At this point many of us have been wearing the same rotation of clothes for 8 weeks.
With summer coming up, most of us would be heading out to our neighborhood thrift shops to stock up on new gear for the warmer months. But with the economy at a stand still, chances are vintage thrift stores are going to be some of the last places to open up shop. Luckily, there remain hundreds of online thrift stores that can scratch this itch. Sure, shipping may be slightly delayed, and there is nothing like the instant satisfaction of buying new digs in house, but beggars can't be choosers right now. Here are some of the best online thrift stores.
PIG magazine creator Simon Beckerman bred this buying and selling app for Gen Z-ers to help them discover unique clothes. The homepage is easy to navigate, and it's super easy to meet sellers or become a seller yourself. With a highly detailed search system, Depop offers a slew of new and used clothing and a variety of affordable prices. Not to mention, every purchase is covered with buyers insurance.
This NYC-based retailer is for those with a distinctive vintage flair. Specializing in curated luxury vintage, Treasures of NYC is made for the obscenely fashionable. With a heavy focus on high-end accessories, like sunglasses, jewelry and vintage caps, the app is constantly updated with new incoming pieces. Follow their Instagram page to help keep up on Treasure's abundance, because it can get a bit overwhelming.
Curated mostly for girls, ThredUp is a little more for sellers then buyers, but in turn can still be insanely rewarding. The website lists specific items it's looking for, and users send in items that match ThredUp's description. If the qualifications are met, the items are accepted for re-sale and ThredUp pays the sender in cash or store credit. The store credit is really excellent at offering great discounts of ThredUp's stuff. Also, to promote sustainable shopping, ThredUp launched ReMade to help incentivize shoppers to resell. If you purchase an item, and choose to resell your item, then you're guaranteed 40 percent of what you paid for it.
ASOS is already a highly-esteemed brand. Known for its great prices and fast shipping, the brand has actually also had a steady selection second-hand clothes. ASOS has a hand-picked team of fashion pros that recommend season trends for vintage connoisseurs, with all brand names at affordable prices.
Etsy has been and remains one of the best sites out there for vintage shopping. The Cali-based site offers a wide range of eclectic goods that include statement handbags, earrings and plenty of clothing. Etsy products sell out fast though, so be sure to grab something when you see it!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.