🏆💳 How to hack your way to a higher credit score

Stat Of The Day

38%

What’s stressing you out these days? For 38% of people, inflation tops the list, closely followed by the election (27%) and paying off debt (26%), according to a new survey from Betterment. Drill down into the data a little further and you’ll see what’s keeping people up at night differs by age group. For example, millennials aren’t sweating the upcoming presidential election as much as they are inflation, paying off debt and being able to retire.

If this sounds familiar—and you’d like help taking control of your spending and debt—consider joining the waitlist for one of our upcoming budgeting programs. Learn more here.

Easy Hacks To Increase Your Credit Score

Losing points from your credit score is a lot like getting kicked in the shin. And getting them back — to continue the anatomical comparisons — can be like pulling teeth. But if you know how credit scoring works, you can hack the process to rehabilitate your numbers faster.

Where–and how–do you start building back points? According to experts, there are four key steps you can take, beginning with paying off your cards twice each month. Even if you pay your balances in full, if you’re using up too much of the credit you have available it can hold you back from attaining a better score.

One way to sidestep this is by making two monthly payments instead of one–one just before the card’s statement closing date and another just before the date when payment is officially due. The first payment typically shrinks the balance reported to credit bureaus. The second ensures you don’t end up paying interest or getting dinged with a late fee on any outstanding charges.

Head here for the three other ways to hack your way to a better credit score.

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This Week In Your Wallet

Women in the U.S. now hold a record 79 million jobs (yay!). Here’s the thing though – many of them are pulling double duty. While remote positions and their flexibility have made it easier for parents (and largely mothers) to earn a paycheck, The Wall Street Journal reports that it’s made for a tricky balancing act of running the household and keeping up with work’s demands. "As much as I appreciate the flexibility, I often feel like I would rather go into work so that I don’t have the constant drumbeat in my head of the chores that need to happen around the house," says Sarika Paralkar, a mother of two who works full-time, but is only in the office several days per month. Here’s how other moms say they’re managing the "new normal."

Does summertime = more tipping time? From your kids’ camp counselors to hotel housekeepers, CNBC asked etiquette experts if and how much you should tip people you’re likely to cross paths with this summer. As you peruse their list, keep in mind two important points: tipping should not be "something that’s going to stretch your already tight budget" and it doesn’t always have to be cash. For example, for a friend who invites you to visit their beach house (or better yet, have the place to yourself for a chunk of time), an envelope with cash probably isn’t necessary. "You give them something as a host gift, as a thank you," says Diane Gottsman, a national etiquette expert and founder of the Protocol School of Texas. "Get them something that’s thoughtful, that means something to them. It’s not the dollar amount — it really is the thought."

$874.68. That’s how much the average parents with children in elementary school will spend on back-to-school necessities. According to a new report from the National Retail Federation (NRF), it’s just a tad less than last year’s record total of $890.07. If you have a child heading off to campus, prepare to open your wallet even wider. The NRF says the average family with college-aged children will spend roughly $1,364, with total college back-to-school spending hitting $86.6 billion (the second-highest total on record, according to the NRF). For tips on how to save as your kids head back to class, straight from moms in the HerMoney community, scroll on.

Things That Save You Money

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You know that arts and crafts bin in your home? It probably has some of the supplies your child needs for class. "Reuse anything that will get them through the year, including markers or colored pencils," says Julie.

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"Evaluate your needs first," says Kimberly. "With 4 kids getting a new backpack every year isn't in the cards. Only buy what is required, stock up on things with the deepest discounts."

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"Buy discounted gift cards online for teens' favorite stores," suggests Renee. Some of the best spots to snag them? GCX Marketplace, Sam’s Club and Costco.

Ask Jean

Today's question comes from Vivianna. She writes: I am trying to calculate my household net worth. Can you point me in the right direction on how to do so?

Let’s start with what your net worth is. It’s your real, overall financial position. It’s the bottom-line sum when you add up what you own and subtract it from what you owe.

To calculate your net worth, grab a pen and paper (or pop open a spreadsheet on your computer). Start by listing your assets. This includes:

• Any cash you might have (in your checking account, savings account, money market account, or elsewhere)
• Your investments
• Any real estate you may own
• Personal property of significant value (your vehicle, jewelry, collectibles, etc.)
• Other assets. For example, do you own a business? Have a life insurance policy? Jot them down.

Next, assign a value to each asset you’ve listed and add them up. Then, it’s time to make a list of your liabilities, including:

• Credit card balances
• Outstanding bills
• Longer-term liabilities (think your mortgage and student, car or other personal loans)

Total these up, then subtract them from your total assets. That’s your net worth. For a deeper dive into all things net worth, including a real-life example of how to crunch the numbers, click here.

Submit your questions to Jean here.

More For You To ♥

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🤠 Refresh your budget for retirement and spend with confidence. We’re planning our next 8-week financial coaching program for pre-retirees. If interested, please share your preferences and join the waitlist here.

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