Personal Finance Weekday Help and Victory Thread for the week of July 06, 2020 |
- Weekday Help and Victory Thread for the week of July 06, 2020
- $2,214 at Wendy’s...
- My house is under contract for sale and I'm just now learning about complications with the loan on our new home
- Help! I’m 20 and I grew up in a low income family and I’m not sure what to do with the 20k that kinda just fell into my lap.
- Just fired, Low on savings, where do I go from here?
- How to determine your (financial) value at work?
- Is it safe to give this personal information for a job?
- Vanguard Roth IRA Question
- If an non-dependent adult child lives with a parent, does the child's income affect the parent's medicaid eligibility?
- New car purchase. Cash or finanace?
- What are my options if my salary exceeds the monetary limit for state assistance?
- Should I continue to max out my 401k if I plan to purchase a home in the next 2-3 years?
- What do you use to budget?
- Somebody opened 5 credit cards in my wife's name and..... has diligently paid them off for the past 5 years.
- Is my emergency fund too large?
- keep wavering on buying a house
- Too many vanguard accounts?
- Could I comfortably afford to move here with my income/bills?
- Not Getting Paid Properly
- Gym charged me monthly fee and the annual fee after sending cancellation request
- Missing a month's worth of pay
- How much should I be spending on food per month?
- Wife and I found a good deal on a home but we only have 5% to put down. Can this be done?
- Furloughed from employer yet still have 401k with them. Can I roll it over to a different account even if im still an employee with them?
- Recommendations for high-yield savings accounts?
- BoA Cash Rewards Secured Card
| Weekday Help and Victory Thread for the week of July 06, 2020 Posted: 06 Jul 2020 04:08 AM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Posted: 05 Jul 2020 08:18 PM PDT Hi everyone, while going over transactions in preparation for filing my taxes, I noticed quite a large charge on my business checking from Wendy's. I thought I must have bought lunch for my crew, but then it struck me as odd that the amount was $70 even. So I checked the account for all Wendy's transactions, and it looks like someone had been charging my card at Wendy's for a total of $2,214 from April 2019 - Aug 2019. Now to my actual question. What the heck can I do about it now? I bank with BofA (I know, I know...) and the transactions are now old. Do I have any recourse whatsoever? Thanks everyone for your feedback. Edit: Mint was classifying payments made via CashApp to a worker (Wendy), as Fast Food at Wendy's. 🤦🏼♂️ [link] [comments]  |
| Posted: 06 Jul 2020 03:41 PM PDT My wife and I can't afford our current mortgage anymore due to the pandemic, so we put it up for sale and got it under contract quickly and after getting a pre-approval letter from a lender, prompting us to put in an offer on a new, cheaper home that we can put a good sized down payment on to bring our monthly bills down several hundreds of dollars. The problem is I am just now finding out that because we took unemployment when the country was shut down, we didn't show income and we might not qualify for the loan anymore. This will put my family in a homeless situation. Half the country took unemployment the last few months, is there anything set up to help with this? [link] [comments]  |
| Posted: 06 Jul 2020 05:02 PM PDT Not sure if that's the correct flair and i'm on mobile so excuse my formatting. So here's the background, when I was in middle school I was playing tag with a few friends and I tried to stop myself on a fence. The fence pretty much caved in and next thing you know I'm pouring blood from a 3in-ish gash on my face barely missing my eye. Had to get 19 stitches to fix the whole mess. Looks alright now but, I do get asked about it from time to time. Had to go to court and testify and all that while my school and the parks department blamed each other for the situation. Long story short I settle for just over 20k, the lawyer takes his cut and here I am with a payout of a bit under 20k that I don't get until I turn 18 (thinking back now I probably could have gotten more if I pushed more but, eh I was like 13 and 20k looks like a lot to a 13 year old poor kid and it's not like my parents knew any more than the lawyer was telling them) and it has collected a tiny bit of interest in the shitty savings account its in. When I turned 18 I was reminded of my money, went down with my mom to claim it and moved it to a savings account in the bank my family uses and took out some money to buy some things for college. After that spending i'm sitting on about 16k and haven't touched the money since those original purchases. I'm so worried about wasting it all on purchases that wont matter when im out of college and in the real world. I've had family members get much bigger payouts from a car accident and literally wasted it all on yeezy's and hypebeast clothes that wont matter long term. They also fell into the trap of giving out money to every family member with a sob story, my mom made me keep the exact amount of money I had a secret for that very reason. Flash forward 2 years and here I am with this money that is just sitting there with no plans for it. I know my final decision shouldn't be based on what random redditors have to say but, i'm hoping to at least get a sense of direction from speaking to individuals that are far more knowledgeable about finances than I am on this subreddit. [link] [comments]  |
| Just fired, Low on savings, where do I go from here? Posted: 06 Jul 2020 07:21 AM PDT Hi everyone, I just lost my job of a little over two years. I was fired. I had some preexisting mental health challenges and during the lockdown they really spiraled out of control. I wasn't able to keep up performance at work and ultimately my attendance faltered as well. This is what finally resulted in my termination I checked myself in for some medical evaluation, am getting help and on the mend, but too little too late. My concern is - where do I go from here? I don't know if I'll be eligible for unemployment. I think am scheduled to have a discussion with HR this week. I don't know how that's going to go, or what I should say. Should I be apply for benefits programs now? I am in need of income with medical costs and general life expenses. I'm already trying to find online / part time work. Any help is greatly appreciated [link] [comments]  |
| How to determine your (financial) value at work? Posted: 06 Jul 2020 04:04 PM PDT When you have reason to believe you are being paid less than what your responsibilities and contributions qualify for, how do you recommend researching and building a case? I know that results-based evidence is the main driver in qualifying for a raise, but have no idea how to quantify the value of my contributions. In other words, it's one thing to say "I did [x] project and it led to [y] result; I think I deserve a raise," and quite another to say "I now have [x] responsibilities; people with similar experience/responsibilities in this area are shown to make [y] income on average, so I believe I deserve a raise." I want to be able to back up what I say with good research, but I don't know where to begin. Any advice would be appreciated. I posted a more detailed explanation of what I do over at r/careerguidance, but didn't get many bites. Not sure if that context is needed or not. [link] [comments]  |
| Is it safe to give this personal information for a job? Posted: 06 Jul 2020 04:31 PM PDT I was looking to get a job online during all this and I was talking to someone over WhatsApp who asked me for this: Routing number: Account number: Bank name: Name: Address: SSN: DOB: Bank mailing address: Bank address: It really feels like a scam, but I wanted to make sure before throwing this chance away. He says the SSN I don't need to give it to him but I can do it later more officially, but the rest of the info needed feels to risky. [link] [comments]  |
| Posted: 06 Jul 2020 12:16 PM PDT So I'm 25 and just opened a Roth IRA through Vanguard. I maxed out my $6,000 contribution for both 2019 and 2020, and then I purchased $12,000 of VTSAX. I also selected the option to reinvest dividends. Is this a good decision to keep purchasing VTSAX every year until I'm 59 1/2? I'm still very new to PF so I'm not sure what VTSAX does, but I hear it's a safe investment to grow my money by the time I reach 59 1/2. [link] [comments]  |
| Posted: 06 Jul 2020 06:49 PM PDT My dad is looking into getting medicaid to help pay for his medical treatment. He is currently unemployed and has zero income and almost no assets... So taken on his own, he would seemingly qualify for it based on our state's eligibility guidelines. But at the same time, the application for medicaid in our state asks him to list everyone that lives in his home, their incomes, their assets/savings, etc. My sister is a nurse and makes good money and has a lot of money saved, but she still lives with him; he doesn't charge her anything and she doesn't support him financially in any way. Do they just take his personal financial situation into consideration or should he not even bother applying because she makes good money and has a lot of money saved? EDIT: And to be more specific, the application form is asking about his 'home' not his 'household' like every other government form I have seen asks... For example, one section says "Tell us about the people in your home" and then says "You must list everyone who lives with you even if they are not applying." Then farther down the application it says "Tell us about your finances" followed by "Will you or the people in your home receive income this month? Yes or No"... Then it includes a table to include their income... Then after that it asks "How much do you and the people in your home have in cash, checking, or savings (such as bank accounts, annuities, stocks, or bonds)?" If it just said 'household' this would be simple since 'household' has a very simple definition of you + spouse + dependents, but they specifically don't say 'household' on this application. [link] [comments]  |
| New car purchase. Cash or finanace? Posted: 06 Jul 2020 06:11 PM PDT Car is $25k MSRP. Dealer is offering it at $22k if financed at 1.9% or $24.5 if cash only. There is no early payoff penalty but I think the lowest loan amount is $5k. I'm not sure but I may have to carry the loan for 3 months. I should finance $5k to save $2.5k right? The other issue is that we want to purchase a house this summer and I don't want a big credit hit. My credit score(s) is around 780-790. How much can I expect it to fall , 10 points? [link] [comments]  |
| What are my options if my salary exceeds the monetary limit for state assistance? Posted: 06 Jul 2020 05:53 PM PDT I've been given my final warning from my job that I need to return to work or resign because bereavement time is over. I have a special needs son who needs a aide while I work. I make too much money to receive any assistance in the form of ebt,cash assistance,ect. I had previously been paying a private aide which was great but I can't afford it now. I only need a small, one time monetary amount to allow me to return to work and fix the floor. I already have two payday loans, bank account empty, and a loan against my retirement already. I do qualify for a home health aide if I can pass the home visit. I can't pass the visit without finishing the flooring in my living room and it's a huge hazard. I've reached out everywhere for someone to sit with him at no cost (zero money, I know it's a huge request) but Texas being a epicenter for covid has everyone telling me no. Which is understandable but I'm about to lose everything. What are my options? Advice needed, please be nice. [link] [comments]  |
| Should I continue to max out my 401k if I plan to purchase a home in the next 2-3 years? Posted: 06 Jul 2020 07:04 PM PDT I'm currently making 100k and have maxed out my Roth IRA for 2019 and 2020. Last year I contributed 11k to my 401k and this year I had planned for max. I also max out my HSA and have 20k saved up in emergency fund, and 5k in random investments. I am wondering if I should cut back on my 401k (current 20%, drop to 15%) and save up the extra money towards a house fund. I know the 5% is worth more when I am young that is why I am a little hesitant to do so. I am also very interested in FIRE and want to set myself up for that future. [link] [comments]  |
| Posted: 06 Jul 2020 06:59 PM PDT I've been researching various budgeting apps over the last few days and I can't find one that I like. I've tried to use EveryDollar but they don't work with American Express. So I tried You Need a Budget (YNAB), but they don't work with Capital One. We do our budgeting a bit different than most but it works for us. We set up a specific amount to have for the week (eating out, gas and groceries) then we mark our transactions under what credit card we used + which budget it comes out of. For example, if I spent $2 at a restaurant I would take $2 out of my food budget for the week and show $2 as owed on the Capital One Savor One. Then I go back and pay off the balance each week before starting the new week for budgeting. This works but can take some time. I want to see if there's a better way to do this. Here's what I need:
[link] [comments]  |
| Posted: 06 Jul 2020 08:22 PM PDT What we've done:
Anything else? Also like... what the hell? Worse fraudster ever. Never made a late payment in five years.. [link] [comments]  |
| Is my emergency fund too large? Posted: 06 Jul 2020 12:48 PM PDT I've dealt with serious anxiety my entire life, so I keep a very large emergency fund. My monthly expenses are $4k, but I keep $10k in checking and $50k in HYSA. Given the situation with COVID, this has helped me feel at ease about job loss, but my emergency fund still feels huge. I'm concerned about how my anxiety is making me miss out on possible market gains though. Does anyone have advice for what I should do here? [link] [comments]  |
| keep wavering on buying a house Posted: 06 Jul 2020 07:10 PM PDT hi reddit, this is my first post ever and i know almost nothing about the subject so pls be gentle. i live in philadelphia and recently got a small inheritance which combined with a philly first time homeowner grant program would give me about 20k for a down payment on a house. i'm a millennial so never considered buying a house like...ever, but i've been idly looking into it. zillow estimates say my payment would be around 850/mo for a 3 bedroom house—the same as my partner and i pay in rent for a one bedroom. i'd be looking in a [probably imminently gentrified] neighborhood so i think it would be a good investment? i don't know anything about investments. my job is stable but pretty low paying so i got preapproved for ~160k. i don't have any student loans and my credit score is amazing (797 last time i checked.) if the economy tanks and my job becomes less stable, i feel like i could rent out some rooms and still pay the mortgage? i don't know, this seems like a big risk, but maybe a worthy one to give up paying rent into a void every month and have more space. hope this post makes it very clear how little i know. please hit me with any advice you can think of :) [link] [comments]  |
| Posted: 06 Jul 2020 04:50 PM PDT Is it possible to have too many vanguard accounts? As in, should I open a brokerage account somewhere else? I already have both kids 529 w/ Vanguard in age based accounts. Both our IRAs are in Vanguard (one is a target retirement, the other is VTSAX), and our HSA funds are also invested in a conservative growth portfolio via Vanguard. I have some more money I'd like to invest but don't want to put it in the 529. Any reason not to just use Vanguard? [link] [comments]  |
| Could I comfortably afford to move here with my income/bills? Posted: 06 Jul 2020 04:48 PM PDT Good evening r/pf; just looking for some financial insight here before I pull the trigger. Currently living home but need to get out, found a place that would be $800 a month (utilities included), just not sure if I can actually do that without living paycheck to paycheck. It's tough living in north NJ with how rents are; I'm trying to not have a horrid commute to work either. Take home: $1400 bi weekly **Current savings: ~**$13k Current checking account balance: $900.00 Current debt: ~$8000 owed on the car Bills: Car: $210.74 per month Car Insurance: $2800/year; usually paid in full for 6 months Cell phone: $75/month (split with parents right now, chances are this will go up if I do my own plan) Misc: throw in maybe $300 a month for what would be food and other life needs. Rent: This would be $800/month (place is fully furnished, utilities (internet/cable/laundry on site) are included in the $800/month) [link] [comments]  |
| Posted: 06 Jul 2020 01:24 PM PDT Recently I've had several instances where my employer has not paid me correctly. Either I'm paid for fewer hours than I work or overtime is not properly logged and paid. I've started looking for a new job but in the meanwhile what should I do to get this corrected? As near as I can tell these are essentially clerical errors that occur when I end up covering for a co-worker or picking up last minute shifts that don't get logged properly. When I report the errors on the missed overtime hours they end up being paid as regular time rather than overtime and I just really don't know how to get it straightened out. I get apologises and promises to get it corrected but it doesn't. I'm not sure what my next steps should be: management, human resources, the department of labor...I don't know. I will be refusing all offers of overtime going forward and making sure to keep my own records going forward. I just want to make sure I get properly paid for the time I've already worked and need to figure out the best way to do that. [link] [comments]  |
| Gym charged me monthly fee and the annual fee after sending cancellation request Posted: 06 Jul 2020 05:29 AM PDT I sent, as per LA fitness's instructions, a cancellation mail with the barcode information and names on the account however I just checked and I was charged for both membership dues and the annual membership fee. My wife took a picture of the document we sent over with the date written on it. Can I just dispute the charges with my bank? [link] [comments]  |
| Missing a month's worth of pay Posted: 06 Jul 2020 07:48 AM PDT I'm a salaried employee, normally paid every week. Lately, I noticed that my checks have been coming late. Then, they stopped. I finally got an email from my boss saying they are having problems coming up with the money for payroll. But he says, don't worry, we have a few withstanding invoices that should cover a few month's worths of payroll. So as of today, I haven't been paid for 1 month of work. I just hear, "It's coming." and "I'm working on it." when I ask about my checks. Is there anything I should do besides start looking for a new job? Should I just stop doing work for him until he starts paying me? [link] [comments]  |
| How much should I be spending on food per month? Posted: 06 Jul 2020 01:21 PM PDT My wife and I are trying to budget for the first time and I was wondering how much I should be spending on food. This article says that the average couple spends $607/month on groceries, but we live in Hawaii where groceries tend to be more expensive than other places. I know that rent/mortgage should be about 1/3 of your income, but is there a rule of thumb for how much we should be spending on food? [link] [comments]  |
| Wife and I found a good deal on a home but we only have 5% to put down. Can this be done? Posted: 06 Jul 2020 10:25 AM PDT My wife and I found the perfect home, but we are only able to put 5% down on the $600,000. We paid off most of our debt and are only down to my student loans now and my parents have offered to give us $30,000 (the 5%) towards the downpayment for the house.
Can this be done? [link] [comments]  |
| Posted: 06 Jul 2020 07:33 PM PDT I'm laid off until further notice and have gone 3 months not contributing to 401k since it is through my employer. Am I able to move my 401k to a different account even though I'm still technically employed? [link] [comments]  |
| Recommendations for high-yield savings accounts? Posted: 06 Jul 2020 05:57 PM PDT I have Chase and Wells Fargo, and my savings are split between these banks. However I just spoke with a financial advisor about my goal to build my emergency fund and then buy a home. She suggested I go through a bank like Ally for higher interest rates. There's a bunch out there once I do a search - any recommendations for a good one? I currently have ~22k in savings. [link] [comments]  |
| Posted: 06 Jul 2020 07:22 PM PDT I have been looking into applying for secured cards recently and it has gone pretty terribly. I applied for a credit card a few months ago, and got denied. And just today I applied for the BoA cash rewards secured card and got denied again. I'm a college student and don't have any debt. I thought secured cards are supposed to help you start off your credit... What should I do? [link] [comments]  |
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