Money Management

How many chicken wings does $16 billion buy?! 

Although you probably won’t find football’s big game on any official holiday calendars, for roughly a third of Americans, it may as well be a national holiday. Indeed, more than 190 million people plan to watch the game in some fashion, with the majority of those throwing or attending a party dedicated to the celebration.

As you might suspect, all that partying doesn’t come cheap. Well before people get into the friendly wagers, their personal finances already have a pretty big stake in the game: Celebrants are expected to spend up to $16.5 billion — yes, that’s billion, with a b — on supplies and paraphernalia, according to a survey from the National Retail Federation.

$16.5 billion = $85.36 per person

If the idea of a $16.5 billion football party boggles your mind, here is another thing to consider: That’s actually an increase of nearly $2 billion — that’s about 12% — from last year’s numbers. And that was already up nearly $600 million, or 5%, from 2021.

Perhaps the most shocking of all, however, is that these numbers all pale in comparison to the peak spending we saw in 2020, just before the pandemic hit. That year, spending on the big game topped out at a record-high $17.2 billion.

Of course, at this size, the numbers feel completely abstract. So let’s break that down a bit more. This year’s $16.5 billion in spending boils down to $85.36 per person. (That’s a lot of wings!) For comparison, the 2020 record year saw folks spending about $88.65 apiece.

190 million celebrants

So, where are those billions of dollars actually going? It turns out most of it will wind up in the coffers of the grocery stores, restaurants, and bars.

Around 103.5 million watchers plan to host or attend a party to watch and celebrate the game. On top of that, about 18 million (17.8 million, to be specific) people are hitting the local watering hole or wing joint for a no-fuss event.

Whether you’re watching the game or not, this many celebrations are bound to impact your weekend. For example, about 79% of the expected spending will go to food and drinks, which means the grocery stores, bars, and restaurants are going to be crowded.

In other words? Don’t expect to stop into your favorite pub for a quick meal this Sunday. Tables are bound to fill up fast.

Ways to save

If you’re one of the many folks expecting to shell out nearly $100 on supplies this weekend, you’re in luck. There are tons of ways to shave a little off your spending without hurting your fun.

For the hosts, plan on doing some comparison shopping before you ever leave the house. Most grocery stores have ads online nowadays, so you can easily compare sales on everything from wings to bean dip. While you’re at it, clip some digital coupons or download a good cash back app for extra savings.

And, of course, whether you’re partying down or hitting the bar, be sure you’re packing your best rewards credit card. You can find cards with up to 6% back in grocery store rewards. For the bar-goers, grab a good dining rewards card. Most issuers include bars in their dining category!

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A $0 savings balance could really hurt you when an unplanned bill strikes. 

Building savings isn’t always an easy thing to do. In fact, it’s often quite difficult.

But it’s important to have money in a savings account for unplanned expenses. If you don’t have a solid emergency fund, and you’re hit with an unexpected bill you can’t put off, like a home or car repair, you might instantly be forced to rack up credit card debt to cover it.

Credit card debt can be really bad news. Not only can it cost you a lot of money in interest, but it could also leave you vulnerable to credit score damage. And the lower your credit score, the harder it becomes to not only borrow money when you need to, but also, do things like rent an apartment.

Meanwhile, a recent survey by Real Estate Witch found that roughly 20% of millennials have no money in savings whatsoever. If that’s the boat you’re in, make these important moves soon to build yourself some sort of financial safety net.

1. Get on a tight budget

Not having savings is a dangerous thing. If your savings account balance is sitting at $0, it’s time to take control of your spending and find ways to cut back on expenses. And getting onto a budget is a good way to go about that.

Your budget doesn’t have to be anything fancy. You can write yours down on paper or use a spreadsheet to map out your bills. You could also try using a budgeting app. Many of these apps will assign your purchases to different spending categories so you’re able to keep track of them easily.

But either way, the point is to see where your money goes month after month, and then do your best to bank more of it. That could mean canceling expenses like streaming services, subscription boxes, and your gym membership. It could even mean doing things like getting a roommate to split the rent with — despite the hit to your privacy that might ensue.

2. Pick up a side hustle

If you’re already living pretty frugally, cutting back on expenses may not be all that feasible or reasonable. But in that case, a second job could be your ticket to building up a savings balance.

Explore your options for working a side hustle that will earn you a nice amount of money. If you’re great with kids, you could look into babysitting or tutoring. If you love animals, be a dog-walker or pet-sit in your home for people who need to go away. You can even revert to work-from-home jobs like data entry if they do the trick of putting more money in your pocket so you can put some cash in the bank.

Going without savings leaves you vulnerable to debt, and that’s really not something you want. Rather than run that risk, make an effort to build your savings. It may take some time, but any balance you accumulate will be far better than a balance of $0.

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Sticking out a job for a bit could work to your benefit. 

The U.S. labor market has been nice and strong for the past few years. And that’s given workers more leeway to explore different employment opportunities. It also led to the aptly dubbed Great Resignation, a trend that’s left companies grappling to retain talent and replace workers who have abandoned ship.

But it’s not just that workers are quitting their jobs in droves. They’re also engaging in what’s known as quick quitting — leaving a job after less than a year of employment.

In a recent Monster survey, 57% of workers said they’ve quick quit a job. And while 47% of workers think quick quitting could serve as a red flag in the context of getting hired elsewhere, they insist they’d do it anyway if the circumstances warranted it.

If you’re unhappy at work, you may be tempted to quit a job you’ve been at for less than a year. But that decision might come back to haunt you.

A red flag indeed

Leaving a single job after less than a year is something you might be able to explain away in a future job interview. It may, for example, be that a specific job just really wasn’t the right fit, and that’s understandable.

Quick quitting becomes more of a problem when you do it repeatedly, though. That sends a message to future employers that you’re flighty and can’t commit to a role. And that might cause some companies to pass you over as a job candidate, even if you’re really qualified.

A better route to take

In the aforementioned survey, 67% of those who quick quit a job did so because they found their workplaces to be toxic. And 54% said they left a job quickly because the roles they wound up taking on did not match the job descriptions initially presented to them.

These are certainly valid reasons to leave a job after less than a year. But before you go that route, see if the situation can be salvaged.

If your responsibilities have shifted so you’re no longer doing the work you feel you were hired to do, talk to your manager and ask for a change. And if you’re unhappy with other aspects of your job, like your salary, have that discussion.

You never know when your company might be willing to give your pay a boost to keep you on board. And a bump in pay could help you meet lots of different goals, like buying a house or paying off your credit cards.

It’s also important to consider the benefits of sticking your job out. You might gain experience that sets you up for a thriving career. And you may be entitled to outstanding workplace benefits, like a generous employer match for your retirement plan that gives you a nice jumpstart on building long-term savings.

There’s no reason to resign yourself to a bad job forever. But before you quick quit your job, think about the consequences that might ensue, and see if there’s a way to make the situation salvageable enough for you to stay on for at least a year before leaving.

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Time for the big commercials — I mean, the big game! 

With the big game right around the corner, lots of folks are hitting the stores to stock up on all their party supplies. This weekend, we’ll go through tons of chicken wings, barrels of bean dip, and more beer than you can shake a keg at.

Indeed, according to a survey from the National Retail Federation, just about 80% of our budgets — tallied at about $85 per person — for the big game are dedicated to food and beverages. (That’s compared to just 10% on new TVs, and a 12% spent on team apparel.)

Unfortunately, inflation has hit the grocery store hard, and you may not get quite as much for your money as you did last year. Your personal finances don’t need to suffer, though; there are ways to trim a bit off your big-game budget. Here are some tips.

1. Comparison shop the many sales

Lots of stuff goes on sale right around the game, including some of the best deals of the year on TVs. But electronics stores aren’t the only ones who know we spend big to watch the game. Grocery stores also have some really great deals on all the popular picks, from chips to wings and more.

Don’t rely solely on your usual store, however. A few minutes with a web browser and you can compare the sales prices across all of your local shops. Choose the store with the best deals on the most things you’ll need. Or, if they’re close enough to make it convenient, hit a few stores to score deals across the board.

Pro tip: Going to multiple stores can be a great way to get more deals, but be mindful of your fuel use. If you spend $1 in gas to save $0.50 on a bag of chips, you’re not really coming out ahead.

2. Skip the deviled eggs

Egg prices have recovered some, but they’re still not back down to their pre-inflation levels. Moreover, eggs can still be hard to get in some areas. If you’re struggling to find a decent price on a dozen eggs — or to find a dozen eggs at all — it may be better to skip the deviled eggs this year. Consider it an excuse to try out a new party dish from the hundreds of recipes circling social media right now.

3. Double dip the coupons

This tried-and-true savings strategy can work year-round, but it’s a great trick to pull out for party supplies, too. Most stores let you use both manufacturer’s coupons (coupons produced by the manufacturer of the product, the kind you get in the Sunday paper) and their own store coupons. So, you can stack your coupons for extra savings. And since most coupons are digital these days, you can do it with no clipping required.

If you want to get really serious about it, consider a good cash back app, as well. These handy apps let you scan your receipt after you shop to earn rebates on tons of popular purchases.

4. BYOW (bring your own whatever)

If you’re the one hosting the party, then why not put some of the onus for food and drinks onto your guests? Ask everyone to bring a little something to the table so you can focus on the main dishes.

This method can be especially handy if your guests like a variety of grown-up beverages you don’t usually stock. Have them bring a bottle of their favorite spirit to share with the party so you don’t need to worry about the state of your home bar.

5. Maximize your rewards

Of course, my favorite way to save on just about everything: rewards credit cards. And it’s especially easy to maximize your rewards when it comes to buying food and drinks for a big party. You can find tons of great grocery store rewards cards. With the right pick, you could be earning up to 6% cash back on your go-tos — and everything else you need to put on a sick spread.

Celebrate in style

Whether you’re into it for the football, the commercials, or just to enjoy the half-time show, it seems we all love to celebrate the big game. Make sure your budget is also loving it by using some of our savings tips while planning your party.

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The job market is particularly hot right now. 

At 3.4%, the current unemployment rate is the lowest it’s been in 50 years. To put that into perspective, between 1948 and 2023, the unemployment rate in the United States averaged 5.73%. 2023 has started off exceptionally well.

The Great Resignation lives on

The latest job numbers from the Bureau of Labor Statistics were published in November 2022. Based on those statistics, the Society for Human Resource Management (SHRM) reports that there’s an interplay between hires, quits, and job openings. As the Great Resignation continues, there are more jobs to be filled.

We’re not sure why so many people decided to leave their jobs. Some may have taken the opportunity to find a better-paying position, while others could have stocked enough away in their retirement accounts to call it a day.

The South has the highest percentage of workers bidding adieu to their jobs. The South is followed by the Midwest and the West, respectively. It’s no coincidence that job openings in the South, Midwest, and West have grown significantly.

These eight states currently boast the strongest job markets as measured by the percentage of job openings throughout the state.

1. Louisiana: 8.5%

72,000 workers quit their jobs in November 2022, but the state ended the month with 180,000 job openings.

The top three job sectors by revenue are:

Healthcare and social servicesRetail trade and accommodationFood services

2. West Virginia: 8.3%

West Virginia employers lost 24,000 workers in November 2022, which helped make way for 65,000 new jobs.

The top three job sectors in West Virginia are:

MiningHealthcare and social assistanceManufacturing

3. Wisconsin: 8.1%

72,000 Wisconsinites left their jobs in November 2022, while 261,000 jobs opened up.

These are the top three job sectors in Wisconsin:

ManufacturingReal estate, rental, and leasingHealthcare and social assistance

4. Alaska: 8.0%

13,000 workers walked out the door in November 2022, making way for 28,000 new job openings.

Here are the top three job sectors in the Last Frontier:

Oil and gasConstructionHealthcare

5. Georgia: 7.7%

173,000 Georgians said goodbye to old employers in November 2022, but that does not entirely explain how the state came up with 404,000 new job openings.

These are the top three job sectors in Georgia:

Real estate, rentals, and leasingInformationManufacturing

6. (Tie) New Mexico: 7.4%

22,000 workers quitting their jobs in November 2022 helped plump the number of jobs opening to 69,000.

Here are the top three job sectors in the Land of Enchantment:

MiningReal estate, rental, and leasingProfessional, scientific, and technical services

6. (Tie) Colorado: 7.4%

80,000 Coloradans quit their jobs in November 2022, and 231,000 new jobs opened up.

The top three job sectors in Colorado are:

Real estate, rental, and leasingProfessional, scientific, and technical servicesInformation

7. Montana: 7.3%

In November 2022, 18,000 people quit their jobs in Montana, and there were 40,000 job openings.

Montana’s three top job sectors are:

Agriculture and forestryMiningEnergy production

The fourth spot on the list is the service industry. With 33% of the state’s workforce in the service sector, there is sure to be a constant churning of jobs.

More jobs mean more households who can afford to put money in the bank, take out a mortgage, and pursue their interests. It may be unrealistic to expect this hot job market to stick around forever, but it’s sure nice while it lasts.

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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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