NWColumbus Blog

Holiday shopping when inflation is high

With the prices of just about everything on the rise, you may find yourself wondering exactly how you will shop for your loved ones this season.

Before you hit up any Black Friday deals, take a minute to read these tips that we hope will help you prioritize your spending!

1. Budget

Unfortunately, the holiday season doesn’t give us a pass to ignore our regular bills. It’s important to make sure all your usual expenses are covered before you consider any extras. Once you have an idea of what those are, then you can start to look at all the other things you may want to spend money on this season. Make sure you have a plan for things like gift giving, food for parties or holiday celebrations, holiday party expenses, and clothing for different events, so these things don’t take you by surprise later.

2. Prioritize

Once you have a picture of your upcoming expenses, you will be able to more clearly see what you are able to spend. It’s never a good idea to go into debt for holiday spending, so if you don’t quite have enough to cover your whole wishlist you may need to prioritize.

Decide what is the most important for you to spend time and money on this season and start there.

3. Get creative

If your holiday plans are loftier than your income allows, don’t despair. There are some ways to get creative to boost your income.

You could sell some of your gently used items that you are no longer using on Facebook marketplace, eBay, or maybe even sell to consignment stores.
Another good way to cut back is by taking a look at some of your monthly subscriptions. Are there any monthly subscriptions you pay for like streaming services, gym memberships, or anything else you could put a pause on to save you some money in December. Plus, this is a busy season, so you may not have as much time for those things anyways.
Tap into your talents and find odd jobs to boost your income. Are you a master at baking? Maybe you can sell some baked goods. Perhaps you can take on babysitting or yardwork? Maybe you are good at odd jobs? Here is a list of side hustles to help you brainstorm.

4. Plan

With a plan, you are empowered to save money. Rather than picking one store, take your time browsing online to compare prices. You can also check big retailer flyers to see when their best sales are coming up. Everything isn’t always cheaper on Black Friday!

With more time, you also can take advantage of resale sites like Facebook Marketplace or thrift stores. This is a great way to get a good deal, and those big stores will always be there if you don’t find what you are looking for on a sale site sooner!

Shopping online can also help you avoid impulse purchases, but even if you choose to shop in person, just know that stores are set up to encourage you to buy extra!

We hope some of these tips can help you keep your spending stress down this season!

Home maintenance tips to handle this Fall

Given the very summer-like temperatures outside, it may be a little hard to believe fall is on the way, but in just a few short weeks we will welcome the official start of a new season.

Many people enjoy the cooler temps and pumpkin flavors, but there are a few practical home maintenance steps to take to prepare for falling leaves and cooler temperatures. This list will help ensure your home is as ready for fall as you (hopefully) are:

Clean out gutters & drains

Clogged gutters can lead to all sorts of water damage to your home. To protect your roof, make sure you unclog your gutters before leaves fall. Once you do, cover them with mesh to keep the debris out as leaves fall. It’s also a good time to clean out your downsprouts. Going on the roof is not ideal for everyone, so this would be a good job to hire out if that’s you!

Take care of your roof

While you (or a proxy) are up on the roof, you need to assess it for damage. Inspect for missing or damaged shingles, other cracks or wind damage. It’s also important as leaves fall to keep the roof cleared, as a build-up of leaves and other debris can cause damage to your roof.

Check your home’s exterior

While we don’t typically get snow in our area, we are still prone to the occasional ice storm. Fall is a good time to take a walk around your home and check for cracks in the siding, foundation or walkways and have them repaired if you find any. Once leaves are done falling, make sure to clear your pathways and secure any loose stair railings.

Critter proof

As colder weather comes, critters will be looking for warm homes with pantries to raid—and you don’t want those to be yours! Mice can make their way through even the smallest of holes, a width of a pencil! If you find any holes you will want to seal them. This can be done with steel wool, caulk, cement, hardware cloth or other materials depending on the sizes of your holes. For a detailed list on where to check for holes and how to fill them if you find them, read this CDC article.

Service your HVAC

As temperatures change, it’s a good idea to have your heating system serviced to prepare for colder temperatures. It’s always better to find out something needs maintenance before you actually need it to stay warm! Fall is also a good time to change your air filter.

Add weatherstripping

Weatherstripping is a simple way to keep energy costs down. Check your current weaterstripping around your doors and windows. A trick is to slide a piece of paper under the door or window. If it slides easily, it’s time to replace your weatherstripping. Additionally if there are any cracks in the house, that could let air out, it’s time to seal those up.

Check safety devices

Check to make sure your carbon monoxide and smoke detectors are working properly and change batteries if needed. Also, check the expiration dates on your fire extinguishers and purchase new ones if its time.

Schedule a chimney sweep

If you have a working fireplace, you’ll want to make sure your chimney is cleaned before you light your first fire for the season. There are ways to do this yourself if you know what you are looking for, but a professional can also perform an inspection and clean your chimney for you.

Is it better to save or pay off debt?

Tax season might be an exciting time for those who are getting a large refund. While it may be tempting to make a fun purchase, it not usually the best use of money.

But when it comes to making prudent spending choices, it can be hard to decide the best way to help you achieve your financial goals. Specifically, is it better to pay off debt or save money?

Let’s dive into some ways to help you navigate this decision!

First, consider what types of debt you have:

Generally speaking, getting rid of debt is a good thing! And most of the time, it makes good sense to pay off your debts.

However, there are some types of loans that are significantly more problematic than others. Loans with high interest rates, like credit cards or title loans, should be paid as soon as possible. Otherwise, they will end up costing way more in the long run.

It’s also especially a good idea to pay down debts if you have any loans in default. These need to be paid ASAP.

Paying off debt can also help improve your credit score and make it easier to save money and reach more financial goals in the long run.

Second, take a look at your financial situation.

It’s important to assess your current financial situation. For example, if you have little to no money saved away in an emergency fund, it is worth putting some aside for that. This of course would help ensure that you won’t find yourself in even further debt in the future.

You also may know you have some important necessary expenses coming up and need to take advantage of an opportunity to save. Perhaps your vehicle needs a big repair or you need to purchase another. Setting aside money for things like this can sometimes outweigh the benefits of paying off debt early.

You may find a happy medium is best.

Everyone’s situation is different, but after examining your debt and financial goals, you may be able to use your refund to both save and reduce debt.

That could look like putting aside money for emergencies and then paying toward some loans. Maybe you make a necessary repair to your vehicle and put the rest to tackle one of those high-interest loans.

We hope this gives you some things to consider!

Home for the holidays

Christmas came early for Juwan Martin this year when she bought her first home.

Juwan was among the first to enter NeighborWorks Columbus’ Homeownership Earned and Reached Together (HEART) Program in 2019, where she leased her home while working toward the goal of homeownership.

“It’s been such a blessing, and I now have something to leave for my children,” said Juwan, single mother to three children.

Prior to moving into her new home, Juwan and her young children lived in a house by the river, which was a breeding ground for allergens.

“For allergy sufferers like me and my son, it was awful just trying to breathe. I woke up with a headache every day,” said Juwan.

After nearly three years in her home, Juwan is happy to say the two have not had an episode like that since. This is the very definition of healthy housing. Not only has her home brought great physical health benefits—her family has thrived in their new space. Now a grandmother, Juwan says her family loves having a home for family to gather and a yard for her children and grandchildren to enjoy.

How to prepare for the return of student loan payments

For the last year and a half, most student loan borrowers have been off the hook from making payments, but in the New Year that is set to change.

The postponement of student loan payments is set to end Jan. 31, 2022, and now is the time to start preparing for this transition if you haven’t been making payments.

Don’t fret—there are plenty of options for repaying your loans in a way that will fit your current budget, and we’ll guide you through those right here.

First things first, you’ll need to assess what your budget is and how much money you can afford to comfortably put toward your student loans each month. Has your income increased or decreased in the last year? Are you struggling to catch up from being out of work during the pandemic? These are all things to consider.

Next, contact your student loan provider(s) to find out how much your payments are scheduled to be in January. If the amount is more than you are able to pay, you don’t need to panic. Most student loan providers are more than willing to work with you to come up with a repayment plan.

The best option for easing your payments is to apply for an Income-Driven Repayment Plan (IDR). This option takes your income and family size into account and sets your monthly payments at a rate that fits your discretionary spending for 12 months. You can reapply each year, and there is no cap on how many times your loan can qualify for an IDR.

In some cases, you can qualify for a loan forbearance, which will pause your payments all together for a year. This is not an ideal option because interest continues to build during this period and is added on at the end of your loan.

Neither of these, or any other repayment options, have a negative impact on your credit, as long as you make payments on time.

Also remember, any payment plan you set up can be changed without penalty. If your income or life situations change, communication with your student loan provider is key.

For more information on repayment options or to apply for an IDR, visit studentaid.gov.

Holiday shopping when inflation is high

Home maintenance tips to handle this Fall

Is it better to save or pay off debt?

Home for the holidays

How to prepare for the return of student loan payments

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