Business Insurance

6 Money Habits to Break in 2023

6 Money Habits to Break in 2023

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Get off to a good start by stopping some common (bad) money habits.

AARP | By Karen Hube | December 12, 2022 | Money Habits | Shield Insurance Quoting Portal

You may not be able to do anything about big problems afflicting the economy and the stock market, but little changes to your everyday activities can help shore up your financial security. Consider the following six routines — and why you should ditch them in 2023 for better money habits.

1. Constantly checking your portfolio’s value

During rocky times in the market, it’s natural to want to know how your investments are holding up. But the more often you check, the wider you open the door to counterproductive emotions. Exuberance can fuel overconfidence and unwise risk-taking, while fear of loss can drive you to yank money out of stocks and miss out on future returns, says Chris Orestis, president of Retirement Genius, a financial planning website. Either way, you impair your portfolio’s long-term growth potential.

HOW TO BREAK THE MONEY HABITS

Keep in mind that short-term ups and downs are a package deal when you invest in stocks, but over time the stock market has recovered from declines and resumed climbing. In the past 42 years through 2021, the S&P 500 had intra-year declines in every year averaging negative 14 percent, with dips of 10 percent or more in 23 years, according to Fidelity. But the index ended in positive territory in 35 years, and the average annual return has been around 14 percent.

2. Downplaying the risk of cybercrime

You might think cybertheft will never happen to you, but the older you are, the more likely you are to be a target. Cyber­criminals stole nearly $3 billion from people 50 and older in 2021 — more than all younger age groups combined — according to the FBI. The most common tactic is to entice people into providing personal data by phone or email, or into clicking on seemingly innocent links that let criminals access information on a target’s computer. Paul Tracey, CEO of Innovative Technologies, a cybersecurity company, says scammers have been getting increasingly sophisticated. They commonly pose as employees of familiar companies and drop personal details about you that make them seem legitimate, such as your birthday or where you live (often easily found in an online search).

HOW TO BREAK THE MONEY HABITS

“Anytime you get a request for an account number or personal information, or anytime you are invited to click on a link, you should be skeptical,” says Tracey. Use different complex passwords for each of your sensitive accounts and change them quarterly. That way, if a password for one account is revealed in a security breach, hackers can’t use it to access your other accounts.

3. Making minimum payments on your credit card

A fast way to eat up cash is to keep a large balance on your credit card. One major reason why: The average annualized interest rate on credit card debt was 18.9 percent in early October, reports Bankrate. Let’s say an issuer makes carrying a balance easy by setting a minimum payment of just 1 percent of the balance or $25, whichever is larger; if you rack up $1,000 in charges in a month and then pay only the minimum, you’d need more than nine years and pay nearly $2,000 to close out the balance. Credit card debt surged 13 percent in the second quarter of 2022 compared to a year earlier — the largest annual hike in at least two decades, according to the Federal Reserve Bank of New York.

HOW TO BREAK THE MONEY HABITS

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5 Business Predictions for 2023 Following the Downward Spiral in Tech

5 Business Predictions for 2023 Following the Downward Spiral in Tech

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The most prominent tech titans announced tens of thousands of layoffs this year. With markets down over 30%, what are the business predictions and what’s next in 2023, and how do we prepare for the recession?

Entrepreneur.com | By Mario Peshev | December 28, 2022 | Business Predictions | Business Insurance

At the beginning of the quarter, one share of Meta Platforms Inc, the parent company of Facebook, Instagram, and WhatsApp, was traded at $378. Less than two months in, the technological juggernaut collapsed to under $89 a share — reaching the trading levels of 2015.

But Meta is not alone. The Nasdaq 100 took a 38% hit from its peak.

Layoffs have followed suit across the titans of technology — with tens of thousands of employees losing jobs across Meta, Amazon, Microsoft, and Twitter alone.

Heading into 2023, the future is tumultuous. What geoeconomic changes are about to resurface in the new year?

1. Reassessment of the “Hockey Stick.”

A favorite trend of venture capital funds and investors is the promise of the “hockey stick” growth curve. This translates to a predictable and scalable influx of new users (or revenue) subject to doubling down on sales or paid acquisition channels.

The premise is straightforward — market penetration or even domination. Obtaining unicorn status and acquiring users at all costs. The model works in theory, but in the land of funding, this usually comes at the expense of piles of debt and no profit whatsoever.

It’s easy to scale a business with a freemium model that gets funded by investors. But infrastructure, staff, warehouses, and vendors are entitled to their own funding. And unless this model converts at the same pace as a standard business cost plus a profit margin, companies will face severe consequences.

Prioritizing profitability again will become a reality check of 2023.

2. More Business Predictions: Layoffs

Over 910 tech companies laid off over 143,000 employees in 2022 alone. The tracker relies on public data that doesn’t account for medium and large businesses outside the public purview (whereas the numbers are likely to exceed 200,000 or even 250,000 at the time).

Financial scrutiny, combined with unfavored financing tools thanks to the aggressive interest rate hikes by the Federal Reserve, is limiting access to funding to combat the effects of hyperinflation.

With unlimited resources, it’s easy to get sidetracked and keep pouring more people, money, and servers into a problem. This anecdotally conflicts with Brooks’s law (a known adagio in project and product management), where adding workforce to a software project that’s running late is dragging it even further.

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100 Best Self Help & Personal Development Blogs and Websites

100 Best Self Help & Personal Development Blogs and Websites

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Blog.Feedspot.com | Dec 27, 2022 | Personal Development Blogs | Shield Insurance Agency

The best Personal Development blogs from thousands of blogs on the web and ranked by traffic, social media followers, domain authority & freshness.

Personal Development Blogs

Here are 100 Best Personal Development Blogs you should follow in 2023

1. Zen Habits

San Diego, California, US
Zen Habits is about finding simplicity and mindfulness in the daily chaos of our lives. It’s about clearing the clutter so we can focus on what’s important, create something amazing, and find happiness. Leo Babauta is the Creator of Zen Habits living in San Diego, California.

2. Tiny Buddha Blog

 Los Angeles, California, US
Tiny Buddha is about reflecting on simple wisdom and learning new ways to apply it to our complex lives – complete with responsibilities, struggles, dreams, and relationships. Founded in 2009, Tiny Buddha has emerged as a leading resource for peace and happiness. The site features stories, tips, and insights from readers of all ages, from all over the globe.

3. Mark Manson Personal Development Blogs

New York, England, UK
Mark Manson’s personal development advice is nothing like the ordinary – forget clichéd or unrealistic tips. Mark’s goal with his site is to provide a reality-based form of self-help, and he most certainly achieves this goal with his articles.

4. Positivity Blog

Sweden
It’s a resource on how to live a happier life, increase your self-esteem and confidence, become more productive, simplify, and improve relationships and social skills.

5. Live Bold and Bloom

Asheville, North Carolina, US
Barrie Davenport blogs at her leading self-improvement blog, Live Bold and Bloom. Barrie is a personal growth seeker, published author, and certified coach. On live Bold and Bloom, Barrie helps people shift their thinking, create positive new habits, and build lifetime confidence.

6. Tim Ferriss Blog

US
Follow the Tim Ferris blog for tips and advice on success, motivation and more! Tim Ferriss has been listed as one of Fast Company’s ‘Most Innovative Business People’ and one of Fortune’s ’40 under 40.’ He is an early-stage technology investor/advisor and the author of five #1 New York Times and Wall Street Journal bestsellers.

7. Becoming Minimalist

Phoenix, Arizona, US
Becoming Minimalist inspires others to journey toward simple living. Own less, live more. We are dedicated to rational minimalism and discovering what that uniquely means for us. And the more who are introduced to this life-changing message, the better! Because we’re all just trying to make the most of this journey called life.

8. Gretchen Rubin

 New York City, New York, US
Gretchen Rubin is an author of several best selling books, including ‘The Happiness Project’ where she tests different happiness and personal development methods for one year. She writes about creating positive habits and finding happiness in the everyday life.

9. Marc and Angel Personal Development Blogsl

 Florida, US
Articles on happiness, productivity, emotional intelligence, relationships, health, aspiration, life, money, general self-improvement and more. Marc and Angel Chernoff are New York Times bestselling authors, professional coaches, full-time students of life, admirers of the human spirit, and have been recognized by Forbes as having ‘one of the most popular personal development blogs.’ They share inspirational advice and practical tips for life.

10. MindBodyGreen

Brooklyn, NY
MindBodyGreen is a lifestyle media brand dedicated to inspiring you to live your best life – mentally, physically, spiritually, emotionally and environmentally. Blog posts contains articles from nutrition, exercise and happiness to meditation and relationships.

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There's a shortage of vets to treat farm animals. Pandemic pets are partly to blame

There’s a shortage of vets to treat farm animals. Pandemic pets are partly to blame

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NPR.org | SCOTT NEUMAN | December 19, 20225:00 AM ET | Farm Animals | Farm & Ranch Insurance

One night last spring, Andy Berry, a livestock farmer in Mississippi, was working the phone. One of his cows was experiencing a life-threatening breech birth and his regular veterinarian, 40 minutes away, was unavailable.

Berry, who is also executive vice president of the Mississippi Cattlemen’s Association, spent two hours calling around for help, finally reaching another vet, who immediately made the one-hour drive to his farm in rural Jefferson Davis County.

By the time she arrived, it was too late. “Ultimately, we ended up losing both the cow and the calf,” Berry, 48, says. “Between the time it took to get to the farm and the complications of the labor, it was too much.”

The death of the cow and calf cost him about $1,800, he says.

Experiences similar to Berry’s are becoming more common across the country. For decades, farmers have endured a shortage of rural veterinarians – the kind who specialize in care for animals like cows, pigs and sheep. But the problem is now at an all-time high – with 500 counties across 46 states reporting critical shortages this year, according to the U.S. Department of Agriculture.

Some counties have no vets to treat farm animals

“We are losing animals because we just have no one to come to the farm in time to save them,” said Sen. Cindy Hyde-Smith (R-Miss.) in a Dec. 6 hearing of the Senate Committee on Agriculture, Nutrition and Forestry. “We have counties in Mississippi that don’t even have a large animal veterinarian.”

The shortage is mirrored by a growth in the number of veterinarians that Americans are much more familiar with – those who take care of the family pet. Since at least the early 2000s, more veterinarians have chosen the better pay and more reasonable work hours that go with a practice that focuses primarily or exclusively on “companion” animals. With the COVID-19 pandemic-driven spike in pet ownership, demand – and salaries – for companion animal veterinarians have increased rapidly, according to the American Veterinary Medical Association, or AVMA.

The implications of this shortfall go beyond the farm. Some farmers and the AVMA warn that without enough vets on the front line, the food supply chain is vulnerable to diseases such as foot and mouth and swine flu.

“Food-animal veterinarians are a front-line defense in the surveillance, prevention, treatment, and control of animal diseases,” AVMA President Dr. Lori Teller wrote in an email to NPR. “Veterinarians help to protect the health and welfare of animals that produce eggs, milk, meat, wool, and other protein and fiber products,” she says.

Teller says that among veterinary school graduates, nearly half are choosing to work exclusively with companion animals, with another 8% selecting mixed practices, where they might treat a dog and cat one day and a cow the next. Fewer than 3% of recent graduates choose to work exclusively with food animals, with others deciding to pursue advanced degrees or go into specialties, such as horse care.

The burnout problem

Despite the clear need, many who start out working with food animals find that the grueling and sometimes dangerous work leads to burnout.

Dr. Remington Pettit, 37, has seen both sides of the profession. She grew up in rural Oklahoma, and attended veterinary school at Oklahoma State University. When Pettit graduated, she chose to work in mixed practices, focusing on the treatment of horses and cattle in her native state.

“I worked the sale barn,” Pettit says, referring to cattle auctions. “I did spay-neuter. I did farm calls. I did emergencies. It was all hours of the day, 365 days a year.” In the rural area she covered, a considerable amount of driving to appointments made the days even longer.

About five years ago, she hit a breaking point. Pettit, 37, was still carrying university debt, and just starting a family. For her, it was mainly exhaustion and the physical toll of working with large animals that prompted a switch to companion animals – where she says she makes double the money she did just a few years ago. But the physical demands of the job and its inherent dangers were also factors in her decision, she says.

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Worker's Compensation

What’s Covered in Worker’s Compensation?

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Worker’s Compensation | Business Insurance | Shield Self-Quoting Portal

At Shield Insurance Agency, we’re providing worker’s compensation to the people of Michigan. As a worker, this form of insurance will create a sense of financial security in the event of a workplace injury or an illness. Whether you’re dealing with medical bills or a loss of income, you have the right to file a claim at our agency.

What Policies Are Covered in Worker’s Compensation?

Your compensation plans will be based on the type of insurance that you buy. Some customers will buy full or partial packages, while others will have their insurance policies tailor-made to suit their needs. In a worker’s compensation package, you should search for whether the package contains policies for income loss, medical costs, or disabilities caused on the job.

You’ll also want to know whether your worker’s compensation insurance covers specific situations. There are medical claims, temporary disability claims, permanent disability claims, and compensation for workers undergoing vocational rehabilitation. If a worker dies as a result of a workplace incident, his or her family members may be entitled to file a worker’s compensation claim with the insurance agency. Knowing what type of file to claim will help you during your time of distress.

Purchasing Worker’s Comp Insurance in Michigan

If you’re looking for quality worker’s compensation, the Shield Insurance Agency is available for business. In addition to worker’s compensation for workplace injuries, we also offer home insurance, auto insurance, contractor’s insurance, business insurance, and more. To get in touch with one of our agents, contact Shield Insurance Agency today. We’d be happy to schedule an appointment with you right away to discuss your options.

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Child care disruptions continue to wreak havoc for working mothers

Sickness and child care disruptions continue to wreak havoc for working mothers

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Worklife News | December 8, 2022 | by Ambreen Ali | Child Care

Since mid-October, Michelle Shank Boczonadi has not had a single week at work that she wasn’t also juggling child care challenges.

She’s a Denver-based senior director at Comcast Cable and mother to two-year-old Remi, whose nanny-share arrangement next door has been disrupted by RSV, flu, strep throat, pink eye and the stomach bug in the last six weeks alone.

Boczonadi is hardly alone, as high rates of illness and limited child care have combined to add pressure on working parents this fall. In October, a record number of parents missed work due to child care problems. Women are more likely than men to shoulder that burden and drop out of the workforce entirely to care for young children.

In New Jersey, Melissa Vogt became a first-time mom in May. Her son had Covid at one week old and was hospitalized with RSV a few weeks before she had to return to work. He started daycare at three months, and he’s had to stay home multiple times since because he has been sick. When he’s home, she often works anyway.

“A lot of times I start the day, and I try to get away with it without telling them. I just do the best I can from my phone while holding him,” said Vogt, who works in business development and client services for an education company.

Vogt said she is trying to be as available as possible since she recently took maternity leave. Her husband is very involved and helpful, but they face a common economic reality. “My husband makes twice as much money as me, so by default I’m the one who has to take care of our son,” she said.

As many workplaces have put in place return-to-work policies and settled into new hybrid routines, working mothers are still struggling. For them, the stresses induced by the pandemic — including sickness-related disruptions and lack of child care — still haven’t let up. 

“They’re carrying the load of being the breadwinner. They are also in most cases carrying the burden of parenthood, of running their household. We’ve been asking women for years and years to layer roles without offering additional support.”

Jill Koziol, co-founder of Motherly.

Worse, in some cases, their workplaces and colleagues have embraced a new normal that assumes such pressures are over, sidelining parents of young children who can’t keep up.

Vogt feels guilty when she can’t attend after-hour work events and the responsibility falls on her coworkers. She hasn’t talked to them about it, even though some of her friends tell her that it’s fair for her to be unable to attend those events as a mother of young kids.

Child Care Pressure on moms

The flexibility of modern work has created opportunities for mothers of young kids like never before. More moms of kids under the age of six have joined the workforce in recent years, according to the research nonprofit PRB. There are a variety of factors – from women facing economic pressures to them attaining higher education levels. They are more likely to work in flexible ways, such as in part-time roles or as entrepreneurs.

These women also face a unique set of pressures to juggle child care responsibilities. Among parents of kids aged 12 years and under, women spend three more hours on child care every day than men, according to a study by The Hamilton Project that was published by Brookings. That imbalance varies but holds true in heteronormative households regardless of who is working.

This imbalance came to light during the pandemic, when mothers of young kids were the most likely not to return to the workforce after the initial pandemic-induced disruptions in spring 2020. The decline was significant and incongruous: Nearly all fathers in the same situation returned to work, a paper published by the Federal Reserve Bank of Minneapolis noted.

The working moms who remain in the workforce are “carrying an immense load,” Jill Koziol, co-founder of the well-being community Motherly, said recently on the C-Suite Conversations podcast. Motherly’s 2022 State of Motherhood report found that 47% of women are the primary breadwinner in their household. 

“It falls to the companies to take the lead and make sure that, if they want to have a truly diverse and inclusive environment, they are also thinking of parents and caregivers.”

Lindsay Kaplan, co-founder of Chief, a network of female executives.

“They’re carrying the load of being the breadwinner. They are also in most cases carrying the burden of parenthood, of running their household,” Koziol added. “We’ve been asking women for years and years to layer roles without offering additional support.”

The report also found that twice as many women left the workforce than men in the pandemic, and that 46% of mothers who are still unemployed initially left due to a child care issue. As Koziol put it, “The pandemic brought many women to their breaking point.”

An ongoing child care crisis

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Why employee turnover is more contagious than ever

Why employee turnover is more contagious than ever

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Worklife | November 30, 2022, by Oliver Pickup | Business Insurance | Employee Turnover

In the hybrid-working era, job departures are more contagious than ever.

When a teammate goes — whether pushed or pulled — it leaves colleagues reflecting on their positions while having to pick up the extra slack. And it means they are 9.1% more likely to head for the exit, too, according to a new report published in mid-November by global employee analytics and workforce platform Visier. As the Great Resignation shows no sign of breaking stride, this statistic could become a thornier issue for business leaders and HR professionals.

“Employee turnover can be contagious because humans tend to imitate other people,” said Andrea Derler, principal of research and value at Visier. “This means that when a fellow employee’s intentions to quit become clear, it can trigger others to evaluate their situation.”

A cluster of departures is also incredibly destabilizing for any organization and could lead to a recruitment scramble. This desperate-but-necessary tactic might plug the gaps before more employees leave, but the rush to hire could be a misstep if they turn out to be a bad fit for the company.

“I was taught that teams ‘form, norm, perform, and storm,’ so one resignation can lead to many,” said Simon Roderick, managing director of Fram Search, a U.K.-based financial recruitment organization. “Firms, managers, and teams often lose their way, and sometimes whole change is the only way to gain stability again.”

The Visier report found that smaller teams have a higher probability of experiencing higher resignations due to turnover contagion. “This is because of stronger interdependencies between team members’ tasks and their stronger personal relationships,” said Derler.

Smaller teams but bigger problems

Piers Hudson, senior director of Gartner’s HR functional strategy and management research team, agreed with this insight. “Smaller teams have micro-cultures, so when someone goes, it is worse as a trigger point,” he said.

As such, Hudson was not shocked by the 9.1% figure. “If anything, I was surprised it wasn’t higher,” he said. “Any departure would lead you to reconsider your role. It might raise things like your compensation and whether the person who has left is being paid more elsewhere.”

Gartner delved into causes for considering one’s position should a teammate leave. “It often creates more work for the rest of the team, and 56% of people told us that the number of tasks went up when a colleague left,” said Hudson. Also, 28% reported that if a favorite colleague had departed, then work was “less pleasurable.”

“Employee turnover can be contagious because humans tend to imitate other people. This means that when a fellow employee’s intentions to quit become clear, it can trigger others to evaluate their situation.”

Andrea Derler, principal of research and value at Visier.

Lesley Cooper, a well-being consultant and founder of London-headquartered mental health service WorkingWell, believes that having best friends at work develops a mutually reinforcing attitude to stick at a job, whatever the challenges. So when that workplace buddy goes, the person left feels isolated and exposed.

“Some people stay in jobs or inside a toxic team because they have one or more work relationships that they value enough to compensate for the aspects of their job or the team culture that they find uncomfortable,” Cooper said. “We often hear: ‘I don’t like the job or the company, but I love my colleagues.’”

Therefore, when a favored colleague leaves, the balance is disturbed, and “the ‘protective’ effect of the co-worker companionship” is removed, meaning there are fewer reasons to stay, she added.

Employee Turnover is a Hybrid headache

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Wearable Devices: Tech’s Real-Time Ergonomic Data Is a Workers’ Comp Game Changer

Wearable Devices: Tech’s Real-Time Ergonomic Data Is a Workers’ Comp Game Changer

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RiskInsurance.com | By: Abi Potter Clough | November 1, 2022 | Business Insurance | Wearable Devices

Technology is changing the scope of treatment plans and helping to keep employees safer by stopping injuries before they happen.

Carriers and risk managers share a vested interest in helping workers avoid injuries, but until now, many of the available interventions have suffered timing issues.

Training workers in advance, showing them safety demonstrations, and teaching ergonomics are all interventions before employees start working. And corrections or reprimands from management after an incident are too late to stop an injury from occurring and are quickly forgotten before the next incident.

Technology solves some of these challenges with real-time interventions, better data collection and analysis designed to influence patient outcomes over time.

Wearable devices equipped with artificial intelligence and the Internet of Things (IoT) are one way to help keep workers safe by reducing and preventing injuries through behavior modification.

Mike Rhine, SVP, chief operating officer at Onsites at Concentra, and Sean Petterson, founder and CEO at StrongArm Tech, tackled this topic at the 2022 National Comp conference, in the session “How Wearables, AI and IoT are Informing Injury Treatment and Protecting Employee Health.”

As Petterson commented in the session, “Injuries happen fast, and we need to be faster.”

Wearable Devices Help Create a Culture of Safety

Wearables are changing the timing game by providing in-the-moment alerts, notifications and corrections designed to alter human behavior before an injury happens.

When a worker is wearing an IoT-enabled device, they can receive immediate feedback based on their actual movements — critical information designed to stop risky behaviors and teach safer ones.

These small devices can tell if a worker is moving in ways that will cause repetition-based injuries over time or if an employee is about to get hurt through their actions.

A haptic notification alerts the worker in real time of any dangers so they can modify their actions. The sensors also provide a safety score to each worker at the end of each day, then the worker sees customized tips at the start of their next shift to help them improve their score.

Wearables can help develop a safety culture through these real-time alerts and daily interventions.

“There is nothing more potent than a positive safety culture. But it has been impossible to manage in the past. Now, we can measure the impacts and the effects of a safety program, like injury reduction, and attach ROI to different training programs, IoT, wearables and so on. Wearables are bringing a new way to look at problems,” Petterson said.

Wearable devices are often small sensors that fit in a pocket or can be clipped to a worker’s collar or belt.

They aim to prevent injuries and see what happens to employees over time so measures can be introduced to keep people safer at work and reduce claims.

By understanding how injuries occur, they can be prevented.

Petterson said, “We want to make it simple. We don’t need to measure every single movement, but we want enough data to meet the needs of operations and to create a baseline for understanding how real-time risk changes can impact operations, like how pushing a workforce too far can lead to injury. This correlation wasn’t always seen. Humans were once viewed as a cost of doing business, but that’s no longer an option.”

“It’s about keeping employees healthy, not watching their every move,” Rhine added.

Wearable Devices Change the Landscape of Injury Prevention

Rhine described how small wearable sensors could change the landscape of injury prevention.

With wearables, employers can observe how employees’ behavior changes throughout their shift due to fatigue or other issues. And the wearable device allows employers to see exactly when and how an injury occurred — helpful both for investigating the injury and preventing similar incidents in the future.

“With wearables, we know what happened when they got hurt, so we can clinically intervene and incorporate some training, job rotation, more conditioning, to allow us to impact health outcomes. Without wearable data, we rely on clinicians being on site and observing workers. They may spend a half hour watching an individual employee but miss fatigue issues at hour six, for example,” Rhine elaborated.

“The sensor feeds data right to an onsite clinician. In addition to using the data, we can apply clinical learning and an ergonomic eye to the workstation.”

This best-of-both-worlds approach combines data that wasn’t readily available in the past with the clinical observations only a human can bring to the table, with an end goal of fewer employee injuries and healthier workers.

Broad Impacts of Wearable Devices

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Used-Car Prices Are Falling, but Buying Is Still a Challenge

Used-Car Prices Are Falling, but Buying Is Still a Challenge

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As used-car prices ease from all-time highs, higher interest rates are ramping up monthly payments

Consumer Reports | By Benjamin Preston | Updated November 10, 2022 | Used-Car

After a historic used-car price spike throughout much of last year, prices have begun to come down. Although they haven’t yet deflated to levels that would fall into the deal territory, a recent drop of nearly 4 percent may offer hope to used-car shoppers, albeit mainly those paying with cash. Rising interest rates will likely negate the drop in prices for buyers who have to finance, meaning you could end up paying more over the life of the loan.

That said, the luxury of waiting for a sunnier economic outlook isn’t available to everyone. If you need to buy a used car now, Consumer Reports can tell you how to make the best of the current situation, with expert advice and market insights from industry insiders.

In good times and bad, Consumer Reports members can search our Used Car Marketplace for vehicles for sale in their area, sorting by the factors that matter most. The listings include CR reliability and owner satisfaction ratings, and there’s a free Carfax report for most of the vehicles. Members can also access ratings and information on used vehicles going as far back as 20 years.

Our main advice for buyers in this tricky market is to act quickly and negotiate from an informed perspective. That can make the difference between getting a fair deal or paying too much. Also, it’s never been more important to make sure your credit is in as good shape as it can be. Interest rates are up, but the most competitive rates are reserved for those with strong credit ratings.

Here are some other ways to make the best of a tricky market.

Consider buying a new car instead of a Used-Car

If you’re looking at newer used cars—models in the 1- to 3-year-old range, you may find that prices are still relatively close to what they sold for new. If you have to borrow money to buy the car, it may be better to find a new car that can qualify you for a lower interest rate, to say nothing of the benefit of a fresh factory warranty. Many manufacturers subsidize financing and may offer interest rates that are much lower than normal to qualified buyers. Check dealer incentives in your area and see what’s being offered.

Look at older models of Used-Cars

Everything is more expensive, so your budget may preclude used cars on the newer end of the spectrum. Also, prices on older cars have dropped the fastest. If you go the older car route, Consumer Reports recommends looking at models known for reliability. They will provide better value than more recent models that can be closer in price to new cars. The downside is that if you have to finance the purchase, interest rates tend to be higher on loans for older cars.

Prearrange financing. Used-Car

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New ways to find holiday deals on Google

New ways to find holiday deals on Google

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Google.com | Nov 01, 2022 | Shashi Thakur, VP/GM, Consumer Shopping | Holiday Deals | Home Insurance

Find the best holiday deals on Google with new features like promotion badges, coupon clipping, deals comparisons, and price insights.

The holiday season is upon us, and many are already getting into the (shopping) spirit. Holiday Deals are particularly top of mind this year: Among Americans planning to shop for the holidays, 43% are planning to look for deals and sales more than last year.1 So we’re sharing a few new features to help you easily find those discounts and get the perfect gift at the right price.

New labels for coupons and promotions

Coupon codes are a great way to save, but finding them — and making sure they work — can be challenging. To help shoppers save money and time, we’re bringing promotions front and center in product searches.

A mobile search for “shop holiday party dresses” loads colorful results. The screen scrolls down to a red dress option with a special offer label, clicks the item and copies a coupon code.

Our new promotion badge will show up in Search on items running a promotion (like “15% off with coupon code HOLIDAYS”). While in the past we’ve shown when items are on sale or the price has dropped, you can now see specific promotions and compare them to others right in Search.

We’re also adding a new coupon clipping feature, which allows you to easily copy promo codes when you’re ready to buy. These new features will roll out in the coming weeks.

Compare holiday deals side by side

For the past year, more than half of U.S. shoppers have visited multiple websites before settling on what and where to buy.2 We’re bringing you a new, easy way to cut down on all that research time and compare shopping deals across retailers.

A mobile search for “shop women’s puffer jackets” scrolls down to a section labeled “deals” showing products with discounted prices from various merchants.

If you search for a women’s puffer coat, for example, we’ll show you a side-by-side comparison of available puffer coat deals right in your results. This new view will roll out in the U.S. this month, just in time for the holidays.

Get price insights

While it’s easy to get enticed by holiday sales, it can be hard to tell whether something is a good value. So we’re bringing our price insights feature to Search to help shoppers understand the prices they see and make better buying decisions. Now, you’ll quickly see how one merchant’s price compares to others’ and whether it’s low, typical, or high for that product.

A mobile search for “shop speaker jbl tune 130nc” shows results for speakers. It scrolls down to an “online stores” section, where the color “white” is selected from a drop-down menu and a graph shows different price ranges.

And merchants, don’t forget you can always see how your deals are performing and review your business’ promotions wherever you manage your product listings on Google.

These new features will make it easier to find great prices and check everything off your list this season.

And even more great ideas…

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