Highlights for December 31st Your Safe Money Show

 Here's what we have planned for this last Your Safe Money Show of 2022. Year end financial checklist. Smart ways to gift money to children. And what is financial hoarding and how can you fix it? Listen at 8 a.m. Saturday's at Nice 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Holiday hours

 Everyone at Sjoberg & Holmstrom Financial Services and Your Safe Money Show hopes you have wonderful holiday season. Our office will be closed through January 1st. Call 320 679 5183 if you need assistance, we will be monitoring calls.

Debit vrs. credit cards

 I had a question this week about debit cards and credit cards which is better? Like most things there’s pros and cons for both. Here’s some basic information. If your debit card is stolen or used without permission, it falls under the Electronic Fund Transfer Act. If you tell your bank before any charges are made, you won’t lose anything. If you tell them within two business days, the most you’ll lose is $50. If you tell them after the two-day mark but within 60 days of getting your statement, your maximum liability is $500.But if you tell your bank after that 60-day point, there’s no limit to how much you can lose.

Now if your credit card is stolen or used without permission, it falls under the Fair Credit Billing Act. If you tell the company before any charges are made, you’re not liable for anything. If you tell them afterward, the most you can lose is $50, and it probably won’t even be that. That’s because the four major card companies — American Express, Mastercard, Visa and Discover — all have $0 fraud liability policies. And remember when you use your debit card funds come out automatically. With a credit card the process takes longer usually until you pay your bill.

Your Safe Money Show Gain control of your retirement 12 17 22

Your Safe Money Show highlights for December 17th

 For our Saturday December 17th Your Safe Money Show Todd will have steps to follow to gain control of your retirement. Overcoming fear with your finances in retirement. And the reshaping of life insurance. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com.

Minnesota and credit scores

 I just had to share some good news about living in Minnesota and credit scores. Wallet hub did a report on information they gleaned from TransUnion. They found that with Minnesota’s low poverty rate and high employment, its residents have a credit score of 724, on average. And that’s the highest average credit score of any state nationwide, followed by New Hampshire, Vermont and Massachusetts. Meanwhile, I think we all have learned that the higher your credit score, the better off you are when it comes to getting a loan. You’re more likely to be approved, and if you’re approved you can qualify for a lower interest rate. A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional. It’s great to read that Minnesotans average the highest credit score, because being able to pay less for a mortgage, insurance like home and auto, get utility services more easily, get a cell phone without having to prepay or have a security deposit. I mean the bottom line: a higher credit score saves you money. Check out our website yoursafemoneyshow.com.

Your Safe Money Show Should you stop saving because of inflation 12 10 22

Your Safe Money Show topics December 10th

Coming up on Saturday December 10th Your Safe Money Show. How to avoid mistakes with Required Minimum Distributions (RMDs) from your retirement accounts. Should you stop saving for retirement because of inflation. And how to max out your 401(k) in 2023. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows and get full details at yoursafemoneyshow.com.

MNSURE Open Enrollment

 MNSURE Open Enrollment, if you want your insurance to start January 1st, ends December 15th. Call 320-679-5183 to get an appointment with Todd.

Return policies are changing with some merchants

 Well, it is “prime time” for shopping right now and most of us for years, when needed, have returned items, well some retailers are rolling out stricter guidelines for returns. According to a recent survey, roughly 60% of retailers said they’re making changes to existing returns policies, with fewer promising free returns. On average, retailers expect about 18%, or $158 billion, of merchandise sold during the holiday shopping season to be returned. With rising costs squeezing margins, many retailers are rethinking their return policies, shortening the return window and even charging a return or restocking fee. During the pandemic online shopping exploded and many places offered “free returns” for customers. But now, with higher labor and shipping expenses, it is costing retailers “a tremendous amount of money. So, some retailers are charging for returns to cover a portion of that cost. It also can deter customers from overbuying, since at least 10% of returned goods cannot be resold. Just as retailers struggle with excess inventory, “often returns do not end up back on the shelf,” and that causes a problem for retailers struggling to streamline expenses and enhance sustainability. If being able to return items from online purchases or physical purchases are important to you, make sure you ask or read the fine print to see what their policy is as changes are happening.

Your Safe Money Show Buy Now Pay Later 12 3 22

YSMS highlights for December 3rd

 Here's what we're planning for our December 3rd Your Safe Money Show heard at 8 a.m. at Nice 95.5 FM KBEK. There are scams that happen specifically around the holidays, so we need to get you up to speed on those. More people are using “buy now, pay later” for holiday shopping Todd will explain and have warnings about that too. And Congress may make it easier to set aside money for emergency expenses, he’ll go into details on that. By the way KBEK streams live at kbek.com. You can hear recent shows by going to our website yoursafemoneyshow.com.