Personal Finance Day care sent us monthly invoice even though shelter in place order is in effect |
- Day care sent us monthly invoice even though shelter in place order is in effect
- Before accepting payment deferment options, ask what happens afterward...
- My plan to not be homeless after high school.
- Should I temporarily stop contributing to my 401k and build up an emergency fund?
- I feel like an idiot. I got scammed out of $325 for a Nintendo Switch..
- Depositing 30k cash into bank account! Without raising suspicion
- Financial Peace University is Free (Dave Ramsey)
- Should I apply for Unemployment?
- Where is my Equifax free credit monitoring from the breach claim
- Heads up- don't count on travel insurance to cover your trip cancellations right now. At least one company, isn't covering it and travel agents are not aware.
- Advice for those who haven’t lost their jobs ... yet
- Has anyone used a “We buy houses” company? You see the signs on telephone poles and sometimes post cards in the mail.
- Should I forego a week of pay at my current job?
- Are there negatives to filing for unemployment benefits?
- Received $84,000 and a little lost on where to save and invest the money, especially in these crazy times
- Can I file taxes if my parents claimed me?
- I can't figure out why Chase reduced my mortgage rate.
- I put in my two weeks, now my new job is closed.
- Everyone is saying now is a good time to ask for lower interest rates and higher limits on current credit cards? Is it a good idea and how do I ask the CC companies about interest?
- Are small banks safe during the current economic climate?
- Is inflation expected in these times?
- Sold car. New owner didnt register. Now in impound and they say I'm on the hook for the tow and impound fee.
- Someone totaled my parked car
| Day care sent us monthly invoice even though shelter in place order is in effect Posted: 25 Mar 2020 03:35 AM PDT My wife and I have 2 kids in daycare and we pay ~$2750 per month. We live in NY, which currently has a shelter in place order in effect, and we haven't sent the kids in 2 weeks. We aren't planning to send the kids back anytime soon. The place has remained open (considered an essential business) and one of our kids teachers texted my wife and told her that there are only a handful of kids showing up daily, and that her hours have been cut. Yesterday we received an April invoice for $2450, with a note that they have to continue to pay salaried staff and overhead during these times. My wife and I are debating how to proceed- do we suck it up and pay (basically the equivalent of burning cash in our backyard) or try to negotiate a further discount? Thanks! [link] [comments]  |
| Before accepting payment deferment options, ask what happens afterward... Posted: 25 Mar 2020 03:33 PM PDT I called my bank today to ask about temporarily suspending my mortgage payments. I'm a small business owner and while I'm OK during this time, I was curious what the process was like or what they were offering. I'm also a financial coach and wanted to give my clients a head's up of what to expect if they were thinking of pursuing this option. I called and was informed that I could apply for a 90-day protection, which essentially meant no penalties, fees or negative credit reporting for 90 days. Sounds nice but... Concern #1: They wouldn't provide me with any documentation in writing until after I applied. I then asked about what happens after 90 days and the Customer Service Rep could not tell me. Granted, I do believe she simply doesn't know and this situation is new for many of us. I then asked "What have you heard MIGHT happen after 90 days?" She then said she's heard it's based off the investor of the loan so it will be up to them but she's heard of 3 possibilities: 1) The 3 payments get added to the back of the loan (essentially extending it for 3 months) 2) The amount missed gets added to the balance and is capitalized. 3) You will have to make the back payments or be forced to do a loan mod. That last option is troubling for a lot of people and I have a feeling they don't realize it until the time comes. She was not able to tell me if the interest rate would be different or what the modification would look like. For us, we have a great interest rate and a loan mod could result in a dramatic difference over the life of our loan as far as interest is concerned. I chose not to move forward with the application until there's a more concrete plan or policy on how these will be handled on the back end (after 90 days). My concern is that a lot of people will not consider "what's next" when looking for help today with their financial stress. They will simply jump at the chance to postpone their largest bill - kicking the can down the street and possibly creating a bigger problem later. Not every bank is the same so please make sure you encourage people to ASK what happens with these missed payments after 90 days. Be aware of the LONG-TERM impact as well as the SHORT-TERM with these kinds of things! There were so many loan mods back in '08 & '09 that were disastrous for borrowers. Please let's not repeat that mistake with Coronavirus. [link] [comments]  |
| My plan to not be homeless after high school. Posted: 25 Mar 2020 10:59 AM PDT Context: I turned 18 earlier this year and was told by my single parent that they're moving out of the country permanently in the summer, and that I'm on my own to figure out what to do. I've already graduated high school, have all my important documents, and have a personal bank account and credit card. My original plan was to rent a room way out of the city (Los Angeles where I currently live) with my savings and look for any stable job while I figure out what the heck to do. Unfortunately as time moved on with everything happening right now, that might not be able to work out. So now I've gone and thought of a completely different path. 1.) Already applied for a community college out-of-state in Oregon, where they have tuition reciprocity (California residents are able to pay in-state cost) and the cost of living is lower than here in the middle of LA. 2.) Filled out FAFSA as dependent (next year I'll be considered independent clearly), received a full Pell Grant and plan on borrowing out the full subsidized and unsubsidized Stafford loans to pay for my rent, food, all other necessities. 3.) Attend college, keep enrollment at full-time while finding a job and working as many hours as possible. Live super frugally, going to school's food pantry + food banks in the city. 4.) Get a Certified Nursing Assistant licence through the college, increase my income and keep building a sizeable emergency fund. Edit: 41/2.) Get nursing license, be an RN. 5.) Haven't planned this far out ahead but yeah, please help if you see any way this can work better. Thank you. At this rate I think my first white hair will come soon. [link] [comments]  |
| Should I temporarily stop contributing to my 401k and build up an emergency fund? Posted: 25 Mar 2020 06:03 AM PDT I'm worried about my financial situation because of what's going on currently. While there haven't been layoffs at my job I'm confident it's only a matter of time. I work in construction industry and some construction projects at my office have stopped while other are on going because they are deemed essential by the state. That to say I'm not feeling 100% about being able to keep my job through this crisis. This is my current financial situation: Credit Cards: (1) card with $750 and (1) card with $190 Student Loans: $4,500 with $81 monthly payment. I've been over paying to get it down sooner. 401k: $18,000 roughly with a 12% contribute per pay-period which is 2 weeks. My company match since I've been with them has consistently been 50% of 6%. Savings: $1000. My savings are so low because in Feb. I payed off $5000 in CC, medical bills and student loans from my savings. Part of me was really proud of this move but now I'm feeling anxious about not having enough should I get laid off. I'm immediately cutting of all unnecessary expenses. One thing I'm wondering is should I stop contributing to my 401k for the next few months to build up a savings or reduce my contribution from 12% to 6% and qualify for a match at the end of the year? *Edit: * After reading through your advice I plan to lower my contribution to 0% for the next quarter April-June, reduce my spending aggressively and focus on building my emergency savings immediately. If I'm still employed July 1st I'll start contributing to my 401k @ 6% minimum and I also plan to email our company 401k financial adviser to confirm what % contribution I need to be at by the end of the year to meet the min. 6% requirements and hopefully get the free company math money so many of you have mentioned. I also plan on calling my CC to see if they can help me in any way with payment deferring/lowering apr. long shot but I'll try. While this may seem like a bad idea to stop contributing temporarily, I'd rather have the extra few hundred hundred dollars from my paycheck than put that on a CC that's high interest and will put me back into the hole I've been climbing out of. An extra few hundred in my 401k wont help me pay for my phone bill or put food on the table if I get laid off in the coming weeks/months. All in all I really wanna say thank you to your thoughtful responses...I've definitely learned a lot from your advice. [link] [comments]  |
| I feel like an idiot. I got scammed out of $325 for a Nintendo Switch.. Posted: 25 Mar 2020 04:54 PM PDT I've been looking really hard for a good deal on a used Nintendo Switch for my daughter and thought I found a good one. I'm not usually a person that gets scammed and such, so I fee like a real idiot right now. I found one on Offerup but the description listed a phone number to call. (Big mistake.) I texted the number asking about the system and they routed me to the Facebook profile of their "brother" the "owner" of the system. I messaged him and checked his profile. He had information back to 2016, and I thought it was a pretty legitimate profile.. he sent me videos and audio of the things he was selling and told me he wanted to make a deal for a bundle. I agreed and paid through Facebook Messenger using PayPal for $325 with a (kind of) receipt for the payment. His tracking number for the package hasn't been updated in a week and I've been wondering about it. I messaged him back today and noticed he deleted the Facebook profile. I'm trying to figure out if there is ANYTHING I can do. It really sucks because that was going to be my daughter's main birthday present next month. Without income currently it's really a big hit to the chest. Edit: he didn't delete his account. He blocked mine. Edit 2: He deleted the first account and made a new account with the same name and pictures. I've contacted PayPal and told them the situation. Edit 3: So it was bought in goods and services. I have the history of our conversations and I'll just be waiting for PayPal to respond. Crossing my fingers. Never going to do this again. Thank you, fellow Redditors. [link] [comments]  |
| Depositing 30k cash into bank account! Without raising suspicion Posted: 25 Mar 2020 03:49 PM PDT My parents are giving me 30k to invest into the stock market. But they are giving me cold hard cash. So I would have to deposit it into my chase bank account and then ach into my brokerage. I know the limit without paper work is under 10k and also doing multiple large thousand dollar under 10k will definitely raise suspicion. I wouldn't mind doing form 8300 if I do deposit all at once Problem is that I assume I would need to prove that this isn't Illegally obtained money. So they would want a paper trail. Problem is that there is no paper trail. My parents never trusted banks or in the mid to late 90s so they would cash there checks for cash. And of course a large sum of cash has accumulated. It wasn't until mid 2000s that they finally opened a bank account but they never cared to deposit the cash savings. Now they want to give me cash but I don't think there is any paper trail to prove it is legal because if they asked where it came from and I said my parents then my parents bank accounts won't even reflect because they've never made a cash withdraw or it wouldn't add up? What should I do [link] [comments]  |
| Financial Peace University is Free (Dave Ramsey) Posted: 25 Mar 2020 08:54 AM PDT Hey everyone, FPU is free for a 14 day trial right now because of the virus. Now you have something to do if you're in quarantine or otherwise have more time than normal. Sounds like it's the whole package, you can get through all nine lessons plus the two bonus courses of four lessons each in the 14 day period and pay nothing. You also get access to ask-a-coach, and the FPU forums. Just make sure to cancel before the 14 days are up! (Assuming you have to put in a debit card then cancel manually like other trials - I already have a membership so I didn't test this.) There's a couple other things on deep discounts also, TMM audiobook is $2 as well as the Proximity Principle. The high school program is $20, rather than $120 so if you have a student home check that out. I know there's a love/hate relationship here with Dave, but this is a great starting point for many people trying to improve their financial situation long-term and trying it for free is a great opportunity. Link below with all the items that are on sale and the FPU trial. [link] [comments]  |
| Should I apply for Unemployment? Posted: 25 Mar 2020 02:14 PM PDT My company is working towards filing a mass employment claim for all employees but should I still apply for unemployment as well? I'm in Texas. [link] [comments]  |
| Where is my Equifax free credit monitoring from the breach claim Posted: 25 Mar 2020 06:49 AM PDT A while ago, Equifax gave out free credit monitoring or compensation up to $125 for a data breach. I was found to be eligible and selected the free credit monitoring but never got an email or any information on it. Did anyone actually get response from Equifax about their claim? [link] [comments]  |
| Posted: 25 Mar 2020 10:04 AM PDT It appears that we're getting shafted and our travel agent hasn't a clue about what isn't covered right now. [link] [comments]  |
| Advice for those who haven’t lost their jobs ... yet Posted: 25 Mar 2020 06:36 PM PDT There seem to be two groups at the moment - those who have immediately lost their jobs and those who are confident in their 'essential service' status. But over the next few days / weeks / months some of the businesses still paying employees or operating with employees working from home will be forced to lay off / fire employees as well. So I thought I'd start a thread where people can share advice about how to prepare / what to do NOW if they anticipate losing their job in the medium term (or perhaps even if they don't!) [link] [comments]  |
| Posted: 25 Mar 2020 01:51 PM PDT |
| Should I forego a week of pay at my current job? Posted: 25 Mar 2020 11:43 AM PDT First time posting, sorry if I mess it up. Background - I'm an area manager for a chain of retail adult stores. Our CEO is not hopeful we'll get approved for government aid loans because of our industry. All of our store staff has been laid off except corporate management. She gave us the option today to either forego a week of pay for the next pay cycle (and she may ask again if this continues on, which it probably will) or go on unemployment. I've never been on unemployment before and am not entirely sure how it works. If I give up a week of pay now, will that affect how much I can claim if I have to go on unemployment later? Is there more benefit for me to do one or the other? I'm certain I'll still have a job to go back to with either choice, just not sure if one would be better for me or not. Thank you!! EDIT - I'm in the state of PA if that changes anything. UPDATE - Thanks for advice people! I talked to my dad and he suggested I find out how much I'd even make if I went on unemployment and doing the math, it would only pay $10/week more than foregoing a week of pay. So I'm just going to stay on payroll for now so I don't have to deal with filing and waiting for unemployment. [link] [comments]  |
| Are there negatives to filing for unemployment benefits? Posted: 25 Mar 2020 01:56 PM PDT As of two weeks ago, I am not getting scheduled to work for my internship during the school year due to Covid-19. I have not been fired directly. I am wondering if there are any reasons not to file for unemployment benefits during these times. Thanks! [link] [comments]  |
| Posted: 25 Mar 2020 05:39 PM PDT So I'm a young screenwriter who recently sold a project. My first payment came in today and it was $84,000. I'm losing 25% to my reps and lawyer's commission fees, and then I'm paying off $10k of credit card debt. This leaves me with $53,000 I have no idea what to do with. I can also expect three more payments of $12,000 in the coming months, but 25% will go to commission fees from each of these payments, so it's more like payments of $9,000. Before I got this money I was on unemployment and living paycheck to paycheck with the occasional freelance job. I haven't saved much at all. I have $6000 in a ROTH IRA and a small stock portfolio I day trade with for fun that is worth about $1300 (from a $400 investment). I have a Goldman Sachs Marcus High Yield savings account with $200 in it. I'm wondering if I should max out my IRA contribution now, or if that's a bad idea with the market tanking the way it is. Should I stash my estimated tax bill in the Marcus account? I've read you're technically losing money if you put it in a saving account as the interest rate doesn't keep up with inflation. If that's true, where would you recommend I put my money? Any tips would be appreciated. I've also been browsing the windfall section but I thought it wouldn't hurt to get some more personalized advice. [link] [comments]  |
| Can I file taxes if my parents claimed me? Posted: 25 Mar 2020 03:46 PM PDT Dumb question but I make a little over 9k a year as a college student so I don't file taxes and my parents claim me. I've never seen a problem with this until it comes to this covid-19 stimulus package that is supposed to give checks to people who filed taxes as many people have lost their jobs, etc. I am unable to go to my job because of the covid-19 situation but I also didn't file 2019 taxes. So as I understand it, I wouldn't technically qualify for one of the checks even though one of those could really help me during these times. Can i still file taxes or does anyone know of any information as to what they will do for people in situations like mine who didn't make enough to file? [link] [comments]  |
| I can't figure out why Chase reduced my mortgage rate. Posted: 25 Mar 2020 06:38 PM PDT Right now I have a 3.875% 30-year non-conforming jumbo mortgage with Chase that I took out in June 2017. When interest rates started dropping in January/February, I called up my mortgage broker at Chase, who was able to match a rate a CU was offering at 3.5% with only a few hundred of closing costs. I locked that in and preceded to underwriting, and was ultimately approved. As of a few days ago, our closing was supposed to take place on April 5. The Chase broker calls me up today and says I will be getting a letter in the mail today offering, instead of the refi, to do a mortgage modification of my existing mortgage down to 3.25%, no closing costs. He says this came down from his bosses, he doesn't understand why they are doing it and that he has never seen this happen before. He said the offer is generally going out to Chase customers with non-conforming loans in the refi pipeline. I check my mail today, and there is the offer letter as promised. Aside from celebrating my good luck (knocks about $200 off my P&I a month), I am trying to figure out why Chase did this? I think my existing mortgage is on their books, so maybe they like the credit there? The whole thing is confusing to me. I'm a corporate finance lawyer, so I am really trying to figure out the incentives at play here. [link] [comments]  |
| I put in my two weeks, now my new job is closed. Posted: 25 Mar 2020 10:39 AM PDT Hey all, I put in my two weeks notice two weeks ago. I was suppose to start my new job but now due to the coronavirus and a lockdown, my new job is closed until april 13. Am I able to file for unemployment due to the circumstances? Or anything else I can do? [link] [comments]  |
| Posted: 25 Mar 2020 04:31 AM PDT |
| Are small banks safe during the current economic climate? Posted: 25 Mar 2020 06:56 PM PDT Hi, I have all my money in a smallish community bank. With the economy being what it is right now, is it safe to keep my money there? Sorry if this is a dumb question. I work in the medical field and know nothing about finance stuff. But I don't want the bank to just close and be shit out of luck since it's not a Bank of America or Chase. Thanks! [link] [comments]  |
| Is inflation expected in these times? Posted: 25 Mar 2020 04:09 PM PDT I am worried that my savings for the apartment I will probably be buying in the next several years don't depreciate in case inflation occurs in the following months/years. Is that something that is a realistic scenario and would moving it to some other asset be a good idea? I don't expect for my income to drop drastically so this savings is not something that I would need to touch to get by, at least not for a several months. Thanks! [link] [comments]  |
| Posted: 25 Mar 2020 04:08 PM PDT So cause of the Corona virus the dmv in colorado was closed when I sold the vehicle. The purchaser then had no chance to put anything under his name. Am I liable for the fees?? Tow company has already stated it will go to collections if not paid under my name [link] [comments]  |
| Posted: 25 Mar 2020 04:45 PM PDT I had my car parked on the street and I noticed there was a paper on the window. I figured it was a ticket, but it was a note "I'm sorry I hit you car, call me." I look to the side and there's a hard hit. I immediately call the insurance company and the police. The police comes and recommends I call the number and see if I can work it out with the guy. The guy comes and he doesn't have insurance. Yes, I know it's honest to leave your information but here's the thing, he wanted a quick cheap fix and every auto body shop I went to quoted me a couple thousand dollars well above what he wanted to pay. Now the insurance marked the car as totaled and I still owe money to the lienholder. The guy who hit my car is now MIA. Now I have no car to get to work because the insurance only covers 3 days of rental, the insurance wants to lower the value of my car for imperfections, take the deductible cost and that will leave me with 80% to pay off my car loan. I have no proof the guy hit my car, the police station wants a mailed in police report which could take days (coronavirus precaution), and the insurance wants to mail the lienholder the paperwork which could take days to find out if I get the check or if it goes to them (again coronavirus precaution). I understand things happen in life, but what am I supposed to do now? I have no car, I still owe payments, and I can't get to work once this 3 day rental is up even though I did everything responsible (driving safe, maintaining my car like it was a baby, paying premium insurance) [link] [comments]  |
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