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Stat Of The Day
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6.57%
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Debit cards are having a moment. Spending on them jumped 6.57% in the first half of 2025, compared to the year prior, while credit card usage climbed a still hefty — just not as hefty — 5.6%. It’s the first time in nearly four years that debit has outpaced credit, according to Visa and Mastercard data. What’s behind the shift? Financial pressures – including everything from high credit card interest rates to student loans – are causing consumers to rein it in, and card companies are becoming choosier about who they offer credit to.
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Imagine opening your closet and finding it magically stocked with chic pieces from Paige, Boden, Vince Camuto, and more — without ever swiping your credit card for a splurge you’ll regret later. That’s the beauty of Armoire, a monthly clothing rental service founded by women, for women, designed to take the stress (and guilt) out of fashion. Whether you need a sharp blazer for Monday’s big meeting, a flirty dress for date night, or weekend staples that make you feel effortlessly put together, Armoire delivers thousands of curated styles straight to your door. With plans starting at just $89/month for 4 items, you can flex your wardrobe as easily as you flex your calendar — no commitment, no dry cleaning, no hassle. It’s the ultimate closet glow-up, without the buyer’s remorse. HerMoney readers can sign up here for up to 60% off your first month of membership +
two free bonus items!
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Mom, Mayor, Trailblazer: The Kate Gallego Story
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“I do think I’m leaving the city in a better position for the next generation, and that’s incredibly rewarding,” Kate Gallego, Mayor of Phoenix
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Kate Gallego’s path to becoming Mayor of Phoenix was anything but ordinary. Within a few months, she became pregnant after years of trying, went through a divorce and learned her mother had late-stage cancer. Then, as she was navigating new motherhood, Phoenix’s mayor announced a special election. Gallego was sure the timing wasn’t right – but her supporters felt differently.
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“I started sleeping through the night with the baby, I got a little bit more perspective, and there was a group of wonderful individuals, mostly women, who said, ‘We want to help you…You shouldn’t let this divorce and motherhood be the reason you don’t do this,’” Gallego tells Karen Finerman on the How She Does It podcast.
Inspired, she jumped into the race late, worked tirelessly and in 2019, became Phoenix’s mayor at just 37. She’s since been re-elected twice. Her personal experiences continue to shape her leadership – championing nursing spaces at Phoenix Sky Harbor Airport after becoming a mom and expanding access to advanced medical care following her mother’s cancer battle.
“The team in Phoenix said to get the next level of care, you’ve got to go to Houston…and that’s really hard to hear. So, I’ve been trying to work so that fewer families have to hear that,” Gallego shared. That push has helped transform Phoenix into a medical innovation hub, drawing nearly $2 billion in healthcare investment.
Gallego is now in her final term, which runs through April 2029. Though her name is already circulating in national circles, her focus remains on Phoenix. In her words: “I do think I’m leaving the city in a better position for the next generation, and that’s incredibly rewarding.”
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This Week In Your Wallet
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Late on student loans? Uncle Sam is about to come knocking. Earlier this year, the Trump administration announced it would resume collections for borrowers behind on federal student loans, setting a deadline of “late this summer.” With Labor Day fast approaching, experts say student loan holders should brace for changes any day now. If your loan is in default and you’re behind on payments, your paycheck could take a hit as the government moves to recoup its cash. “Anyone at risk of wage garnishment can expect a 30-day notice, but it’s best to contact the government to get on a repayment plan or into a similar program before wage garnishments kick in,” reports Fast Company.
A $100,000 gift from mom and dad could be a game-changer when it comes to building wealth…if used wisely. The Australian Financial Review modeled two equally driven lawyers, both 24 years old and graduating in 2025. One, “Sarah” receives a $100,000 gift from her parents and uses it as a down payment on her first home. By 65, she’s financially light years ahead of her peer, who, without financial help from mom and dad, waited eight years to buy. “Thanks to that $100,000 gift, way back in 2025, Sarah’s retiring $1.4 million richer,” the analysis notes. While it doesn’t account for life detours like having children, career changes, or other major choices that impact wealth along the way, it’s a good example of how an early financial boost can compound over time. Of course, not many parents are in a position to hand over six-figures (too many need
that money for their own retirements). But if you’re on the fence about trying to leave a legacy after you pass or offering a helping hand earlier, it’s something to think about.
Fall is a time for fresh starts and if you’ve been looking for a reason to declutter, here’s your sign. This week on HerMoney.com, we’re rounding up which financial docs to keep and which ones you can safely toss – everything from credit card statements to medical bills. One type of document you might not have thought about? Home improvement records. You’ll need to hold onto these for as long as you own the home, plus at least three years after you file your tax returns for the year of the sale, if you decide to sell. Find out what else belongs in the “keep” or “toss” pile here.
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Things That Save You Money
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Ask Jean
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| Q: |
I’m going through a separation and need to get my own checking account. I’d like to find something that can make my cash work for me while it’s in there. What’s my best option?
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| A: |
Not all checking accounts are created equal. What stands out in your question is that you want your money to “work for you.” For that, a high-yield checking account may be the best fit.
Traditional checking accounts are designed for everyday money management – easy access, debit cards, bill pay – but they rarely pay meaningful interest. High-yield savings accounts, on the other hand, pay high rates, but account restrictions can make them clunky for everyday money management.
Then one day, two bank employees from different departments started talking during their coffee break. They decided to combine forces and — voila! — the high-yield checking account was born.
These accounts offer the best of both worlds – all the functionality of a checking account, plus interest rates that can often reach 4% - 5% APY (here’s one of our favorites that’s offering 4.5% APY, plus a $300 signup bonus). To put this into perspective, the current national average rate for checking accounts is around 0.07%.
The trade-off is that high-yield checking accounts come with rules. For example, to earn top rates, you may need to maintain a minimum balance, set up direct deposit, or make a certain number of debit card transactions per month. There’s also typically a cap on the balance eligible for the highest APY.
Bottom line? Read the fine print and if you’re comfortable meeting the requirements, a high-yield checking account can be a smart way to keep your money accessible while still earning competitive interest.
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Submit your questions to Jean here.
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More For You To ♥
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🎙 Debt doesn’t define you. Your money moves do. Carrying debt but learning to spend smarter? Share your story as part of the "A Week In Her Wallet" series on the HerMoney Podcast. Tell us about your journey here, and we’ll feature your insights, first name only or fully anonymous.
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