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3 Things You Should Know About Black Friday

November 27, 2019

Black Friday used to be just one, crazy day of shopping. Deal seekers would wake up before sunrise, grab a thermos of coffee and a warm jacket, and wait in line for hours to get the best deals on televisions, laptops, and Cabbage Patch Dolls. The desire to shop and save is so popular that Black Friday has spun off nearly a week’s worth of celebrations, including:

 

  • Black Friday – November 29, 2019
  • Small Business Saturday – November 30, 2019 (The lesser-known shopping day that encourages support of small businesses)
  • Cyber Monday – December 2, 2019
  • Giving Tuesday – December 3, 2019 (The do-good day that rallies communities around giving time and money)

 

Black Friday itself has even crept into our day of gratitude, with stores opening just after the dishes are cleared on Thanksgiving night. Some brands and shoppers have pushed back against Black Friday, like REI with their #OptOutside campaign that provides an active alternative to malls and box stores. But for many, the excitement of Black Friday is as much a part of Thanksgiving as turkey and pumpkin pie.

 

For those who are on the hunt for the best deals, here are a few tips to help you succeed.

 

Make a List (and Check It Twice)

While this tip is true for nearly every shopping trip, you definitely need a list, plan of attack, and even a budget for Black Friday. What items are your absolute must-haves? Are you more of a big-ticket item shopper or are you in it for smaller deals on everyday items? Just as you need to plan out that Thanksgiving dinner menu, sit down and list where you want to go and in what order to keep yourself from impulse buys and overspending. There’s no worse feeling than getting home and realizing you wasted money on something that wasn’t really a good deal or that you didn’t even want. Consider the following for your list:

 

  • Category
  • Item
  • Store or URL (for online Black Friday deals)
  • Deal or Coupon Code
  • Price
  • Budget Countdown

 

Shop Online

Cyber Monday used to be the online shopping day of the holiday season, but Black Friday is king for a reason and quickly expanded in-store-only deals to the online crowd. Shopping online helps you cover more territory in less time, and there are apps that can help you organize and simplify your shopping efforts.

 

With the BlackFriday.com app, you can easily filter through Black Friday promotional clutter, search by keywords, compare deals at different retailers, share deals with friends, and even set up notifications for when sales start. With the TGI Black Friday app, you can set up alerts if one (or more!) of your big-ticket items go on sale before Black Friday. This app also has a shopping list feature so you can digitize your plan of attack.

 

Shop All Year

For decades, Black Friday has gotten a reputation for being the deal day of the year. The name “Black Friday” even dates back to the 1960s when it was first used to name the kickoff to the holiday shopping season. However, it’s not always the best time of the year to get the best deal on several key items.

 

Televisions frequently go on sale just before the Super Bowl to appeal to fans looking to see the biggest game of the year on a new screen. On the hunt for a smaller electronic device? iPhones are typically discounted in September after the annual Apple event announcing the latest models. What about a new set of skis for the slopes? The best time to shop can be just before the end of the ski season, as retailers look to clear out inventory. And for more of the homebody, home goods are often discounted around holidays like President’s Day, Independence Day, and Labor Day. Finally, if you are ready to kick off the new year in a healthy way, consider waiting until June or July to buy that gym membership. At that time, gyms are eager for sales since clients are outside enjoying the long, sunny days of summer.

 

Find Other Ways to Save

You don’t have to brave the weather and the crowds to save money before the holidays. If you have student loans, you can keep money in your account by refinancing or consolidating. ELFI customers reported saving an average of $309 every month and an average of $20,936 in total savings after refinancing. See what kind of savings you can qualify for at elfi.com/refinance-education-loans.

 


 

1Average savings calculations are based on information provided by SouthEast Bank/Education Loan Finance customers who refinanced their student loans between 8/16/2016 and 10/25/2018. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon several factors.

 

Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.

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Friends celebrating 4th of July with barbecue
2020-07-02
Barbecue on a Budget: Festive Fourth of July Treats Under $20

While many of us will be celebrating the Fourth of July at home this year, we can still enjoy one of the best parts of the holiday: festive foods! Whether you’re serving up cocktails, grilling steaks or enjoying red, white and blue snacks, an at-home celebration makes it easy to have fun on a budget.

We’ve put together a list of Fourth of July food ideas that are sure to be a hit, both with your family and friends and with your wallet.

 

All-Star Hot Dog Bar

Wow the family and save some cash with a Fourth of July hot dog bar! Whether you’re grilling out or cooking on the stove, this customizable meal is the perfect way to feed a group without breaking the bank.

In addition to classic toppings like ketchup and mustard, get creative with a few show-stopping toppings:

  • Relish
  • Barbecue sauce
  • Onions
  • Tomatoes
  • Jalapeños
  • Chili
 

Firework Margaritas:

Cheers to the Fourth! What better way to celebrate the weekend than with a colorful cocktail? Whip up this delicious drink for the adults in your group or leave out the alcohol for a refreshing version everyone can enjoy. Here’s what you’ll need:

  • 4 cups strawberries
  • If preferred: 2 cups silver tequila (any brand)
  • 1 1/3 cups lime juice
  • 1 cup honey

Blend the ingredients, rim the glasses with salt or sugar, and garnish with a lime or strawberry for an extra-festive finish.

 

Star-Spangled Trifle

Don’t forget dessert! This delicious red, white, and blue trifle is the perfect complement to any Independence Day meal. Here’s what you’ll need:

 

Trifle:

  • 1 16 oz. container of strawberries
  • 1 6 oz. container of blueberries
  • 1 box angel food cake mix (any brand)
 

Whipped Cream:

  • 4 tbs. sugar
  • 2 cups heavy whipping cream
  • 1 tsp. vanilla extract
 

However you choose to celebrate this year, we hope these Fourth of July recipes add a little extra excitement to your day. Have a fun and safe weekend!

Woman checking her finances while wearing mask due to COVID-19
2020-07-01
The 6 Financial Lessons That COVID-19 Has Taught Us

Since March, the nation has been reeling from the impact of the COVID-19 pandemic. Millions of people lost their jobs, had their hours cut, or experienced drops in their income. Many families’ finances have been significantly affected by the coronavirus outbreak and are still struggling to recover.   By Kat Tretina   As the nation starts to rebuild — and businesses begin to reopen — here are six lessons we learned during the pandemic that we should all keep in mind going forward.   

1. You need a larger emergency fund

Before the pandemic, many financial experts said that an emergency fund of $1,000 was sufficient for most individuals. Others said that saving three months’ worth of expenses was enough.    If you followed that advice, you may have realized that the guidance left you unprepared to deal with such a serious catastrophe. If you lost your entire income overnight, you quickly exhausted your savings and were unable to pay your bills.    If the pandemic drained your savings account or if you never had an emergency fund in the first place, focus on building one from scratch once you’re steadily employed again. Aim to save at least six months’ worth of living expenses. That may sound impossible right now, but the important thing is to start saving and tuck money away consistently. Over time, you can achieve your goal.   

2. Understand your loan protections

As we found out during the past few months, not all creditors are equal. While some creditors were willing to work with people struggling with their finances during the pandemic, others were not.    Federal student loans were eligible for the
CARES Act, including 0% interest and automatic payment suspensions. Unfortunately, private student loans did not qualify for those benefits.    Some private student loan lenders workers with borrowers and allowed them to postpone their payments, but not all lenders were willing to do so.    The experience highlights how important it is to shop around and choose a lender that offers hardship programs and forbearance options. With ELFI, you may be eligible for up to 12 months of forbearance if you experience a financial hardship, such as a job loss or medical emergency.   

3. Avoid the lifestyle creep

Before the pandemic hit, the economy was strong. Unemployment numbers were very low and credit was easy to get, so many people were inflating their lifestyle. Even high-earners were living paycheck to paycheck to live more lavish lifestyles than they could really afford. When things went south, people were left scrambling to make ends meet.    Living well within your means protects you from a recession and a bad economy. When you spend less than you make, you have more breathing room in your budget, and can weather bad times until things improve.    To avoid lifestyle inflation, create a budget and stick to it. When you get a raise, automatically deposit the difference in your paycheck into your savings account or make extra payments toward your student loans. That way, you won’t notice the extra money, but you’ll improve your net worth. Learn how to avoid the lifestyle creep here.  

4. It’s wise to have multiple income streams

Many people lost their jobs, were furloughed, or had their hours reduced during the pandemic. With unemployment rates skyrocketing and many businesses shutting down, having multiple income streams is more important than ever.    When you have more than one source of income, you’re better able to handle emergencies. Even if you lose your job, you’ll at least have some money coming in to cover your most important bills. Having a side hustle can also help diversify your skill-set, making it easier to find another full-time job later on.    If you can, look for another source of income. You can pick up a side hustle, such as delivering groceries, pet-sitting, or renting out extra space. You can also offer freelancing or consulting services in your field.   

5. Don’t try and time the market

When the pandemic occurred, the stock market plummeted. Many people panicked and sold their investments or raided their retirement plans. It turned out to be a costly mistake, as the stock market rebounded. It’s a key lesson: Don’t try and time the market.   The stock market has natural ebbs and flows, and will experience sharp periods of growth and recessions. Don’t panic and sell during those declines, and don’t try to buy only when you think it’s at its lowest.    Instead, keep your investments where they are, and continue making consistent contributions if you can. Over time, your money will steadily grow, and your patience will pay off. If you're new to investing, you may want to check out these apps to get started..   

6. Pay down high-interest debt

Having high-interest debt can be one of the biggest stressors when the economy is in decline. When your job is at risk and money is tight, your student loans and credit cards are the last thing you want to worry about when you need to pay rent and groceries.    To eliminate that stress, focus on paying down high-interest debt when things are relatively good. By paying off your debt, you’ll save money over time, and you’ll reduce your monthly expenses.   If you want to accelerate your student loan repayment, consider student loan refinancing. Especially if you have private student loans, refinancing your loans can help you get a lower interest rate and save money over time.   Use the student loan refinance calculator to find out how much you can save over the life of your repayment term.*  
  *Subject to credit approval. Terms and conditions apply.   Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.
Woman dealing with financial stress in healthy way
2020-06-29
7 Healthy Ways to Deal With Financial Stress

Do you have debt? If so, you are not alone. More than 74% of Americans have debt of some kind. We know how stressful dealing with debt can be. It can often feel like there is no end to debt payments in sight and can consume your thoughts more than it should. But there are healthy ways to deal with financial stress that can help you pay down debt faster. Read on for some innovative ways to curb financial stress and crush your debt.     According to a Northwestern Mutual 2020 Planning & Progress Study, the average debt for Americans in 2020, just before the COVID-19 impact, was $26,621 per person carrying debt. The debt consists mainly of credit card debt and mortgages, followed by personal student loans and car loans. It should come as no surprise that millennials are feeling the strain of debt as well, with the average debt for millennials being $27,900 in 2019, excluding mortgage debt. Millennials cite credit cards and student loans as their major debt sources. Among all those with debt, 67% have a specific plan to pay it off. While that’s great, that means that three in 10 debt holders have no plan for how they’ll pay off their debt. A plan is a great way to feel more in control and stress less about your debt. With a little bit of strategic planning, it can also help you pay down your debt faster.  

Healthy Ways to Deal With Financial Stress

If you have been reading about debt tackling strategies, you have probably heard of the debt snowball and debt avalanche methods. Those are great strategies, but if you are looking for new and creative (and possibly even fun) ways to deal with financial stress here are some ideas to try out:   

Side Hustle

In 2019, 45% of Americans reported having a side hustle. A side hustle is a great way to earn extra money outside of your day job. The money earned can be extremely helpful to make extra payments on your debt and pay off your debt faster. A side hustle could be a driver for ride sharing, grocery shopping for others, selling items on eBay, tutoring, or dog walking, among many other options. Your side hustle might even be an enjoyable hobby you can start making money from like photography or writing a blog. Doing an activity you enjoy and making money on the side is sure to help ease some stress.    

Dollar for Dollar

For every dollar you spend on non-essential purchases, you spend the same amount on an extra debt payment. Think you want new wireless headphones? Take the same amount you will spend and make an extra debt payment. This method may also help you curb some spending on wants versus needs.    

Sign-Up Bonuses

Looking for a new checking or savings account? Take advantage of banks with sign-up bonuses for opening a new account and use the bonus money to fund your next financial goal.   

Save with Apps

If you like paying with plastic, there are some apps that you can use to help you save for specific financial goals. Some will round up your purchase price to the nearest dollar and deposit the difference into a savings account, one example is the app Acorns. Another app, Qoins, will take the difference and make a debt payment on your behalf. Or use the app, Digit, that will monitor your income and spending habits to determine if there is extra money that can be moved from your checking account into your Digit account. These little amounts can add up quickly to help you meet a savings goal.   

Found Money

According to a 2019 report, 92% of millennials use coupons, whether paper coupons or digital coupons on their phone or online. These coupon savings can then be turned into extra debt payments. Found a coupon that saves you $10 on a purchase you were already going to make? Put that money aside to make an extra payment on your debt. You might also find money from your credit card cash back programs. If you are not carrying any credit card debt, using credit cards to earn cash back is a great way to earn money for purchases you were already making. Instead of using the cash back on a frivolous purchase, turn it into an extra debt payment or the beginning of an emergency fund. If you are shopping online, use a cash back shopping site to earn additional money that can be turned into another debt payment.    

Color Away

Looking to calm your anxiety and see the light at the end of the debt tunnel? Try debt repayment coloring pages. A study in the journal Art Therapy found coloring can reduce anxiety and improve mindfulness. A debt repayment coloring sheet allows you to color a section of the page for each new debt milestone met. They can be a great visual reminder of how far you have come in your debt paying journey and great motivation to make little extra payments when you can. A quick search will show you free ready made pages to start coloring.  

No Spend Challenge

Make a commitment to not spend any unnecessary money for a certain length of time. You could start with a couple of weeks and work your way up to a month long challenge. Set the rules of what you can spend on, but remember it’s supposed to be a challenge. For example you could decide to only spend money on rent or mortgage, utilities, transportation, and food from grocery stores. Any other expenses outside of those categories you don’t spend for two weeks. All the extra money you would normally spend on unnecessary items goes straight to debt payments, emergency fund or any other financial goal you have.      If student loans are one source of financial stress, check to see if student loan refinancing is a good fit for you.* For many people, refinancing is a beneficial way to cut expenses and save in interest costs.    

Conclusion

Debt may be a part of your finances right now, but won’t always be. Make a plan and try to incorporate some of these methods to help make the debt payoff journey easier. Before you know it, you will have your next debt payoff milestone met and will be on your way to a debt-free life. Good luck!  
  *Subject to credit approval. Terms and conditions apply.   Notice About Third Party Websites: Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – the bank is not responsible for the content. Please contact us with any concerns or comments.