We understand that you might still be sleeping off your Halloween candy rush, but we’d like to take this opportunity to gently remind you it’s November. Yes already. Before you know it, you’ll be in another food coma, sleeping off Thanksgiving dinner. And by the time you have fully recovered from it, it will likely be tax day.
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News Money Moves November
As the holidays approach, life can feel like it is fast forward, like in that Adam Sandler movie Click. But don’t skip your finances. This month especially can hit or break your money goals.
To keep you up to date, we’ve put together tips to help you get your Christmas shopping done, make a little extra cash, and prepare for the funky housing and job markets. We’ve also thrown in a few PSAs about health insurance and other benefits you should know about this month.
Remember, keep these November money tips in mind:
1. Plan your Christmas shopping wisely
This is going to be a Christmas shopping season like no other. With supply chain issues so numerous, consumers should expect shortages of common vacation items such as toys, turkeys, alcohol and electronics. Aside from congestion, these supply chain issues can cause prices to skyrocket. For example, televisions are likely to cost about $ 100 more than normal this year – even with a vacation deal.
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So should you start your Christmas shopping early this year? Yes and no. Some experts warn that certain electronics that are not ordered as soon as possible may not arrive by Christmas. But starting early can have drawbacks if you’re not careful with your budget: Research from Deloitte shows that consumers who start their Christmas shopping before Thanksgiving outperform those who wait until after Thanksgiving by around 23%.
To keep your expenses down, be selective about what to buy this month and be aware that even with a Black Friday or Cyber Monday discount, you may not do as well as you might think. And especially on these days, you present a game plan according to your wishes. If you’re just looking for good deals, you’re definitely buying something you don’t really need.
2. Include skyrocketing gasoline prices in your Thanksgiving travel plans
Are you visiting family members this Thanksgiving? If so, you are likely driving. AAA, the non-profit auto service and insurance association, has been tracking vacation travel behavior since 2000. Its data shows that Thanksgiving is a particularly popular holiday for road trips.
If you plan on taking to the streets this month, factor in the increased gasoline prices. According to analysis by GasBuddy, an app that tracks real-time gas prices at 150,000 gas stations in the US, a gallon of gasoline is likely to cost $ 1.20 more than it was this time last year, with the national average being around 3.36 US dollars is per gallon.
To save your gas, follow these advice from the US Department of Energy:
- Monitor your engine check light.
- Don’t weigh down your car.
- Reduce your driving speed.
- Stop the engine if you have been idling for 10 seconds or more.
3. Prepare if this is your first time buying a home
Historically, November marks the start of the slow season for home sales, according to the National Association of Realtors. Prices tend to be lower this time of year, which can pique your interest in buying a home.
In the pandemic era, most of these norms fell out of the window. The housing market has been scorching hot for the most part this year. Some signs suggest the market is cooling, but it is still a difficult time to buy, especially for beginners.
A current report by the real estate platform Opendoor shows what first-time buyers have gone through in their search for a home. Simply put, it’s an emotional roller coaster ride that may require obsessively checking Zillow seven times a day, viewing more than a dozen properties, and making five or more quotes before finally finding a seat.
The best way to avoid this headache is to wait for the property market to cool down if you can. However, experts say it could take some time for the market to normalize again. And if you want to buy now, prepare for a marathon. Check out our guide to buying a home this fall for more tips.
4. Sign up for your employee benefits
November is the enrollment season, roughly a month-long period during which many workers have to sign up for the benefits their employer offers. This is your chance to update your choice of core benefits like health, dental and life insurance.
Don’t just tick the box and use what you currently have by default, says Marquis Smallwood, vice president of workforce engagement at life insurance company MetLife.
“The past 18 months have been a unique time, and the perks you selected a year ago may have suited your needs but may not have suited your future plans,” he says.
In fact, a recent MetLife survey found that 8 in 10 millennials expect to make big life changes in the next year. Several frequently cited changes, including having a baby, getting a pet, or having a major medical procedure that they delayed, are linked to workplace benefits.
How can you prepare? Check out what you’ve used – and haven’t used – this year. For example, look back for your health insurance company, how often you went to the doctor in the last year and what you paid for medication. Then think about what to expect in the coming year.
If you pay for a gold-plated tariff but have never seen a doctor, you can probably cut it down and pay lower monthly premiums. Alternatively, if you have inexpensive but highly deductible health insurance and are expecting a baby or need medical intervention, it may be better to choose insurance that covers more.
People tend to fear the open enrollment season, Smallwood says. But think of it this way: it’s technically part of your compensation, and you want to be sure you’re getting as much value from it as possible.
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5. Start shopping Obamacare on the health insurance marketplace
If you’re one of the 12+ million Americans who purchase insurance through Healthcare.gov or a state marketplace, you can enroll too. Registration begins on November 1 and runs until January 15, 2022 for insurance coverage, which begins in 2022. (You must register on December 15 for coverage to begin January 1, 2022.)
Much of the same advice applies here as for those signing up through an employer. If you have a plan through the Marketplace and do nothing, you will be re-registered for the same plan. However, you should shop around to make sure that your current coverage is still the best option for your health needs.
6. Get a seasonal job if you need some extra cash
Seasonal jobs can be a great way to regain some of the money you might lose through all the partying, traveling, and giving. This year, you could be making a seasonal appearance within 30 minutes of applying. Really – it comes straight from a UPS settings ad.
The ongoing labor shortage has spread into the vacation rental season, and this has made retail and mail order companies particularly desperate for workers. Many companies are currently caught in a game of one-upmanship hoping to outperform their competitors and attract more seasonal workers.
If you are looking for a gig, you have a lot to choose from. Many come with salaries of $ 15 or higher, sign up bonuses, and other perks. In fact, this year could be the best year yet for seasonal work. Another emerging trend among employers this hiring season is that many seasonal jobs are permanent. This may sound against the nature of “seasonal” jobs, but several companies like Target, UPS, Walmart, and Amazon want you to stay long after the holidays.
More from money:
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