🎁 Your cheat sheet for regifting like a boss

Stat Of The Day

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Ready to give unwanted gifts a second life? 1 in 3 Americans say they are, according to a recent survey. For many, regifting is no longer taboo, but instead, a great way to save cash. Keep reading for the keys to regifting like a boss.

This Week In Your Wallet

Did you unwrap a gift you know you won’t use? Here’s your sign that it’s OK to regift it. That said, there are some ground rules. "Like so many things in etiquette, it really matters how you do it," Lizzie Post, the great-great-granddaughter of etiquette expert Emily Post, tells USA TODAY. "We've heard some horrible regifting stories where the item comes back to the original giver with the original cards," said Post. If you’re getting your regift on, check that the item has all its original packaging and tags intact. You’ll also want to be sure the person receiving it will actually enjoy the gift. One definite no-no? Regifting items that are handmade or personalized.

The 401(k) millionaires club keeps growing. That’s according to new data from Fidelity Investments, which shows the number of investors with 401(k) accounts that have balances over a mil jumped 9.5% in the third quarter. "All told, of the roughly 24 million participant accounts in the 401(k) plans for which Fidelity serves as record keeper, 544,000 of them had balances over $1 million, up from 497,000 in the second quarter," as CNN reports. Want to join the ranks of retirement super savers? HerMoney can help. The next session of FinanceFixx (our budgeting and financial coaching program) kicks off January 8th and it’s JUST for pre-retirees. Learn more here, and use code LASTCHANCE for $100 at checkout. ⌛There are only a few spots left!

Get a little bling for Christmas? An engagement ring, perhaps? If so, you need to know how to protect what most couples consider a major investment. "The biggest thing to remember is that jewelry is a work of art and it's pretty delicate," says Rachel Akmakjian, a jewelry expert and designer. "People think diamonds and metals are indestructible but that’s not true." In addition to proper cleaning, you might also want to consider ring insurance. Check your homeowners/renters policy first to see how much it covers in the way of jewelry and if your bling falls within those limits. If not, ask about the cost of a rider then compare that, as Brides recommends, with the price of a "standalone jewelry plan that best suits your needs and budget. Most engagement ring insurance policies cover rings against damage, loss, and theft."

Things That Save You Time

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Feral Week, Twixmas…whatever you want to call it, we’re now officially in the lazy, hazy days between Christmas and New Year’s Day. If you’re a parent, here are 6 ways to keep your kiddos occupied.

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Waking up to mountains of wrapping paper this AM? Here are the keys to a holiday reset for your home, including how to do an edit of decor you didn’t end up using this year.

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If you need to kick-start your productivity, scientists have cracked the code to brewing the best cup of Joe for a caffeine boost. Hint – step away from the dark roast.

Ask Jean

I have a Roth IRA for my daughter. What do I do when she turns 18? Do I have to transfer it into an account that’s hers to control?

There’s no need to transfer funds to a new account, but you do need to do a little legwork here. First, contact the financial institution to begin the process of transitioning the account into her control. You will likely need to provide proof of her age via a birth certificate, and there will be paperwork for you both to sign, which will effectively change the account from a custodial to an individual account.

Now that she’s over the age of 18 and the sole legal accountholder, your daughter can contribute to the Roth IRA, so long as she has earned income from a job or self-employment. Roth IRAs are one of the best savings vehicles for retirement (more on them here), thanks in part to their tax-free growth and withdrawals.

In addition to legally making the account shift, now is also an opportunity to impart a little financial wisdom to your daughter. Talk with her about the benefits of the Roth IRA and explain why she should keep contributing. If the convo sparks an interest in investing, InvestingFixx, HerMoney’s investing club for women, could be a way to foster that (not to mention, a great mother-daughter activity!). For a limited time, you can get 20% off your annual subscription—and your first month free!—when you use the code LEVELUP at checkout.

Submit your questions to Jean here.

More For You To ♥

🤖 The uses of AI in our daily lives are endless. But should you use it for financial planning? On this episode of the Alliance for Lifetime Income’s "Your Money Map," Jean Chatzky sits down with Ron Shevlin, Chief Research Officer at Cornerstone Advisors and Senior Contributor at Forbes to talk about the advantages–and the pitfalls–of using AI as you map out your money goals.

🫠 Go a little overboard with your holiday shopping? We’ve all been there. Get your budget back on track with HerMoney’s financial coaching program, FinanceFixx. Our next sessions kick off in early January. Fast-track your savings with our 4-week program—and use code SAVENOW for 15% off. Or, if you’re planning to retire in the near future, then try our 8-week pre-retirement program. There are only a few spots left for our January session. Use code LASTCHANCE for $100 off.

🥇 Every decade of your life is a chance to level up when it comes to your money goals. From building your first savings stash in your 20s to putting your retirement plan into action in your 60s, as The Washington Post’s personal finance columnist Michelle Singletary explains on the HerMoney Podcast*, there are goals you should be working toward every decade to keep your money on point. The HerMoney Podcast is made possible by Edelman Financial Engines.

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