Did you take on a large amount of debt to pay for college, and are you struggling to pay it off? If so, you are not alone. According to the Federal Reserve, 20% of individuals with outstanding student loans were behind on their payments in 2017.1You may want to consider requesting a deferment or forbearance if you are having difficulty keeping up with your federal student loan payments. Provided certain eligibility requirements are met, both a deferment and a forbearance allow you to … [Read more...]
Four Reasons Your Parents Might Be in Financial Trouble
"When retirees were asked about their overall expenses and spending in retirement, 37% said they were higher than expected, 52% said they were about what they expected, and just 8% said they were lower than expected." Source: 2018 Retirement Confidence Survey, Employee Benefit Research Institute As your parents age, they will probably need more help from you. But it may be difficult to provide the help they need, especially if they're experiencing financial trouble. Money can be a … [Read more...]
2019 Credit Card Fee Study: What’s Normal and What’s Not?
Comparing credit card fees can help you save money. By U.S. News Staff |Jan. 29, 2019, at 11:00 a.m. https://creditcards.usnews.com/articles/fee-survey Credit card fees are nearly unavoidable – every card has some. A better understanding of these fees, however, can help you select the right credit card for your needs and save money. The 2019 U.S. News Consumer Credit Card Fee Study analyzed the fees of hundreds of credit cards active in the U.S. News card database, … [Read more...]
What Happened to Your Money?
If you don't know what happened to your money during the past year, it's time to find out. December and January are the perfect months to look back at what you earned, saved, and spent, as W-2s, account statements, and other year-end financial summaries roll in. How much have you saved? If you resolved last year to save more or you set a specific financial goal (for example, saving 15% of your income for retirement), did you accomplish your objective? Start by taking a look at your account … [Read more...]
What’s so great about a college net price calculator?
If you're saving for a child's college education, at some point you'll want to familiarize yourself with a college net price calculator, which is an invaluable tool for estimating financial aid and measuring a college's affordability. Available on every college website, a net price calculator gives families an estimate of how much grant aid a student might expect at a particular college based on his or her personal financial and academic profile and the college's specific criteria for awarding … [Read more...]
The Financial Implications of a Chronic Illness
“There's no such thing as a one-size-fits-all financial plan for someone with a chronic illness. Every condition is different, so your plan must be tailored to your needs and challenges, and reviewed periodically. All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful. The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance … [Read more...]
How can I safely shop online this holiday season?
Shopping online is especially popular during the holiday season, when many people prefer to avoid the crowds and purchase gifts with a few clicks of a mouse. However, with this convenience comes the danger of having your personal and financial information stolen by computer hackers. Before you click, you might consider the following tips for a safer online shopping experience. Pay by credit instead of debit. Credit card payments can be withheld if there is a dispute, but … [Read more...]
Shopping for a New or Used Car
Should you buy a brand-new car or a used one? Consider these factors. It's time to replace your current car. But should you buy a new car or a used one? Consider the following advantages and disadvantages of each as you shop around for the vehicle that's right for you. Buying a new car Advantages. That new-car smell, a clean interior, and the latest technology and safety features...there's no denying the appeal of buying a new car. Aesthetics aside, there is an … [Read more...]
When should I submit college financial aid forms?
For the 2019-2020 school year, the federal government's financial aid form, the FAFSA, can be filed as early as October 1, 2018. It relies on current asset information and two-year-old income information from your 2017 tax return, which means you'll have the income data you need when you sit down to complete the form. This is a relatively new process. A few years ago, parents had to wait until after January 1 to file the FAFSA and use tax data for the year that had just ended, which forced them … [Read more...]
Is buying an extended warranty worth it?
If you've ever purchased an electronic device, a major appliance, or a vehicle, chances are you've been asked if you also wanted to purchase an extended warranty or service contract. Extended warranties are offered by retailers for an additional cost to customers and provide repair or product maintenance for a specific period of time. Selling extended warranties may be quite profitable for retailers. It's an easy way for them to make money because they get to keep a percentage of what they … [Read more...]
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