As we say goodbye to 2024, let's also bid farewell to some less than ideal money habits — like unnecessary impulse purchases, credit card debt getting out of hand and the trap of lifestyle creep. This episode will give helpful tips on how to start the new year on good financial footing. Sign up for Life Kit's Guide to Dry January, our special newsletter series: http://npr.org/dryjanuaryLearn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Brian Vines, Deputy Editor of Special Projects at Consumer Reports, shares his expertise on making smart purchasing decisions. He explores the pressure of marketing and how to differentiate needs from wants. Vines introduces the HALT approach to combat emotional shopping triggers and emphasizes the importance of intentionality. Listeners learn practical strategies for assessing purchases, taking into account personal finances and motivations, helping to foster intentional consumer habits and avoid buyer's remorse.

Discover clever strategies to save money during the holiday rush. Learn how to tackle grocery costs with meal planning and smart ingredient choices. Explore effective ways to cut back on essential expenses like housing and transportation. Gain insights into managing discretionary spending while still enjoying the festive season. These tips are designed to help you prioritize your finances and make the most of your budget!

Kari Kammel, Director of the Center for Anti-Counterfeiting and Product Protection at Michigan State University, shares her expertise on avoiding online counterfeit products. She reveals that nearly 70% of people have unintentionally bought fakes. Kari offers practical tips for identifying red flags, underscores the importance of shopping from reputable brands, and discusses the potential health risks associated with counterfeit goods. Additionally, she highlights the significance of consumer vigilance and using legal protections like the Informed Consumers Act.

Laurel Walmsley, an NPR personal finance correspondent, dives into the world of mortgage refinancing. With recent drops in mortgage rates, she discusses how many homeowners could save hundreds monthly. Listeners learn the essentials of evaluating refinancing options, including potential costs and savings. Walmsley emphasizes the importance of comparing lender quotes and using online tools. She also highlights strategies to maximize benefits, especially for low to moderate income homeowners, making refinancing a smart financial move.

Michelle Singletary, a savvy personal finance columnist from the Washington Post, shares her insights on retirement planning. She emphasizes the importance of starting to save early, likening it to learning to swim as a child. The magic of compound interest is a key theme, showing how small, consistent contributions can grow significantly over time. Singletary advocates for using retirement accounts like 401(k)s and IRAs, promoting automatic contributions and proactive financial management to ensure a secure financial future.

Laurel Wamsley, a financial expert from NPR, joins the conversation to unpack the Federal Reserve's recent interest rate cut. She explains how this change impacts high-yield savings accounts and offers advice for recent homebuyers considering refinancing. Wamsley also discusses the ongoing challenges in the housing market, including high prices and shortages. Listeners will gain insights into navigating their finances amidst shifting interest rates and learn about new opportunities for savings.

Explore the intricate world of credit cards and their impact on your financial health. Learn how to boost your credit score with smart habits like timely payments and responsible borrowing. Navigate credit card terms like APR and fees, and discover effective strategies for managing payments to avoid interest charges. Get tips on making wise credit card choices tailored to your spending habits, while understanding the benefits of rewards and purchase protections. Master the credit card game to stay out of debt!

Stacey Vanek Smith, a journalist focused on sustainable fashion and consumerism, dives into the world of mindful shopping. She discusses the impact of impulsive consumerism, sharing humorous anecdotes that highlight our cluttered lives. The no-buy challenge emerges as a transformative experience for many, emphasizing community support and financial awareness. Smith also stresses the importance of shifting towards sustainable fashion, revealing how emotional factors shape our consumption habits. Tune in for actionable tips and insights into cultivating intentional purchasing!

Prenups aren't just for the rich and famous. Family law attorney Theresa Viera explains how to talk about it with your partner and decide whether it's right for you. This episode originally published August 31, 2023.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy