💸 You’re losing $1,506 per year

Stat Of The Day

$1,506

Lost when it comes to financial lingo? According to a recent survey from the National Financial Educators Council, a lack of knowledge about personal finance costs the average American over $1,506 per year.

Want to up your financial know-how? Join HerMoney CEO Jean Chatzky tonight for a FREE webinar and Q&A dedicated to helping you set and achieve your money goals. Seats are filling up fast – reserve yours here.

Going the Extra Mile: How to Build Habits That Stick

Studies show it can take anywhere from 18 to 254 days to make a habit stick. Whether your long-term goal is to save more money or to participate in a marathon, science has shown there are strategies you can use to create habits that last.

According to new research, when people pursue goals with friends, they are more successful. The study, which Katy Milkman, a behavioral scientist and professor at The Wharton School of the University of Pennsylvania, helped conduct, looked at gym attendance. It found that those who worked out with a friend went to the gym 35% more than those who didn’t. "The accountability to another person — and the fun that came with it — resulted in success," explains Milkman.

Accountability can come in the form of a professional as well. For example, if you’re working toward a big money goal, like saving for retirement, a financial advisor can help make sure you’re hitting your benchmarks. Or, if you don’t have a friend to train with (or want someone who is more adept at helping you improve), a coach can keep you on track.

For other ways to hack your way to lasting habits, courtesy of our friends at Citizens, the official bank of the TCS New York City Marathon, click here.

Tune Out The Noise. Focus On Your Goals.

An election year is a great time to pause and review your progress toward your retirement goals. Is your plan designed to help make your money last as long as you do? That is the biggest fear — by far — for women. To help make sure you’re ready for the future, schedule a complimentary Retirement Review and financial plan¹ with HerMoney’s podcast sponsor, Edelman Financial Engines. This special offer running through October 25 includes:

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A customized roadmap for your optimal retirement, with personalized investment recommendations

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A one-on-one conversation with a professional planner

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An estimated retirement income summary, including Social Security benefits

Head here to schedule yours today.

This Week In Your Wallet

You might have a plan for saving money for the future, but what about a strategy for how to spend it? That’s one area where people could use more help from their financial advisors, according to recent research from the Alliance for Lifetime Income and a panel of everyday consumers who sat down with HerMoney CEO Jean Chatzky during a panel discussion at the Alliance’s recent 2024 Protected Retirement Income Summit. "A panel of [six] consumers at the summit—all over age 50—all said they have worked with advisors, but aren’t always sure if these professionals are interested in creating an income plan," reports Tracey Longo for Financial Advisor. Instead, the focus is on accumulation – and that’s left many consumers feeling less than confident in their financial futures. "I’m feeling a little anxious," says Milly Smith, a Gen X’er and participant in the recent panel. "I said to my husband, ‘We thought we had this figured out, but we really don’t.’"

Pop the champagne. It’s National HSA Awareness Day. Wait – you’re not celebrating? If you need a reason to, here’s a roundup of all the ways health savings accounts – commonly known as HSAs – can help you financially. "An HSA isn’t just a parking spot for cash," writes Dayana Yochim for HerMoney. "An HSA can also be a long-term, tax-favored investment account to help dramatically cut your future healthcare costs and protect your other pools of wealth. Having an HSA with an investment component enables you to build up a healthcare war chest for those pricey retirement years." For all you need to know about HSAs and how they can be part of your money management strategy, click here.

Our hearts are with Floridians who are continuing to pick up the pieces from Hurricane Milton. For those who want to aid in the recovery effort, The Washington Post has put together a list of opportunities for volunteering and supporting relief efforts through monetary donations. "Many organizations are already on the ground since Hurricane Helene and prepositioned operations ahead of Milton," reports The Post. "The best way to help recovery efforts is often with a monetary donation; financial contributions allow organizations the most flexibility when allocating funds. Do not send supplies unless requested by an organization." For more on how you can help, click here.

Things That Save You Money

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Temu has rolled out a $4.25 remote that’s compatible with Amazon’s Fire TV Stick. It’s much cheaper than the $25 version from Amazon and so far, is getting good reviews from TV watchers.

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Can a deal make you feel old? This one does. Pizza Hut is giving away one million personal pan pizzas this month to celebrate the 40th anniversary of its "BOOK IT!" reading program. Get the details on how to snag your free pie, here.

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Save $ and stock your freezer by hosting a "Soup Swap Party." Here’s how it works – invite guests to bring their favorite soup to share. Attendees can sample what everyone’s cooked up and then take home containers of their favorites.

Ask Jean

What are some of the most effective apps for clearing away and canceling inactive recurring charges?

According to a recent study, over 85% of people are spending money on subscriptions they don’t use every month. How much? An average of $32.84. That’s about $400 per year. Not chump change by any means.

As you noted, there are a number of apps dedicated to helping people identify subscriptions they aren’t using and wasting money on. They fall, basically, into two categories.

The first, are apps that take your bank and credit card statements, scan them for recurring charges and then notify you when they are coming up. A couple of the most popular are Rocket Money (which comes highly recommended by the gals in the HerMoney Facebook group) and Trim.

If you’d rather track your subscriptions manually, one of the more popular apps is Bobby. Similar to Rocket Money and Trim, the app will notify you when a charge is about to be made so you have time to cancel if you wish to.

Lastly, you can also DIY it. Take a look at your bank and credit card statements and identify your recurring charges. Cancel the ones you aren’t using. Then, add renewal dates to your calendar. One last tip – do this too, anytime you sign up for a "free trial" of a subscription and don’t intend to keep it for the long haul. We’ve all been guilty of forgetting to cancel free trials.

Submit your questions to Jean here.

More For You To ♥

📣 Last call for Jean’s free webinar tonight! 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.

😩 Overworked? Here’s three ways to tell – and what to do about it, courtesy of Bridgit Schulte, author of Over Work: Transforming the Daily Grind in the Quest for a Better Life, who recently joined the HerMoney Podcast*. The HerMoney Podcast is made possible by Edelman Financial Engines.

🏃 Getting to the finish line is a marathon, not a sprint — in running and money alike. When you’ve got a big goal, whether it’s an intimidating physical challenge, like running a marathon, or a big financial one, like saving for a new home, research confirms the way you approach it is hugely important. Here’s a winning methodology that the experts agree on.

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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. AM3807168.

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 Limit one complimentary offer per household, per 18 months. Offer ends October 25, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion.