🎂 Money goals, for every decade

Stat Of The Day

31%

That’s the percentage of voters who said the economy was their top concern in the race for the White House, according to an exit poll from Edison Research. "And the voters who identified the economy as their primary concern voted overwhelmingly for Trump over Harris - 79% to 20%," as Reuters reports. What will a second Donald Trump presidency mean for your wallet? Stay tuned.

Money Goals, For Every Decade

Every decade of your life is a chance to level up when it comes to your money goals. From building your first savings stash in your 20s to putting your retirement plan into action in your 60s, as The Washington Post’s personal finance columnist Michelle Singletary explains on the HerMoney Podcast*, there are goals you should be working toward every decade to keep your money on point.

In your 40s, for example, it’s all about continuing to save and at the same time, avoiding lifestyle creep, AKA that subtle shift when earning more leads to spending more. If you’re concerned it might be happening to you, aim to save 15% of your paycheck for retirement right off the bat. This will help keep the rest of your finances in line.

"You should be living on 70 or 80 percent of your income if you can," Singletary says."Now, a lot of Americans can’t, but there are a lot who can, and if you hit that 15% benchmark first before you add in all the other expenses, it’s just smooth sailing from there."

Your other decades will require different game plans. Click here for more on the most important money goals as you age.

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The HerMoney Podcast is made possible by Edelman Financial Engines.

This Week In Your Wallet

Americans are getting ready to deck the halls…with debt. One in five Americans say they’ll go into debt celebrating the holidays this year. That’s according to a new survey from Morning Consult. "Shoppers who plan to take on debt this holiday season need to keep in mind that credit card balances can be very sticky," writes Ana Teresa Solá for CNBC. The not-so-jolly part? Roughly 28% of holiday shoppers who used credit cards to buy gifts last year still haven’t paid them off, a recent report from NerdWallet shows.

The rate of return on I bonds has dropped from a peak of 9.6% in 2022 to just over 3%. If you invested in I bonds, you might be wondering if you should hold onto them, or redeem them. As you weigh your options, experts say there’s one important point to consider – and that’s the difference between the current fixed rate and the fixed rate when you bought them. "Today, the fixed rate is more than a percentage point higher than two years ago," reports The Wall Street Journal. "Financial advisers say this gap means investors who bought and held during the heyday would be wise to trade now, even though there is a penalty for redeeming I bonds within five years of buying."

Happy Birthday To HerMoney Boss Lady, Jean Chatzky!

Light the candles and pop the champagne. It’s HerMoney CEO Jean Chatzky’s 60th birthday! As if that wasn’t reason enough to celebrate, she also just crushed the New York City Marathon on Sunday as part of Team Citizens.

She’s not one to #humblebrag, so we’ll do it for her. Jean trained for months and kept her eye on the prize, challenging herself to complete the New York City Marathon days before her 60th birthday.

Part of Jean’s marathon prep included sharing her best tips for success with Team Citizens and telling the stories of fellow runners. Whether you’re training for a physical challenge or staring down a major money goal, check out the following to make your big dreams happen:

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Getting to the finish line is a marathon, not a sprint – in running and money alike. Here’s how to use the S.M.A.R.T. strategy to build habits that stick.

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Shaun Rose ran his first marathon in 2019 to honor a late friend. This year, he ran his eighth (!!) marathon as part of Team Citizens. Read about how what started as a tribute to his friend transformed into a life-changing pursuit.

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Studies show that it can take from 18 to 254 days to make a habit stick. Here’s how "habit loops" can help.

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A divorce, job loss and global pandemic would be enough to make anyone want to hide away for a while. But not Caroline Canning, a Team Citizens runner. She used life’s setbacks as a springboard to pursue a big goal: running the World Marathon Majors.

Things That Save You Money

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Join a "Buy Nothing" Facebook group, suggests HerMoney reader Yola. "I received a Nespresso machine for free!" That’s at least $99 saved – and not to mention, a helluva cup of Joe, made in the comfort of your own home.

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Last year, airlines lost or damaged one out of every 200 pieces of baggage. If you’re one of the not-so-lucky ones next time you travel, here’s how to get your bag back, or get reimbursed if it’s gone for good. Or, avoid the hassle altogether and check out our favorite carry-on bags.

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Buying discounted restaurant gift cards at Costco helps HerMoney reader Valerie stay on track with spending. "When our gift cards are used up for the month, we’re done dining out until the next month." Now that’s discipline.

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To save more on health insurance, ask your employer to look into Curative today.**

Ask Jean

Today’s question comes from Gretchen. She writes: We have a car loan on which we owe about $13,500. The interest rate is less than 2%. We could pay this off, but my husband says because the rate is so low, we should just keep making payments instead, since we can earn more by putting our money in the market. What’s your opinion?

I think I’m going to have to side with your husband on this one, Gretchen. Here’s why. With an interest rate of 2%, your car loan is very low-cost debt. To put things in perspective, if you were to go shopping for a loan for a new vehicle, the interest rate could run anywhere from 5.25% to 15.77%, depending on your credit score.

As your husband noted, the money you would use to pay the loan off could work harder for you in the market, or in a high-yield savings account (HYSA). Today the annual percentage yield for HYSAs hovers around the 4.25% to 5.26% range.

Ultimately though, this is going to boil down to your personal situation. Would paying the loan off give you more peace of mind? Would it simplify your financial life in some way? There are points to consider, as well.

Submit your questions to Jean here.

A Solution For The Rising Cost of Care

We’re witnessing the highest percentage of people postponing medical care due to cost in 22 years—a trend that underscores the urgent need for affordable, preventive health measures. Delaying routine check-ups and screenings can have serious consequences, allowing minor health issues to escalate into more significant problems, including financial ones.

Investing in preventive care not only safeguards your well-being, but also helps you avoid the financial strain of medical emergencies down the line. By engaging in regular screenings and check-ups, you can catch potential health issues early and make informed decisions about your health. With $0 copays, $0 deductibles for in-network care and preferred prescriptions, Curative ensures that your healthcare is accessible and simple—the way it’s supposed to be. This open enrollment season, you can take action by talking to your employer about Curative.

Costs shouldn't keep you from taking care of yourself and your family. Learn more about Curative here.

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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. AM3807168.

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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