It’s a brand-new season, but that doesn’t mean you need to break your budget to get your wardrobe ready for spring! Challenge yourself to spend half of what you usually do on a new season’s wardrobe. Make the rounds of consignment shops in your community. They should be bursting with offerings from everyone else’s spring cleaning. Next, look for low-cost options at bargain-priced department stores like Marshalls and TJ Maxx. You can also find a friend to swap clothing with, and give an old outfit new life with some inexpensive accessories instead of springing for a whole new look.
Cut your clothing costs this month!
Your Turn: Show us the best of your budget-priced spring wardrobe!
Q: I’ve made my gift list and I’m checking it twice. But, I’m getting a bit panicky just thinking about how I’m going to pay for all this stuff! What’s the best way to get me through this expensive season?
A: Relax! You can keep your budget and your sanity, too! You can do it without having to dip into your savings or rack up a high-interest credit card bill that you’ll be paying off well into 2019. Instead, learn about your choices so you can spend responsibly and keep your holiday cheer all through the season.
Let’s explore your options and take a look at why they may or may not be right for you.
1.) No-interest credit cards
It’s never a good idea to rack up debt. However, if you can get your hands on a credit card that offers an initial no-interest period, you can borrow the money to fund those purchases without it costing you a penny in interest.
Nice: This can be a perfect solution for you if you have an excellent credit score and concrete plans to pay back the bill before the zero interest period ends.
Naughty: Don’t go this route if you have a poor track record of paying down your credit card bills. You might end up carrying that balance well after the intro period ends. You’ll then be hit with super-high interest rates that will make your holiday expenses go much higher.
2.) Personal loans
Anytime you need a pile of dough, you can stop by [credit union] to apply for a personal loan. Our representatives are always happy to help, and you can walk out with the money you need to fund your holiday shopping shortly after starting your application.
Nice: Like all of our lending products, our personal loans have low interest rates, which makes the payback plan affordable for almost any budget.
Naughty: If you’re already carrying a load of debt and unpaid loans, don’t take out another one just to get you through the holidays. Consider lower cost gift ideas and focus on paying off debt.
Here at Advantage One, we understand that the holidays can be super expensive for our members. That’s why we offer you our own gift this time of year: the option to skip a monthly loan or credit card payment to give you that extra cash flow. It’s more breathing room in your budget, just when you need it most!
Nice: When you choose Skip-a-Pay, you’ll be able to pay for those presents without adding to your credit card balance or taking on new debt. No high-interest bills to haunt you through the first part of 2019! Also, at Advantage One a portion of the fee you’ll pay for Skip-a-Pay is donated to charity. When you choose Skip-a-Pay, you’ll help spread the cheer!
Naughty: When you choose to skip a monthly loan payment, you are essentially moving that payment to the end of the loan’s life. Every Skip-a-Pay will make the loan’s term one month longer. Consider this: If you skip just one payment a year on an auto loan, the loan will be six months longer than you’d originally anticipated.
4.) Christmas Club Account
Don’t wait until Black Friday to start thinking about your holiday shopping. Pay a little bit toward this expensive season all year long by opening a Christmas Club Account. This way, when November rolls around, you’ll actually look forward to buying all those gifts instead of dreading it. Put the cheer back in your holiday season by opening a Christmas Club Account today!
Nice: Christmas Club Accounts offer you a way to pay for your holiday shopping ahead of the season, instead of playing catch-up on your bills in the coming months. It’s the perfect way to take the stress out of the holidays!
Naughty: If you want to open a Christmas Club Account to help you make it through this season, you’re a little late. But, it’s never too early to start thinking about next year!
5.) Deferred-interest financing
If you’re buying several large purchases at big-box stores, consider signing up for the retailers’ deferred-interest financing. Many chain stores offer customers this interest-free financing option so they can walk out with their purchase today, and pay for it tomorrow.
Nice: Deferred-interest financing works just like an interest-free line of credit, only it’s exclusive to the store selling the item. If you don’t like the idea of opening another credit card but you need that interest-free option, this can be the perfect solution for you.
Naughty: If you neglect to pay off your bill before the interest-free period expires, you’ll be slapped with sky-high interest fees. Worse yet, you’ll have to pay interest retroactively for the entire interest-free period.
If you’re still struggling to get through the holiday season, we can help! Stop by Advantage One today. We’ll show you how to stay in the black when your holiday expenses have you seeing red.
How do you pay for your holiday expenses? Share your method of choice and tell us why it works for you in the comments below.
You’ve picked up your last item, and you’re ready to check out. But if you thought choosing the right blend of K-cups was a tough decision, that’s nothing compared to the choice you’ll have to make now. Do you go to the aisle with the most carts that has the fastest cashier? Do you take your chances behind the mom with the screaming baby and whiny toddler? Can you squeeze into the “20 Items or Less” aisle (even though you may be one or two items over)?
Tough decisions, indeed.
That moment of tension might soon go the way of the 8-track and cassette.
On Jan. 22, amid much excitement and media attention, Amazon threw open the doors of its revolutionary cashierless store to the public.
Using sophisticated cameras and a simple phone scan, the store allows shoppers to walk in, pick up what they want, and walk out. No lines. No cashiers. No bagging. No fuss.
While the quick-in and quick-out appeal might be super-convenient, like all advancements in technology, it comes with a price.
Here’s a quick look at why Amazon Go may not be the best thing since sliced bread, and a deeper look at how it may affect the economy.
1.) Super techy or super creepy? As our lives become more digitized, true privacy is becoming a rare commodity. Your online browsing activity is already tracked and monitored. The purchases you make on the internet are duly recorded. And, if you step into Amazon Go, the giant e-tailer will also know if you prefer Oreos to Chips Ahoy.
Amazon didn’t provide many details about its tracking system, but the company claims the hundreds of cameras in its new store are not that different from everyday security cameras. The cameras track the shoppers’ movements as they walk through the store, sensing which products they pick up or put down. There are also weight sensors installed in every shelf to help the computers recognize when an item has been grabbed.
Sounds like a store from the future? Maybe. But do you really want to give the commerce giant more knowledge about your personal preferences and shopping habits than it already has?
This isn’t “Big Brother is watching.” It’s more like “Thanks for shopping with Big Brother.”
2.) Less impulse control
The longer we have to think about something, the more of a fighting chance we have of making the right decision.
With Amazon Go’s speedy shopping experience, there’s no more dawdling over items while waiting your turn at the checkout. This means if you’ve got something in your bag that you know shouldn’t be there, it’s going to be that much harder to put it back.
To make it even worse, Manoj Thomas, professor of marketing at Cornell University, says that when people use any abstract form of payment, they tend to spend more. You can’t get much more abstract than a cashless and cashierless store. Amazon Go might be the perfect place for overspending on impulse purchases.
3.) Loss of the human touch
There are few commercial interactions as intimate as the one you share with the cashier in your local grocery – there’s that shared laugh over the extra chocolate bar, the brief commiseration over the miserable weather or the clucking over the rising price of gas. With Amazon Go, that human touch may soon be gone forever.
While these reasons might be enough to convince you to skip the trip to Amazon Go if you live in Seattle, it gets a whole lot worse. Amazon has not shared any plans of rolling out more cashless stores for the time being, but financial analysts predict it won’t be long before more such stores crop up around the country. It’s also likely that other retail giants, like Walmart or Target, will soon open their own brands of Amazon Go.
If the cashierless trend swells, it may dramatically erode the second-most-common job in the country; according to federal data, there are currently 3.5 million Americans who work as cashiers.
It’s not just groceries that will be impacted if the movement continues to grow.
Amazon has boasted that it plans to create an additional 100,000 jobs each year, but what Jeff Bezos won’t say out loud is that for every Amazon job created, another 2 or 3 jobs are lost.
Amazon has already revolutionized the way Americans shop, and online purchases have been outnumbering brick-and-mortar purchases for a while – and half of those are made through Amazon. But this new trend is taking things to an entirely new level.
What’s next? Cashierless clothing boutiques? “Just Walk Out” electronic stores? Tens of thousands of retail workers have already sacrificed their jobs to online convenience. Will that number soon triple?
You can’t stop technology from advancing. In fact, you might even embrace it. But, you can do your part to keep a vital part of our country’s economy thriving.
Support your local small businesses. Shop the mom-and-pop stores when you can and keep the human touch in your life.
Order less online. It might be more convenient to do your shopping from your living room couch, but why not help keep a local community member in business instead?
Choose American made. You will definitely need to order some things online now and then. When you do, check that the seller and manufacturer live in the good old United States and do your part to keep our economy booming.
Amazon Go may be super-cool and futuristic, but the toll it may take on our economy is worth a second look.
If an Amazon Go store opened in your neighborhood, would you shop there? Why?
There are two main ways you can save money with gift cards: One has to do with buying them, and the other has to do with using them. Read on for more information.
Use only gift cards while shopping
Shopping with gift cards can be an extremely effective budgeting tool. Determine your monthly expenses (go beyond rent and utilities) and place them into categories such as groceries, pharmacy, household items, auto maintenance, clothing and more. Next to each, list the stores where you most frequently shop, starting or listing first your top-choice vendor. Buy a gift card and shop for your items at that store using only the gift card. It will save you from overspending on any given category.
Buy discounted gift cards
To take even better advantage of gift cards as a budgeting tool, you can buy those gift cards at a fraction of the normal cost. How? People often utilize online auction sites such as eBay to sell off cards that they know they won’t use. Peruse your options there or visit an online gift card exchange site such as CardHub, CardCash, Cardpool or GiftCards.com.
Herb Weisbaum of CNBC also recommends checking big-box, bulk retailers such as Costco to find gift cards being sold at less than face value. Additionally, don’t forget to check into your loyalty program or credit card reward points — they are also good sources for gift cards on the cheap, and some even offer them at a redeemed-point discount!
“This is a great untapped resource for savings,” said Bankrate.com’s Janna Herron in a CNBC article. “It’s an easy way to stretch your rewards and your…budget, and maybe use up points or miles that are about to expire.”
Finally, keep an eye out at the shops you frequent for any discounts or promotions they may be having — especially during the holiday season, when there is a big push to get people to come back into their stores once the holidays are wrapped.
Both buying discounted gift cards and using them to stay on budget are great ways to cut prices on purchases you are going to have to make anyway — so what are you waiting for?
Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.