editor's note
Happy Monday. My husband and I are finally in the last stages of merging our finances. We got married in December, and the process has taken us way longer than anticipated. One major win: We moved our down payment fund into a high-yield savings account that earns 4.25% (psst…some HYSAs have even higher rates right now). Next up, we’re using these tips to file our taxes jointly for the first time. Wish us luck.
— Megan Beauchamp / Senior Editor / Los Angeles, CA
follow the money
How the news affects your finances.
Your Money Mindset
Whether you’re maxing out your 401(k) or struggling to stick to a budget, your relationship with money runs deep. Some experts say it can even be traced back to what you learned before you turned 7 years old. For example, the way your parents managed their finances when you were growing up could influence how you handle your own money today. So if you want to improve your personal finances, you may need to revisit your money mindset.
Your move:
Start with small goals. A win is a win. Transforming the way you think about money is a huge task, but it doesn’t have to be overwhelming. Start with small, doable goals that are easy to crush. Think: Pay off the interest on one credit card, or automate one bill payment.
Talk it out. Experts say talking about money is a great way to improve your financial literacy. Salary conversations with your friends and coworkers can help level the playing field. Plus, financial transparency in a romantic relationship can build trust with your partner.
Figure out your financial priorities. Is homeownership your big goal? Or are you more drawn to FIRE? Your money goals are a great indicator of what you should focus on to gain financial independence. Spoiler: Some goals require more savings and bigger investments than others.
for the group chat
The money stories everyone’s talking about.
The Biden administration forgave $1.2 billion of student loan debt last week…
And some borrowers are even getting refunds.
Looking for a cheap way to boost your weeknight dinners?
This simple hack will only set you back roughly $1 to $3.
Move over, Pomodoro method…
The latest to-do list cheat is the POSEC method.
“Who TF Did I Marry”...
The viral TikTok series highlights tough financial lessons we can all learn from.
market update
The Wall Street trends to know this week.
Stocks are cooling off from last week’s highs. Nvidia’s record-breaking earnings report led to a lot of AI hype, but now the big question is: How long before AI reaches its peak? Hint: In just the last week, investors have poured over $20 billion into Nvidia stock options. Now, investors are looking ahead to inflation data that’s being released later this week for a potential reality check on the overall state of the economy.
5-minute money tip
Break big goals into smaller chunks.
Saving for something special? Try breaking your goal into smaller pieces. Saving $100 per month can make it less overwhelming than putting aside $1,200 all at once. Splitting up big purchases into smaller payments can have the same effect, even when you’ve already done your saving and it’s time to spend. Take My Chase Plan®, which lets eligible Chase cardmembers use what’s already in their wallet (and on their phone) to break bigger purchases into easier-to-manage payments. So you get more peace of mind — and wallet.*
*PS: This is a sponsored post.
q&a with nikki haley
theSkimm’s co-founders and co-CEOs, Carly Zakin and Danielle Weisberg, sat down with Republican presidential candidate Nikki Haley to talk about interest rates, tax cuts for the middle class, homeownership, and more.
One major topic covered: Why childcare costs are out of reach for so many working parents. Listen to the conversation here.
theskimm: here's what's next
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