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Two federal judges have blocked significant parts of President Joe Biden’s new student loan repayment plan.
The preliminary injunctions stop the U.S. Department of Education from implementing provisions of The Saving on a Valuable Education, or SAVE, plan, including the lower payments set to begin in July.
The Biden administration also won’t be able to forgive any more debt under the plan until the cases are decided.

The U.S. Department of Education in Washington, D.C.
Caroline Brehman | CQ-Roll Call, Inc. | Getty Images

Two federal judges in Kansas and Missouri have temporarily halted significant parts of President Joe Biden’s new student loan repayment plan, putting debt relief for millions of Americans in jeopardy.
The Monday evening rulings stop the U.S. Department of Education from implementing major provisions of the Saving on a Valuable Education, or SAVE, plan. Until the cases are decided, the Biden administration is prevented from forgiving any more debt under the new income-driven repayment plan and from further reducing borrowers’ payments in July, as it planned to.

More than 8 million borrowers have enrolled in the SAVE plan since it launched in August. Those enrolled were less than a week away from seeing their monthly bills drop by a half or more.
“Borrowers will be disappointed [and] angry that financial relief was yanked away from them at the last minute,” said higher education expert Mark Kantrowitz.
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The preliminary injunctions are a result of lawsuits filed earlier this year by Republican-led states, which hoped to upend the Biden administration’s creation of what it called the most affordable student loan repayment plan in history. Under the plan, many borrowers pay just 5% of their discretionary income toward their debt each month, and anyone making $32,800 or less has a $0 monthly payment.
The states argued that the Biden administration was overstepping its authority and trying to find a roundabout way to forgive student debt after the Supreme Court blocked its sweeping plan last year.

U.S. Secretary of Education Miguel Cardona vowed to fight for the relief.
“Republican elected officials and special interests sued to block their own constituents from being able to benefit from this plan — even though the Department has relied on the authority under the Higher Education Act three times over the last 30 years to implement income-driven repayment plans,” Cardona said in a statement Monday.
“The Department of Justice will continue to vigorously defend the SAVE Plan,” he added.

These rulings do not impact the Biden administration’s second attempt to deliver broad student loan forgiveness, after its first aid package was ruled unconstitutional by the Supreme Court. That do-over effort is still ongoing.
This is breaking news. Please check back for updates. More

The pace of inflation has come down from its 40-year peak in June 2022.
But retirees and near-retirees are still feeling the pinch of higher price growth.
Here’s how inflation is upending their retirement plans.

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Savings shortfall worsens financial insecurity

Many respondents to Prudential’s survey say they worry they will outlive their savings. That includes 67% of 55-year-olds; 59% of 65-year-olds and 52% of 75-year-olds.

The age 55 cohort is the “most financially insecure” about their retirement readiness, Caroline Feeney, CEO of Prudential’s U.S. business, said during a Thursday presentation of the survey results.

That comes as 55-year-olds face a deep savings shortfall, with a $47,950 median savings toward retirement versus the $446,565 recommended balance, based on eight times the average U.S. salary, according to Prudential.
“This is the first group that is entering retirement, [with] largely no pensions,” Feeney said. “And then add on top of the feeling of additional financial insecurity because they’re not quite sure if Social Security will be there to fully support them.”

Lower Social Security COLA forecast for 2025

Unlike most other sources of retirement income, Social Security benefits are automatically adjusted for inflation each year.
As current retirees continue to feel the pinch of higher costs, slowing inflation points to a lower Social Security cost-of-living adjustment next year.
The Social Security cost-of-living adjustment may be 3% in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst.
Beneficiaries saw a 3.2% Social Security cost-of-living adjustment this year — resulting in an average retirement benefit increase of just over $50 per month. That followed record Social Security cost-of-living adjustments of 8.7% in 2023 and 5.9% in 2022.
Social Security’s annual adjustments are based on a certain measure of inflation — the consumer price index for urban wage earners and clerical Workers, or CPI-W.

The latest reading for May shows the CPI-W is up 3.3% from a year ago.
Yet certain categories — including food and services — are still seeing elevated rates of inflation.
While the CPI-W is used to calculate Social Security’s COLA each year, some argue it may not be the best measure to accurately gauge retirees’ costs.
For example, while the CPI-W assumes older adults spend about two-thirds of their income on housing, food and medical costs, those items actually make up about three-quarters of their budgets, according to Johnson.
“This disparity suggests that my COLA estimate, which is based on the CPI-W, may be undercounting real senior inflation by more than 10%,” Johnson said.

Another estimate from The Senior Citizens League points to an even lower COLA for 2025: almost 2.6% based on the latest inflation data.
The discrepancy between the COLA estimates is due to different methods used to come up with the calculations.
If inflation continues to subside, Johnson said her COLA estimate may fall even lower. More

Problems with the new FAFSA rollout are persisting, putting more pressure on families worried about how they will afford the high costs of college.
To that end, The Princeton Review ranked colleges by how much financial aid is awarded and how satisfied students are with their packages.
At some schools, the average scholarship given to students with need was more than $68,000 in 2023-24.

Ongoing problems with the new Free Application for Federal Student Aid have delayed financial aid award letters — and have even prevented many high school seniors and their families from applying for aid at all.
As of June 14, only 45% of high school graduates have completed the FAFSA, according to the National College Attainment Network. A year ago that number stood at 52%.

“That’s over 300,000 students that simply didn’t apply for financial aid, and many of those students have the highest need,” said Robert Franek, The Princeton Review’s editor-in-chief. “That is a crushing blow.”

Without financial aid, the price tag at some four-year colleges and universities — after factoring in tuition, fees, room and board, books, transportation and other expenses — is now nearing $100,000 a year.
But even though college is getting more expensive, students and their parents rarely pay the full amount.
Beyond federal aid, many may also be eligible for financial assistance from their state or college.
To that end, The Princeton Review ranked colleges by how much financial aid is awarded and how satisfied students are with their packages. The 2024 report is based on data from its surveys of administrators and students at over 650 colleges in the 2023-24 school year.

“Because of the difficulty with the FAFSA, some colleges have really stepped up and addressed financial aid and cost of college directly and aggressively,” Franek said.
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That, in turn, will bring more families in the door, according to Nancy Goodman, founder of College Money Matters, a nonprofit focused on helping high school students and their families make informed decisions about paying for college.
“Some colleges are known for more financial aid and I think they will be more attractive, for sure, to students,” she said.

Top 5 private colleges for financial aid

Among the top five schools on The Princeton Review’s list, the average scholarship grant awarded in 2023-24 to students with need was more than $68,000. Of all the financial aid opportunities the FAFSA opens up, grants are the most desirable kind of assistance because they typically do not need to be repaid.

Yale University
Yana Paskova / Stringer (Getty Images)

1. Yale UniversityLocation: New Haven, ConnecticutSticker price: $87,150Average need-based scholarship: $71,577Average total out-of-pocket cost: $15,573
2. Vassar CollegeLocation: Poughkeepsie, New YorkSticker price: $85,220Average need-based scholarship: $61,252Average total out-of-pocket cost: $23,968
3. Williams CollegeLocation: Williamstown, MassachusettsSticker price: $85,820Average need-based scholarship: $70,764Average total out-of-pocket cost: $15,056
4. Pomona CollegeLocation: Claremont, CaliforniaSticker price: $86,814Average need-based scholarship: $65,925Average total out-of-pocket cost: $20,889
5. California Institute of TechnologyLocation: Pasadena, CaliforniaSticker price: $82,758Average need-based scholarship: $74,013Average total out-of-pocket cost: $8,745

Top 5 public colleges for financial aid

Among the five schools on this list, the average scholarship grant awarded in 2023-24 to students with need was more than $20,000.  

University of Virginia in Charlottesville, Virginia.
Win McNamee | Getty Images

1. University of VirginiaLocation: Charlottesville, VirginiaSticker price (in-state): $35,284Average need-based scholarship: $27,233Average total out-of-pocket cost: $8,051
2. University of North Carolina at Chapel HillLocation: Chapel Hill, North CarolinaSticker price (in-state): $22,814Average need-based scholarship: $17,853Average total out-of-pocket cost: $4,961
3. New College of FloridaLocation: Sarasota, FloridaSticker price (in-state): $20,271Average need-based scholarship: $17,607Average total out-of-pocket cost: $2,664
4. University of Michigan — Ann ArborLocation: Ann Arbor, MichiganSticker price (in-state): $31,688Average need-based scholarship: $26,613Average total out-of-pocket cost: $5,075
5. Truman State UniversityLocation: Kirksville, MissouriSticker price (in-state): $22,354Average need-based scholarship: $11,610Average total out-of-pocket cost: $10,744
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In 2023, the average 401(k) plan savings rate maintained a record 11.7%, including employee deferrals and company contributions, according to Vanguard.
The company suggests a combined target savings rate of 12% to 15%, depending on income.
However, the right percentage can vary based on your age, goals, timeline and other factors, financial experts say.

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The average 401(k) savings rate — including employee deferrals and company contributions — has maintained historic levels as plan designs make it easier for workers to set money aside.
In 2023, the average combined savings rate was an estimated 11.7%, which matched a record high from 2022, according to Vanguard’s yearly analysis of more than 1,500 qualified plans and nearly 5 million participants.

A separate Fidelity report also found record savings with a combined rate of 14.2% for the first quarter of 2024. That report was based on almost 26,000 corporate plans and nearly 24 million participants.
Vanguard recommends saving 12% to 15% of your earnings, including employer contributions, for retirement every year. Fidelity’s benchmark is 15%.
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“You want to be increasing how much you’re saving by at least 1% every year,” and aim for that combined 12% to 15% benchmark, said Dave Stinnett, Vanguard’s head of strategic retirement consulting.
Nearly 25% of participants deferred more than 10% of earnings in 2023, the analysis found. And 43% of employees increased their savings rate that year, Vanguard reported.

In 2023, an estimated 14% of participants hit the 401(k) deferral limit, which was $22,500 for savers under age 50, Vanguard found. That share of workers who max out plans has been the same since 2020.

401(k) plan designs have boosted savings over time

The average employee deferral rate returned to a record high of 7.4% in 2023 after falling slightly the previous year, the Vanguard report found. Employees deferred an average of 9.4% during the first quarter of 2024, according to Fidelity.
401(k) plan features like automatic enrollment and higher default savings rates have increased employee deferrals over time, Stinnett said.

“They’re coming in at a higher initial savings rate,” he said. “And many of these plans have an automatic increase or step function where people automatically save 1% more every year.” 
Some 60% of 401(k) plans had a default savings rate of 4% or higher in 2023, compared to 35% with that rate one decade ago, Stinnett said.

‘Several factors’ determine retirement-savings target

While financial service companies have identified retirement-savings benchmarks, the right percentage varies based on individual needs, experts say.
“I typically advise a target savings rate of 15%, combining both employee and employer contributions,” but the target can vary based on “several factors,” said certified financial planner Alyson Basso, managing principal of Hayden Wealth Management in Middleton, Massachusetts. 

Each client’s situation is unique, and their savings strategy should reflect their individual needs, goals and circumstances.

Alyson Basso
Managing principal of Hayden Wealth Management

Your age, proximity to retirement, income level, lifestyle expectations and current debt are among the factors used to decide the right percentage, she said.
For example, older clients may need to save more aggressively if they haven’t reached their retirement-savings goals, whereas younger clients may gradually boost deferrals as income grows. However, Generation Z has embraced investing early while Gen X has struggled to catch up.
“Each client’s situation is unique, and their savings strategy should reflect their individual needs, goals and circumstances,” Basso added.

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When couples experience financial stress, they often tend to avoid talking about it, according to new research from Cornell University.
To get the conversation started, it helps to reframe how you think about those issues.

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What successful couples do differently

Couples who say they feel their financial problems are perpetual are more likely to assume they have no solution, according to Cornell’s research.
Partners may feel they have fundamental differences in how they think about money, and therefore it’s not worthwhile to have a conversation where no solution exists, Garbinsky said.

Instead, if the couple views their issues as solvable, and can reflect on times when they previously were able to reach a compromise with their partner, they are likely more willing to talk about money, the research found.
Unfortunately, most couples by default tend to view their financial problems as perpetual, and therefore avoid talking about financial issues, Garbinsky said.

Communication avoidance may also contribute to financial infidelity, where a partner will withhold or hide financial information from their partner. The instinct to hide information may also be a strategy to avoid a fight, Garbinsky said.
Over time, a lack of communication — whether it be simple avoidance or financial infidelity — can harm a relationship.
“If you’re not talking and if you’re hiding things from your partner, it is having negative effects on your relationship quality over time,” Garbinsky said.

How to find a ‘middle ground’

To get past a money stalemate in a relationship, it helps to first acknowledge that it’s human, said Jude Boudreaux, a certified financial planner who is a partner and senior financial planner with The Planning Center in New Orleans.
Often people develop a way of approaching money based on their past and what makes them feel most comfortable, said Boudreaux, who is also a member of the CNBC FA Council. For example, growing up without a lot of money may lead someone to want to have a large savings cushion as an adult.
But rarely do savers marry other savers or spenders marry other spenders, Boudreaux said.
To start to unravel financial conflict, it helps to backtrack and talk about the money memories each partner has and how that shapes their feelings about money now, he said.

It also helps to frame possible decisions in a way that helps each partner feel at ease, Boudreaux said. That includes asking questions like, “What are ways that you might feel more comfortable if we were to make these decisions?” and “What would you need to feel heard going into this conversation, and then to be able to feel confidence coming out of it?”
After years of mediating these kinds of conversations for couples, Boudreaux said it’s important to go in with an optimistic approach. While one partner can take steps to be more conservative, the other may agree to be a little more aggressive.
“Often there’s a middle ground,” Boudreaux said.

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Microsoft Chief Technology Officer and Executive Vice President of Artificial Intelligence Kevin Scott speaks at the Microsoft Briefing event at the Seattle Convention Center Summit Building in Seattle, Washington, on May 21, 2024. 
Jason Redmond | AFP | Getty Images

The debate over when the Federal Reserve will start to lower interest rates, and the persistence of the artificial intelligence frenzy, are the two key factors that have been influencing the U.S. stock market. Meanwhile, concerns about the course of the economy continue to affect investor sentiment.
Against that uncertain backdrop, Wall Street analysts are focused on identifying stocks with solid fundamentals and strong long-term growth prospects. Investors can look at the recommendations of top analysts to gain useful insights before making any investment decision.  

In that climate, here are three stocks favored by the Street’s top pros, according to TipRanks, a platform that ranks analysts based on their past performance.
Delta Air Lines
We start with Delta Air Lines (DAL), America’s second-largest carrier. DAL reaches more than 290 destinations across six continents via 4,000 daily flights. Following the company’s presentation at the Toronto Corporate Access Day recently held by TD Cowen, analyst Helane Becker reiterated a buy rating on DAL with a price target of $55.
Delta is TD Cowen’s 2024 Best Idea, Becker said, adding, “Delta has a differentiated product in which they continue to invest, but what stands out is their strategic plan.”
Becker believes that management’s focus on DAL’s strategic plan for the past 15 years is delivering the desired results, making the stock attractive. Delta’s stable management team is a key differentiator from its rivals, she said.
Becker highlighted several strengths, including Delta’s extensive network, strategic partnerships with other airlines and operational reliability, reflected in its improved net promoter scores over the past 10 years.  

The analyst also noted Delta’s commentary about continued strength in demand among premium customers (annual income of more than $100,000). Further, the carrier is seeing a solid rebound in corporate travel, with volumes rising by more than double digits on a year-over-year basis. Delta is also strengthening its financial position by continuing to reduce debt.
Becker ranks No. 276 among more than 8,800 analysts tracked by TipRanks. Her ratings have been profitable 63% of the time, delivering an average return of 11.2%. (See Delta Air Lines Stock Charts on TipRanks) 
Microsoft
Our next pick is software giant Microsoft (MSFT). The company, which has invested billions of dollars in ChatGPT creator OpenAI, is viewed as one of the key beneficiaries of the generative AI (artificial intelligence) wave.
Recently, Tigress Financial analyst Ivan Feinseth reiterated a buy rating on MSFT stock and raised his price target to $550 from $475. The analyst believes that Microsoft is “increasingly positioned to lead the AI revolution through the ongoing integration of generative AI functionality throughout its software stack and product portfolio.”
Feinseth noted that Microsoft’s revenue growth of 17% in the fiscal third quarter ended March 31 was driven by the accelerated adoption of the company’s AI-enabled offerings and AI cloud integration. The company’s cloud business delivered robust performance, thanks to the demand for the Azure platform.
Feinseth also highlighted Micrsoft’s growing strength in gaming and efforts to expand into the Metaverse. Notably, MSFT’s gaming business is expected to benefit from the $75 billion Activision Blizzard acquisition and the rollout of the new Xbox gaming console.
Finally, Feinseth mentioned Microsoft’s strong financial position, which supports enhanced shareholder returns and enables investments in the company’s AI ambitions. 
Feinseth ranks No. 242 among more than 8,800 analysts tracked by TipRanks. His ratings have been successful 60% of the time, delivering an average return of 12.2%. (See Microsoft Technical Analysis on TipRanks)  
Zscaler
This week’s third stock is Zscaler (ZS), one of the leading cloud-based cybersecurity players. The company’s Zscaler Zero Trust Exchange platform securely connects users, devices and applications by protecting them from cyberattacks and data loss.
Following the Zenith Live 2024 event, Baird analyst Shrenik Kothari reaffirmed a buy rating on Zscaler stock with a price target of $260. Discussing the key takeaways from the event, the analyst said that Zscaler is trying to capture additional market opportunities by expanding its platform.
In particular, Kothari noted the introduction of the Zscaler Identity Protection feature that capitalizes on advanced machine learning to strengthen identity security across cloud environments. He also mentioned the Cloud Browser Isolation offering that safeguards user devices and the DLP 2.0 solution, which has AI-driven capabilities to ensure the safety of sensitive data.
These new capabilities on Zscaler’s platform have boosted its total addressable market by more than $24 billion to $96 billion. Kothari also emphasized the shift in the company’s go-to-market strategy from a transactional focus to account-centric selling. Under the new sales approach, Zscaler is focusing on adding more customers with an ARR (annual recurring revenue) above $10 million.
“Impressive customer-success stories, particularly in the financial/healthcare/manufacturing sectors, underscore Zscaler’s security-at-scale,” said Kothari.    
Kothari ranks No. 381 among more than 8,800 analysts tracked by TipRanks. His ratings have been profitable 66% of the time, delivering an average return of 20.6%. (See Zscaler Financial Statements on TipRanks)  More

There are areas in the U.S. that are considered to be the least difficult places to buy a home, according to a new real estate indicator.
When the counties are sorted by index rank, Iroquois County, Illinois, is the least difficult market to buy a home, according to the NBC News Home Buyer Index. 

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There are areas in the U.S. that are considered to be the least difficult places to buy a home, according to a new real estate indicator.
When the counties are sorted by index rank, Iroquois County, Illinois is the least difficult market to buy a home, according to the NBC News Home Buyer Index. 

The following counties ranked as the least difficult areas when sorted by the four contributing factors:

Cost: Iroquois County, Illinois is the most cost-effective or affordable housing market among measured counties in the U.S.
Competition: Somervell County, Texas is the least competitive housing market of the counties measured in the U.S.
Scarcity: Imperial County, California is the least scarce housing market among measured areas.
Economic Instability: Macon County, Tennessee has the most stable local economy among measured areas.

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The index evaluates cost, competition, scarcity and economic instability.
Cost, the most heavily weighted element, measures how much a home costs relative to household incomes and inflation, as well as expenses like insurance costs, according to NBC News.
Competition looks into the level of demand in an area or how many buyers are on the market for a home.

Scarcity refers to an area’s supply of listed homes for sale and how many more are expected to enter the market in the coming month.
And finally, economic instability considers an area’s market volatility, unemployment levels and interest rates.

The NBC News Home Buyer Index was developed by NBC News alongside housing experts, such as a real estate industry analyst and a bank economist from the Federal Reserve Bank of Atlanta.
On a scale from zero to 100, the index score represents the level of difficulty to buy a home in a U.S. county: The greater the value, the harder it is to buy a home in that area, according to NBC.
But, to compare counties with one another, it is important to consider the index rank as “ranks provide context to the scores,” said Joe Murphy, a data editor at NBC News who co-created the index.
A low index rank — or closer to the value of 1,310, the number of counties measured in this month’s report — suggests the county has better market conditions for potential buyers. In other words, a county with an index rank of number one “is the worst,” Murphy said.

For most Americans, buying — and even maintaining — a home in the U.S. remains costly.
The median sales price of houses sold in the U.S. was $420,800 in the first quarter of 2024, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau via the Federal Reserve.
On top of the high cost, the 30-year fixed rate mortgage in the U.S. is still close to 7%. Borrowing costs are unlikely to significantly change as the Fed held rates steady at its June meeting.
However, if you plan or aspire to own a home, there are ways to prepare, experts say.

Here are three things to do

If you want to be a homeowner, but remain on the sidelines, “getting financially prepared is one of the most important things people can do” before buying a home, said Danielle Hale, chief economist at Realtor.com.
“Spend more time getting your finances in really good shape,” said Jacob Channel, a senior economist at LendingTree. “It’s very important, especially when you’re making a six-figure purchase, to really take your time.”
Here are three things to consider:
1. Boost your credit score: Take a moment to pay down debt and increase your credit score, said Channel.
Your credit score helps measure how creditworthy you are as a borrower, said Hale. You could potentially qualify for a home purchase with a minimum credit score of 500, depending on the lender, according to Experian. But having a higher score can help you achieve better terms on the mortgage, said Hale.
“Doing what you can to improve your credit score will raise your odds of getting a lower mortgage rate,” Hale said.
2. Seek pre-approval from lenders: “It’s worth it to start the process earlier rather than later so that there aren’t as many surprises,” said Hale, especially for buyers who’ve never bought a home before.
Rate lock policies will depend on the lender. In some cases, a lender will let you lock in a mortgage rate after they pre-approve you, Channel said.

But generally, a pre-approval is not enough to guarantee an interest rate, said Hale, “because you cannot lock in a mortgage rate until you have a full mortgage application.”
“And you can’t do a full mortgage application until you have a specific property that you want to buy,” she said.
Once a buyer makes an offer on a property and officially kicks off the application process, it’s possible the lender can lock in a mortgage rate if you ask, said Hale. Depending on the lender, the mortgage rate will be locked in for a period spanning from 30 to 60 days, which is “enough time for the closing process to happen,” said Hale.
Ask your lender about what the rate-lock period is and ask what stage in the process the mortgage rate gets locked, said Hale. 
3. Intentionally budget and save: “The thing people should be doing is budgeting and saving,” said Channel. The more time you give yourself to saving money for expenses like the down payment and closing costs, he said, “the better off you’ll likely be.”
When someone becomes a homeowner, “they’re going to have a higher monthly payment than what they had before,” said Hale. Therefore, while you prepare for homeownership, consider setting aside an extra payment, she suggested.
It would help build up savings for a down payment or an emergency fund, and “give an idea of how comfortable that housing payment” truly is, said Hale.
“It’s better to be a renter who can afford your rental unit than it is to be a homeowner who can’t afford your house,” Channel said. More

The “no-spend” pledge is one of the latest money-saving trends to go viral on TikTok.
But like any quick fix, such a challenge could be hard to sustain over time.
Ultimately, there is no shortcut to practicing good money habits, most experts say.

TikTok is chock-full of tips for building wealth.
The latest money-saving trend taking over is the “no-spend month,” which encourages TikTok users to cut out all non-essential purchases for a set period.

But, in this case, even the best intentions can backfire.
Here is what you should know before swearing off unnecessary spending.

The no-spend rules

The “no-spend” challenge can last for a week, a month or even a full year. Some consider it akin to a detox or fast, which can help break the habit of overspending. Any funds that would otherwise be spent on new clothes or dining out can be put toward a long-term financial goal.
On its face, “the no-buy challenge is as much pragmatic as it is symbolic,” according to Gregory Stoller, a professor at Boston University’s Questrom School of Business. “Why purchase non-essential products that you don’t need to begin with?”
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Consumers often track their daily progress and try to rack up as many consecutive no-spend days as possible.
“The gamification can be kind of fun,” Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.

‘No spend’ pledges can be hard to sustain

Like any quick fix, such a challenge could be hard to sustain over time.
“The potential complication with the no-buy challenge is to what extent people are willing to honor their commitment,” Stoller said.
Just as Americans often fail to uphold their New Year’s resolutions, it’s even easier to break a no-buy promise with a simple click, he added.
“And in most cases, you don’t even need to make the extra effort of opening a laptop if your phone is in your pocket,” Stoller said.
And then there is the risk of splurging even more on impulsive purchases, a phenomenon also known as revenge spending or even “doom spending.”

Alternatives to the no-buy pledge

Most financial experts say there is no shortcut to practicing good money habits.
Rather than hop on the latest extreme fad, “it comes back to setting a budget and setting expectations,” Rossman said.
“No hack can teach you self-control, mindful spending or how to keep your balance low,” Paul Hoffman, a data analyst at BestBrokers, who wrote a recent report on harmful FinTok trends, also said.

Michael Hershfield, founder and CEO of Accrue Savings, recommends creating a budget that aligns with your overall financial goals, income and expenses and then keeping track of your spending and your budgeting plan so you can make adjustments as needed.
“By moderating, rather than going cold turkey, you will set yourself for long-term financial health,” Hershfield said.
Ultimately, consumers should focus on “intentional spending by making purchases with a clear purpose in mind that aligns with your personal financial situation and goals,” Hershfield said, rather than following any purchasing advice on social media. 
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