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How to fight the ‘pink tax’ amid inflation

March 13, 2023 By Liz Weston

Trae Bodge, a shopping expert who lives in the New York City area, sees higher prices for products and services marketed to women everywhere: Socks, razors, shampoo and apparel are a few of the product types aimed at women that tend to cost more.

“I don’t know why brands think this is acceptable,” Bodge says. “It’s another punch to the gut as we’re trying to manage our budgets right now,” she adds, referring to rising prices across consumer goods categories due to inflation.

The phenomenon known as the “pink tax,” when products and services aimed at women cost more than their counterparts aimed at men, is well-documented across many goods and services. A 2021 paper co-authored by Stephanie Gonzalez Guittar, assistant professor in the sociology department at Rollins College in Florida, found that women pay more for deodorants and lotions, and that personal care products are increasingly differentiated by gender. For example, lotion for women cost an average of $2.97 per ounce compared to $1.86 for men.

While Equal Pay Day on March 14 focuses on the pay gap between men and women, it can also be a reminder to consider why being a woman so often comes with a higher price tag — and what to do about it. In Kimberly Palmer’s latest for the Associated Press, learn how to avoid paying the pink tax.

Filed Under: Liz's Blog Tagged With: inflation, pink tax

This week’s money news

March 13, 2023 By Liz Weston

This week’s top story: Smart Money podcast on how COVID-19 changed our finances — and our advice. In other news: Ride out fed rate hikes at a credit union, tax tips for crowdfunding, and credit or debit card for kids.

Smart Money Podcast: How COVID-19 Changed Our Finances — and Our Advice
This week’s episode features a roundtable discussion of Nerds reflecting on the financial impact of the COVID-19 pandemic.

Ride Out Fed Rate Hikes at a Credit Union
Credit unions return profits to their members through low fees, better rates on loans and higher rates on savings.

Are GoFundMe Donations Taxable? Tax Tips for Crowdfunding
If you set up a GoFundMe or another crowdfunded campaign in 2022, the money you earned could be considered a nontaxable gift — if you were mindful of the rules.

Credit or Debit Card For Kids: Which Is Best?
Choosing to give a child a credit or debit card depends on age, maturity and the goals for the child.

Filed Under: Liz's Blog Tagged With: credit or debit card for kids, credit union, fed rate hikes, GoFundMe, Smart Money podcast, tax tips for crowdfunding

How your ex could boost your Social Security

March 7, 2023 By Liz Weston

Katja Rivera, 64, is a massage therapist and theater director in Berkeley, California, who says she’s never earned more than about $30,000 a year. When her two daughters were small, she sometimes earned much less.

But Rivera was married for 10 years to a man who has consistently earned much more than she has. When Rivera retires in a few years, she expects to receive a Social Security check based on her ex’s greater earnings.

Many divorced people don’t realize they can get Social Security benefits derived from their ex-spouse’s work history, says William Meyer, founder of Social Security Solutions, a website that helps people determine when and how to claim Social Security. Those who are aware of the benefits often misunderstand crucial details and can make decisions that cost them tens of thousands of dollars over their lifetimes, he says.

In my latest for the Associated Press, learn how your ex could boost your Social Security.

Filed Under: Liz's Blog Tagged With: Social Security

This week’s money news

March 7, 2023 By Liz Weston

This week’s top story: Smart Money podcast on how to leverage inflation for your benefit. In other news: Justice department sues to block JetBlue, Spirit merger, 3 tax credits not to miss when you file this year, and 3 ways to get your income and other money faster.

Smart Money Podcast: How to Leverage Inflation for Your Benefit
In this week’s episode, we’re sharing NerdWallet’s recent webinar, which was about inflation.

Justice Department Sues to Block JetBlue, Spirit Merger
On Tuesday, the Justice Department sued to block JetBlue Airways from taking over Spirit Airlines in a $3.8 billion deal.

Don’t Miss These 3 Tax Credits When You File This Year
Credits are a more powerful tax-saving tool than deductions, and common programs, such as the earned income tax credit, can save you thousands.

3 Ways to Get Your Income and Other Money Faster
To get money faster, use early direct deposit, Zelle or instant cash-out on Venmo or Cash App. But availability varies.

Filed Under: Liz's Blog Tagged With: Cash App, cash-out, direct deposit, Income, inflation, JetBlue, Smart Money podcast, Spirit, tax 2022, tax credits, Venmo, Zelle

5 ways to deal with money envy

February 27, 2023 By Liz Weston

If you’ve ever scrolled through social media posts only to be gripped with envy when you see a friend posing in front of their beautiful house or enjoying themselves at a luxurious resort, then you understand how easy it is to want what other people have. Financial envy is real, and sometimes it can be ugly.

“Financial envy is absolutely normal. It’s part of the human condition,” says Yvonne Hampton, who holds a doctorate in personal financial planning and runs a financial therapy practice in the Kansas City, Missouri, area.

And it’s not necessarily a bad thing, she adds. “It’s an opportunity to dig more deeply internally about why we have that feeling so we can work through it and be happier in our own lives.”

In Kimberly Palmer’s latest for the Associated Press, learn five steps to take to deal with money envy.

Filed Under: Liz's Blog Tagged With: financial envy

This week’s money news

February 27, 2023 By Liz Weston

This week’s top story: Smart Money podcast on the tax 2023. In other news: In March, mortgage rates will have little reason to fall, what you should do with savings if there’s a recession, and why a new-construction home may cost less than you expect.

Smart Money: The Tax Episode 2023
This week’s episode starts with a conversation about how to know if you can file your taxes for free.

In March, Mortgage Rates Will Have Little Reason to Fall
There’s not much room for mortgage rates to fall unless inflation slows down.

What Should I Do With My Savings if There’s a Recession?
One of the best things you can do to prepare for a recession is build your emergency fund.

Why a New-Construction Home May Cost Less Than You Expect
Homebuilders are reducing prices and offering incentives, so buyers should reconsider newly built dwellings.

Filed Under: Liz's Blog Tagged With: March 2023 mortgage rates, new-construction home, savings during recession, Smart Money podcast

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