Personal Finance Hot damn! Budgeting opened my eyes! |
- Hot damn! Budgeting opened my eyes!
- Marketing strategies that make you impulse buy
- Can I afford to rent?
- How do I use 10k to never go broke again?
- $9300 Medical bill, insurance denied claim, what should I do now?
- My father had a massive stroke and I'm kind of a loss for how to help
- Found out we have a massive water leak somewhere under our home and our foundation has sunk 4 inches on one side in the last two years. What do we even do?
- How should I tackle my debt?
- My grandma applied for a cash-out refinancing option on her mortgage but was denied and wants me to co-sign.
- Any downsides to Fidelity 401k "brokerage link"?
- Terrible money management
- Early 30s, 6 Figure Windfall, No Debts, Plan Check
- Today, I got laid off and my jeeps transmission died.
- Job with no insurance. What are my options?
- Trade nice truck for cheaper truck to reduce debt
- A complete noob question about investing on vanguard Roth IRA account
- Costco vs Ally Home Loans
- Student Loan/Savings Question
- Should i refi my home?
- Selling house and a job change?
- What determines your personal mortgage rate?
- Individual Stock Investment
- Receiving Money from Parents - Questions
- Expected Taxes for Roth 401(k) Rollover + Roth IRA Withdrawal
| Hot damn! Budgeting opened my eyes! Posted: 29 Aug 2020 08:35 AM PDT Hi PF! Frequent lurker, second time poster here. I posted a few years ago to thank you after I got out of horrible debt situation. Today, I earn much more and I am almost completely debt free, but not much saved (some pension and 1-month emergency fund) Now, August was the first month I actually used a spreadsheet to track my expenses and man, did it come with many surprises. Just the fact of seeing how much I spent on ordering food compared to how much it costs to cook a meal will make me never order again (plus the quality is better). Also, impulse purchases, dear lord, more than 15% of my income. I realized now why I'm left with little to no money on payday, but I'm slowly starting to get into a habbit on paying myself first. For anyone who's just starting out, track and budget your expenses people, it makes a huge diffetence. I wish I started this 10 years ago. [link] [comments]  |
| Marketing strategies that make you impulse buy Posted: 29 Aug 2020 12:15 PM PDT Hi everyone, I've been doing some research and thought I would share with you some marketing strategies that stores use to make you purchase impulsively. Enjoy the read! 1. BRAND AFFINITY We are more likely to impulse buy from a brand we are familiar with (Kwon & Armstrong, 2002). That's why you see sales people in malls calling you over saying 'Let me tell you about this new product from brand X'. If you stop, they talk about the product and the brand and sometimes let you try things out (e.g. skincare, perfumes). The reason behind this is to make you feel closer to the brand, which increases the chance that you'll buy something on the spot. 2. 'GOOD DEALS' Discounts, sales, buy one get one, free gift with any purchase - these strategies highly increase the chance that you will purchase impulsively. It happens because these promotions create a sense of added value in our mind. Unfortunately, it often leads us to buying things purely because it feels like a bargain. That way, we often end up buying things we don't wear or use (Rook, 1987). 3. ADVERTISEMENT SLOGANS Particularly those which appeal to instant gratification and immediate pleasure. Examples include 'Indulge Yourself', 'There's No Time Like The Present', 'Just Do It'. This type of narrative urges us to buy immediately by giving a justification for an instant treat. As a result, we impulsively buy items we normally wouldn't. 4. STORE LAYOUTS Generally, impulsive buys are cheaper than planned purchases. That is why you see relatively cheap items around the checkout area in stores. Small accessories, pens, candy, chewing gum etc. It is a strategic placement - since we're already buying something and queuing to pay for it, it's easy to grab an additional keychain (Mohan, Sivakumaran & Sharma, 2013). This idea is based on the concept of the 'shopping momentum' - when we prime our brain with an initial purchase, it gets easier to go down the rabbit hole of impulsively buying things we hadn't planned on getting (Dhar, Huber & Khan, 2007). 5. FEAR OF MISSING OUT (FOMO) FOMO inducing ideas and slogans include 'Limited Edition', 'Never Coming Back In Stock', 'Buy Now', 'Don't Miss Out', 'One Item Remaining'. They increase anxiety that we might miss out on some potentially useful item if we don't buy it right then and there. So we often buy it, justifying it with 'just in case' (Hodkinson, 2019). *** Impulse buying is also influenced by personal motivations, self-control depletion, and even demographic factors. I made a video on my youtube channel 'Psych But Fashion' diving deep into the topic, where I also share strategies on how to better control yourself. Thank you for reading, have a great day, Bea *** REFERENCE LIST Dhar, R., Huber, J., & Khan, U. (2007). The shopping momentum effect. Journal of Marketing Research, 44(3), 370-378. Hodkinson, C. (2019). 'Fear of Missing Out'(FOMO) marketing appeals: A conceptual model. Journal of Marketing Communications, 25(1), 65-88. Kwon, H. H., & Armstrong, K. L. (2002). Factors influencing impulse buying of sport team licensed merchandise. Sport Marketing Quarterly, 11(3). Mohan, G., Sivakumaran, B., & Sharma, P. (2013). Impact of store environment on impulse buying behavior. European Journal of marketing. Rook, D. W. (1987). The buying impulse. Journal of consumer research, 14(2), 189-199. [link] [comments]  |
| Posted: 29 Aug 2020 06:11 AM PDT I am 23 years old and my salary is $42k. I am looking to move out of my parents house. Take home pay is about $1200 biweekly. The place I am looking to rent is about $1000 a month. I have $15k in student loan debt and $16k in savings. I do have 7% taken out for a retirement contribution. My only monthly bills are my phone and car insurance which totals $115. Can I afford rent with my salary? Edit: This post got way more attention than I thought it would. I am trying to leave a really toxic situation. My boyfriend would be moving with me, but would not be able to contribute much until he gets a full time job. Since many people asked, here is what my expenses are Student loan payment: $95 (once payment resumes) Car insurance/phone: $115 (I pay my dad for both) Electricity: $150 (I anticipate that this is around the cost it would be; all other utilities are included) [link] [comments]  |
| How do I use 10k to never go broke again? Posted: 29 Aug 2020 12:44 PM PDT How do I get on track to being millionaire with 10k? I originally posted this in Entrepreneurship. I got some good answers, but a lot of people advised that I post the same question here. Reddit has been very helpful for me the past 6 months, there are a lot of informed and considerate people on here. I'm from the eastside of Detroit, Michigan. It's the real hood. The real slums. Everyone I ever knew was impoverished, mentally ill, or a criminal. It took me years to realize that my experience, and the way of life around me isn't correct and is highly toxic. In 2018 at 20 years old I distanced myself from the hood antics and invested myself in my art (I've been a visual artist for my whole life, but never before tried to make money off of it). I've been able to make enough money to feed myself and put money back into art. But I'm sleeping on the floor of a friends house and I haven't had true income to generate more income. About a month ago I got the opportunity to do a mural commission for a local organization. I made a little money off of that, and submitted that work to an in-city artists grant. Long story short I now for the first time in my life have 10 thousand legal dollars. My question for the good people of the internet is, how do I with NO financial literacy or immediate resources use this 10k to never go broke again, and put myself on track to being a millionaire? Any investment ideas? Online marketing ideas? Money management ideas? Literally any advice you good give me would be valued and appreciated. I'm over being impoverished, and I'm done letting my past dictate my future. Thank you [link] [comments]  |
| $9300 Medical bill, insurance denied claim, what should I do now? Posted: 29 Aug 2020 08:19 PM PDT (US post btw) I had a baby recently and had to get a c-section. Through my employer's insurance I had to go to a specific hospital group to get maximum savings. I checked multiple times from the insurance to make sure the hospital and ob gyn, nurses, anesthesiologist fell under this maximum savings umbrella. Gave birth, everything goes well and got the expected bill, no issues there. 3 months later, I get a message from my insurance saying there is a new claim of around $9300 that has been denied. Apparently the assistant surgeon (not my normal doctor) was not under this maximum savings umbrella. In fact, the doctor isn't even covered by my insurance at all, so this charge must come out of pocket. I made an appeal immediately and they recently denied my appeal because the doctor wasn't covered. I tried explaining how these asst surgeons have a rotating schedule so I had no idea/control which asst doctor I would get. I'm at a standstill and don't know what to do. I can make one more appeal, but what else should explain? Should I call the asst doctor to try to lower this amount? Please help! This is a very unexpected amount and any advice on trying to lower it would be great. [link] [comments]  |
| My father had a massive stroke and I'm kind of a loss for how to help Posted: 29 Aug 2020 03:42 PM PDT Hi, As the title says my father had a massive stroke that left him unable to use his left side. He survived, but will be unable to work for an undetermined length of time. Rehab will be necessary to get him back in his feet. I want to start the ball rolling on getting the help he needs but I've run into dead ends with Google. He has short term disability through work (I plan on contacting them to initiate that, if I can) but I can't find any information on how a child can help a parent with disability benefits. Everything Google gives me is in regards to a parent of a disabled child. I'm sorry if this is posted a lot. I couldn't pull up the wiki and I honestly don't know where to start. If there is any advice you can think of, it would be appreciated. I don't want him worrying about his bills or the animals or anything else while he's recovering. Disability benefits are the first place I thought of, but like I mentioned, I'm not getting very helpful results. Thank you in advance [link] [comments]  |
| Posted: 29 Aug 2020 09:59 AM PDT San Antonio, TX. Home bought two years ago with VA loan, and there were zero issues with the foundation. We have since tried selling and two inspectors have said there is a foundation issue. We hired a foundation engineer and he said there is easily a 4" drop over 36' toward our master bedroom. We have not had any knowledge or evidence of a leak. The foundation repair guy says easily $14.5k in pier and beam installation plus he has to rip up our floor in spots where the piers need to go. The plumber says we need a scope and that will cost us $1.8k to find the leaks, not sure how much repairs will cost. We have USAA for insurance and we have started a claim. The next step? We are not sure. We just PCS'd in the army and are low on funds, and low on pretty much everything. I'm afraid I'm going to have to sell my vehicle. Any ideas? Edit: we are paid on an E5 salary in the military, and all of our BAH is going toward this current on base house, and a $1500 mortgage in Texas on this absolute loss of a home. [link] [comments]  |
| Posted: 29 Aug 2020 08:25 PM PDT Hi all I am 19M and am trying to figure out the best way to tackle my debt. All together I am about $17,600 in debt. $1600 is 4 different credit cards. $1000 is a personal loan and the other $15000 is for my car. I make $425 a week and am full time making $12.88 and hour. My car payment is $384 and all of my credit card monthly minimums is low. Less than $50 and my personal loans monthly payment is $107. Thank you in advance. [link] [comments]  |
| Posted: 29 Aug 2020 06:03 PM PDT Apologies if the formatting is weird as I'm on mobile. My grandfather recently passed away and my grandma is having a difficult time paying for the upkeep of their house. She is retired and on a fixed income. She's been looking at cash out refinance options to lower her money payments while giving her money to pay for things needed around the house. She applied for a loan but was denied because she doesn't make enough monthly and I am the only person that can co-sign for her. My wife and I have been looking to buy our first home much more seriously over the last eight months. I'm worried that being financially responsible for another mortgage will affect the benefits of being a first time home buyer. Are there any other options for my grandma? I'm in a tough spot because I'm sitting on a decent down payment for a house that's taken the last 4/5 years to save up for. I want to help my grandma but I also think her house is a money pit. She has structures on their property that were built without proper permits and now are falling apart. I attempted to convince her that finding licensed contractors and applying for the correct permits would help if she ever wants to sell but got nowhere with that conversation. I tried to convince her selling the house is probably the best option for her and we could find a smaller place that doesn't require so much maintenance. I suggested maybe renting would be a better option and that we could find a place closer to where I am so I can help her with things face to face on a more consistent basis. Unfortunately she is adamant about staying but I understand where she's coming from as she has lived there for the last 40 years. I'm not entirely sure what to do. I'm heavily leaning towards not co-signing but also want to find another solution before just telling her no. Any advice is really appreciated. I apologize in advanced for my financial ignorance. Other potentially important details: - Their house is in Southern California - There's roughly $90k left to pay [link] [comments]  |
| Any downsides to Fidelity 401k "brokerage link"? Posted: 29 Aug 2020 05:34 PM PDT My employer 401k plan has decent low cost choices for index funds (0.05 - 0.07% expense ratio) that track SP500 in the core set of fund choices. I tend to concentrate in these types of funds and also have recently focused into some of the more higher risk "growth" oriented funds. They are institutional class. There is also a "brokerage link" option that I've never really explored till now. No annual fee and it seems like I can get similar expense ratio index funds along with more choice of direct stocks and also playing options. I've searched back in history for reddit specifically and couldn't find anything specific in terms of downside. Why this extra hoop for a separate "brokerage link"? Why wouldn't employer 401k plans just offer this directly as the core set of investment options for the 401k? [link] [comments]  |
| Posted: 29 Aug 2020 06:16 PM PDT I work making 13 an hr with 40hr weeks. So my income is about 1.8k monthly with tax out. All my bills added together for a month equal around 1k to 1.1k I end the month with 0 saved. And i need a new vehicle. So how can I keep my self from spending that money that I need to start saving? Do I open a new bank act and pull out like 500 to where I can't touch it or do I just need to have better self control woth that stuff? [link] [comments]  |
| Early 30s, 6 Figure Windfall, No Debts, Plan Check Posted: 29 Aug 2020 04:31 PM PDT Hi everyone, I know how incredibly lucky I am to be able to post this. I am about to receive a low 6 figure windfall. I'm early 30s, rent in a HCOL area. I currently have 7 months expenses in an emergency fund, and am going to use some of the cash to increase it to 12 months. I work in a very temperamental industry that COVID is heavily impacting so that seems safe. I have already maxed my Roth IRA and am on track to max my 401K for this year. For the remainder, I'm going to put into index funds. I might buy a house in a couple of years, but am not sure.
Thank you so much. [link] [comments]  |
| Today, I got laid off and my jeeps transmission died. Posted: 29 Aug 2020 07:02 PM PDT I got laid off due to Covid and my car is officially dead. I'm having a severe anxiety attack and just need someone to give me a reality check. I am married without kids. I was making $82K as an analyst (I don't have a relevant degree, but have 5 years job experience) and am freaking out about not being able to find a similar role w the same pay along w a bunch of other stuff (see issues below). The finances: incoming cash: $3,880/ month. Bills: total: $1895/month. My concerns: Any advice or constructive criticism would be appreciated! I feel an overwhelming sense of dread right now. 2 bad things on the same day - lay-off and my car dying, I am really hoping bad news doesn't happen in 3s. [link] [comments]  |
| Job with no insurance. What are my options? Posted: 29 Aug 2020 08:38 PM PDT I'm planning on quitting my current job with insurance because it's extremely toxic and I can't take it anymore. I have another opportunity that came up but it's more of a temp contract position without insurance. Unfortunately, I had to get surgery for cancer earlier this year and need follow ups and possible meds. I'm hoping after the temp position is over (a few months), I can get a FT job with insurance again but it's not guaranteed especially with this the job market and covid. I'm not sure what my options are aside from COBRA ($900/mo) or buying from the marketplace (the cheapest catastrophic plan is pretty useless and I'm not sure if it's good enough for what I need in terms of follow ups). I also heard I shouldn't let my insurance lapse because then my issues will be a pre-existing condition (which I'm not sure how that will affect me either). Please help! I don't know what to do or what this all means. I stayed in this toxic job a year longer than I should for insurance but it's so terrible I feel like I'm digging myself an early grave from all this stress. [link] [comments]  |
| Trade nice truck for cheaper truck to reduce debt Posted: 29 Aug 2020 10:19 AM PDT I have a nice 2018 truck with low miles. I've been offered ~$9k more than I owe on it, only $5k less than I paid and I've owned it 25months. The interest rate is 3.6%. I don't need the money, we max out our 401(k)s and our HSA + are able to pay extra on the morgt after saving cash every month. We have our 6+ mo emergency fund. I bought the truck new at a seriously good deal planning to own it for 10yrs. I've only put 25k miles on it and it will definitely last and retain some value when I sell it. But, I feel like I could cash out and buy something for 1/2 the value of this truck and get the same utility. I'd likely still have a payment just to not tap emergency fund. The downside is, the 1/2 price truck would have 100k miles and likely not be worth owning for 8-9 more years like this truck is. For what it's worth, this is my primary vehicle, but my wife and I own 3 total, the other 2 paid off. What would you do? [link] [comments]  |
| A complete noob question about investing on vanguard Roth IRA account Posted: 29 Aug 2020 08:02 PM PDT I just opened my Roth IRA account with vanguard and I have $500 in the settlement account that I put initially during the process of opening the account. I've been trying my best researching around on what to invest first, and one of the funds I wanted to invest in is S&P 500 ETF. Currently, S&P 500 is priced over $300 per share, which means that I can only buy 1 stock with my $500 in the account. Should I max out the account first before starting to invest? Or is there any benefit in buying them early even if it means buying them 1 by 1. I am completely new to this so I appreciate any advice! [link] [comments]  |
| Posted: 29 Aug 2020 08:00 PM PDT Anyone else shopping for a home refinance looking between Costco executive member vs Ally home loans options? Costco's fees seem much lower however the interest rate was not as comparable. For instance on a 3.125% 15yr mortgage ally estimated fees at $2700 - a lender credit of $1200 vs costco showing a rough fee of $900. Also Ally bank offers a 2.250% 15 yr mortgage (Fee was $4200) so speaking from rates alone ally has better rates although I'd have to pay more for fees then to get that lower rate. Anything to think of aside from fees or interest rate that I should be looking at to accurately compare? [link] [comments]  |
| Posted: 29 Aug 2020 07:56 PM PDT Hey everyone, so during this time of Federal Student Loan Suspension my wife and I have used our normal student loan payments to pay off her car. Now that they have extended to December 31st I wanted some advice on what to do. Her student loans total just under $18,000. The highest interest rate is 3.5%. We are saving for a new house and have about $30,000 equity in our house now. So here are the options.
I kinda of think it's a win win either way but just want to know anyone's thoughts. Thanks! [link] [comments]  |
| Posted: 29 Aug 2020 07:55 PM PDT Located in US. Bought home 4 years ago. Currently owe approx. $233k and worth approx $300k. 30 year fixed, current interest rate is 3.625%. What would you guys advise? I've seen rates advertised at 2.5% but not sure how legit they are. [link] [comments]  |
| Selling house and a job change? Posted: 29 Aug 2020 07:43 PM PDT So we just got a great offer on our house, we just signed the paperwork for the 10 day probationary period, and I just got offered a new position that I'm so eager to take but not sure if I can since we are waiting for the 10 days before we go look for our new house. We have some in mind that we want and it will be new construction. I've been in my field for years now, I will only be taking a dollar less in pay but that's only for the first 30 days then I will get a raise. Should I even consider a job change or just wait until we move? I'm so miserable at work, I love what I do but not having any respect for the skills that I bring is just grinding at me everyday. I work in the medical field, animal medicine, and the doctors are great it's the other techs that are just rude, and didn't like that I came from a different medical background than them and I'm trained differently pretty much. And I'm working my butt off while a lot of them slack off, sorry rant. My husband has had his job for a while, I just don't want to tell the new employer yes or no yet since I want it but we need to move. Any advice would be great thanks. [link] [comments]  |
| What determines your personal mortgage rate? Posted: 29 Aug 2020 07:26 PM PDT My mortgage is up for renewal and I owe $3000 on a line of credit. I'm wondering if paying that off before I renew my mortgage will make any difference to my mortgage rate. I'm in Canada. Thoughts/knowledge anyone? [link] [comments]  |
| Posted: 29 Aug 2020 07:29 AM PDT Hey everyone, So I have noticed that I don't see much about individual stocks on this forum. I am aware of index funds and all that fun stuff, but do any of you have individual stocks like Apple, Tesla, etc? If so, what is the best way to invest in specific companies like that? Is that something you can just do on Robinhood/Schwab/etc, or do you get to choose when putting money in your IRA? I have an IRA and Roth IRA with Betterment right now, which does not have the option for choosing individual stocks. Any recommendations would be greatly appreciated! Cheers [link] [comments]  |
| Receiving Money from Parents - Questions Posted: 29 Aug 2020 07:08 PM PDT Hello, I know there's lots of posts on this and did try to search answers, but was coming up short. My in laws have decided to gift my husband and all of his siblings with $5,000 this year. They recently finished a stint overseas and are very well positioned to do so. My husband and I had just gone under contract on a house when this news was shared with us. We are super grateful for the gift! We close in less than a month and the money hasn't been given to us yet. We don't really views it as a down payment gift as we'd already saved money for all of those things. That said, we figure it's probably just best to wait until after we close on the house to officially accept the money from them as we don't want the bank to think we've received gift money and go through that process. Am I missing something here? Do I need to be worried about accepting this money shortly after I close on a house? I already know everything in need to know about gift taxes, limits, etc etc for parents. Just wanting to make sure there's nothing wrong with waiting to accept the money to avoid having to disclose to the lender etc. Thanks! [link] [comments]  |
| Expected Taxes for Roth 401(k) Rollover + Roth IRA Withdrawal Posted: 29 Aug 2020 07:07 PM PDT Just turned 24 and I've been doing alright financially. No debt, car will be paid off by EOY, maxed out Roth IRA every eligible year, and Roth 401(k) as long as I've been able to contribute. I am considering leaving my employer at the end of next year and taking time off indefinitely. I've been planning a budget for this, for which the income would come from these Roth retirement accounts (I do have some cash and the annual Roth IRA contributions that would suffice for awhile, but I'm also looking beyond that). I have come across a few questions that I'm hoping anyone here can answer:
Thanks in advance! [link] [comments]  |
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