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Post-COVID reality: Grads can’t find jobs
Recent graduates have been unemployed at a higher rate than the general population since January 2021. Here’s why that matters.
US stocks were mixed on Friday
• Following the Federal Reserve’s first rate cut in more than four years, all three major indexes finished higher on the week.
• Fed Governor Christopher Waller said inflation is falling faster than expected, justifying his support of the central bank’s 50-basis-point cut.
Here’s what to be on the lookout for today
• An early look at a key gauge of business activity in the services and manufacturing sectors for September.
Having a baby? How to budget for childcare
The cost of raising a child can be more than $300K, with child care accounting for 16% of that figure. That’s why you will want to think about how to budget for child care early.
Get childcare quotes. Quotes will give you concrete numbers to budget with. Plus, inquiries will help answer questions about waitlists at daycares. If you’re planning for one parent to stay home, do the math on what that would look like in terms of lost wages and tax implications.
Planning on a nanny? Start interviewing a few months before your ideal start date and don’t forget to ask for references. And if you’re intending to use a nanny-share, make sure to draw up a “share agreement” with the other family so everyone is on the same page.
Open a dependent care FSA. This type of employer-sponsored savings account allows you to pay for child care with pretax dollars. The maximum 2024 contribution is $5K.
Using a money tracker app can help parents-to-be adjust their budget and set a savings goal for future child care costs.
Today’s top stories
What’s ahead on Wall Street – mortgage rates editionThe Fed has finally cut rates. So will mortgage rates move in lockstep? Here’s what to know.
Read more >> How do you decide between term and whole life insurance?Consider these questions to help figure out your best option.
Read more >>Other news that caught our eye
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Retailers are gearing up for their busiest time of the year with holiday sales waiting in the wings. Retailers like Amazon and Walmart are getting the fourth quarter started with sales events.
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Speaking of Walmart, the retail giant plans to enable consumers to pay for online purchases via instant bank account transfers starting next year.
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The White House announced another round of EV battery manufacturing grants. More than $3 billion in funding will be awarded to 25 projects across 14 states.
Financial planner tip of the day
"One place to begin when striving to nurture good financial habits is to write out individual money goals. Financial goals can serve as ‘external’ guideposts for kickstarting (and then sticking with) new habits."
Brian Walsh, CFP® at SoFi