🤠 Take the reins on your financial life

Stat Of The Day

76%

Attention, goal getters: Grab your pen, paper…and megaphone? Research has shown you’re 76% more likely to achieve goals if you write them down, and then share your weekly progress with a friend. For more goal-crushing hacks, scroll on.

Stop The Guesswork With Your Finances—And Your Life

Got budget? 68% of consumers say a budget would help them reach their personal and family goals – yet 40% say they’ve never had a spending plan, according to a recent survey from the CFP Board.

When you control your money, you control your life. The trouble is, most people don’t. Think of it this way: Every dollar you earn has a purpose. Whether it’s for daily expenses or funding your long-term goals, like funding your dream retirement.

Ready to kickstart your way to control? On October 15, join personal finance expert, HerMoney CEO and creator of FinanceFixx, Jean Chatzky for a FREE webinar and Q&A dedicated to helping you take the reins on your financial life.

Jean’s "Money Makeover" methodology has been featured on Oprah, The Today Show and most recently, PBS Opportunity Knocks. This free webinar is for anyone looking to save more, spend less, pay down debt, or set – and start achieving – future financial goals.

All stages and ages are welcome and don’t forget to bring your questions! RSVP here.

📣 PS, if you’re really ready to take your money mastery to the next level, we have a few spots left for our 8-week FinanceFixx session, just for pre-retirees, starting on October 7. You’ll work 1:1 with a financial coach and create, or refresh, your budget for retirement. Sign up here and use code RETIRE for a special discount.

This Week In Your Wallet

Shh. The key to workplace success could be knowing when to keep quiet. "A well-deployed silence can radiate confidence and connection. The trouble is, so many of us are awful at it," writes Rachel Feintzeig for The Wall Street Journal. As the WSJ reports, taking a beat can help with everything from nailing negotiations to networking. For those who struggle with awkward silences, a little something called the "question mark trick" can help. Here’s how it works: Ask a question out loud, then draw a question mark in the air (or off to your side if you’re in a public setting) with your finger, silently. "That question mark is there to help you live through that fraught moment of, ‘I really should keep talking,’" says Michael Chad Hoeppner, a former actor who now runs a communications training firm.

Have you been duped by money advice on TikTok? If so, you’re not alone. "27% of social media users say they have fallen for financial advice or information on social media that turned out to be false or misleading, according to a new report by Edelman Financial Engines," CNBC reports. "Roughly 20% have even fallen for such misleading content multiple times, the report found." Naturally, HerMoney CEO Jean Chatzky, who collaborated on the report, has some thoughts on how people can protect themselves – starting with vetting the source of advice. "Check out who you are listening to and what their background is and whether they actually have the credentials to be leading you down the road you are about to follow," she says. Oh, and not to toot our own horn...but for legit #FinTok, check us out.

Our hearts go out to those impacted by Hurricane Helene. If you’re like many others who want to help its victims, The Weather Channel has put together tips for ensuring you’re supporting a worthy cause – and not getting scammed. "Charity scams abound amid devastating weather events and other disasters. Just a few minutes of research can make sure you’re giving to a trusted organization," reports Jan Wesner Childs. "Check Better Business Bureau's Wise Giving Alliance, the Charity Navigator, Charity Watch or GuideStar for the best information." For a short list of the best places to donate, click here.

Getting To The Finish Line Is A Marathon, Not A Sprint

Jean here. Let’s talk big goals. One of mine? Running the NYC Marathon as part of Team Citizens in just over a month.

When you’ve got a big goal, whether it’s an intimidating physical challenge like the NYC Marathon or a lofty financial one such as saving for a new home, research shows us that the way you approach it is hugely important.

In fields ranging from business to medicine, to fitness and finance, we're more likely to achieve goals if they are "SMART," an acronym that stands for Specific, Measurable, Achievable, Relevant and Time-Bound.

Here’s how to use the SMART framework to improve your chances of crossing whatever finish lines you set for yourself along the way.

Things That Make You Money

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As much as we love to hunt for the best deals, it can be exhausting. When it comes to finding the best interest rate for your savings, let CD Valet do the work for you. CD Valet aggregates the best CD rates on the market from over 4,000 banks and credit unions. Start earning more on your money, for free, here.**

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Turn those old college textbooks in the back of your closet into cash. Here’s a rundown of the best places to sell your college textbooks, courtesy of USA Today.

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Hey, moms. File this one under things that make and save you money. Take your gently used children’s items (everything from clothes to toys) to Once Upon a Child and they’ll buy them from you, on the spot. It’s also a great place to snag high-quality secondhand items. One member of the HerMoney team just took home nearly $100 for a tote of baby clothes that was taking up space in her attic.

How To Be A Good Friend (Without Going Broke)

We know that connections to our families, our friends, and our communities are SO important. In fact, research shows when we don’t maintain them, our health and our overall well-being can suffer.

Maintaining these connections IRL is essential, but oftentimes costly. Things like bachelorette parties, nights out and other big-ticket relationship-related expenses can really add up. So how do you strike a balance? Danielle Bayard Jackson, AKA, "The Friendship Expert" on TikTok says it’s all about leading with "affirmative boundaries."

"Rather than saying, ‘I'm sorry, I can't,’ think about what you can do," Bayard Jackson tells us on the HerMoney Podcast*. "So maybe say, ‘With some other things I've committed to financially, that's not gonna fit into my plan, but when you get back, I am taking you on a lunch date and I want every detail,’ or ‘I can come for the first day but because of work I need to get back. What can I do to make it up to you once you get back?’"

While it may be nerve-wracking to set financial boundaries with our friends, the right ones should be able to be compassionate for your situation. True friends will understand that while you can’t afford an expensive trip with them, you still care and want to be there to support them.

Listen Now

The HerMoney Podcast is made possible by Edelman Financial Engines.

Ask Jean

Today’s question comes from Vivianna. I bought a new car 12 years ago. The car currently needs $10,000 in repair costs. It has 130,000 miles on it. I want to buy a new car, but is now a good time to do so?

The short answer to that question is yes, sort of. "It’s a lot better than it has been," Greg Brannon, Director, Automotive Research at AAA recently told HerMoney. "It’s certainly not the worst time, particularly if you’re a cash buyer."

Following a spike in consumer demand for vehicles during the pandemic, things have finally leveled off – and that has meant changes when it comes to pricing. Today, the average new vehicle costs $47,870, down 1.7% from the year before, according to Kelly Blue Book data. Meanwhile, a used vehicle will run you an average of $25,172, which is a 6% decrease from a year ago.

Plus, ICYMI, there was some big interest rate news recently…and there’s likely more to come. According to Brannon, the interest rate cut is a double-edged sword when it comes to car buying. "They cut the rates, the demand will go up, so supply could potentially go down," he explains. But in the short term, at least, the falling rates are good news for consumers. While car loan interest rates haven’t fallen tremendously, they’re likely headed that way, he adds.

For more of what you need to consider before buying a new set of wheels, click here.

Submit your questions to Jean here.

More For You To 💛

When it comes to retirement, women have different considerations—we want safety, security, stability AND the ability to live life on our own terms. One way we can achieve all of that is with an annuity. The ParityFlex™ multi-year guaranteed annuity, available from Gainbridge®, offers security and flexibility at a time when women need it the most—retirement. With a Guaranteed Lifetime Withdrawal Benefit¹ and flexible withdrawals, it’s like having a paycheck for life. Plus, you’ll also get guaranteed returns at 5.30% APY. Learn more here.**

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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.