Women own less, save less, carry more debt, and are less financially literate than men. That changes now.
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How the news affects your finances.
Combining Finances
Nearly 25% of Americans prefer to keep separate accounts from their partners, according to a Bankrate survey published earlier this year. The data also shows that millennials and Gen Zers are more likely to have separate accounts from their partner. However, other studies — like this one published earlier this year in the Journal of Consumer Research — have found that combining finances with your partner might make you happier. Plus, it can help you hit major money milestones, like buying a home, faster. (Hint: On average, married couples hold more wealth than unmarried couples.)
Your move:
Make time to talk about your finances. And make it a recurring date. Need ideas for an agenda? Set your budget for next month and check in on your progress toward a big money goal, like saving for a down payment.
Know your money personality. What informs your financial decisions? Your partner’s? If you’re a saver but your partner’s a spender, look for ways you can compromise to stay on track with your collective money goals.
Be open with your partner about money. Sharing your money goals and struggles (hi, credit card debt) with your partner can be scary. But it’s a crucial step if you’re merging your money because financial infidelity is real.
for the group chat
The money stories everyone’s talking about.
Investing confidence is on the rise…
Among Hispanic and Latina women, according to a new JP Morgan Wealth Management study.
After-work happy hour with coworkers? ‘Thanks, but no thanks.’
More and more workers are adopting a “5:01 and done” mentality.
Federal student loan payments resume next month…
But many financially savvy Americans are paying early.
Want to boost your productivity?
Try going into “monk mode.”
market update
The Wall Street trends to know this week.
Tomorrow, Instacart stock will reportedly start trading under the symbol “CART.” Shares are expected to be priced at about $28 to $30 each. Although the company is aiming for a valuation of up to $10 billion — a far cry from its 2021 valuation of $39 billion — it’s expected to be one of the most talked about IPOs, aka initial public offerings, of 2023.
5-minute money tip
Small step now, big payoff later.
Open a Roth IRA.
Yes, even if you have a 401(k). Because unlike your 401(k), which uses pre-tax dollars, the money you put into a Roth IRA is taxed upfront. Translation: You can withdraw the contributions you’ve made at any time completely tax-free. Hello, flexibility. Note: You can’t withdraw any Roth earnings until age 59 ½ without paying taxes or penalties.
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