Personal Finance Weekday Help and Victory Thread for the week of August 05, 2019 |
- Weekday Help and Victory Thread for the week of August 05, 2019
- Check for $1900 that isn’t mine was deposited into my account.
- High Yield Savings Account recommendations since Ally has slashed their rates?
- Today is the reason you don't invest your emergency fund or home downpayment!
- Is it always best to put 20% down on a house to avoid PMI?
- What do people who live in multiple states do for health insurance?
- [IN] My mother opened a credit card in my name without my knowledge. She told me it is, “under her account” so I have nothing to worry about. Will debt on that card affect my credit score?
- Been neglecting my student loans while also saving a fair amount of money what’s my best course of action?
- I’m going crazy, how to I save to live a stable life?
- Identity stolen by family member, accounts opened, need advice
- Parents uninsured and hit with huge hospital bill / long-term care costs
- What are other perks you can negotiate when getting a raise other than money?
- Card utilization and balance
- I’ll be making a lot more money now than I’ve been making before. Torn between continuing to save and getting student loan paid off.
- Movers lost my check
- After submitting my resignation, I'm getting a raise in order to get me to stay. How much should I ask for?
- 26, FT job ($25/hr) paycheck is completely taken over by bills
- Should I close my Savings Account and open a Money Market Account?
- I've been told repeatedly for years never to do any cash transactions that exceed $10k because that triggers the IRS. How true is that?
- Changed from Salary Exempt to Salary Non-Exempt. What Now?
- Why am I paying so much tax on my intern salary?
- How much should I put down on a house if I cannot afford 20%?
- Wife backed into my car. Insurance or pay out of pocket??
- $12k in savings. $63k in loans. Do I apply all my savings to my loans or leave for emergencies?
| Weekday Help and Victory Thread for the week of August 05, 2019 Posted: 05 Aug 2019 04:08 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Check for $1900 that isn’t mine was deposited into my account. Posted: 05 Aug 2019 06:47 AM PDT 3 days ago a check for $1900 was deposited into my account. I figured the bank had just messed up but when I called and asked about it they said they didn't see a problem, and that it was my account number on the check. The check was mail deposited without a completed deposit slip. There is no recipient name, just the senders name which I do not recognize. I asked what I should do and the guy I was talking to and his supervisor said to wait about 4-5 days, and if the check clears the money should be mine. ??? Why would they tell me this when I've told them I don't know where the money came from? What do I do? Edit: I do have access to a picture of the check. A couple things: It isn't hand written, my account number is clearly printed on the check. under "pay to the order of" it just says my bank name, I also don't recognize the name or address of the sender. It's from a completely different state. The number for the bank the check came from is also on it. I think I'm going to wait a bit to see if it clears. If that happens then I'll probably call the number on the check and ask about it. For sure will not be sending anyone any money, if they want it back they'll have to reverse the check. [link] [comments]  |
| High Yield Savings Account recommendations since Ally has slashed their rates? Posted: 05 Aug 2019 05:35 PM PDT For the second time in as many weeks, Ally Bank has slashed it's rates on it's online high yield savings account. About six months ago, I set up an account for my emergency fund and now that it's below 2% (1.9% for those interested), I'm looking for alternatives. Any recommendations for a parking spot for emergency funds? [link] [comments]  |
| Today is the reason you don't invest your emergency fund or home downpayment! Posted: 05 Aug 2019 02:13 PM PDT Just wanted to point out that days like today are why you want to retain your emergency fund and home down payment in a HYSA. The market is down 5.6% in the past few days.... What does this mean?
Just a good reminder on why you aren't investing everything you have. Edit: For everyone who clearly misread or misunderstood my post. I am not saying you shouldn't invest everything. Yes the market goes up and down, but sometimes it never goes back up, see Japan. The point is your emergency fund and downpayment should be near term. [link] [comments]  |
| Is it always best to put 20% down on a house to avoid PMI? Posted: 05 Aug 2019 06:04 AM PDT Just curious what the consensus is. I've been saving up so I can put 20% down on a house. I have a couple family members who say it's better to take out an FHA loan and put down a very small amount. They argue it's better to have the extra money invested in stocks rather than putting a large amount towards a down payment. Any thoughts? [link] [comments]  |
| What do people who live in multiple states do for health insurance? Posted: 05 Aug 2019 03:32 PM PDT I am a performing artists and due to the nature of my work I live in different states for 2-6 months at a time performing. I have been on my parents pre obama care plan that has a great nationwide coverage map but the cost keeps going up and up. I am self employed as a sole prop and when I looked into group health insurance I found great PPO or EPO options with nationwide coverage, but none are available to me because I do not have a full time employee working for me. I am unable to find any coverage that's being sold that has a nationwide map of providers. Do any of you know of any solutions to this problem? [link] [comments]  |
| Posted: 05 Aug 2019 04:18 PM PDT Sorry if it's a stupid question. I'm taking a semester off from school at the moment and just moved home. I am trying to be more proactive about my finances during this time. I have no debt (that I know of) academically or otherwise, and I had an apartment that I made monthly payments for. I tried to apply for a credit card thinking that I could use this time at home to build a solid credit score, but was denied. I found out that my mom has an American Express in my name that I had no idea existed. If there is any debt to be paid on that card, would it affect my credit score? She told me it doesn't matter because it's, "under her account" but I'm not sure she's right. EDIT: (Update) Talked to her again and clarified that I am an authorized user. She does pay the bill every month (somewhere in the realm of ~$3k monthly) and is helping me build credit. I am still going to remove myself off the account, as I want the peace of mind, but she had my best interest. Thank you again for all the help! EDIT 2: This thread got kind of [link] [comments]  |
| Posted: 05 Aug 2019 03:57 AM PDT Going to preface this by saying I am an idiot & incredibly irresponsible. I have been working a job that pays minimum wage - 12.25/hr with a promotion I got an living at home. I'm pretty irresponsible with money and have taken several trips/buy food for myself/coffee/gas etc, but I have been living at home so I'm not paying rent. I have managed to save $7,500 despite some additional shit (got ripped off by a creep long story) and I'm moving to a nearby city to start my life; BUT the catch is I still owe 4,500 dollars in student loans from 1 year at art school! I've been neglecting these loans and making bare minimum required monthly payments because of the sheer anxiety I have regarding this, which is silly I know but they really weigh on me because I've basically just been throwing my money down the drain for 2 years only paying off the interest :/ Should I just pay them off in one fell swoop with my savings and move to this city with only a couple thousand ? Or just keep paying monthly. I'll be making 13.50/hr and probably only getting 20~ hours a week until I secure a second job. I have no degree so it's minimum wage jobs for me for now. My rent will be 500 + utilities and I'm gonna try to get SNAP if I can. I'm really lost, I feel like moving out is really important to me because i'm turning 21 but I don't want to be in debt any more. What are the ramifications of me letting these go unpaid ?? Other than accrued interest ? I have no credit cards open so therefore nothing else to improve my credit which is probably pretty bad I have no idea how to check it without getting scammed. I'm an idiot. [link] [comments]  |
| I’m going crazy, how to I save to live a stable life? Posted: 05 Aug 2019 05:35 PM PDT I'm really mixed up. I'm 28F. I've been miserable going from one deadend job to another. I've been at my current job for 4 years as a mental health case worker and I'm miserable. My ultimate goal is to be able to buy a house within a few years, by 30-31. It's all I look forward to, having my own home and not relying on anyone. But I don't see how I'll ever get there or if it's worth sacrificing my late 20s to live with parents to save or take a job that pays more that I don't want. (I moved back with parents last month and commute two hours to work now due to moving). I interviewed for a job a few weeks ago that pays 55k. They later called and said I was the final candidate and asked for references. I've never made that amount before. But I'm not sure how excited I am about the job and if I stay in this area by my parents that the job is in, it would be hard to move out on my own since rent is over $1800 here. Unless I stay with parents for two years, take the job and put a down payment for a house. The thing is I'm miserable staying at my parents. I didn't think it would be that overwhelming and hard. My sister lives here and she has all types of disturbing mood issues every other day, it's getting really uncomfortable to deal with that I'm anxious all the time along with dealing with my current job that pays 34K, that I'm having a very hard time with (very emotionally demanding work and being overworked). If I move out again, I only have a few thousand saved up, and I'd be in the same situation I was in before, living paycheck to paycheck and working a deadend job. And that 55k job I just interviewed with was a rare occurance for me, (my four year degree is in psychology). The last option I thought of to save and one I'd enjoy was to get my tefl and teach abroad or go to another country and teach online. I'd been looking in to teaching in vietnam, it's a place where it seems the quality of life is good and cost of living is cheap. Maybe I should pack up my things and go and be adventurous for once. But it seems so damn risky, and what if things go wrong or I don't save much and come back broke. I feel very lost, anxious, scared of my future, and worried about how to become financially stable and stay sane/happy in the long run. I feel directionless, whether i stay with parents (save but anxious) or move out (higher costs and dead end job). Seems hopeless. Any advice would be very much appreciated! [link] [comments]  |
| Identity stolen by family member, accounts opened, need advice Posted: 05 Aug 2019 04:27 PM PDT One of my brothers (we'll call him Brother 1), called to ask for my help budgeting his money. I'm kind of the financial guru in the family, and had previously set him up on YNAB. He does not have a ton of debt, but money stressed him out big time, and he wanted my help getting a handle on his budget. He was stressed about his credit card interest rate, so tried to get a personal loan to pay it off. He was denied due to his credit. I asked him for access to his CC account to see what was going on there and why his credit was in the toilet. While I was in his account, I saw that there was the option to look at credit score/report, so I took the opportunity to check things over. It showed 20 late payments. Brother 1 has assured me that he has never paid an account late (I believe him). I found one closed credit card (closed by creditor) with a balance of about $4,000. Two more accounts showed up under "Derogatory Marks", one with a balance of about $9,000, and one with a balance of about $1,000. Both closed by creditors. All three accounts were opened on the same day, and all three stopped being paid in February of this year. Brother 1 assured me that he knew nothing of these accounts. While we were chatting about it, he told me he had our younger brother (we will call him Brother 2) on the phone. Why? Brother 2 told him that he has resources at work who can help with this stuff. Turns out Brother 1 had "weird calls" from creditors in the past. Brother 2 always seemed to know when these "weird calls" took place. As we're talking about this, I happen to notice under personal information on the credit report that Brother 2 has two of HIS addresses (in another state) listed on Brother 1's credit report. It all clicks into place. Meanwhile, Brother 2 jumps on to chat with me now...wants me to send him Brother 1's credit report so work can take care of it. I told him I could not. Brother 2 told Brother 1 and me both not to have Brother 1 dispute the accounts because Brother 2 would have "them" at work take care of it and he would dispute it himself. I'm no idiot and of course see right through this as further confirmation that Brother 2 is, in fact, the culprit. I relay this information to Brother 1. Brother 1 is shocked, feels like a sucker, and also wonders if our dad helped Brother 2 accomplish this. I don't trust my dad with money, and I think that's a definite possibility but I can't prove it one way or another. Now the fun part: what do we do? Brother 1 makes a modest living. He doesn't deserve to be on the hook for this debt...but here's the rub: Brother 2 is married with a two-year-old, one-year-old twins, and baby #4 on the way in the winter. He's fucked, I know. It kills me that this will affect the kids. Somehow he needs to face the music. Reality is a bitch. I told Brother 1 I will help him get it off his report, but I am not sure exactly what we will need to do. I warned him this might involve police. The feeling I get is that he will do what is necessary, and I promised I will have his back. And I will. Advice, please. Such a fucking mess and betrayal, and nobody else we really trust to talk to about this. Needless to say, checking my stuff over with a fine tooth comb tonight. [link] [comments]  |
| Parents uninsured and hit with huge hospital bill / long-term care costs Posted: 05 Aug 2019 04:59 AM PDT Just under two weeks ago, my mother got rushed to the ER in Canada with septic shock and kidney failure. The hospital stabilised her and moved her to a hospital in Buffalo NY, where she's been for 11 days and counting. They live in southern NJ, 8-9 hours away. I flew over from England to help sort the financial logistics of this out. Here are the details:
My question is what should we do?? Can I try negotiating to pay 10-20k to the hospital plus a $100-200 per month payment plan? Then use the rest of money they've fallen into to sign my parents up to an individual/private health insurance plan with high premium / deductible so that they're covered for whatever the next steps are (the plan likely costing them up to 25k over a year compared to 70k+ out of pocket just for dialysis treatments)? If I don't tell the hospital about all of the money they recently acquired, is there any way the hospital could find out? I figure, if I can offer the hospital 10-20k plus agree to small monthly payments, they'll be happy we're being proactive. Then my parents will have 40k left for insurance for they year. Take away the costs of that, and they'll have 15k. That amount should hopefully see them through until the Sept 1st when their insurance plan will kick in (NJ only allows plans to start on the first of the month). Any thoughts on this are hugely appreciated. EDIT 1: I just found out that my father's unemployment benefits ended two weeks ago, so my parents currently have zero income. EDIT 2: Have now has confirmation from the doctor that my mother does not have ESRD. Instead she has an acute kidney injury. This good since it means she may fully recover, but not good in that it means she's not eligible for some of the programs people have kindly pointed me to. [link] [comments]  |
| What are other perks you can negotiate when getting a raise other than money? Posted: 05 Aug 2019 06:53 PM PDT I recently had a conversation with a coworker who has his yearly review in a month or so. He has a pretty good idea what he's going to get in terms of a monetary raise. He felt like he deserved something more because he was a lead in his section and they could see a clear difference in productivity when he was there. I was trying to think up some perks he could ask for or negotiate for. Better parking. Our parking lot is small and we have to rotate who parks across the street A mini fridge in his area. His department is at the far end of the shop away from the lunch room. That was all we could brainstorm. We working in a manufacturing setting so something like a new office chair wouldn't be helpful... Other than that we would love for perk ideas. [link] [comments]  |
| Posted: 05 Aug 2019 06:49 PM PDT Longtime lurker here. So I just moved to the US and trying to build credit, after some research, I applied for a secured Discover IT card that offers cash back rewards. I understand I need to pay the full amount by the due date while keeping my balance less than 30%, but I read somewhere that I can use the card for all purchases while paying it off regularly during the month to maximize cashback. If per se my limit is 1k, and I use the full amount then pay 700$ before the end of the billing cycle would that be considered as 30% utilization? If I pay the full amount used before the billing cycle would that be the same as not using the card all together in terms of credit building? Forgive my ignorance, and would greatly appreciate your help. [link] [comments]  |
| Posted: 05 Aug 2019 07:13 AM PDT Hello people of r/personalfinance! First time poster but recently came across this sub and I need y'alls advice: 22F. I'm very new to the world of personal finance and money management as this wasn't something I was taught growing up. I've been interning at my current company for a few months. I was being paid $16/hr and have been putting a good chunk of my money into my savings — about $500 from each paycheck. I currently live at home (I don't pay rent and I'm 100% recognizing my extreme privilege here) and really want to move out next year so I've been hyper focused on saving for that. I've been paying the minimum balance for my student loan which is currently about 7.5k (3.76% interest rate). My company has hired me for a full time gig which will pay me 55k. With this new salary, I'll be able to contribute more money to my savings and/or student loan payments. Question is — should I try to pay off my loan as much as I can now so I reach my goal of eliminating this debt or continue to focus on saving as much as I can so I reach my goal of moving out? TIA for all the advice and tips! ETA: I'll need to furnish whatever living space I move into from scratch ETA #2: Woah! Wasn't expecting this many responses, thank you all so much! I'm learning a lot and will respond to the comments later today. I definitely don't intend to live alone and will find a roommate/roommates. I also don't intend to buy any new furniture and will be hitting up Craigslist, thrift stores, etc. for any gently used items as much as I can. I really appreciate all the tips about rent and furniture and will keep all of that in mind! [link] [comments]  |
| Posted: 05 Aug 2019 05:42 PM PDT I paid movers $540 via check. And they misplaced it apparently. They were asking for cash instead which I refuse. How do I protect myself from them cashing both checks? This was from an old bank account I was about to close at the end of this month. [link] [comments]  |
| Posted: 05 Aug 2019 07:42 PM PDT I work in tech for a few years, and I recently submitted my resignation without an offer because I was taking some time to finish school. However, management would like to give me a higher salary in order for me to stay. The talk will most likely happen soon. I am trying to gauge the optimal amount that I could. Currently, I believe, with a high confidence, that I am underpaid by around 20% to 30% the median/average (both are around the same) at my company. It's another long story about how I figured this out. Anyways, I may be living in my own bubble, but I believe they are trying to get me to stay because I have a better than average performance. (As to why my salary is so low, I'm guessing it's because my lack of self confidence or personality. I personally believe I am doing good work, but it is hard for me to express it). I want to be more confident and ask for around 25% to 35% more than what I make currently. I am assuming we will meet at the middle for 30%, which puts me at the higher end of the median/average estimate, which I would personally be happy with. Tech managers of reddit, do you think this is reasonable? Too high or too low or just right? Any other comments or concerns would also be appreciated! In summary: [link] [comments]  |
| 26, FT job ($25/hr) paycheck is completely taken over by bills Posted: 05 Aug 2019 05:01 PM PDT Not the most exciting thing in this thread, but I'm starting to feel overwhelmed. I've gotten myself into a pretty shitty financial mess and I'm looking for advice on how to make it less shitty. I am a female working a FT job M-F making $25/hr ($52k/year). Back in May I decided to take on a roommate, and as of last month I started a second job doing some remote work from home. I pretty much got into this mess after breaking up with my verbally abusive boyfriend, who moved out in October, which led me to some bad money decisions and pretty much on my own. My monthly bills are as follows:
= Total $3,233 After taxes, I make about $3,000/mo... which is when I decided to take on a roommate (rent is $650) and to then to take on a second job (~$600/mo). Regardless of the extras, I'd really like to get some of these bills down. The main ones I'm aiming for are/ would like advice on are:
Any help is appreciated. I've recently figured out that I'm an idiot with money and that I really need to start living on Ramen. [link] [comments]  |
| Should I close my Savings Account and open a Money Market Account? Posted: 05 Aug 2019 04:45 PM PDT Hey all. I'm 19 and have been working for a couple of years. I have around $4,500 just in my savings account with a .02% interest rate. I've been doing some looking around lately and found out about high yield savings accounts, and decided I'll open a savings account with Discover which has a 2% interest rate. However, I want to keep my existing savings within my brick and mortar local bank, and only divert funds from my paychecks from this point forward into Discover. So my main question; is there any downside to closing my savings account at my main bank, and use the funds to open a Money Market account at the same bank with a .03% interest rate? The bank website says it's FDIC insured the same as a savings account. Is it fairly easy to move funds in and out of a money market account, comparable to a savings account? I don't take money out of my savings as it is so I'm not too worried about exceeding the 6 a month limit, but if there's ever an emergency I'd like to access the funds quickly. Also, is it easy to add funds to the account? Even though it will no longer be my primary account to handle saving money, I'd still like to add a small amount of money to it each week. Thanks. [link] [comments]  |
| Posted: 05 Aug 2019 05:42 PM PDT Inflation and my own slowly rising wealth over the years has me hitting that limit an annoying amount of times. Mainly from me trying to get the best interest rate among a variety of banks. Will repeated large transactions trigger an audit? [link] [comments]  |
| Changed from Salary Exempt to Salary Non-Exempt. What Now? Posted: 05 Aug 2019 06:15 AM PDT So I am currently required to work 40 hrs/week as a salaried engineer (exempt) making about $90K/yr. My lunches are not included in that breakdown, but would amount to an additional 5 paid hours per week (so total = 45 hrs/wk min "at work" hours). Recently, I was notified that, due to the nature of my position, I'll be changing from salary exempt to salary non-exempt. My salary (and a few other coworkers' salaries) were lowered to amount to 45 hrs = our current salary. In essence, if I work the same hours as I am currently required to along with my paid lunch (yes, I checked, the company is still paying for my lunch hour), I end up making the EXACT SAME amount that I was before ($90K). My job title did not change. Here's the thing: I typically work 50-60 hours per week (according to my personal tracking). I don't think my manager is truly aware of this, or else they would not have initiated this new arrangement. I did the math, and averaging 50 hrs/wk would result in me making about $105K/year, even with vacations accounted for at a straight 40 hrs/wk with no lunch. In addition, the price of my benefits decreased (quality remained the same). There's got to be something I'm missing here. My question: can any of you find the down-side or suggest some watch-outs for me on this? I'll be honest, I was very excited when I found out, but I'm now very suspicious. I want to know if I should attempt to negotiate a better agreement before this current one goes into effect. Thanks for any help you can provide. I really appreciate it. [link] [comments]  |
| Why am I paying so much tax on my intern salary? Posted: 05 Aug 2019 04:18 PM PDT International student currently interning in CA this summer. My monthly salary is $6000/months, so for 12 weeks this works out to be roughly $16,600. On my last two pay checks, I was deducted roughly 26% -- this is for federal and state taxes only, and does not include FICA. I went through the tax brackets and calculated the amount of tax I should be paying and it doesn't seem right to me. Assuming I work for full year (so receiving a salary of $72,000): Taxable income = 72,000 - 12,000 = $60,000 Federal 10% * $0 - $9,525 = $952.5 12% * $9,526 - $38,700 = $3,500.88 22% * $38,701 - $60,000 = $4,685.78 total federal tax = $9,139.16 State (California) 1% * $0 - $8,544 = $85.44 2% * $8,545 - $20,255 = $234.2 4% * $20,256 - $31,969 = $468.52 6% * $31,970 - $44,377 = $744.42 8% * $44,378 - $56,085 = $936.56 9.3% * $56,086 - $60,000 = $364.0 total state tax = $2,833.14 Total Annual tax = $11,972.302 or 16.6% of annual income. This is far less than the 26% I'm getting deducted at the moment. Even if I don't deducted the standard allowance of $12,000, I've worked it out to be 21.8%. Questions:
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| How much should I put down on a house if I cannot afford 20%? Posted: 05 Aug 2019 07:58 PM PDT I can afford up to a bit more than 10% and maintain my emergency savings. But how much makes sense to put down? Is it better to put the max I can down? Put down less and put the rest in stocks? Invest the rest in renovations and get it revalued to see if that puts me over 20%? I think I read somewhere about people doing an 80/10/10 as well. I think they said this involved 10% down, then do a home equity loan on that to pay the other 10% and get out of PMI. Maybe i misunderstood this though. Any recommendations would be appreciated! [link] [comments]  |
| Wife backed into my car. Insurance or pay out of pocket?? Posted: 05 Aug 2019 10:48 AM PDT Repair is $2000 and deductible is $1000. Wife and I are recently married so her insurance is still separate from mine but eventually we want to consolidate that. Not sure how much my rates would go up now and/or when we decide to eventually bring her to my account. [link] [comments]  |
| $12k in savings. $63k in loans. Do I apply all my savings to my loans or leave for emergencies? Posted: 05 Aug 2019 11:43 AM PDT Hey everyone first time posting here, So I am writing today to ask for some help on what I should do with the money I have in my savings account. I currently have about $12,000 dollars in there that I have not touched. I also just graduated and have about $63,000 in student loans. $31,000 of that comes from a private loan (with an interest of 8.4%) that I had to start paying back immediately. And the rest comes from the government (interest average 4.5%) and I won't start paying that till December. I work a job right now making $15/hour. I have been able to pay my private loan monthly just fine and I do pay extra as much as I can. (Also should mention I am in the process of applying to new jobs). Anyways, so I have been wondering, what should I do with the $12,000 that I have in my savings? Should I apply all of that $12,000 to one of the loans or maybe half so it goes down a bit? The reason why I have been so hesitant to touch that money is because I am saving it for emergencies. Mainly being, say I don't have a job at least I'll have the $12,000 as a backup to pay my monthly loan charges. Let me know what you think and thank you for the help! [link] [comments]  |
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