Latest news with #Bodge
CBS News
11-06-2025
- Business
- CBS News
How you can protect your wallet amid potential price increases
With all of the talk about tariffs and prices climbing, many find themselves looking for ways to save and ways to protect themselves against seemingly unpredictable tariffs. The answer is yes, but you have to be smart about it. From sea to shining sea, we, the buyers of all things, are concerned. "There's a recent AARP poll that found that 73% are worried that prices are rising faster than their own income," said professional shopping expert Trae Bodge. While some of the bigger, headline-grabbing tariffs have been delayed, there's still a general 10% baseline tariff across the board, which is causing higher prices for groceries, appliances, and other goods. For Bodge, she is advising people to practice what she calls "saving tactics." "Using deal sites, looking for coupons, cashback offers, waiting for retailer sales, make sure that you're paying with the right credit cards, so you can utilize points or earn points," she explained. "Also, use your memberships. Look for those available discounts that can be applied to what you need to buy." While some purchases can be put on hold, others are teetering on the tariffs' edge. "I'm starting to see prices go up on things like appliances, cars, and more," Bodge said. When it comes to those big-ticket items, there will be more savings if you act quickly, according to Bodge. "If a price is going to go up, for example, 10% on something, 10% on a $1,000 washer or dryer, is a much bigger deal than 10% on an avocado," she said. She added that along with Fourth of July deals, right on the heels of those sales, will be Amazon Prime Day, which also leads to other competitive sales. That's when you can look for sales on those big-ticket items. Finally, if you're looking for a vacation but your budget is tight, consider a road trip. "We live in a fantastic country with so many beautiful options," she said. When you take that road trip, use your card benefits and memberships to find discounts. The one thing she made sure to emphasize is that you can't just ignore this and hope it will all just go away. Planning is the only defense.
Yahoo
07-06-2025
- Business
- Yahoo
3 Bills Boomers Prioritize Paying on Time — and 4 They Admit Paying Late
Most boomers aren't stressing about being able to pay all of their bills in a timely manner. According to a recent Bread Financial report, when asked how confident they were that they would be able to pay all of their bills for the following month on time, 57% of boomers said they are very confident and an additional 32% said they were fairly confident. Find Out: Read Next: However, there are certain bills boomers will prioritize paying over others. Here's a look at the bills boomers always pay on time — and the ones they admit to lagging behind on sometimes. The Bread Financial survey asked Americans which bills they prioritize to make sure they get paid on time. Among boomers, the three bills they always prioritize are utilities (68%), rent or mortgage (55%) and credit cards (50%). While, ideally, boomers will pay all of their bills on time, it's important to know how to prioritize bills if you're coming up short one month. 'If you have to choose, always prioritize bills related to things that keep you safe and allow you to function in the world, like shelter, healthcare and transportation,' said Trae Bodge, personal finance expert and founder of True Trae. 'Then, focus on higher-interest bills.' You should also prioritize bills that impact your credit score. 'Mortgages, credit card bills and student loans are among the most important to pay on time because these can negatively impact your credit score when paid late,' said Andrea Woroch, a budgeting expert. Based on this logic, boomers might not need to prioritize paying utility bills as much as they do. 'While you should pay all bills on time, most utility companies and service providers don't report late payments to credit reporting agencies,' Woroch said. Check Out: Less than half of boomers said they prioritized paying the following bills on time: insurance (43%), medical bills (20%), car payments (17%), subscriptions and streaming services (7%), and student loans (1%). 'Some bills you can get away with being a little late, like insurance and utilities, but if you are too late you end up accruing penalties or experiencing a service disruption,' Bodge said. Americans of all ages should make an effort to pay all bills on time to avoid late fees, service disruptions and dings to their credit scores — but it isn't always easy to actually make this happen. Here are a few expert-approved tips to help you get your bill paying habits on track: Put bills on autopay. 'Then, to ensure you have the funds available, set calendar alerts several days ahead of time in case you need to transfer money from one account to the other,' Bodge said. Consolidate bills where possible. 'Something else to consider is having fewer bills to pay,' Bodge said. 'If you have five-plus credit cards, think about keeping two to three in your wallet and that's it. That way, you have fewer bills to juggle.' Always pay at least the minimum amount. If you can't pay all of your bills in full, make sure you are at least making minimum payments in a timely manner. 'Set up autopay even if it's just for the minimum amount,' Woroch said. 'You can always pay extra to a credit card bill or make an extra principal payment to your mortgage loan at a later time.' More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 3 Bills Boomers Prioritize Paying on Time — and 4 They Admit Paying Late Sign in to access your portfolio
Yahoo
06-06-2025
- Business
- Yahoo
Is Cash Still King? Here's How Boomers Are Paying for Purchases in 2025
When it comes to paying for everyday purchases, there's no shortage of choices for the method you use. You can swipe a card, pay with cash or use the ever-more-popular buy now, pay later services that are available. Be Aware: Read Next: As for which method boomers prefer, the answer may surprise you. You might think that boomers would prefer 'old school' payment methods like cash or check, but this is not how they're paying for everyday purchases. According to a new Bread Financial report, the most common way boomers pay for everyday expenses — defined in this survey as purchases under $500 — is debit card (58%). The next most popular payment method is bank-branded credit cards (52%) followed by cash in third place (44%). And while boomers are more likely to use personal checks than other generations, just 16% of this generation is writing checks. Using a debit card versus a credit card to make payments has certain pros and cons. 'Paying with a debit card can be a good way to stay on budget if you are currently struggling with debt,' said Trae Bodge, a personal finance expert and founder of True Trae. On the cons side, 'paying with a debit card is not as secure as paying with a credit card, so using a debit card can put the user at risk,' Bodge said. 'Also, using credit cards can have benefits.' This could come in the form of cash back or rewards points that can really add up over time. Learn More: Boomers are less likely use cash than any other generation — 57% of millennials, 52% of Gen X and 52% of Gen Z said they often pay with cash, compared to 44% of boomers. Anecdotally, Bodge has noticed older generations' preference for cards over cash firsthand. (According to the report, in addition to debit cards (58%) and bank-branded credit cards (52%), boomers also like using store-branded credit cards (21%).) 'This reminds me of my mom, who was a member of the Greatest Generation,' she said. 'I was helping her organize her wallet and saw that she had so many credit cards for specific retailers, as well as general cards that she would rotate. It was total overkill, and I had to convince her that she really only needed a few. Must be a generational thing.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 10 Cars That Outlast the Average Vehicle 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses This article originally appeared on Is Cash Still King? Here's How Boomers Are Paying for Purchases in 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
3 Bills Boomers Prioritize Paying on Time — and 4 They Admit Paying Late
Most boomers aren't stressing about being able to pay all of their bills in a timely manner. According to a recent Bread Financial report, when asked how confident they were that they would be able to pay all of their bills for the following month on time, 57% of boomers said they are very confident and an additional 32% said they were fairly confident. Find Out: Read Next: However, there are certain bills boomers will prioritize paying over others. Here's a look at the bills boomers always pay on time — and the ones they admit to lagging behind on sometimes. The Bread Financial survey asked Americans which bills they prioritize to make sure they get paid on time. Among boomers, the three bills they always prioritize are utilities (68%), rent or mortgage (55%) and credit cards (50%). While, ideally, boomers will pay all of their bills on time, it's important to know how to prioritize bills if you're coming up short one month. 'If you have to choose, always prioritize bills related to things that keep you safe and allow you to function in the world, like shelter, healthcare and transportation,' said Trae Bodge, personal finance expert and founder of True Trae. 'Then, focus on higher-interest bills.' You should also prioritize bills that impact your credit score. 'Mortgages, credit card bills and student loans are among the most important to pay on time because these can negatively impact your credit score when paid late,' said Andrea Woroch, a budgeting expert. Based on this logic, boomers might not need to prioritize paying utility bills as much as they do. 'While you should pay all bills on time, most utility companies and service providers don't report late payments to credit reporting agencies,' Woroch said. Check Out: Less than half of boomers said they prioritized paying the following bills on time: insurance (43%), medical bills (20%), car payments (17%), subscriptions and streaming services (7%), and student loans (1%). 'Some bills you can get away with being a little late, like insurance and utilities, but if you are too late you end up accruing penalties or experiencing a service disruption,' Bodge said. Americans of all ages should make an effort to pay all bills on time to avoid late fees, service disruptions and dings to their credit scores — but it isn't always easy to actually make this happen. Here are a few expert-approved tips to help you get your bill paying habits on track: Put bills on autopay. 'Then, to ensure you have the funds available, set calendar alerts several days ahead of time in case you need to transfer money from one account to the other,' Bodge said. Consolidate bills where possible. 'Something else to consider is having fewer bills to pay,' Bodge said. 'If you have five-plus credit cards, think about keeping two to three in your wallet and that's it. That way, you have fewer bills to juggle.' Always pay at least the minimum amount. If you can't pay all of your bills in full, make sure you are at least making minimum payments in a timely manner. 'Set up autopay even if it's just for the minimum amount,' Woroch said. 'You can always pay extra to a credit card bill or make an extra principal payment to your mortgage loan at a later time.' More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 3 Bills Boomers Prioritize Paying on Time — and 4 They Admit Paying Late Sign in to access your portfolio
CBS News
13-05-2025
- Business
- CBS News
Shopping tips to save you money amid ever-changing U.S. tariff policies
President Trump's ever-changing tariffs have caused some confusion for Americans, as higher prices and expectations of empty store shelves threaten to change the ways consumers stock up on essentials. Assuaging concerns among consumers and on Wall Street — at least for the time being — a U.S. agreement with China, announced on Monday by the White House, would effectively reduce the level of U.S. taxes still in place on Chinese goods to about 30% from 145%. China meanwhile, has agreed to cut its tariffs on American goods to 10% from 125%. President Trump also recently announced a trade agreement with the United Kingdom. Britain says the deal will cut tariffs on U.K. cars from 27.5% to 10% and eliminate tariffs on steel and aluminum. As part of the agreement, a quota of 100,000 U.K. vehicles can be imported to the U.S. at a 10% tariff. Still, uncertainty reigns. With that in mind, CBS News spoke with shopping expert Trae Bodge, who shared the following tips for consumers who are looking to avoid any added strain on their already strained household budgets. Look for sales: Start at the sales rack With summer fast approaching, retailers are likely to advertise Memorial Day sales. Official Memorial Day sales tend to start the weekend before Memorial Day. However, many retailers, including Lands' End and DreamCloud mattresses, have started hosting sales as early as the beginning of May. Father's Day and July 4th sales, along with Amazon Prime Day-scheduled for July, also offer shoppers opportunities to secure discounted retail prices on a range of goods and appliances. Check where products are from Not all goods are impacted equally by the tariffs. There is currently a 25% tariff on goods from Canada and Mexico. However, certain products under the U.S.-Mexico-Canada Agreement (USMCA) are exempt. Under the USMCA, most goods traded between the U.S., Mexico and Canada are exempt from tariffs, as long as they meet rules of origin requirements-meaning the product must be made primarily in North America. Canadian cosmetics company Lush, for example, does not have tariffs on its products. Purchase domestic products Certain produce — including tomatoes, bell peppers and cucumbers imported from Mexico — could see price hikes over the coming months. Shoppers should turn to domestically produced staples, like apples, potatoes and oranges to avoid price hikes. Toilet paper is one item that shoppers shouldn't be worried about. According to the North Carolina State's College of Natural Resources, roughly 99% of toilet paper Americans use is made in the United States. What items will be hit hardest? Electronics and toys are the most likely to be hit the hardest by tariffs. 80% of toys are imported from China and toy maker Mattel has already warned of increasing prices. Overall, shoppers should consider whether an item is worth purchasing, especially if price hikes are coming. According to Trae Bodge, shoppers shouldn't panic shop. Instead, they should consider what items they were already planning on purchasing and possibly move the purchasing timeline up. "So, if your dishwasher is on its last legs and you were thinking about getting one anyway — or your car, your laptop — those are the things that I would think about getting now," said Bodge. "But, again, not in a panic."
