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| This Week In Your Wallet |
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In some welcome news for consumers, data released this week showed that inflation was flat in October when compared to the previous month. The slowing of price increases will hopefully mean some welcome relief for household budgets in the future, as well as a potential end to Fed interest rate hikes. More here from the New York Times.
Move over, Silicon Valley…a new report shows that most of Gen Z is looking to work in the media and entertainment industries. The reason? According to the survey, Gen Z greatly values the perks that come along with jobs in these fields, including flexibility, creative jobs and positions where they can achieve a better work-life balance.
Have you experienced "tip shock"? As the Wall Street Journal reports, many Americans who are increasingly confused about tipping have. With requests for gratuity seemingly everywhere, it can be challenging to know how much to tip, when to tip and how to handle those ubiquitous tip screens. According to a recent study by the Pew Research Center, younger people are more likely to tip by default…while older consumers consider it a personal decision. |
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| Things That Save You Money |
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Peace out pumpkin spice…it’s peppermint szn. Usher in the holidays with a free Peppermint Frosty or free Peppermint Frosty Cream Cold Brew from Wendy’s on November 19th. |
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It’s never too early to think about what you’ll do with your Thanksgiving leftovers. Stretch your holiday food budget by coming up with a plan for the surplus. Check out Bon Appétit’s roundup of 37 leftover turkey recipes, here. |
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Traveling for the holidays? Don’t miss HerMoney’s top tips for how to get a rental car for cheap. |
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| The New Value Proposition Of Financial Wellness Programs For 2024 |
| To dive into the data that just came out of HerMoney’s 2023 State of Women survey, the HerMoney Podcast* team recently traveled to The Inc. 5,000 conference in San Antonio, Texas, to speak with members of the executive team at Principal Financial Group® and a live audience of female entrepreneurs. It’s all going down on this week’s HerMoney Podcast*, and it’s a conversation you absolutely don’t want to miss, because we dive into all the data — the good, the bad, and the misconceptions! For example, our survey found that 90% of employees at small and midsized businesses — an overwhelming majority — said that they want a robust benefits package, yet just 63% of small and midsized business owners said it was important to their employees… In other words, we have a serious disconnect between what employees want most and what employers are offering. We dive into why, what we can do about it, and how we can bridge those disheartening financial confidence gaps between men and women at the same time we’re getting more people engaged with their money. Listen here. |
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| A Retirement Income Guide For Whatever the Future Holds |
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| Volatile markets and a changing economic landscape can put your retirement at risk. Identifying those risks is an important step in optimizing your retirement income. Edelman Financial Engines offers a free retirement income guide that identifies ways to help optimize your retirement income, including strategies designed to adapt to whatever the future brings. Download your free retirement income guide and gain access to resources on the following: |
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Potential risks to your retirement |
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Sources of retirement income |
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5 strategies to help optimize your retirement income |
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How retirement planning fits into your overall wealth plan |
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| Click here to learn more. |
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| Ask Jean |
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This week’s question comes from Sarah. She writes: Should I close a credit card account with a small limit ($500) that I do not use? For context, I have an 800 score with no credit card debt. |
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Maybe. There’s a lot of confusion about this topic – so let’s look at when you’d want to shut it down vs. when you’d want to hold onto it. Of the five basic ingredients in the recipe that makes up credit scoring (on time bill payment, mix of credit, applications for new credit, length of credit relationships and credit utilization), this impacts the last two.
Credit utilization is the percentage of the credit that you have available to you that you’re actually using. In general, we want to keep this number at or below 30 percent at all times. Your score indicates you’re doing a good job of that. Closing a card (or multiple cards) that represent a big chunk of your overall credit lines (particularly ones that you’re using) is problematic because it can ding utilization – and utilization in and of itself represents about one-third of your score. In this case, this isn’t a problem for you because a) your limit on this card is so small and b) you’re not using it.
Length of credit relationships is the number of years you’ve had a particular card. Longer is better. We want to hold onto the cards that we’ve had the longest because they represent to other creditors that we are a good bet over time.
Bottom line: I’m assuming that there’s no annual fee on this card. If there is, that’s another reason to let it go. But that aside, unless this was the first card in your wallet, or the one that you’ve had the longest at this point, I’d let it go without a worry. If it is a card that represents a lot of longevity, start using it. Pick one monthly bill that you can put on autopay and load it onto this card. Otherwise, you risk this card company canceling you. |
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| Submit your questions to Jean here. |
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| Shining A Light On Leave With Danielle Weisberg |
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It started innocently enough…Danielle Weisberg posted a photo where she was chasing her then 18-month old in the middle of a meeting. The co-founder of theSkimm then asked other women to send in what their paid maternity leave was like, and boy did they deliver. Thousands of women began DMing her and telling her their stories about the lack of leave at their company.
"The pictures of women in delivery gowns working on their laptops because they needed to log a certain amount of hours before they could qualify for leave just seemed ridiculous," she tells Karen Finerman on the latest How She Does It Podcast, proudly supported by iShares. The end result was theSkimm’s #ShowUsYourLeave movement. "Now we’ve gotten over 700 companies to post their family leave policy so that you don’t have to have that awkward conversation when you’re thinking about it in your workplace." Listen to the full episode here–you don’t want to miss it! |
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| More For You To ♥ |
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If you have a dog, you know the associated costs can add up. There’s food, grooming and of course, medical bills. Luckily though, there are things you can do to cut costs. One example? Making sure preventive care is part of your pet’s routine. HerMoney talked with Banfield Pet Hospital and other veterinary professionals, for tips on how to care for your dog at every stage to help them live happy, healthy and perhaps less expensive lives.** |
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Market dynamics can change overnight — which is exactly why you can’t time the markets AND why you need a strategy that can be effective in various economic climates. Jasmine Fan explains how different ETFs can be a useful part of that strategy.** |
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Your financial future. We get it, planning for your financial future can feel overwhelming. The Alliance for Lifetime Income makes it simple with easy-to-understand resources, tools, and guides to help you think about your next chapter. Sign up for their newsletter today! đź’Ś |
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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. |
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. |
| **This is a sponsored post |
| 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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