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Stat Of The Day
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$2 Billion
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Who’s got your back? The Consumer Finance Protection Bureau is definitely trying. ICYMI, the agency is suing Capital One for allegedly cheating customers out of more than $2 billion in interest. According to the CFPB, Capital One "unlawfully misled consumers about its 360 Savings accounts and obscured its higher-interest savings product from them." What’s the endgame for the CFPB? For starters, it’s hoping to impose civil penalties, which would be paid into a relief fund for victims.
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How To Find Balance As A Working Mom
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Are you a working mom struggling to find balance? If so, you’re far from alone. According to the most recent stats from the Bureau of Labor Statistics, in 2023, 74% of mothers with children under 18 participated in the labor force. (What percentage of them struggle with the juggle? The non-scientific but absolutely correct guess from our staff of moms: 100%!)
That’s because, once you become a parent, your whole world changes. If you’ve been a go-getter with a thriving career, becoming a working mom can be hard to navigate, but it’s far from impossible. Our CEO Jean Chatzky found that becoming a mom helped her become more efficient at work. Why? Because she was more eager to get home.
While over on HerMoney.com, one mom is sharing what helped her hit her stride, including not being afraid to set boundaries. "I don’t check email from 4 until 9 p.m. each afternoon," writes Lindsay Tigar. "That’s my time to pick up my daughter from her nanny, spend time with her and then enjoy dinner with my husband. Weekends are a no-go, too."
As Tigar admits, finding a "new normal" can be challenging, but what helps is remembering you’re not alone. "Many women have come before me and will follow after me. And together, there’s strength in saying: ‘Hey, this isn’t working anymore. My priorities are different. But I can still be successful and fulfilled by my career — and my kids,’" she writes.
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This Week In Your Wallet
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Two-thirds of boomer women didn’t start investing until they were in their 50s or later, new research from Fidelity shows. "These late starts, combined with the persistent gender wage gap over the course of a career, result in women having roughly 30 percent less income in retirement than men," Michelle Singletary reports for The Washington Post. So, how can a later-in-life investor catch up? For Lisa Croke, 50, two things were key: Letting go of shame over her lack of financial know-how and enlisting the right experts. "The team included an accountant as well as a financial coach to help navigate questions in Croke’s first corporate job, such as explaining what "employer matching" means and discussing options for high-yield savings accounts — both terms she had been unfamiliar with," writes Singletary.
PS, it’s NEVER too late to start investing. Kickstart your journey with InvestingFixx, HerMoney’s investing club for women. We’re a judgement-free zone, and no question is off limits as you get up to speed on understanding how the markets can help grow your money. Join us here – your first 30 days are on us.
Even if you live across the country from LA’s devastating wildfires, you could still feel their effects. A recent Harvard Business School study shows while insurance rates typically go up in areas impacted by natural disasters, homeowners in faraway locales could see hikes too as insurers look to cover costs. "It’s spread all over the country, and it spreads in a disproportionate way, where some people are bearing an overwhelmingly higher cost," Ishita Sen, a co-author of the study and a Harvard finance professor tells The Wall Street Journal. Homeowners in states with loose insurance regulations – like Vermont or Virginia – could see bigger increases.
The 5-1 rule could be key to strengthening your relationship. Research shows that most rock-solid couples use the methodology, where for every negative interaction, you have five positive interactions. For example, if you have an argument about money with your spouse, turn things around with five "positive affirmations." "This can be pointing out a kind thing your partner has done, like taking on a chore for you - or letting them know you love the sound of their laugh or how great they smelled that day," Mariam Hager, clinical director and founder of Heart Mind Soul Practice, tells The Girlfriend.
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Things That Save You Money
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Ask Jean
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Today’s question comes from Lauren. She writes: If I receive a check for a job performed in 2024 but the date of the check is 2025, what year do I claim it for?
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Thanks for your question, Lauren. Yes, tax season is right around the corner (next week, to be exact) – and I’m betting you’re not the only one in this situation.
To get you an answer, I checked in with Lisa Greene-Lewis, a CPA and expert with TurboTax. Here’s what she had to say:
"I am assuming this question is for someone who is a freelancer, contractor or self-employed. If so, they would claim the income in 2025 since most individuals [do business on what’s called ] a cash basis [i.e. when they receive the money] and not accrual like a corporation. If the self-employed is paid on the accrual basis then they would recognize the income when it is earned and not received, however most individuals and self-employed are on cash basis. The same could hold true for someone getting paid by an employer since they are an individual on cash basis. This is why self-employed or people with an employer can request to defer income into the next year if they expect their income for the current tax year will bump them up into the next tax bracket."
I hope this helps! And, PS, if you’re reading this and have a tax-related question of your own, be sure to send it our way.
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Submit your questions to Jean here.
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More For You To ♥
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🔨 Tighten up your spending and hammer down on savings with FinanceFixx, HerMoney’s coaching program that can help you build a stronger financial future! We’ll put the right tools in your hand to ensure your money is working as hard as you do. Our next class kicks off on February 5. Sign up here.
🧠 What are the psychological factors behind our financial habits…and how can we change them for the better? Jean Chatzky breaks it all down on the latest HerMoney Podcast with Matt Lundquist, a Columbia University-trained psychotherapist and founder of Tribeca Therapy.
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