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This Week In Your Wallet
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Beware, BNPL can come back to bite you. Buy-now, pay-later (BNPL) platforms like Affirm and Klarna are luring shoppers chasing a luxe lifestyle into what The New York Times calls a "vortex of debt." These services let you snag what you want now and stretch payments out – sometimes for years. When the bill comes due, lenders can pull funds straight from your linked account. And, while many tout "interest-free" financing, longer-term plans can go as high as 36% – plus late fees if you miss a payment. As life coach Dior Bediako puts it, "Everybody’s getting sucked into creating a lifestyle that’s bigger than them, bigger than what they can afford, and finding ways to finance it that their future self probably won’t be happy about but their present self is really pleased with."
Health care sticker shock? You’re not alone. But as you hunt for cheaper coverage, watch out for fake health insurance plans trying to reel people in. "Confusion about navigating insurance writ large and the Affordable Care Act marketplace in particular has led many people to end up with plans that they think are health insurance, which in fact are not health insurance," warns Time. "They mistakenly click away from healthcare.gov, the website where people are supposed to sign up for ACA-compliant plans, and end up on a site with a misleading name that may provide them with an ACA-compliant plan but also might not." Here’s what to watch out for.
Friendsgiving is officially a thing – and it’s becoming more popular. 60% of Americans now attend more than one Thanksgiving celebration, including Friendsgiving. If you’re hosting, cut costs (and waste) by renting instead of buying. "While it may be tempting to use paper products for your Friendsgiving, be better than that by renting linens, dishware, glassware, and flatware for your party," says Liz Curtis, founder of the rental company Table + Teaspoon. Your guests will feel cared for and the planet will thank you!
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Things That Save You Money
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Rabbi Angela Buchdahl On Being The First Woman To Lead NYC’s Central Synagogue
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Imagine…you’re up for a big promotion and the man whose job you’d inherit questions whether it’s a fit for you, because you’re a working mother.
Now, picture this: On the very day everyone learns he’s retiring, you’re scheduled to speak at an event with Anne-Marie Slaughter, author of the famous "women can’t have it all" article. Your husband’s on a business trip. And then, you get a call that your 8-year-old needs to go to the emergency room.
This happened to Rabbi Angela Buchdahl. She survived the day (and her daughter was OK!), won the promotion, and eventually became the first female Senior Rabbi to lead New York City’s Central Synagogue. Her journey is detailed in her new memoir.
As Rabbi Buchdahl tells Karen Finerman on How She Does It, she initially hesitated to throw her hat in the ring for the big promotion. Still, she kept advice from a key advisor in mind: " The timing is never going to be perfect," she shares. "If you don’t take this opportunity, someone else, probably a man, will take this job and take it for the next 25 years, and you will have lost your chance."
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Ask Jean
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My car is 13 years old and starting to have issues. With a toddler and a baby on the way, it’s just not safe anymore — so we’re car shopping. I’m honestly in shock at how expensive cars have become. Our credit is excellent, our income is above average, and our only debt is our mortgage. Still, I can’t wrap my head around how anyone is affording $600–$1,000 monthly car payments. Help!
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I’m a fan of buying a certified used car with a solid warranty and then driving it pretty much into the ground (or until repair bills add up.) That’s what I did when I needed to replace my Volvo wagon last year — I used CarGurus.com to locate the same model, just three years old, with low mileage. That said, used cars aren’t as cheap as they used to be, either. So we checked in with David Bennett, Senior Repair and Car Buying Advice Manager, with AAA, who unpacked the three options: buy new, buy used, or lease.
Bennett suggests keeping a few key things in mind:
Think ahead: We know you have a growing family, but what other changes do you foresee in the next 3-5 years? Do you plan to relocate to a climate where you’d need a car that’s good in the snow? Will you have a new job that requires more driving? These, and other factors, are worth considering.
Prioritize needs over wants: Sure, that fully loaded SUV might look nice, but the base model probably does everything you need for less.
Mileage matters: "If you put a lot of mileage on a vehicle, leasing is probably not a good option," says Bennett. "Conversely, if you drive less than 12,000 miles a year, leasing may be a viable option to keep your monthly payment low."
Do the math: "Compare the 5-year ownership costs, which consist of depreciation, fuel, maintenance, insurance, registration/taxes, and finance charges," he shares. "Compare the costs to other similar vehicles to help you make an educated decision." This handy calculator from AAA will help.
Check insurance before you buy: "Before making a final decision, check with your insurance company on the cost to insure the vehicle," advises Bennett. "You may find one is less expensive to insure than another, which could be a factor in your final decision."
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Submit your questions to Jean here.
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More For You To ♥
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👕 Style on demand. Return it, swap it, repeat — it’s fashion without the baggage. Sign up here for up to 60% off your first month of Armoire membership + two free bonus items!
📈 Want to take more control of your investing life? Robinhood gives you the tools to trade when it suits you – no commission fees, round-the-clock support, and a little bonus to get you started: your first share is on them!
🗣️ From first meetings to retirement planning, talking to a financial advisor can be intimidating. Here are the scripts you need to feel confident doing it.
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