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Stimulus check

Carol Disney
Are we going to get another stimulus check?Read More...
You should watch it if you start taking people for groceries, dr. app., etc. If you're paid cash for that in Canada you need business insurance for your vehicle. Also some restaurants, etc. here have people who deliver the food for them, especially right now & a friend found out he needed this expensive insurance so he quit immediately. Sorry my brain isn't working so I can't think of the companies that do this but the drivers are basically considered self-employed with their own vehicles.Read More...
Try placing an ad in your local paper asking for cleaning jobs, sitting with elderly, running errands for elderly. Dr. Appts. Etc. Lots of people out there who help. Even doing laundry or ironing. I had a lady who ironed my mother's clothes because I was working full time. I paid a lady $50.00 a week to clean her house . Just basic cleaning. Good luck. I know things are hard for so many right now.Read More...
Last Reply By Penny-Marie · First Unread Post

Starting a budget

Forum: Budgeting
I was just reading the article about 5 reasons you should budget and want to say that for variable expenses, i.e. utilities, you can go on a budget payment plan with the utility company so that expense will be fixed each month.Read More...
Among my favorites are Quora and Medium. I also see many Quora answers showing up in Google search results for high volume search phrases. There are several great sites like the Penny Hoarder to be a member off. But it always is and always will be about offering value. Personally I think audiences are getting rather annoyed with copy/paste content. Being a member on these high authority sites like the Penny Hoarder. Is all about building recognition and gaining trust through presentation.Read More...
Oh, I do like some Reddit financial feeds for Mint and YNAB. I don't use YNAB but like reading about it. I do subscribe to Mint (which I mainly use for tracking) for 6 years now. Where'd the time go?Read More...
Ditto, @Moore Income . Noting to compare. I subscribe to various financial sites, but no forums other than a medical forum. PH is tops in my opinion.Read More...
Last Reply By sthom · First Unread Post

Health Savings Account

Derek Brammer
Dear Penny Hoarder; I have a health savings account from a previus employer with UMB. I fully understand the importance of this financial tool, however I find it very dismaying that it does not earn any interest and I am being charged $4-5.00 a month for fees. I rarely use it because I try to stay healthy and cannot believe that I am losing $50.00 a year for UMB to hold my money. Any suggestions? ThanksRead More...
Wow, @Derek Brammer . I have an Optum HSA and it charges $1 monthly service fee and I was complaining about that amount.Read More...
Don't put anything more into it. Instead, open a savings account and put whatever you normally contribute into that account. Then if you need the money, it's there drawing interest or if you need it for something non-medical, it's there for that too.Read More...
Last Reply By sthom · First Unread Post

Community announcement 10.23.20

Maryann
Hi everyone! How has your week been? With only a week left in October, I’m curious to know how things are going for you. Please feel free to share an update in the comments below. Speaking of comments, there have been some great comments and questions this week. Here are a few threads I’d love to hear your thoughts on: @Derek Brammer shared how he is feeling dismayed because his health savings account does not earn interest, plus he’s charged monthly account fees. As a result, he’s losing...Read More...

Making extra money

Forum: Make Money
I know it has been asked alot. But I would like to see more ideas for someone on ssi to be able to make spare money to get by on or even have a life after paying for all the bills. I have kids at home and after everything hardly anything left but food and gas and it's not enough anymore. I have right under $60 left till the 3rd or when ever it comes in. I do surveys but they have gotten stupid. All or most are based on points or they want you to do one for less then $2 for almost an hour. I...Read More...

Life changing decisions

Hi, I have some life-changing decisions that I'm about to make from buying a house to buying a car dada dada dada. For about a month now, I have been weighing out the decision of using a financial firm to manage investments where I'm charged 1.25% per quarter or something like that also along with a life insurance plan where I have to make contributions towards it in addition to my initial premium of about $12,000 I think. I also had an art investment firm that I was curious about but when...Read More...
Do you know of any websites to sell a car on aside from FaceBook, Craigslist, Vroom, Peddle and eBay?Read More...
Thank you so much for the response. I'm processing it all. Hate to still have to go back to the drawing board but I'm willing to take my time since my money is very serious to me.Read More...
Last Reply By mememe · First Unread Post

Would You Buy a "Tiny Home"?

Kirsten Cherry
My husband and I have been obsessed with tiny home living since we heard of it years ago. We always wanted to try it out, but then we had a kid and the thought of living in 200sq feet with a toddler sounds horrendous! But there are still "tiny" homes out there that are just big tiny homes! I'm talking under 1000sq ft for a family. It's not something people in the home-buying process usually look for, but it definitely intrigues us! Would you move to a 960 sq foot house?Read More...

Community announcement 10.19.20

Maryann
Hi everyone! In case you missed it: last week, The Penny Hoarder’s money advice columnist Dear Penny, aka Robin Hartill, CFP, and Credit Sesame partnered up on a live Q&A to answer your questions around improving your credit score and overall financial health. While the Q&A has concluded, the thread is still available for viewing and learning. Head on over to the thread to get your questions answered . Since there were so many great questions asked in the Dear Penny live Q&A, I...Read More...

What are your rules when it comes to relationships and money?

Maryann
Hey everyone! We recently published this Dear Penny Q&A over on The Penny Hoarder, and I haven't been able to stop thinking about it! It's this one: " Dear Penny: My boyfriend won't tell me how much he owes. Can I pull his credit? " Interestingly, I was also reading Marie Claire's Couples + Money column this week. It's fascinating to me how different couples have different "rules" or guidelines to managing money within their relationship. It got me thinking — what are your guidelines and...Read More...
relationships and money, that takes communication, communication, communication. and an exit plan, particularly if you are not married. by Exit Plan, I mean, right now, while you are in love, what would you think is a fair split if you did have to break up? No one is in any shape to decide this when they are already in the breakup. In my own case, he owns and I am a renter in his house. If we do any large home improvements, we keep receipts in an envelope, with the plan that if we ever break...Read More...
We have had joint finances since 2008, except for retirement accounts. We are the beneficiaries on each others accounts. We decided joint accounts work for us. I am the nerd, he is the free spirit. I am the financial person who pays the bills, gets out taxes done, etc. We are debt free, except a tiny mortgage. We have a great emergency fund, and we pay cash for everything. It works for us. I did know his one debt before he moved in, and his credit score(2005). I feel people should ask to see...Read More...
Last Reply By Omi · First Unread Post

Large Sum or Monthly Pension

Forum: Retirement
Shirley
Hi, my husband's company is offering Early Retirement Offer. The offer is better then the one he would get if he retired normally in 2 years. We keep going back and forth on if he should take the large sum or the monthly pension the company is offering. The large sum the company is offering is 3x the amount. I want monthly to have peace of mind of getting money each month for sure. He wants the large sum to invest it to keep earning money. There is one thing I don't know if the monthly...Read More...

Types of FHA Refinance Loans

Forum: Save Money
edi mulyana
Are you currently considering refinancing your home? Maybe you have heard how interest rates are a 5 year lows or that FHA refinance loans and their updated programs have become wildly popular. Lucky for you, both of those things are true making for an excellent refinance opportunity. And it is no more difficult to apply for an FHA Loan than it is for a Conventional Mortgage. Before you decide to refinance, you should know the basic requirements for FHA Mortgages. To be eligible for FHA...Read More...
I have credit card debt and am working to pay it off. I have enough cash to make a settlement with one of the credit card companies. What are the pros and cons of a settlement?Read More...
We need more info about your situation to be able to offer any solutions. But pretty much CC debt in collections will result in NO benefit to pay it off. The damage of poor payment history, credit utilization rate and being in collections has already done its damage. Settling now will not raise your score. IMHO It is a waste of money. Take that money and open a secured credit card and restart new, responsibly paid CC debt.Read More...
Hi @Lendsey Kallaby ! I'd recommend taking a step back and looking at your finances overall. Your cash and your credit are both integral to your overall financial health. Instead of focusing on using the cash to settle your debt, I recommend thinking about how this cash can best help you reach your financial goals based on your current situation. Will this cash be better served to pay rent or other bills to help prevent accumulating additional credit card debt? Or will you be better served...Read More...
Last Reply By Leslie Kay · First Unread Post
Hi I'm currently in bankruptcy and it just started, How can I sharpen my credit/make better while in Bankruptcy?Read More...
You need to wait for your bankruptcy to discharge BEFORE obtaining any new debt or you may get yourself in legal trouble. Most creditors ask this question when you apply.Read More...
I'm encouraged and thanks for the reply. "I'm showing up and Not giving up.Read More...
Last Reply By Leslie Kay · First Unread Post

I am so done...

Maybe someone can help me understand how people think or just dont think at all?? Ive been going through some health isuues the past 8 months. We do have good medical insurance through my job, so thankfully not too many out-of-pocket expenses so far. I have been out of work for several months after two surgeries and ran out of sick pay about two weeks ago. We are okay with my husband's income but Im being super tight with funds in case I need more (hopefully, hopefully not) medical care. The...Read More...
People can be thoughtless and selfish so perhaps it was a case of just not realizing how much you are going thru. Just ignore them no need to feel any pressure to finance someone elses lifestyle.Read More...
Sorry to hear about your health conditions and surgeries. People do not think! Some days it seems as if they wake up and think 'if she can afford to not work then they must have extra money, let me see if I can get some'......... Hope your recovery goes smoothly.Read More...
Last Reply By Leslie Kay · First Unread Post

Bankrupty

I am in credit card debt of @6000, pretty much all of which is over 120 days past due and balances gone into write off or sold to collections. I had a Chapter 13 which was dismissed in Nov. of 2019. The only outstanding balance is my car. I was going to refile Chapter 13 but have to move out of state. My question is this; Would I be better off to do a new chapter 13 or voluntary repo on my vehicle and file chapter 7? Or do I try to settle/make pmts to collections? i hope to be able to buy a...Read More...
You need at least a score of 640 to be considered for an FHA backed loan regardless of how long your bankruptcy has been on your credit report. I am just now seeing my BK dropped from one of my credit reports and I only gained 27 points even though it knocked off 174 points when it went on there. And I was expecting at least a 100 point gain with the loss of it reporting. Advice has mainly been that I would see this increase. I am telling you that it is not true. 2-3 years after a BK to...Read More...
Hi @annabell93 ! As @Dear Penny mentioned, it may be helpful to have someone help you with your finances to help get you back on track. In addition to the National Foundation of Credit Counselors, we've also put together this list of other free resources and what to look for in a credit counselor. When it comes to paying collections, just paying them off isn’t likely to affect your credit history in the short term. Once a debt has been paid or settled, the next step is making sure that the...Read More...
Last Reply By Leslie Kay · First Unread Post
i'm on extended home loan forbearance and filing for loan modification via my bank servicer. They have been helpful in every way. However there may be other avenues for me to look at because aside from shelter, I have no money left in my budget after paying my monthly obligations. I'm retired, now aged 79 & lost 99.99% of my nest egg . I need more options to rescue myself from becoming a homeless pauper. I have gone thru 2 sets of market crash-cum-recessions. The first dessimated my nest...Read More...
Thank you for the important pointers you sent a few days ago. Much, much appreciated. 04/09 I did fail to directly negotiate with my credit card issuers. I was feeling humiliated and couldn't focus from mixed messages that led to late payments. 06 to 08 I did follow referrals including FannieMae & HUD (hope hotline). I turned to searching websites trying to learn as I go. I had phone sessions with non-profits on debt management and foreclosure prevention via 311/govt/churchprograms.Read More...
Hi @Cynthia Alvarez , I'm sorry you're going through this. I echo what @Dear Penny said: focus on your immediate needs right now to help get you above water. In addition to United Way, here are some other resources to help with groceries and necessities. In the meantime, there are some steps you can take to help your credit as well: Reach out to your existing credit card companies and utilities companies as well to see about arranging payment plans or discuss forbearance options. Many are...Read More...
Last Reply By Cynthia Alvarez · First Unread Post
I gotta question! How short of a time frame should a credit card provide before the APR kicks in. (an ideal time frame to stay away from debt) To accept and not to accept!Read More...
Hi @angelicaf89 ! If you're looking to see how much you could end up paying in interest, here's a handy calculator you might find helpful. In general, if you pay your bill in full by the due date each month, you won't pay interest. However, as @Dear Penny said, it's important to check the fine print!Read More...
Hey @angelicaf89 ! Usually there's a grace period of 21 days between your credit card's closing date and when the bill is due. If you pay off the balance in full during those 21 days, you won't get hit with interest. But if you don't pay off the balance in full, you give up the grace period. Interest starts to accrue as soon as you make purchases! Also, credit card companies actually aren't required to offer you any grace period — but most still give you the 21 days. I'd be nervous about an...Read More...
Last Reply By Tony Wahl · First Unread Post

Student Loans

I keep getting calls telling me that I qualify to repay my loans in a smaller balance or possibly eliminate all together. I'm currently under Chapter 13, are these calls legit? My understanding there is a percentage of my repayments are going to this debt, and that I will still have to pay back student loans and IRS, correct?Read More...
Hi @Ladybug Lynn ! You're right to be suspicious. Government agencies such as the IRS, Medicare and Medicaid, social security, U.S. Department of Health and Human Services, etc. rarely call consumers directly, and the government would rarely ask you for a fee or personal information of any kind over the phone. Here are a few other red flags to look out for when it comes to potential fraud and scams.Read More...
@Ladybug Lynn This doesn't sound legit. It's very rare that student loan or IRS debt can be reduced or discharged in bankruptcy. When you file bankruptcy, a lot of your personal information becomes public record and that can make you a target for scammers, so you have to be extra vigilant. But regardless of whether you're in bankruptcy, any time someone calls you and claims they can get rid of your debt, you should be extremely suspicious. Here's some information from the Department of...Read More...
Last Reply By Tony Wahl · First Unread Post
Do you have example letters we can use to remove derogatory items on our credit report. Don’t they have to respond to a written dispute within 30 days or they have to remove it ?Read More...
Hi @Mark Mitchell ! Here is more information , including the contact information, for filing a dispute with the credit bureaus. I believe this is the template letter link that Dear Penny shared with you: https://www.consumer.ftc.gov/a...s-your-credit-report Good luck!Read More...
Thanks for the response. I just went to the link you sent and it indicated the page could not be foundRead More...
Last Reply By Tony Wahl · First Unread Post
There are a few companies who claim to help you begin to rebuild your credit. I have a ton of late payments, etc. Is there a company that in your experience will truly help me as I go along the path of rebuilding?Read More...
Hi @Wilhelmina Brantley ! There are lots of different credit counselors out there, and there are several things to look for when choosing one that fits best for your needs. Here are a few considerations to keep in mind: Accreditations and certifications: This is a great start to verifying that the agency you’re working with is a reputable agency. Most legitimate credit repair agencies are nonprofit, so be wary of any companies that are for-profit and claim to be a credit counseling agency.Read More...
Good morning @Wilhelmina Brantley ! Unfortunately, time is the only thing that can heal negative information on your credit reports. Late payments stay on your reports for seven years, but they do the most damage in the first two. No credit repair company can have accurate negative info removed from your reports — and it's a HUGE red flag if they tell you they can. If you need help, I'd recommend credit counseling through a nonprofit agency. You can find one through the National Foundation...Read More...
Last Reply By Tony Wahl · First Unread Post
I was recently told that although my credit payments and everything is perfect, because I had an account that was closed but still had a balance, that this was affecting my credit score. I transferred the balance to an active card to stop it from negatively affecting me. But I am curious to know if this is true, and what other factors that people might not necessarily think of could be affecting ones credit score negatively?Read More...
What happens if the creditor closes your account for no activity ?Read More...
Hi @Moore Income ! It's a great question. While most are aware of the "big" credit factors that affect your credit, like making on-time payments and keeping credit card balances low, there are a few other factors that have a smaller impact on your credit score. Credit Age: Unless it's absolutely necessary, we recommend not closing a credit card account after you've paid it off. Having older accounts contributes to a longer credit age which can help boost your score. Credit Mix: Lenders like...Read More...
Last Reply By Mark Mitchell · First Unread Post
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