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inflation

Q&A: Appliances getting old? Consider shopping now to avoid tariffs

November 27, 2024 By Liz Weston

Dear Liz: President-elect Donald Trump’s proposed tariffs have me wondering if now is the time to purchase new kitchen appliances, something I have long delayed doing. If he follows through on his plans, I don’t know how long it would be before the new tariffs take effect.

Answer: Tariffs of up to 100% on imported products could dramatically increase the cost of many consumer goods, including appliances and cars. But how, when or even whether these tariffs will be imposed is still unclear.

Given the political uncertainties, it probably doesn’t make sense to proactively replace appliances or cars that are still in good working order. If you’re planning to update anyway, however, doing so sooner rather than later may save you some money.

Filed Under: Budgeting, Q&A Tagged With: appliances, buying a car, inflation, tariffs

This week’s money news

May 31, 2023 By Liz Weston

This week’s top story: Smart Money podcast on the cost of climate change and preparing for the worst. In other news: House votes to restart student loan, April saw a sharper uptick in inflation, and what impacts bank account rates mid-2023.

Smart Money Podcast: The Cost of Climate Change: Preparing for the Worst
This week’s episode wraps up our nerdy deep dive into the broad effects of climate change on personal finances, with a focus on how to manage a natural disaster.

House Votes to Restart Student Loan Payments, but Don’t Panic Yet
The president says he will veto legislation that ends student loan forbearance early via the Congressional Review Act.

Ouch. April Saw a Sharper Uptick in Inflation, New Data Shows
This month’s personal consumption expenditures price index, or PCE, increased 0.4% in April after rising 0.1% in March.

What Impacts Bank Account Rates Mid-2023
Fed rate increases and banks’ competition for consumer deposits play key roles.

Filed Under: Liz's Blog Tagged With: bank account rates mid-2023, climate change, inflation, managing a natural disaster, Smart Money podcast, student loan payments

This week’s money news

May 8, 2023 By Liz Weston

This week’s top story: Smart Money podcast on the future of college debt, and rent vs. buy (with a dog). In other news: Record levels of debt, how trusts can support loved ones with mental illness, and Fed has ‘moved a long way’ but doesn’t promise rate hike pause.

Smart Money Podcast: The Future of College Debt, and Rent vs. Buy (With a Dog)
This week’s episode starts with a discussion on the future of college debt.

The Worst Inflation of All: Record Levels of Debt
Money News & Moves: Battle adding more debt, and if you’re struggling to pay bills on time, take action in days, not weeks.

How Trusts Can Support Loved Ones With Mental Illness
Setting up a loved one with a mental illness for financial stability often requires an estate planning tool like a trust.

Fed Has ‘Moved a Long Way’ — But Doesn’t Promise Rate Hike Pause
The federal funds rate level is now 5% to 5.25%.

Filed Under: Liz's Blog Tagged With: college debt, federal funds rate, inflation, Smart Money podcast, trusts

This week’s money news

May 1, 2023 By Liz Weston

This week’s top story: Smart Money podcast on your Social Security benefits, and tax efficient retirement investing. In other news: Mortgage rates could slip lower in May, if a brokerage sweep account is a good place to earn interest or not, and inflation maybe starting to behave.

Smart Money Podcast: Your Social Security Benefits, and Tax Efficient Retirement Investing
This week’s episode starts with a discussion about Social Security.

Mortgage Rates Could Slip Lower in May
Rates on home loans could be on a gradual downward slope.

Is a Brokerage Sweep Account a Good Place to Earn Interest?
Interest rates are going up — including those paid by brokerage sweep accounts. Here’s what experts say about using a sweep account for savings.

Is Inflation Finally Starting to Behave? New Data Says Maybe
Data from the U.S. Bureau of Economic Analysis suggests inflation is still rising but may be starting to cool.

Filed Under: Liz's Blog Tagged With: brokerage sweep account, inflation, May 2023 mortgage rates, retirement investing, Smart Money podcast, Social Security benefits

How to use a tax refund to fight inflation

March 27, 2023 By Liz Weston

If inflation has eaten away at your budget the way waves erode a beach, then your tax refund might just provide a much-needed protective barrier.

As of March, prices are up 6% over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers (55%) are expecting tax refunds for the 2022 tax year, with an average expected refund of $2,205, according to the 2023 Nerdwallet Tax Report. Financial experts say consumers can use that windfall — which is really just a delayed paycheck that you already earned — to help offset the strain of those higher prices.

“Tax refunds are going to arrive at just the right time for many consumers this spring,” says Drew Wessell, a certified financial planner at Fiduciary Financial Advisors in Grand Rapids, Michigan. In Kimberly Palmer’s latest for the Associated Press, learn how to use a tax refund to fight inflation.

Filed Under: Liz's Blog Tagged With: a tax refund, inflation

How to fight the ‘pink tax’ amid inflation

March 13, 2023 By Liz Weston

Trae Bodge, a shopping expert who lives in the New York City area, sees higher prices for products and services marketed to women everywhere: Socks, razors, shampoo and apparel are a few of the product types aimed at women that tend to cost more.

“I don’t know why brands think this is acceptable,” Bodge says. “It’s another punch to the gut as we’re trying to manage our budgets right now,” she adds, referring to rising prices across consumer goods categories due to inflation.

The phenomenon known as the “pink tax,” when products and services aimed at women cost more than their counterparts aimed at men, is well-documented across many goods and services. A 2021 paper co-authored by Stephanie Gonzalez Guittar, assistant professor in the sociology department at Rollins College in Florida, found that women pay more for deodorants and lotions, and that personal care products are increasingly differentiated by gender. For example, lotion for women cost an average of $2.97 per ounce compared to $1.86 for men.

While Equal Pay Day on March 14 focuses on the pay gap between men and women, it can also be a reminder to consider why being a woman so often comes with a higher price tag — and what to do about it. In Kimberly Palmer’s latest for the Associated Press, learn how to avoid paying the pink tax.

Filed Under: Liz's Blog Tagged With: inflation, pink tax

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