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Money Management

You’ll Be Shocked at How Much You Can Save This Thanksgiving Using These 3 Hacks

By Money Management No Comments

Stressed over hosting Thanksgiving dinner? Read on for some easy ways to lower your costs this year. 

Image source: Getty Images

Some people look forward to hosting Thanksgiving dinner and spend weeks planning their menus with excitement. But even if you enjoy having people over for the holiday, you may not enjoy having to dip into your savings account to cover the cost of that meal.

The good news, though, is that it’s more than possible to pull off a fabulous Thanksgiving dinner without breaking the bank. Here are a few hacks you can employ to lower your costs this year.

1. Feed a small crew for under $25 with help from Target

Don’t have a fortune of money to spend on Thanksgiving dinner this year? If it’s only going to be you and your immediate family, there’s no need to rack up a giant credit card tab when you can purchase everything you need for a small feast for under $25 at Target.

Target’s Thanksgiving dinner for four includes a frozen 10-pound turkey, potatoes, green beans, cranberry sauce, gravy, and stuffing mix. Expecting eight guests? Just order two kits. It’s that simple.

2. Buy your pumpkin pie at Costco

Pumpkin pie is a staple item on a lot of people’s Thanksgiving tables. But when you add up the cost of baking multiple pies, including premade crusts, pumpkin puree, eggs, and spices, you may be looking at a sizable bill charged to your grocery rewards credit card.

Why deal with that expense — and the prep work — when you can outsource your baking to Costco instead? The warehouse club is offering up its classic pumpkin pie once again at the competitive price of just $5.99.

Given that Costco’s version of this Thanksgiving favorite weighs almost four pounds, you’ll be hard-pressed to whip up the equivalent amount in your kitchen at a lower price point. And this way, you won’t have to deal with any annoying cleanup.

3. Don’t pay a dime for your turkey

It’s kind of hard to pull off a classic Thanksgiving dinner without having a turkey in the middle of the table. But you don’t necessarily have to pay for that bird if you play your cards right.

Many supermarkets offer promotions that give customers a free turkey for meeting a certain spending threshold in the weeks leading up to Thanksgiving. So doing all of your shopping at the same store could mean not having to spend a dime on a turkey itself.

Shoprite, for example, is giving customers free turkeys of up to 21 pounds if they spend $400 in the weeks leading up to Thanksgiving. If you have a larger family, a few weeks’ worth of groceries might easily cost you that much.

It pays to find ways to save

It’s one thing to stress about finishing your Thanksgiving cooking on time. But it’s another to stress about the cost involved. These tricks could help you lower your Thanksgiving spending significantly. But if that’s not enough, don’t be shy about asking for help.

Have each of your guests bring a side dish, appetizer, beverage, or dessert so you’re not forced to do all of the food preparation and shopping. Chances are, no one will mind a bit. And that way, you’ll be able to enjoy the holiday without worrying about its impact on your personal finances.

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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 positions in Target. The Motley Fool has positions in and recommends Costco Wholesale and Target. The Motley Fool has a disclosure policy.

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Can You — or Should You — Make Fantasy Football a Side Hustle?

By Money Management No Comments

Your side hustle probably shouldn’t involve trying to win jackpots. Here are some much better side gig opportunities. 

Image source: Getty Images

Many people dream of making money from their hobby. After all, what could be better than getting paid for doing something you love?

With 29 million Americans signed up for fantasy football leagues each year and the entire U.S. fantasy sports industry worth an estimated $9.5 billion this year, there are a lot of people who might be wondering if their next side hustle should come from their fantasy football skills.

While it may be tempting, here are a few things you should know before you try to use your fantasy football hobby to boost your personal finances.

Fantasy football is a risky business

Many people sign up for a fantasy football league strictly for fun. They create teams to compete against their friends and spend a small amount of money to do so. If they win a little money, great. If they lose, it’s fine — because winning isn’t a revenue stream for them.

But it could be problematic to rely on fantasy football as a side gig because you’re essentially investing time and money into something that likely won’t reap much monetary rewards. Some fantasy football leagues with substantial jackpots have sizable buy-ins. And even ones that have smaller entry fees give you very little chances for big winnings.

There are ways to make a little money from your fantasy football team through smaller bets on online sports betting platforms like FanDuel, but, as with all betting, your odds aren’t great. Even if you occasionally make money from fantasy football, it’s not likely you’ll earn enough money consistently to turn it into a side hustle.

If you’re tempted to turn your fantasy football league into your side job, it may be a good idea to compare your winnings to what many people make from their side hustles. A recent Zippia study showed that the average monthly side hustle income is $483 per month.

Do your monthly fantasy football league winnings come close to that? If not, you may want to reconsider your plan to turn it into a side gig.

A better way to make money from fantasy football

If you really want to turn your passion for fantasy football into a side hustle, consider looking for a job position that allows you to stay in the fantasy football world without having to take on the risk of playing.

I quickly searched for fantasy football jobs and found a remote content writer position for FanDuel. The job description said they were looking for a “knowledgeable sports fan” to write about fantasy sports and sports betting and were looking for as little as one year of writing experience.

This is just one example, of course, but it’s an example of how you could still make money from fantasy football without having to rely on setting up the best teams and hoping for a big payout.

A few side hustles that actually make money

An estimated 45% of U.S. workers have a side hustle, and considering that 61% of Americans currently live paycheck to paycheck, it’s not all that surprising.

If you’re looking to make some extra cash, some great side hustle opportunities can be potentially lucrative. They won’t scratch your fantasy football itch, but they could be a great way to earn extra income. Here are some top-paying side hustles, according to Upwork:

Public relations managerMedia buyerArtificial intelligence professionalPhotographerCopywriter

This is a partial list, but it’s a good starting point if you’re looking for a side gig. For example, Upwork says that a PR manager position can earn between $50 to $100 per hour and that a photographer can earn between $40 to $100 per hour.

Remember that the point of a side hustle is to help earn money, rather than to invest in your hobby. Many gig jobs will help you make some cash to help pay off debt, but putting too much money into trying to win fantasy football competitions could do the opposite.

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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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4 Ways to Boost Your Credit Score Before 2024

By Money Management No Comments

A high credit score can do wonders for your finances. Read on to learn how to bump yours up before the new year is here. 

Image source: Getty Images

Wouldn’t it be wonderful to go into the new year with good credit? Your credit score has a major impact on your financial life — having a higher score comes with benefits like cheaper mortgage loans, better credit cards, and more. Ultimately, having good credit makes it easier to borrow money without owing a ton of interest, and in this high interest rate environment, the higher your credit score, the more you’ll save.

As an example, as of this writing, myFICO notes that the average mortgage interest rate for someone with a credit score above 760 (“very good” to “exceptional”) is 7.4% — but if your credit score is 620 (“fair,” and also often considered the minimum for a conventional mortgage loan), you could pay 9% on a mortgage loan. That makes a major difference — both in the amount of your monthly payment, and the total interest you’ll pay over time.

Now you know why it’s worth working on your credit — so let’s discuss a few ways you might be able to add some points to your credit score before 2024.

1. Make all payments on time

A lot of people wait until the new year officially begins before they act on their resolutions, but if you’re hoping for a higher credit score, the time to start is now. Your payment history is responsible for 35% of your FICO® Score (the one 90% of lenders use). If you’ve been lax about making on-time payments before now, the easiest way to see a higher credit score in the future is to pay your creditors by your due date every single month.

This won’t improve your credit score overnight, but playing the long game will give you better credit in the future. In addition to improving your credit score over time, this move will also mean never having to pay a late fee ever again.

2. Pay down existing debt

Another huge part of your credit score is the amount of money you owe relative to your total credit limit. This is called your credit utilization ratio, and ideally, it’s best to keep it under 30%. This means that if you have a total revolving credit limit of $10,000, you’d owe less than $3,000 total at any given time. Reducing this percentage will go a long way toward boosting your credit score — I added 100 points to mine recently and most of that was due to paying off existing debt.

I have found that the best way to pay off debt is to increase income, rather than trying to scrub all the fun out of your life by cutting tiny expenses here and there. Another effective way to free up money to send toward debt is to make a change to a big expense in your life — for example, if you have a hefty new car payment, you might consider selling your current car and instead buying a cheaper used car (as a bonus, your insurance costs will also likely decrease).

3. Increase your credit limit

You may also be able to add points to your credit score by lowering your credit utilization ratio in another way: getting a credit limit increase. If your credit score isn’t already decent, you may not qualify for one, however. But it never hurts to ask — you can request a credit limit increase through your card issuer’s website or customer service line.

If you’ve been a loyal customer who uses the card regularly (and you make your payments on time), you might just find yourself the owner of a shiny new higher credit limit. Note that some card issuers run a hard credit check when deciding whether to approve a higher limit for you — this can ding your credit score by a few points.

4. Hold off on applying for new credit

Hoping to get a new credit card to help with holiday shopping? Not so fast. It’s a better idea to hit the pause button on new credit cards if you want to finish out 2023 strong. Applying for a new card will ding your credit score by a few points (thanks to a hard credit inquiry), having the exact opposite effect that you want. Focusing on the cards you already have (and ideally, paying down debt and perhaps asking for a credit limit increase) is healthier for your credit score.

Reevaluate your credit score situation when we’re a few months into the new year (and after you’ve made the moves I discussed above). If you’ve got a higher score than you do now, you might find that you qualify for even better credit cards, and you’ll be happy you waited.

Ultimately, while you might be able to move your credit score in a positive direction before 2024, don’t expect a huge change — remember my 100-point addition to my credit score I mentioned earlier? That took eight months. So consider following these tips to lay the groundwork for future personal finance improvements and ensure your credit score’s best days are ahead of you, not behind.

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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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Should You Start a Small Business in 2024?

By Money Management No Comments

Deciding when to start a small business is a personal decision. But take a look at a few factors you should consider before opting for 2024. 

Image source: Getty Images

Starting a small business is both exciting and scary. Whether you’re the type of person who plans for every worst-case scenario or likes to jump headfirst into an idea and figure out the details later, there’s a lot to consider before launching your idea.

One thing many small business owners stress over is when to start their business. There are a lot of different factors to consider when thinking about the timing of launching a business, but one of the most important ones is the state of the economy.

To help you decide whether 2024 will be a good time to start your business, here are a few details about what’s happening in the economy right now and a few concerns some business owners have.

Why some people are hesitant to start a small business in 2024

If you’re trying to read the economy right now to figure out if 2024 is a good time to start a business, good luck. Economists have been saying a recession is right around the corner for nearly a year now. And yet, the economy grew by 4.9% in the most recent quarter, and the unemployment rate is at a very low 3.9%.

The experts can’t quite agree with what’s happening. Some economists think there’s a 56% probability a recession will come next year, while others think the economy will slow down but will avoid any significant downturn.

At this point, you might have a better chance of predicting a downturn by flipping a coin.

But even if a recession doesn’t materialize, a slowdown in the economy could lead to consumers spending less money, hurting small businesses’ bottom lines. Already, 62% of American workers say they’re living paycheck to paycheck, and consumer credit card debt has hit a record high of more than $1 trillion.

What you should consider if you’re starting a business in 2024

Even if a recession doesn’t happen in 2024, there are a few factors you should consider before starting a small business, based on what other business owners have said recently.

1. Inflation is still a significant problem

A recent National Federation of Independent Business (NFIB) report showed that ongoing inflation is one of the top concerns for business owners, with 23% saying it’s a problem. Inflation has forced many businesses to raise their prices, but the higher cost of goods and labor hasn’t necessarily increased their bottom lines.

2. Labor quality may be an issue

The NFIB report found that 23% of business owners said labor quality was their biggest problem, tied with inflation. Finding workers is still difficult right now, and 61% of business owners hired or were trying to hire workers recently. Some businesses are also planning to increase spending on labor, with 23% saying they’ll do so in the next three months.

3. Capital is available, but it’s expensive

As the Federal Reserve has raised interest rates, nearly all types of borrowing have gotten more expensive, including business loans and business credit cards. The good news is that just 2% of business owners said their borrowing needs weren’t satisfied, and 31% said they were borrowing regularly, indicating that access to capital is still available. But with interest rates elevated, the interest paid on small business loans is still higher than in recent years.

Only you can decide when it’s the right time

Unfortunately, there’s no crystal ball telling you when it’s the right time to launch your idea. But there’s no denying that the economy needs small businesses. The White House recently said that 56 million U.S. workers are employed at companies with fewer than 50 employees — which amounts to 45% of all private sector jobs.

While you should definitely consider all of the potential issues you could run into if you start a small business in 2024, only you can decide whether it’s the right time to finally get your idea off the ground.

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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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3 Reasons Why It Is So Important for Women to Start Financial Planning ASAP

By Money Management No Comments

Women hold more wealth than men, but often do not have a clear financial plan of their own. Here are three reasons they should make it a priority. 

Image source: Getty Images

When my granddaughters hit about three years old, I began telling them how important it is to become a financially savvy woman. Oh sure, I slipped it in between reading Pete the Cat and, later, Encyclopedia Brown books, but it’s an important message for us all.

I’ve watched too many women I love hand their financial well-being over to a partner, only to be left high and dry when they break up with that person or the partner dies without walking them through household finances.

Whether you’re just starting out in life or enjoying your third act, now is the time to review your finances. And if you haven’t already started financial planning, the day has come. Here are three good reasons why.

1. You shouldn’t have to depend on someone else

If you’re in a healthy relationship in which you share all major financial decisions, you can skip ahead to No. 2. However, if you’re single and hoping to meet someone or you’re in a controlling relationship, it’s important to know this statistic: According to the National Network to End Domestic Violence (NNEDV), financial abuse occurs in 99% of domestic violence cases.

Naturally, this is not a statistic I would share with my granddaughters before they’re of dating age, but it’s one we should all keep stamped on our minds. An insecure partner will keep you around in any way possible, and that could include making you 100% dependent on them for food and a roof over your head.

Abuse could begin with controlling finances and then escalate. NNEDV says that abusers can even make their manipulation look like love. They can charm you into handing over your finances (and power).

I share this not to frighten you but to underscore the importance of having a financial plan that includes the ability to provide for yourself. If you don’t have a plan, you can start today.

2. The earlier you begin, the more time you have to watch your money grow

Let’s say you’re 25 and invest $100 weekly for 42 years in an IRA account, until the year you plan to retire. If your money earns an average of 7% annually, you’ll end up with just shy of $1,200,000, thanks to the mighty power of compound interest.

If you start investing at age 45 instead, you’ll end up with $254,600. It’s not bad, but far short of the amount you would have had in your retirement account if you’d started earlier. To hit around $1,200,000 by the age of 67, you’d need to invest $462 per week.

Do not allow discouragement to prevent you from getting started, even if you can’t come up with much right now. For example, a 25-year-old who invests $25 a week until age 67 still has $298,900 tucked into an account of their own.

Before you invest: If you don’t already have one in place, sit down and plan out a monthly budget. Here’s how. A budget provides the easiest way to see how much money is coming in and going out each month.

Slowly but surely, build an emergency savings account that will cover minor emergencies as they arise so you won’t have to depend on credit cards or borrow money from someone else. As finances allow, add to the account until you have enough money to cover three to six months’ worth of your expenses. Ideally, you’ll have an account in your name only.

3. Odds are, you’ll be alone at some point in your adult life

If you marry or live with a man and are roughly the same age, statistics show you are likely to outlive him. According to life expectancy tables, women can expect to live around three years longer than men. Of course, if you come from a family of people who live much longer, that period could be extended.

Taking control of your financial life now — even if it means sharing the responsibility with your partner — means you won’t go into widowhood with no idea of what you’re doing. Let’s face it: You’ll have enough to deal with. Navigating finances should not be one of them. If you’re not sure where to begin, consider working with a financial advisor who has your best interests at heart.

Did you know that women hold more wealth than men, but invest 40% less? That’s because we tend to be more risk averse, afraid we’ll lose money. The truth is, though, we’re missing out on financial gains. By creating a financial plan, you’re taking the first step toward determining how much money you need to meet your goals. It also gives you time to devise a plan that will help you stay the course when the stock market makes you feel antsy.

While there are no guarantees in life, becoming confident enough to take risks and manage your own finances opens you up to a world of possibilities.

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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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Ranked: Most Cost-Effective Football Stadiums to Visit This Season

By Money Management No Comments

Football is the most popular professional sport in the U.S. Read on to learn how much it will cost you to attend a game. 

Image source: Getty Images.

According to dozens of surveys we’ve come across, football is the most popular professional sport in America. For example, the 2022 Statista Global Consumer Survey found that 74.5% of U.S. sports fans follow football. Coming in second place was basketball with 56.6%, and in third was baseball with 50.5% of those surveyed saying they follow the sport.

Perhaps that popularity helps explain why some fans likely have to tap their savings accounts to attend an NFL game. Earlier this year, the website Pickwise took a look at how much it costs for a family of four to attend a single game, purchasing the least expensive seats in the stadium. Included in their calculations were the cost of four tickets, four hot dogs, two small beers, two small sodas, two souvenir hats, and parking.

The least expensive gameday package was at Paycor Stadium to watch the Cincinnati Bengals play. The most expensive was in Las Vegas’s Allegiant Stadium to watch the Raiders. Of the 32 NFL teams, only five came in with a price below $500.

Team Stadium Non-Premium Ticket Price Hot Dog Beer (Small) Soda (Small) Team Hat Parking Total Family Price Cincinnati Bengals Paycor
Stadium $87.36 $5.66 $5.53 $6.67 $27.99 $17.50 $469.96 Arizona Cardinals State Farm
Stadium $91.34 $4.75 $7.00 $5.50 $25.99 $14.70 $476.04 Detroit Lions Ford Field $91.89 $6.50 $5.00 $5.50 $25.99 $19.44 $485.98 Jacksonville Jaguars TIAA Bank Field $84.76 $6.75 $11.50 $6.25 $29.99 $26.08 $487.60 Miami Dolphins Hard Rock
Stadium $94.95 $4.00 $5.00 $3.00 $25.00 $37.50 $499.30 Buffalo Bills Highmark
Stadium $89.65 $7.25 $11.50 $6.25 $25.00 $35.00 $508.10 Indianapolis Colts Lucas Oil
Stadium $99.51 $5.75 $8.00 $4.00 $21.99 $24.34 $513.36 New York Jets MetLife
Stadium $98.21 $6.00 $5.00 $3.00 $16.99 $47.60 $514.42 Tennessee Titans Nissan
Stadium $100.67 $6.00 $10.50 $5.00 $24.99 $16.05 $523.71 Carolina Panthers Bank of America
Stadium $104.59 $5.99 $9.99 $5.99 $19.99 $20.38 $534.64 Atlanta Falcons Mercedes-Benz Stadium $110.66 $2.00 $5.00 $2.00 $25.99 $20.40 $537.02 Los Angeles Chargers SoFi
Stadium $89.01 $8.00 $11.00 $6.00 $24.99 $71.20 $543.22 New Orleans Saints Caesars Superdome $109.60 $6.00 $11.50 $6.00 $21.99 $14.13 $555.51 Washington Commanders FedEx Field $104.00 $6.00 $6.75 $4.50 $21.99 $60.00 $566.48 Kansas City Chiefs GEHA Field at Arrowhead Stadium $115.13 $5.00 $9.00 $5.00 $14.00 $40.95 $577.47 Cleveland Browns Cleveland Browns Stadium $112.17 $6.50 $7.00 $5.50 $25.99 $30.57 $582.23 Baltimore Ravens M&T Bank Stadium $120.27 $3.25 $7.00 $5.50 $23.00 $22.11 $587.19 Dallas Cowboys AT&T
Stadium $107.87 $6.00 $9.50 $6.00 $29.99 $43.06 $589.52 Minnesota Vikings U.S. Bank
Stadium $116.85 $6.75 $10.50 $6.00 $25.99 $15.00 $594.38 Houston Texans NRG
Stadium $117.45 $5.25 $6.00 $5.75 $24.99 $30.11 $594.39 Los Angeles Rams SoFi
Stadium $103.62 $8.00 $11.00 $6.00 $24.99 $66.03 $596.49 Denver Broncos Empower Field at Mile High $119.75 $6.00 $8.00 $5.50 $25.99 $29.09 $611.07 New York Giants MetLife
Stadium $121.79 $3.00 $5.00 $4.00 $23.99 $47.60 $612.74 Seattle Seahawks Lumen
Field $123.04 $7.49 $9.49 $6.00 $15.00 $31.25 $614.35 Pittsburgh Steelers Acrisure
Stadium $120.10 $6.94 $10.00 $6.90 $25.00 $35.79 $627.75 Tampa Bay Buccaneers Raymond James
Stadium $119.94 $7.00 $12.00 $5.75 $25.99 $43.03 $638.27 Chicago Bears Soldier Field $130.29 $7.50 $11.00 $6.50 $25.99 $26.29 $664.43 Philadelphia Eagles Lincoln Financial Field $127.06 $6.25 $11.00 $5.75 $25.99 $49.49 $668.21 Green Bay Packers Lambeau Field $134.81 $6.25 $9.50 $6.00 $22.99 $38.20 $679.42 New England Patriots Gillette Stadium $131.45 $4.50 $10.50 $5.00 $25.99 $58.00 $684.78 San Francisco 49ers Levi’s Stadium $144.81 $5.50 $11.50 $4.00 $24.99 $42.40 $724.62 Las Vegas Raiders Allegiant Stadium $153.47 $3.00 $10.00 $3.00 $21.99 $36.50 $732.36
Data source: Pickwise.com

While lifelong pro football fans know the thrill of watching the ups and downs of their team, there’s no denying that it’s expensive to watch those games in person.

For football lovers who want money left to invest each month while still enjoying the games, the NFL Sunday Ticket TV package may be the answer. Viewers who catch games on YouTube TV can subscribe for the season for $349, or $389 if they also want NFL RedZone. For those who want to leave even more money in the bank, subscribers who have at least the YouTube TV base plan can receive 50% off NFL Sunday Ticket prices through Nov. 30, 2023.

There is no doubt that football is fun to watch. However, it’s nice to know that it’s possible to enjoy a game without breaking the bank.

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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.Bank of America is an advertising partner of The Ascent, a Motley Fool company. Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America and U.S. Bancorp. The Motley Fool has a disclosure policy.

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