Latest news with #Musson
Yahoo
20-05-2025
- Business
- Yahoo
4 Mistakes the Middle Class Makes When They Try To Cut Their Expenses
Managing money as a member of the middle class can be challenging. It might feel like society caters to the upper class, so it's an ongoing balancing act of cutting some items from the budget, while still allowing for little luxuries from time to time. Learn More: Consider This: It's tricky to know what to spend money on and what to skip, however financial experts caution that there's some methods of saving money that just aren't worth it. Read more to find out what not to do. When a middle-class household is looking to cut expenses, they might not be seeing the full picture of their finances. Instead, they might just wonder 'What can I cut?' rather than 'How can I adjust my spending in a comprehensive way that meets my needs?' Jennifer Beeston, mortgage lender, financial educator and author of 'Brainhacked,' suggested using a budget app to get a complete financial breakdown, then truly analyze expenses. 'Categorize them by CANCEL (something you do not need and you know is wasteful), NEED (something you have to have such as food and shelter) and JOY (money you spend that makes you happy),' she explained. 'Expect to spend a few hours doing this. Really take the time and think about your purchasing history.' Beeston added that an app can also alert you of bank fees, double charges and multiple subscriptions to one service. These can all cut down expenses without having to purely 'give up' something. Check Out: Beeston pointed out that many bills can be lowered simply by giving the service provider a call. If you don't try, you'll never know. 'Call your internet provider and let them know you are going to switch to their competitor. Watch your bill get reduced,' she noted. 'If you own a car, shop for less expensive car insurance, same with homeowners and renters insurance. Own a house, check in with a lender to see if there are lower rates available. Call you credit card companies and ask for a lower interest rate. 'Make it a game and see how many bills you can get down. The worst thing these companies can say is no.' Melanie Musson is a finance expert with and said some middle-class families might opt to do home repairs themselves to avoid paying a hefty fee to a professional. She cautioned that this might end up costing more in the long run. 'If you try to cut costs and complete a DIY home repair, you could end up with a bigger problem than you started with, especially if you don't know what you're doing,' Musson explained. When paying for a professional, Musson advised picking someone with a strong reputation who delivers quality work-not just the person charging the least. 'You could even hire someone and end up with a bigger problem if you opt for the cheapest option without getting referrals and checking backgrounds,' she added. Investing might seem like something that's not accessible to the middle class, but it can be. It just takes the right advice to make strong investment decisions, rather than trying to figure it out by yourself. 'It's often worth hiring someone to handle investments because they can help you earn more money than you could on your own,' Musson suggested. 'Their services are easily paid for from your improved earnings.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 8 Common Mistakes Retirees Make With Their Social Security Checks 12 SUVs With the Most Reliable Engines Sources Brainhacked, 'HOME.' YouTube, 'Jennifer Beeston.' 'Compare Insurance Provider Quotes.' This article originally appeared on 4 Mistakes the Middle Class Makes When They Try To Cut Their Expenses Sign in to access your portfolio
Yahoo
04-05-2025
- Business
- Yahoo
5 Money Habits That Hurt Your Retirement, According to Experts
Planning for retirement isn't just about how much money you make. It's about how you manage it over the years. Certain financial habits can quietly sabotage your long-term goals even if you earn a great salary. Read More: Find Out: We asked financial experts to share the most common mistakes they see people make that can delay or even derail retirement plans. From lifestyle upgrades to poor car-buying decisions, these habits may be more familiar than you think. A car is often one of the biggest purchases we make, but how we buy it can impact our financial future more than we realize. 'If you choose to always lease a car, you will always have a car payment,' said Melanie Musson, a finance expert with 'You'll never reach a point where your car is paid off and you can take what you were making in a payment and put it toward investing.' Musson broke down a hypothetical scenario where if you leased a $60,000, you may enjoy the ride but after three years, you'd walk away with nothing. On the other hand, if you buy a $30,000 used car with $600 monthly payments, you'll eventually own the vehicle outright, and you can use the money you were paying toward another expense or savings goal. 'Pay it off in five years and redirect that $600 into investments instead,' said Musson. 'Over 20 years, and with an average 8% return rate, that decision alone could grow into $100,000 to $300,000, depending on market performance.' See More: Getting a raise is exciting, but it can also be dangerous if it fuels unchecked lifestyle upgrades. 'Lifestyle creep is sneaky because it doesn't feel like overspending, it feels like celebrating success,' said Melissa Cox, CFP and owner of Future-Focused Wealth. 'A raise turns into a nicer car, a bigger house, or just more DoorDash orders… but none of it gets funneled toward the future,' she added. It's easy to fall into the trap of spending every new dollar you earn. But without increasing your savings rate, your expenses can outpace your retirement contributions. That gap only gets harder to close over time. Your home can be one of your most valuable assets. Or, it can be a financial setback depending on how you handle it near retirement. 'One thing that can hurt your retirement is not making the best real estate moves,' said Adam Hamilton, CEO of REI Hub. 'Maybe you're retiring soon, but decide to buy a more expensive home and take on a new mortgage just as you exit the workforce. Or maybe you downsize, but don't time it well and end up with a much higher mortgage rate than what you previously had.' Hamilton also points out missed income opportunities. 'If you already own a vacation home, consider renting it out during the months you're not using it. It could generate a lot of income that supports your retirement lifestyle.' Whether to upgrade, downsize, or rent out housing decisions should be part of your long-term financial plan. Time is one of your most powerful tools when it comes to saving for retirement. But too many people wait until later in life to get serious. 'The biggest mistake I see is people not starting early,' said Jason Butler, personal finance blogger at My Money Chronicles. 'I know what it's like to feel like you're drowning in debt. Student loans were a huge burden for me. But even while I was paying those down, I made it a point to start saving something, even if it was just $50 a month.' Butler's strategy involved combining a consistent debt repayment plan with automated contributions to retirement savings accounts. He also made sure to avoid using credit too much so as not to add even more payments that could drain his financial ability to save. 'I used windfalls like tax refunds or side hustle income to pay down debt faster and still made room in my budget for retirement investing,' he said. 'The key is to start where you are and stay consistent.' If you're feeling behind, it's not too late to start. But the longer you wait, the more aggressive you'll need to be with saving and investing. Even if you do everything right during your working years, such as saving consistently, investing wisely, and avoiding debt, retirement requires just as much strategy. 'Too many retirees treat their nest egg like it's never going to run out,' said Cox. 'Without a withdrawal strategy, people end up pulling too much too soon or ignoring tax implications.' A proper withdrawal plan can help you avoid unexpected tax bills, Medicare premium hikes, or even running out of money. Working with a financial advisor or using a 'bucket strategy' — dividing retirement funds into short-term, mid-term, and long-term buckets — can provide peace of mind. Small choices today, like the car you drive, the house you buy, or how you handle a raise, can ripple through the decades into your retirement years. But with awareness and smart planning, you can sidestep these costly habits and create a retirement that's both possible and enjoyable for you. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources: Melanie Mussion, Clearsurance Melissa Cox, Future-Focused Wealth Adam Hamilton, REI Hub Jason Butler, My Money Chronicles This article originally appeared on 5 Money Habits That Hurt Your Retirement, According to Experts Sign in to access your portfolio
Yahoo
30-04-2025
- Automotive
- Yahoo
Don't Buy a Car in This Month of the Year
Buying a car takes planning. And if you buy a car during the wrong month, it could cost you. 'April is the worst month to buy a car,' Melanie Musson, an auto industry expert with wrote in an email. April is often viewed as a seller's market for both used and new vehicles. As people get their tax refunds, they have more money to spend and are more likely to go out car shopping during warmer weather. CarEdge and Carversal also identified April as the worst month to buy a car. Dealerships often inflate their prices, and buyers have less wiggle room for price negotiation with sellers. Read Next: Check Out: Read on for more details about why buying a car in April could cost you more than you expect. Also see eight used cars that will be great deals in 2025. 'Even the worst procrastinators will be getting their tax refunds in April or close to it,' Musson said. According to the IRS, the average tax refund was $3,055 as of April 11, 2025 — enough to make a sizable dent in a down payment. 'When people have money, they tend to spend it. So, people take their tax refunds and use them as a down payment on a new car,' she explained. 'When demand is high, dealerships have little incentive to reduce prices.' Explore More: Most car shoppers prefer to do their car shopping when the weather is nice and the days are longer. 'The spring months bring warmer weather, and people are more likely to head out and shop than in the winter, when staying in their warm homes is more appealing,' Musson explained. The longer days and improved road conditions make test driving more enjoyable, and for many, it's more motivating to shop when they don't have to deal with cold winter weather. A 2025 Cox Automotive report also showed that used-vehicle sales climbed for the fifth consecutive quarter, with much of that momentum building during the spring selling season. 'In April and May, people start to plan their summer vacations and think that it may be time for an upgraded car for their road trips,' Musson said. A survey by The Vacationer found that nearly 75% of Americans intend to take at least one road trip this summer, accounting for nearly 196 million people. And when there's more demand, there's less room to negotiate. 'Sellers don't reduce prices on items that people are happy to pay full price for. That's bad business,' Musson explained. During high-demand seasons like spring, dealerships and individual sellers are less inclined to offer discounts or incentives. With more shoppers on the lot — many with tax refunds or planning summer travel — sellers know they don't have to work as hard to close a deal. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees 4 Affordable Car Brands You Won't Regret Buying in 2025 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources Melanie Musson, CarEdge, 'Why April Is the Worst Time to Buy a Used Car (But a Great Time to Sell).' Carversal, 'Why April Is the Worst Month to Buy a Car – Avoid These Price Traps.' IRS, 'Filing season statistics for week ending April 11, 2025.' Cox Automotive, 'Spring Optimism Boosts U.S. Automobile Dealer Sentiment, Despite Weak Profits, Growing Costs.' The Vacationer, 'Summer Travel Survey 2025 – 82% to Travel (Down 3% YoY), 75%+ to Road Trip, 52% to Fly on a Plane, 25% to Travel Internationally.' This article originally appeared on Don't Buy a Car in This Month of the Year Sign in to access your portfolio
Yahoo
30-04-2025
- Automotive
- Yahoo
Don't Buy a Car in This Month of the Year
Buying a car takes planning. And if you buy a car during the wrong month, it could cost you. 'April is the worst month to buy a car,' Melanie Musson, an auto industry expert with wrote in an email. April is often viewed as a seller's market for both used and new vehicles. As people get their tax refunds, they have more money to spend and are more likely to go out car shopping during warmer weather. CarEdge and Carversal also identified April as the worst month to buy a car. Dealerships often inflate their prices, and buyers have less wiggle room for price negotiation with sellers. Read Next: Check Out: Read on for more details about why buying a car in April could cost you more than you expect. Also see eight used cars that will be great deals in 2025. 'Even the worst procrastinators will be getting their tax refunds in April or close to it,' Musson said. According to the IRS, the average tax refund was $3,055 as of April 11, 2025 — enough to make a sizable dent in a down payment. 'When people have money, they tend to spend it. So, people take their tax refunds and use them as a down payment on a new car,' she explained. 'When demand is high, dealerships have little incentive to reduce prices.' Explore More: Most car shoppers prefer to do their car shopping when the weather is nice and the days are longer. 'The spring months bring warmer weather, and people are more likely to head out and shop than in the winter, when staying in their warm homes is more appealing,' Musson explained. The longer days and improved road conditions make test driving more enjoyable, and for many, it's more motivating to shop when they don't have to deal with cold winter weather. A 2025 Cox Automotive report also showed that used-vehicle sales climbed for the fifth consecutive quarter, with much of that momentum building during the spring selling season. 'In April and May, people start to plan their summer vacations and think that it may be time for an upgraded car for their road trips,' Musson said. A survey by The Vacationer found that nearly 75% of Americans intend to take at least one road trip this summer, accounting for nearly 196 million people. And when there's more demand, there's less room to negotiate. 'Sellers don't reduce prices on items that people are happy to pay full price for. That's bad business,' Musson explained. During high-demand seasons like spring, dealerships and individual sellers are less inclined to offer discounts or incentives. With more shoppers on the lot — many with tax refunds or planning summer travel — sellers know they don't have to work as hard to close a deal. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees 4 Affordable Car Brands You Won't Regret Buying in 2025 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources Melanie Musson, CarEdge, 'Why April Is the Worst Time to Buy a Used Car (But a Great Time to Sell).' Carversal, 'Why April Is the Worst Month to Buy a Car – Avoid These Price Traps.' IRS, 'Filing season statistics for week ending April 11, 2025.' Cox Automotive, 'Spring Optimism Boosts U.S. Automobile Dealer Sentiment, Despite Weak Profits, Growing Costs.' The Vacationer, 'Summer Travel Survey 2025 – 82% to Travel (Down 3% YoY), 75%+ to Road Trip, 52% to Fly on a Plane, 25% to Travel Internationally.' This article originally appeared on Don't Buy a Car in This Month of the Year Sign in to access your portfolio
Yahoo
26-04-2025
- Automotive
- Yahoo
3 Used Tesla Models That Are a Good Investment for Retirees
Are you looking for a reliable used Tesla? It's not uncommon for new Tesla models to retail for over $100,000. This type of price tag isn't ideal for retirees; however, it doesn't mean you can't own a Tesla. In this article, we'll cover three used Tesla models that are a good investment for retirees. For You: Trending Now: Looking for other affordable cars for retirees? Here are six suggestions. The Tesla Model S is a high-performing electric vehicle that comes with all of the bells and whistles. This vehicle offers an affordable price point, a comfortable ride and an impressive mileage range. Even better, the Model S holds its value. For example, a used 2022 Tesla Model S with just under 60,000 miles retails for about $38,000, according to Kelley Blue Book (KBB). Compared to 2025's price tag of around $100,000, according to Car and Driver — you can't go wrong with buying used. Read Next: 'The Model S is a true luxury vehicle,' said Melanie Musson, auto industry expert with 'If you want the fun and [cushy] driving experience, it's hard to beat the Model S. It has a longer range than other Tesla models, so it's great for retirees who like to take road trips.' The Tesla Model Y is another great investment for retirees. A used Tesla Model Y Long Range with under 15,000 miles retails for about $40,000, according to KBB. This is $10,000 to $20,000 cheaper than purchasing the 2025 Tesla Model Y, which starts at a price of $50,630, according to Car and Driver. The Model Y is more compact compared to the Model S, making it practical for everyday travel and long-distance trips. 'The Model Y has a higher entry than other Tesla models and that's a big deal when you're getting into and out of a car as you age,' Musson said. 'The second row allows retirees to have passengers, but it also folds down to add a lot of cargo space to the trunk.' The Tesla Model 3 Long Range is also a good used car investment for retirees. The Model 3 Long Range is designed for long-distance travel, making it great for retirees who want to explore and take frequent trips. While the 2025 Model 3 Long Range price starts at $44,130, you can find a quality used version for $30,000 to $40,000, according to Car and Driver. In fact, a used 2025 Tesla Model 3 Long Range with under 3,500 miles costs $38,500, according to KBB. Have you considered any of these three used Tesla models? When purchasing a used Tesla, there are a few key factors to look out for. First, be sure the vehicle is still under warranty. For example, the Model S has an eight-year unlimited mileage warranty on the battery. Also, be sure to check the accident records. Even minor fender benders could result in a damaged frame, making it important to understand your tentative Tesla's past record. Nevertheless, purchasing a used Tesla model can fit into your retirement budget and give you access to the luxury features you've been looking for. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on 3 Used Tesla Models That Are a Good Investment for Retirees Sign in to access your portfolio
