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| Stat Of The Day |
| 2.40% |
Mint Juleps and maxed-out clothing budgets. A new survey from WalletHub shows people in Kentucky spend 2.4% of their monthly median household income on clothes, more than any other state. On the flip side, Nevada residents spend the least on style. However, even the most frugal fashionistas need to brace themselves—clothing prices are climbing. Read on to learn what’s behind the rising cost of your closet. |
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| You Don’t Need A Budget: Here’s Why |
Have you ever felt like you’re just bad with money? Like, no matter how many budgeting apps you download, or how many spreadsheets you build, nothing ever sticks? Perhaps the problem is that you don’t really need a budget. Yes, it sounds counterintuitive, but stick with us.
On the HerMoney Podcast this week, Jean Chatzky sits down with Dana Miranda, author of "You Don't Need a Budget: Stop Worrying about Debt, Spend without Shame, and Manage Money with Ease." As Miranda explains, for some individuals, an intuitive, values-based approach is best for building a healthier relationship with money.
Miranda’s strategy is similar to reverse budgeting, where you prioritize your savings goals, like retirement, instead of expenses. She says for the budget-averse, the best place to start is by getting a true "lay of the land" with what’s going on with your money, so you know where it’s going and can see what changes you’d like to make.
"I lay out an exercise called a ‘money map,’ where you list all of your resources and your financial commitments, and what's left is what I call a ‘yes fund,’" explains Miranda. "That's your safe-to-spend fund. It is a fund that you can spend freely from, without the stress of tracking every dollar."
PS, HerMoney CEO Jean Chatzky doesn’t care if you have a budget either. Her philosophy? "I care that you save first, and if you are consistently saving enough for your short-term emergencies and your long-term future, do whatever you want with the rest of your money," she shares.
It’s the methodology behind FinanceFixx, our money makeover program. FinanceFixx can help you get a better handle on your money and save more. The average FinanceFixxer saves $1,500 over the course of the program.
Our next FinanceFixx session starts on April 29, and it’s specifically for pre-retirees. Sign up here and use code SAVENOW for a special discount. |
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| This Week In Your Wallet |
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Barbie would NOT be OK with this. Research shows "pink tariffs" cost women $2 billion per year. Similar to the "pink tax," the pink tariff concept refers to the way the U.S. tariff system increases the prices of women’s clothing more than those of men’s. According to CNN, tariffs on women’s clothing are currently about 3% higher, resulting in women paying an average of $1 more per garment than men. The new Trump tariffs are expected to widen that gap even further, with prices for clothing basics, such as socks, t-shirts, and sneakers, set to see price increases first. "The cost increase will be higher at the low end than at the luxury end," Edward Gresser, vice president and director for trade and global markets at the Progressive Policy Institute, said. "Hourly-wage America will be carrying a lot of the tariff burden."
A new report shows that for only the second time in a decade, the national average FICO credit score dropped. It didn’t fall much — just from 717 to 715, but the report also highlighted that this is expected to be just the start of the decline. The number of consumers falling behind on payments increased over the past year, largely due to the resumption of federal student loan delinquency reporting on consumers’ credit, as CNBC reports. "We expect to see more than nine million student loan borrowers face substantial declines in credit standing over the first quarter of 2025," Fed researchers recently noted. "Although some of these borrowers may be able to cure their delinquencies, the damage to their credit standing will have already been done and will remain on their credit reports for seven years."
Yes, you can stay in a Victoria Ratliff-approved hotel (IYKYK) without breaking the bank. As Aly Walansky writes for HerMoney, there are some easy hacks to getting cheaper hotel prices when you travel – and in some cases, for free, if you use a hotel-branded credit card. "The World of Hyatt Credit Card offers a free night at any Category 1 – 4 Hyatt hotel as long as you hit their required spending minimum," says Andrea Woroch, a consumer savings and budgeting expert. "The IHG Rewards Premier Credit Card gives cardmembers a free anniversary night certificate every year, and the Marriott Bonvoy Boundless Credit Card provides 5 free nights when you first sign up and hit the spending minimum." |
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| Things That Save You Money |
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| Ask Jean |
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| Q: |
Today’s question comes from Keren. She writes: I’d love to learn about the relationship between stock prices and market volume. Can you explain? |
| A: |
Let’s break this down – price is, of course, the current cost of a stock. Volume is the number of shares traded during a period of time, typically over the course of a trading day.
These two factors are connected because volume often confirms or calls into question price movements. "Technical analysts will study it [the relationship between price and volume] to help identify trends in market sentiment," explains Erin Hadary, a Certified Financial Planner and partner/owner at Moneta Group.
What do changes in stock prices and market volume tell us? It depends. "High volume with rising prices equals bullish sentiment, while high volume with falling prices equals bearish sentiment," explains Hadary. On the other hand, falling volume and rising prices "can suggest a negative trend is emerging and a potential reversal in price movement," she adds.
If the markets are experiencing a rough patch or a volatile environment, like the one we’ve seen recently, "volumes can rise significantly as investors rush to sell or buy," explains Harday. "That said, the liquidity may not be there, which can then affect the cost (bid-ask spread) to transact." In other words, trading activity can spike, but even with more people trading, there might not be enough buyers or sellers at the right prices, which can make it more expensive or harder to make a trade. |
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Submit your questions to Jean here.
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