The Power of the Ask

Smart Shopping: How to Spend and Save to Live Your Best Life with Trae Bodge

• Lisa Zeiderman, Savvy Ladies Board Chair, Managing Partner at Miller Zeiderman LLP, and Precious Williams, Savvy Ladies Board of Directors, CEO/Founder of Perfect Pitch Group • Season 1 • Episode 9

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This Power of the Ask podcast episode features smart shopping expert, lifestyle journalist and TV commentator Trae Bodge.

 With a passion for helping people save and get the best value for their money, Trae has been featured on national and regional news, sharing her expertise in smart shopping, saving money, and setting financial boundaries. She not only teaches others to be mindful of what they spend and how, but she also walks the talk. Trae calls herself a notorious penny pincher but notes she doesn’t sacrifice style or fun. She encourages open discussions about financial boundaries, setting spending limits, and creating allowances.

 On the podcast, Trae provides practical tips for smart shopping, including timing purchases for sales, using deal sites, earning cash back, and leveraging credit card points. She highlights the significance of regular savings for emergencies, vacations, education, and retirement. At the same time, Trae emphasizes the balancing act between saving and prioritizing yourself, saying it’s important to enjoy life while creating joy for others.

 As the mother of a teen, Trae understands that teaching kids about money is the key to preparing them for a financially independent future. She shares ideas on teaching them about identifying money, understanding its value, and distinguishing wants from needs. For adults, she suggests setting personal spending limits, shopping in their closets, and making saving a positive habit. Trae concludes by discussing the importance of saving for both short-term needs and long-term goals, encouraging listeners to adopt mindful spending habits and utilize available tools to enhance their financial well-being.

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About Trae Bodge:

Trae is an accomplished lifestyle journalist and TV commentator specializing in budget-friendly living, personal finance, family travel, and retail for more than a decade. She has appeared on-air over a thousand times, including GMA, Today Show, NBC Nightly News, CBS Mornings, Inside Edition, and network affiliates around the country. Her writing and expert commentary have appeared in Forbes, Time, Marketwatch, MSN, USNews.com, Kiplinger, Yahoo, and numerous others. Her money-saving tips can be found online at truetrae.com and at @truetrae on IG, FB, and Twitter.

Trae was selected as a founding member of the Kiplinger Advisor Collective, named one of 5 Black Financial Influencers to Follow in 2024 by Nerdwallet, one of 10 Best Savvy Shopping Bloggers for 2024 by Cardrates, a Top Voice in Retail by LinkedIn, and a top personal finance expert by GoBankingRates and FlexJobs. In 1997, she co-founded the cult cosmetic brand, Three Custom Color Specialists and is co-founder of the media coaching firm, One Take.

Important Links:
Savvy Ladies
Lisa Zeiderman, Esq., CDFA, CFL - Forbes Business Council | LinkedIn
Precious L. Williams - Perfect Pitch Group | LinkedIn
Trae Bodge |Linkedin 

Precious  (00:18):

Hey everyone and welcome back to the Power of the As Powered by Savvy Ladies. As you know, queen Lisa and I are delighted with every guest we have on the show, but we have a real special treat today. And so we are going to Lisa, take it from here. You know what to do.


Lisa: (00:36):

Thank you so much, precious. It is a great Friday and we have our fabulous guest Trae Bodge, and we are looking forward to having a great discussion with you Trae .Trae is a smart shopping expert with this passion for helping you save money that's pretty hard to do while you're shopping. Trae , I'm going to just tell you and get the best value for your purchases, and Trae  has made a career out of being the smart shopping expert. She's a lifestyle journalist and a TV commentator who has appeared on so many shows, G-M-A-N-B-C, nightly News, today's show, inside Edition and Network Affiliates Nationwide. And Trae , you have done something that is quite incredible. You have appeared on TV over a thousand times, is what I understand. You have actually provided so much advice in terms of shopping and personal finance and retail for over a decade, and we are so fortunate to have you here to speak to our savvy ladies and maybe gentlemen, and we are very excited to have this discussion with you today. So Trae , I'm going to let you take it from here and tell us something about yourself that I haven't mentioned yet.


Trae: (02:00):

Sure. So not only do I teach people how to save money and be mindful, I also walk the walk. I am a notorious penny pincher, but it is not at the sacrifice of style or fun. So I am living this life that I'm talking about. And I think that's important to note because these days everyone's an expert, but not everyone is living the life that they're talking about.


Precious (02:27):

So when it comes to being mindful of your spending, what's it mean to you? What does it mean to be a smart shopping expert? Explain to all of us because inquirer minds want to know, especially savvy lates.


Trae: (02:41):

Sure. So first of all, it's really important to live within your means. And for many of us that's a challenge because we're surrounded by so much temptation from social media ads to friends who may be having a successful moment in their lives and buying a fancy car, going on a fancy trip. And so it's really, really important to be mindful of what you can do and setting those boundaries and parameters for yourself and also for others around you who may be trying to bring you on that 10 day cruise. And it's not something that you can do. So sometimes you have to say no. And then also everything that you buy, you should always be looking for ways to save. And that's what I mean when I say smart shopping, whether it's timing your purchases according to when that item is on sale or using a deal site to see if you can earn cash back or coupons, getting points from your credit card purchases, all those little things really add up. And then on top of it, making sure that you're saving enough money on a regular basis for a rainy day or a vacation or your child's college education. And then ultimately for your retirement.


Precious(03:53):

Smart money expert. Definitely smart shop, an expert, definitely.


Lisa: (03:58):

Now Trae , how can moms forgo spending on themselves? Well, let me check it from here. A lot of time that moms do forego spending on themselves. And how can women find budget friendly ways so that they actually aren't foregoing all the things that they enjoy, but instead are getting to spend some of their actually hard earned money on the things that they love while they manage the household and they save for the future?


Trae:(04:29):

That's a great question. So just because you're a parent doesn't mean you have to sacrifice all fun and joy for yourself. And so I think it's really important to prioritize ourselves, whether it's with our physical fitness every day or maybe treating ourselves to something special every once in a while. And so it really goes back to what I said before about looking for ways to save, looking for maybe seasonal sales to shop if you want to buy a new outfit, for example, or shopping secondhand if you want some new clothes where you can save significantly. So I think it's a matter of balancing, prioritizing yourself and treating yourself without going over budget. But you should always put yourself at the forefront of your priorities because if you don't, then you just end up feeling like a vessel for your family and you should be part of that family. You should be enjoying your life as you're creating joy for them as well.


Lisa:(05:22):

Do you recommend, and I do this, so I'm going to ask, do you recommend pre-shopping? So I pre-shop, take pictures of all the things I love when they first come out, and then I watch to see when they go on sale, when certain stores actually reduce the cost or when there's the big sale at the end. And I follow it and follow it until it actually, I think it's reduced to the last moment so that I can actually grab that best priced item but not forego losing my size. So it's a happy medium.

Trae: (05:57):

True. And I love that you do that, Lisa, you are probably one of the more mindful shoppers I've ever spoken to. A lot of us don't have that restraint. So big props to you. I do think that mindfulness in some way is a really good way to shop. So for you, obviously you're choosing things, you're taking pictures, you're watching the pricing, waiting for sales. That's an incredible way to shop. For those of us who have less impulse control, I think it is important as you see something say on your Instagram or TikTok feed and you want to click buy and the payment is right there for you to do it. And you can buy something in 10 seconds, taking a step back, maybe waiting a couple days reading reviews, good bad learning about the return policy, maybe removing your payment from that process. So maybe your credit card is not stored in Apple Pay or with Shopify adding a little friction into the process so it's not clicking by in seconds.

Trae (06:55):

And so creating those extra moments where you have to take your time and think can be very, very helpful. And then lastly, if you're really having trouble with impulse shopping, I would also suggest creating an allowance for yourself. You might have one for your kids to have one for yourself as well. That's according to your budget. If you have $50 a month wiggle room in your budget and you know can afford that, maybe that's $50 that you set aside to treat yourself and maybe a family member if you can every month. If you don't have that wiggle room in your budget right now and you're buying things and putting them on the credit card and then carrying those balances month to month, you should not be shopping right now. So that's something that's really important to be aware of. You have to stop if you're dragging those balances month to month and then we kind of revert to maybe it's going to Goodwill or Salvation Army and buying a new blouse for a dollar 50 on Blue Day when the tags are a dollar 50 each, maybe it's that. And that little treat is all you really can do this particular month. We should not be kind of throwing ourselves a party every month if we can't afford to do so.


Precious (08:06):

I'm so glad that you said that. So being an entrepreneur and some months are just, oh, you're going gangbusters, and then you have a couple of months where you're like, did people forget my name? So towards the end of last year, and I heard this from a lot of my entrepreneurial friends, that things just kind of went awry. And I remember I had to think back to some really dark moments when friends would invite me out to something and I didn't know how to say no. And I would pray when I look at the menu, I'd order the cheapest thing, pray some would pay for it, pay for the cheapest thing. And nine times out of 10 they did that. One time out of 10, I got caught out there.


Precious (08:56):

I know that I'm not the only one from us hosting the Power of the As podcast. We're listening to esteemed women like you who become powerful with money and have instituted tips, tricks, and techniques to help us all for those who experienced financial stress. Right now, how do women deal with money stress when they really just don't have it? They've worked themselves to the bone and it just doesn't seem like there's any way out. We're talking about little treats. You can't even see when a treat would ever come. How would you tell our savvy ladies how to deal with money? Stress?

Trae (09:35):

This is really important to talk about. And ultimately what this means, if you're facing money, stress right now, you cannot do all the things. You cannot go to all the dinners, you just can't. And so it's a matter of picking, choosing, being mindful. If there's, say a group of friends and they're all going out for someone's birthday and it's going to cost a fortune, and that's a very personal gathering, you could say, Hey, listen guys, I am having a tough time right now. Money is really tight. Can we do a potluck or drinks at someone's house? Can we all just support me in this moment and do that? If it's a professional obligation, of course that's a different story. And so with professional obligations, maybe you just can't go to all the dinners and even though they're great networking and you want to do that thing, but maybe it's you only can do two a month or one a month depending on your budget.

Trae (10:28):

You should not be sitting there at the dinner table at a very high end restaurant sweating bullets the whole night feeling like you can't pay. I have been there and it is a bad spot to be in. So I guess my advice would be, depending on the situation, if it's personal, be honest and upfront with the stakeholders and see if everyone can be flexible. This happens a lot with gift giving, right? If you're giving to all of your friends and it's costing you a fortune or everyone in the family is getting a gift, bring that subject up and say, Hey, why don't we draw names this year? Or Why don't we set a maximum of $10 per person or only buy for the kids when it's professional? It's a little bit harder to set those boundaries. And so then you have to pick and choose and set those boundaries for yourself within those professional opportunities that you have.

Lisa: (11:14):

That makes so much sense. It really does. It really does. It's living in your truth, right? That's the point. It's living in your truth and being able to be open and honest with your friends and maybe making the most of the opportunities that you can have in terms of your business dinners, et cetera. I think we all need to think about that. What tips do you offer Trae  to leverage your money to spend better?

Trae (11:48):

Yeah, so first of all, I am always looking for ways to save when shop. And if you can get into the habit of doing that, you'll just be saving all the time. And I use technology to do this because who has time to clip coupons and put them in the folder and watch the expiration dates and all of that? Nobody has time for that. So in my opinion, if you, for example, download a couple of coupon sites, their browser extension, which is free to do on your computer, a couple that I like are coupon cabin. I also like PayPal honey, I like slick deals. Rakuten, they all function similarly. You can have one or two or more running on your computer at any given time. And what they do is they make your browser smarter. So as you're browsing around, you'll see a little popup that'll say, Hey, if you shop here, you can get 12% cash back versus maybe shopping someplace else where there's no cash back or hey, there's a free shipping offer here, a coupon here.

Trae (12:46):

And then create your shopping journey based on where you can save also Google Shopping or Yahoo Shopping. Those are two very helpful tools. You can enter the name of an item and all of the places where that item is available is going to pop up for you. It's going to show you where it's being sold for how much if it's on sale, you can set price alerts. So use technology to save money along the way. And then also when you're shopping with your credit cards, make sure you're shopping with a credit card that's giving you the best benefit. And if you're not sure what credit card benefits you have, because who knows if you've got five credit cards in your wallet, how are you going to know what benefits there are? You can quickly Google them, just chase Amazon, prime, MasterCard, whatever it is, the benefits will pop up for you and you can say, oh, I forgot that I can earn 5% cash back on my Amazon purchase with this card. Or, wow, I forgot that I could get 4% back on gas purchases with this card. And you know what I've done in the past for myself, and I've done this for my older relatives, is take a sharpie and you write on the credit card gas groceries. So use that card for gas and groceries where the benefits are shopping, travel, and use those credit cards because those points in that cash back that you're earning can really help save you money in the long run.

Speaker 1 (14:04):

You're just dropping pearls, you're dropping that fire, that true tea leaps and everything. Thank you, thank you, thank you. I'm sitting here. I never thought about that before. I love a savvy lady just teaching us this. Good, good.

Trae (14:20):

Trying.


Precious(14:21):

So for moms, aunties and all that, how do you teach smart money lessons to children?

Trae (14:30):

TWE


Precious(14:32):

Teas,

Trae (14:33):

This is one of my favorite topics. My daughter is now 17 and she is one of the savviest shoppers I know and she is a savvy shopper because I have taught her entire life. And so when she was little, we would clean off the coins because coins are dirty and you don't want to spread germs. So we would count coins, identify coins, identify dollar bills so they understand what money is and what it looks like. So that's one thing. And then bring your kids shopping with you. And I'm probably getting a thousand eye rolls right now. Sometimes bringing your kids shopping is a big hassle and I get it, but every once in a while bring them with you, because guess what? Kids don't understand how money works if you don't bring them with you. They're going to be like, mom, why can't I get those sneakers, mom?

Trae (15:21):

Why can't I get something at the store? They don't understand that you're working. You're toiling all day long to earn such and such per hour or such and such per project that then gets applied to those $250 sneakers they're asking for. And then you've lost hours of work just by buying that item for them. If they don't understand how the process of exchange and retail works, they're going to just keep asking. So if you want them to stop asking, you have to show them, first of all how money works. You need to teach them wants versus needs, which is a very important conversation to have. You need to give them their own money to spend. Sometimes when you go to the store say, Hey, we're at Target, you have $5 to spend on yourself. I can guarantee you when your child is spending their own money, they're going to spend much more wisely and much more mindfully than they will when they're using your money.

Trae (16:12):

So that's the next step. And then allowing them to earn allowance so they have money to go out with their friends and get pizza. I realized a couple years ago, my daughter was out having meals with their friends and she kept saying, mom, I need $20. I need $40. And I was like, wait a second. Why am I paying for all this? And so what we did is we created an allowance system where she would earn money with chores every day of the week. And then that also was not only her spending money for whatever, it was her food money. And let me tell you something, that child started eating at home first and then going out with their friends and not spending $20 on pizza. So the more you empower them and give the money to them, the less of your money they're going to spend and that mindfulness they will carry with them for their entire lives. So how we teach our kids and our nieces and our nephews and our grand babies, this is so important for us to take on. We have to do it.

Lisa: (17:12):

I think that's so true. I think it makes so much sense and it's lessons that they can take into their entire life. It's great. And let's talk about the grownups now though. How do we keep the grownups from becoming too spendy? What are some tips that you have?

Trae (17:33):

Are we talking about ourselves or are we talking about the others around us?

Lisa: (17:37):

Well, let's talk about ourselves.

Trae (17:40):

Okay, so I think going back to that allowance can be very helpful. Setting a spending limit for ourselves if we're having trouble impulse shopping, if you have only $50 to spend, and similar to the approach with the kids, if you only have $50 a month to spend, you're not going to be clicking buy on Instagram every day. You're just not, because you only have $50 to spend. So you're going to say, well, let me just wait on that. It's going to be there. Let me see what else I can find. And then you'll spend more mindfully. So that's one thing. And then also, obviously always looking for those ways to save. And then really asking yourself, do I need this? You don't want to buy things that are just then sitting in your closet that you're not going to wear. And then kind of along those lines, sometimes we forget what's in our closet. If we feel that we need a special treat and it's springtime and you want to wear something colorful, you want to wear florals this season, go into your closet and see what's there. There may be florals way in the back that you haven't looked at in two years. Take those out. It'll feel fresh and new. At least you're doing something fresh for yourself versus spending money that you don't have.

Lisa: (18:50):

I think that's so true. Sometimes it's a great idea to shop in your own closet,

Trae (18:56):

Especially during the pandemic. We weren't really wearing clothes. We were wearing joggers and pajamas and it's like a whole new wardrobe that you totally forgot about. After the pandemic or receded, let's just say, did not end

Lisa: (19:08):

A hundred percent correct.


Precious (19:10):

I'm with you. I watched makeup declutter videos and women who shopped their own stash of makeup that they might not have used, and they're like, oh, this is fire. Use this in a minute.

Trae (19:21):

Yeah,


Precious (19:22):

So saving, I feel in certain places it's a dirty word, especially if you finally started making money and you finally now want to get to treat yourself or at least have the things you've always wanted to have. What are some great tools to help savvy ladies with saving? What are some of the tools that you know about or some ways to take savings very seriously, not just for a rainy day, but just for the things that will eventually come up, especially in the last four years, we've gone through a lot. So what are some savings

Trae (19:55):

Tools that


Precious(19:56):

Can help and

Trae (19:57):

Education? You bring up a really good point. So if for example, you have a job and then you get a promotion and you start making more money, you want to trade up, you want to maybe get a nicer car, you want to maybe get a bigger home, maybe you waited on that for a little while, right? Say where you are. Really think about, am I okay in my modest colonial small home? I could have traded up a few times in the past. I've been very, very fortunate in the past several years. I could have traded up. My husband and I opted not to because we're actually fine in our small, for my town where I live in Montclair, New Jersey, we live in one of the smaller houses in town. I am totally fine doing that. I did not buy a brand new car. I did not trade up in that way.

Trae (20:47):

And what I did instead is I saved that money. So now with a 17-year-old getting ready to go to college next year, I have enough money for her to go because I did not trade up to that BMW. I did not get that bigger home. So that was a choice that I made. If you feel that you need to trade up a little bit to kind of appreciate that success you're having, that's okay too. Just be mindful, don't go crazy. But then a couple sort of money saving tactics that I like is first of all, doing all the smart shopping that we talked about and then making sure that if you are saving money, that it's not just sitting in a jar or under your mattress. Make sure you're in a high yield savings account. There are so many out there that, for example, there's one from Bread Financial that has more than 5% annual percentage yield.

Trae (21:35):

So with a hundred dollars deposit, you can put money in that account, you're earning 5% plus on that account. And then you can set auto withdrawals if you happen to have a little wiggle room in your budget, maybe it's $5 a week, maybe it's $50 a month, whatever it is, save regularly. I also really do in general, anything auto withdrawn. So if you can set it and forget it, it's like it lands in your bank account and then it gets moved someplace else, you can't even touch it. So I love that automation. That's very, very helpful to me. One tool that I really like is called Acorns. It's a Roundup app, and I think you guys referenced this in your questions. I use Acorns. I've been using Acorns for probably six years. And so to explain to your viewers, simply how it works is that you pair your debit and or credit card to it.

Trae (22:24):

Every time you use that card, the spare change from that transaction, say you spend $8 and 50 cents, 50 cents is taken from your account and invested for you. This is a really easy way to save and invest. You can also set it at two times roundups or three times roundups if you're saving more aggressively. You can also do auto withdrawals in that this is my rainy day fund is acorns, this is how I do it. And there have been times when I've had six figures in that account because I'm saving my butt off. And so I think it's a very easy way to save. You don't see it, it's not painful. And if then financially at some point you're running a little tight, you can dial back to just single roundups. It's just taking the spare change. So even if you're in a really tight budget, you're probably not going to miss that 25 cents or that 50 cents.

Trae (23:15):

Can you save $50 that month? Probably not. But can you do the single roundups? Yes. And so you're still saving. And then lastly for parents, if you have kids and they're not college age yet, set up a 5 29 fund and set auto withdrawals on that. And even again, if it's $5 a week, whatever you can afford, start saving for your kids' future because this is a wake up call. Some colleges are coming in, I think it's NYU is coming in at $92,000 a year. So if your child works so hard and then they get into NYU and you don't get any financial aid, that is a massive investment that you need to prepare for. Now, there are state schools, there are scholarships, there are all sorts of different options, especially if you're in need. So don't panic from that number, but that is a number.

Trae (24:07):

If you are middle class to upper middle class, you're probably not getting any government financial aid. So let's be honest, you're going to have to come up with that money somehow. And that kind of leads me to another portion of this, which is important, is that if you do have kids who are applying for college right now and you are stressed about money, you must tell them, do not allow them to put their hopes and dreams out there for that NYU or that Drexel University that comes in at $84,000 a year if it is not feasible for you to send them to that school, do not let them apply unless you think that you can get enough aid to maybe make it happen or talk to them about doing a state school for the first year and then going to that dream school because you will crush them by living that dream, achieving that dream, and then you can't afford it or you send them there and you're in a hole because you can't afford to send your kid to school.

Trae (25:03):

So these are really, really important conversations to have. And it's obviously very personal to me with a 17-year-old at home, and we talked to her about, you may have to go to state school for the first year and that's just the way it's going to be, and then you can go to your dream school if you don't get enough aid money or scholarships. That's the way it's going to look. It's really important in general, no matter how old your kids are, to have honest conversations with them about money, not to stress them out or concern them, but to set expectations for them and say, Hey, things are a little tight right now. We can't go on that European vacation. We want to, but let's do a staycation instead. Or let's go on a road trip. And then they're part of the conversation with you and they're on board not feeling kind of left out because you can't go to Greece this year, if that makes


Precious (25:48):

Sense. I just got to say, my grandparents were retired and I knew they couldn't afford it any school. They just couldn't. So I worked really hard to get full scholarships, and when you just said NYU was 90,000, I remember Georgetown University Law Center, this tell you I'm dating myself. I'm like, oh my goodness, it was $50,000 a year. And I remember being like, thank God I have a scholarship, but certain parents don't know how to talk because no one ever went to school. So I'm first generation, but I really appreciate what you just said because there were conversations we couldn't have. I just knew they did not have it. And I applied for every scholarship under the sun, even if it was stressful. I was like, I want to do this, but I also that that's why my grades had to be a certain level and just thank you for bringing that up because I was just like, we didn't have that conversation. And I know a lot

Trae (26:51):

Of, well, that's amazing, precious, that you saw that and you took that upon yourself to work really hard. Not all teenagers have that drive and that dedication, that sense of ownership and motivation. And so as parents, we have to tell them because if they don't think that they have skin in the game, like, oh, it's just going to happen. It's just going to get paid for somehow and all along, if you haven't been teaching them how money works or requiring them to do chores or have a part-time job and earn for themselves and have some ownership there, then they're just going to expect that. And that's on us as parents, as grandparents, as aunts and uncles. If we haven't had those conversations with those kids and they don't have that drive that you had, then it's on us. Right?

Lisa: (27:42):

I think that's so true, and I am going to go one step further. I see kids being taken to these schools that their parents can't afford for all of these wonderful visits, these tours, and then the kids want to come back and put in their applications, and it's very hard for the parents to say, no, we're not going to put those applications in because we can't afford it. Maybe we could go two years here and then, as you said, two years here, or maybe you could do your master's program there or your doctorate program or law school or whatever it is that you're going to do next because it's a long road now for education. And this is such an important discussion that parents need to be having with their kids. And I think it's great, Trey, that you raised this issue because I will tell you, I see so much in my practice that this occurs and kids are so disappointed, so upset about it. I'm going to say one other thing. You mentioned 5 29 accounts, and I think it's important. So there's a difference, correct, between 5 29 accounts and UTMA accounts, right? And the difference, I don't

Trae (28:50):

Know, A-U-T-M-A, I'll admit that right under the gate.

Lisa: (28:54):

No worries. So in 5 29 accounts, it goes to education and UTMA accounts, it goes to actually the children straight out. And so it's important that people actually use those 5 29 accounts that you were just talking about. Really important. But I'm going to move on to something else, and you started to talk about it, which is when people are shopping and they're utilizing all these apps, et cetera, can you recommend your top three apps or the top three ways they can actually get those points or those rewards sort of like that, those points that you get when you're actually building your mileage points. What are your top three that you love?

Trae (29:36):

Coupon cabin, PayPal, honey, and slick deals. And so I have them all running on my computer at the same time, which is probably overkill, but that way I can compare what the offers are and select accordingly. And it's just a very easy way to save automatically. Now, I will say there is a difference between shopping online using these tools and shopping in store. A lot of them don't work well in store. And so my favorite one for in-store is Coupon Cabin. And because they have an in-store app, they have in-store offers that you can click on and scan that checkout. I will say that shopping online and saving online is easier. You can do your research there. You can compare prices. You can compare what the offers are from deal site to deal site. I just think it's an easier process, but a lot of people like to shop on their phones. I would just caution that, especially if you're going to make a big purchase, you should really do it on your computer, so you can take your time and do the research first.


Precious(30:39):

So how can you be mindful about utilizing these programs so that you're paying on time and not accruing a lot of interest?

Trae (30:47):

So with your credit cards can be the trouble spot, right? So for me, a lot of financial experts say, just shop with cash. Yes, I get that. But if you're shopping with cash only that you're throwing a lot of money on the table because you're not earning all those points and miles and benefits that your credit card can give you. If you have an unhealthy relationship with your credit cards and you're paying month to month and you're only paying the minimum and you've got these balances, absolutely switch to cash or debit only for now. If you're not in debt and you're able to pay your credit cards off in full every month, use your credit cards so you can gain those balances. Just keep in mind, if you're carrying balances, unless it's with a special purchase, for example, with the Home Depot credit card or Lowe's credit card, and they're giving you 0% financing for the next six months, that's different.

Trae (31:42):

But with any regular purchase, you're paying that interest rate every single month if you're carrying that balance. So you're essentially negating any efforts that you put out there to save money because now you're paying interest. So be really careful about those purchases that you make on your credit card and if you're going to have to carry a balance forward, something else to keep in mind if you have balances on a couple of different credit cards, keep your eyes peeled for balance transfer opportunities. Many credit card companies want you to move your business to them, and they will offer you 0% for the transfer for maybe six months. That's a six month breather where you can then really sock away at that debt and try to get rid of it and then avoid paying those extra interest fees every single month.

Lisa:(32:31):

Great. Great tips, fabulous tips. So what areas of, I guess, the biggest shopping are you seeing the most bang for the buck in? Where is the savings that you can find in those bigger expenditures?

Trae (32:49):

So it depends on the time of year. So based on going around the calendar, there are a couple of things that you can keep in mind. So three day weekends, three day weekends, like Veterans Day, Memorial Day, labor Day, these are usually a really good time to get a deal on something large for the home. So if you need an appliance, a new mattress, something like that, hold out for that three day weekend and you'll do better on the price that way. So that's one kind of reliable rule of thumb. Another one, and this is kind of an interesting one, is that you're going to get the best price on something if it's a seasonal item at the end of the season. So at the beginning of the summer when you want to get that new bathing suit and that new calf tan and sunglasses, you are not going to do that well on the price.

Trae (33:39):

Then the better price for that item is going to be the end of the summer. So if you can think forward, especially if you have kids, for example, if you have kids who are growing and say, we're approaching the end of the winter season, hopefully, maybe invest in some larger sizes of things for your kids for next year because everything for winter will be on clearance in the next month, for example. So if you can kind of think in those terms, and then those big sale holidays like Black Friday, cyber Monday or Amazon Prime Day, and now there's two of them in the year, these are legitimate times to save. And so if you can kind of hold off and wait to make those bigger purchases during that time, you're going to do much better on price because especially now, those big deal holidays, they're very competitive. So all the retailers are putting out their best deals and trying to secure your purchase, so they're going to make it worth your while to shop with them versus the competition.


Precious(34:37):

Earlier we talked about money, stress, let's talk about women not getting caught up in money traps. And I know you've seen them. I mean, you're, again, you're just dropping bombs. How do we make sure that our savvy ladies don't get caught up in traps and they don't see 'em? So that's why they're traps.


Trae (34:58):

Yeah. So one of the bigger traps for me that I see right now are social media ads. And we referenced them a bit before. I mean, you shouldn't be able to buy something in 10 seconds, and that's what's happening. And so it kind of feels like you're lying in bed purchasing those wire free bras again. You know what I mean? We're doing it right. So again, take a step back, read the reviews, take a deep breath. Do I really need this? Ask yourself those questions. Is this within your allowance that you've set for yourself? That's a big spending trap for me. And another one is one we touched on a little bit too, is keeping up with the Joneses. Your girlfriends are all going for a spa day, which is going to cost you hundreds of dollars. Do you have hundreds of dollars to do a spa day with your girlfriends?

Trae (35:46):

Yes or no? And if you don't, you may have to say, you know what, can I meet you guys after for a cocktail? I can't do it. I can't do it. And maybe they'll say, you know what? Instead of going to the spa, let's all do sheet masks and drink champagne at home. It's just as fun. And that's where some honesty can kind of come into play, having those conversations with your loved ones and say, listen, I can't do it. Can we do something else? Or I'll have to just bow out, and that's okay too.


Lisa:(36:17):

I think it's also, I always like to, if I'm going to make a big purchase, I like to look at the item and then I like to leave the store, wait, see how much I really, really wanted it, right? And think about does it come back in my mind? Am I thinking about it a lot? Do I really want it? And if I'm thinking about it by maybe the following week, I go back and I might buy it at that point because it's something that was burning on my mind that I actually really wanted. A lot of the time I'll just stop thinking about it. And I really didn't care that much about it. It was just that


Trae (36:51):

Moment. That's a great approach, Lisa. I love that. Creating that space between yourself and that item. And you can also, of course, by removing your payment methods from Shopify Apple Pay, that creates friction. So then you're like, is this really worth me pulling my credit card out of my wallet entering the, and that walking away is really helpful. Is that item still calling to you from Target a week later? If it is, then maybe it's something that you want. Of course, it may not be something that you need. So that's important to discuss. Have an internal dialogue about as well.

Lisa: (37:28):

So what are the top questions that you think people should be asking themselves when they're aiming to be this smart shopper? What should be the questions that are going on in their minds?

Trae (37:42):

Can I afford this? Do I need this? Do I need this right now? Or can I wait for a sale? These, they are very basic questions. And then something else that I think it's important to mention is around gift giving time. Sometimes we fall into maybe another trap. We talked about some other traps, but one of those traps is spoiling other people. And we love to do that, and that's a lovely sentiment, but can we afford to spoil other people? Do we have an auntie who gives us $200 cashmere sweaters every Christmas and then we feel like we have to reciprocate with an equally fabulous gift? Can you afford a $200 cashmere sweater for her? Yes or no? And if you can't, something very modest is fine. If you don't have any money, make her something. Work within your budget. You don't have to reciprocate. And if she doesn't understand that, that's too bad for her. But it's really about you and what you can afford. But those are good questions to ask ourselves. Can I afford it? Do I need it or do I just want it? Can I wait? These are ways to shop more mindfully.


Precious (38:53):

Trae , we asked this question of every one of our esteem guests on the power of the ASK podcast. Why is the power of the ask so important for women, especially financially right now?


Trae (39:07):

Yeah, I mean, it is so important to be informed. And so if the power of the ask is asking questions, and if someone on the other line is, or at the cashier is annoyed with you, it doesn't matter. Inform yourself. If you're shopping for a new tv, ask all the questions. Have them show you all the bells and whistles. How does this thing work? Does it pair with my Xbox? Whatever it is, ask all the questions because we are buying, we are taking our wallets out. So it's okay to be as you need to be in order to move forward. And then I would say for women professionally, and I've definitely taken some heat with this when I've worked for other people, they're like, oh, here comesTrae with all our questions. And I'm like, I'm so sorry. I have questions and they're going to be answered. So it is really important to advocate for ourselves in every area of our lives. If you don't feel like you have the information that you need, ask. And if someone can't answer you, find someone who can.


Precious (40:10):

Well, Trae, I have to just tell you, I feel like I got a whole education today. I'm glad I know that Ace Ladies, listeners are just, and men, what? She was just dropping it. And I want to thank you for being a part of another exciting edition of The Power of the As Podcast powered by Savvy Ladies. You're such a gift, and I thank you. I know Queen Lisa, thanks you. And I can't wait for everyone to hear this episode.


Trae (40:40):

Thank you so much. Thank you much for having me. It was a joy. It really was. It was great.