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If your favorite college offered a streaming service, would you subscribe?
This option could become reality given the recent success of Hogs+, a platform launched by the University of Arkansas. Streaming may offer colleges a unique perk — and other universities are taking notice.
US stocks finished higher after the Federal Reserve hiked interest rates another 25 basis points.
• The Federal Reserve raised its policy rate by 25 basis points at Wednesday’s FOMC meeting. Fed Chairman Jerome Powell emphasized that additional rate increases would be appropriate and a substantial reduction of the Fed’s balance sheet was forthcoming.
• The Jolts Job Openings report showed the number of available jobs in the US increased to 11.01 million, topping market expectations of 10.25 million. Despite major headwinds from a flurry of aggressive rate hikes, the data points to a relatively strong labor market and the highest number of job openings since July.
What to be on the lookout for today
• The weekly reports for initial and continuing jobless claims will be released. Last week, the number of new Americans filing for unemployment hit 186,000, the lowest amount since April.
• On the earnings front, three of the five so-called FAANG companies report: Amazon (AMZN), Apple (AAPL), and Google-owner Alphabet (GOOGL). These tech giants wield an outsized influence on US markets. In particular, investors are curious to hear Alphabet’s response to two recently-announced antitrust suits filed by the US DOJ.
Learn 5 easy tips to avoid overspending.
1. Set up a budget that works for you. When creating a budget, it’s important to set aside money for both necessary and unnecessary spending each month. Many financial planners recommend the 50/30/20 rule, which involves breaking your after-tax income into three buckets — needs, wants, and savings.
2. Ask the right questions when shopping sales. There is power in the pause before a purchase. Before buying something on sale — regardless of how good the deal is — ask yourself if you really want and/or need the item, or if it’s the sale itself that could be driving the instinct to purchase.
3. Try a one-month spending freeze. Consider putting yourself on a 30-day nonessential spending freeze. Once you begin to see the payoff of not giving in to impulse buying, you may find yourself spending less — even after the freeze is over.
4. Switch to cash. Consider taking out enough cash at the beginning of the week to cover your daily expenses. The envelope system is one method which involves gathering envelopes for all your variable expenses, and labeling each one according to how much you’ve allocated in your budget.
5. Follow your money. Track your spending each day. This includes every cash, debit, or credit purchase you make, plus every bill you pay for an entire month. Seeing it clearly laid out could help you think twice before buying something nonessential, causing you to be more intentional with every dollar.
Want to build stronger financial habits in 2023? Learn more ways to cut back on spending that don’t require a complete lifestyle overhaul.
Today’s top stories
With the Fed’s 25 bps rate hike, the end of this aggressive rate-hike cycle is closer — but it’s not over yet. SoFi’s Head of Investment Strategy reports on the first rate hike of 2023, and why markets still think a victory is a real possibility. Read more >> Given a shift in consumer spending, there’s been a recent decline in the “nice-to-have” economy. Consumers are prioritizing spending on goods and services that are most essential, creating challenges for startups like Peloton (PTON), Carvana (CVNA), and Stitch Fix (SFIX), that offer “nice-to-have” services. Here’s what this might mean for them, and for you. Read more >> Mounting medical bills can be stressful. Fortunately, there are several strategies you can use to negotiate and potentially mitigate costs. We’ll explain how to research your medical bills, dispute overcharges, and negotiate a more fair and affordable price. Read more >>Not-So-Breaking News
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Peloton (PTON) narrowed its net losses, while subscription revenue spiked in Q4 of 2022. Meanwhile, this was the 8th quarter in a row in which the fitness company did not post a profit.
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Snap Inc (SNAP) surprised investors by posting a fourth-quarter loss. CEO Evan Spiegel warned that advertising hasn’t improved, and he doesn’t expect it to in the near future.
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A newly-proposed government regulation could protect you against credit card penalties. The proposal by the CFPB would amend Regulation Z under the Truth in Lending Act to state late fees cannot exceed 25% of the required payment, among other changes.
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Meet Artifact, the latest social media app from the founders of Instagram (META). This new app will focus on articles instead of photos and will utilize AI to help users personalize their feeds.
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The OPEC+ Joint Ministerial Monitoring Committee recommended against an increase in oil production. This committee cannot determine OPEC+ policy, but will meet again in April to provide another recommendation.
Financial planner tip of the day
“You may not be able to completely reform an overspending habit overnight. But by tracking your spending, setting up a basic budget, and altering some of your everyday habits, you may soon be able to gain control over your financial life, and start reaching your short- and long-term savings goals.”
Brian Walsh, CFP® at SoFi