🤫 The little secret retailers don’t want you to know

Stat Of The Day

6.1 Million

That’s how many viewers tuned in to watch the finale of ‘The Golden Bachelor.’ Those who did saw 72 year-old Gerry Turner pop the question to 70 year-old Theresa Nist…and show America that for many, life–and love–are far from over once you hit your "golden" years. Unfortunately, new research shows lack of understanding about how long we’re likely to live is setting us back when it comes to planning for retirement. Similarly, in true Bachelor fashion though, the final rose wasn’t without its thorns.

This Week In Your Wallet

It’s the little secret retailers don’t want you to know about…an increasing number of shoppers are being told to "just keep it" when they attempt to return certain items. As Reuters reports, this year, 59% of retailers are offering what they refer to as "keep-it" policies for items that would cost more to return than their overall value. Baked into the cost to return an item are the tasks of transporting, sorting and reselling (usually at a discount) for retailers. Just this week, the site Food52 told one HerMoney staffer she could "keep, donate or dispose" of a set of glasses she was planning to return. For many, all that effort (and its related cost) just isn’t worth it. As Sender Shamiss, CEO of the return services firm goTRG tells Reuters, that information is "not something that retailers want out there."

Calculus, the periodic table of elements and the Pythagorean Theorem…what do these things have in common? They’re among the lessons people say they learned in high school, but never use now. On the list of things that would have been more helpful? Classes on money management, tax prep and similar topics. As The New York Times reports, more states are catching on…and requiring financial literacy to be part of the curriculum. According to the Center for Financial Literacy, 23 states are on track to receive "A" grades for their efforts to teach students about money management by 2028…that’s when personal finance programming recently approved by state legislatures will be put into practice in classrooms. This definitely gets high marks from us.

Does money buy happiness? According to some people, yes…but they differ on just how much cash it would take. As Business Insider reports, millennials say they would need $525,000 per year to up their happiness quotient. That amount is more than double what other generations say they would need. "Gen Z said it would take a $128,000 salary for them to be happy, Gen X said they would be happy with $130,000, and boomers estimated the amount at $124,000," reports Ayelet Sheffey. Why the difference? "While it's a rough time for many Americans' finances right now, millennials are being hit with high costs from all sides."

Tis the season…for open enrollment. Life is busy, and sometimes we don't have the time (or the headspace) to make the savviest money moves. But if there ever is a time to roll up your sleeves and learn more, it’s during open enrollment —that period of time at the end of the year when you can sign up for new benefits for the upcoming year or make changes to your current ones. Open enrollment deadlines are approaching…and HerMoney has what you need to know about key changes that could help you save big.

Things That Save You Money

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Sip sip…hooray! Panera Bread is offering two free months of its "Unlimited Sip Club." With the trial subscription you’ll get free coffee, tea, lemonade and more.

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It’s the season of giving…and The Wall Street Journal has rounded up a list of "Financial Gift Ideas for Any Age," that will help recipients save for college, go on a "bucket list trip" and more. HerMoney has a bonus idea: Give the gift of FinanceFixx, our proven 8-week coaching program that will help your loved one reach their money goals.

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HerMoney reader Lori is putting a sweet twist on giving this year–and saving $$$: "This year I'm baking my presents to people. Even if groceries are overpriced right now, it will be less than the typical $40-100 I might spend on folks otherwise. It will come from the heart…and I know it will be appreciated!" Her go to is this cinnamon star bread. Yum!

An ETF Strategy For Any Economy

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So far this year, we’ve heard Wall Street strategists singing very different tunes. First, there was: Recession is coming. Recession is coming. But then practically overnight, the tune changed to: Soft landing. Soft landing. The mixed messages are enough to make an investor’s head spin. Particularly those investors who are not traders, but rather are in it for the long haul — using the markets to grow their money in order to achieve goals that may be years (if not decades) away. These goals include the purchase of a home, college for the kids, and retirement. If you’re an investor like this — and most of us are! — then you shouldn’t be trying to time the market. Instead, "what you need are tools that can help you understand different market dynamics at different times," explains Jasmine Fan, CFA, and Vice President of iShares Investment Strategy. At HerMoney.com, Fan and her colleagues break down how different ETFs can be useful in helping to weather — or profit from — the sort of specific market forces that rear their heads from time to time. Take a look at some of the scenarios investors should keep in mind.

Actor Lisa Edelstein On Creative Expression — On Screen and Off

"I experienced fame but I was so unhappy"

Back in the early 2000’s, the primetime medical drama "House" broke all the rules. Its main character, Dr. House (played by Hugh Laurie) was rude, inappropriate, and addicted to painkillers — but he was also a genius.

While many tuned in to watch Laurie’s brilliance in the role, they were also glued to the relationship he had with his boss, Dr. Lisa Cuddy, played by the incredible Lisa Edelstein.

Edelstein always knew she was a storyteller, but realized that being famous for the sake of being famous wasn’t for her when, at age 20, she was dubbed the "reigning queen of the night, girl of the moment, and the new Edie Sedgwick," by New York Magazine. "I experienced fame but I was so unhappy," Edelstein says.

This week on the How She Does It Podcast, proudly supported by iShares, Edelstein talks with host Karen Finerman about how she found a new creative passion after 50…as not only an actor but also an incredible artist. Listen in to hear more about Edelstein’s acting career, her new role on the PBS miniseries "Little Bird," and why she feels more herself than ever post-menopause.

Listen Now

How She Does It is proudly supported by iShares

Ask Jean

This week’s question comes from Dee Dee. She writes: Now that Mint is leaving as of January 1, 2024, I need a suggestion for another free budget app please. One comparable to Mint specifically in which I can set and track my budget via the app.

We’ve gotten several versions of this question since Mint announced it was sunsetting. And here’s the problem – Mint is leaving because it wasn’t making money. (Or, at least enough money. Intuit’s quarterly reports said: "Revenue and operating results for Mint are not material." And one of the reasons it wasn’t making money is because it was largely free. I say that to suggest maybe you consider options that are available at a reasonable fee. I’ll point you in the direction of one free app for individuals (though this one, too, has a lot of other features available to paid subscribers), another free app for couples and a few others that HerMoney users really love.

The freebies: Let’s start with RocketMoney. With the gratis version you have the ability to link your bank accounts, track your spending, get balance alerts and a few other things. That may be just what you were doing with Mint, and if so, it may be sufficient. But, for an extra $3 to $12 a month, you can get help with canceling subscriptions, negotiating bills and other financial tasks. HoneyDue is also free (though it does have ads). It’s designed to allow couples to manage money together while also maintaining some individual financial accounts/autonomy.

The not-freebies: First up, YNAB. If there’s an app that the members of the private HerMoney facebook group (join here) love most, it’s YNAB. Those who use it tend to be very engaged with their finances. There’s a 34-day trial period followed by a fee of $14.99 a month or $99 annually. For those that like the flexibility of working in a spreadsheet, there is Tiller, which HerMoney uses in our FinanceFixx coaching program. Tiller imports your account data into a Google or Excel spreadsheet and offers a 30 day free trial ($79 a year after that). Finally, there’s CountAbout which sports a 45-day trial period, followed by a cost of $9.99 a year for the budgeting features and $39.99 a year for the version that provides automatic bank transaction downloading. It’s gained some nice kudos for being the option that offers extra easy import of your Mint data. So if that’s of interest to you, perhaps you’ll want to give it a try.

Submit your questions to Jean here.

The Upside Of Uncertainty

Uncertainty. For many women, the word alone is enough to make them uneasy. But according to Maggie Jackson, the author of Uncertain: The Wisdom and Wonder of Being Unsure, it’s something we should be leaning into…not running away from.

On the HerMoney Podcast*, Jackson sits down with Jean to talk about the upsides of uncertainty, including its importance when it comes to investing. According to Jackson, the uncertainty of financial markets pushes women to do what many of us do best–analyzing things from all angles before making a decision.

"The natural tendency on the part of many of us to research more or to get more information, is actually an asset." She says taking time to make a decision is never "wrong," because in that moment, you’re thinking deeply about what to do next…and that can pay off.

The HerMoney Podcast is made possible by Edelman Financial Engines

More For You To ♥

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How is your budget looking these days? A big part of our budget isn’t necessarily how we save — it’s how we spend. Think about it: A 29% APR credit card that you can’t pay off every month is going to cost you far more than 0% APR or low interest pay-over-time deals often found at your favorite retailers. (think: Best Buy or Apple®.) Given that credit card balances just surpassed a horrifying new milestone of $1 trillion (yes, trillion) in this country, it’s time we ALL started spending smarter. But how? HerMoney CEO Jean Chatzky sat down with Christine Roberts, President of Citizens Pay, to find out. You can listen to their full conversation, or check out some of our favorite parts of their discussion here.**

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If you have a dog, you know the associated costs can add up. There’s food, grooming and of course, medical bills. Luckily though, there are things you can do to cut costs. One example? Making sure preventive care is part of your pet’s routine. HerMoney talked with Banfield Pet Hospital and other veterinary professionals, for tips on how to care for your dog at every stage to help them live happy, healthy and perhaps less expensive lives.**

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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM2594439.

HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.

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