Latest Buzz

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...
Hi to our new members! This is a great resource and great place to find ideas, bounce ideas off of people and meet new people. I don't get to spend as much time as I would like to on this site but when I do I find a lot of interesting things.Read More...
Thank you dboothe, Nicely put! I second your reaction and leave politics out of Penny Hoarder discussions, and leave religion out as well. This is about saving money and tips for that subject.Read More...
Last Reply By Leta Muncie · First Unread Post
Page

Rental assistance

Susan Highley
Hi, I'm actually writing because my oldest grandson shares an apartment with two roommates and his part of the rent is 600 a month and he got let go from his job as a server in a restaurant a few weeks ago and had no savings. He's very upset because he has been on his own since he was 18 and never asked anyone for help. I don't know what to say to him because I'm on disability and barely get by myself. Any suggestions?Read More...
@Susan Highley I think your grandson's best bet is to work out an agreement with his landlord or apartment complex, especially if the coronavirus relief bill passes, as it's expected to. The bill will massively expand unemployment benefits for people who lost their jobs or had their hours cut due to coronavirus. Plus most Americans will get a one-time payment of $1,200. So basically, your grandson, like all of us, almost certainly has money coming to him. We just don't know when we'll get...Read More...
Hi, I can relate to you and your grandson. I have an idea about the rent part, just a thought, maybe he can reach out to his landlord and ask him if there may be a way he can "work" for him, (by keeping up on the some of the small but sometimes troublesome issues landlords have, keeping all light bulbs on, cleaning up the apartment sites, cleaning and preparing any recently vacated apts for new tenants in exchange for rent. I don't know how "handy" your grand-son is, he may be able to help...Read More...
Last Reply By Dear Penny · First Unread Post
On this topic -- what is a good split between savings/stock portfolio? I understand it's best to have six months of expenses saved up as the golden rule -which is also extremely hard to do! And I think it's viable to invest a certain amount each month, although this pandemic has impacted the stock market making it a great time to buy in more than normal. Do you have any input here ensuring I'm not going overboard and being safe, while trying to also think long term? Thank you!Read More...
Great advice. Thanks so much!Read More...
@Jordan Blum I don't think there's an exact savings/investing ratio you need to follow. But you're right about thinking long term. I don't think you should rush to invest more just because the market is down right now. Unfortunately, things could get worse before they get better, so I wouldn't make any big decisions about investing just because the market is down. I completely agree with you that six months of emergency expenses is really difficult to attain for the average person. For most...Read More...
Last Reply By Jordan M Blum · First Unread Post

401k loans - a bad idea?

Theodora
During times of crisis, like the one we have at hand, is it really a bad idea to take a 401k loan? It's repaid with interest -- so I would think that would be a better option than taking on 3rd party debt. Thoughts?Read More...
Hi @Theodora ! Such a great question! The coronavirus relief bill that the Senate is currently voting on would make 401(k) loans a way better option than they usually are. Basically, it would give you an extra year to pay back the loan and let you borrow double what you usually can ($100K max instead of the usual $50K max), provided that the loan is related to COVID-19 income loss or illness. The bill would also waive the 10% penalty you usually pay if you withdraw the money outright instead...Read More...
Last Reply By Dear Penny · First Unread Post

IRA

Forum: Retirement
Melody Davis
What needs to be considered when deciding between a ROTH or Traditional IRA account?Read More...

Retirement account

Hey guys I’m retired and have an account with Allianz where the money is divided up into several % options. Should I be changing my percentages? What should I be putting my money at this point?Read More...
What I don’t understand is once the stocks go to zero you can’t buy them back. No money left to it with ????? > On Mar 24, 2020, at 10:35 AM, The Penny Hoarder Community < [email protected] > wrote: > > Read More...
@Drt123 The consensus among financial advisers seems to be that now is not the time to change your allocations, i.e., the percentage of your portfolio you have in stocks, bonds, etc. Understandably, the people who seem to be asking this question most are retirees. They're wondering if they are too invested in stocks and should move more into bonds because bonds are usually safer investments. I can't answer questions about individual portfolios, but if you moved money out of stocks, you would...Read More...
Last Reply By Drt123 · First Unread Post

REAL Estate

Cindy Crosby59
Will home sales go down due to corona virus impact on our economy? We are looking to buy a retirement home .Read More...
Good luck on getting that cute retirement home once all this has passed!Read More...
to bid on. I personally have to see in person! But someone who flips homes might be interested. Hoping this time will bring prices down a little. Got me eyes on a small cute home for upcoming retirement! I am going to check with realtor to see if she will put me on her list to see home after corona virus is over. The home has been completely remodeled after 15 years.Take care. On Mon, Mar 23, 2020 at 9:34 AM The Penny Hoarder Community < [email protected]> wrote:Read More...
Last Reply By Dear Penny · First Unread Post

Paying down debt

Heather LeGuilloux
I was paying down debt before the coronavirus happened. I am still working although my partner has been laid off (unsure if he will receive income benefits - we are in Canada). Should I stop paying my debt entirely, continue paying the minumum or stockpile everything extra into savings? Thank you! Stay safe.Read More...
Hey, Heather! Hope you're staying safe as well! As long as you can afford to make the minimums, I'd continue to do so for now — but just the minimums. I'd stockpile everything else into savings in the short term with the goal of jumpstarting your debt payoff once again as soon as things return to normal. If you can't afford your minimum payments, be sure to talk to your creditors and specify that you've experienced a drop in income as the result of coronavirus. A lot of them are implementing...Read More...
Last Reply By Dear Penny · First Unread Post

Credit

Forum: Credit
James Keefover
I have been trying to buy an auto but they are reluctant to loan money because they said I don't have bad credit but I don't have good credit eather they said I don't have any credit. For about 10 years now I have been buying all my high price things like washers dryers refrigerator's and such at a rent to own store and I have perfect credit with them but they don't count that. So what am I to do?Read More...

Loan

Forum: Debt
Scott Blank
I used my vehicle for collateral on a high interest loan. The payment is getting harder to make. Is there anything I can do??Read More...
@Scott Blank Any time you can't afford to make a payment, the best thing you can do is talk to your lender about its options for customers who are experiencing hardship. You don't say whether your hardship is related to COVID-19. If it is, make sure you tell them that — and be prepared to provide proof. Lenders are being a lot more flexible than usual about waiving fees and adjusting payments for people who are experiencing financial difficulty due to the virus.Read More...
Last Reply By Dear Penny · First Unread Post
I've seen a lot of information going out about 0% interest on student loans and deferment being available. I'm fortunate at this point to still have my job and be able to make loan payments however would it be in my best interest to pursue one of these options just in case that changes?Read More...
@MeganC1041 If you feel confident in your job security and you have decent emergency savings, it makes sense to take advantage of the 0% interest period because 100% of your payment will go toward principal instead of interest... HOWEVER: Not many of us are feeling very confident about anything related to money right now! So if you're feeling anxious about money or suspect you will be in the near future, I think you should put the money you'd otherwise pay toward your student loans for the...Read More...
Last Reply By Dear Penny · First Unread Post

IRS Refunds Timelines

Lea Agopian
I thought I heard, the IRS is to start generating refunds based on the figures calculated at submission. This is in an effort to help folks through this crisis. Is that true? I am a victim of tax returns fraud and identity theft, and it usually takes me more than 90 days to get my refunds under normal conditions. I'm wondering if the drive to get tax payer's their returns as described in the press release I mentioned above, will they expedite my return as well.Read More...
Hi Lea! I haven't heard of any changes to the way the IRS will calculate your refund. But if you still have the info you're referring to available, I'd be happy to take a look. I haven't heard anything from the IRS that says they're trying to process returns any faster. So far, they've just been saying they're processing in about 21 days, which is average speed. So unfortunately, I haven't seen anything that would suggest you'd get your refund faster than usual. But again, maybe you've seen...Read More...
Last Reply By Dear Penny · First Unread Post
I will be 71 this year and have somewhat limited savings. My 401k and other accounts are mostly conservative but they have some stocks included. Should I stop waiting for the “long term”. After all, I don’t think I will be around another 20 yearsRead More...
Do you have a financial adviser? If not I would try and find one-especially if someone is available through the company that is managing your funds. The should be able to let you know the best way to withdrawal funds on a monthly basis while keeping the rest there to continue growing. Part of mine is going into a guaranteed fund where I'll get a monthly amount...you should be able to enjoy at least some of what you've worked toward all those years!Read More...
Last Reply By Jeanne Featherston · First Unread Post

200 point drop in two months

Forum: Credit
Toiya Anne Paige
Good evening, Thank you for answering my question. What can I do? I had a credit score of 670 two months ago. My mortgage lender said I need a 700. He suggested a credit card. I got two. I used one sparingly. My credit score is now down to 540! My other categories on my statement are all excellent: history, usage, marks, etc. What can I do to get my first house?Read More...

Advice needed

maria rose
I live right outside the NYC area (next city) and I am trying to keep isolated from social density, plus deal with inquiries from my relatives in New Jersey, and my daughter in Orlando, Florida. My son's company (Gamestop) finally gave in to social media pressure and closed all stores in the area because the states mandated it. They claimed they were an essential service (for the mental health of their customers, which is a stretch) but failed to allow the managers to control density in the...Read More...
@maria rose Please don't apologize for ranting! We're all so, so, SO frustrated, and if venting here about your frustrations makes you feel even 0.0001% better, please vent away. I really don't like uncertainty either, so I very much relate to what you're saying. I don't think you have to give up on your long-term planning. What you have to adjust is the short-term planning. So this is the rare time when I'm telling people that it's OK to make the minimum credit card payments, increase their...Read More...
Thanks for the uplift, I needed that even with my using distressing techniques to not stress out. I, personally, don't like to deal with unknown factors, like this stupid balking delay by Congress, to add the Green New Deal into emergency bill needed to help us over the hump financially now. And it doesn't help that I have Schumer as my representative, who's more concerned with his position in power to really do anything for us. Yes, my son will be applying for unemployment, that's not my...Read More...
Last Reply By Dear Penny · First Unread Post
@Dear Penny Can you clarify what the actual relief/emergency policies are affecting taxes and mortgages? I think many people are very confused about what these mean for their situations.Read More...
@Theodora Yikes, I'll try! Things are happening very fast right now, so we Penny Hoarders will do our best to update everyone as things unfold. You now have until July 15 to file your federal tax return and pay any taxes you owe. If you live somewhere with a state income tax, you may or may not get more time to pay. Check out the latest on what your state is doing here . The IRS is still processing returns, so if you’re owed a refund, file a return ASAP to get your money as quickly as...Read More...
Last Reply By Dear Penny · First Unread Post

Question

I may need to sell my house, as my husband has recently died and my income has decreased. Will selling houses be affected? What are good websites to sell items on?Read More...
Thank you, Adam, for your wisdom and suggestions!Read More...
Hi @BWJ this is the live Dear Penny Q&A -- Dear Penny answered your question above. Please feel free to submit any other questions you might have for her. Be well and stay healthy!Read More...
Last Reply By BWJ · First Unread Post
Ok I’m out of work for at least a month, I applied for unemployment, hopefully it will go into my bank account soon , but I have a budget that is used to me making money to fit my budget, today I had to take money out of savings to cover my car payment. I have other bills, don’t know what to do? Should I Call my creditors to deferred payments, hurt my credit score, maybe refinance mortgage to get some money, or borrow $ to pay bills or just pay some bills and not other bills,again ruined my...Read More...
@Joe Charles Yes, yes, yes, talk to your creditors about deferring bills, working out payment plans, etc. — anything you can do to make this less painful. Be upfront about your situation and what you can afford. Your creditors would rather get something out of you than nothing, so be firm about what you can afford right now. Paying your credit card bills is less important than being able to buy groceries and medicine in the emergency that we're facing. Unfortunately, it's going to be hard to...Read More...
Last Reply By Dear Penny · First Unread Post

Savings

Nadine Brown
What should I be doing through the covid19 crisis? Are there any stocks tips finacial advice you can give me?Read More...
The conventional financial wisdom just doesn't apply in times of COVID-19. The No. 1 piece of advice I can offer is that building an emergency fund is so, so essential right now. Saving for retirement, investing and paying off debt are all important, but less so right now. COVID-19 has redefined what an emergency looks like for most of us. If you'd asked me what an emergency would look like for me, I would have told you that losing my job would constitute a big emergency. But never could I...Read More...
Last Reply By Dear Penny · First Unread Post

Robo stocks

Where can I find a easy app or company that will pick ETFs and stocks for me. It seems stocks are on sale and I have no portfolio. I really need something easy to understand when it comes to setting up. thank you!! shayRead More...
Thank you sooo much!!Read More...
Shay, robots are usually way smarter than humans at picking stocks, plus they work a lot cheaper! So I love that you're looking to get started on investing with a robo-adviser. It will ask you some questions about how much risk you're willing to take on and then pick investments that fit your profile. Here are some of our favorites. https://www.thepennyhoarder.co...e-to-robo-investing/ T hat said, since it sounds like you're new to investing, let's talk about a few things you need to know...Read More...
Last Reply By Edward Brunson · First Unread Post

Saving at the Grocery Store

Forum: Save Money
Rosemary McKinley
I am a firm believer in eating well and saving money. These are not mutually exclusive. I buy vegetables at the near-expired section in the produce department and cook them the same day in vegetable soup. Carrots, broccoli, kale, cauliflower, and red peppers all taste delicious in soups. I use an immersive blender with a potato for thickness. This serves as my lunch almost every day. A great way to add vegetables to my diet and save money, too.Read More...

Virus questions

Jenny Waldensi
Some writers suggest ways to keep from getting cabin fever during this time is to walk in the park, etc. A few States would not even allow this, I think, because they are going on lockdown - leave your house only for essential reasons only. Can the virus be transmitted through a walk in the park? If not, why the extreme measures?Read More...
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