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Stat Of The Day
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It’s $0 to try InvestingFixx, HerMoney’s investing club for women from our CEO Jean Chatzky and CNBC’s Karen Finerman. The InvestingFixx portfolio just saw a 240% return on its investment in Nvidia (#justsayin). We’re opening up our July 8 session for you to try, for free. RSVP here.
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This Week In Your Wallet
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If you were looking forward to having your student loan payment lowered next month under the SAVE plan, listen up. On Monday, federal judges in Missouri and Kansas hit the pause button on parts of President Biden’s income-driven repayment plan, also known as SAVE. "The separate preliminary injunctions on Monday are tied to lawsuits filed this year by two groups of Republican-led states seeking to upend the SAVE program, a centerpiece of President Biden’s agenda to provide relief to student borrowers," reports The New York Times. As litigation works its way through the courts, parts of the SAVE plan will be placed on hold, including a change set to take effect July 1 that would cut payments for those with undergraduate loans in half. "These legal headlines can create a lot of borrower confusion about what it means for them, and once we get timely guidance and resources from the [Education]
Department we’ll be working as best we can to be prepared to answer borrower questions," said Scott Buchanan of the Student Loan Servicing Alliance.
This summer’s extreme heat will cost you. "The average cost of keeping the house cool in the U.S. is expected to jump by nearly 8% this summer," reports TIME. "Experts forecast cooling costs to reach an average of $719 from June 2024 through September, compared to $661 during the same period last year." The hike in costs, as expected, will have the biggest impact on seniors, and low-income households. Experts say the long-term solution for beating the heat (and its associated costs) has to do with improving energy efficiency. "We need to think about how we retrofit households or homes so they'd be more energy efficient and need less electricity for cooling," says Mark Wolfe, executive director of the National Energy Assistance Directors Association.
$11 billion. That’s the value of credit card charges disputed by consumers last year. But are they all legit? Hardly, reports Imani Moise for The Wall Street Journal. "We, unfortunately, see a growing number of consumers intentionally reporting a legitimate transaction as fraud or disputing the purchase," said Sarah Grano, a spokeswoman for the American Bankers Association. Known as "friendly fraud," a recent survey said 20% of all disputed charges were made by those misusing the process. "This covers everything from flagging unrecognized transactions and unwanted subscriptions to just trying to get stuff for free," writes Moise. As the WSJ reports, even when a dispute is identified as "friendly fraud," half of the largest credit card issuers say they don’t even try to recoup the funds.
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Things That Save You Money:
The Summer Travel Edition
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Hitting the road (or the friendly skies) this summer? Here are tips for how you can save, straight from our private HerMoney Facebook group:
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A change in location–from the Jersey Shore to the Eastern Virginia shore–and moving her trip earlier in the year saved Karen major $$$. "It saved us $800, which covered more than a couple of fine seafood dinners."
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For Lori, it’s all about playing the points game. "I’m traveling cross country, and have the flight, car and hotel all paid by points," she says. "I paid for a music festival ticket…that and food will be my only expenses."
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"We went camping at a state park in one of the air-conditioned cabins," says Angela. "It was nice to have something quiet, peaceful, and simple." Now that’s the kind of camping we can get behind!
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There’s a way to take a peek behind the curtain when it comes to "secret" hotel deals offered by sites like Hotwire and Priceline. As HerMoney reader Beth says, the "secret" property will include an approximate location, Expedia rating and the number of reviews. She then looks on Expedia to match up the secret property–using those pieces of information–to the actual hotel. "Last June when we went to NYC I saved BIG TIME on our hotel using this method," she says.
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Donna Kelce, Mom of Two Super Bowl Stars, On Raising Successful Kids
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We know that moms do it all. They make doctors’ appointments, drive their kids across town multiple times a day, and show up to cheer at every track meet or recital. Donna Kelce, who needs no introduction, supported her sons Travis (yes, that Travis) and Jason as they cycled through soccer, baseball, basketball, hockey, and football — all while building her own 40-year career in finance.
This week, we’re throwing it back to when Donna sat down with Jean Chatzky on the HerMoney Podcast to talk about her best pieces of parenting advice. Her two biggest rules? You can’t quit in the middle of the season, and if you’re getting benched, it’s on you to figure out what the coach needs from you.
Listen in to hear her reflect on her own upbringing, the barriers she faced as a young woman interested in sports and higher education, and how her stepmother’s support of her ambitions shaped her success.
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Ask Jean
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Today's question comes from Alix. She writes: My husband and I have been discussing buying a house for the first time. We feel somewhat intimidated by the process. Where can we start learning about real estate for complete beginners?
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Thank you for the question, Alix. You aren’t alone. According to a recent survey, nearly half of Americans said they were intimidated by the process of buying a home. Doing a little homework though can get you and your husband more comfortable–and confident–as you prepare to take the leap into homeownership. If I was in your shoes, here are the steps I would take:
Educate yourself: There are lots of great books out there that can help you understand the basics. If you do a quick search, you might also find there are programs or seminars in your community geared toward first-time homebuyers. These can be great resources as well.
Get your financial ducks in a row: Sit down and review your budget to see how much house you can afford. There are handy calculators, like this one from Nerdwallet, that can help. Then, check your credit score. If it needs some work, take the steps necessary to improve it. Once it’s in a good place, shop around for a mortgage and get pre-approved.
Understand the market: I’d recommend using apps and websites like Zillow, Redfin or Realtor.com to get an idea of what homes are going for in the area where you’d like to buy. You also may want to meet with a realtor who can give you some "boots on the ground" insights, which brings me to my next and last point…
Enlist a professional: Talk with family or friends to see if they have a realtor they would recommend working with. Your realtor can also help you better understand the steps in the home-buying process–everything from making an offer to closing. ICYMI, it’s a tough market these days. A good realtor can be the difference between getting the home you want at a good price and missing out on a property altogether, so choose wisely!
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Submit your questions to Jean here.
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More For You To ♥
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🎧 Can’t get enough of us? Whether you’re looking for career advice, money management tips, or are simply curious about the intricate world of finance, the HerMoney Podcast* has you covered. New episodes drop every Wednesday, and you can catch up on our past, motivational and glass-ceiling breaking episodes here. The HerMoney Podcast is made possible by Edelman Financial Engines.
💛 Thank you to Gainbridge® for also supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuityÂą, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ 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.
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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. AM3579878.
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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**This is a sponsored post
¹ Withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, there may be a 10% federal tax penalty. Withdrawals may result in a surrender charge or a market value adjustment (MVA) and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. Guaranteed Lifetime Withdrawal Benefit provided so long as your account value hasn’t gone to $0 due to excess withdrawals. Annual Percentage Yield (APY) rates are subject to change at any time, and the rate mentioned may no longer be current. Please visit Gainbridge.io for current rates, full product disclosures and disclaimer. ParityFlexTM, a multi-year guaranteed annuity, is issued by Gainbridge Life Insurance Company in Zionsville, Indiana.
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