REACH YOUR GOALS
Save on Holiday Shopping
Many of us are planning to spend less on gifts this year, as inflation and tariffs have affected prices. If you’re determined to stick to a budget but don’t want to disappoint anyone on your gift list, consider these strategies.
Make your list before shopping. There’s nothing wrong with creating a list of gift recipients in order of importance; it’s a realistic approach. Next, decide on a maximum spend for each item. Be sure to include any wrapping and shipping costs.
Search for deals with image searches. If you haven’t learned how to do an image search, now’s an ideal time. Find a photo of a gift item on your list, click the camera icon in Google Search, and upload the photo. You may find the item selling at a lower price at lesser-known stores.
Make New Friends with your Favorite Things. If you’re participating in a gift exchange at work, suggest swapping the White Elephant for a Favorite Things theme. Everyone brings three of their favorite items as gifts, instead of the usual collection of gag gifts. This helps colleagues get to know each other better, especially those with similar interests.
Download A Price Tracker App. Consider using one or more third-party apps that help track prices over time. If you start holiday shopping early, you could wait to see if any gifts’ prices drop.
New Isn’t Always Necessary. If anyone on your list has expensive taste, check out the growing number of couture resale sites such as TheRealReal, ReBag and ReSee. A few, such as Fashionphile, have brick-and-mortar stores.
Shop on Green Monday. This happens on the second Monday of December, when retailers are beginning to review remaining inventory and discounting surplus items.
Source: fidelity.com
MORTGAGE IQ
Pros And Cons of Paying Off a Mortgage Early
Some homeowners are uncomfortable with debt and are always looking for ways to get rid of it. Others would rather grow their investment portfolio. While eliminating high-interest debts is always a good idea, paying off a mortgage may or may not be your best choice. Here’s why.
Paying off your mortgage early can save you money, but will the cost-cutting efforts be worth the savings? One factor to consider is to calculate your potential savings on mortgage interest.
Let’s say you have a 30-year, $400,000 mortgage with a 6.5% rate. Stick to the 30-year schedule and you’ll pay around $510,178 in interest. However, paying it off in 20 years, your interest will be closer to $315,750.
However, while cash flow will improve without monthly mortgage payments, you’ll lose your mortgage interest tax deduction. Also, the excess cash that goes toward extra mortgage payments won’t be accessible.
Keeping your mortgage payments the same while building an investment portfolio opens up other options. For example, if you open a portfolio with $10,000 and invest another $10k for the next 10 years, you’ll have $100,000, plus your return on your investments.
Predicting your return can be tricky, as it depends on what investment products you’ve chosen. So, let’s say your investment provides a 7% return rate. In 10 years, you’ll earn about $157,836.
There’s one more thing to consider: how will you feel as a 100% homeowner?
Some Wall Street investors have decided to pay off their mortgage, even though it wasn’t the ideal strategy, as they wanted to own their home sooner. One commented: “People should aim to be reasonable and manage their own financial decisions about what makes them happy, and what helps them sleep at night.
Source: bankrate.com
FINANCIAL NEWS
The Going Rates for Gifts and Gratuities
When reviewing the current economic climate, the choices people make when buying gifts can be a reliable way to judge how they’re feeling about money. An August 2025 study found that consumer spending habits are changing.
This study introduced a new measure: The Going Rate. It looked at how we’re currently shopping for gifts. It’s a powerful economic indicator with data that shows how we balance tradition and budgeting.
Many respondents (50%) admitted that they weren’t sure of the “right” amount to give, although the same number (50%) felt pressure to spend a certain amount on a gift. Others (33%) have gone gift-free, asking others not to spend money on them.
Here is more data from The Going Rate study.
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Half of Americans don’t know what the “right” amount is to give, even though 50% feel pressure to spend a certain amount on gifts.
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Around 75% say gifts are more expensive due to tariffs and inflation. Six in 10 say gifting culture has gotten “out of hand” and 48% report experiencing “gift fatigue”.
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When it came to birthdays, kids came out on top with their gifts going at around $83, as opposed to $56 for adults.
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Kids also cashed in on weekly allowances, as they’re averaging around $37, with Tooth Fairy payouts up to $14.87.
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Tipflation and 30% tips have mostly disappeared. Today, people leave around 20% for in-house dining, 11% for food delivery, and 14% for beauty services.
In addition to different budgets, generations had different opinions about gifts. More than half think their generation is more generous than others, while most consider cash and gift cards more acceptable now than in the past. Quite a few respondents (44%) felt that it was better to spend quality time with their loved ones than to send them gifts or cash from afar.
Source: empower.com
DID YOU KNOW?
Choosing a Cash Back or Travel Rewards Credit Card
Many of us frequently receive offers to apply for a new credit card, with some cards offering cash back or travel points. While both may offer attractive advantages, one may be a better choice for your lifestyle. Here are some things to consider before applying.
Cash-back credit cards reward you with a percentage of your total usage. These funds can be easily redeemed by using them to pay down your credit card balance. You may be able to transfer the cash back you earn to your bank account or mailed to you as a check.
Not all cards reward you equally for every purchase. Some provide bigger rewards for certain types of purchases, such as dining and entertainment. You may even be offered a card with higher rewards for use at groceries or at gas stations.
If you don’t travel often and like to keep budgeting simple, this option could be the best for you. It could also help you finance a single large purchase if it comes with an introductory 0% APR promotion…if you pay the balance in full before the promotion ends.
Travel credit cards come in two main flavors—general-purpose cards and branded cards associated with a single airline, hotel chain or Amtrak. Some purchases will earn you more points than others, such as booking a hotel room with that hotel’s credit card. Another perk: many come with an initial number of “thank you” points for choosing the card.
If you’re a frequent traveler, your best choice may be the card issued by your favorite airline or hotel, as they often offer combinations of points and perks. Some airline cards offer priority boarding or free bag check-in, while you could earn free hotel stays or upgrades with a hotel card.
Unless you have no interest in travel-related perks, you may want to spend some time reviewing your current credit card usage before you make a choice. And although you may never carry a balance, you’ll want to compare annual fees, especially as some travel cards’ fees are more expensive than others.
Source: nerdwallet.com
PERSONAL FINANCES
Say Goodbye to Some Popular Tax Breaks
During the past year, we’ve seen plenty of new tax guidelines come into effect. However, it’s easy to overlook which tax breaks have been eliminated, including these clean energy credits. A 2025 tax bill eliminated several key residential energy tax breaks. The following are going away:
- Federal Electric Vehicle (EV) Tax Credit, worth up to $7,500, ends June 30, 2026.
- Residential Clean Energy Credit, worth up to 30% of qualifying installations, ends December 31, 2025.
- Energy Efficient Home Improvement Credit, worth up to $3,200, ends December 31, 2025.
However, the federal tax credit for at-home EV charger equipment won’t end until June 30, 2026. You may be able to save up to $1,000 in taxes if you install qualifying equipment by the deadline.
Some itemized deductions, including the home office deduction. Here are some other tax deductions that are going away:
- Unreimbursed work expenses, like those for travel and transportation.
- Investment expenses, like custodial fees and safe deposit box rentals.
- Hobby expenses (up to the amount of hobby income).
- Personal tax preparation fees.
- Home office deduction for employees.
Family tax credits and exemptions have been affected, including the personal and dependency deduction. Like some itemized deductions, the elimination of this exemption was meant to offset the increased standard deduction and higher child tax credit.
The child tax credit also has new eligibility rules in the 2026 tax filing season. This includes a requirement that qualifying children and at least one parent must have a work-eligible Social Security number.
Some of the newer tax changes may see some tweaks soon, including the child tax credit, as Congress is currently discussing expanding the credit for low- and middle-income families.
Questions about this year’s tax changes? Be sure to consult a professional tax advisor when it’s time to prepare your annual tax return.
Source: kiplinger.com
FOOD
Hot Dog Mummies
Considering how many sweet treats family members may bring home on Halloween, serving up some Hot Dog Mummies as snacks is a smart idea. They’re quick and easy to make, and kids will have fun wrapping them up.
AROUND THE HOUSE
Smart Lights for Beginners
If you’re jealous of friends who never have to grope in the dark for a light switch or would like the added security of controlling your home’s lights remotely, consider setting up a smart light system. While the initial setup can be time-consuming, it provides plenty of benefits, including a few you may not be aware of.
After you install your system, you’ll be able to:
Pretend you’re home when you’re not. Burglars tend to scope out homes before they break into them, so if your home always looks occupied, they’ll most probably look elsewhere.
Turn the lights on automatically. If you hate tripping over furniture or pets in the dark, a smart light system can be set up to turn on certain lights when you enter a certain area. Some brands offer motion-sensing features, too.
Synchronize your lights with the sun. Sunny days bring a different quality of light into your home than what you get from lamps. With smart lights, you can set your bulbs to adjust based on a set schedule, or even local sunrise and sunset.
Set the mood for romance or recovery. You can “design” a semi-lit lighting scene for date nights, or if you’ve come home from work with a headache. Even your bathroom lights can provide the right ambience for a relaxing soak.
Before you begin installing your smart lights, you’ll want to check out the available brands, as most provide detailed installation instructions online. While Philips Hue offers a massive selection of lighting options, Wiz is a popular, economical alternative.
You’ll also want to decide how to control your light system. Although most use assistants like Amazon’s Echo or Google Nest, especially those who prefer voice-activated options, you may be able to use your phone. If you want to be more creative and less subtle, Nanoleaf offers a variety of multicolor lighting kits, including faux skylights.
Source: lifehacker.com