holiday shopping

How to Pay Off Holiday Debt: A Step-by-Step Guide

Holly Johnson — Thu, 26 Dec 2019 15:31:00 +0000

Holiday debt is easy to rack up, but paying it off can wreak havoc on your budget for years. Still, Americans seem more than willing to pile it on no matter what. A 2019 study conducted by CreditCards.com and YouGov Plc showed that more than half of consumers with credit card debt said the holidays are a good reason to borrow money. Even 26% of consumers with no debt at all said they might be willing to rack up debt over the 2019 holiday season.

Once those bills start pouring in and the monthly payments start siphoning your paycheck, you could easily regret it. By that point, however, it's too late.

If you're in debt from the holidays and want to pay it off, you should consider consolidating and creating a plan to get out of debt once and for all. Here's how to do it:

Step 1: Assess the damage and add up your debts

The first step to get out of holiday debt may be the hardest since you have to see your spending in black and white. Take the time to add up all your credit card balances and other debts from the holidays to see how much you owe.

Crafting a plan for debt repayment will be a lot easier if you write down each of your debts along with the interest rate and the current balance all in one place. Here's a good example of how your list might look:

Step 2: Choose a debt consolidation method

Once you know exactly how much debt you owe, you need to figure out the optimal way to consolidate your balances and pay them off. While there are a few other options to consider, the most popular products for debt consolidation include 0% APR credit cards and personal loans.

Balance transfer credit cards

Balance transfer credit cards let you secure 0% APR on balances transferred from other cards for anywhere from nine to 21 months. Some charge a balance transfer fee that is usually equal to 3% or 5% of your balance upfront, but the interest savings can be worth paying the fee if you get serious about your debt and knock it out quickly at 0% APR.

Because balance transfer credit cards only let you save on interest for a short amount of time, this option works best for someone who can pay off their holiday debt on an expedited timeline. That's because once your introductory APR period is over, the interest rate on your credit card will reset to a much higher variable rate.

Personal loans

Personal loans let you consolidate debt with a low fixed interest rate, a fixed monthly payment, and a fixed repayment period. This means you'll pay interest on your consolidated debt while you pay it off, but personal loans have low rates for consumers with good credit — even as low as 4.99% APR. That's much lower than you'll pay with a credit card since the average credit card APR is currently over 17%.

Personal loans typically offer terms ranging from 12 months to 60 months, so they can be a better option for consumers who have a lot of debt and need plenty of time to pay it off. (See also: 7 Fastest Ways to Recover From Holiday Overspending)

Step 3: Pick the best repayment plan

The right debt consolidation method for you depends on a few factors — how much debt you have, how much you can afford to pay each month, and how long your debt will take to pay off. A good debt repayment calculator can help you determine your next best steps and which debt consolidation to go with, but you can also do some basic math to figure it out on your own.

If you had $2,394 in debt to consolidate, here's how your strategy might look with a balance transfer credit card:

For example, let's say you signed up for a card that gives you 0% APR on purchases and balance transfers for 15 months, followed by a variable APR of 14.49% to 25.49%. This card doesn't charge any balance transfer fees for balances transferred in the first 60 days, so you could make a fee-free transfer of your debts right away upon approval.

With 15 months to repay your holiday debt at 0% APR, you would need to pay $159.60 per month to become debt-free without interest within that time frame.

If you couldn't pay that much each month toward your debts, you might want to go with a personal loan that offers a low fixed rate for several years. If you took out a personal loan that charged just 4.99% APR and let you pay off your debt over 36 months, you would only need to pay $72 per month to become debt-free over the course of three years. During that time, you would wind up paying $189 in interest on your loan.

Step 4: Stay the course

Whatever debt consolidation option you wind up with, make sure you decide on a concrete plan and stick with it. If you don't, you won't pay off as much debt as you want and you'll prolong the financial problems debt brings into your life.

If you're worried about paying as much as you can toward your debts, it can also help to cut your spending for a while. Eat more of your meals at home, enact a temporary spending freeze, and stay in on the weekends for a few months instead of going out. With enough small cuts in your spending, you may be able to free up some extra cash to pay toward debt or start building a savings buffer.

Also make sure that, while you're in debt repayment mode, you're not using credit or loans to rack up more debt. You'll never pay off holiday debt if you keep digging throughout the year, so stop using plastic and switch to cash or debit instead.

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Ways to Make the Holidays More Affordable — Without Taking Out a Holiday Loan

Holly Johnson — Thu, 14 Nov 2019 08:00:07 +0000

Holiday loans are advertised as a solution to holiday budgeting shortfalls, but they could cause more problems than they solve. That's because holiday loans are really just personal loans marketed specifically for holiday shoppers. The reality is, these loans come with APRs ranging from 5.99% to 35% APR, and monthly payments that can last for years.

Not having the cash you need for holiday gifts is a downer for sure, but paying a high APR on holiday debt for years to come sounds a whole lot worse. For that reason, you should probably steer clear of holiday loans if you can figure out a way to avoid them. Here are some alternatives you can consider. (See also: Here Are the Right Ways (And the Wrong Ways) to Use a Personal Loan)

1. See if you can trim your holiday budget

Taking the time to figure out who you really need to buy for can solve a lot of problems if you're short on cash this year. It's possible you could cut out gifts for co-workers or distant friends, and it may be time to drop any gift exchanges you typically participate in.

Also, figure out if you can spend a little less on everyone who does make your list. If you can lower per-person spending to $20 from $30 for 10 people, for example, you'd see a savings of $100 right away.

The holiday season isn't about gifts anyway — it's about faith and family. Your family and friends may not notice if you spend a little less this year, and they probably wouldn't take it personally if they did. (See also: 6 Steps to Avoiding Credit Card Debt Over the Holidays)

2. Sell your unwanted items

If you really need more money to spend this holiday season, taking stock of items you own and no longer want could help you bridge the gap. Find some stuff you can sell and you could be well on your way to covering everyone on your shopping list.

The internet makes it easy to market and sell stuff you no longer want — items like clothing, exercise gear, electronics, and home decor. Try selling items on eBay, Facebook marketplace groups, or even Craigslist. If you have extremely nice clothing and accessories to sell, you can also try ThredUp and Poshmark — both of which make it easy to sell used clothing, shoes, and more to buyers nationwide.

3. Hustle on the side

While finding part-time or temporary work isn't possible for everyone, finding a way to hustle on the side for a few weeks can help you get more cash for the holidays. If you're able to pick up more hours or shifts at work, that's a good place to start. If not, you'll want to look for easy ways to earn money on the side.

Consider walking dogs or pet-sitting with Rover.com, completing simple tasks with TaskRabbit, or even driving for Uber or Lyft. You could shop for groceries with Instacart or Shipt, or you could take online surveys from home to earn gift cards, Paypal cash, and more. (See also: 15 Lucrative Side Hustles for City Dwellers)

4. Cash in any rewards you have

If you have any rewards built up on a cash back credit card or rewards credit card, now may be the perfect time to cash them in. Many cash back cards let you redeem points for merchandise through a portal, creating the perfect way to shop for free. You can also cash in rewards from many cards for gift cards you could give as gifts or for holiday shopping.

Keep in mind that you should try not to use rewards or cash back cards for holiday gifts unless you have the cash to pay your balance in full. Where personal loan rates start around 5.99% APR, the average credit card interest rate is well over 17%. That makes carrying a balance on your credit card an expensive burden and one you should avoid.

5. Consider a 0% APR credit card instead

There's one exception where it might make sense to use a credit card for holiday shopping instead of a personal loan or other options on this list. Some balance transfer credit cards, also called 0% APR credit cards, let you access a line of credit without interest for a limited time. For this strategy to work, however, you would need to find a 0% APR card that lets you avoid interest on purchases and not just balance transfers.

There are a lot of risks that come with this strategy, and it all starts with the fact that these offers only last for a limited time. Most 0% APR credit cards let you avoid interest for up to 15 months, although a few have longer offers. Either way, your interest rate will reset to the card's regular rate after the introductory offer ends, and those rates tend to be high.

The best cards that offer 0% APR on purchases come with the longest introductory offer possible and no annual fee. Some even offer rewards and a sign-up bonus you can earn within the first few months.

Just remember that you'll wind up paying off debt at a high interest rate if you don't pay your balance in full before your offer ends. To avoid long-term debt, only charge holiday purchases you know you can pay off before your card's offer ends.

The bottom line

The holidays are supposed to be about family and friends, but the holiday shopping season can make feeling hopeful and happy an impossible feat. And when you're short on cash, it's easy to feel guilt over not being able to afford many gifts.

Ideally you'll be able to find some middle ground that lets you be generous to those you love without going into debt. Spending less this year can go a long way toward making the holidays more bearable, but hopefully you can find a way to earn more, too. If you can do both, it's possible you'll get through the holiday season without ruining your finances.

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Steps to Avoiding Credit Card Debt Over the Holidays

Holly Johnson — Thu, 07 Nov 2019 08:00:07 +0000

Holiday debt may be incurred unintentionally, but the consequences can linger long after you put away the twinkly lights and stockings. A 2018 report from Magnify Money showed that consumers polled added an average of $1,230 in holiday credit card debt during that season. Not only did 64% of respondents agree their new holiday debt took them by surprise, but almost half of respondents (49%) said it would take them five months or longer to pay off remaining holiday bills.

If you're struggling with debt already, the last thing you need this year is a new pile of debt to contend with. Unfortunately, the constant pressure the holidays bring can leave you feeling like you're set up to fail from the start. Here are the best steps you can take now to avoid a holiday debt hangover.

1. Create a holiday shopping budget

First, you have to have an idea of how much you plan to spend on holiday gifts before you can decide how the funds will be used.

If you started a holiday savings account earlier this year, you may have no trouble logging in to see how much money you have set aside. If not, you'll need to take a close look at your checking and savings accounts to see how much "extra" money you'll have to spend this year.

As you assess your finances and excess cash, make sure to think through all your regular bills and expenses that need to be paid each month. Also, jot down any work-related year-end expenses you'll need to cover, such as holiday travel or holiday parties.

Then consider how many additional paydays you have until the holidays, as well as how those funds will need to be allocated.

2. Figure out how to earn extra money

If you find you don't have as much extra cash for the holidays as you hoped, you may want to get creative when it comes to finding more cash. This could mean picking up a few extra shifts at work, but it can also mean picking up some work on the side for a few weeks as the holidays approach.

If you're looking for easy ways to make money before the holidays this year, look for side hustles you can start without a big investment of time or cash. Try walking dogs, babysitting neighborhood kids, or selling stuff you own and don't use anymore, for example. (See also: How to Turn Your Expertise Into a Side Hustle)

If you have any points leftover on rewards credit cards, you can also see about cashing them in for gift cards or merchandise.

3. Make a holiday shopping list

Once you know how much money you'll have to spend this year — or at least have a general idea, you need to make a list of people to shop for. While kids and family members will obviously make this year's list, don't forget to add in gifts for an employer or your coworkers as well as any holiday gift exchanges you participate in.

Write down this list on paper, or paste it in a spreadsheet along with the amount of cash you have to spend this year. (See also: Take Control of Your Money With These 10 Free Spreadsheet Templates)

4. Make some essential cuts

Next, take a close look at your holiday shopping list to see who needs to be cut. You may find you have family members or friends you don't need to buy a gift for because you never see them. Or perhaps you have older kids in the family who no longer receive gifts from Santa.

If you participate in holiday gift exchanges and are tired of doing so, those are usually the easiest to cut out. Call the person who normally organizes the exchange each year and let them know you're on a tight budget. If they don't like it, that's too bad.

If you plan to cut family members you normally shop for from your list, it might be wise to let them know ahead of time — especially if they also buy gifts for you or your family. Most people will understand you're trying to spend less and avoid debt this year if you reach out and explain the situation.

Either way, decide who you want to shop for and remove everyone else from the list. Then you can decide how to divvy up your holiday budget for each person that's left. Maybe you have two children and allocate $150 to each of them while setting aside $20 per person for other people on your list. Whatever it is, put your budget and plan in writing so you can stick to it.

5. Shop sales to make your money stretch further

Having an idea of how much you plan to spend on family and friends is the best way to avoid going over your budget this holiday season. When you know for a fact you have $20 per person to spend on family members, you're in a better position to shop for gifts in that price range instead of overspending, or winging it as you go.

While Black Friday and Cyber Monday tend to bring excellent prices and sales on everything from electronics to clothing and home decor, don't forget to keep an eye out for low prices for anything you want to buy. The internet is your friend when it comes to searching for deals and comparing prices across multiple stores. You can even sign up for the Honey app, which finds the best coupon code and automatically applies it to your cart whenever you shop online.

6. Have a plan to avoid debt when you buy gifts

You may plan to use debit cards for online purchases and cash when you shop in stores this year, and that's perfectly okay. Just remember that, as a general rule, credit cards are considerably safer when it comes to online purchases due to the way the Fair Credit Reporting Act (FCBA) protects against fraudulent purchases.

If you decide to pay with credit in order to rack up cash back or qualify for consumer protections like extended warranties or purchase protection, make sure you only charge gifts you planned for in your holiday budget ahead of time. Also make sure you pay your credit card bill in full as soon as it arrives. As holiday shoppers from years past willingly admit, it's far too easy to let year-end bills linger.

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Minimize Financial Stress During the Holidays

Nicole Lapin — Tue, 18 Dec 2018 18:28:12 +0000

The holiday season is supposed to be merry and bright, but due to the high cost of the holidays and the interpersonal politics of things like gift-giving, shopping, and entertaining, it can also be filled with friction between friends and long-distance besties.

A 2018 Bankrate survey found that more than two in five Americans feel pressured to reach deeper into their wallets than they're comfortable with during the holiday season. With that in mind, here are a few tips to help manage the pressure and stress of the holidays so you can actually enjoy the festivities sans drama.

Don't go into debt buying holiday gifts

It's so easy when you go into a store to waste a ton of time shopping and blow your budget on a gift that costs more than you wanted to spend. This year, instead of getting friends another scented candle or bottle of wine, I'm giving money with Zelle because it's a guaranteed way to stick to my budget and never overspend. A 2018 survey by Zelle found that 58 percent of people surveyed wanted to receive money as a gift. And really, who wouldn't want a little more money going into the new year?

I like to personalize every gift, so whether it's going old-school with a hand-written card or adding "for that pumpkin spice latte I know you love" in the memo line when I send $15 to a friend, I know I'm staying on track with my budget and giving a personalized gift that people actually want. No re-gifting, no shopping, and no worries.

Host holiday parties without blowing your budget

Everyone loves a great holiday party, but going out to the bars or hosting a group dinner can be beyond expensive. Instead, you can team up with friends to host a higher quality party without going broke.

Not everyone is a planner though, so let everyone take on the responsibilities that best suit them — maybe your friend makes a mean margarita but can't cook to save his life, and maybe your friend with more money than time just wants to cover the cost of the cleaning service the next day. You can hire anyone from a cleaner to a bartender on sites like TaskRabbit. Figure out who wants to do what, and delegate the responsibility wherever you can!

Look for the best holiday travel deals, but avoid hidden fees

Holiday travel can get expensive quickly, especially if you're traveling with a group. Plane tickets add up fast, and it can be hard to get everyone in the same place. To sidestep this, always hunt for holiday travel deals.

Websites like Hipmunk or KAYAK search multiple airline and travel sites at once, making sure you're getting the best deal on all your holiday travel. Be careful of fares that might have hidden fees, though — lots of airlines have "basic economy" tickets now that don't allow carry-ons or for you to choose your seats, and the last thing you want is to end up having to spread your friends out across an airplane.

Split the cost of travel whenever you can

Sharing an Airbnb or vacation rental with friends can be fun, but settling up the expenses can be awkward and potentially ruin the memories you make. Instead of constantly passing money around throughout the trip, let one person put the cost of the group's lodgings or airfare on their travel rewards card and then split the costs. Point-chasers will rejoice and the money will be in their bank account before their credit card bill is due. Plus, you'll all save on ATM fees if you're in towns where your bank doesn't have a branch. I use Zelle for this, too.

Make a plan, and stick to it

As you're looking for ways to make it through the holiday season with your sanity and finances intact, don't forget that the new year is coming up. Before you blow through your holiday budget and dip into other accounts, come up with a spending plan now to set your finances up for success in 2019.

Just like experts recommend an "eating plan" as a more long-term approach to dieting, I recommend a "spending plan" instead of a crash money diet. A sustainable spending plan is broken down into the three E's:

Essentials: This should be 70 percent of your overall monthly budget for basic expenses, like rent or mortgage, utilities, food, transportation, and insurance.
Endgame: This should be 15 percent of your monthly budget for your future, like savings accounts, investment accounts, and retirement accounts.
Extras: This should be the other 15 percent of your monthly budget for whatever else makes you happy.

Set this budget before the new year begins and use whatever tools work for you to track your spending, and then set regular check-ins to make sure you're staying on track throughout the new year.

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Guest Post Blurb:

Nicole Lapin is the New York Times best-selling author of Rich Bitch and Boss Bitch. Lapin was the youngest-ever anchor on CNN before holding the same title at CNBC, anchoring the network's early morning show, Worldwide Exchange, while covering business topics for MSNBC and Today. She has served as an anchor for Bloomberg TV and a special money correspondent for Entertainment Tonight.

Lapin is currently the host of the CW's business reality competition show Hatched. She contributes regular financial reports to Dr. Oz, Good Morning America, and The Steve Harvey Show. Lapin is Redbook magazine's first-ever money columnist and the first female "Money Expert of The Year" winner for the second year running. Lapin graduated as valedictorian from Northwestern University.

This article is from Nicole Lapin of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Make a List and Check It Twice to Save Money and Reduce Fraud Risk During the Holidays

Rod Griffin — Tue, 19 Dec 2017 10:00:06 +0000

The holiday season is the most wonderful time of year, but it's also the most expensive, and when it comes to identity theft and credit fraud, potentially the riskiest season.

More than half of consumers report they are stressed about their finances during the holidays, according to a survey by Experian. Forty-three percent of respondents said the extra expense caused them to enjoy the holidays less.

And while everyone is shopping, identity thieves are hard at work. Shoulder surfing at the checkout counter, credit card skimming, and online shopping scams all increase the risk of fraud during the holiday season.

So, how do you save money and protect against identity theft during the holidays? The answer is simple: Be like Santa Claus.

Many parents and grandparents like me have gotten to know the jolly old elf very well over the years. In fact, I've come to know him so well that I've begun to take on a more than passing resemblance. There's not much I can do about the increasingly white beard, but the bowl full of jelly needs work! Fortunately, it's not the short, round physical attributes that we should emulate. Instead, we should make full use of Santa's best productivity secret: the list.

Create a holiday list and stick to it

Take Santa's advice: make a list and check it twice. Santa does it to know who's been naughty and nice. We should do the same to protect ourselves from the naughty and spend responsibly for the nice. Not quite as catchy, but you get the point. At a minimum, your list should include:

Who is receiving the gift.
What you're buying for each person.
Where you are buying each item — online or in a brick and mortar store.
How much you will spend per person.

A list will help prevent impulse buying, which is key to saving money during the holidays. Thirty-one percent of the people responding to the Experian survey said they have gone into debt because of unexpected holiday spending.

Don't be afraid to reevaluate. You might have to check some off the list, or reduce the amount you'll spend — especially if you have a big family where you must give a gift to each person.

Instead of giving to everyone, you might trim your list by suggesting a secret Santa gift exchange for the adults or older children. It's fun, saves you money, and has Santa's stamp of approval.

Another possibility is buying just one gift or a couple of items that your family might enjoy together. Often, those gifts have a more meaningful impact and save you time and money.

While it might be hard, you might also consider crossing a few folks off the gift list and just send them holiday cards or e-cards.

Other ways your list can help you save money

A list can also guide decisions about whether to apply for store credit to save additional dollars. Consider applying at a store where you will make multiple purchases, or where you will buy a high-priced item.

It is not a good idea to apply at every checkout counter you visit, but taking advantage of new account discounts at a store or two during the holidays can be a great decision, as long as you stick to your budget.

Your list can help protect you from identity theft, too

Knowing what you bought, where, and for how much can also help protect you from identity theft, or at the very least discover and respond to it more quickly. Sticking to your list can help you in several ways:

You limit exposure of your personal and financial information. Unplanned spending can result in swiping your card or applying for credit in more places and with no record to track.
You will have a complete record of your purchases and any new applications for credit. Comparing your billing statements to your list can help you identify incorrect charges or potentially fraudulent activity quickly.
You will be able to instantly identify new accounts that aren't yours when the January billing statements arrive. Early recognition of fraud helps stop the crime and speeds recovery if you do become the victim of credit fraud.

Santa understands that preparation is the key to holiday gift giving. While we don't have a workshop full of elves, we do have pen and paper (or a smartphone and a notes app). Make a list, check it while you shop, and you'll have a less expensive, happier holiday season that will carry over into the new year even after the January bills arrive.

While Christmas elves quickly wrap up gifts, so is the end of the year. Despite the new year approaching, Experian continues to guide you through all your financial paths, including the holiday season. Whether it's credit concerns, protecting your identity, managing your budget, etc. — we are here to bring clarity to your questions.

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This article is from Rod Griffin of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Holiday Gifts: 6 Fun Games That Teach Money and Finance

Emily Guy Birken — Thu, 30 Nov 2017 10:00:06 +0000

When I was growing up, some of my favorite holiday gifts were the board games my parents gave to me and my sister. Not only did receiving a board game ensure that we would be spending time together as a family, but I also loved how new games could teach me different ways of looking at the world, and managing money in particular.

Consider gifting these board games to your kids to get them interested in investing, saving, and spending wisely. (See also: How to Use the Holidays to Teach Kids About Money)

1. Acquire

For 2-6 players, ages 12 and up

Acquire is based on the idea of creating a super city, wherein each player tries to invest strategically in various businesses, including entertainment, food, fashion, marketing, and other major industries. Throughout gameplay, the various "venture capitalists" compete to build the city and try to own the majority shares in the most lucrative businesses. You make money by forming, merging, expanding, and acquiring businesses, and by buying stock at the right time — which makes this game an excellent introduction to how investing works. Whoever has the most money at the end of the game wins.

2. Allowance

For 2-4 players, ages 5-11

As players make their way around the Allowance board, they can earn money by doing chores, starting their own businesses, earning interest on their savings accounts, and of course, by collecting their allowance each time they go "home." On the other hand, players can also spend money at the mall, at garage sales, or simply by losing it out of their pockets. The first player to save up $20 wins the game. Allowance comes with realistic looking play money, and helps teach young children everything from how to make change and count out money to how to save their pennies. (See also: 6 Fun Games That Teach Your Kids About Money)

3. Black Gold

For 2-5 players, ages 13 and up

Imagine you are trying to make your fortune in the oil fields of Texas in 1922. That's the basis for the oil prospecting game Black Gold, where between two and five prospectors compete by exploring the terrain for oil wells, surveying the possible sites, and building derricks. You can earn money by transporting your oil to one of three companies and earning the right to sell at auction. Game play includes bidding, bluffing, and strategizing — which can help your kids learn good negotiation skills while they try to glean the most wealth from their oil wells.

4. Pit

For 3-8 players, ages 7 and up

This game, which was first introduced all the way back in 1904, helps to recreate the now (mostly) defunct open-outcry trading one used to find on the floor of the New York Stock Exchange. Pit is a card game wherein each player attempts to corner the market in a particular commodity. The winner of any particular hand is the first one to collect all of one commodity, and points are awarded based on the value of the cornered commodity. The overall winner is the first player to score 500 points. Not only will this game give you a chance to shout and wave your arms a la Dan Aykroyd and Eddie Murphy in Trading Places, but it will help you to better understand exactly how commodities traders do their jobs — even if it's mostly handled by computers these days.

5. Stockpile

For 2-5 players, ages 13 and up

Helping your kids understand how the stock market works can be an uphill battle, until you break out this board game. With Stockpile, each player is a stock market investor. The game helps make it clear that everyone knows a little something about the stock market, but no one knows everything. That means each player receives one piece of insider information, but there are plenty of unknowns facing each investor as well. You must consider multiple factors when buying or selling a stock, just as you would in real-world trading. Whoever has the most money at the end of the game wins, but everyone will certainly learn important investment strategy skills from this game.

6. Tin Goose

For 3-5 players, ages 10 and up

In Tin Goose, it's the early days of commercial airlines, and each player is attempting to build a large, profitable airline. You are helped by the fact that planes are becoming safer and more fuel efficient over time. But even as your planes get better, you will also face more and more disastrous potential setbacks such as crashes, worker strikes, and spikes in oil prices. This game will help teach how to balance the emotions of greed and fear while strategizing how to build your business in competition with others.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Self-Care Gifts to Give Yourself This Holiday Season

Christa Avampato — Mon, 27 Nov 2017 09:30:10 +0000

It's the holiday season, and while you might be busy buying gifts for others, you should also carve out some time (and maybe some goodies) for yourself, too. Self-care should be a priority for you, and it doesn't even have to cost you anything. Here are six ways to take good care of yourself so that you're able to take care of others during the most wonderful time of the year. (See also: 14 Smartphone Apps That Make Self-Care a Snap)

1. A better night's sleep

A good night's sleep gives you a strong start to the day, and while there are loads of pricey high-tech sleep gadgets, there are plenty of inexpensive, yet luxurious ways to ease you into slumber, too. Cozy pajamas, a fluffy robe, toasty slippers, and a weighted blanket, are just a few budget-friendly gifts that you totally deserve.

You can also spritz your pillows with homemade lavender water. Just add 10 drops of lavender essential oil to two ounces of water in a small spray bottle. Ask Alexa, or other home device to play nature sounds for you, or download one of the many free apps on your phone that has soothing sounds to lull you to sleep. (See also: 9 Frugal Gifts for the Person Who Needs a Nap)

2. Coffee and other warm beverages

Grabbing a no-frills coffee at a cafe, to say nothing of a fancier drink, costs much more than buying gourmet grounds to brew at home. That also goes for tea, hot chocolate, hot apple cider, and any other warm winter drink. And what's better than grabbing a hot cup of your favorite drink and curling up in front of the fire or classic holiday movie? During this magical time of year, there are plenty of options for gourmet coffee to buy and make at home for pennies on the dollar of what you'd pay at a restaurant or coffee shop. (See also: Here's How Rich You'd Be if You Stopped Drinking Expensive Coffee)

3. Time outdoors

Even though the temperatures are dropping, getting some fresh air helps reduce stress, and provide an energy boost. Bundle up and go for a walk before work, at lunch, or on your way home. It doesn't have to be for a set amount of time, either. Just go until you feel like you're ready to head back inside. And any time spent out in nature won't cost you a thing. (See also: 6 Outdoor Adventures That Don't Cost a Dime)

4. The gift of giving

Many organizations are having special volunteer events to prepare Christmas baskets, wrap presents for kids, and perform numerous other services for those who need our help. Put aside some time or a bit of your holiday budget to give back. I have some relatives who prefer to receive donations to their favorite charities in lieu of Christmas gifts, and I'm always happy to oblige. The feeling you get from helping those less fortunate is better than most tangible gifts you will ever receive. (See also: 8 Charities You Can Trust With Your Holiday Donations)

5. Plenty of healthy foods

Those holiday parties and traditional meals are coming. In these weeks leading up to them, do a little pretox with plenty of fruits and vegetables, healthy fats, and lean proteins. One friend of mine takes "pretox" so seriously that she goes vegan before the holidays are in full swing. She finds that she loses a little bit of weight before the holidays and then can enjoy all of her favorite foods without feeling guilty. Pack your meals with healthy ingredients and reap the benefits of enjoying a well-balanced diet, at least until the candy canes get handed out. (See also: 13 Fantastic Lettuce-Free Salads)

6. A motivated new year

In the past, I've made long lists of things I was resolved to do in the new year. This year, I chose one big goal — to get my novel published — and I focused my creative energy to make that happen. With that success of a focused goal for this year, I've started to think about the one thing I'd like to accomplish for 2018. I'm using these last months of the year to form a plan one small piece at a time.

Focusing your time on setting goals for the new year will keep you in a hopeful, positive mindset to end the current year with. And it costs you absolutely nothing to motivate yourself!

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This article is from Christa Avampato of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Deferred Interest Credit Cards: Don't Fall For This Trick Over The Holidays

Lindsay VanSomeren — Wed, 22 Nov 2017 09:30:10 +0000

"Would you like to apply for a store credit card today? You can get [insert number here] months free financing."

We've all heard it before when checking out at a retail store. Chances are, you'll be hearing it a lot more over the holidays as you ramp up your holiday shopping.

It can be tempting — you can make a large purchase today, and pay it off over time interest-free. Some companies will even throw in a gift card or a discount if you apply for their credit card. But before you say "yes" to the cashier, there's one hidden trick that these companies often use. If you're not aware of it, your "free financing" might end up backfiring in a big way. (See also: Should You Sign Up for That Store Credit Card?)

What is a "deferred interest" credit card?

There are two types of credit cards that offer free financing: 0% Intro APR cards, and deferred interest cards.

You see ads for 0% APR cards all the time — you get 0% APR for a limited time. After that, the standard interest rate goes into effect. When stores offer a "deferred interest credit card" you might reasonably assume they work the same way. But they are very different.

With a deferred interest card, you must pay off the charge in full before the promotional free financing period is over. If you don't, you'll have to pay the full amount of interest charges, as if that interest rate was in effect the whole time. All that "deferred" interest comes rolling back the moment the promotional period is over, not just on the balance you have left, but on the entire purchase amount.

And it'll be a heck of a bill too: the interest rates on these types of credit cards are often sky-high, running upward of 25% APR. As a comparison, the current average interest rate for all credit cards combined is 13.08% APR, according to the Federal Reserve.

Let's look at an example of how much a deferred interest credit card might cost you. A store credit card offers 12 months deferred interest financing, with a standard 27.99% APR. If you make a $1,500 purchase and only make the minimum payments during those 12 months (about $45), you'll owe a walloping $321.63 in interest at the end of it — and still owe over $950 on your purchase.

How do you spot a deferred interest credit card?

Your first clue is who is offering the card. Most deferred interest credit cards are offered by retail stores. If a store employee is trying to get you to sign up for the card, ask them: "what happens if I don't have the purchase paid off by the end of the financing period?"

But the best way to find out if the card you're interested in really is a deferred interest card or not is to simply look at the Terms and Conditions disclosure. Here's a snippet from a store credit card's disclosure to give you an idea of what the language will look like:

"If the balance is not paid in full by the end of the promotional period, interest charges will be imposed from the purchase date at the purchase rate on your account which is 26.24%."

See how the charges are imposed "from the purchase date?" Other words to look for are "deferred" or "financing" or "no interest if paid off in X months" which is different from just 0% APR during the promotional time. A credit card that offers 0% APR for 12 months mean that there are no interest charges on your balance for 12 months, then at the end of the 12 months, the standard APR will start, and will only be applied to the current balance, not the entire purchase. (See also: Same-As-Cash Store Offers vs. 0% Intro APR Credit Cards — Which Is Right for You?)

Come up with a game plan to tackle your debt

Despite all of this, deferred interest cards aren't necessarily something you always need to avoid. In fact, they can really help you out — as long as you have a game plan to deal with them.

Setting up a plan is simple. All you have to do is take the amount of your purchase and divide it by however many months you have to pay off the charge. If you want to play it on the safe side, you can even subtract a month or two to give yourself some space if something comes up. That way, you'll have it paid off with plenty of time to spare.

Here's an example. Say your child's old computer died, and you want to buy them a new $1,100 computer for Christmas. Luckily, your local electronic store chain offers a 12-month deferred interest credit card, which you use to purchase your new computer.

If you want to have it paid off early, divide the purchase price ($1,100) by 11 months, to give you a monthly payment of $100. You can further boost your chances of having it paid off by setting up that payment on autopay, so then you don't even have to worry at all about making payments. (See also: The Best Store Credit Cards)

When you should choose a store credit card over a 0% APR card

A 0% APR credit card will give you the safety net in case you don't actually pay off the entire balance within the promotional time frame. Even if you leave a $10 balance on a store credit card, you'll get charged all the interest from the purchase date. It's pretty brutal.

It can also be of use to you even after the promotional period. Perhaps it's a very good travel rewards credit card that can fund your next vacation.

But there are times you might end up choosing the store credit card instead.

You have bad credit

I won't remind you that if you're in this position, you should be considering ways to build back your credit which doesn't include adding more debt. But assuming you've already thought this through, getting approved for a 0% APR card might not be in your cards. So if you really need this buffer to pay off the purchase, and you are committed to the payoff goal, then go ahead and sign up for the card. Store cards generally have a lower threshold for approving customers, because their regular APR is so high, and their credit limits usually low.

You will benefit from the rewards

Stores can be generous to their credit card holders, offering big rewards and discounts that will save you loads of money. If you're a frequent shopper there, and the store card can offer you much better deals and rewards than you'd get from a typical cash back card, for example, then it can be worth it to be a loyal card holder. Just don't ever leave a balance because the APR will always destroy any savings or rewards the card would have offered.

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This article is from Lindsay VanSomeren of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Gift Giving Etiquette to Get You Through the Holidays

Paul Michael — Mon, 20 Nov 2017 10:00:06 +0000

The most wonderful time of the year is approaching. And with it come numerous gift exchanges. Who do you get gifts for? Do you include receipts? Is it ever OK to regift something that you really don't need? Oh, the pressure!

Well, fear not. If you are going into the holiday season with trepidation, here's a gift-giving etiquette guide to get you through it unscathed.

1. Regift with extreme caution

Regifting can be a tough minefield to navigate. You don't want to be sitting around opening presents and hear a ticked-off aunt or uncle shout "Hey, didn't I give you this last year?!"

However, regifting is a good option if the item itself has never been opened, doesn't have a sell-by date, and will benefit someone else far more than it benefits you. Ideally, a regift should go to someone who doesn't know the person who gave it to you, and vice versa.

If you're attending a white elephant gift exchange, that can be the perfect place to unload an item you don't want, or to pick up an item you can then give to a friend or loved one. Regifting will always be tricky, but if you exercise caution, you should come out fine. (See also: 10 Things You Can Totally Regift — And 7 Things You Shouldn't)

2. Don't get guilted into giving expensive gifts

We all have those friends, coworkers, or family members that just love to go overboard this time of year. When you combine that with someone who has a lot of disposable income, you can find yourself on the receiving end of some lavish gifts.

Then the guilt sets in. The gift you got for that person is pretty small in comparison. Should you go out and get something bigger, and blow your holiday budget? Honestly, no you shouldn't.

Giving a gift is not about seeing who can spend the most, or get the biggest reaction. The real joy of gift-giving is finding something you think the other person will truly like and appreciate, regardless of the dollar amount behind it.

If you received a top of the line coffee maker from a friend, you should never feel the need to rush out and buy something of similar value. If you give a gift and someone feels like they were shortchanged, then that person doesn't really understand the spirit of the season at all. And remember, homemade gifts are some of the most well-received, and they can't really have a value placed upon them. (See also: 16 Easy, Delicious and Homemade Holiday Gifts)

3. Consider a gift pool

Big families come across this problem all the time. Getting gifts for all the aunts, uncles, grandmas, grandpas, sisters, brothers, nephews, and nieces can become a financial strain, and a logistical nightmare. In this situation, a gift pool is an excellent solution.

Simply put all the names into a hat, much like you would with a gift exchange at the office, and divide up the gift duties into a much more manageable amount. For example, this year, John gets gifts for Jack and Susie, and that's it. You can even turn it into a Secret Santa, so nobody knows which gifts came from which people. And if you want a little more help, a site like Elfster can take all the hard work out of the process.

4. Be careful about giving donation cards

Donating to charity during the season of giving is wonderful. However, if you decide that you're going to give a donation to a worthy cause in the gift recipient's name, make sure you know that person very well. It can be considered presumptuous, and even insulting, to give someone's gift to someone else, even if that someone else is a charity. What's more, the charity you donate to may not be something the recipient agrees with.

Remember Seinfeld's classic Festivus episode, and George's "Human Fund" scam? It may have been comedy, but the reactions tell a story. "I got you a gift…you gave mine away," is a common complaint. But if you find a charity that someone will be passionate about, and you are confident they will react well, go ahead. (See also: 8 Charities You Can Trust With Your Holiday Donations)

5. Leave some people off your list

You have only so much money to go around, and not everyone is going to get something. How do you decide who to treat, and who to skip this year?

Well, it doesn't have to be an issue full of headaches and heartache. Talk to some of your family and friends about gifts this year, and casually bring up the fact that you don't need to exchange gifts. "How about we swap cookies, or cakes?" Something like that can instantly take the pressure off both parties, because that's also one less person they need to go shopping for as well.

Some of the more extended family members shouldn't really be getting gifts, either. You don't need to be buying gifts for the uncle of your partner or spouse, or the best friends of family members. All in all, the adults can step back and let the kids get the most out of this time of year. It's way more magical for them, just as it was for us when we were their age.

6. Give gift cards sparingly

The gift card section in stores keeps getting bigger and bigger, and they are very handy as last-minute gifts. The problem is, they really don't show a lot of thought, and they also have a specific value attached. "Here, I spent $25 on you. What did you get me?" And as several comedians have pointed out over the years, for that $25 you can only spend at one store, you could have given them 25 actual dollars they could spend anywhere. (See also: 10 Fun Ways to Give the Gift of Cash)

Gift cards should be given when you want someone to spend money on something very specific. For example, a bookstore card for a college kid, or a grocery store card for an elderly relative who really needs that help. When you just throw gift cards at everyone, it can send the message that you didn't put much thought or effort into the gift, and that's not something you want people to associate with you.

7. Don't reciprocate for every unexpected gift

It's the last day of work before the holiday, and a coworker pops into your office and says, "Hey, I got you this. Happy Holidays!" and you don't quite know how to say, "Arghhhhh, I didn't get you anything!" in response.

It can be tempting to drop everything and do a frantic run to the nearest store, but honestly, you don't have to. If you say, "I have something great for you, I'll bring it over tomorrow," you're actually kind of stealing their thunder. And if you make an excuse for not having one for them, you are going to make them feel awkward. Instead, be very thankful for the gift, and let them know just how much it is appreciated. You can find ways to make them feel special later, even if it's buying them lunch one day.

8. Include a receipt

Gift receipts are great because they don't list the sale price of the gift. But you can't always get one.

A lot of people don't know what to do in that case. They may think it's fine to provide a regular receipt at a kid's birthday party, but consider it a little tacky or even haughty for close friends and family.. "Hey, here's how much I spent on you this year."

Actually, people don't look at receipts that way. What it really says is that you tried your hardest to find something you think they would like, but you may not have nailed it. And now you have made it very easy for that person to exchange the gift for something they would much rather have.

They will still think of you when they get it, and you come across as helpful, thoughtful, and mindful of how awkward it can be to ask for a receipt, or take something back without one. If you're worried about the receipt just being out there for all to see, pop it in a little envelope or fold it and tape it shut. That way, they will only see the price if they really want to take the item back.

9. Forgo the thank-you card

After a big, personal event like a wedding, anniversary party, or a birthday, it is customary to send out thank-you notes to the people who gave gifts. However, at this time of year, that act is optional, and usually unnecessary. Everyone is swapping gifts. The sheer volume of cards and letters that would be going back and forth in the mail would cripple the post office if everyone did it.

If someone goes above and beyond with a gift and you feel the need to show your appreciation, then by all means send a thank you. But for the most part, you can simply send an email, give them a call, or say thank you in person when you get the gift or the next time you see them.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

11 Ways to Prepare for Your Best Black Friday

Mikey Rox — Thu, 09 Nov 2017 09:00:07 +0000

Don't let the success of Cyber Monday fool you: Black Friday is still a massive holiday spending day. According to the National Retail Federation, over 154 million consumers shopped over Black Friday weekend in 2016 — up from 151 million the year before.

Chances are, you're going to be one of those many consumers shopping on Black Friday this year. But you don't have to totally blow your budget in the process. There are ways you can soften the blow to your bank account with advance preparation. Here's how.

1. Put your common indulgences on hold

I like to have my hair cut every two weeks. But when I'm trying to save, I push the cut out to every three weeks. My haircuts cost $17 including tip, and if I adhered to this schedule on a regular basis, I'd save a whopping $148 a year. You may have an indulgence like this that you can honor less frequently or stop altogether while you try to budget more strictly during the holidays. These indulgences usually aren't cheap, and forgoing them will provide a sizable amount of extra dough for you to use for gift shopping.

2. Focus on paying off any existing credit card debt

Before you start swiping your cards left and right, it's important to tackle any existing credit card debt, especially if you've only been making minimum payments up to this point. Concentrate on the highest-interest cards first; you'll save more in the long run by paying those down or off as soon as possible. (See also: 5 Ways to Pay Off High Interest Credit Card Debt)

3. Pause or change your media subscriptions

The holidays are busy. Shopping, parties, pageants — you know the drill. All that running around probably leaves you with little time to use the subscription services for which you're paying a premium. So don't.

"Consider pausing subscriptions for a few months, or temporarily changing services to a lower-priced tier," advises Lindsay Sakraida, director of content marketing with DealNews. "For example, if you pay extra for Hulu without ads, premium Netflix, or extra data cell service, you might want to adjust all of them for a month or two to save some cash for Black Friday and the holidays."

4. Pick up short-term gigs and odd jobs for quick cash

I participate in several "gig" services throughout the year, but this side work really picks up around the holidays — and that helps my disposable income swell. Pet sit via Rover.com, pick up passengers using Lyft, host guests in your home through Airbnb, and deliver groceries with the help of Instacart. I do it all, and I highly recommend looking into any one of these opportunities for quick cash. (See also: 8 Seasonal Side Hustles That'll Cover Your Holiday Spending)

5. Make a gift list and establish a firm maximum budget

Make your list, check it twice, and decide how much you want to spend on each recipient. Once that budget is set, stick to it. Better yet, make it your goal to come in under the amounts you've established for each person so you can treat yourself to a little something special when all is said and done. (See also: The Simple Holiday Budget Anyone Can Follow)

6. Research the Black Friday deals ahead of time

News of many Black Friday offers will be released well in advance — several retailers, like Walmart, Costco, Kohl's, and JCPenny have already whetted consumers' appetites with "leaked" deals — which allows you plenty of time to research the best of the best. There are entire sites, such as Best of Black Friday, dedicated to compiling the deals in one place.

7. Start shopping early to spread out your spending

Why wait until Black Friday if you recognize a great deal when you see one? Just because the day after Thanksgiving receives heavy promotion doesn't mean there aren't other great deals before the stampedes begin.

"Make it a point to get a jump-start on planning and shopping early so you have a few months to purchase gifts instead of waiting until the holiday season," suggests Natasha Rachel Smith, personal finance expert at TopCashback.com. "Also, don't forget about deals on Thanksgiving. Every year Black Friday has crept up earlier and earlier. In fact, in recent years, some deals sell out before Black Friday." (See also: 6 Ways to Score a Black Friday Deal Without Leaving Home)

8. Have a game plan before stepping foot in the store

Similar to never going to the supermarket on an empty stomach, don't head into the holiday season without a game plan.

"Most major retailers will release their deals for Black Friday the week before to give consumers time to plan and get excited about what they want to purchase," Smith says. "Use this time wisely to see what is going to be on sale and compare deals at each retailer. By creating a game plan, you can prioritize any items that sell fast or are at the best-discounted price. Not only will you save time but you'll save money too by planning what to get, when, and where." (See also: 8 Frugal Skills You Need to Survive Black Friday)

9. Consult your cash back apps before heading out

I've been killing it in the cash back game lately, thanks to apps like Ibotta and Checkout 51. The trick is to consult these apps before you go shopping so you know what's available and opt in if required. With Ibotta, for instance, many times it requires you to make purchases through its app — it will launch the retailers' sites for you, like Under Armour, as an example — so it can track your purchase and deposit the cash back you've earned. Every penny returned to you helps. Trust me — you will be thankful for this at holiday time. (See also: 7 Apps That Actually Pay You to Shop)

10. Consider your method of payment for maximum savings

You might think that cash in hand is the best way to shop on Black Friday (it certainly can help avoid overspending if you're disciplined), but you could be disqualifying yourself for deals available through other methods of payment. Capitalize on your Black Friday spending by deciding how you're going to buy things — cash, debit, or credit card — to reap the best benefits.

Scope out all your payment options and use the bonuses and rewards in your favor. If you do the research and find that you want to apply for a specific card, do so a couple weeks in advance to ensure you receive it in time to use it. Using the shopping season to get bonus cash back that has a spending requirement can give you help ease the holiday costs. (See also: Read This to Maximize Your Rewards and Cash Back This Holiday Season)

11. Renew your commitment to financial freedom

It's easy to go overboard during the holidays, whether it's on gifts or social activities. Don't let yourself off the hook on your financial goals just because it's the holidays. Stay committed to them and use the holidays to focus on gratitude rather than the mad dash to grab discounts.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Make These 6 Credit Card Moves Now to Prepare for Holiday Shopping

Jason Steele — Thu, 09 Nov 2017 08:30:13 +0000

Traditionalists may debate the merits of putting up Christmas decorations well before Thanksgiving, as many retailers do these days. But the November displays are actually a good cue to start preparing your finances for holiday shopping. This includes considering your credit card options to earn the most possible rewards from your credit cards, and get the best benefits from your holiday purchases.

Here are six things that you can do to get ready.

1. Sign up for a cash back card

Unless you're already heavily invested in a specific travel rewards program, you'll probably be better off using a cash back rewards card. Some of the best cards for holiday shopping offer as much as 5 percent back at select department stores and retailers such as Walmart, Amazon, and Target. In addition to cash rewards on your purchases, many credit cards offer a bonus offer to their new cardholders, which can net you a few hundred dollars just for meeting their spending requirement, which is easiest to do this time of year.

Another option is to choose a card that offers you as much as 2 percent cash back on all of your purchases. With these flat-rate rewards cards you avoid having to keep up with category bonuses. However, you should only use reward credit cards if you can avoid interest charges by paying your monthly statement balances in full. Otherwise, it's better to find a card with the lowest interest rate.

2. Be sure to activate your bonus purchase opportunities

If you do choose to go with a card that features rotating bonus categories, check the terms. You may need to log in and activate the bonus categories each quarter. Thankfully, even if you activate after the quarter begins, you should receive your bonus points for the qualifying purchases you've already made during the quarter. Keep in mind that these bonus categories often come with limits on how much you can earn. Keep track of your purchases and switch cards once you've reached the limit. (See also: Best Credit Cards With Rotating Reward Categories)

3. Learn about shopping portals

Many credit cards and loyalty programs offer online shopping portals that allow you to earn extra points, miles, or cash back from your purchases. They usually feature top national retailers, and can usually pad your purchase rewards by one or two points per dollar spent, but occasionally you'll find deals for as much as 30 points per dollar spent. Also, most airline and hotel loyalty programs have their own rewards portals. When you use these websites, you can also earn rewards with your credit card, in effect stacking your rewards earning potential. (See also: 11 Ways Your Credit Card Will Save You Money While Holiday Shopping)

4. Examine your cardholder benefits

One of the best things about using your credit card for holiday shopping is the cardholder benefits that can apply to your purchases. For example, many credit cards include accidental damage and theft protection, as well as an extended warranty policy. Other shopping benefits may include price protection and return protection. Once you know which cards offer the best benefits, you may use that as a factor in determining which new card to apply for, or which card to pull from your wallet for a particular purchase. (See also: 5 Reasons to Use Your Credit Card for Holiday Purchases)

5. Decide if it's worth getting a store credit card

One thing is for sure, many of the stores you visit will offer you an application for their co-branded credit card. But rather than trying to make a quick decision at the cash register, find out in advance if it's worth considering.

Many retail credit cards have a high interest rate. Look at the terms and conditions for the cards from your favorite retailers, and the quality of the rewards program offered. Then you can decide if it's worth getting the store card, or if you should simply decline the offer and complete your purchase. (See also: Should You Sign Up for That Store Credit Card?)

6. Consider an interest-free promotional financing offer

If you are unsure whether you'll be able to pay off all of your credit card balances during the holidays, think about opening a card with a 0 percent APR offer for new purchases. These offers allow you to avoid interest charges on your purchases for at least six months, and often 15 months or longer.

Balance transfer cards can also help you out after you've rung up more than you can immediately pay off, but it's better to use an interest-free financing offer on new purchases now. That's because nearly all 0 percent balance transfer offers have a 3–5 percent fee. (See also: Best Credit Cards to Wipe Out Holiday Debt)

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How to Save on 12 Winter Essentials

Mikey Rox — Wed, 11 Oct 2017 09:00:07 +0000

Are you prepared for winter? You may think you're well stocked and ready to duke it out with Mother Nature when the temps plummet, but if this summer's wild weather is any indication, you may not be as prepared as you think you are. Run down this checklist of winter essentials (and how to save big bucks on them) to fortify your supplies and ensure a safe and comfortable season.

1. Cold-weather apparel

You'll be hard-pressed to find someone who loathes winter as much as I do, but my undying disdain for cold weather has at least forced me to dress properly for the elements. Two years ago, I remember venturing out into a blizzard for brunch and drinks with friends — we walked several miles that day, in fact — and I wasn't the slightest bit chilly at any time. I broke a sweat even. Granted, I looked like the abominable snowman, with about three layers of clothing, but I was warm. When dressing for the elements, especially if you plan to spend any length of time out in blustery wind or snow, here's what I suggest.

Base layer

Long johns or a compression top and bottom. These are abundant at discount stores like Marshalls and TJ Maxx this time of year.

Second layer

Fleece pants and a sweatshirt. You probably already have a pair of sweats in your closet. If you have to be presentable, try flannel-lined chinos and a sweater; J. Crew Factory will help you save on those items closer to the holidays.

Third layer

Snow pants and a 3-in-1 insulated jacket. Dick's Sporting Goods has a few coupons floating around right now that are ideal for these higher-priced purchases. You also can use sites like TopCashback to score deals.

You should also invest in a pair of thick wool socks. I also wrap my feet in plastic wrap to keep them dry. I'm sure you remember that old trick. And finally, insulated touch-screen gloves. The touch-screen technology will come in handy when you want to use your phone without taking your gloves on and off all day long. (See also: These Apps and Extensions Find Online Deals for You — Automatically)

2. Flannel sheets

Flannel sheets originally were fashioned from carded wool, which probably made for more than a few scratchy nights, but the fabric got a makeover early last century when it was combined with cotton to create more lightweight and comfortable bedding while also keeping the body warm. You'll find great deals on flannel sheets at Overstock.com or Target, plus a little extra if there are cash-back deals available for these retailers on the Ibotta app. (See also: 8 Apps That Actually Pay You to Shop)

3. Area rugs

I prefer bare floors to carpet — all that shampooing to remove stains is for the birds — but on winter mornings the ice-cold surface of a bare floor is a real punch to the gut. To reduce the shock, I like to put area rugs under my bed, and I save a bundle on quality rugs by shopping the floor models at West Elm. I've bought a few rugs using this method at hundreds of dollars off. I copped one beautiful 5-foot by 8-foot gold ombre rug for my living room for around $80, down from about $600, by padding the discount with discounts and rewards I had. The braided rug in my bedroom was coming a little undone on the edge, and the store slashed the price on that as well. West Elm has a bit of a reputation for being somewhat expensive, I know, but you can definitely score major savings if you know where to look.

4. Electric blanket

Electric blankets are great for two reasons: They'll keep you warm so you can turn your heat down and save energy, and they'll keep you warm if your heat source completely conks out. Your best bet for inexpensive electric blankets is Walmart. An electric heated fleece blanket will look Saturday-afternoon couch-comfy. (See also: The 5 Best Electric Blankets)

5. Space heaters

Space heaters are great for when you want to turn off the money-sucking thermostat and only heat a specific area of your house, like your bedroom or office. But they very well could mean the difference between life and frostbite if your house runs on oil heat. If you run out of oil during a major winter storm and no one is available to refill your tank, you'll be thankful for the space heater. (See also: The 5 Best Space Heaters)

6. Snow tires

I had a beater of a car once with tires so terrible that it tried to climb a slightly slick hill during the early part of a snow event and it just slid right back down the hill. No one was hurt, but it was a scary situation considering that it was quitting time and everybody else was on the road, too.

Pep Boys has a couple deals available and Mavis Discount Tires also is a good place to look. Compare prices at Sears and Walmart, too.

7. Winter survival kit

If there's one thing this summer's weather taught us, it's that Mother Nature is unforgiving and we need to be prepared for the absolute worst. Get a winter and snow survival backpack with food, tools, including a mini shovel, can opener, and saw, light sticks, fuel tablets, hand warmers and more. Amazon offers a cold-weather survival kit with free shipping.

8. Gas-powered generator

If the power goes out, who knows when it'll come back on? A backup generator will help keep your lights on, your house warm, and your fridge cool during a winter storm. If you're a military vet, you can save 10 percent on your purchase at Home Depot and Lowe's, but Lowe's sometimes has 10 percent off coupons available in the mail or circulars as well. I recommend these two hardware stores, because you really should speak with a professional who knows about generators before purchasing one so you can be sure you're getting the right type for your needs.

Make sure you keep enough gas on hand to power it, as you may not be able to get to the gas station in an emergency situation. There are propane and natural gas powered generators, too, which may be more practical if you've already got a gas grill.

9. Hydrating skin care

My sensitive skin gets ravaged by the elements during the winter, so I need to up my skin care game as soon as Daylight Saving ends. I highly recommend Brickell Men's Products (if you're a dude, like me). I've been using the moisturizer and other facial products for years, and I think I'm keeping the goods together very well considering my age. Brickell will even send you a free sample kit ($6.95 shipping) if you buy from their site directly, so you can determine if these are the right products for you.

10. Snow shovel

You have to keep your sidewalk free and clear of snow and ice, lest you get sued by your neighbor for your negligence after they fall and break a leg on your property. The area you need to clear will determine what type of shovel you need. If you have small amount of space, you probably don't need the deluxe heavy-duty model; conversely, you may need the big guy if you've got a lot of work ahead of you. Sears or Walmart likely have you covered for the lowest cost.

11. Nonperishable food

The first thing people do when there's mention of a major weather event is rush to the supermarkets. Get there before the masses by planning ahead and stocking your pantry or basement with survival essentials, including at least one week's worth of nonperishable food. Shop sporadically when you see coupons for food you like, in-store deals, and what's available on your cash-back apps like Ibotta and Checkout 51. You'll need to stock up on several gallons of water, too. Very important for drinking, bathing, and cooking. (See also: 10 Foods You Need in Your "Emergency" Pantry)

12. Toilet paper

Keep a six-pack of toilet paper (and paper towels) with your emergency food stash so it's on hand when you need it most. Pick up your spare package whenever it's on sale wherever you shop. Put a roll in your car, too; you never know when that'll come in handy. (See also: The 5 Best Toilet Papers)

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

9 Frugal Gifts for the Person Who Needs a Nap

Marla Walters — Fri, 16 Dec 2016 11:30:08 +0000

Is anyone on your gift list cranky or stressed-out? Let's face it, this year has been pretty tiring. Maybe they need a nap. Heck, we all could probably use one.

Napping can help you recharge, zap stress, and boost your mood. Who doesn't need that, especially during the holiday season? Let's encourage napping, and enjoy the benefits. Here are nine items that will make someone sleepy just by looking at them.

1. Cozy Blanket

I bought a super-soft fleece throw for my husband, and when I'm not stealing it, he's using it to nap. Tossing one over a chair looks homey.

2. Sleepy Tea

Chamomile tea is known for making people sleepy. According to the science, "Sedative effects may be due to the flavonoid, apigenin, that binds to benzodiazepine receptors in the brain." Or, it could just be the relaxing ritual of making a cup of tea that makes the eyelids heavy.

3. Eye Mask

For the light sleeper in your life, consider getting them an eye mask. The added darkness can keep that pesky sun from ruining a napping mood.

4. Nap-on-the-Go Accessories

Slightly germaphobic, I don't like using the blankets or pillows provided by the airlines. Who touched that? Ewww. So if you know a frequent traveler who feels the same way, consider this handy blanket and pillow combo, complete with handy carrying strap.

5. White Noise Machine

We took our pediatrician's advice and did not stop doing chores while baby napped. Now the kid can sleep through anything. "White noise" is simply a combination of different sounds and frequencies. But no need to run the vacuum cleaner — just flip the switch on one of these white noise machines. (See also: Why a 50 Year Old Gadget May Be the Best Cure for Insomnia)

6. Hot Water Bottle

To take the chill off, there is just something about a hot-water bottle. The product, patented in 1903, is the epitome of low-tech. It's also really nice to have one of these comforting bottles around when you don't feel well. Just add hot water and snooze.

7. A Little Lavender

Lavender may be just thing thing to help you rest, as it has been shown to reduce heart rate and blood pressure. Spray a little spritz and see if it is sleep-inducing. If nothing else, it smells wonderful.

8. Fan

A room fan offers the combination of cooling the room — which signals the body that it is time to sleep — plus a little white noise. I cannot sleep at night without my fan running. Any seasoned napper would love this extra snooze-boost.

9. Yoga Tunes

I'll admit that I have embarrassed myself by falling asleep in yoga class on, um, more than one occasion. Oh, well. Maybe the relaxing yoga music will help your favorite napper, too.

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This article is from Marla Walters of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

9 Smart Reasons to Last-Minute Holiday Shop

Kentin Waits — Mon, 12 Dec 2016 10:00:08 +0000

Full disclosure here, folks: I'm a planner. Most years, I start my holiday shopping in October and have everything wrapped Martha Stewart-style by Thanksgiving. But the older I get, and the more holidays I put behind me, the more tempted I am to cross over to the other side.

For just one year, I'd like to make October and November strictly about enjoying the changing leaves, spooking trick-or-treaters, and consuming an embarrassing amount of turkey. Why? Because procrastinating offers some strategic advantages, especially during the holidays. Here are nine reasons why it's perfectly okay to shop for the holidays at the very last minute.

1. More Seasonal Spirit

Compared to those of us who start our holiday shopping in the heat of August, last-minute buyers are far more immersed in the spirit of the season. The air is crisp, stores are decked out in full holiday cheer, carolers are caroling, and everything feels more festive. If you have trouble gearing up for the holiday, a last-minute shopping trip could be the nudge you need.

2. Deeper Discounts

Who needs Black Friday? Retailers live and die by their holiday sales volume. The closer the holiday, the more anxious they are to hit their sales goals, clear out inventory, and prepare for the next big sales season. Last-minute shoppers can take advantage of this reality and score some amazing deals. (See also: December Deals That Are Better Than Black Friday)

3. Amazing Online Deals

Sometimes the best last-minute deals are just a click away. Online retailers promote doorbuster discounts at different times throughout the holiday season. And if you don't mind being late with a gift or two, standard shipping is often free for buyers who meet minimum purchase requirements.

4. More Planning Time

Choosing to delay your holiday shopping doesn't have to mean you're operating in complete chaos. Procrastination gives you more time to plan and more time to see what other gifts have already been exchanged — two distinct advantages if you want find just the perfect item and avoid giving a duplicate gift.

5. Smaller Crowds

As the holidays draw near, most people focus less on shopping and more on decorating their homes, cooking, preparing for visitors, or traveling. That means malls and other retail outlets can be almost serene for eleventh-hour shoppers.

6. No Spoiled Surprises

No matter how expert your skills of concealment, kids have an uncanny ability to sniff out their gifts. But last-minute shoppers have nothing to worry about. They only need to hide their gifts for a few days — heck, sometimes just a few short hours! That means half-pint hunters have less time to explore and less chance of spoiling their surprise on Christmas morning.

7. Fewer Wish List Changes

Some children's holiday wish lists could generously be described as "fluid." New products, changing tastes, and evolving interests all mean that what you bought in early November could be passé by late December. Here, last-minute shoppers have a distinct advantage: They can dash out the door on December 23rd with relative certainty that they have the latest and greatest wish list in-hand.

8. More Time to Save

In theory, the longer you wait to shop, the more time you'll have to prep your finances for the holidays and sock away some green. Last-minute shoppers who've been disciplined budgeters can pay cash for every item on their holiday list — that means not having to rely on credit cards and avoiding interest charges. Talk about a gift that keeps on giving!

9. Bigger Challenge

Are you one of those amazing people who work best under pressure? Then December 22–24 is your time to shine. Slam a double espresso, hit the malls, check out your favorite neighborhood shops, and start wrapping. You got this.

This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Flashback Friday: 160 Gift Ideas for Everyone You Know

Chrissa Hardy — Fri, 09 Dec 2016 11:00:09 +0000

It's now officially Go Time for Christmas shoppers. You've got your list of people to buy gifts for, and you're still trying to figure out what to get, and meanwhile, the days are slipping away fast. Should you spend hours digging through their social media profiles to find some gift inspiration? Or is it just easier to throw your hands up and buy them all the same scented candle? The good news is that you don't have to do either, because we've found the perfect gift for just about everyone.

47 Unique Gift Ideas for Women — Need a gift for the woman in your life? She's probably not that hard to shop for. Any of these 47 items will put a big smile on her face.

11 Great Frugal Gifts for Booklovers — It's no secret that bookworms love books. But they also love book-related gifts! The best part is that most of them don't cost much money, so pick any of these and your budget will remain intact.

16 Easy, Delicious and Homemade Holiday Gifts — Homemade gifts are personal, frugal, and often extremely delicious! If you're looking to save some Christmas coinage, give these a go for your favorite sweet tooth.

21 Experiences That Make Great Gifts — You know what lasts longer than a thing? A happy memory. So if you have someone who needs their day brightened (and who doesn't?) give them a lasting memory through a fun event or amazing experience.

50+ Unique Gift Ideas for Men — What do you get for the guy who has everything? And what do you get for the guy who only has some things? Men are notoriously hard to shop for, but this list will take away the guesswork so you can get your favorite fellas things they'll adore.

15 Genius Gifts for Office Secret Santa — Don't forget about your coworkers this holiday season! Many offices do a Secret Santa gift exchange, and when you don't know your coworkers very well, it feels impossible to shop for them. But even if you only know one detail about them, these gift ideas will help you narrow down your gift search.

This article is from Chrissa Hardy of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: