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Stat Of The Day
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BRB, packing for New Mexico. The state just announced it’s becoming the first in the nation to offer free universal childcare for working families, no matter their income. Yep, $0 out-of-pocket at a time when the average family shells out $17,836 annually for day care.
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This Week In Your Wallet
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Gasp. Progress on closing the gender pay gap isn’t just stalling – it’s backsliding. New data shows men’s wages climbed last year, while women’s stayed flat. As Axios reports, the median full-time working woman in 2024 earned just 81% of what the median man made, a two-point drop from the year before and the second straight annual decline. One driver – wages for workers without a high school degree rose 5.5% and men make up 69% of full-time, year-round workers 25 and older in that group. "At a time when women, including many mothers, are leaving the labor force at record rates, it is a five-alarm fire to see that the gender wage gap is widening for an unprecedented second year in a row,"says Emily Martin, chief program officer at the National Women's Law Center.
Thinking about snagging an EV tax credit? Better hurry. The federal incentive of up to $7,500 for buyers and lessees expires at the end of the month. The Wall Street Journal says it’s sparked an “EV buying binge,” with some of the best deals we’ve ever seen. But is an EV right for you? Consider your budget, your climate (cold weather can zap range by up to 25%) and your insurance bill. “While you will save on gas and oil changes with an EV, you will pay more for insurance. Based on quotes from Insurify’s online comparison platform, about 50% more,” reports the WSJ.
🚗 P.S., not ready to trade in your ride? You can still cut costs by shopping around for a better insurance rate.
Where’s your emergency fund hanging out? Please don’t say under the mattress. We asked our private HerMoney Facebook group where they stash their safety nets and the runaway winner was…the high-yield savings account (HYSA). Take Sonja, for example. She’s got 4 months' worth of living expenses tucked away in a HYSA, plus a credit union savings account. “My credit union offers ‘sub accounts’ within my savings, so I have sinking funds for vacation, property taxes, insurance, house maintenance, etc.,” she shares.
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Things That Save You Money
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Temu wants you to keep shopping…and is dangling up to 60% lower prices to prove it. It’s part of the Chinese discount retailer’s efforts to lure U.S. shoppers back after the de minimis tariff exemption, which let imports under $800 enter duty-free, was rolled back.
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Cheese, please. Aldi is known for low prices, but its cheese selection deserves some recognition, too. Here are 12 of the best – and trust us, the Cranberry White Cheddar definitely deserves a spot on your next charcuterie board.
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Want a bigger hotel room, for free? Experts say requesting a corner room can get you suite-like space at no extra cost. Here’s how to do it.
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Why You Shouldn’t “Fake It ‘Til You Make It”
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“The minute you get caught in a lie, the minute you pretend you know something you don’t know, and you get caught, you lose trust instantly. And it’s so hard to get back,” Bonnie Hammer, former Vice Chair of NBCUniversal
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Bonnie Hammer built a career as one of the most powerful executives in entertainment. At NBCUniversal, she oversaw cable channels like USA, Syfy, and Bravo, and launched hits including Suits, Monk, Psych, Battlestar Galactica, and Mr. Robot.
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After serving as Vice Chair of NBCUniversal and wrapping up a 50-year career in television, she turned her attention to BONKARS, a business incubator focused on helping women turn big ideas into reality.
On How She Does It, Hammer sits down with Karen Finerman to share her hard-won wisdom on navigating corporate changes, knowing your worth and making smart career moves.
One of her core beliefs? Forget “fake it ‘til you make it.” Be honest about what you know – and what you don’t. “The minute you get caught in a lie, the minute you pretend you know something you don’t know, and you get caught, you lose trust instantly. And it’s so hard to get back,” Hammer warns. Owning what you don’t know not only builds trust, but also opens the door for mentorship and growth, she adds.
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Ask Jean
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I'm trying to estimate how much I should have saved in my 401(k) by now. What’s the easiest way to do that?
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There are several free online retirement planning calculators that make it easier to estimate how much you should have saved in your 401(k) by now – and what you’ll need to hit your retirement goals.
For example, there’s this one from AARP. It takes you through a step-by-step questionnaire and at the end, you get a detailed chart showing projected income over time and potential shortfalls, helping you identify where you may need to make adjustments. You can tweak assumptions – like retirement age or expected spending – to see how different choices could impact your future.
Another option? HerMoney offers a special pre-retirement version of our FinanceFixx coaching program for those who are 10 years from retirement or less and don’t know if they’re on track to afford it. It takes you through a process that will give you a personalized understanding of your retirement savings magic number – and how you can get there. Our next class is happening on September 18. You can register to join us here and use code SAVENOW for a special discount.
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Submit your questions to Jean here.
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More For You To ♥
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🍹 Who says retirement has to wait until the end of your career? Listen to the latest HerMoney Podcast to learn how sprinkling in career breaks, or “mini retirements,” can help you live your best life now.
🎵 One HerMoney staffer dropped big bucks on Eric Clapton tickets for her dad – but didn’t feel guilty at all. Why? She got 20% back in rewards on Stubhub, thanks to Capital One Shopping. The platform automatically finds coupons and activates rewards on your favorite brands, which you can redeem for gift cards at spots like TJ Maxx, Walmart and more.
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