Money Management

Who can say no to free ice cream? 

Achieving goals is hard work, so why not reward yourself with a delicious treat? With Halo Top Goal Getter, that’s exactly what you can do. It takes 66 days to form a new habit, and this program is offering free ice cream to anyone who sets and meets their goals, as an incentive to help you with it. Here’s how it works.

How it works

To participate in this program, first sign up for the Halo Top Goal Getter at www.halotopgoalgetter.com. Once you’ve created an account, it’s time to set your daily goal for the next three months. You can start the Goal Getter any time between Jan. 1 and March 31, 2023. Even though we are done with January, there is still time. You’ll be able to track a daily goal for around 60 days, or until the end of the program on March 31.

Each goal should be something you can realistically achieve within those three months — think small but purposeful steps, like exercising for 20 minutes every day, or reworking your budget to find new ways to save money. Once you set your goal(s), start working toward them. As you make progress and complete tasks, check them off on the website.

Every time you log in to the Halo Top Goal Getter and check off your goal, you are one step closer to earning a prize. For each day you log in, you earn an entry into the prize giveaways. You can earn up to 66 entries, but anyone who meets their goal at least seven times is eligible to receive a free Halo Top coupon ($8 value). The free pint coupon will be sent once the program has closed on March 31, through USPS. After March 31, the prize drawings will take place on April 7.

What are the prizes?

You don’t need to log in all 66 days to qualify. Every time you check in, you’ll earn an entry into the giveaway. Those who win will get an email notifying them that they are a winner. Below are the prizes you can win, which includes the free ice cream:

One Grand Prize: a spa and yoga retreat, awarded as $10,000 cash. Retail value of Grand Prize = $10,000.50 First Prizes: a Halo Top cooler (ARV = $250 each).200 Second Prizes: twenty (20) pints of Halo Top (ARV = $160 each).10 Third Prizes: a Halo Top yoga mat (ARV = $20 each).10 Fourth Prizes: a Halo Top 10 lb. kettlebell (ARV = $20 each).2,000 Fifth Prizes: a Halo Top ice cream pint “sweatband” (ARV = $20 each).500 Sixth Prizes: a Halo Top gym towel (ARV = $15 each).10 Seventh Prizes: Halo Top ice cream scented deodorant (ARV = $10 each).100 Eighth Prizes: a Halo Top “no resistance” exercise band (ARV = $10 each).2,525 Ninth Prizes: a Halo Top golden spoon (ARV = $10 each).Total ARV of all prizes = $128,750.

The benefits of setting goals

Setting and achieving goals has numerous benefits beyond getting free ice cream. By setting well-defined objectives and breaking them down into achievable steps, we can stay organized and motivated. Setting long-term goals, such as achieving financial independence, gives us something to focus on over time. When those long-term objectives are broken down into smaller tasks, they become much easier to accomplish. That sense of accomplishment plays an important role in our overall happiness and confidence levels too. And now with Halo Top Goal Getter, it also gets us some delicious free ice cream.

While free ice cream may be a great incentive to help you meet your goals, the long-term effects of establishing a new healthy habit can last a lifetime. Whether it’s exercising more often or learning new skills, setting milestones along the way helps keep us motivated while also helping us feel accomplished when we reach our desired destination — plus it could mean free ice cream and other prizes along the way!

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These perks may be too good to pass up. 

For several years, sellers had a clear upper hand in the housing market. Not only did they not have to make many concessions to lure in buyers, but some didn’t even have to so much as fix glaring issues with their homes before completing a sale.

But today’s housing market looks different. While buyer demand is still solid, it’s not nearly as strong as it was in 2021, when prospective homeowners were eager to capitalize on low mortgage rates.

That means that sellers today may need to take extra steps to lure in buyers. And they often do that by making different concessions. Here are a few such concessions it pays to jump on.

1. Credits to cover closing costs and repairs

Closing costs typically amount to 2% to 5% of a mortgage loan. And so they can be very expensive, depending on the amount being borrowed. Some sellers, however, may be willing to cover buyers’ closing costs, which could result in a world of savings. So that’s the type of offer to potentially jump on.

Similarly, sellers today may be willing to offer more money to cover home repairs. If a seller offers up a $15,000, $20,000, or $25,000 credit, it could be enough to pay for every single issue related to a given home — major or minor. That’s a pretty good deal.

2. Warranties on appliances

Buying a home means taking the risk that a number of key appliances will fail shortly after a purchase. Household appliances can be expensive to fix and replace. But getting a warranty on appliances means that’s one less expense for new buyers to worry about.

3. Mortgage rate buydowns

A big reason so many buyers have pulled out of the real estate market is that it’s gotten very expensive to take out a mortgage. Some sellers, however, may be willing to help ease the sting of higher mortgage costs by paying for a temporary reduction in buyers’ borrowing rates.

Mortgage rate buydowns can take on different forms, but in a nutshell, a seller is paying a sum of money to temporarily reduce the rate on a home loan, making it less expensive for the buyer at hand. A seller might, for example, pay to have a buyer’s mortgage rate reduced by 2% for the first year they’re in their new home.

It never hurts to ask for concessions

Sellers today are increasingly realizing that buyers need incentives to purchase homes. But not every seller is going to offer up concessions from the start.

If you’re serious about buying a home, don’t hesitate to ask for some of the above perks. You never know when a seller might agree, and that could make the prospect of homeownership a lot more affordable for you.

Imagine, for example, that you’re able to lock in a mortgage at 6.7%, but your seller is willing to pay to knock your rate down to 4.7% for a year or two. That’s huge. A rate of 4.7% isn’t so outrageous, and by the time that buydown period is over, you might be in a position to refinance your mortgage.

All told, buyers finally have more negotiating power thanks to the state of the housing market. That’s something you may be able to use to your advantage.

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Be mindful of changes to your HELOC rate. 

Inflation has been a problem for U.S. consumers since mid-2021, and the Federal Reserve is eager to do something about it. In 2022, it implemented a series of aggressive interest rate hikes in an effort to slow the pace of inflation.

Thankfully, some good progress has been made there. But inflation levels are still higher than usual, which means the Fed still has work to do.

It’s not surprising, then, that the central bank decided to move forward with yet another interest rate hike on Feb. 1. This time, however, the Fed is only raising interest rates by 0.25%, which is a far more modest increase than the four 0.75% rate hikes we saw in 2022.

Still, if you owe money on a home equity line of credit, or HELOC, you should be mindful of the fact that interest rates are climbing again. While the Fed doesn’t set HELOC rates, its recent decision could make your debt more expensive to pay off.

The problem with HELOCs

Some types of debt come with fixed interest rates, like personal loans. But others, like credit card and HELOC balances, come with variable interest rates. This means your rate has the potential to rise over time, making your monthly payments more expensive and harder to manage.

Meanwhile, the Federal Reserve is not in charge of directly setting consumer borrowing rates. Rather, it oversees the federal funds rate, which is the rate banks charge each other for short-term borrowing purposes.

But when the Fed raises its federal funds rate, it tends to indirectly drive up the cost of consumer borrowing. And so if you owe money on any sort of loan product with a variable interest rate, you really need to be mindful of interest rate hikes as a whole, because they could end up impacting your debt and making it more expensive.

How to pay off a HELOC

Maybe you took out a HELOC to renovate your kitchen, or to fix a major problem with your home that couldn’t wait. Given that the interest rate on your HELOC has the potential to climb, you may want to do your best to pay it off ahead of schedule.

To pull that off, set yourself up with a budget that clearly accounts for both your essential and non-essential expenses. From there, try to cut back in the latter category, whether by canceling subscriptions you’re not getting a lot of use out of or dining at home instead of eating at restaurants several nights a week.

At the same time, you may want to consider taking on a side hustle and using the cash you earn from it to pay down your HELOC more quickly. Doing so could save you a fair amount of money over time.

Although the Fed’s latest interest hike wasn’t so aggressive, we could be in for similar rate hikes this year until inflation levels drop even more. And that could impact your outstanding HELOC. So if you’re carrying that sort of debt, paying it off ahead of schedule could really end up serving you well.

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It’s time to put an end to that cycle. 

If you’ve noticed that your credit card bills are much higher these days than they were a year ago, rising food costs could be partially to blame. The cost of food is up 10.4% compared to a year ago, according to the Bureau of Labor Statistics. We can thank the general trend of inflation for that.

But that’s not the only reason you may be spending extra at the supermarket these days. The reality is that certain habits commonly lead consumers to waste money in the course of buying food rather than save it. Here are a few such habits it pays to break if they apply to you.

1. You’re not looking at expiration dates

It’s not illegal for a supermarket to sell items with varying expiration dates. But if you’re not careful, you might buy perishables with an expiration date three days out when there are others on the shelf with an expiration date that’s five times as long. Take a few seconds to read those labels so you don’t wind up having to throw food away due to spoilage.

2. You’re not spending a few minutes loading up on digital coupons

Although it’s common for supermarkets to send out physical circulars in the mail, these days, a lot of coupons are digital. And if you don’t spend a few minutes each week loading digital coupons to your store loyalty card, you might lose out on major savings and sales.

Of course, some stores don’t require you to clip or load coupons to reap savings. Trader Joe’s, for example, doesn’t even have a store card because it likes to make its low prices available to everyone. But many supermarkets won’t give you a discount if you don’t load the coupon, so it’s worth carving out time to get that done.

3. You’re not planning out your meals in advance

You might pick up a batch of ingredients on a whim thinking you’ll cook up a nice meal. But if your family members refuse to eat it, you could end up throwing food — and your money — away. Rather than do that, plan out meals as a group to guide your shopping decisions.

4. You’re not buying items you use regularly in bulk

Buying meat, dairy products, and produce in bulk can sometimes be a risk. But if there are non-perishable staple items you consume regularly in your household, then there’s no reason not to scoop them up in bulk, provided you can afford to lay out the extra money upfront and you have room to store them.

And believe it or not, you don’t necessarily need a Sam’s Club or Costco membership to take advantage of bulk buying. Walk around your regular supermarket, and you’re likely to come across different items to purchase in bulk.

At a time when food costs so much money, the last thing you want is to waste yours. Aim to steer clear of these habits so you can reduce your supermarket spending — and bank more money for other purposes.

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It may be an option for you to consider, but it’s not without risk. 

Many people are used to filing a tax return and seeing a refund hit their bank accounts several weeks later. But even if you’ve gotten a refund in the past, you’re not guaranteed to get one every year. And you might even run into a situation where you actually owe the IRS money from the previous tax year.

If that’s not a situation you’re prepared for, though, then you could land in a tough spot. Many people don’t have extra money just sitting around in their savings accounts. If you’re in that boat and you owe the IRS money, you may be on the verge of panic.

But don’t be, says Mark Steber, Chief Tax Information Officer at Jackson Hewitt. While owing money may not be ideal, there are different options you can look at for paying that bill off.

You could, for example, charge it on a credit card, but you might incur costly fees in the process. But if you have a 401(k) plan at work, you may be able to take out a 401(k) loan to cover your tax liability. Steber says this is an option you can certainly look at — but it may not be your best one.

Could a 401(k) loan bail you out when you owe the IRS money?

Many 401(k) plans let you borrow money against your balance for different purposes. And yours might allow you to take out a loan to pay off a tax bill.

It’s easy to see why this option might look appealing. With a 401(k) loan, you’re not paying back a lender. You’re paying yourself back. And that way, you can potentially cover your IRS liability in full without incurring penalties for being late with your tax payment.

But while taking out a 401(k) loan to cover a tax bill is an option you may want to consider, it can also be a risky one. If you end up separating from the employer who sponsors your 401(k) plan, whether due to quitting or being laid off, you might, depending on your plan, have only a few months at that point to repay your loan (whereas you might normally have years). And if you don’t repay your loan, it will count as an early 401(k) withdrawal. At that point, you’ll be looking at a penalty of 10%.

Of course, this assumes you haven’t yet reached age 59 ½. At that age, you can take a 401(k) withdrawal without penalty. But if you’re younger, it’s important to know this rule.

Also, if you take out a 401(k) loan and don’t repay it, aside from penalties, you’ll have less money in your retirement savings. So you might get hurt either way.

Have a professional walk you through your options

Owing the IRS money can be a stressful situation, especially if you don’t have the cash on hand to pay. But a 401(k) loan is by no means your only option for paying that bill.

“The IRS is a kinder, gentler agency than people think it is,” explains Steber. And if you don’t want to take out a 401(k) loan, you can always get on an installment plan to pay off your tax bill over time. As long as you stick to that plan, you won’t risk having your wages garnished due to an unpaid tax obligation.

In fact, your best bet, says Steber, is to consult a tax professional when you owe money, because they can generally give you good advice on how to tackle that bill. “Any competent tax pro can walk you through your payment options,” he explains, which is all the more reason to work with one, no matter your tax situation.

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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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