Whether it be local, regional or even a national brand, people are traditionally drawn to things they know. Consumers in the Millennial demographic (born between 1981-1996), however, have been steering away from large, corporate brands in favor of smaller, less recognizable companies. Known as the Reverse Branding Trend, younger consumers are less prone to promoting big companies with flashy logos and catchy slogans.
Spending trends suggest that affordability and value are of vital importance, closely followed by brands that tell inspiring stories and speak to Millennials ethically. A recent article from Forbes states that, “Generally, Millennials choose to vote with their wallets for brands that tell inspiring stories, conduct business ethically or contribute to their personal brands.” However, a Millennial consumer is known to be brand loyal, once they are won over.
Do you live paycheck to paycheck? Would an unexpected $500 bill send you running for a loan? Do you find yourself putting routine expenses on a credit card but only make the minimum payment each month?
If so, there’s probably big financial trouble brewing. Here’s some recommendations that really work to help you get control of your finances.
Make a Budget
Nearly three in five Americans do not have a personal or family budget. So, the first important step is to create one.
Track your expenses for a month and find out where the money is going. This includes outlays for the big items such as rent or mortgage, groceries, and car payments. But it also includes the dollar you gave to the girl selling candy bars for her school.
You may find that in order to balance your budget, you need to cut expenses. After the “necessities of life” are covered, you may find there is not much left for the things you love. But read on, because this article will show you how to live the life you want.
Volunteer program seeks to boost cash withdrawals as budgeting tool.
Is cash still king? It would be easy to say “no,” with all the attention given to cyber shopping this holiday season and the media coverage of digital payment options.
But according to the Diary of Consumer Payment Choice, released a year ago by the Federal Reserve Bank of San Francisco, cash is still the largest retail payment category by number of transactions. By volume, cash’s share is much lower than in the past, but it still dominates small-value transactions. If credit card and debit card transactions were combined, however, they would easily outnumber cash transactions.
The holidays are a time for family, friends, celebrating—and unfortunately for many, overspending. Along with all that holiday cheer comes with it an onslaught of expenses that can quickly pile up.
Parents are especially prone to overspending during the holidays, wanting to give their children the best Christmas ever. In fact, 62 percent of parents admit that they overspend when holiday shopping.
For those trying to save, or making progress with a budget, overspending can be a devastating setback. So to help you stay focused, we’ve compiled our top seven tips for to help you stay within budget this holiday season.
Let’s face it, being on a budget is tough. It takes discipline, and you may feel like you’re constantly missing out on a lot of the things you want in life. But there’s being on a budget, and then there’s living paycheck to paycheck, where you’re so strapped for money that you can’t think further than the next time you get paid. It’s an endless cycle of stress.
Having a tough time making a budget and sticking to it? You’re not alone. Many people in your shoes switch to a cash-only budget. Sometimes they do this for just a few categories—say, groceries or gas—and other times they go all-in and commit to cash only for all expenditure, period.
Why do people do this? They say they feel different when they use cash. Cash forces you to practice conscious spending, to be aware of where every dollar is going because you can physically feel it, see it and see your stash diminishing!. In short, when you spend with cash you become hyper-aware of how much things really cost. The result? You naturally slow spending and are a heck of a lot more thoughtful about your purchases.
Weeks after Hurricane Maria hit Puerto Rico, the island remains a scene of mass devastation and chaos. Collapsed buildings, damaged roads, gas shortages and power outages have left its residents—who need food and other basic necessities—no choice but to use cash for all purchases. Stores are unable to process credit and debit card transactions, or even government-issued benefits, due to electrical and communication outages and damaged payment processing equipment.
Thanks to the credit reporting agency Equifax, many Americans, who previously were unconcerned about their personal data, now have their eyes opened to the devastation that a cyberattack makes possible. The recent massive security breach exposed the personally identifiable information of more than 143 million Americans, including social security numbers, birth dates and home addresses, earning non-stop national headlines. These data elements give hackers all the tools they need to succeed in identity theft to perpetrate other serious crimes.
The nation has been captivated by hurricanes and earthquakes these last few weeks, as they have wreaked havoc in communities across the continent. The disasters have ignited conversations about how people should prepare for such horrific events. While many people are quick to think of necessities such as generators, food, water and first aid kits, cash isn’t typically part of the plan. However, when natural disasters strike, electricity is likely to go out, so having a plan for how to pay for things post event is critical.
Rugged individualism is deeply rooted in the United States. Americans generally do not like being told what to do or how to think, and based on the results of the 2017 Health of Cash Study, they will push back against any challenge to their freedom of choice when they pay.
Take control of your money and improve your life.
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