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Globe and Mail
an hour ago
- Business
- Globe and Mail
Am I Financially Ruined at 23 With $96,000 in Debt and Just a $75,000 Salary?
Key Points If you're deep in debt, you can probably still dig yourself out of it. Being very young can help your situation a lot, too. A bright financial future can lie ahead if you start making some smart moves. The $23,760 Social Security bonus most retirees completely overlook › As always, The Motley Fool cannot and does not provide personalized investing or financial advice. This information is for informational and educational purposes only and is not a substitute for professional financial advice. Always seek the guidance of a qualified financial advisor for any questions regarding your personal financial situation. If you'd like to submit your question for feedback, you can do so here. Many of us occasionally worry that we're not doing a good job of saving and investing for the future -- something that is vital to do. A 2024 survey by SoFi Technologies found that 17% of respondents have no retirement savings and about 60% have saved less than $50,000. And per a 2024 Bankrate survey, fully 57% of American workers feel behind on their retirement savings. But not everyone who's worried should be worried. Someone on Reddit, for example, asked whether she was financially ruined -- at age 23 -- because she is in debt to the tune of $96,000. Here's a look at that question. A worried young person asks... The Redditor said: Am I Cooked? I'm 23 and 96k in debt. by u/Little-Bass0600 in personalfinance To summarize, the questioner is nearly 24 years old and has just started her first job, earning a salary of $75,000. She's living at home and has no savings. Her plan is to switch into a cheaper car as soon as she can and live on a strict budget, to help her pay down her debt. Is the poster really "cooked"? The questioner wonders whether she's "cooked." Many people responded to the post, with one person explaining that the situation might be "sizzling," but she's not cooked. That's very true. Here's why: The poster is very young, with lots of time to fix her problem and improve her financial condition. By living at home, presumably with her parents, she should have a low living costs; this allows her to used much (or most) of her earnings to pay down debt. (If her parents aren't charging anything for rent or food, the questioner is especially well situated.) One issue, the $36,642 in car loans, might be addressed relatively quickly by switching from a presumably expensive vehicle to a less costly one. Getting out of debt Many, many people are deep in debt, and many have paid off much greater sums than $96,000, even while earning less than $75,000 and even while living on their own and raising a family. It's almost surprising what we can accomplish when we're determined enough. There are many ways to pay off debts. Here are a few: Use balance-transfer cards: You might move some or all of your credit card debt to a new balance-transfer credit card that offers a 0% interest rate for an introductory period (which could be a year and a half, or potentially more). Once you do so, aim to pay off that debt within the introductory period. Start paying off your highest-interest-rate debts first because that will help you save the most in interest payments. Alternatively, pay off your smallest debts first, just to get rid of them and reduce the number of debts you have. This can be satisfying psychologically. Tap your home's equity, if you own one: If you know you will be disciplined about paying off your debt and you have some home equity you can borrow against, you might do so in order to pay off higher-interest-rate debts. There are other ways to tackle debt, too -- including just calling up your credit card lender and asking for a lower rate. A little digging online can turn up additional debt-reduction strategies. What else should the poster do? As this young questioner pays off her debt, what else might she do? Well, the advice below is for her and for us older folks, as well: Aim to live below your means, spending less than you bring in. This will leave you with extra earnings that can be used for savings and investments. A side hustle can be a big help, too. Build an emergency fund, so that you can stay afloat in the event of a job loss or costly setback. Read up on how to invest. Young people are in a particularly great position when it comes to investing in the stock market because their dollars have a long time in which to grow. Open an account at a good brokerage and start investing! The original questioner is actually in a pretty good place, having recognized and spelled out her financial problems and taken steps to start solving them. In a few years' time, she will likely be debt-free and have some money saved for her future. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.
Yahoo
12 hours ago
- Business
- Yahoo
Cash in as a couple: How to get on the same page about money
If you're feeling like you're not on the same financial page as your partner, or you don't understand your partner's financial habits, you're not alone. More than 3 in 5 Americans (62 percent) in committed relationships keep at least some of their money separate from one another, according to Bankrate's Financial Infidelity Survey. Separate finances can make it challenging to plan together. The good news? With the right approach, your finances can become a source of connection instead of conflict. Enter CRUSH: the five-step process my husband and I use every month to align our money mindset, build wealth and reach our goals together. It's helped us save enough to retire in our forties, and we teach other couples how to do the same. Whether you're just starting out or already earning more as a couple, this approach will help you take intentional, values-based action (and prevent your next money argument). Here's how to CRUSH your money goals as a team. C: Curate your accounts together It's hard to make smart decisions together if you don't both have access to the full financial picture. Start with the facts: What do you have, and where do you have it? Curating your accounts means getting organized and deciding how you'll manage your obligations and assets. Ask yourselves: What types of accounts do we have? (checking, savings, credit cards, loans, investments) What accounts do we need? What structure works best for us: joint, separate or a hybrid? There's no one-size-fits-all answer, but you do need to agree on how to share or divide financial responsibility. Lay everything out in a way that allows you to get the full picture at once. This could be a simple spreadsheet or an app that automatically tracks your net worth. How to crush this step Spend one hour together this weekend listing every account you each have: Cash accounts Credit cards Loans Investments Property Decide which accounts you'll manage jointly or separately. The point here is not the balance of each account, but rather mutual awareness of how many accounts there are between the two of you, and whether they are all necessary or duplicative. My husband and I decided to have a joint checking account and a joint brokerage account, but maintain separate savings and retirement accounts. This helped us consolidate the total number of accounts we had to manage. R: Reverse into independence individually, and as a couple This might sound counterintuitive, but financial independence within a relationship can make the partnership stronger. Instead of assuming one partner will handle everything or defaulting to traditional roles, ask: How can we support each other's independence? That could look like: Each partner maxing out their Roth IRA or creating their own cash flow cushions Having individual and personalized 'fun money' budgets Supporting career shifts, starting a business or personal development Yes, you can have a joint checking account and individual financial aspirations. The goal is to reverse the idea that independence and togetherness are opposites. Independence supports a thriving relationship, especially when it's done with mutual respect. When each person is stronger, the couple is stronger. How to crush this step Create individual money goals for the next quarter. Maybe one of you wants to save for a personal retreat, and the other wants to invest in a professional certification. Write down the goals and hang them where they're visible to both of you. My husband and I love to post these on our refrigerator. Check in during your monthly budget meeting to share your progress and offer encouragement. U: Understand your net worth (and how to grow it) Too many couples only focus on income and monthly budgets, but not on their joint or individual net worth. This is the figure that truly shows your financial health, and I'm always surprised by how many couples don't know this number at all. It's the total of what you own (assets) minus what you owe (liabilities). Sit down together to calculate your combined net worth. Then make it a habit to check in quarterly to track how it grows. To grow your net worth together, divide financial responsibilities based on each partner's strengths. For example: One partner may be great at staying on top of everyday expenses like bills, food and housing. The other might prefer to focus on keeping credit in check and finding solutions to paying off student loans faster. One person might feel more comfortable talking to a tax advisor and looking for investments that help you save on taxes. The other might enjoy researching and managing your retirement accounts. How to crush this step Assign account 'leaders' based on your strengths. One of you can track and pay off debt, while the other handles your investing or saving strategy. Review your progress and update your numbers in your net worth tracker. Think of each account as having a primary leader and a backup. In my relationship, my husband is the primary leader for our budget and monthly expenses, and I take the lead on our investments. That doesn't mean I don't know what we're spending or that he doesn't know how we're investing. Instead, each of us is responsible for taking the lead on decision-making within those accounts and communicating updates to the other. We still align on decisions that involve any major shift in strategy. This strengths-based approach ensures both partners are engaged and reduces the risk of one person carrying all the mental load. S: Spend intentionally (with survive, revive and strive) Overspending is a budget killer. Bankrate's Financial Infidelity Survey found that 33 percent of Americans in committed relationships have spent or are spending more money than their spouse or partner would be okay with. The challenge with traditional budgeting is that it can feel restrictive or confusing, especially when you want to coordinate two people's spending habits. That's why I recommend my 3-bucket budgeting approach: Survive, Revive and Strive. It's a simple and values-driven way to organize your spending, and it's slightly more focused on saving than the 50/30/20 budget. Survive (50% of monthly income): Your essential expenses, such as rent or mortgage, groceries, utilities and insurance Revive (25% of monthly income): Spending that recharges and supports your lifestyle, like travel, meeting friends and hobbies Strive (25% of monthly income): Money for your future dreams, including investing, saving for a home, starting a business or taking a sabbatical How to crush this step Print out your bank statements from the past several months. Go through each expense and sort them into Survive, Revive or Strive. Use this as a starting point to build a monthly spending plan based on your real-life values, discuss where you have different approaches and plan potential solutions for next month. Rather than statements like, 'You always spend too much on this,' agree upon more future-focused spending with statements like, 'What makes sense for us next month?' H: Heal your money wounds with patience Most of us carry ideas about money from our childhood, past relationships or cultural upbringing that shape how we think, spend and save. And odds are that not all of those experiences with money were positive. To build true financial intimacy, you'll need to unpack those money wounds together. My husband and I both grew up in immigrant Filipino families, but despite our similar cultural backgrounds, we grew up with many differences that shaped our views. Money isn't just math. It's deeply emotional. His mom was the breadwinner, while my father was the primary provider. He grew up in the rural South, and I was raised in the heart of New York City. He is the second of three children, and my father had seven children in his first marriage and two in his second. Those differences created different, and often contradictory, money beliefs that we didn't hash out until many years into our marriage. This step can bring up a lot of emotions, so go slow and be patient. We journal our answers together, and we've worked with a couple's counselor when things felt tense. How to crush this step Set aside 30 minutes this month for a reflective conversation about money before you make your next monthly budget. Use one prompt like: What was money like in your home growing up? What's your biggest money fear? What money habits are you proud of, and which do you want to change? Listen without judgment, and thank each other for sharing. It's scary to admit these fears, but I regret that my partner and I waited too long to start this habit. Final thoughts: The real relationship flex is mutual financial freedom Money can be one of the most stressful factors in a relationship, but it doesn't have to be. Reaching your financial goals can strengthen your partnership if you don't leave it to chance and generational trauma. When both people in a relationship feel seen, heard and included in the financial journey, you're no longer just managing money. You're building a future together with pooled versus competing resources. I often work with couples where one person leads and the other follows. Instead, I encourage you to create a shared vision where both of you feel empowered to contribute, grow and support one another on the path to mutual financial freedom. Start with just one step. Choose a letter in CRUSH to explore together this month at your next money date. The more you communicate and collaborate, the stronger your relationship — and your finances — will become. Solve the daily Crossword
CNET
a day ago
- Business
- CNET
Key Refi Rates Moves Higher: Today's Refinance Rates, July 29, 2025
So far this year, average mortgage rates have stayed stubbornly high, bouncing between 6.5% and 7%, as financial markets weigh the risks of both higher inflation and an economic slowdown. Most homeowners, unable to save money by refinancing, are holding out for bigger rate drops. "If rates fall below 6%, we could see a big jump in refinance activity," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. Yet economists and housing market experts aren't expecting a dramatic drop-off in rates in the immediate future. Mortgage refinance rates fluctuate daily based on a range of economic and political factors. For more insights on where rates might be headed, check out our weekly mortgage rate forecast. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. Current refinance rate trends Early-year projections for mortgage refinance rates were cautiously optimistic. Experts outlined a gradual improvement in housing affordability driven by easing inflation and a series of Federal Reserve rate cuts. However, after cutting interest rates three times last year, the Fed has held rates steady in 2025 to observe how President Trump's policies on trade, immigration and government spending will affect the economy. The central bank is expected to resume cutting rates as early as September, but this will not immediately result in lower mortgage rates. While the Fed's policy decisions guide borrowing costs across the economy, they don't have a 1:1 relationship with mortgage rates, which are set in the bond market. As of now, the Fed is expected to make two 0.25% rate reductions this year. If inflation increases due to tariffs, policymakers may hold off on easing borrowing costs until later, which would keep upward pressure on mortgage refinance rates. Refinance rate forecast for 2025 Most housing forecasts still call for a modest decline in mortgage rates, with average 30-year fixed rates expected to end the year around below 6.5%. For refinancing to become significantly more affordable, though, we need to see multiple interest rate cuts and weaker economic data. Overall, it's unlikely we'll see another refinancing boom like the one in 2020-21 when mortgage rates were exceptionally low around 3%. Nevertheless, refinancing might be beneficial for other reasons, like changing the type of home loan, term length or taking someone off the mortgage. What does it mean to refinance? When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you'll tap into your equity with a new loan that's bigger than your existing mortgage balance, allowing you to pocket the difference in cash. Refinancing can be a great financial move if you score a low rate or can pay off your home loan in less time, but consider whether it's the right choice for you. Reducing your interest rate by 1% or more is an incentive to refinance, allowing you to cut your monthly payment significantly. But refinancing your mortgage isn't free. Since you're taking out a whole new home loan, you'll need to pay another set of closing costs. If you fall into that pool of homeowners who purchased property when rates were high, consider reaching out to your lender and running the numbers to see whether a mortgage refinance makes sense for your budget, said Logan Mohtashami, lead analyst at HousingWire. How to choose the right refinance type and term The rates advertised online often require specific conditions for eligibility. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates. 30-year fixed-rate refinance The average 30-year fixed refinance rate right now is 6.90%, an increase of 1 basis points over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance, but it will take you longer to pay off and typically cost you more in interest over the long term. 15-year fixed-rate refinance The average 15-year fixed refinance rate right now is 6.23%, a decrease of 5 basis points over last week. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you'll save more money over time because you're paying off your loan quicker. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run. 10-year fixed-rate refinance For 10-year fixed refinances, the average rate is currently at 6.13%, a decrease of 29 basis points from what we saw the previous week. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment. To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don't forget to speak with multiple lenders and shop around. Reasons to refinance Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance: To get a lower interest rate: If you can secure a rate that's at least 1% lower than the one on your current mortgage, it could make sense to refinance. If you can secure a rate that's at least 1% lower than the one on your current mortgage, it could make sense to refinance. To switch the type of mortgage: If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage. If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage. To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity. If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity. To change the length of a loan term: Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run. Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run. To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense. If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense. To take someone off the mortgage: In case of divorce, you can apply for a new home loan in just your name and use the funds to pay off your existing mortgage.
Newsweek
a day ago
- Business
- Newsweek
Map Shows Best—and Worst—States To Retire in
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new study by financial services firm Bankrate has ranked every U.S. state on how good—or bad—it is for retirees. Why It Matters Choosing the right place to retire is essential for ensuring a comfortable, fulfilling, and financially stable life after work. A good retirement location can stretch your savings further through lower taxes and living costs, while offering access to quality health care—something that becomes increasingly important with age. The right climate can boost physical and mental well-being, and living in a safe, welcoming community helps prevent loneliness and isolation. Ultimately, where you retire plays a major role in shaping your lifestyle, health, and peace of mind throughout your later years. What To Know To determine which state is the best to spend those post-work years, Bankrate compared all 50 states across spanning eight categories, including affordability, safety, health care, taxes, arts and entertainment, and people of a similar age. The Best Places To Retire New England takes three of the top spots in the best five, but Western states also get a look-in. The top five best places are: New Hampshire is at number one, offering a good blend of affordability and quality of life. Though it scores poorly on weather (40th), the state excels in neighborhood safety (1st), health care (5th), local taxes (6th), and senior population (7th). Maine follows closely, with strong marks in safety (2nd), health care (3rd), and arts (4th), though it too scores low for weather (41st). Wyoming ranks highest for taxes and is 4th in affordability, but its health care ranking (39th) is a notable weakness. Vermont wins in arts (1st) and health care (1st) and already boasts a high senior population (2nd), but is weighed down by affordability (12th) and poor weather (43rd). Idaho closes out the top five, scoring well in safety (3rd), affordability (9th), and taxes (11th), but ranks low in arts (37th) and senior population (35th). The Worst Places To Retire At the other end of the spectrum: Louisiana ranks last overall. It falls short in nearly every category, including affordability (43rd), safety (48th), and health care (37th), with high crime rates and a weather rank of just 39th, despite ample sunshine. Texas ranks 49th, excelling only in taxes (7th), while scoring last in health care and near-bottom in affordability (42nd) and weather (47th). Oklahoma offers strong weather (13th), but ranks poorly in affordability (45th) and health care (41st). Arkansas does well in weather (9th), but underperforms in safety, arts, and health care. Finally, Nebraska lands 46th due to its extremely high homeowners insurance costs, ranking 49th in affordability, despite average scores in most other categories. What People Are Saying Stephen Kates, Bankrate's financial analyst, said in the report: "Retirees and pre-retirees should take notice of these rankings because we looked beyond the typical categories to look closely at important lifestyle and risk factors for residents of various states. There is more to being a resident than just the number of sunny days and taxes. Categories like public safety, walkability, access to health care, air quality, recreational opportunities, and more add up to the daily quality of life retirees want."
Miami Herald
2 days ago
- Business
- Miami Herald
Higher prices, evolving technology complicate back-to-school shopping
Color-coded folders and notebooks. A fresh stash of pens and pencils. A new outfit. Millions of American students from preschool through college, and their (often) bankrolling parents, back-to-school shop ahead of each fall. But as prices rise, technology evolves and new products hit the shelves, families are seeking ways to keep checking off the school supply list affordable. "When I was young, I had $50 to go to the grocery store. I go now, and that's, like, three or four items," said Matt Marsh, Minneapolis managing partner at Deloitte. "Everything costs more. So families are getting squeezed a bit, and it's creating a level of anxiety." According to PwC's inaugural back-to-school survey, nearly 3 in 4 parents said they'll spend the same or more than they did last year on school supplies, even with higher prices and economic volatility. "There's still this underlying element of consumer confidence," said Kelly Pedersen, a partner at PwC. "Even though we hear a lot of uncertainty in the market, people still need to shop for back-to-school." Plan and budget Before shopping, take inventory of last year's supplies. About a third of parents plan to reuse items, according to PwC. Budgeting, paired with a specific shopping list, can prevent impulse buying. In Minneapolis, parents Deloitte surveyed expected to spend $682 per child this year. That's 20% more than the national average. Niki Kroll of Minneapolis typically starts her back-to-school shopping in July and has already noticed higher prices. Various name-brand notebooks, folders and backpacks seem to be more expensive than previous years. But she has had success finding pencils, glue sticks and other basics on sale. Those surveyed planned to spend less on clothing and more on school supplies. They also plan to spend more of their budget on tech than last year, though experts expect the total of those tech purchases to stay flat in comparison to last year's $520 per family. Assess need As kids progress in school, more advanced classes might require new tech purchases, like a different calculator model, nearly each year. Delaying that purchase if possible or downgrading it - such as buying an older or used version - can free up room for more necessities like binders, scissors and pencil cases. "Consider asking your child's teacher what's essential on day one vs. what can wait until later in the year," wrote Ted Rossman, Bankrate senior industry analyst, in an analyst note. Shop now More than a third of parents PwC surveyed said they're starting earlier this year to snag better prices and beat the rush. "There's this thought that the better deals are out there earlier before the heart of back-to-school in August," Pedersen said. Deloitte's survey found more than two-thirds of Minneapolis parents plan to finish most of their school shopping by the end of July. They were able to cash in on recent sales like Target's Circle Week and Amazon's Prime Day. But several retailers are hosting back-to-school promotions through August. Target announced Tuesday "Back-to-School-idays" discounts from July 27-Aug. 2. The retailer is maintaining its 2024 prices on key items, and some stores will have personalization stations with embroidery and patches for backpacks, lunchboxes, towels and pillows. Walmart is offering lower prices than last year on select items, such as highlighters, erasers and notebooks. Use AI One in five parents told PwC they plan to use artificial intelligence to find the best deals this season. "The biggest change we've seen with AI shopping is the agent concept, basically putting in your shopping list and budget to optimize your list and what you buy," Pedersen said. "It's really taking all of the searching work out of having to do back-to-school shopping." AI tools like app and website ChatGPT allow users to paste in a list of school supplies and make requests, like "find these items for the cheapest prices online or in-store within 20 miles of Minneapolis." Users can also ask to search specific stores and keep the total under a certain amount. Don't fall for influencers Deloitte's data shows parents who use social media are likely to spend 1½ times more on back-to-school than others. Higher education, bigger wages, better access to the internet and more leisure time spent online all play a role. "Generally, retailers are moving marketing dollars toward influencers, and influencers are creating behaviors that might result in that splurge purchase," Marsh said. More than two-thirds of Minneapolis parents said their child's preferences often steer them to spend more, and 63% are willing to spend a little extra on their child's first-day outfit compared with 57% nationally. Make it fun In Bloomington, Mall of America is hosting giveaways, limited-time promotions and events for back-to-school. Shoppers can scan the Mall of America app once per day for a chance to win a gift card or rewards points. The mall plans to give away more than $10,000 in gift cards between Aug. 11-31. Deals are also available for the Nickelodeon Universe theme park and Crayola Experience from Aug. 4-Sept. 30. "For parents and families coming to Mall of America, it's a one-stop shop," said Jill Renslow, Mall of America's chief business development and marketing officer. "It's a destination where people have that tradition of coming for not only shopping, but to go on some rides or grab lunch." Many cities also offer local events for free or low-cost school supplies, just look on city events calendars. In store vs. online Younger parents are leading a small resurgence of in-store shopping. "Every year in our stats, Gen Zs are the ones who are visiting physical stores the most," Pedersen said. "[They] value in-person experiences, and in some cases, they're willing to pay a premium price for that." Gen Z also reported a higher likelihood of buying in-store. In previous years, younger shoppers more commonly browsed stores to try on or test products but made final purchases online. Income also plays a role. Families earning under $75,000 are nearly twice as likely to shop only in-store, while higher-income households tend to prefer online shopping. Be strategic While inflation has cooled to 2.4%, prices are still up nearly 24% compared with pre-pandemic levels, according to Bankrate. "It's not like when the rate goes down, prices go down. They just don't go up as fast anymore," Marsh said. "But there's a lot of economic anxiety about pricing." Looking for generic versions of favorite brands or comparing prices across stores can save money. So can thrifting, Pedersen said. About a fifth of shoppers said they're looking to shop secondhand. Shoppers can stack discounts by combining a rewards credit card with store promotions or other available offers, which can add up to considerable savings, Rossman wrote in an analyst note. For Kroll, she enjoys letting her kids pick their most personal items, like lunchboxes. Despite higher prices, those moments are some of her family's favorite memories. "We really like shopping for backpacks and things that have more wiggle room for the kids' own style. The lists have gotten quite specific, so it's fun when they can pick out their own stuff," Kroll said. "My son knows immediately what he wants, and my daughter tries on about 10 backpacks while looking in the mirror." 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