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| Stat Of The Day |
| $1,181 |
January = a holiday (debt) hangover. 36% of Americans went into debt to pay for holiday essentials, with the average overspender ending up $1,181 in the hole, according to a new report from LendingTree. |
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| Is Therapy Key To Improving Your Finances? |
There are SO many things we do that leave us stressed about our finances. In many cases, when we understand the psychology behind them, we can change our behaviors. But, how do we get there? Therapy, for many, can be key.
Matt Lundquist is a Columbia University-trained psychotherapist and founder of Tribeca Therapy. He sat down with Jean Chatzky on the HerMoney Podcast to talk about the link between therapy and an improved money mindset.
Lundquist says before you take the step of enlisting a therapist, there are things you can do to reduce money stress – especially if you’re coupled up. For example, tackling small financial disagreements early on in your relationship can help you better handle larger challenges later. "It can feel unromantic, but early on before there are too many of those difficult money conversations when perhaps things [are] a little bit simpler financially and otherwise, those are the best of times to move towards the problem," suggests Lundquist.
How do you know if you need therapy to get to the root of your financial issues? "You need it when you've done the work to seek out good advice and good counsel from money experts, and you've found yourself not able to consistently follow through with what it is they're recommending or when you recognize that there's a lot bound up in [money] emotionally that is interfering with your ability to make good decisions," says Lundquist.
Sound like you? Lundquist has a list of qualities you should look for in a therapist who can help you work through money issues. |
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| This Week In Your Wallet |
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Divorce season, commence. According to research, January kicks off a three-month span when we see a spike in the number of couples filing for divorce. If a split is in your future (or even if you suspect that one is) you may want to enlist the help of a Certified Divorce Financial Analyst (CDFA) who can show you how the split might look financially, as well as partner with your divorce attorney to advocate on your behalf. The key is having someone you feel comfortable talking to – especially if you haven’t been heavily involved in household finances. "Unfortunately, sometimes, there’s a lot of shame about not understanding the finances," Sylvia Guinan, a CDFA with Wells Fargo Advisors tells HerMoney. "There are experts who will speak at you, and there are speakers who are going to educate you. You ideally want somebody who is going to be mindful about educating you about what’s going on."
It’s almost tax season. Get excited! Seriously though, the IRS has made a slew of improvements to make the process (which officially kicks off January 27th), dare we say, easier. "This tax season, taxpayers will see more access to tax account information from text and voice virtual assistants, expanded features on the IRS Individual Online Account, more access to dozens of tax forms through cell phones and tablets and expanded alerts for scams and schemes that threaten taxpayers," reports the Detroit Free Press.
The Golden Globes were *extra* golden this year…and we liked what we saw. From Demi Moore (age 62) to Jean Smart (age 73), the night featured over a dozen actresses over the age of 50 who were nominated for their acting prowess – and, at the same time, showed women that you don’t need to put life’s passions on pause once you hit retirement age. These women are ushering in what Valerie Monroe calls "old lady energy" – a term she got some flack for, but for the record, we support. "Maybe the impact of a more widely held recognition—that middle-aged and older women are not completely robbed of their lifeforce, their generativity, their creative juices at menopause—has at last begun to infiltrate Hollywood," Monroe writes for Allure. Amen to that. |
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| Ask Jean |
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| Q: |
Today’s question comes from Brooke. She writes: What is a sinking fund – and who are they good for? |
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A sinking fund is essentially a savings account where you’re incrementally saving for a goal by putting aside a set amount of money each month. Whether you’re saving $10 a month to end up with $120 at the end of the year, or $200 a month to end up with $2,400, the goal is that you’re sinking (as the name suggests) the same amount into your fund, with consistency, in order to reach a goal.
Who are sinking funds good for? Anyone with a savings goal, basically. We recently asked the ladies of the HerMoney Facebook group about where they sock away extra money. Sinking funds was a popular answer. "My credit union offers ‘sub-accounts’ within my savings, so I have sinking funds for vacation, property taxes, insurance, house maintenance, etc.," said HerMoney reader Sonja. "The interest isn’t great at the credit union, but the goal of that money is safety, not risk and growth."
On the other hand, if your goal is growth, HerMoney can help with that. InvestingFixx is our investing club just for women. I co-host sessions with CNBC’s Karen Finerman, and we meet twice a month to talk about the markets, answer your questions in real time and build our group portfolio. Sign up here to get your first month free. |
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Submit your questions to Jean here.
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| Things That Save You Money |
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Streaming services add up, real quick. If you opt to pay for subscriptions annually, rather than monthly, the typical streamer could save over $100 per year, as CNBC reports. |
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Next time you hit up the thrift store, keep this list handy. It includes 20 finds that are worth a lot of money. For example, vintage Fiestaware. "Fiestaware can sell for $15 to $100 and up for baking and serveware, but if you snag a coveted piece in a retired color, it can resell for thousands," one expert tells House Beautiful. |
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Planning a pantry cleanout? You probably don’t need to toss expired canned goods. According to The Takeout, if stored properly, most can last years (yes, we said years) beyond their sell-by date.
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