The end of the year is approaching, the holiday season is upon us, and it probably feels like money is flying out of your hands faster than you can earn it.
Andrew Schrage, co-owner of Money Crashers Personal Finance took some time to answer some questions about how to hang on to more of that money of yours. Andrew is an expert in consumer education about making responsible financial decisions, and it seemed a great time to have him share his expertise with us.
Goedeker’s: What financial advice do you have for people who are looking to remodel their home?
Andrew Schrage, co-owner of Money Crashers Personal Finance
Anthony: Establish a budget first and include a 10%-15% cushion for cost overruns. Get estimates from at least three qualified contractors. If it doesn’t involve a total home remodel, focus your project on the specific area you want to upgrade – it can be tempting to overdo it. Save the other projects for the future. Consider purchasing the supplies yourself (compare prices at your local hardware store to the costs on your estimate).
Goedeker’s: On MoneyCrashers.com, one of your principles is “Do Not Believe in Money Myths.” Are there any such myths that have to do with large purchases for the home, such as appliances, furniture, and remodeling?
Anthony: One myth is that you have to pay full price and buy brand new appliances and furniture. Scratch and dent appliances usually aren’t that beat up, and you can also inquire about purchasing a floor model to save money. Another way to dispel that myth is to time your remodel with when large appliances and/or furniture typically go on sale. The fall is usually the best time to buy large appliances (it’s when new inventory comes out and older appliances are discounted) and right after the Christmas holidays is the best time to buy furniture, as retailers prepare to release their spring lines.
Goedeker’s: Do you have any tips for people in the market for new appliances in the next few months?
Anthony: Keep an eye out for sales all the way up until Christmas, especially at the major appliance retailers. Buy ENERGYSTAR appliances to impact your energy bill. Consider a display model or shop the scratch and dent section. If your heart is set on a brand new appliance, ask for a discount. Major retailers will discount items, especially if you’re spending a lot of money. Ask for free delivery as well – that’s usually not too hard to get thrown in.
Note: It’s worth mentioning here that Goedeker’s has an overstock section in our savings center for bargain hunters, and we offer free delivery on orders over $998.99.
Goedeker’s: We’re right in the middle of the holiday season, and spending always seems to be up at this time of year. What do you suggest people keep in mind to stay financially sound in November and December?
Anthony: Create a budget for each of the individual spending categories for the holiday season, such as gifts, food, entertainment, tips, and travel. Do your gift shopping with a list and stick to it. Resist the urge to make unnecessary personal purchases. Use the right credit card – both the Discover Card and the Chase Freedom card offer 5% cash back on purchases made in certain spending categories like online shopping and department stores. Get your Christmas decorations from the dollar store and make your holiday dinners and get-togethers potluck.
We appreciate Andrew taking the time to share this valuable information! Be sure to check out Money Crashers Personal Finance for even more money-saving tips from Andrew and other contributors.
