👗 Budgeting for your closet

Stat Of The Day

55%

That’s the percentage of women who say they’re confident about their investing knowledge, according to J.P. Morgan’s 2024 Diverse Investor study. On the flip side, 77% of men say they feel good about their investing know-how. Long story short, we’ve got some work to do, ladies. Up your confidence with InvestingFixx, HerMoney’s investing club for women. Your first month is FREE!

Budgeting, But For Your Closet

We all want a closet that’s streamlined, manageable and let’s be honest – not costing us a ton of money. But how do we get there? Enter Kim France, the former editor of the Condé Nast fashion magazine Lucky. Her Substack, Girls of a Certain Age, is a series for women over 40 with tips on how to navigate this alternately weird and liberating stage of life.

France recently joined the HerMoney Podcast* to share her tips on budgeting for your closet. One of them? Listening to your "internal radar" when deciding whether to buy a piece of clothing. "I think it’s staying close to your radar, and if you don’t have good internal radar, have a really blunt friend come over so they can help you with that."

Listen Now

Save Time and Money By Renting Your Clothes

Jean here. From portfolios to wardrobes, you know I love talking staples and strategies. When it comes to my closet, one strategy that I’ve long been a fan of is renting. Here’s why:

You can try before you buy. You’re able to experiment with looks and trends before fully committing to them. Also, if your body or style is evolving (soon-to-be moms, new moms and women experiencing menopause, I’m thinking of you), then renting can be an excellent way to explore new preferences.

It satisfies your urge to shop. If, like me, you love to browse, then you know how quickly browsing can lead to spending. Renting offers the satisfaction of shopping with a set budget. And if you like to have a new look for every event, then renting can be your budget’s best friend.

It can save you time. If you have less time to hunt, then having a service curate options for you can make your outfit planning a whole lot easier. Even more so if that service takes care of the dry cleaning for you.

It’s sustainable. Renting often means extending the life of clothing and reducing textile waste and water and energy usage.

For me, I’m heading into an event-heavy fall season and I’m in the mood to experiment. I’m trying Armoire on for size and—thanks to Armoire—HerMoney subscribers can, too. Get up to 50% off your first month with this link or use the code hermoney at checkout.

So far I’ve rented a dress from Vince (pictured with Norman above), a top from Equipment (also pictured above), a top from M.M. LaFleur, and new fall staples to try from Joie and White + Warren. If you try it out, let us know what you think.

This Week In Your Wallet

Shoppers are getting ready to sleigh (pun intended) the holiday gift-giving season – and are expected to break records when it comes to online shopping. "Americans are projected to spend $240.8 billion online from Nov. 1 through the end of the year, 8.4% over last year, according to a report released Wednesday by Adobe Analytics," writes Jaclyn Peiser for The Washington Post. The report shows more than half of people will use their phones to shop and as they scroll, they’ll be scouting out higher-end electronics, clothing, furniture and home goods. "While the past four years have seen consumers trading down in some of these categories, steep discounts this year will persuade value-focused shoppers to flip the switch and trade up," said Taylor Schreiner, a senior director at Adobe Digital Insights.

Are sweatpants and slippers part of your retirement uniform? These stylish retirees would like a word with you. Retired women are shopping more for clothes than generations before – but there’s a problem, as The Wall Street Journal reports. "Shopping more is not always shopping well, and some "classic" pieces look as dated on retirees as a "Love Boat" rerun would on prime time TV," writes the WSJ. With some stylish swaps, you can give your retirement look a glow-up, experts say. For example, ditch floppy ballet flats and opt instead for lug-sole loafers that not only look good but are also ankle-stabilizing, according to Kim Larson, a retired urban planner. "You’ve got comfort paired with versatility," she said. This Franco Sarto pair gets high marks from one HerMoney staffer for being budget-friendly and stylish.

The number of Americans who say they’re behind on saving for retirement is growing. "57% of American workers think they’re behind where they should be on their retirement savings, including 35% who feel significantly behind," according to a new Bankrate survey. "In comparison, in 2023, 56% said they were behind on their retirement savings." Gen X’ers (ages 44-59) are the least optimistic about their retirement outlook, with 68% saying they feel like they’re playing catch up. If you’re among them, here’s a bit of good news – HerMoney’s next FinanceFixx class incorporates a pre-retirement check up. It kicks off on October 7 and can help get you on track. Register here and use code RETIRE for 20% off.

Things That Save You Money

●

Let’s taco’bout…National Taco Day! Taco Bell is (of course) celebrating with special deals, including $1 taco deals that change hourly. For example – if you’re craving a Cheesy Gordita Crunch, head to the drive-through from 5 PM - 6 PM.

●

A $5 challenge? We’ll play – and so will millions of TikTokers who are saving lots of money (in some cases, thousands) with the viral hack. Here’s how it works: save every $5 bill you come across for a few months or a year (we’re talking the $5’s in the pocket of an old coat, the change from your barista, etc.). At the end, add up how many $5’s you’ve stashed away. Then, help that pile grow even more by depositing what you’ve collected into a high-yield savings account, or by investing the money.

●

$314. That’s the average amount parents spend on their child’s birthday party. Here’s one way to save (and cut down on clutter). Instead of favors, gift partygoers toys your child no longer plays with.

Ask Jean

Today’s question comes from Joanna. She writes: I keep hearing HSAs are a great savings vehicle for healthcare costs, but I’m not eligible through my employer’s healthcare plan. Can one be opened independently through a bank or other financial institution?

Joanna – I’ve got good news for you. Yes, you can open a health savings account (HSA) even if you can’t do so via your employer. There are some eligibility requirements you’ll have to meet though.

First, you’ll have to be enrolled in a high-deductible health plan that meets IRS requirements. Next, you can’t be covered via a secondary health plan that isn’t a qualifying high-deductible health plan. Note, that there are exceptions for vision and/or dental coverage.

If you meet these requirements, it’s go time. HSAs can be opened through various financial institutions, including banks, credit unions and companies that specialize in them. You’ll want to closely compare fees and features before you sign on the dotted (or virtual) line.

For many people, HSAs are a great option because contributions made to them are tax-deductible, earnings grow tax-free and withdrawals for qualified health care expenses are also tax-free. An HSA can even help fund your retirement. That’s because, after age 65, you can use your HSA funds for non-medical expenses. Note though that you’ll be required to pay ordinary income taxes on withdrawals just as you would with distributions from a traditional IRA or 401(k).

Submit your questions to Jean here.

More For You To ♥

💰 An ADHD or neurodivergent diagnosis doesn’t mean you’re bad with money — you just need different tactics for tackling your finances. We’re breaking down the best ones on the latest HerMoney Podcast. The HerMoney Podcast is made possible by Edelman Financial Engines.

💛 Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity¹, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.**

🧥 Need help with an office wardrobe refresh? Join Jean in trying out clothing rental service, Armoire. Get up to 50% off your first month here.**

SHARE WITH A FRIEND

Advertise With Us

We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money.

*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.

**This is a sponsored post

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.