Liz's Blog

Overspent in December? Here’s how to battle the January blues

January 4, 2024 By Liz Weston

The first workday in January after the holidays hits a little bit differently: The parties are over, debt payments are soon due and it can feel like there’s nothing to look forward to.

You may be able to minimize the doldrums with some planning and other steps to turn things around, financial experts say.

“Financial stress can be temporary,” says Tonya Rapley, financial educator and founder of the millennial money and lifestyle blog My Fab Finance. She suggests focusing on small steps such as paying this month’s bills, then reminding yourself that you can recover from December’s overspending. In Kimberly Palmer’s latest for the Seattle Times, learn how to battle the January blues.

This week’s money news

December 27, 2023 By Liz Weston

This week’s top story: Should you use your home or car as collateral for a credit card? In other news: 5 financial new year’s resolutions for 2024, airline that has been the most reliable in 2023, and to cash a check at any bank or check-cashing service.

Should You Use Your Home or Car as Collateral for a Credit Card?
Asset-secured cards backed by collateral rather than cash can give consumers more spending power and lower interest rates, but they won’t be the best fit for everyone.

5 Financial New Year’s Resolutions for 2024
Use 2024 to shore up your financial knowledge, set goals, earn more interest, pay off student debt and more.

Which Airline Has Been the Most Reliable in 2023?
Alaska and Delta are neck-and-neck for most reliable based on the data, with Alaska coming out slightly ahead.

Can I Cash a Check at Any Bank or Check-Cashing Service?
Not every bank and credit union will cash checks if you aren’t a customer, so you’ll need to evaluate your options.

More retailers are charging return fees. Here’s how to pay less

December 18, 2023 By Liz Weston

If you’re someone who likes to return and exchange gifts after the holidays, prepare yourself: Making returns could feel a little different this year.

“It’s going to be hard for consumers to navigate,” says shopping expert Trae Bodge. “The return policies are all over the place.” The biggest change, she adds, is that more retailers are charging fees for returned merchandise.

About 40% of online and brick-and-mortar retailers are charging fees for returns this year compared with 31% last year, according to David Morin, vice president of customer strategy at Narvar, which handles shipping, tracking and returns information post-purchase for online retailers. Those return shipping or restocking fees are generally $3.99 to $9.99, he says.

The good news is there are ways to minimize return fees and in some cases avoid them altogether. In Kimberly Palmer’s latest for the Seattle Times, learn how to pay less return fees.

This week’s money news

December 18, 2023 By Liz Weston

This week’s top story: How to overcome the challenges buying a house in 2024. In other news: How to put a ting on it and save for a house, too, what documents to protect and how if a disaster strikes, and how the Fed affected your savings account in ’23 and what’s next.

Buying a House in 2024: What to Expect
The market remains tough for buyers, but there’s still no time like the present to start shopping.

How to Put a Ring on It and Save for a House, Too
Using practical budgeting strategies, couples can plan a wedding without giving up their homebuying dreams.

Would Your Documents Survive a Disaster? What to Protect and How
Floods, fires, historic storms — make sure you’ve got your important papers in a safe spot.

How the Fed Affected Your Savings Account in ’23 and What’s Next
Savers end 2023 on a high note. But a Fed rate pause may extend to 2024.

Investing for retirement — Why you might want to reconsider that 403(b)

December 12, 2023 By Liz Weston

Like many other educators, high school science teacher Robert Curtiss of Dearborn, Michigan, thought he was doing the right thing by investing in his school district’s 403(b) retirement plan. Then federal regulators charged the company handling Curtiss’ investments with fraud.

In July 2022, the Securities and Exchange Commission said Equitable Financial Life Insurance Co. had misled investors — mostly public school employees — about what their investments cost. Equitable often issued quarterly statements showing $0 in fees, when in reality the expenses were much higher, according to the SEC. Equitable agreed to pay a $50 million civil penalty to harmed investors.

After hearing about the fine, Curtiss learned that his retirement investments were costing him two to three times what a typical 401(k) investor would pay. Getting his money out would cost even more: the investments, known as variable annuities, had surrender charges of 5% to 6%.

“I felt so frustrated,” Curtiss says. “If I would have known sooner, I would have never put my money there in the first place.” In my latest for ABC News, learn why you might want to reconsider that 403(b).