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Tag: Bankrate

  • Sticker shock: Cost of turkey up 75% over last year – WTOP News

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    With Thanksgiving around the corner, a lot of us are making a budget for the holidays. Before you head to your favorite supermarket, be aware that the cost of turkeys may give you sticker shock.

    With Thanksgiving around the corner, many are starting to make a budget for the holidays. Before heading to the supermarket, be aware that the cost of turkeys may cause sticker shock.

    Thanks to the avian flu outbreak, there are 5 million fewer turkeys raised in the U.S. this year compared with 2024, making it a 40 year low, according to Purdue University.

    The wholesale price of a turkey this year is up a staggering 75% compared with last year, averaging about $1.71 per pound.

    After price markups for consumers, they may not feel thankful, but according to Mark Hamrick, senior economic analyst for Bankrate, there may be good news.

    “Grocery stores know that many, if not most, consumers are going to be in the market to buy a turkey over the next few months,” Hamrick said. “They very often use turkey as akin to a loss leader to get people to come into the grocery store.”

    Hamrick doesn’t believe stores will pass the full increased wholesale price to customers and will use promotional markdowns to help with the cost.

    “This is such a promotional item, the big chains know that this is a way to get noses and feet in the door. And if they can get you to buy a turkey, they know you’re going to buy something else, and they’ll still end up making money on your purchase,” he said.

    While pushing the shopping cart around the store, shoppers will likely notice the uptick in prices compared with last year.

    Hamrick noted that while some prices have gone down this year, such as with eggs, the cost of other items, such as coffee, have significantly increased.

    “The price of eggs was previously the problem child that, gratefully, has come back down. In terms of people who are ready to start shopping for their Thanksgiving meals, I think it’s not necessarily going to be the same story as in 2024 where the word was that, broadly speaking, prices should be down from the year before,” Hamrick said. “So grocery prices are up broadly a little more than 3% from a year ago.”

    Items he mentioned were bread, up 2%, canned vegetables are up 5% and coffee has skyrocketed up 41% this year over last.

    “The price of a 15-pound turkey may come in at about $31 this year, but I would say there are going to be lots of grocery store operators that are going to mark those prices down, just to get you in the door with the likelihood that you’re going to buy something else,” he said.

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    Jimmy Alexander

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  • Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

    Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

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    Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.

    According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.

    Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.

    The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.

    Related: This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can ‘Work From a Resort in the Maldives’

    “Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”

    Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.

    The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.

    Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

    “My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.

    His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.

    Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.

    He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.

    Related: He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: ‘This Has Not Been Done Before’

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    Sherin Shibu

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  • Florida car insurance soars to nearly $4,000 per year

    Florida car insurance soars to nearly $4,000 per year

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    Car insurance in Florida has skyrocketed to nearly $4,000 per year, according to a new report by finance website Bankrate—the highest premiums in the country.

    The cost of car insurance has recently increased throughout the U.S. to reach a national average of $2,543 in 2024, with the New York City-based consumer financial services company calculating that it shot up by 26 percent over the last year alone. Florida is currently where drivers are paying the highest cost for their car insurance, at an average annual premium of $3,945, according to Bankrate.

    The Sunshine State is already in the midst of a home insurance crisis, with homeowners facing the highest premiums in the country at an estimated annual rate of over $4,000, according to Insurance.com. The increased costs have left many Floridians in despair about their future in the state, with some telling Newsweek that they were considering leaving as they cannot afford higher premiums.

    A car drives along Main Street as snow falls in Tappan, New York, on February 10, 2024. Florida is one of the states where residents pay the highest percentage of their average income on car…


    KENA BETANCUR/AFP via Getty Images

    To estimate the true cost of car insurance in the U.S., Bankrate calculated how much of their income Americans spend on vehicle coverage. With a national median household income of $74,580, according to the latest data from the U.S. Census Bureau, Americans are estimated to spend 3.41 percent of their wages on car insurance. In Florida, drivers are spending 5.69 percent of their income on it.

    The only state worse off than Florida is Louisiana, where drivers are paying 6.53 percent of their annual income on car coverage, for an average annual premium of $3,618. The only other state where residents paid over 5 percent of their income on car insurance was Michigan, with 5.01 percent. Drivers there pay an average annual premium of $3,356.

    In Nevada, drivers pay an average annual premium of $3,549, for 4.91 percent of their average income, while in New York residents paid 4.83 percent of their income on car insurance which cost them an average annual premium of $3,840.

    Newsweek contacted Bankrate for comment by email on Tuesday morning.

    The states with the cheapest car insurance were Vermont, for an average annual premium of $1,353, Idaho, with $1,421, Maine, with $1,507, Ohio, with $1,514, and Wyoming, with $1,581.

    The ones that spent the least amount of their annual income on car insurance were Massachusetts (1.76 percent), Hawaii (1.79 percent), Washington (1.80 percent), New Hampshire (1.82 percent), and Vermont (1.83 percent).

    Are you a Florida or Louisiana driver facing higher car insurance premiums? Are you worried they’re going to continue increasing? Contact g.carbonaro@newsweek.com.