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| Stat Of The Day |
| $34.1 Billion |
We love our moms. A lot. And we’re spending to prove it. According to the National Retail Federation, Mother’s Day spending is expected to reach $34.1 billion this year. That’s not quite the record spent in 2023, but with tariffs taking a toll on everything from chocolate to tulips, the celebration budget is heading up. |
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| Mom’s The Word: Mother’s Day Gift Ideas That Won’t Break The Bank |
Mom’s big day is just around the corner, and for many, it can be a challenge to get her something she actually wants (hint: it’s not a vacuum, or anything related to cleaning, for that matter).
There is no shortage of Mother’s Day gift ideas, but for any money-savvy person, (ahem, if you’re reading this, we think you’re one of them!) the goal is to find something that says "thank you" to the mother figure in your life without busting your budget.
This week on HerMoney.com, we’re rounding up some of the best gift ideas, straight from moms themselves. One of them? Go green with a gift that ensures Mom thinks of you every time she sees it. "I always get a new flower or flowering bush for my mom’s backyard," says HerMoney reader Cheryl. "I live 2,000 miles away, so my dad takes her to the local greenhouse on my behalf and she picks out what she wants." While most bouquets last around a week, a flowering bush or house plant (some of which can live for decades!) can be a great option that ensures you get your money’s worth. |
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| Taking Control When Tariffs Have You Tight On Cash |
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We’re not going to sugarcoat it. Tariffs are expected to inflict a lot of financial pain. As our CEO Jean Chatzky shared recently on CNN, the average American household is expected to spend roughly $3,800 more this year on everything from clothing to cars.
If you know you need a better budget to cope with what’s ahead, (I mean, don’t we all??) our financial coaching program, FinanceFixx, can help. Our next 4-week session kicks off June 10th and can help you create a budget, refresh an existing one, or find additional savings for a big financial goal. (New car, anyone??) The average FinanceFixxer saves $1,500 over the course of the program.
The time to tariff-proof your budget is now, so sign up for our June 10th session here, and use code SAVENOW for a special discount, only for HerMoney readers! |
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| This Week In Your Wallet |
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If you’re planning on making upgrades to your home in 2025, you can expect to pay more. A recent poll shows a majority of construction and design pros anticipate tariffs will heavily impact costs, with the highest price hikes coming for things like lumber and plywood, steel, flooring and aluminum. As House Beautiful reports, though, it doesn’t mean you have to put all your projects on hold, as some are essentially "tariff-proof." For example, landscaping upgrades. "Landscaping can be considered the closest to ‘tariff-proof,’ as materials like concrete, stone, plants, and other ground cover would be less exposed to global trade," explains Kevin Sturm, Head of Marketing at Hover, a home renovation app. "So now, as the weather gets warmer, it might be a great time to consider upping your curb appeal or planning a backyard makeover."
Delaying Social Security = a bigger bank for your buck. But new numbers show more people don’t want to play the waiting game. As The Wall Street Journal reports, pending Social Security claims for retirement, survivor and health insurance benefits totaled 580,887 in March. That’s up from 500,527 the year prior. "Many effects of the Trump administration’s swift and sweeping changes to federal agencies aren’t yet apparent, but with Social Security, they are already changing households’ financial decisions," reports Anne Tergesen. "Americans have long been anxious about Social Security’s stability, and Trump’s second term is heightening those anxieties." According to a recent poll, more than 75% of U.S. adults now say they worry a great deal or a fair amount about Social Security, a 13-year high.
ICYMI, House Republicans have unveiled a new plan to change how millions of borrowers repay their student loan debt. Currently, borrowers have 12 options for repayment. The proposal would trim that number down to just two options: Either fixed payments over 10 to 25 years, or an income-driven repayment plan, aka the "Repayment Assistance Plan (RAP)." "Under the RAP plan, monthly bills for borrowers would be set as a share of their income," Jason Delisle of the Urban Institute tells CNBC." The percentage of income borrowers would have to pay rises with their earnings, starting at 1% and going as high as 10%." The changes would only apply to those obtaining loans after July 1, 2026. Also of note, the new plan wouldn’t offer debt cancellation for 30 years (under the current income-driven repayment plan, it's typically 20-25) and, new borrowers "also wouldn’t have a share of their income protected anymore, as they do now." |
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| Things That Save You Time |
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A pack of moms, speed walking. It sounds like the opening scene of a superhero movie, but instead, it’s the "Mom Walk Collective," a community that hosts regular group walks that do double duty, promoting health and connection among moms. Search for a group in your area here. |
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Raise your hand if you’ve agreed to "Terms of Service" on a website or app without actually reading the fine print. We’re guilty. Next time, consider using this site, which provides easy-to-understand summaries of Privacy Policies and Terms of Service through a transparent and peer-reviewed process. |
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You don’t have to hire out for every home improvement project. Here are seven you can complete in a day, on your own. |
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| Ask Jean |
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| Q: |
Today’s question comes from Sharon. She writes: There is an inactive debt on my credit report that isn’t mine. How can I have it removed? |
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Errors on your credit report can negatively impact your credit score and be linked to serious matters, like identity theft. So, you’re going to want to address the debt on your credit report that isn’t yours, STAT. Here’s what you need to do:
1. Prepare a letter, addressed to the credit bureaus where the error appears, explaining the situation. (Make sure you’ve checked all three of your credit reports — from Experian, Equifax and TransUnion via annualcreditreport.com. Sometimes they have different information. Only contact the ones that have the error.) You’ll also want to make copies of supporting documentation, for example, a copy of your checking account statement showing a payment coming out (make sure any sensitive information is blacked out, though). Then, send the letters and supporting documentation by registered mail. Once they’ve been delivered, the credit bureaus will have 30 days to respond (but will typically get back to you within 10).
2. If they respond and say they aren’t correcting the error on your report, you can try again. If you get to this point, Lisa Gill, an expert in credit scores and reports for Consumer Reports, advises trying to find different evidence and preparing a new letter.
3. If a second letter and additional supporting documentation don’t work, you’ll have to take it to the next level. "Your next step is to go to the Consumer Financial Protection Bureau (CFPB), which is a government agency that takes consumer complaints," Gill says. Note, however, that although the CFPB is still operational, the future of the organization remains uncertain under the new administration.
4. If the CFPB cannot resolve the issue, and you still feel you’re right, you have the right to sue under federal law. According to Gill, a large number of attorneys specialize in this area, and it’s not as expensive as you might think. "If you have a legitimate claim and it’s ruled in your favor, the company will actually have to cover your legal costs," she adds.
For readers who haven’t been in your shoes, your situation highlights the importance of regularly reviewing your credit report. Learn how to access yours and how to read it here. |
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| Submit your questions to Jean here. |
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| More For You To ♥ |
📦 Sent packing? Employment attorney Peter Rahbar explains your legal rights, next steps, and a powerful mindset shift for anyone navigating a layoff on the latest HerMoney podcast.
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