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- Free Return Cutbacks, Self Gifting & Less = More 🎁
Free Return Cutbacks, Self Gifting & Less = More 🎁
Good morning and happy Tuesday y’all! Snapped this pic 👇👇👇 from the tightwad book i’ve been reading lately…
Good morning and happy Tuesday y’all!
Snapped this pic 👇👇👇 from the tightwad book I’ve been reading lately…
It’s just a great reminder right now because sometimes the holiday season leads to accidental overconsumption — whether it be eating too much, buying too much, or lounging too much.
Something to keep in mind this month: LESS = MORE.
(Except when you’re counting your blessings. Then, more = more! 😉)
OK, now let’s talk get to the money stuff! 👇👇👇
TO DO
Bump Up Your 401k Contributions ⤴️
A low-key way to save more money (while also deferring taxes) is to increase 👆 your 401k contributions a tiny bit. By raising your contributions just 1%, you’ll probably barely notice a difference in your take-home pay — but it can make a pretty massive difference in your ability to build wealth!
Also a reminder — the limits for most of our favorite retirement accounts will be increasing for 2024. (Here’s how much you have to save weekly/monthly to max out those accounts!)
SELF CARE
Buying a gift for: Yourself 🙋♀️
In this stressful season of holiday madness, coordinating family gifts, and helping others, is it OK to buy a sneaky Christmas gift for yourself too?!?!
The answer is yes!
BUT, just because you deserve a little year-end treat, it doesn’t mean you can go on a splurge-o-rama! The goal of treating yourself is to do it in small and regular doses, acting as a release valve to prevent a much bigger splurge that you may und up regretting later.
Here are a few ideas on how to treat yourself without breaking the bank…
We are big fans of enjoying life and using the money you’ve earned to facilitate fun. That’s why we ask every guest on our show what their “craft beer equivalent” is!
But remember that the biggest gift you can give yourself is financial freedom. As the late Charlie Munger said, “I did not intend to get rich. I just wanted to get independent.” Practicing delayed gratification will get you there sooner in life. Spend accordingly!
Related stuff:
👨💻 HTM Blog: How to treat yourself (without going overboard)
💝 Self-gifts: Why it’s good to splurge (in moderation!!!)
TOGETHER WITH CARD RATINGS*
75,000 Bonus Points — Expires Dec 11th ✈️
Only 7 days left to apply for the Southwest Rapid Rewards® Plus Credit Card and snag the 75,000 points welcome offer (worth about ~$1,250 in flight value!!!). To qualify you just need to spend $3,000 on purchases in the first 3 months after opening your account.
If Southwest has a lot of routes to/from your home airport, this could be an awesome deal for you (plus, the 75k point welcome offer gets you more than halfway toward earning the companion pass!)
Check out more details here. Or look through all the top travel cards here.
*Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers.
*User Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
SHOPPING
Bye Bye Free Returns 🤷♂️
About 40% of retailers are charging for returns this year. That’s a BIG increase from last year. TJ Maxx, for instance, will charge you $11.99 to make a return these days unless you go directly to one of their retail locations.
Why are they doing this?
Well, it might have something to do with consumer trends like this…👇👇👇
Most people are buying stuff online knowing good and well that they plan to return it, without any real repercussions.
But while “free” returns are certainly nice for buyers, there’s a HUGE cost each year for sellers. Like, $800+ billion in cost, and it’s growing each year!
Not to mention, there’s a big environmental impact as well. Think of all the product waste, packaging waste, shipping back and forth, etc.
Anyway, with fewer retailers offering free returns, hopefully this results in more measured purchases on the front end. We’ll all be better off giving it a little more thought before pressing that buy button.
Bottom Line: Check the fine print before you buy, people! It could save you annoyance…and a bundle of money too.
Related Stuff:
🛍️ Re-commerce: Top 100 brands that have second-hand stores (this is a growing trend to reduce the waste of perfectly good, lightly used clothing!)
🛒 Amazon: Even Amazon is starting to charge for returns (if you don’t drop it off at their preferred locations)
🔁 Retailers charging: Here are 15 large retailers now charging shipping/restocking fees
ICYMI
In other news…
RIP Charlie Munger 🪦
We lost a great man last week at the age of 99. Charlie Munger was Warren Buffett’s closest business partner, known for his witty quotes and very strict investment criteria. He was an absolute legend. Here are a handful of his best quotes about money, life, and business.
Payment Apps ⚖️
Good news for users of Venmo, PayPal & Cash App… the IRS is again delaying their somewhat controversial rule about reporting micropayments.
Junk Fees 📺
Cable and satellite companies are holding some of their customers hostage, threatening to charge big cancellation fees for cord-cutting. But this might soon change, with a proposed rule to ban early termination fees completely. It gets voted on next week.
Zooming Out 📈
Great stock market explainer article from our buddy Ben Carlson — “If you have a time horizon that is measured in decades as opposed to days, months, or years, you’re going to be better off than most investors”. Truth!
How To Guides:
A few new mega-posts up on the HTM blog…
FRIENDS OF HTM
Financial Wellness Pro — Aja Evans 💪
For a lot of folks, there’s a disconnect between what we know we should be doing with our money, and what we actually end up doing. Often we are our own worst enemy!
And that’s when people like Aja Evans swoop in and save the day. Aja is a Licensed Mental Health Counselor who helps people better understand their relationship with money, their money mindset, and how their feelings impact their money decisions.
If you missed our interview with Aja — it’s worth a listen. You can also check out her website for more info and follow her Instagram here!
Welp, that’s it for now! Wishing you an awesome week ahead and we’ll catch you again next Tuesday. ✌️
Best friends out! 🍻