🖐🎤 One in four women quit their jobs for this reason

Stat Of The Day

45%

That’s the percentage of people who say they don’t tip at fast food restaurants and similar places where there aren’t any servers. How do your tipping tactics stack up to those of other Americans? Find out by visiting Tipping Point, an interactive quiz created by the Pew Research Center. Be prepared to be surprised.

The Best Educational Gifts? Financial Literacy

There’s a price to pay for lacking what’s known as "financial literacy" — in other words, knowing how money works in a practical way — and it’s almost $2,000 a year. Each year since 2017, the National Financial Educators Council has asked a representative sample of US adults how much they think they’ve lost financially during the prior 12 months because they just didn’t know enough about their money. The average answer: $1,800 — the highest in the six years this survey has been completed. That’s the cost of not knowing how to negotiate, to manage your credit score or even to shop around. Ouch.

What that means is as you work your way through your holiday shopping list, you might want to consider a gift that will never go out of style: a gift that teaches someone you love about money. While it might not be as exciting as flashy as a new gaming console or a spa trip, you’ve got to consider the future payoff.

This week, HerMoney rounded up the best educational gifts, broken down by age and financial goals. Here are a few of our faves (you can find the full list, here):

For kids, finance-focused games: For young children, there’s the Money Bunch board game, the Financial Literacy Matching Game, and Financial Literacy Flash Cards.

For teens, a prepaid credit card: For older kids with a steady income, help them get their first credit card (keep the limit low, particularly if it’s a card linked to yours) and teach them how to pay it off every month.

For adults, books: Whether they are avid readers or are pursuing a specific financial goal (think, buying their first house, planning for retirement, etc.), give them a book geared toward a topic they’re already interested in learning about. (Check out some of our favorite titles here!)

This Week In Your Wallet

According to a new study, one in four women leave the workforce due to menopause symptoms. For many, menopause in the office is more than hot flashes–it can show up as tiredness, an inability to focus, forgetfulness or missing work altogether. "That puts women at an economic disadvantage — but also affects the bottom line for businesses," writes Roxanne Patel Shepelavy for The Philadelphia Citizen. "The Mayo Clinic study found lost time due to menopause costs $1.8 billion a year and $26.6 billion in medical expenses." Menopause–in the workplace or otherwise–was once taboo…but not anymore. Thankfully–scratch that, finally–the government and many employers are recognizing that more support is needed for women working during menopause. "What has helped is the weird cultural moment that menopause is experiencing — and the leadership of women (and men) who are finally recognizing that it is worthwhile doing something to help the half of our population who experiences it," she writes.

Looking for a job? Think small. As The Wall Street Journal reports, open positions at businesses with less than 10 workers increased by almost 20% in recent months. "Solid demand for workers from small establishments, such as mom-and-pop businesses and many franchise locations, stands in contrast to a cooling labor market more broadly," writes Amara Omeokwe. "It could give smaller businesses a chance to catch up on hiring with less competition from larger companies on pay and benefits, and offer refuge for job seekers as the unemployment rate creeps higher." According to The Journal, applications for employer identification numbers (one of the first things you need to obtain when starting a business) from entrepreneurs who would need to hire reached nearly 1.5 million by October of this year. That’s a 7.5% increase from 2022.

The economy: It’s giving…dadcore. Want to know how people feel about the economy? Look no further than what they’re wearing, says Business Insider. And these days, they’re wearing dadcore…think bright white New Balance sneakers, oversized flannels, cargo pants and pretty much anything you see Adam Sandler in. "Dad fashion seems to show up when consumers are feeling wary — not the worst they've felt, but certainly not the best," writes Juliana Kaplan. "That might make sense: If anything, dads are known for being pragmatic, and maybe just a tad jaded — they've been here before. That sense of economic grumpiness might be inadvertently showing up in that dad fashion."

Happy 400th, HerMoney Podcast! 🎉

Cue the confetti…the HerMoney Podcast* is turning 400! 400 episodes…that is. We’ve been airing weekly for SEVEN years and never missed an episode…how crazy is that? Back then, it was just HerMoney’s Jean Chatzky and Kelly Hultgren (with the awesome help of launch producer Beth O’Connell) with a dream of making a show — by women, for women— about their money, goals, careers, retirement, and so much more.

Since then, the HerMoney team has grown (a lot!) We’ve published multiple books — most recently How To Money with our Chief Content Officer Kathryn Tuggle and Women With Money, based on Jean’s conversations with this incredible community. We’ve also started a second podcast How She Does It with our friend CNBC’s Karen Finerman where we’ve already chatted with so many amazing women. And we’ve worked with thousands of you to help you budget better and learn to invest in our FinanceFixx and InvestingFixx courses. Not to mention, our HerMoney Facebook group now has almost 20,000 members! We’ve loved watching you all jump in, rally around each other and respond to questions posted in the group with so much thought and care.

On this special mailbag edition of the podcast, Jean Chatzky asked all of you to send in the most pressing questions that you wanted to chat about in real-time — and then she spoke with four amazing women, each of them looking for help with their own unique financial challenges…everything from Social Security to mortgages. Join the party, here.

PS, You can now watch all your favorite HerMoney and How She Does It podcast episodes on our *new* YouTube channel! Check it out, here and don’t forget to subscribe.

The HerMoney Podcast is made possible by Edelman Financial Engines

Ask Jean

This week’s question is from Sarah. She writes: My husband and I got married last January and will be filing our taxes as a married couple for the first time in the next few months. Filing taxes as a married couple is not something I am familiar with. What are the pros and cons of filing together and separate?

First of all, congrats on your marriage! Many couples look forward to the time that they’ll be able to file married, filing jointly. For most, it’s a smart financial move – which is likely the reason about 95% of married couples do it this way. The downside of filing separately is that you lose eligibility to claim some tax breaks – credits and deductions – that are only up for grabs to joint filers. These include the American Opportunity Credit and Lifetime Learning Credit (both for educational expenses), the ability to deduct student loan interest, and, in many cases, the dependent care credit. (If you’re legally separated and living separately, you can often still take it.) Married couples filing jointly also have a significantly higher income cut-off when it comes to making Roth IRA contributions.

That said, there are a few scenarios where filing separately may pay off. If you and your spouse are both high earners, filing separately may mean lower tax rates for both. Similarly, if one of you has a year with high medical expenses (above 7.5% of that person’s adjusted gross income), the deductibility of those medical expenses may make single filing worthwhile. If one (or both) of you are on an income-based repayment student loan repayment plan, filing jointly (and adding up your incomes) can increase your payments.

The bottom line is some of the pros and cons may bump into each other. For that reason, the best thing to do is to compute your taxes both ways to see which works out best. TurboTax’s TaxCaster can help with this if you don’t have a program you’re already using. If you’ve got a tax professional, you can ask that person for help, too.

Submit your questions to Jean here.

Things That Save You Time

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There are over two weeks until Christmas Eve…and for parents of little ones, that probably means you need more ideas for your Elf on the Shelf. Save time and check out this list from Country Living, which has 90 of them.

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HerMoney reader Sandra shares this tip for saving time (and money): "Ordering household items on a subscription so they arrive right before I run out. Saves me from last minute runs to Target or the grocery store and saves money due to the discounts I get." Thanks Sandra!

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Wondering what kind of wine to bring to a holiday party? No need to spend time searching…we’ve got you! From a girls’ gathering to something for the budding sommelier in your life, check out HerMoney’s list of the best wines for any occasion.

Pursuing New Passions…No Matter Your Age

Our passions…they give our lives fulfillment, make us happy and often, help us make lasting connections with others. But how can we find new passions later in life? This week on the How She Does It Podcast, proudly supported by iShares, host Karen Finerman talked with someone who did just that.

You might know Lisa Edelstein from the television shows "House" or "Girlfriends Guide to Divorce." While she still acts today (check out her latest appearance on the PBS miniseries, "Little Bird"), Edelstein’s creative pursuits also now include painting, a talent she discovered during the pandemic. Her work features stunning photorealistic scenes from her family’s past that transport us back to a simpler time. Today, her artistry is being displayed at galleries across the country. "I’m always looking for images that are caught moments because they’re the in-between moments, they’re universal and they can feel like anybody’s family," Edelstein says. "You just relate to it on a human level. And because I’ve been an actress for so long and a writer, it’s all very narrative to me."

How She Does It is proudly supported by iShares

More For You To ♥

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🥰 It’s the holiday season…time for gifts, gatherings and giving back. This year, with inflation still squeezing many budgets, it might be more difficult to do so. But, if you do have some wiggle room, there are plenty of opportunities to show up for causes important to you. Here’s how to make it count.

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👛 Yes, we know…it’s the season of giving. BUT, if you’re planning on treating yourself, you might be thinking about a new handbag. Check out HerMoney’s guide to the only types of handbags you’ll ever need (from the clutch to the diaper bag), with high and low priced options for each, here.

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📣 Calling all entrepreneurs! If you own your own business, you know one of the biggest challenges is building a trusted team that supports your goals and vision. Here are three ways to find employees that help take your business to the next level.

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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. T2823971.

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