⏰🦃Things That Save You Time: The Thanksgiving Week Edition

Stat Of The Day

$61.17

That’s the cost of Thanksgiving dinner this year for a party of 10. It’s down from last year’s record high, but still 25% more than 2019.

This Week In Your Wallet

If you’re one of the millions who use Mint to manage your money, you were probably disappointed to learn the app will be going away in 2024. As the Wall Street Journal reports, it's gotten hard for Mint to compete with things more exciting than keeping track of money. "It’s not the dopamine hit of Instagram and YouTube. It’s adult stuff. It’s responsibility," Mint’s founder, Aaron Patzer, says. As Americans save less and borrow more, money management tools are needed now more than ever. But what are Mint–and others–missing? Here at HerMoney, we think we may have cracked that code with FinanceFixx. Unlike other tech-based money management tools, it’s infused with human connection, including one-on-one coaching and teamwork with other group members.

Should you have to pay to quit your job? As the New York Times reports, there’s recently been an uptick in "stay or pay" clauses in employment contracts. Once reserved for higher salaried roles, financial penalties for quitting have popped up in industries employing an estimated ⅓ of all workers in the United States, everything from dog grooming to trucking. "The use of stay-or-pay clauses has grown rapidly over the past decade, and it has seemingly exploded since the start of the pandemic, as companies try to retain workers in a tight labor market," writes Robin Kaiser-Schatzlein. Better protections for workers could be on the horizon though. As the Times reports, government officials, regulators and politicians are starting to pay closer attention to the impact of stay or pay clauses.

This week, 4.7 million Americans will take to the skies to travel for Thanksgiving. Some of them, undoubtedly, will be asked by a fellow traveler to swap seats on the plane…but should you? Online, the debate over whether switching seats is acceptable–or as USA Today puts it, just "plane" rude–rages on. Christopher Elliott, who opined on the issue, says switching should be avoided at all costs, with a couple of exceptions: "You can ask to switch seats if you need to sit next to your young kids or an elderly relative you're caring for…but otherwise, stay put," he writes. Where do you stand…or should we say, sit?

Things That Save You Time…Thanksgiving Week Edition

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If you’re hitting the road, Wednesday is expected to be the busiest day for doing so, with average travel times as high as 80% higher than normal in some areas. Save time by departing before then if possible. If you can’t, aim to leave either in the morning or after 6 p.m. to steer clear of the heaviest congestion.

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Hosting this year? Stock your bar with the usuals–beer, wine and non-alcoholic options, plus one signature cocktail…instead of mixing up individual drinks. Check out Food & Wine’s list of batch holiday cocktails, here. We’re partial to the Spiked and Spiced…cheers 🥂.

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Grab some post-it notes and label your serveware ahead of time. You’ll thank us later.

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Plan for leftovers and buy to-go containers to send home with guests (no need to track down the tupperware post-Thanksgiving).

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Cook your turkey a day ahead and reheat it on Thanksgiving day. Or, you could be like Martha Stewart and (gasp) skip the holiday cooking all together.

Ask Jean

This week’s question comes from Michele. She writes: What are your recommendations for a college student's first credit card?

First of all, let me go on the record that I believe she should have one. It shouldn’t have a credit limit so large it can get her into trouble ($1,000 to $2,000 to start should do). But having a credit card is an important step to building a solid credit history that will allow her to borrow to buy things like homes and cars in the future.

Many college students and new grads have trouble getting their first cards because they have what are called "thin" credit files. In other words, they don’t have enough of a history that credit card companies feel comfortable lending to them on the basis of what’s already there. On the flip side, credit card companies also know that the first card in your wallet is likely to be there the longest – and so they want that pole position. That explains why a group of student/first credit cards has sprung up in recent years. These are cards from companies whose names you know (Chase, Discover, Capital One) with less stringent underwriting requirements.

You want to look for one with no annual fee, some rewards (though they’re not the lavish perks more expensive cards tend to offer), and that will report on your daughter’s behalf to all three credit major credit bureaus (the name-brand cards all do). The other thing to note is that these cards tend to have very high interest rates. So, as she gets the card caution her to charge no more than 30% of her credit limit ever and pay off whatever she charges in full every single month. Keeping her spending under 30% of her limit will help bolster her score. Paying off in full every month will help reduce stress in her life.

A few cards to put on her list? The Chase Freedom Rise Card has no annual fee and gives 1.5% cash back on all purchases. The Capital One SavorOne Student Cash Rewards Card has no annual fee and gives $50 for spending $100 in the first 3 months plus bonuses including 5% back on hotels, 3% on dining, entertainment, popular streaming services and groceries and 1% back on everything else. And the Discover It Student Chrome card has no annual fee and will match all the cash you earn (with 2% rewards on gas and restaurants and 1% on everything else) during the first year you have the card.

Submit your questions to Jean here.

How Investing Is The Key To Unlocking Women’s Power

Proudly sponsored by

Despite holding 42% of our nation’s wealth, only 26% of American women invest in the stock market, according to a study from S&P Global. Yet we know that if women invested at the same rate as men, there would be an additional $3.22 trillion — yes, trillion — in global assets under management, according to data from BNY Mellon. At the same time, with the "great wealth transfer" that’s coming — wherein members of The Greatest Generation and Baby Boomers will pass on an estimated $84 trillion, we know that more than two-thirds of wealth will be held by women by the year 2030. In other words, we need MORE women investing MORE money, as quickly as humanly possible.

Thankfully, there are incredible women working tirelessly to make that very thing happen, and Gargi Pal Chaudhuri, Head of iShares Investment Strategy Americas at BlackRock, is one of them. Gargi has over two decades of experience in the financial services industry, and she leads a team focused on global thought leadership — in other words, she’s delivering precisely the kind of insights that women need now to make smarter, more informed investment decisions.

This week, she sits down on the How She Does It Podcast with Karen Finerman to discuss what inspired her to become an investor, what keeps her going when she runs ultra-marathons, and why women are willing to save their money — but not as willing to invest their money. Give the episode a listen, here.

Financial Wellness Programs: The Key For Goal Getters

If only there was a way to bridge financial confidence gaps, get more people engaged with their money, and setting important goals for the future… turns out all of that and more is accessible via financial wellness programs. Amazing news, right? YES, but there are still some misconceptions that may be holding small and midsized business owners back from offering the programs their employees need most. We break down all of the incredible data that emerged from the 2023 State of Women Survey, sponsored by Principal Financial Group®, on the HerMoney Podcast*, which was recorded live in San Antonio at the Inc. 5000 conference. It’s a conversation you don’t want to miss! The HerMoney Podcast is made possible by Edelman Financial Engines.

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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Psst… Did you know that there are currently more than 4,000 different ETFs, and at the end of last year, total ETF assets under management were $6.7 trillion across the US and Europe?! This represents a compound annual growth rate of 15% over the last decade — three times faster than traditional mutual funds! If you’ve been thinking of dipping a toe into the ETFs waters, we’ve got answers.**

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What's the secret to a happy life? 🤔 An 85-year-long (and counting!) scientific study, now directed by Robert Waldinger, has been uncovering the key ingredients for building a happy life. We got you the recipe on this Your Money Map with The Alliance for Lifetime Income.**

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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. AM3143680.

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.

*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. AM3143680.

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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.