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Keeping your finances fresh throughout the year

Tips that you can put in place to help keep your finances in check throughout the year.

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Photo by Damir Spanic from Unsplash.com

For many people, reaching and maintaining financial stability is a goal that tops their checklists. However, the strategies necessary for achieving that goal can quickly fall by the wayside.

Consider these tips from Bank of America Credit Cards Executive Jason Gaughan that you can put in place to help keep your finances in check throughout the year.

Make Financial Goals More Attainable

The key to achieving financial goals is to make them measurable. Try to focus on achievable outcomes that slowly push you in the right direction financially. For example, if you are planning to make a large purchase, give yourself a specific, short-term goal like saving a few hundreds/thousands from a paycheck so you can effectively measure your progress and build toward your purchase over time.

Redeeming your credit card rewards wisely can also help you more seamlessly reach your financial goals. Some cards allow you to redeem cash rewards directly into a checking or savings account or to apply to your credit card balance. In some cases, rewards can also be applied into longer-term investments, thereby letting your everyday spending help fuel your future goals.

“Earning cash back on everyday purchases can provide extra funds to invest, splurge on a family vacation or put a down payment on a new car,” Gaughan said. “Whatever your financial goals are, a rewards card can help you get closer to achieving them.”

Reduce the Number of Credit Cards in Your Wallet

A Bank of America survey found 52% of people weigh down their wallets with multiple cards to earn rewards across different categories. By choosing a flexible credit card that allows you to earn benefits across various categories, you can consolidate and eliminate the need to juggle a variety of rewards cards.

Cut Unnecessary Spending and Tackle Debts

If you’re dreaming of financial freedom, a budget is one of the first steps toward getting there. Start by reviewing bank and credit card statements from at least the past three months to gain a better understanding of your spending habits and identify areas you could improve. While cutting back on non-essentials is typically a good place to start, this is also an opportunity to identify areas you can get better deals by switching providers for things like car or homeowner’s insurance as well as your cellphone, internet and other home services.

Once you’ve addressed your expenses, consider tackling your debts. To determine which debts need to be prioritized, look at the interest rates and principal costs of each and focus on paying off debts with higher interest rates first. Reducing your debt should take priority over most savings goals.

Discover New Ways to be Rewarded

You may be eligible to enroll in a banking rewards program which gives members access to a variety of everyday banking benefits including credit card rewards bonuses on eligible cards from 25-75%, home and auto loan discounts, free stock trades, ATM fee waivers and more.

Layering your banking rewards program together with airline, hotel, credit card, dining and shopping rewards programs can help boost your financial rewards earnings to the highest level.

Use Digital Banking Tools to Gain Full Visibility Into Your Finances

When using a combination of multiple rewards and savings strategies, it can be hard to keep track of where and how much you’re earning and saving at a given time.

Your bank may offer digital tools that provide assistance and resources to simplify your banking experience. For example, some digital dashboards allow cardholders to track their rewards earnings and redemptions, and discover additional benefits. Those using their bank’s application on their computer or phone can typically manage their rewards, deals and benefits across multiple rewards programs.

Keep Tabs on Your Credit Reports and Scores

A numeric representation of your credit, your credit score signifies to lenders what kind of borrower you are. Because it influences everything from mortgage and auto loan rates to credit card approvals, keeping an eye on where you stand can be important in achieving your financial goals. It’s smart to periodically check your credit score to make sure everything is accurate and know where you stand. You can check your score through the major credit bureaus, and some credit card issuers even allow you to view your score for free through online or mobile banking.

The key to keeping your finances fresh is to create a simple strategy that allows you to push toward your financial goals all year long. By consolidating your wallet, creating realistic goals and budgeting, you can set yourself up for financial success.

Earn Rewards Where You Spend Most

“Regardless of whether your spending priorities change frequently or remain steady, you should consider a flexible card that allows you to earn cash back across multiple categories that align with your spending patterns,” Gaughan said.

Find more solutions at BankofAmerica.com.

Strategies

Tips that businesses should consider during the holiday shopping season

Highlight your strengths—whether it’s one-of-a-kind products, exceptional offerings, or a strong local connection. Design your holiday strategy around what sets you apart and amplify these messages through social media and your marketing materials.

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As the holiday shopping season approaches, small businesses are gearing up for one of the busiest times of the year, from Black Friday to Small Business Saturday and beyond. 

SCORE, America’s largest network of volunteer, expert business mentors, offers entrepreneurs practical advice to make the most of the season.

Plan for the Holiday Rush

Reflect on last year’s performance. Did you meet your sales goals? Use your previous data to forecast sales, set promotional strategies and manage staffing needs to provide for outstanding customer care.

“It’s about more than just sales; it’s a powerful opportunity to connect with your community, attract new customers and reinforce relationships with loyal ones,” explains SCORE mentor Lizz Smoak.

If you plan on extending store hours during the holidays, communicate these updates with your team early so you are prepared to handle increased sales traffic. Ensure that employees are aware of the holiday schedule and have submitted any time-off requests to avoid last-minute scheduling conflicts. 

Create an Experience for Customers

“Engagement is key when customer traffic spikes during the holiday season,” notes SCORE mentor Christy Jones. “Consider offering curated gift guides or exclusive bundles to simplify decision-making for your customers, especially as you compete against large retailers like Amazon.” Plan a special event or connect with other local businesses to promote shopping small.

Stand Out from the Crowd

Consider how you can make your store or service the preferred choice. “Small business owners should contact their existing customers and highlight their unique level of service,” advises SCORE mentor John Doyle.

Highlight your strengths—whether it’s one-of-a-kind products, exceptional offerings, or a strong local connection. Design your holiday strategy around what sets you apart and amplify these messages through social media and your marketing materials.

Be E-Commerce Friendly

As you roll out holiday promotions, make sure that your digital doorstep is ready, too. Confirm your hours, location and contact info are updated on your website, Google Business Profile and other local listings. Many customers will be shopping on their phones so be sure your website is optimized for mobile use and that your most popular products are easy to find. A smooth checkout process is vital for keeping customers happy and encouraging repeat purchases.

“Small Business Saturday offers a prime opportunity for small businesses to step into the spotlight,” said SCORE CEO Bridget Weston. “With a strategic approach, small businesses can leverage this season and see big returns.”

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BizNews

Women more likely to choose wine with feminine labels

The more strongly the participants identified with other women, a phenomenon called “in-group identification,” the greater this effect was. A feminine label also influenced their expectation that they would like the wine better.

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To appeal to the majority of consumers, winemakers may want to pay as much attention to what’s on the bottle as what’s in it.

A three-part experimental study led by Washington State University researchers found that women were more inclined to purchase wine that had labels with feminine gender cues. The more strongly the participants identified with other women, a phenomenon called “in-group identification,” the greater this effect was. A feminine label also influenced their expectation that they would like the wine better.

With women representing 59% of U.S. wine consumers, the male-dominated field of winemaking might want to pay attention to the perceptions of this understudied group, said Ruiying Cai, lead author of the paper in the International Journal of Hospitality Management.  

“When you look at the market segments, women are actually purchasing a lot of wine. They are a large group,” said Cai, an assistant professor with WSU’s Carson College of Business. “We found that feminine cues speak to women consumers. They have more favorable attitudes toward the label and the wine itself. They were also expecting their overall sensory experience to be better, and they were more likely to purchase the wine.”

Gender cues often rely on stereotypes, and in initial tests for this research, a group of 90 women rated wine labels as more masculine when they featured rugged animals like wolves and stags as well as portraits of men. They designated labels as feminine that had cute animals, flowers and female portraits. Labels with castles and bunches of grapes were seen as neutral.

In two online experiments, a total of 324 women were shown fictitious wines with labels designed with these gendered cues. The participants showed higher intention to buy wines with a feminine label, such as a woman holding flowers, as opposed to a wine with a masculine label, such as a bulldog in a spiked collar. When asked about the expected sensory experience, they rated their liking of every sensory aspect higher, including the color, taste, aroma and aftertaste.

The participant’s level of wine expertise moderated their taste expectations but surprisingly, not their purchase intentions.

“Whether they were knowledgeable or less knowledgeable about wine, when they saw those feminine cues, they had a higher intention to buy the wine. The gender cue influence was so strong, it trumped the effect of that knowledge,” said co-author Christina Chi, a professor at WSU’s Carson College of Business.

A third experiment with another set of 138 women involved a taste test—also with a surprising finding. Researchers gave bottles of the same red wine with one of the gendered labels. More women who tasted the feminine-labeled wine ranked it higher in fruit flavors such as red current and blueberry than those who tasted the same wine with a masculine-cued label—and despite the fact those flavors were not dominant components in that particular wine. Women connected more mineral flavors with the masculine-labelled wine.

However, the participants who tasted the feminine-labelled wine reported liking it less than the women who tasted the masculine-labelled wines. The authors said this could be a result of the incongruence between the expected flavor influenced by the feminine label and the actual taste of the wine sample, which had a medium body, tannin and alcohol level.

Few studies have focused on the perceptions of women wine consumers in a field where 82% of the winemakers are men. That lack of perspective is very apparent on wine aisles, said Chi, noting that many vintners seem to favor masculine imagery like stallions, bulls and roosters–and one brand even features a prisoner in a jail cell.

“When designing the labels, winemakers should involve more women in the process, and it’s highly advisable to pilot test the labels among consumers for gender cues,” she said.

In addition to Cai and Chi, co-authors on this study include recent WSU graduate Demi Deng now at Auburn University and Robert Harrington of WSU.

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BizNews

License to chill? Bond shows ‘regressive nostalgia’ can freeze a brand’s future

“In order to minimize the negative impact of regressive nostalgia, it is important that the brand does not pander to the nostalgia displayed by a minority of super-consumers. Brand stewards must not be swayed by these loud voices and become exclusionary.”  

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Super-spy James Bond is a prime example of ‘regressive nostalgia’ highlighting how certain consumer groups cling to idealised past versions of brands and resist attempts to move with the times, a new study reveals. 

Researchers examined the James Bond movie franchise – a cultural icon for over 70 years – and discovered that some ‘super-consumers’ react negatively to modern portrayals of the fictional British secret agent that reflect contemporary societal values.  

Whilst loyal to the brand, these consumers prefer traditional, more exclusionary, versions of Bond which most closely follow author Ian Fleming’s original 1950s and 1960s vision – characterised as an arrogant, misogynistic, and racist Imperial British male. 

Publishing their findings in International Journal of Research in Marketing, consumer behavior experts from the University of Birmingham and ESCP Business School, London note that regressive nostalgia is characterized by a preference for racial and cultural purity and heroic masculinity. The phenomenon harbors exclusionary and aggressive tendencies that pose significant threats to brands. 

The researchers have, therefore, produced a toolkit to help marketeers shield their brand’s contemporary positioning from the negative connotations associated with this form of nostalgia – allowing brands to evolve without alienating their core consumer base. 

Finola Kerrigan, Professor of Marketing at the University of Birmingham, commented: “The James Bond franchise is a perfect example of how ‘regressive nostalgia’ manifests. Whilst the brand has successfully adapted to changing times, a small but disproportionally vocal part of its fanbase is anchored in the past, highlighting the need for careful brand management. 

“These ‘super-consumers’ cling to Ian Fleming’s characterisation of Bond and the period during which the novels were written to justify their nostalgia. They actively resist attempts to modernise the franchise, dismissing as ‘woke nonsense’ recent movies such as ‘No Time to Die.” 

Chloe Preece, Professor of Marketing, ESCP Business School, London notes that these Super-consumers view Bond as a heroic, white, male icon providing a ‘safe space’ for those feeling threatened by contemporary discussion about creating a more inclusive society. The character’s ‘man-of-action’ persona allows this group of mostly male consumers to identify with the spy’s ‘heroic masculinity’ based on his ability to sleep with the ‘Bond girls’. 

While the study focuses on the Bond franchise, the researchers identify parallels with other groups’ appropriation of brand resources and associating them with anti-social causes. 

“Brands use nostalgia to connect with consumers – delighting and enchanting their customer base whilst connecting them to others – but this makes nostalgia potentially dangerous in drawing consumers to the past, when it creates a sense of loss combining a cherished past and a despised present,” said independent scholar Dr Daragh O’Reilly. 

“In order to minimize the negative impact of regressive nostalgia, it is important that the brand does not pander to the nostalgia displayed by a minority of super-consumers. Brand stewards must not be swayed by these loud voices and become exclusionary.”  

The researchers note that marketeers should be alert to the risk posed by regressive nostalgia and have devised toolkit comprising of a series of questions to help brand managers assess the level of threat.

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