The holidays don’t have to be stressful, or expensive. The key is using your mind before spending your money. Here are some tips to help. voronaman / Shutterstock.com
Here we are again. Isn’t it amazing how something that happens at the same time every year can still sneak up on you? We can’t do your shopping for you, or pay off your credit cards, but we can offer some tips to make this year a bit less hectic and a lot less expensive.
Excited for Black Friday? Don’t turn it into a day of regret. Read on for a list of pitfalls to steer clear of.
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Many people are gearing up for Black Friday. For you, that might mean compiling a list of the items you want. Or, it might mean spending some time researching deals ahead of time.
You might enjoy your fair share of savings during Black Friday shopping. But here are some big pitfalls you’ll also want to avoid.
Our brains are wired to get excited over the idea of snagging a discount. So when you see an item that normally retails for $60 available for 50% off, you might think, “Wow, that’s $30 in savings. I’d better pounce.”
That strategy really only works, though, if the item in question was one you were already planning to buy. So one thing you don’t want to do on Black Friday is purchase items for the sake of getting a deal. In this example, your brain might trick you into thinking you’re saving $30. But actually, all you’re really doing is spending $30 extra.
Some stores have an extended return policy for holiday purchases. Target, for example, will let you return most electronics and entertainment purchases made between Oct. 1 and Dec. 24 through Jan. 24.
But one thing you don’t want to do is assume you’ll have plenty of time to bring your Black Friday purchases back. It may be that you’re limited to a 30-day window from the time of your actual purchase. But that could put you in a bit of a pickle if you end up needing to return a Christmas gift for your child, since Black Friday falls on Nov. 24 this year and Christmas is more than 30 days later.
Shopping in person on Black Friday can be a stressful endeavor. Stores tend to be packed with people, and it can be difficult to make a sound decision when you can’t move or hear yourself think.
Before you hit the stores on Black Friday, see if your favorite retailers are offering the same deals online. You may find that it’s much easier and less stressful to make those purchases from the comfort of your couch.
“Buy now, pay later” plans, or BNPL plans, allow you to pay off your purchases in installments over a short period of time. Some people like them better than credit cards because if you make your payments on schedule, you won’t be charged interest. On the other hand, any time you don’t pay a credit card balance in full, interest begins to accrue immediately (the exception being a 0% interest rate credit card).
Morning Consult reports that 35% of consumers are considering using a BNPL plan for holiday purchases this year. But if you’re going this route on Black Friday, only do it if you’re already sitting on the money you need to pay for your purchases and you’re simply opting to spread your payments out.
If you fall behind on BNPL payments, you risk a host of negative consequences, from interest charges to fees to credit score damage. So if there’s a Black Friday deal you come across and you know you can’t afford it on the spot, don’t use a BNPL agreement as your back-up plan. Instead, walk away.
You may have high hopes for Black Friday this year. Steer clear of these traps to make the most of the day.
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It’s getting more and more expensive to own a home. Read on to learn more.
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Buying a home has never really been an inexpensive prospect. But in recent years, many buyers have faced issues with affordability. The National Association of Realtors reports that in 2021, buyers who purchased homes had an average income of $88,000. By 2022, that number had jumped to $107,000.
Meanwhile, for first-time home buyers, it took an average income of $71,000 to purchase a home in 2021. In 2022, it took an average income of $95,900. That’s an almost $25,000 increase. Ouch.
Why has the amount of earnings needed to buy a home increased so much? It’s simple: Homes have gotten more expensive. During the second quarter of 2021, the median U.S. home sale price was $382,600. During the second quarter of 2022, it was $433,100.
Mortgage loans have also gotten a lot more expensive to sign in recent years. In 2021, mortgage lenders were still offering up low rates on home loans. But mortgage rates rose sharply in 2022 and have stayed high ever since.
In early 2021, the average 30-year mortgage rate was under 3%. By the summer of 2022, the average 30-year mortgage rate surpassed 5%. And rates have sat in the 7% range for much of 2023.
The combination of higher prices and mortgage rates has forced a lot of would-be buyers to back away from the market. For some, buying a home just isn’t feasible based on what they earn.
If you earn a moderate wage, you might assume that buying a home today is out of the question. But there may be ways to make a home purchase possible.
First, you could focus on smaller starter homes that aren’t as updated. While you don’t necessarily want to buy a home with the intent to move in a year or two, you’re also not committing to living in your home forever. So if you’re willing to buy a starter home, you could build home equity with the goal of upsizing a number of years down the line.
Expanding your search to different neighborhoods could also make buying a home more feasible on a limited income. Rather than focus on highly desirable neighborhoods with top amenities, look at areas that are perfectly nice but may not have a built-up town center with restaurants and cafes. It may be reasonable to buy a home in a less-developed town and drive 10 minutes when you want to grab dinner.
Also, think about applying for different loan programs that might make a home more affordable for you today. For example, if you’re a first-time buyer and you can’t swing a large down payment, consider an FHA loan. This program makes it possible to put as little as 3.5% down if you have a credit score of at least 580.
It’s not so surprising to learn that the amount of income needed to afford a home purchase has risen so dramatically. But don’t write off homeownership just because your wages aren’t super high. You may be able to get pretty far with your current income if you’re willing to make some compromises.
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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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Words of wisdom from your future self just might help you make better financial and life decisions. Monkey Business Images / Shutterstock.com
Editor’s Note: This story originally appeared on NewRetirement. Susan O’Malley, an artist, asked people what advice their 80-year-old self would give to them now. She published the results in her book, “Advice From My 80-Year-Old Self: Real Words of Wisdom From People Ages 7 to 88.” The answers documented are interesting, inspiring, and beautifully presented. However, the question itself may be…
Don’t wait until Black Friday. Read on to see why shopping ahead of the big day makes sense.
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Black Friday is often hailed as the biggest shopping event of the year. As such, consumers routinely wait until Black Friday to make the bulk of their holiday purchases.
That’s a strategy you may have employed in the past, and understandably so. But you may want to do things differently this year.
Sitecore reports that 28% of consumers started spending and shopping for the holidays earlier this year. You may want to tackle your holiday list ahead of Black Friday for these key reasons.
Sometimes, when there’s a gap of time following a stressful event, we forget just how harrowing it was. It’s for this reason that mothers are able to birth multiple children despite the trauma of each delivery.
Shopping on Black Friday may not be quite as painful as giving birth to a child. But it can be a very daunting experience nonetheless. And that’s why it pays to get your shopping done before Black Friday this year.
One thing you don’t want to do is close out the 2023 holiday season with a whopping pile of credit card debt. If you’re able to shop calmly and take your time to look at different items, you may be more apt to make savvy decisions. If you’re feeling cramped because it’s Black Friday and there are so many people in the store you can’t even breathe, then you might just randomly grab things off the shelf, assume you’re getting a good deal, and dash over to the checkout aisle as soon as you can.
You’ll often hear that Black Friday is when you’ll find the lowest prices of the year. But many retailers have gotten into the practice of releasing deals ahead of Black Friday. And you may find that you’re able to save more cash on some of the items on your list if you do your shopping ahead of time.
At the very least, commit to scoping out deals available in the days leading up to Black Friday. You may be surprised at the prices you see.
Shopping before Black Friday could make the process less stressful on you and even result in some savings. But another good reason to do your shopping beforehand is that you’ll get a chance to tackle your list and whittle it down. If you don’t succeed in buying everything you need, though, then you can always do a supplemental Black Friday run to finish your list off.
You’ll still be dealing with the crowds Black Friday is known for. But you may be a lot less stressed knowing you only have four gifts to purchase that day, instead of 15.
Many people look forward to Black Friday sales every year. But getting as much of your shopping done as you can before Black Friday might really work to your benefit.
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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.
Find out how to get internet in rural areas and compare internet types with this thorough guide. Hector Pertuz / Shutterstock.com
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