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Stat Of The Day
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29%
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That’s the percentage of Americans who now have what’s being called "money dysmorphia." According to Credit Karma, the phenomenon occurs when people have a distorted view of their finances, leading them to make poor money decisions. This
generation is most likely to experience money dysmorphia, according to experts.
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8 Ways To Become A Smarter Spender
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If you struggle to make ends meet, you’re not alone. More than half of Americans — 58% — live paycheck-to-paycheck, according to data from CNBC. If you’re one of them, don’t despair. There are several ways you can create some breathing room in your budget so you can end the paycheck-to-paycheck cycle once and for
all.
This week on HerMoney.com, we’re rounding up 8 of our faves. One of them? Don’t be afraid to negotiate. To start, look to see if any service bills that you have (like your cell phone, cable or internet) have increased in price this year. If they have, pick up the phone and call customer service.
"Ask about new promos and if you can get a discount for setting up e-billing or autopay," advises money-saving expert Andrea Woroch. You’ll also want to compare prices with competitors. If you find one offering a similar service for less money, let your current provider know. "If you’re really ready to switch, your current provider may magically present a discount without changing your current service," she says.
Check out the rest of our tips (including one to cut down on food waste, which costs the average family of four $1,500 annually…yikes) and you’ll be a smarter spender in no time.
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This Week In Your Wallet
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ICYMI, real estate commissions are set to change in mid-July (get up to speed on the sitch here). If you’ve been thinking about buying a home, you might be wondering, should I hurry up…or wait? "Buyers are weighing whether purchasing a home after July would give them more room to negotiate a lower commission. Sellers are considering whether the changes could make it more common to pay a lower amount, or nothing, to the buyer’s agent," reports The Wall Street Journal. Unfortunately, not even the professionals themselves know how things will shake out. "I’ve had tons of text messages, calls, and I see a lot of agents themselves panicking on social media," Matt Zahn, a real estate agent in Michigan tells the WSJ. "We’re just bombarded with questions that we don’t even know the answers to." Psst, you could always avoid the chaos entirely and move to this country, which was named the happiest in the world for the seventh (!!) year in a row.
Want to raise a daughter who’s highly confident? Easy answer–yes, of course...we all do. But do you know how? One Harvard-trained parenting researcher says there are four key things parents can do to raise confident daughters, something that is especially important as studies show girls are more likely to suffer from issues in that department. According to Harvard-trained journalist and parenting researcher Jennifer Breheny Wallace, one of the most important things parents can do is treat setbacks as opportunities for growth. "Having a growth mindset means believing that you can get better at stuff by
working hard and never giving up, instead of thinking you’re just born with certain skills," Breheny Wallace says. "When kids have this mindset, they’re more likely to bounce back from tough times, enjoy learning new things, and be up for trying out new stuff, even if it’s tricky." For her three other must-dos, click here.
The 50/30/20 budget method no longer works, according to some financial experts. The technique, which was popularized by Senator Elizabeth Warren and her daughter goes something like this…you use 50% of your after-tax income on needs, 30% on wants and put the remaining 20% into stocks, savings, or a retirement fund. With inflation putting the squeeze on household budgets, some experts say it's time to adjust those percentages to 60/30/10, especially if you’re a young adult just starting your career. In that case, experts say you can "cut yourself some slack" on the 20% part of the method. "60/30/10 is just fine," Michael Finke, professor of wealth management at the American College of Financial Services tells Time. "Then you can gradually, as you reach middle age, increase that savings rate."
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Things That Save You Money
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"It’s so secret, even I don’t know about it." That’s what one McDonald’s manager in upstate New York told a member of the HerMoney team when she tried to order the viral McDonald’s "Dinner Box." If you can get one, the "secret" menu item" includes two cheeseburgers, four small fries, 10-piece chicken nuggets and two Big Macs for just $12 (note: prices and availability vary by location — i.e. it’s more expensive in some places).
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It’s spring…have you changed your household filters lately? Word to the wise: there is more than just the one that’s part of your HVAC system. Here are 8 different filters in your home that you’re probably forgetting to clean. Swapping them out regularly can extend their life and help you avoid expensive repairs.
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Before you hit the grocery store this week, check out this list of 17 foods to buy when they’re on sale. (BTW, did you know you can freeze butter?!)
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Ask Jean
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Today's question comes from Anne. She writes: I just listened to Jean’s recent podcast episode with Fran Hauser, where one of the questions at the end was about high-yield savings accounts. Jean answered a bunch of the basics but there was one I’ve recently been asked and I don’t know the answer. My older relative banks with Capital One and I’ve encouraged her to move her savings into their new HYSA which is new. She asked, "Well if they can offer it, aren’t all the savings accounts high yield right now?" I understand how the banks make their money, but she had a point. As the HYSA becomes more common, why
not offer it automatically for those who already have savings accounts at those institutions? Thanks!
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Great question, Anne. And the answer is no, they’re not. In fact, if you’ve been following The Wall Street Journal’s reporting on Capital One’s savings account menu specifically, you might have seen a story on how customers with "legacy savings accounts" were earning 0.3% interest, significantly less than the 4.35% the bank was advertising to new customers. Reporter Rachel Louise Ensign who broke this story in January has continued to follow it, noting that Capital One is not the only culprit and that class action lawsuits to try to win restitution for customers stuck at low rates are now pending. So, what should she do? If she’s not open to moving to another bank, pick up the phone and move the money into the HYSA pronto. Then, I might see whether she’s willing to add herself to the list of plaintiffs in the lawsuit (here’s the contact info for the attorneys handling it.) As far as your last question — why not automatically offer it to current customers? Perhaps if these suits are successful, we’ll see some banks move in that direction. Until then, it’s going to be on consumers to remain vigilant and make sure they’re capturing the best rates.
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Submit your questions to Jean here.
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Mastering The Sharing Economy With Fran Maier
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Want to know what a pack mule feels like? Travel with a small child. From the car seat to the travel crib…there’s no other way to say it…it’s a lot. Fran Maier, who recently joined Karen Finerman on the How She Does It Podcast, is the brains behind a solution for families called BabyQuip. The service enables parents to rent high-quality baby goods, from cribs and toys to car seats, whenever they’re on the go, eliminating the need for moms (or dads, but let’s be honest, usually moms) to take on that pack mule role (#thankgod).
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Several years ago Maier (whose career history also includes co-founding Match.com), brought the BabyQuip idea to Shark Tank with her son…and a live donkey. "We brought a donkey on stage so we could say, ‘You’d need a donkey to carry all this baby gear with you when you travel.’ And it worked," Maier says. "It came down to us and Mr. Wonderful. He was really interested, but he wanted a good deal, a better deal than I was willing to give."
It turns out they didn’t need the deal. The company did 83,000 orders last year alone and they now have over 2,100 moms who rent their baby gear to traveling families. "They own multiple cribs, car seats, and strollers and they’re really building a business on our platform," Maier says. "They go above and beyond because they’re serving families like their own."
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| How She Does It is proudly supported by iShares.
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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.
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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. T2823971.
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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**This is a sponsored post
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BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates (together "BlackRock"). The information provided in this communication is solely for educational purposes and should not be construed as advice or an investment recommendation. Any opinions expressed do not necessarily represent the views of BlackRock. BlackRock is not affiliated with HerMoney.
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