Bed Bath's Bankruptcy + 3 Easy Cash-Boosters

🔥 ^{Hot off the press: Here’s what’s burning up our news feed.} 🔥

• President Biden Announces Run for Re-Election in 2024

• Bed, Bath and Bankrupt

• New Housing Rule Has Those with Good Credit Footing the Bill

• 6 Game-Changing Secrets to Master Your Budget

• 3 Low-lift Methods to Earn Extra Moolah

Let’s Chop It Up…

Bed Bath & Bankrupt: A Tumultuous Journey Comes to an End 🛌💸

You've probably heard the news by now - Bed Bath & Beyond (parent company of Buy Buy Baby) has finally thrown in the towel and filed for Chapter 11 bankruptcy protection. It's time to say “bye-bye baby” (I couldn’t resist 😁) to those once-beloved coupons, as the struggling retailer prepares to close all its stores and bid adieu to thousands of workers. 👋

Backstory on This Once Retail Giant

Their fiscal year-to-date losses have skyrocketed past the $1.1 billion mark, and despite a $1 billion Hail Mary share-sale deal, the future remains bleak. With comparable store sales plunging between 40 to 50 percent YoY in the fourth quarter, it's safe to say the bubble has burst. 📉

In a twist of retail irony, foot traffic took a nosedive, dropping 26.5 percent YoY in December. But fear not, dear shoppers, for the company has secured $240 million in debtor-in-possession financing to keep those doors open for a little while longer. 🚪

What This Means for You!

• If you're hoarding gift cards, gift certificates, or loyalty certificates, cash them in by May 8th

• If you've got any returns or exchanges, make sure to sort them out before May 24th (only for items purchased before April 23)

• Bed Bath & Beyond currently has 360 locations, and Buy Buy Baby has 120 locations. But the plan is to close them all fairly soon.

• The well-known “20% off” coupons are (almost) a thing of the past - they stop being accepted on April 26th. 💳

Pepper’s Take:

I’d pretend to be sad to see them go but I’m a die-hard Amazon shopper🤷‍♀️🤷🏾‍♀️ . The few times in the past five years that I did venture into a Bed Bath & Beyond or their subsidiary (Buy Buy Baby) it was because I had a gift card from my wedding or baby shower.

What Salt and I do love, however, is a decent closeout sale. So here are some tips for cashing in on their closeout. 🤑

• Research sale dates, store locations, and liquidation process

• Look up original item prices for better deals

• Set a budget, avoid overspending, and focus on essential items

• Prioritize high-demand items and consider the resale value

• Inspect items for damage, defects, and missing parts

• Negotiate discounts on damaged/open-box items

• Be aware of "as-is" items without warranties

• Understand return policies and warranties during liquidation

• Retain receipts and purchase documentation

Sharing the Wealth (or Mortgage Costs) – A Noble Experiment?

In the latest episode of "When Helping Hurts," we bring you a Biden administration rule that, like a magician pulling a rabbit out of a hat, seeks to make homeownership dreams come true for low-income individuals and those with less-than-stellar credit.

Ready for the catch? Well, it turns out that our good-credit friends will be footing the bill for this magical endeavor. Isn't that just, er, delightful? 😒

The Details

Starting May 1, the Federal Housing Finance Agency's new rule will allow borrowers with lower credit scores and smaller down payments to access better mortgage rates.

Now, we're not ones to take sides, but it's worth noting that studies show programs aimed at leveling the playing field for low-income individuals often do more harm than good. 

In fact, up to 24% of low-income households that received housing assistance ended up worse off than those who didn't receive any aid. Oops?

The Plan at Play

So, how might this mortgage "generosity" play out? Picture this:

Jane, who worked hard to save for a down payment and maintain a credit score of 720, now has to pay an extra $40 per month on her $400,000 mortgage. Meanwhile, Jack, with a credit score of 620, gets a better mortgage rate, courtesy of Jane's extra contribution. All's well that ends well, right? Or maybe not.

While the intention might be to bridge the homeownership gap, especially for minority homebuyers, some experts argue that this pricing manipulation is not the best solution.

After all, the road to housing market chaos is paved with good intentions, right? So, as we watch this grand experiment unfold, let's raise a glass to the unforeseen consequences that could arise from this well-meaning, yet controversial, rule. Cheers! 🍷

Salt’s Take:

Let me start by saying, I think every person in the States should have free opportunity to achieve the “American Dream.” But it should remain just that, an opportunity. Growing up I was taught that with a little hard work and determination anything is possible and rightfully so, those principles got me to where I’m at today.

But unfortunately, I think that the “hard-earned” way of obtaining the American Dream has slowly transformed into the question “How can we make the go-getters of the past pay for the less motivated individual’s slice of the pie?”

But don’t just take it from me, even people in Biden’s camp are questioning this move. David Stevens, Federal Housing Chief under President Obama said, “This is an unprecedented move. We can have better programs to help more minorities get into homeownership. This is not the way to do it.”

I just think rewarding poor money management and financial discipline while punishing the people that have worked hard for their financial prowess is a recipe for disaster. Especially in the economic climate we are currently in. We need to be looking for ways to right the ship but as of now, America has the feeling of being on board the Titanic.

3 Low-lift Methods to Earn Extra Moolah

At Salt & Pepper Finance, we are big proponents of saving money. It’s crucial to financial success and honestly, it’s way easier to cut back on spending than to increase income in most cases.

But money is a fluid concept, and if you can make more and save more, all the better. While starting a business takes time and resources these are a few side gigs that we thought were interesting and had some nice earning potential.

Plus, they are low-lift.

• Wrapify: Pays you to wrap your ride in advertising. Avg Earnings = up to $452 per month. (Link)

• BabyQuip: Rent and deliver your baby gear that’s collecting dust. Avg Earnings = $1,000+ per month. (Link)

• Roadie: Earn money on your commutes by taking a package or pet with you on your route to another destination. Avg Earnings = $13 per trip. (Link)

_{(We make no money on these suggestions by the way!)}

Fresh Finance News from Salt & Pepper

The 6 Key Components to Successful Budgeting

The only way you are going to see financial success in this high inflation period is by having a plan. There are 6 components of your budget that make the most movement for successful saving, spending, and debt management. Let’s Discuss.

Salt & Pepper’s Key Takeaways:

• The common “emergency fund” amount is vastly overshot

• Set “S-M-A-R-T” goals to see the most growth

• The biggest success drivers are in the small details

Laughing At To The Bank: The State of Banking Q2 2023

The first Quarter of 2023 has just barely wrapped and it's already been packed. Here's where the current state of banking stands following the recent blunders. Let's all laugh together.

Salt & Pepper’s Key Takeaways:

• It’s not as bad as it seems - especially for the average person

• SVB made its bed (and forgot to put on the mattress cover)

• It’s time to check that FDIC coverage

🥳 Salt & Pepper's Picks of the Week 🥳

Random Internet Finds That Left Us Fascinated

Digital Media Dystopia

BuzzFeed News, the beloved news site that brought us viral listicles and insightful reporting, is bidding us farewell. The CEO of BuzzFeed announced that the company can no longer afford to keep the news site as a standalone organization, resulting in the loss of several jobs. This sad news comes in the midst of a stormy economic climate that's wreaking havoc on media and tech industries worldwide.

But if that wasn't enough to make you quiver, Insider also just announced it would be slashing 10% of its workforce on the same day. It seems like the digital media landscape is in for a rough ride, and who knows which beloved sites might be next on the chopping block.

Phone-hiding: Mom's Genius Hack

Do you feel guilty for scrolling on your phone while your toddler plays? One mom has come up with a hilarious solution to hide her phone from her child. She bought a fake book online and hollowed it out so she could hide her phone in it. Her daughter now thinks she's reading while her mom is actually scrolling.

The video of her hack has gone viral with nearly 200k views, 20.9k likes, and 500 comments. Fellow parents praised the idea as "genius," but some doubted it would work with their kids. Regardless, the mom joked that "it's only a matter of time before she catches on." 😂

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