HerMoney with Jean Chatzky Jean Chatzky Her Money

In this Mailbag, Jean talks to Patti and Patrick about the substantial student loan debt they’ve incurred on behalf of their daughter and explore various ways to pay it down including using a home equity line of credit or tapping into retirement funds. Jean gives detailed guidance on the best approach to consolidate the debt. The episode also touches on the broader financial responsibilities parents face and the importance of open communication with children about the realities of debt. 
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Takeaways:

When dealing with multiple student loans, consider consolidating them to secure a lower interest rate. 

Before tapping into retirement funds or other long-term savings to pay down student loans, consider the tax implications and potential penalties. 

Home equity lines of credit can be a viable alternative for paying down student loans, but compare interest rates and terms.


Chapters:
00:00:00: Introduction
00:02:52: Details of Student Loan Debt
00:05:18: Interest Rates and Consolidation Options
00:07:52: Home Equity and Savings
00:13:38: Financial Planning and Parental Support
00:16:08: Next Steps

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
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Is your budget working? The 50/30/20 budgeting rule — one of the most popular budgeting methods that has been around for 20 years — was created by Elizabeth Warren (yes, that Elizabeth Warren) and has largely been seen as the “gold standard” of budgeting ever since. But does it work for today’s economy? There’s also reverse budgeting, which we use in our Finance Fixx program, and has helped our participants save an average of $1,500. The point is, we have options, and our goal with our money should always be to find the one that works best for us — especially when our budget isn’t working the way we need it to
This week, we’re talking about 60/20/20 budgeting with Sean Pyles, host of the Smart Money podcast. He shares why he thinks this budget is a better framework to follow, and how we can all make budgeting just a little more fun. 
In Mailbag, we hear from someone who’s in the market for a car and is wondering if now may be the best time to buy an EV. We also hear from a listener who is looking for strategies to consolidate her credit card debt to lower her APR.

Chapters:
00:00 The 50-30-20 Budgeting Rule
03:19 Different Perspectives on Budgeting
08:48 Adjusting Budgeting Categories for High-Cost Areas
12:10 Cash Stuffing and the Fun Side of Budgeting
20:04 Considerations for Buying an Electric Car
24:53 Managing High-Interest Credit Card Debt 

Takeaways: 

Budgeting is not one-size-fits-all and should be tailored to individual circumstances and preferences.

Tracking spending can help identify areas where expenses can be reduced or optimized.

Consider alternative budgeting methods, such as budgeting backwards or using the spending and savings bucket method.

In high-cost areas, it may be necessary to adjust budgeting percentages to accommodate higher expenses.

When dealing with high-interest credit card debt, explore options like negotiating lower interest rates or considering a balance transfer or debt consolidation.

When buying an electric car, consider factors such as charging infrastructure and range anxiety.

Explore not-for-profit credit counseling agencies for assistance with managing credit card debt.


More money news when you need it! Get the latest and greatest updates on all things investing, budgeting and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
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In 2010, Lauren Cobello (formerly Lauren Guetman) created an entire brand as “the coupon lady” after she shared her story of how she got her family out of $40,000 in debt by couponing and budgeting. By 2016, she was posting multiple times a day, wrote a few books about couponing and budgeting, and was filming family finance videos with her kids and her husband as main fixtures in her online universe. 
But here’s the thing about creating a brand and a community around your personal story — sometimes that story falls apart. By 2017, Lauren and her husband split, leaving her to navigate life as a single mom of four….and back in debt again. For a while, she continued to post to keep her brand alive but felt completely inauthentic doing it. Listen in to hear how she reinvented her career — and the personal finance hacks she still utilizes to keep her monthly budget in check.

Chapters:
00:00:00 - Introduction 
00:05:26 - Lauren's Personal Debt Experience and Recovery
00:09:41 - Therapy and Financial Healing
00:10:34 - Strategies for Managing Money and Avoiding Impulse Spending
00:16:14 - Couponing and Meal Planning
00:21:00 - Career Transition to Media and PR
00:29:12 - Mailbag

Takeaways:

Get real with yourself and take control of your finances by focusing on what can be controlled.

Meal planning and freezer cooking can save money on groceries.

Building a brand using books and media can be a powerful strategy for business growth.


More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special Mother’s Day Mailbag edition, Jean talks to mother-daughter duo Mollie and Chris about Mollie’s recent divorce. Jean addresses questions on how to make sure Mollie’s ex-husband's finances are no longer tied to hers, and we tackle how best to combine Mollie’s multiple retirement accounts. 
Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

Closing a joint bank account and starting fresh is the best option after a divorce.

Having an ex-spouse's name on a credit card does not impact the primary cardholder's credit, but it can be removed by contacting the credit card company.

Rent payments can be reported to credit bureaus through services, which can help build credit for individuals with thin credit files.

Consolidating multiple retirement accounts into one brokerage account can make it easier to manage and monitor investments.

Converting traditional retirement accounts to Roth accounts can be beneficial for long-term growth, but it's important to consider the tax implications.

Maintaining a good credit score and making solid financial decisions are key to navigating post-divorce financial challenges.


Chapters:
00:00 Introduction
03:03 Closing Joint Bank Accounts and Removing Ex-Spouse from Credit Cards
05:04 Building Credit with Rent Payments
09:03 Consolidating Retirement Accounts for Better Management
12:52 Considering Roth Conversion for Long-Term Growth

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Money touches everything in our lives. And for women, who have long been documented to earn less than men, save less than men, and invest less than men, the stereotype is often that we’re doing money “wrong.” 
But it’s getting old. We know that statistically, women are better investors than men are, we fare better during times of recession, and we’re often more thoughtful about our budgets. Yet the stereotypes persist: the “girl math” trend of recent years tried to insinuate that we’re messy and unreliable with numbers, and countless female characters in pop culture (those in Fleabag, Sex and the City, and Girls, to name a few) just can’t seem to get their finances together, no matter how hard they try. 
We say enough is enough. And we aren’t the only ones. Jo Piazza feels the same way — which is exactly why she flipped the script for the main character in her new novel The Sicilian Inheritance. Listen in to hear her story. 
In Mailbag, we hear from a listener whose 18-year-old son is looking for the best ways to start to build credit, and we hear from a woman who is about to have her first baby and is being pressured by friends to make big (and expensive!) life changes. 
Chapters: 
00:00:00: Introduction 
00:06:32: Portrayal of women in finance and media
00:10:03: Strategies for managing work and family life
00:21:22: Managing the impact of social media
00:25:40: Transition to mailbag segment
00:26:01: Financial advice for young adults and credit cards
00:30:20: Lifestyle changes after having a baby

Takeaways: 

Women are often portrayed as messy and unreliable in finance and media, perpetuating stereotypes that can be damaging and untrue.

The influencer culture on social media can create an expectation gap between real life and the curated images and lifestyles portrayed online.

Financial influencers should be approached with caution, as not all advice and recommendations may be reliable or suitable for individual situations.

There is a need for better regulation and transparency in the influencer industry to protect consumers and ensure ethical practices.


More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special Mailbag edition, Jean and Kathryn Tuggle, HerMoney CCO, are on the mic answering questions from our listeners. First, we hear from a recently retired listener who has all of her money in Certificate of Deposits (CDs) and is wondering what to do next. We also hear from someone who is looking for resources that can help teach her three kids about money. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

A financial advisor can help you understand your current investments and make your money last in retirement 

Work with a fee-only financial advisor who is not paid by commissions for selling specific investments

Teaching kids about money involves teaching them about investing and managing the money they have.

Setting up a system like an electronic allowance can help kids learn how to budget and make choices with their limited resources.

Kids should learn the value of money, how to budget, and how to save


Chapters:
00:00 Introduction
04:50 The Benefits of Daily Money Managers
06:52 Financial Advisor Recommendations 
09:17 Teaching Kids About Personal Finances
12:08 Opportunities for Kids to Earn and Manage Money
13:21 Teaching Kids About Credit and Investing

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices