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Money Discussions

I've had mixed results with credit cards that encourage you to spend a ton in order to rack up points you can later redeem to book travel, get cash back or make othe purchases. I signed up for Chase's Sapphire Reserve card for a couple years. It came with a ton of up-front points (worth nearly $1k!) but an annual fee that reduced down to about $150 after jumping through a few spending hoops. At the time, it was justified because I used the card for work and work travel expenses, so I could...Read More...
Last Reply By irishnanny · First Unread Post

Social Security Checks Might Grow in 2023

Forum: Retirement
Whoo-hooo-hoo! I LOVE GOOD NEWS!! ❤️ From MoneyTalksNews : "Get ready for another big bump in Social Security payments, at least if one prediction pans out. Recipients can expect their 2023 Social Security benefit to grow by 9.6% after an adjustment for inflation, according to new projections by the Senior Citizens League. If the prediction proves true, it would mark the highest cost of living adjustment — or COLA — for Social Security since 1981."Read More...
Last Reply By irishnanny · First Unread Post

What money lesson do you wish you knew at 23?

Dear Penny
For most of my 20s, a single trip to urgent care or a big car repair would have devastated my finances. But I actually get a lot of letters from twentysomethings who are way more responsible with money than I was at that age! Here's a letter I got from a 23-year-old who's already maxing out their Roth IRA each year. They aren't contributing to their 401(k) because their employer doesn't match, so they're worried that they won't be able to retire.Read More...
Last Reply By Will S. · First Unread Post
Hey, all! I'm curious to know what everyone's experiences have been regarding delivering with food apps—Grubhub, Doordash, Uber Eats, etc. I've done it a few times and made a decent $15-20 an hour, which is great to grab a bit of extra money for hobbies. We recently published a guide on getting the most out of your deliveries , and I'm curious to see if anyone also has any additional tips while on the road. Cheers!Read More...
Last Reply By irishnanny · First Unread Post

Over Credit Limit KILLED Credit Score

Forum: Credit
Rick Campbell
Just a tip in case this happens to anyone else, or, something to be aware of and try to avoid. I made a rather large purchase on one card and I have another card that offers really good, no interest balance transfers. Prior to the transfer I requested a credit limit increase. It was denied only because I had not used over 50% of my current limit, or not enough, so it was denied. A week later I did a balance transfer for 100% of my credit limit. Note to self, do NOT DO THAT! Do it for a...Read More...
Last Reply By irishnanny · First Unread Post

Inflation and Food Purchases

Forum: Budgeting
I currently receive $240 in SNAP and I made 5 visits to 99Cent store, Walmart, Luckys ( supermarket). I only have $24 left to use for the rest of the month. I am not an overspender and look for the lowest prices. Prior to Biden I spent about $120 a month. How are you all coping? What if you are not as lucky and poor enough to receive SNAP?Read More...
Last Reply By redcatcec · First Unread Post
Happy August and hope everyone has had a fun-filled summer so far as we edge our way towards autumn. Things are getting busy around The Penny Hoarder, and we are working hard some new projects that will benefit our community. But that's just a tease for now – more on that in the future! Recent highlights from The Penny Hoarder We published our first Money Diary . Take an intimate look into one community member's three day spending habits. We'd love to keep rolling these out, so if you'd like...Read More...
Last Reply By irishnanny · First Unread Post

Money Challenges

Money Diary: Three Days in Maine on a $59,000 Salary

Will S.
Welcome to The Penny Hoarder Community’s first Money Diary. Inspired by Refinery 29’s Money Diaries, this post takes an in-depth look at the spending habits of one of our community members who was kind enough to send in a three-day breakdown of their expenses. Keeping your own money diary to track your spending helps you stick to a budget and take control of your finances. Tales From a Social Worker on a Budget Today: a social worker who makes $59,000 per year and uses the cash envelope...Read More...
Last Reply By sthom · First Unread Post

Money Challenge: The Cash Envelope System

The Penny Hoarder
The Cash Envelope System Welcome to The Penny Hoarder’s monthly Money Challenge, helping you find simple ways to improve your finances. This month, we’re going to help you reset how – and how much – you spend by going back to cash. Known as the Cash Envelope System , you’ll rely on pre-labeled envelopes full of real, physical money for your day-to-day spending. Once an envelope is empty, well, that’s it. You’ll have to wait until your next pay period to replenish it. This not only helps you...Read More...
Last Reply By Kristinn Miller · First Unread Post

Money Challenge: Empty Your Pantry and Save

Will S.
The Pantry Challenge Welcome to The Penny Hoarder’s monthly Money Challenge, helping you find simple ways to improve your finances. This month, we’re going to help you save money on food and reduce waste by clearing out your fridge, freezer and cupboard. Known as the Pantry Challenge , you’ll have to use the food you have on hand to create meals for one week. The only rule: no buying. And you’ll likely have to get creative with meal ideas. Here are tips to help you taste success Meal...Read More...
Last Reply By normanwolf · First Unread Post