🏡 3 ways to lower your homeowner’s insurance

Stat Of The Day

$172

Pass the candy corn. The average American will spend $172 on Halloween this year, up from 2023’s average of $162, according to a recent survey from LendingTree. (How much we’ll spend on dental visits in the months that follow? TBD.)

3 Ways To Lower The Cost Of Your Homeowner’s Insurance

Every year during hurricane season, we hear from readers who have questions about lowering the cost of their homeowner’s insurance. The process can be complex, so we called on an expert to break it down on the HerMoney Podcast*.

Ben Keys is a professor of real estate at the University of Pennsylvania’s Wharton School. His recent research found that climate change is driving homeowner’s insurance rates higher (but notably, not always in the areas where risk is the greatest). It’s not all doom and gloom, though. There are things we can control – and he’s letting us in on his top three ways to lower costs.

One of them? Let your insurer know if your credit score has gone up. "Your credit score is a really important driver of the cost of homeowners insurance in a lot of states," Keys says. "If you've had a big improvement in your credit score, you've been working hard to move up to a higher creditworthiness standard, your insurance costs are going to fall dramatically."

So, if your score has been on the rise, give yourself a pat on the back. Then, call up a few insurance providers for quotes. You’ve got this!

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The HerMoney Podcast is made possible by Edelman Financial Engines.

Things That Save You Time

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Forget the food. You can now order your costume from Spirit Halloween via the Uber Eats app and have it delivered straight to your door. Or, check out this list of low-effort, last-minute costumes. We’re big fans of the "breadwinner."

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Save even more time this holiday season by having your outfits curated for you. Armoire takes clothing rentals a step further by understanding your style and suggesting items for you. Start by taking Armoire’s free Style Quiz here. HerMoney subscribers get bonus items and major savings, too.**

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Beat the 2:00 slump with productivity sprints. "When using the sprints method, you’ll be doing short bursts of work with breaks in between," explains Lifehacker. "That’s really all it is, but since taking breaks is fundamental to being truly productive, it’s effective."

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The countdown to the holiday travel szn is on. Here are ten things one Travel + Leisure writer always packs to save time and money at the airport. For example, a soft, refillable bottle (like this one) will spare you from standing in line at an airport store and paying $6 for water.

This Week In Your Wallet

Tired of jumping through hoops to cancel subscriptions? The Federal Trade Commission has announced a new "Click-to-Cancel" rule that will make it easier to put an end to recurring subscriptions and memberships you no longer use, like those for streaming apps, gyms, retailers and other businesses. As NPR reports, under the new rule, "online subscriptions should require the same number of clicks to end as they do to sign up, and in-person signups should have an option to cancel online or over the phone." It will fully go into effect in about six months, and "give the FTC more power to help consumers get their money back from violating companies."

ICYMI, the Fed recently announced a rate cut. Does it mean you should change up your retirement saving strategy? Experts have a pretty straightforward answer to that question – no. "Simply put, if you're still many years away from retirement, you should be putting the bulk of your savings into the stock market," explains The Motley Fool. "And if you're worried that the Fed's rate cuts will negatively impact stocks, know this. Just as lower interest rates make it easier for consumers to borrow money, so too do they make it easier for companies to borrow money. That allows companies to expand, leading to potentially higher stock prices."

Ending Ageism, Once And For All

Have you been treated differently because of your age? If so, you’ve been a victim of ageism, and it’s more common than you might think – especially in the workplace. Recent research shows that 26% of U.S. workers over 50 say they’ve been the target of age-related remarks at work during a six-month span.

Peter Kaldes is President and CEO of Next50, a foundation that invests in efforts to support our aging population. One of his missions is to end ageism once and for all. Kaldes says to stop ageism in the workplace, more employers need to understand the benefits of hiring – and retaining – older workers.

"There are studies that have demonstrated it’s actually not as expensive as you might think to retain and retrain older workers," says Kaldes. "If they’re over 65 they don’t need your [company’s] health insurance. Two, they have institutional knowledge and can do things more efficiently. Three, they don’t want to work full-time. They probably want to work part-time and come up with some sort of different work regimen."

Ask Jean

Today’s question comes from Sarah. She writes: I recently got engaged and we are trying to decide on a wedding date. We were considering getting married by the end of 2024 for tax purposes. Would there be any big benefits to tying the knot before the end of the year?

First off, congrats, Sarah! There’s a lot to consider when you tie the knot – everything from what you’ll wear to how marriage will change your finances.

We’ve outlined most of the financial pros and cons of marriage over at HerMoney.com, but I want to highlight taxes since that’s what you’re wondering about. If you get married before December 31, 2024, you’ll be able to file your taxes in April of 2025 as "Married Filing Jointly." Depending on your incomes, filing as such may help or harm you financially.

You may have heard about a little something called the "marriage penalty." It’s that higher tax bill that sometimes arrives when dual-income married couples file jointly with the IRS. The pooled incomes tend to bump couples up to a higher tax bracket. This can sometimes make them subject to paying more.

On the other hand, for some, marriage can yield a tax "bonus" or result in couples paying fewer taxes as a result of their marital status. This is particularly true for couples with one working spouse and one stay-at-home spouse. According to TurboTax, "The more unequal two spouses’ incomes, the more likely that combining them on a joint return will pull some of the higher-earner’s income into a lower bracket. That’s when the marriage bonus occurs."

The best way to figure out if you’d benefit from filing your taxes jointly is to crunch the numbers. Take a look at the tax brackets and rates for 2024, here. And, if you’re able to, it’s always a good idea to sit down with a professional to chat about your specific situation. Good luck – and again, congrats!

Submit your questions to Jean here.

More For You To ♥

💰 Save $1,500 in eight weeks or less. That’s the average amount someone saves in our financial coaching and budgeting program for pre-retirees. Our last session of the year kicks off next Tuesday, October 29, at 7pm ET. Grab your virtual seat here. Use code RETIRE for 20% off.

💚 What do personal finance and fitness have in common? Quite a lot, actually. There's a reason we call it "financial wellness." Join HerMoney CEO Jean Chatzky for a free Linkedin Live this Thursday, October 24, for a conversation about the power of progress tracking: how and why to do for your long-term health and wealth. Register 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. AM3807168.

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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