Skip to main content

General Discussion

Have you ever taken an early 401(k) withdrawal?

Dear Penny
Has anyone ever taken an early 401(k) withdrawal (or an early withdrawal from any retirement account)? This is often viewed as a cardinal sin in personal finance, but this is a judgment-free space. I ask mainly because I'm wondering if you regret it now, or If you think it was the right choice. I recently answered a letter from a 29-year-old woman who has over $100K of student loan debt and $55K in her 401(k). She asked if she should use the 401(k) money to pay down her debt because it's...Read More...
Last Reply By Big Lew · First Unread Post
There is a common misconception regarding credit scores and credit card balances. By taking a few minutes to read this short post, you may be able to improve your credit score with little or no extra effort. You probably already know that the credit score is designed to help lenders predict the chance of default when making loan decisions. The amount you carry as a balance on your credit cards is a major factor in the algorithms. It is called credit utilization and accounts for 30% of your...Read More...
Last Reply By Big Lew · First Unread Post

Is anyone else trying to break a bad financial habit?

Dear Penny
Does anyone else have a bad money habit they're trying to break? My bad habit is ordering UberEats. For a while, it was easier to justify. I wasn't going out much due to the pandemic. I was freelancing like mad. Now, with prices for everything getting so out of hand, I'm realizing I need to scale back a lot. It isn't just about money. I eat so much healthier and feel better when I cook for myself instead of ordering out. I reformed my UberEats habits once before. I even wrote about how I...Read More...
Last Reply By Dear Penny · First Unread Post

Hello new members!

Briana
Hello and welcome to the new Penny Hoarder Community! My name is Briana, a Social Media & Community Strategist at The Penny Hoarder. I'm in the process of paying off credit card debt and establishing a healthy relationship with my finances. I'm also saving for a long-awaited trip to Greece next year!Read More...
Last Reply By Big Lew · First Unread Post
Page

Switching up money routine

PolarMoney
Hi. Do you ever switch things up to reshuffle your finances? It's been a few years, but I'm back to the cash envelop method for groceries. Been testing it out in the new age of ever changing grocery prices. It's good not to delay the payment of these consumables (via credit card). Sure, I won't get the extra hotel points, but I am saving money each week. I'm in my first month of TBM (The Budget Mom) program. Love my many highlighters. Still working towards balance. I've been also trying out...Read More...
Last Reply By AnnieB · First Unread Post

Where would you leave your money if you didn't have kids?

Dear Penny
Here's a letter that struck a nerve with me lately: A single woman wrote and asked whether she was obligated to leave money to her nieces and nephews when she dies. Her mother passed recently, and she and her two siblings are each getting an inheritance. https://www.thepennyhoarder.com/retirement/do-i-have-to-leave-my-family-an-inheritance/ She knows she needs to make a will. Her brother and sister told her that since she doesn't have children, she should leave her money to their children.Read More...
Last Reply By maria rose · First Unread Post

Anyone interested in sharing their "money diary"?

Will S.
Inspired from Refinery 29's Money Diaries series ( https://www.refinery29.com/en-us/money-diary ), is anyone here interested in breaking down and sharing what they spend in a week – from necessities to impulse purchases and everything in between? I'd love to share it as part of a Money Challenge or make it an ongoing feature in the future! For those not familiar, Refinery 29's money diaries peer into the weekly spending habits of people from various walks of life, ages and income levels. It...Read More...
Last Reply By sthom · First Unread Post

New Member

Raymond Justman
Hello ,,, I Am Johnny Cash ,,, no not really I have just always wanted to say that. on a more serious note , MY Name is Raymond Justman . I am a 59 year young man seeking ways to create an income to support my family. I used to work jobs for 10-12 hours a day that required heavy lifting, bending, walking, all while wearing steel toed boots safety glasses ,a vest , etc.... And then the ACCIDENT , it was a freak accident No One is really to Blame . except perhaps the owner of the screwdriver,...Read More...
Last Reply By Raymond Justman · First Unread Post

Getting late fees forgiven

Molly Moorhead
I would love to hear some success stories about getting late fees waived. Here's mine: Last month, I realized I had not paid my mortgage. I just ... forgot. Didn't pay. Never thought about it. And it was Jan. 21! I quickly made a payment but a few days later when I got the statement for February, sure enough there was a late fee of $42 and change (must be a percentage of the loan balance). My mortgage company is already getting literally hundreds of thousands of dollars in interest from me.Read More...
Last Reply By Amaris · First Unread Post

Welcome new community members!

Will S.
Hello Penny Hoarders! It's always a pleasure to see new friendly faces in our community. This is a new thread for new members to say hi and introduce themselves. What brought you here? What's your latest financial win? Any secret money-saving tips you'd like to share? Let us know in the comments and, regardless, we're so happy you're here! A little about me: I've worked at The Penny Hoarder since October of 2021. My latest financial win is paying off my credit card debt –all of it!. Want to...Read More...
Last Reply By Moore Income · First Unread Post

What are your favorite Saving hacks?

Saving and budgeting are the most celebrated word among Penny Hoarders. As a saving expert, I have shared many shopping saving tips and amazing ideas to save money in my buying guides. Now, I want to know your favorite shopping hack which you always use and love it. Mine is the cart abandonment and hunting deals and coupons. And yes grabbing freebies is my favorite hobby. What's your's?Read More...
Last Reply By Olivia · First Unread Post

New community members: Say HI and introduce yourself!

Briana
Hello Penny Hoarders! I'm so happy to see a ton of new, friendly faces in our community. Did you know we have a whole thread dedicated to new members? If you haven't yet, you can stop in and say hi, and share a little bit more about yourself! Here's the thread: https://community.thepennyhoarder.com/topic/hello-new-members Also, if you're having trouble getting started, you can click the Get Started tab at the top of the page and there will be plenty of information. As always, feel free to...Read More...
Last Reply By Big Lew · First Unread Post

Money Grabs

Lately this has turned into a pet peeve to me. People who contact you on a mission to get your hard earned money. It could be family or strangers with a smooth plea. Most recently my husband's nearly 50 yo son called and was upset because the power company turned off the electricity for non payment. The water was shut off too, same reason. They live in his (gf) girl friend's parent's house rent free. All they have to do is keep the house in good order and pay the bills. The gf refuses to get...Read More...
Last Reply By Brigat · First Unread Post

How much job hopping is too much?

Dear Penny
Happy Friday, Penny Hoarders! In the last year, it's become really popular to quit your job. We see headlines every day about the Great Resignation and worker shortages. But what I'm wondering about is how much job hopping is too much? Last month, I received a letter from a reader who was fed up with her husband's constant job hopping. https://www.thepennyhoarder.com/make-money/career/husbands-endless-job-hopping/ He switches jobs every six months to a year, and it sounds like he has a lot...Read More...
Last Reply By maria rose · First Unread Post

Is it tacky to set up a GoFundMe for your wedding?

Dear Penny
Is it rude to ask guests to help pay for your wedding instead of giving you a wedding gift? Is asking for a gift of cash instead of a physical present rude? Wedding season is upon us, and 2022 is expected to be the busiest wedding season in recent history. And of course, weddings tend to bring up lots of tricky questions about money. Here's a question I recently got from a reader who asked whether her niece was being tacky by setting up a GoFundMe and asking guests to contribute to her...Read More...
Last Reply By Will S. · First Unread Post

Happy Memorial Day – thank you to our veterans!

Will S.
Hey, it's Memorial Day weekend, aka the unofficial start of summer! Wishing all of our community members a safe and fun holiday weekend from the entire Penny Hoarder team! If we could, we'd grill up a burger for you. Of course, Memorial Day is also a time to take pause and honor those who made the ultimate sacrifice during their service. Our military community members are very dear to us. That's why we started publishing special content for those currently in active duty, veterans and their...Read More...
Last Reply By PiNaY · First Unread Post

Did you help your kids pay for college?

Dear Penny
If you're a parent, did you help your kids pay for college? Or if your kids aren't adults yet, do you plan to pay for their college? I'm curious because a month or so ago, I answered this letter from a woman whose husband plans to retire right smack in the middle of their daughter's college years. She's worried they won't be able to pay the expected family contribution as a result. https://www.thepennyhoarder.com/retirement/husband-retirement-daughter-college-plans/ I got a few letters from...Read More...
Last Reply By Will S. · First Unread Post

Hello Penny Hoarders

Sybil O
Let me introduce myself! My name is Sybil and I recently broke my hand. Typing is hard! I will be out of work for 8 weeks! There goes my vacation days!! I work in healthcare and so I've been masked up for two years night and day. Really! I wear a C-Pap mask to sleep at night and a N95 during the day! I'm single, 63, and trying to figure out this financial thing.Read More...
Last Reply By Moore Income · First Unread Post

Boomer skills that are becoming obsolete

I saw this fun article on Moneywise. Interesting piece that Boomers will relate to and fun for non-Boomers 🙂. Mind you, I can relate to most except for changing your own oil. I was still driving a stick shift (that's what I learned to drive on, even though automatics were more popular) until 2006 when I got my Equinox. I had to drive my Trooper in for the salesman because he didn't know how to drive it. Enjoy. https://moneywise.com/life/entertainment/obsolete-boomer-skillsRead More...
Last Reply By sthom · First Unread Post

Welcome?

Anne Smith
Hi everyone! My name is Anne Marie and I live in Auburn, WA currently. As beautiful as my state is, it's FAR too rainy and in the summer, everything catches fire, it seems like! I never know what to do about it, so I do nothing! I'm NOT a fan of the state, and would like to move BACK to Ohio, where I grew up (I'm from new jersey originally) in the greater Cincinnati area! The cost of living here in Washington state is TOO **** HIGH and prices of homes are just OUTRAGEOUS!! Maybe I watch too...Read More...
Last Reply By PiNaY · First Unread Post
Post
Post By Email

You can also post new topics to this forum via email. Just compose your topic and send the email here: [email protected]

×
×
×
×