Your weekly money scoop: November 4, 2016

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Your weekly money scoop: November 4, 2016

By JENNIFER WILLIAMS

We're serving you our weekly bite-sized roundup of the stories you need to know. This week, ask yourself whether subscription services are right for you and learn about how one man spent $9 million on his license plate.

You love your subscription service -- but what do you do if it stops being valuable? Subscription services are all the rage these days -- companies including Netflix, Spotify and MealPal offer attractive products (and prices) in exchange for your month-to-month commitment. Though subscriptions can offer convenience, it's important to know how to break up with them if you stop feeling the benefit.

Nearly 400 major bank branches closed their doors last quarter. With mobile banking becoming more prominent, fewer people are doing their transactions in person, and it's saving banks money. While this leaves some consumers without a face-to-face conversation with a banker, the shift to digital also allows banks to spend more time consulting with clients that walk through bank doors to seek advice on big life changes, such as mortgages and paying for school.

Thanksgiving dinner at a 4,000 percent markup? Yes, you read right. Luxury retailer Neiman Marcus incurred some hefty internet mockery when it published its holiday food offerings, including a tray of collard greens for $66 and a tray of candied yams for $64. Even worse? These prices didn't even include shipping costs.

Blood may be thicker than water, but how about paper? We're often told to keep family and money separate, but there are steps you can take to loan money to loved ones without compromising the relationship -- or your savings. Putting all the terms in writing and figuring out an interest rate for repayment could be a good place to start.

One man spent $9 million on a license plate. Balwinder Sahni, a property developer in Dubai who owns six Rolls Royces, bought a license plate bearing only the number "5" at a government auction. And it's become quite the statement piece -- Sahni and his car have received a lot of attention. However, he claims it's not all for show: he believes the government uses money raised at such auctions for local improvements.

And that's the scoop this week -- see you next week for more.

About the author: Jennifer Williams is a QA Specialist in Member Support at Credit Karma. She has her MFA in Fiction, and puts her skills to use helping members and training new hires. When she's off the clock, she can be found editing her novel, playing guitar or hiking with her dog in the hills.

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Advertiser Disclosure: We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.


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