Money Management

Do you have lofty goals for your company in the new year? Read on for some key strategies to make them happen. 

The start of a new year is a great time to pledge to do better financially. This is something many people do on an individual basis, and it’s something you may be doing on behalf of the small business you run.

It turns out that small business owners have a lot of big goals for 2024, according to a recent YouGov survey. A good 27% of small business owners say they would like to expand in the new year, while 23% want to invest in new technology.

Meanwhile, 18% of small business owners want to hire more staff members. And 13% want to improve their employees’ mental health and well-being.

Your goals for your company might be similar or different. But no matter what they entail, here are three steps to make them happen.

1. Make sure your goals are rooted in reality

Maybe you’d like to expand your business in 2024. But if your accounting program is showing that your revenue figures decline from month to month, that may not be the best move. And if money is tight, it may not be an optimal time to sign a loan or seek outside financing.

Before you commit to a goal, think about whether it’s a reasonable one given your financial circumstances, and whether the time is really right to pull it off. Consider your personal life when making that choice, too. It may not be a great time to expand, for example, if you’re having a baby in the new year.

2. Make sure you have support from your staff

You may be in charge of running your business, but you most likely don’t work in a bubble. Rather, you probably rely on the support of your entire team to achieve success for your company.

Before you move forward with your goals, loop your employees in. Hold a company-wide meeting to discuss what’s on tap for 2024, and, if possible, incentivize employees to help you achieve those objectives.

It’s also generally a good thing to be transparent about the direction you’re taking your company so your employees feel like they’re in the know. That tends to make people feel as if they’re part of a team, which can be a big motivator, too.

3. Figure out what outside help you need — and get it

Maybe you’re looking to invest in new technology for your business. Or maybe you want to shift your focus so you’re advertising more on social media.

These may be reasonable goals — if you get the right help. Don’t hesitate to seek that help from the start.

Perhaps you’re a really organized business owner who knows your industry well. But that doesn’t mean you’re up to date on the latest software. And you might have experience in print marketing, but social media management is a different beast. Figure out what help will be required to make your goals happen rather than push yourself to tackle everything yourself.

Ideally, 2024 will end up being a successful year for your business. And you can do your part to make that happen by following these key tips.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Do you have a credit card with an annual fee? Here’s one strategy to try if you’re tired of paying for it. 

Do you have a credit card (or two) that charges an annual fee, and you’re wondering if it’s worth paying for another year? Maybe you aren’t using the card’s perks as much as you thought you would, or maybe you aren’t spending enough to make a card’s rewards program worth paying for.

If you’re questioning whether your credit card’s annual fee is worth it, call your credit card issuer to see if it will offer you a retention bonus if you choose to keep the account open. It’s a common practice for people to apply for a credit card with a high annual fee to receive an initial welcome offer, but to reconsider the card before the annual fee becomes due again in a year.

How to ask for an annual fee waiver

The exact procedure (and success rate) depends on the particular credit card issuer. The best course of action typically involves calling your credit card issuer (not reaching out through live chat or any other way) and asking to speak to the retention department. You may be asked a few questions first, so just politely say that you are considering closing the card in favor of one with a lower annual fee through another bank.

Your outcome will likely depend on a few factors, such as how long you’ve had the card and how much you spend on it, but in general, one of three things will happen.

No retention offer will be made. You need to be prepared for this as a possibility and decide whether you want to keep the card or cancel it if it does happen. In some cases, the card issuer will offer to downgrade your card to one that has a lower annual fee.You’ll be offered a fee waiver, which can reduce or eliminate the card’s annual fee the next time it’s due.You’ll get a retention offer, which is typically a certain amount of rewards points or miles after reaching a spending target. For example, you may get 15,000 airline miles after $2,000 in spending over the next three months.

As mentioned, the outcome can vary considerably, but if you have a long history of being a good customer, always pay your bill on time, and use your card frequently, there’s a good chance the credit card issuer wants to keep your business.

The bottom line

The best-case scenario is usually getting out of the card’s annual fee entirely, but even a point-based retention offer can make it more desirable to pay the fee and keep the card. I’m planning to test this out, as I have a couple of credit cards with annual fees that I get value from but could certainly live without. I’ll be calling to ask for retention offers to keep them within the next few weeks — and I’ll be sure to write about how it goes.

The bottom line is that paying a credit card’s annual fee can be worth it, but it doesn’t necessarily need to be a decision of, “Should I pay the annual fee for another year or cancel the card?” You might be surprised at the retention offers you’ll get, and the worst thing the issuer could say if you ask is no. If you want to avoid annual fees altogether, check out our best no annual fee credit cards.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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We’re well into December, but there’s still time to go Christmas shopping. Find out which retail stores are best for your last-minute holiday shopping needs. 

As we get closer to Dec. 25, you may still have a few gifts left to buy. But don’t feel discouraged; there’s still time to shop for presents your favorite people will adore. Before shopping online or driving to the mall, consider which retailers will have what you need.

Not every retailer offers fast shipping or is open late, so keep that in mind to ensure your expectations are realistic. You don’t want to waste time or money on a gift that won’t arrive until January. Here are some places that may satisfy your last-minute shopping needs.

1. Target

Target has what you need to finish shopping for your favorite pals. You can shop online and score free two-day shipping on eligible orders of $35 and up or visit a nearby store and take advantage of the retailer’s extended holiday hours.

Stores are open daily until midnight through Dec. 23 and until 8 p.m. on Dec. 24 for your last-minute shopping needs. Target has gifts for people of all ages, so it’s a solid one-stop-shop option for everyone on your list.

2. Walmart

Another place where you can find great Christmas gifts is Walmart. With over 4,000 locations nationwide, your community likely has a store. The retail giant is known for its low prices, so there’s less risk of draining your bank account when you shop here.

For those with a Walmart+ membership, there’s plenty of time to get gifts delivered to your house. You can expect free delivery when you order items from a nearby store, and eligible orders ship for free. Don’t ignore Walmart if you still have Christmas shopping to get done.

3. Best Buy

Best Buy is another solid choice if you’re deciding where to go to check off the final items on your Christmas shopping list. The retailer sells much more than electronics, so it should be easy to find items for everyone left on your list. Many Best Buy stores have extended hours this holiday season, so review your local store’s hours so you know when to shop.

Of course, you can shop BestBuy.com 24/7 if you prefer to shop while wearing your favorite Christmas jammies. Same-day and next-day delivery is available on eligible purchases in select ZIP codes. The retailer also offers fast store pick-up options for added convenience.

4. Amazon

Amazon is another great place to shop if you’re still searching for wonderful last-minute Christmas presents. You can shop this online marketplace at any time of the day, so even if you’re short on time leading up to the holiday, you can still find great gifts.

Your Amazon Prime membership perks include fast, free shipping so your items make it under the tree in time. Before you add an item to your virtual shopping cart, review the estimated delivery date so you don’t accidentally buy something currently out of stock or a non-Prime item.

Be careful not to overspend

If you aren’t cautious, it can be easy to overspend when buying holiday gifts. Your friends and family will appreciate whatever you give them, so don’t feel pressure to buy expensive presents in an attempt to impress.

If you’re worried about overspending, make a list and establish a spending budget before shopping to stay on track. It’s possible to honor your personal finance goals while celebrating the season.

Consider paying for your finds with a cash back credit card to earn cash back rewards. But only charge what you can afford to pay off in full to avoid racking up credit card debt, as you don’t want to start 2024 off on the wrong foot.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Best Buy, Target, and Walmart. The Motley Fool has a disclosure policy.

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If you overdo it with credit cards, it could lead to serious money problems. Learn about the typical warning signs that you have too many credit cards. 

When you have good credit, you can qualify for some amazing credit cards. Some rewards cards allow you to earn 2% to 5% or more back on your purchases. Many of them also have big sign-up bonuses for new cardholders, so it’s understandable why you may want to open more than one of these cards.

There’s nothing wrong with having several credit cards, if you can manage them. If not, those cards could be more trouble than they’re worth. Here are the most common warning signs that you have too many credit cards, and what you can do about it.

1. You’re missing payments

With multiple credit cards, you’re also going to have multiple payments to manage. They won’t all be due on the same day, either. One could be due on the 5th, another on the 11th, another on the 24th, and so on.

While you should do your best to avoid it, missing a single credit card payment isn’t the end of the world. Most card issuers will even waive the late fee if you contact them and ask. But if you’ve forgotten to make your payment multiple times, you may be biting off more than you can chew with your credit cards.

You could set up automatic payments to solve this. Another option is calling up each issuer and seeing if you can get all your cards changed to the same due date.

2. You’re spending more and more

One of the dangers with credit cards is that it’s easy to borrow money and pay it back later. When you have lots of credit cards, you have more buying power, which can make it even more tempting to spend money you don’t have.

No matter how many cards you have, it’s important to stick to a spending plan. If you’ve noticed that you aren’t able to save as much money as before, see if it’s because you’re spending more on your credit cards. People often don’t realize how much they’re spending until they review their recent credit card statements.

3. Annual fees are hurting your finances

Some of the best credit cards have annual fees. Paying an annual fee can be worth it, since these cards tend to have more perks.

But annual fees still cost you money, and they can add up if you’re paying several of them. An annual fee should never be a financial burden. If paying annual fees is keeping you from reaching your savings goals or leaving you unable to cover your bills, get rid of some cards. Either downgrade credit cards to no annual fee versions, or close them entirely.

4. You’re carrying a balance

Credit cards have high interest rates. The average credit card interest rate recently reached a record high of 22%. On a $5,000 balance, interest would cost you about $1,100 per year. You’re basically paying a premium on those purchases, just because you didn’t pay them off in full.

You’re only charged interest on purchases when you carry a balance from month to month. If you’ve found that you’ve started to do this as you’ve opened more credit cards, then those cards could be causing you to adopt some costly financial habits.

5. You have lots of unused rewards

One of the most popular reasons to have multiple credit cards is to maximize your rewards. By using multiple cards, you can earn more sign-up bonuses and earn bonus rewards across more spending categories.

Credit card rewards only save you money when you use them. If you have lots of points and miles sitting around, they’re not doing you any good. Find a way to cash them in, and then stick to cards with rewards you can easily use in the future.

What to do if you have too many credit cards

The most effective option when you have too many credit cards is to close some of them. You might have heard that this hurts your credit score, but that isn’t quite how it works. Positive credit accounts remain on your credit history for 10 years. So even if you close a credit card, it can continue to benefit your credit score for a decade.

It’s still a good idea to keep your oldest accounts open, just so you never lose those from your credit history. But you don’t need to be worried about closing credit cards. And if having too many cards is causing issues for you, closing some is probably the safest solution.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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