Personal Finance I suddenly love saving |
- I suddenly love saving
- Please help, we're in the red every month and I don't know what to do
- How the Elderly Lose their Rights
- Saving for my little brother's college fund
- Georgia Power sent me a $517 electricity bill for the house that I left last year
- I can't find a way out of this.. I desperately need advice.
- Considering leaving a job I like for a significant pay raise
- [other] I'm pretty sure I got scammed
- Panicking now that my credit cards are maxed and I have no savings
- Constant calls from a debt collector to whom I owe nothing?
- Is it possible to rollover a 457 to a traditional IRA without actually leaving your employer?
- I’m inheriting an apartment near London. Sell it or become long distance landlord?
- Smartest way to handle my student loans...private $18k & federal $23k
- My name is linked on my parent's maxed out credit card, implications of removing my name?
- Bought a car last night and the finance guy LIED to me :(
- Wealth-building for newborn baby
- Is mandatory health insurance a thing?
- Leaving a job that helped me grow in order to continue growing.
- Typical 401k Expense Ratios?
- Are doing your own oil change is worth it?
- Using credit card or debit card for rent
- How do you tell your friends you don’t want to go out because you can’t afford it without directly stating you have no money?
- Should I take out a loan through my bank to pay off my credit card debt?
| Posted: 25 Sep 2018 11:32 AM PDT The last few years of my life have been transformational. I've learnt to (truly) love someone else, learnt to love myself and learnt the importance of planning not only for a future but also how to achieve that future. Until I met my wife I didn't really save. A few hundred bucks here and there. I was earning good money but really had nothing to show for it except a beer belly, high blood pressure and a few decent hangovers a week. Now, we're planning 5, 10, 15 even 20 years into the future. Something which I hadn't seriously considered doing. Even when people would ask that interview question "where do you see yourself in 5 years?" I would always just make up some bullshit. Now not only do we have a solid idea of what we want in 5 years but also much further into the future. Because of this I am loving saving money. At the beginning of each month we both put an amount we think is reasonable (based on our goals and what we know we have coming up in the month) into savings + anything we have left over from the previous month and I am genuinely excited by this. In the last 3 months we've managed to save around $1500 (USD) and that has been with some unexpected expenses. I think by the end of the year we'll have close to $6000 (USD) in savings. I just wanted to share my new found enthusiasm for saving money and understanding the value of having life goals which you're really passionate about. If a guy who in the last 10 years had barely saved enough for a rubbish used car I am pretty sure anyone can do it! [link] [comments]  |
| Please help, we're in the red every month and I don't know what to do Posted: 25 Sep 2018 12:21 PM PDT Income: $1,126/month take home pay Mom gets $824/month from disability Nothing in savings Total: $1,950 Monthly Expenses: Rent $1,230 Phone/Internet Bundle: $120 Food: $150ish a month minus $45 from food stamps = ~$105 Car insurance: $150 Private Student loan payments: $583 (Which I've stopped paying) Gas: $80 Misc Expenses (toilet paper/soap/shampoo/etc): ~$50 Credit Card Payment (from the months where we were in the red): $220 ~$1,955 at the moment, or $2,538 if I keep paying my student loans. So as you can see, we're right on the line every month, depending on food and random expenses. And I have to occasionally put stuff on my credit card for months where we end up in the red, like when I blew my tire out a few months ago. I was able to get my federal loans put on Income-based repayment so my total is $0/month for now. But my private lender does not share the sympathy. Either way I stopped paying. That being said I don't know what else we can cut. I need phone/internet for work. I use the bare minimum for gas: I only drive to work and take my mom to her doctors appointments, nowhere else. The food we get is dirt cheap, generic brand stuff, so I can't cut out anything there. Car insurance is a fixed cost. And we use the bare essentials in terms of soap, shampoo, napkins, etc. What can I do? I'm located in the LA area, if anyone is potentially hiring. [link] [comments]  |
| How the Elderly Lose their Rights Posted: 25 Sep 2018 07:19 AM PDT tl;dnr - An essential part of retirement planning is planning how to preserve your money for after you lose the cognitive ability to manage it. This is a horrific article about the cottage industry that has sprung up to rob elderly people as they start to decline. https://www.newyorker.com/magazine/2017/10/09/how-the-elderly-lose-their-rights I have a personal experience along these lines. My great uncle and aunt had no children, and lived at some distance from the rest of the family. He had been an army colonel, with a post-army career, and frugal with money. A couple from their church--seemingly very nice--took my uncle and aunt under their wing, helped run them to errands and appointments, keep up with their house, etc. One day, my father got a call from an attorney doing some work for them, and it set off alarm bells. He flew in from out of state to find my uncle and aunt still cheerfully enjoying their lives, but nearly broke. Six hundred thousand dollars in retirement savings, down to about 80K. A hundred thousand dollars in gold and silver coins, missing. The house, heavily mortgaged. Oh, and the will, now made out to the names of the nice younger couple from church. Tracing the checks and bank info, it turns out that the younger couple had been receiving a salary of roughly 100,000 a year (in the mid-1980s) to help take care of my uncle and aunt, plus lots of miscellaneous expenses, to the point where my uncle and aunt had taken out mortgages on their long paid off home. The young couple angrily denied any wrong doing, claimed to know nothing about the missing coins, etc., etc. The police were brought in, as well as an attorney. In the end, the nice young couple from church got off without any sanctions, repaid about 25,000, and had their names off the will. The end damage was my uncle and aunt's life savings, and they lived in reduced circumstances for the rest of their lives (about 2 years for my uncle, and 8 for my aunt). There was no inheritance to leave to either charity, or to pay for the education of younger relatives, which had been their intention. [link] [comments]  |
| Saving for my little brother's college fund Posted: 25 Sep 2018 03:52 PM PDT Hey guys my brother is a freshman in high school and my parents haven't started a college fund for him. I've recently started tutoring him 7 days a week for about 3-4 hours a day making sure he kicks ass in school. I asked my parents for $180 a month to pay for the tutoring to cover my parent plus loan monthly payment but I thought I would suprise him by matching that 180 and putting all that money into a college fund from now until he graduates(360 a month for 3 and a half years). My question to you all is what is the best way to save this money? Should I just put it in a bank account? Put it into bonds or blue chip stocks I'm completely clueless when it comes to saving for college and would love any help you guys can offer. [link] [comments]  |
| Georgia Power sent me a $517 electricity bill for the house that I left last year Posted: 25 Sep 2018 04:41 PM PDT I live in Atlanta, GA. I moved to my new house in December 2017. I paid all the electricity dues and transferred the connection to my new house. Last week I got a bill for $517 for my previous address. When I reached out to them they said that the meter number associated with our account was incorrect. So basically last year I was paying someone else's bills and someone else was paying my bills. They say that the $517 is for electricity that I used but wasn't charged for. I have asked them for a breakdown of the bill, but is there a way to ensure that I am not paying money unnecessarily? Am I liable to pay this bill? [link] [comments]  |
| I can't find a way out of this.. I desperately need advice. Posted: 25 Sep 2018 01:43 PM PDT My boyfriend needs surgery to fix what we're fairly certain is an inguinal hernia. His job requires lots of lifting and he won't be able to work until it's repaired. We just moved into an apartment that costs us (all bills included) about $1,200. I just started a new job and I make about $1,200 on my own per month, so I can't support us both with my income. His job absolutely will not pay him any medical leave, workers comp, etc. I'm not sure how much his surgery will cost but I'm estimating it will be close to $1,000, possibly more. We're both 19 with no savings or safety nets. We live in Texas if that matters.. What the hell am I supposed to do? It feels like I have 0 options and absolutely no way to make this work. If anyone can think of a resolution please, please give me ideas. I'm feeling stuck and hopeless. [link] [comments]  |
| Considering leaving a job I like for a significant pay raise Posted: 25 Sep 2018 03:37 PM PDT I work for a Verizon indirect agent (sort of like a franchise for those unfamiliar). It's a commission job, and I perform well-ranked ten out of 400 sales reps at the moment. I recently found out I could nearly double my income, between hourly and commission changes, by switching to a corporate store. My main concern is that I'm currently on track to management in my current company, and I enjoy working for them. So for those of you who made a switch from a job you like to a job that pays more, how did it work out? [link] [comments]  |
| [other] I'm pretty sure I got scammed Posted: 25 Sep 2018 02:12 PM PDT I'm not exactly sure if I got scammed or I actually switched to a new company? I'm young and naive and of course I let myself get involved in this, but lessons need to be learned! Okay, I was approached by two gentlemen with binders that had the ComEd Bill in the front of them, and told me they'd give a $25 dollar gift card to compensate me for not switching to "clean energy" and were very nice and polite, and I was in a hurry so I wasn't really thinking about it, and just went with it. They ended up with my account number, email, and name. They also got me to confirm a few things on the phone. Lucky for me, they left their binder, and they have a lot of numbers and addresses on lined paper, as well as "scripts" and a paper for sales for "Entel Marketing" and "Great American Power". When I looked those up, I guess people got billed triple their bill and I'm not ready for that at all. I called ComEd and they said they can't really help me since they can't get involved in another company. I'm really scared and confused, and laughing like a crazy person as a defense mechanism. How can I stop all this from happening? I can't even buy myself a bag of hot cheetos and I'm really stressed out. [link] [comments]  |
| Panicking now that my credit cards are maxed and I have no savings Posted: 25 Sep 2018 08:00 PM PDT Small background: I'm 25, living in Canada (luckily at home with my parents). Took a $13k loan out for school to pay off classes and expenses as I was not working. $12,100 left on that. $10k in credit card debt and about $18k left on my car (not worried as much about this) I work part time making about $650 bi weekly. Monthly bills include: $250 loan payment, $300 car payment, $140 phone bill, $140 insurance payment plus my credit card minimum payments which have been about $150/card each month. I have 2 I didn't worry so much before because I still had room on my credit cards. Now that they're maxed, I'm panicking. I have 4 weddings in the next year and one that I'm in, that's in Jamaica so that's all $$$ I have no idea where to start and it's giving me anxiety. Any help would be SO much appreciated [link] [comments]  |
| Constant calls from a debt collector to whom I owe nothing? Posted: 25 Sep 2018 04:39 PM PDT [link] [comments]  |
| Is it possible to rollover a 457 to a traditional IRA without actually leaving your employer? Posted: 25 Sep 2018 07:20 PM PDT I really don't like the fund options available in our 457 plan. The fees for both managed and self directed funds seem unnecessarily high and aren't really that appealing. Their target age funds are abstracted so you really don't know the underlying funds just the general mix. Is it possible to just have the deferred compensation rolled over periodically into a traditional IRA instead that I can manage? [link] [comments]  |
| I’m inheriting an apartment near London. Sell it or become long distance landlord? Posted: 25 Sep 2018 04:24 PM PDT I'm in Chicago. A family member recently passed away, leaving an apartment near London to me and my sibling (and some money.) I'm from the area originally and the rental market is strong in the UK and I like the idea of passive income. 2bed 1bath Apartment value is appx 350,000 GBP, we will inherit the same in cash, give or take, after inheritance tax, and it's a 50/50 split. Should we a) sell up and split the money. Or b) should I use some of the cash to buy my sibling's half of the property, and take full ownership of the apartment (owned free and clear) and rent it out? I sure the like idea of owning a property there. One day I might like to move back etc. After some renovations it would rent for 1,400GBP per month. I understand I would pay 25% in income tax on rental income in the UK. Appreciate any thoughts. [link] [comments]  |
| Smartest way to handle my student loans...private $18k & federal $23k Posted: 25 Sep 2018 07:41 PM PDT My wife and I are looking closer at our finances and I want to make some meaningful changes to ensure I'm more responsible with my debts and make positive choices with what I pay down. My biggest hurdle is how to handle my student loans. We want to eventually look at homes, but I need to get rid of something to make that happen. I have 2 Fed Loans worth of around $23k. I'm making 415/mo for payments. This will be done in 2021 (smaller of the two) and in 2024 (the larger of the two). The interest rates are between 5.3-6%. I have 1 private CHASE loan of $18k. I'm making $150/mo for payments. This will be done in 2034. The interest rate is between 8.25%. I spoke with a representative for my Fed loans about some options. 1. I change my plan to graduated-rate (goes up every two years) and pay $268 until my wife and I file for taxes this upcoming tax season. We would file separately, then I would change to income-based and pay $168/mo with half of that being interest still. He said that over the course of 20-25 years of repaying it, it would be forgiven, but I'd be paying $16k in interest. 2. Stay on my current standard rate and at the end of 2024 have paid $4k in interest. 3. A forbearance on my loan for a year, but pay the interest that would be accumulating each month, about $95, to keep it "even". He was stating these ideas in relation to me wanting to pay down that CHASE loan. My other big payment is a car payment on a new purchase this summer ($422 for 5 years). I'm an art educator in a public high school. My income is around $44k a year (before taxes). With income-based repayment, I would need to reapply every 12 months. My wife and I filed jointly this past year, but if it is worth it to file separately and move to income-based repayment, I can take the difference of standard and income ($415 - $168), which is $250/mo and apply it directly to my CHASE loan. Would the $16k of interest on income-based be less if I can get the CHASE loan down and then up payments on the income-based fed loans? I'm really needing to get some help so I can make the best informed and wisest decision with my finances. I appreciate the help! tl;dr Should I switch my student fed loan repayment plan to lower monthly payments to pay off higher interest private loan? [link] [comments]  |
| My name is linked on my parent's maxed out credit card, implications of removing my name? Posted: 25 Sep 2018 03:52 PM PDT Hi all, I've been tracking my credit loosely on Mint that last few months as I've started building my personal credit. I'm not concerned with the number specifically but the direction it is going. I have hefty student loans but it got me a more-than-decent career out of the gate, and an extremely minor car loan (bought the car this year, will pay it off this year). My parents have never been great financially, but my dad was laid off for the month of September unexpectedly, and my parents burnt through a small emergency savings by mid-month and added a few thousand in debt to a credit card. My name has been linked on this card for about a year, the reasoning was initially for emergencies while I was away at school. Now that the usage of this card is at capacity, I've noticed my score went down a few points (now 698). I spoke with my parents about this, and we were wondering if there were any downsides to either my finances or theirs to removing my name from the card. I've never used it and never made a payment to it. It should be noted, however, that my parents have never missed a single payment for anything in their lives. Will removing my name damage my score further? Would it go up because this debt would be removed from my name? Would it be more beneficial to wait until my dad starts work and they're able to knock this debt back down? Thanks all! [link] [comments]  |
| Bought a car last night and the finance guy LIED to me :( Posted: 25 Sep 2018 12:50 PM PDT I bought a car last night with a loan through USAA. I was in the finance guy's office finishing the application on my laptop and he said to decline Total Loss Protection because they were selling me their own GAP insurance, and he went into some banter about how it's better. I was like, "Whatever" and got him the paper he needed. He comes back a little bit later and says, "Actually we can't sell you gap because you're not financing through us. My mistake. You can call USAA tomorrow and have it added to the loan, they won't have any problem with that." SO then I go and sign papers on that notion. Well I called USAA today and they will NOT add it. Also, I had initially declined the dealership's extended warranty because I told him I didn't want to pay anything down. He said, "Oh well I can work with the numbers and get it to fit within your total approval amount." Initially he was going to fit both the gap and the warranty in. But, without their $800 gap insurance in there, he decided to tack on that $800 to the extended warranty price. So, if USAA had of let me add gap to the loan today, I would have had to pay something out of pocket to cover it and he knew that. Unfortunately, now I can't have it at all. [link] [comments]  |
| Wealth-building for newborn baby Posted: 25 Sep 2018 10:44 AM PDT What are some general tips, recommendations, or resources for building an investment account for a newborn child? I intend to set up a 529 account but would also like to establish a separate investment account using gifted funds to my child shortly after my child's birth. I'm looking for recommendations that would limit my and my child's personal tax liability to the fullest extent possible. Thank you for the insight. [link] [comments]  |
| Is mandatory health insurance a thing? Posted: 25 Sep 2018 07:23 AM PDT I've opted out of my employer's insurance, but they're still deducting it from my paycheck. It's listed as "HMO Mandatory" on my pay stubs. Their mandatory plan is over $500/month (for an individual with no dependants), which is outrageous and suspicious to begin with. Is this actually something they're required to do until I submit proof of insurance to them? My employer is based in Virginia, I lived in Maryland, and my workplace is in DC. Any help is much appreciated. [link] [comments]  |
| Leaving a job that helped me grow in order to continue growing. Posted: 25 Sep 2018 03:31 PM PDT Hello everyone, a year and a half ago I had no job until a hostel picked me up and gave me a place and for the first time a salary, the hostel I work at is amazing, the bosses and my co-workers as well, but from my view there is only one way to grow and that is by changing hostel to one that pays a lot more (shocker). My dilemma is the emotional attachment I have with the place that made everything possible here in the first place and the fact it´ll be completely cut in order to further my career. Has anyone been in this situation, and if so what would you recommend? Also sorry that it isn´t the most interesting of careers. [link] [comments]  |
| Posted: 25 Sep 2018 08:42 AM PDT After having not paid too much attention to my 401k for the last six years (aside from contributing 10% of my salary and the performance being very good) I finally took a closer look at the funds available to us and the expense ratios seem a bit on the high side. Some background. We are a smaller company in the US. Of our 102 employees, 87 participate in the 401k plan, and as of June 2018 there's a little more than $10m under management in the plan. The company does pay a broker as an intermediary between ourselves and Voya (about $24,000) last year. These figures are taken from our ERISA filing with the Department of Labor. The lowest cost fund available to us is the Voya US Stock Index with an ER of .72. The most expensive funds are (understandably) the Target Date funds which range from 1.27 (TD 2020) to 1.42 (TD 2060). There are a number of small, mid, and large cap funds available to us with ER's ranging from .72 to 1.42. I am currently 100% in Target Date 2050 with an ER of 1.41. Am I totally off base that these expense ratios are extremely high? Morningstars own Target Date Landscape document states that the average expense ratio for a target date fund is .66. Just asking a few of my friends, who work at both large and small companies, and they don't have a single fund with an ER of .72; all of their options are less expensive. Also every mutual fund available to us is available directly through Voya with a significantly lower expense ratio. For example my TD 2050 fund (ISNQX) has an ER of 1.41 through our plan, but Voya offers this same fund to individual investors with an ER of .86. Don't even get me started on how much less expensive similar funds are through Vanguard or Fidelity. I ran this same exercise for every mutual fund available to us and we are paying at least 40 basis points more than they are listed elsewhere. In response to this I reduced my 401k contribution from 10% to 6% (minimum to get the employer match) and made up the difference by increasing the contributions to my and my wife's Roth IRA's. [link] [comments]  |
| Are doing your own oil change is worth it? Posted: 25 Sep 2018 04:23 AM PDT The oil change ramps, chalk blocks and drip pan total $80. Each time I change the oil the oil will cost roughly $50 to include the filter. Then, I have to change it myself and go through the hassle of disposing of the old oil. Most oil change place and do everything for about $45. The reason I'm considering doing it myself is because I know I would do it right and no one is going to take care of my property in the way I will. From a financial standpoint, what do you guys think? [link] [comments]  |
| Using credit card or debit card for rent Posted: 25 Sep 2018 04:59 PM PDT I just moved into my own apartment roughly three weeks ago and am trying to make smart financial decisions for my future. My new roommate was telling me about how he put his rent due (and only his rent) on his credit card, letting him build up his credit history without sinking into debt. I did a little research with how my apartment does payments, and see that if a payment is done with a Debit card or bank, then I have a service charge of $4.95; however, if a Credit card were attached instead, then I am charged with a 2.95% fee. My housing costs are $750 a month (including W/G/E/S and Internet) and is covered by a 529 plan (I dont know if that matters or not) I'm basically given three options: Pay 11 months (rest of the lease length) of rent up front now and only be charged a one time $4.95 fee. Pay month by month on my debit card and pay the $4.95 fee each month. Pay month by month with credit card at a 2.95% fee. My guess is that the smart thing to do is put my rent on the credit card, along with my car insurance just to build up credit and use my debit card for everything else, but is the extra 2.95% too much? My biggest concern is budgeting 4 years from now when I'm not sure how much will be remaining on my 529 student plan. [link] [comments]  |
| Posted: 25 Sep 2018 07:07 PM PDT |
| Should I take out a loan through my bank to pay off my credit card debt? Posted: 25 Sep 2018 01:06 PM PDT Question is in the title. My husband was diagnosed with Hodgkin's lymphoma at 25 and had to stop working. During that time we were living off of credit cards (stupid I know) we didn't have help or much in donations so that was our only option to my knowledge. We have accumulated about 15K in credit debt, he's working now that his treatments are less severe but only part time. So is this a viable option or a good idea? Note: I also work as a server and make about 500 a week, he makes about 700 a pay check and bills total about 1,950 a month for everything. [link] [comments]  |
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