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| Get To Work, Tax Refund |
Tax Day has come and gone and if you’re one of the millions of Americans who got a refund, take a beat before you use it for a shopping spree. There are smarter ways to make that money work for you.
For example, if you have high-interest debt, that’s the very first thing you should be tackling. "Pay off the high-interest rate credit card debt. That’s going to put a return into your pocket equal to the interest rate on the debt," HerMoney CEO Jean Chatzky recently told NBC.
If you’re approaching retirement, paying down your debt ASAP is extra important. Here’s the good news, though – you don’t have to do it alone. Get help from FinanceFixx, HerMoney’s coaching program. The next session of our 6-week course *just* for pre-retirees kicks off on April 29th. Learn more here. |
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| How The "No New Things Challenge" Could Save You Thousands |
Earth Day is just around the corner. One of the ways we can make a difference is by breaking the cycle of overconsumption. In other words, buying less stuff. And, the best part? Not only can it help our planet, it can save you major money, too.
Ashlee Piper is a sustainability expert and the author of the book No New Things: A Radically Simple 30-Day Guide to Saving Money, the Planet, and Your Sanity. She joined the HerMoney Podcast to share how taking small steps to buy less adds up in a big way— for our wallets and the world.
Piper started what she calls the "No New Things Challenge" and pledged not to buy anything new for one month (with the exception of necessities like groceries and hygiene items). One month in, she decided to keep going, not buying anything new for nearly two years. In that time, she saved $36,000 and paid off roughly $22,000 in debt.
"When you don't buy a lot of crap you don't need, you see some immediate savings," says Piper. "As far as the planet goes, supply and demand are very real. The more that we are doing something like this and showing that we don't need as many of these things to be produced and imported and exported, it eases a little bit of the burden on the planet." |
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| This Week In Your Wallet |
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Just say "no" to manis, Ubers and highlights. As The Wall Street Journal reports, women are feeling more pessimistic about the economy, and they’re cutting back on little luxuries – like manicures, ride-sharing and trips to the salon – to prove it. Case in point: Miranda McClellan, a 30-year-old working in TV production who’s going back to brown hair because it’s "easier on the budget" and taking up DIY fashion to save cash. "After her sweatpants faded, she decided not to buy new ones from Nike, " notes the WSJ. "Instead, she dyed the old ones a deep right-from-the-store black. She also taught herself to sew from TikTok tutorials. To accessorize, she cut off the sleeves of her collared shirts and turned them into "bibs" to wear under sweaters."
If you’re investing in a 529 plan (or another type of investment account) for your child’s college education, recent market volatility may mean you need to change things up. That’s especially true if your child is heading off to college in the fall. "If you need the money in less than a year, it shouldn’t be in stocks, period," reports The New York Times. "Some financial planners said they’d even swallow some losses now (by moving money into cash, even if your investments are lower), but there are several other things you might consider as well." One other strategy? Using other resources – such as cash, gifts or student aid – to cover the first year. This will "give investments time to recover," Daniel Milks, a financial planner, tells the NYT.
Should you Venmo your parents post-date night? As Susan Newman, a social psychologist and parenting expert, tells HerMoney, compensation can be a touchy subject. While many grandparents want to babysit without being paid, what you decide will depend on your particular situation. Start by asking some key questions, suggests Newman. "How old are your parents [or grandparents ]? Do they need the money? Will they provide regular childcare?" she says. For example, if you know your mom is subsisting on Social Security, and she provides regular weekly childcare for you, it may be appropriate to insist. On the other hand, if they’re financially well-off, a gift card to their favorite restaurant or store could be a way to show your gratitude. |
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| With inflation impacting the price of everything — from the groceries we buy to the gas we put in our cars — it's more important than ever that we stretch our dollars further. That’s why HerMoney loves the app Upside — it gives us real cash back on the things we're already buying. Upside users are making an extra $280 a year on average — that’s a nice chunk of change for some summer vacation fun, or more money for your retirement savings. And the best part is — you can stack your Upside cash back with your credit card rewards. Download the FREE Upside App today, and use promo code HMJC to get an extra 25 cents back for every gallon on your first tank of gas. |
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| Are You In The "Retirement Danger Zone?" |
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If you’re five years out from retirement, you’re in what’s known as the "retirement danger zone." For investors, that means it’s time to be more conscious about the risks you’re taking.
The New York Times recently rounded up some of the steps people in the retirement danger zone should take to safeguard against market turmoil. In this week’s session of InvestingFixx, HerMoney’s investing club for women, we talked through the most important ones, including:
💵 Building a cash cushion with 2-3 years' worth of living expenses in short-term treasuries and money market funds. If the market falls, use that money rather than selling other assets.
⚖ Rebalancing your investments, particularly if you haven’t lately.
🚫 Reducing spending in advance. Think of it this way – every dollar you don’t spend is a dollar that can continue to grow.
💻 Considering working a little longer. An additional 6 months to a year of work is like adding 1% in savings to your retirement over a 30-year period.
It’s SO important to do this…because guess what? The tried and true 4% retirement rule doesn’t always work. For more on avoiding retirement danger zone landmines, join InvestingFixx (your first month is free!) and watch the recap of this week’s session. |
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| Things That Save You Money |
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| Ask Jean |
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| Q: |
What should I do to plan and save money for my children’s weddings? My children are male and would likely be getting married in the next 10-15 years. I don’t want to assume the bride’s family will pay. |
| A: |
As a mom who just watched her son tie the knot last year and now has a daughter knee-deep in wedding Pinterest boards, can I just say—I so appreciate your foresight.
I’m probably stating the obvious, but weddings are expensive. According to The Knot, the average wedding costs $33,000 overall.
The good news? You’ve got two things working to your advantage. First, time. 10-15 years is a good chunk of time to build up a bit of savings to help cover the cost. Second, it’s pretty unlikely that you’ll be asked to foot the entire bill of each wedding. The Knot’s study also showed that on average, couples cover 50% of the wedding budget and parents/family contribute the other 50%.
Our private HerMoney Facebook group is filled with moms who have been in your shoes. So natch, we had to have them weigh in. Here’s what some of them had to say: |
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"For all children, regardless of gender, we will give them a set amount of money to apply to their budget. Beyond that, it is their responsibility," says Jen. |
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"I have some money going into an online bank account that uses buckets. I save for Christmas, taxes and I have a ‘wedding’ bucket," says Colleen. |
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"We told our daughters that their undergraduate education would be on us, but weddings are out of their pockets," says Mary Ann. |
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"We plan to give both kids (boy and girl) a check for the same amount," shares Leslie. "They can use it for a wedding, a down payment on a house, a little of both..it’s up to them. If our daughter decides on a wedding, I will also buy her dress." |
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"I have two sons and have set an amount aside that’s equal for both," says Judi. "It’s enough to cover a rehearsal dinner in the traditional sense, plus a little extra. They choose how to use it to pay for wedding-related costs." |
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| And, because someone had to say it… |
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"I’d set aside $10k-15k each and tell them they could blow it on a one-night party, save it for a house down payment, or invest it," shared Lori. |
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| Submit your questions to Jean here. |
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| We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money. |
| *This is a sponsored post |
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