Investing

Holiday discounts are abundant this year as retailers try to offload inventory.
Still, shoppers need to be savvy to find the best deals and stay within a budget.
These dos and don’ts can help shoppers avoid carrying holiday debt into the new year.

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Holiday shoppers won’t have to look far to find deals this season.
While Covid-era supply chain strains have eased, consumer spending has declined, prompting many businesses to sweeten incentives to buy.

“This is the best discounting season in years,” said Ted Rossman, senior industry analyst at Bankrate and CreditCards.com.
“Retailers are offering generous discounts to move clothes, toys, electronics and other physical goods,” Rossman said.
Deals offering 30% off have become the floor, and they started as early as October, Rossman noted.
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But buyers beware: Some of those discounts may be offered on inflated prices, he said. Experts say the deals advertised now may not be the best prices offered over the year.

What’s more, you may be at risk for spending more than you intended to.
“You don’t want to be paying off this Christmas a year from now,” Rossman said.
To avoid a debt hangover in the new year, here are some dos and don’ts to keep in mind.

DO use unwanted gift cards

Almost half of adults, 47%, have at least one unused gift card, gift voucher or store credit, with an average value of $187 per person and $23 billion total nationwide, according to Bankrate.
For consumers, there is no incentive to holding on to gift cards. Some may even come with expiration dates.
“Find these gift cards and use them,” Rossman said.
If you don’t want to use it for yourself, consider using it to buy a gift for someone else or gifting them the gift card. Alternatively, you may resell the card on platforms such as CardCash or Raise for 70% or 80% of its value, Rossman said.

DO take advantage of credit card rewards

Many consumers also have credit card rewards available they have not yet redeemed.
If you have cash back rewards available, aim to redeem them monthly, Rossman said, as they do not get more valuable over time.

DO try combining deals

With a better than average discounting season in full swing, strategic shoppers can combine deals to get the best value.
Don’t stop at a brand’s 30% sale, Rossman said. You may be able to stack other discounts on top of that.
Try combining those deals with a credit card where you can earn rewards such as cash back, airline miles or other points. Just be sure to plan to pay the balance off in full to avoid interest. Also use a shopping portal such as Rakuten or Shop Through Chase to access additional discounts.

DO be vigilant about your purchases

In the haste to get your holiday shopping done, you may be vulnerable to schemes to steal your data and money.
Fraudsters prey on last-minute shoppers, who may be more likely to fall for offers that are too good to be true, Visa Chief Risk Officer Paul Fabara recently told CNBC.com.
To protect yourself, be sure to do some research on less familiar retailer names, make sure any websites you use are secure and use multifactor authentication that prompts you to verify your identify beyond just your password.

DON’T use credit cards without a plan to pay them off

The average credit card interest rate is now a record 20.72%, according to Bankrate.
“Avoiding that holiday debt hangover is so important,” Rossman said.
Try sticking to cash or debit card purchases where you can to avoid racking up debts.

If you are making purchases that will take you longer to pay down, be strategic. You may sign up for a new credit card that requires a minimum threshold for new purchases to unlock rewards. Alternatively, you may take advantage of a 0% balance transfer offer on an existing balance.
“If it’s money that you were going to spend anyway, and you’re avoiding interest, getting a new card could actually be really smart,” Rossman said.

DON’T use a store card without reading the fine print

Retail brand-name credit cards can provide a discount if you’re making a big purchase at one store.
But be wary: These cards come with the highest interest rates that in some cases are over 30%, Rossman said.
What’s more, the deal may include something called deferred interest. If you still have a balance once the term of the deal runs out, you may be charged for interest that would have otherwise accumulated.

DON’T overspend

It may be easy to get caught up in the holiday spirit, but don’t forget about your financial limits.
Since inflation is still squeezing everyone’s budgets, it helps to have a conversation with friends and family to set limits on gift giving, Rossman noted.
You may decide to set a dollar limit on gift spending or choose a name out of a hat for gifts for extended family rather than buying for every person, he said.Don’t miss these stories from CNBC PRO: More

ETF Strategist

As mutual fund investors brace for year-end distributions, experts have tips to lessen the tax burden in future years.
Investors should consider built-in gains before selling mutual funds, but past reinvestments may have added to the cost basis.
You may also consider diverting payouts to ETFs, rather than reinvesting distributions into the same mutual funds.

Kate_sept2004 | E+ | Getty Images

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Many mutual fund families have released distribution estimates for 2023, with some paying out double-digit gains, according to Morningstar.
Here’s what to consider if you’re weighing a switch to ETFs to save on future taxes, according to experts.

Review your mutual funds’ cost basis

Glassman said many investors own mutual funds “going back years or decades” with significant gains. Selling these assets may trigger a tax bill when selling from a brokerage account. (You won’t immediately owe taxes when selling assets from a tax-deferred 401(k) or individual retirement account.)
Switching from mutual funds to ETFs may not be an advantage if there’s “a big enough capital gains hit,” said CFP Matt Knoll, senior financial planner at The Planning Center in Moline, Illinois.

If you’re distraught about ongoing distributions, then stop the madness.

Barry Glassman
Founder and president of Glassman Wealth Services

However, if you reinvested past mutual fund distributions, that payout was added to the so-called “cost basis” or original price of those shares.
“There may be some purchase lots that are even or have losses,” Glassman said. “People may be able to sell those and avoid the [capital gains] distribution on those shares.”

‘Stop the madness’ and don’t reinvest

Investors with mutual funds in a brokerage account may be stuck with this year’s payout, Glassman said. But there’s an easy way to reduce next year’s capital gains distributions.

“If you’re distraught about ongoing distributions, then stop the madness,” he said. “Take it in cash and reinvest it in something similar, but more tax efficient.”
While it’s relatively quick to make the change from your account — often simply unchecking a box — Glassman said it’s a strategy that is “rarely used.” More

The U.S. economy has so far defied predictions of a coming recession, but many large companies are laying off workers.
Here’s what to know about jobless benefits.

Bill Varie | The Image Bank | Getty Images

The job market is undeniably cooling.
Though the Labor Department’s weekly jobless claims report released on Wednesday showed initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 209,000 in the week ending Nov. 18, figures for new and continuing claims remained near highs for this year.

Several large companies have been laying off workers. Over the past few months, Roku, Discord, Liberty Mutual and Citigroup announced deep cuts to their head count.
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A job loss can be traumatic, emotionally and financially. Fortunately, the unemployment insurance program, created in 1935, offers support to certain people who’ve experienced a disruption to their pay.
Here’s what to know.

Don’t assume you’re ineligible for benefits

Generally, to be eligible for unemployment benefits, you must have lost work or wages “through no fault of your own,” Michele Evermore, a senior fellow at The Century Foundation, told CNBC in a previous interview. If your company was downsizing or said the cuts were not tied to performance, you likely are eligible for the benefit.

Yet not all cases are so clear cut, and many people prematurely exclude themselves from the program, Evermore said. “There’s a lot of mythology around who qualifies.”
As a result, it can’t hurt to put in a claim.

Unemployment programs vary by state, but in some places, people can get the benefits even if they’ve quit.
For example, if their employer asked them to transfer to a new location where their commute would be unreasonable, or if they had to leave their job because their partner’s employment was relocated, they may be able to collect.

Apply for unemployment quickly

In some states, it can take weeks for your claim to be approved, so the sooner you file, the better.
“As soon as you leave your job, you should be on your way to the unemployment insurance office,” Evermore said.
While most states have a one-week waiting period before they can start paying you benefits, you don’t have to wait to request the relief, she said.
Apply with your state unemployment office. You can typically submit an application online or over the phone.

Assess program requirements

To receive unemployment benefits, you have to be able to work and actively be seeking new employment, Evermore said.
States have different ways of making sure you’re looking for work, she added. In some cases, you’ll be responsible for keeping a log of work search efforts on your own, and in other states, you’ll have to call in to the state unemployment office and share what jobs you’ve applied to on a regular basis.
When you apply, make sure you learn about how to fulfill any requirements in your state, so that your benefits continue.

Get a handle on taxes

Unemployment benefits are subject to federal levies and most states tax them, too.
When you start to get unemployment payments, your state will typically give you the option to have taxes withheld.
“I’d always take that option,” Evermore said. “You could be in for a long spell of unemployment and then get hit with a big tax bill.”

Look for other aid, too

In the second quarter of 2023, the average weekly unemployment benefit was around $424. But there’s a large range in the payments by state.
There are other resources, too, for people struggling financially due to job loss, Evermore said.
“Unemployment insurance isn’t the only program in the world,” Evermore said, adding that out-of-work people can also try applying for food stamps and other relief.

You may also need to figure out a plan for getting new health insurance.
“As overwhelming as it may be, it’s important to look for coverage quickly,” said Caitlin Donovan, a spokesperson for the National Patient Advocate Foundation, a nonprofit. “The last thing you want to do is remain uninsured.”Don’t miss these stories from CNBC PRO: More

ETF Strategist

Millennial investors who hold exchange-traded funds allocate more heavily to bonds and cash in their portfolios relative to older generations, according to a Charles Schwab survey.
That tendency isn’t aligned with their long investment time horizon.
They should generally hold less fixed income and more stock funds compared with Generation X and baby boomers.

Eva-katalin | E+ | Getty Images

Millennials are holding and buying bond exchange-traded funds with more gusto than older investors — and that’s likely not an ideal strategy, experts said.
Millennial ETF investors — a cohort born between the early 1980s and mid-1990s — have 45% of their investment portfolios allocated to fixed income, on average, according to a recent Charles Schwab survey.

That’s a higher allocation than Generation X and baby boomers, who had respective allocations of 37% and 31%.
Additionally, 51% of millennials plan to invest in fixed income ETFs in the next year, more than the 45% of Gen X and 40% of boomers, the Schwab poll found.
That millennials would opt to hold more bonds — and therefore be more conservative than older investors — doesn’t jibe with their typically longer investment time horizon, said Ted Jenkin, a certified financial planner and CEO and founder of oXYGen Financial, based in Atlanta.

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Millennials investing for the long term can afford to — and generally should — take more risk than older investors by allocating relatively heavily to stocks. That’s because stocks typically outperform bonds over decades, said Jenkin, a member of CNBC’s Advisor Council.
“Millennials in their 30s probably shouldn’t have 45% of their allocation in bonds,” Jenkin said.

As a general guideline, he recommends adopting the “Rule of 120”: Subtract your age from 120 to get a rough sense of an appropriate stock allocation. For example, using this rule of thumb, a 35-year-old would hold 85% of their investment portfolio in stocks, and the remaining 15% in fixed income.

Why millennials gravitate toward bonds

There are a few likely reasons for millennials’ more conservative stance, experts said.
For one, they could be letting emotions guide investment choices. Many millennials, for example, had just started investing around the 2008 financial crisis, when the S&P 500 U.S. stock index lost 57% of its value.
The oldest millennials also likely still remember the dot-com boom and bust from their teen years and graduated high school or college at a time when unemployment was high and finding a job was difficult, said David Botset, head of strategy and product at Schwab Asset Management.

Such experiences have had cascading effects and led millennials to be more conservative investors, Botset said.
Investors have a behavioral bias toward avoiding financial loss, known as “loss aversion bias.” But that impulse can cause financial harm in the long run. Stocks serve as the typical growth engine of an investment portfolio and holding too few relative to your time horizon may mean losing out on future retirement income, for example.
Millennials may also be taking a more conservative investment stance because of current high interest rates, which mean bonds and cash are paying better rates than they have in years, Jenkin said. A safer fixed income investment paying a 5% annual return may sound like a good proposition versus stocks right now, though bonds have historically underperformed stocks over the long haul, Jenkin said.Don’t miss these stories from CNBC PRO: More

Your Money

Single mothers face high rates of financial insecurity.
“It can be very challenging to raise kids on one income,” said Cathy Curtis, founder and CEO of Curtis Financial Planning in Oakland, California.
She and other experts shared financial tips for single mothers.

A mother carrying her young son and looking down a suburban road in spring sunlight.
Christopher Hopefitch | The Image Bank | Getty Images

Single mothers face high rates of financial insecurity.
Between 2021 and 2022, as pandemic-era aid dried up, the poverty rate for families headed by one woman soared to nearly 27% from 12%, according to the National Women’s Law Center. More than 33% of single mother-led households reported food insecurity in 2022, the U.S. Department of Agriculture found.

“It can be very challenging to raise kids on one income,” said Cathy Curtis, founder and CEO of Curtis Financial Planning in Oakland, California.

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Here’s a look at more coverage in CNBC’s Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.

Experts shared these 3 financial tips for single mothers.

1. Make budgeting and saving automatic

It may be helpful for single mothers with young children and high childcare costs to keep in mind that “the years go by fast and those expenses will taper off over time,” said Curtis, who is also a member of the CNBC FA Council.
Make a list of all your fixed expenses, including a mortgage payment, rent, insurance, debt obligations and utilities. Then, to save yourself stress and time, Curtis recommends setting up automatic payments for these expenses. That’ll be one less thing you have to do each month, she said.
After accounting for fixed expenses, Curtis said, “closely monitor and budget for variable and miscellaneous expenses.”

“Keeping a tight rein on these expenses helps in preventing overspending,” she said.

You also want to make sure you’re preparing for your future, said Jennifer Bush, a certified financial planner with Mainstreet Financial Planning in San Jose, California.
“It would be great if they paid themselves first out of each paycheck,” Bush said. Ideally, that would include putting aside money in a rainy-day fund and saving for old age.
Don’t despair if you can’t salt away much, experts say. Research shows even a small increase in your retirement savings rate can be powerful.
For someone age 35 who is making $60,000 a year, boosting their retirement saving contribution by 1% (or less than $12 a week), could generate an additional $110,000 by retirement, assuming a 7% annual return, according to an example provided by Fidelity Investments.

2. Don’t hold back with your work

Too often, single mothers carry around guilt or anxiety about going to work, said Emma Johnson, a financial journalist who runs the popular blog WealthySingleMommy.com.
“Kids actually thrive when they have parents work outside the home,” Johnson said. “Girls achieve more academically and professionally.”
Keep pursuing a big job or promotion, even if it means you’ll be home a bit less, Johnson said. Don’t rule out going back to school, either, if a degree or training might result in better career prospects.

A layoff, of course, would hit a single-parent household especially hard. To manage fears and be prepared for such a scenario, Curtis recommends single mothers take some additional precautions.
You can enhance job security, she said, “by continuously updating  skills and maintaining a solid professional network.”
You may also want to have some other ideas for generating money in case of a period of unemployment, Curtis said, such as freelancing or part-time work. Even if you’re happy at your job, it can’t hurt to look for these alternative sources of income now.

3. Learn to lean on others

“If you’re a single parent, ask for help,” Johnson said. Consider turning to relatives, friends, other parents or neighbors for support with picking up or dropping off your children from school or different activities, babysitting, cooking and more, she said.
Single mothers may find relief and support in joining a group for women in a similar position, Curtis added.
Meanwhile, she also recommended a number of financial blogs, including Johnson’s, NYC Single Mom, the Single Mom Blog and Beanstalkmums.com.au. For podcasts, Curtis pointed to Single Moms on the Money and Like a Mother.
Those who are really struggling should see if they qualify for any federal, state or local benefits, Johnson said. More

If you received business payments via apps such as PayPal and Venmo in 2023, you will not be subject to a lower threshold for 1099-K tax reporting.
For 2023, the old limit of more than 200 transactions worth an aggregate above $20,000 will remain in place.  
However, the IRS will implement a $5,000 limit for tax year 2024, applying to returns filed in 2025.

IRS Commissioner Daniel Werfel testifies before a Senate Finance Committee hearing on Feb. 15, 2023.
Kevin Lamarque | Reuters

If you received business payments via apps such as PayPal or Venmo or e-commerce companies such as eBay, Etsy or Poshmark in 2023, your tax return may now be a little less complicated.
The IRS announced Tuesday that 2023 would be a “transition year” for a new tax reporting requirement affecting such payments. Once in place, it will trigger Form 1099-K for just $600 in payments, even if that income stemmed from a single business transaction.

For 2023, the old limit of more than 200 transactions worth an aggregate above $20,000 will remain in place. The agency will phase in the lower threshold by adding a $5,000 limit for 2024, but it didn’t specify a transaction limit. The $5,000 limit will apply to tax returns filed in 2025.
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The $600 threshold will go into effect for tax year 2025, and taxpayers over the limit can expect to receive a 1099-K at the beginning of 2026.
However, business payments have always been taxable and filers should still report 2023 income even if they don’t receive a Form 1099-K.
“We spent many months gathering feedback from third-party groups and others, and it became increasingly clear we need additional time to effectively implement the new reporting requirements,” IRS Commissioner Danny Werfel said in a statement.

The agency said it also plans on updates for Form 1040, which is used by taxpayers to file individual income tax returns, and related schedules, to “make the reporting process easier.”

“Taking this phased-in approach is the right thing to do for the purposes of tax administration, and it prevents unnecessary confusion as we continue to look at changes to the Form 1040,” Werfel said. “It’s clear that an additional delay for tax year 2023 will avoid problems for taxpayers, tax professionals and others in this area.”
The announcement comes amid bipartisan scrutiny of the reporting requirement, with lawmakers and industry professionals citing concerns about taxpayer confusion. Prior to the delay, the IRS was expecting an estimated 44 million 1099-Ks for 2023. More

Year-end Planning

A new law limiting how much Medicare enrollees pay for out-of-pocket prescription drug costs is set to get phased in starting in 2025.
For retirees, that will contribute to higher Medicare Part D premiums in 2024, new research finds.

Fatcamera | E+ | Getty Images

A new law is poised to cap seniors’ prescription drug costs covered under Medicare, starting in 2025.
But retirees may be in for a shock next year — significantly higher Medicare Part D premiums for prescription drug coverage.

The cost of the average premiums will rise between 42% and 57% in 2024 compared to 2023 in five states with the largest populations of individuals over 65 who are on Medicare, according to a new analysis by HealthView Services, a provider of health care cost data.
That represents an increase ranging from $128.32 to $380.96 from 2023 to 2024, according to the firm. The calculations are based on three of the largest Medicare providers in each state.
The five states include California, Florida, New York, Pennsylvania and Texas.
The increased costs come as new changes put into law through the Inflation Reduction Act will lower the out-of-pocket maximum drug costs for seniors to $2,000 in 2025, down from more than $7,000 in 2023.
Other changes put into place with the legislation — such as a $35 monthly cap on insulin and access to free vaccines — have already gone into effect.

Insurers may pay higher costs due to the higher out-of-pocket limits, and higher premiums is a way of getting beneficiaries to share that burden, according to Ron Mastrogiovanni, founder & CEO of HealthView Services.
Today, the federal government picks up 80% of the more than $7,000 maximum spent on Part D prescription drugs, while insurers cover the remaining 20%, Mastrogiovanni said.
When the out-of-pocket max drops to $2,000, insurers will cover 60% to 80% of the costs, with the federal government picking up the difference. 
About a quarter of Medicare Part D beneficiaries are expected to go over that $2,000 limit.
“The insurance company has to do to do something to make up for that loss, given the number of people that may go over,” Mastrogiovanni said.
“Therefore, we who are on Medicare Part D are going to be sharing in that cost,” he said.
Research from KFF, an independent provider of health policy research, has also found monthly premiums for Part D will be “substantially higher” in 2024. The national average monthly Part D premium is projected to increase 21% in 2024 to $48, up from $40 in 2023, according to KFF.

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Those monthly premiums may increase again in 2025 as the new policy takes effect, according to Juliette Cubanski, deputy director of KFF’s program on Medicare policy.
“It’s possible that between 2024 and 2025 we could also see another round of premium increases again,” Cubanski said.
That would be a bigger concern for people who are in standalone drug plans, she noted, than for people who are in Medicare Advantage plans, which have rebates available that can help shield enrollees from higher premiums costs.

Higher Medicare costs to offset Social Security COLA

Rising Medicare Part D premiums come as retirees will receive a much smaller Social Security cost-of-living adjustment in 2024 — 3.2% — compared to the 8.7% boost to benefits they received in 2023.
The average Social Security beneficiary will get about $700 more per year in 2024 through the cost-of-living adjustment, estimates Michael Daley, director of marketing at HealthView Services.
But higher costs for next year, particularly with regard to Medicare, may consume most of that increase.
“If you are on a high-end Part D plan, on average, 54% of your cost of living increase in Social Security is going to go for paying the additional costs that you’re going to have to cover for Part D premiums,” Daley said.
That’s as standard premiums for Medicare Part B, which covers services from doctors and other health care providers, will increase by $9.80 per month to $174.70 in 2024, from $164.90 per month this year. High-income beneficiaries will pay higher premiums.

How to manage rising Medicare costs

With Medicare open enrollment available through Dec. 7, beneficiaries may take steps now to mitigate the higher expected costs for next year.
Aside from premium changes, plans may also shift the prescription drugs they cover and the cost-sharing amounts they charge, Cubanski noted.

“It’s always good advice during this open enrollment period for people, even if they’re happy with the coverage that they have, just to take a look at other options and see whether they might be able to get better coverage,” Cubanski said.
Finding the best coverage for your budget can help you avoid having to cut back on prescription drugs or doctors’ visits, according to Mastrogiovanni.
Medicare beneficiaries should also be aware that a 12% annual premium penalty applies for those who don’t sign up for prescription drug coverage at age 65, he said.
“Even if you’re not on any drugs and you’re going into retirement, I strongly recommend purchase the least expensive plan you can,” Mastrogiovanni said. More

This year, holiday spending from Black Friday to Cyber Monday may hit a record as consumers try to maximize the weekend’s deals.
Stores try to tempt you with discounts, but these are not necessarily the best prices of the year, according to shopping experts.
Here’s what not to buy on Black Friday and how to snag the lowest price overall.

By most accounts, Black Friday and Cyber Monday promise some of the lowest prices of the season.
And in 2023, more people than ever plan to take advantage of the five-day shopping event that begins on Thanksgiving Day and continues through the following Monday, according to the National Retail Federation’s annual survey.

This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend’s sales, a separate Deloitte Black Friday-Cyber Monday survey found. 
However, these are not necessarily the best deals of the year, according to Julie Ramhold, a consumer analyst at DealNews.com.
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According to WalletHub’s holiday shopping survey, 35% of items at major retailers will offer no savings compared to their pre-Black Friday prices.
A separate analysis of previous Black Friday sales found that 98% of the deals were the same price or cheaper at other points during the year. None were cheaper on Black Friday alone.

Stores try to tempt you with discounts, but “I don’t know that Black Friday has the same level of value that it did years ago,” Ramhold said.

What not to buy on Black Friday

Typically, Black Friday is a great time to find rock-bottom prices on fall clothing — including flannels, denim, boots and accessories — and televisions, like a Samsung 75″ smart TV now on sale for less than $600 at Best Buy. 
This year, there are also particularly good deals on smartphones, including Apple’s newest, iPhone 15, Ramhold found.
With toys, however, it could pay to hold out until those items are further discounted later in the season. “Unless it’s one of the hottest toys, which may sell out, you can wait until December,” Ramhold advised.

Exercise equipment, cosmetics, jewelry and bedding tend to be marked down more in January, while furniture and mattress deals are often better over other holiday weekends throughout the year, such as Presidents’ Day, Memorial Day and Labor Day weekends, Ramhold said.
Some discounts may have already come and gone. Promotions across a range of categories, including apparel, appliances and computers, were significantly higher in October this year than in the same month in 2021 and 2022, data from Adobe Analytics shows.

How to get the lowest prices of the season

A Black Friday sale sign in the cosmetics and fragrance department of the Macy’s flagship store in New York, US, on Friday, Nov. 25, 2022.
Jeenah Moon | Bloomberg | Getty Images

A price-tracking browser extension such as CamelCamelCamel or Keepa can help you keep an eye on price changes and alert you when a price drops. Honey will alert you to lower prices elsewhere and scan for applicable coupon codes.
Consumer-savings expert Andrea Woroch recommends stacking discounts, for example, combining credit card rewards with store coupons and then using a cash-back site such as CouponCabin.com or Rakuten to earn money back on those purchases.
Finally, take pictures of your receipts using the Fetch app and earn points which can then be redeemed for gift cards at retailers such as Walmart, Target and Amazon.
For more on Black Friday sales, check out NBC Select’s recent roundup of the best early Black Friday deals. More