Personal Finance Got kids? Here's a great way to introduce them to the benefits of saving. |
- Got kids? Here's a great way to introduce them to the benefits of saving.
- Came from a poor family, now relatively well off. I always still feel poor?
- Advice needed! Where should I put 15k that I want to be fairly accessible in the next couple years? High yield savings? CD ladder? The market? ...
- BOA account has been on hold for over a month
- Can I afford to move out?
- Can someone explain Credit Unions to me?
- New York Times Rent Vs Buy Calculator Now Available as a Spreadsheet
- Company took their 401k contributions after I left, even though they were vested 100%.
- A 24 yr old that still doesnt know how to budget/save finances properly
- VFIAX and VOO vs. VTSAX for taxable brokerage account
- How not overshare financial information.
- 5 months worth of expenses summarized
- If I’m planning to leave the company soon, should I switch my 401k to Roth?
- How much rent can my fiancee and I afford?
- Is it smarter to buy a $20k suv that’s 3 years old with 5% interest or a $30k new suv with 0% interest?
- Saving levels - when to start letting yourself enjoy your money
- Why doesn’t every company that uses a credit score to determine eligibility report to the credit bureau?
- Best place to order personal checks?
- Is my savings very retirement savings heavy?
- Looking for help understanding how buying a sibling out of a shared estate works.
- Fix my Jeep or get a new car??
- "Best" way to take 25k out of brokerage account?
- [MI] [Blue Cross] Medical bill went to collections. Pay it off or wait for insurance claim transfer?
- My wife (29) and I (29) need some advice on what to do with our money as Canadians living and working in the USA
- Secured cards denied by CapitalOne and Bank of America
| Got kids? Here's a great way to introduce them to the benefits of saving. Posted: 23 May 2020 11:17 AM PDT I didn't have a good grasp on money as a kid, and my folks didn't give me much direction. Got married, had kids. I realized I was doing the same things my folks did with me, as I was doing with my kids. It all came to a head my daughters freshman year in HS when she got her first job. She did very well, but I realized she was spending every penny (I was co-account on her checking/ savings). After a couple of months of watching the money get spent her mother and I sat down with her, and discussed every latte, snack, clothes bought. She was stunned to learn she spent 1K and really couldn't recall on what or when. We immediately implemented the 2/3 rule. Every check she got w/out question was immediately split. 2/3 went in her college/ savings account. The remaining 1/3 was her "free cash" to be used at her discretion. She grumbled and complained (initially). We held our ground though, and did the same with our other 2 younger children. Exception to the rule was 1. Money gifts, we only asked that 50% be deposited. 2. Around Thanksgiving we allowed only 1/3 of earned money went in savings for 2 checks (1 month) to allow for gift giving etc. By the time she was done with 4 years of HS jobs she'd saved about 6K. Enough for her to pay for college expenses we didn't cover. One child bought a used car for cash out of her savings, including insurance and the other is still saving, but used some to do some travel. They now have a solid foundation for saving, understand that we were never "taking" their money but rather instilling in them how good it feels to have a little financial stability. TDLR- if your kids have summer jobs, create a savings account and put 2/3 in it each time they are paid. By the time out of HS they will have a nice pile of cash for college and/or other large ticket items. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Came from a poor family, now relatively well off. I always still feel poor? Posted: 22 May 2020 10:33 PM PDT I grew up in a really poor household where we were always at risk of losing the house and had very little. Now I'm older and have a decent amount of money saved. It's weird because as I make more I become more into how much I have in my bank account. I don't buy anything, my money just sits there. Sometimes I find myself ruminating over past frivolous spending habits even though in the past four years I've been extremely careful despite having a full time job. I just always see myself as a broke student even though now I'm not. This is good because I save a lot but it could be causing unnecessary stress. Any advice on how to combat this? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 23 May 2020 08:09 AM PDT So I have around 15-20 k in my account that I eventually want to use as a down payment on a house. Since the fed lowered rates savings accounts and cds hardly pay much interest. The market seems too volatile- Any other ideas out there? Am I missing something? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BOA account has been on hold for over a month Posted: 23 May 2020 06:34 AM PDT I'm at my wit's end with this and I honestly don't know where I can get help. I apologise if this is the wrong sub. Over a month ago I opened a new Bank of America account with my SO. It was my first BOA account but it's their main bank. I put in ~$2000 to open it from my personal savings account at Citibank, and it was almost immediately put on hold showing a $888,888 deficit. I have absolutely no idea why, and BOA will not tell me. I have now called BOA several times a week since, and I cannot get them to remove it or tell me why it's there. I end up getting bounced around from the Risk department to Fraud to basically every department. I will talk to so many different people who say they can't help but maybe this department can and it will be someone I already talked to. Every person basically says they aren't sure why it's there and it's not their responsibility. When I want to talk to supervisors they say that they can't figure it out. At first I was fine with waiting it out but at this point I need this money and after hours on the phone they can't do anything. Is there anything I can do to get this hold off/get my money???? I am never ever ever using BOA again. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 23 May 2020 09:13 AM PDT I'm 22 years old and recently graduated from community college as an x-ray technician and make ~$45k/yr at my first real job. I live in a somewhat high COL area (big city > 1 million people). I've been told by my parents to start saving aggressively for retirement as early as possible, so I set up my 401k to deduct 10% of my paycheck. I also pay around $100/mo for a high deductible health plan and also put $50 out of every paycheck into my HSA account (I know that's low but I rarely go to the doctor). My total net take home pay comes out to about $1,100 every 2 weeks. I've tried to stay as frugal as I possibly can. I drive a used car from 2004 that I own outright (no payments). However, between car insurance and gas I spend about $300/mo. I have shopped around, I cannot find car insurance for less than $180/mo (apparently my city has the highest car insurance rates in the country). I have a small amount of student debt (about $4k) and I pay $150/mo towards this. I live with my parents and pay them $500/mo for rent. I also do my own grocery shopping etc. as I want to practice being independent. In total, including groceries, eating out, toiletries (TP, shampoo, etc.) I probably spend about $4-500/mo but never actually counted every little thing. My phone bill is $50/mo. So, as of right now as I'm living with my parents I'm bringing in $2,200/mo and spending about $1,500, leaving me with $700 of "disposable" income which I currently try to save (I have about $3k cash savings) and spend on hobbies like video games. I'm looking at apartments and I'm seeing around $1k/mo (plus utilities) for a basic 1 bedroom in a relatively low crime area of the city. So my budget would look like this: Rent + utilities: $1200 (?) Phone bill: $50 Car: $300 Groceries, food, toiletries: $500 Student loan: $150 total: $2,150 Income: $2,200 So I'd have $50/mo in discretionary spending. It just doesn't seem possible. My car also has 210k miles on it, so I expect that buying a new car will be likely within the next few years. So I'd have a car payment + my insurance will be much higher (I currently only have liability). A "new" to me (probably 5 year old) car will cost me $600+/mo between insurance and payments. I have a good relationship with my parents, so me moving out to live with roommates is pointless, I'd rather just stay living with my parents rather than some strangers. I've just been looking at moving out because living with my parents forever isn't ideal, especially when I marry and have kids I can't still be living with my parents. I don't see a large increase in earning potential outside of the annual 3-4% COL raise at my job. X-ray technician is basically a terminal career, which I chose because I didn't want to go into massive amounts of college debt. To make more money I would have to go back to school and start over completely. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can someone explain Credit Unions to me? Posted: 23 May 2020 10:39 AM PDT And why would I want to join one? Posted here the other day, classic story of parents who are HORRIBLE with money. They make nearly 200k combined yet struggle to pay basic bills because they want to appear rich from the outside, so they have very nice things (all on loans). They give bad advice, which is "don't save, spend everything!". So, now that I'm getting independent, why would I want to join a credit union? I'm not exactly sure what they are. I currently have a BoA account, which has been a lot better than my previous bank. I have a few thousand in savings, and, if the IRS ever processes taxes, I'll have a few thousand more. I keep reading about Credit Unions, but I just don't get why it's better than a bank. If someone has the patience to explain, I'd love that! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York Times Rent Vs Buy Calculator Now Available as a Spreadsheet Posted: 23 May 2020 04:47 PM PDT The original post was removed because it broke the rules about sharing files. The original file is an Excel workbook, but I converted it to Google Sheets: Link to a preview version of the spreadsheet If you want to work with the spreadsheet you will have to copy it to your google drive: Link to make your own copy of the Rent Vs Buy Spreadsheet Hi, I am getting ready to purchase a home again and thought it would be useful to have a spreadsheet version of the New York Times Rent vs Buy calculator - so I created one. The spreadsheet uses the same calculations as the NY Times version, with a few minor differences. The spreadsheet version allows direct entry of the rent numbers instead of providing a break-even rent number. The spreadsheet takes the maintenance costs and splits it into maintenance and renovation costs. With the spreadsheet, multiple scenarios can be compared by creating new sheets and using different parameter values. I'm hoping that the spreadsheet is useful, and provides more insight into the financial tradeoffs between renting and buying. It would be great to get feedback on bugs or suggested improvements. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company took their 401k contributions after I left, even though they were vested 100%. Posted: 23 May 2020 05:58 PM PDT My old company offers 100% 401k match up to 6% of salary, vesting fully after two years. About a month ago I left the company, I put my two weeks in the day after my two years so I was slightly over the vesting period. When I rolled over my 401k to my new plan I only received my portion of the contributions, and my old account balance is $0. I have my old Workday that shows my years of service at 2.04. What do I do here? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A 24 yr old that still doesnt know how to budget/save finances properly Posted: 23 May 2020 07:00 PM PDT Hi guys! I feel embarrassed for even making this post, but I need all the help that I can get! Does anyone have any tips on creating a budgeting or a savings plan? I was never the type to save and budget my finances because I've always had my parents to rely on which allows for me to blow off every paycheque that I've ever had. Now that I'm an adult, I actually want to take things seriously and start budgeting/saving for the future, but I just dont know how! Any tips would be greatly appreciated!! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VFIAX and VOO vs. VTSAX for taxable brokerage account Posted: 23 May 2020 11:05 AM PDT After maxing out 401K for the year (keeping enough for my match each month), maxing out the Roth IRA, and having a cushy emergency fund....It was time to open a taxable brokerage account with Vanguard. One side of people is saying to toss most of the taxable brokerage account into VTSAX because it gets the total stock market. Another side of people (including warren buffet) is saying to stick with VFIAX and VOO to track the S&P 500. Their argument here is that even though it is the top 500 biggest companies in the US, organizations like mcdonalds and Walmart have stores in Europe, China, and so forth, so it still encompasses global growth. What do YOU recommend? To keep some international exposure, would anyone recommend tossing a little into the "I" fund with TSP? I used to be in "I" but it wasn't doing so hot. My 401K and Roth IRA is mostly S&P 500, so I'm just making sure I cover all of my bases here. Thanks. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How not overshare financial information. Posted: 23 May 2020 03:59 PM PDT After more than a decade of paying off $100k in student loans, we should be debt free in a couple of weeks. I want to shout it out on every street corner. I'm very stoked (and honestly a little nervous) and want to share my excitement with the people I love. But my wife's family isn't great with money. And there are bad actors everywhere. How do I know what is OK to share and what could prompt less scrupulous people to try to use the info to their advantage? I feel like just not taking about it at all is being too paranoid, but at the same time, there is little actual value in sharing the info. How do you draw the line? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5 months worth of expenses summarized Posted: 23 May 2020 10:52 AM PDT My new year's resolution was to document every single purchase for 2020. So far here's what I have, dates are from Dec 30 2019 (date of paycheck) to May 23 2020. In an effort to reduce my monthly expenses, I cancelled my lease and rented a bedroom in a house with 2 other roommates. This freed up over $1,100 in monthly expenses, allowing me to increase my retirement savings, open an IRA, aggressively pay down debt, and actually contribute to a savings account. I also began a very profitable Poshmark account selling items in my closet that I won't miss. It's been incredibly eye opening to document every purchase. I think twice now about everything I spend. Yes, I still splurge on some things, but that is only after contributing to my retirement accounts/savings/investments and paying off my bills. I use personalcapital.com and a homemade spreadsheet to track expenses.
[link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| If I’m planning to leave the company soon, should I switch my 401k to Roth? Posted: 23 May 2020 09:24 AM PDT Currently I have a Roth IRA. My company introduced 401k in January either as Roth or Traditional. So far I have a few thousand in a Traditional 401k but planning to leave the company soon. Does it make sense to transfer to a Roth 401k now so I can easily roll it over to my Roth IRA when I leave? What do you guys recommend is the best route? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How much rent can my fiancee and I afford? Posted: 23 May 2020 03:21 PM PDT My fiancee makes ~$2,200 net monthly and I make ~$3,100 net monthly. We plan on getting married June 2022 with a 30k budget. We will have $18k in savings combined by the time we move out, which is around August. We are currently looking at a place which is $1640 for base rent, not including utilities. If I budgeted correctly, our total monthly expenses (food, car payments, entertainment, rent) is $3,555, which leaves us about $2,000 to spare. We want to save $1,500 a month, which leaves us $500 for petty cash. Based on these initial numbers, are we in good shape to handle $1640 monthly rent? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 23 May 2020 05:21 PM PDT I can put $5k down on either and intend to keep it for 10 years. Edit to add: used Honda Pilot vs new Subaru Ascent [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Saving levels - when to start letting yourself enjoy your money Posted: 23 May 2020 08:02 AM PDT So I grew up in a fairly poor family. Seems that every penny was pushed into sending myself and sister through private schooling so never had a flashy life. A couple of years back I landed an amazing job and my salary increased significantly. I probably have about 15k in a UK "help to buy ISA" 20k in a wealthify ambitious fund and 20k in a standard bugger all interest rate savings account. At the start of the month I throw about 2/3 of my salary into the savings account because I don't want to spend it. I just find myself always thinking.. no you shouldn't get that nice think for yourself.. wait until you reach 5-10-15-20k.... In your easy access account. I'm thinking I should have a system where as my net wealth increases I should have an increasing % of my salary that's should be like my "go nuts" allowance. What do you all think? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 23 May 2020 10:47 AM PDT A couple examples: -x-finity (cable company) pulled my credit for whatever reason but they don't report when I pay on time, which is always. -KUB (utility company)...I had to pay a $300 deposit because of my credit score but they don't report my monthly payments which are also always on time. I'll get the $300 back after 18 months of on time payments. -Rent. My credit was pulled, I pay on time every month, but it doesn't get reported. -Sprint for cell service: same as above. In addition, credit score drops every single time there is an inquiry. The only thing I have being reported on my credit is my car payment and my credit card which are both paid on time every month. Credit scores would be so much better for everyone if regular bills got reported. Side note: on time to me is at least 5 days early even though I know that doesn't help anything as far as credit is concerned. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best place to order personal checks? Posted: 23 May 2020 08:09 PM PDT Until recently I didn't even know I could order from anyone other than the bank. What's the best place to order from? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is my savings very retirement savings heavy? Posted: 23 May 2020 10:46 AM PDT I am 29 and my income ins $120k in CA (not bay area). I have been contributing to 401k and roth for the last 6 years I've been working. I did not have any liquid savings beyond the emergency fund since I was paying off college and car debt aggressively. Now that I have paid off debts, my retirement savings are at 82K and liquid savings are 15K. I contribute $1200 to 401k every month, max roth IRA annually and save between $1850-$2000 in savings every month. Is my retirements savings a lot compared to how much cash I am saving, which I wanna use for house downpayment in the next 2 years-ish. Should I change anything? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Looking for help understanding how buying a sibling out of a shared estate works. Posted: 23 May 2020 04:01 PM PDT Hi, as the title states, I'm looking for some help understanding the "mechanics" of how buying a sibling out works. Here are some generic details. House
Liquid Inheritance
My question is if I buy my sibling out of their share of the house right at market rate, what would I actually be spending on buying them out? Is it just straight-up the sale price / 2? How does the mortgage remainder get settled? What are some other gotchas I should understand? Such as tax liability, if I begin renting the house out should I set up an LLC? Etc. Thanks y'all, this is really not my expertise. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fix my Jeep or get a new car?? Posted: 23 May 2020 05:33 PM PDT So around Christmas, I got a 2006 Jeep Grand Cherokee. I just found out it'll be about $2000 to fix. Should I fix the Jeep or should I ditch it and buy a new car? Note: I don't have any savings, and I make about $1500/mo from my job. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| "Best" way to take 25k out of brokerage account? Posted: 23 May 2020 03:58 PM PDT I have a brokerage account set up by older relatives for emergencies/big life purchases. I'm taking 25k out of it to purchase a house and want to know the best way to do it so I don't wind up accidentally owing a bunch of taxes I was unprepared for. -Is there any kind of tax break or penalty for using money on a down payment for a house? -How much should I expect to pay in taxes for doing this? -The total value of the brokerage account is around 80k. It is split between 62k of stocks, 13k of "500 Index Fund Admiral Shares", and 15k of "Tax-Managed Capital Appreciation Fund Admiral Shares". -I also have a Roth IRA brokerage account with about 8k of "International Dividend Appreciation Index Fund Admiral Shares". Should I use this for part of it? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [MI] [Blue Cross] Medical bill went to collections. Pay it off or wait for insurance claim transfer? Posted: 23 May 2020 03:57 PM PDT So a while ago I went to an urgent care for a visit and I had a balance on my account with them afterwards. At the time of the visit, I used what I thought was my current insurance plan which was a student health insurance plan through my university. Turns out my university had cancelled that plan and had made a contract with a different provider and they didn't send out an email until a few days later. So to recap:
What effects does this have? Is this reported as debt to credit agencies? Should I wait for the claims to transfer first? If my debt has already been sold to a collections agency and the insurance provider makes an adjustment to the medical facility, will the balance be moved back from the collections agency to the medical facility's accounts? If I wait for the claims to transfer first, will this show up as a missed payment on credit reports? I'm leaning towards just paying it off and getting it done but I don't know how the insurance provider is gonna handle this. Thank you! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 23 May 2020 07:07 PM PDT Hello! My wife and I currently live in work in Boston MA and have been here for 3 years. We have a yearly household income of around $200,000 and currently have about $100,000 in equity across several accounts being a 401k ($30,000), savings account ($65,000), and mutual funds/ETFs ($6,000). As it stands, the lion's share of our money resides within our savings account until we are more certain of our future. Right now, we know two things:
I've done a significant amount of reading on transferring a 401k or IRA to a Canadian RRSP, however I still don't have the confidence or financial intelligence to make this decision. We don't have any debts but we also only have a few assets (my wife's car). I feel absolutely stuck right now. I'm terrified of investing my money only to pay a significant amount in tax if/when I need to transfer it out to my Canadian retirement (RRSP), or if that money would even be accessible for a down payment on a house. I'll take any help I can get! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Secured cards denied by CapitalOne and Bank of America Posted: 23 May 2020 04:54 PM PDT A family member -- early 20s, who doesn't have much credit history nor good credit -- was denied by both BofA and CapitalOne when applying for their secured cards ($300 limit). [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment