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| Stat Of The Day |
| $2,000 |
Financial well-being isn’t about being rich. It’s about being ready. A new survey of more than 12,000 Vanguard investors found that having just $2,000 in emergency savings boosted financial well-being by 21% (having three to six months' worth added another 13% to the well-being tally). By comparison, the firm found that the relationship between having $2,000 in emergency savings provided a well-being boost equivalent to having more than $1,000,000 in financial assets. Pro-tip for stress reduction: Get thee to a HYSA, stat. |
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| What To Do If You’re Not On Track To Retire |
Are you on track for retirement? If you’re feeling uncertain, you’re not alone. A recent study reveals that more than half of Americans lack confidence in their ability to retire on their own terms. The most anxious group? Adults aged 45-54, 52% of whom say they aren’t on track to retire when they’d hoped.
At HerMoney, we believe our nation’s lack of financial preparedness heading into retirement is a true crisis. That’s why we built a dedicated pre-retiree edition of our popular FinanceFixx budgeting program. Over 6 weeks, participants work with a dedicated coach to build a sustainable financial plan, and the results have blown us away. Some participants have freed up as much as $5,000 in under two months. That’s money that can go toward debt or other goals.
This week on HerMoney.com, we’re featuring three inspiring success stories. One of them is Sarah, who joined FinanceFixx with no budget and retirement savings on autopilot. "I was inspired to start budgeting because I wanted to be a realist about retirement," she shared. "I’m roughly 15 years away from it, and I have to get serious about how I’m spending my time and money during those years."
Through FinanceFixx, Sarah learned what she’ll need for a successful retirement. "I knew there would be a time, between leaving work and my pension and Social Security kicking in, when I didn’t want to tap into retirement, but I needed money," she says. With her coach’s help, Sarah now has several different types of accounts, including a brokerage account and a solid roadmap for hitting her retirement savings goals. |
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| Things That Save You Money |
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| This Week In Your Wallet |
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Maycember. It’s like December, but with more chaos and less tinsel. From prom attire to graduation gifts, the month of May isn’t just hectic, it’s expensive. If your wallet is in recovery mode following a pricey Maycember, there are ways to bounce back, starting with automating your savings. Experts tell CNBC it’s the easiest way to recover after a spending spree. "Set up a recurring transfer to your emergency fund or savings account," suggests Isabel Barrow, executive director of financial planning at Edelman Financial Engines. Looking ahead? Start a "Maycember fund" for 2026. "Tally what you’ve spent on activities and celebrations such as Mother’s Day, graduations and vacations, as well as any payments towards camps or summer activities. Use that total to make a plan for next year," notes CNBC.
The future of Trump-era tariffs? Still a big question mark. As CNN reports, last week, two federal courts ruled that President Trump overstepped his authority when imposing certain tariffs. Meanwhile, a federal appeals court has ruled that the tariffs can remain in place for now. Experts say this likely isn’t the end of the tariff saga. It might just be the start of a whole new chapter…and a lot more uncertainty. "If anything, the ruling supercharges the uncertainty already facing businesses and consumers, because it’s the first hint of a possibility that … tariffs could be eliminated entirely," says Ernie Tedeschi of the Yale Budget Lab. "But even if they were, the Administration could try to raise tariffs using other authorities. The potential outcomes just got much more uncertain in both directions — lower or higher tariffs."
Thinking about retiring closer to your kids and grandkids? Tempting, yes – but it’s not all backyard barbecues and Sunday dinners. As Kiplinger reports, there’s a lot to weigh before making the big move, including family dynamics, health needs and the hidden price tag of being the ever-available grandparent. Living nearby can cost more than just your own monthly expenses. "If there is an expectation that when you get together, the grandparents always pay, that can create a financial strain on the grandparents and is something you really need to consider," says Michael Liersch, head of Wells Fargo Advice and Planning. "It can really add up very quickly and create a situation where the retiree is getting overextended." |
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| Ask Jean |
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| Q: |
Today’s question comes from Chris. She writes: What’s the "avalanche" method for paying off debt? |
| A: |
When it comes to tackling debt, you’ve got options – and the avalanche method is one of the most effective. It’s designed to get you out of debt faster and for less money overall.
Here’s how it works: You pay off the debt with the highest interest rate first. This minimizes the total interest you’ll pay over time, since you’re knocking out the most expensive debt first.
With the avalanche method, you’ll continue to make the minimum payments on all your debts, but any extra cash goes straight to the highest-interest one. Once that’s paid off, move on to the next debt with the next highest interest, and put extra cash toward it until you’ve reached a $0 balance. Keep repeating the process until you’re completely debt-free. |
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| Submit your questions to Jean here. |
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