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Stat Of The Day
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62.7%
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Could you come up with $2,000 for an unexpected expense? New Fed data shows only 62.7% of people would be able to – a record low. If your emergency fund could use some TLC (or if *gasp* you don’t have one), here’s what you need to know.
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How To Use AI To Boost Your Bottom Line
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Recent studies have shown the majority of the U.S. population uses artificial intelligence (AI) in their daily lives. AI isn’t going anywhere anytime soon, and as the tech improves, so do the ways we can use it to make our lives easier.
This week on the HerMoney Podcast, Celia Quillian, author of the new book AI for Life: 100+ Ways to Use Artificial Intelligence to Make Your Life Easier, More Productive…and More Fun!, shares how we can use AI to do everything from negotiating a raise to booking our next dream vacation.
Getting the most out of AI tools, like ChatGPT, for example, starts with a good prompt. To craft one, imagine you’re talking to an expert assistant who can do anything for you. Be very clear and specific about what you want, says Quillian. "If you leave anything out, they're probably not going to know that that's what you want. They might guess that that's what you want, but you won't be as well off if you don't provide that extra information."
There are endless ways to use AI. One of the best? Tapping the tech to better manage your money. While Quillian says it can’t take the place of a financial advisor, it can ID areas of your financial life that need improvement. "It can help you understand where your knowledge gaps are, what your habits are, and where your money mindset is," she says.
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Things That Save You Money
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This Week In Your Wallet
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Say "no" to the nuptials. The share of women ages 18 to 40 who are single was 51.4% in 2023 – up from 41.8% in 2000, according to a recent analysis. As The Wall Street Journal reports, there are a number of reasons why – more women are attending college, buying houses and focusing on friendships and careers instead of tying the knot. Another factor? Many fellas just aren’t keeping up. "Women are doing comparatively well when it comes to education and their early years in the labor force, and men are doing comparatively badly," Brad Wilcox, a University of Virginia professor and fellow at the Institute for Family Studies, tells the WSJ. "That creates a mismatch, because people prefer to
date in terms of comparable education or income."
Over a million Americans are eligible for unclaimed pandemic-era stimulus payments totaling roughly $2.4 billion. If you’re owed one, the clock could be ticking to claim it. As TIME reports, the unclaimed funds, also known as "Recovery Rebate Credits," are worth up to $1,400 each. People owed payments fall into two categories. The first are those "who filed a 2021 tax return but left the data field for the Recovery Rebate Credit blank, or they filled it out as $0 when they were actually eligible for the credit," as TIME reports. If that’s you, you should have automatically received a payment via check or direct deposit. The other group of people owed is those who haven’t filed their 2021 federal tax returns yet. Those in this category need to file their 2021 return by Tax Day (Tuesday, April 15) to receive their stimulus payment.
Want a raise? Don’t ask for more money – ask for different responsibilities first. As HerMoney’s Kathryn Tuggle reports, getting a bump in pay isn’t just about making the ask. It starts with understanding what your company values in terms of results – and then aligning yourself with projects that allow you to have more of an impact. "At far too many companies, women aren’t given an opportunity to do things that have the broadest impact," says Colleen McCreary, Chief People Officer and consumer financial advocate at Credit Karma. "What are the projects you should be tackling so that you can be on a path to a promotion, a raise, or having your work recognized more?" According to McCreary, the number one question you should be asking is: "What can I be doing in order to move up more quickly and be rewarded more quickly at this company?"
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Ask Jean
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Today’s question comes from Jessica. She writes: For many reasons, we’ve had a horrible time saving for our kids’ college. We now have three in high school and are just coming up for air financially. What is the best way to put our money to good use with only a few years until college expenses?
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Thanks for your question, Jessica. Here’s the good news – it’s not too late to help your children with college expenses.
As you’ve likely heard, a 529 plan is one of the most popular vehicles when it comes to saving for higher ed. "Your investments in a 529 plan grow federal tax-free and withdrawals are also tax-free if spent on qualifying expenses, including tuition and fees, room and board, books, computers and more," explains Martha Kortiak Mert, Chief Operating Officer at Saving For College.
In addition to these perks, nearly 40 states offer a state tax deduction or credit on contributions to a 529 plan – which is yet another reason why many parents opt for the 529 instead of other methods. "In contrast, if you save in a mutual fund or a savings account, you'll have to pay taxes on annual earnings or dividends and may have capital gains taxes due on withdrawals," adds Kortiak Mert.
If you decide to go the 529 route, know that all plans aren’t created equal. "529 plans offer a variety of investment options to choose from," explains Kortiak Mert. "Given your shortened savings horizon, you'll want to balance your desire for performance with your tolerance for risk." Note, too, that even after your children enroll in college, you can still add funds to their 529. I’d also let friends and family members know you’ve set up an account. They can contribute as well and I’m sure would be happy to do so instead of buying gifts for holidays or graduation!
Lastly, it needs to be said if you’re saving for retirement (which I’m betting you are), you should prioritize doing that over saving for your children’s college education. It’s natural for parents or guardians to want to take care of their children, but in many ways, this is like airplane safety advice – put on your own oxygen mask before your child’s. You can’t borrow for retirement, but you can borrow for college.
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Submit your questions to Jean here.
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More For You To ♥
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