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| Stat Of The Day |
| 6% |
Got gift cards? Don’t let them collect dust. As The Hustle reports, even though they’re one of the most asked-for gifts, 6% of gift cards never get used. |
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| This Week In Your Wallet |
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65% of Americans are making financial resolutions in the New Year, with 43% saying their top goal is to save more cash, according to a recent survey from Fidelity Investments. If you’re vowing to fix your finances in 2025, as The New York Times reports, self-discipline (unfortunately) is not enough. You’ll have better luck if you employ some mental "tricks." If your goal is to save for a big financial goal (like retirement), give your efforts an extra oomph by tracking expenses for a couple of months to help ID problem areas. If too much of your cash is going to online shopping, for example, opt out of promotional emails and texts alerting you to deals, suggests Bridget Venus Grimes, a certified financial planner. "Get rid of the temptation," says Grimes.
Student loans are in limbo for many borrowers as President Biden prepares to leave office. "President-elect Trump hasn’t made specific promises on student loans, but canceling debt isn’t a policy priority like it has been for President Joe Biden," reports CNN. As we inch closer to Trump 2.0, Democrats are calling on President Biden to take several actions to help borrowers. One of them? Make good on a promise to help those who were defrauded. "The Biden administration has approved nearly $29 billion of student loan forgiveness for about 1.6 million people who were defrauded by their schools, but many of them are still waiting to see their debts discharged from their accounts," notes CNN.
Off-brands = on-point for a growing number of consumers. New data shows that from January through November of last year, private labels (like Target’s Good & Gather or Costco’s Kirkland Signature) grew 3.2%. That’s compared to just 1% for big-name brands. Experts say the uptick in popularity of off-brand food and other items has to do with a number of factors, including inflation, supply chain issues and the fact that it’s harder for advertisers to reach TikTok-obsessed younger generations. "The stigma of having a Kroger or Trader Joe’s item on your counter when company comes over and you’re entertaining is in the process of evaporating," said Steve Zurek, vice president of advanced analytics and thought leadership at NIQ. |
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| New Year, New Money Mindset |
2025 is the year to FINALLY crush your money goals – and FinanceFixx is here to help. Whether you’re tired of living paycheck-to-paycheck, need help sticking to a budget, or are worried you’re not doing enough to save for retirement, we’ve got you covered. Our next 4-week FinanceFixx session kicks off on January 7th!
FinanceFixx is real, one-on-one money coaching that gets results. Let’s make 2025 the year you take control of your money – and keep it, once and for all. Join us here and use code SAVENOW for a special discount. |
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| Things That Save You Money |
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| Ask Jean |
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| Q: |
Today’s question comes from Brittany. She writes: One of my goals is to start investing in the stock market in 2025 – but I really don’t know where to start. Do I need a broker to buy stock? |
| A: |
Congrats on setting a big money goal for the New Year. You’re in good company. New research from Fidelity shows that 7 in 10 women owned investments in the stock market in 2024. That’s an 18% increase compared to the year prior.
Now, on to your question. The short answer? No, you don’t need a broker to buy stock. There was once a time when investors called their brokers on the phone with instructions to buy and sell stocks on their behalf for a commission. Today, investors have less need for an actual human to help us with executing their transactions.
Instead, we can go directly to an online brokerage firm, like Vanguard or Fidelity. There are even robo-advisor firms designed to streamline investing for beginners and handle the rebalancing for you. There are many out there — do your research to find one with a good reputation and (ideally) low fees.
It can be daunting to step off the sidelines and into the investing arena. InvestingFixx, HerMoney’s investing club for women can help. We’ll teach you the ropes, boost your confidence and help you build real wealth – one investment at a time. Join us here, your first month is free! |
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Submit your questions to Jean here.
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