Personal Finance 30-Day Challenge #9: Track all spending! (September, 2018) |
- 30-Day Challenge #9: Track all spending! (September, 2018)
- Wife passed away. I would truly appreciate some help figuring out where I stand.
- Wife and I spent over $750 on food (groceries, restaurants, fast food) -- What the hell are yall doing to stop this?
- Mom keeps nagging about repayments
- Father passed away suddenly today, need help understanding some things.
- Sequel to the popular Millionaire Next Door book comes out next month!
- Dad destroyed my credit and got me an eviction notice under my name
- MIL taking out Home Equity Loan only getting a 2/3 loan amount?
- Debt Consolidation loan question
- Spouse with stage 4 cancer and mandatory 457 withdrawal
- My great Aunts husband of 30+ years might pass away and she might end up homeless even thought its their house
- How can I set up and contribute to my children’s IRAs?
- 21 year old finally trying to start making good decisions.
- Considering new job that is $10,000 less per year, paycheck calculator says take home amount will be about the same?
- Should I roll over 403b into Roth IRA? (Public Service Loan Forgiveness question)
- Various sources suggest planning to live off 4% of your retirement savings (the "4% Withdrawal Rule"). But doesn't inflation eat away at ~3% of that every year, such that you're really only living off of 1% of your savings? What am I missing?
- Advice on purchasing new home
- Negotiating salary with unrelated job experience?
- Giving $50k to ex. Is this taxable for her?
- Verizon scam?
- Refinancing auto loan questions - feeling confused
- I just opened my own bank account, what should I know?
- How to pay for lots of flights and hotels with no credit!?
- Does self lender work?
- Been in this debt for way to long
| 30-Day Challenge #9: Track all spending! (September, 2018) Posted: 01 Sep 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 Track all spending! It is important to track your spending to avoid having lifestyle inflation sneak up on you (even if you are financially comfortable). If you don't know where your money is going, you can't make intelligent choices about spending and allocating your money for maximum benefit. Here are some tips to get you started:
Challenge success criteriaYou've successfully completed this challenge once you've done one or more of the following things:
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| Wife passed away. I would truly appreciate some help figuring out where I stand. Posted: 01 Sep 2018 07:17 AM PDT My wife passed away on Thursday at just 34 years old. The house we built together was in hers and her mothers name. I am not on the mortgage/title due to having bad credit at the time we purchased 8 years ago. I have been paying the mortgage all this time. Do I have any legal right to the house? I don't really care about the money. I just can't bare the thought of losing the home we made together. Any advice you could give me would be seriously appreciated. I'm in Alberta, Canada if that matters. Please bear with me if I don't make a lot of sense. The pain is unbearable. Edit: I should probably mention my wife did not get around to writing a will. [link] [comments]  |
| Posted: 01 Sep 2018 08:06 AM PDT Hi all, some background info. My wife and I are mid-20s, combined to make around $25 an hour total together (around 50k), No kids. We have recently gotten our debt under control (back to min payments and most of the time throwing a couple hundred dollars at a time at high interest accounts.) We live in Boise, ID and pay to rent a room for $900, no utilities, safe nice house. After all of our debts, 401k, insurance, taxes, and monthly bills we have about $1700 for savings, food, gas, and other monthly expenses. Now, I have been looking back at YNAB and I'm astounded at how much we are spending on food. We aren't wasting food and we cook at home typically about 5 nights a week, and groceries make up close to $400 of that number. The other 2 nights are usually eating fast food before we grocery shop on friday, or going out for a dinner Saturday night. The other stuff that adds up is vending machine, gas station, etc. My question is how do yall curb this? I know the logic behind stopping it, but as far as willpower goes, when I get unexpectedly hungry at 4 pm at work it's really simple to spend $2 on a frozen burrito for a quick pick me up. I have heard of the envelope method, but it makes me nervous having that much cash outside of the bank. I just have to stop this bleeding. We could be miles ahead of our expected debt payoff date (APR 2019) if we could cut this in half, which from reading a lot of the budgets on this sub, is doable. ANy tips or anecdotes? Thanks. [link] [comments]  |
| Mom keeps nagging about repayments Posted: 01 Sep 2018 04:53 PM PDT I'm 22 and just graduated college, starting my first full time job as a software engineer. I'm trying to start with good habits, saving as much as I can. However, my mom has had this habit of guilt-tripping me since childhood about money, about how much she's spent on me. So now that I'm making money, she has been telling me to "not forget my $1000 monthly payments back to her". And just to add, she's been mentioning this since I received my offer, not even waiting until August which was when I started. A few things to mention is that I come from an Asian family, in which family is meant to be close and tight. I do understand this part and I mean to help my parents when they reach retirement age. I am just frustrated right now because I am literally starting out my career and my life, and I want to reach a stable point of savings in my life but this will definitely hold me back. Am I just overreacting? Edit: Just a few points of clarification. No, there was no set agreement to my knowledge between us in which college tuition was a loan that had to be explicitly repaid to her. In fact, most of my expenses were thanks to my dad, who is pretty much the breadwinner of our family. He doesn't say much whenever she brings this point up of repayment tho, likely because he's a passive man by nature and my mom can get pretty confrontational. Another reason I don't feel too comfortable paying her back particularly is because in my opinion she isn't too wise with money. For example, I remember in the past she often gambled in Vegas/Reno when we went on family trips(which was probably why we went there in the first place?), and she still likes to buy those scratch cards pretty often which I keep telling her isn't really a good investment of money. She also has a habit of spending pointlessly because she believes it's "good for us". Like when I was young, I was forced to take piano classes, even though I disliked it so much I wanted to quit after a year. But I was forced to continue for a decade, with her continuous nagging of "you'll thank me later for this". Oh and she likes to bring that up too because those classes weren't cheap but I never wanted them to begin with. I'm totally fine with helping out with family bills if needed, helping them through retirement, and helping my little sister through college in a few years. But as much as I want my independence, in this case financially, she seems to insist on keeping me close somehow. Maybe it's because I'm a girl, and she feels compelled to stick to me closer than if say, I were a son. Maybe because it's the culture. But I'm not trying to completely cut her off. I just want to ensure I have my own life together. [link] [comments]  |
| Father passed away suddenly today, need help understanding some things. Posted: 01 Sep 2018 06:44 PM PDT My father was found with no pulse on his bathroom floor. There were no visible bruises or wounds. I have the option of ordering the autopsy or not. I'm 20 years old, home after dropping out of college following clinical depression and lack of motivation. I do not have much money at the moment, but am working on getting to a point where I'm working again. My mother also struggles financially. I stress the financial aspect because I'm sure money is involved in every decision along the way. My Uncle and Aunt will be helping with this aspect, I hope. My parents were divorced since I've been 12 and I've lived with my mother since then, visiting my father every other weekend. What I'm asking is, what is my best course of action in this situation financially? Should I request the autopsy? I really was not expecting to have to figure out how to do this all at my stage in life. What am I as next of kin expected to do? [link] [comments]  |
| Sequel to the popular Millionaire Next Door book comes out next month! Posted: 01 Sep 2018 04:12 PM PDT I've read the original, as have many here of course, and am super excited to see the 20 year update and new data/research on today's "millionaire next door." The Next Millionaire Next Door: Enduring Strategies for Building Wealth (https://www.amazon.com/gp/product/1493035355)
Courtesy of Bogleheads: https://www.bogleheads.org/forum/viewtopic.php?f=2&t=254081&newpost=4027930 [link] [comments]  |
| Dad destroyed my credit and got me an eviction notice under my name Posted: 01 Sep 2018 06:27 PM PDT Hello all, I am in quite a dilemma and frankly I'm on the verge of tears here. To make a long story short, my dad and his girlfriend had fallen on hard times and asked me to get an apartment for them under my name over a year ago. I didn't think it was a big deal at the time but now I'm totally fucked atm. Turns out he didn't pay the rent and not only did it destroy my credit, I have an eviction under my name. So now I can't get any rental properties to even consider renting to me. I talked to my dad but his attitude toward all this is that it isn't his problem. I am in the state of Florida and the apartment complex says $4000 is due. Is there anything I can do about this, I can't live with this on my record for 7 years. Any help is appreciated and thank you. [link] [comments]  |
| MIL taking out Home Equity Loan only getting a 2/3 loan amount? Posted: 01 Sep 2018 06:45 PM PDT My MiL is taking out a $25k home equity loan but according to the paperwork she will only receive $16k as part of closing. The closing costs are listed as $0 and the estimated total payoffs and payments section was nearly $9k. I have never taken out a home equity loan so I don't know what is going on. It seems strange. [link] [comments]  |
| Debt Consolidation loan question Posted: 01 Sep 2018 06:45 PM PDT Hello, I am from New york and I had too much credit card debt a while back and got a debt consolidation loan. I'm not sure where i placed the contract that i signed but i vaguely remember them saying something along the lines of "I cant open another line of credit until this is paid off, otherwise i would have to pay the remaining balance in full" Is that a line of credit anywhere or would it just be for that one bank? [link] [comments]  |
| Spouse with stage 4 cancer and mandatory 457 withdrawal Posted: 01 Sep 2018 02:07 PM PDT So about 5 years ago, I worked for a non profit that had a non governmental 457 set up (in addition to a 401k). The non profit is being absorbed into another and is going to be dissolving as its own entity next month. I've taken care of the 401k and rolled it into an IRA, leaving a non governmental 457 with about $11K in it. I have another 70K in retirement under my name alone, and my husband has a combined retirement of about $250k, so without this $11k we've got about $330k total in retirement at the age of 34. My understanding is that, as far as rollover goes, a non governmental 457 can only be rolled into another non governmental 457, which would have be be provided by a non profit (so I don't have access to one, as I'm a SAHM right now). It seems my only other option would be to take the distribution and pay taxes (but not a 10% penalty, as I no longer work for the organization). When I started writing this post, I was going to be asking for other suggestions on ways I might be able to avoid the taxes on this distribution. Because I never - and I mean, never - borrow from our retirement. But the thing is... my husband has stage 4 metastatic cancer. For many years now, we've focused on saving for retirement above all else, but now there is a very, very good chance he will not make it to retirement age. Or 36. And I'm tempted AF to take this $11k, set aside a couple grand for taxes, and fucking go to Bali with him. Or wherever he wants to go. Yes, I know I'll be losing out on anything that $11k could have garnered in interest in the years between now and retirement. But my husband will likely never enjoy the fruit of that interest, and I'm becoming strongly inclined to spend it on something amazing for our family to do together. We're working hard at building memories right now, because our children are so young. We will be incredibly lucky if our youngest has any memories of him. I'm not working, and his employer is being flexible and very accommodating. The only debt we have is the loan on our van and what's left of my school loans. So, r/personalfinance... if it were YOUR personal finance, what would you do? Edit: our affairs are in order; the trust was established and everything was put in its name when he first got sick, in 2016. That was long before it got to this stage but we knew it needed to be taken care of either way. [link] [comments]  |
| Posted: 01 Sep 2018 05:09 PM PDT so they live in Ontario, Canada. They got married over 30 years ago after both their spouses passed away, the house was something he owned, but he has a daughter who apparently he signed the house over to a long time ago, not to the knowledge of my great aunt (not sure if pre marriage or after marriage as he always kept his finances secret). Anyway this is their home for the past 30 years and his daughter has never actually lived in this home. The house is worth a lot money which my great aunt doesn't care about but she was always assured she could live there for the rest of her life. Now his daughter has told her she would have 4 months to move out after his death. Would like someones input on here who actually understands what can be done or not so I can help her though I don't live near her and she is elderly and somewhat alone. Would appreciate any advice. [link] [comments]  |
| How can I set up and contribute to my children’s IRAs? Posted: 01 Sep 2018 06:53 PM PDT I am fortunate enough to be in a job that will give me a solid government pension when I retire. I also bought my house before my location's real estate boom, and my house is worth four times what I paid for it, and given my location, that's unlikely to go down. I enjoy my work and I'm not looking for early retirement; when I do, however, I will be in good financial shape. My children have private sector jobs they love, but in expensive locations and while they are doing well professionally, are not yet bringing in good money. I don't want to just give them monthly sum; I would like to help them set up some type of retirement accounts. Their businesses don't have any provision for doing this. So, I would like to help them set up and contribute to IRAs for them, with the goal of them matching my monthly contributions. However, when I did some investigating, I ran into the following issues: only the ultimate beneficiary appear to be able to set up an IRA, and my local bank said that there is no way that I can make regular contributions to it. Does anyone know how this can be done? Ideally, I would like to set up regular automated contributions to the IRAs every month, and encourage my children to do the same. They know about this plan and are on board with it; we just can't figure out how to do it. Please don't criticize the plan. I would appreciate anything you could post to help us achieve it. [link] [comments]  |
| 21 year old finally trying to start making good decisions. Posted: 01 Sep 2018 12:13 PM PDT I'm 21 and I work two part time jobs and I'm a full time student. I never saved money before. However, after this summer I make enough to cover my expenses and save so now I'm torn between paying off my student loan with my last two checks or starting a savings account and save money. The loan doesn't gain interest while I'm in school and is in deferment because I'm back in school now. What should I Do? [link] [comments]  |
| Posted: 01 Sep 2018 12:25 AM PDT I desperately need to quit my current job due to an insane boss and just got an offer for a position at the place I interned at. It's a small non-profit and they can only give me $40,000. I currently make $50,000. I absolutely want to take the new job, but didn't think such a big pay cut would be possible with my current expenses. I plugged the numbers into a paycheck calculator and am really confused. It says I should make about $1,300 net semimonthly at the new position, but I currently take home $1,425. This would be a totally manageable drop if accurate. I currently have deductions per check of 8.5% mandatory retirement, $35 parking, and $45 for other benefits (heath/dental/disability/life insurance). The new position does not mandate retirement (with my current budget I already max my IRA), parking and the health insurance/dental/other is going to be a total of $40 a check. With a $10k difference in gross pay, does stopping the retirement deduction and the lower taxes really only equal out to a $250 a month difference? I wouldn't stay at the new job long term (no more than 2 years), so I'm not concerned about pulling back my retirement contributions for now. Thank you. [link] [comments]  |
| Should I roll over 403b into Roth IRA? (Public Service Loan Forgiveness question) Posted: 01 Sep 2018 05:01 PM PDT I currently have ~$10k in a 403b account from a previous employer. I was recently married and my wife recently completed graduate school. Next year we will be bumped up another tax bracket (currently at 12%). I know that when you roll into a Roth IRA you have to pay taxes, which it seems this would be the best time to do it if it were to be taxed in the lower tax bracket. I'm on a public service loan forgiveness plan and have 6 years left. I wanted to also see if the year you roll your Roth IRA if they consider that income. My loan payments are based AGI (AGI minus 150% of the poverty line and then divide by 12 for the monthly payment). If it is considered income, I'd have to pay 10% on top of the tax rate. [link] [comments]  |
| Posted: 01 Sep 2018 06:28 PM PDT I've often heard the 4% Withdrawal Rule cited as good advice from intelligent people whom I have no reason to doubt. But it seems as though it doesn't take into account the effects of inflation, which would make it pretty terrible advice. Am I missing something obvious? [link] [comments]  |
| Posted: 01 Sep 2018 06:28 PM PDT My wife and I just found out we are expecting our second child. Still live in our starter home which was purchased six years ago with 3BR and 1BA. We like our house but the school district lacks compared to neighboring schools. We've been actively looking for over six months, but haven't found anything that fits our budget/location. I have two office locations and my wife works east of the city. Our current location is actually a pretty convenient commute for her. My wife's commute has been our biggest hurdle since's it's in an awkward part of town. Our daycare is also only a 7 minute drive from our current home. We currently have 150k in savings plus the equity in our home. I did plenty of renovations upon purchasing in '12 and sit to make around 60k in profit. Should we stay here for another year to increase our budget or wait it out until something comes along that we like? Finally, we've stopped "fixing" up our place bc we knew we planned on moving in short order. Now, there are things that need to be updated but I don't want to waste money if something comes on the market in the next few weeks. [link] [comments]  |
| Negotiating salary with unrelated job experience? Posted: 01 Sep 2018 06:12 PM PDT Has anyone started a job that didn't require a license/certification, but then obtained a license for an unrelated career path? I am currently working job X making 70k, while studying for license Y. By the time I obtain license Y, I will be making 80k at job X. However, an entry level position that heavily utilizes license Y, usually starts at 55k-60k, but career path Y has a much higher earning potential. Are there any similar experiences on this sub? Were you successful in matching your previous salary? If not, what were the issues? [link] [comments]  |
| Giving $50k to ex. Is this taxable for her? Posted: 01 Sep 2018 05:53 PM PDT I split with my ex recently and as part of our agreement, I would keep the house instead of selling, and give her $50k. The house was in both our names even though we were never married. The title has since been transferred to my name only as she never actually contributed anything financially. Never claimed it on taxes and never paid the mortgage. I took out a second in my name only, and plan on paying her with the money from the loan. I'm planning on completing a wire transfer into her account in a week or so. Is she obligated to report that $50k to the IRS? [link] [comments]  |
| Posted: 01 Sep 2018 05:40 PM PDT Posting for my Mother-in-law who doesn't reddit, apologies if this is the wrong place. My mother-in-law (MIL) has never had an account with Verizon but last week got a package from them with a brand new Samsung in it. She called Verizon and they were... less than helpful. The account matches her social but they were unable to tell her anything else. The day after the phone showed up a FedEx guy came by for a package pick-up... that she didn't order either. Our best guess is the scammer hoped she would just hand over the phone thinking it was to return it. She has locked down her credit, filed a complaint to the FTC and filed a police report with the local PD. She went to the local corporate Verizon store (NOT an authorized retailer but an actual store) and they did nothing. They won't close the account or take the phone back until its discontinued but the fraud department is giving her the run-around on doing that. Is there anything else she can do to get Verizon to deal with this? [link] [comments]  |
| Refinancing auto loan questions - feeling confused Posted: 01 Sep 2018 05:39 PM PDT I am moving to a different state in October and I need to take my car with me that's registered to my parents. Its currently in my parents name and the loan is in their name as well since it's being financed. I was told the only way to get the car transferred to me is if the lien on the car is satisfied by paying the loan. My questions are:
I am in NY so I have the physical copy of the title with the lien on it. It has both my parents names on it. Thanks in advance! I am going to be calling my insurance agency Tuesday but wanted to have some sort of idea before then. [link] [comments]  |
| I just opened my own bank account, what should I know? Posted: 01 Sep 2018 07:32 PM PDT So, I'm 18 and decided to make my own account that only I have access to for college and paychecks. My grandfather sponsored me to make an account at Navy Federal. What should I know about managing an account and making sure I have money. Whenever I had cash I always spent it next to immediately. My parents graciously offered to pay for my college if I manage extremely well grades so I don't have a massive loan to take hold of. I also had an outing with them about being control freaks and they took notice of how I felt. So I'm riding the luck train at the moment. But I don't want to spend money carelessly and I also want to learn whatever possible there is about a bank account. Dividend rates, APY, anything basic to complex. [link] [comments]  |
| How to pay for lots of flights and hotels with no credit!? Posted: 01 Sep 2018 07:14 PM PDT I am applying for dental school right now. I applied to 16 schools all across the nation but did much better than expected on my entrance exam so am expecting that I will have interview invitations through December at a majority of them. I would probably just choose the top 4 or 5 schools I'm interested in and turn down the other invitations but I am in a really competitive spot for scholarships and the more schools I am accepted into, the more leverage I have to negotiate larger scholarships; it is probably going to be worth it for me to attend most of my interview invites. I don't have the money to pay for this in cash, plus I'm likely bringing my wife to several of the cities to get a feel for it. I read somewhere that some students wished they opened up a credit card and accumulate miles or points or whatever those reward things are. I have never had a credit card, student loans (until recently), or anything else that would have helped me build credit. My dad's a dentist as well and has excellent credit and will help me pay down the credit card debt if I ever need it so I don't need to worry about that aspect. Is there an option for him to co-sign on a credit card with me so I can get a better card? Would I still be building credit? Do I even want to open up a CC? What is my best play here? EDIT: I checked creditkarma and my transunion score is 661 whereas my Equifax is 728... somehow [link] [comments]  |
| Posted: 01 Sep 2018 06:56 PM PDT Recently I have seen advertisements for something called self lender. It's a company whom you pay monthly and then at the end of your agreement with them they give you the money that you've paid them. It is supposed to build your credit. Has anyone had experience with a company or app or credit Building Company like this? My credit score is around 5:40. I would like to buy a house within the next two years. I want you or I need to have my credit score higher. [link] [comments]  |
| Been in this debt for way to long Posted: 01 Sep 2018 06:36 PM PDT Hi, as the title says I've been in this debt for way to long. It is not a big debt. I owe a total of $8,000 in credit cards. I am starting to pay interest on almost all of them. I make about $5,000 a month, with bills adding up to about $3,000. That gives me about 2,000 left over. I've tried making a plan to pay it off but somehow i am always short or I spend it on something else. How can i manage my money more efficiently or what would be a good plan to pay this off? Thank you! [link] [comments]  |
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