Online Banking vs Neobanks: Understand FDIC Safety and Protect Your Money
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Thanksgiving is in 10 days. Wow. This year has flown by and also gone very slowly. If you haven't finalized your menu yet, honestly, you're probably not alone. So Elizabeth, how are you spending your Thanksgiving?
Well, this will be my first one in Houston. And guess what? What? I got invited to my first Friendsgiving. Yay. So I think I'll spend the day house hopping. I will be attending a Friendsgiving and just crashing anyone's house who has food really. But of course I'm gonna bring a dish to each home I crash.
How about you? Well, I plan to transport a casserole across several state lines and hopefully it arrives in one piece. But the beauty of most casseroles is that by design, they already look like they got shaken up in the car a little bit. Welcome to NerdWallet's Smart Money Podcast. I'm Sarah Rathner. And I'm Elizabeth Iola. This episode, Sean and I answer a listener's question about how to tell a neobank from a traditional bank and how safe your money is if you go the neobank route. We even partake in a little real-time online research, which is surprisingly a lot more fun than it sounds.
I'm definitely surprised by that, too.
I was shocked, but let me tell you, it was a lot of fun. We had a great time.
I'm going to take your word for that, Sarah, but I'm still side-eyeing you. Don't hate it until you listen to it. But first, let's talk turkey. Specifically, how expensive it can be to buy, prepare, and serve a Thanksgiving meal to a table full of hungry guests. And that's just if you're hosting one meal. Oftentimes you have guests staying at your house for a few nights or even weeks too. But honestly, I don't have that experience because my family is scattered around the globe.
And while we also did not factor in the cost of going out to a bar the night before Thanksgiving to give yourself the emotional fortitude to deal with the next few days, especially if you have house guests in your house for weeks. Not okay, guys. Go home. Now, here's the thing. We cannot stop your great aunt from asking you when you'll finally get married or whatever. But we can try to save you some money on the cost of holiday hosting. So at least if you have any awkward conversations, it'll be easier on your budget. So, Elizabeth, start us off.
Tip number one, host a potluck. You prepare the main dish and everyone else brings the sides and the desserts. So not only do others share in the cost, but they also share in the labor. Now, I don't know about you all, but after cooking 10 dishes all day, I'm usually exhausted and my appetite is gone. So I like this idea.
Yeah, not only is hosting expensive, but it takes a ton of work. And if you cook the whole meal by yourself, by the time your guests arrive, you will want them to immediately leave so you can go lie down. Ask me how I know this.
Sarah, I have a confession. I take a secret lie down. So while everyone's laughing, ha ha ha, I sneak off and go and lie down. But anyway, plus you get to sample a wider variety of food with this idea too. Every guest will be bringing their own holiday traditions to the table by sharing their favorite foods with you. Now, one thing you got to make sure of is that everyone exchanges recipes afterwards. And of course, don't forget the takeaway boxes for your leftovers.
Moving on to tip number two, for anybody hosting overnight guests, don't forget to budget for extra food to have around while they're visiting, especially if any of those guests are teenagers because they never stop eating.
I don't have a teenager yet. I have a seven-year-old and he never stops eating. So I'm very concerned about my future grocery bill.
Honestly, I have an 18-month-old and same. He also never stops eating. I don't know where it goes, but it goes out of my wallet and into his diaper, essentially.
I think they have bottomless bellies, honestly. Very confusing. Anyways, it's okay to set some boundaries with overnight guests. That's one thing I want to tell y'all. Maybe you can only afford to host people for one or two nights instead of a whole week. Or maybe you can put your guests to work if they're staying with you. You can have them do grocery store runs or help with the cooking.
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