10 Ways to Pay Off Student Debt Faster

refinancing at lower rates, ranging from 1.8 percent to 7.84 percent. But there’s more: Some lenders offer cash-back bonuses. With that said, the catch is you give up important benefits like income-driven repayment and student loan forgiveness. However, refinancing can help you save a bunch – like thousands of dollars.

Pay Bi-Weekly

If you can swing this, it makes good sense. Why? Interest on your student loan accrues daily. Just cut your monthly payment in half and make two payments per month. This way, it might be easier to juggle your finances, as opposed to doling out one big chunk every month. Also, paying more often gives you the feeling that you’re making progress – and you are because of the daily accrual. #WinWin

Use the Debt Avalanche Method

With this approach, you’re paying off your highest interest debt first. Makes sense, right? After you do this, make minimum payments on all of your other loans. If you have any extra cash left over, pay your highest interest loan. Keep at this until you’re paid in full.

Claim the Student Loan Tax Deduction

This is cool. You can write off up to $2,500 of your student loan interest. Now, the amount you can write off depends on your income because there are phaseouts and gradual reductions in place. Just use the 1098-E form (you can get this from your loan servicer) to figure out how much interest you’ve paid. Then get going.

Pay While Still in School

Talk about getting a head start.You’ll cut down on interest (a good thing) while forgoing in-school deferment, and start paying down your debt pronto.

Pay Off Private Student Loans First

Should you have public and private student loans, this is the best strategy. Here’s why: private loans don’t offer student loan forgiveness or income-driven repayment. And they have limited deferment options. You’ll be better off doing this, given all the stipulations that exist for these kinds of loans.

Use Employer Repayment Assistance Programs

This is a sweet deal. Check with your employer to see if they offer such a program. Generally, they offer reimbursement or allocate funds to help you. Don’t forget to ask!

Pay During the Grace Period

This is the six-month period after graduation. While this might not be something that’s initially appealing, think it through. It helps keep interest in check and prevents your balance from growing during your grace period. Also, starting earlier means you’ll finish earlier. Gotta love that.

Consolidate Federal Student Loans

This is a great idea for those with limited resources. You can lower your payment and extend the repayment terms. You’ll most likely pay more interest, but for a short-time solution it’s a good one.

Exceed the Minimum Payment

If you have the means to make this happen, by all means, do it. Another great way to make incredible progress is to make double payments. If you can’t pay double, at least try to pay over the required amount. It’ll help eat away at the interest and eventually, the principal.

Student loans are great while you’re in school, right? They enable you to get the education you want. And while paying them off might be overwhelming, if you use these methods, you’ll be ahead of the game and pay them off sooner than you think.

Sources

107 Ways to Pay Off Student Loans Faster (That You Can Start Right Now)

7 Ways to Save for a Home Down Payment

How to Catch Up on Your Retirement

cash value, consult your tax advisor or insurance professional first.

No matter what your situation is, you can save for your future. All you have to do is begin now and take it one day at a time.

Sources

https://www.investopedia.com/articles/retirement/08/catch-up.asp

https://www.kiplinger.com/retirement/retirement-planning/602191/401k-contribution-limits-for-2021

https://money.usnews.com/money/retirement/401ks/articles/how-to-take-advantage-of-401-k-catch-up-contributions#:~:text=The%20401(k)%20Catch%2DUp%20Contribution%20Limit%20for%202021&text=Once%20you%20turn%2050%2C%20you,temporarily%20shield%20from%20income%20tax

5 Tips for Job Seekers Over 50

illegal, it doesn’t mean it isn’t prevalent. You can’t turn back the clock, but you can reshape how you present yourself. Here are a few good ways to get started.

Learn New Skills

If you see a job posting in your industry that requires knowledge of the software you don’t know, hop on YouTube or enroll in an online class. Certifications help, too, and are available in some of the most in-demand programs, such as Amazon Web Services (AWS), Systems Applications and Products (SAP), Hootsuite (used for social media), and Salesforce. This way, you’re demonstrating to employers that you have the necessary qualifications for the job – you’re a viable candidate – and you haven’t fallen behind over the years.

Rethink Your Resume

First of all, limit your experience to the past 15 years, unless there’s a job that reflects a title or skill that’s relevant to the position. You don’t want to appear, upon first glance, overqualified. Second, make sure your CV includes the right keywords. The days of HR managers poring over resumes is mostly gone; they often use applicant tracking systems (ATS) to weed out the candidates that are filling up their inbox at warp speed. Finally, if you’re using AOL or Hotmail, get a new account; this is a red flag that screams too old. Sign up for Gmail instead.

Widen Your Net

Think outside your industry’s box. For instance, you might be attracted to a big-name corporation or a hot startup, but it might not be the right environment for you, especially if there’s a chance you’d report to a much younger manager. You might find a better fit by going outside your comfort zone. Colleges and universities might be good options; you can leverage your experience by teaching. Smaller companies or startups that aren’t as well known might also be good places to look; you could take on multiple roles. Being open to contract or freelance jobs is another good idea. Getting your foot in the door is half the battle.

Use Personal Connections

While job sites like Zip Recruiter and LinkedIn, leads on social media and head hunters are places you might have found opportunities before, reach out to friends and former coworkers. It creates immediate familiarity and, when faced with a sea of resumes, helps move your name closer to the top. When you do get introduced to someone who has an opening, ask about their industry, role in the company, as well as what tools they’ve used, podcasts they listen to, or online classes they’ve taken to keep current. This not only shows your business savvy but also could help keep you top-of-mind if they hear of anything.

Own Your Experience

Your age doesn’t have to be the elephant in the room. Demonstrate why the invaluable skills you’ve accumulated over the years differentiate you from others. Craft an elevator pitch and jump right in. Talk about how, for instance, your breadth and depth of knowledge can help junior executives learn and grow. Busy employers generally want to know how quickly you meet the job requirements and if you can make their life easier, or help them shine.

Remember, you have so much to bring to the table. That’s why serving up your accolades in the right way can make all the difference in the world.

Sources

https://www.themuse.com/advice/jobhunting-after-50-the-new-rules

5 Tips for Going Back to the Office

Calm, Headspace or Simple Habit. (These are also great when you get home and before you go to bed – anytime, actually.) You might also call a friend or family member and share how you’re feeling. Letting off some steam and expressing yourself helps alleviate some of the pressure that might be building up.

Communicate with Your Team

Making the transition back to the office can be challenging, if not downright tough. To diffuse any misunderstandings, practice transparency with everyone, no matter what their position. If you’re a manager, lay out your expectations so that everyone is on the same page. If you’re an individual contributor, make sure your manager and peers know what you’re working on, your hours, and any out-of-the-office days you have coming up. Many companies are asking employees, initially, to split their time between the office and home, which means that for some a full transition back to the office is yet to come. Regardless, overcommunicating will ensure you don’t miss out on anything important.

We may never return to the days before the pandemic. However, we’re making strides to get back to a place of normalcy and are here to guide you every step of the way.

Sources

Returning To Work In The Office? 5 Tips To Prepare For The Transition

6 Ways to Make Saving Money Fun

Acorns and watch your savings grow. Anytime you buy something, Acorns will round up the total and deposit the difference into a diversified investment portfolio. Talk about easy.

Weather Wednesday Challenge

This is great idea. Every Wednesday,look up the highest temperature in your state and deposit the amount into your savings account. For example, if it’s 100 degrees, deposit $100. If it’s 32 degrees, deposit $32. You’ll probably save more during the summer than the winter, but after 52 weeks, you could’ve socked away several thousand dollars. Pretty sweet.

Kick-a-Bad-Habit Challenge

Do you go to Starbucks every day for your Double Chocolatey Chip Crème Frappuccino with extra whip? How about guzzling those sodas every day? Are you a smoker? Whatever it is that you’d like to cut down on or even stop, this challenge has two great benefits: you’ll not only get healthier, but you will also save money.

The No-Spend Challenge

Start with a weekend (or even a week) and make a vow not to spend any money on anything except bills or other necessities. The idea is to save money by not spending it. It might cause you to be more creative. For instance, do you really need a new dress for that special occasion? Dig a little deeper into your closet instead of buying a new frock. Or maybe you decide to drive less and not put gas in the tank. This way, you’ll either bike or walk to your destination (if doable) and do more fun things at home.

The Pantry Challenge

Look inside your refrigerator and pantry. How much food do you have that you haven’t eaten? What about that spaghetti sauce or sesame oil? As long as the food isn’t expired, it’s your chance to get creative and whip up a new dish or revive an old favorite. This challenge is related to the “No-Spend Challenge,” and again, the intention is to save money by not spending it.

The 365-Day Nickel Challenge

Nickels are currency, too! But seriously, if you can remember to do this (set a timer on your phone), you’ll be rewarded handsomely. Here’s how it works: On day one, deposit 5 cents into a jar. The next day, 10 cents. The next day, 15 cents. And so on. By day 365, the total deposit will be $18.40. At the end of the year, you’ll have saved a whopping $3,339.75. Not bad, huh?

While saving money might feel restrictive, you’re actually planning ahead to be very happy. When you’ve been able to stick to a habit, or in some cases give one up, you’ll see that anything is possible if you just put your mind to it. And that’s a great feeling.

Sources

https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/money-saving-challenges

7 Ways to Save 10K a Year

TaskRabbit is a great resource to find all kinds of ways to increase your income.

Cut Unnecessary Expenses

Look closely at your expenditures. Decide if you’re really reading that magazine and think about canceling the subscription. Pack a lunch and/or cook in for dinner. Call your internet and cell phone provider to see if they have a better deal. If you want to add an extra $1,000 to your savings each year, all you have to do is cut out $84 a month. This is doable.

Commit to a Budget

Everything that means something requires hard work and commitment. Take an afternoon, put it all down on paper, and promise to live within a dedicated financial scope. Compare your short-term gratification to your long-term financial goal. Imagine how good you’ll feel when you’ve saved $10,000. The power of visualization works.

Track Your Progress

If you’re feeling overwhelmed along the way, it pays to go back and see how far you’ve come – and we’re talking literally see it. Make your milestones visible. Hang a chart in your kitchen and color it in when you make a deposit. Or if you’re more analytical, create a spreadsheet, but keep it on your desktop. Checking this every day will help keep you on point.

Saving for a goal like this can be fun and even exciting. All you have to do is be mindful, make a conscious decision to follow your plan, and your 10k dream will be realized before your know it.

Sources

How To Save $10,000 In A Year (10 Simple Tips)

https://www.bankrate.com/banking/savings/rates/

3 Best Ways to Save for College

5 Cities Rank as Ideal Locations for Remote Workers

SmartAsset has examined the best cities to work from home in 2021 and evaluated them across seven metrics: percentage of those who worked at home; estimated percentage of those who can work at home; five-year change of percentage of those who worked at home; October 2020 unemployment rate; poverty rate; housing costs as a percentage of earnings; and percentage of residences with two or more bedrooms. Here’s what they learned:

  1. Scottsdale, Arizona. In 2019, Census Bureau data shows that about 18 percent of people worked from home, a 6.7 percent increase from 2014. This sunny city also has the fourth-highest estimated percentage of workforce who can work from home and the third-lowest 2019 poverty rate, which is 6 percent. When you’re not inside at your computer, you can enjoy the desert tranquility of the McDowell Sonoran Preserve, restaurants and shops of Old Town Scottsdale, and the largest model train display in North America at McCormick-Stillman Railroad Park.
  2. Raleigh, North Carolina. Even before COVID-19, a large percentage of people worked from home here, much like Scottsdale. In 2019, 10.5 percent of the workforce did so remotely, which is the fourth-highest for this metric. Raleigh also ranks in the top quartile for two other metrics: it has the 18th-lowest October 2020 unemployment rate (5.3 percent) and 21st-lowest poverty rate (10.9 percent). Raleigh is known as the “city of oaks,” which makes it a beautiful place to live. Even better, you can celebrate all four seasons and it’s only a few hours from the mountains. Plus, homes are some of the most affordable in the nation.
  3. Plano, Texas. Just north of Dallas, Plano ranks in the top 10 percent for three metrics: percentage of people who worked from home in 2019 (9.6 percent), estimated percentage of people who are able to work from home (35.44 percent) and 2019 poverty rate (7.5 percent). Also, Plano has the 14th-lowest October 2020 unemployment rate, at 5.2 percent. Best thing about Plano: it has all the restaurants, shops and amenities of Dallas without the traffic. And, there are numerous parks for walking, hiking, biking and swimming.
  4. Gilbert, Arizona. This locale ranks as one of the best places to buy an affordable home. In fact, data from the Census Bureau shows that 96.3 percent of apartments and homes in Gilbert have two or more bedrooms, which is the highest percentage for this metric. Additionally, it has a relatively low poverty rate (4.6 percent). Main attractions include bird watching at the Riparian Preserve at Water Ranch, holiday shows at the Hale Centre Theatre, and delicious produce at the Gilbert Farmer’s Market.
  5. St. Petersburg, Florida. As of October 2020, the greater Pinellas County unemployment rate was just 5.2 percent. That’s 1.5 percentage points below the national average. What’s more, the percentage of people working from home grew by 4.6 percent in St. Petersburg from 2014 to 2019, the third-highest increase in the study. If you love sugar-sand beaches, you’re in luck: there are many to fall in love with. But you can also enjoy cultural outings like a visit to the Dali Museum and the Chihuly Collection.

Some of the other best cities for working remotely include Durham and Charlotte, North Carolina; Colorado Springs, Colorado; Austin, Texas; and Fremont, California. These days, working from home is the rule, rather than the exception it was years ago. In these challenging, uncertain times, it’s nice to know there are places you can thrive.

Sources

https://smartasset.com/checking-account/best-cities-to-work-from-home-2021

https://www.tripadvisor.com/Attractions-g31350-Activities-Scottsdale_Arizona.html

https://www.raleighrealtyhomes.com/blog/moving-to-raleigh.html

How to Budget During a Pandemic

How to Budget During a PandemicRight now with everything that’s going on, navigating your finances might feel overwhelming. However, there are some strategies that will help you manage cash shortfalls. Mariel Beasley of Duke University’s Common Cents Lab offers ways to help you manage during these trying times.

Use Mental Accounting

Translated, this means prioritizing what’s most important and cutting back in those areas that aren’t. While pretty obvious, the finer point according to Beasley is this approach will help you stick to your spending plan by reminding you of your opportunity costs — i.e. what trade-offs you might be making with each purchase. For instance, you might not be able to buy that special something you’ve had your eye on, but you will be able to buy food. Here are the three buckets she recommends for your budget:

  1. Your Bills: Non-negotiable monthly bills like rent, mortgage, utilities, child care, car payment, insurance, phone, and internet.
  2. Weekly Expenses: These costs might vary, but they include groceries, gas, food delivery, and other miscellaneous expenses.
  3. Future Expenses: What’s leftover after you pay your bills and current expenses? Even if you think you don’t have much left, set aside this cash for an emergency fund or retirement savings in high-yield saving accounts like the American Express® High Yield, or Marcus account by Goldman Sachs. Alliant Credit Union even offers a 0.55 percent interest rate on savings accounts. By comparison, the national savings average is 0.05 percent APY. Make sure your money works as hard as it can.

Try Per-Spend vs. Per Month

Instead of budgeting $200 for groceries for the whole month, decide how many times you’ll go to the supermarket during the month (five times), then stick to a per trip budget ($40). You might not spend as much as you think you will. (Tip: Buy store brands, as they’re cheaper and just as good.) Whether you work a job that pays you regularly, you’re on unemployment or you’re living on Social Security, Beasley says that this will help you stretch your money longer between paychecks.

Think Ahead

This might seem like a no-brainer, but it bears repeating. Instead of waiting until you’re at a crisis point, act now to protect yourself. Here are some ways to do this:

  1. Identify Local Food Pantries. Feeding America is a nationwide network that helps you locate a food bank near you. Organizations such as churches and charities are also pitching in, offering everything from food donations to job search assistance. Government programs such as SNAP (food stamps) and Medicaid are options, as well as HEAP (heating your home), should you need something like this.
  2. Have a Plan for Your Rent/Mortgage. If you’re concerned about eviction, understand your rights as a tenant, and most importantly, stay in communication with your landlord. One solution is to get a roommate to share expenses. If you’re running behind on your mortgage, seek out help from your mortgage broker. One way to generate income is to rent out an extra room in your home. If you have family or friends who can help, reach out to them. While the latter might feel like a last resort, you could consider bartering: provide a service to them they might usually pay for like car washes, dog walking, or house cleaning in exchange for the financial help.
  3. Talk to Your Creditors. Contact your creditors to see if you can get a reduced interest rate on any of your payments. You also might ask for discounts and deferment options. Many card issuers are offering financial hardship assistance (waived late fees, flexibility with payments, even skipped payments) during the coronavirus pandemic.

The key to all this is slowing down and focusing on the basics – getting through each week and each day. While the pandemic might feel like it will never end, it will: it’s inevitable. Until then, these tactics can help you take control and stay afloat.

Sources

https://www.cnbc.com/select/how-to-budget-during-coronavirus/

https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts

Coronavirus: Credit Card Issuers Offer Financial Assistance (cnbc.com)