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| Stat Of The Day |
| 50% |
Fewer hours, but still chasing the dollars. Research shows 50% of women are retired-ish, taking a phased-in approach by working part-time, taking on less responsibility, or transitioning to more flexible work. That’s up from 19% of women just 20 years ago.
One of the big reasons women are cutting back, but not cashing out? We need to keep working to make ends meet in retirement. Let’s face it, retirement doesn’t fund itself – and if you’re 10 years out without a solid plan, now is the time to get serious about how you’ll pay for it.
HerMoney’s FinanceFixx program, specifically for pre-retirees, can help. Our next 6-week session starts April 29 and will help you take control of your spending, squash your debt, and build a budget that stretches your savings through retirement. Sign up here and use code SAVENOW for a special discount, just for HerMoney readers. |
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| 10 Ways To Save Money While Also Saving The Planet |
What if we told you there are easy ways to help save the planet and save money at the same time? This week on HerMoney.com, we’re covering ten of them, all guaranteed to help you go green while building up your own stash of greenbacks. Happy Earth Day!
One of them? Using reusable shopping bags. "There are a handful of states where using plastic bags comes with a per-bag fee, even when ordering take-out," writes Jessica Patel. "In places like California, New York, and Washington, D.C., expect to pay up to 10 cents a bag if you leave yours in the car or at home. If you aren’t careful, that can quickly add up, especially when you have a cart full of groceries."
Head here to check out 9 other ways to pay tribute to Mother Earth today, and every day. |
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| This Week In Your Wallet |
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If you’ve been sitting on the sidelines waiting for home prices to drop, here’s some good news. As The Washington Post reports, while prices for single-family homes are still high compared to pre-pandemic levels, they grew just 2.7% nationally in the last year, compared to more than 6% the year prior. Certain states are seeing prices drop more quickly than others. "Several of the biggest drops in home values were in Florida, especially around the Gulf Coast, which has been hit with several major hurricanes in the past two years. That’s led to higher interest rates, a heightened awareness of flood risk and an increase in inventory as people move," reports The Post.
Caregiving = a major financial blow. Especially for women. Studies have shown that unpaid caregiving costs women (who are more likely to be unpaid caregivers than men) nearly $300,000 in lost pay over their lifetimes. If you’re faced with providing unpaid care for a loved one, HerMoney CEO Jean Chatzky says there are some key things to consider – namely, whether it makes financial sense to find an alternative. "Sometimes, even if the cost of care is equal to what you’re earning, it can make sense to try to stay in the workforce and find some other way to pay for care, rather than take yourself completely off track," she recently told Morningstar. Aside from salary, she notes, unpaid caregivers often miss out on other benefits, like lost seniority at work, for example.
Want to calm stock market jitters? Pick up your phone. It sounds counterintuitive, but there are actually four ways your smartphone can keep your emotions in check and help you weather market volatility, as Kiplinger reports. For starters, it can help you zoom out and look at your investments over time. "Many investment apps allow investors to look back at their portfolio’s performance over periods of time — often helping to show that avoiding an impulsive reaction to market volatility has been a long-term net-positive for their performance," notes Kiplinger. "This can offer valuable perspective for investors, helping to reframe emotions and reinforce the benefits of adhering to a well-planned investment strategy."
PS, another way to alleviate market anxiety? InvestingFixx, HerMoney’s investing club for women. We meet every other week to break down the latest investing news and grow our portfolios together. There’s no experience required, and you can try it for free. |
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| Things That Save You Time |
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| Ask Jean |
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| Q: |
Today’s question comes from Pamela. She writes: My mom is 83 and a widow. She’s making plans to relocate, and I’ve become aware that she doesn’t have a good handle on her money. For example, she doesn’t know what she can afford for housing. I think I need to find a CFP to help her manage things – does that sound right to you? |
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You’re on the right track. A Certified Financial Planner – also referred to as a CFP – is one type of financial advisor who can help your mom navigate this major life change and give her a clear overview of her financial picture moving forward. CFPs are required to meet rigorous training and experience requirements, as well as ethical standards, set forth by the CFP Board.
What can a financial planner help her with specifically? For starters, assessing what she can afford in terms of housing and lifestyle. A holistic planner can also help her update her budget and make sure that her investments and savings are appropriate for her age and needs. Additionally, a planner can help her navigate medical expenses, as well as plan for long-term care. If your mom hasn’t updated her estate plan recently (or, if she doesn’t have one), a CFP can help advance that process, too. (They won’t do the legal work themselves, but can help connect the dots.) Since it sounds like you want to play an active role in your mother’s finances moving forward, this person can help you and other family members understand the situation and then get involved appropriately.
Note, there is a cost to hiring a CFP. Here’s an explainer on the different ways your mother might be charged. If they’re out of the budget, there are a number of resources out there that could assist your mom for little or no cost. For example, her bank or credit union may offer financial counseling and other types of support for seniors.
Lastly, if you do in fact go the CFP route, you can check the credentials of the person you’re thinking about hiring here.
PS, I’d also recommend checking out this episode of the HerMoney Podcast, where we talk about finding a financial advisor who fits your needs – and the red flags to look out for as you search. It features Pam Kruger, founder and CEO of Wealthramp, a referral service that connects consumers with vetted, fee-only fiduciary advisors — no commissions, no strings, just real guidance. |
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| Submit your questions to Jean here. |
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| More For You To ♥ |
🚫🛍 The 30-day "No New Things Challenge" could help you save thousands. Ashlee Piper, the brains behind the movement, explains how on the HerMoney Podcast.
👑 Fame and fortune? Yep, we’re making it happen. Do you know your MoneyType? Knowing whether you are a Producer, Visionary, Nurturer, Connoisseur, or Independent helps you develop a deeper level of awareness about how you handle money.
We're relaunching MoneyType with exciting new features—and we're looking for HerMoney readers to be part of the spotlight. Discover your MoneyType and share your thoughts for a chance to be featured on our website!
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