By Holden Lewis, NerdWallet

The year promises a mix of good and harsh news.

The good news: Buyers will have more properties to choose from. Home prices won’t skyrocket. Mortgage rates might drop, to the relief of buyers and some sellers.

The harsh news: Even if mortgage rates fall, they probably won’t decline much. That will restrict affordability for buyers, and some homeowners will keep their homes off the market as long as mortgage rates remain elevated.

Here’s a cheat sheet for buying or selling a home in 2025 (or doing both), along with advice from successful real estate agents.

Folks get real about mortgage rates

Buyers have one overriding question for 2025: “Can I find a home I can afford?” Three other questions lurk inside that one: What will happen to mortgage rates? What will happen to home prices? Will I find a wide-enough selection of homes?

First, mortgage rates: The 30-year mortgage rate spent much of 2024 above 6.5%, occasionally shimmying above 7%. For most of the year, forecasters expressed confidence that rates would fall below 6% in 2025. But since the election, forecasters have begun revising their mortgage rate predictions upward. They’re forming a consensus that mortgage rates will remain above 6% in 2025.

Mortgage rates parked themselves below 5% for 11 years from February 2011 to April 2022, and home buyers and refinancers grew accustomed to the friendly rate environment. But we’re entering what more than one commenter called the “new normal.” Terri Robinson, a real estate agent with Re/Max Distinctive in Ashburn, Virginia, says buyers “are getting used to the new normal in terms of what interest rates are — and they’ve stopped looking for that 3% unicorn.”

Prices should rise, but not by a ton

When it comes to home prices, we talk of supply and demand. In 2024, buyers quickly made offers when mortgage rates dropped to around 6.25% or lower. Demand cooled when rates climbed above that. As rates rose, homes lingered on the market. According to Altos Research, there were 28% more homes on the market in the first week of November than the same week a year before. Higher inventory benefits buyers because they have more properties to choose from.

Demand for homes still exceeds the supply, but the imbalance isn’t as acute as it used to be. This means home prices will keep rising in 2025, but probably not by a lot, especially while mortgage rates remain above 6.25%.

Home prices might accelerate whenever mortgage rates drop noticeably, as buyers get off the sidelines and start bidding against one another for the limited supply of homes available.

The housing shortage may ease

You can trace the shortage of homes to a couple of factors. First, builders haven’t constructed enough houses and apartments in the last 18 years or so. Second, many homeowners keep their homes off the market because they refinanced into mortgages with ultralow rates in 2020 and 2021. Almost half of outstanding mortgage debt has an interest rate of 3.5% or lower, according to the Urban Institute.

These homeowners know that if they sell, they would pay a much higher interest rate on their next home. This dynamic, known as rate lock-in, prevented 800,000 homeowners from selling their homes in the 15 months between the second quarter of 2022 and the third quarter of 2023, according to a working paper published in November by the National Bureau of Economic Research.

Stacy Hennessey, a real estate agent with McEnearney Associates in Falls Church, Virginia, sees signs that rate lock-in weakens over time. “People are getting used to the higher interest rates. People want to move,” she says. “So I think people are just going to carry on with their plans and start putting their houses on the market.”

Robinson, the agent in Ashburn, Virginia, advises sellers to think less about the low mortgage rate they’re giving up, and more about the home equity they’ve built. The monthly payment on the next house “may be the same or less, depending on how much equity you have and how much of that you want to use to put down on your next house,” she says.

Other factors affecting the housing market

It’s too early to guess how the Trump administration’s policies will affect housing in 2025. One proposal, to allow housing on land owned by the federal government, is unlikely to result in the construction of ready-to-move-in homes by the end of 2025. New housing developments just don’t get built that fast.

Under a new rule that went into effect in August, home buyers are now responsible for setting their own agents’ commissions. (Previously, sellers decided how much buyers’ agents would be paid.) Buyers can ask sellers to pay some or all of the buyer’s agent’s commission, and sellers often do. But sometimes buyers end up paying out of pocket. Agents say the policy puts first-time buyers at a disadvantage because they tend to have less savings and wealth.

Advice for home sellers

Home sellers will continue to have a negotiating advantage over buyers. But sellers’ dominance has slipped since 2021, and they must put in the work to market their homes effectively. “Stop thinking you hold all the keys to the castle,” says Andy Sachs, managing broker for Around Town Real Estate in Newtown, Connecticut.

Begin by demonstrating value, says Chuck Vander Stelt, a real estate agent in Valparaiso, Indiana. Work with the listing agent to set a reasonable price, and tell buyers about updates made to the home.

Insist that your agent hire a professional photographer, says Hennessey, the agent in Falls Church, Virginia, because buyers “will look at the first five photos and if they’re great, they’ll continue on. But if they’re crummy, they’re not going to look.”

Hennessey laments the poor quality of real estate photography. “It’s an advertisement. It’s not a disclosure,” she says. “We don’t need to see your dirty closet. We don’t need to see your toilet seat up.”

Advice for home buyers

Buyers, on the other hand, should search first for deal-breaking flaws before focusing on a home’s delights, agents say.

Victoria Ray Henderson, owner and broker of HomeBuyer Brokerage in Bethesda, Maryland, says, “Don’t just go into the kitchen and go, ‘Wow, look at this granite countertop!’ You know, you gotta look at the bones first.”

If the home has a basement, “go directly into the basement first and look at the condition and the smell of that basement.” Has water gotten in? Has the owner taken steps to prevent water damage? If you find the basement acceptable, then climb the stairs and geek out over the kitchen counters.

A cautious buyer goes even further. Hennessey recommends that buyers in competitive markets get pre-offer home inspections. This means hiring a home inspector to accompany you and your agent on the home tour. A one-hour inspection won’t get into as much depth as a three-hour post-offer inspection, but it’s enough to detect something big, like a crack in the foundation. Not every seller will allow a pre-offer inspection, “but usually they do because they want an offer with no contingencies.”

The final bit of advice comes from Vander Stelt, who urges action over hesitation. “Go out there and buy,” he says. “Stop looking at interest rates. If you can afford the house today, buy it.”

Holden Lewis writes for NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL.

The article Home Sellers and Buyers: What You Must Know for 2025 originally appeared on NerdWallet.

By Kimberly Palmer, NerdWallet

Hosting the Thanksgiving meal — with its traditional turkey, multiple sides and showstopper pie — can be daunting. But with a little preparation, it can be one of the most affordable ways to feed a large group.

“In general, Thanksgiving is one of the cheapest holidays to host. The foods are so cheap — potatoes, squash, carrots, apples, turkey,” says Andrea Dekker, who publishes simple home organization and cooking tips on her eponymous website.

Indeed, the American Farm Bureau Federation, an agricultural industry group that tracks food prices, reports that in 2024, the classic Thanksgiving meal for 10 costs just over $58. That’s a decrease of 5% from last year, but 19% higher than five years ago.

In addition to selecting the right ingredients, the following strategies can also make it easier to host Thanksgiving on a budget:

1. Focus on seasonal ingredients

Try featuring root vegetables like sweet potatoes and carrots, which are in season and affordable, in your Thanksgiving meal, recommends Annie Berger, co-founder of Meal Better, a weeknight dinner planning service. She says the freshest veggies may not even need to be peeled as long as they get a good scrub.

“They’re seasonal, inexpensive and colorful,” she says.

Bari Tessler, a financial therapist in Boulder, Colorado, and author of “The Art of Money,” makes a galette from scratch for dessert, selecting the fruit ingredient based on what’s in season or on sale at the moment. That could include berries, apples, plums or cherries.

Dekker suggests leveraging ingredients you may already have tucked away at home. She pulls all of the bread ends out of her freezer, which she saves throughout the year for baked French toast and stuffing.

“Otherwise, I would throw them away, but if you add Craisins, sausage and apples, it’s almost like a free side dish,” she says.

Dekker also heads to her local orchards in western Michigan to pick up bags of blemished produce sold at a discount.

“You can turn them into apple sauce, pies or apple bread,” she says.

2. Substitute high-cost items

“Stick with recipes that don’t have a laundry list of ingredients,” says Brooke Caison, food editor at Delish, a website that features recipes, videos and food news.

If you buy an obscure spice for a specific dish, you might not use it again until next year, she adds.

Caison also suggests making last-minute substitutions when you see what’s on sale at the grocery store.

“Maybe you’re making green bean casserole but you see Brussels sprouts on sale. Be OK with that substitution,” she says.

Casseroles that feature canned goods as their base — such as canned corn and canned pineapple — make cost-effective side dishes, she adds, noting that pineapple casserole is one of her family’s favorites.

If you want to serve greens, Caison suggests braised collard greens or bacon-fried cabbage. Those leafy vegetables tend to be lower-cost than salad mixes like arugula.

“If mustard greens are on sale, then go for that,” she says.

(Kimberly Palmer shares how she’s hosting Thanksgiving dinner for under $150.)

3. Make the meal a potluck

Inviting guests to bring their own dishes to share is an easy and fun way to host a Thanksgiving meal, says Amanda Christensen, an accredited financial counselor and extension professor at Utah State University.

“It’s a great way to include everyone in the planning as well as share the monetary burden,” she says.

4. Turn leftovers into new dishes

Dekker turns her leftover turkey into enchiladas, broth, soup, pot pie and alfredo.

“I don’t want to eat the same thing for the next four meals, so I figure out ways to mix it up so it doesn’t taste like Thanksgiving,” she says.

She adds that you can freeze almost anything to help the leftovers last for weeks or even months.

Caison recommends mashed potato pancakes and other creative ways to reuse food.

“Think about using leftovers at different times of day. Repurposed turkey can be an omelet for breakfast. Cranberry sauce can be a dessert. Let your mind play outside the space of just being dinner,” she says.

5. Rein in decor

While it can be tempting to purchase Thanksgiving-themed lights or banners, Dekker recommends using branches, dried flowers or pine cones instead. Evergreen trees, sage or rosemary can add warm scents to the room.

Berger says she creates a tablescape with seasonal items like apples, clementines and small squashes, which can later be rinsed and eaten.

Reusing, repurposing and recycling can unlock new levels of Thanksgiving creativity.

Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer.

The article 5 Budget-Friendly Thanksgiving Dinner Ideas originally appeared on NerdWallet.

By Eliza Haverstock, NerdWallet

As interest rates start to soften, you may hear more buzz about student loan refinancing as a way to lower your bills.

“Essentially, what it means is you are taking the debt that you owe and you are giving it to another company. They’re going to pay off the debt that you have with the company you currently work with, and then you’re going to pay this new company,” explains Kristen Ahlenius, director of education and advice at Your Money Line, a workplace financial wellness company.

For private loan borrowers who can qualify for a better interest rate, refinancing can shrink your student loan payments with little or no downside. But student loan refinancing comes with a steep opportunity cost if you have federal student loans — even if you can get a lower rate. You’ll transfer your debt from the Education Department to a private lender, and you’ll permanently forfeit federal borrower protections.

If you’re considering student loan refinancing, here’s what to know based on your loan type — plus alternate ways to lower your payments and get student debt relief.

Private student loan borrowers: Consider refinancing if you can save on your interest rate

A borrower with only private student loans is a good refi candidate, as long as they meet credit-worthiness guidelines, says Stanley Tate, a lawyer focused on student loans. Typically, you must have a stable source of income and a credit score at least in the high 600s to qualify for the lowest advertised rates.

Consider refinancing now if you can save at least half a percentage point on your current interest rate, Tate says. Keep an eye on rates even after you refinance — you can refinance multiple times if rates keep falling.

“You should be aggressive in monitoring your rates until you get to a really good rate,” Tate says. “We may not see 2% or 3% anytime soon, but 7.5% versus 8% is way better. It seems small, but over a 20-year loan, that adds up.”

Before deciding to refinance, research lenders and loan terms. A student loan refinancing calculator can help you compare options. Pay attention to all aspects of the loans you’re considering — not just the interest rate.

“Rate is what most people think of, but a lot of times, people don’t think, ‘What happens if I lose my job? Do I need a co-signer? What are the terms of this loan? When can it be in default? What are the collection terms? What are cases where the interest rate may go up or down in the future for this loan?’” says Jantz Hoffman, executive director of the Certified Student Loan Advisors Board of Standards, a nonprofit that trains financial planners to help their clients make student loan decisions. “And because they’re not uniform, those contracts and the language in those contracts matter.”

And if you’re having a positive experience with your current private student loan lender — no issues with autopay, the online portal or customer service — refinancing with a new lender might not be worth it.

“Just consider that sometimes that’s not always the experience,” Ahlenius says. “Unless there’s a significant cost savings, remember that that experience is also worth something.”

Federal student loan borrowers: Think twice before refinancing and forfeiting borrower protections

Refinancing is risky if you have federal student loans.

When you refinance federal student loans, the lender you choose pays off your remaining federal debt and issues a new private student loan. It’s a permanent move: You can never turn your private refinance loan back into a federal loan.

“That decision to give up federal loans for private loans is one that is oftentimes regretted by the borrower,” Hoffman says. “Once that decision is made, there is no ‘Whoops, I wish I would have stayed. I could have gotten Public Service Loan Forgiveness. I lost my job and need forbearance.’”

That’s true even if you can get a lower rate through refinance: “Even if a private refi is long-term cheaper for [borrowers], that opportunity cost of losing potential federal protections usually keeps people from moving to the private space,” Ahlenius says.

You give up access to existing federal relief programs — like borrower defense for students defrauded by their schools, more than a dozen student loan forgiveness programs, income-driven repayment (IDR) plans, payment pauses if you lose your job and loan discharges if you face a permanent disability.

You also lose access to any future relief programs. For example, borrowers who refinanced their federal student loans before the pandemic did not benefit from the three-year interest-free payment pause that began in March 2020.

Exceptions when federal borrowers may consider refinancing

There are a few situations in which borrowers with federal student loans may consider refinancing to a lower rate, experts say. Those characteristics include:

• A high income, so IDR plans don’t offer a lower payment relative to the standard 10-year plan.
• Steady employment, so you can be sure you won’t lose your job in the future and need temporary payment relief.
• A good credit score, so you can qualify for the lowest advertised interest rates.
• You don’t work as a teacher, nurse, government employee or other type of public servant, so you won’t qualify for 10-year Public Service Loan Forgiveness.
• You are not working toward any other loan forgiveness programs, including IDR forgiveness.

Certain borrowers with federal parent PLUS loans may also be refi candidates, since these loans have higher interest rates than those doled out directly to students, Tate says.

“If you’re someone who is several years away from retirement, you’re a high earner and you have a fairly low loan balance in relation to your income, then refinancing can make sense, because you may not reach the [forgiveness] finish line before you would pay off the loan under the income-driven terms,” Tate says.

Explore other student loan relief options

Refinancing isn’t the only way to lower your student loan payments. Consider these other relief options:

• Flexible repayment plans. Income-driven repayment plans cap your monthly federal student loan bills based on your income and family size, to as low as $0. These plans are not typically available for private loans.
• SAVE lawsuit forbearance. Due to SAVE lawsuits, borrowers enrolled in this federal loan repayment plan have an interest-free payment pause until at least April. If you’re not on SAVE, you can still get this forbearance if you apply for the plan now.
• Deferment or forbearance. Temporarily postpone your federal student loan bills by asking your servicer for a deferment or forbearance. Some private lenders offer this option, too.
• Federal loan consolidation. You can consolidate multiple federal student loans into a single loan and extend your repayment term up to 30 years, which can lower your monthly payment. Consolidation is different from refinancing, because your loans stay in the federal system and you won’t lose any federal borrower protections.
• Set up autopay. Get a 0.25% interest point rate deduction by setting up automatic student loan payments through your servicer. If you have private loans, ask your lender about autopay benefits.

Reach out to your lender for personalized help. Do your research before calling your student loan servicer, explain your situation and ask about relief options available to you.

Eliza Haverstock writes for NerdWallet. Email: ehaverstock@nerdwallet.com. Twitter: @elizahaverstock.

The article As Rates Fall, Should You Refinance Your Student Loans? originally appeared on NerdWallet.

By Kimberly Palmer and Sara Rathner, NerdWallet

Consumers broke up with cash during the COVID-19 pandemic, and it doesn’t appear that they’re rushing to reconcile.

Before the pandemic, Steffen Kaplan, a social media and visual consultant in the New York area, preferred using cash to credit cards. When we spoke in September 2020, he said cash helped him avoid overspending, but the coronavirus changed his spending habits.

“I don’t carry cash around with me anymore,” Kaplan said at the time. “Given that we have to remember to wear a mask, not touch anything, and go home and wash our hands every two minutes, it just seems easier to have a credit card rather than be fumbling around with cash,” he added.

Like Kaplan, more Americans shifted to digital payments amid the pandemic, and the number of consumers making the switch is projected to keep growing. According to the 2024 Global Payments Report by Worldpay, a payments technology company, digital wallets were the most popular method of payment for e-commerce in 2023, followed by credit cards. And for in-store purchases, credit and debit cards were consumers’ top choices. Cash accounted for just 12% of in-store payment methods in 2023, and Worldpay estimates it will drop to 8% in 2027.

But for some, contactless payments also come with added overspending risks. “When you are used to a cash-based spending system, it’s extremely easy to overspend when you don’t physically ‘see’ yourself spending the money,” says Eric Simonson, certified financial planner and owner of Abundo Wealth.

If you’ve made the switch to digital payments, but you also want to make sure to avoid debt, here are some strategies.

Try to pay off your credit card balance each month

Paying off your credit card balance each month isn’t always possible. In fact, among those who carry a balance, the average for households is around $21,541, as of June 2024, according to NerdWallet research.

But avoiding such rotating balances is a good goal because credit card debt is so expensive.

“It’s important for those making a transition to credit cards to understand the Sisyphean challenge of getting out of credit card debt,” says Sam Boyd, a certified financial planner and founder of Confido Advice & Investments, a financial planning firm, citing the generally high interest rates on credit cards. According to the Federal Reserve, the average credit card APR among those assessing interest is 23.37% as of August 2024.

Treat your credit card like a debit card, and try not to charge more than you can afford to fully pay off in one billing cycle. One way to guard against it is to pay off purchases immediately after you make them, rather than waiting until the end of the month and having to pay one lump sum.

Give yourself limits

Simonson suggests setting a low credit limit on your credit card if you’re worried about overspending. “Set your credit limit for just above what you normally spend each month on groceries,” he advises.

The downside to doing that is that using more than 30% of your credit limit can hurt your credit score, and it also means you can’t rely on the card in an emergency if you need to purchase more than normal. But the strategy does help keep you from overspending.

He also notes that many credit card companies offer a service where you can be texted as you are approaching your credit limit. “It’s a good idea to turn this on if you are new to using a credit card, to keep track of where you are with your spending throughout the month,” he says.

Jodie Kelley, CEO of the Electronic Transactions Association, says consumers can also stick with debit cards or prepaid cards, which can be added to digital wallets.

Here are a few other ways to set parameters on your credit card spending:

• Lock your credit card when it’s not in use, unlocking it strategically for specific purchases.
• Consider a card with guardrails. Some financial technology companies like Chime and Varo offer secured cards where you set a spending limit by choosing how much money to move from your bank account to an account tied to the card.

Review your spending regularly

AnnaMarie Mock, a CFP based in Wayne, New Jersey, says there’s nothing wrong with primarily using credit cards as long as you are aware of your spending. “Regularly monitoring and comparing your actual purchases with your budget is critical to identifying any areas where you may be unknowingly overspending,” she says.

Monitoring can be done through apps that track transactions, through your account online or on your bank’s app, or with pen and paper. “Find a method that works for you,” she urges.

Kaplan carefully tracked all of his receipts. “If I come home with anything I bought, [my wife] reminds me or I remember that receipts go right on the desk and then she logs them. There has to be a system in place,” he says, “or you risk being surprised by an extra $200 on your credit card bill.”

If it helps, keep using cash

For some people, cash is a good budgeting tool because “you can’t spend what you don’t have. Once you run out of cash, that’s the end of spending for the month,” says David Tente, executive director at the ATM Industry Association.

When you’re using credit cards, on the other hand, you can keep spending up to your credit limit — but then you’re on the hook to pay it back.

Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer.

The article How to Go Cashless While Also Avoiding Credit Card Debt originally appeared on NerdWallet.

By Amanda Barroso, NerdWallet

Black Friday is the day after Thanksgiving — this year, Nov. 29 — and it has typically been the kickstart to the holiday shopping season. Hundreds of retailers launch special in-store and online sales that are meant to encourage shoppers to check items off their list.

Black Friday is a time when businesses are able to move from “the red” (operating at a loss) to “the black” (making a profit). While Black Friday has a rich history, this narrative began in the 1980s and has stuck with the holiday ever since.

Predicting Black Friday trends

You can count on Black Friday sales to deliver intense competition and widespread discounts that stand out from other times of the year. Here’s what else to expect this shopping season.

Record-high holiday spending

The National Retail Federation estimates that winter holiday spending during November and December could reach $989 billion, a record high and up from $955.6 billion in 2023.

Shoppers will spend an average of $902 on “core holiday spending,” with $641 going toward gifts and $261 for seasonal items, the federation said on an Oct. 30 media call.

But that doesn’t mean shoppers are necessarily buying more, says Mark Bergen, professor of marketing at the University of Minnesota.

Because of inflation, “you could be spending more even though you’re buying less,” Bergen says.

Becoming a “better shopper” this holiday season “doesn’t necessarily mean I spend less,” Bergen says. “It means I spend more wisely or spend differently.”

Some shoppers will probably account for rising costs in their budget by spending money on different items — maybe a store brand rather than a name brand or shopping at a discount store instead of a major retailer, says Bergen.

Early Black Friday sales

Speaking of major retailers, many of them are starting their sales earlier in the month.

Costco, Best Buy, Sam’s Club, Target and Walmart all have sales or deals that have either already started, or will start by Nov. 21. Deals this year are also more likely to extend past Black Friday weekend, some into December.

Special access for members

“A big shift this holiday season will be that many of the really big promotions are going to be member driven,” Bergen says. Store memberships — which range from the free Target Circle program to paid programs such as Walmart+, warehouse memberships and Amazon Prime — can unlock special deals, early access and other benefits this holiday season.

Why this special privilege for members when Black Friday deals used to be for everyone?

“Because of inflation, companies have become more sophisticated in their ability to raise prices,” Bergen says. “Part of that has been their realization that they can raise the average prices but give more targeted discounts to their members.”

The bottom line: Taking account of your memberships might make a difference for your budget this holiday season.

A rise in social media-inspired shopping

While retail heavy-hitters will be a go-to for many shoppers, social media platforms will also be popular places to shop, especially for younger generations.

“Facebook Marketplace and TikTok Shop are leading in intentional purchases, while Facebook and Instagram remain popular for more casual browsing,” Janelle Sallenave, Chime’s chief spending officer, said in an email interview. Her observations come from data from Chime’s 2024 “Spendfluence report.”

“Each platform appeals differently to its users: Facebook Marketplace attracts those searching for specific items, like furniture, while TikTok Shop engages trend-seekers,” Sallenave said.

But not all purchases are planned.

“One of the biggest takeaways from our Spendluence report is that ‘just browsing’ leads to a purchase for 99% of Americans with consumers spending an average of $168 on social media shopping in the past six months alone,” Sallenave said.

“This is a good reminder for holiday shoppers to be cautious and intentional with their spending, as platforms and brands will likely ramp up their ads and promotions.”

Store policies that benefit shoppers

Retailers really cater to shoppers during the holiday season. Here’s what you can expect this year:

• Expanded store hours: Opening early and closing late gives people the flexibility to stop into stores and make purchases around their busy schedules. For example, Best Buy will be closed on Thanksgiving, but the retailer is extending its store hours during the rest of the season. Check your local retailer to find out specific details for their policies that typically run through Dec. 24.

• Smooth and extended return policies: Retailers know that shoppers will probably be making returns after the holidays and want to make it easier. For example, at Best Buy, most items purchased from Nov. 1 through Dec. 31 can be returned through Jan. 14, 2025. However most policies have some caveats — such as requiring receipts for returns or excluding items bought from third party sellers — that shoppers should be aware of.
• Robust price matching: For example, Target will price match its competitors on items bought within a 14-day window and match its own prices if they drop during the designated window (Nov. 7 through Dec. 24). There are a few notable outliers: Neither Amazon nor Walmart have special holiday price matching policies. Walmart’s current policy doesn’t even match special event prices from its own website, Walmart.com, or match prices from third party sellers.

Tips for shopping during anxious times

Some shoppers might feel uneasy heading into Black Friday this year. The holiday shopping season comes on the heels of a highly contested presidential election, a series of natural disasters and rising costs that have stretched budgets.

These outside forces are stressful and exhausting, which are emotions that affect your spending habits. You may be more likely to make mistakes and be more vulnerable to impulsive decisions when you’re feeling this way.

“Try to shop earlier in the day, when you’re less tired,” Bergen says.

He also recommends waiting a night, if possible, before making a big purchase. Even as retailers rely on one-day deals and lightning sales to draw you in, being rested can clarify your shopping and spending goals and help you stay on track.

Amanda Barroso writes for NerdWallet. Email: abarroso@nerdwallet.com.

The article When is Black Friday? Here’s What You Need to Know Before You Shop originally appeared on NerdWallet.

By Erin El Issa, NerdWallet

It’s nearly the end of the year and a majority of Americans have regrets about their money moves, or lack thereof, in 2024. Whether they set New Year’s resolutions that didn’t work out, or just thought they’d be further ahead than they are now, a new NerdWallet survey, conducted in Oct. 2024 by The Harris Poll, finds that 69% of Americans have financial regrets for 2024.

The youngest adult generation — Gen Z (ages 18-27) — is most likely to be remorseful about money this year. Nearly 9 in 10 Gen Zers (89%) say they have financial regrets for 2024, compared to 80% of millennials (ages 28-43), 73% of Gen Xers (ages 44-59) and just 46% of baby boomers (ages 60-78).

Among the top regrets are not saving, overspending and not working on credit score improvement.

If you count yourself among those with regrets, here are some actions you can take starting today to avoid such remorse next year and beyond.

Regret: Not saving for emergencies and financial goals

Nearly 3 in 10 Americans (29%) regret not saving for emergencies and 27% regret not saving enough for their financial goals, like retirement or a down payment on a home, this year.

Take action: Set up automatic transfers to a savings account. Many of us try to save by seeing what we have leftover at the end of the month and transferring that over to savings. But with an endless array of things and experiences to spend on, it takes an immense amount of willpower to end the month with a chunk of money to throw into savings. Instead, flip the order by automating your savings first, and spending what’s leftover.

This could mean setting up a transfer between your checking account and savings account once a month or on each payday. Or, you could see if your employer allows you to set up direct deposit to multiple accounts and send an amount or percentage of your paycheck straight to savings without the detour to your checking account.

Regret: Overspending on entertainment

A quarter of Americans (25%) regret overspending on entertainment, like dining out and recreation, this year. This is a more common regret for Gen Zers (35%) and millennials (32%) than Gen Xers (25%) and baby boomers (14%).

Take action: Set a limit on your outings, not your spending. If setting a budget for the amount you have to spend on entertainment isn’t working out for you, try giving yourself a set amount of outings. For example, instead of “I have to keep my dining out under $200 this month” try “I can go out to dinner twice a week.” Or instead of “I need to make coffee at home more often” try “I can go out for coffee on Fridays.”

This intentional planning can help you prioritize which outings are more important to you — like choosing to forgo takeout on a Tuesday in order to meet friends at a restaurant on Thursday — and will likely lead to lower spending as well. Try it out for the remainder of 2024: Track your spending during this period to determine whether this approach was more effective for you than budgeting a specific amount.

Regret: Neglecting their credit score

More than 1 in 5 Americans (21%) regret not improving their credit in 2024.

Take action: Ensure your payments are on time and your credit utilization is in check. Generally there are five main factors that go into calculating your score, but on time payments and credit utilization are the most important ones. On time payments are self-explanatory and you can ensure you pay on time, every time, by setting up automatic payments or reminders to pay your bills by the due date.

Credit utilization is the percentage of credit you’re using at any given time, both per loan account and overall. So let’s say you have two credit cards with limits of $10,000 and $5,000 and balances of $2,000 and $4,000, respectively. This would make the first card’s utilization 20%, the second card’s utilization 80%, and the overall utilization 40%.

While the long-term goal should be avoiding carrying credit card debt from month to month, you might choose to strategically pay down the second card faster than the first to get its utilization rate lower in service of your credit score. A general, though contested, rule of thumb is to keep utilization below 30%, but we say the lower, the better.

If your credit score is suffering despite making on time payments and keeping utilization low, there may be an error on your credit reports. Pull your reports from annualcreditreport.com for free and make sure there aren’t mistakes bringing down your score.

The complete survey methodology is available in the original article, published at NerdWallet.

Erin El Issa writes for NerdWallet. Email: erin@nerdwallet.com.

The article Survey: Majority of Americans Have Money Regrets in 2024 originally appeared on NerdWallet.