💰 Money, Divorce, and Moving On

Divorce. It’s never ever easy, even when it’s something we want. In 2022, 44% of all marriages are expected to end in divorce. But not only is a separation difficult emotionally, statistically, it’s also incredibly hard on women’s finances. A woman’s household income drops, on average, by about 41% following a divorce — a number we don’t like to see. But it doesn’t tell the whole story. There are ways for all women headed into a divorce to be financially strategic, preventative, and knowledgeable. We break them all down with Kimberlee Davis, author of "The Fiscal Feminist: A Financial Wake-up Call For Women." She and Jean get candid about the tactics divorcing women need most to gain the financial freedom they deserve. (And Kimberlee isn’t just a financial expert — she speaks from experience about her own divorce, and shows us how you can get to a more empowered place by asking the right questions.) You got this.

Happy Pride!

Money issues are all too common for everyone, but the LGBTQ+ community face some unique financial struggles. As we head into Pride month, we’re reflecting on some of those areas, and getting tactical with real solutions. We know that 22% of the LGBTQ population earn an average of $12,000 less annually than their heterosexual counterparts, and members of the LGBTQ+ community are 73% more likely to be denied a loan from a financial institution. It’s clear that that bias along with systematic problems within the legal, financial and medical systems (as well as a lack of protection) play a role. So, what can we do? We spoke to experts about what members of the LGBTQ+ community can do to educate and empower themselves as they save for things like surrogacy and hormone replacement therapy, and prepare for successful financial futures.

And we’re not just here with resources during Pride — we’ve got you covered and supported year-round.

Women Are Taking The Lead With Their Finances

According to a recent HerMoney and Alliance for Lifetime Income survey, the vast majority of women — 94% — say they play a role in managing their household finances, investments and retirement strategies. Plus, more than half hold the primary responsibility for their finances and investments. Here at the HerMoney HQ, we were cheering when we saw this news — we were beyond thrilled to see that women are no longer taking a back seat when it comes to their money. But here’s the thing: There’s still more to be done to get to a place where we’re able to fully step into our financial driver’s seats with confidence. We break it all down for you.

And we’re also raising a glass to you… A toast, if you will, with some delicious (and incredibly cheap!) wine. This week, we have a roundup of how to choose the finest wines while still keeping your budget in check. HerMoney’s Aly Walansky breaks down the best tips and strategies for finding good wines at a fraction of the cost of the pricier labels. (Because when you know the factors that go into the price of a wine, you’ll learn how to enjoy the very best ones at the most affordable price points.) “I continued to look for the least expensive wines I could, except now I wanted them to be good wines,” she says of her cheap-but-delicious-wine-finding journey. So cheers to you — and to those vintages that are both pleasing to the palate and the wallet.

Summer Is Hot, But The Housing Market Is Cooling

Have you heard the news? It seems that home prices are finally coming down in some areas of the country as the housing market cools. If you’re planning to revive your search — especially if your hunt for the perfect home was lengthy or challenging (and TBH, whose wasn’t?) then it’s time to take some important steps to set yourself up for success. Yes, we’re talking about your credit score. If yours could use a boost, you may want to get it up as quickly as possible so there’s no danger of missing out on the very best mortgage rates when you’re ready to sign on the dotted line. This week, we checked in with experts in the financial services industry to get their best advice for getting your credit score back on track. Soon, all you’ll need to worry about is packing boxes and finding the right movers.

P.S. Time To Get Your Father’s Day Gifts In The Mail!

Father’s Day is June 19, and trust us, we understand just how hard dads can be to buy for. (How is it that men always seem to have everything and don't want anything?) Saying that dads are “hard to shop for” is putting it mildly, and we’re all sick of things like a “World’s Best Dad” coffee mug, ties or a new wallet… It’s time to break out of the boring and get them something they’ll really enjoy. And thankfully, it can be done while not spending a fortune. (The secret here is to tap into their interests, talents, and passions.) With the best dads we know in mind, we curated a rundown of affordable options with our 2022 gift guide.

Women In: Sustainable Finance - June 8 12:00pm–2:00pm ET

Socially responsible investing is no longer a PR play. Investors are making ethical concerns like climate change and diversity a must, and it’s paying off–global sustainable fund assets doubled last year. Join us to hear from ESG’s decision makers about what this means for the markets, where to invest and how to ensure there’s transparency along the way. Secure your complimentary ticket today. Use code: HM

You found out a colleague with the same job and responsibilities is making more than you are. You’ve been told that your company has limited raises to 4% this year, but you deserve a 20% increase. Your manager has told you that you will not be getting a pay increase because you live and work remotely in a location with a lower cost of labor. You’re catching up on career (and salary growth) after parental leave.

Let’s talk.

We’re teaming up with a fellow equal-pay enthusiast, Payscale, to equip you with the information, tools and words to use for navigating these types of fair-pay conversations. The Let’s Talk Fair Pay Workshop will be a one-time, virtual event on Tuesday, June 21st, from 1:00-2:00PM EST. Reserve your spot to this free workshop today. You’ll have the opportunity to ask your questions and even role play with Jean and a Payscale negotiation expert. RSVP here.

Have a great week!

The HerMoney Team