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Dear Penny
Hey, friends! I hope you’re all staying safe and healthy during these trying times. This week, I’d like to invite you to submit your questions about what coronavirus means for your money here in The Penny Hoarder community group. It’s a scary time we’re facing right now, but we’re all in this together. Send your questions my way and I’ll do my best to answer.Read More...

LIVE Q&A Next Week… | Community Announcements 3.19.20

Maryann
Live Q&A Link : Dear Penny COVID-19 Q&A Hi everyone, What a week… I know there is a lot of concern and anxiety in our community, and around the world. For many of us, coronavirus has us reevaluating what to do with our money. I know I’m not the only one having to rethink both my budget and spend. While panic isn’t good, overreaction is. There are a lot of personal finance questions floating around — just what do you do with your money during a global crisis? You all have asked...Read More...
Thank you for sharing this infoRead More...
Thanks MaryumRead More...
Last Reply By Sherry Taylor · First Unread Post

Opportunities For Positive Growth Amidst COVID-19

Michael Metzger
Hello All, With all that is going on in this world right now, I thought I would take a moment to place some positivity that we can put into our lives. When it comes to our finances, COVID-19 and social distancing can help our financial picture in at least two everyday activities. Consider the following: 1) Restaurants/Bars This is a category of spending that I'm guilty of allocating too much money to. I am the type of person, and maybe you are too, who always has to be doing something. By...Read More...
Absolutely, @Susie QueRead More...
Look at this as a positive....I know its hard, but look, More time for yourself. More time for the kids. Can do things at home, you have been meaning to do.. Catch up on reading, cleaning, and the wash. Use up what you have. Garden. Put your Christmas lights back up. Have dinner with the whole family. Reflect.......be grateful.Read More...
Last Reply By sthom · First Unread Post

This week’s Community Announcements 2.7.20

Maryann
Hi everyone, I hope you all had a great week. As someone who has adjusted well to my sunny life in Florida, I was thrilled to hear Pete the groundhog did not see his shadow — hello, Spring! There’s been a lot of great discussion in the community this past week. A lot of you are asking some great questions, so let’s help each other out. We’d love your thoughts on these threads: Catherine Nicholas asked “ Once enrolled and debt is paid off, how long does it take to get a good credit score ?”...Read More...
Hi @Susan L. Miller ! Yes, I'm sorry I missed your message earlier. Were you wanting to share your thoughts on saving money in retirement? Please add them to this thread: https://community.thepennyhoar...-money-in-retirement . I'm sure others in the community would love to know how you save, too!Read More...
@Nicole D- I wanted to chat with you, not Sarah C! Thanks!Read More...
Last Reply By Nicole D. · First Unread Post

how to get a loan

Forum: Credit
Mary Keil
I got a store card and built up my credit and score. Then I got a loan and paid it off in a timely matter. I got another loan 18 months later. I have also been approved for other store credit cards. I have not tried for a regular credit card, because my income is not very good now. But that's how to build your score. My score was 0 and I built it up to 742Read More...

Beginner Investing

Forum: Investment
Emme
Hello. New to Penny Hoarder forum. I am 63 and looking forward to semi retirement. I am interested in learning about passive income. Any suggestions on where I might begin? I know next to nothing about investing.Read More...

Closing a secured credit card

Forum: Credit
Frugal Loo
My husband and I each opened a secure card over 2 years ago from our bank. We have been with USBank for over 15 years. When we opened our secured cards they required a $300 each. We asked if we could build credit faster if we did $500 each and the banker said yes. He told us that if we make on time payments and paid it off every month for 6 mo to 1 yr that they would automatically change us to unsecured cards with a higher amount of credit. Of course we believed him and he pulled up the...Read More...

Closing Credit Card Yes or No

Forum: Credit
Ana24
Hello everyone, I need some expert advice. I was thinking about closing 2 of my credit card one is secured Capital One and the other one is First Premier unsecured. Thinking of closing them after we get our house. I have both of my cards for almost 10 years now. I was wondering what will be the effect towards my credit score if I did close them? Thank you in advance.Read More...

Anyone pursuing a F.I.R.E. strategy?

Forum: Retirement
Theodora
The F.I.R.E is on FIRE. https://www.cnbc.com/2019/03/01/more-workers-are-looking-to-retire-early-a-look-inside-the-fire-movement.html Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!Read More...
Budgeting isn’t easy. But whether you’re trying to cut spending to save for that new house or you’d like some extra money to put towards your credit card debt, establishing a budget that works for you is essential. Which is why we’ve created the Budgeting Bootcamp experience. The bootcamp is a two-week program that will teach you how to establish a budget from the ground up and then actually stick to it. Every couple of days you’ll receive helpful tips and tricks for creating your own...Read More...

Excel Entire Year Budget Sheet!

Forum: Budgeting
Heather LeGuilloux
Last year I started budgeting for the first time. It was confusing to figure out at first, and also scary to see all those categories and spending limits. But after a few months, it became second nature to write out the budget and go through the statements at the end of the month to make sure these budgets were held in place. When I first started with our budgets last year I found a printable budget that had some static categories (rent, groceries, travel, etc) but this year I wanted to find...Read More...

Topics

Covid-19

Hi guys. I've been thinking about Covid-19 umm like I think pretty much that's what we all are thinking about and just wanted to put in an observation. I live in the Boston area and people really want to help. People are volunteering their time to help their neighbors out up here. People also seem to be nicer. Everywhere I go people are more open and outgoing and concerned for each other and this is Massachusetts-- where nobody speaks unless spoken to and it's nice! I hope that community...Read More...

This week’s Community Announcements 4.3.20

Maryann
Hi everyone, Is it just me or are the days blurring together? Despite this new normal, it's been wonderful to come back to the community and read how you all are doing. I wanted to share a couple of COVID-19 articles on The Penny Hoarder: Here’s Our Most Up-to-Date Info on the $1,200 Coronavirus Stimulus Checks There have been a number of questions come up about just how those COVID-19 stimulus checks work, so our Sr. Editor Robin Hartill, aka Dear Penny, has been updating this article to...Read More...
Salutations, Penny my question falls upon child support. Their are millions of women and few men who receives child support. This is still an underline issue and unspoken concern. Why haven't the government' address this topic within then the trillion dollar stimulus package. Now some male individuals such as my children's father will now see this as an opportunity to not be obligated by the courts; to pay child support. As for those who apply for unemployment benefits and will recieve an...Read More...
People who owe child support will have all or part of their stimulus check taken. I don't understand why you think that they can use this as a reason to not pay child support. If you have a court order, they are obligated to pay. If they aren't working, then yes, they won't be able to pay it, but it will accrue and they will suspend their driver's license, make it unable for them to get a passport, garnish their wages and take anything they receive from taxes or the government. If you only...Read More...
@Pepsi People with unpaid child support will likely have their stimulus check reduced or they won't get one at all. This is the only instance where unpaid debt will affect someone's stimulus check. People who owe back taxes or are delinquent on student loans will still get their checks. Unfortunately, we don't really have any details on whether the person's check would go to the person they owe child support to.Read More...
Last Reply By JeremyM · First Unread Post

Heartbroken

Kerri Watts
Empty sad hurt broken torn emotional crying not sure the pain chills to make me cold the passing of loved ones Depression anxiety none stop seziures kidney cancer in 2018 answers arent there I'm just here and thank God for that just so emptyRead More...

i want to make money blogging

Forum: Make Money
Hi, Pennyhoarder I have a lot of respect of the amount of rich content you guys produce, all these blog post are so much helpful. I'm very passionate about blogging, but I have many issues is I don't have a capital to start or what type of blog niches that makes more money. Also, I need help to make money online legitimately. Please, provide me with good list of sites that I can make money quickly. I'm interested on these categories to make money working on.. -social media manager -proofreaderRead More...
Does anyone know if you got a income tax refund out directly onto a prepaid debit/credit card if the stimulus pymt will come on the card again? It has no answer on the gov website as to this question. Hope someone knows this !Read More...
@Robyn LeBlanc Now it looks like people who don't get direct deposit WILL get paper checks. There was some talk last week that payments could come via a debit card, but the IRS is saying it will send paper checks now. Still, you'll get your payment way faster if you have direct deposit. If you haven't signed up for it, you'll be able to do so in the next few weeks on the IRS website.Read More...
Last Reply By Dear Penny · First Unread Post

Coping with C-19

$unnyLife
Hi, I'm new to this group but not new to stress. I know faith and fear can't reside in the same place. So I say I'm challenged. I'm moving Sat Apr 4 due to 4th apt flood and subsequent foot lesion, just had 3 surgeries too. I take a deep breathe and frequently give thanks for what is going right. I also volunteer at whatever level I can because that helps me to focus on others while I heal, move and proceed with a joy-filled life. Meditating and spending wisely helps me too. I'm cooking at...Read More...
We have Spectrum for internet and TV. We get limited channels from Spectrum which we use with a Roku player. It only costs us $20 a month for the cable through Spectrum, which I think is pretty good.Read More...
Last Reply By lismox · First Unread Post

1,200

Lucinda M Denton
Im on SSI will i get the $1,200 the gov. Is giving out to help? Do i have to fill out a form? Or will it be automatically be deposited on my card?Read More...
@Lucinda M Denton Yes, @Sharon Hart is right! If you're getting Social Security, they should be able to use your information to automatically get your payment to you. Now, it looks like the IRS is going to start making direct deposit payments around the week of April 13, so at least this relief is in sight!Read More...
Lucinda last I heard if you get your Government check direct deposit then you’ll get the stimulus payment automatically deposited into your checking account from the information to get off of the 1099F essay at the government send you every year in January. To find out more information you can go to IRS.gov.com for more information. I hope that helps.Read More...
Last Reply By Dear Penny · First Unread Post

unemployment - gig worker

I need guidance on filing unemployment as a gig worker. Never an option before but supposedly gig workers can file under the new Corona Virus Financial Relief Package and walking dogs is my full time job. I went to my State's unemployment filing link and there's no information but I went ahead and filed. It's obvious the site hadn't been updated, there was no reference to gig or part time workers. I did the best I could with the way it was structured but it's not right. Can you guide me? Is...Read More...
Thanks for that information! I didn't see anything on the home page of the VA Unemployment but now I know where to look!!Read More...
Yeah, I feel your frustrations. There were mandates put into place for each state's unemployment bureau to put into motion because of the coronavirus to allow contract gig workers to apply for unemployment. Each state should have a special COVID19 website/newsletter which covers unemployment information. I had to find it for my daughter who lives in Florida because it has differences in details. I suggest Googling COVID19/unemployment benefits/your state to get a better link. Also, if you...Read More...
Last Reply By Carolinagrl · First Unread Post

Covid-19 crisis

Melissa nettles
How to get financial help with paying billsRead More...
Also I'd suggest calling United Way (211). They can help you with finding resources to help with your bills.Read More...
That is a very good question. You can do online surveys and look for online work.Read More...
Last Reply By lismox · First Unread Post

Stock strategies

Lily
I have a pension that is invested in the stock market, so hopefully those managers know what they are doing. I decided to play around with a little money buying stocks since they are so inexpensive right now. And I do mean “little.” I have no idea what I am doing, but I joined Fidelity, have been reading stock market research, learned on uTube how to buy. I bought one share of Appian and two of Zoom. So with the Zoom I would have to wait until the stock goes public and splits to be able to...Read More...
Good afternoon @Lily ! Both Appian and Zoom are publicly traded, so you don't have to wait to cash out. However, it's usually best to think long term when you're investing. For most of us, the taxes and fees eat up returns from frequent trading, plus you usually make the real money from letting your money grow over a long horizon and holding on even when the market takes a dip. One thing to keep in mind is that the taxes are lower when you hold onto an investment for at least a year. When...Read More...
Last Reply By Dear Penny · First Unread Post

Help - overwhelmed by bills

Cathy Woodward
Well I don't know what to say. This is my first time. I just don't know what to do my rent is coming up and I just don't know how I can do it. I live on my own I have a one bedroom apartment. But it's 675.00 a month and I have my phone bill lost my car insurance so I drive without car insurance. I had car insurance but I would pay one week I have paid 97.00. and turned around there's a nothing bill 114.00 and then after that I got another bill 102.00. this was all in one month.they was just...Read More...
@Cathy Woodward I'm so sorry you're going through such a difficult time. A lot of people have offered some great advice in this thread. But to echo what @Elon Must Save said: You will make it! Most people have $1,200 coming to them soon in the form of coronavirus stimulus checks. If you're among them and the IRS (or Social Security) has your direct deposit info, you could see that $1,200 in as little as a week and a half. Also, unemployment benefits just got a huge boost ($600 a week on top...Read More...
Can you join a friend's cell phone family plan? Is there a bus route walking distance from where you live. Keep your car but maybe ride the bus for a month or two. You can use google maps to see just put in your work address and click on the bus option and it will tell you how far the closes bus station is. Also, I would recommend using the envelope system talked about by @Jenny Waldensi You could try a go fund me account and try and raise 1 month worth of rent. People are more willing to...Read More...
Last Reply By Dear Penny · First Unread Post

Stimulus check

Amanda A Pabon
My boyfriend hasn't filed a tax return in decades and I am an independent contractor since 2017 I haven't filed, but I have 3 years of 1099s I'm filing asap. We have a child and he is a stay at home dad, I'm head of household. I'm not working due to covid 19 (I groom dogs as an independent contractor and he informally assists me). I need the $ for him to cover his living expenses, but we arent married. Can I claim him as a dependent? I pay his credit cards from my bank account. If not, HOW...Read More...

Printing an article

Forum: FAQ
I liked the article on how to effectively store fruits and vegetables. I wanted to print the list and share the advice without all the pictures and ads.Read More...

relief bill clarification

Hello P.H. Please clarify this relief bill that recently passed in the area of what to expect if you are laid off and what you will receive. I keep hearing some hourly rate in excess of 23+ an hour that people in Congress or will they pay you the rate you are receiving from your job. Will this amount be in the unemployment our hospital has told us to file with here in Ohio. Any clarification will be greatly appreciated as we are trying to make some kind of budget for living expenses and...Read More...
Hey @Corey . Here is my best guess on where that $23+ is coming from: When the Senate was debating the relief bill, South Carolina Sen. Lindsey Graham was one of four Senators who objected to some of the changes to unemployment. He said that in South Carolina, the unemployment benefit would be the equivalent of $23.15 an hour for someone who works a 40-hour work week. Here's how the math breaks down: $23.15 x 40 = $926 $600 federal unemployment benefit + $326 max unemployment benefit in SC =...Read More...
Last Reply By Dear Penny · First Unread Post

Managing finances during the covid-19 pandemic

What is the best way to manage my finaces during this covid-19 pandemic?Read More...
I agree this has to be a very individualized decision. This is my 4th time in my lifetime of 70+ years going through a financial crisis, and 3 of them were caused by external events caused by economic conditions, out of my control, that called for rethinking and modifying my plans. My career in the 80's was commission based so I was used to irregular income patterns, I was self-employed, children, divorced so some minor modifications in my financial plan were almost routine. If you are often...Read More...
@Motherqueen1 The answer here will depend on a lot of factors, like if you're still employed and, if so, how much job security you have. But right now, we all need to focus on having cash on hand, if possible. This is the rare time where it can be a good move to only make minimum debt payments, even on credit cards. You can start making headway again once things start to get back to normal. If you invest in a 401(k) and/or IRA, I'd continue to do so if you can afford it, even though the...Read More...
Last Reply By mintjulep · First Unread Post

Stimulus check

Greg Coyle
I'm on social security disability, Will the people on SSDI get a stimulus check?Read More...
Thanks @Lynette Carothers for providing these great updates. As Lynette said, if you're getting Social Security, you WILL NOT need to file a return to get your benefits. There was some confusion over this, because the IRS changed course earlier in the week and said people on Social Security would need to file. But on Wednesday night, they confirmed once again that you don't need to file, and they can get the information they need from your benefit statements. I just updated our FAQs post...Read More...
Good News! We do not have to file. I am posting the URL that states how SS will handle the stimulus checks. https://www.newsbreakapp.com/n...=a99&pd=01tg9eJgRead More...
Last Reply By Dear Penny · First Unread Post

Home Assembly Jobs

Forum: Make Money
Hell Penny, I am interested in finding legitimate home assembly jobs and would like to request that you post such types of jobs or please advise me on how to go about finding them as I have run across a few scams out there. Thank you, Motherqueen1Read More...

Stimulus with tax obligations

E. B.
Hi, I owned my own business that closed in 2015. I still have a Federal payroll tax obligation to settle (I just finally settled with Illinois in December 2019!). Will I receive the stimulus check, or will it be applied to my back taxes? Since 2016, any income tax refunds have been taken to be applied towards the back taxes. And if they do take the stimulus payment for me, will they also take my daughter's as I filed with her as a dependent? Thank you so much for your time!Read More...
Hi there, @E. B. ! You should still receive the stimulus check even if you owe back taxes. The only debt that could stop people from receiving stimulus checks is unpaid child support. Since she is a dependent, your daughter won't be receiving a $1,200 stimulus check. However, if she's under 17 (and we still aren't when the cutoff will be for a 17th birthday), you should receive the $500 credit for your daughter. Owing back taxes shouldn't affect the credit.Read More...
Last Reply By Dear Penny · First Unread Post

Use this wisely

Hello and late afternoon Is there an articles on how to use this stimulus (CARE ACT) fund wisely?Read More...
Good evening, Jamira! One of our other writers, Nicole Dow, is working on a post on this subject. I'll post once it's published. But my answer would be: If you need it to catch up on bills or pay for basic expenses, by all means, spend it on those. If you're worried about losing your job or a lot of income in the next couple of months, save it. Same goes for if your emergency fund doesn't have enough to get you through at least a couple months. If your emergency fund is healthy and your job...Read More...
Last Reply By Dear Penny · First Unread Post

This week’s Community Announcements 3.27.20

Maryann
Hi everyone, I hope you all had a chance to ask Dear Penny a question this week. If you didn’t know, we’ve had Robin Hartill, the voice behind the personal finance column Dear Penny and The Penny Hoarder’s Sr. Editor, join us in the community this week to answer all your money questions as related to COVID-19. There have been so many fantastic questions, and Robin will be available through today to answer your most pressing questions. If you haven’t already, drop by the thread and leave a...Read More...
Your great attitude and spirit of thankfulness is a great thing!Read More...
Hi i stop stressing because i know it doesnt help. Im concerned. I have alot of faith. And hope. I know this will soon pass. Peace we have finally. Sad way to get people to help and love one another. But its working. Im strapped too. I get ssi not much. But blessed on wht i get. Im 66.Read More...
Last Reply By Mulerider · First Unread Post

$1,200 stimulus checks

Dear Penny
Good morning, Penny Hoarders! My apologies for not getting to many questions yesterday. I was sorting through the very long (880 pages!) bill to figure out what it means. Here's some info about the $1,200 stimulus checks that most of us will probably be getting soon. If you have more questions, fire away! Stay well, my friends. - Penny https://www.thepennyhoarder.com/taxes/coronavirus-stimulus-checks-faq/Read More...
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