Money Rehab with Nicole Lapin - From Holiday Gifts to New Year's Parties, Here's the Best Money Tips

Episode Date: December 12, 2023

'Tis the holiday season and it’s… expensive. There are gifts to buy, family to see, and parties to attend. If you’re lucky, it’s an embarrassment of riches… that can also leave you totally broke. Today, Nicole gives you some fresh tips for saving money during the holidays. To get Nicole's tips on holiday travel, click here. Want to start investing, but don't know where to begin? Go to moneyassistant.com and meet Magnifi, your AI money assistant, designed to help you make a plan for your financial goals. Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork 

Money rehabbers, you get it. When you're trying to have it all, you end up doing a lot of juggling. You have to balance your work, your friends, and everything in between. So when it comes to your finances, the last thing you need is more juggling. That's where Bank of America steps in. With Bank of America, you can manage your banking, borrowing, and even investing all in one place. Their digital tools bring everything together under one roof, giving you a clear view of your finances whenever you need it. Plus, with Bank of America's wealth of expert guidance available at any time, you can feel confident that your

money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. I'm Nicole Lappin, the only financial expert you don't need a it's time for some money rehab. Tis the season, and tis expensive. There are gifts to buy, family to see, parties to attend, and if you're lucky, it's an embarrassment of riches that can also leave you totally broke. Today, I'm going to give you some fresh tips for saving money during the holidays in five acts. Because why not? Act one, the lead up. Let's be honest, you are doing the most this time of year. During the holidays, schedules turn upside down. There are parties

at work. If you have little kids, they're wrapping up their sports seasons. If you have big kids, they're maybe coming home from college. Maybe you're traveling somewhere warm. Net net, this means that many people are in the position of being too busy to use all of their memberships like streaming services and, let's be honest, the gym. Maybe right now you can put a pause on Netflix, Game Pass, and Hulu and claw back a few bucks and a little bit of time. But don't stop there.

Any subscription box can be paused as well. There's also a good chance that pausing the subscription will get you coupons or even a better deal when it's time to rejoin. And surprise, this tip isn't holiday specific. Anytime you have a lot going on or you're traveling, consider pausing some of those subscriptions. Act 2. The Transpo. I recently talked about some of my top tips for travel, and if you're taking off for the holidays, definitely check out that episode. I've linked it in the show notes. That episode was mostly travel tips if you're flying, but now I'm going to give you some car renting tips. First, check prices at pickup spots other than the airport. Often, other locations offer much

better deals. It might even make sense to take an Uber or a Lyft from the airport. Often other locations offer much better deals. It might even make sense to take an Uber or a Lyft from the airport to the rental car pickup zone just to save a few bucks on your daily rate. When you're shopping around for a rental, use all of your memberships, the ones that you didn't cancel. Costco, believe it or not, has some really great deals on travel, including rental cars. And the savings don't have to stop after you book the best deal you can find. Once you get to the rental desk, there is even more savings to be had. Take a moment when you're checking out to ask if they have any special discounts or if they're running any special promotions. Are you a member of the military,

a teacher, a federal employee? That can also save you some money at pickup. And try not to sign up for their refill service. Get gas yourself when you're filling out the paperwork. They will charge you a hell of a lot for gas. It is always more expensive. Similarly, avoid their insurance so long as you have your own. Your personal car insurance will cover you, and your credit card might offer some coverage that kicks in

any gaps left by your car insurance. The amount of coverage and the rules do vary by card, so call your credit card company and see what's available. Act 3. The Mindset. This tip is for anyone who grew up poor. Do you go over the top for the holidays because you're trying to make up for a lack of gifts or money that you had in your own childhood? Parents in particular do this,

but I'm not here to make you feel bad about it. It is so human. Trust me, I understand. But no amount of spending is going to turn back time. Think about how you're doing the holidays. If you're spending beyond your budget because you want your kids to do something or have something that you didn't, that's a wonderful sentiment, but not necessarily a wonderful financial example. For you, the best way to save money may simply be to get to the root cause of why you're spending so much money. When you're buying for kids, a good guideline can be as simple as everyone gets something to wear, something to read, something they want, and something they need. Act 4. The Gifts. Discovering that an expensive gift you just bought is on sale for a cheaper price somewhere else is so haunting it deserves its own ghost of Christmas past

or Hanukkah past if Dickens had shown the Jews some more love. But you can rest easy knowing that companies like Target, Best Buy, and Nordstrom will all protect you from the ghost of buyer's remorse. They all price match any purchase during the holiday season, and they aren't the only ones who offer this service, so it's worth looking over the policy at any store you buy from. And check it twice because there are sometimes unique rules from each and every store. Some retailers will price match even after the gift has been purchased. It does require some documentation and contacting the store, but the actual process is quite simple and streamlined. If the gift was purchased from a retailer that doesn't offer price matching, it is possible to return the gift and purchase the cheaper item. For seriously expensive gifts that also are at risk of selling

out, it might be worth purchasing one to make sure that you have it while continuing to check around the pricing at other competitors' websites. Then you can price match or return it if you find something cheaper. Act 5. The Insurance Plan. Now, I mentioned calling your credit card company to see what rental car coverage they offer. While you've got them on the phone, find out if they offer extended warranty protection and purchase protection. Yes, you can also look this all up online if you're a millennial phone call hater. There are two different types of protection plans, though, purchase protection and extended warranty coverage. Purchase protection applies if your purchase gets stolen or damaged within a short time after the purchase. You'll need the receipt

and a police report in most cases, but depending on your coverage, if you bought it using your card, you might be able to get all of your money back. Extended warranty coverage works by adding a year or so of protection to the manufacturer's warranty for any product defect. While you should use this if you're buying an expensive gift like the Xbox Pro Elite controllers, the limit is often up to 10 grand or even more, so stash this tip in your back pocket the next time you're buying a dishwasher or any big appliance. For today's tip, you can take straight to the bank. If you get hit by porch pirates this year, it sucks, I know, or if your gift gets lost in the mail, you might have another

secret protection you can use. The credit card chargeback. If you purchase the gift using a participating credit card, you can ask for a chargeback and they will refund your money since you never actually got your product. It might require a little time and effort on your part, but it can also keep you from having to pay for something you never actually got your product. It might require a little time and effort on your part, but it can also keep you from having to pay for something you never actually received. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Levoy.

Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself,

which is the most important investment you can make.