Hi y’all —
Happy almost Thanksgiving! Amid the travel and baking and grocery store runs and cocktails and shouted warnings to not accidentally burn the crescent rolls again this year, I try to find time to reflect on what I’m grateful for.
Of course, I’m endlessly thankful for my health, my family and my friends. I also count my job, my cozy apartment and my ability to travel as major blessings. But because I’m the Dollar Scholar, a lot of the other entries on my gratitude list have to do with money.
In the spirit of Thanksgiving, I thought I’d share them all with you. Here’s what I’m thankful for this year:
OK, so the past year and a half of interest rate hikes hasn’t necessarily been great for everyone (sorry in particular if you’re a homebuyer attempting to find a cheap mortgage). But I do appreciate that the ratcheting-up of rates has helped to cool inflation. Though we’re still a long way from 2%, the progress is undeniable: This time last year, inflation was 7.1%. Last month, it hit 3.2%. My wallet is finally catching a much-needed break.
Perhaps the thing I appreciate most about the Fed’s rate hikes is the indirect effect they’ve had on my high-yield savings account. My APY is now 4.25%, which means I’m earning a lot while stashing money away. This won’t last forever, so I’m making the most of it while I can.
I loved when “girl math” went viral on TikTok this summer because it 1) got women talking about money, 2) promoted guilt-free spending and 3) helped me justify my own purchases. As long as I’m organized in other areas of my financial life, there’s nothing wrong with fudging the numbers so I can splurge on something meaningful to me. Girl math forever.
… right? RIGHT??
Pre-pandemic, Americans could request a free online copy of their credit report once per year from each of the three major credit bureaus. Experts, therefore, suggested pulling one report every four months so as to spread out the requests.
When COVID-19 hit and the economy cratered, the bureaus decided to allow people to download free weekly online credit reports to help them manage their money. This was meant to be a temporary policy, but it got extended several times, and Experian, Equifax and TransUnion announced in September that they were making this free weekly access permanent. Checking my credit report more often can help me improve my score, know my chances of loan approval and spot identity theft sooner.
The financial world was rocked to its core this spring when three major banks collapsed in rapid succession, sending Americans spiraling about whether the money in their accounts was actually safe.
The answer, fortunately, is yes. The Federal Deposit Insurance Corporation protects up to $250,000 per depositor, per account type, per institution. That gives me serious peace of mind.
This Facebook group/Instagram account/podcast (yes, it’s all three) has thousands of members who are constantly posting incredible deals, product recs and charitable giving opportunities (yes, all three).
Store return policies have been getting worse lately — some retailers have begun charging flat fees to restock items, and others have tightened their return windows. Companies don’t want clothes sitting in customers’ houses while they deliberate because that means those products are off the floor, can’t be sold and will likely soon go out of season. High interest rates mean stores need all the cash they can get, so they’re cracking down.
As a customer, I’m thankful for retailers that still have generous return rules (like L.L. Bean, which accepts returns for up to one year after purchase). Some companies, like Apple, are even rolling out extended holiday return windows for gifts purchased before Dec. 25. That’s perfect for a frantic shopper like me.
I don’t even want to know how many pints of this I’ve eaten while watching Star Wars in 2023. Ignorance — and chocolate-caramel ice cream with chocolate chip cookie dough, peanut butter cookie dough and chocolate cookies in it — is bliss.
I got a Chase Sapphire Preferred in May so I didn’t have to pay foreign transaction fees while on vacation in Italy, and it has been amazing. I love the benefits, which include 2x points on travel purchases and 3x points on dining out, and the signup bonus wasn’t too shabby, either. After years of not earning credit card rewards, I feel like I’m finally starting to understand the hype.
As I hope you can tell, I love writing this newsletter. I am endlessly grateful for each and every person who takes the time to read it. I adore you and your emails and especially your 401(k)9/401(k)itty contributions. Thank you for your support, Scholars.
