Five things you never need to buy new (the savings will blow you away)

Just as the new car you drive off the lot immediately loses half its value — congratulations on the new used car you just purchased — there are plenty of things you can buy secondhand or refurbished. The money you save can be a much-needed infusion to your emergency fund or a boost to an investment account. Laptop luxury for less97 | E+ | Getty ImagesYou can save hundreds of dollars when you buy refurbished electronics, and there’s a lot to choose from. “If you buy from the right place, you wind


Just as the new car you drive off the lot immediately loses half its value — congratulations on the new used car you just purchased — there are plenty of things you can buy secondhand or refurbished. The money you save can be a much-needed infusion to your emergency fund or a boost to an investment account. Laptop luxury for less97 | E+ | Getty ImagesYou can save hundreds of dollars when you buy refurbished electronics, and there’s a lot to choose from. “If you buy from the right place, you wind
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Five things you never need to buy new (the savings will blow you away)

We all need stuff, from cars to laptops to clothes. That doesn’t mean you have to walk into a store and plunk down money for brand new items each time. Just as the new car you drive off the lot immediately loses half its value — congratulations on the new used car you just purchased — there are plenty of things you can buy secondhand or refurbished. Consider rentals for rarely used items. You’re unlikely to purchase 80 chairs and a tent for that backyard wedding. How often would you actually use a punch bowl? Here are five categories of stuff you should definitely not buy new. The money you save can be a much-needed infusion to your emergency fund or a boost to an investment account.

1. Save a bunch on your ride

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New cars are for people who are either really rich or who shrug at the cost and feel it’s worth it. For most people, the savings realized from buying pre-owned (if that sounds nicer to you than “used”) is so substantial as to overcome any hesitation. One strategy: Look at cars that are nearly new, with a late model year and low mileage. “Purchasing a car that’s a few years old and loaded with features can potentially cost less than buying a newer vehicle that only comes with basic features,” said Darren Newberry, senior vice president, store operations at CarMax, the used car retailer. Do your research, narrow the choices and make sure the car is thoroughly inspected. “Avoid vehicles with frame damage, flood damage or salvage history,” Newberry said.

2. Baby on a budget

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3. Laptop luxury for less

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You can save hundreds of dollars when you buy refurbished electronics, and there’s a lot to choose from. “The list [of what’s available] is getting longer,” said Chris Raymond, deputy editor of electronics at Consumer Reports in Yonkers, New York. Apple and Samsung both offer refurbished phones, as well as laptops and computers, on their websites. “Even refurbished headphones,” Raymond said. You can now buy high-end Beats or Bose electronics. “Be careful,” he said. “Not every retailer defines refurbished in the same way.” According to Raymond, Apple and Samsung, for example, will do more than just clean a phone. They’ll actually look at and replace many parts. “You end up with a new battery, new outer casing, new earphones and a new cord,” he said. “If you buy from the right place, you wind up with a phone that looks brand new and operates like a brand new phone.” Pay attention to the warranty, because they vary. “Samsung and Apple give a one-year warranty,” Raymond said. Other places may be only 90 days. The big thing is great prices. A smartphone can run $300 to $500, about half the cost of a premium phone, according to Raymond.

4. A wallet-friendly bottomless closet

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A big event means putting on something you almost never wear and may not even own. Men have rented formalwear for decades, but women now do, too. Rent the Runway has brought the cost of a heart-stoppingly pricey dress down so it’s comparable to a restaurant meal instead of your monthly rent. You can rent a Badgley Mischka evening dress (retail: $935) for $55 to $70, depending on the number of days. The company started with dresses for special events and moved into workday clothing subscriptions. Melanie Hamilton, 40, is sales leader for a large tech firm and a fan of the subscription service for her workday wardrobe, since it means not having to repeat outfits frequently. “I literally buy [only] bags and shoes on my own,” Hamilton said. She estimates her savings at around $1,000 a month since her position requires a polished wardrobe. Other fashion retailers, including Ann Taylor, have also begun offering workwear subscriptions that can cut down the cost of buying new clothes.

5. Before you invest in a hammock …


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: jill cornfield
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Malaysia may set aside its belt-tightening plans to save its economy from trade war damage

Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war. The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers gover


Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war. The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers gover
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee
Keywords: news, cnbc, companies, save, analysts, damage, malaysian, 2020, spend, set, war, spending, growth, plans, target, malaysias, malaysia, belttightening, aside, economy, trade


Malaysia may set aside its belt-tightening plans to save its economy from trade war damage

Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war.

The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. The new government, led by Prime Minister Mahathir Mohamad, had set out to rein in a debt pile of over 1 trillion Malaysian ringgit ($238.5 billion) that it said was left behind by the previous administration.

But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers government revenue, while increasing the need for greater public spending to cushion an economic slowdown.

So, the Malaysian government may find it challenging to reduce its fiscal deficit — the shortfall in income compared to spending — from around 3.4% of gross domestic product this year to its target of 3% in 2020, Reuters reported, citing Finance Minister Lim Guan Eng.

Economists agreed that Malaysia could set aside that target for now. Several analysts cited a fiscal deficit of 3.1% to 3.2% to GDP as the level that allows the government to spend to boost growth, without abandoning financial discipline in a way that would alarm credit ratings agencies.

“Sticking to a 3% target for 2020 makes little sense as the global and domestic growth outlook has worsened significantly,” analysts from Bank of America Merrill Lynch wrote in a Monday note.

“Despite its resilience so far, Malaysia’s external sector remains exposed to a global downturn,” they said. The analysts added that private consumption, which contributed to 90% of GDP growth over the last six quarters, also looks set to weaken in the coming months.

The Malaysian economy exceeded expectations by growing around 4.7% in the first half this year, but that’s likely to slow down to below 4.5% for the remainder of 2019 and 4% in 2020, according to BofAML.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee
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I saved $300,000 by 26—and doing these 5 unusual things helped me save like crazy

The savings from my two jobs had grown to more than $8,000 by the time I left for college. By not staying in hotels (which cost, on average, $135 dollars per night), I’ve been able to save more than $10,000 for all my travels combined. The nice thing about that, however, is that splitting the costs has helped me save a lot of money. Switched jobs without all the ‘right’ qualificationsOne surefire way to save more money is to make more money. While some might be hesitant about switching careers w


The savings from my two jobs had grown to more than $8,000 by the time I left for college. By not staying in hotels (which cost, on average, $135 dollars per night), I’ve been able to save more than $10,000 for all my travels combined. The nice thing about that, however, is that splitting the costs has helped me save a lot of money. Switched jobs without all the ‘right’ qualificationsOne surefire way to save more money is to make more money. While some might be hesitant about switching careers w
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I saved $300,000 by 26—and doing these 5 unusual things helped me save like crazy

When it comes to growing your savings, there are a handful of traditional ways to do it, such as investing in the stock market or in your 401(k). And then there are the more creative strategies, such as dumpster diving, couch surfing for a few months or buying and selling collectible coins. Dumpster diving isn’t really my thing. But I’ve gone to extreme lengths to avoid wasting money, and they ended up paying off significantly: I recently reached my goal of saving $300,000 — all at the age of 26. (The majority of that money has gone into my retirement savings.) This is how I did it.

An early start in my journey to $300,000

I started working as a babysitter when I was 12 until I left for college at 18. My rates climbed from $7 per hour to $12. At 14, I landed my first W-2 job earning minimum wage as a golf coach. The savings from my two jobs had grown to more than $8,000 by the time I left for college. I also worked hard to earn scholarships and chose to go to an in-state school for financial reasons. But that, in addition to the job I took on as a research assistant, didn’t make school that much cheaper. To cover the $21,000 per year tuition, I did have some help from my parents and was able to graduate debt-free, which I consider an enormous privilege. After college, I landed an internship at a biotech company that paid $32 an hour. Then, I moved on to a junior software engineering role that offered a $65,000 salary, along with a $10,000 signing bonus. I immediately started saving a large chunk of my salary, spending only $20,000 per year while living in Portland, Oregon. While investing the rest of my money into retirement funds and stocks was what really pushed me to the $300,000 finish line, I also did many things — that many might consider unconventional or weird — to save like crazy:

1. Stayed in hostels with up to 15 people per room

I love to travel, but it can be expensive. On top of flights, ground transportation and daily excursions, you still have to pay for a place to sleep. One way I was able to bring down the cost of accommodations was to stay in a hostel … which often meant sharing a room with a bunch of strangers. Even though there was always the option to book a private room, I saved hundreds of dollars per trip by sharing rooms with four — and sometimes up to 15 — people. Few are willing to do that, but for me, the most exciting part about traveling is what I’m going to explore during my trip, rather than where I sleep at night. I’ve stayed in hostels in a rainforest in Colombia with my partner and in Budapest while traveling solo. All of them had lockers to store belongings securely and kitchens to cook in (another frugal win!). I also met a lot of interesting travelers who gave great advice about what to do in the local areas. On average, I’d spend less than $30 per night for a bunk. By not staying in hotels (which cost, on average, $135 dollars per night), I’ve been able to save more than $10,000 for all my travels combined.

2. Bought a used car and sold it for profit

According to car-buying site Carfax, a new vehicle loses 20% of its value in the first year, and then another 30% over the next four years. And with the average price of a new car at about $37,000, most new car owners will lose more than $17,000 to depreciation over the first few years after purchasing! That’s why I decided to buy used car, with the intention of selling it later on. Rather than going through a dealership, I negotiated with a private seller I found through an online forum. The total price I paid up front was $12,150 (includes inspection, shipping, registration, title and license plate fees). Two years later, after keeping it in great condition, I listed the car on Craigslist for $13,200. I decided I didn’t really need it and could bike to work instead. A buyer purchased the car for my full asking price, and I earned a $1,050 profit.

3. Shared a 700-square-foot apartment with my partner

For two years, my partner and I had been living in a 1,000-square-foot apartment in Portland, where the average apartment for that size is $1,335 per month, according to Smart Asset. But we eventually realized that we didn’t need all that space (most of our time was spent cooking or lounging in the living room). So when we moved across the coast to Upstate New York, we agreed to downsize to a 700-square-foot, one-bedroom apartment. It isn’t easy to live in such a cramped space, especially with one other person, but we made it work. The nice thing about that, however, is that splitting the costs has helped me save a lot of money. (Even without a partner, I would have gotten a roommate). Overall, I’ve seen a dramatic spike in my savings rate since the move. My current rent is $507 per month (when split with my partner), as opposed to the $930 per month I was paying in Portland.

4. Switched jobs without all the ‘right’ qualifications

One surefire way to save more money is to make more money. I didn’t graduate with a degree in computer science, but I made the switch from mechanical engineering to software engineering. The two aren’t as similar as they might sound; I spent a lot of time teaching myself how to code through learning websites like Leetcode and Hackerrank. I also studied the book “Cracking the Coding Interview” by Gayle Laakmann McDowell. Then, I started a personal project and made a website to showcase my portfolio. It wasn’t easy, but the extra work was worth it. After working as a software engineer for two and a half years, I was able to double my salary from $65,000 to a little more than $130,000. While some might be hesitant about switching careers without the right qualifications, changing industries was critical to my savings growth.

5. Picked up a side hustle


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: jessica byrne
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Millennials who buy less and save more are happier

Millennials who implement “proactive financial strategies” tend to be happier and more satisfied with their lives, according to the new research. “People who save money report better overall well-being, including less psychological distress,” Sabrina Helm, study author and associate professor tells CNBC Make It. “And people who buy less and consume less show less depressive symptoms, so there’s a positive mental health effect.” Although many people have been socialized to see products as solutio


Millennials who implement “proactive financial strategies” tend to be happier and more satisfied with their lives, according to the new research. “People who save money report better overall well-being, including less psychological distress,” Sabrina Helm, study author and associate professor tells CNBC Make It. “And people who buy less and consume less show less depressive symptoms, so there’s a positive mental health effect.” Although many people have been socialized to see products as solutio
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Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: cory stieg
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Millennials who buy less and save more are happier

Following a budget, saving money and shopping less have benefits “beyond the realm of personal finance,” according to a new study out of the University of Arizona.

Millennials who implement “proactive financial strategies” tend to be happier and more satisfied with their lives, according to the new research.

For the study, researchers collected data from 968 young adults (born between the years 1981 and 1996) starting when they were freshmen in college (ages 18-21). They followed up with the same students when they were seniors, and then two years later (ages 23-26).

The study participants answered questions about materialism, their own personal finance tactics such as budgeting and any pro-environmental habits they followed. (The researchers chose to look at eco-friendly habits because they provide further insight into how the students “cope with limited resources.”)

Students were also surveyed about their mental health, including their how satisfied they were with their lives and how they’d rank their personal well-being.

“People who save money report better overall well-being, including less psychological distress,” Sabrina Helm, study author and associate professor tells CNBC Make It. “And people who buy less and consume less show less depressive symptoms, so there’s a positive mental health effect.”

Not surprisingly, the money-saving strategies improved people’s financial satisfaction too.

“It gives you peace of mind,” Dr. Helm says. “If you’re able to put something aside for worse days, and if you manage to live within your means, it has clear positive effects on mental health.” This finding is especially significant for students, “who very often have a hard time financially,” she adds.

Certain sustainability efforts also have a similar impact on people’s health and happiness.

For example, researchers found that the students who consumed less to help the environment were happier than those who simply bought more “green” products. Although many people have been socialized to see products as solutions, simply reducing the number of things you use or buy might be the better strategy for your mental health, Dr. Helm explains.

“It’s normal to get a product to help us cope with all sorts of things in our lives,” Dr. Helm says, “but that contributes to climate change.”

Luckily, there are concrete tips people can use to “step back from the consumerist approach” and feel happier with their lives, Dr. Helm says. For example, she suggests keeping a weekly purchase diary and creating a shopping list to avoid spending on impulse.

“If we can manage to take a more critical or mindful stance toward our everyday consumption behaviors, that’d be extremely important,” Dr. Helm adds.

People in other age groups can benefit from scaling back, not just young people in college. A 2014 study found that adults who are less materialistic tend to be happier (on the flip side, people who are happier also tend to be less materialistic).

Don’t miss:


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: cory stieg
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3 ways to help your kids make the most of their allowance

If you want your kids to save part or all of their allowance, make it easy for them. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” “It’s still parents who have the most influence [on kids’ money habits]. Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster MoneyHere are three ways you can use an allowance to teach your kids about money management and help them to make th


If you want your kids to save part or all of their allowance, make it easy for them. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” “It’s still parents who have the most influence [on kids’ money habits]. Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster MoneyHere are three ways you can use an allowance to teach your kids about money management and help them to make th
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Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: alizah salario, ivana pino, sam becker, lisa ferber
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3 ways to help your kids make the most of their allowance

If you want your kids to save part or all of their allowance, make it easy for them. Consider getting them a savings jar or even opening them a bank account. Two in three parents give their child an allowance. They dole out an average of $30 per week, according to a recent survey of 1,002 adults conducted by The Harris Poll on behalf of the American Institute of Certified Public Accountants, and in many cases the money is linked to the completion of household chores. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” Nearly all, or 92%, of parents say it’s important for their child to learn how to manage money, and helping your kids become savers early on is a great way to make that happen. By saving a third of a $30 weekly allowance, your child would be able to sock away over $500 every year. “It’s a missed opportunity, generally, if you’re not taking to your kids about money,” says Paul Golden, managing director at the National Endowment for Financial Education. “It’s still parents who have the most influence [on kids’ money habits]. They’re the front line of defense.”

Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster Money

Here are three ways you can use an allowance to teach your kids about money management and help them to make the most of it over time.

1. Set kids up to be savers

Encouraging your kid to save even part of their allowance can help them establish healthy financial habits. Start by conditioning your kids to automatically save a certain amount each month because “then they don’t miss it,” says Golden. With younger children, Golden suggests using a savings jar so they can see the money building up. Then, once your child starts asking about how banks work, consider opening a savings account. Pay attention to their cues and take advantage of their interest, he says. “Once you’ve started with the habit of saving when you’re young, you start seeing what saving [money] actually does for you,” Clark D. Randall, a certified financial planner and the founder of Financial Enlightenment in Dallas, Texas, told Grow earlier this year. Parents are usually the No. 1 money influence on their kids. In a recent survey of “supersavers,” or people who put an impressive share of their income away for retirement, 80% gave credit to their parents for positively influencing their savings habits.

It’s a missed opportunity, generally, if you’re not taking to your kids about money. Paul Golden Managing director, National Endowment for Financial Education

2. Teach them to budget

Instead of saving, kids, like many adults, put money toward the things they want in the moment. In the AICPA’s survey, parents reported that kids spend most of their allowance money on outings with friends (47%) followed by digital devices and downloads (37%) and toys (33%). Learning to budget, though, will allow your child to think about all what they want to prioritize in the coming week, month, or year. If there’s something expensive your child really wants, you can drive home the connection between spending and earning by explaining how budgeting can help them meet their goals. Let’s say they want a $200 tablet but they end up blowing their allowance each week going out with friends. By setting aside, say, $20 of their $30 allowance, they can count on getting what they want in only 10 weeks. If they want it sooner, they can sock away the full $30 each week. And if they continue to splurge instead of save, don’t get mad. “It’s OK to make mistakes,” says Golden. “That starts to condition us as adults. There’s not some fairy that will come down and get you through till the next paycheck” when you’re an adult, either. So the best time for kids to trip up is when parents are there to guide and counsel them, and help them figure out what to do better going forward.

3. Help them differentiate between wants and needs

By helping them learn to budget for short- and long-term goals at a young age, you’re setting your kids up to tell the difference between wants and needs, explains Golden. Older kids may have to cover bills for the first time. “Once you have teens, they have to start prioritizing things they’ve never done [before], like putting gas in the car or paying for auto insurance,” he says. Condition kids to put money aside by encouraging them to save and budget starting at a young age, and they’ll be prepared to put their needs first. That, in turn, can help them avoid certain pitfalls of overspending, like winding up without money for gas.

Bonus advice: How much to give and how to set an example


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: alizah salario, ivana pino, sam becker, lisa ferber
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How to start an emergency fund when you live paycheck to paycheck

That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. Younger millennials may not absolutely need six months’ living expenses, Salemi says. That makes the need for emergency savings more critical.


That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. Younger millennials may not absolutely need six months’ living expenses, Salemi says. That makes the need for emergency savings more critical.
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How to start an emergency fund when you live paycheck to paycheck

When things go sideways, as they inevitably will, you’ll need cash. That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. Some experts even recommend tucking away even more. Is that even possible?

Less than zero?

Don’t be put off by the daunting numbers. Your goal should be to start establishing savings earmarked just for emergencies. Chartered financial analyst Leslie Thompson, managing principal of Spectrum Management Group at Carson Wealth in Indianapolis, recommends people save up six months of salary — but she means after taxes and other expenses are withheld. Here’s how to prioritize: First, work on reducing debt. Second, work on building up a safety cushion. Long-term savings is No. 3, Thompson says.

Part of the goal is not the actual money. “It’s building up the discipline to save money,” Thompson said. Set an auto payment through your bank, or try an app like Tip Yourself to stash money, which is free to use. Most major banks and credit unions have auto save features. Other apps may be handy but they do charge fees. If you have nothing saved and think the higher levels are impossible, set a lower goal, like $500. Or get started by taking your largest monthly expense, whether rent or your student loan, and saving up that amount. When you’ve achieved that, double it.

How much you really need

The boilerplate advice can be demotivating, says Priya Malani, a founding partner at financial planning firm Stash Wealth in New York. Her firm has been pushing against the conventional standards for emergency funds for some time. People frequently recommend a fixed amount, such as $10,000, or a few months’ of living expenses. The rules of thumb may not work for everyone, Malani says. Instead, she prefers fine-tuning these guidelines. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. These are different from your living expenses: They’re the things you cannot turn off immediately if life is suddenly upended. “You should include regular pet care and child care in your fixed expense numbers if you pay them every month,” Malani said. More from Invest in You:

Here’s how to invest like Warren Buffett

Tips from people who didn’t save till their 40s or 50s

You’ll probably regret that timeshare, car payment

Gig your way through

If your emergency cash need isn’t too great, you might be able to fill in the gap with a side hustle, says Vicki Salemi, a career expert at Monster.com in New York. Gig economy work is easier when you’re younger. You have fewer financial obligations, Salemi says, so scout what you need to earn between jobs and see what you can cut, such as a gym membership. Make sure to account for COBRA health insurance payments if you are not still on your parents’ plan. Younger millennials may not absolutely need six months’ living expenses, Salemi says. “You can move around or couch surf for a while,” Salemi said. “You’re used to dorm living, anyway.” They might be able to move back in with their parents for a while in case of a job loss, where people in their 50s might have a mortgage and college tuition to pay. That makes the need for emergency savings more critical.

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If all else fails

If you need motivation, imagine a situation — health care or home problems are most common, Thompson says — where you need cash but don’t have it. If it’s a health crisis, people can often negotiate with the hospital for a reduced amount and an installment plan to pay off the balance. But other situations might not be that flexible. You might have to work out something with a contractor or a vendor, if it’s a house-related bill, Thompson says. “Otherwise, people tend to fall into credit card debt, which is not great.” Though far from ideal, she suggests considering a loan from your 401(k). Most plans do offer loans, though some do not.

The right percentage


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: jill cornfield
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Trump’s pledge to save US coal is failing, leaving coal country in crisis

And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. Coal stockpiles at U.S. power plants are at their lowest level in a decade. All in all,


And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. Coal stockpiles at U.S. power plants are at their lowest level in a decade. All in all,
Trump’s pledge to save US coal is failing, leaving coal country in crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: scott cohn, valentina sanchez, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, plants, according, country, wyoming, failing, power, pledge, save, trumps, energy, mining, coal, natural, leaving, states, state, crisis


Trump's pledge to save US coal is failing, leaving coal country in crisis

US President Donald Trump holds up a “Trump Digs Coal” sign as he arrives to speak during a Make America Great Again Rally at Big Sandy Superstore Arena in Huntington, West Virginia, August 3, 2017.

No state is harder hit by the coal slump than Wyoming . It is the nation’s largest coal producer, accounting for more than 40% of the nation’s output. And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. But demand has collapsed. Two of the state’s largest mining companies — Cloud Peak Energy and Blackjewel — filed for Chapter 11 bankruptcy protection within two months of each other this year. Blackjewel’s filing abruptly threw nearly 600 miners out of work in July.

A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. But newer technologies, like fracking, make natural gas considerably cheaper, at $41 to $74 per megawatt-hour. Wind energy is even cheaper, at $29 to $56.

Trump administration efforts to prop up the industry, which include replacing the Obama-era Clean Power Plan with the new Affordable Clean Energy Rule , giving states more flexibility to keep coal-fired power plants open, have thus far made little difference. That is because the economics increasingly favor natural gas and renewables.

The cuts come as power companies drastically reduce their coal use, retiring coal-fired plants or converting them to natural gas. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. That is the second-highest annual figure on record. The agency projects another 17 gigawatts to go offline by 2025. Coal stockpiles at U.S. power plants are at their lowest level in a decade.

Government forecasts from the U.S. Energy Information Administration call for a 10% drop in coal production nationwide year-over-year in 2019, with further declines expected next year. In the past five years, output is down 27%.

Pledges by President Donald Trump to save the U.S. coal industry and boost so-called clean coal technology are proving to be no match for the free market. Competition from lower-cost natural gas and renewables has led to a wave of bankruptcies and layoffs as coal production declines.

The Eagle Butte coal mine in Gillette, Wyoming, is one of two mines that closed abruptly in July, throwing 600 miners out of work, when owner Blackjewel LLC declared Chapter 11 bankruptcy.

All in all, according to the U.S. Bureau of Labor Statistics, coal mining employment in Wyoming is down 13% in the past year.

Even in the heart of coal country, where low transportation costs make coal much less expensive than in other parts of the country, utilities are reducing their coal use and turning to alternatives like wind and solar.

“Renewables are coming into the market, and our customers are making the choices,” said Mike Easley, CEO of Powder River Energy, a member-owned cooperative serving some 27-thousand customers.

Coal production statewide through the first half of this year is down 30% from the same period five years ago, according to the Wyoming State Geological Survey. A key state revenue source, bonuses paid to the state by mining companies based on their federal coal leases, has all but dried up. The payments totaled nearly $220 million as recently as 2016. That figure plummeted to around $5 million last year.

Wyoming Gov. Mark Gordon, a Republican, said the decline is leaving a mark.

“The difficult thing for Wyoming really comes to our education funding,” he told CNBC. “[The lease bonuses] allowed us to build schools that will help a workforce stand up to be more nimble, and technically able to take on other jobs.”

The state has been steadily slashing education spending, including an estimated $100 million in budget cuts since 2016. But the state still faces an education shortfall that could reach $1.8 billion by 2022, according to legislative analysts.

Earlier this year, the governor directed all state agency heads to “look for efficiencies” as he prepares a new two-year budget for the fiscal period beginning in July. Those cuts would come on top of widespread cuts in the current budget, which officials say was the smallest state budget in more than 15 years.

In the heart of the Powder River Basin in Gillette, Wyoming — which bills itself the Energy Capital of the Nation — Mayor Louise Carter-King says they are bracing for the impact.

“We only operate with cash on hand,” she said. “We don’t use forecasted money, because we just don’t know.”

So far, the nationwide worker shortage, along with strength in oil prices — boosting another Wyoming resource — have helped blunt the impact of the coal downturn. Unemployment in Campbell County, where Gillette is located, jumped to 5.7% immediately following the Blackjewel layoffs in July. But it quickly fell to 4.5% the following month, according to the Wyoming Department of Workforce Services. Unemployment statewide was 3.7% in August, in line with the national average. But officials are not resting easy.

“It’s not like we ever relax and say, ‘Okay, good. We’re back to normal,'” Carter-King said, “because we just don’t know what could happen.”

Compounding the problems for Wyoming and its mining companies is a long-running dispute with West Coast states that have refused to open their ports to coal exports.

In particular, Washington state, citing environmental concerns, has blocked plans by privately-held Lighthouse Resources to export coal from its mines in Wyoming and Montana through a terminal it wants to develop in Longview. The company sued Washington and its governor, Jay Inslee, in federal court last year, claiming Washington’s action was an unconstitutional restriction on commerce in coordination with Oregon and California.

In March, Wyoming filed a friend-of-the-court brief on behalf of eight landlocked states in support of the company. Gov. Gordon has thus far resisted calls for the state to sue Washington directly but said the state is “actively looking at what a lawsuit would look like.”

“If we’re held hostage by West Coast states and are unable to get our products to market when they’re clearly demanded in Asian countries, this is particularly problematic for Wyoming,” Gordon said.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: scott cohn, valentina sanchez, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, plants, according, country, wyoming, failing, power, pledge, save, trumps, energy, mining, coal, natural, leaving, states, state, crisis


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With Parmesan, pinot noir and more hit by new tariffs, here’s how to save on wine and cheese

The Trump administration is imposing a 25% tariff on European Union products like Spanish, French, and German wines, and Italian cheeses. In this case, starting on October 18, companies will have to pay more to import wine and cheese from certain European countries. WineThe items selected for this round of tariffs are “very specific and targeted,” says Gary Itkin, general manager and buyer at Bottlerocket Wine & Spirit. So while the price of French champagne won’t rise, because it’s a sparkling


The Trump administration is imposing a 25% tariff on European Union products like Spanish, French, and German wines, and Italian cheeses. In this case, starting on October 18, companies will have to pay more to import wine and cheese from certain European countries. WineThe items selected for this round of tariffs are “very specific and targeted,” says Gary Itkin, general manager and buyer at Bottlerocket Wine & Spirit. So while the price of French champagne won’t rise, because it’s a sparkling
With Parmesan, pinot noir and more hit by new tariffs, here’s how to save on wine and cheese Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: aditi shrikant, sam becker, alizah salario
Keywords: news, cnbc, companies, noir, tariffs, hit, wont, pinot, wines, save, parmesan, riesling, prices, itkin, heres, wine, region, products, cheese, youre


With Parmesan, pinot noir and more hit by new tariffs, here's how to save on wine and cheese

The Trump administration is imposing a 25% tariff on European Union products like Spanish, French, and German wines, and Italian cheeses. Tariffs are taxes placed on imported products. In this case, starting on October 18, companies will have to pay more to import wine and cheese from certain European countries. In response, retailers usually charge higher prices in stores, so individual American shoppers get charged more. If you’re a fan of chardonnay or cheese plates, here’s what you need to know about how tariffs could affect you, and how you can still manage to save money on the products you love.

Wine

The items selected for this round of tariffs are “very specific and targeted,” says Gary Itkin, general manager and buyer at Bottlerocket Wine & Spirit. They include any still wine from France, Spain, or Germany. So while the price of French champagne won’t rise, because it’s a sparkling wine, rosé from the Provence region of France will. The tariff will also be applied to still wine from France’s Bordeaux region, known for malbec and cabernet sauvignon, along with wine from the Burgundy region, which includes pinot noir and chardonnay. Other popular, affected wines are Rioja from Spain or riesling from Germany. Consider stocking up on these bottles now, Itkin says, as prices could rise within the next couple weeks. “On an everyday level, people buy so much rosé and so many lovely white wines like Sancerre,” he says. “Those prices will be going up. … These are wines that typically sell in the $15 to $35 range, so add 25% — that’s a big chunk.”

English cheddar and Stilton are two key items that will see price increases coming down the pike. Steve Millard SVP of Merchandising and Operations at Murray’s Cheese

Because the composition of wine is so dependent on the environment and soil, finding a true substitute is impossible, Itkin says. But, he says, there are some good alternatives that won’t be subject to tariffs. If you’re a fan of German riesling, he suggests trying riesling from the Finger Lakes region in New York, like Dr. Frank’s semi-dry riesling, which retails for $15.99. And instead of a Bordeaux malbec, you can try one from Argentina, like Bodega Norton Reserve, which retails for $19.99 at Total Wine.

Cheese


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: aditi shrikant, sam becker, alizah salario
Keywords: news, cnbc, companies, noir, tariffs, hit, wont, pinot, wines, save, parmesan, riesling, prices, itkin, heres, wine, region, products, cheese, youre


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4 ways to save money on housing, even as costs keep going up

“Total housing costs shouldn’t exceed 28%,” says Heather Winston, a certified financial planner at retirement plan provider Principal, referring to the “28/36 rule” used by some advisors to help determine home affordability. How to save money on housingHere are some ways you may be able to save some money whether you’re a homeowner or a renter. Invest in upgrades Making some small changes around the house may help you save money on your utility bills. You can use your negotiation skills to save


“Total housing costs shouldn’t exceed 28%,” says Heather Winston, a certified financial planner at retirement plan provider Principal, referring to the “28/36 rule” used by some advisors to help determine home affordability. How to save money on housingHere are some ways you may be able to save some money whether you’re a homeowner or a renter. Invest in upgrades Making some small changes around the house may help you save money on your utility bills. You can use your negotiation skills to save
4 ways to save money on housing, even as costs keep going up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: sam becker, anna-louise jackson, lisa ferber
Keywords: news, cnbc, companies, housing, costs, negotiate, youre, utility, going, rent, upgrades, ways, consider, money, save, shouldnt


4 ways to save money on housing, even as costs keep going up

Housing can be the single biggest monthly expense in your budget. Your rent or mortgage payment can eat up a significant portion of your income, and it can be particularly difficult to figure out how to spend less on where you live. In some places, especially cities with high rents and astronomical home prices, keeping housing costs manageable is incredibly difficult. Ideally, experts say you should be spending only around a quarter of your income on housing-related costs. “Total housing costs shouldn’t exceed 28%,” says Heather Winston, a certified financial planner at retirement plan provider Principal, referring to the “28/36 rule” used by some advisors to help determine home affordability. “That’s superhard, especially for young people in an expensive real estate market,” Winston says.

How to save money on housing

Here are some ways you may be able to save some money whether you’re a homeowner or a renter. 1. Consider refinancing The current economic environment is friendly to homeowners looking to refinance, so it may be a good idea to consider your options. Mortgage rates are falling, which opens up an opportunity for homeowners to refinance and potentially lower your payments. Rates are 1.25 percentage points lower than they were in October 2018, which could save those with a $300,000 mortgage as much as $2,700 per year.

2. Invest in upgrades Making some small changes around the house may help you save money on your utility bills. Salvador Nobre Veiga, a 32-year-old living in Pennsylvania, told Grow earlier this year that he was able to reduce his annual utility costs by 66% by making upgrades to his house. For Nobre Veiga, investing in additional insulation, energy-efficient light bulbs, and a smart thermostat saved him hundreds of dollars per year. These are upgrades you can consider, too, whether you’re a homeowner or a renter. Utility bills cost the average household in the U.S. around $2,000 per year, so a few small upgrades can potentially save you hundreds of dollars annually. 3. Negotiate You can negotiate the price of almost anything. The trouble is, many people find it uncomfortable, so they just accept the terms they’re offered. But you shouldn’t be afraid to ask for a better deal. You can use your negotiation skills to save money in other areas, too. Homeowners can negotiate with their insurance companies or contractors to save money on certain bills. Renters may be able to negotiate reductions in rent in exchange for making upgrades or repairs to properties, or in exchange for signing longer leases. It never hurts to ask — just remember to be nice.

4. Consider moving If you run out of options and can’t find a way for your current living situation to make financial sense, it may be in your best interest to move. For renters, this will be easier — though you still may have to pay a fee if you break your lease. But even that might save you money if you can find a significantly less expensive place to rent or share. Selling a house is a much bigger project, and it can take both an emotional and a financial toll. You can always look at other options, such as selling equity in your home to help you get by, before deciding to put your home on the market. Even if you’re open to moving, make sure you shift to a place you can better afford so you won’t end up finding yourself in a worse, or equally difficult, situation. And you probably shouldn’t hold out hope that your rent or home prices will decrease in the near future.

Housing costs keep going up


Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: sam becker, anna-louise jackson, lisa ferber
Keywords: news, cnbc, companies, housing, costs, negotiate, youre, utility, going, rent, upgrades, ways, consider, money, save, shouldnt


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Grocery chain CEO who ate expired food for a year says ignoring some sell-by dates can save you ‘a ton of money’

Three years ago, Scott Nash, the founder and CEO of Mom’s Organic Market, a grocery store chain, found a six-month-old yogurt in his fridge. He has made it his mission to show that expiration dates often don’t actually indicate that food has spoiled. Nash suggests freezing meat that’s past the expiration date. Raw eggs Ground meats* Hot dogs Lunch meats Fresh steaks* Fresh chops* Fresh roasts* Whole chicken Lean fish Fatty fish 0 months 3 6 9 12 *Includes beef, turkey, veal, pork, and lamb. Raw


Three years ago, Scott Nash, the founder and CEO of Mom’s Organic Market, a grocery store chain, found a six-month-old yogurt in his fridge. He has made it his mission to show that expiration dates often don’t actually indicate that food has spoiled. Nash suggests freezing meat that’s past the expiration date. Raw eggs Ground meats* Hot dogs Lunch meats Fresh steaks* Fresh chops* Fresh roasts* Whole chicken Lean fish Fatty fish 0 months 3 6 9 12 *Includes beef, turkey, veal, pork, and lamb. Raw
Grocery chain CEO who ate expired food for a year says ignoring some sell-by dates can save you ‘a ton of money’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: sofia pitt, scott nash, anna-louise jackson, sam becker, lisa ferber
Keywords: news, cnbc, companies, grocery, fresh, ignoring, plastic, ton, expired, sellby, freezing, foods, away, meat, meats, months, dates, money, save, nash, food, chain


Grocery chain CEO who ate expired food for a year says ignoring some sell-by dates can save you 'a ton of money'

Three years ago, Scott Nash, the founder and CEO of Mom’s Organic Market, a grocery store chain, found a six-month-old yogurt in his fridge. He peeled off the lid, and to his surprise found that the yogurt smelled fine and it wasn’t moldy. He ate it and waited. He felt fine. From there, he undertook an experiment. Nash, who calls himself a “staunch environmentalist,” spent the next year eating past-date food and blogging about it. He has made it his mission to show that expiration dates often don’t actually indicate that food has spoiled. By making consumers think otherwise, he argues, those dates contribute to America’s food waste problem. Americans throw away a staggering $218 billion worth of food a year, which averages out to a cost of $1,800 for a family of four. “As someone who has spent 30-plus years in the grocery business, I believe the main culprit, and the easiest way to make the most progress [in reducing food waste], is to overhaul our food product dating system and guidelines,” Nash wrote on his blog.

Mom’s Organic Market CEO and founder Scott Nash speaks at national “Keep Hives Alive Tour” on June 22, 2016. Courtesy Scott Nash

There is no federal regulation that says manufacturers have to include expiration dates on the packaging, except for infant formula. Manufacturers mostly use their discretion to pick the “best by,” “sell by,” and “use by” dates printed on their products, so the chosen date can be a reflection of when the food company recommends using the product for peak quality rather than an indication of how safe it is to eat the labeled food. Nash shares with Grow the tricks he learned during his experiment that, he says, can help you avoid “throwing money in the garbage.” The CEO also shares a quiche recipe that he says serves as “a great vehicle for getting rid of stuff.”

Use your senses to determine if food has gone bad

Certain foods can last years beyond their expiration dates, primarily items like grains and dried foods. “Canned goods and jarred goods last for decades. They’re airtight and preserved,” says Nash. If a can appears warped or bloated, though, toss it. Grains like crackers or cereal might be edible past the expiration date, but they do eventually become rancid. “You’ll smell it if grains go bad … but you can also touch them to see if they’re stale,” Nash says. The point is that you can usually use your senses to determine if something’s no longer fit to eat. “If it smells bad, throw it away. If it looks moldy, throw it away,” says Nash. “It’s that simple.”

If it smells bad, throw it away. If it looks moldy, throw it away. … It’s that simple. Scott Nash CEO of Mom’s Organic Grocery

Meat, dairy, and eggs have a shorter shelf life. If you’re in doubt about these, he says, there are a few techniques you can use to test for freshness. “You can pour half-and-half into hot water and see if it curdles” before pouring it into your coffee and ruining your whole cup, he says. If an egg floats in a bowl of water, it’s gone bad.

When you can safely cut off mold

Mold can make certain foods dangerous to consumers. Other foods are fine, though, after mold is removed. Hard cheese with mold, for example, can still be edible if you remove the mold because it doesn’t penetrate the whole product. To use the cheese, the U.S. Department of Agriculture recommends cutting off at least 1 inch around and below the mold spot. Firm fruits and vegetables like cabbage, bell peppers, and carrots are also safe to use after getting rid of the moldy spot with the same technique. If you want to play it even safer, Nash says, cook the product after removing the mold: “Make a grilled cheese. Cook with that cheese instead of eating it with crackers.” And the same goes for butter, he says: “If it’s expired, cook with it to kill the bacteria.”

As someone who has spent 30-plus years in the grocery business, I believe the main culprit (and the easiest way to make the most progress) is to overhaul our food product dating system and guidelines. Scott Nash Mom’s Organic Market founder & CEO

The dish on beef

Uncooked beef with a foul odor, slimy texture, or sticky or tacky feel, is best thrown out, according to the U.S. Department of Agriculture. But if refrigerated meat looks and smells slightly funky, it’s not necessarily unsafe. If you have ground beef that you want to salvage, try cooking it and adding tomato sauce: “The acid in the tomatoes helps preserve the meat for an extra two weeks in the refrigerator,” says Nash. Nash suggests freezing meat that’s past the expiration date. Keep in mind that the government has stricter guidelines, though. Here’s how the Food and Drug Administration recommends you freeze foods and how long they can last.

The HTML5 Herald How long to store food in the freezer If freezing meat or poultry in its original package longer than two months, cover it with airtight heavy-duty foil, freezer paper, or plastic wrap; or place inside a plastic bag. Raw eggs Ground meats* Hot dogs Lunch meats Fresh steaks* Fresh chops* Fresh roasts* Whole chicken Lean fish Fatty fish 0 months 3 6 9 12 *Includes beef, turkey, veal, pork, and lamb. Note: Because freezing at the recommended 0 F (-18 C) keeps food safe indefinitely, the storage times are for quality only. kiersten schmidt | grow Source: fda How long to store food in the freezer If freezing meat or poultry in its original package longer than two months, cover it with airtight heavy-duty foil, freezer paper, or plastic wrap; or place inside a plastic bag. Raw eggs Ground meats* Hot dogs Lunch meats Fresh steaks* Fresh chops* Fresh roasts* Whole chicken Lean fish Fatty fish 0 months 3 6 9 12 *Includes beef, turkey, veal, pork, and lamb. Note: Because freezing at the recommended 0 F (-18 C) keeps food safe indefinitely, the storage times are for quality only. kiersten schmidt | grow Source: fda How long to store food in the freezer If freezing meat or poultry in its original package longer than two months, cover it with airtight heavy-duty foil, freezer paper, or plastic wrap; or place inside a plastic bag. Raw eggs Ground meats* Hot dogs Lunch meats Fresh steaks* Fresh chops* Fresh roasts* Whole chicken Lean fish Fatty fish 0 months 3 6 9 12 *Includes beef, turkey, veal, pork, and lamb. Note: Because freezing at the recommended 0 F (-18 C) keeps food safe indefinitely, the storage times are for quality only. Graphic: kiersten schmidt | grow Source: FDA

Food for thought

Though these and other techniques worked for Nash, who didn’t suffer ill effects from his experiment, make sure to do your own research to determine what you’re comfortable with, and to always use your own good judgment. If you’re wavering about whether to keep certain foods around, remember that you can make most foods last by freezing them while fresh. Frozen foods generally won’t go bad because bacteria and other pathogens can’t grow at those temperatures. Nash also points out that while he took his food waste reduction strategy to extreme, “the other extreme is constantly throwing away perfectly fine stuff because of that arbitrary, stupid date.” And food waste is taking a toll on the planet: It’s an often overlooked driver of climate change. According to the Food and Agriculture Organization of the United Nations, 30% of food is wasted globally, contributing 8% of total global greenhouse gas emissions. If food waste were a country, it would come in third after the United States and China in terms of the impact on global warming. In other words, your choice is not all or nothing, says Nash: “If you at least stop throwing away canned or jarred goods, that would go a long way.”


Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: sofia pitt, scott nash, anna-louise jackson, sam becker, lisa ferber
Keywords: news, cnbc, companies, grocery, fresh, ignoring, plastic, ton, expired, sellby, freezing, foods, away, meat, meats, months, dates, money, save, nash, food, chain


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