Hey there.
We hope you enjoy some downtime this Labor Day weekend. But before you go OOO...let’s talk money.
Headlines, Skimm'd
Job growth hits a speed bump. Employers added 235,000 jobs in August – the fewest since January. Economists had expected growth of more than 720,000 jobs, but rising concerns over the delta variant slowed hiring.
Ida wreaks more havoc. Remnants of the hurricane led to devastating flash floods and tornadoes in the Northeast. If your property was damaged, read your insurance policies carefully. Heads up: standard homeowners insurance typically doesn't cover flood damage, but comprehensive auto insurance does. If you do have flood coverage, follow these steps to file a claim. Oh, and here's how to support hurricane victims in Louisiana and Mississippi.
Not so secure. A new report says the Social Security trust fund will run out of money by 2034, a year earlier than previously predicted. Thanks, pandemic. Psst...here's what that means for you.
News to Wallet
How BOGO, Flash Sales, and Other Marketing Tactics Affect Your Wallet (and Your Willpower)
Labor Day weekend means big sales. According to one survey, about a quarter of shoppers say they're ready to spend more this weekend than this time last year. But buyers, beware of sneaky retailer tricks that lead to overspending. We Skimm’d what to watch out for so you don't end up in the red.
Make Good (Money) Choices
If your kids think Amazon packages grow on trees…
Time for show and tell. You can help your kids develop healthy habits around budgeting, giving, and investing – through your words and actions – early on. We asked Tanya Van Court, founder and CEO of family financial app Goalsetter, for her best tips for teaching kids money lessons that stick. Read what she had to say.
If you’re worried about your next trip being canceled...
Look into travel insurance. Buying a policy might help you recoup some costs, but read the fine print. Basic travel insurance usually covers cancellations or interruptions due to illness (like a positive COVID-19 test). Plus other expenses like meals, hotels, and damaged or lost property. But it probably won't have your back if your destination suddenly becomes a COVID-19 hot spot. We Skimm’d more about travel insurance, including free ways you may be able to protect your investment.
If you want to add a little spice to your space…
Let us upgrade ya with these home decor picks under $75. A few faves: faux marble contact paper for your counters and tabletops, zodiac-themed throw pillows, and a set of bubble candles.
Asking for a Friend
Q: How did you budget when you were paying off $32,000 of debt in 18 months?
Meriam Seboka: When I first started budgeting, I budgeted by month. [But] I found that method didn’t really work for me as I continued to overspend in certain categories, and I found it more difficult to make my money stretch the entire month. I then pivoted to budgeting by paycheck. That means every time I get paid, I allocate money to groceries, gas, self-care, and my other other expenses. And I usually allocate anywhere between $1,000 to $1,800 to debt per month.
Watch to hear more about how Meriam hit fast-forward on paying off debt – even after taking a pay cut to switch careers.
Hot Off the Web
Goldman Sachs says 750,000 US households could be evicted by EOY.
US v. Elizabeth Holmes – aka the Theranos trial – kicked off this week.
Simone Biles is jumping into the NFT craze.
Ikea might buy back the desk your dad spent hours building.
Home prices are 41% higher than at the height of the 2006 housing boom.
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