Personal Finance Does it make sense for me to toss more money on my student loans now that the rate is at 0%? Fortunately, I have a stable position, and my financials have not changed. |
- Does it make sense for me to toss more money on my student loans now that the rate is at 0%? Fortunately, I have a stable position, and my financials have not changed.
- My dad is on a ventilator and I need help with finances.
- Mom died. I’m 24. How to handle finances?
- Ex-BF claimed one of the kids on his taxes. What's the best course of action to take?
- Boss telling me NOT to file for unemployment. Does his logic make sense?
- My company hasn't payed me or it's other employees in almost a month. I love working there, but when is it time to apply for unemployment?
- I can plan for retirement, but what about what comes after that?
- Parent paying off mortgage in my name for a house we co-own.
- Does it make sense for me to spend all of my savings on college?
- When under severe financial strain what bills should take first priority?
- Just got laid off, but still getting paid. Should I file for Unemployment?
- Why have cash management accounts dropped APY so much lower than HYSA's?
- I have the Citi 2% Cash back card and I am wondering if there is a better way to use the rewards than getting them deposited into my checking account.
- Keep an eye on your Spectrum bill
- 401(k) to Roth IRA - Is Now the Perfect Time?
- Car loan extension question.
- Purchasing a house during this down time
- Are we really getting extra $600 for weekly unemployment? Is it different state by state?
- Should I go on unemployment or just wait and see what happens?
- New to buying a car from a dealer - what are your tips? How can avoid getting 'had'?
- Social Security number used by someone else to apply for unemployment.
- How much will having my name on my parents mortgage affect my ability to get my own place?
- What's the difference between a Consumer Credit Score and one for a Mortgage?
| Posted: 05 Apr 2020 06:00 AM PDT Just received email from Navient stating they've stopped all auto payment until SEP 20. What would you do? [link] [comments]  |
| My dad is on a ventilator and I need help with finances. Posted: 05 Apr 2020 10:13 AM PDT As the title states, my dad is a victim of the COVID-19 virus and is on a ventilator. He is a single man. He does not have a lot of savings. He does not have a will. He has five children. I am the oldest. I'm afraid to go into his house because of the virus. When I contacted his mortgage company, they said I can't do anything because he is not dead and because I'm not on the account. It will probably be the same when it comes down to his cars. Is there anything I can do? It looks a little hopeful for my dad and I don't want him to wake up being in huge financial trouble if I am able to prevent it. Thanks for any advice. [link] [comments]  |
| Mom died. I’m 24. How to handle finances? Posted: 05 Apr 2020 04:05 PM PDT My mom just died from cancer. I am 24 and live with parents (now just dad). My mom supported the family financially and my dad is unemployed. My dad and I know little about finance. Most likely we will both have to depend on my low income—I stopped applying for/taking jobs other than freelance work when things got crazy with my mom. I have questions if anyone can help with any (please lmk if there is a better subreddit for some of these):
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| Ex-BF claimed one of the kids on his taxes. What's the best course of action to take? Posted: 05 Apr 2020 12:48 PM PDT So baby-daddy decided he was entitled to claim one of our children as a dependant on his taxes this year, despite them living with me and him never paying any child support. I tried filing online like I typically do, but my return was rejected. What should I do now? I've only ever filed my taxes online and they've never been rejected, so I'm super lost on what my next steps should be. [link] [comments]  |
| Boss telling me NOT to file for unemployment. Does his logic make sense? Posted: 05 Apr 2020 11:36 AM PDT Context - I work for a food company that sells to school. Since schools here are closed until summer I am out of work. My boss told me to hold off on unemployment and that he will offset the money I would get with a business loan. Does this make sense? I would like to keep this job when it starts back up. [link] [comments]  |
| Posted: 05 Apr 2020 06:15 PM PDT I work for a small tech startup that is having financial troubles, and hasn't paid us in a month on Friday. We've actually gone without pay this long before, the company has always had shaky funding. However, this time there's not really an end in site or a definite answer on when I can expect my next paycheck. And I think the problem is exacerbated by the pandemic. As I mentioned in the title, I love this job. We have four days weeks, I'm friends with all my coworkers, the work itself is fun, etc. And we're now working from home. But if I want to make my rent next month I have to start filing for unemployment soon. When and how should I even begin to start the awkward conversation with my boss that I can't continue to work without pay? Or is this a normal startup thing that I should just sit with? My coworkers and I are all really desensitized to not being paid regularly so I'm not sure when alarm bells should go off. One last side note- my lease is up at the end of May and I need to move somewhere else. I'd need to start looking now if I want to find an apartment and put my down payment, cover moving costs, ect. in the near future and I'm not sure if this company is stable enough to last another year. [link] [comments]  |
| I can plan for retirement, but what about what comes after that? Posted: 05 Apr 2020 10:29 AM PDT Note: it's probably worth mentioning that I'm not living in the USA and I'll probably change countries a few times in my life. I'm more looking for general guiding principles here rather than specific products or services. I'm in my 30s and I feel like I'm good with money. I have a solid plan to retire on time, and be more than comfortable financially in my golden years. But how do you plan for what comes after that, when your body and mind start to decline and you're not able to look after yourself? I'm never having kids, and I have no family that I'm close to who can look after me. My grandmother is 93. I spoke with her yesterday, and we chatted about lockdown. She thought that it was happening because war has broken out and we're being invaded (she has lived through a few wars in her time). She needs nearly constant help with just about everything. After that conversation, it's clear that there's no way at all that she'd survive on her own, even if she was financially independent. How does one plan for ones own frailty? How do you make sure that you cannot be taken advantage of when you're old and vulnerable? Are there any ways to protect your financial security? [link] [comments]  |
| Parent paying off mortgage in my name for a house we co-own. Posted: 05 Apr 2020 02:59 PM PDT My dad and I own a house together with both our names on the deed. It's an ownership by survivorship. I live at the house and have a $150k mortgage in only my name. In a fear that my dad will end up needing a nursing home over the next 2 years, he wants to pay off my mortgage. Are there any tax implications for this such as a gift tax since both our names are on the deed? He has given me $15k these last two years too as gifts. [link] [comments]  |
| Does it make sense for me to spend all of my savings on college? Posted: 05 Apr 2020 03:20 PM PDT Something bittersweet happened: My Father passed away a few months ago, and my Mums been talking about sending money from his life insurance policy to help me go to college. She's been so depressed lately, and a few days ago she came with cookies and a letter from my dad saying a final farewell. After having a good cry together, my Mum told me to check my bank account, she sent me almost all of her roughly $97,300 for college and to help us in an emergency. She said she's not financially literate and she might waste it herself (Mum and me have lived in poverty all our lives, but I'm not that much smarter!). I was talking to my boyfriend who's a finance major, and he said this is actually not a very good thing? My boyfriend said her heart was in the right place, but my Mom wasted this money by giving it to me before I graduated and it'll be drained away from the lost eligibility for financial aid. My boyfriend says I should prepay rent for my Mom, find a house with him, get a reliable car, clothes without as many holes in them etc. until down to <$20,000 because it'd be all lost without financial aid. He said that I need to wait another year to apply for aid/school, as even if I did spend most/all of it, I'd have to state on my application that I recieved it in the year which would affect my aid. My feelings say he's wrong, if the money's used for a car, house, etc. there'd still be the college loans to pay back, and no emergency fund for Mum and me along the way (especially with what's going on right now). He thinks he's right and there'd be a lot more worth for the money by spending most of it now. He felt upset that I didn't trust him and told me I'd be losing thousands by not being eligible for grants and loans that could be forgiven, but I wouldn't know because poor people usually stay poor, and anyone with financial sense would agree with him. • I live in the US and I'm 26 so I'd be an independent student, and it's my dream to get into the medical field and give back to the community, but I know it's almost impossible sans a degree. I live alone, and my Mom and I have no debts, but we're making little more than minimum wage and don't have much left over each month. I'd have to use this money to supplement the additional living expenses from switching to part-time so I'd have enough time to go back to school. I'm a long time lurker here, and after seeing some similar posts recently, I felt inspired to share my situation and talk to the kind people at r/personalfinance who're more financially adept than I am. It sounds like financial aid expects you to pay as much as you can and it probably doesn't account for your Mother giving you the costs of college, living expenses, and emergency money. It'd break her heart to know she might've messed things up, so I want to use the money in the best way possible to do right by her. Grants wouldn't save you that much, my boyfriend could be telling me to spend 80k to save >15k over the years right? I've no way of knowing how much to keep before its hurting me, or if I start spending more than I'd save in grants. What do you think the smartest way to use this money is? [link] [comments]  |
| When under severe financial strain what bills should take first priority? Posted: 05 Apr 2020 05:59 PM PDT Hello, all! I know it's been a toughh time for is all right now. I hope you're all hanging in there. I hope you're all safe and healthy and will continue to be so. As I'm sure many can relate, I'm insanely overwhelmed with all of the bills and places money needs to go hovering at once above me with no way to properly take a good chomp at it. Right now I'm out of work, cannot file unemployment as I'm technically an independent contractor (and will not work until this passes as I'm immunocompromised) I currently have unpaid dues for: °Utilities (Renters Insurance, Electricity, Internet.) °Rent (which is about $1000) °Two car payments that were already behind before this all. °Car insurance payment °Phone bill °and finally the obvious need to buy food Obviously anything else right now isn't essential or a concern!! Just trying to survive and make it through.. I'm waiting for the stimulus check to come so I can handle some of these or a portion of some of these. My big question is... How should I spread this money smartly? What should I ignore for the time being, what order of priority should these categories take, etc. [link] [comments]  |
| Just got laid off, but still getting paid. Should I file for Unemployment? Posted: 05 Apr 2020 06:34 PM PDT Hey all, So due to this coronavirus we were laid off. My boss has given us the option of voluntarily working( with pay) but considering I have an infant with Asthma and work in construction, I didn't want to take the chance of possibly bringing this virus home to my young one. This was about 2 weeks ago, and I filed for unemployment because I was under the assumption that if I was not working, that I was not getting a paycheck. Fast forward to today, when I found out that those of us that are not going to work, will still be getting paid our 40 hours (we were not told this at the time of the "lay off".) Since I am still getting paid, I'm assuming I should NOT continue filing for unemployment. This is my first time having filed for unemployment, and I'm not sure what steps I need to take from here on out. We weren't given a specific date of when we would have to return back to work, and when they would stop paying those that are not returning to work. [link] [comments]  |
| Why have cash management accounts dropped APY so much lower than HYSA's? Posted: 05 Apr 2020 05:04 PM PDT I know there are a lot of threads about chasing APY for HYSAs, but I'm curious as to why cash management accounts (Betterment - 0.3%, Wealthfront - 0.26%) have dropped their rates dramatically much more quickly than any HYSAs out there. I recently opened a Betterment investment account and was considering moving my savings to their Everyday Cash Reserve, but if the APY is typically better with an HYSA vs. a cash management account - I"ll probably just pull the trigger with Ally or Marcus. Thoughts? [link] [comments]  |
| Posted: 05 Apr 2020 05:49 PM PDT I read about Citi's ThankYou reward program. Apparently I can concert my cash back to TY points. That seems to work best with airlines and I do not fly much. [link] [comments]  |
| Keep an eye on your Spectrum bill Posted: 05 Apr 2020 07:12 PM PDT They just randomly bumped up my internet plan to a faster rate without any notice. I was enrolled in auto-pay and being charged 49.99/month, now it's 64.99/month with a slightly faster rate. I did not know until now, but I will be calling them tomorrow and asking if I can get a refund or something. What a terrible time for them to be doing this as well, I'm already barely making it because my income is non-existent, due to COVID 19 [link] [comments]  |
| 401(k) to Roth IRA - Is Now the Perfect Time? Posted: 05 Apr 2020 07:00 PM PDT I recently left my job to attend grad school, taking a pay cut of approximately 75% and reducing my annual income to a meager $15k. Hopefully the decision to invest in my education will pay off in the long run! Needless to say, money is tight for me at the moment, so I'm trying to leverage what little I have in the most forward-thinking way possible. I have a sizable 401(k) leftover from my former job (roughly $12k strong), and feel like its the perfect time to rollover to a Roth IRA while minimizing tax losses. My very low tax bracket coupled with the market dip should soften the blow substantially. Regardless, rolling over my 401(k) would mean a hefty tax bill next year, which would be difficult to cover with my $15k annual grad stipend. I'm curious if anyone can offer some advice for my situation, because I feel like this opportunity won't come around again. Do the long-term benefits of tax-free growth outweigh the immediate losses associated with the conversion? Any feedback would be appreciated. [link] [comments]  |
| Posted: 05 Apr 2020 06:06 PM PDT The financing company I use is offering a 2 month extension, but interest will accrue during this time. If I am able to make the monthly payment should I not use the extension, or should I take the extension and pay toward principal during the 2 months? I currently have 4k in savings to help cover bills & expenses during this time. Current expenses come to $890 a month. Only debt I have is student loans and my car. I am receiving unemployment because of Covid-19 which is $247/w currently. I owe $12508 with 55 months left on the loan. Interest is 6.9%. I do plan on refinancing for a lower rate and shorter term once the sanctions at my job are lifted. Edit: I know unemployment is suppose to increase $600 a week, and there will be a $1200 stimulus check. I do not plan on budgeting based on this until I receive it. [link] [comments]  |
| Purchasing a house during this down time Posted: 05 Apr 2020 05:40 AM PDT Just wondering what the financial guru's are thinking about purchasing a house at this time? What would be the benefits? on loans and price reduction on houses? Think this would be a good time to invest? [link] [comments]  |
| Are we really getting extra $600 for weekly unemployment? Is it different state by state? Posted: 05 Apr 2020 04:46 PM PDT I know a lot of people are asking and there aren't many clear answers but will the dates they start doing this differ from state to state? And will we get paid the back pay (I've gotten one unemployment payment without the $600 and assume my next one will also be without the $600). I know the unemployment offices are swamped and this situation is unprecedented but I'm not really sure where else to get this information. If this is not the right place to post this please advise. [link] [comments]  |
| Should I go on unemployment or just wait and see what happens? Posted: 05 Apr 2020 04:40 PM PDT I was was told by my boss that I should file for unemployment with everything that is going on right now. I was contacted by a employer offering me a job that I applied for awhile back. I am planning on working at both job. The question is, should I still apply for unemployment? I don't start till the 13th of April at my new job . Would it be a waste of time to file? Would I even get the money in time before staring my new job? If you have two job, and you lose one, can you file for unemployment for the one you lose? I know that you can't receive a paycheck because it's consider fraud. At this point I won't have enough money to cover my bills before I get the paycheck for my new job. I don't know anything about unemployment whatsoever. [link] [comments]  |
| New to buying a car from a dealer - what are your tips? How can avoid getting 'had'? Posted: 05 Apr 2020 03:01 PM PDT I'm looking to buy a 2016/17 Subaru Outback around June/July and I've specifically been looking at the certified pre-owned options but am open to not doing a CPO. Looking at a car with 60k or less miles. Debating if I just go with a new car or a used one. Right now Subaru is doing 0% for 63 months for new cars but, they are also doing 0.99% for 36 months and 1.99% for 48 months on used cars right now. So on a $22k car (that's with taxes and fees), I'm either paying like $214 in interest or $576 in interest respectively. That doesn't seem too bad to me - that's putting $8k down. I've checked and we do qualify for those offfers. I drive about 5-7k miles a year (we both walk to work every day). Those miles are to the grocery store or camping trips that are 3-7 hours away. I also like to drive to the ski mountain in the winter about 2.5 hours away each way. We've been saving for a new car but some life circumstances have us looking a bit sooner. My wife's car that she's had for 16 years is finally starting to get to the point where it's not worth putting money into it. My 2008 VERSA is having some issues that may be the end of it, too - oh, timing! Thanks for any input. Things I'm nothing thinking about. If anyone has a great car-buying guide, I'd love a link. The most recent one I found was from 5 years ago. [link] [comments]  |
| Social Security number used by someone else to apply for unemployment. Posted: 05 Apr 2020 12:41 PM PDT As the title says, someone used my Social Security number to sign up for unemployment in my state, Ohio. They did not use my Name or any of my other personal information. They signed up as a completely different person but with my number. I have a claim in with the office of unemployment but since everyone seems to be losing their jobs, they are telling me it could be weeks before I could hear a response from their claim manager. I have savings I can make it on for around 6 months and with some solid planning I could probably stretch it longer. However, I wanted to ask if anyone knows of any way I could speed this up. Once again, I live in Ohio, I was laid off and am supposed to be getting uncontested unemployment. I have a basic plan on protecting my identity and doing damage control. Does anyone know any way I can go around the long claims process they are putting me through? Any number I can call that may bypass me having to talk to a normal representative or anyone I could try to have them forward me onto? Any help with this is greatly appreciated and I apologise if this could be interpreted as more of a legal issue. I know what to do about it legally but am seeking advice on how to keep myself from having to destroy my savings. TLDR: Someone stole my SSN and used it for unemployment. Is there anyway I could bypass a long wait for unemployment to call me back? [link] [comments]  |
| How much will having my name on my parents mortgage affect my ability to get my own place? Posted: 05 Apr 2020 06:31 PM PDT We just built this house and my name was on the loan and is now on the mortgage. The reason for this was three fold; To help establish my credit with something more than a car loan and credit cards, my credit was better than my parents so it got us a better interest rate, and this house is suppose to be mine when my parents pass. The issue I find myself in is that I want to move out before my parents die. I'm 24 and it's time. What I am worried about is the mortgage showing up and hurting my debt to income ratio. Will it make it harder or even impossible to get a place to rent or even my own mortgage with this set up? I have good credit (low 700s) and soon I will be making decent money (40-50k) for my area. They have said that as soon as they are able to refinance then they will and can take my name off the house, that might be a few years though and I am not in a position where I want to spend the next few years living at home. [link] [comments]  |
| What's the difference between a Consumer Credit Score and one for a Mortgage? Posted: 05 Apr 2020 11:24 AM PDT CreditKarma shows my credit score at 640, which is fine but needs work. I had a Mortgage Broker do a hard-pull on my credit and it came back at 705. Why are these 2 scores different? Thanks in advance. [link] [comments]  |
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