We usually have to file and pay our taxes by April 15th. Not this year. The tax filing and payment deadlines have been moved to July 15th.
This means we don’t have to file or pay any taxes until July 15th. Yay! 🎉 The idea being that this will remove some of the financial burden of tax bills and paying accountants amidst an economic crisis.
BUT, if you are one of the 97 million Americans who expect to get a tax refund, why not file as soon as possible and get that cash in your bank account? 💵
Today is April Fool’s Day. I’ve always wanted to do a hilarious April Fool’s Money Musing but given everything going on, our current reality is April Fool’s enough for me.
Think about it…
We’re in a devastating global pandemic. All non-essential workers are quarantined in their homes, cheering on our essential worker heroes, and trying to homeschool their children.
This year Equal Pay Day falls on March 31. That's the day that the average woman (and in 2020, also white women) must work into 2020 to earn what the average man earned in 2019.
The numbers are far worse for women of color (August 13 for Black women, October 1 for Native American women, and November 2 for Latinas).
We have you covered with resources that debunk pervasive myths, explain what the pay gap is, and tell us what we can do about it.
First and foremost, you might have noticed that the stock market has been going bananas. 🍌 Why does this happen? Mostly uncertainty and the expectation that COVID will have a big impact on our economy.
In response, the Federal Reserve lowered interest rates on Sunday to almost zero. The Federal Reserve is our central banking system - their main job is to prevent and alleviate financial crises. They lowered rates in order to stimulate the economy. A.k.a. Try to get us and companies to spend our cash, instead of invest it or save it.
I’ve talked a lot about a study that shows that after we reach a certain level of income (accounting for cost of living where we live), our happiness doesn’t actually increase as we earn more money. And I’ve experienced it first hand. Every time I received a raise at work, I thought it would make a meaningful difference in my quality of life and financial goals. But it never happened.
Could I have been spending the additional money wrong? A new study says that’s probably the case.
According to researcher Elizabeth Dunn, money can buy happiness (1 point on a 10 point happiness scale) when we use it to buy us time rather than things.
In the world of personal finance, there’s a lot of focus on what we don’t spend money on and how we can save more. But the whole point of having money - after our needs are met - is to have and experience what we want in life. It’s important to focus on what we want to consciously and intentionally spend our money on.
In a few of my recent podcast interviews, I was asked about how I choose to spend my money. What do I choose to splurge on? Do I buy generic condiments or opt for name-brand? How do I feel about single-ply toilet paper?
In February, we’re bombarded with love stuff. You know what I mean – the pink 💖 and red, the overpriced chocolate 🍫, and commercials with doting partners gifting extravagant surprises.
But the truth is, (I know you know this…) our most important relationship is with ourselves. Many of us aren’t always kind to this all-important person. Here’s a sneaky way we do it…
Something really exciting happened in the news a few weeks ago that has me feeling very hopeful.
On January 23rd, Goldman Sachs announced that it would no longer take a company public in the US or Europe unless it had one woman or diverse board member. No more IPOs (where companies go from being private to having shares on the stock exchange) of companies with all white, straight male board members. And they have plans to up the rule to two diverse board members by 2021.
January is our busiest month at the Fiscal Femme. We open the doors to multiple classes, we’re hosting our first in-person Money Party, and we’re kicking off corporate financial wellness programs.
And even though it’s crazy, it’s truly a “fun” crazy because I’m in my element spending my days doing what I love doing best: speaking with, coaching, and learning from all of you!
But this could have gone very wrong (which it has in the past). This year I did something very smart…
Recently, I was at an event and saw Tiffany Dufu speak. I talked about her book, Drop the Ball, in a previous Money Musing because it was such a game-changer for me as I adapted to the workload and expectations of a new Mom.
She shared that we, as women, often think we need to tackle life alone. We often approach a challenge or problem by thinking: “What am I going to do about this? How can I solve this?” But really, what we should be asking is: “Who can help me solve this?”
A money party is a time to show our money some love. They’re so important because we tend to put off the non-urgent things relating to our money. We think we’ll get to it later and our to-do lists keep hanging over our heads.
One of the most important parts of a money party is going through your numbers. That means, going through each account and bank statement and calculating what you’ve spent in various categories for the month (don’t worry – there’s a template and a step-by-step process ✅ for that).
My first job in NYC was near the flagship Bloomingdale’s. It was probably the biggest department store I’d ever been in – it’s 9 stories high! The first time I went in and bought some clothes I was offered a store credit card that would save me 20% on my purchase.
20% off probably meant $50 in savings, and I felt like such an adult getting my very own credit card. Little did I know what I was getting myself into.
I love the New Year because it’s an ideal time for a fresh start. Apparently many of us feel this way - studies show there is actually a “fresh start effect” where we become more motivated when we have a fresh start (especially if we’ve failed in the past).
And money is definitely an area where most of us have failed in the past.
Merry Christmas, Happy Hanukkah, and Happy (almost) Kwanza for those who celebrate! 🎉
I have a tendency to want to go go go (some have affectionately nicknamed me “turbo” 😂) and that means I don’t often take time to reflect. Once I achieve something, I don’t take enough time to pause, celebrate, and evaluate what I could do better before moving on to the next thing.
I was recently with a group of friends who also run businesses, and we went around the table and talked about our 2019 highlights. We shared what we accomplished during the year, what we learned, and what we’re most proud of.
Last week we talked about the power of voting with our money. This week I want to talk about a form of activism that takes even less work. Intriguing, right?
I’m talking about the act of NOT doing something. I had a conversation this week about the expectations of hosting. Women, much more than men, feel pressure to have their apartment look like it is right out of a Pottery Barn catalog when people come over.
Is it because we’re all closet interior designers? NO! It’s because studies show that women are negatively judged when they’re home is messy.
Over the weekend, I planned on using the Cyber Monday sales to buy a home office setup. I got a screen, a keyboard, and a mouse - I’m pumped. But even though it was conscious and intentional, I noticed it affect me today. I thought, “Why not buy this other thing I need, too? I already spent $500! What’s another $10?”
If this resonates at all, I feel you!
Over the weekend, I planned on using the Cyber Monday sales to buy a home office setup. I got a screen, a keyboard, and a mouse - I’m pumped. But even though it was conscious and intentional, I noticed it affect me today. I thought, “Why not buy this other thing I need, too? I already spent $500! What’s another $10?”
If this resonates at all, I feel you!
As we approach the biggest shopping weekend of the year, I want to share the strategies I’ve developed for not over spending (too much). For years, I matter of factly decided I wouldn’t buy anything on Black Friday or Cyber Monday - and I consistently failed. 🤦♀️Sometimes bigger than others. These are five things that have changed the game for me.
