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danielv835

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pf_coach_v0.1

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User (shirogohan): "Income\n1. 110k household salary p/y. Very good potential for 150k within 2 years.\n2. 18k savings (some for down payment).\n\nWe can afford the mortgage payment and all the bills on my salary alone and use my wife's salary as savings. We can save 2k per month.\n\nIf we wait 6 months we'd have 30k in savings, and in 12 months 42k in savings. Those would allow for a much better down payment and thus lower monthly payment and possibly no PMI. However, we lose 6 to 12 months of equity on rent money that is lost forever.\n\nIf we buy now, the monthly payment is higher and there is PMI but we can use part of the savings to pay more on the mortgage each month, eliminate PMI sooner, and build equity from now. Plus, it would be our home, no more living in rentals. On top of that, the wife's commute is 50 minutes each way per day, which would be cut to 30 minutes if we buy a house. 20 extra minutes each way is very significant, although it doesn't look that way.\n\nSo what do you guys think?\n\n" Self: "In your situation I don't think it makes sense to pay PMI. You'd technically be getting equity sooner but are paying for the ability to do so. If you just wait and make a larger down payment, you'll likely end up with more equity upon your purchase than you would have with extra payments + PMI anyway. You'd basically be paying for the right to build equity a year early, which I don't think makes sense. I can understand your wanting to quit paying rent and start building equity, but I think you would be better off waiting and not paying for the right to do so. 6-12 months will fly by. This is all my humble opinion and someone else may provide better insight than I. Best of luck to you." User (shirogohan): "Thank you for the advice. We are definitely considering that. I do have to stress the importance of my wife's commute. She's only been at the job for 3 months and is super stressed all the time. She can handle 30 minutes, but 50 is killing her and affecting the marriage, no joke. Also, PMI is $100. In 3 years that's only $3,600. If we use part of our savings for the next 3 years to pay more on the house each month, we can cancel PMI and only be down $3,600 over 3 years. It's the same savings we'd be using for down payment in a year anyway, so we just get the house sooner and the $3,600 in PMI are more than offset by the $6,000+ we would lose in rent staying an extra 6 months to 1 year." jay__cee (jay__cee): "Not only do you have to worry about the PMI, but the increase in actual mortgage payment due to the loan amount being high since you're putting less money down. And potentially higher interest rate? Just throwing that in there "

User (shirogohan): "Income\n1. 110k household salary p/y. Very good potential for 150k within 2 years.\n2. 18k savings (some for down payment).\n\nWe can afford the mortgage payment and all the bills on my salary alone and use my wife's salary as savings. We can save 2k per month.\n\nIf we wait 6 months we'd have 30k in savings, and in 12 months 42k in savings. Those would allow for a much better down payment and thus lower monthly payment and possibly no PMI. However, we lose 6 to 12 months of equity on rent money that is lost forever.\n\nIf we buy now, the monthly payment is higher and there is PMI but we can use part of the savings to pay more on the mortgage each month, eliminate PMI sooner, and build equity from now. Plus, it would be our home, no more living in rentals. On top of that, the wife's commute is 50 minutes each way per day, which would be cut to 30 minutes if we buy a house. 20 extra minutes each way is very significant, although it doesn't look that way.\n\nSo what do you guys think?\n\n" User (shirogohan): "Well, we bought a house. We actually found one that we loved and got it for 20k less than our budget, so we were able to put more down (% wise) and seller covered all closing and threw in fridge, washer and dryer. It just passed inspection. We're waiting on appraisal, which is the last major hurdle. After that, we're closing on the 29th of this month. One of the fastest closings I've heard of.\n\nAll in all, we're pretty excited."

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "You may find these links helpful:\n\n- [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "The best way is to educate yourself on the terms of student loans, and make the decision about whether a refinance is good or not on your own. Second best is to ask people here who have no ulterior motives and have a strange hobby of just giving out personal finance advice all day (like myself).\n\nIn general, a refinance is good if the refinance loan has a lower interest rate than the current loan. A refinance can be bad if you currently have federal loans, and refinance to private, because you lose the extra benefits that come with federal loans such as "income based repayment". " User (danhakimi): "I have some federal loans, but also significant private loans, and some with high interest rates. I am quite certain that I should be refinancing. I'm asking you how I can do it without being taken advantage of." Self: "Ok start looking around at what refinances you could qualify for. Start with SoFi(https://www.sofi.com/refinance-student-loan/), and see what types of rates and terms you qualify for. They are well reviewed here (you can type in Sofi in the search bar)\n\nThen come back here, and we can decide what makes sense. For example, suppose you qualify for a refinance loan at 7%. It would make sense to refinance all your current, private loans that are above 7%, but not your federal loans or any loans lower than 7%. \n\nAlso we should get an idea of how much you can put towards your student loans each month, which requires an understanding of your current take-home income and other expenses. \n\nEdit: [example thread with good anecdotes about SoFi](https://www.reddit.com/r/personalfinance/comments/3lbao4/planning_on_refinancing_private_student_loans/)" User (danhakimi): "> Also we should get an idea of how much you can put towards your student loans each month, which requires an understanding of your current take-home income and other expenses.\n\nI'm currently living at home. So my expenses are like $20 a month to the gym, a couple hundred in misc. expenses, and the rest on student loans. I make... something between 60 and 80 a year, but it's hourly, so it's not super consistent and it is super hard to measure. I'm pretty sure my credit score is very good... it might have been near 850 last I checked, but I guess I should check again."

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "> And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo shop around yourself and find the best deals?" User (danhakimi): "I was wondering if anybody here could actually tell me what kinds of companies offer good deals. Is sofi really that good? I would have assumed that there is some small company that does better work?\n\nAlso, part of it is genuinely that, even if I can get a better deal from company B than company A, I would still prefer to go for a company that *isn't* scamming me, even if it costs me more to get the deal that is fairer. Does that make sense?" Self: "> I was wondering if anybody here could actually tell me what kinds of companies offer good deals. Is sofi really that good? I would have assumed that there is some small company that does better work?\n\n/r/studentloans might have more advice speciifcally on companies that do this refinancing. I'm Canadian so I have no suggestions for you.\n\n> Also, part of it is genuinely that, even if I can get a better deal from company B than company A, I would still prefer to go for a company that isn't scamming me, even if it costs me more to get the deal that is fairer. Does that make sense?\n\nNot to me. How can a company charging you less interest scamming you more than a company charging you more interest?" User (danhakimi): "Alright, they ran some social experiments a while back...\n\nLet's play a game, one round. It's you, participant B, and participant C. Participants B and C each get offered a certain amount of money, and then they can offer you a share. If you accept their share, you get the money, if you reject their share, neither of you gets anything.\n\nParticipant B gets offered $100, and offers you a $2 share. Participant C gets offered $2, and offers you a $1 share. Whose offer do you accept? Even if you accept B's offer, wasn't B an asshole? Don't you feel a little dirty for playing along with his scam?" kayoss_ (kayoss_): "If the choice is that I get $2, $1 or $0 (for rejecting both options), I will take the $2. I look at the bottom line." User (danhakimi): "Right, did you know that they ran this experiment with just the $2 or $0 options, and most people who were offered $1-2 refused? I realize that, in a single round, it's the game-theoretically correct option, but there is a reason that people don't like to be treated the way Participant B treats people.\n\nI think the average settlement was somewhere close to 50-50... Or maybe 33-67, can't remember. The point is, I, like most people, would turn down a slight benefit if I wasn't being dealt with fairly. I want to play a fair game. Is there any student loan refinancier who plays fair?" kayoss_ (kayoss_): "So some participants in a sociology study somewhere are the reason you want to pay extra interest?" User (danhakimi): "No. It's clear that you do not understand why fairness matters to me. But that's fine.\n\nI'm not asking for your opinion on what I want. I'm asking for your help getting it. Can you help me or not?" kayoss_ (kayoss_): "Define "fair". Not with some "they don't screw me" vague definition. But something tangible you can actually measure or look up or calculate.\n\nWhen I donate to charities, I look at what percentage goes to administrative costs. I want the bulk of my dollars to feed the hungry kids or whatever, not pay the CEO's salary. That is my measure of fairness. So what is your measure of fairness?" User (danhakimi): "There's an example in my OP, but here it is again:\n\nIf the refinancier is working with two different banks, one is willing to give me 3.5% interest rate, and the other is willing to give me a 4% interest rate (and pay the refinancier more than the first bank did), a fair deal for me is 3.5%. A refinancier that doesn't offer me the 4% rate is treating me unfairly. Does that make sense to you?"

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "> And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo shop around yourself and find the best deals?" User (danhakimi): "I was wondering if anybody here could actually tell me what kinds of companies offer good deals. Is sofi really that good? I would have assumed that there is some small company that does better work?\n\nAlso, part of it is genuinely that, even if I can get a better deal from company B than company A, I would still prefer to go for a company that *isn't* scamming me, even if it costs me more to get the deal that is fairer. Does that make sense?" Self: "> I was wondering if anybody here could actually tell me what kinds of companies offer good deals. Is sofi really that good? I would have assumed that there is some small company that does better work?\n\n/r/studentloans might have more advice speciifcally on companies that do this refinancing. I'm Canadian so I have no suggestions for you.\n\n> Also, part of it is genuinely that, even if I can get a better deal from company B than company A, I would still prefer to go for a company that isn't scamming me, even if it costs me more to get the deal that is fairer. Does that make sense?\n\nNot to me. How can a company charging you less interest scamming you more than a company charging you more interest?" User (danhakimi): "Alright, they ran some social experiments a while back...\n\nLet's play a game, one round. It's you, participant B, and participant C. Participants B and C each get offered a certain amount of money, and then they can offer you a share. If you accept their share, you get the money, if you reject their share, neither of you gets anything.\n\nParticipant B gets offered $100, and offers you a $2 share. Participant C gets offered $2, and offers you a $1 share. Whose offer do you accept? Even if you accept B's offer, wasn't B an asshole? Don't you feel a little dirty for playing along with his scam?" Self: "> Participant B gets offered $100, and offers you a $2 share. Participant C gets offered $2, and offers you a $1 share. Whose offer do you accept? \n\nB.\n\n> Even if you accept B's offer, wasn't B an asshole? \n\nHow was B an asshole?\n\n> Don't you feel a little dirty for playing along with his scam?\n\nWhy should I feel dirty?\n\nWhat's his scam?" User (danhakimi): "Have you ever heard of the concept of fairness?" Self: "> Have you ever heard of the concept of fairness?\n\nPerson B and Person C having such vastly different amounts of cash to work with isn't fair. \n\nThe person running the experiment and deciding to give Person B 50x more money to work with than person C is the the asshole in your social experiment.\n\n \n\nAnd to quote the often repeated cliche... Life isn't fair." User (danhakimi): "> Person B and Person C having such vastly different amounts of cash to work with isn't fair.\n\n> The person running the experiment and deciding to give Person B 50x more money to work with than person C is the the asshole in your social experiment.\n\nIs only one person allowed to be an asshole?\n\n> And to quote the often repeated cliche... Life isn't fair.\n\nTo give the obvious answer that every person knows: no, but it should be. Some people are out there to treat me unfairly. I am not interested in working with those people. Is there a way for me to be treated fairly?" Self: "> Is only one person allowed to be an asshole?\n\nIn your particular social experiment, yes. It's the organizer.\n\nPerson C is fucked no matter what. That's not fair." User (danhakimi): "Listen, I'm not saying the situation they're in is fair. I'm saying that player B is not playing fair. Player B is also an asshole."

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "I'm confused about why you would get a fiduciary for refinancing loans? Just look into earnest or sofi, apply with them, and see if they offer you something with a lower interest rate than what you have. \n\nSome general advice is to not refi federal loans since they have more protections like IBR. Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time. " User (danhakimi): "Like I said, I was told that the word "fiduciary" does not apply, but I want somebody who has my best interests in mind, rather than somebody whose job it is to sell me, as a product, to the bank willing to give them the largest payment. SoFi is the latter, right? Are there any student loan refinanciers who fit into the former category?\n\n> Some general advice is to not refi federal loans since they have more protections like IBR.\n\nI have private and federal loans, but I'm pretty sure that my private loans and earning potential make it so that IBR would be incomprehensibly dumb. I haven't looked into it very closely, but I don't really intend to.\n\n> Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time.\n\nLollll I'm fucked." kayoss_ (kayoss_): "Just because they are selling a product doesn't mean you're being misled. You need a service, they have that service, you both come to an agreement that is acceptable. Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit." User (danhakimi): "> Just because they are selling a product doesn't mean you're being misled.\n\n... Yeah, that's exactly what that means. They're not going to sell me what's best for me, they're going to sell me what's best for them. That's not what's best for me. They're leading me into something that is not best for me. They're misleading me.\n\n> you both come to an agreement that is acceptable.\n\nI haven't heard of one yet.\n\n> Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit.\n\nBut it is a shitty conspiracy if they work with a bank to give me an artificially high interest rate so that they can make more money than they would if I got a fair interest rate. See my edit above -- it describes a pretty unfair situation. I want to be dealt with fairly. Everybody can make a profit, that's fine, I just don't want to get screwed." kayoss_ (kayoss_): "You use the term "mislead" very interestingly. When the guy at Starbucks tells me the coffee is $4, he is not misleading me. I may think that is too expensive, I may know Dunkin Donuts is much cheaper, I may wonder what is the markup. But that is the price they have determined so it is my choice to pay or not. That is business. If they are transparent with what you have to pay, then you can make an informed decision.\n\nWhy do you think what is best for you is in conflict with what is best for them? You and the refinancer have a mutually beneficial agreement. You save money, they make money. You seem to think a company making a profit screws you. Participant B getting $98 cheapens your $2.\n\n"You come to an agreement" is they tell you a cost, you decide it is acceptable for you or you take your business elsewhere.\n\nWhat factors do you think should matter in determining your interest rate? What is a "fair" interest rate to you? Sure, it could always go lower. They could make it 0%. But they won't. So, shop around and figure out the best option for you, not some arbitrary "right" rate." User (danhakimi): "> When the guy at Starbucks tells me the coffee is $4, he is not misleading me.\n\nOh, he's not leading you at all -- you went to him and asked for it. I was using the word "sell" in a particular way there -- to try to convince me to buy something in particular, or buy from a certain company in particular, from a position of financial interest. I try to make my purchasing decisions for myself, or with the advice of parties without a direct financial interest in my decision.\n\nA student loan refinancier is selling me a loan, from one of a selection of banks, right? I want to get the best loan from the best bank. But there's *no reason* to think he's going to offer me the best loan from the best bank, right? He's only going to offer me the loan from the bank that offered to pay *him* the most. How can I get the best loan from the best bank? Is there any way? Is that just off-limits to me?\n\nIf they sell me a relatively bad loan, haven't they misled me? Isn't it obvious that I would prefer the better one over the worse one?\n\nA fair student loan refinancing service would show me my options, including the best rate, wouldn't it? Do any of them do this?" lilfunky1 (lilfunky1): "> How can I get the best loan from the best bank? Is there any way?\n\nShop around." User (danhakimi): "But is there any company that would offer it to me?" lilfunky1 (lilfunky1): "> But is there any company that would offer it to me?\n\nShop around and find the best deal that's offered to you." User (danhakimi): "So "no," right?" lilfunky1 (lilfunky1): "> So "no," right?\n\nFeel free to ask the student loan refinancing companies, but "no" is definitely my guess."

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "I'm confused about why you would get a fiduciary for refinancing loans? Just look into earnest or sofi, apply with them, and see if they offer you something with a lower interest rate than what you have. \n\nSome general advice is to not refi federal loans since they have more protections like IBR. Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time. " User (danhakimi): "Like I said, I was told that the word "fiduciary" does not apply, but I want somebody who has my best interests in mind, rather than somebody whose job it is to sell me, as a product, to the bank willing to give them the largest payment. SoFi is the latter, right? Are there any student loan refinanciers who fit into the former category?\n\n> Some general advice is to not refi federal loans since they have more protections like IBR.\n\nI have private and federal loans, but I'm pretty sure that my private loans and earning potential make it so that IBR would be incomprehensibly dumb. I haven't looked into it very closely, but I don't really intend to.\n\n> Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time.\n\nLollll I'm fucked." kayoss_ (kayoss_): "Just because they are selling a product doesn't mean you're being misled. You need a service, they have that service, you both come to an agreement that is acceptable. Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit." User (danhakimi): "> Just because they are selling a product doesn't mean you're being misled.\n\n... Yeah, that's exactly what that means. They're not going to sell me what's best for me, they're going to sell me what's best for them. That's not what's best for me. They're leading me into something that is not best for me. They're misleading me.\n\n> you both come to an agreement that is acceptable.\n\nI haven't heard of one yet.\n\n> Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit.\n\nBut it is a shitty conspiracy if they work with a bank to give me an artificially high interest rate so that they can make more money than they would if I got a fair interest rate. See my edit above -- it describes a pretty unfair situation. I want to be dealt with fairly. Everybody can make a profit, that's fine, I just don't want to get screwed." kayoss_ (kayoss_): "You use the term "mislead" very interestingly. When the guy at Starbucks tells me the coffee is $4, he is not misleading me. I may think that is too expensive, I may know Dunkin Donuts is much cheaper, I may wonder what is the markup. But that is the price they have determined so it is my choice to pay or not. That is business. If they are transparent with what you have to pay, then you can make an informed decision.\n\nWhy do you think what is best for you is in conflict with what is best for them? You and the refinancer have a mutually beneficial agreement. You save money, they make money. You seem to think a company making a profit screws you. Participant B getting $98 cheapens your $2.\n\n"You come to an agreement" is they tell you a cost, you decide it is acceptable for you or you take your business elsewhere.\n\nWhat factors do you think should matter in determining your interest rate? What is a "fair" interest rate to you? Sure, it could always go lower. They could make it 0%. But they won't. So, shop around and figure out the best option for you, not some arbitrary "right" rate." User (danhakimi): "> When the guy at Starbucks tells me the coffee is $4, he is not misleading me.\n\nOh, he's not leading you at all -- you went to him and asked for it. I was using the word "sell" in a particular way there -- to try to convince me to buy something in particular, or buy from a certain company in particular, from a position of financial interest. I try to make my purchasing decisions for myself, or with the advice of parties without a direct financial interest in my decision.\n\nA student loan refinancier is selling me a loan, from one of a selection of banks, right? I want to get the best loan from the best bank. But there's *no reason* to think he's going to offer me the best loan from the best bank, right? He's only going to offer me the loan from the bank that offered to pay *him* the most. How can I get the best loan from the best bank? Is there any way? Is that just off-limits to me?\n\nIf they sell me a relatively bad loan, haven't they misled me? Isn't it obvious that I would prefer the better one over the worse one?\n\nA fair student loan refinancing service would show me my options, including the best rate, wouldn't it? Do any of them do this?" lilfunky1 (lilfunky1): "> A fair student loan refinancing service would show me my options, including the best rate, wouldn't it? Do any of them do this?\n\nYou want the refinancing company to show you how much profit they can make from the various offers, and then let you pick and choose how much profit they're allowed to earn off you??" User (danhakimi): "No, I want them to show me which deal is best for me, and pick that one, whether they make a lot of profit on it or only a little bit of profit. I fear that they will only show me the deal for which they make maximum profit." lilfunky1 (lilfunky1): "> I fear that they will only show me the deal for which they make maximum profit.\n\nThat's called "good business."\n\nAnd your choice is accept it, or to shop around further and see if someone else will offer you a better rate." User (danhakimi): "Good business doesn't *have to* be predicated on screwing their customers. I'll point you to the concept of a fiduciary, with which I tried to start this conversation. They offer the financial advice that is best for their clients, not the financal advice that other people pay them to offer." lilfunky1 (lilfunky1): "> Good business doesn't have to be predicated on screwing their customers. \n\n1. Wanting to earn a profit for the company is not always automatically "screwing their customers"\n2. The shareholders of those businesses who get to take home the profits earned by said businesses would disagree with you." User (danhakimi): "> Wanting to earn a profit for the company is not always automatically "screwing their customers"\n\nI didn't say it necessarily was. Only that it was *in this case*.\n\n> The shareholders of those businesses who get to take home the profits earned by said businesses would disagree with you.\n\nWell, some of them might, but they'd be wrong. Plenty of businesses serve their customers, and they do perfectly well.\n" lilfunky1 (lilfunky1): "> Well, some of them might, but they'd be wrong. \n\nJust because someone's values differ from your own, does not automatically mean they're wrong."

User (danhakimi): "I have large student loans, and I *need* to refinance them.\n\nThe idea of a Fiduciary in financial matters appeals to me. When you're managing my finances, I don't want you selling me to somebody else -- I want you to care what happens to me, or else I'm not going to trust you.\n\nBut apparently, that concept only applies to financial advice. And apparently, when I'm refinancing my student loans with you, you can offer me any raw, shitty deal you want, and probably will, because you make your money through bribes, and the deals that are worst for me will probably bribe you the most.\n\nSo I feel like, no matter how I refinance, I'm being taken advantage of.\n\nWhat's the least terrible way for me to refinance my student loans? Is there anybody I can *kinda* trust? Is there any company for which bribes are only *part* of their decision-making process?\n\nEdit: Alright, here's an oversimplified example of what I mean, since people here apparently don't understand why I referenced fiduciaries:\n\nThere are two banks hiding somewhere. They are both willing to offer a 3% interest rate. But they want to pay the refinancing company too. So I end up paying a 3.5% interest rate if I go with bank A (.5% to the refinancing company), or 4% if I go with bank B (1% to the refinancing company). I want the refinancing company that is going to recommend bank A, rather than bank B." Self: "I'm confused about why you would get a fiduciary for refinancing loans? Just look into earnest or sofi, apply with them, and see if they offer you something with a lower interest rate than what you have. \n\nSome general advice is to not refi federal loans since they have more protections like IBR. Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time. " User (danhakimi): "Like I said, I was told that the word "fiduciary" does not apply, but I want somebody who has my best interests in mind, rather than somebody whose job it is to sell me, as a product, to the bank willing to give them the largest payment. SoFi is the latter, right? Are there any student loan refinanciers who fit into the former category?\n\n> Some general advice is to not refi federal loans since they have more protections like IBR.\n\nI have private and federal loans, but I'm pretty sure that my private loans and earning potential make it so that IBR would be incomprehensibly dumb. I haven't looked into it very closely, but I don't really intend to.\n\n> Make sure you have good credit and if you have like $100k of loans and only make $40k per year, you might need to refi bits of the loans at a time.\n\nLollll I'm fucked." kayoss_ (kayoss_): "Just because they are selling a product doesn't mean you're being misled. You need a service, they have that service, you both come to an agreement that is acceptable. Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit." User (danhakimi): "> Just because they are selling a product doesn't mean you're being misled.\n\n... Yeah, that's exactly what that means. They're not going to sell me what's best for me, they're going to sell me what's best for them. That's not what's best for me. They're leading me into something that is not best for me. They're misleading me.\n\n> you both come to an agreement that is acceptable.\n\nI haven't heard of one yet.\n\n> Refinancing isn't based on altruism. It is a business practice that helps the customer (you get a lower interest), the original lender (because they get their money instead of you defaulting) and the refinancer (because they make money off the interest you are paying them). It isn't some vast conspiracy that refinance companies make a profit.\n\nBut it is a shitty conspiracy if they work with a bank to give me an artificially high interest rate so that they can make more money than they would if I got a fair interest rate. See my edit above -- it describes a pretty unfair situation. I want to be dealt with fairly. Everybody can make a profit, that's fine, I just don't want to get screwed." kayoss_ (kayoss_): "You use the term "mislead" very interestingly. When the guy at Starbucks tells me the coffee is $4, he is not misleading me. I may think that is too expensive, I may know Dunkin Donuts is much cheaper, I may wonder what is the markup. But that is the price they have determined so it is my choice to pay or not. That is business. If they are transparent with what you have to pay, then you can make an informed decision.\n\nWhy do you think what is best for you is in conflict with what is best for them? You and the refinancer have a mutually beneficial agreement. You save money, they make money. You seem to think a company making a profit screws you. Participant B getting $98 cheapens your $2.\n\n"You come to an agreement" is they tell you a cost, you decide it is acceptable for you or you take your business elsewhere.\n\nWhat factors do you think should matter in determining your interest rate? What is a "fair" interest rate to you? Sure, it could always go lower. They could make it 0%. But they won't. So, shop around and figure out the best option for you, not some arbitrary "right" rate." User (danhakimi): "> When the guy at Starbucks tells me the coffee is $4, he is not misleading me.\n\nOh, he's not leading you at all -- you went to him and asked for it. I was using the word "sell" in a particular way there -- to try to convince me to buy something in particular, or buy from a certain company in particular, from a position of financial interest. I try to make my purchasing decisions for myself, or with the advice of parties without a direct financial interest in my decision.\n\nA student loan refinancier is selling me a loan, from one of a selection of banks, right? I want to get the best loan from the best bank. But there's *no reason* to think he's going to offer me the best loan from the best bank, right? He's only going to offer me the loan from the bank that offered to pay *him* the most. How can I get the best loan from the best bank? Is there any way? Is that just off-limits to me?\n\nIf they sell me a relatively bad loan, haven't they misled me? Isn't it obvious that I would prefer the better one over the worse one?\n\nA fair student loan refinancing service would show me my options, including the best rate, wouldn't it? Do any of them do this?" kayoss_ (kayoss_): "No, they aren't going to show you the inner workings of their negotiations. You need to make a decision based on the info offered to you. Which will be the refinanced rate. If you find that unfair, don't refinance." User (danhakimi): "I'm not asking for the inner workings of their negotiations, I'm asking for the best deal I can get." kayoss_ (kayoss_): "You *are* asking for the inner workings. In your example, you want a group that tells you to go to bank A. But, you would have no idea that bank A is "more fair" unless you knew the difference. There is no legal duty for anyone to negotiate a very low rate. So, shop around. Do your own independent research to find a company that has the level of transparency you seek and have an alternative if and when you find out no such company exists." User (danhakimi): "The rates they can get for me are not "inner workings." They're the straight up products they have available to sell me.\n\nI am aware that they have no legal duty to give a shit about me, whatsoever. I think that's unfortunate. I would like to find one who gives a shit about me, despite the lack of a legal requirement.\n\nHowever, my understanding so far is that none of them give any such shit. So instead of shopping around -- spending days going to dozens of refinanciers looking for an honest one -- I decided I'd come here and ask, does an honest one exist?" kayoss_ (kayoss_): "You could have had 2+ quotes by now. Just look up the companies. It is not that hard.\n\nThe product they are selling you is *your* reduced interest rate. Their profit (i.e. the rate they pay the bank) is inner information." User (danhakimi): "I'm not looking for the amount of profit they make. They could make a billion dollars for selling my debt -- I'm not sure why anybody would pay that much, but I wouldn't mind if they did.\n\nMy problem is that they will have a better loan they can offer to me, and not offer it to me, because the worse loan pays them more. They can still make money by offering me a good rate, and still serve me while they're at it. If my benefit is a non-factor, then I am not going to use the service."

User (pompcaldor): "I've got a Citi Thank You Preferred card that started out as a college student credit card. It has a 9% APR and a $5,800 limit. It was my sole credit card until about 3 years ago. I now do the vast majority of my spending on two rewards cards, each with a ~13% APR and ~$13,000 limit. I only put about $100/month on the Citi card. I always pay the full balance every month for all three cards.\n\nThanks in advance." Self: "Only worth it if they'll do it WITHOUT incurring an inquiry.\n\nFYI, interest rates are completely irrelevant if you are using your credit card correctly, paying off the statement balance on or before the due date each month."

User (pompcaldor): "I've got a Citi Thank You Preferred card that started out as a college student credit card. It has a 9% APR and a $5,800 limit. It was my sole credit card until about 3 years ago. I now do the vast majority of my spending on two rewards cards, each with a ~13% APR and ~$13,000 limit. I only put about $100/month on the Citi card. I always pay the full balance every month for all three cards.\n\nThanks in advance." Self: "My ex-boss had never used his credit cards. EVER! He has a wallet full of many gold and platinum cards. He could use plastic to get a very nice house and an Aston Martin to park outside it. \n\nThis both impressed me and horrified me. I know what money is and how it is created. Knowing this makes plastic a lot less of an interesting idea. "

User (pompcaldor): "I've got a Citi Thank You Preferred card that started out as a college student credit card. It has a 9% APR and a $5,800 limit. It was my sole credit card until about 3 years ago. I now do the vast majority of my spending on two rewards cards, each with a ~13% APR and ~$13,000 limit. I only put about $100/month on the Citi card. I always pay the full balance every month for all three cards.\n\nThanks in advance." Self: "What are the annual fees? APR is irrelevant if you pay the statement in full.\n\nYour card may get automatic increases without you having to do anything." User (pompcaldor): "No annual fee."

User (pompcaldor): "I've got a Citi Thank You Preferred card that started out as a college student credit card. It has a 9% APR and a $5,800 limit. It was my sole credit card until about 3 years ago. I now do the vast majority of my spending on two rewards cards, each with a ~13% APR and ~$13,000 limit. I only put about $100/month on the Citi card. I always pay the full balance every month for all three cards.\n\nThanks in advance." Self: "My ex-boss had never used his credit cards. EVER! He has a wallet full of many gold and platinum cards. He could use plastic to get a very nice house and an Aston Martin to park outside it. \n\nThis both impressed me and horrified me. I know what money is and how it is created. Knowing this makes plastic a lot less of an interesting idea. " yowen2000 (yowen2000): "What's your point in relation to the subject of conversation here?" Self: "If you get but don't use credit cards then it's good for your credit. I though I had made that point quite well. :/" yowen2000 (yowen2000): "They won't be a whole lot of help if they are inactive." Self: "I don't know. I'm no expert. But he said he never uses them and the companies just keep sending him better, newer ones. "

User (bmat29): "Hi all, I have been a lurker for a long time but I have a question that I know some of you can help me with. I make ~120k / year and currently have ~30,000 in my savings account. I do not have any debt; student, car and credit cards are all paid off. I am only getting ~20 cents from the interest on the money in my savings account. I feel like I am actually losing money by keeping this much in a savings account that doesn't pay high returns. I should be investing some of this money in the stock market but what percentage should I invest? What kind of investing can I do that is low risk? I don't want to throw 15,000 in and then worry about losing it, Any advice would be appreciated, thanks! " Self: "You may find these links helpful:\n\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [Investing wiki page](http://www.reddit.com/r/personalfinance/wiki/investing)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (bmat29): "Hi all, I have been a lurker for a long time but I have a question that I know some of you can help me with. I make ~120k / year and currently have ~30,000 in my savings account. I do not have any debt; student, car and credit cards are all paid off. I am only getting ~20 cents from the interest on the money in my savings account. I feel like I am actually losing money by keeping this much in a savings account that doesn't pay high returns. I should be investing some of this money in the stock market but what percentage should I invest? What kind of investing can I do that is low risk? I don't want to throw 15,000 in and then worry about losing it, Any advice would be appreciated, thanks! " Self: "A good guideline is to have 3-6 months of expenses saved and to invest about 15% of your income annually. \n\nMax out your company's 401k up to the match, max out a Roth IRA, then come back to the 401k if you still have extra money laying around. " Xornok (Xornok): "You mean Roth IRA?" Self: "Yes, sorry. Will edit. "

User (fistmedad): "So, I got into an accident when I was young, and ended up having an account with $18K. Once I turned 18 and was able to touch that money, I spent a bit of it, and had 16-17k left. \n\nAfterwards, unfortunately we had a house fire and mother was in a really rough spot. She had stopped paying off the house and the mortgage maybe a year beforehand because it was under my fathers name (they've been divorced for like 8 years now) and she didn't want to pay for something that wasn't technically hers; so the only way for her to keep the house after the house fire was if she used half of the money she got from the insurance company/bank to pay off the house, so she did just that. However, that left her with not enough money to re-finish the house. She plans to sell the house as soon as it is finished. \n\nShe made me open a credit account and has been making me pay for some bills, food, gas, etc. under this credit card, while I pay for it with the money I got from my accident, saying that she'll pay me back when she sells the house. However, now she owes me over 15k and there's more money that I owe on my credit card than I have in my checkings. \n\nI got a job recently and have been keeping that money in my savings because I need a car soon, I've been driving my brothers while he took a semester off from school. I don't want to use that money to pay off my card, but I might have to. I honestly wish I never opened that credit account as bad as that sounds. \n\ntldr; I need a car and I need to start going to school, but I'm not sure how, and my mother is 15k in debt with me. Have more money on my credit card balance than my checkings." Self: "Never lend money that you want back to family and friends. It usually doesn't happen and because of your relationship you feel bad asking for it."

User (fistmedad): "So, I got into an accident when I was young, and ended up having an account with $18K. Once I turned 18 and was able to touch that money, I spent a bit of it, and had 16-17k left. \n\nAfterwards, unfortunately we had a house fire and mother was in a really rough spot. She had stopped paying off the house and the mortgage maybe a year beforehand because it was under my fathers name (they've been divorced for like 8 years now) and she didn't want to pay for something that wasn't technically hers; so the only way for her to keep the house after the house fire was if she used half of the money she got from the insurance company/bank to pay off the house, so she did just that. However, that left her with not enough money to re-finish the house. She plans to sell the house as soon as it is finished. \n\nShe made me open a credit account and has been making me pay for some bills, food, gas, etc. under this credit card, while I pay for it with the money I got from my accident, saying that she'll pay me back when she sells the house. However, now she owes me over 15k and there's more money that I owe on my credit card than I have in my checkings. \n\nI got a job recently and have been keeping that money in my savings because I need a car soon, I've been driving my brothers while he took a semester off from school. I don't want to use that money to pay off my card, but I might have to. I honestly wish I never opened that credit account as bad as that sounds. \n\ntldr; I need a car and I need to start going to school, but I'm not sure how, and my mother is 15k in debt with me. Have more money on my credit card balance than my checkings." Self: "Just consider this $15k your room/board for living at home with your mom since becoming 18 and forget about it.\n\nOtherwise /r/relationships or /r/relationship_advice on how to communicate with your mom about wanting that money back."

User (Financemeupfam): "Hello first time post, I'll try to keep it short and feel free to ask questions if you need more info. Basically wanting to make sure I'm doing the right things with my money. I'm 23 work a job making approx 72k a year. I have approx 46k student loan debt (some federal some bank) with an average interest of 5.4%. I'm working to pay the bank loans off (about 14k) first because of 9.45% interest rate. I have about 15k in a savings making a small interest as an emergency fund. I have 8k in my 401k putting 7% of pay in there. I recently bought a house (1150) mortgage. I also opened a mutual fund putting 200 a month in there (about 1700 in there currently) My average monthly bills are like 2.5 with the house included. Is it possible for me to pay the student loans off in less than 4 years. I know off the bat I don't really budget or keep track of all my monthly expenses. Really just looking for some tweaking to make sure I'm doing the best to make my hard earned money work for me so I can live a comfortable life later on am I doing the right things? Any tweaking I should do?Any comments are appreciated thanks redditors! " Self: "This is going to hurt, but I would use all but 1k of your 15k savings to pay off the bank loan today. Next month, you can add its old payment to the extra money you have to accelerate paying off the student loan.\n\nAlso, most financial advisers would tell you to clean up your debt before starting investments. By doing so, you make entire income available for saving and investing. I would *temporarily* pause on investing while paying off the student loans. You'll have more money available to pay it off even more quickly, and when it's paid in full, you'll have even more money to catch up on saving and investing. \n\nPausing your investments also provides a nice psychological pressure to stick to your plan so that you can begin investing as soon as possible. And besides that, you're 23. You have plenty of time to save and invest.\n\nOnce all of you debts are paid, build your emergency fund back up to 3-6 months of expenses. Then, start investing. Max your 401k up to what your employer matches. After that, max out a Roth IRA. If you've still got extra money around, you can go back to your 401k or open a taxable account if you want to let something grow for more than five years but still have access to the money." User (Financemeupfam): "Thanks for the response! Yeah thinking of dropping that much does scare me, especially with owning a house do you advise doing such even with owning the house knowing I may have events that require cash for repairs? I agree 15k may be a little much to have in the bank I just liked to be safe in terms of medical issues or home issues if they were to pop up " Self: "If you have one or two things around the house that you're sure will need to be repaired/replaced sooner than later, go ahead and keep a little more cash on hand... maybe 2-3k. But I would hit that bank loan hard and have it out of my life in the next month or so. \n\nThen, keep up the intensity with the student loans. You really have to own the idea that you're going to be rid of it as fast as possible. Being so young and having no payments will allow you to build wealth quickly. " Amairch (Amairch): "I would say kill the bank loan and then rebuild the emergency fund before attacking the rest of the student loans. As a homeowner, having less than 10k in savings is a risky proposition. But yeah, other than a 401k match all other investing can wait until these loans are paid off in a couple years."

User (Financemeupfam): "Hello first time post, I'll try to keep it short and feel free to ask questions if you need more info. Basically wanting to make sure I'm doing the right things with my money. I'm 23 work a job making approx 72k a year. I have approx 46k student loan debt (some federal some bank) with an average interest of 5.4%. I'm working to pay the bank loans off (about 14k) first because of 9.45% interest rate. I have about 15k in a savings making a small interest as an emergency fund. I have 8k in my 401k putting 7% of pay in there. I recently bought a house (1150) mortgage. I also opened a mutual fund putting 200 a month in there (about 1700 in there currently) My average monthly bills are like 2.5 with the house included. Is it possible for me to pay the student loans off in less than 4 years. I know off the bat I don't really budget or keep track of all my monthly expenses. Really just looking for some tweaking to make sure I'm doing the best to make my hard earned money work for me so I can live a comfortable life later on am I doing the right things? Any tweaking I should do?Any comments are appreciated thanks redditors! " Self: "Wow, I don't have any advice but I just wanted to say that I'm 31 and think you're doing a hell of a lot better than me. To already own a house at 23 is amazing. \n\nI live in the SF bay area too so owning seems almost impossible :(" User (Financemeupfam): "Thank you! It's easier than you think to buy a house my down payment was only 3.5%! "

User (woodpecker99): "Just recently checked my credit score for the first time in a year and noticed i had a 750 credit score. My father looked over my credit report and said to increase the credit limit on my master card from the $5,500 it is now to help even better my score. Is this true?" Self: "You may find these links helpful:\n\n- [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#wiki_credit)\n- [Credit Reports](http://www.reddit.com/r/personalfinance/wiki/credit_reports) \n- [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico)\n- [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (woodpecker99): "Just recently checked my credit score for the first time in a year and noticed i had a 750 credit score. My father looked over my credit report and said to increase the credit limit on my master card from the $5,500 it is now to help even better my score. Is this true?" Self: "Yes it's true it will help but not drastically. Still a good thing to do though as it will help you keep under the ~10-20% utilization each month. \n\nCredit karma has a calculator for showing how various factors will adjust your credit score. Change your total borrowing limit from $5500 to whatever you think they'll increase to see how big of an increase it is. \n\n" User (woodpecker99): "Thanks! Yea i asked for an increase on their website, next thing i know i now have a $8,200 limit. Pretty easy." snotcrust (snotcrust): "Just don't be tempted to max it out now that you "have more money now"" User (woodpecker99): "haha the sad part is i know alot of people who look at credit cards that way. They are all in extreme debt. Your credit limit isn't "Your" money, its just money available to loan to you."

User (MostViolentRapGroup): "I'm about to pay off a few small debts and will have a few hundred dollars extra every month.\n\nWe are planning on selling our co-op and buying a bigger house in a year or so. So we want to save for a down payment. \n\nThe value of our co-op has gone up since we purchased. Am I better off saving that money in a savings account (1% interest) or paying off some extra principle every month? My mortgage interest rate is 3.25%.\n\nWill it be worth more to me applied to my mortgage to get back when I sell? Or have on hand in a savings account?\n\nEDIT: Our emergency fund is in decent shape (around 3 months of bills if both my Wife and I both lose our jobs at the same time)" Self: "If those are the two alternatives, pay down the mortgage. You are getting a 3.25% pre-tax return on your "investment", compared to a 1% pre-tax return in the savings account."

User (MostViolentRapGroup): "I'm about to pay off a few small debts and will have a few hundred dollars extra every month.\n\nWe are planning on selling our co-op and buying a bigger house in a year or so. So we want to save for a down payment. \n\nThe value of our co-op has gone up since we purchased. Am I better off saving that money in a savings account (1% interest) or paying off some extra principle every month? My mortgage interest rate is 3.25%.\n\nWill it be worth more to me applied to my mortgage to get back when I sell? Or have on hand in a savings account?\n\nEDIT: Our emergency fund is in decent shape (around 3 months of bills if both my Wife and I both lose our jobs at the same time)" Self: "How sure are you that you're going to sell/buy next year? Once the money gets used to pay off the mortgage you can't take it back out if your situation changes. \n\n" User (MostViolentRapGroup): "It is a 2 bedroom co-op, and we have had 2 kids since then. We are running out of room really fast. So I would say 95% certain."

User (AlCapone564): "Hi y'all\n\nQuestion regarding credit scores.. so I had a situation in which an old PSEG bill from an old apartment (bill was from last payment when i moved out) went to collections. The reason for this is not the important part, however, that one bill going to collections absolutely destroyed my credit. Went from 800 to 642 for my FICO score. Other than that I pay everything on time and have no problems with paying bills at all. \n\nMy question is that is it correct that just one little screw up like that can cause such a devastating hit to my credit? Not to mention my score just keeps going down afterwards despite there being no other issues with anything. It's causing problems, for example, I got rejected from Charles Schwab for bad credit. I have 0 problems paying my bills and am doing well financially so this is just extremely annoying. \n\nIs there anything to do to help fix it outside of time?\n\nThanks all" Self: "You may find these links helpful:\n\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n- [Dealing with collections](http://www.reddit.com/r/personalfinance/wiki/collections)\n- [Credit Repair](http://www.reddit.com/r/personalfinance/wiki/credit_building#wiki_i_have_bad_credit.2C_and_i_am_looking_to_repair_it.)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (AlCapone564): "Hi y'all\n\nQuestion regarding credit scores.. so I had a situation in which an old PSEG bill from an old apartment (bill was from last payment when i moved out) went to collections. The reason for this is not the important part, however, that one bill going to collections absolutely destroyed my credit. Went from 800 to 642 for my FICO score. Other than that I pay everything on time and have no problems with paying bills at all. \n\nMy question is that is it correct that just one little screw up like that can cause such a devastating hit to my credit? Not to mention my score just keeps going down afterwards despite there being no other issues with anything. It's causing problems, for example, I got rejected from Charles Schwab for bad credit. I have 0 problems paying my bills and am doing well financially so this is just extremely annoying. \n\nIs there anything to do to help fix it outside of time?\n\nThanks all" Self: ">My question is that is it correct that just one little screw up like that can cause such a devastating hit to my credit?\n\nYes.\n\nIt takes years to build a good score, but only 30 days to ruin it.\n\n>Not to mention my score just keeps going down afterwards despite there being no other issues with anything. It's causing problems, for example, I got rejected from Charles Schwab for bad credit. I have 0 problems paying my bills and am doing well financially so this is just extremely annoying. \n\n>Is there anything to do to help fix it outside of time?\n\n>Thanks all\n\nRead the wiki on collections. How old is the collection?\n\nYou situation is why there's a oush to the new FICO scoring system. Certain debts aren't factored in and certain amounts of debts aren't factored in either. However it's a paid upgrade which means no lender really uses it."

User (emilydickinson_): "Hello all,\n\nI had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n\nHere are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan.\n\n5/25/16: $700\n9/27/16: $300\n10/24/16: $100\n11/2/16: $200\n11/17/16: $200\n\nHere's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n\nWhat should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time?" Self: "You may find these links helpful:\n\n- [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (emilydickinson_): "Hello all,\n\nI had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n\nHere are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan.\n\n5/25/16: $700\n9/27/16: $300\n10/24/16: $100\n11/2/16: $200\n11/17/16: $200\n\nHere's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n\nWhat should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time?" Self: "You might have incorrectly formatted line breaks. To create a line break, either put two spaces at the end of the line or put an extra blank line in-between lines. ([See Reddit's page on commenting for more information.](http://www.reddit.com/wiki/commenting))\n\nI have attempted to automatically reformat your text with fixed line breaks.\n\n----\n\n> Hello all, \n> \n> I had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n> \n> Here are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan. \n> \n> 5/25/16: $700\n\n> 9/27/16: $300\n\n> 10/24/16: $100\n\n> 11/2/16: $200\n\n> 11/17/16: $200\n> \n> Here's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n> \n> What should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time? \n>\n\n----\n\n^(I am a bot. Contact) ^[pentium4borg](https://www.reddit.com/user/pentium4borg) ^(with any feedback.)" User (emilydickinson_): "Thanks, bot :)"

User (emilydickinson_): "Hello all,\n\nI had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n\nHere are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan.\n\n5/25/16: $700\n9/27/16: $300\n10/24/16: $100\n11/2/16: $200\n11/17/16: $200\n\nHere's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n\nWhat should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time?" Self: "Graduate student loans are typically unsubsidized, meaning that you accrue interest on them as soon as they are disbursed. As your balance decreases, the portion of your payment going towards interest will also decrease. Given the low balance on the loan, after setting aside ~$1500 in an emergency savings account, put any additional savings toward the loan until it is gone. This really shouldn't take you very long to pay off, and then you can continue to contribute to savings to get your 3-6mo expenses emergency account.\n\nSource: just last month finished paying off $68,000 in student loans of my own"

User (emilydickinson_): "Hello all,\n\nI had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n\nHere are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan.\n\n5/25/16: $700\n9/27/16: $300\n10/24/16: $100\n11/2/16: $200\n11/17/16: $200\n\nHere's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n\nWhat should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time?" Self: "Something is wrong here, at 5.87% interest you should be paying ~$5/month interest for every $1000 in the loan balance. With that $700 payment in the first month, I would expect your balance to be about $3410, so even without your other $800 in payments it would only accrue ~$100 or so interest over 6 months. \n\nThere's definitely something else at play- do you have other loans that your payments may have been applied to?" User (emilydickinson_): "None! The math makes sense if the first $700 wasn't paid, right? I'll call customer service then. \n\n$15 per month in interest is still a bummer. I need to ratchet up payments I guess. I was following the flowchart so putting extra money towards emergency fund but this seems more important to pay off." brd_is_the_wrd2 (brd_is_the_wrd2): "Paying an extra $100 next month will save you only about 50 cents in interest:\n\n$100 * .0587 / 12 = $0.49\n\nWhile that's a good proportion of your monthly interest cost, ask yourself if that amount is really not worth having the cash in your bank account" User (emilydickinson_): "Yeah, I see your point. Can I ask your advice on what you think makes most sense for a payoff plan. I can put up to $800 towards this. (Current plan was $200 towards the loan, $600 towards emergency savings). No other loans except a car my husband and I share and he makes the payments on. "

User (emilydickinson_): "Hello all,\n\nI had to take a loan this May to finish my last semester of grad school because I was having some money issues and I'm having trouble understanding the relationship between how much I've paid and how much I still have to pay. \n\nHere are some details: The loan was taken on May 1, 2016 for $4,093. The interest on the loan is 5.87%. This is a federal loan and the information I'm seeing is on the edfinancial.edu site. Below you can see the payments I've made over the last year on the loan.\n\n5/25/16: $700\n9/27/16: $300\n10/24/16: $100\n11/2/16: $200\n11/17/16: $200\n\nHere's my confusion. The balance remaining on the loan is $3,413. Am I really paying that much in interest? How do I escape this terrible cycle? It feels so discouraging after trying to be diligent in making payments. \n\nWhat should I do? Drain my newly starting savings to just pay this off? How could I have paid $1500 on this loan to only have the amount due lowered in so little time?" Self: "Something is wrong here, at 5.87% interest you should be paying ~$5/month interest for every $1000 in the loan balance. With that $700 payment in the first month, I would expect your balance to be about $3410, so even without your other $800 in payments it would only accrue ~$100 or so interest over 6 months. \n\nThere's definitely something else at play- do you have other loans that your payments may have been applied to?" User (emilydickinson_): "None! The math makes sense if the first $700 wasn't paid, right? I'll call customer service then. \n\n$15 per month in interest is still a bummer. I need to ratchet up payments I guess. I was following the flowchart so putting extra money towards emergency fund but this seems more important to pay off." Undividable410 (Undividable410): "You should double check against your original disbursement letter what the loan originally was. It's possible that since your first payment was within 30 days of the disbursement date, the servicer simply reduced the principal listed on the account. This would mean that the "initial loan amount" would be equal to your original disbursement minus $700, and your original disbursement amount was actually $4,793 not $4,093 as the lender's website likely lists." User (emilydickinson_): "And you are 100% right, I don't know how I could be so dumb as to not know that I took out $4800 originally. Well thank you! "

User (imsittingrightnow): "I'm looking to possibly switch from my current Wells Fargo banking, to a fully online bank. I've heard many good things, such as checking accounts that pay interest and ATM fees that get reimbursed. Are online banks better than "brick and mortar" banks? I've heard that Ally is good, but would like a more diverse opinion about what to do. I'm interested in a checking and savings account. I'm at work now, so I'll check back when I get a chance to later on. Thank you!" Self: "Ally gets a lot of love around here for the (relatively) high interest back from a checking account. I can account for this as well - I currently only have an online bank and out-of-state credit union, and apart from getting a large-ish amount of cash as a holiday gift that I had no idea what to do with, I have never been inconvenienced by not having a local branch." User (imsittingrightnow): "Appreciate the feedback. Thank you!"

User (imsittingrightnow): "I'm looking to possibly switch from my current Wells Fargo banking, to a fully online bank. I've heard many good things, such as checking accounts that pay interest and ATM fees that get reimbursed. Are online banks better than "brick and mortar" banks? I've heard that Ally is good, but would like a more diverse opinion about what to do. I'm interested in a checking and savings account. I'm at work now, so I'll check back when I get a chance to later on. Thank you!" Self: "I have both checking and savings with Discover, and couldn't be happier. Great mobile app, great desktop website, great customer service, and decent interest rate on the savings account. Highly recommend." User (imsittingrightnow): "I will take this into consideration. I will research all of the best options presented in this thread and I'll make a decision that best suited my needs. Thank you!"

User (Quo_Vadimus7): "No kids, No alimony, she got the house, I got the 4/5 retirement accounts. \n\nThis small one is 10k. \nHaving claimed a dependant most of the year, I'm going to get wrecked in taxes...\nCan I claim this retirement account as a loss if I transfer it before 12/31 ? \n\nThanks PF\n" Self: "You may find these links helpful:\n\n- [Retirement Accounts](https://www.reddit.com/r/personalfinance/wiki/index#wiki_retirement_accounts) (articles on 401(k) plans, IRAs, and more)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (Quo_Vadimus7): "No kids, No alimony, she got the house, I got the 4/5 retirement accounts. \n\nThis small one is 10k. \nHaving claimed a dependant most of the year, I'm going to get wrecked in taxes...\nCan I claim this retirement account as a loss if I transfer it before 12/31 ? \n\nThanks PF\n" Self: "Did the court issue a QDRO? You should not be transferring anything yourself. Let the custodian handle it. If your ex chooses to cash in the retirement account, you want that under her name and SSN, not yours."

User (Quo_Vadimus7): "No kids, No alimony, she got the house, I got the 4/5 retirement accounts. \n\nThis small one is 10k. \nHaving claimed a dependant most of the year, I'm going to get wrecked in taxes...\nCan I claim this retirement account as a loss if I transfer it before 12/31 ? \n\nThanks PF\n" Self: "No claim on the "loss". Also, is the retirement asset qualified? You may have missed the boat on needing a DQRO and should have one completed asap. If just a regular IRA, you put a request in and done and done.\n\nIs your decree already finalized? How are you claiming a dependent with out any kids ?\n\n"

User (Quo_Vadimus7): "No kids, No alimony, she got the house, I got the 4/5 retirement accounts. \n\nThis small one is 10k. \nHaving claimed a dependant most of the year, I'm going to get wrecked in taxes...\nCan I claim this retirement account as a loss if I transfer it before 12/31 ? \n\nThanks PF\n" Self: "No. The 401k, despite being in your name, was considered to be half hers during the marriage, so you are not seen as losing an asset you owned. https://ttlc.intuit.com/questions/2330259-because-of-a-divorce-decree-i-lost-half-my-401k-through-a-qdro-can-i-deduct-the-loss-of-the-401k-monies\n\nHave you estimated your tax liability already and fixed your w-4?" User (Quo_Vadimus7): "Thank you for your comment, and for citing a source.\n\n Yes; I set my exemptions to 0, and added an extra $100 per paycheck. \n\n"

User (overwatch0912): "Me and my wife racked up some debt. Thinking about doing a consolidation loan because to combine it all into one payment would just be less of a headache, and we have a couple credit cards with stupid interest rates. \n\n#1 $3345 Interest free until may ( furniture ) \n#2 $2622 Interest free until may ( also furniture ) \nwe could pay these both off almost 90% with our tax returns \n\n#3 $ Credit card $8080 at 15.15% interest rate\n this one we definitely need to do something about. \n\n#4 $1476 at 10% interest rate. \n\n#5 $3791 at 0% interest rate.\n\ntotal comes to around $650 a month. \n\nOur take home per month is around $7200\n\nexpenses \n\n$600 child support\n$1500 mortgage\n$400 groceries\n$800 car payments ( one car is 4K away from being paid off) \n$350 spending \n$600 credit card payments \n\nWe were thinking we could get around a 18k loan at around 9% rate, have yet to contact a credit union to see what we could get if anything at all. Both of us have above a between 680-690 credit score. Want to get out of debt , any help or advice would be appreciated. " Self: "You might have incorrectly formatted line breaks. To create a line break, either put two spaces at the end of the line or put an extra blank line in-between lines. ([See Reddit's page on commenting for more information.](http://www.reddit.com/wiki/commenting))\n\nI have attempted to automatically reformat your text with fixed line breaks.\n\n----\n\n> Me and my wife racked up some debt. Thinking about doing a consolidation loan because to combine it all into one payment would just be less of a headache, and we have a couple credit cards with stupid interest rates. \n> \n> #1 $3345 Interest free until may ( furniture ) \n\n> #2 $2622 Interest free until may ( also furniture ) \n\n> we could pay these both off almost 90% with our tax returns\n> \n> #3 $ Credit card $8080 at 15.15% interest rate \n> this one we definitely need to do something about. \n> \n> #4 $1476 at 10% interest rate. \n> \n> #5 3791 at 0% interest rate. \n> \n> total comes to around $650 a month. \n> \n> Our take home per month is around $7200 \n> \n> expenses \n> \n> $600 child support \n> $1500 mortgage \n> $400 groceries \n> $800 car payments ( one car is 4K away from being paid off) \n> $350 spending \n> $600 credit card payments\n> \n> We were thinking we could get around a 18k loan at around 9% rate, have yet to contact a credit union to see what we could get if anything at all. Both of us have above a between 680-690 credit score. Want to get out of debt , any help or advice would be appreciated. \n>\n\n----\n\n^(I am a bot. Contact) ^[pentium4borg](https://www.reddit.com/user/pentium4borg) ^(with any feedback.)"

User (overwatch0912): "Me and my wife racked up some debt. Thinking about doing a consolidation loan because to combine it all into one payment would just be less of a headache, and we have a couple credit cards with stupid interest rates. \n\n#1 $3345 Interest free until may ( furniture ) \n#2 $2622 Interest free until may ( also furniture ) \nwe could pay these both off almost 90% with our tax returns \n\n#3 $ Credit card $8080 at 15.15% interest rate\n this one we definitely need to do something about. \n\n#4 $1476 at 10% interest rate. \n\n#5 $3791 at 0% interest rate.\n\ntotal comes to around $650 a month. \n\nOur take home per month is around $7200\n\nexpenses \n\n$600 child support\n$1500 mortgage\n$400 groceries\n$800 car payments ( one car is 4K away from being paid off) \n$350 spending \n$600 credit card payments \n\nWe were thinking we could get around a 18k loan at around 9% rate, have yet to contact a credit union to see what we could get if anything at all. Both of us have above a between 680-690 credit score. Want to get out of debt , any help or advice would be appreciated. " Self: "Probably more like 15%. Anyway, no, you should not convert a 0% interest rate into a 15% interest rate. See what you qualify for and roll only the stuff with higher interest into it. Then get on a written budget and get serious about paying all these debts off.\n"

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "You may find these links helpful:\n\n- [Budgeting wiki page](http://www.reddit.com/r/personalfinance/wiki/budgeting)\n- [Spreadsheets section of the Tools wiki page](http://www.reddit.com/r/personalfinance/wiki/tools#wiki_redditor_created.3A)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "YNAB is good but pricey. \n\nHonestly, in order to budget manually you can just create an excel file with subcategories, then have tabs for each subcategory that feed into a display page. I'd dig around on google and see if you can find a template - I'm sure they're out there. \n"

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "I like NeoBudget. It's simple, free, and clean."

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "> I've tried everydollar.\n\nThat's extremely simple. You don't have to link accounts. I use it without linking accounts." User (librarianjenn): "It is, and I may continue using it. There was something that I didn't like about it, but can't remember what it is now - pretty minor, though."

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "This spreadsheet.\n\nhttp://www.vertex42.com/ExcelTemplates/money-management-template.html\n\nWatch the 3 minute demo video farther down on the page to see if it's right for you."

User (librarianjenn): "Hi! For a few years I was using the online budget software on Dave Ramsey's site - I loved it, and am really having a hard time finding a new one (that one is no longer available).\n\nIt was so simple, so few bells and whistles, that it was almost... ugly, lol. Like about two steps up from a DOS program. I've tried mint, everydollar, and the like, and I just want something easier, I guess. I don't want to link to my bank accounts, I don't want it for investing, etc. Just tracking my income and outgoing bills. I don't need an app for my phone; I do this mostly online.\n\nAny and all recs are appreciated - thank you!" Self: "Dave Ramsey actually has a new free online budgeting tool that's available for your desktop, android or iPhone. I swear by it! Check out www.everydollar.com"

User (OPs_Spare_Account): "I know this is probably an awful question in general and I'm a little embarrassed to ask, but I've talked to a few people I know in finance and gotten mixed answers, so I'm curious what PF thinks.\n\nMy wife and I have two children currently with a third on the way. We're a little tight financially right now because of around $1k/mo in student loan payments. We bought our house at the absolute bottom of the market five years ago and have obviously accrued equity in it as the market has steadily risen since then. We owe about 180k on it and have determined its value to be around 340k-350k in the current market, giving us around 160k in equity.\n\nWe have about five years left of repayment on our student loans and currently don't have any way to pay them off faster than that, so the easy answer for us is to consider a cash-out refinance to use a little of our equity to pay off the student loans as a way to free up the $1k/mo payments there in lieu of an increased mortgage payment. \n\nI understand this is essentially just consolidating the loans into our 30yr mortgage, but the freedom of having the extra cash available per month by not having student loan payments anymore would be a huge help with third baby on the way. \n\nOur loans are currently between 3% and 7.25%. Mortgage refinance would probably drop our current rate from 3.75% to ~3.5% as well.\n\nHappy to answer any other relevant questions. Just trying to figure out exactly how bad of an idea this would be, all things considered." Self: "You may find these links helpful:\n\n- [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (OPs_Spare_Account): "I know this is probably an awful question in general and I'm a little embarrassed to ask, but I've talked to a few people I know in finance and gotten mixed answers, so I'm curious what PF thinks.\n\nMy wife and I have two children currently with a third on the way. We're a little tight financially right now because of around $1k/mo in student loan payments. We bought our house at the absolute bottom of the market five years ago and have obviously accrued equity in it as the market has steadily risen since then. We owe about 180k on it and have determined its value to be around 340k-350k in the current market, giving us around 160k in equity.\n\nWe have about five years left of repayment on our student loans and currently don't have any way to pay them off faster than that, so the easy answer for us is to consider a cash-out refinance to use a little of our equity to pay off the student loans as a way to free up the $1k/mo payments there in lieu of an increased mortgage payment. \n\nI understand this is essentially just consolidating the loans into our 30yr mortgage, but the freedom of having the extra cash available per month by not having student loan payments anymore would be a huge help with third baby on the way. \n\nOur loans are currently between 3% and 7.25%. Mortgage refinance would probably drop our current rate from 3.75% to ~3.5% as well.\n\nHappy to answer any other relevant questions. Just trying to figure out exactly how bad of an idea this would be, all things considered." Self: "It isn't a terrible idea, but make sure you understand all the costs of the cash-out refinance (closing costs, etc.) before making the decision. Essentially, you are trading in higher interest rate student loan debt (all the loans above 3.5%) for lower mortgage interest debt. \n\nThe other issue is that most likely only a portion of your student loan interest is tax-deductible, but, if you itemized deductions, all of your mortgage interest debt is deductible. That makes the after-tax cost of the mortgage interest even more attractive relative to the student loan debt. "

User (OPs_Spare_Account): "I know this is probably an awful question in general and I'm a little embarrassed to ask, but I've talked to a few people I know in finance and gotten mixed answers, so I'm curious what PF thinks.\n\nMy wife and I have two children currently with a third on the way. We're a little tight financially right now because of around $1k/mo in student loan payments. We bought our house at the absolute bottom of the market five years ago and have obviously accrued equity in it as the market has steadily risen since then. We owe about 180k on it and have determined its value to be around 340k-350k in the current market, giving us around 160k in equity.\n\nWe have about five years left of repayment on our student loans and currently don't have any way to pay them off faster than that, so the easy answer for us is to consider a cash-out refinance to use a little of our equity to pay off the student loans as a way to free up the $1k/mo payments there in lieu of an increased mortgage payment. \n\nI understand this is essentially just consolidating the loans into our 30yr mortgage, but the freedom of having the extra cash available per month by not having student loan payments anymore would be a huge help with third baby on the way. \n\nOur loans are currently between 3% and 7.25%. Mortgage refinance would probably drop our current rate from 3.75% to ~3.5% as well.\n\nHappy to answer any other relevant questions. Just trying to figure out exactly how bad of an idea this would be, all things considered." Self: "Given the rates that you mentioned, it sounds like a solid plan to me. You'll have to eat a few grand of closing costs but you should recoup that and more from the reduced interest.\n\nPlus, depending on your tax situation, your student loan interest may or may not be deductible, whereas your mortgage interest definitely is." User (OPs_Spare_Account): "I can say with certainty that the amount of student loan interest we've been paying has been a fair amount more than what we can deduct on taxes (I think I remember 2500 being the max you can deduct?)"

User (OPs_Spare_Account): "I know this is probably an awful question in general and I'm a little embarrassed to ask, but I've talked to a few people I know in finance and gotten mixed answers, so I'm curious what PF thinks.\n\nMy wife and I have two children currently with a third on the way. We're a little tight financially right now because of around $1k/mo in student loan payments. We bought our house at the absolute bottom of the market five years ago and have obviously accrued equity in it as the market has steadily risen since then. We owe about 180k on it and have determined its value to be around 340k-350k in the current market, giving us around 160k in equity.\n\nWe have about five years left of repayment on our student loans and currently don't have any way to pay them off faster than that, so the easy answer for us is to consider a cash-out refinance to use a little of our equity to pay off the student loans as a way to free up the $1k/mo payments there in lieu of an increased mortgage payment. \n\nI understand this is essentially just consolidating the loans into our 30yr mortgage, but the freedom of having the extra cash available per month by not having student loan payments anymore would be a huge help with third baby on the way. \n\nOur loans are currently between 3% and 7.25%. Mortgage refinance would probably drop our current rate from 3.75% to ~3.5% as well.\n\nHappy to answer any other relevant questions. Just trying to figure out exactly how bad of an idea this would be, all things considered." Self: "Considerations include whether your current interest payments are deductible and how stable your job is. Income based repayment of?student loans can be valuable" User (OPs_Spare_Account): "I haven't looked into income based repayment, but if it's based purely off of gross income, I'm sure I don't qualify, as we make a decent amount of money. Job is very stable though."

User (liveinisrael): "Hi Personal Finance, \n\nOne of my parents has been told that their cancer is terminal, with roughly one year left, per the specialist we spoke to.\nI want to know what to do, when the inevitable comes. I'm listed as a beneficiary on the policy, along with a sibling, and the other parent, with my payout listed at roughly 500k USD. \n\nWhat's the first thing to do, after funeral and all that? Gathering many copies of death certificate?\n\nThen, what is the best thing to do with that money? Invest in property? I'll be 23-24 at the time, college grad with discharged loans (Parent PLUS loans discharge with death)\n\nThanks! Sorry if this post is a jumbled mess." Self: "You may find the [Health Insurance wiki page](https://www.reddit.com/r/personalfinance/wiki/health_insurance) helpful.\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (liveinisrael): "Hi Personal Finance, \n\nOne of my parents has been told that their cancer is terminal, with roughly one year left, per the specialist we spoke to.\nI want to know what to do, when the inevitable comes. I'm listed as a beneficiary on the policy, along with a sibling, and the other parent, with my payout listed at roughly 500k USD. \n\nWhat's the first thing to do, after funeral and all that? Gathering many copies of death certificate?\n\nThen, what is the best thing to do with that money? Invest in property? I'll be 23-24 at the time, college grad with discharged loans (Parent PLUS loans discharge with death)\n\nThanks! Sorry if this post is a jumbled mess." Self: "The first thing you want to do is DO NOTHING. Well, not nothing, because you need to deposit the check, but after the check is deposited, don't make ANY decisions in the first 6 months. You need time to heal and deal with the emotional issues of losing a parent. \n\nSome advice on the savings account - You want to look for accounts that pay around 1% in interest. Ideally you should split money into 2 accounts at separate banks, putting 250k in Bank A with 1% interest and 250k into Bank B with 1% interest. It just gives you more FDIC insurance in case the banking system blows up (very unlikely, but possible). With online banking these days, having separate accounts isn't that much of an inconvenience. \n\nAfter that, I can only tell you what I would do. I would open an account at Fidelity or Vanguard and invest the money. Stay away from individual stocks. Buy low-cost index funds. Only use the money for necessary purchases (down payment on a house, paying off student loans, etc..). Do not go buy a $40,000 car or take 5 of your buddies to Las Vegas. In fact, I wouldn't tell anyone about the money. Just pretend like the money isn't there. It will grow and grow. And by the time you're 35 or 45, you'll look and say hey, I have $1M+. Now I can really decide how I want to use this money. I'm so glad I didn't waste it on useless material things in my early 20s. \n\nPlease let me know if you have any other specific questions. " User (liveinisrael): "Thank you for your thorough and thoughtful response!"

User (sheldokin): "I recently moved back in with my parents started a new job on the 7th of October\n\nI currently have 2500$\n1500$ is locked away until I receive my ID in the mail\nget payed around 2500$ every two weeks\n\nI need a car for work & it seems like the best option is to get something around 10k (I have no clue about cars) There's alot of pressure to get one asap & currently I waste a grand a month on uber\n\nMy plan is to go to a dealership this weekend & finance a car - I have no credit whatsoever so I'm expecting to put two grand down (20%) alternatively my friend has offered to cosign for me but I would perfer not to do that.\n\nPlease help me decide the most logical decision- the way I look at it is, I need a car asap, even if I have a high interest rate it won't matter because I can pay it off quicker (like pay off 50% next month if I want) or maybe I should get a cheaper car? I'm at a loss, all I know is I need to figure this out" Self: "Get a Honda. 20% down is the minimum I would do. The dealer may try to talk you into a smaller down payment. " User (sheldokin): "Do you think i'll even be able to with getting my job so recently? I also have literally no credit" Self: "You can always find a place to finance. You won't get the best interest rate tho. That's why you put as much down as possible. If you really can't swing the monthly payments, You can find decent vehicles for 2-4K. Do you have any mechanic friends? Family members? It's always good to bring someone who knows cars to look with you. Check brake lines, tires, Etc. Generally speaking Hondas, toyotas and older Ford Taurus' run forever. \n\nAre you in a warm climate city ?" User (sheldokin): "I live in connecticut so not really"

User (sheldokin): "I recently moved back in with my parents started a new job on the 7th of October\n\nI currently have 2500$\n1500$ is locked away until I receive my ID in the mail\nget payed around 2500$ every two weeks\n\nI need a car for work & it seems like the best option is to get something around 10k (I have no clue about cars) There's alot of pressure to get one asap & currently I waste a grand a month on uber\n\nMy plan is to go to a dealership this weekend & finance a car - I have no credit whatsoever so I'm expecting to put two grand down (20%) alternatively my friend has offered to cosign for me but I would perfer not to do that.\n\nPlease help me decide the most logical decision- the way I look at it is, I need a car asap, even if I have a high interest rate it won't matter because I can pay it off quicker (like pay off 50% next month if I want) or maybe I should get a cheaper car? I'm at a loss, all I know is I need to figure this out" Self: "Why do you need a car that costs 10K? Wouldn't a cheaper car as a short-term solution be a viable option? You'd be able to use that time to better establish your credit and show your job is steady." User (sheldokin): "This is the answer - I know nothing of cars & thought id need to spend 10k - tonight im looking at this https://newhaven.craigslist.org/cto/5901659833.html"

User (drivin2change): "OK, so my car is part of the VW TDI scandal and will be bought back by VW next week, for which I will be receiving ~$20k. I just recently purchased a replacement vehicle for $20k, and was planning on using the money from the buyback to pay it off (currently financed 100% @3.49% for 72 months - $325/month). However, I also have $14k in student loan debt @ 4.125%. So lately I have been wondering if I shouldn't just pay off the student loan and put the remaining $5k towards the car loan??\n\nExtra Info: Currently 26, paying $600/month (required payment is $140/month - consolidated 20 yr loan) on student loans to pay them off faster, as I would like to be debt free as soon as possible while still being able to enjoy life. If student loan was paid off, I would plan on continuing to pay the $600/month towards the auto loan to pay it off early. Currently make $80k/year, put 15% into 401k (company puts in additional 4% match + 3% contribution), and have ~$3k in emergency fund. Trying to grow emergency fund and save for a house later down the road, but not the best at saving money (working on this thanks to PF and the many "what to do with your money" post!!)." Self: "You may find these links helpful:\n\n- [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (drivin2change): "OK, so my car is part of the VW TDI scandal and will be bought back by VW next week, for which I will be receiving ~$20k. I just recently purchased a replacement vehicle for $20k, and was planning on using the money from the buyback to pay it off (currently financed 100% @3.49% for 72 months - $325/month). However, I also have $14k in student loan debt @ 4.125%. So lately I have been wondering if I shouldn't just pay off the student loan and put the remaining $5k towards the car loan??\n\nExtra Info: Currently 26, paying $600/month (required payment is $140/month - consolidated 20 yr loan) on student loans to pay them off faster, as I would like to be debt free as soon as possible while still being able to enjoy life. If student loan was paid off, I would plan on continuing to pay the $600/month towards the auto loan to pay it off early. Currently make $80k/year, put 15% into 401k (company puts in additional 4% match + 3% contribution), and have ~$3k in emergency fund. Trying to grow emergency fund and save for a house later down the road, but not the best at saving money (working on this thanks to PF and the many "what to do with your money" post!!)." Self: "I would pay the student loan off, apply the rest of the buyback to the car, then start paying the car loan by an additional $600 per month (what you were paying your student loans). It will be paid off quickly that way, allowing you build up your emergency fund a little bit more and increase funding to your retirement."

User (A55Bl4aster): "I am a 21 year old male, transitioning out of the Military. So I need advice, the military botched a surgery on me so I will be getting compensated with a lump sum of $12,000 and a monthly payment of roughly $1,600, and I will go to school for free and receive about $850 a month for the area I am going to be living in for school. The only debt I have is about $6000 in vehicle debt, though I am also in the middle of a Divorce and am cosigned on her vehicle of about $12,000. Since I have this income and qualify for a VA home loan, I am considering buying a home though I don't plan to stay in Utah after college. I just feel so lost and confused being that this will be my first time being an adult outside of the Army. \n\nCan somebody give me guidance or advice on what you would do in my situation if you had the knowledge that you have now?\n\nEDIT: Army medically separated me so no retirement , VA gave me a rating of 80%. \n\nThey did a surgery on my balls which left me with chronic moderate to severe testicle pain worsened by physical activity. OT established that anytime I activate my core muscles it makes it worse. Running is miserable and lifting weight over 30lbs causes me pain also. \n\nI will most likely work part time, but want to focus on school so part time only. I didn't include a work income because I'm not sure if I will be able to find a part time job that can accommodate my physical limitations yet." Self: "I highly recommend sitting down with a financial counselor through your base's Personal Financial Management Program or Military One Source. They do this kind of thing all the time and it doesn't cost you anything. Your base may even offer a class on home buying. \n\nI'm not extremely familiar with VA loans, but I have heard that they don't count your GI Bill housing allowance as income, so that may be an issue.\n\nOther than that, I'd just be researching costs near your school and trying to put together a workable spending plan based on your $2450/month income. You should be able to get estimates or quotes for rent or mortgage, utilities, renters and car insurance, etc. Don't forget that you won't get your housing allowance between semesters, so you'll need to plan ahead for that. I would try to keep the $12,000 as an emergency fund and touch it as little as possible." User (A55Bl4aster): "Should I use that any of that 12000 to kill my debt and have less month to month payments?" spartan5312 (spartan5312): "If they month to month payments are not killing you I Wouldn't do that. Your disability is guaranteed so you won't have to worry about chipping away at that. Think long term with that Lump Sum, use it to furnish your house, create an emergency fund that you don't touch and if you haven't already use a portion as a start up for your retirement fund/add to an existing one."

User (A55Bl4aster): "I am a 21 year old male, transitioning out of the Military. So I need advice, the military botched a surgery on me so I will be getting compensated with a lump sum of $12,000 and a monthly payment of roughly $1,600, and I will go to school for free and receive about $850 a month for the area I am going to be living in for school. The only debt I have is about $6000 in vehicle debt, though I am also in the middle of a Divorce and am cosigned on her vehicle of about $12,000. Since I have this income and qualify for a VA home loan, I am considering buying a home though I don't plan to stay in Utah after college. I just feel so lost and confused being that this will be my first time being an adult outside of the Army. \n\nCan somebody give me guidance or advice on what you would do in my situation if you had the knowledge that you have now?\n\nEDIT: Army medically separated me so no retirement , VA gave me a rating of 80%. \n\nThey did a surgery on my balls which left me with chronic moderate to severe testicle pain worsened by physical activity. OT established that anytime I activate my core muscles it makes it worse. Running is miserable and lifting weight over 30lbs causes me pain also. \n\nI will most likely work part time, but want to focus on school so part time only. I didn't include a work income because I'm not sure if I will be able to find a part time job that can accommodate my physical limitations yet." Self: "I highly recommend sitting down with a financial counselor through your base's Personal Financial Management Program or Military One Source. They do this kind of thing all the time and it doesn't cost you anything. Your base may even offer a class on home buying. \n\nI'm not extremely familiar with VA loans, but I have heard that they don't count your GI Bill housing allowance as income, so that may be an issue.\n\nOther than that, I'd just be researching costs near your school and trying to put together a workable spending plan based on your $2450/month income. You should be able to get estimates or quotes for rent or mortgage, utilities, renters and car insurance, etc. Don't forget that you won't get your housing allowance between semesters, so you'll need to plan ahead for that. I would try to keep the $12,000 as an emergency fund and touch it as little as possible." User (A55Bl4aster): "Should I use that any of that 12000 to kill my debt and have less month to month payments?" Self: "I agree with u/spartan5312. I would only use the $12k to pay down debt if that's the only way to make your monthly budget work."

User (A55Bl4aster): "I am a 21 year old male, transitioning out of the Military. So I need advice, the military botched a surgery on me so I will be getting compensated with a lump sum of $12,000 and a monthly payment of roughly $1,600, and I will go to school for free and receive about $850 a month for the area I am going to be living in for school. The only debt I have is about $6000 in vehicle debt, though I am also in the middle of a Divorce and am cosigned on her vehicle of about $12,000. Since I have this income and qualify for a VA home loan, I am considering buying a home though I don't plan to stay in Utah after college. I just feel so lost and confused being that this will be my first time being an adult outside of the Army. \n\nCan somebody give me guidance or advice on what you would do in my situation if you had the knowledge that you have now?\n\nEDIT: Army medically separated me so no retirement , VA gave me a rating of 80%. \n\nThey did a surgery on my balls which left me with chronic moderate to severe testicle pain worsened by physical activity. OT established that anytime I activate my core muscles it makes it worse. Running is miserable and lifting weight over 30lbs causes me pain also. \n\nI will most likely work part time, but want to focus on school so part time only. I didn't include a work income because I'm not sure if I will be able to find a part time job that can accommodate my physical limitations yet." Self: "What surgery was botched? What is your disability rating? Can you reevaluate your disability percentage higher? Document everything about how your injury makes life harder and all the things you can't do. Do this daily. If you think you have a case, you can appeal to the VA to increase your rating/payment.\n\nRegardless of you financial status I'd look at government jobs that relate to your experience in the military, even just slightly. The place to be is usajobs.gov. Since you should now have "service connected disability" status you get immediate preference in consideration for government jobs. This is what's known as a "10 point preference" and you'll need a letter from the VA to claim it when applying. Just don't be that guy who doesn't know/learn how to do his job, we have too many of them already.\n\nI'd not recommend buying a house where you aren't going to stay, so when you do get a cushy gov't job and things start going well, think about buying a place there. It'll make things easier in the long run. If you do some (a lot of) research, maybe you can get a duplex or something like that and start yourself a passive income stream as well. \n\nWhen you finally get discharged from the military, apply for unemployment. This should be pretty much guaranteed and will help support you while you search for your next opportunity. \n\nAs for other things you'll now have to handle on your own: \n\n- Health insurance is probably the biggest concern. Since the government broke you you may be eligible for TRICARE even though you're no longer in the military. If not, you'll have to find your own insurance until you get a job and if that job doesn't supply it. You'll need to find your own doctor and dentist now too, even if you're on TRICARE. \n\n- Life insurance, if you want/need it.\n\n- Retirement savings is also more complicated now. You're no longer eligible for TSP (unless you get a fed job again), so go open yourself a Vanguard IRA in a target account. Head on over to r/investing for more info there. DONT EMPTY YOUR TSP if you have money in it! You can leave it there forever and you will NOT find any investment fund that can beat the TSP fees." EWCM (EWCM): " It would be helpful to know if the OP is being medically retired and eligible for retirement pay or medically separated and receiving VA disability only. TRICARE is only available to those who are medically retired. Otherwise, the VA will provide healthcare.\n\nIf medically retired, the Survivor Benefit Program would be an alternative to life insurance if needed.\n\nIf his only income is VA disability, retirement pay, and/or GI Bill stipends, he won't be able to contribute to an IRA. None of those are considered earned income." User (A55Bl4aster): "Updated to reflect questions. Since I won't have Tricare what are some good health insurance options?" EWCM (EWCM): "I'm no health insurance expert. I think your least expensive option would be the VA. If you don't want that, your options are probably looking for a job with health benefits, seeing what's available through your state's health care exchange, or checking to see if your school offers coverage for students."

User (The_Man_In_Black1919): "Hi everyone,\n\nI work sales selling a sort of "big ticket" item. Because of the nature of what we sell, each sale takes about a year of nurturing to close. I have a base salary which I budget strictly, and on the rare occasions of a sale actually closing I receive a very sizable commission.\n\nEarlier this year I brought in a large contract which has been paying out commission over the past 6 months. I've been sticking to my normal budget that I created around my base salary and sticking away the commission payments in a savings fund. I have an emergency fund as well that if need be would sustain me for around 5 months.\n\nThe savings I have put away equates to around $10,000. I have around $40,000 in student loans with about a 6% interest rate. I make a monthly payment of just under $400, which is very manageable with my budget.\n\nMy question is, should I use the money I've saved from my commission to pay off a chunk of the student loans, or is there a more productive use of the money? I'm currently 24 years old." Self: "You may find these links helpful:\n\n- [Student Loans wiki page](http://www.reddit.com/r/personalfinance/wiki/studentloans)\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [What's the best way to pay down my debt?](http://www.reddit.com/r/personalfinance/wiki/debt#wiki_what.27s_the_best_way_to_pay_down_my_debt.3F)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (The_Man_In_Black1919): "Hi everyone,\n\nI work sales selling a sort of "big ticket" item. Because of the nature of what we sell, each sale takes about a year of nurturing to close. I have a base salary which I budget strictly, and on the rare occasions of a sale actually closing I receive a very sizable commission.\n\nEarlier this year I brought in a large contract which has been paying out commission over the past 6 months. I've been sticking to my normal budget that I created around my base salary and sticking away the commission payments in a savings fund. I have an emergency fund as well that if need be would sustain me for around 5 months.\n\nThe savings I have put away equates to around $10,000. I have around $40,000 in student loans with about a 6% interest rate. I make a monthly payment of just under $400, which is very manageable with my budget.\n\nMy question is, should I use the money I've saved from my commission to pay off a chunk of the student loans, or is there a more productive use of the money? I'm currently 24 years old." Self: "Take a % of the money to use for an emergency fund if you don't have one already. use the rest to pay off your loans. There's likely nothing you can invest in that will yield you more than 6%, so even if you are gaining some return, you'd still be netting a loss. "

User (Musso_o): "So I'm trying to kill a monthly payment for a while, I either want to pay 6 months of insurance at $250 per month ($1,500) or pay 10 months of my car payment which is 205 per month. I don't know which one would be more beneficial since insurance is more a month I would have more pocket money every month. I don't know if there's a benefit for paying a larger sum for the car. I guess it's kinda dumb but I'm still learning all this financial stuff and still learning about loans. \n\nAny advice would be appreciated " Self: "You may find these links helpful:\n\n- [Tax Software Megathread](http://redd.it/41dew6)\n- [Taxes wiki page](https://www.reddit.com/r/personalfinance/wiki/taxes)\n- [Understanding tax brackets](https://www.reddit.com/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates)\n- [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (Musso_o): "So I'm trying to kill a monthly payment for a while, I either want to pay 6 months of insurance at $250 per month ($1,500) or pay 10 months of my car payment which is 205 per month. I don't know which one would be more beneficial since insurance is more a month I would have more pocket money every month. I don't know if there's a benefit for paying a larger sum for the car. I guess it's kinda dumb but I'm still learning all this financial stuff and still learning about loans. \n\nAny advice would be appreciated " Self: "the car is accumulating interest at some % per month. Pay that. " lilfunky1 (lilfunky1): "> the car is accumulating interest at some % per month. Pay that. \n\nUnless OP has a 0% car loan."

User (Musso_o): "So I'm trying to kill a monthly payment for a while, I either want to pay 6 months of insurance at $250 per month ($1,500) or pay 10 months of my car payment which is 205 per month. I don't know which one would be more beneficial since insurance is more a month I would have more pocket money every month. I don't know if there's a benefit for paying a larger sum for the car. I guess it's kinda dumb but I'm still learning all this financial stuff and still learning about loans. \n\nAny advice would be appreciated " Self: "the car is accumulating interest at some % per month. Pay that. " evaned (evaned): "The insurance savings are substantial (it reads to me like there's about a 17% full-pay discount); I'd guess there's little chance that interest on the loan is high enough to beat it."

User (Musso_o): "So I'm trying to kill a monthly payment for a while, I either want to pay 6 months of insurance at $250 per month ($1,500) or pay 10 months of my car payment which is 205 per month. I don't know which one would be more beneficial since insurance is more a month I would have more pocket money every month. I don't know if there's a benefit for paying a larger sum for the car. I guess it's kinda dumb but I'm still learning all this financial stuff and still learning about loans. \n\nAny advice would be appreciated " Self: "The government decides how your tax money is spent. \n\n" User (Musso_o): "I'm talking about my tax refund. Thanks for the insightful reply. "

User (The_Zamboners): "I always hear about how if I start saving $1000/year or so when I'm in my 20's, by the time I'm 60+ it will grow to a very large sum. I'm confused about the actual method for doing something like this, where exactly do I put that $1000/year? Just into my savings account? A retirement account? Invest it?\n\nThanks!" Self: "> A retirement account? Invest it?" User (The_Zamboners): "Straight and to the point, thanks!"

User (The_Zamboners): "I always hear about how if I start saving $1000/year or so when I'm in my 20's, by the time I'm 60+ it will grow to a very large sum. I'm confused about the actual method for doing something like this, where exactly do I put that $1000/year? Just into my savings account? A retirement account? Invest it?\n\nThanks!" Self: "Don't put it in savings after you've got an emergency fund. Put it in a Roth IRA or something similar."

User (The_Zamboners): "I always hear about how if I start saving $1000/year or so when I'm in my 20's, by the time I'm 60+ it will grow to a very large sum. I'm confused about the actual method for doing something like this, where exactly do I put that $1000/year? Just into my savings account? A retirement account? Invest it?\n\nThanks!" Self: "See the sidebar on every page of this subreddit? Read it. :)"

User (The_Zamboners): "I always hear about how if I start saving $1000/year or so when I'm in my 20's, by the time I'm 60+ it will grow to a very large sum. I'm confused about the actual method for doing something like this, where exactly do I put that $1000/year? Just into my savings account? A retirement account? Invest it?\n\nThanks!" Self: "If your employer offers a 401k, contribute toward it. If they match, put in at least as much as they match on to start or you are basically giving up free money. Take a look at your investment options that the plan offers and make sure you are in something that makes sense for someone in their 20s. Compounding interest over the years is how a relatively small amount grows by the time you reach retirement age. "

User (Aasanthkir): "I am using this app for six months, I do add all possible entries which I spent on. Mode can be cash, debit card and credit card.\n\nWorst case: Considering I account for a transaction on credit card (Ex: mobile bill.) 10 of this month later I have to pay the credit card bill at the beginning of the next month (1-4 my due date ) which also includes the transaction for Mobile bill.\n How can I not make the duplicate entries for the same transaction. \n\nNote: I do add transaction on the same day so I can categorize it as a mobile bill also I can remember which day I made payment.\n\nIs there any other way to not to make duplicate entries?? Or suggest a good app so I can get rid of this situation in future " Self: "I've recently used "Mint" and it helps wonderfully" User (Aasanthkir): "Unfortunately mint is not available in my region, is there an alternate "

User (Aasanthkir): "I am using this app for six months, I do add all possible entries which I spent on. Mode can be cash, debit card and credit card.\n\nWorst case: Considering I account for a transaction on credit card (Ex: mobile bill.) 10 of this month later I have to pay the credit card bill at the beginning of the next month (1-4 my due date ) which also includes the transaction for Mobile bill.\n How can I not make the duplicate entries for the same transaction. \n\nNote: I do add transaction on the same day so I can categorize it as a mobile bill also I can remember which day I made payment.\n\nIs there any other way to not to make duplicate entries?? Or suggest a good app so I can get rid of this situation in future " Self: "Do you want an app to track spending or do you want an app to help with budgeting? These are two different things.\n\nMint is a spending tracker with a rudimentary budgeting function.\nFinancier is a good budgeting app that can also track spending." User (Aasanthkir): "Need a app to track the spending, it would be great if I get a solution for my question "

User (ahmerw007): "I was in a car accident late last year and was getting medical attention this year. I was using my HSA to cover the costs. I received my medical settlement, now I'm wondering if I have to use part of the settlement to reimburse my HSA account? I talked to a rep who said I didn't have to, but I sensed a lack of confidence in the accuracy of her response. Any help would be much appreciated. Thanks!" Self: "You may find the [Health Insurance wiki page](https://www.reddit.com/r/personalfinance/wiki/health_insurance) helpful.\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (ahmerw007): "I was in a car accident late last year and was getting medical attention this year. I was using my HSA to cover the costs. I received my medical settlement, now I'm wondering if I have to use part of the settlement to reimburse my HSA account? I talked to a rep who said I didn't have to, but I sensed a lack of confidence in the accuracy of her response. Any help would be much appreciated. Thanks!" Self: "Nope, you're good. "

User (ahmerw007): "I was in a car accident late last year and was getting medical attention this year. I was using my HSA to cover the costs. I received my medical settlement, now I'm wondering if I have to use part of the settlement to reimburse my HSA account? I talked to a rep who said I didn't have to, but I sensed a lack of confidence in the accuracy of her response. Any help would be much appreciated. Thanks!" Self: "I'm going to disagree with /u/2cats_1dog although I am not an expert. I was in a not-at-fault accident in which the other party reimbursed me and my insurance for all medical expenses a few years ago and I know that I came to the conclusion that I could not use money from my HSA for the medical expenses which I was reimbursed for.\n\nHere is some other random internet person with a better explanation: http://forums.qrz.com/index.php?threads/health-savings-accounts-car-accident-settlements.486333/#post-3546680\n\nTrying to find an official answer the [OPM page](https://www.opm.gov/healthcare-insurance/healthcare/health-savings-accounts/health-savings-account/) on HSAs says that Withdrawals for [qualified medical expenses](https://www.irs.gov/publications/p502/ar02.html) are tax–free. [How Do You Treat Reimbursements?](https://www.irs.gov/publications/p502/ar02.html#en_US_2016_publink1000179086) seems to be pretty cut and dried:\n\n> You can include in medical expenses only those amounts paid during the tax year for which you received no insurance or other reimbursement.\n\nSo since you were reimbursed for these expenses, you cannot consider them to be qualified for tax exemption. This is not a loophole that you can use to get tax-free income."

User (sodenj5): "So I am considering taking a new position with a new company. The position would absolutely be a step forward for me in my career, opening the door for numerous future opportunities for me. The new place is also literally 5 minutes from my current apartment. \n\nThey've made me an official offer which is the same salary and same vacation time that I currently receive. However, the new company also offers a monthly profit sharing bonus program that can pay out anywhere between 15-25% of my monthly salary. \n\nI just wanted to do a sanity check and make sure I'm not wrong in thinking I should accept the offer as is. I originally told them I was looking for my current salary+10%, but with the bonus program, I could make significantly more. \n\n" Self: "Sounds like a good opportunity. Leave your current job in good terms, just incase. Also, how much was your commute before? Your probably gaining some money back there. " User (sodenj5): "My current commute is about 20 minutes. So roughly saving about 30 minutes of commuting time a day. "

User (sodenj5): "So I am considering taking a new position with a new company. The position would absolutely be a step forward for me in my career, opening the door for numerous future opportunities for me. The new place is also literally 5 minutes from my current apartment. \n\nThey've made me an official offer which is the same salary and same vacation time that I currently receive. However, the new company also offers a monthly profit sharing bonus program that can pay out anywhere between 15-25% of my monthly salary. \n\nI just wanted to do a sanity check and make sure I'm not wrong in thinking I should accept the offer as is. I originally told them I was looking for my current salary+10%, but with the bonus program, I could make significantly more. \n\n" Self: "You've shared absolutely no cons to accepting the job. What, exactly is causing your doubt? \n\nTake the new job." User (sodenj5): "The only con I could think of was the base salary remaining the same. I've never really had a job with a scheduled monthly or annual bonus. \n\nI just wanted to make sure I wasn't "leaving money on the table" by not getting more guaranteed money in terms of salary. " Self: ">The only con I could think of was the base salary remaining the same.\n\nThat's not a con, it's a neutral. There aren't any cons based on what you've shared. "

User (sodenj5): "So I am considering taking a new position with a new company. The position would absolutely be a step forward for me in my career, opening the door for numerous future opportunities for me. The new place is also literally 5 minutes from my current apartment. \n\nThey've made me an official offer which is the same salary and same vacation time that I currently receive. However, the new company also offers a monthly profit sharing bonus program that can pay out anywhere between 15-25% of my monthly salary. \n\nI just wanted to do a sanity check and make sure I'm not wrong in thinking I should accept the offer as is. I originally told them I was looking for my current salary+10%, but with the bonus program, I could make significantly more. \n\n" Self: "Same salary, yes, but the time saved traveling makes up for it in my opinion. Saving 30 minutes each day is saving about 125 hours per year. I always think of my commute as part of my hours worked, but don't get paid for. Plus, thats close enough to go home for lunch, eat, watch some TV for a bit then go back to work. I see much more upside just on time saved alone."

User (Safyre420): "I'm 32, decent credit(upper 600s), never owned a credit card. I've actually refused to get one due to knowing my spending habits in the past. I'm seriously considering trying to get one being that I feel that I have reigned in my wasteful and terrible spending habits(ie: I have money let's spend it!). I have no idea if I actually should get one, how to even shop around for one, how to determine what kind of spending limit I would actually need, if I can actually decide what spending limit to have. Basically I'm completely lost as to what I'm doing and need advice. Any and all help/advice is greatly appreciated." Self: "You may find these links helpful:\n\n- [Credit-related wiki pages](http://www.reddit.com/r/personalfinance/wiki/index#wiki_credit)\n- [Credit Cards](http://www.reddit.com/r/personalfinance/wiki/creditcards) \n- [FICO / Credit Scores](http://www.reddit.com/r/personalfinance/wiki/fico)\n- [Improving Credit Scores and Building Credit](http://www.reddit.com/r/personalfinance/wiki/credit_building)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (alhar): "I'll be driving 10 hours across state to relocate to my company, and then facing a 30-40 minute one way commute every day. Wouldn't trust my current vehicle [old beater] to even make it through the 10 hour drive.\n\nI have minimal in savings (under $2000) to buy a used car right now, but I'll be making 60-70k once I start and can build up some savings quickly. The problem is I have to have a reliable vehicle before the paycheques are coming in, would leasing for 1 year (and making $200-300/month payments) be a bad decision in this circumstance?" Self: "How is your credit, on Credit Karma or discover? No, leasing would not be the best. If you need a car and don't have money to put down, buying a 2-4 year old car is the best way to go, since with a credit union or if it's certified pre-owned, then your interest rate should be under 2%. Go buy a used Mazda3, Civic, Corolla, etc. for less than $14,000 out the door.\n\nHow much of a beater, really, is your car? Are you in a 1997 Escort, or is your "beater" a 2008 Scion?"

User (alhar): "I'll be driving 10 hours across state to relocate to my company, and then facing a 30-40 minute one way commute every day. Wouldn't trust my current vehicle [old beater] to even make it through the 10 hour drive.\n\nI have minimal in savings (under $2000) to buy a used car right now, but I'll be making 60-70k once I start and can build up some savings quickly. The problem is I have to have a reliable vehicle before the paycheques are coming in, would leasing for 1 year (and making $200-300/month payments) be a bad decision in this circumstance?" Self: "Of the three options - paying cash, financing, and leasing - leasing is the worst by far. \n\nIf you can't find a car for the cash you can pay, try and get a loan. "

User (alhar): "I'll be driving 10 hours across state to relocate to my company, and then facing a 30-40 minute one way commute every day. Wouldn't trust my current vehicle [old beater] to even make it through the 10 hour drive.\n\nI have minimal in savings (under $2000) to buy a used car right now, but I'll be making 60-70k once I start and can build up some savings quickly. The problem is I have to have a reliable vehicle before the paycheques are coming in, would leasing for 1 year (and making $200-300/month payments) be a bad decision in this circumstance?" Self: "I'd roll the dice and drive the beater for a year. What's wrong with it? Just because a car is older doesn't mean it'd be unreliable. If you want a safety net, signing up for AAA may get you out of a jam. \n\nAlso AFAIK leases are typically 36 months minimum, with 48-60 months more common. "

User (alhar): "I'll be driving 10 hours across state to relocate to my company, and then facing a 30-40 minute one way commute every day. Wouldn't trust my current vehicle [old beater] to even make it through the 10 hour drive.\n\nI have minimal in savings (under $2000) to buy a used car right now, but I'll be making 60-70k once I start and can build up some savings quickly. The problem is I have to have a reliable vehicle before the paycheques are coming in, would leasing for 1 year (and making $200-300/month payments) be a bad decision in this circumstance?" Self: "Leasing isn't financially sound and note that most leases have limited miles. That could be an issue if you'll be driving a lot. Also a new car means high insurance premium in most cases although there're exception. If I were in your position and I'm sure that my job will pay me 60-70k with some level of job security, I'd get either 2-3 years old car or get a new car with pre-approved loan. Like the other poster said, don't pay no more than 2% on interests. "

User (Bricktop72): "Long story short, my friend didn't pay attention to finances during her marriage/divorce. Now she finds herself massively over budget and upside down on most items. Naturally she doesn't have an emergency fund either. For positives, she makes good money. \n\nThe budget is ugly. \nIncome\n\nPay = $7000\n\nRoommate = $500\n\n-- Total/month = $7500\n\nExpenses:\nHouse + HOA + utilities = 3500/month (Ex still on mortgage.)\n\nChild Support = $1000 (She pays)\n\nCar + Insurance = 760/month (worth ~12k, owes ~20k)\n\nChildcare = $600\n\nPhone = $180 (Yeah some can get trimmed)\n\nCable = $150 (Cancellation fee is $250)\n\nFood+household items = $900 (4 total, 1 teen, 1 in diapers) \n\nStudent Loans = $800 ($200k total)\n\nPets = $100\n\nMedical bills = $150 ($10k total)\n\n-- Total expenses = ~$8150\n\nShe has about $3000 in stuff she can sell but that will leave her sleeping on an air mattress. \n\nThe roommate just gave 30 days notice so starting next month she is short $1,150 a month. \n\nThe only bright spot I can see is she has $100k in home equity. \n\nI'm of the opinion she should burn it all down. Sell everything she can, then take out a Home Equity Loan, give the ex a share, then tell him she is walking away from the house and it is his responsibility to sell (He is a realtor). Use her share of the cash to rent a house in the $1500 range. " Self: "You may find these links helpful:\n\n- [Budgeting wiki page](http://www.reddit.com/r/personalfinance/wiki/budgeting)\n- [Spreadsheets section of the Tools wiki page](http://www.reddit.com/r/personalfinance/wiki/tools#wiki_redditor_created.3A)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (Bricktop72): "Long story short, my friend didn't pay attention to finances during her marriage/divorce. Now she finds herself massively over budget and upside down on most items. Naturally she doesn't have an emergency fund either. For positives, she makes good money. \n\nThe budget is ugly. \nIncome\n\nPay = $7000\n\nRoommate = $500\n\n-- Total/month = $7500\n\nExpenses:\nHouse + HOA + utilities = 3500/month (Ex still on mortgage.)\n\nChild Support = $1000 (She pays)\n\nCar + Insurance = 760/month (worth ~12k, owes ~20k)\n\nChildcare = $600\n\nPhone = $180 (Yeah some can get trimmed)\n\nCable = $150 (Cancellation fee is $250)\n\nFood+household items = $900 (4 total, 1 teen, 1 in diapers) \n\nStudent Loans = $800 ($200k total)\n\nPets = $100\n\nMedical bills = $150 ($10k total)\n\n-- Total expenses = ~$8150\n\nShe has about $3000 in stuff she can sell but that will leave her sleeping on an air mattress. \n\nThe roommate just gave 30 days notice so starting next month she is short $1,150 a month. \n\nThe only bright spot I can see is she has $100k in home equity. \n\nI'm of the opinion she should burn it all down. Sell everything she can, then take out a Home Equity Loan, give the ex a share, then tell him she is walking away from the house and it is his responsibility to sell (He is a realtor). Use her share of the cash to rent a house in the $1500 range. " Self: "She needs to sell the house. What is she thinking?" User (Bricktop72): "There was no thinking involved. Her ex got her emotional invested in the house. " Self: "That's not an excuse. If she can sell the house, she should sell the house. There's no other alternative as you describe it. " User (Bricktop72): "Oh I agree. She is finally at that point where she is realizes she has to sell. Only 12 months too late. At this point she just has to survive until the house is sold.\n\n\nI thought you were asking why she stayed in the house after the divorce seeing it was such a massive albatross. "

User (Bricktop72): "Long story short, my friend didn't pay attention to finances during her marriage/divorce. Now she finds herself massively over budget and upside down on most items. Naturally she doesn't have an emergency fund either. For positives, she makes good money. \n\nThe budget is ugly. \nIncome\n\nPay = $7000\n\nRoommate = $500\n\n-- Total/month = $7500\n\nExpenses:\nHouse + HOA + utilities = 3500/month (Ex still on mortgage.)\n\nChild Support = $1000 (She pays)\n\nCar + Insurance = 760/month (worth ~12k, owes ~20k)\n\nChildcare = $600\n\nPhone = $180 (Yeah some can get trimmed)\n\nCable = $150 (Cancellation fee is $250)\n\nFood+household items = $900 (4 total, 1 teen, 1 in diapers) \n\nStudent Loans = $800 ($200k total)\n\nPets = $100\n\nMedical bills = $150 ($10k total)\n\n-- Total expenses = ~$8150\n\nShe has about $3000 in stuff she can sell but that will leave her sleeping on an air mattress. \n\nThe roommate just gave 30 days notice so starting next month she is short $1,150 a month. \n\nThe only bright spot I can see is she has $100k in home equity. \n\nI'm of the opinion she should burn it all down. Sell everything she can, then take out a Home Equity Loan, give the ex a share, then tell him she is walking away from the house and it is his responsibility to sell (He is a realtor). Use her share of the cash to rent a house in the $1500 range. " Self: "> then take out a Home Equity Loan\n\nYeah, no. They know what she is paying on the mortgage. " User (Bricktop72): "Yeah. Kinda figured that might be the case. "

User (Bricktop72): "Long story short, my friend didn't pay attention to finances during her marriage/divorce. Now she finds herself massively over budget and upside down on most items. Naturally she doesn't have an emergency fund either. For positives, she makes good money. \n\nThe budget is ugly. \nIncome\n\nPay = $7000\n\nRoommate = $500\n\n-- Total/month = $7500\n\nExpenses:\nHouse + HOA + utilities = 3500/month (Ex still on mortgage.)\n\nChild Support = $1000 (She pays)\n\nCar + Insurance = 760/month (worth ~12k, owes ~20k)\n\nChildcare = $600\n\nPhone = $180 (Yeah some can get trimmed)\n\nCable = $150 (Cancellation fee is $250)\n\nFood+household items = $900 (4 total, 1 teen, 1 in diapers) \n\nStudent Loans = $800 ($200k total)\n\nPets = $100\n\nMedical bills = $150 ($10k total)\n\n-- Total expenses = ~$8150\n\nShe has about $3000 in stuff she can sell but that will leave her sleeping on an air mattress. \n\nThe roommate just gave 30 days notice so starting next month she is short $1,150 a month. \n\nThe only bright spot I can see is she has $100k in home equity. \n\nI'm of the opinion she should burn it all down. Sell everything she can, then take out a Home Equity Loan, give the ex a share, then tell him she is walking away from the house and it is his responsibility to sell (He is a realtor). Use her share of the cash to rent a house in the $1500 range. " Self: "Yeah, she should move one way or the other. Spending 60% of income on just house+insurance+utilities is far too much. Also, the ex should contribute towards some of the costs for the children." User (Bricktop72): "50/50 custody. She pays him $1000 a month. It is automatically deducted so I didn't include it. I'll update to show it. " Self: "Shitty deal for her then. House plus alimony plus childcare eats up 5/7th of her income. That's definitely the vector for change then, one way or the other."

User (Bricktop72): "Long story short, my friend didn't pay attention to finances during her marriage/divorce. Now she finds herself massively over budget and upside down on most items. Naturally she doesn't have an emergency fund either. For positives, she makes good money. \n\nThe budget is ugly. \nIncome\n\nPay = $7000\n\nRoommate = $500\n\n-- Total/month = $7500\n\nExpenses:\nHouse + HOA + utilities = 3500/month (Ex still on mortgage.)\n\nChild Support = $1000 (She pays)\n\nCar + Insurance = 760/month (worth ~12k, owes ~20k)\n\nChildcare = $600\n\nPhone = $180 (Yeah some can get trimmed)\n\nCable = $150 (Cancellation fee is $250)\n\nFood+household items = $900 (4 total, 1 teen, 1 in diapers) \n\nStudent Loans = $800 ($200k total)\n\nPets = $100\n\nMedical bills = $150 ($10k total)\n\n-- Total expenses = ~$8150\n\nShe has about $3000 in stuff she can sell but that will leave her sleeping on an air mattress. \n\nThe roommate just gave 30 days notice so starting next month she is short $1,150 a month. \n\nThe only bright spot I can see is she has $100k in home equity. \n\nI'm of the opinion she should burn it all down. Sell everything she can, then take out a Home Equity Loan, give the ex a share, then tell him she is walking away from the house and it is his responsibility to sell (He is a realtor). Use her share of the cash to rent a house in the $1500 range. " Self: "Goodbye pets and cable... Charge roomate more. Sell house. " numberjack (numberjack): "Seriously how are we even having the discussion about cable at this point. "

User (simmmons): "I have a Chase Sapphire Preferred that I don't use any more and a Reserve that I use as my primary card. I recently got a refund for an AA flight on the Preferred card.\nWhat can I do with the negative balance if I don't intend on using the card? Do I get a check or can I use the negative balance against the Reserve card payment?" Self: "Highly doubt it.\n\nYou really shouldn't let a negative balance sit on a card for too long either. I'd be putting all of my everyday expenses on it until it gets to 0 or just above and pay off the little left over." User (simmmons): "Thanks, but that's what I want to avoid if possible.\n"

User (simmmons): "I have a Chase Sapphire Preferred that I don't use any more and a Reserve that I use as my primary card. I recently got a refund for an AA flight on the Preferred card.\nWhat can I do with the negative balance if I don't intend on using the card? Do I get a check or can I use the negative balance against the Reserve card payment?" Self: "Call the bank and see if they can move the credit balance over." User (simmmons): "I'll do that, thanks."

User (simmmons): "I have a Chase Sapphire Preferred that I don't use any more and a Reserve that I use as my primary card. I recently got a refund for an AA flight on the Preferred card.\nWhat can I do with the negative balance if I don't intend on using the card? Do I get a check or can I use the negative balance against the Reserve card payment?" Self: "When I overpaid my CSP, they offered to credit another account or send me a check. I chose the check, came in like 7 days. The credit on another account should be instant though. This was within the last year. " User (simmmons): "That sounds promising. I haven't called yet since my work phone seems to not like 800 numbers."

User (simmmons): "I have a Chase Sapphire Preferred that I don't use any more and a Reserve that I use as my primary card. I recently got a refund for an AA flight on the Preferred card.\nWhat can I do with the negative balance if I don't intend on using the card? Do I get a check or can I use the negative balance against the Reserve card payment?" Self: "When I overpaid my CSP, they offered to credit another account or send me a check. I chose the check, came in like 7 days. The credit on another account should be instant though. This was within the last year. " User (simmmons): "It exactly worked as you said. I called and they used the negative balance credit my second account." Self: "Great!"

User (0rwcky): "Hello all! Thanks in advance for any advice you might be able to provide.\n\nI'm a student, I have some debt from earlier schooling (undergrad and masters, $50k, in deferment for the next few years), and a bit of credit card debt ($1,500). I just inherited a small sum of money ($3,000) and I was wondering if there is something more prudent I could do than putting it in a savings account. I realize the advice might be to pay off the credit card debt now in one fell swoop, which I'm open to.\n\nI live off my monthly stipend from school pretty well, and will pay down my credit card debt over the next 3 months or so. I have almost no savings to speak of, but I try to put away anything I can each month...travel home to see family during holidays as well as expenses incurred at conferences I attend for school mean I don't have much to spare at any given time. I feel pretty pitiful to be nearly 30 years old with no savings, but I'm doing my best and trying to be responsible in the little ways I can.\n\nSo, reddit, any advice? Anything I can do with the 3k that might get me started building up a little more financial stability? Thanks again for any thoughts!" Self: "You may find these links helpful:\n\n- ["How to handle $"](http://www.reddit.com/r/personalfinance/wiki/commontopics)\n- [Investing wiki page](http://www.reddit.com/r/personalfinance/wiki/investing)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (0rwcky): "Hello all! Thanks in advance for any advice you might be able to provide.\n\nI'm a student, I have some debt from earlier schooling (undergrad and masters, $50k, in deferment for the next few years), and a bit of credit card debt ($1,500). I just inherited a small sum of money ($3,000) and I was wondering if there is something more prudent I could do than putting it in a savings account. I realize the advice might be to pay off the credit card debt now in one fell swoop, which I'm open to.\n\nI live off my monthly stipend from school pretty well, and will pay down my credit card debt over the next 3 months or so. I have almost no savings to speak of, but I try to put away anything I can each month...travel home to see family during holidays as well as expenses incurred at conferences I attend for school mean I don't have much to spare at any given time. I feel pretty pitiful to be nearly 30 years old with no savings, but I'm doing my best and trying to be responsible in the little ways I can.\n\nSo, reddit, any advice? Anything I can do with the 3k that might get me started building up a little more financial stability? Thanks again for any thoughts!" Self: "Definitely pay off the credit card debt immediately. Then stop using credit cards. The extra $1,500 will give you a much better cushion than the cards. Make that your new emergency fund that you do your best not to touch unless you have a true emergency.\n\nI lived very tightly as well during grad school, struggling to build up some savings for those irregular expenses... My best advice is to track and budget very thoroughly and overestimate the amounts you will need for the irregular expenses. Then find additional frugal strategies to incorporate into your monthly routines." User (0rwcky): "Thanks for the advice! I'll definitely do what you suggested.\n\nUnfortunately I'm not able to "stop" the credit card use entirely due to conference travel (we pay out of pocket and are then reimbursed by the university; if I didn't use the card for that I wouldn't be able to make these trips, which are important to succeeding in the program. In any case, as soon as the reimbursement comes in it goes directly to paying off the debt.). But everything else I can do! "

User (0rwcky): "Hello all! Thanks in advance for any advice you might be able to provide.\n\nI'm a student, I have some debt from earlier schooling (undergrad and masters, $50k, in deferment for the next few years), and a bit of credit card debt ($1,500). I just inherited a small sum of money ($3,000) and I was wondering if there is something more prudent I could do than putting it in a savings account. I realize the advice might be to pay off the credit card debt now in one fell swoop, which I'm open to.\n\nI live off my monthly stipend from school pretty well, and will pay down my credit card debt over the next 3 months or so. I have almost no savings to speak of, but I try to put away anything I can each month...travel home to see family during holidays as well as expenses incurred at conferences I attend for school mean I don't have much to spare at any given time. I feel pretty pitiful to be nearly 30 years old with no savings, but I'm doing my best and trying to be responsible in the little ways I can.\n\nSo, reddit, any advice? Anything I can do with the 3k that might get me started building up a little more financial stability? Thanks again for any thoughts!" Self: "Unless it's an interest free credit card - pay it off completely. Since you have no savings, save the other $1,500 in a regular savings account. There's not much to invest 1,500-3,000 in that would make a difference. And you shouldn't start investing until you have savings anyway" User (0rwcky): "Thanks for the advice! Much appreciated."

User (THUMB5UP): "I can't get Mint to sync half of my accounts and tells me my login information is incorrect when it is 100% correct. \n\nWhat is going on? Is it just me or is there a problem??" Self: "You may find these links helpful:\n\n- /r/mintuit: a subreddit all about Mint\n- [Budgeting wiki page](http://www.reddit.com/r/personalfinance/wiki/budgeting)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"

User (THUMB5UP): "I can't get Mint to sync half of my accounts and tells me my login information is incorrect when it is 100% correct. \n\nWhat is going on? Is it just me or is there a problem??" Self: "I had no issues syncing my accounts this morning. Might want to contact their support. Their twitter team @mintcares is fairly responsive."

User (THUMB5UP): "I can't get Mint to sync half of my accounts and tells me my login information is incorrect when it is 100% correct. \n\nWhat is going on? Is it just me or is there a problem??" Self: "It's almost always broken in some way."

User (THUMB5UP): "I can't get Mint to sync half of my accounts and tells me my login information is incorrect when it is 100% correct. \n\nWhat is going on? Is it just me or is there a problem??" Self: "Clear your cache or reset your pc" User (THUMB5UP): "Didn't work."

User (THUMB5UP): "I can't get Mint to sync half of my accounts and tells me my login information is incorrect when it is 100% correct. \n\nWhat is going on? Is it just me or is there a problem??" Self: "Not for me. Just logged in, everything was fine." User (THUMB5UP): "I've got 9 that aren't syncing or accepting the correct answers."

User (pavewoment): "My mom recently told me that my grandparents, bless them, have saved up 10,000 euros to gift me after I graduate college (which won't be until 2019) to help get my life started. This is a little early, but what's the best way to use this money? Should I try to pay off as much student debt as possible immediately (I'll have about $20k), or invest into some form of savings?\n\nI don't think I'll need it for immediate living expenses (I have a decent projected starting salary, and a couple thousand $ saved up already). " Self: "https://www.reddit.com/r/personalfinance/wiki/commontopics"

User (pavewoment): "My mom recently told me that my grandparents, bless them, have saved up 10,000 euros to gift me after I graduate college (which won't be until 2019) to help get my life started. This is a little early, but what's the best way to use this money? Should I try to pay off as much student debt as possible immediately (I'll have about $20k), or invest into some form of savings?\n\nI don't think I'll need it for immediate living expenses (I have a decent projected starting salary, and a couple thousand $ saved up already). " Self: "I recommend keeping it in a savings account until you know you have a job and are well aware of what your living expenses will be after you graduate.\n\nOnce you are comfortable with the new lifestyle, I'd probably pay down any of your loans that have a higher interest rate."

User (the_greatsarcasmo): "Hi everyone, I need your advice!\n\nRight now I (21/f) am undertaking an apprenticeship with a government agency that is administrative work in the U.K. I can't go into much detail about what I do but it involves processing legal documents. It's a very good job and I'm also working on a BTEC in Business Administration; the apprenticeship finishes in April of 2018 and currently I'm making 16.9k a year and will be making 19k when I finish my BTEC which will be late next year though I have complete control over this and can finish sooner if I want (I don't get the pay rise though until 1.5 years into the apprenticeship and I've been here since April this year). \n\nIn the new year I'm moving into a house share with my partner and two good friends, this would bring my expenses down to £350 a month plus shared groceries. \n\nRecently my partner and I sat down and talked about our job situation, he's currently in a job he hates and has decided he'd like to go back to school, possibly in 2017. He encouraged me also to get back into my passion illustration as I gave it up during a very bad spell of depression in 2015, and I turned down an unconditional offer to study it this year because I was accepted on to this apprenticeship. \n\nNow since we had that talk I'm getting more and more bored with my current job, it's very monotonous and has stopped being intellectually challenging, the BTEC is very easy and not challenging at all (though I intend on finishing it as I come with with an IT diploma as well). \n\nI've now been in touch with the university I'd like to go to in my city which is in the top 2% of schools in my country about the course I'd like to go on, it'd be a great experience and includes a potential 12 week overseas exchange to study in Japan; I also know as I'm a mature student who's independent I'd be very likely to receive maintenance loans of £9k a year on top of my fees being covered. As for student loans in the U.K. you don't ever start paying them off until you're making £21k a year - which I wouldn't even make if I was given a permanent role with my current company.\n\nI've asked them about work hours and tried to see if I could use my flexible hours at work to accommodate the degree but I won't be able too as it's 5 days a week. So if I decided to start in 2017 I'd have to quit my job and get a part time position to make some extra cash.\n\nI have a loan with £2000 left to pay off, I pay £115 into it each month (I took this out to learn to drive). I don't have a car and will soon be carpooling to work, and my university would be so close to my house I wouldn't have to commute. \n\nWhat I can't decide on if whether I should go for 2017 entry or 2018 entry, regardless I will have to quit my position and pursue a part time or weekend one likely in retail (something I was hoping to be done with when I took this apprenticeship). \n\nWould it look bad on my CV if I were to end my apprenticeship 7 months early even though I'd be leaving with a BTEC qualification in business admin? Should I wait and finish the apprenticeship and enter uni in 2018? My previous position to this was in retail working in management and I have very good a-levels and a foundation diploma in art and design. \n\nWhich is the better decision financially and career wise? I desperately want to be an independent comic book artist. \n\nI should also note that I have unlimited access to overtime and at a very good rate, currently if I spend 7 days a month working 4 hours on weekdays and every Saturday I can boost my annual income (before tax) to £21k. \n\nOn top of my previous question - if I did decide to start in 2017, what would be the best financial plan to ensure I could live comfortably for 3 years and focus entirely on my degree as well as pay off my loan before starting my course?\n\nPlease help me personal finance, you're my only hope. \n\nEdit: I've decided to prolong until 2018 entry and look into a career break through work or a work from home option for when I go back to school (I really don't want to return to retail). This will give me some time to build a better portfolio and maybe experiment with some web comics and join a few classes at my old college. It's for the best and this way I can save more for when I go back and am on a reduced income.\n\nThank you guys for your advice, it was very much appreciated! Really helped me to have a constructive conversation with my fiancé and come to a conclusion on my next steps." Self: "Well, I'm retired (at 55) and looking back, but I am not a huge fan of the 'follow your dreams right now, regardless' school of thought that's so popular now. For what it's worth I lived in Japan for over a decade, visit there roughly every other year, and my American niece spent her Senior year in High School in Japan a few years ago. \n\nWith those small points on which to base my *opinion*, I would say that it would be foolish not to finish your apprenticeship. Here's the thing - you don't know what the future holds. If you finish your apprenticeship - you have it in you pocket -always. You know that you can always get a job in your field (even if it's boring) and that gives you some security; if an adventure goes wrong, that skill will be your shelter from the storm. \n\nIf you *don't* finish, and you find yourself in a situation someday where you *need that job* you will forever be explaining that it was just your personal decision to quit the apprenticeship and that you weren't having trouble with the work, and that they certainly never asked you to leave; of course not, and you were *almost* done so that's just as good as actually done, right? Next, as my wife found out, going back to finish education (your apprenticeship) after you've put it down for a while is not always as easy as just saying. "Hi! I'm back!".\n\nAs for Japan; I think you'll love it. I did, and I do, and I always will. However, your 12 weeks there will be, no matter how much fun, and how interesting, pretty much educationally wasted. The truth is that the language problem gets in the way. Unless the instructors are native English speakers, complex subjects are difficult to communicate about, and you certainly aren't going to be reading any college level Japanese textbooks in 90 days. Perhaps that doesn't matter so much for art, but you will able to talk about drawing, not complex plot lines or nuances.\n\nFortunately Japan has been around for some 2,000 years now, and it will still be there in 2018, waiting for you. \n\nSo, please, please finish your apprenticeship and then *absolutely* go to Japan... you may well love it and end up being there for a decade like I did.\n\nSincerely,\n\nYer old Uncle\nAmeobanot." SoggyMcmufffinns (SoggyMcmufffinns): "This sums it up well. Follow this it covers all your bases and still let's you follow your dreams. Best of both worlds. "