What’s the Best Way to Pay for Holiday Shopping?

Q: Holiday shopping season is here, but I can’t pay for it all! What’s the best way to fund my holiday shopping?

A: When it comes to covering the cost of your holiday shopping, you have several choices. Let’s take a look at some options and explore the pros and cons of each so you can make an informed decision.

Credit cards

For many shoppers, the most obvious way to pay for a purchase you can’t cover now is with a credit card.

Pros:

Significant purchase protection.
Convenient payment method.

Cons:

Interest charges for unpaid bills can be very high.
You may be paying off these bills for months or years.
Extended debt can hurt your credit score.
You may be more tempted to (or unknowingly) overspend.

Savings

Dipping into savings to pay for your holiday purchases can free you from sky-high interest charges but comes with drawbacks.

Pros:

You’ll enjoy a debt-free holiday season.
No incurred interest charges.

Cons:

Depleting the savings that’s meant for emergencies can leave you up a creek later.
You’re losing the money your savings may have earned had it been invested or saved longer.

Unsecured/holiday loan

An unsecured loan, also known as a personal loan or holiday loan, is a loan that’s taken out with no collateral.

Pros:

You’ll secure quick funding.
Low interest rates compared to credit cards.
You can stretch the repayment over a longer term for smaller monthly payments.

Cons:

You’ll need to pay the full monthly payment when it’s due.
You may be hit with a fee if you pay off the loan early.
Missed and late payments can hurt your credit score.

Check out our Holiday Loan Special!

Holiday club account

When you open a holiday club account , you’ll make regular contributions toward your set goal throughout the year, and then have funds you’ll need for covering your holiday purchases when the season arrives.

Pros:

Holiday costs get more manageable when spread across the year.
Favorable dividend rates.
Prevents overspending and accumulating new debt.

Cons:

Funds in the account cannot be accessed until the goal (or preset date) is reached. Tying up savings can be irresponsible for those who do not have an emergency fund.

Use this guide to make an informed choice about paying for your holiday shopping.

10 Hacks for a Stress-Free Thanksgiving That Doesn’t Break the Bank

Hosting a Thanksgiving dinner is an enjoyable, rewarding experience, but it can also be a bit much for many of us. The expenses can be sky-high, the to-do list seems endless and the dinner itself can be a harried and breathless affair that puts a damper on any holiday cheer.

Here’s the good news: It doesn’t have to be this way. Consider these 10 hosting hacks to help you enjoy a calm and stress-free Thanksgiving that doesn’t break the budget.

Start planning early

Instead of waiting for the overwhelm to hit a week before Thanksgiving, start planning now. Look through your favorite recipe blogs, food magazines and cookbooks to compile a list of dishes you want to serve. Reach out to friends and family who are joining you for Thanksgiving dinner and inquire about what, if any, dishes they plan to bring. At this time, you can also ask about any dietary restrictions any of your guests may have.

Next, make a detailed menu and start listing the ingredients you’ll need to purchase. You can also jot down any other purchases you’ll need to make, such as decor items and serving dishes. Aside from making your prep easier, planning your menu and purchases early will help you make more responsible money choices as you shop.

Create a detailed schedule

Next, start scheduling the tasks you’ve just listed into your weekly and daily schedules. For example, a few weeks before Turkey Day, you can shop for drinks and any dry and frozen ingredients. You can do all the baking two weeks before the big day, prep your marinades, sauces and salad dressings a week before, the appetizer and sides a few days prior to Thanksgiving, and finally, the entrees on Thanksgiving Day. You may want to write everything down on a calendar so you can get a clear snapshot of what you need to do each day with just one glance.

Of course, if you prefer to marathon-cook for seven hours straight on the day before Thanksgiving, that can work, too. Just make sure you’ve taken care of all the other to-dos, such as shopping and planning the decor, well in advance.

Consider a buffet

If you hate missing all the best parts of the conversation at the Thanksgiving table because you’re busy in the kitchen, you may want to consider a buffet-style meal. While it’s definitely a departure from the traditional sit-down dinner, a serve-yourself meal can be a great way to make things easier for you. You can also get away with offering fewer dishes when it’s all served at one time instead of a formal meal with staggered courses.

Delegate

If no one’s offered to help you cook, don’t be afraid to assign small jobs to your guests so they can be part of the prep. It doesn’t have to be anything too time-consuming on their part, but for you, just knowing that Cousin Jen is bringing the mashed potatoes and your mom will bring her famous pecan pie for dessert means two menu items off your head.

Set up a kids’ corner

If you’re hosting families with children, create a kid-friendly area with games, coloring books and activities to keep the little ones engaged. This way, parents can enjoy the meal without worrying about bored and restless kids. You can also offer kid-friendly menu options like fries and chicken nuggets to keep guests of all ages happy and well-fed.

Use disposable dishes

Are you ready for a super-quick clean up when the party’s over? With today’s robust dinnerware options, you can have your convenience without compromising on your conscience. There are so many eco-friendly disposable options, from compostable cutlery to bamboo plates and so much more.

Set up a self-serve drink station

Create a self-serve drink station with a variety of beverages to cater to different preferences. Include water, non-alcoholic options and a signature Thanksgiving cocktail to keep things festive. This encourages guests to help themselves, freeing you up to focus on other aspects of hosting.

Keep the centerpiece simple

With so much going on at the table, there’s no need to overthink the centerpiece. A simple wooden board filled with seasonal gourds will add that festive touch to the table without breaking the budget. Add some pillar candles from a dollar store to complete the look.

Cook two small turkeys

If you’re hosting a crowd, consider cooking two small birds instead of one large one. You’ll save on defrosting time, freezer space and the stress of choosing the perfect recipe. You may even save money on your entree by splitting it into two with this hack.

If it’s stressing you out, let it go

The best part about being the host is that no one has to know what you’d planned to serve. So if you’re finding that one dish is stressing you out and will cost more than it’s worth at your table, just let it go. Leave it out, and no one will know the difference.

Despite what personal experience may tell you, Thanksgiving does not have to be stressful or expensive. Use these hacks for a stress-free Thanksgiving holiday.

Super-Scary Halloween Hacks to Save You Money

Don’t let Halloween costs spook you! Here’s eight great hacks for saving on costumes and decor.

Ghastly ghosts

Create an army of floating ghosts using nothing but white trash bags. Gather a bunch of bags and stuff them with crumpled newspaper. Tie the “head” with a rubber band and use a permanent marker to draw spooky faces on your ghosts. Hang your frightful friends around your house and yard to scare your party guests and trick-or-treaters.

Spooky bird houses

Create a mini haunted house to hang on your door or decorate your table using a basic bird house, black paint and cotton. Paint the bird house black and stretch cotton over it for a cobwebby effect. Finish it off with a few paper ghosts peeking out the windows and doors, and you’ve got yourself a tiny haunted house!

Shark attack!

For a fun and freaky costume that costs next to nothing, go as a surfer being eaten by a shark. Dress in swimwear, with a towel slung over yourself if the weather makes it necessary, and apply fake blood to a visible spot on your neck or arm. Use face paint to create a shark bite and apply the blood so it surrounds the bite and drips out. For a fun touch, attach an inflated or stuffed toy shark to your costume.

Mason jar lanterns

For easy DIY decor, paint Mason jars with spooky designs and insert battery-powered tea lights for a bewitching glow. Line your walkway or porch with these lanterns to welcome trick-or-treaters.

Creepy crawlers everywhere

Use an inexpensive package of plastic spiders to scare your guests silly! Freeze some in ice cubes for a spooky surprise in everyone’s drinks, scatter some across the table to make someone shriek and even add some to your soap dispenser to really freak everyone out. Let your trick-or-treaters in on the fun by sprinkling some into your bowl of candy.

An eerie flicker

For a super-easy and super-cheap centerpiece, paint old wine bottles black. Use matte paint for the best effect. When your candlestick holders have dried, insert long orange taper candles into each one to add a festive look to your table.

Care for a lollipop?

Turn your pumpkin into a fun lollipop dispenser with the help of an electric drill. Drill small holes in your pumpkin and then stick a lollipop into each hole. Set it up on your steps for an adorable, help-yourself trick-or-treat.

Retro costume

For a costume that will make everyone laugh and won’t cost a penny, go as your college-aged self. Dig out your old clothing and accessories, and if you had a crazy hairstyle back then, incorporate it into your costume, too.

Three Common Money Mistakes People Make

Managing money responsibly doesn’t just happen. Even with the best of intentions, many people make mistakes in how they handle money – and they don’t even realize it. But there’s good news! Harmful behaviors can be unlearned. Let’s look at three common money mistakes and how to fix them.

Mistake #1: Ignoring one’s financial situation

It is common for people to go about everyday living without a whole lot of thought toward their money. They may not know how much they have in their checking and saving accounts. They could also jam their heads in the sand when it comes to their outstanding debt. Awareness of how good or bad their credit score is? Forget about it! The hard truth, though, is that ignoring money can lead to big-time consequences, like excessive debt, missed payments and zilch in savings.

The fix: To avoid this mistake, assess your income, expenses and savings regularly. Creating a budget can help you get a handle on your financial inflows and outflows. This way, you can identify areas where you can cut back, save more and achieve and maintain financial wellness.

Mistake #2: Not having a clear money vision

The second common money mistake is a lack of financial plans or goals. Without an established money vision, it can be challenging to make smart money choices.

The fix: Establish short-term and long-term financial goals. Whether it’s saving for a down payment on a house, starting a business or planning for retirement, having a clear vision will guide and motivate all your financial decisions while ensuring they’re choices you can live with for years to come.

Mistake #3: Not discussing money

The third common money mistake is failing to talk about money with one’s life partner. Money is a sensitive topic, and many people believe they can avoid arguing over money by not talking about money. Unfortunately, though, not talking about it can lead to misunderstandings, conflict and financial instability within the relationship.

The fix: Have open and honest discussions about money with your partner. By establishing open lines of communication, you can work together to create a joint financial plan that aligns with both partners’ values and aspirations.

Use this guide to learn how to fix three common money mistakes and avoid making them in the future.

The Importance of Saving for a Rainy Day

Life is full of surprises, and some of them can be expensive. Whether it’s a medical emergency, job loss, car repairs or any other unforeseen event, having a financial safety net can provide a sense of security and stability. Let’s take a look at why it’s so important to save for rainy days.

Stay out of debt

When life throws an expensive surprise your way and you don’t have money to pay for it, you may fall into debt just to get by. On the flip side, if you had a well-padded emergency fund, you’d have the cash you need to fall back on in case of an emergency.

Be prepared for sudden unemployment

When you live paycheck to paycheck, your job is your financial lifeline. But no job is guaranteed to last forever. Your workplace may decide to downsize, close its doors or even to replace you with a bot. Or, you may find yourself unable to work due to personal circumstances. Having an emergency fund when you’re gainfully employed can help you stay afloat should you suddenly find your lifeline is reduced or cut out.

Flexibility and freedom

Saving for a rainy day brings an element of flexibility and freedom to your life. It enables you to pursue new opportunities, take risks and make major life changes without the constant fear of financial instability. Whether it’s starting a business, furthering your education or taking a sabbatical, savings provides the support you need to confidently explore these possibilities.

Peace of mind

Financial stress can take a toll on your physical and mental wellbeing. Constantly worrying about money can lead to anxiety, depression, strained relationships and more. Knowing you have an emergency fund prepared and on the ready for a rainy day can offer a sense of security and peace of mind.

Achieve long-term financial goals

Saving for a rainy day is not just about preparing for emergencies; it’s also a stepping stone toward achieving long-term financial goals. Whether it’s buying a house, starting a family or planning for retirement, having savings will help you stay on track.

Avoid economic downturns related to market fluctuations

The economy is subject to fluctuations, and financial markets can be volatile. During economic downturns or recessions, people will often face reduced job opportunities, pay cuts or decreased business revenue. However, an emergency fund can make a challenging economic climate easier to navigate. People who’ve saved up money for emergencies will be less reliant on credit cards and loans during such times, thus lowering their vulnerability to economic uncertainties.

If you don’t have a well-padded emergency fund, start building one today! Most experts recommend having three to six months’ worth of living expenses in your emergency fund. Review your monthly expenses to reach this number, and then make a plan for building up your fund until it’s complete. You may want to prioritize your emergency fund over other investments until it’s set up.

When the sun is shining, it’s hard to believe the rain will come, but no one’s life is all sunshine, all the time. Saving for a rainy day is a crucial part of financial wellness. Start saving today for a more secure and financially fit life.

Money Tips for College Students

Hello, college, hello, money worries!

College life brings a sense of independence that extends to personal finances. Being in charge of your own money can seem like an impossible challenge, but it doesn’t have to be that way. If the thought of managing your money in college is stressing you out, dig into these tips for some help!

Create a budget

Living with a budget is a must for good financial wellness. First, track your income, including all earnings from part-time jobs, scholarships and student loans. Next, list your expenses, including tuition fees, textbooks, rent, groceries, transportation and entertainment. Set a realistic spending amount for each category, and your budget is good to go! Review and adjust as necessary.

Minimize student loan debt

Student loans can be a big financial burden after graduation. To minimize your debt, explore options such as scholarships, grants and part-time jobs to cover educational expenses. You can also get ahead on your debt by saving for your student loan payments before you graduate.

Live frugally

You can have your fun while in college, and your budget, too! First, buy used when possible. This goes for textbooks, sports equipment and your college car. Next, consider pooling some of your expenses with roommates. For example, you can split the costs of food items, cleaning supplies and more. Finally, get used to eating in and save big. Remember, every dollar saved can go toward your future.

Prioritize essential expenses

Life while in college is filled with temptations and social activities, so it’s crucial to prioritize your expenses. First, make sure your tuition, rent, utilities and groceries are covered and then you can spend money on fun! Having a good budget developed, and a regular review of it, will help you plan in some of that fun.

Build your credit

College is a great time to get your credit score ready for adult life. A strong credit score is essential for qualifying for large loans, getting favorable interest rates, securing a job and more. To build credit responsibly, consider getting a secured credit card or becoming an authorized user on a family member’s credit card. Use the card sparingly and make full payments on time each month.

Take advantage of campus resources

College campuses often provide many resources to help students manage finances. Take advantage of financial literacy workshops, counseling services and career centers at your college.

Use these tips to manage your money smartly in college.

How to use Appliances Efficiently

Did you know that appliances account for approximately 13% of your home’s energy use? The good news is, you don’t have to completely pull the plug to save on your energy costs. Here’s how to use your appliances more efficiently to reduce your energy use and do one for the environment.

Choose energy-efficient appliances

When purchasing new appliances, choose models with high energy efficiency ratings. Look for the ENERGY STAR label, which indicates that the appliance meets strict energy efficiency standards.

Follow the user manuals

User manuals provide valuable information about the optimal usage and maintenance of appliances. Take the time to read the manuals thoroughly, as they offer specific instructions on how to maximize efficiency and extend the lifespan of each appliance.

Use appliances smartly

Take full advantage of any automatic settings on your appliances to use them more efficiently. For example, you can set your HVAC system to adjust its temperature when no one’s home or everyone is asleep.

Saving on energy around the house

Follow these tips to use appliances more efficiently around the house:

Computer

Choose “sleep” over “screen save” to use less energy when away from your computer.
Consider switching from a desktop PC to a laptop, as these use 10% of the electricity.
Turn off your monitor when it’s not in use.
Think three times before you print.

Oven/range

Match up your pots to your burner size
Cook with aluminum pans for even heat conduction.
Keep range-top burners clean for better reflection of heat and saved energy.

Refrigerator/freezer

Keep your thermostats at the recommended settings.
Position your refrigerator away from a heat source.
Clean the condenser coils of refrigerators and freezers regularly.

Dishwasher

Only run full loads.
Avoid pre-rinsing dirty dishes unless absolutely necessary.
During warmer times of the year, run the dishwasher in the early morning or evenings, when it’s cooler out.

Washer/dryer

Wash with cold water as much as possible.
Keep the lint filter clean for quicker dry times.
Make sure your dryer is vented properly.

Air conditioner

Cook less when it’s hot out.
Set your thermostat to adjust automatically.
Clean or replace your filters regularly to maintain proper airflow.

Use these tips to use your appliances more efficiently and save on energy usage and total costs.

Going Organic on a Budget

Going organic is a great way to improve your personal health and the health of the environment. Fortunately, it does not have to mean spending big. Here’s how to go organic on a budget.

Prioritize your purchases

If you’re on a strict budget, you likely won’t be able to go completely organic all at once. Start with what’s most important to you. You can move on to another area as the budget allows until you’ve completely embraced the lifestyle.

Buy in bulk

Look for bulk b ins at your local natural grocery store for steep savings. If you can’t finish all your bulk organic purchases before they’ll go bad, partner with a friend and split the costs.

Shop the seasons

In-season produce generally tastes better than off-season fruits and vegetables, and it’s cheaper. Choosing organic produce grown locally while it’s in-season can really bring down your grocery bill. A quick Google search can tell you what’s in season now in your area of the country.

Grow your own

If you have the time and space, consider growing your own organic greens and herbs. This way, you’ll have access to inexpensive produce that’s fresh and ready to eat.

Shop the farmers market

Your local farmers market is a great place to find fresh, locally grown produce at affordable prices. Plus, it supports local business.

Stalk your favorite organic brands on social media

Brands will alert followers to fantastic deals and discounts that may otherwise be missed. As soon as you find an organic food brand you love, follow it on Twitter, Facebook and Instagram. This way, you’ll never miss a sale.

Look for store brands

Lots of grocery stores now offer their own line of organic products. These tend to be cheaper than companies that are not affiliated with a specific store.

Shop smart

Finally, follow the basic rules for smart shopping to save on your purchases. Plan your menu around the sales, shop with a list and take a smaller cart, or even a basket. If all else fails, shop with cash.

Follow these tips to make the switch to an organic lifestyle without breaking the bank.

Travel Hacks 1 of 12: 5 Ways to Save on Airfare

Planning a trip overseas? Airfare will probably be your largest vacation expense. Fortunately, there are many ways to save on airfare to leave you with more to spend while at your destination. Here’s a list of five ways to save on airfare.

1. Be flexible with dates and destinations

If you’re willing to be flexible about the dates and destination, you can potentially save hundreds on your airline ticket. Instead of choosing a date and destination for your vacation and then searching for the best prices, select a date and destination based on the best available deals.

2. Shop smart online

Harness the power of technology to score the best airfare price. Searching sites and apps, like Expedia, Orbitz and Priceline, is like using multiple travel agencies to find the best flights for your vacation. Kayak, another popular travel app, plugs your preferred dates into its search engine and searches airline sites and agency sites to provide you with all the prices and options available.

3. Act quickly to snag mistake fares

When an airline accidentally discounts a ticket, you can snag a flight for as much as 90% off its conventional price. Mistake fares get snatched up fast, so check your favorite airlines and flight apps often so you don’t miss a deal.

4. Consider booking with a foreign currency

If you’ll be flying a foreign carrier, it may be cheaper to pay for your ticket with the local currency of your destination. Before paying for your flight, check to see if it’ll cost less if you don’t pay in dollars. It can sometimes actually cost more this way, but you can often save a lot by simply changing your location from the U.S. to your destination.

5. Book early

You’ll typically find the best deals on international flights 3-6 months before the departure date. If you’ll be traveling during peak times, like summer or during holiday seasons, start your ticket search even earlier. Flights are updated constantly, so check often to get the best deal.

Use the tips outlined here to get the best deal on your tickets and keep your vacation budget intact. Happy travels!

Last Minute Holiday Hacks

The holidays are nipping at your heels and there’s still a lot to do! It probably seems like your stress levels keep rising while the money in your wallet keeps dwindling. It doesn’t have to be this way. With a bit of planning and by following these holiday hacks, you can enjoy a stress-free and affordable holiday season. Not buying what we’re selling? Well, continue reading to find out how:

Clear the clutter for cash

Before the holidays, browse your closets for clothing in good condition you no longer wear. Sell these on resale sites like eBay and Craigslist. You’ll make room for any incoming gifts and give your holiday budget a little wiggle room at the same time.

Shop small businesses

Avoid crowds and enjoy a wider selection of gift items by shopping small businesses this holiday season. Independently owned stores are more likely to be fully stocked, even late in the season. As a bonus, you’re more likely to land unique gifts, and you’ll be helping local businesses stay afloat during these trying economic times.

Suggest a Secret Santa exchange

If the gift-shopping is getting to be a bit much, consider cutting back by suggesting a Secret Santa gift exchange. You’ll only need to buy one gift instead of one for everyone in an entire group, and the surprise factor makes it super-fun.

Round up your change

It’s never too late to start saving for the holidays! As you shop, use a money app like Acorn to round up your charge to the nearest dollar, and save the change in a specific account. Small change can add up quickly and help offset the amount you’ll need to come up with in your overall budget.

Delegate

If you’ll be hosting events this holiday season, delegate jobs to your guests. Everyone will appreciate the opportunity to pitch in, and it’ll be more helpful for you if you can assign specific jobs to each guest, instead of having three different people show up with apple pies.

Shop during non-peak hours

Peak business hours, which start in the early afternoon and run until evening, will have the biggest crowds and emptiest shelves. If you can get to the store early in the day, you’ll enjoy a full selection that you can peacefully browse before crowds show up. Stress-free shopping also means you’re more likely to make responsible spending decisions. Win-win!

Use the tips outlined here for a stress-free and budget-friendly pre-holiday season.

How Can I Save on Holiday Shopping?

Q: The holidays always have me worried about money. With inflation soaring, I’m more stressed than ever. How can I save on my holiday shopping this year?

A: If you’re worried about making it through the holiday shopping season in the midst of record inflation, you’re not alone. A recent survey shows that 59% of American shoppers are stressed about buying holiday gifts due to higher prices this year. With some careful planning, though, you can enjoy stress-free holiday shopping. Here are seven easy ways you can save.

1. Shop early

Experts are urging shoppers to hit the stores earlier than normal this year to take advantage of early-season sales. Lots of big-box stores are struggling with a supply surplus thanks to an inflation-triggered decline in demand. This will likely lead to sales events to make room for more current inventory. Shop these sales for big savings.

2. Set a budget

Before you start shopping, build a reasonable budget for your holiday shopping. Make your budget easier to keep by allocating a specific amount for every gift, shopping with cash and/or reviewing your budget often.

3. Shop with a list

Instead of blindly hitting the stores, make a list of every gift to buy for friends and family. You’ll be far more likely to stay within budget when your purchases are pre-planned.

4. Leave some last-minute shopping for Green Monday

While it’s best to do the bulk of your shopping early in the season, you can leave some last-minute gift-shopping for Green Monday on Dec. 14. This is when retailers make their final pre-holiday markdowns.

5. Think outside the box

If ever there was a holiday season to get creative with gifting, this is it. Retail inventories are full of products that were backed up during the post-pandemic supply-chain disaster. Think furniture, home decor and more. While these items may not be typical holiday gifts, there’s no real reason you can’t delight a loved one with a new office chair, exercise bike or coffee organizing station.

6. Give gift cards

Protect your gift list against inflation by giving some gift cards. You can find discounted cards on sites like GiftCardGranny and CardCash, or use cash-back apps to earn them at no cost. Gift cards are easy to shop for, easy to budget for and appreciated by the receiver.

7. Use apps to save

In 2022, there are so many apps that can help you spend less on your shopping, and even put money back into your pocket. Try coupon-scanning apps like Honey, cash-back apps like Ibotta and points apps like Drop to save this season.

Use the money-saving tips offered here to shop for the holidays without breaking your budget.

How to Budget in Times of Inflation

Sticking to a budget during times of inflation is challenging – but not impossible. Here are five ways to help make it happen:

1. Plan your grocery purchases

First, shop your pantry and fridge before hitting the store. You may not remember what you have at home, so a quick scan can help you stick to purchasing only what you need.

Next, plan your week’s dinner menu before shopping so you can pick up what you need for the week in one go. The fewer trips to the grocery, the less you’ll spend on impulse buys.

Finally, don’t forget to shop the sales!. Use apps like Checkout 51, Flipp and Grocery IQ to stay in the know of what’s on sale in each store.

2. Consider an energy audit

With winter approaching and the cost of energy sources still climbing, this can be a good time to have an energy audit performed on your home. An audit will help identify energy drains, such as air leaks near your windows and doors, so you can fix them and make your home more energy efficient.

3. Choose your indulgence

Everyone needs to treat themselves to something special every now and then, but with costs rising on restaurant meals, movie tickets and clothing, something’s gotta give. Take a closer look at your just-for-me purchases, and try to narrow them down to just one or two treats.

You can also find ways to trim the cost of your indulgences. For example, if you love dining out but restaurant meals are destroying your budget, you can eat out but skip desserts and wines, or split an entrée with your dining partner.

4. Switch your auto insurance plan

If you’ve had your auto insurance policy for a while and you’ve maintained a good driving record, you might save a bundle by switching to a new policy and/or provider. Reach out to your current insurer to discuss your options. Ask about raising your deductible in exchange for a lower premium, reducing overall coverage or negotiating for a safe driving discount. After obtaining a quote, call several other providers to get competing quotes. Go with your lowest offer, or call back your present provider and ask them to match it for your continued business.

5. Pad your income

If your paycheck is suddenly not enough to support your lifestyle, consider asking for a cost-of-living raise. You can also look for other ways to pad your income, such as driving for a ride-share company or consulting for hire on weekends. Every extra dollar earned counts!

Yes, you can get through times of inflation and keep your budget intact! Use the tips shared here to get started.

How Can I Help My Elderly Parents Manage their Finances?

Q: My parents are aging, and I believe they can use help in managing their everyday expenses, and may eventually need a proxy. How can I best help my parents with their finances?

A: Your parents are fortunate to have a child who’s proactively willing to help with this challenging task. Here are some ways you can help your elderly parents manage their finances.

Determine whether they need help

If you notice any of the following, it may be a sign that your parents need assistance with money management:

Unusual and unnecessary purchases.
Piles of unopened mail.
Physical setbacks.
Cognitive impairment and/or memory failure.

Communicate openly

Before you take steps toward managing, or assisting with, your parents’ finances, have an open conversation with them about your current and future intentions. You can share that you are only there to help and that you will not take any actions without their permission, whether before or at the time of need.

Gather information

Next, sit down with your parents and ask these questions about their finances:

Have you named a durable power of attorney (POA) for finances?
Where do you keep your financial records and assets?
What is the name of your mortgage lender?
What are your monthly expenses?
How do you pay your bills?
How much is your annual income?
What kind of health insurance do you have?
Have you written a will or a trust?

Establish a plan

Now you’re ready to establish a plan for managing, or assisting with, your parents’ finances. Be sure to honor their dignity as much as possible. Ask them if they’d like you to take responsibility for one or more of their monthly financial-related tasks. For example, you can pay their mortgage and car payments each month, or make decisions relating to their investments.

At this time, consider simplifying their finances in any way you can. For example, if your parents have multiple credit card balances, you may want to consolidate this debt into an unsecured loan, and then only have to pay back the one loan payment each month. You can also automate as many bills as possible.

Alternatively, you can talk about the future only, and have your parents agree to let you manage their money if one or both of them become incapacitated in any manner.

If your parents find it difficult to relinquish this bit of independence, start assuming responsibilities for their finances gradually; just one bill at a time.

Taking over the finances of elderly parents can be a delicate and daunting task, but it is often necessary. Use the tips outlined here to navigate this situation smoothly.

6 Ways to Pay Less at the Pump

With gas prices still rising nationwide, the pain at the pump is real. There isn’t much you can do about the price of gasoline, but there are ways you can pay less at the pump. Here are six ways to save on gas.

1. Use cash

Many gas stations offer a discount for paying cash, sometimes up to 20 cents per gallon. This can quickly add up when pumping a full tank. Just be careful to have the cash handy when you need it, as you don’t want to lose all those savings to ATM fees if using machines not connected to your credit union.

2. Use a rewards program or credit card

If you don’t like the idea of carrying around tons of cash, but you still want to save at the pump, consider getting a rewards program or credit card. Tread carefully though; not all of them actually benefit the consumer. Find out about a possible annual fee, a rewards cap, membership requirements and the exact redemption value of each reward point before signing up. As an Olean Area Federal Credit Union member, you can opt for the Extra Rewards program when you have the Visa Platinum Credit Card.

3. Check your tire pressure

According to the US Department of Energy, a well-inflated tire can save you 15 cents a gallon by boosting your gas mileage by 3%. Check your tires regularly to ensure they’re always inflated. To make this easier, consider springing for a tire pressure gauge that will automatically monitor the health of your tires.

4. Use a gas-tracking app

In 2022, there’s no need to search for the gas station with the best-priced gas. There’s an app for that! Popular gas-tracking apps include GasBuddy, Upside and Waze. Using the gas station that’s right near your home or workplace might be easy, but taking the extra time to find one that sells gas for less can save you a bundle.

5. Purchase a club membership

If you don’t already have one, this may be the time to buy a club membership. Costco, Sam’s Club and Walmart Plus all offer discounted gas exclusively to members. Of the three, Costco tends to feature gas for the lowest price, up to 34 cents less per gallon than a typical gas station. In today’s gas-crazy climate, that’s a huge difference. Of course, you’ll want to find out how much a club membership will run you before joining.

6. Buy gas at the right time of day

If you pump gas during the midday hours, after the sun has been beating down on the gas reservoir all day, the gas has likely expanded. This means you’ll be paying the same price for less-dense gas, which won’t last as long. Pump when it’s cooler outside, typically during the morning or late evening hours, for the densest gas.

Use these tips to help save on gas despite the rising cost of fuel.

Step 8 of 12 Steps to Financial Wellness – Know When and How to Indulge

Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means money choices are governed by discipline and not by emotion. So how do you strike a balance between the two?

Here’s how to indulge responsibly.

Live with a budget

To do this, track your spending for three months. Next, make a list of all your expenses and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category.

Leave room in your budget for “just for fun” purchases

As you work on building a budget, leave room for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, wisely choose an amount you can easily afford without feeling deprived.

Review your savings

Before giving yourself permission to indulge, make sure you’re setting aside some of your monthly income to savings. Ideally, short-term savings should be enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have.

Choose your “treats”

Everyone’s got a personal vice or three. Take a look at where your non-discretionary money went over the last month and highlight the more expensive impulse buys. Hold these purchases up to these questions:

Did this purchase bring me happiness or positive energy the day I bought it? How long did that feeling last?
Did this impulse buy blow my budget?
Does thinking about this purchase now fill me with joy, guilt or something else?

Use the insight about your indulgences to help you make better money choices in the future.

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences, it’s time to let go of guilt. If you’re spending responsibly, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, you can maintain your financial wellness.

Cash, Credit or Debit – How Should I Pay?

Q: When paying for my everyday and occasional purchases, should I be using cash, credit, or debit?

A: Some purchases should be paid for with cash, some with a credit card and others with a debit card. Let’s take a closer look at each method and when they should be used.

When should I use cash?

Some retailers offer discounts for paying in cash, making it the wise go-to. Also, if you have a tough time sticking to your budget when shopping, it can be helpful to only take along the cash you plan to use. Finally, some small businesses only accept cash payments.

On the flip side, cash offers no purchase protection and should not be used for large purchases. Also, cash leaves no paper trail, so it may be difficult to track expenses. Finally, cash always carries the risk of being lost or stolen.

When should I use my credit card?

Credit cards are the double-edged sword of personal finance. Credit card debt is a leading cause of consumer debt. However, owning credit cards and using them responsibly is a crucial part of your credit rating.

Credit cards also offer two primary advantages: rewards and purchase protection. Many credit cards can earn rewards as you spend on them, so it earns you something for your use. The purchase protection a credit card offers also makes it the ideal choice for paying for large purchases. In addition, using a credit card and making on-time payments can help boost your credit score while also making expense tracking easy.

Ideally, credit cards should only be used to cover fixed or steady payments and for purchases you know you can pay in full when the bill is due.

When should I use my debit card?

Debit cards allow you to track your spending and help you stay within budget since you can generally only spend what you have. In addition, if your card is lost or stolen, you can cancel it and/or close the connected account.

Debit cards can be a great choice for everyday purchases of any kind. At High Point Federal Credit Union, you can actually earn rewards with your debit card if you have a myRewards Checking account! Learn more by clicking here.

Use this guide to help you choose the right payment method in every situation.

12 Steps to Financial Wellness Step 7: How to Pay Yourself First

“Pay yourself first” is a catchphrase that refers to prioritizing your personal savings above other expenses. To achieve it, savings should be a fixed line on your budget that happens every month without fail.

Here’s how to pay yourself first.

1. Review your spending

Take a clear look at your spending. If you already have a budget, this will be as simple as reviewing the column which lists all of your expenses, including your discretionary spending. If you don’t have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend each month.

2. Set short- and long-term saving goals

Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three- to six-months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment.

Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include your retirement, as well as a down payment on a home, a new car, a sabbatical from work or any other super-big expense.

Narrow down your short- and long-term goals, then attach a number to each savings category.

3. Set a timeline for each savings goal

Now that you have a number for the amount you want to save, you’ll need to work out a realistic timeline for meeting those goals. It’s best to give first priority to your emergency fund, but at the same time, it’s a good idea to start saving for retirement today so compound interest has an opportunity to work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings.

4. Calculate how much you’ll need to save each month

Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 established in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals.

5. Automate your savings

Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your High Point Federal Credit Union checking account to your credit union savings account or share certificate. This way, your savings will grow even when you forget to feed them.

Congrats–you’ve mastered the art of paying yourself first!

4 Ways to Stay Financially Fit this Summer

Ahh… summer! The season of flip-flops and sunscreen, of lemonade and baseball. What’s not to love?

Unfortunately, summer can also be the season of overspending for some of us. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So how can you stay financially fit this summer?

Keeping your finances intact throughout the summer is possible if you’re ready to plan ahead and make responsible choices. Here are four tips for a financially fit summer.

1. Prepare for a possible change in income

If you’re a freelancer, business owner or get paid per diem, expect to see a drop in income during the summer. Business is notoriously slower across many industries at this time, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income.

2. Get your budget summer-ready

Your budget will see some changes in the summertime, and it’s wise to prepare it in advance instead of being caught unaware. Here are some changes you might expect:

Higher utility bills
Increase in fuel prices
Travel expenses
Increased activities for kids

3. Create a vacation budget

Build a workable budget for your summer getaway to avoid overspending. Attach a dollar amount for your hotel stay, car rental, food costs, transportation, entertainment and outings as well as any other costs you expect to encounter during vacation.

4. Review and adjust as necessary

Blowing a budget is never an excuse to go all out and overspend without considering the consequences. To avoid falling into this trap, review your budget and your overall spending on a regular basis throughout the summer. Being aware of the state of your finances will make it easier to make responsible choices going forward.

Follow these tips to keep your finances intact throughout the summer.

10 Fun Gifts for Dad that Don’t Break the Budget

It’s Dad’s time, a day to go all-out to make your all-time favorite hero happy. But, Father’s Day doesn’t have to drain your wallet. You can make Dad’s day and keep your budget, too. Here are 10 fun and low-cost gifts that’ll make Dad smile.

1. Apple charging dock

This awesome charging dock can juice up an iPhone, Apple Watch and AirPods all at the same time. Get Dad’s 3-in-1 charging station for just $19 on Amazon.

2. BenShot pint glass with real golf ball

Does Dad love to golf? Surprise him with this unique pint glass with a real embedded golf ball. Just $26 on Amazon.

3. Classic charades

The classic game of Charades, just $12 at Chroniclebooks.com, will help create warm family memories way beyond Father’s Day.

4. Open bottle wine rest

This adorable mountain-shaped wine bottle rest is the perfect gift for the outdoorsy dad who loves to enjoy a good glass of wine and save the rest for later.

5. Rainbow socks pizza socks box

The pizza-box packaging of these socks make them a super-fun Father’s Day gift. Just $26 on Amazon.

6. Bluetooth speaker beanie

With its built-in Bluetooth speakers and a super-warm design, Dad won’t want to take this beanie off all winter! Just $28 on Amazon.

7. Fitness dice

At-home workouts are fun again with this innovative fitness dice set. Every roll gives you one of 45,000 possible routines, all are equipment-free. Only $19 at uncommongoods.com.

8. Bean Box coffee subscription

If Dad likes his morning cup of Joe, he’ll love a regular delivery of fresh bags of whole bean coffee from artisanal brand Bean Box. Subscriptions start at just $16.50.

9. Chillsner

Dad will never have to wait for his drink to chill again when he has this nifty little gadget. Keep the Chillsner in the freezer and pop it into any drink for an instant chill. $10 at uncommongoods.com.

10. Marvel’s greatest comics

Let Dad dive into an anthology of the greatest Marvel comics of all times, including favorites like Iron Man, Captain America and more. Get the collection here.

Use this guide to find the perfect gift for Dad that doesn’t break the budget.

The Ultimate Grad Gift Guide

Celebrate with your grad and show them how proud you are of their accomplishments with these low-cost, awesome gifts!

1. ID lanyard

Make it easy for your grad to carry their ID and wallet around campus or workplace. Super-cute and durable, these lanyards are the perfect graduation gift.

2. ‘Oh, the Places You’ll Go!’

You can’t go wrong with this Dr. Seuss classic! Whimsical, yet inspirational, it’s a great read for the older teen setting off into the big world of adulthood.

3. College survival kit

Hit the dollar store to scour the aisles for a big basket, filling it with all sorts of stuff to make a college survival or house/apartment warming kit. Include essentials, like flip flops and hair ties, kitchen utensils and hand soap. Have a bit of fun with extras, like Bluetooth speakers, wall decals and more!

4. “Open when” letters

Pen some letters for your grad to open at key milestones and/or more challenging times, such as after the first round of final exams, when feeling homesick, when needing a laugh, etc. Your letters will be the gift that keeps on giving throughout their first year outside the nest.

5. Picture collage

Help your grad have the most awesomely decorated room in college with a fantastic homemade picture collage! Check out their social media pages for their best snapshots and put together a low-cost, meaningful gift they’ll always treasure.

6. Laundry essentials

Spring for an adorable laundry hamper and fill it with all your grad needs to master the wash. Think detergent, dryer sheets, stain-remover and more. Add a cute note, like “Have LOADS of fun in college!” to complete the gift.

7. Chef’s special

Fill a big mixing bowl, Bundt pan or other large basin with all they need to master the kitchen. You can load it up with spatulas, measuring cups and spoons, a cute apron, oven mitts, a skillet and more. You can also add one of the many college cookbooks you’ll find on sites like Amazon.

Use these ideas to find the perfect low-cost gift for your grad.