- I'm reading a lot on here that using a credit card for every purchase over $20 and then just paying it off either at the end of every day or week is better than just using debit. Is this actually good practice?
- I have used Mint (by intuit) for 6 years now but now they have begun integrating ads into every aspect of their platform. What are some alternative sites that I can use so I can step away from their platform for good?
- Do you regret increasing your commute for more $$$?
- 27 with my first salaried job. I've never budgeted before. Married. Husband is a financial expert, I'm a total n00b.
- Alternatives to a 529 plan or experience in investing in one?
- Because of this market downturn, I'm still contributing the same amount to my investment accounts.
- My spouse and I are complete opposites and I'm a co-signer on a now totaled car
- Recent Grad, advice on getting a credit card to build credit score
- Saving for retirement, age 45.
- My manager (Not my employer) is asking when and how much my raise is
- Recently laid off, $22k in credit card debt, no savings. Can barely pay rent, let alone CC payments.
- Lively follows Fidelity's Lead: No Investment Fees for HSA's
- Need some good debit card recommendations with cash back!
- Wells Fargo and other banks charged college students $27 million in fees, buried CFPB report reveals
- Why is it so hard to get your first credit card?
- Let go. Now what?
- Panicking about buying a house... now or never?
- Is it a wise move to jump from Big company to a REAL small one
- Poor Credit but wanting to buy a house in cash?
- Parent/boss at our family business asking for my social and FICO, wondering if I should be concerned?
- I think I made a big mistake with my ROTH IRA? Can I get some advice. (US)
- Tax Loss Harvesting - can anyone explain?
- choosing the best repayment plan for student loans ( i am a nurse)
- Retro pay and adjusting what I claim
| Posted: 20 Dec 2018 05:56 AM PST Right now I just use my debit card from wells fargo to purchase everything. I do have a credit card that I rarely use. Should I switch to the mentioned method to build credit? Or maybe find another cc that racks up flyer miles? Really confused on this and that if it actually benefits my credit score Edit: Thanks for the responses! Looks like I'll be researching for one to get. Edit 2: Additional questions: Does it cost to use cc for bills? Has happened to me several times (Like 2-3% charge) instead of using debt Where to keep savings? Stay with Wells Fargo? I omitted that my cc has $4k balance on it (from college, used to be 8k) should I pay that off first before switching or keep paying it down and then switch once balance is 0? [link] [comments]  |
| Posted: 20 Dec 2018 06:50 AM PST TLDR www.mint.intuit.com has jumped the shark by ruining their user experience for the sake of advertising dollars. Where do I go from here? [link] [comments]  |
| Do you regret increasing your commute for more $$$? Posted: 20 Dec 2018 12:20 PM PST I'm in a situation where I'm debating taking a new job in a large city about 55 minutes away from where I live. My current commute is about 15 minutes. I've never had a commute longer than 25 minutes. Salary-wise, I'm currently making a little under $80k. Any new job I take I'd expect to get close to six digits. The only reason I'm even considering this is because I'll likely be able to argue an 2-3 days onsite/WFH split which means I'll only be making that commute half of what I typically do with my daily 15 minute commute. So I thought I'd get some opinions from people who have been in this spot before. Did you take the job? If so, how do you feel after the fact? [link] [comments]  |
| Posted: 20 Dec 2018 05:09 PM PST I really know nothing about budgeting. I grew up very poor and my parents have no financial literacy. I'm lucky to have met my husband when I was young and he has provided for me. Now that I have my first full time salaried job, I want to start saving and using my money wisely. I'm 27 and recently started working full time for the first time in August. I had my first child only a couple weeks after getting my bachelor's degree, so I had just been going to part time route until August. I don't make a lot of money. I teach at a small private school and make $25K. It was barely more than I made working part time, but it cut my commute down by an hour and is in the industry (education) that I'm getting my master's in, so it made sense. My husband makes a pretty good living (six figures). He also is very good with his money (which I've never been) and has a perfect credit score (mine is in the low 600s). He has law school debt, but has nearly 0% interest on the loan, so it doesn't weigh him down too much. I have about $28K in student loan debt, and even though I graduated almost five years ago I've barely paid off anything. I have just over $1K in credit card debt. He's also nearly ten years older than I am, so I feel lost as to where to start my budget. In the wiki, he's definitely a mid career adult. He owns our two houses and pays the mortgages entirely. So basically, I'm excited to finally have a salary and know the amount I get paid every two weeks, rather than have it fluctuate like it used to. I want to finally make a solid budget. I'm just confused on how to go about this. I feel like it doesn't make sense to include my husband's salary when making a budget, because even though I can ask him for money if I ever get into a bind, it's not like I have access to the money. But on the same hand, seeing as our debts are now combined, does it make sense for him to pay off my loans since he makes more and can pay them down faster, or is this an outrageously offensive thing for me to even suggest? I have no clue what to do about taxes. If I get any sort of a refund it will go directly to my husband so that's not even something I should consider. And stuff like food/gas...he mainly pays for the food, but I stop at the store once or twice every couple weeks and make big orders, too. Do I stop doing this and have him entirely pay for food, or is a random unplanned but kind of planned-ish thing like that, something I can work into a budget? My husband has provided for the family in incredible ways. I really don't have to worry about if the mortgage will be paid, if the bills will be paid, or if there will be food on the table. I'm very lucky in that regard. However, things do get very contentious between us a few times a year. We will be having a typical marital spat and it will snowball into a giant fight about how I need to contribute more, how I should pay the bills, how I should be saving x amount into the children's college fund and all this stuff. And I get that. But when he makes a minimum of $125K more than me...four or five times my salary depending on the year....I sometimes feel like it's unreasonable. So if I had a budget down, I'd be able to say "this is what I can contribute to the household expenses while still being to pay my student loans, credit card, and other daily expenses" type of thing. Does this make sense? Thank you for any help or guidance you can give me! [link] [comments]  |
| Alternatives to a 529 plan or experience in investing in one? Posted: 20 Dec 2018 06:45 PM PST Sorry if this is the wrong subreddit. I have a young nephew in my life and for now I want to give him cash in an account similar to a 529 plan. However I want to create an account that can be accessed only by him at age 18 or even later and used for education or other things. I don't trust his parents with the money, they will spend it frivolously so I want my investment protected for him only till his old enough. I'm wondering if there are any other good alternatives to a 529 plan? If I do go the 529 plan, what should I look for in getting a plan? [link] [comments]  |
| Because of this market downturn, I'm still contributing the same amount to my investment accounts. Posted: 20 Dec 2018 08:16 AM PST PF often criticizes that people who are worried about the market pullback are creating too many posts that might be giving readers the wrong idea. Even if we aren't at the bottom, we aren't at the top of where things will be in 10 or 20 years. Compared to what I was contributing 2 months ago, everything is on a 15% holiday sale. If you're really that worried about the market pullback, you should probably not look at your balances or what the overall market is doing until you can rationalize the fact that losses today do not result in practically any difference years from now. [link] [comments]  |
| My spouse and I are complete opposites and I'm a co-signer on a now totaled car Posted: 20 Dec 2018 12:55 PM PST First post, and I'm in need of some advice. I'm married and have had a negative financial past with my spouse since we have two very different outlooks on finances. I'm the saver, extremely practical and very budget minded while my spouse has been financially irresponsible (without going into specifics). We have plans to divorce in 2019. Here's the pickle I'm in - my spouse has financed a high-value vehicle (dream car) and I am the co-signer because I was needed on the loan in order to get the loan due to my better credit score. Ends up that this car needs a new engine. We went through insurance and they denied the claim. My spouse is unable to get a loan of any kind alone since there is a ton of individual credit card debt. I have been presented 2 options:
I'm apprehensive about refinancing since I would ideally like to be completely removed from the loan (and I would request this as a part of our divorce along with other debts that I have unknowingly been pulled into). Our past has been riddled with financial abuse and I have taken the last year to successfully rebuild my credit with a lot of hard work. Plus, I will be needing my credit to fall back on once I am divorced. My credit score: 800 My spouse's credit score: 530 What would be the correct move in this situation or essentially the lesser evil? Take the credit hit for a repossessed car that I have never driven or sign a new loan with a person that I am trying to separate from? [link] [comments]  |
| Recent Grad, advice on getting a credit card to build credit score Posted: 20 Dec 2018 07:40 PM PST Hello! Recent grad here and currently have no credit at all, and I am trying to build a credit score for future circumstances. My parents have always told me that having no credit is going to be okay but I fear that in the future, when I want to own my own place, buy a car, etc. that having no credit history will affect me negatively. I am seeing that now, as I am looking for an apartment to stay in and some have told me straight up that they will deny me because I have no credit score. I have researched on the pros and cons and even on this subreddit for any recommendations and didn't find one that answered my questions. I feel that I am pretty good with my money, I don't spend over my budget, I live simple and also trying to save right now for everything future in my life. Also, when I lived in the apartments in my university, my parents were the guarantor but the lease was under my name and I paid rent on time every month, never missed rent or bills...idk if that helps to know more about my money organizational skills lol. But yea, I just want to start building but I don't know if it's a good idea or not. If so, please give me advice on any of the following!
Thank you!! [link] [comments]  |
| Saving for retirement, age 45. Posted: 20 Dec 2018 05:27 PM PST Hi everyone, I'm 45, recently moved to US with my spouse. Bought an apartment and are found a job getting about 25 000 a year. No debt, own a car and have about ~80 000$. I'm maxing the employer matching and contributing 10% to the 401k. I'm trying to build up my credit score and trying to maximize the benefits from my cards(currently have the Discover card and the bofa cash back rewards) I'm hoping to get a job in the tech field and my spouse is also looking for employment right now. I don't foresee any big expenses in the direct future. I'm currently keeping almost all my finances in online savings account at 2% APY. I was looking into investing money for longer term, should I be considering CDs or going for index funds like SP 500? I want to be reasonable with my investments and don't want to keep this much money at a savings account(probably want to keep around 30k in the online savings). Appreciate your advice [link] [comments]  |
| My manager (Not my employer) is asking when and how much my raise is Posted: 20 Dec 2018 05:03 PM PST Hello PF need your advice. Posting from a throw away account. I am a contract employee who works for an agency. I have worked my way up from entry level to now a supervisory role. My manager who works for the Company that employs my agency has asked me how much was my raise and when I got it for my role before I got promoted to this one and to message him with it, no need for email. How should I proceed? He essentially is the person who will make the call for me to get hired on into his company, so you can understand my trepidation. [link] [comments]  |
| Recently laid off, $22k in credit card debt, no savings. Can barely pay rent, let alone CC payments. Posted: 20 Dec 2018 01:21 AM PST Long story short; a very unfortunate sequence of emergencies coupled with some exuberant spending led to a 200-point nosedive in my credit score in the span of a couple months, with my FICO score sitting at 610 now and $22k deep in credit card debt. All my credit card limits got slashed heavily, which means that my credit utilization went up to 80% in the process. Got about $7k of credit card utilization left. No savings. And here's the kicker: I was recently laid off. So here's my situation: Wages: Unemployment: $1,800/mo Expenses: Rent: $1,300/mo Utilities: $90/mo Phone: $100/mo Other: $100 That's it. I applied for food stamps, but not sure if I will receive any (my unemployment pay is higher than the gross max pay that makes you eligible). I will basically live off rice, potatoes and ramen. I live in New York, so I don't have a vehicle and I'm not at the luxury to enjoy ubers and even monthly metrocard passes right now. Basically applying to jobs in my field at my apartment all day; the less distractions the better. All subscriptions have been canceled. I don't need any of that; at this point I just want to avoid becoming homeless or starving. But this also means that I won't be able to make any minimum payments to my credit cards until I land a new job to get me back on my feet, and I've never missed a single payment. What are my options here? I don't have any relatives or friends to ask for favors. Wow i never thought I'd be in this situation. Began the year with a six-figure salary and over 30k in savings and end up not sleeping well at night due to anxiety about basic living necessities. Life comes at you fast. On the bright side, if I make it out of this in one piece I'll have a hell of a story to tell a few years down the line! [link] [comments]  |
| Lively follows Fidelity's Lead: No Investment Fees for HSA's Posted: 20 Dec 2018 08:13 AM PST From an email I received just a few minutes ago: " We are proud to announce that today we have eliminated all HSA fees for individuals and families. This includes any fees to access investments in their HSA. This makes Lively a truly no-fee HSA for eligible consumers. Back in October, we announced our $11M Series A financing. At that time, we promised to invest the time, effort, and resources needed to continue investing in our platform. Our work has led to further automation resulting in cost savings that we're now passing along to our users. As you might know, most HSAs come with a laundry list of fees that often include monthly maintenance, account opening, funds transfer, debit cards, excess contributions, point of sale, minimum balance, reimbursement, and account closure. HSA fees directly inhibit a consumer's ability to reduce out-of-pocket costs and maximize their health savings. Lively has no-fees." [link] [comments]  |
| Need some good debit card recommendations with cash back! Posted: 20 Dec 2018 10:41 AM PST Hello everyone! I'm currently shopping for some new debit cards (my existing one doesn't have any benefits) and I was thinking of getting something with 1 - 2% cash back. I'm thinking something along the lines of the American Express Serve Cash Back Card (unlimited rewards but cashback only starts at $595+) or the Bank of America BankAmerideals Program (up to15% cash back at many retailers). Anybody has some good recommendations on better debit cards? I'm currently saving up to buy a house by the end of next year so I'd appreciate a card with no heavy reload fees or penalties for ATM withdrawals. Thanks! [link] [comments]  |
| Wells Fargo and other banks charged college students $27 million in fees, buried CFPB report reveals Posted: 20 Dec 2018 09:56 AM PST Story is here. Even worse is that the colleges worked with the banks to sell these high-fee products to their own students. Just a reminder to our college age redditors, be sure to read the fine print when dealing with finances. There are way too many entities out there trying to screw you out of money anyway they can. [link] [comments]  |
| Why is it so hard to get your first credit card? Posted: 20 Dec 2018 01:23 PM PST I am about to graduate college and I have a job I just signed on paying ~90k annually starting in January. This was the first time I was ever able to get my bank to accept me for a credit card with a whopping limit of $500. Now, I have wanted to get a CC for a long time so I would be able to build some credit and avoid using my debit card for everything, but until now, they always refused me at any limit. I have about $11k in subsidized student loans (still before the 6 months end) and a credit score around 640. Over the past years, I have had part-time work through my university paying about $12/hr for 10-20hrs on the average week so I was not earning a ton of money, though I have also taken summer jobs earning at least $5k over the three months. At one point my bank recommended taking out a loan backed by my own money My parents have been helping me with this over the years and they don't understand why it has been such a challenge since CCs were handed out like candy when they were in college and it really lead me to wonder what has changed or if I am doing something wrong. Surly it shouldn't require credit to establish credit to get the credit you need to establish credit to... you get the point. Ultimately: Why is it so hard to get the first credit card? Edit: I have been enlightened. [link] [comments]  |
| Posted: 20 Dec 2018 06:14 PM PST So. I got let go today. There wasn't enough work for me. I was told to file for unemployment right away, and gave me the name if a staffing agency. My question is debt. The job I had..had good pay and the unemployment benefits I may be able to get arent... enough. I'll be able to pay rent and my car payment and insurance. But uh. Groceries..barely. and credit card payments? Forget it. I literally can't. Anyone been in this situation? How did you make it work with debt? Anyone have advice for making this work till I find a new job? Has a staffing agency worked for anyone finding a decent job? I'm thinking of going back to my first office job where I was at for years. I did well there. I'll reach out and see if they're hiring. But im really scared. I have no savings and finding a new job is scary. I just need help. [link] [comments]  |
| Panicking about buying a house... now or never? Posted: 20 Dec 2018 06:00 PM PST My husband and I (32 and 35) currently owe $113k on an 1100 sq ft two bedroom half duplex in Massachusetts. Since we bought in 2013, we've had one child and hope to have another soon. Most single family homes in the area are now $350-400k. The rising interest rates and cost of housing in our area have me panicking that if we don't buy soon we won't be able to afford anything at all. This literally keeps me up a night. We make about $105k per year combined, but I'm worried even $350k would be a stretch for us. I've paid off my student loans and we don't currently have a car loan but will need to upgrade my husbands car soon. If we sell our condo we would potentially have the 20% down payment for a $350k house, but if we rent it out we could have about $500 income per month. I do plan to talk to a bank soon about what our options would be for pre-approval. Anyway, I'm panicking and would like advice if we should start looking now or hunker down. Thanks guys! [link] [comments]  |
| Is it a wise move to jump from Big company to a REAL small one Posted: 20 Dec 2018 04:11 AM PST I am getting an attractive offer (in 1-2 years, 50% increase) from a really small (<10) but profitable company, from a corporation with >50,000 employees. Assuming all things equal, but I will get to be one of the more important people in the small company vs being one of the regular employees in the corporation. What are the ideas? [link] [comments]  |
| Poor Credit but wanting to buy a house in cash? Posted: 20 Dec 2018 06:03 PM PST Is this possible? I was left money from a deceased parent but I do not have good credit. The house is under the estate and will be taken for the backed taxes owed, the house is also not paid off. I am being told that even if I had millions of dollars (Which is not even in the same universe of what I've gotten), I am being told I cannot do so? I have no trouble renting, but I'd really like to explore this option. [link] [comments]  |
| Posted: 20 Dec 2018 11:58 AM PST *EDIT/UPDATE: I inquired, and evidently it is related to the divorce negotiations. There is some disagreement over how to handle the condo my parents own together (he wants to sell, she wants to keep/live there, he has been in a separate apartment for a few years) and it is preventing him from getting a new mortgage loan for his own place. So they were looking at the feasibility of re-financing that condo and selling it to me (?), to get his name off of it. This is an entirely separate can of worms and I have not agreed to anything, will obviously require some discussion to figure out how this would impact my credit and finances. -----Original post: Potentially relevant details: My father is the owner of the small business(es) he and I work at together. I'm in my 30s, have no legal or financial ties to the company aside from being employed here. He and my mother are in the midst of divorce arbitration of some sort (has been ongoing for a while) but it's mostly amicable. Business has been okay, he had looked at selling the company in past years, but nixed that idea. Earlier today he seemingly randomly paged me at my desk, asked if I had any debt service other than my mortgage. I said no. Later he paged me again, asked for my social (our bookkeeper has this on file anyway as I'm on our 401k and company health insurance, so I didn't think much of it) then asked if I knew my credit score, which I did. It seemed a little odd to me, but I didn't bother asking why he wanted to know these things. Though I've seen some horror stories on here about parents taking out credit cards or whatever in their children's name, and although we're on good terms and I wouldn't expect him to do anything nefarious (he makes substantially more than I do here) it has me a little concerned now. Is there anything I need to be worried about, or that I can do to make sure he isn't able to do anything to adversely affect my credit? I have no plans to take out a loan or apply for a new credit card in the near future, though my car is struggling a bit, so I don't know how much of a hassle a credit freeze would be. Just looking to cover my ass so to speak, just in case. [link] [comments]  |
| I think I made a big mistake with my ROTH IRA? Can I get some advice. (US) Posted: 20 Dec 2018 02:09 PM PST I want to preface this with the following: I consider myself very frugal but also very financially illiterate. I am in my late 20s and have a disability and depend on my parents for some help. They thought it might be a good idea to open a ROTH IRA for me. At the bank, the employees seemed confused as to what a Roth IRA even was asking why we didn't want to open a traditional IRA. (I only made under 15,000 this year). The terms I just signed are for 18 months in a CD at 1.11% interest which after doing some research on this subreddit, seems like a bad deal for my age. My account type is 18M Roth IRA CD SCR. My paperwork says non transferable and non negotiable. My understanding is that I cannot touch the money in my IRA until retirement anyway. How do I change this to something that will invest my money and give me a variable yield to return? At 1.11% I am just losing money to inflation correct? Am I just trapped for the next 18 months? Do I continue to max out my contribution for the next 2 years? Other notes: My parents are much more interested in getting me into real estate as an investment. They would like me to own a home to be able to rent out for income. They view anything to do with the market akin to gambling and are uninterested in helping me troubleshoot this. [link] [comments]  |
| Tax Loss Harvesting - can anyone explain? Posted: 20 Dec 2018 01:18 PM PST So with the market being down, I'm hoping to find someone who can explain tax loss harvesting in a comprehensive way. I have read multiple resources, but I am still struggling to understand how exactly to do tax loss harvesting.
Finally, this is the way I understand it so please correct me if I'm wrong: I pick out the index funds I've lost money on. I can only do this for personal investment account (so my Vanguard) not for my 401k or other retirement accounts. I find equivalent of those funds. I sell my shares in those funds, therefore my losses are realized, and immediately (as quickly as I can press the buttons on the computer), I use that money to buy similar index funds. I hold onto these for 30 days, at which point I swap them for the original index funds I held. The end result is that I still have all the shares of the original index funds, but I now have a $xx deduction for my taxes. That loss will be shown in a tax statement I will receive from my bank like I do every other year. [link] [comments]  |
| choosing the best repayment plan for student loans ( i am a nurse) Posted: 20 Dec 2018 01:20 PM PST Hello, I am currently trying to cut my expenses as much as i can but at the same time trying to do my best to complete my payments. I currently have student loans (+$25k) with Nelnet, and i am paying $300/month. (minimum is $238 but i figured if I paid more i could end up paying less interest over time). I also am a nurse and based on people that i work with, there are incentives for nurses. one of them told me shes got over $130k but based on her family, and the incentives, she can get her debt wiped after 10 years of making payments on time. I emailed nelnet and they gave the option of income-based but i am not sure whether this is the best for me. thanks! [link] [comments]  |
| Retro pay and adjusting what I claim Posted: 20 Dec 2018 04:52 PM PST I work for New York State in a field where we have been out of contract for 3 years as of April 1 2019. We have a proposed contract that if passed will take effect April 1 2019. I would be receiving a retro pay check of around 7,000. This would be put in my normal paycheck. Now, I was hoping to get help on what I should do. Some people at work said we should adjust our claims to 99 to get it without the taxes, some said don't you'll get it back at tax time, and some have said it's illegal to adjust my claim for a retro check. I was just wondering what would be the best option for me. The money would be used either way (the full 7k or roughly 3.5k after taxes) to pay off a dumb debt that I posted about recently. Thank you in advance for any and all help. [link] [comments]  |
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