Personal Finance 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2018) |
- 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2018)
- Pretty sure my friend is being scammed
- So I’m currently house hacking. Here’s how I’m doing so far. Need help on a better financial plan.
- How many avocado toasts does it take to afford 20% down on a house?
- So my dad isn’t coming home and I’m about to be homeless.
- Our dog’s medical bills are rising. Do we keep going?
- Denied a checking account for no apparent reason?
- Unsubscribing from email deals saved me money
- I haven't filed my taxes in five years due to a W-4 mishap. So I panicked and didn't do anything. I've emailed and called a CPA, but haven't heard back. Guidance or rewind button would be appreciated.
- 29 y/o, $48,000/yr, $7200 in 401k, % contribution advice?
- Uh oh - does the IRS give a "those-were-given-to-you-thirty-years-ago-when-you-were-5" grace period on taxes for bonds?
- Started a job paying me $140,000 / year. I need advice on how to manage, save etc
- Losing my job soon
- How much money should I have in emergency funds before I start going for a holiday?
- Series I Bond Fixed Rate Increase to 0.30%, Composite Rate to 2.52%
- Halfway through grant-funded position. Pay down debt or save?
- What should your target rent payment be relative to your salary?
- My job isn't taxing my paychecks, payroll says I won't face any liability at the end of the year. Is that right? (VA)
- How do you all live in Los Angeles and other high COL areas?
- Parents lied about paying my student loans.
- I'm 16 and I think I am about to get this job.
- Any tips for planning an affordable vacation?
- Advice Needed For Dying Parent Who is Horrible With Money.
- Just turned 19. Just received a job paying 45k a year.
- Suddenly owe the IRS money from 2015
| 30-Day Challenge #5: Reduce your future health (and current habit) expenses! (May, 2018) Posted: 01 May 2018 06:08 AM PDT 30-day challengesWe are pleased to continue our 30-day challenge series. Past challenges can be found here. This month's 30-day challenge is to Reduce your future health (and current habit) expenses! Why is this important?Healthcare costs past retirement age are expensive! In addition to this, unhealthy lifestyles can have a negative effect on your current financial situation. There is already a lot of overlap between personal finance and lifestyle choices, so let's take a look at some immediate improvements you can make for your future. Reducing your Risk of Heart Disease (Cost $3,000 - $38,501)Leading a healthy lifestyle is the biggest way to reduct your risk of heart disease. Among these lifestyle choices:
Some of the above also have a side effect of immediate financial impact:
Reducing your Risk of Cancer (Cost $19,901 - $60,885 per annum)The lifestyle choices below have been shown to reduce the risk of cancer:
Note that a few of these are carried over from the first section on heart disease! There are some immediate financial impacts of reducing your alcohol intake: You can save about $750 USD per year by going dry. Reducing chronic lower respiratory diseases (Cost $6,000 more in medical care than those without)The lifestyle choices below have been shown to reduce the risk of COPD:
Related Subreddits:
Challenge success criteriaYou've successfully completed this challenge once you've done 2 or more of the following things:
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| Pretty sure my friend is being scammed Posted: 01 May 2018 04:58 AM PDT Here is the story he told me. Plenty of red flags but I'm interested if anyone has any experience with a similar situation. So essentially a few months ago my friend purchased a 5 year anti virus/computer protection service from a company called "Yale Vision". I googled around and can not seem to find this company first of all. My friend goes ahead and pays $400 (wtf who pays $400 for antivirus??) for 5 years of service. Fast forward to yesterday, few months after purchase, someone supposedly from the company calls my friend and explains that they are going out of business and he is owed a refund. So after a long drawn out process, the rep transfers the refund to my friends bank account. He was supposed to get $400 and he realizes the rep sent him $4000. So my friend goes "Hey man you sent me 4000 not 400". Cue the rep freaking out, getting management on the line, freaking out. They go on to ask him to go to the nearest Walmart and transfer them the money right now to avoid any delays because they need their money back. My friend, thinking he just hit community chest in monopoly, essentially tells them to kick rocks and hangs up. They call back, he doesn't answer and goes on to block them. He is pretty convinced that it was some sort of error on their part and this money is his now. To me, this sounds like one of the fake check scams where you end up over drawing your account and getting robbed but I don't know. Did my friend just make a $4000 come up or is he as gullible as I think he is? If the company did make a mistake, can he legally keep the money? Is he going to be taken to court if the firm did make an error like that? **EDIT: Did not expect this to blow up the way it did. I told him from the jump this is a major scam and I really appreciate everyone bringing to light some of the potential threats I did not consider. I made this post for my friend to see to hopefully convince him to take action. I believe it has to an extent, he will be going to his bank today. I will keep the post updated. [link] [comments]  |
| So I’m currently house hacking. Here’s how I’m doing so far. Need help on a better financial plan. Posted: 01 May 2018 08:17 AM PDT So last year I purchased a home that had two additional units in the back yard. One unit is 2/1 and other is 1/1. All units were previously renovated by the seller and are in great shape. I live upfront in the main house that's a 2/1. I paid 250k for it. I only put 3.5% down and currently financing through an FHA loan. My monthly mortgage is $1810.00... yeah MIP sucks, but we had no other choice at the time, so we went with FHA. I'm currently renting the units out for $900 and $725 respectively. I've been doing this for 1 full year now, and I must say, it's probably the best single decision I've ever made in my life. I'm living virtually mortgage free, and can use my income towards savings etc. I've only had my "big boy" job for 2 years. So I have so much to catch up on. I have literally no retirement savings besides about a few thousand in a Roth IRA. I'm 30 years old. Salary:50k Savings: 4K (doubles as emergency savings for my rental units) Wife makes 40k She has no retirement savings either. Monthly Bills: Electricity: $60 Water: $80 Gas: $40 Tenant water: $80 (we pay their water) Rental home insurance: $62.50 Car: $700 month (financing 2 used cars) Car insurance: $250 ( full coverage both cars) Phone:$122 (two lines) How are we currently doing? And what do we need to work on to be in a better place financially? [link] [comments]  |
| How many avocado toasts does it take to afford 20% down on a house? Posted: 01 May 2018 08:39 AM PDT The BBC put together a look at how many years of daily breakfast it would take to afford 20% down on a home. If you wish to buy in London, it would take 67 years of missing breakfast to afford a 20% down payment! While some people emphasize these small purchases adding up to big money, to me, it's much more important to dedicate a percentage of your paycheck to savings rather than worry about never eating out or spending money on fun. http://www.bbc.com/capital/story/20170530-the-avocado-toast-index-how-many-breakfasts-to-buy-a-house [link] [comments]  |
| So my dad isn’t coming home and I’m about to be homeless. Posted: 01 May 2018 06:28 PM PDT Ugh guys and girls. Shit sucks right now. My dad relapsed and then got caught driving without a license. So he's going away for 3 years. I am going to be living out my truck for a while. So I want to offer some pointers to people so they don't make the mistakes I did. Save your money. Seriously. I am a plumber apprentice and I make good money. But I'm stupid with my money. So for starters. Don't buy more vehicle then you need. I needed a pick up truck for work. So me thinking I'm gonna be making a ton of money and living rent feee I'll go buy what I want. 2014 ridgeline sport. Love this truck since the first test drive. 600 a month plus 250 for insurance. Zero down but didn't have a vehicle. So I bought it. Now I could've easily gotten a used ford ranger or dodge Dakota. And still did what I had to for work just fine. But I wasn't smart with my money. Then there were times where I was working so much overtime. So much side work. And I had thousands in the bank. Depleted my savings and bought a PROJECT Harley. Didn't need to do this. Wrecked it going 55. There goes 3500 bucks. I have no emergency fund. So for everyone thinking about saving for a rainy day. Save that fucking money. I have to be out of my house by the 20th of may. I have 350 dollars extra to my name a month. Where average basement apartments are over 1k a month. I'm screwed. All because I wasn't smart with my money and over spent recklessly. Don't be like me guys. Seriously. Get your shit in order cause you never know what life's gonna bring. This is such a great subreddit. With some really smart and helpful people. I've been reading it for over a year. And I regret having it go in one ear out the other cause I wanted to have nice things. And go eat at nice places. And go out every weekend. I did everything people in this thread warn you about. Let me tell you guys. They're correct. We need to be smarter with our money. And save for emergency situations like this one for instance. Well I'm drinking heavily tonight cause my life just got crazy over the course of 2 days. So night y'all. Seriously take people's advice and be smart with your money. You'll never know when you'll need it. [link] [comments]  |
| Our dog’s medical bills are rising. Do we keep going? Posted: 01 May 2018 05:51 PM PDT Our dog recently had a parathyroidectomy due to a large tumor found on her parathyroid. The recovery for these surgeries can be tricky and take several days up to a week. However, our dog has been in the hospital for nearly two weeks and hasn't been able to come home. They're waiting on her remaining parathyroids to essentially "wake up" and start producing the calcium she needs to stay alive. They told us she has been a tricky case, but they're confident she just needs time. The surgeon who performed her surgery has been there 15 years and has never seen a dog not recover. Unfortunately we've hit our desired financial limit which is a whopping $6,000 (and already double of what we planned to spend). The administration told us she can stay for free (it's a university hospital) until Thursday, but it seems like the doctor is thinking it could take longer. Given how far we've come already, do we keep going or do we give up? We love this dog immensely and to see her go would shatter us, especially after all she's been through. Here's a bit more info on our finances: We have $24,000 in our emergency savings account with a very stable job. We normally add $500-$700 a month to that account. We have a very healthy 401k and zero debt other than our minimal mortgage. The vet bill is currently sitting on our Amex card, but we plan to pay it all off with our emergency fund bringing it down to $18,000. Also important to note, we're having a baby at the end of the year which will cost roughly $2,000 for our deductible (we have a two year old of the same gender so no additional cost for baby supplies). The time frame could be about another week or two that she could get better, but there's no guarantee. It's roughly $110 per day to maintain her at the hospital. Any advice? [link] [comments]  |
| Denied a checking account for no apparent reason? Posted: 01 May 2018 05:03 PM PDT -Applied for a checking account with PNC years ago before I knew what credit meant; I figured my local bank gave me an account so I was fine. I was denied. After a while I started realizing I needed to pay attention to credit and was at a 517. No wonder. -3 years later I have at least credit history and all on time payments. Started with a secure card and now have 4 unsecured cards, etc. My score is a solid 750. -I went to PNC again to switch from that same local bank(terrible fees and customer service) The girl said I could not open an account. Now I am very curious and she said I'm just flagged by their reporting system. She wouldn't/couldn't tell me anything else. -I ran my info through chexsystems, as she suggested, and I'm completely clear there. I've since just joined a credit union and they gave me no issues either. I'm just kind of baffled,worried? Why does PNC hate me? [link] [comments]  |
| Unsubscribing from email deals saved me money Posted: 01 May 2018 09:14 AM PDT Hi all! Thanks to this community, I have been on track with saving money and not spending when I can, but only when I should. I am signed up for a lot of stores for sneakers, clothes, electronics, etc. I noticed before each would come with a "deal" "buy these shoes for only $50 instead of $80!" Silly me would fall for that because in the end you are not saving $30, you are still spending $50. I unsubscribed from most of those emails and even though I had control of what I spent, now I won't have temptation either. This is something small that helped me, hopefully it can help out newbies like myself as well. [link] [comments]  |
| Posted: 01 May 2018 05:48 PM PDT I've held two full-time positions in two states within this time frame, Iowa and California. [link] [comments]  |
| 29 y/o, $48,000/yr, $7200 in 401k, % contribution advice? Posted: 01 May 2018 01:23 PM PDT I just logged onto my 401k site for the first time in two years and saw that I've only been contributing 1% (pre-tax) to my 401k. My employer matches up to 7%. I've upped my contribution to 3%, & scheduled +1%/yr. My question is, should I be doing more? I'm finally getting comfortable financially on a week to week basis and putting money into a savings account consistently and not having to dip into it too often, so I don't want to over contribute and stress myself out, but I'd like to eat for a few years when I finally retire. Edit: thank you all. I am logging in to change to a 7% contribution now. I don't think I can commit to doing the $250/month ROTHs contribution quite yet. If anyone has a simplified explanation of how ROTHs function, I would appreciate that information. [link] [comments]  |
| Posted: 01 May 2018 07:47 PM PDT So last time I went home in January, I was given a folder that had some US EE Saving bonds in it. Cool. It was $900 face value with varying dates from the late 80's to early 90's. I have just gotten to figuring out what the values are today. Three of them matured 11/2017 and the other three mature over the next few years. I figured it's only $20 or so on the other bonds, so researched what happens when you cash them early, when I found out this tidbit: Taxes are due on the bonds when they mature, whether or not you cash them out. Uh oh. I didnt report these. The current value are $1,555.20. What's the best way of going about this now? Is there a form to fill out? Do I just get them cashed and then report the income? What's the tax penalty on this? I suppose I could just call the IRS in regards to it, but curious to what is the best plan. Thanks! [link] [comments]  |
| Started a job paying me $140,000 / year. I need advice on how to manage, save etc Posted: 01 May 2018 05:59 PM PDT Just started a job as a Software Engineer for $140k / year. Clueless as to how to properly save and manage the money. Could really use your advise [link] [comments]  |
| Posted: 01 May 2018 07:24 PM PDT I screwed up big time, a stupid inappropriate drawing is going to cost me my 66k a year job. Long story short .. I have worked for this comapany for about 4 years come this August. About a month ago I drew something inappropriate on a white board in our back room.. it was only my manager and myself there (I am an assistant manager). I forgot to erase the drawing and one of the sales reps came in the next morning and snapped a picture of the drawing. He is our lowest performing rep and is almost being terminated from the comapny so he used this opportunity to call HR and report it.. My District manager came in today and told me in very little words that the HR investigation is coming to an end and it is not looking good and it may be a good idea to resign instead of waiting for the outcome .. and possibly come back to the company in 6 months but obviously wont be to my current position id start all over again. I cant resign .. because I will need unemployement while I look for another job which I can only get if im terminated. The camera caught me drawing something on the board.. but you cant see what I actually drew.. and hypothetically the picture the sales rep took can be a picture from who knows when .. also the manager which was in the room with me was called by HR and he says he backed me up and said he doesnt recall what I drew on the board. Can I sue the company if they decide to terminate me ? For terminating me without sufficient proof of what I was accused of ? If so how much can I sue for ? If I apply for unemployement how much will they pay me ? This really sucks.. this is probably the lowest I have ever felt in life .. gained weight while working here .. married and my wife is not working .. will lose my health benefits .. everything is just horrible right now .. idk what to do any word of advice or motivation would go a long way .. [link] [comments]  |
| How much money should I have in emergency funds before I start going for a holiday? Posted: 01 May 2018 05:39 PM PDT Current situation: 21 year old $0 debt $1.5k - $1.7k/month from part time work. Current savings: $3.7k Monthly Expenditure: $90 on transport $20 on food (mealpreps) $0 rent+utilities (Living w parents) Current spending less than $50 a month on 'myself' Edit: currently have 20% compulsory contribution to my country's equivalent of IRA. Plus additional $200 per month on a 10 year savings scheme with an insurance company. Edit: included phone bill. Disposable income after everything would be $800. Basically 100% of this to savings? [link] [comments]  |
| Series I Bond Fixed Rate Increase to 0.30%, Composite Rate to 2.52% Posted: 01 May 2018 07:04 AM PDT This is for May 2018-October 2018. Here's the link to the announcement on Treasury Direct for those who are interested: https://www.treasurydirect.gov/news/pressroom/currentibondratespr.htm. [link] [comments]  |
| Halfway through grant-funded position. Pay down debt or save? Posted: 01 May 2018 06:15 PM PDT Nonprofit position funded through December, highly likely that I'll secure funding for future or be employable if that funding doesn't come through. No guarantees, of course. Trying to determine if I should be aggressively paying down debts or saving in the unlikely event that I'm unemployed come January.
June to December, thinking dedicating $1000 to debts, $750 to savings monthly. Should I pay more to debt or add to savings? I have a few other expenses and can certainly tighten my budget, but more asking for debt vs. savings thought than exact numbers. [link] [comments]  |
| What should your target rent payment be relative to your salary? Posted: 01 May 2018 05:22 PM PDT I've heard so many different things. Obviously lowest is best, but I've heard 30% of gross income and I've heard 25% of net income. What is it? [link] [comments]  |
| Posted: 01 May 2018 02:07 PM PDT Hey guys, I started a new job in March. Part time front desk at a gym, I'm a full time student so I work 3 days a week. My paychecks average around 300 dollars every 2 weeks so about 600 a month. I noticed that none of my checks have had Federal OR State taxes taken out. I talked to payroll and they said I'm not making enough money to be taxed and that I won't face any liability at the end of the year. However I'd had jobs where I was making 100 dollars a MONTH and still getting taxed. Is this right? It's a privately owned gym, it's not a corporation so that's why I'm suspicious. He said I'm on track to make less than 12,000 in the year so that's why I'm not getting tax. I know I filled out my W4 correctly too. I'm still getting medicare and social security taken out. Can someone just let me know if this is the norm or if something weird is happening. Thank you. [link] [comments]  |
| How do you all live in Los Angeles and other high COL areas? Posted: 01 May 2018 07:38 AM PDT I'm looking for a place to move in LA that's not shady and even studio apartments are so expensive. My take home monthly is about $5500 a month and financially speaking, forking over $2000 for a studio seems excessive. I'm not married and have no kids (24 years old). I can't even imagine how expensive it's going to be once kids come into play. Is that how most people live? Putting in ~50% to rent? It doesn't seem sustainable. [link] [comments]  |
| Parents lied about paying my student loans. Posted: 01 May 2018 01:02 PM PDT Hi reddit, I am trying to take complete control of my finances for the first time in my adult life but I just checked my credit score and it's poor because all through college my parents urged me not to worry about paying for school they would "take care of it" and did not do so. I owe a big debt that hasn't had a payment made on it in years. What should I do and where could I go from here. I know it seems absurd an adult is just checking on this stuff for the first time but my family purposefully never taught me how to be on my own so I could never leave them. We have a complicated relationship. How can I bring my credit score back up? Also, noticed I have a small old doctors bill I forgot... should I just pay that right now? Thanks in advance! [link] [comments]  |
| I'm 16 and I think I am about to get this job. Posted: 01 May 2018 06:31 PM PDT I applied to a new Jimmy John's opening up near me and everything is going well. I have talked with the manager he seems cool and I was just wondering if there are certain things I should do. Should I be looking out for certain things? This is in Michigan by the way, thanks. [link] [comments]  |
| Any tips for planning an affordable vacation? Posted: 01 May 2018 05:20 PM PDT My friends and I want to take a week long trip to the west coast to visit multiple cities and natural wonders. We are from the east coast and never have been to the other side. How do you suggest we plan our trip ? Should we get a tour package or plan our own trip ? If we plan our own trip what kind of hotels should we stay at and transportation should we use? Edit: we really don't have a time constraint. We will be done with our summer jobs by then and have a few weeks before school starts back again. We just want to spend no more than $1000 each. [link] [comments]  |
| Advice Needed For Dying Parent Who is Horrible With Money. Posted: 01 May 2018 06:27 AM PDT I am in no way tied to any of her finances, but I will be the one to have to give notice/close out her accounts. My dad died 5 years ago and he had no debt, so I understand how it normally works. My mother has a reverse mortgage, credit cards, loans. You name it, she has it all - except for any money to pay for these things. She also has no end of life plans or arrangements so I will get the tab on that. I am thinking of getting a burner phone and email to give to creditors when I call to close out her accounts. I understand the creditors turn into vultures with anyone they can get their hands on in these circumstances. I will be very clear that I am not taking responsibility for her account(s), but only giving notice of her death. Any advice welcome. [link] [comments]  |
| Just turned 19. Just received a job paying 45k a year. Posted: 01 May 2018 04:00 PM PDT So I just turned 19. I was offered a fulltime job 33k a year with health care and a 401k plus my part time job making 12k a year. I 100% will be able to do both I have worked a schedule with both. I own a mazda 3 2007 sedan. I have $750 in my checkings $250 in my savings and $4500 in cryptocurrency. With that quick overview being said I'm going from making $1000 month and blowing half of it to $3750 a month. Where do I start? My only goal right now is being able to sustain myself and live on my own because I still live at home. I feel lucky for how young this am but also nervous. [link] [comments]  |
| Suddenly owe the IRS money from 2015 Posted: 01 May 2018 02:19 PM PDT Hello, r/personalfinance! My husband just received a letter in the mail from the IRS (it looks legit) that he has an unpaid balance from 2015. The letter lists an "Amount due immediately" in the sum of ~900 dollars. We are both in shock at this and thought it might be a scam, so we logged into his IRS Account and, lo and behold, it's true! He has never heard about this balance before and has never received any prior notification of this balance. In fact, he got a refund in 2015. Anyone know what's going on here? We're going to give the IRS a call tomorrow to see if we can sort this out but would appreciate any insight ahead of time if possible. Thanks! [link] [comments]  |
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