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More Americans Are Using ‘Buy Now, Pay Later’ Services To Pay for Groceries

March 24, 2023 Leave a Comment

Aldi is the place to shop for groceries

The concept of “buy now, pay later” has exploded in popularity in recent years. Americans have been using this form of lending — in which the cost of a purchase is typically divided into four payments over several weeks or months — to buy everything from clothes to Peloton bikes. But now there is a new trend: People are using the payment method for smaller items, like groceries. From MarketWatch:

Buy now, pay later — referred to in the payments industry as BNPL — is a new spin on the concept of layaway. It allows consumers to get the product up front, divide their payment into installments paid over a longer period with little or no interest — as long as the make the payments on time. Common BNPL options include Afterpay, Klarna, Affirm, PayPal and Zip.

In the first two months of 2023, the share of online grocery orders made using buy now, pay later grew by 40% compared with the same period a year ago, according to new data released by Adobe Analytics this week.

The overall rise in BNPL online orders, meanwhile, grew by 10% over the same period, and overall online BNPL revenue fell by 19%, meaning the average dollar amount for each order fell. This trend may be partly due to the fact that Americans are simply spending more money on groceries online. Online grocery spending grew by nearly 27% year over year to $8.4 billion in February.

5 Tips To Get The Best Value On An Insurance Policy

November 2, 2022 Leave a Comment

You cannot ever expect to get the best value on an insurance policy if you do not put in a little effort and a short amount of time. It is actually a very simple process if you approach it correctly. The thing to remember is that not every insurance carrier is the same. 

They will give you offers for various amounts of money and differing coverage amounts. Luckily for you, there are 5 tips that will help you get the best value on a policy, so let’s jump right in and discuss them so you can get back to your day.

  1. Bundle – If you have any other insurance policies, such as health and life, the best thing that you can do is bundle them all together under one large, all-encompassing umbrella policy. The great thing about this is that you will not only save money on your car insurance, but you will also see small savings on every policy you add to the group. It is a benefit that the insurance carrier will give to you for bringing them all the policies that you have. 
  2. Discounts – Ask your agent to check for any discounts you may qualify for. Most of the time, they will not offer any of them unless you ask, so if there is something in your life that you feel may be important, such as being a part of a car club, ask to see if it is beneficial with your car insurance policy. The most that they can do is tell you no.
  3. Compare – You want to compare insurance policies from many different carriers because they will never offer you the same coverage for the same price. The easiest way to find the best insurance companies is to go online and let a site that has already completed the research help you out. They will give you numerous options. All you will have to do is go through the ones the companies send you and pick the best out of the group.
  4. Type – You need to sit down and think about the type of car insurance you need. It may not be necessary to get the best policy that you can unless you drive a high-end sports or luxury car. If you drive around in an older vehicle with a low value, it may not be in your best interests to have coverage other than the bottom levels required by the law. 
  5. Deductibles – Check to see what the preset deductible amount is before you actually sign a contract. This number can be adjusted up or down, depending on how you want to approach it. The higher the deductible amount is set, the lower your premiums will be. However, when you adjust this number up, it makes it your responsibility to pay that much before the insurance company will hand over a check for the amount of the claim.

These 5 tips will help you get a great value on your next car insurance policy if you take the time to follow them. Being able to pay the least amount of money for a policy that covers what you need is one of the first steps to take when trying to cut down on costs. 

The insurance companies you find out there may not always have your best interest in mind, so make sure you know what you want and how much you can pay out for the premiums every 6 months. 

By the way, never pay the car insurance premium on a monthly basis because it will cost you more in the end. Always pay by 6 months or a year if it is an option. You can only save money on your insurance if you take the initiative and get the task done.

61% Now Living Paycheck to Paycheck

August 1, 2022 Leave a Comment

pexels-photo-2068975.jpeg

Unrelenting inflation is driving up costs, leaving more Americans living paycheck to paycheck. Inflation has been causing economic hardship for workers across all income levels. As of June, 61% of Americans — roughly 157 million adults —lived paycheck to paycheck, according to a new LendingClub report. That’s up from 58% who reported living paycheck to paycheck in May. A year ago, the number of adults who felt stretched too thin was 55%. CNBC reports:

Even top earners have been struggling to make ends meet, the report found. Of those earning $200,000 or more, 36% reported living paycheck to paycheck, a jump from the previous month. 

Another recent survey, from consulting firm Willis Towers Watson, estimated 36% of those earning $100,000 or more said they were living paycheck to paycheck.

Taken together, this data shows Americans are shelling out more to cover their monthly expenses, making it increasingly difficult to make ends meet. As a result, they’re dipping into their cash reserves and nearly half are falling deeper in debt.

36% Earning $100,000 or More Living Paycheck to Paycheck

June 16, 2022 Leave a Comment

Thirty-six percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck — twice as many who said they were in 2019, according to a survey conducted by Willis Towers Watson, a consulting firm. CNBC reports:

That’s more than the 34% of workers who earn $50,000 to $100,000 a year who are living paycheck to paycheck, though lower than the 52% of paycheck-to-paycheck workers with incomes of less than $50,000, according to the survey.

However, the high earners are the only group that saw an increase in their paycheck-to-paycheck ranks in the last three years.

“Employees at higher pay levels aren’t immune to living paycheck to paycheck,” said Mark Smrecek, the financial wellbeing market leader for North America at Willis Towers Watson.

Willis Towers Watson polled 9,658 full-time employees from large and midsize private employers in December and January 2022, before the most recent inflation readings.

Two-Thirds of Americans Live Paycheck to Paycheck

May 11, 2022 Leave a Comment

With inflation still near 40-year highs, close to two-thirds of Americans are living paycheck to paycheck. Inflation is showing no signs of slowing down, making it harder for workers to make ends meet. CNBC reports:

As of March, close to two-thirds, or 64%, of the U.S. population was living paycheck to paycheck, just shy of the high of 65% in 2020, according to a LendingClub report.

“The number of people living paycheck to paycheck today is reminiscent of the early days of the pandemic and it has become the dominant lifestyle across income brackets,” said Anuj Nayar, LendingClub’s financial health officer.

Consumers who are struggling to afford their day-to-day lifestyle tend to rely more on credit cards and carry higher monthly balances making them financially vulnerable, the survey of more than 2,600 adults found.

The Hit to Your Pocketbook From Higher Gasoline Prices: $2,000 a Year

March 7, 2022 Leave a Comment

99 Cent Gas On the Way

American consumers are already struggling with the highest inflation in four decades — a phenomenon that is eating into buying power and eroding wages. But more economic pain may be in store, with one analyst estimating that the recent surge in gas prices following Russia’s invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget. CBS News reports:

The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. Many consumers have seen prices at the gas pump rise swiftly, with the price of regular gas jumping 41 cents during the first full week of Russia’s war in Ukraine, according to AAA.

That will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research in a Monday research note. That comes on top of about $1,000 in extra costs at the grocery store due to inflation, which means the typical household will have $3,000 less this year to spend on other items, Yardeni said. 

Consumers are fretting about the impact on their budgets — with some already planning to cut back on driving, and watching their spending. That could pose a threat to the pandemic’s economic rebound, given that personal consumption contributes about 70% of gross domestic product, according to the Federal Bank of St. Louis.

Uber Now Lets You See How Many One-Star Ratings You Received From Drivers

February 16, 2022 Leave a Comment

Oilfield Workers Turn to Uber Employment

Confused how you ended up with a low rating on Uber? A new feature will offer a bit more insight. CNN Business reports:

Uber on Wednesday announced an option that lets you see a breakdown of how many drivers left you a one-star rating, a five-star rating and other ratings in between. Previously users of the ride share app were only able to see their average rating.

Finding the rating breakdown requires several steps. First, open the Settings menu of the app, tap Privacy and then Privacy Center. Once there, swipe to the right and click on the option: “would you like to see a summary of how you use Uber.” Next, scroll to the “browse your data” section and tap on “view my ratings.” (You can also access the information on Uber’s website.)

The goal of the new feature, according to Uber, is to offer customers a better understanding of their current rating, which is based on their most recent 500 trips on the platform, and to incentivize good behavior during rides.

Survey: 7 In 10 Americans Living Paycheck To Paycheck

February 7, 2022 Leave a Comment

SIMPLE MONEY RULES

In these tough financial times, a new study finds it’s getting harder and harder for people to save any of their money. In fact, seven in 10 Americans say they’re living paycheck to paycheck. Study Finds reports:

A recent survey of 2,007 adults found that 63 percent don’t see themselves reaching a level of financial security that will allow them to live the lifestyle they want.

Lack of financial education and resources may be to blame, particularly for women, who were less likely to say they had access to these tools in comparison to men (65% vs. 84%)…

Respondents also differed in what they consider to be essential for financial wellness. Seventy-nine percent of Americans earning over $150,000 found a savings account to be “very” important, compared to just 54 percent of those with an income of $60,000 to $89,999.

On average, respondents feel they’d need $686 of disposable income per month to feel financially comfortable.

Fed May Issue Digital Currency

January 21, 2022 Leave a Comment

The Federal Reserve is taking the next step in weighing whether to launch a U.S. digital currency, issuing a report Thursday that explores the potential benefits and drawbacks of such a move without indicating where it will land. Microsoft News reports:

The central bank is asking the public to provide feedback on the question over the next 120 days. And it said that in any event, it would only seek to create a digital currency with “clear support” from both the executive branch and Congress. 

“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said in a statement accompanying the report. Biden administration calls on Congress to take the lead in regulating stablecoins

Top Fed officials themselves so far have appeared divided on the matter. Powell last year said the project would need to demonstrate “clear and tangible benefits that outweigh any costs and risks.”

Best Pen for Your Money

January 19, 2022 Leave a Comment

There are many uses for pen. We use it to write, to draw, to doodling, to color … Basically, a pen has to do just one thing, but we have so many reasons to choose one over another. How does it look? How smooth is the tip? Does the pen feel good in your hand? With so many choice in the market, we do some research and present here with some of the best pen for your money.

Before going over the list below, please keep in mind that the best pen depends on your personal taste and completely subjective. Your’s beautiful pen might not be as nice to another person. We recommend you to use these lists as guidelines. Do your research. Ask questions. Test them out if at all possible. Only then will you find the pen that is the best for your money.

Best Ballpoint Pen:

OHTO Horizon Needle Point Knock

This 0.7 mm Japanese needlepoint pen has an elegant design with sturdy, but not too heavy grip. The ink comes out clean and even, yielding the thinnest, smoothest line; there’s no smudging or skipping. You’ll be amazed at how small you can write with this thing. Also, the side-click-release is both discreet-looking and extremely satisfying.

Best Felt-Tip Pen:

Prismacolor Premier Fine Tip

Excellent pen! These pens would make your handwriting look easy-going and legible. It gives the feeling of natural extension of your hand gestures. The Prismacolor pen does not smudge. Zero bleed-through. This pen feels like barely anything in your hand, which is perfect.

Venmo, PayPal and Cash App To Report Payments of $600 or More To IRS This Year

January 5, 2022 Leave a Comment

Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January. Fox Business reports:

Beginning this year, third-party payment processors will be required to report a user’s business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year.

Democrats made the change in March 2021, when they passed the American Rescue Plan without any Republican votes.

The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

Average Person Worries About Money 6 Times A Day

January 5, 2022 Leave a Comment

Your Late Twenties Is the Worst Time of Your Life

Budgets are tighter for millions of people with 2022 in full swing. Being money-conscious is nothing new for many of us, but new research shows the average American worries about their finances six times a day. Studyfinds reports:

The poll of 2,000 adults to uncover how people feel about their finances also finds millennials are more focused on their finances than any other generation. They also worry about money the most – up to seven times a day.

Overall, respondents agreed millennials (30%) and Gen Z (22%) are better at managing their finances than their Gen X (14%) and baby boomer (18%) counterparts. Additionally, millennials are the most optimistic (78%) about where their finances will be in 10 years, while boomers are the least optimistic (57%)…

When looking for a romantic partner, all respondents agree that a partner’s ability to manage their finances (45%) and their financial stability (45%) are more important than their physical appearance (39%). Furthermore, of those actively in the market for a partner, 68 percent would break up with someone if they managed their finances poorly.

Overspending is also a top concern across generations. More than half the poll (56%) often overextend their spending and are left in difficult financial positions. The number one habit that harms respondents’ budgets is making impulse purchases (41%), with ordering takeout (38%), going out with friends (34%), and getting hit with late fees (34%) following closely behind.

More Than Half of Shoppers Are Going Into Debt This Holiday Season

November 29, 2021 Leave a Comment

As shoppers spread out their holiday purchases amid ongoing concerns about Covid, more consumers are tapping so-called buy now, pay later services. As many as 56% of shoppers have made a purchase with “buy now, pay later” services they couldn’t pay off, according to one recent survey. CNBC reports:

Americans are spending a little less this holiday season — but still more than they can afford.

Total spending on Black Friday, both in stores and online, fell slightly from a year ago — the first decline on record — in part because holiday shoppers started their shopping earlier in face of supply chain setbacks and shipping delays.

All in, consumers plan to spend $997.73 on average for themselves and their families this year, according to the National Retail Federation’s annual survey, down from the pre-pandemic high of $1,047.83 hit in 2019.

And for the first time, about 45%, of shoppers plan to use “buy now, pay later,” or BNPL, services for their holiday shopping to spread out their expenses, according to a recent report by Cardify, which polled more than 2,000 adults.

How to Financially Prepare to Quit Your Job

November 24, 2021 Leave a Comment

Millions of Americans are leaving their jobs these days — and they don’t always have another one lined up. Whether it’s due to burnout, a desire for more flexibility or better pay, or the pursuit of an entirely different career, saying “I quit” can have long-term financial implications. CNN Business writes:

Here’s what you need to know if you are considering quitting without another job offer: 

Do a quick gut check 

It’s a good time to be a job seeker, but make sure you are leaving for the right reasons. “The grass is very often not necessarily greener,” said Tami Simon, a corporate consulting leader at employee benefits firm Segal. “Take the time to really think about what your own motivations are, and the real reason why you are thinking about leaving your job as opposed to just following a trend.” If you are looking to leave because you’re seeking more flexibility, money, responsibility or you want to learn new skills, now’s the time to ask your current employer.

Timing is everything

Remember all that paperwork that you got when you started the job? It likely includes information about any potential financial impacts of quitting. Simon suggests reviewing your original offer letter, compensation arrangements and the employee manual before you announce your departure. “What are you contractually bound to?” Sometimes benefits are awarded based on how long you’ve been with the employer, and offers could also include non-compete clauses or clawbacks of signing bonuses or other incentives if you resign before a certain period of time.

Americans Have Never Been In So Much Debt

November 9, 2021 Leave a Comment

Debt

American households are carrying record amounts of debt as home and auto prices surge, Covid infections continue to fall and people get out their credit cards again. CNN Business reports:

Between July and September, US household debt climbed to a new record of $15.24 trillion, the Federal Reserve Bank of New York said Tuesday.It was an increase of 1.9%, or $286 billion, from the second quarter of the year.

“As pandemic relief efforts wind down, we are beginning to see the reversal of some of the credit card balance trends seen during the pandemic,” such as lower spending in favor of paying down debt balances, said Donghoon Lee, research officer at the New York Fed.

Now that the stimulus sugar rush has worn off, consumers are going back to their old ways of spending with their credit cards. Credit card balances rose by $17 billion, just as they had during the second quarter. But they’re still $123 bullion lower than at the end of 2019 before the pandemic hit.

Mortgages, which are the largest component of household debt, rose by $230 billion last quarter and totaled $10.67 trillion.Auto loans and student loan balances also increased, rising by $28 billion and $14 billion, respectively.Even though credit card debt has yet to get back to its pre-pandemic level, total debt is already $1.1 trillion higher than at the end of 2019.

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