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IN THIS ISSUE: Higher wages, trimming food costs, and a potential investing mistake |
GOOD START
You can now renew your passport online. 1 That could cut your wait time, so you might not need to pay extra to expedite one for an upcoming trip. |
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THE HEADLINES
A save distanceWhat happened: Nearly 35% of millennials have no emergency savings, the highest percentage of any generation, according to a Bankrate report.2
Here’s why: Americans say inflation and high interest rates have made it harder to save money. Also getting in the way: income and employment changes. |
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What it means for you: It could get easier to sock away money for unexpected expenses: Inflation appears to be cooling, so interest-rate cuts may be on the horizon. Plus, Secure Act 2.0 legislation, which went into effect this year, could help boost your emergency savings with employer contributions if you’re eligible and your employer participates. Get
ideas for saving more money and places to keep your cash. |
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New wageWhat happened: Millions of workers started the month with higher pay.3
Here’s why: Nevada, Oregon, and more than a dozen cities, including Washington, DC, bumped up their local minimum wage on July 1. The catalyst behind some of these hikes: inflation or legislation.
What it means for you: Maybe a larger paycheck—in some areas, hourly wages will reach $20.4 As for consumers, past wage spikes have raised prices at some fast-food restaurants but made a negligible difference on grocery-store goods. Recently got a raise? Here are 5 options for your extra cash. |
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Join the clubWhat’s happening: Younger generations are in the (ware)house. They’re getting memberships to these giant stores, buying in bulk, and splitting costs with friends. One major warehouse store said Gen Z is the fastest-growing group of members—with Gen Zers and millennials already making up 25% of their total membership.5
Here’s why: Even though inflation’s starting to chill out, Americans spend 11% of their disposable income on food—the highest in 30 years.6 Buying groceries in bulk is one potential way to cut food costs.
What it means for you: Some warehouse stores are raising membership fees and prices, so before you go bulk, do the math. Figure out the per-item or per-ounce cost for each bulk buy, and compare it with generic or smaller versions to ensure the price is right. And don’t let bulk discounts trick you into buying more than you can use—if it’ll spoil before you finish it, it’s not a deal. Watch out, too, for crackdowns on sharing warehouse club memberships with friends. Here are
5 tips to save money on groceries. |
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EASY WIN
Check it outNeed to pay for an apartment security deposit or something else out of the ordinary with a check (ugh) but don’t have any? Ask your bank to print a “counter check.” A counter check has your account info on it and functions like a regular check, and usually only costs a few dollars. If you need a full checkbook, consider buying at a warehouse store, where they’re typically cheaper than at banks. And before you sign your lease, steal these
5 tips for negotiating your rent. |
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HOW TO
Tell if you’re being paid wellA peek at other people’s earnings can give you a clearer view of your own situation. |
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MONEY LIE DETECTOR
Being too conservative with investments could be a mistake.
True.Any time you invest, you take a risk that the money you’ve put into the stock market could be lost. But as they say, no risk, no (potential) reward. Even though past performance can’t guarantee future results, history has shown the stock market tends to rise over time.
A little more risk carries the possibility of higher returns. Still, downturns happen. When you’re in your 20s or 30s, though, you could generally afford to make riskier investments because you have time to recover from dips. Ready to invest? Get tools to help build good habits and support from pros (if you want it). Start here. |
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