Friday,
September 6, 2024
Market recap
Dow Jones
40,755.75
-219.22 (-0.54%)
S&P 500
5,503.41
-16.66 (-0.30%)
Nasdaq
17,127.66
+43.36 (+0.25%)
Top Story
Shrinkflation is hitting the US housing market
American homes are getting smaller and more expensive. Where does this leave prospective buyers?
US stocks were mixed on Thursday ahead of highly-anticipated data
• Private sector job growth slowed for the fifth straight month in August, per the ADP Employment Report, which precedes the governmentâs official jobs tally.
What to be on the lookout for today
• The August jobs report.
• In earnings, Big Lots, Brady Corporation, and footwear conglomerate Genesco will report.
Need a budgeting boost? Hereâs one simple trick
If youâve been tracking your spending, know where your money has been going, but are wondering where your budget is lacking, this one's for you: The 50/30/20 rule.
This budgeting guideline divides your take home pay into three categories with 50% going to your essential needs, 30% for discretionary spending, and 20% into savings.
Ready, set, budget
Your needs category includes necessities like housing, food, utilities, and health care, as well as payments on things such as student loans, car loans, and your credit card.
The wants category may include expenses like gym memberships, dining out, travel, and entertainment. Itâs essentially the spending you could trim if you needed to free up some cash.
While the savings portion of this budget is the smallest, itâs still very important. Committing a predetermined percentage of your income to savings can make the difference in your financial security.
Make it work for you
While this budgeting rule is called 50/30/20, it may make sense to adjust these percentages according to your income and expenses. For example, if you live in a more expensive city, your housing costs may eat up more of your income. Adjust your budget to work for you.
Todayâs top stories
A retirement strategy far from homeRetiring abroad is an increasingly popular strategy to make nest eggs stretch further. But there are other important considerations.
Read more >> Where should you put your retirement savings?Saving for retirement requires some planning. Here are four places you may put your money.
Read more >>Other news that caught our eye
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Chipotle teamed up with Spirit Halloween to release a collection of costumes based on the fast-casual chainâs packaging and tableware.
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A post-2020 surge in immigration is boosting the U.S. workforce, as migrant workers have a higher labor participation rate than natural-born Americans.
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Producing pennies costs more than theyâre worth. Still, we do it, with key parts of the penny-making machine owned by private equity firms.
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Verizon will buy fiber-optic internet provider Frontier Communications in a deal worth $20 billion, to expand its fiber network, which is currently concentrated in the Northeast.
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Coors Beer maker is the latest company to walk back some of its DEI initiatives, joining companies like Ford and Loweâs that have scrapped corporate diversity efforts.
Financial planner tip of the day
"First-time home buyers can be bamboozled by the true cost of buying a home because thereâs a lot more to consider than just principal and interest. Before buying a home, you should crunch and become familiar with the numbers for the total cost of your mortgage, including insurance, taxes, fees, bills, furniture, and so on. Only with a good grasp of what each line item will run can you make an estimate about the size of the mortgage, and therefore the home you can afford to buy.â
Brian Walsh, CFPÂŽ at SoFi