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Stat Of The Day
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$999
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That’s the highest price on eBay (at the time of writing) for just one of the viral Trader Joe’s Mini Tote bags, which originally retailed for $2.99 each. They’re cute, but if we’re splurging on a new bag and spending that kind of money, we’ll go with one of these, thank you very much.
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7 Micro Career Goals You Can Hit In 6 Months
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We get it–a long to-do list with big goals can be daunting. As Lindsay Tigar writes for HerMoney, sometimes the key to achieving more is breaking those big dreams into "micro career goals."
Micro-goals are smaller, more manageable and executable tasks that move you along the path to achieving your ultimate goals, explains Meredith Monday Schwartz, CEO of Here Comes The Guide. As she puts it, setting these smaller goals is the ultimate ‘secret sauce’ to getting where you want to go.
This week, HerMoney is rounding up some of the best, bite-sized — yet meaningful — mile markers you can easily hit over the next six months. One to start with (as in like, right now) is tackling that desk of yours. "Clearing out, reworking, or redesigning your workspace is an easy action that will spark positivity for what the new year has in store," says Maya Hoolihan, founder and CEO of EWedded. (PS:
Clearing your computer desktop works, too!)
Check out more of the micro goals that can help level up your career (including one that just requires a notepad and pen, but can result in BIG changes), here.
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This Week In Your Wallet
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Consumer prices inched higher in February, with the cost of gasoline and shelter responsible for the increase. "These two categories contributed more than 60% to the monthly increase in the CPI," reports Lucia Mutikani for Reuters. After rising 0.4% in January, overall food prices remained unchanged. "There were decreases in the prices of dairy products, fruits and vegetables as well as nonalcoholic beverages. But prices for cereals and bakery products rose while meat, fish and eggs were slightly more expensive," Mutikani adds. Some say the higher inflation figures could dampen hopes of cuts to interest rates
soon. "Officials want to see some more evidence of a sustained deceleration in prices towards target before they pivot to rate cuts," said Rubeela Farooqi, Chief U.S. Economist at High Frequency Economics. "The latest data further reinforce the case for a patient and vigilant approach from Fed officials as they consider future policy decisions."
Meanwhile, feelings of financial insecurity in America are hitting record highs. 33% of adults say they don’t feel financially secure–a jump from 27% last year and the highest level recorded through the Northwestern Mutual Planning & Progress Study, which launched back in 2009. "Despite the growing economy, Americans have had to endure one financial disruption after another over the last several years, and it's hard to feel positive when you don't know what's around the corner," says Christin Mitchell of Northwestern Mutual. We get it. What do people say is the greatest driver of financial insecurity? Click here to find out.
A growing number of restaurants are making like doctor and dentist offices and charging cancellation fees. According to reservation platform Resy, 17% of its U.S. restaurant customers charged at least one cancellation fee in January. That’s up 13% from the year before (and those numbers are even higher in big cities). "Restaurants don’t want to punish people," said Dr. Lilly Jan of the Cornell School of Hospitality Administration, adding, "I think it comes down to customers understanding the impacts of their actions: If you care about the industry and you enjoy dining out and you want to see your local restaurant continue to do well, a little courtesy and consideration goes a long way." If you’ve been hit with a cancellation fee and want the restaurant to reconsider, sometimes reaching out can get them to waive it, The New York Times reports.
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Things That Save You Money
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A bright idea from Kat, a member of the private HerMoney Facebook group: I called my utility companies to see if there were new plans that I could take advantage of. I got a reduction on my electricity just for asking!"
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HerMoney reader Leana says cash is king when it comes to spending: "For me getting cash out of the bank every payday to use instead of my card makes me more mindful and aware about what I'm spending." You go, Leana!
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Heather says the key to saving bread is….wait for it…making bread. "I love making homemade bread! I don’t use a mixer or a bread machine (just hand knead and let it rise for a little bit). I make four loaves and then freeze it and it’s DELICIOUS! Here’s the recipe I use."
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PS, if you really want a boost when it comes to saving more, check out FinanceFixx, the money makeover program from HerMoney CEO Jean Chatzky. Our next session kicks off March 19th and you can use code WHM10 for 10% off!
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Why Quitting Your Job Isn’t Cool Anymore
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ICYMI, quitting your job really isn’t cool anymore. In the wake of the pandemic, we saw people giving their two weeks' notice in droves, searching for better opportunities with more flexibility. Recently though, that trend has slowed down…and many are staying put to climb the ladder where they are.
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On the latest HerMoney Podcast*, Grace Puma and Christiana Smith Shi, authors of the new book "Career Forward: Strategies By Women Who’ve Made It" sit down with host Jean Chatzky to explain why ambition is one of the most important things a woman can have in their toolkit. Both know what it’s like to be unapologetically ambitious
and reach the top of Fortune 500 companies (Puma is the former Executive Vice President and COO of PepsiCo, and Smith Shi is the former President of Nike’s consumer-direct division). Now, they want to share their learnings with other women.
Smith Shi and Puma say the first step is to think about a longer-term career path, or what they refer to as a "cardinal direction." "Especially when you’re starting out, it’s going to be very attractive to be able to start earning a good living and to accept a job based on salary," Puma says. "But what you really need to think through is all of the things that go into defining what your aspirations look like over the journey of your career."
For more of their advice–including the ONE thing they say you must do once a year to grow your career–listen in here.
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| The HerMoney Podcast is made possible by Edelman Financial Engines.
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Ask Jean
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Today's question comes from Elizabeth. She writes: I just got an invite from Citizens Bank to deposit $500 in a checking account and $500 into a savings account and in 3 months they will give me $600. Can this be real?
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Oh, it’s real. Here’s the deal. Banks earn money on your savings — right now the Fed Funds rate, the interest rate at which banks borrow and lend money to each other overnight (set by the Fed’s Open Market Committee) is 5.25% to 5.5%. The average savings account interest rate is .57%. If a bank pays you that, they’re making close to 5% on your money. That’s huge. So, yes, they’re willing to pay you bonuses to get you as a customer. (You’ll notice that high-yield savings accounts where you can earn up to about 4.5% interest aren’t likely to pay big bonuses.) On the checking account side, they give you a bonus because of the transaction fees they earn from merchants (typically around 2%, sometimes more) when you use your debit card.
The questions you should be asking next are a) Is this bonus as good as it gets and b) Is this bank a good fit for you? I did a little research and the double $300 bonus looks to be as high as you can expect to get right now. Regarding fit, if you use ATMs, you want to be sure that the network is convenient. Do you keep enough money in your accounts (both checking and savings) to avoid monthly fees? And what is the interest rate and how does the one-time bonus compare with earning a better savings rate long term? (Citizens offers a solid high-yield savings account — I know because I have one — but I don’t believe from your question that’s what this offer is for.) Last but not least, you may decide that you want to try to split the difference — grab a bonus and grab a higher-than-average interest rate simultaneously. There are a few that offer both. They’re not necessarily the highest rates, but they’re well off the lows. You can see
the latest by searching sites like Bankrate.com and Nerdwallet.com for the best savings account rates.
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Have a money question for Jean? Ask here.
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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.
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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. AM3339251.
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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**This is a sponsored post
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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.
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