Homebuyers are looking for ways to lower their costs as high mortgage rates persist. (iStock)
Homebuyers are looking for ways to lower their costs as high mortgage rates persist. (iStock)
Mortgage rates pushed further into the 7% range as the Federal Reserve seems unlikely to reverse its restrictive policy stance anytime soon, according to Freddie Mac.
The average 30-year fixed-rate mortgage was 7.22% for the week ending May 2, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s an increase from the previous week when it averaged 7.17%. A year ago, the 30-year fixed-rate mortgage averaged 6.39%.
The average rate for a 15-year mortgage was 6.47%, up from 6.44% last week and up from 5.76% last year.
On Wednesday, the Fed announced it would maintain the federal funds rate at 5.25% to 5.5%, where rates have held steady since last July. Fed officials have said in past meetings that they anticipated rate cuts for 2024 but need more confidence that inflation is heading toward the 2% target rate. Fed Chair Jerome Powell reiterated this sentiment on Wednesday and said it would likely take longer for the central bank to gain this confidence when speaking with reporters.
The delay in rate cuts means mortgage rates will likely stay high longer. With no ease in sight, affordability will continue to be a challenge for homebuyers, who also contend with high home prices.
“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” Freddie Mac’s Chief Economist Sam Khater said. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon.”
If you are ready to shop for the best rate on a new mortgage, consider visiting an online marketplace like Credible to compare rates and get preapproved with multiple lenders at once.
BUY A HOME IN THESE STATES TO GET STUDENT LOAN DEBT RELIEF
Homebuyers are looking for ways to lower their costs as high mortgage rates persist. Recently, there have been an increase in proptech solutions, down payment assistance and even rate buydowns, Percy.AI Founder and CEO Charles Williams said.
“Homebuyers are looking to use whatever incentives they can score,” Williams said. “We expect some of these initiatives to remain even after rates start heading down meaningfully, which is unlikely this year.”
Buyers have also increasingly turned to adjustable-rate mortgages (ARMs) for a discount. Compared to more traditional mortgage products, ARMs offer lower initial interest rates before adjusting to higher rates in the future.
“With affordability remaining a challenge, more prospective buyers are turning to adjustable-rate mortgages to lower their monthly payments in the short-term,” Bob Broeksmit, the Mortgage Bankers Association president and CEO, said. “The ARM share of applications last week reached 7.8% – the highest level this year.”
If you’re looking to become a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.
HOMEOWNERS COULD SAVE TENS OF THOUSANDS IN DAMAGES BY USING SMART DEVICES
Buyers waiting for relief from high home prices will have to wait longer. Home prices are now 6.4% above their level last year, up from the 6% increase registered in January, according to the latest S&P CoreLogic Case-Shiller national home price index report.
Fannie Mae readjusted its home price projection and forecasts upward, forecasting prices to increase 4.8% annually in 2024 and 1.5% in 2025.
“Buyers are mainly waiting to see if prices go down, too, to balance things out,” Williams said. “That is not likely to happen soon. So, buyers who can afford a home are buying, but only if they can outcompete in this crazy market.”
One way to use your home’s equity is through a cash-out refinance to help you pay down debt or fund home improvement projects. Visit Credible to find your personalized interest rate without affecting your credit score.
THIS IS THE #1 CITY FOR FIRST-TIME HOMEBUYERS, AND OTHER HOT US HOUSING MARKETS
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
Source: foxbusiness.com
Now that grocery inflation seems to have eased, retailers are clamoring to offer more and better discounts that will get shoppers back to their stores this summer. With an announcement Wednesday, Walgreens joined a growing list of national brands, which also includes Target and Amazon Fresh, that are touting price cuts on an array of goods from everyday staples to seasonal favorites.
After years of rising prices, it’s a welcome change. Grocery prices are 25% higher than they were at the start of 2020, according to the latest consumer price index, but they actually fell slightly in April from the previous month.
Shoppers have persevered through these years of high prices by switching retailers, brands or other qualities of the food they buy, says Joe Balagtas, a professor of agriculture economics and interim director of the Center for Food Demand Analysis and Sustainability at Purdue University. Now, with grocery prices generally falling, retailers are seizing an opportunity to woo back customers.
“We find other ways to economize to the extent that it dips into retailers’ profits,” Balagtas says. “I think that could drive them to find ways to cut prices to make sure they’re drawing in budget-conscious consumers.”
Considering how much Americans typically spend on food — about 11% of their income in 2022, according to the Agriculture Department — lower prices are going to be felt by shoppers, Balagtas says. “They don’t even have to fall. Just slower inflation is going to alleviate some stress for a lot of people.”
Here’s where shoppers can find deals on food and pharmacy items.
Aldi, which has benefited from shoppers’ pivot away from pricier grocery stores, will reduce prices on more than 250 items through Labor Day. Aldi estimates its price cuts will save shoppers $100 million. The retailer did something similar last year, estimating its 2023 price cuts saved shoppers more than $60 million.
Items discounted this summer at Aldi include:
Simply Nature: Chia Seeds – $4.89 (was $5.45).
Simply Nature: Organic Avocado Oil – $5.49 (was $5.65).
Season’s Choice: Frozen Blueberries (24 oz) – $3.59 (was $3.99).
Simply Nature: Organic Pinto/Kidney Beans – $0.99 (was $1.16).
Specially Selected: French Baguette – $1.49 (was $1.59).
Specially Selected: Macarons – $4.15 (was $4.59).
Vitalife: Assorted Kombucha – $2.29 (was $2.39).
Simms: Summer Sausage – $4.19 (was $4.49).
Emporium Selection: Cracker Cuts – $2.69 (was $2.89).
Simply Nature: Organic Granola Bars – $3.49 (was $3.99).
Benton’s: Cookie Thins – $2.69 (was $2.99).
Southern Grove: Dried Cranberries (6 oz) – $1.75 (was $1.95).
Southern Grove: Sunflower Kernels (16 oz) – $2.79 (was $3.39).
Southern Grove: Dried Mediterranean Apricots – $2.99 (was $3.39).
USDA Choice Black Angus Sirloin Steak – $6.99 through July 10 (was $8.49).
Family Pack Chicken Breast – $2.19 through July 10 (was $2.49).
Burman’s: Steak Sauce – $1.89 (was $1.99).
Season’s Choice: Frozen French Fries (32 oz) – $2.49 (was $2.79).
Park Street Deli: Pulled Pork/Pulled Chicken – $6.99 (was $7.49).
Amazon Fresh is cutting prices online and in-store on roughly 4,000 items, which will rotate weekly, according to CNN. Shoppers can expect to see discounts of up to 30% on meat, seafood, frozen food, dairy and cheese, beverages, snacks and pasta.
Target will mark down prices on about 5,000 items. Those price cuts are set to take place throughout the summer, and are targeting daily essentials, like milk, meat, bread, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels and pet food, among other items.
Examples of items with price cuts include:
Good & Gather Unsalted Butter (1 lb) – $3.79 (was $3.99).
Good & Gather Organic Baby Spinach (5 oz) – $2.99 (was $3.29).
Prime Hydration Sports Drinks (16.9 fl oz) – $1.99 (was $2.19).
Jack’s Frozen Pepperoni Pizza (14.3 oz) – $3.99 (was $4.19).
Thomas’ Plain Bagels (20 oz) – $3.79 (was $4.19).
Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers (6.6 oz) – $2.79 (was $2.99).
Good & Gather Sea Salt Roasted Nuts (9.5 oz) – $5.29 (was $6.89).
Clorox Scented Wipes (75 ct) – $4.99 (was $5.79).
Huggies Baby Wipes (16 ct) – $.99 (was $1.19).
Aveeno SPF 50 Sunscreen (3 fl oz) – $13.19 (was $13.89).
Persil Liquid Laundry Detergent (100 fl oz) – $12.99 (was $13.69).
Purina One Chicken & Gravy Cat Food (13 oz) – $1.99 (was $2.39).
In addition to price cuts, Target touted changes to its free Target Circle membership, which now applies deals automatically at the register. The retailer also is pursuing discount shoppers with a new store brand called Dealworthy, which launched in February. Most Dealworthy products are priced at $10 or less.
In a May 29 announcement, Walgreens called attention to an ongoing effort to cut prices on 1,300 items that dates back to October 2023.
Prices will vary by location. Examples of items with lower prices include:
One a Day 80 ct Men’s and Women’s Gummy Vitamins – $11.99 (was $13.49).
Always Pad Mod Regular (20 ct) – $6.99 (was $7.49).
Clean & Clear Foaming Facial Cleanser – $6.99 (was $7.99).
Eucerin Advance Repair Hand Cream – $5.99 (was $7.29).
Kanka Soft Brush Tooth and Gum Pain Gel 0.07 oz – $7.99 (was $9.79).
Salonpas Pain Relief Patch – $10.99 (was $11.99).
Nice! Mini Pretzels – $1.99 (was $2.79).
Nice! Sour Cream & Onion Potato Chips – $1.99 (was $2.79).
Walmart has upped its “rollback” game lately, as well. In a May 2024 earnings call, executives said it temporarily cut prices on 45% more grocery items in April compared with the previous year. Across the store, prices have been reduced on nearly 7,000 items.
In April, Walmart introduced the new BetterGoods brand, which is aimed at price-conscious shoppers with foodie tendencies. It includes 300 grocery items that either touch on a food trend or fit into popular dietary preferences, including plant-based, gluten-free and artificial flavor-free foods. Walmart says BetterGoods items cost $15 or less, with most items priced around $5 or less.
(Photo by Joe Raedle/Getty Images)
Source: nerdwallet.com
A home decorating store has opened at the historic Spokane Club, at 1002 W. Riverside in downtown Spokane.
Mad Max Furniture & Decor, located on the club’s third floor and open to the public, offers decorating services, small-furniture painting, home décor goods, and private shopping experiences.
“I wanted to offer something that’s unique for my customers,” says Sara Walter, the store’s owner, who notes that she isn’t employed by the Spokane Club, but rather leases the space.
The space previously held a small coffee bar and at one time had been used as a hotel suite, she says.
Customers can schedule private shopping experiences outside of the store’s regular hours. Walter can order them drinks from the club’s restaurant and bar, she adds.
“I want to offer more personalization,” she says.
Mad Max’s regular hours are 11 a.m.-5 p.m. Tuesday, 10 a.m.-5 p.m. Friday, and 10 a.m.-2 p.m. Saturday.
Walter hasn’t hired any employees, although she says she hopes to hire some eventually and expand the store’s hours once it becomes busier.
The products sold at Mad Max include a variety of home décor goods, such as wall art, books, and kids’ toys. Many of the items sold make for good gifts, Walter says.
“Pretty much everything that I sell is very affordable,” she says.
In addition to helping clients pick out products to decorate their homes, Walter, who calls herself a budget-friendly decorator, also will travel to their homes and handle decorating tasks, from painting to hanging art.
Customers can bring small pieces of furniture for Walter to paint as well. She doesn’t do larger pieces anymore because they take a long time to do properly, she says.
Mad Max also offers find-and-finish services if customers are looking for a particular piece of furniture or an antique, Walter adds.
“I can actually go out and find it, paint it, and deliver it,” she says.
Walter’s hobby-turned-business venture began about 10 years ago, not long after the birth of her first child, Max.
Walter jokingly says she was “going mad” as a stay-at-home mom at the time, so she began painting furniture in her spare time and eventually wound up renting space as a vendor at a local vintage shop, when she created the Mad Max moniker.
Her design and decorating experience at that time involved staging some houses that she and her husband flipped. Walter’s introduction to the industry started when the owner of the local vintage store took notice of a piece of furniture she had painted and asked her if she wanted to sell items at the store.
“I’m super passionate about it, which I think helps,” she says. “I think you can tell when someone is passionate about what they do.”
Her space at the vintage store helped to build a customer base, but when business began slowing down there, she expanded Mad Max.
“I started branching out a little bit, started doing pop-ups,” she says.
Walter held numerous pop-up events at her house, at which she would decorate a space and sell a variety of home décor products. The temporary shops were accompanied by catering and wine, she says.
Walter ended up doing a Christmas-themed pop-up event at the Spokane Club, where she’s a member. The general manager liked what he saw, she says, and asked her if she could help decorate some rooms at the club.
After designing a coworking space, also on the third floor of the club, Walter was offered a space to set up her permanent store.
She had already decided to transition away from of the vintage store she was selling goods out of but had planned to just move Mad Max online.
“And then an opportunity came up here,” she says.
Walter is in the process of creating a website for Mad Max, through which customers will be able to shop the store online.
“It’s been almost 10 years,” Walter says. “It’s come a long way from where I started, just painting furniture.”
Small Bites
*Happy Laundry & Dry Cleaning, of Spokane, has relocated to 3724 E. Front from its previous location at 3027 E. Mission. The move, which comes after months of remodeling work, will make the nearly 20-year-old laundry service company more efficient and enhance its growth capabilities, co-owner Kent Wales says in a press release from the company. Wales also served as the general contractor on the remodel project. Happy Laundry has about 20 employee
Source: spokanejournal.com
Tallahassee, the capital of Florida, seamlessly blends Southern charm with the energy of a thriving urban center. With its lush landscapes, rich history, and active community, Tallahassee offers a distinctive living experience. However, like any city, it presents a mix of advantages and challenges. Whether you’re drawn to its natural beauty or attracted to its cultural offerings, understanding the full scope of life in Tallahassee is essential. In this article, we’ll explore the pros and cons of living in Tallahassee, providing a comprehensive overview to help you determine if this dynamic city is the right place for you. Let’s jump in.
Walk Score: 30 | Bike Score: 45 | Transit Score: 30
Median Sale Price: $290,000 | Average Rent for 1-Bedroom Apartment: $1,255
Tallahassee neighborhoods | Houses for rent in Tallahassee | Apartments for rent in Tallahassee | Homes for sale in Tallahassee
Tallahassee boasts a cultural heritage that’s deeply rooted in its history as the capital of Florida. The city is home to numerous museums, including the Museum of Florida History and the Tallahassee Museum, which offer residents and visitors a glimpse into the state’s past. Additionally, the city’s arts scene is showcased through events like the annual Springtime Tallahassee festival. These events celebrate the city’s history and culture through activities like parades, live music, and local crafts.
With a Transit Score of 30, a con of living in Tallahassee is the limited public transportation options. While the city does have a bus system, it’s not as extensive or frequent as those found in larger metropolitan areas. This can make it challenging for residents without a car to navigate the city efficiently. Furthermore, the lack of a robust public transportation network can contribute to traffic congestion during peak hours.
One of the pros of living in Tallahassee is its affordable cost of living. In fact, the cost of living in Tallahassee is 7% lower than the national average. Average housing prices and rental rates are also generally lower than the national average. This makes the city an attractive option for individuals looking to stretch their budgets. Finally, the overall cost of goods and services in the city is relatively reasonable, allowing residents to enjoy a comfortable lifestyle without breaking the bank.
Living in Tallahassee comes with the risk of hurricanes and tropical storms. While the city is not as prone to direct hits as coastal areas, it can still experience significant impacts from these weather events. Residents must be prepared for potential evacuations, property damage, and power outages during hurricane season.
Tallahassee is surrounded by beautiful natural landscapes, making it an ideal location for outdoor enthusiasts. The city is close to several state parks, including the Alfred B. Maclay Gardens State Park and the Apalachicola National Forest. These areas offer opportunities for hiking, biking, and bird-watching. Also, locals can enjoy swimming and kayaking in one of the world’s largest and deepest freshwater springs at the nearby Wakulla Springs State Park.
Residents of Tallahassee must contend with hot and humid summers. Temperatures often soar into the 90s, and the high humidity levels can make it feel even hotter. The weather can be particularly challenging for outdoor activities and may require residents to rely heavily on air conditioning to stay cool. This may be a significant drawback those not accustomed to this type of climate.
Tallahassee is home to several prestigious educational institutions, including Florida State University (FSU) and Florida A&M University (FAMU). These universities provide excellent educational opportunities and contribute to the city’s strong academic and cultural environment. The presence of these institutions attracts a diverse population, fostering a dynamic and intellectually stimulating community.
Tallahassee’s lush greenery and abundant plant life can contribute to high pollen levels, particularly during the spring and fall seasons. This can be problematic for those who suffer from allergies, as they may experience symptoms such as sneezing, congestion, and itchy eyes. Managing allergies can be a challenge and may require medication or other interventions to alleviate discomfort.
Tallahassee is home to a wealth of historic architecture, with many buildings dating back to the 19th and early 20th centuries. The city’s historic districts, such as the Frenchtown and Myers Park neighborhoods, feature beautifully preserved homes and structures that offer a glimpse into the past. Walking tours and preservation efforts help maintain the city’s architectural heritage, providing locals with a unique and charming living environment.
While Tallahassee has a variety of local shops and boutiques, it lacks the extensive shopping options found in larger cities. The city has a few shopping centers and malls, but residents may find themselves traveling to nearby cities for a more diverse retail experience. This can be inconvenient for those who enjoy frequent shopping or are looking for specific brands and products that aren’t readily available locally.
Another pro of living in Tallahassee is its mild winter climate. Unlike many other parts of the country, the city experiences relatively mild temperatures during the winter months, with average highs in the 60s and 70s. This pleasant weather allows people to enjoy outdoor activities year-round and avoid the harsh conditions and snow that are common in northern states.
Source: rent.com
National mortgage rates were mostly up compared to a week ago, according to rate data compiled by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo loans increased, while 5/1 ARM rates decreased.
The multiple rate cut predictions from the start of the year may be no more, as many experts expect rates to stay higher for longer. The movement of fixed mortgage rates parallels the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions. At the close of the latest Fed meeting on May 1, policymakers held firm and opted not to cut rates. The recent April Consumer Price Index (CPI) data shows inflation declining, but still not to the 2 percent rate the Fed wants.
“The market was enamored with a slightly lower CPI. We are in a ‘buy on any positive news no matter how modest’ state,” says Dick Lepre of RealFinity.
Often, the decision to buy a home isn’t based on market shifts. It comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.
Rates last updated May 30, 2024.
These rates are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, May 30th, 2024 at 7:30 a.m. ET.
Today’s average 30-year fixed-mortgage rate is 7.17 percent, an increase of 14 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.36 percent.
At the current average rate, you’ll pay principal and interest of $676.76 for every $100,000 you borrow. That’s an increase of $9.44 over what you would have paid last week.
The average 15-year fixed-mortgage rate is 6.62 percent, up 19 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $878 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
The average rate on a 5/1 ARM is 6.34 percent, ticking down 21 basis points since the same time last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.34 percent would cost about $622 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
The average jumbo mortgage rate is 7.22 percent, up 8 basis points over the last week. This time a month ago, the average rate for jumbo mortgages was higher at 7.44 percent.
At the average rate today for a jumbo loan, you’ll pay a combined $680.14 per month in principal and interest for every $100,000 you borrow. That’s up $5.41 from what it would have been last week.
The average 30-year fixed-refinance rate is 7.18 percent, up 12 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.36 percent.
At the current average rate, you’ll pay $677.43 per month in principal and interest for every $100,000 you borrow. That’s an additional $8.09 per $100,000 compared with last week.
The rates on 30-year mortgages mostly follow the 10-year Treasury yield, which changes with the market, while the cost of variable-rate home loans more directly mirrors the Fed’s moves.
If and when the Fed cuts interest rates depends on economic reports of new data, such as the inflation rate and the jobs market. April’s CPI data — which measures inflation — showed inflation at 3.4 percent. While inflation has fallen since its peak in 2022, it’s still above the Fed’s target rate of 2 percent.
“The April CPI report revealed that the rate of inflation has cooled for the first time in 6 months,” says Melissa Cohn of William Raveis Mortgage. “While this one report is not enough evidence of cooling inflation to get the Fed to implement a rate cut, it is the first step.”
Broader economic factors, such as inflation and employment, affect the Fed’s decisions on rate changes, but your rate is also affected by your personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
Mortgage rates change daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at current market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Source: bankrate.com
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Welcome to the 30 Day Money Challenge!
Today, you will learn how to make your money work for you. You don’t have to be a millionaire before knowing these things, but it’s important for everyone who wants financial stability.
Remember these keywords: saving and investing? This is where they come into play for long term success.
It’s not too late to make the right financial decisions.
But, finances are complicated and intimidating for most people so it can be hard to get started.
The 30 Day Money Challenge is here to help with that.
This 30 day financial challenge will help you create a strategy that can save, spend less, and make more by the end of this month!
Are you ready to dig into this month-long money challenge?
A money challenge is a plan for how to make your finances work better.
It can be as simple as spending less or eating out less, or something more complicated like saving up for retirement or buying a house.
During this month’s timeframe, you will dig into all areas of your finances to make sure you are on track to reach your money goals.
If you do not have financial goals, then we will make sure you do at the end of this money challenge.
I’ve seen a lot of spending challenges out there that are basically just a saving money chart telling you how much money to save each day to save $1000 or $500 in one month, but they don’t tell you how to save the money. That is where the rubber meets the road and this challenge will motivate you to improve your money habits.
Overall, you will learn more about your finances than you did previously.
A 30 day challenge is a great way to get yourself motivated and focused on saving money and improving your money management.
The goal is not enough, you need the why behind it in order to see your savings grow.
This can be as simple as:
– Setting up a direct deposit from your paycheck to an account you control and only spending what’s in that account.
– Spending less on impulse buys.
– Cutting back on luxury items to save money.
– Living more in cash and less in credit card debt.
You can also take knowledge in knowing the number of our readers who have taken the challenge to improve their money management skills.
The 30 Day Money Challenge is a simple process that starts with 3 steps.
Your reward for participating in the challenge is pretty appealing, but the process can be hard for some.
So, know these steps before you start the challenge.
While there is no good time to start, you need to find a time when you have the highest probability of success.
Starting the money challenge during the holidays will leave you defeated. Maybe starting as a New Year’s Resolution. Or during a quieter time throughout the year.
You need to find the “right” time because you will have to dedicate at least 10-30 minutes per day. However, the longer you put it off, the less likely you are to start.
More than likely, you will be ripping off the band-aid on some old money failures and defeats. This is common.
You have to be mentally prepared to overcome these negative feelings towards money in order to find that breakthrough moment.
Find someone to keep you accountable during the challenge.
There will be points when you want to accept defeat and run back to your old money ways. It’s great to create a support system for managing money wisely.
If those old money habits didn’t serve you well before, then how will they serve you moving forward.
You need to keep your eye on the prize!
A 30-day money challenge is a popular type of personal finance experiment in which participants take a pledge to review their finances and overcome any obstacles that are preventing them from long term financial stability.
The goal is to teach people how quickly they can change the trajectory of their personal finances before they snowball into a serious money problem.
If you don’t have an understanding of how many accounts you have, credit cards you have open, or debt payments that are due, then you must get your personal finances organized.
Start here to learn how to organize personal finances.
If you do not know how much do I make a year, then you must figure that out first.
It is impossible to manage money if you do not know how much money is coming in.
Also, consider all types of income sources – earned, passive or investment.
Understand where your paycheck is going. When you understand how much of your money is going to things like rent, utilities, and mortgage, you can make better decisions about spending.
This is not the time for “this-is-where-I-hope-my-spending-goes;” this is the true reality of how you spend money.
This is a must for long-term success. Every time you get paid, you need to pay yourself first. Put a percentage of your paycheck into savings each month before anything else is spent on non-essential items.
We suggest starting with at least 5% of your income. Even better, you want to start with 20% of your income.
You must cut your fun spending until you can save money first.
When saving becomes an automatic habit, start investing through high yield accounts like IRAs and 401(K)s.
Set up a transfer to put $50 into your Emergency Fund every time you get paid.
Learn how much you need in your emergency fund. Remember, the goal is never to use your emergency fund, but you always want one – just in case!
Figure out what your financial goals are and how much they will cost over time, then come up with a strategy to achieve them.
You need to make a plan to reach your money goals.
If you skip this step, you may be lucky and still reach your goals. But, you can find better prosperity but writing out those money goals and maybe even using a vision board.
Learn how to create smart financial goals.
Crazy! I know. Most people would think that creating a budget would need to be first. But, it isn’t. You need to figure out days 1-6 first before you dig into budgeting.
Begin tracking your expenses on paper or online as soon as possible. Here are the best budgeting apps available.
The goal with the budget is to focus on saving first, then your expenses. you must spend less than you make.
Come up with ways to generate more income. Period. You need to make your money work for you.
You need to learn how to make your income work for you by creating streams of income outside of your primary work or “earned” income.
Theoretically, if multiple streams of revenue exist at your full-time job, you can work fewer hours than necessary.
Ways to Make Money:
Debt will hold you back. Period.
You need to recognize that paying off your debt is the best thing you can do for your finances. However, during this 30 day financial challenge, it is not the time to focus on paying off debt.
Calculate the total amount of debt (except mortgage).
Put down getting out of debt as one of your money goals and the timeframe to make it happen.
For now, don’t take on more debt, and make sure you’re paying the minimum on your credit card balance.
Investing is a way of giving your money the opportunity to work for you. In other words, you are using what you have now in order to make more out of what you have in the future.
This is the first step to earning investment income that will fund your lifestyle.
Typically, most people associate investing in the stock market. Many people invest with their 401ks or IRAs. However, you can invest your personal income as well.
What if you could earn a return on that opportunity cost? For example, what if you invested the $10 in your wallet and it grew to be $20?
Learn how to start investing.
Trade and Travel 2.0
Learn to trade stocks with confidence.
Whether you want to:
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
Every time you spend money, it is an opportunity cost to your future self. You are trading away your future self’s money to buy something today.
Is that what you want?
More than likely, no.
Learn how to drastically cut expenses.
Consider setting up an autopay feature for your bills. It can help you avoid late fees and will have a steadier flow of money coming in.
This will help you to make sure you have the cash flow available to meet your expenses.
One of the best ways to save money is by avoiding fees.
If there is a fee, call the company and negotiate to have it removed or reduced.
You should automatically make a certain percentage of your salary go to a 401k or other savings account, and the other percentage goes to your checking account for spending money.
This is something your human resources department can help you set up.
Now, that you have automated your retirement contribution, you want to increase you much your contribution each year until you are maxed out by IRS limits.
Start to increase your retirement contributions by 1%.
Set a five-year goal to fully max your retirement contributions!
You’re halfway through the 30 day money challenge!
Keep up the good work and keep reaching for your goals.
You’ve made it this far, so just imagine what you’ll be able to do in another month of working hard towards saving more money.
Don’t think money has to be a taboo topic. In fact, you need to be comfortable talking about money.
The key is to be on the same page with key family members about where money should go. This is something that we struggled with our marriage and had to overcome. Thankfully, we did and we made way more progress than previously.
I know you’re probably tired of hearing about investing in yourself, but it’s important. Investing means putting money into something that will make more money back. You might not think this applies to you, but it really can! You might not have a big budget for investing in stocks or mutual funds right now, so let’s talk about something you do spend money on every day: you.
You only learn by growing.
This isn’t something that you do once or twice. Make it a goal to read books on money or personal finances each month.
Importantly, make sure you are reading books, regardless of what aspect they look at money. It is never too late to pick up new tricks or ideas.
Plus learning from others’ money stories is powerful.
Participating in only free activities for 30 days, and refusing to spend a single penny, we created a guide to make that happen for you.
101+ Things to Do with No Money
After writing that post, we discovered this is one of the best money saving ideas out there. This guide not only teaches you how to save money but also teaches about where you want to spend money and the importance of living a purposeful life.
You need to make sure you are properly covered with insurance as well as not paying too much money for your policies.
There are all of the types of insurance you need to review:
This is something you should do once a year.
You need to learn to save money by wasting less food.
This doesn’t mean you have to make homemade meals every night of the week! The goal is not to throw food away – that is hard earned cash going right down the trash.
Ways to Save Money on Groceries:
Consider second-hand stores and consignment sales as options for buying used items. Thrift stores are also great to save money on clothes and other household items.
The same is true for buying cars, baby equipment, kids clothes, etc. Plus you protect our world.
So, this day is all about saving money and I think that it’s the most important one of them all because if you’re not saving your money, then what are you doing with it? You’re throwing it away.
So today, I want to talk about two different types of saving money – physical and mental. The first one is all about physically saving your money. This is the easiest one because it doesn’t require any effort on your part to do so, but it’s also very important as well.
The second type of saving money is mental saving. This is all about saving your money because you know that something better will come along soon and it gives you hope for the future!
So, I think these two types of savings are both really important.
This is the time to give back to others, donate money to charities, and put small contributions into charity.
By hoarding money, you are not learning the principles of helping others just like you have been helped along the way.
Right now, we are not starting to pay off debt. We are looking for ways to save on higher interest payments.
Make calls to renegotiate your interest rates on your debt. If the credit card company says no, then look at a zero interest transfer.
Just no more debt.
You have to believe in yourself that you are capable of achieving great things and that includes success money.
However, we get caught in this trap of hoarding materialistic items in order to make up for the dollars in our bank account or money that was wasted in buying them.
If you don’t believe how poverty mentality overwhelms your life, then read this story of reclaiming your home with decluttering.
If you are not using something, sell it or give it away to someone who can use it more than you do!
You’ll save money and make room in your budget for the things that matter.
We learned a lot when we started to own less stuff.
If you have not been able to keep your spending in check, this is an excellent opportunity for you to try out a no spend challenge once this challenge finishes.
A no spend challenge will help you to review your budget and see what areas of spending need more attention in order to increase savings or pay down debt.
Also, it will help you focus on what area are important to spend money.
This is the biggest lesson I learned when paying off debt and trying to increase our savings percentage. I became unable to spend money. I would feel guilty about spending money.
That is not the type of life you want. You must be comfortable spending money (especially if you are a thrifty person).
Pick rewards to match your smart financial goals. Keep motivated with those rewards.
Proper money management does not end just because the end of the 30 day challenge is over. This is a lifelong skill to master and perfect.
Keep focused by not going over budget limits and being honest about where you really stand financially today as opposed to where you want it to be in the future.
You can stay on track if you have a deep desire to continue.
This one is just about saving money. Period.
Each day, you save money to reach your goal.
For many people, the 30 day money saving challenge will make sure you are on track with your goals and objectives.
At the minimum, you should be able to save $500 in 30 days. But, you need to decide what you want to save in a month.
The challenge is open to everyone, so this might be the perfect opportunity for you!
The 30 day money saving challenge is saving a set amount of money during the month.
Keep in mind, not everyone will be able to save this much in 30 days and that’s perfectly okay.
You need to make it work with your budget.
Another option for the 30 Day Money Challenge is committing to give up one or more expenses for the whole month. For instance, pick ten things that cost you money and give them up for 30 days.
The 30 day savings challenge is a simple but effective way to get started saving money.
You can choose any of these methods:
You can find plenty of money saving challenge printable or PDF in our resource library.
This is only a 30 day money challenge because it’s a short period of time to gain a win. That is what you need to keep up the motivation as well as have a strong kickstart to your finances.
In order to build wealth through their finances, these are 30 smart moves that require no time on some days.
Don’t lose momentum. If you miss a day, then jump back into the challenge the next day.
The key to success for 2021 is to take control of your finances.
Personally, I love to shop online from the convenience of my own home and have packages delivered to my house. Plus you can get paid to shop online!! The process is super simple.
Just head here to get an Rakuten/Ebates account, click on the retailer you are shopping online, and then complete your checkout process as normal.
Already a Rakuten / Ebtaes member? Make sure you have the Extension Button for automatic savings!
Perfect for the person who hates to hassle with canceling subscriptions and checking spending. Trim is a virtual personal assistant that constantly works to save users money.
Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.
Ibotta can be used for grocery stores, drugstores or online shopping. Once you accrue $20 in your account, you can transfer it to PayPal or venmo or buy gift cards to selected retailers.
Just for signing up, they will give you a bonus when you use use this link. Ibotta rocks at bonus categories and offers. This is where your cash back can really add up fast.
Checkout 51 can be used for grocery stores or drugstores. Their offers are valid each week from Thursday-Wednesday. With new offers released each Thursday.
One of my favorite offers is the “Pick your own offer” – it is a selection of 5 fruits of veggies to redeem for extra cents cash back. Once your account balance is over $20, they will mail you a check.
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
With its picturesque waterfront, diverse cultural scene, and close proximity to New York City, New Rochelle offers a unique blend of urban convenience and suburban tranquility. Residents here enjoy a rich tapestry of dining options, recreational activities, and a strong sense of community. So whether you’re searching for the perfect apartment in the heart of New Rochelle or a cozy rental home in a quiet suburb, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to New Rochelle, NY. Let’s get started and see what awaits in this vibrant and welcoming city.
New Rochelle offers the perfect balance of suburban living with easy access to the bustling highlights of New York City. It’s an easy train trip from New Rochelle to Grand Central Station on Metro North. Residents can enjoy the tranquility of suburban life while being just a short train ride away from the endless opportunities for entertainment, dining, and cultural experiences that the city has to offer. This proximity allows for a diverse range of experiences, from enjoying the peaceful parks and waterfront in New Rochelle to exploring the vibrant energy of the Big Apple.
New Rochelle boasts a beautiful waterfront location along the Long Island Sound, providing residents with stunning views and access to recreational activities such as boating, fishing, and waterfront dining. The city’s waterfront parks and promenades such as the Hudson River Park offer a serene escape from the urban hustle and bustle, making it an ideal location for those who appreciate the beauty of coastal living.
New Rochelle is home to a diverse and vibrant dining scene, offering a wide array of culinary experiences to suit every palate. From cozy family-owned Italian trattorias to trendy farm-to-table eateries like Town House, the city’s dining options cater to a variety of tastes and preferences. Residents can indulge in international cuisines, fresh seafood, and innovative fusion dishes without ever having to leave the city.
New Rochelle prides itself on its strong sense of community, with residents actively participating in local events, festivals, and community initiatives. The city’s close-knit neighborhoods foster a welcoming and inclusive atmosphere, where neighbors come together to support local businesses, celebrate cultural diversity, and create a sense of belonging for all residents.
New Rochelle is home to several prestigious institutions of higher education, including Iona College and The College of New Rochelle. This provides residents with access to educational and cultural resources, as well as opportunities for lifelong learning and personal growth within their own community.
New Rochelle embraces a rich tapestry of cultural diversity, with a vibrant mix of ethnicities, traditions, and languages contributing to the city’s dynamic social fabric. This diversity is reflected in the city’s arts, music, and cultural events, creating a unique and inclusive environment for residents to explore and celebrate different cultural perspectives.
Despite its urban proximity, New Rochelle offers easy access to natural landscapes and outdoor recreational opportunities. Residents can explore the city’s numerous parks, nature reserves, and hiking trails, providing a welcome escape into nature without having to travel far from home.
New Rochelle’s proximity to New York City comes with a higher cost of living, including housing, transportation, and everyday expenses. The average rent for a 2 bedroom apartment in New Rochelle is $4,262. This is far above the national average but is lower than nearby areas like Manhattan, Brooklyn, Hoboken, and Jersey City. While the city offers a range of amenities and conveniences, residents should be prepared for the financial implications of living in a desirable suburban location near a major metropolitan area.
Despite its proximity to New York City, New Rochelle has limited public transportation options within the city itself. While the Metro-North Railroad provides access to the city and other destinations, residents may find themselves reliant on personal vehicles for local commuting and transportation needs.
While New Rochelle offers a diverse dining scene, the city has limited nightlife options compared to larger urban centers. Residents seeking a vibrant nightlife scene may find themselves traveling to nearby cities for late-night entertainment and social activities.
Despite its proximity to New York City, New Rochelle may have limited job opportunities within the city itself, leading some residents to commute to neighboring areas for employment. While the city offers a range of professional services and businesses, residents may need to consider commuting options for career advancement and employment prospects.
New Rochelle experiences seasonal weather challenges, including cold winters and hot summers, which may require residents to adapt to varying climate conditions throughout the year. While the city’s waterfront location offers scenic views and recreational opportunities, residents should be prepared for the impact of seasonal weather patterns on their daily activities and lifestyle.
New Rochelle experiences traffic congestion, particularly during peak commuting hours, which can impact residents’ daily routines and travel times. The city’s proximity to major highways and thoroughfares can lead to increased traffic volume, requiring residents to plan their travel routes and schedules accordingly.
While New Rochelle offers a variety of dining and entertainment options, the city may have limited retail options compared to larger shopping destinations. Residents seeking extensive retail and shopping experiences may need to explore neighboring areas for a wider range of shopping opportunities.
Two words can send a chill down any consumer’s spine: identity theft.
In an increasingly digital world, as more and more transactions are processed online, a growing number of people have become victims of identity theft fraud. An even larger number are familiar with the tales of financial loss and the weeks, months, or even years of effort it may take to undo the damage done.
What is identity theft, specifically? It’s when someone (often a cybercriminal) steals personal credentials—like your name, social security number, or credit card information—to commit fraud or other illegal acts.
The Federal Trade Commission (FTC) said nearly 1.1 million cases of identity theft were reported in 2023. In fact, identity theft is the largest category in the agency’s Consumer Sentinel Network—a secure database containing consumer reports about marketplace problems. Although the total number of identity theft cases reported was down from a 2021 peak—when identity theft cases spiked to over 1.4 million—the volume was almost double the pre-pandemic total: 649,390 cases in 2019.
“I think skyrocketing is probably even too soft of a word,” says Eva Velasquez, president and CEO of the Identity Theft Resource Center (ITRC), an organization in San Diego that provides free resources to individuals dealing with identity fraud. “During the pandemic, we saw the rates increase at such a magnitude. It was already growing. It’s been steadily growing. It’s been the number one fraud type complaint to the FTC for 20 years.”
Identity fraud causes painful financial damage—an estimated $43 billion in losses in 2023, according to financial research firm Javelin. But the emotional toll of identity fraud can be just as serious. “That feeling of isolation is only getting worse as the crime rates rise,” says ITRC chief operating officer James E. Lee, who added that some people they speak with experience symptoms of depression as a result of these crimes.
Velasquez adds: “The playing field where vulnerabilities exist that someone can exploit has grown significantly and keeps growing.”
It’s critical to know how to protect yourself from identity theft. The good news is that as hackers become more sophisticated, technology follows suit. And with assistance from your financial institutions, you can take steps to protect your financial information online. The most straightforward tips include using unique, complex passwords for different accounts and investigating unsolicited communications from a financial institution, no matter how realistic they appear.
“We always say, ‘Go to the source,’” says Velasquez. “Not the number in the email, not the number left in your voicemail, not the number on the text, but the known number or email address or URL if you’re doing it online. Use the contact information you already know and trust to reach out to that organization.”
Your bank is also a strong ally in the ongoing battle to detect and prevent fraud. Discover®, for example, offers a suite of online security features designed to help protect your identity and financial information.
“Banks play a very important part in protecting consumer data, and I think that role spans the life cycle of identity,” says Mary Ann Miller, fraud and cybercrime executive advisor and vice president of client experience at Prove Identity, a digital identity solutions provider in New York. “Whether it’s preventing identity theft from happening in the first place, detecting it if it’s happened, or helping consumers recover, I think banks can help their customers feel more confident in the system.”
Here are some of the ways your bank may offer additional identity theft protection:
Alerts are easy to set up and provide real-time monitoring of your accounts. For example, they help banks automatically notify you of suspicious activities, such as large withdrawals or changes to your contact information. Alerts can be particularly helpful in spotting potentially fraudulent activity on your debit or credit card.
“I always encourage people to set their alerts to a dollar, just so you see everything coming in and out of your account,” says Velasquez. This granular insight is increasingly important as card-not-present transactions (like online shopping) remain popular.
Tip: If you have a Discover account, you can customize alert preferences in the mobile app or through online banking.
If your credit or debit card is lost or stolen, or you suspect fraud, you may be able to freeze the card to prevent further purchases or ATM activity. Most other account actions—like previously scheduled and recurring transactions, internal and external transfers, and online bill payments—will continue. You can freeze or unfreeze the card online, via phone, or through your bank’s mobile app.
If you suspect someone stole your identity, you should also freeze your credit by notifying the three major credit bureaus: Equifax, Experian, and TransUnion. Doing this can prevent new credit or loan accounts from being opened with your stolen information. “A credit freeze is the most protective thing you can do if someone has misused your financial resources,” Lee says. You may also want to place a fraud alert on your credit file. This alert notifies creditors to take extra steps to verify your identity before extending credit.
Most bank websites will require two-factor authentication if suspicious activity is detected, such as an unfamiliar device or IP address being used to sign in to your account. In that case, the bank will send you a one-time passcode—either by text or email—that you must use before any further activity is allowed. This feature is becoming increasingly automated and cannot be opted into or out of on secure websites.
“Banks want to validate whether you just got a new phone or whether there’s actually someone trying to log in with a stolen password and User ID,” says Miller.
At present, biometrics—like fingerprint and facial recognition—are device-centric measures that prevent unauthorized users from accessing your laptop, phone, or tablet. Biometrics can also be used to access your banking app, but the institution must offer that feature for use.
There are other steps you can take to protect your financial information. For example, you can link your credit or debit card to a digital wallet, such as Apple Pay®, Google Pay®, or Samsung Pay®.1 Digital wallets use tokens, so your card information is never shared with a merchant.
Despite all your best efforts, your personal identity information remains at risk. “We continue to see new ways that individuals’ identity credentials, foundational identity documents, and identity in general is misused,” Velasquez says. Lee goes even further: “The information’s already been stolen,” he says.
Whether or not you’re aware that your information has been compromised, you should closely monitor the activity on all your accounts regularly. You can also sign up for an online privacy protection service, many of which are offered for no charge. These services periodically scan people-search sites to determine whether any of your information is publicly available. If your information is found, the service also will assist you in submitting opt-out requests to remove your data from the site. For more robust and comprehensive coverage—including daily monitoring of your credit report and thousands of websites—Discover offers Identity Theft Protection for a monthly fee.
If you become a victim of identity theft, all is not lost. Federal law generally limits losses from use to $50 for credit and debit cards, provided the bank is notified within two business days. Separately, most card networks, including Discover, offer a policy of “$0 liability for unauthorized debit card purchases” as a safety measure for their customers. In addition, the FTC’s IdentityTheft.gov website provides step-by-step advice on how to limit the damage from identity theft and repair your credit.
Recovering from identity theft can be a long and challenging process, so you should take every precaution possible to avoid it from happening in the first place. Your bank and its technology and resources will be an important partner in this process.
From account alerts to paperless statements, Discover is committed to equipping you with tools to stay safe from identity theft and other fraudulent attempts. Learn more at our Online Banking Security Center.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
1 Apple Pay® is a trademark of Apple Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
Source: discover.com
It’s hard to believe Amazon.com started back in July 1995 as an online retailer that sold books only. Almost 30 years later, it’s likely the first place you look when you get the idea to buy anything.
Retailers like Walmart, Best Buy and Target can be quite competitive with Amazon. Still, with the number of Amazon Prime members in the U.S. at 180 million, according to an estimate by Consumer Intelligence Research Partners in March, dependence on Amazon runs deep. If you shop there, lead with needs over wants to save money where it counts. Here’s a short list of the best things to buy (and a couple to skip) on Amazon.
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.
Product purchases new parents can knock out at Amazon include baby wipes and diapers. Items like these are competitively priced on Amazon, especially when using “Subscribe & Save,” said Kallie Branciforte, a blogger and YouTuber in Connecticut, in an email.
“I am always surprised by how many people don’t take advantage of ‘Subscribe & Save,’” she said. “It’s the easiest way to save on the stuff you use all the time.”
When you subscribe to a product, you can set a schedule that aligns with when you’ll run out. Branciforte, who reaches millions of viewers with her “That Practical Mom” YouTube channel, lets Amazon replenish vitamins, diaper cream, her kids’ body wash and more to make life easier, and often cheaper.
Try subscribing to unique essentials, like nasal strips that let you breathe freely at night, or electric toothbrush heads to make healthy living habitual. Buying items like these on Amazon is more about selection and convenience than price.
As an incentive, Amazon offers up to 15% off when you receive five or more eligible products in one automatic delivery to the same address. “It’s such a simple way to save on things you’re already buying, completely on autopilot,” said Branciforte.
Putting pet food on auto-order is another convenience play for Prime members. Nobody likes scanning 25 tiny cans of Fancy Feast at the grocery store self-checkout lane. You can save the hassle and try to beat the per-can price by ordering the 30-pack on Amazon.
You can save your back by getting big bags of dog food or a 38-pound box of cat litter delivered.
Clothing can be hard to get right on Amazon, says Trae Bodge, the shopping expert at truetrae.com.
Bodge bought a dress on Amazon last year and loves the look, but says it’s scratchy inside. She prefers a store like Target for affordable pieces she can feel first.
When it comes to jeans and sneakers, you might be able to do better by buying from the source. Joining the Levi’s rewards program, for example, gets you free shipping and returns on Levi.com. “What you’ll find is that the style selection is broader, the size selection is broader,” says Bodge.
Nike is another brand that incentivizes customers to shop on its site. Members get free shipping on orders $50 or more, and shoes and apparel at Nike.com regularly go on sale.
Back to the essentials, the Amazon Basics brand of batteries is an exceptional deal. At $12.52 for an 8-pack of 9-volt batteries (at the time of writing), you can add it and a pack of AA and AAAs to your cart the next time you checkout. Compare that with the 8-pack of Duracell 9-volt batteries we spotted at the Home Depot for $29.05.
Make Amazon your first stop after you buy a new or used iPhone or Android too. Apple’s $49 silicone case is highway robbery when you compare it with cases on Amazon that look, feel and protect the same for under $15. Amazon is also the place for power adapters, cables and wireless charging pads at prices that are cheaper than at Apple.
A helpful hack Branciforte shares in one of her YouTube videos is to use Amazon’s “Best Sellers” lists to narrow down searches.
It’s a little out of the way, but you get there by navigating to the top left of the desktop site and clicking the three bars to open the menu. Select “Best Sellers,” and from there, you can dive down by department to find popular buys in specific product categories.
Let’s say, for example, you’re looking for a shower head with better water pressure than the one you have. Rather than roll the dice on something from Home Depot or Lowe’s, you can look up bestsellers in the bath section on Amazon. Scroll down to the first or second one, likely the AquaCare HighPressure 8-mode handheld shower head for around $25, then buy it. This paragraph isn’t sponsored, but this Nerdy writer can attest to the power of this particular model.
Bodge avoids buying larger items at Amazon that you have to assemble. The perceived burden of sending it back could compel you to keep something you don’t want. And even if you do like it, the cardboard and other packing material that comes with a coffee table can be a royal pain in the trash.
Now that it’s normal to frequent stores again, it can save you time and strife to pick something out and buy it in person. You can also save by buying used. Thrift stores, antique shops and Facebook Marketplace are great places to score cheap furniture pieces from yesteryear that are still in style (and probably better made).
Whatever you buy from Amazon, it’s important to read the reviews and it’s better when there are plenty of them, said Branciforte. She tends to be leery of items with few ratings unless the category is very niche.
“I’d rather buy something with 4.3 stars and 1,000+ reviews than 4.8 stars and 15 reviews because I know the first has been on the site longer, making it more trustworthy and valid,” she said.
Given that other retailers are working hard to outprice Amazon, Bodge says it pays to check the price history and look around before buying. Shopping browser extensions like PayPal Honey and the Camelizer make light work of making sure you aren’t overpaying. And it’s easy to do a quick Google search for any product.
With Prime Day in July, better deals could be on the horizon. “I think it can be worthwhile to wait,” said Branciforte.
You can still shop, though. Just put it in your cart and select “save for later.”
Get more financial clarity with NerdWallet
Monitor your credit, track your spending and see all of your finances together in a single place.
Source: nerdwallet.com
Bloomberg
The demise of the short-lived and acrimonious credit card partnership between Walmart and Capital One Financial is raising new questions about the retail giant’s ambitions to compete with banks.
The two companies announced Friday that their relationship was coming to an end, which gives Walmart options as it seeks to get better plugged into its shoppers’ wallets. One potential avenue is to find a new bank for a run-of-the-mill credit card partnership.
The more aggressive route by Walmart would be to take on banks by becoming a one-stop financial services provider. It could do that with the help of an outside fintech firm, but analysts think it’s more likely that it will look internally through its majority-owned fintech, called One. One runs a debit card, is testing out buy now/pay later options, and, with the addition of a credit card, could be closer to becoming the financial super-app Walmart has long sought.
“It might be time for One card to rule them all,” quipped Richard Crone, head of Crone Consulting.
Walmart declined to comment on its plans. But executives at the retail giant have long been eyeing an expansion into banking services, undeterred by the company’s failed 2006 attempt to gain a bank charter.
Walmart wants to “centralize all financial solutions on one platform so it doesn’t feel like it’s 25 different things,” Julia Unger, a top Walmart’s financial services executive, said at the American Banker Payments Forum in 2022. She said the retailer’s vast shopping and payments data from its 4,600 stores and its website enables it to perform alternative underwriting on loans beyond traditional credit scores.
“The strategy isn’t to give everyone credit but give them a path to credit,” Unger said.
In 2021, Walmart partnered with the fintech investment firm Ribbit Capital to launch what’s now known as One. The joint fintech venture made two acquisitions in 2022: the early wage access firm Even Responsible Finance and One Finance, which offered savings tools, ATM access and mobile financial tools.
The One debit card offers 3% cash back at Walmart stores and a 5% rate on savings.
The retailer also separately offers buy now/pay later loans through a partnership with the fintech Affirm that dates back to 2019. But CNBC reported in April that One had started offering those services at some Walmart stores, raising the prospect that Walmart could scrap its Affirm partnership.
Affirm has declined to comment on the CNBC report. Asked about the issue on a recent Morning Brew podcast, Affirm’s chief financial officer said the company’s focus is “making sure we delight the consumer and … drive better business outcomes for our merchants.”
Alex Johnson, founder of the Fintech Takes newsletter, said Walmart’s severing of ties with Capital One may be continuing the retailer’s pattern of “using partners until they can find a way to do it directly.”
To offer a credit card, Walmart would still need to partner with a bank, much like its current debit card partnership with Coastal Community Bank in Everett, Washington. But Walmart, long known as a tough negotiator, would get the flexibility to design a “more tailored set of products that prioritizes the financial health of their customers,” Johnson said.
Big banks’ partnerships with retailers often involve a “push and pull,” Johnson said. Banks and merchants can earn more interest from customers who carry balances each month. But those customers’ higher interest payments can strain their finances — giving them less spending room to make more purchases at stores like Walmart.
Through its majority-owned fintech, Walmart can design a set of products that fits its “big and diverse customer base,” Johnson said. It could launch a higher-tier card for customers who regularly pay off their balances while directing shoppers with lower credit scores to buy now/pay later options and offering rewards-based debit cards to those who might not qualify for BNPL loans.
“In a classic co-branding model, the retailer or the merchant would have not a ton of flexibility,” Johnson said. So now some big retailers are “trying to exert a great deal more control” over their card programs, he explained.
The breakup of the Walmart-Capital One relationship followed a lawsuit in which the retailer argued that its bank partner was not fulfilling the terms of their arrangement. Walmart said last year that the McLean, Virginia-based bank “was consistently unable to meet” certain customer service standards related to payment processing, card issuance and transaction posting.
Capital One disputed Walmart’s claims, arguing that the retail giant was trying to wiggle out of a contract when it found the economic terms unpalatable. It also argued that Walmart had fallen short of its obligations to market the card to more customers.
“Walmart is positioning itself to compete directly with Capital One to provide credit and payment products to Walmart customers,” Capital One said in a court filing last year.
In March, a federal judge sided with Walmart, writing that the contract between the companies clearly dictated that the bank’s “repeated customer service failures entitled Walmart” to end the partnership.
It was not the first time that a Walmart credit card partnership went south. Capital One took over the partnership after Walmart sued its prior partner, Synchrony Financial.
Under the termination deal between Walmart and Capital One, the bank is hanging onto an $8.5 billion loan portfolio as well as servicing responsibilities.
For now, the user experience for holders of Capital One-Walmart cards will remain the same. A Capital One spokesperson said the company will “convert existing eligible Walmart Card customers” to a Capital One credit card. The bank is “actively shutting down new applications for the Walmart card” and will communicate any changes to existing customers well in advance, the spokesperson said.
Analysts who cover Capital One said that the breakup will have a small impact on the bank, since the Walmart portfolio makes up a small portion of Capital One’s total loans. If anything, the analysts were positive about the news.
Capital One will be able to “pick from the better quality customers” in the $8.5 billion portfolio, Moshe Orenbuch, an analyst at TD Securities, wrote in a research note. And rather than sharing revenues with Walmart, Capital One will get to keep all of the income from its newly converted card customers, he noted.
The fact that Walmart didn’t have another bank lined up to take over the portfolio “also speaks to the industry’s discipline” in declining to accept less-than-stellar terms, Orenbuch wrote.
If Walmart does strike out on its own, it will face the formidable challenge of managing everything that running a credit card entails — underwriting, billing, handling complaints and the vast range of rules surrounding credit card programs.
Walmart will have to close customer accounts or decline applications, perhaps risking that upset customers will end up preferring to shop at Target, said Brian Riley, a consultant and co-head of payments at Javelin Strategy & Research. And it will have to decide just how much credit risk it wants to absorb on its own balance sheet, rather than Capital One’s.
“It’s not as easy as it looks,” Riley said. “And that’s something that Walmart has to be very wary about.”
The Wall Street giant Goldman Sachs, which expanded into credit cards by partnering with General Motors and Apple, struggled in the business and has since scaled back. It’s also faced scrutiny from regulators over credit card management.
In 2021, Walmart hired two former Goldman executives who were key to its consumer push: Omer Ismail and David Stark.
Running a credit card is easier said than done, but Walmart’s sheer size helps, said Aaron Press, research director at Worldwide Payment Strategies.
“It’s hard to pull off,” Press said. “It’s a heavy lift, but they have a lot of resources.”
Source: nationalmortgagenews.com