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| This Week In Your Wallet |
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The American Dream has a price tag… and it’s steep. Investopedia now estimates it costs about $5.3 million over a lifetime, up 4.1% from last year and rising faster than wages. That figure covers a home, new cars, two kids (and their college), a wedding, healthcare, pets, retirement, and an annual vacation. Your dream may cost more or less, depending on your lifestyle. See how each expense shakes out, and how your own American Dream price tag stacks up, here.
Are you making the most of your Health Savings Account (HSA)? HSAs offer triple tax benefits, so it’s worth taking extra steps to make sure you are. The Wall Street Journal breaks down everything you should know if you have an HSA or are thinking of opening one. One of the biggies is understanding reimbursement rules. "To receive reimbursements from an HSA, users must have proof of qualified medical expenses. But they don’t have to submit it to the account sponsor for approval. Reimbursements can be subject to audits by the IRS, but these seem to be rare," reports the WSJ. "HSA owners who delay reimbursements to let HSA assets grow can claim these paybacks later – even decades later. But they must have records supporting the claims. Many HSA owners digitize receipts to keep details straight, but a shoebox could also work."
We all make money missteps, and certain ones tend to show up in particular decades. HerMoney is covering the big ones, age group by age group. One to avoid in your 40s and 50s? Letting your old 401(k)s stagnate. Now’s a good time to make sure your investments are working hard for you. "If you’ve worked for multiple companies, track down all of those old 401(k) accounts and combine the money (for example – by rolling them into an IRA)," writes Lindsay Tigar for HerMoney. "It’s harder to effectively manage the investment mix when the money is spread over multiple accounts. Plus, an IRA offers more investment options than a 401(k). The bottom line is to allow retirement to become a bigger priority since it’s getting closer and closer." |
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| Things That Save You Money |
| We asked, you answered. After we shared this story about how we’re all spending more time and money than ever on meal planning, we asked readers how they’re beating inflation at the checkout and saving time in the kitchen. Here’s what you said: |
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"My go-to ingredient to save time and money is dried beans," says Kathleen. "They are inexpensive ($1-$2 per bag), and I soak them and cook them in my pressure cooker – usually two pounds each time so I can use some in a recipe and freeze the rest for later. It saves a lot of time in the long run when I can add thawed beans to soups and casseroles." |
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"Costco roasted chicken ‘corrected,’" writes Jessy. "I cut it up, add my own seasoning and put it back in the oven for 15-20 minutes until pieces are golden." |
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"My go-to for a fast dinner is my Instant Pot," says Renee. "I can make teriyaki chicken or spicy shredded chicken in 30 minutes with frozen chicken breast. The rice cooker makes the rice ready in 15 minutes!" |
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"The freezer is your friend," says Megan. "Whenever I see meat or seafood on sale, I stock up and fill mine. Also, if I have food that’s nearing its expiration, I use this tool to help find a recipe I can make, then pop it in the freezer – it saves me time and money!" |
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| The Holidays Are Coming… But Is Your Budget Ready? |
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Every October, many of us make a promise to ourselves: This year, I'm going to get ahead of the holiday spending. And then, suddenly, it's November, and December is upon us before we know it.
Here's the thing about holiday spending: It's rarely one enormous purchase that throws us off course… It's the dozens of little decisions that add up before we've had a chance to look at the big picture.
That's why HerMoney loves Monarch: Instead of waiting until January to discover just how much the holidays cost, Monarch lets you see exactly where your money is going right now — across your accounts, investments, savings goals, and everyday spending.
You can even ask Monarch's AI Assistant questions like, "How much did I spend on gifts last December?" or "Can I afford holiday travel without dipping into my savings?"
We want you to be able to spend confidently on the people and experiences that matter most — and still feel good about your bank balance on January 1! So, use code HERMONEYFAM at Monarch.com to get your first year of Monarch Core half off, at just $50. (We promise you’ll be glad you did!) |
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| Ask Jean |
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| Q: |
Today’s question comes from Donna. She writes: "I see offers all the time for bonuses offered by banks when you open new accounts. Is there a limit to how many of these I can open?" |
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The only real limit you’ll run up against is if you’ve had the same (or a similar) account with that institution before; you may not qualify. For example, SoFi is offering a $400 bonus to those who open new checking and savings accounts – but those who have previously opened SoFi checking and savings accounts aren’t eligible.
That said, you might have limits of your own. While opening an account can take only a couple of minutes, the tasks that follow can be tedious and time-consuming – for example, updating your banking info across credit cards, subscriptions, and everything else tied to your old account.
Still, if you do have the time – and the patience – there are some pretty solid offers out there. Here’s a roundup of some of our favorites. |
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| Submit your questions to Jean here. |
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| Why Financial Literacy Has To Start At Home, According To A 20-Year NYC Educator |
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Why are Americans so bad with money? Economist Allison Schrager asked that bluntly in a recent Bloomberg Opinion piece. A board member of her Manhattan co-op, Schrager reviews apartment applications and has seen the finances of people at every income level and in every generation. Her takeaway: people across the board are struggling with the basics.
It’s not just anecdotal. The TIAA Institute’s annual financial literacy survey shows scores at their lowest point in a decade. Gen Z scored the worst of any generation, even as more states require financial literacy classes in high school.
Diana Isern has a theory about why. A 20-year veteran of New York City public schools, she’s the author of Money Talks: An Educator’s Guide to Teaching Financial Empowerment. She joined Jean on the HerMoney Podcast to argue that financial literacy starts at home, with honesty about where our money beliefs come from.
Isern’s path to writing a book on financial literacy began in her classroom, where students, and even their parents, started showing up during lunch and after school, drawn in by a shared curiosity about money. Eventually, she advocated for a stand-alone personal finance course for every 11th grader at her school.
"Junior year is generally when students start getting their first paychecks," Isern said. "So they start seeing taxes, they start seeing deductions, the gross versus net pay. All of these numbers that they’re earning start coming into play, and they say, ‘Oh, this is actually applicable to my life.’"
As Jean noted, it’s also the age when financial literacy intersects with major life decisions – like the college search and understanding how financial aid and debt actually work. |
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Financial literacy may start at home, but it doesn’t stop at graduation. No matter our age, we can all learn something new about money.
That’s where the Willow team comes in. They help women beat an industry built for men, connecting you with vetted fiduciary advisors for wealth-building, financial planning and everything in between. Take this short quiz to get started. |
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