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| Stat Of The Day |
| 97% |
The Trump tariffs are coming for your closet. According to the American Apparel and Footwear Association, 97% of the clothes and shoes we buy in the U.S. come from other countries, with a majority originating in China (28.7%) and Vietnam (25.4%). As The Washington Post reports, new tariffs on these countries are expected to hike prices on clothing at places like H&M, Gap, Amazon, Target and Walmart. |
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| 7 Ways To Stop Your Online Shopping Habit In Its Tracks |
If recent economic headlines have you on edge, take a deep breath. It’s time to focus on controlling what we can control. One of those things? Making an effort to spend less and save more.
If you’ve been clicking "add to cart" a bit more than you should be, HerMoney has seven ways to stop your online shopping habit in its tracks. One of our favorites? Ditch your credit cards and switch to debit. Spending money that you see immediately leaving your bank account can be a game changer. According to smart shopping expert Trae Bodge, when you use debit, you’re forced to stop and consider whether or not you have that money in your bank account and what else you might need it for.
If you do get the urge to splurge online, it’s a good idea to follow the "one in, one out" rule. In other words, if you buy something new, get rid of something else in your closet. If you’re able to sell some unwanted items, you can get the dual benefit of being able to recoup some money, which can then be tucked away in your emergency fund or invested for the future.
PS, if you really want to dial down your spending, tune into the April 16th HerMoney Podcast. It features Ashlee Piper, a sustainability expert who went over a year (!) without buying anything new. Listen in to hear how her "No New Things" challenge helped her save $36,000 – as well as boost her creativity and confidence. |
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| This Week In Your Wallet |
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Short-term pain, long-term gain. That’s how the White House expects new tariffs to impact consumers (though economists say otherwise). But who stands to lose the most? According to an analysis from the Yale Budget Lab, 2025 tariffs will likely cause disposable income to drop by 4% for lower-earning households, compared to a 1.6% dip for the highest-earning. "Lower-income households are more exposed to tariffs relative to their incomes because they spend a greater share of their income," Ernie Tedeschi, director of economics at the Yale Budget Lab, tells USA Today. Higher earners aren’t off the hook, though. "The impact of tariffs would escalate over time for wealthier households as prices on assets such as stocks, bonds, and real estate decline," USA Today reports.
"Timing the market doesn’t work — it’s time in the market." That’s an old adage HerMoney CEO Jean Chatzky shared with CNBC amid the stock market turmoil. "It’s understandable why some may be hesitant to continue investing, however, when you are investing for the long term, a down market is an opportunity for dollar-cost averaging, which helps smooth out price fluctuations in the market," Jean said. If you haven’t yet, make time to review your investments. Taking on more risk than you’re comfortable with? It’s a good time to rebalance. And, we’ll leave you with this comforting tidbit: According to a Wells Fargo analysis, the 10 best trading days by percentage gain for the S&P 500 over the past three decades all occurred during recessions, often in close proximity to the worst days. Hang in there.
If you shop using buy now, pay later (BNPL) loans, there’s a big change you need to know about. As The Wall Street Journal reports, Affirm (one of the biggest BNPL lenders) is now reporting all new loans to the credit bureau Experian, "similar to how a mortgage or car loan shows up on your credit report." Before now, BNPL loans have been a "multibillion-dollar blind spot" when it comes to credit reporting. Depending on your spending habits, this latest change could be a good or bad thing. "On-time payments could help build credit and boost your score, especially if you are new to borrowing," notes the WSJ. "But taking on too much debt or missing payments could raise red flags for lenders reviewing your report—even if it isn’t reflected in your score." |
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| Things That Save You Money |
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Happy "Free Cone Day" to all who celebrate. Today, you can score a scoop of free ice cream at Ben and Jerry’s, and – wait for it – you can get in line as many times as you’d like. Thanks! We needed that! |
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Botox is getting the Costco treatment. As Marie Claire reports, people are getting Botox in bulk to save money. But does it actually work? Experts say it depends on the person…and that there are other ways to extend the life of your ‘tox. |
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If you’re grocery shopping with hangry kiddos, here’s an important PSA: Whole Foods offers free snacks for wee ones. Just visit customer service and grab a snack from the "Whole Kids Club" snack bar, which typically includes everything from fruit to lollipops. |
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| Ask Jean |
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Today’s question comes from Ann. She writes: "How often should I check my credit report?" |
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Just as you’d check your bank account or your investment account on a regular basis to see how much money you have, it’s important to check your credit report regularly because it has an impact on whether credit will be available to you — and how much.
Three major credit reporting agencies – Experian, TransUnion, and Equifax – provide credit reports. While each agency offers similar information, there are often variations among them. You can get credit reports from each agency, for free, each week at no charge at AnnualCreditReport.com. Note, there are other sites out there that will try and get you to pay to access your reports. AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them.
While you can access your credit report from each of the credit bureaus for free on a weekly basis, pulling and reviewing them every week could equate to a part-time job. According to Bruce McClary, Senior Vice President at the National Foundation for Credit Counseling, you don’t need to do so every week (phew!)…but you should make it a habit of taking a peek once a month.
"Once a month is recommended as a standard practice, mostly because it allows you the opportunity to react quickly to any errors that may appear," says McClary. "Some incorrect information can have a negative impact on your credit rating or could be linked to serious matters like identity theft. Fast action is critical in situations where someone else is using your personal information to open or access lines of credit."
There are other instances where you may want to check in on your credit more frequently than once a month. For example, if you’re getting ready to make a large purchase with a loan, such as a mortgage or a car, you may want to check your credit in advance to avoid any surprises. Also, if you’re working to improve your credit score, you may want to check that piece of data more often to make sure there’s an upward trend. (It’s often free through your credit card issuers.) Lastly, if you’ve been the victim of identity theft, you’ll also want to check in more frequently to make sure the damage has been corrected. |
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| Submit your questions to Jean here. |
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