Money Management

Black Friday could be a huge boon for your business, but you have to be ready. Here are five steps all business owners should take now. 

Black Friday is the biggest shopping day of the year, and with Small Business Saturday the following day, store owners have the opportunity to put a lot of money in their bank accounts. But the sudden influx of shoppers can be overwhelming for retailers who haven’t taken steps to prepare. Here are five things you should do now to ensure you’re setting your business up for Black Friday success.

1. Plan your promotions

This step is best done well in advance of Black Friday, but if you haven’t planned the savings you’re going to offer yet, now is the time to do so. You might consider offering a certain percentage off every item in the store. Or if this isn’t feasible, you could look at discounting some of your most popular items.

If you’ve been in business for more than a year, you may have some idea already about how many customers you’ll receive and how much you’ll make. Use this as your guide to decide what kind of savings you can afford to offer customers.

2. Get the word out

Customers may not come to your store to shop for Black Friday deals if they don’t know what you’re offering. Advertising upcoming sales in your store or an email newsletter is a good place to start, but don’t be afraid to think bigger.

Notify people of Black Friday deals on your social media pages. You might also consider reaching out to local newspapers or radio stations and asking them to run a brief ad about your impending sales.

3. Make sure you have enough inventory

The best Black Friday deals in the world may not be enough if you run out of merchandise within an hour of opening. If you anticipate a lot of traffic, consider stocking up on some of your most popular items ahead of time.

Otherwise, have a plan in place for what you’ll do if you run out. You may be able to take orders from customers that they can pick up later if you don’t have the items in house right now. Or you could have some alternative products lined up to show off.

4. Make sure your website and payment systems are running smoothly

Having your payment processing system or business website go down on Black Friday or Small Business Saturday is a nightmare. It could lead to delays and frustrated customers who may decide to go elsewhere. So it’s important to make sure that both are functioning smoothly.

If there are hiccups or you worry about the site or payment system’s ability to process the high traffic expected, it’s best to reach out to your web host or payment processor with your questions now. Make sure you have their contact information close at hand if a problem comes up on the holiday.

5. Prepare your staff

Millions of people go shopping on Black Friday each year, and though it’s unlikely you’ll see anything close to that number in your own store, you might do a lot more business than normal. It’s important to make sure your staff is ready. Everyone should know what their job is and where important materials are. They should also be prepared to answer common shoppers’ questions.

You may also wish to schedule extra employees to work that day if you’re worried about them getting burnt out or overwhelmed by the number of customers. Check with your employees now to determine their availability for Black Friday.

Even though it can be great for small business owners, Black Friday can also be stressful. Take the steps above now and then reflect on whether there’s anything else you need to do to set yourself up for success. If there is, act now so you aren’t scrambling while shoppers are lining up outside your doors.

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Costco’s shelves are loaded with holiday delights. Read on to learn about some treats worth picking up. 

Some people can’t stand the fact that many stores blast Christmas music and put up holiday displays starting in mid-November. I’m not one of those people, though.

I happen to love getting into the holiday spirit and celebrating things early. And even though retailers effectively force consumers to shop early for the holidays (Halloween candy in July, anyone?), when it comes to Christmas goodies, I don’t mind.

I happened to visit Costco this week, and lo and behold, my local store had a host of appealing Christmas treats out on display. Now, I’m not going to tell you how large a credit card tab I racked up filling my cart. But let’s just say I probably went a bit overboard. When you look at these offerings, though, you may be tempted to do the same.

1. Kirkland peppermint bark

Although I’m someone who can eat peppermint bark all year round, many people very much consider this a Christmas treat. And if you’re a fan of peppermint bark, you may want to buy it at Costco, where a 21-ounce tub will cost you just $9.99 (or at least at my local store — prices can vary a bit from one Costco location to the next).

Last year, in addition to Costco’s peppermint bark, I treated myself to some from Williams Sonoma at a cost of about $30 for a 16-ounce batch. And while it was delicious, I can’t say that it was any better than Costco’s, despite costing a lot more. So if you’re looking to buy this year as a gift for a party host or as a stocking stuffer for a candy lover in your life, don’t overspend when Costco’s offering is downright fantastic.

2. Godiva assorted chocolate

When you hear the name “Godiva,” your mind should conjure up images of rich, delicious chocolate. Costco has an assorted Godiva mix on sale right now for $12.79 at my local store, which is $5.20 off the usual price. But even the full price is quite reasonable, seeing as how you’re getting more than 11 ounces of quality chocolate.

Because this item was on sale, I picked up a few extra boxes to give as teacher gifts at the end of the year. But rest assured I bought one for myself, too.

3. Marketplace Brands gingerbread house kit

Building a gingerbread house is something my kids and I do every year during the holidays. And while our creation doesn’t always look that pretty, it tends to taste great.

Costco has a full gingerbread kit for $13.99 (again, this is my Costco, so your price might differ slightly). It’s easy to assemble and comes with plenty of candy decorations to adorn your cookie house — that is, if your kids don’t eat all of them during the construction process.

4. A Cappella chocuterie tray

A nice meat and cheese board could be the perfect accompaniment for your Christmas dinner. But if you’re more of a sweet tooth, consider this assortment of high-end chocolate instead.

It features tasty treats like white and dark chocolate peppermint cookies and chocolate-dipped shortbread. And it comes on a nice-looking board with serving utensils.

At $29.99, this isn’t exactly an inexpensive item. But hey, we all deserve to indulge once in a while, right? This could also be a really great gift if you have family hosting you for dinner and you want to show your appreciation.

5. Corso’s Cookies color-your-own cookie kit

Baking Christmas cookies with kids can be fun, but maybe you’re just not into baking. Maybe you don’t want your kitchen covered in flour, and maybe you don’t want the stress of having to watch the oven to make sure your creations don’t burn.

If you want to enjoy the bonding experience of baking with your kids, only without the baking, buy this kit. For just $11.99, it comes with 12 Christmas-themed cookies (think Santa, snowmen, etc.) and six food-coloring markers. You’ll get all the fun without the mess.

Many people love Costco for the savings involved. And that’s an aspect of the store I definitely appreciate. But part of my love for Costco stems from the awesome seasonal products it tends to put out. And this year’s array definitely did not disappoint.

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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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Personal loans are often hailed as a fabulous borrowing option, but they’re not perfect. Read on to learn about some potential issues with personal loans. 

During the third quarter of 2023, U.S. personal loan balances rose to $241 billion, reports TransUnion. That’s up almost 15% from the third quarter of 2022.

All told, more than 5 million borrowers put a personal loan in place during 2023’s third quarter. So clearly, these loans are pretty popular among consumers.

You may have heard that personal loans are a great way to borrow money when that need arises. And in some cases, they can be a good solution. But here are a few problems you should be aware of.

1. They’re really flexible

When you sign a mortgage loan, you can only use the proceeds to finance the purchase of a home. When you sign an auto loan, you can only use that money to buy a car.

Personal loans aren’t like that. With a personal loan, you can use your proceeds for anything — home improvements, travel, or starting a business.

That flexibility is nice — but only to a point. Because personal loan lenders don’t tend to care what you’re using your money for, it can be tempting to sign one of these loans for the wrong reason, like to upgrade your home’s electronics or spruce up your wardrobe.

In reality, taking on debt is a big deal. And there can be serious consequences to falling behind on personal loan payments. So if you’re going to put one of these loans in place, do it for something important, like creating extra living space within your home or covering the cost of classes to further your career. Don’t do it to buy items you’d like to have but don’t really need.

2. Rates can be less than competitive when your credit is poor

Personal loans are unsecured, which means you’re not putting up a specific asset as collateral. The lenders that write these loans take on a lot of risk, and they rely heavily on credit scores to determine which applicants get approved or not.

It’s possible to get a personal loan with poor credit. But if that’s your situation, you may be looking at a borrowing rate that’s not so competitive to make up for the added risk your lender thinks it’s taking on. That could make your loan less affordable than expected.

3. The fees associated with them can be high

When you put a personal loan into place, there can be various fees, like origination fees, that add to your costs. This isn’t unique to personal loans — other loan types charge fees, too. But it’s important to read the fine print when signing a personal loan and know exactly what fees you’ll be on the hook for.

Some lenders will allow you to roll your fees into your actual loan and pay them off over time. That might seem like a good thing. But it might also cause you to be more lax with those fees, which you don’t want to be. Instead, make sure you know exactly what you’re being charged — and shop around if you think those numbers are ridiculously high.

In some cases, it can make a lot of sense to turn to a personal loan when you need to borrow money. But before you sign one, make sure you understand the potential pitfalls involved.

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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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Gift cards have long been a popular Christmas gift. Read on to see why cash is an even better bet. 

At this point, many people have begun their Christmas shopping. And in the course of making your list, you may decide to give some of your loved ones gift cards.

Gift cards have long been a popular option during Christmas and other holidays, and many people prefer them to cash because they at least come with somewhat of a personal touch. If you buy your sister-in-law a gift card to her favorite spa, for example, it shows that you put some thought into that present. If you hand her $100 in an envelope, it might send a different message.

But while it’s easy to see why you may be inclined to fall back on gift cards this holiday season, cash is probably your better bet. Here’s why.

1. Cash has no expiration date

Some gift cards come with an expiration date that limits recipients’ ability to use them. Granted, this is less likely among cards from major retailers, but it’s still an issue you might encounter. And while it’s nice to support small businesses, you may be more likely to run into this problem if you buy someone you know a gift card for a local shop.

Cash, on the other hand, never expires. Your loved ones could stick that money in the bank and use it whenever they please.

2. Cash can’t go out of business

When you buy someone a gift card, there’s the risk that the issuer in question will end up going out of business before that gift card is spent. Granted, if you’re buying someone a Target gift card, that’s not a very likely near-term occurrence. But it’s an eventual risk you take. And it may be an even bigger risk if you buy a gift card to a small business. With cash, this issue is non-existent.

3. Cash can be used anywhere

A Target gift card can only be used to make purchases at Target. The upside of giving cash as a Christmas gift is that your recipients can spend that money anywhere they like.

Maybe your niece doesn’t happen to want anything from Target, but she’s saving up to buy a specific pair of boots at a local shop. If you hand her $50 in an envelope instead of $50 in Target cash, it gives her the opportunity to buy something she really wants.

4. Cash can give your loved ones peace of mind

Giving your loved ones the gift of being able to repair a car might seem not so holiday-like. But actually, there’s really nothing more valuable than giving a gift that allows someone you love to cover emergency expenses and alleviate some stress.

A recent SecureSave survey found that 63% of Americans don’t have enough cash reserves on hand to cover an unplanned $500 expense. You never know if a loved one of yours has no cash in their savings account and really needs money to pay bills or get some breathing room.

Another way to think about it is this. Let’s say you have a struggling family member with no emergency fund who desperately needs a new water heater for their home. What do you think they’re going to appreciate more — a $50 sweater or $50 in cash?

You might assume that cash comes across as a thoughtless Christmas gift. But that’s far from true. Chances are, if you give the gift of cash this year, your loved ones will appreciate it more than you know.

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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.
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Opposing experts predict a rise or fall in home prices, depending on who you ask. Here’s how you can get ready to buy a home either way. 

If you’ve had your eye on buying a house lately, you’ve likely felt the sting of opening the Zillow app and finding suboptimal homes for sale at suborbital prices.

You can thank both the pandemic-fueled home-buying frenzy and soaring mortgage interest rates for the sticker shock. The average selling price for a home has jumped 27.7% over the past three years. Meanwhile, current mortgage interest rates have climbed to over 7% thanks to the Federal Reserve’s war on inflation.

The result: Housing is the most unaffordable it’s been in about four decades.

Some potential buyers are waiting for home prices to fall before jumping into the housing market. The problem is that there’s no guarantee home prices will come back down, and experts disagree on whether it’s even a possibility.

The case for home prices falling

Some experts predict a potential drop in home prices because housing affordability is so bad. Morgan Stanley analysts have said that home prices could fall by 5% by the end of 2024 if interest rates remain elevated.

The idea here is that even though there’s not a lot of housing inventory out there, housing is so expensive because of high interest rates that it could drive home prices lower.

Another group of experts predicting a potential drop in home prices are analysts at Moody’s. The analysts told CNBC recently that it was “premature to celebrate the end of the housing correction,” and said house prices could fall 3.5% between the end of 2023 and the close of 2024.

The case for home prices rising

Sadly, more experts are predicting housing prices will rise than are saying prices will fall.

Zillow’s data predicts home prices will rise 4.9% between mid-2023 and mid-2024. The real estate marketplace company says on its website, “The tight inventory conditions and the persistence of elevated mortgage rates are also expected to continue to limit sales volume in the months to come.”

Similarly, the National Association of Realtors forecasts that prices could rise by 2.6% in 2024 thanks to an inventory shortage. The group’s chief economist, Lawrence Yun, even boldly claimed over the summer that “the housing recession is over.”

Some big banks are anticipating higher prices as well. Goldman Sachs analysts recently said home prices may climb 1.9% in 2024 and 2.8% in 2025.

Why the experts disagree, and what you can do if you’re house hunting

In general, some experts disagree on where house prices are going because there isn’t a consensus on how low inventory and high interest rates will affect the market.

Most experts think that a low supply of homes will continue to push prices higher, while others believe the unaffordability of housing right now will outweigh the inventory constraints and cause prices to fall slightly.

Unfortunately, there isn’t much you can do about high mortgage interest rates or low housing inventory. But that doesn’t mean you’re helpless. You can be proactive in this housing market by taking a few steps, including:

Shopping around for a lender: Not all lenders will view your financial situation in the same way. As such, it pays to shop around for a mortgage lender that meets your needs and gives you the best mortgage possible.Save, and then save some more: It’s generally recommended to put 20% down when you buy a home. That’s much harder to do these days, especially for first-time home buyers, but putting as much money into your savings account as you can will put you in the best position to buy a home.Pay off debts: Lowering your debt obligations can help you secure better mortgage terms. You may be able to get a better interest rate or receive a larger loan if you have less credit card debt or have your car loan paid off.

There are plenty of unknowns in the housing market right now, and no one knows for sure if prices will drop over the next year. But you can be ready to make a move toward buying a house by getting your personal finances in shape now.

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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.Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group and Zillow Group. The Motley Fool has a disclosure policy.

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The claims process took five months to wind down. Here’s what happened step by step after filing a claim with Geico. 

Fire and brimstone were what I expected from my first car insurance claim. Possibly, hours spent battling with insurance representatives over the phone, explaining, for the fifth time, that no, it wasn’t my fault I’d gotten into a car accident — and yes, I wanted my deductible back.

But filing was surprisingly easy. I filed my car insurance claim with Geico, an insurer known for affordable rates. Here’s how it went down, from filing the initial claim to getting my deductible back.

Filing the claim

To file my claim, I logged into my Geico insurance portal. I navigated to “File a claim” and followed the instructions. I needed to provide information about the accident and basic personal information about myself and the other driver, including license plate information.

What I didn’t expect was the questions about which part of my car was damaged. I had to unhook my keys, walk to the driveway, and double-check the damaged spots on my car. A phone made this easy — I just took pictures and referenced them.

It took me about 10 minutes total to file the claim. I could not fill in every field, but that ended up not mattering. Geico notified me that my claim was being processed, and what to expect.

Getting the car appraised and fixed

Getting my car appraised for damages was the next step in the claims process. I scheduled an appointment with a repair shop partnered with Geico for convenience.

It took less than a week to get my car into the shop, where I left it for another week or so. The repairs ended up costing over $4,000 to fix. The repair shop offered to do the repairs, and again, I OK’d the plan. I paid my $500 car insurance deductible and left the car in the shop.

The repairs took over a month, longer than expected. A Geico representative kept me updated via text message. Once the repairs were completed, a friend dropped me off at the shop, and I drove my Toyota home. There was nothing else I had to do regarding the claim.

Moving to arbitration

Months after paying the deductible, Geico contacted me to inform me it had moved to arbitration, a process by which it attempted to reach a consensus with the other driver’s insurance company (State Farm, in this case).

In this case, Geico believed the other company should pay for repairs. The company wanted my statement to argue the case better. In the best-case scenario, I’d be labeled “Not At Fault” and get my $500 deductible back. I could get behind that.

Nervous, I called the line texted to me by a Geico representative. Another representative picked up the line and chatted with me briefly. She asked a few recorded questions and thanked me for my time. The whole chat took about 10 minutes and was painless.

Getting my deductible back

Having my deductible returned to me was both simple and unexpected. Geico emailed me a notification that my deductible was ready to be refunded to me via bank account, debit card, or PayPal. I had the deposit sent directly to my checking account, where it landed two days later.

The whole claims process took five months, from filing a claim to getting my deposit refunded. The worst part of the experience was being without a car for over a month. To be fair, that was on me. Geico offered me credits toward a rental, but I opted for ride-hailing instead.

My first car insurance claim went smoothly. Maybe that shouldn’t have been surprising, given that Geico consistently ranks as one of the best car insurance companies. I’m glad I had good car insurance; it paid over $4,000 worth of repair fees, plus my deductible.

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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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