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Stat Of The Day
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$570
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That’s the average amount families are expected to spend per child (grades K-12) on back-to-school supplies this year. The good news? It’s down from last year’s average of $586 – even though the cost of basics, like backpacks and pencils, is up. According to a recent survey, tariffs are pushing parents to get strategic with their shopping. Want insider tips from some of the savviest parents at the bus stop (aka, HerMoney readers)? Scroll on.
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Flying Blind: Why The BLS Shakeup Could Cost Women
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“What is so worrying right now is not just that we’re flying into a storm; it’s that we’re flying blind, or we risk flying blind if we don’t have good data,” Kathryn Edwards, Labor Economist
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This month, the head of the Bureau of Labor Statistics (BLS) was abruptly fired hours after releasing a disappointing jobs report. The White House said the August report was “rigged,” but economists warn the move could be catastrophic. When labor data becomes politicized – or unreliable – women’s wallets take the biggest hit.
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Why? BLS data determines your Social Security benefits, tax bracket and everything from groceries to gas. Without accurate numbers, it’s harder to plan, invest, and protect your finances.
On the HerMoney Podcast, labor economist Kathryn Edwards explains why the latest numbers point to a dangerously weak job market – and whether that means a recession could be coming, even with recent growth.
She also warns that the impact of three major Trump administration goals – cutting the federal workforce, cracking down on immigration and instituting tariffs – has yet to show up in the data. “What is so worrying right now is not just that we’re flying into a storm; it’s that we’re flying blind, or we risk flying blind if we don’t have good data,” says Edwards.
Still, Edwards is optimistic about the economy’s longer-term prospects. Tune in to hear why – and learn what you can do to prepare financially – here.
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This Week In Your Wallet
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Looks like tariffs are about to take your car insurance for a ride…and not the fun kind. A new report from the insurance-comparison platform Insurify says the nationwide average cost of full-coverage car insurance could increase by 7% between June and December if current tariffs hold, compared to 4% if they hadn’t been implemented. “In raw terms, the average cost could hit $2,472 with tariffs, compared to $2,402 without them,” reports Axios, noting that tariffs drive up insurance rates by increasing the cost of imported parts needed for repairs.
🚘 One of the easiest ways to pump the brakes on your premium? Use this tool to shop around for the best car insurance rates.
Working moms are increasingly calling it quits. As The Washington Post reports, the share of employed mothers ages 25-44 with young kids has fallen nearly every month this year, dropping almost three percentage points between January and June to its lowest level in almost three years. Much of the pandemic-era progress, fueled by remote work and flexible schedules, has been erased. Now, rollbacks of those policies – plus federal layoffs – are pushing more women out. “It’s become harder for women, particularly those with caregiving responsibilities, to thrive in this job market,” Misty Heggeness, a professor at the University of Kansas and former principal economist at the Census Bureau, tells the Post. “It’s clear that we’re backsliding in the Ken-ergy economy, that the return-to-office chest pounding is having a real ripple effect.”
If your mental health has been running on empty, it’s okay to take a step back from anything draining your energy — including work. This week on HerMoney.com, we’re highlighting six solutions for getting the time and space to care for your mental health, without putting your career on hold. Start by checking out your company’s HR portal or hiring paperwork to understand what you qualify for. If you can’t find details online, your HR team can walk you through options to get the support you need. A common resource? Employee Assistance Programs (EAP), which offer free counseling, referrals, assessments and more. “EAP is set up through your company, so if you can’t find details on your online portal, your HR department will know more about your specific model and policy — just ask,” writes Sophia Surrett.
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Things That Save You Money
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Back-to-school season is here – and so is the spending. Luckily, HerMoney readers have your wallet’s back with their best money-saving hacks:
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Make old stuff new again. That backpack from last year? It’s still a winner. “Puma bags from Costco hold up great,” shares HerMoney reader Kimberly. “I still have my JanSport bag from college…it's over 25 years old!”
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Stack your discounts. Teachers and college students can snag 20% off one Target trip. Reader Annie’s pro tip – plan ahead, load up your cart, get everything in one swoop and use your Target Circle Card for an extra 5% off.
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Go tax-free. Over a dozen states offer sales-tax holidays during the back-to-school season and many are still coming up. See if your state is on the list here.
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Score Apple perks. With Apple’s education discount, students and teachers can save on tech, plus, for a limited time, get free AirPods or another eligible accessory with purchase.
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Thrift like a pro. From brand-new clothes (with tags still on!) to kitchenware for that first college apartment, secondhand shopping can help you save serious cash. You can even browse Goodwill’s best finds online. Here’s our how-to guide.
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Ask Jean
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Today’s question comes from Carrie. She writes: I just listened to your podcast episode with Mellody Hobson, which was great! My 21-year-old has expressed interest in investing. How much is a safe but worthwhile amount for them to start investing with? Should they work through our advisor or just go online?
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The average person starts investing around age 30 – and many wish they had begun much earlier. Lucky for them, your 21-year-old is already on track to be ahead of the game!
One of the best parts of investing is that you don’t need a lot of money to get started. Many financial institutions have no account minimums, so your child can begin investing with as little as a dollar.
A smart first step in their investing journey? Opening a Roth IRA. Contributions come from after-tax dollars and grow tax-free. Plus, if life throws them a curveball, Roth IRAs have friendlier withdrawal rules than traditional IRAs. Here are some great places to open one.
Now comes the fun part: Picking investments. Whether you do so through your advisor, or an online platform is completely up to you. If you’re working with a broker (whether in person or online ), I recommend broad, diversified index funds or ETFs. If you use a robo-advisor, it will suggest investments automatically.
If your young investor feels adventurous or believes they’ve ID’d a stock that’s ready to soar, they can buy a share or two. Mellody Hobson, investing trailblazer and author of "Priceless Facts About Money,” loves this approach. She says, “These days, it’s so easy to buy fractional shares and things like that, where you can do it in a very affordable way. It could be they check in on once a month, once a quarter, once a year, but they recognize that as part owner of that business, they share in both the good and bad outcomes of that company.”
That said, picking a handful of stocks carries more risk than spreading money across a broad fund. For growth and peace of mind, steady investing in low-cost index funds is the way to go.
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Submit your questions to Jean here.
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More For You To ♥
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💄 Ready for a makeover? Not the beauty kind – you’ve got that covered. We’re talking about a money makeover with FinanceFixx, HerMoney’s proven coaching program that helps you see exactly where your cash goes so you can save more, spend smarter and crush your goals. Seats for our September classes are going faster than free Sephora samples. Snag your spot here.
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