😣 3 ways to tell you’re overworked

Stat Of The Day

47%

ICYMI, it’s World Mental Health Day. According to a recent survey from Bankrate, 47% of Americans say money-related issues are taking a toll on their mental well-being. The most common stressors are paying for everyday expenses, not having enough emergency savings, and being in debt.

3 Ways To Tell If You’re Overworked – And What To Do About It

Admit it: You’re overworked. We spend more time working in America than any other developed country. To put it in perspective, we’re clocking 400 more hours per year than Germany, according to recent data from The Organization for Economic Cooperation and Development.

Brigid Schulte, author of Over Work: Transforming the Daily Grind in the Quest for a Better Life, spent 10 years researching our discontent with work. She eventually found countries, companies, and people who are all doing it better. This week on the HerMoney Podcast*, she shared her top 3 ways to tell if you’re overworked — and what to do about it.

One telltale sign? You’re making more mistakes. Research shows being overworked is associated with everything from fuzzy thinking to hypertension. And here’s the thing: Working more isn’t making us more productive. "When you look at GDP per hours worked on large scales, the evidence is so clear that the longer the work hours, the lower the productivity," Schulte says.

So, the next time you catch yourself making a big (or small) mistake at work, step away from the computer for 10 minutes. Take a lap around the office (or your neighborhood if you work from home) have a snack, meditate for a minute — whatever helps you disconnect and refresh.

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The HerMoney Podcast is made possible by Edelman Financial Engines.

This Week In Your Wallet

According to the World Health Organization (WHO), around the globe, 12 billion working days are lost annually as a result of depression and anxiety. Just like you need to recover from surgery, you may need to recover from mental health issues. But how do you ask for a mental health leave of absence? HerMoney talked to the experts, who say being honest with your employer (as scary as that may sound), is key. "It never hurts to start a conversation regarding your current circumstances and where you stand mentally and emotionally," Olivia Curtis, a wellness specialist at G&A Partners tells HerMoney. "Employees should have an open line of communication with their manager or HR team. This will allow employees to express their needs and the difficulties they are experiencing before symptoms and effects get too severe."

Feeling points poor? You aren’t alone. As The Wall Street Journal reports, your credit card points aren’t as valuable as they once were. "Inflation starts to bite if you redeem your points through a card issuer’s portal, a common way people trade for cash, flights and hotel bookings," explains the WSJ. "A point redeemed in a portal has long been worth about 1 cent, according to the credit card issuers, and a penny has lost about 20% of its purchasing power since 2018, according to the Bureau of Labor Statistics. So those points have lost roughly the same." If you like to play the points game, experts say it’s best to, "earn and burn," or in other words, redeem them ASAP to avoid "pointsflation."

Yes, mortgage rates are dropping in the wake of the Fed’s recent rate cut. While that’s good news for house hunters, for many of them, it still might not be the right time to buy. "You should buy when the time is right. Your purchase shouldn’t be driven by one thing, such as lower mortgage rates. It depends on so many financial and personal factors," writes Michelle Singletary for The Washington Post. One of those factors? Understanding that mortgage rates are just part of the financial equation. "You must factor in property taxes, maintenance and homeowners’ insurance. On that last point, consider that in many areas of the United States, home insurance premiums have skyrocketed because of extreme weather, costing insurance companies billions of dollars in claims," explains Singletary.

Things That Save You Money

Want to save money on everything from costumes to candy? Look no further than these fang-tastic tips, courtesy of the hive mind over at the HerMoney Facebook group.

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"Goodwill and secondhand stores are my first stop for costumes," says Rachel. "The Dollar Tree also totally upped their decor game this year!" We can vouch for that. This skeleton garland for $1.25 is adorbs.

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"Reuse what you have. Swap with friends and neighbors – especially the costumes," suggests Suzanne.

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"Don’t buy candy until a few days before Halloween - the least desirable candy is all that’s left so you’re less tempted to eat it yourself, and there’s no time to eat it and need to buy more!" says Sandra. Good & Plenty, anyone?

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Go big, or go home, says Kim. "I only get maybe 40 kids so for me buying a box of full-size candy bars is cheaper than buying several bags of mini candy bars. Plus the kids think you’re the coolest house on the street."

Ask Jean

Today’s question comes from Sue. Is there a target savings goal for children's college accounts, akin to the retirement goals of X by X age?

Good question, Sue – and there’s really no one right answer. It’s going to boil down to your family’s financial situation and your child’s future educational goals.

That said, there are several different approaches financial professionals typically use. One of them? The rule of thirds, where you cover a third of total college costs via savings, a third through scholarships, financial aid, or ongoing financial support while your child is enrolled, and lastly, you plan to cover the final third via student loans.

Another common strategy involves saving a percentage of the total estimated college cost. For many families, the goal is 50-70%, with the remainder being paid for via financial aid, scholarships, or other sources. Again, it’s going to depend on your family’s financial situation.

Regardless of what method you use, it’s important first to get an idea of what the tab for four years of higher education will run you. According to the Education Data Initiative, the average cost of attendance for a student living on campus at an in-state public 4-year institution is $27,146 per year. Students opting for a private school education will spend $58,628 per academic year. Not cheap by any means, but you’ve got this!

PS – saving for college or another big financial goal? On October 15, join me for a FREE webinar and Q&A dedicated to helping you set and achieve future money goals. Reserve your spot, here!

Submit your questions to Jean here.

More For You To ♥

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🫤 Stop the guesswork with your finances — and your life. Join HerMoney CEO Jean Chatzky for a free (!) 30-minute webinar and 15-minute Q&A, dedicated to helping you take control of your financial life. Spots are limited. Register here for our 10/15 webinar.

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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. AM3328131.

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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¹ Withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, there may be a 10% federal tax penalty. Withdrawals may result in a surrender charge or a market value adjustment (MVA) and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. Guaranteed Lifetime Withdrawal Benefit provided so long as your account value hasn’t gone to $0 due to excess withdrawals. Annual Percentage Yield (APY) rates are subject to change at any time, and the rate mentioned may no longer be current. Please visit Gainbridge.io for current rates, full product disclosures and disclaimer. ParityFlexTM, a multi-year guaranteed annuity, is issued by Gainbridge Life Insurance Company in Zionsville, Indiana.