Savings Challenges Are the New Shopping Hauls. Is This Progress?

Savings Challenges Are the New Shopping Hauls. Is This Progress?

You know those "Winter Arc" TikToks wherein an influencer becomes  the best version of herself through protein-packed grain bowls and a bullet journal? Now we’re supposed to be arcing our finances, too. There are “no spend” challenges and cash-stuffing tutorials and even money-manifestation affirmation suggestions. 

While #MoneyTok savings challenges are more constructive than shopping hauls, they’re reminding me of how the rigidity of budgeting can feel suspiciously like dieting. Just like meal plans that promise weight loss, they can leave participants feeling like they’ve failed if they don’t follow the program perfectly. Reminiscent of 75 Hard or Whole30, many of these Winter Arc challenges leave little room for real life — or acknowledge that real life right now is expensive. It’s not always possible to make the best financial move. Case in point: Credit card delinquencies are at their highest since 2011, and much of that debt is due to relying on credit for necessities, like medical treatment and groceries. 

The truth is that personal finance is highly personal — especially when you're trying to make the best choices for your specific circumstances in challenging times. If a financial Winter Arc makes you feel like you’re falling behind, maybe you don’t need to organize your finances the way someone else does. Instead, spend that energy hatching a strategy that works for your life, all year round. 

— DIY-ing my financial glow up, Anna Davies, writer

Read More

• The Well-Off People Who Can’t Spend Money

• Is “Intuitive Spending” Right for You?

• Are You “Financially Frozen”? 

• A Birth Chart Reading Helped Ease My Financial Anxiety

There’s still time to find a side hustle to pay for the holidays. And with gift wrapper, tree-farm assistant, and part-time elf on the list of seasonal gigs, your LinkedIn is about to look merry and bright.

Gen Z is amassing credit card debt at a rate that could make millennials look downright responsible. Welcome to adulthood, where the vibe is: *crushing financial stress.*

The housing market may change in one major way in 2025. Renters, we love this for you.

Donald Trump and Elon Musk have proposed  cutting or even “delet[ing]” the IRS’s funding. Here’s what that might look like. Too bad this strategy won’t save Ron Weasley from his back taxes.

Small businesses have until January 1 to comply with a 2021 law that many owners still don't know is a thing. The good news: Filing is free, can take less than 20 minutes, and you do it here.

Whether it’s reindeer on the roof or “porch pirates” on the prowl, should we be insuring our deliveries against theft this season?

PS: Miracles do exist — see for yourself as this $300 kitchen glow up in a rental makes an unfortunate “boob light” disappear. 

​​ ​‎‎‎‎​​Q: It’s nearing the end of the year, and all the articles and lists about “must-dos” for my money — make sure I fund my 401(k), use my FSA funds — are stressing me out. What’s the bare minimum I should tackle by New Year’s Eve to be in an OK place by 2025?

— New Year, Same Stressed-Out Me

FEATURED EXPERT:

Katy Song

Chief financial planner at Domain Money

First, let’s dial down the year-end panic. You’re not going to tank your 2025 finances if you don’t do everything on these lists, and the three essentials outlined below shouldn’t take a ton of time.

Maximize your 401(k) contribution. Maximum contribution limits for 401(k)s are $23,000 for 2024. “Even a little bit extra from your last paycheck will add up,” says Song. And if your company offers a match? Do what you can to hit that number for 2025.

Consider tax-loss harvesting. This strategy involves selling poorly performing investments to help offset your investment-tax bill. If you have significant assets in a brokerage account, this could be something to bring up with your financial advisor before EOY.

Make a plan for next year.The one thing Song advocates is calculating your net worth (that’s assets minus liabilities; this free calculator can help.) From there, make a plan on how you’ll build on that number for 2025. Maybe it’s finally tracking your spending, ramping up your 401(k) contributions, or tackling that debt. One goal is enough, but to get there, you have to know where you’re starting. 

What can wait until 2025: You don’t need to use your FSA funds until March 15, so you have a few months. Similarly, you can also wait to reimburse your dependent-care account until after the holidays, when the money can be used to cover any credit card balances you may have racked up this month, suggests Song.

Tell Us

Are you already thinking about your 2025 finances?

Submit your money or work question for our panel of experts. Don't worry, it's anonymous.

Use the letters below to identify the word or phrase. Then, click to reveal the answer.

Clue:  A financial professional legally required to act in your best interest. This means the professional has to prioritize the financial moves that are healthiest for your goals — not for any gains they might make via fees or commissions.

‎‎

​​​‎TOGETHER WITH FABRIC BY GERBER LIFE

In this economy, the high cost of living across the country means parents who can afford it are often pitching in to help their adult children get by. 

But what if you could give your child the gift of financial stability when they’re little? Enter: investment accounts for kids from Fabric by Gerber Life. For as little as $20^†, you can kick start their financial future. Perks include penalty-free withdrawals for current child-related expenses like tutoring and zero hidden fees. The best part is that it’s a gift they won’t outgrow by summer, because when they become an adult, it’s all theirs. Psst…Fabric will match up to $50 on your first contribution to a new account through December. We’re invested.

A Budget-Friendly Gifting Sidekick

What it is: The Skimm+ Holiday Gift Tracker

There’s always that moment in the season when you start to sweat seeing the holiday gift fair prices or awkwardly pass along “the Christmas candle” as an exchange for a gift you absolutely did not plan to reciprocate. Never again. At Skimm HQ we were so over that stress ourselves that we made our own spreadsheet to get all of our gifting done under budget. It’s just one of the templates we offer through our new subscription offering, Skimm+, where you’ll find high quality tools (like the Gift Tracker) and perks that save you $$$.

Key features:

• A customizable template that takes the stress out of holiday gifting. Keep tabs on your gift list, track your spending, and even manage who owes what for group presents.

• Built-in tools keep you on top of things, like a handy chart to monitor your overall spending and a countdown to your gifting deadline.

• It’s not just for this year—save a copy to stay ahead for next year. Remember what gifts were a hit, where you went over budget, and keep links handy for inspiration. Future You will thank you.

‎‎Trending products and brands our shopping team has been loving recently.

Sale season is in full swing. Today you can get 25% off sitewide at Brooklinen, with up to 60% off bundles (exclusions apply). Not to be dramatic, but we'd live in this robe if we could.

Speaking of sales, giftable items at Great Jones are highly discounted. Get this bread pan for 42% off, this mini Dutch oven for 46% off, and this ceramic baking dish for 50% off. Is it just us or is it getting hot in your kitchen?

One more sale for good measure. Shop Our Place's Holiday Sale for up to 37% off sitewide. We're eyeing this adorable blender for morning protein smoothies.