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| Give Smarter, Not Harder: How To Make Donations Count This Holiday Season |
Inflation has made it hard in recent years for Americans to make ends meet – and even harder to donate to their favorite charities. According to recent stats from Giving USA, in 2023, charitable donations decreased by 2.1%.
With inflation easing, organizations are hoping people will be able to find room in their hearts, and their wallets, to give. On the latest HerMoney Podcast* Nancy Brown, CEO of the American Heart Association shares her top tips for charitable giving – no matter your budget.
One "out-of-the-box" way to give back? Donating appreciated stock, an often overlooked option that Brown says can have big benefits.
"If I had $100 one day and that became $1,000 dollars, and I donate that stock versus cashing it out and giving the cash to the charity or using the cash for something else, I don't have to pay capital gains the increase," Brown explains. "I can donate it to the charity and the entire amount of the stock is a tax write-off for the person."
As she describes, this method helps your gift go further, as the non-profit generally won’t have to pay capital gains tax on the stock either. |
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| The HerMoney Podcast is made possible by Edelman Financial Engines. |
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| Ask Jean |
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| Q: |
What’s the best 529 plan? I know you can open one anywhere. Thanks! |
| A: |
You’re right, 529 plans can be opened in any state, even if it's not the one you reside in. Plans vary though, so you’ll want to pay attention to a few important factors as you help your child save for college including: |
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State tax benefits: Some states (including those listed here) offer state income tax credits or deductions. This is one of the big reasons why many people will stick with a 529 plan in their own state. |
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Fees and other expenses: As you compare plans, keep an eye out for fees and expenses, like program management fees, investment-related expenses and account maintenance fees. |
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Investment options: Different plans will offer varying types of investment options. For example, target-date funds, which automatically become more conservative as your child approaches college age, are popular. |
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| There are other factors to keep an eye out for, too. For example, is the plan’s website easy to use? Does the plan allow for automatic contributions? Do a thorough comparison, and you’ll be sure to find a plan that works for you and your family. |
| Submit your questions to Jean here. |
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| And Away We Grow |
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Do you see that? The S&P 500 is up nearly 30% for the year. Growing right alongside it? That’s our InvestingFixx portfolio.
InvestingFixx, HerMoney’s investing club for women, meets 2x per-month to talk stock picks and answer all your investing questions with Jean Chatzky and CNBC’s Karen Finerman. If you’re ready to invest, but aren’t sure where to start, this group is for you. Join us here and—for a limited time (!)—use code LEVELUP to get 20% off your annual subscription and your first month free. |
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| This Week In Your Wallet |
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It’s a theater kid takeover…and we’re SO here for it. Case in point? Wicked, which just became the highest grossing adaptation of a Broadway musical ever. Unless you’ve been living under a rock, you know one of its stars is Ariana Grande (who got her start in the musical 13). She’s just one of many theater kids who have gone on to do big things (and make big money – see also Olivia Rodrigo, Sabrina Carpenter and Reneé Rapp). "In middle and high school, theater kids were easy to pick out of the crowd—and just as easy to pick on…The cool kids were all irony, distance, apathy, and tousled hair," writes Evan Gardner for The Free Press. "No more. The theater-kid ethos—try hard, be professional and polished, go big and loud, embrace earnestness—is in vogue." PS, are you a former theater kid? Here’s one way to get your fix today.
Is your employer trying to tell you something? It’s not uncommon for employers to create a less than stellar work environment in an attempt to get employees to quit, reports CNN. "Employees who voluntarily quit can save the company time and money not having to fire them or lay them off and pay for severance, continued benefits and outplacement assistance — which, while usually not legally required, is standard practice at many organizations," writes Jeanne Sahadi. If you think you’re being pushed out, but want to keep your job, there are things you can do. "The only leverage you have in this kind of situation is not to quit, since quitting is what your employer wants," says Brian Heller, an employee-side attorney. "The best thing you can do is to work even harder and make your efforts visible. Prove why you’re good and why it’s hard to justify letting you go."
It’s not too late to set a holiday budget. But do you know how much you should be spending? Once you’ve set the ground rules (who to buy for, how much to spend), try to stay on track – and don’t let bigger-ticket items, like holiday decor, knock you off course. "I always recommend that people buy things that they can re-use year after year," smart shopping expert Trae Bodge tells HerMoney. As you work to check items off your holiday shopping list, watch out for signs you’re overdoing it. "If your holiday spending impacts your ability to pay for other priorities, like your debt, or your regular bills—and yes, your savings and investments—then you’re spending too much," Financial Planner Bobbi Rebell says. |
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| Things That Save You Money |
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| More For You To ♥ |
💙 This open enrollment season, treat health insurance as part of your financial planning. Are you overpaying for the care you need? If you’re paying for copays or have a deductible for in-network care, then the answer to that question is likely yes. Curative can help. Ask your employer to look into Curative today.**
👑 What’s the key to a fulfilling life as you age? Friendships. That’s according to Susan Noles and Kathy Swarts, fan favorites from the "Golden Bachelor" who met as contestants and went on to form a bond like no other. Check out the latest "Your Money Map," sponsored by the Alliance for Lifetime Income where host Jean Chatzky sits down with Susan and Kathy to talk about how to make life’s later years truly golden.
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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. AM4002839.
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 |
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