Personal Finance My Paycheck has been Refunded by the bank twice. |
- My Paycheck has been Refunded by the bank twice.
- I've been raised by financially irresponsible people and some things I've been taught are making my life harder than they have to be. I need to start learning better finance skills
- A year ago I started taking personal finance seriously and recording the balances of my various accounts (almost) every month. I thought the data might be interesting to some of you.
- An employee is about to get more money than he can possibly deal with
- Can I afford this house given my current financial situation?
- How do you evaluate the quality of an employer 401(k)?
- Can't freeze credit - experiencing identity theft
- Expat Cash, Should I Stay or Go
- I have some questions about credit and credit cards that I'd like some help with before I get a credit card and co-sign on a car loan.
- Strategies to get out of paycheck to paycheck life
- Ex-landlord will not take me off the property program
- Maxed out Roth this year but may be over income limits
- Best way to help family member buy a house
- Utilites are almost half the rent here
- My best friend has a 1 month old baby. I want to have a secret college fund invested that I give him (baby) once the kid turns 18. What's my best option?
- Healthcare annuity in place of health insurance.
- Help needed with appraisal
- Is there a way to ask my bank for a 1 payment grace period?
- Was gifted roughly $12,000 in savings bonds. What should I do with them?
- Changing financial things after buying house?
- Is there a 401k equivalent for self-employeed?
- How do I go about paying taxes on my IRA... or do I?
- Whats a good bank app like Wealthfront?
| My Paycheck has been Refunded by the bank twice. Posted: 08 Dec 2019 09:58 AM PST EDIT: I'm still getting a lot of messages about this. I really appreciate all the help everyone has given. I have contacted my employer and am thinking about my options. My girlfriend and I both work part time at a small coffee shop. The pay isn't incredible but it is a fantastic place to work and it pays the bills. Our lives are very busy so its wonderful to have a job that fits into our schedules so well. I'm not interested in leaving this job. However twice now we have had issues with our paychecks. We are given hand-written checks by the company, who banks with Wells Fargo. It's a very small shop, with only 2-3 owners and a handful of workers. About a month ago I deposited my check, and the money successfully deposited. A few days later my bank "refunded" the paycheck, overdrafting me into the negative. This was very stressful, and I was told I would be reimbursed (along with overdraft fees) in cash. It took 9 days to get my money, though they did pay my overdraft fees (that had accumulated by then). Last week, my girlfriends paycheck has done the same thing. Refunded to the bank, 200 dollars in the negative. It's been 11 days and still there is no word on when we will get the money. I'm worried this is a sign the business is collapsing. They told us it was a "glitch" with our payroll system the first time, we've heard nothing this time. They've said nothing to us to indicate the shop is closing or in danger of it, though it is a small business and business has been slowing down. Is this a sign that we need to be looking for new work? I don't want to sue the shop by any means and don't imagine there needs to be legal action here, but we really need our money if we want to pay our bills. [link] [comments]  |
| Posted: 07 Dec 2019 10:54 PM PST Long story short, I was basically raised in a privileged family and am on my own now, but realized something today. Although the people in my family have a lot of money from inherited business/business ties they actually don't really spend their money too well. For instance my one family member that has a salary that's astronomical says he has no retirement fund or savings and needs to keep working at his business to sustain himself (I feel like this is very unusual since he has very extravagant expenses such as belonging to multiple country clubs and having many vehicles/houses). I feel like I've been misled on how to spend my money and it's made my life hard. For instance, the last car I've had was a lease. I was told to lease by my fam that claimed it was a cheap option, and it seemed good as a monthly payment and I didn't really think about it too hard. But now I can't believe how much I would've saved if I had just put that initial payment down on a used car that was decent and could last a long time as opposed to a relatively new car that I'd only have for 3 years. I'm not someone that really even needs to be driving a new car. They just told me that was how it's done so I just assumed it was the way to go for some reason lol I know nothing and am financially illiterate. Is there a place/website that teaches people better financial skills. Sorry for the long post but I think I only now just realized that some bad habits have been ingrained into me (after hearing that one family member has no retirement fund and little savings [which is the most absurd thing I've ever heard]). Please be nice, I know this post might sound ridiculous. I just want help. [link] [comments]  |
| Posted: 08 Dec 2019 12:21 PM PST About a year ago, I was living in LA and had nothing left over every month after paying rent. In September I moved to a cheaper city and started reading some personal finance books (The Millionaire Next Door, Broke Millennial, The Index Card, The Little Book of Common Sense Investing, Boglehead' Guide to the Three-Fund Portfolio). This caused me to open two savings accounts with Ally: One for my emergency-fund and one for general savings. After that, I changed my direct deposit from work so that I would put money into those accounts every week ("Pay yourself first"). Additionally, I started making regular deposits into my Roth IRA. My New Years resolution was to max my IRA. I started by depositing $115.38 every week. Then I realized it would be more time efficient to just make one $500 deposit at the start of each month. I'm happy to say I deposited my 6000th dollar last week! One small thing that helped me was getting a Fidelity Rewards Visa credit card and taking advantage of 2% back on all purchases. This led to $243 deposited into my IRA. That leads me to my next point. I never carry a credit card balance. The number in the spreadsheet under CC Balance is whatever my balance happened to be at that time. But come the 15th of every month when my bill was actually due, my balance was always $0. That's it. Nothing groundbreaking here, but I hope some of you will take something away from this, even if it's just inspiration. I was absolutely shocked at the difference a year made. My net-worth nearly tripled. [link] [comments]  |
| An employee is about to get more money than he can possibly deal with Posted: 08 Dec 2019 06:01 PM PST Posting on behalf of my step dad. There's an employee who has been in jail and is an alcoholic. Currently, we pay him daily because if he receives too much cash at one time, he will immediately go to the LCBO and get wasted and not make it to work the next day. We like him and have him over, and care about him. He is currently in a legal battle over a large inheritance. We kind of thought it was all bs but recently he received a small cheque for $30,000 and could be receiving a couple hundred thousand dollars. Obviously this money is his and we have offered to keep it away from him because he also knows with this much money he will drink and snort his way to death. He doesn't even have a bank account and we have to help him cash the cheque. Is there a way that we can put this money away for him but also keep it away with him (obviously with his permission)? Does anyone have any idea of how to help? I don't really think teaching him financial literacy, responsibility, or to not drink or do drugs is an option. We are in Ontario. [link] [comments]  |
| Can I afford this house given my current financial situation? Posted: 08 Dec 2019 06:18 PM PST I currently live in a very HCOL area and my finances are as follows: Age: 25 Income: $72,500/year gross or $4,750/month net (significantly below average salary because I work a tech job at a nonprofit that I really enjoy working at. I can very easily make $90,000+ today if I switch jobs and $125,000+ in the next 5 years) Current Rent: $700/month including utilities (it's dirt cheap for where I live but unsurprisingly it sucks to live here and I want to move out soon) Other Monthly expenses (food, entertainment, transportation, etc): $750-$1,000 (I'm naturally pretty frugal) Debt: $0 Retirement savings: $40,000 of my own money + $20,000-$50,000 that my parents have contributed for me in my name (I know for a fact these accounts exist but I just haven't taken over them yet) Planned downpayment (not counting e-fund): $25,000 of my money + $75,000 my parents are willing to give me (no need to pay them back) = ~$100,000 (20% down) Estimated housing cost/month (30yr mortgage, HOA, property taxes, insurance, etc): ~$3,000 (but planning to rent out a room) Planning to get a condo and $450,000-$500,000 is about the cheapest decent one available around here. I'm also planning to get a 2 bedroom so that I can rent out one of the rooms (I already had a few personal friends express interest in renting from me). The going rate for rent where I live is around $1,750-$2,000/month. However, in a worst case scenario, if I can't find any tenants (which would be shocking since demand for housing is pretty high here) I'll still be able to afford ~$3,000/month on housing and still be able to save about $500-$1,000 month (assuming my salary doesn't dramatically go up by 25-50%, which it all but certainly will) If I don't buy now, then my rent in this area will be about $2,000/month. If do buy and rent out my room at say $1,500/month (very conservative estimate), my net housing cost will only be ~$1,500/month (about 25% of my gross income). Not to mention the equity I'll also be building. Once I buy, I have no plans to sell for the next 5-10yr Thoughts? [link] [comments]  |
| How do you evaluate the quality of an employer 401(k)? Posted: 08 Dec 2019 06:34 PM PST I'm working my way through this flowchart and I'm at the point of trying to understand if it's better to max my 401(k) or go with an IRA. I have no idea how I know how good my 401(k) is, though. Right now I contribute 20% of my pay to it (employer match is 3% at 6%) which puts me at maxing it out each year around September. Does it even matter how good the 401(k) plan is? Do I just max it out and invest elsewhere after maxing it? [link] [comments]  |
| Can't freeze credit - experiencing identity theft Posted: 08 Dec 2019 05:50 PM PST 30 days ago, someone created a bunch of credit accounts in my name. I am still not able to freeze my credit, but I have been able to place paid locks on my account. What do I do? Equifax I have attempted to freeze my account multiple times online. Every time I try, it says I need to call them. When I call them, they either can't help me or their system was down. Throughout the phone call, an automated voice tells me I can freeze my account line. This would put me in an infinite loop. Experian What are my options? [link] [comments]  |
| Expat Cash, Should I Stay or Go Posted: 08 Dec 2019 04:50 PM PST I'm a 32 year old oil and gas professional working in Asia. I make around 200k a year. I have no children. No debt. One investment property paid off. I have around 250k in savings. I am in the process of deciding what to do next. I do have the ambition of returning home with 500k in cash which will take me another 2-3 years to achieve. My job is so-so atm and it would be ideal if I could move up in responsibilities. I've had a look at other roles elsewhere but the money and comfort of my position is pretty attractive atm if I am honest. If I was to move my base salary would be the same but my tax rate would be around 40%. My two clear options are:
What would you do in my situation? Keep making money in Asia and stay for another 2-3 years. Or move on to something more challenging workswise but paying less? [link] [comments]  |
| Posted: 08 Dec 2019 05:28 AM PST I'm 22 and I've never had a credit card before, but everyone keeps telling me I should get one so I can boost my credit score. My credit score is at 665-668, so it's not terrible, but I would really like to get it up. As for current loans I have 2 student loans that equal out to about $4,700 and a car loan that's about 12,000. I've never missed a payment on anything. And I plan to keep a balance of 0 on any credit card I end up getting. My question about credit cards is: Do cashback/rewards credit cards improve your credit score the same amount as a secured card? Everything I see says you should get a secured card if you want to build credit, but that seems like it would be more applicable to people with lower credit than me. If a cash back or rewards card can help improve my score by the same amount, shouldn't I just go for one of those and take advantage of the rewards? Another question I have that is only slightly related. My mother accidentally totalled her car a few days ago, and me and my family are trying to help her with getting a new one because she's not doing great financially right now. I may offer to co-sign on a car loan for her. I don't think she will have a problem paying the loan, but her credit is very bad because she went through bankruptcy about 10 years ago. How would co-signing on a car loan of ~8-10k effect my score? Does co-signing only effect my credit if she defaults and it falls back to me? Or does it effect me in the same way as if I were to get a car loan on my own? I understand the risks of co-signing on the loan, and I'm not even sure if I have a high enough credit score to do it, but I just wanted to know how it would effect my credit score beforehand. [link] [comments]  |
| Strategies to get out of paycheck to paycheck life Posted: 08 Dec 2019 11:43 AM PST Hello! I have a quick (I think) question. Does anybody have any advice for newly employed people hoping to get ahead in their finances? Right now, I'm living paycheck to paycheck but I'd like to be 2-4 paychecks ahead in the next five years. Here are my questions:
Right now, I'm very diligent with tracking my income and I'm working on reducing my spending even more. I have picked up a side hustle where I make a few hundred extra per month but it's inconsistent. I price compare absolutely everything and wait sometimes 2-3 years for splurges or buy things used to save money. Generally, I do as much as possible to cut costs. Saving has just been tough recently because of moving costs (I just moved, low/medium CoL), hence these tighter paycheck to paycheck months. I'm working on my emergency fund, too. It's not quite at the 3-6months of finances I'd like it to be but it's getting there. I'd just like my cash on hand to be higher so that I have more options to pay for things rather than not being able to pay for something, using credit, or dipping into my emergency fund because that's all the money I have. I'm sure this all sounds naive as I'm kind of young and just doing the best I can most of the time but any help or advice you have is valuable so thank you in advance! [link] [comments]  |
| Ex-landlord will not take me off the property program Posted: 08 Dec 2019 06:12 PM PST Hello, not sure if this is the right place to ask this question but as it pertains financial matters I though I'd give it a shot. So I moved out from my former place of residence at the end of October. I was month to month at that point, gave appropriate noticed via email, text, calls, to my landlord to notify him I would move out by the end of October. I did not receive any response from the messages I sent confirming he received the notice. He finally responded to one of my messages in November thanking me for being a good tenant and asking to drop off keys, which I did days later. Regardless, I was no longer living at said place by November 1st. The management website, software he purchased to send out monthly payment notices had not updated and I was sent a payment notification to be due for the month of November. If he had responded to my message in October he would have updated the information on his program, so I would stop receiving notifications for payment by November. But he didn't It is now December and I continue to receive payment notifications from the website that manages his property and shows an outstanding amount due. I've already reached out to him with screen captures informing him of this fact and have asked him if he can take me off his rental program. He said he would but it's yet to happen. I obviously want to have things squared away and stop receiving emails from his property asking for rent money. Should I be worried the management software is automatically sending information to credit companies? Would this be presently affecting my credit score? How can I find out if this is hurting my credit? [link] [comments]  |
| Maxed out Roth this year but may be over income limits Posted: 08 Dec 2019 10:30 AM PST Hello! I maxed out my Roth contributions this year but realized I was very close to being over the income limit last year and probably will be over this year. How can I avoid tax penalties? I also have a traditional IRA I set up for 401k rollovers (both are with Vanguard), could I just move the principal from the Roth to my traditional? [link] [comments]  |
| Best way to help family member buy a house Posted: 08 Dec 2019 03:13 PM PST I want to help my sister buy a house by giving her the down payment. What's the best way to do this in the most tax efficient way ... Ie: gift tax or anything that will apply. I don't think she will qualify for the loan herself, so I may have to co-sign. I'm willing to do that too. What do you guys recommend? [link] [comments]  |
| Utilites are almost half the rent here Posted: 08 Dec 2019 05:49 PM PST I live in Florida. The county with the highest utility rates. Month after month I live in fear of this utility bill. Since my bill in October was 292 I got it down to 242 by practicing very good habits. Now that it has cooled off, and my slumlord landlord hasn't fixed it, I haven't used the AC or heater whatsoever for 40 days. I just got a bill for 398.00, higher than it has ever been here historically. I am not lying when I say that opening that envelope is the most gut wrenching part of my life. I have turned off the power switches for the stove, the AC heater and I'm considering the hot water heater as well. What other things can I do? I feel this just be a terrible mistake or joke, but I know that my claims of injustice will be met with the question, when can you pay this? Please help me figure out how to keep my electric cost low. I am unable to keep paying this exorbitant bills. Tyia. [link] [comments]  |
| Posted: 08 Dec 2019 04:00 PM PST Not necessarily to be used for college. Getting a car, training for a trade job, college classes, anything needed to start the life he will want to have. I want this to be a secret. My friend is very proud and I don't want her to feel pressured by this gift. How do I best go about this? Edit: forgot to add that this will be $30-50/month every month until he's 18. [link] [comments]  |
| Healthcare annuity in place of health insurance. Posted: 08 Dec 2019 05:24 PM PST Self employed family of 3. Looking at our options for healthcare this year. I can't stomach $1000-$1500 a month in premiums, when the likelihood of us using it is low. I am trying to find more info into setting up a health care annuity and contributing the same amount, and paying out of pocket for any expenses that come up. If I can find an affordable catastrophic plan, I would add that as well. Has anyone done this? Anyone have a catastrophic plant they like, or have actually used? A friend had something through their life insurance company that paid out $50k once for certain diagnoses, i.e. heart attack, cancer diagnosis, etc. I am a doctor so I understand healthcare costs and that this is a gamble. I also know what preventive healthy things we need to be on top of and how to negotiate with doctors and healthcare facilities. I figure between the 3 of us, all being healthy, we may be better off building our own fund vs paying gobs of money to private insurance. In 5-10 years as my husband and I age we can switch to private insurance. or wait until we qualify for medicare, if we continue to be healthy. Thoughts?? I had to use our high deductible plan for the first time this past year, and it's insane to pay almost $1000 a month and then have to pay another $10,000 out of pocket before anything is covered ( I fell running and broke my arm, needed surgery). [link] [comments]  |
| Posted: 08 Dec 2019 03:47 PM PST Hi, I've been working for a start up company for 1.5 years. The job I was initially hired for was very basic assistant but the role grew and I am essentially doing two roles now and working long hours. When analysing the market, I can see people do my job for 5 or 10k more than I currently do... Tomorrow is my appraisal and I want to ask for a pay raise. The company being so young, I am not sure if the budget will allow this and how aggressive I should be about the pay rise, considering my boss and I have an extremely good relationship. As I only have 2 years office experience, this will be my first appraisal and I am very keen to read any advice on how to handle it (I am also quite nervous about it). Thanks! [link] [comments]  |
| Is there a way to ask my bank for a 1 payment grace period? Posted: 08 Dec 2019 07:32 PM PST Looking at my budget and I probbaly will not be able to pay my credit card or student loan at the end of this month. Only working part time at the moment due to finishing school and I had some unexpected expenses come up and it looks like after rent I wont have enough. Is it possible to contact my bank beforehand and not get dinged on my credit for missing payments? [link] [comments]  |
| Was gifted roughly $12,000 in savings bonds. What should I do with them? Posted: 08 Dec 2019 07:28 PM PST So I have $10,000 growing at 2.18% and then $2000 growing at 1.57%. I have roughly 50,000 in student loans(I think some are 3% and others are 7%), 10,000 in savings, and my car is already paid for. I am a fresh grad looking for work and have no real expenses. How should I balance this money between the high interest student loans, savings, and investing into my Roth? [link] [comments]  |
| Changing financial things after buying house? Posted: 08 Dec 2019 07:27 PM PST We are getting ready to buy a house, and there are a few things I'd like to change or update after we are all said and done with the purchase and move.
We would like to pay the house off early, so trimming the fat and cleaning up accounts is important to us, plus keeping track of more banks than we use is annoying. My question is, would changing any of these negatively impact our credit? We both have excellent scores and have no intention of damaging that long term but understand a minor decrease for a year or two may happen with so many changes. Any input is appreciated. [link] [comments]  |
| Is there a 401k equivalent for self-employeed? Posted: 08 Dec 2019 07:26 PM PST I had a 401k when I was a regular employee. It was nice as it was high interest and I would contribute about 5% of my check into it. I'd like to have some kind of low-risk savings account with good interest that I can put 5% of my check every week into it. But I am a 1099 so I need to do it myself instead of my employer. Any idea? [link] [comments]  |
| How do I go about paying taxes on my IRA... or do I? Posted: 08 Dec 2019 07:24 PM PST My grandma passed away about a year ago and her estate recently finalized. My dad decided to essentially gift me $5,000/yr from her estate for me to transfer from my bank into a Roth IRA in my name. Do I have to pay taxes on this (and if so, how?) or has that already been taken care of via the estate finalizing? [link] [comments]  |
| Whats a good bank app like Wealthfront? Posted: 08 Dec 2019 07:19 PM PST I'm using WealthFront for my emergency fund, and want to open another account specifically for a travel fund. Whats another cool and easy to use robo bank like Wealthfront? I don't care too much about apy, but there isn't anything wrong with whatever is the best I can get thats for sure! [link] [comments]  |
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