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| Our Greatest Asset? You. Happy Thanksgiving! |
| This Thanksgiving, we’re thankful for you – the awesome members of our HerMoney community. Whether you’re a newsletter subscriber, a podcast listener, a FinanceFixxer, or a member of HerMoney’s investing club for women, we’re SO humbled that you’ve decided to build a future with smart money decisions and meaningful goals. From our table to yours, happy Thanksgiving! |
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| Stat Of The Day |
| $7,500 |
That’s how much Amy is on track to save thanks to FinanceFixx, HerMoney’s no-nonsense, four-week financial coaching program. "This was most definitely the kick in the pants I needed," says Amy, who worked one-on-one with a coach to change things up and make her money work harder for her. Use code NEWBUDGET for 20% off here. |
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| Things That Save You Money |
| Ready, set, Black Friday! Here’s a look at a few of the best ways the HerMoney fam is saving this season. |
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Experiences over things. "Last year, instead of a lot of clutter my teenage sons wouldn’t even remember within six months, we went with my brother and his family to Cedar Point for two days," says Susan. "Both families had a lot of fun, and the cousins still talk about their time together. We’re planning to make another trip this year." |
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Treat yo-self. "I budget for Black Friday sales all year and then buy things for myself that I need and want," says Rachael. "My family doesn’t do gifts. It’s just me, my mom and dad. We are all adults so we don’t need more stuff." |
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The birthday blowout. "My birthday is in November, so I save up all the birthday promotions hitting my inbox for Black Friday since that’s typically when the best sales are," says HerMoney team member Sarah. "I have $25 off at J.Crew and $15 off at Boden that I’m waiting to use." Pro tip – next time you sign up for a retailer’s loyalty program, input your birthday as a date in November. We’ll never tell. |
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Math it out before you buy. "Take the thing you want to buy, and translate it into actual hours of your time," HerMoney CEO Chatzky suggests. "The easiest way to do this is to lop off the last three zeros and divide by two. So, if you're making $80,000 a year, you lop off those zeros, you divide by two, you're at $40 an hour. So, at $40 an hour, you can decide, do you want that thing or do you not want that thing?" |
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| A Minimalist’s Guide To Holiday Shopping |
America has a holiday shopping problem, which has snowballed into a debt problem: A recent report from NerdWallet shows that roughly 28% of shoppers who used credit cards to buy gifts last year still haven’t paid them off.
Shira Gill, an expert on minimalism, intentional shopping, and living your values recently joined the HerMoney Podcast* to share her tips for giving gifts that bring joy, save money, and won’t end up collecting dust in the back of a closet.
Gill says the first step is going beyond the typical gift-giving list. Ask yourself not only who you want to give to but also why. By tackling the second question, you’ll think through the purpose of the gift and not stretch your budget by having a far-too-long list.
"After I have that list, I look at how much money I have to spend this season without getting into debt, without pinching myself or my family," Gill says "And based on that amount, I then get scrappy. I love a homemade gift, an experiential gift, or a food gift."
Gill recommends Goldbelly for sending thoughtful food gifts, such as deep-dish pizza from Chicago, bagels and cream cheese from New York, or whatever their favorite comfort food is. |
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| The HerMoney Podcast is made possible by Edelman Financial Engines. |
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| This Week In Your Wallet |
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Tis the season of giving. And it can make you happier and healthier, if you do it right, according to science. One of the keys is being "genuinely excited" about the gift you want to give, or the donation you want to make. A University of Chicago study found the good vibes from gifting a $5 item lasted five days, while treating yourself to a little retail therapy didn’t last quite as long. "People experience a kind of ‘giver’s high’ that lasts longer than the fleeting pleasure of personal spending," Lara Aknin, a psychologist studying well-being and social relationships tells The Wall Street Journal.
Shhh. From silent hair appointments to silent Uber or Lyft rides, an increasing number of people are opting for "silent services," as Time reports. But are we taking things too far? "Small talk, which makes up about one-third of our conversations, is the social glue of our lives and our workplaces," Jessica Methot, a professor of human resource management at Rutgers University, tells Time. She worries that "in an age of remote work, Zoom calls, and silent services, people may be getting lonelier because they don’t have these short, in-person interactions." Sidenote, seeing Wicked is also a silent activity. So, zip it, moviegoers.
Black Friday usually offers sales that appear too good to resist. If you don’t want to overspend, you need to know what tricks retailers use to get us to open our wallets. One of them? The "doorbuster deal." Whether it’s a TV or bath towels, they’re typically sold by retailers at little or no profit with the goal of luring in customers. Stores are making a bet that if you miss out on a doorbuster, you’ll still stick around and spend money on other, full-price items. "These "loss leader" products are meant to draw in lots of people, and, once they’re in the store, tempt them to also buy products that produce much more profit for the retailer," says Scott Rick, a Behavioral Economist and Associate Professor of Marketing at the University of Michigan’s Ross School of Business. "And certainly, people who aren’t fast enough to secure one of the limited doorbuster items will want to buy some higher-priced consolation prizes." |
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| Should You Buy Bitcoin? |
You’ve likely seen it in the headlines recently – Bitcoin, a digital currency (AKA, a cryptocurrency) that operates without any oversight by banks or the government. In the wake of the election, there’s been a bit of a Bitcoin rally, followed by (at the time of writing), a setback. With a crypto-positive President-elect about to take the White House, you might be wondering if you should invest in Bitcoin.
That was just one of the questions we dove into during this week’s InvestingFixx session. "It should be a small part of your portfolio if you're playing around with it," explains HerMoney CEO and InvestingFixx cofounder Jean Chatzky. "But, there's a lot of people for whom it now represents a lot of their wealth."
PS, want to join the InvestingFixx party? Our next session is December 9th. We’ll have Stephanie Link, chief investment strategist and portfolio manager at Hightower and CNBC contributor, as our special guest to talk through everything that’s happening in the markets. Grab your seat, here. Your first month is free! |
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| Ask Jean |
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Today’s question comes from Sandra. She writes: My homeowners insurance is going up $200 for the year. My agent tells me she shopped multiple brands and there’s nothing lower. My average-sized home has had no claims and I’m not in an area that’s not super prone to natural disasters. Does this sound right to you? |
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Unfortunately, Sandra, it does. "Between 2020 and 2023, average home insurance costs rose from $1,902 to $2,530 — a 13 percent rise once adjusted for inflation," according to The National Bureau of Economic Research.
And, just because you’re not in an area that’s prone to natural disasters (like Florida, Nebraska, or Oklahoma, which have the highest premiums on average), it doesn’t mean you’re immune to increases. Ben Keys, the Rowan Family Foundation Professor of Real Estate and Finance at the University of Pennsylvania’s Wharton School found that climate change is driving homeowner’s insurance rates higher — but not always in the parts of the country that are at the greatest risk.
In addition to shopping around, which it sounds like you’ve done, there are other ways you can potentially cut costs. For example, a good credit score is one of the best ways to lower the cost of homeowners insurance.
"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 is on the rise, give yourself a pat on the back, and call up a few insurance providers for quotes. Then, head here for more on how you can (hopefully) lower that premium. |
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| Submit your questions to Jean here. |
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| More For You To ♥ |
💪 Are you an unpaid caregiver for a child, parent, or another loved one? If so, you know it can be rewarding…but also incredibly challenging – especially when it comes to saving for the future. Here’s how experts say we can better support caregivers and the important work they do.
😌 Imagine entering retirement not only debt-free, but also with the financial confidence to enjoy every moment of it. That’s where HerMoney’s eight-week pre-retirement checkup—with 1:1 financial coaching (!)—comes in. You’ll create a spending plan for retirement that factors in all of your goals. For a limited time, you can save $100 off January’s sessions with the code HOLIDAY here.
🛍 Look like a thousand bucks for only $79 a month, literally. Armoire clothing rentals is offering new members one of their best deals yet. Access thousands of designer brands with free shipping, dry cleaning and styling all for $79 a month. To put it in perspective, you could buy the $375 GUESS wool coat for your upcoming holiday travel, or you could rent it—along with all of your other outfits this season—for $79. Try it out 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. |
*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. AM3328131.
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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