This week’s money mood: The next step, whatever it is

It can be life-changing to have a spending plan. It doesn’t have to be super elaborate. The idea is to be clear on where your money is going so you can ease off on spending a little, if you need to, while you pay off debts, save up an emergency fund, and start putting more money toward your future goals.

This week, I read about how the pandemic has basically forced many people into just this kind of spending plan. “With few avenues for spending and big purchases on hold, many Americans are saving more and paying off debts, helped by loan deferrals and relief aid.”

I don’t quite know how to feel about that. On one hand, I’m super excited to see so many people get a jump-start into awesome money habits.

On the other hand, the article goes on to say that this bump might be temporary. That the longer-term effects of the pandemic on the economy may still be in front of us. And that the number of people who are living in poverty has grown by eight million.

And we know that this recession has been particularly damaging to women — especially Latinx and Black women, and moms. And that the relief they need isn’t here yet.

So yeah. I don’t know how to feel. But I do have some ways to help. This week, tools for your next step, no matter where you are right now.

Here for you,

Julie Ross Godar, she/her
Editor in Chief

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What’s a mutual fund?

We got you, @squinn2121! A mutual fund is a type of investment vehicle, aka a thing you can invest in. It’s a common alternative to buying individual stocks and bonds.

Investors can purchase shares of a mutual fund, and all their money gets pooled together to buy a whole bunch of different individual investments. So if you own a share of a mutual fund, it’s kind of like you effectively own a small slice of all the different investments in the fund. That can make things easier and let you invest across a bunch of things at once, which can be less risky than investing in single stocks.

Mutual funds are run by professional money managers, aka people who decide exactly which investments go into the fund and keep it on track with the fund’s overall goals. (PS: At Ellevest, we prefer ETFs, though — they have a lot in common with mutual funds but have some extra upsides too.)

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Small $$ win of the week

“I’ve been setting aside 10% of my income, and it felt like such an insurmountable task when I started, but I’ve already passed the $300 mark, and I’m really excited to see how my financial freedom will grow from here.”

— Katia, an Elle Raiser from Boulder, CO

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This newsletter was written while watching every one of Blair Imani’s amazing “Smarter in Seconds” videos (which doesn’t take long, because seconds). Forward it to your smartest friends.

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*The “Three Months Free” promotional offer is offered to those who sign up for an Ellevest Executive Membership service on or before 12 AM EDT on November 2, 2020 (the “Promotional Period”). Clients who enroll before the end of the Promotional Period will pay no Ellevest Membership fee for the first three months of their membership period, starting on the date the membership agreement is acknowledged. After three months from this date, the applicable fees for the Membership service selected will be reinstated. Other fees as described in the Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

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What The Elle - What’s Your Next Step?

This week’s money mood: The next step, whatever it is

Tips to boost your credit score

“What to Do If You Can’t Pay the Bills”

What’s a mutual fund?

Hey, Executive

Small $$ win of the week

Do more for your money and career.

This newsletter was written while watching every one of Blair Imani’s amazing “Smarter in Seconds” videos (which doesn’t take long, because seconds). Forward it to your smartest friends.

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