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Yahoo
6 minutes ago
- Yahoo
Living Paycheck to Paycheck? Try Suze Orman's Top 5 Money-Saving Tips
With around half of Americans reportedly living paycheck to paycheck, saving money might seem impossible. But financial guru Suze Orman has some surprisingly doable advice for squeezing savings out of even the tightest budget. Here are Orman's five best tips for how to save even when living paycheck to paycheck. Read Next: For You: Strike 'Can't' From Your Vocabulary 'You have to strike the word 'can't' out of your vocabulary,' Orman told CNBC. Instead of saying you can't save, start looking for places where money is slipping through the cracks. That $10 lunch out? It could be going into your retirement account instead. Make Yourself the Priority Think you're too broke to save? Orman said to look closer at your spending. According to she challenges everyone to cut utility bills by 10% (hello, lower electric bill!) and examine those credit card statements. There's usually some 'hidden money' in there you could redirect to savings. Learn More: Automate Everything Here's a trick that actually works: Have money whisked away before you can spend it. 'You will find that you do not miss it,' Orman explained to CNBC. Even $50 a month adds up — especially if you put it in a Roth IRA, where you can access your contributions if you really need them. Get Real About Wants vs. Needs Every time you're about to buy something, Orman suggests asking one simple question: 'Is this a want or is this a need?' Medicine and groceries? Needs. That new phone case? Probably a want. Being ruthless about this distinction can free up surprising amounts of cash. Build That Emergency Fund While it might seem impossible, Orman insists everyone needs an emergency fund covering eight to 12 months of expenses. Start small — even $20 a week adds up. 'The most important thing is that you have got to live a life below your means, but within your needs,' Orman said. You don't need to make six figures to start saving — you just need to be strategic about it. Start with what you can, automate it and slowly increase your savings as you find more 'hidden money' in your budget. More From GOBankingRates 10 Used Cars That Will Last Longer Than the Average New Vehicle This article originally appeared on Living Paycheck to Paycheck? Try Suze Orman's Top 5 Money-Saving Tips Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Timeshares and 4 Other Things Boomers May Be Tempted To Buy in Retirement but Shouldn't
You've spent years building your nest egg, and now that you're retired, it's tempting to finally enjoy it. But some big-ticket purchases, while appealing, could put your long-term financial stability at risk. 'In 20 years of helping retirees transition to a retirement lifestyle, I have often seen people make uninformed decisions that they regret later,' Laura Redfern, a CFP and CeFT at Shadowridge Asset Management, wrote in an email. Read More: Find Out: Below are some common retirement splurges that might feel rewarding but could cost you more than you think. Timeshares Timeshares allow you to enjoy your vacation space without buying and maintaining a second home, but they may not be the best purchase in retirement. 'While the idea of a guaranteed getaway sounds appealing, timeshares often come with hidden fees, inflexible booking systems and long-term contracts that are difficult to exit,' said Jake Falcon, CRPC, founder and CEO of Falcon Wealth Advisors. According to CNBC, one study found that as many as 85% of buyers regret their purchase. Redfern also pointed out that timeshares are practically illiquid and nearly impossible to resell. 'In retirement, flexibility is key,' Falcon said. 'I advise clients to rent when they travel — this keeps options open and avoids locking up capital in a depreciating asset.' Check Out: Oversized Homes or Second Properties 'Many retirees dream of a vacation home, but the reality is that maintenance, taxes and insurance can quickly eat into fixed income,' Falcon explained. Instead, he recommended downsizing or renting seasonally rather than purchasing a second property. 'As I discuss in my book 'Retiring Right — Smart Steps for Exiting Corporate America,' liquidity and simplicity are two of the most valuable assets in retirement,' Falcon explained. Luxury Vehicles A luxury vehicle is also a purchase retirees may want to rethink. According to Redfern, a new car typically loses 10% to 20% of its value the second you drive it off the lot. 'For retirees on a fixed income, this is a sizable loss. Over time, depreciation continues, with some luxury cars losing 60% or more of their value within five years. Would you buy a mutual fund or a stock that was likely to lose 60% in five years? I think not!' she explained. Extravagant Gifts It's natural to want to help children or grandchildren, especially with big purchases like a house or a new car. But giving large gifts early in retirement can drain your savings faster than expected. 'When you feel the desire to give a gift, pause and consider this: What are you trying to communicate with this gift? Is there another, less expensive way to express that? Is there a way you can help them learn about how money works (like helping with a down payment, but having them be responsible for the loan), rather than giving them an outright gift?' Redfern explained. High-Risk Investments Chasing returns through high-risk investments may be tempting, Falcon noted, especially with more time to watch the markets. But this isn't a smart move. 'Retirees should prioritize stability and income. As I often say in my podcast 'Upticks,' 'Retirement is not the time to swing for the fences — it's about protecting the base you've built.' We compare our investment strategy to hitting singles and doubles versus swinging for the fences and striking out,' Falcon said. More From GOBankingRates 10 Used Cars That Will Last Longer Than the Average New Vehicle This article originally appeared on Timeshares and 4 Other Things Boomers May Be Tempted To Buy in Retirement but Shouldn't Sign in to access your portfolio
CNBC
4 hours ago
- CNBC
Restaurants are adding dozens of new spicy menu items in a bid for younger diners
Restaurant brands are hoping hot new menu items will drive visits among younger costumers. Hot, in this case, is literal. Spicy items like chicken sandwiches, seasoned sides and sauces are cropping up more often on menus at major fast-casual and quick-service chains. The idea is to introduce easy-to-execute and buzzy options that can capture the attentions of Gen Z and Gen Alpha diners, even if it's only a flash in the pan. One of those companies was Chipotle, which in June introduced Adobo Ranch, its first new dip in five years, as a limited-time offer. "From an operations perspective, the sauce is a lot easier to do than bringing in another LTO or another protein. And you get a lot of the same benefit," Chris Brandt, Chipotle's president and chief brand officer, told CNBC. The draw toward spice is yet another way restaurants are responding to slower consumer spending while trying to keep costs in check. A KPMG Consumer Pulse survey found that U.S. consumers plan to spend 7% less per month at restaurants this summer. "There's been a pullback, especially from lower-income consumers," said Gregory Francfort, lead restaurant analyst at Guggenheim Securities. "Spice is a low-cost, high-return way to re-engage them." "Restaurants are really trying to be aggressive with their marketing calendars and releasing new products now," Francfort said. From March to June, U.S. restaurant chains collectively launched 76 new spicy menu items, representing roughly 5% of new menu items, according to market research firm Datassential. That includes permanent additions and limited-time offers and is roughly in line with historical menu item additions in the category over the last several years. Around 95% of restaurants now offer at least one spicy item on their menu, according to Datassential. Though the concept of spice on menus isn't new, it appears to be catching fire with Generation Z and Generation Alpha — those roughly under the age of 30. Their preference for bold, spicy flavors is inspiring more restaurants to turn up the heat. Up to 50% of Gen Z consumers eat at least one spicy meal a week, according to data from soda brand Sprite, which has been playing up its tangy flavor profile. "Younger generations (Gen Z, for example) are fueling the spicy trend, craving bolder, more adventurous flavors," a Wendy's spokesperson said in a statement to CNBC. "They're not looking for bland or predictable," said Cava's chief concept officer and co-founder, Ted Xenohristos. "They want strong flavors." In April, Cava launched Hot Harissa Pita Chips to meet the rising demand. The chain also offers the Harissa Avocado bowl, harissa vinaigrette, and harissa honey chicken. In May, Taco Bell launched the Mike's Hot Honey Diablo Sauce, a collaboration between Mike's Hot Honey and the taco chain's signature Diablo sauce. It followed a February launch of the Caliente Cantina Chicken Menu, building off the fan-favorite cantina chicken. In June, Wendy's released the Takis Fuego Meal, a collaboration with the spicy rolled tortilla chip snack, which includes the chain's signature spicy chicken sandwich and Takis-flavored fries. There's one challenge in introducing spicy items: Gen Z and Gen Alpha tend to move on from trends quickly. That makes it harder for restaurants to rely on one popular item for long. Recent flash points like sweet and spicy and Nashville Hot are already seeing a drop in interest among Gen Z, according to Datassential. Instead, new flavor profiles with global ties are seeing stronger engagement among younger consumers, the firm found. Spicy menu items have gained traction primarily through social media. Platforms like TikTok and Instagram have become key discovery tools for Gen Z and Gen Alpha. Restaurants are using these platforms to promote limited-time offers and influencer content, including taste tests and reaction videos. Short-form content can create urgency and encourage trial. "Spicy food consistently performs well," Tommy Winkler, a TikTok food influencer, told CNBC. "It is essentially the new billboard. It is a good chance that someone will end up ordering it." In June, the word "spicy" was mentioned over 40,000 times online, according to Datassential. The data showed spikes in those mentions around the time new spicy items started to trend. This month, Coca-Cola-owned Sprite launched a campaign called "Hurts Real Good" to tap into the spicy food movement. The brand is positioning the soda as a pairing for spicy foods and is partnering with McDonald's, Takis and Buldak Fried Noodles. The campaign includes a TikTok filter and other social media activations. Oana Vlad, global vice president for Sprite, highlighted other eye-catching events like mukbangs — live-streamed broadcasts of hosts eating large amounts of food — or spicy noodle challenges as helping to bring spicy food into online culture. "At Sprite, we always try to be inspired by consumer-first insights and then deliver something of value for a behavior that already exists," Vlad told CNBC. As of late April, the lemon-lime beverage ranked as the third most-popular carbonated soft drink by volume share, according to Beverage Digest. McDonald's fountain Sprite went viral a few years ago as social media users posted videos calling the taste "sharp" and filming their reactions to trying it. "A huge portion of Gen Z try their first Sprite at McDonald's," Vlad said. "You can see fans describing Sprite at McDonald's as a flash of lightning or electric." The diversity of younger generations is also helping to steer them toward flavors with depth, texture and regional identity. Chili Crisp, used in traditional Chinese cooking; Nam Phrik, originating in Thailand; and Piri Piri, commonly associated with Portuguese and African cuisines, are increasingly showing up on U.S. menus, according to Datassential. "As the population gets more diverse and as younger consumers want to experiment more, we see a greater willingness to try new flavor profiles," Sara Senatore, managing director and senior restaurants analyst at Bank of America, told CNBC.
