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How To Pay Down Credit Card Debt And Heal Your Money Story
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On a sunny day in Prospect Park, Jamie Feldman checked her bank account and felt her stomach drop. Her $16,000 credit card was nearly maxed out and she had no job lined up after a layoff. She knew she couldn’t ignore her debt any longer.
That moment sparked a transformation; not just in her finances, but in her mental health, relationships, and self-worth. On the HerMoney Podcast, Feldman, co-host of the Debt Heads podcast, opens up about tackling her consumer debt and why paying it down is about far more than numbers on a spreadsheet.
One approach that made a real difference? Themed challenges, like “Money Saving March,” “No Restaurants July,” and “Cash Only November.”
“I think doing these challenges and implementing these ways of trying to find creative solutions completely changed my brain chemistry,” Feldman says. How? They forced her to find new ways to connect with friends, without spending a ton of cash. “I think that it changed me forever because not only did I start to understand my role and my value in my relationships, but I actually found that the people who were excited about doing these things with me and excited about finding these new ways to connect, those are my people.”
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This Week In Your Wallet
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Not all heroes wear capes – some carry diaper bags and take calcium supplements. We’re talking about the grandmothers who are rewriting the rulebook. Whether they’re crushing it at work or helping their daughters climb the career ladder by filling caregiving gaps, these multitasking women are redefining what it means to be a grandma, The Wall Street Journal reports. Most Gen X grandmas are still in the workforce, along with nearly half of boomer grandmothers, according to AARP. “These women are redefining grandparenthood, managing to be both more hands-on with the grandkids and more professionally ambitious than previous generations,” reports the WSJ. “But there’s an added, often overlooked, dimension: These grandmas remember all too well the struggles and stigmas they faced, and they are determined to ease the way for their working-parent kids.”
Deciding to lend money to a loved one is never simple. One HerMoney reader is opening up about her experience loaning $1,200 to her boyfriend – and whether she’d do it again. One unexpected side effect? It shifted how she viewed her SO. “When my boyfriend was considering an offer for a full-time job, I all but forced him to pass on the first offer and ask for more,” shares Terri Trespico. “I even found myself getting pushy about the newfound vacation time he was about to have and where he would spend it. I realized, with horror, that rather than him taking advantage of me, I was the one starting to lean a little hard on his choices, and I didn’t like it one bit.”
Most retirees must take required minimum distributions (RMDs) from pretax retirement accounts at age 73 or face IRS penalties. But what if you don’t need the money right now? Experts say you have options. One of them? Take the RMD and invest it in a brokerage account, where you control your investments. As CNBC reports, financial pros often recommend exchange-traded funds (ETFs) over mutual funds in these accounts because ETFs are “less likely to distribute capital gains or dividends throughout the year.” “It’s also easier for tax-loss harvesting, which involves selling a losing brokerage account asset to offset other portfolio gains,” Judy Brown, a CFP who works at SC&H Group, explains.
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Things That Make You Money
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Weddings are pricey…but what if you could turn yours into a mini money-maker? This French startup lets couples sell tickets to their big day via an app. Okay, it’s a little odd. But there are some people who get a thrill from real-life wedding crashing. Think of it as a chance to meet new people, enjoy food and drinks, and soak up someone else’s happily ever after.
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C’mon get appy. We’ve rounded up ten apps that let you make money in your free time, right from your phone. The list includes Swagbucks, a platform that pays users to take surveys (sometimes up to $100 each!).
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Remember when “moonlighting” meant waitressing or babysitting to make a few extra bucks? Gone are those days. Now, you can side-hustle your way to more money from the comfort of your own home. Here are 10 in-demand remote side hustles, and where to find them.
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Ask Jean
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My company is giving me a raise, but I’d like to ask for more. I’ve smashed every one of my goals and have been here ten years. Any strategies on how to do so?
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When asking for a raise, it’s all about the data. Start by figuring out your market value – what people in roles like yours are actually earning. Websites like Glassdoor can help, or, as career coach Elizabeth Pearson suggests, you can upload your resume to an AI tool, like Perplexity, and ask it to provide you with an estimate of your current market worth.
Next, quantify the “smashing” of goals you mention. Show exactly how your achievements translate into revenue or cost savings for the company. “It all has to lead back to revenue for your employer,” says Pearson. “You have to come up with some sort of number that your incremental sacrifice or effort has made.”
When you make your ask, stick to the numbers and avoid emotion. Present your market value research and quantified accomplishments clearly. If a salary boost isn’t possible, negotiate for perks that don’t hit the budget. “I never take no for an answer… I would get something,” adds Pearson. “Extra PTO, or two days work from home…you can get non-salary items if they really are in a cash crunch.”
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Submit your questions to Jean here.
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More For You To ♥
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💪 When life threw Kate Gallego a whirlwind of pregnancy, divorce and her mother’s cancer diagnosis, she never imagined running for mayor of Phoenix with a newborn in tow. On the latest episode of How She Does It, she shares how she overcame personal challenges to lead one of America’s largest cities with purpose and resilience.
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