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Stat Of The Day
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$300
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Ready, set Prime Day shop! This year, households are expected to spend $300 during the 48-hour sale (which ICYMI, is underway), according to a survey from RetailMeNot. That’s nearly double what they spent last year. If you’re hunting for Prime Day Deals, we have one that will pay you back in spades: "How to Money," an in-depth, full-color illustrated guidebook from Jean Chatzky, Kathryn Tuggle, and the team at HerMoney. It breaks down all the basics of money for those in your household just about to launch and is 30% off for Prime Day!
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Why (And How) To Start Saying "No" To Non-Promotable Tasks
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Think about everything you do in a work week. Sure, there are the tasks you need to do, but what about the ones that aren’t quite in your job description? For example–planning your coworker’s birthday party or those meetings that could have been an email.
If these responsibilities have started to take over your workdays, you aren’t alone. They’re known as "non-promotable tasks," and research shows women volunteer for them far more often than men.
Dorie Clark’s new book, The Long Game: How To Be A Long-Term Thinker In A Short-Term World delves into why the little tasks we do at work may harm our long-term career strategy. On the HerMoney Podcast*, Clark explains how we can start saying no to non-promotable tasks and instead, prioritize those that align with our goals.
For example, if someone asks you for an in-person meeting, it doesn’t always mean it’s the most efficient way to connect. Clark suggests responding with, ‘I'd be so glad to help you, but my schedule is slammed. Can you send me an email with the details and I will email you back?’
"Boom, you've just saved yourself 25 minutes," Clark says. "It's small things like that enable you to still be helpful to people, but on your terms, not theirs."
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| The HerMoney Podcast is made possible by Edelman Financial Engines.
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Get Your Free Retirement Review
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Sponsored by
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When you think about retirement, do you have a plan designed to help make your money last as long as you do? That is the biggest fear—by far—for women. To help make sure you’re ready for the future, schedule a Free Retirement Review and Financial Plan.¹ This special offer running through July 31 includes:
• A guide toward your optimal retirement
• Personal investment recommendations
• An estimated retirement income summary, including Social Security benefits
Head here to receive yours today.
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This Week In Your Wallet
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For the first time since 2017, Costco members will see their membership dues increase. In September, the annual price of a basic membership will go up $5 to $65 and the retailer’s premium "Executive" membership will increase by $10 to $130. "The company estimated that 52 million memberships will be impacted, a little over half of which are Executive members," CNN reports. Meanwhile, at Sam’s Club, Plus Members (the retailer’s premium membership) will no longer have free shipping perks. Instead, there will be an $8 fee for orders under $50 starting next month. As expected, warehouse store members aren’t too happy about the changes, which come on the heels of a major shakeup of Costco’s popular rotisserie chicken that has the interwebs in an uproar. Enough’s enough!
Attention, house hunters. The window may be opening. "The typical home that sold during a four-week span in May and June went for 0.3% less than its asking price," reports Daniel de Visé for USA Today. Here’s why that’s important–the housing market is usually at its hottest from the end of spring to early summer, with homes going for at or above asking price. This year, that wasn’t the case. "It means that the housing market is starting to move to the buyer’s favor," said Daryl Fairweather, chief economist at Redfin. In the four-week period ending June 23rd, Redfin estimates that 32% of homes sold below listing price. "That is the lowest quotient for late spring since 2020 when the pandemic hobbled the housing market," writes de Visé.
Say yes to the…everything. That’s how one reporter for The Wall Street Journal says she became more social and, ultimately, more fulfilled in life. Seeing an ex who was thriving post-breakup was enough to prompt Katherine Bindley to start accepting every invitation that came her way–from parties to cold plunges in the San Francisco Bay. "This experiment worked because I essentially hijacked my brain’s natural decision-making habits," writes Bindley. "By changing my default answer from no to yes, I found it easier to satisfy my goals of being more social and fulfilled." After about six months of saying yes to everything, Bindley "started letting no’s back" into her life. Here’s what happened when she did.
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Things That Save You Time
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Speaking of Costco rotisserie chickens, here’s the viral TikTok hack for deboning one in a minute or less. Gross or groundbreaking? We’ll let you be the judge.
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Nothing to wear? Here’s how to create a capsule wardrobe (a small collection of largely seasonless, versatile basics) using fewer clothes to make more outfits to save money and time.
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Corn, in the microwave? That’s how one HerMoney staffer saved time during her July 4th BBQ. Here’s how to do it. The best part? No messy husking required.
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Ask Jean
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| Q: |
Today's question comes from Peggy. She writes: How do I find a good high-yield savings account?
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| A: |
Great question, Peggy. First, let’s start with exactly what high-yield savings accounts are. A high-yield savings account, also referred to as a HYSA, is a bank account that pays a higher rate of interest on your deposits than you’d get in a traditional savings account.
HYSAs exist primarily online only, which requires making some administrative adjustments depending on how you want to use the account. They are best for money you don’t need to access frequently. Think an emergency fund, near-term savings (for down payments, big purchases, tuition, etc.) and not long-term savings (anything over three or five years) or everyday spending money. There are a number of other important differences between traditional savings accounts and HYSAs.
The national average rate on savings accounts is currently around .45%, with plenty of accounts paying even less than that. In comparison, we see HYSAs with APYs (that’s annual percentage yield, which takes into account how frequently interest is compounded–daily, weekly, monthly, etc.) of 4.50% to 5.55%, even from big banks like American Express and Marcus by Goldman Sachs.
So, how do you find a HYSA that’s right for you? I would start with a couple of online comparison tools, like this one from Bankrate and this one from NerdWallet. Why a couple? Because these sites make money from the banks that you click through to — and feature the ones that pay them. Using a couple helps make sure you find the very best deal. There, you can get a side-by-side look at some of the key factors, starting with the interest rate, the minimum deposit required (in some cases, it’s $0), service fees and others.
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Submit your questions to Jean here.
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More For You To ♥
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🧳 Go where your dollar goes the furthest. On "Your Money Map," Peter Greenberg, "The Travel Detective" and Travel Editor for CBS News joins host Jean Chatzky to talk about how to get the best deals, even if you’ve waited until the last minute to make your summer travel plans.**
💛 Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity², to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.**
🤩 A special opportunity from HerMoney. If you’ve ever wanted to try our 8-week financial coaching program, but have stopped short due to time and/or resources, then here’s an opportunity for you: We’re looking for 15 people to try a new 4-week version of FinanceFixx—with a crazy good discount. If interested, please reply to this email.
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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.
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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3625086.
HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.
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**This is a sponsored post
¹ Limit one complimentary offer per household, per 18 months. Offer ends July 31, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion.
² Withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, there may be a 10% federal tax penalty. Withdrawals may result in a surrender charge or a market value adjustment (MVA) and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. Guaranteed Lifetime Withdrawal Benefit provided so long as your account value hasn’t gone to $0 due to excess withdrawals. Annual Percentage Yield (APY) rates are subject to change at any time, and the rate mentioned may no longer be current. Please visit Gainbridge.io for current rates, full product disclosures and disclaimer. ParityFlexTM, a multi-year guaranteed annuity, is issued by Gainbridge Life Insurance Company in Zionsville, Indiana.
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