An East Stroudsburg financial planner has been charged by a federal grand jury with defrauding his clients, according to the U.S. Attorney's Office for the Middle District of Pennsylvania on Thursday.Anthony Diaz, 48, is accused of defrauding his clients by using false and misleading statements and misrepresentations to induce those clients to purchase high risk and/or otherwise unsuitable investment products, through which Diaz received substantial fees and commissions [...]
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الخميس، 12 مايو 2016
Penn Hills' new owners see opportunity where others see blight
When Frank Rizzo and Eric Busuttil first walked through the dilapidated remains of Penn Hills Resort in November, they saw potential where others see an eyesore.The partners of the development team hired by Penn Hills Mark — a New York-based group that had purchased more than 64 acres of the property for $400,000 in January — toured the space again on Tuesday. They were a few hours away from meeting with a local architect involved in development plans for the property, [...]
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McDonald's testing fresh beef at 14 Dallas restaurants
NEW YORK (AP) — McDonald's says it's testing fresh beef at 14 restaurants in Dallas, but says it's too early to say whether fresh beef could replace its frozen patties nationally.The Oak Brook, Illinois company says the test is limited to its quarter pounder patties."Like all of our tests, this one too is designed to see what works and what doesn't within our restaurants," said Lisa McComb, a McDonald's spokeswoman, in a statement.The test comes [...]
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The Totally Genius (and Simple) Way This Family Saved Money at Disney World
Nearly every kid dreams of going to Disney World…
And nearly every parent dreams of a magic fairy who will help them pay for it all.
Because whether you’re planning to hit up Disney, Universal or some other theme park this summer, it’s not going to be cheap.
So I was psyched to discover an easy way to save hundreds of dollars on your trip — no matter which park you visit.
How to Save Hundreds on Your Theme Park Vacation
If you’re a smart Penny Hoarder, you’re probably already staying at a vacation rental with a kitchen.
And you’ve probably opted not to rent a car, and instead take advantage of the park’s free transportation.
So here’s one more trick: Get groceries delivered.
Not only is it convenient, but it’ll save you tons of money over expensive theme park food.
Christine McCarroll, co-owner of McCarroll’s The Village Butcher in Delmar, New York, tried this strategy on a recent family vacation to Disney World.
The trip was “really, really expensive,” she says, so they were looking for any ways to save money.
She ordered breakfast food, snacks for the kids, cases of water — even alcohol — through grocery delivery site WeGoShop, which she highly recommends.
“I paid for 12 bags, plus a percentage and a tip,” she says. “I don’t feel the prices were unreasonable… I had no car, no way to get there. It was a great deal.”
I might even try this the next time I stay at an Airbnb that doesn’t have a grocery store within walking distance.
Cheap, convenient and healthy — what’s not to like?!
Your Turn: Have you ever considered grocery delivery on vacation before?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
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$100k or More in Student Loan Debt? Consider These 5 Steps
Whether it is $50,000 or $100,000 in student loan debt you are facing, a debt load that large seems insurmountable. Unfortunately, if you are facing this much debt when you get out of college you are not alone.
With an average student loan debt of $35,000, the 2015 class of college graduates is the most indebted in history. Worse, total student loan debt in the U.S. has ballooned to 1.3 trillion in the last few years – with no end in sight and no real legislation to curb the problem on the table.
Over 43 million borrowers own a piece of this pie, with the vast majority carrying balances of $25,000 or less. Then there’s the college graduates who borrowed so much money they could have bought a ranch house in the Midwest instead.
We’re talking about graduates and students drowning in six figures worth of student loan debt, a small pool of graduates that make up just 5.6 percent of borrowers overall. The thing is, knowing your part of the minority is likely no consolation if you fit into this demographic.
When you owe the money, you have to look out for yourself. Whether you racked up six figures in debt in graduate school or at a tragic for-profit doesn’t really matter. Since student loans aren’t dischargeable in bankruptcy, you’re stuck repaying them either way. But, how?
5 Steps to Conquer Six Figures in Student Loan Debt
If you’re struggling under the weight of six figures in student loan debt, you need a lifeline of your own making. The following steps can help you take control and ultimately whittle your loans down to a more manageable level – or wipe them off the map for good.
Step #1: Weigh the pros and cons of refinancing your loans.
During the last few years, a number of firms have begun offering innovative student loan refinancing options that can cut years – and thousands of dollars in interest – off of the face of your loans. That list includes SoFi, who promises a consumer-focused approach to student loan refinancing and banking. Further, firms like LendEdu.com let banks compete for your student loan refinance with just one loan application.
Whichever path you choose, you should know you will lose certain protections when you refinance federal loans with a private lender. That includes options for deferment or forbearance, along with the ability to sign up for income-driven repayment plans or public service loan forgiveness. Many of the companies have come to the table to offer relief if you were to lose your job, but you need to check the fine print before you sign up for a loan.
Also, you have to have good credit to refinance a student loan without a co-signer. So if you currently have poor or no credit many of the private lenders will not consider your application.
If your loans are lingering at a high interest rate and you don’t plan to take advantage of any government programs in the future – or your future income will preclude you from taking advantage anyway, student loan refinancing is one move you must consider.
Step #2: Earn as much as you can – at least for a while.
If you earned a degree in a profession that isn’t known for high pay, you might be tempted to take the first “dream job” that comes along – high paying or not. But you might want to reconsider that move if you really want to pay down your loans. Instead, look for – and apply for – jobs in related fields where you might have the opportunity to earn higher pay.
Let’s say you finished your master’s degree in psychology with the hope of finding work as a marriage and family therapist – a career which paid an annual mean wage of just $48,040 in 2014. After perusing BLS data and figuring out which career options could arise from your degree, you might find that it makes sense to look for work as a human resources specialist instead – a job which paid an annual mean wage of $57,420 instead.
Heck, with a master’s degree and some experience, you might even qualify for a job as a human resources manager as well. Fun fact: Human resources managers pulled in an annual mean wage of $102,780 nationally in 2014, and master’s degrees are usually only required for the highest-level positions.
Imagine how much faster you could become debt-free if you earned twice as much for even a few years. Remember, dream job or not – it doesn’t have to be forever.
Step #3: Look into loan forgiveness programs.
A wide range of public student loan forgiveness programs are available for graduates who meet certain income guidelines or agree to work in the public sector for predetermined length of time. The short list includes Public Service Loan Forgiveness (PSLF) which forgives the remaining balance on your Direct Loans after you make 120 qualifying payments over the course of ten years. The big caveat here is that you must work full-time for a qualifying employer in the public service sector.
Other income-drive plans are also available, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn Repayment Plan (REPAYE), and the Income-Contingent Repayment Plan (ICR). These plans require you to fork over anywhere from 10-20 percent of your discretionary income for a period of 20-25 years, but your loans will be discharged once you complete the process.
If you owe six figures and never plan on earning much, these programs may offer your best shot at living a financially prosperous life.
Step #4: Pick up a side hustle.
Whether you opt to refinance or tackle your existing loans the way they are, earning more money can help you put a stake in it – once and for all. You might be able to pick up more hours at your job – pick up some over time, take on a new project, or finally go after that promotion you’ve been eyeing.
If more money at your current job isn’t an option, another approach to consider is starting a side hustle or side job out of your home. In our post on 65 home businesses you can run from your kitchen table, we list a slew of side hustle options nearly anyone can consider. That list includes:
- Bookkeeping
- Massage Therapy
- Home Inspection
- Copywriting
- Editing
- Web Design
- Mystery Shopping
- Blogging
Still, there are many side job options we didn’t mention. Tasks like mowing grass, laying down mulch, or cleaning houses can be taken on by nearly everyone, and can lead to huge paydays, too. The best part is, all extra monies you can earn can be thrown directly at your student loans to speed up their demise.
Step #5: Deflate your lifestyle.
Graduating from college may invoke images of your first house, your first new car, and the extra money you’ll have to burn on your new, adult lifestyle. Sadly, graduating with six figures in student loans means some things will have to wait. At the very least, you should try to hold off on those major milestones as long as possible so that you can pay your loans down sooner.
Continue eating Ramen. Keep driving that banged up ol’ car. Renew the lease on the apartment you share with three roommates until you just can’t take it anymore.
If you continue living poor for as long as possible, you’ll have a better chance of killing your debts that much sooner.
The Bottom Line
Six figures in student loan debt seems like a lot, but it may not prove fatal if you tackle them with fervor right away. Consider this: The average new car price was $33,543 in 2015, which means that most people are spending that much on a new ride every fifteen years anyway.
Paying off your loans might mean forgoing a new car altogether, or making sacrifices in a different part of your budget. Or it might mean refinancing into a loan with better terms and a lower interest rate in order to speed up the process.
No matter what, you should keep all of your options on the table. With six figures in student loan debt, you’ll need all the help you can get.
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Domino’s is Giving Away 37,000 Gift Cards, But You Have to Act Fast
I love free pizza.
To be honest, I love pizza I have to pay for, too — but free really sweetens the deal.
When I’m on the road, I always look for a nearby Domino’s, mostly because its signature Tracker gives me a (probably false) sense of control over my delivery order — and control comforts me.
So I was pretty excited when Domino’s announced a new Quikly deal.
How to Get a Free Domino’s Gift Card
The pizza giant is giving away more than 37,000 gift cards between $4 and $100.
The catch is you have to be fast.
The promotion could start anytime between now and June 2, and rewards are awarded on a first-come, first-served basis.
Here’s how it works:
- Sign up with your phone number to receive text messages.
- When the promotion goes live, Domino’s will text you with a secret link.
- Click on that link to sign up — the faster you get in, the better your reward!
You’ll get a few options to give you an edge in the game. If you share the promotion with friends, you’ll earn an extra three minutes for each one who signs up. You can also earn extra minutes by signing up to receive Domino’s offers by mail and following the company on Instagram.
I earned five extra minutes by sharing the link with a friend and following Domino’s on Instagram — but I’m not so keen on a snail mail subscription, so I’m skipping that bonus.
The secret link will go out to everyone at the same time. But I’ll get a heads-up text five minutes in advance to let me know the promotion is about to go live.
That five-minute warning should be a big help. I wasn’t so quick for the last Domino’s Quikly promo: While my boyfriend acted on his text immediately and earned a $4 gift card, I was about half an hour behind and only got a 20% off coupon.
The stakes are a little higher this time around:
- The fastest person will earn $500 in free Domino’s gift cards! That’s about one free pizza every week for a year. Mmmm…
- The second and third entries will earn $100 and $50 gift cards, respectively.
- The next 2,000 entries will earn a $10 gift card — enough for a free pizza.
- The remaining 35,000 entries will win gift cards for $4 or $5.
Good luck, and enjoy!
Your Turn: How much extra time did you earn for this promotion?
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
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Couples save £4.5k tying the knot abroad
62,000 couples from the UK choose to get married abroad each year, typically saving £4,517 compared to the cost of getting hitched in the UK, according to new research seen exclusively by Moneywise.
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12 Smart Financial Strategies for People Struggling to Get Started
One of the most powerful methods I use to come up with ideas for articles for The Simple Dollar is to just browse endless personal finance forums to see what people are talking about. What things seem to concern a lot of people? What sorts of insightful questions are being asked?
If I see something interesting, I copy and paste it into an “idea book.” I look at those ideas all the time. They often fill my thoughts and give me some directions for research when I go to the library to see if I can come up with answers that are a mix of my own experiences and the information I can find there.
Anyway, at some point, I pasted the following comment into my “idea book.” It’s one that’s been on my mind ever since I first saw it, but I can’t figure out for the life of me where I originally found it and Google is no help. Wherever it came from, it pointed me toward a lot of thinking about financial issues and my own assumptions:
I want tips for someone who is in their 20s, rents a small apartment in a sketchy neighbourhood, either with a significant other or roommate, who has one car, doesn’t drink already because it’s too expensive, and doesn’t have time or freezer space to make 35 meals ahead of time, because we’re working most of our time just to make rent, or going to school full-time and trying to get top grades so we can even be considered for a scholarship.
This is a fairly accurate description of my situation from the years 1997 to about 2002 or so. During that period, I was chasing a college degree at a full-time rate (a “full-time” student took 12 credits a semester and I usually had around 18-19), working about 25-30 hours a week, and trying to get by on just that money. It was tricky, and to say I lived tightly is an understatement.
Looking back, I see that I did some things incredibly well … and other things perhaps not so well. Here are a bunch of the strategies I used back then that worked really well, along with some things that I know now that would have fit in perfectly back then.
Live in the smallest place you can stand, ideally fairly close to a mass transit stop.
For a while, I lived in a space that was less than 100 square feet. In there I had a loft bed, a mini-refrigerator, a microwave that sat on top of it, a desk with a chair, a beanbag chair to sit in, and a television along the opposite wall. I kept all of my possessions in a single green tub in the corner, which included all of my clothes and a few other items. It was small and uncomfortable, sure, but the reality was that I was rarely at home to do anything more than eat one meal a day, watch a little bit of television, browse the internet (on a laptop… back then, I had an Ethernet cord I had to plug into the side), read a book, and sleep.
It was actually a pretty happy life. It afforded me some real advantages, too. I didn’t have to spend much time at all on maintenance or cleaning or taking care of my stuff. I lived out of my backpack most of the time – I’d wake up most days, assemble a really simple lunch and put it in a bag in my backpack, eat something simple for breakfast, and depart, not returning to the apartment until an hour or two before bed. The rent was really, really cheap – I was actually paying less than $100 a month during this period. I lived close to the city’s bus system, so I didn’t really have any need for a car, which saved even more money.
Look for a tiny, tiny place close to a mass transit stop and live there. You won’t spend much time at home besides sleeping, so you really don’t need more than a small bedroom.
Do most of your shopping at a Goodwill (or other secondhand store) in a nice neighborhood.
For several years, this is exactly how I did my clothes shopping. I went to the nicest Goodwill store that I had reasonable access to, traded in my old clothes, and picked up new ones for a buck or two. It enabled me to get a decent wardrobe refresh at a very, very cheap rate.
I found that when I frequented the Goodwill store that was closest to the nice neighborhoods, they usually had lots and lots of very high-quality stuff from people with a lot of money who were refreshing their own wardrobes, so I took advantage of this.
While my situation largely limited me to one specific Goodwill store, you may have access to lots of such stores. Check out stores like the Salvation Army, Stuff, and any other local stores that might sell secondhand clothes and goods.
I did sometimes look at consignment shops and the like, but I usually found the prices even there to be a little out of my league.
Photo: David Sorich
Have potluck dinners for social events.
One great way to combine socializing and the need to eat as cheap as possible is to have a potluck dinner. Just invite friends over and have them each bring a dish or a key ingredient of some kind. If necessary, don’t hesitate to be really specific with what you’d like them to bring.
Even while I lived in that tiny apartment that I mentioned earlier, I still pulled off potluck dinners. We’d usually have them in a park shelter house and someone (often me) would just tell everyone one simple item to bring that was picnic appropriate. “Joe, bring a loaf of bread. Jenny, bring some sliced cheese. Ron, bring some ketchup and mustard.” You get the idea. This allowed everyone to bring just $2 or $3 in food but provided enough for everyone to have a fun meal together at a park, which usually turned into a post-meal game with a soccer ball or a frisbee.
Use a slow cooker.
One routine that Sarah and I established later on in life was the use of a slow cooker to prepare meals for us. There’s nothing better than coming home exhausted after a long day of work and other things to find that a meal is already finished and is simply sitting there waiting for you, ready to eat. It also makes the day a bit better, too, knowing that food is slowly cooking for you at home.
A slow cooker makes it quite easy to make very cheap and very convenient meals at home. You just pop in the ingredients before you leave, set it to start cooking at a certain time, and then when you get home, the meal is piping hot and ready to eat.
Even in a situation with a small refrigerator and maybe a tiny freezer, I’d still get a large slow cooker and a bunch of resealable storage containers that you can get in bulk at the grocery store for a few bucks. That way, I can have a great meal in the slow cooker one night, then put leftovers into two or three containers, then have those for dinner the next few nights.
You can make almost anything you can imagine in the slow cooker. Back in the day, my favorite things to make in it were stews and pot roasts; these days, we make things like lasagna and soup most of the time.
- Related: The Slow Cooker Lunch Cycle
Buy bread from bakeries late in the evening.
If you go to a bakery shortly before it closes, you can often buy a ton of bread products for a pittance. They’re happy to sell it to you for pennies on the dollar because their other option is to just throw it out because it will be a bit hard in the morning.
That’s not really a problem for you. If you have bread that’s getting hard, just dip it in water so that the outside is moist and microwave it for 30 seconds or so on high. It will soften the bread almost immediately by pushing that moisture right back into the bread.
Not only that, crusty bread is better for some purposes. I vastly prefer it for things like dipping it in soup or using it in dishes where bread is called for, like French toast.
If you’re a student, join campus organizations.
One of the most useful sources for free food I found as a student was to simply be involved in as many campus organizations as possible. I’d get on their mailing list and watch for emails that indicated that free food would be available and then make those meetings a priority.
I can’t even tell you how many times I scored free meals of pizza or grilled foods while also socializing with like-minded people with whom I shared some sort of an interest.
I joined the clubs that were associated with my majors (yep, I majored in multiple things). I joined every club I could find that seemed even remotely interesting. I got deeply involved in a few of them, but with most of them I just showed up occasionally, usually when there was food involved or something particularly interesting going on.
It provided free entertainment most nights. It provided a great way to meet a lot of people. It also provided a ton of free meals. And if I happened to go to a group meeting and found it boring… I just found another group to try out.
Find free hobbies using Meetup and the library.
If you’re not a student but want a similar experience of dabbling in a lot of interests and sometimes getting some free or very cheap perks, check out Meetup.
Meetup is essentially a bulletin board for clubs and organizations in your local area. I’ve found groups for young professionals, community theater groups, community board game nights, and countless other things via Meetup. It’s a great way to find groups to dabble your toes into and sometimes those groups offer things like free meals or other really nice perks.
Some groups don’t advertise via Meetup, mostly because it can actually be kind of expensive for the group. If you’re looking for more groups, check out your local library, particularly their bulletin board and calendar. You’ll often find a lot of groups there.
Another place to check is your city’s community calendar, which can usually be found on your city’s website. That provides another great list of free activities – often, you’ll find things like free concerts there.
Use the library as your source for movie rentals and books.
Want to watch a movie tonight? Head to the library. Most libraries, particularly in larger towns and cities and particularly in college towns, tend to have a ton of movies available for borrowing from the library.
The same thing goes for books, and books can be even better because the library can get almost any book you want via interlibrary loan. Reading is a spectacular low cost hobby as it expands your knowledge and understanding of the world and costs virtually nothing if you’re getting your books from the library.
Some libraries have other things to check out, such as audiobooks and even tools and other equipment. It’s all free, and it’s well worth your time to give it a look. Libraries are much more than just buildings full of books.
Do your laundry at a friend’s house or a family member’s house.
Doing a load of laundry at a friend’s house is far, far cheaper than doing that same load at a laundromat or at the coin-operated laundry in your apartment building. Just bring along your laundry soap and give your friend a dollar for the usage and you’ll save money.
Some friends will just tell you to not bother to bring the soap and will tell you to keep the soap, but other friends – perhaps those with a tighter money situation than you might assume – will gladly take the dollar and let you use your own soap. Don’t sweat it – in either case, it’s still far cheaper than doing it at the laundromat.
I really enjoyed doing this when I lived in an apartment. I would often visit friends and family members and use their washer and dryer when I was there. I used to do laundry at my grandmother’s house, have a cup of tea with her, and help her with some household chores while my laundry was going. It allowed me to bond with her while also getting some of my clothes clean.
If you’re eligible for social services, use them.
If your income is low enough to qualify you for things like SNAP or for participation in the local food pantry, do it and don’t skip a beat. The purpose of such programs is to help people who are in your exact situation – people who are financially struggling right now but are working to get themselves on a better track. Society wants you to lift yourself up and they offer tools to make that easier so take advantage of that!
Many people won’t take advantage of these services because of a stigma of poverty. You absolutely should not worry about this in the least. The point to remember is that these options are a temporary thing, not a permanent thing. These options are there to ensure that you have food on your table, a roof over your head, and the ability to keep moving forward on your path, nothing more, nothing less.
Yes, for some, it can require you to swallow your pride to accept SNAP benefits or to walk into a food pantry. Swallow that pride. Take advantage of those benefits.
Avoid credit cards like the plague.
Credit cards rely on the assumption that your future self will be earning more income and will easily be able to pay off that bill. That’s a really, really bad assumption, even if your income is really low right now and you think you’ll be earning a lot more soon.
Never, ever act as though it is a given that you will be earning more in the future. That assumption often backfires and it ends up putting a lot of burdens on your future self that they don’t need.
The best thing you can possibly do for your financial future when you’re not earning much money is to avoid credit cards entirely. Just don’t sign up for one. If you’re finding it really hard to make ends meet, use other strategies. Credit cards are a financial trap.
Take every income building opportunity seriously. Very seriously.
If you’re in a position where your finances are very tight, improving that situation needs to be a major focus of your life. It is simply not going to be a pleasant life if you continue to walk that tightrope for the rest of your years.
If you’re in school, take your classes seriously, even if they’re boring. Strive to ask good questions. Study like a madman. Do all of the readings, and take notes. Take notes in the lectures, too. Treat it like a job upon which your life truly depends.
Beyond that, go to the office hours of your professors with at least a good question or two in hand. Your professor will get to know you and this will help with your final grade and with your mastery of the material, and might even open the door to other opportunities.
If you’re not in school and working at a job that doesn’t pay well, go directly to your boss and ask what you would need to do to move into the next job up on the ladder. What exactly is the company looking for in terms of promoting people from within, and how can you achieve those things? The answers you get could be anything, but take them seriously and do those things.
Spend your spare time building skills that might help in your career path, too. If there’s nothing you can clearly be doing, then invest some significant spare time on furthering your education for the job you’d ideally like to have or else spend some significant spare time building a side gig. You should be spending spare time doing something to improve your economic outcome.
- Related: How to Make Money
Where does that time come from if you’re really busy? That’s up to you, but if you keep doing the same things, you’re going to keep getting the same results. If you want to change your income situation, you need to be doing something different than you’re doing right now.
In the end, there’s one key thing you need to keep in mind: The less money you spend right now and the more time and energy you spend on pointing yourself in the right direction for the future, the better off you’re going to be and the sooner success is going to find you. Giving in to temptations and blowing off classes and opportunities for career advancement because something else is more “fun” might give you a little short-term boost, but it extends the length of time that you’re going to be stuck in this rut.
If you want change, stand up for change. Make changes in your day to day life right now and stick with those changes. They’ll take a while to start having an impact, but it’s like a snowball rolling down a hill. You can start off with a tiny, tiny snowball, but once it starts rolling and you give it time to get going, it’s going to get bigger and bigger and bigger until it changes your life.
Good luck.
Related Articles:
- How to Create a Bare-Bones Budget
- Five Things I Was Willing to Give Up to Save Money
- A Guide to Extreme Food Budgeting
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Could You Take a Gap Year? Here’s How to Afford It
Malia Obama recently announced she’ll attend Harvard.
Rather than where she’s going to school, though, much of the buzz has focused on when she’s going to school.
That’s because she’s taking a year off between high school and college — a practice known as a “gap year.”
Though gap years are common in countries like the United Kingdom and Australia, they’re only starting to catch on in the United States.
The rise in popularity, though, has been accompanied by a rise in criticism that gap years further divide the haves from the have-nots.
Are they right? Could you ever afford a gap year — and would you want to?
What’s a Gap Year?
The fact you’ve graduated high school doesn’t necessarily mean you’re ready for college.
And once you’ve started classes, made friends and gotten a work-study job, it’s much more difficult to just peace out for a while.
So students are starting to think proactively, and instead take a year off — a gap year — before entering college.
As for what they do during their time off, it’s as varied as the students themselves.
You could travel or volunteer, or both. You could get a job or an internship. Or you could pursue a personal project you’re passionate about.
Basically, the thought is: Take this year as a mental break, a time to pursue your dreams and educate yourself outside the classroom. You’ll return refreshed and renewed, with a better understanding of yourself and of the world.
Sounds pretty sweet, right? Where’s the controversy?
The Controversy Around Gap Years
Well, some say gap years deepen the divide between privileged classmates and their peers.
Gap years “increase the disparity in educational opportunities for students, widening the gap between those who can and can’t afford to learn outside the classroom and return to school with their newfound real-world knowledge,” writes Erin Coulehan in Slate.
And in general, Coulehan is right: 91% of gap year students estimated their parents earned $50,000 or more, according to a 2015 survey from the American Gap Association (AGA).
One potential reason for the divide: Students who depend on financial aid fear they’ll lose their packages if they defer their acceptance for a year.
But the good news is those fears are likely overblown.
“If their family’s financial circumstances haven’t changed significantly, the student will likely receive aid again,” says U.S. News & World Report.
As for scholarships, they “vary by school, but if you’ve been offered it once, you have a good shot of being offered it again,” U.S. News reports.
So, though it’s definitely worth discussing with your future college, the fear of losing your financial aid shouldn’t prevent you from pursuing a gap year.
How to Afford a Gap Year
In her piece “Malia Obama’s gap year is a smart choice — and a luxury that many American students can’t afford,” Coulehan laments: “If only we had a bridge.”
We don’t, yet — but perhaps we’re slowly building one.
That’s thanks to an increasing number of scholarships that encourage gap year experiences — many of them with an international focus.
The AGA has an informative page on financial aid and scholarships for gap years, and this list of gap year scholarships from U.S. News also has some good options.
The first place to look for support, though, might be your future university: Princeton, Tufts, the University of North Carolina and Florida State University are among the growing number of schools that offer gap year grants and fellowships.
Yes, I know: A $5,000 grant from FSU isn’t going to last an entire year — but it could fund an awesome short-term trip or volunteer project.
You could then spend the rest of the year…
- Doing work exchanges abroad, or working domestic seasonal jobs.
- Volunteering with a program like AmeriCorps, which not only offers a stipend and free room and board, but also a $5,775 education award you can use towards college expenses.
- Working full time and taking community college classes — both of which will help you financially when you go to college.
Because, honestly, what’s the rush? Dorms, papers and frat parties will still be there next year.
Gap years can be an incredible experience, providing an opportunity to grow and learn in ways you otherwise never would.
And with their rising popularity, they may no longer be an experience only reserved for people with big bank accounts.
Explore your options, and you could end up finding a way to explore the world.
Your Turn: What do you think about gap years?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post Could You Take a Gap Year? Here’s How to Afford It appeared first on The Penny Hoarder.
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How a Hashtag is Helping This Family Pay Off $10,150 in Credit Card Debt
My family has a big, hairy, audacious goal (aka a BHAG): to pay off $10,150 of credit card debt.
We’ve decided 2016 is our year to take control of our finances.
At the beginning of the year, we sat down together to determine our yearly goals, like we always do. This one’s been on our minds for a few years, but this is the first year we felt ready to attack it.
How We Got Into Debt
I quit my job to become a stay-at-home mom when our third baby was born. We went on to have two more children. And then we moved to a new home in southern Ohio that ended up costing more than we anticipated.
We had developed a bad habit of stopping for fast food on crazy days — and when you have five kids, most days are crazy.
I’d also begun saying yes to most of the extras the kids asked for. I didn’t consider, for example, whether there was a real benefit to buying them yet another book at the school book fair when they already had shelves full of them at home.
The bills began to pile up. But life was busy, and finding a way to pay them off seemed complicated.
So even though I knew better, I was content to make minimum payments on our credit cards, with occasional bigger payments. It was good enough, at least for a while.
Then We Accidentally Came Up With Our Secret Weapon
This year, my husband’s bringing home a bit over the average American salary, and I felt more confident about our ability to pay off debt.
We decided it was time to make a big change.
To make our goal as specific, measurable, attainable, realistic and timely (SMART) as possible, we decided to focus on the card with the most debt: $10,150. This was definitely a BHAG for us, but we were ready to make it happen.
We put our goals on paper, because (as you probably know) this makes us more likely to achieve them. And while my husband, Dan, was taking notes, he jokingly titled it #yearofno.
Later, while discussing our family plan for the year, we informed the kids that 2016 is the #yearofno.
We explained we wouldn’t be stopping for fast food treats or random purchases. During the year, we’d carefully consider any purchase, and we’d only make it if we deemed the item necessary.
What happened next was very interesting.
Bringing the Kids on Board
Our five kids range in age from 2 to 12 years old. We regularly talk about concepts like wants versus needs and making choices, so this information wasn’t brand new to them.
We discussed the fact we’re choosing fun things like vacations and expanding our one-bathroom home in the future over junk food that’s gone instantly.
They were somewhat reluctant at first. For a while, we had to remind the kids of our new policy. They’d ask to stop for a kids’ meal, and we’d shout from the front seat, “Sorry! It’s #yearofno!” (Yes, we say “hashtag year of no.”)
But since they don’t pay the bills, they embraced the idea pretty quickly. After a few reminders from us, they began to tell each other, “#yearofno!”
It’s become a running family joke.
The older kids have made the adjustment more quickly, and they ask for extras less often. Our 6-year-old girl is less likely to understand, and she gets frustrated when we can’t go to lunch with her friends.
It’s a tough lesson, but one we hope will last a lifetime if we’re careful to teach it now.
The 2-year-old continues to yell, “I see Dr. Pepper!” whenever the golden arches are in view. But that’s more of a reminder of my own bad habits than his desire for McDonald’s.
How Our Motto Has Helped Our Family
This is my favorite benefit to having a motto: There’s no explanation required.
I love the fact I don’t have to launch into a long diatribe about why we can’t do a particular thing.
There’s no, “Honey, you know we’re trying to pay off debt. That’s why we can’t go to the movies this weekend.” No back-and-forth commentary arguing small points.
It’s all there in one simple phrase. #Yearofno is a complete sentence.
It’s been a giant relief to not have to decide which things we can splurge on and which things we shouldn’t buy.
In most instances, the answer is just “No.” Unless it’s a true need or a time-limited opportunity (like an educational program only available to 10-year-olds), we won’t buy it.
I’m all for making important decisions on a careful basis. That said, our daily life includes too many decisions that just don’t matter. It’s a relief knowing the answer to most nagging questions is just a simple “No.”
And it’s not just for kids! When I’m at the grocery store, I keep our motto in mind as I fill my cart. If I find myself standing in an aisle, mulling over which items to purchase, it’s usually a relief to realize I don’t have to choose.
Deciding between flavored bags of chips is wasted effort when we really don’t need any bags of chips.
Speaking of benefits, I’ve lost 8 pounds since I started my #yearofno diet. It’s eye-opening.
I didn’t realize how many bad habits I’d fallen into until we implemented #yearofno. Maybe it’s tired financial advice, but I think we have far more “latte habits” in our daily lives than most of us realize.
You can budget for the latte every day if it means that much to you. But you’d better make sure you aren’t also spending another $3 on snacks, plus constantly shopping the dollar aisles at Target, and also grabbing another $2 Kindle ebook every day.
And it works for big purchases, too.
We recently decided we don’t need to repair our barn this year; it’s only a nagging issue, not a problem-causing one. We put that money toward our debt, too.
Our motto helps us be more effective. In the past, our halfhearted attempts at debt payment resulted in a lot of backsliding and bouncing debt from one card to another.
This time, we’re seeing major improvements. Since the beginning of the year, we’ve paid down $2,650 of our debt.
How to Create Your Own Motto
To create a motto to help you pay off your own debt, try this:
What’s your point? Determine your main goal, the honest reason you’re trying to get out of debt.
For example:
- You want to be out from under the weight of credit card debt.
- You want to tell Sally Mae to pound salt (or something less appropriate).
- You want the freedom being debt-free provides.
- You want to retire early.
How will you get there? What sacrifices will you make to meet your goal? Remember to consider ones you’ve already made — they count, too!
Here are some to think about:
- Avoid fast food.
- Eat beans and rice (or other cheap staples).
- Scale back to the bare essentials, and cut unnecessary spending.
- Consider downsizing your home.
- Sell items you don’t use.
Take your main purpose or reason and your method of getting there, and drill it down to just one sentence. If you can get it down to three or four words, that’s even better.
Trying to be specific, measurable, attainable, realistic and timed (SMART) in three or four words is tough, but hit as many of those points as possible.
Own it. What will make this motto fit your life? Some options to try:
- Turn it into a rhyme: Rolling in green by ’17.
- Make it fun: We used a hashtag. You might try a meme or song line parody, like “Don’t believe me, just watch!”
- Make it fit: If rhyming and hashtags make you roll your eyes, choose words that fit you best.
- Keep it simple! For example, “Freedom this year.”
Creating a simple motto is an easy way to help you reach your goals.
While our children are looking forward to next year becoming the #yearofyes, it’s unlikely. We’re already floating around the idea for our next motto: #newnormal.
Your Turn: Will your family create a money-saving motto?
Jamie Jeffers blogs at Medium Sized Family about the creative ways her family is saving money and reaching their BHAG of paying off debt in the #yearofno.
The post How a Hashtag is Helping This Family Pay Off $10,150 in Credit Card Debt appeared first on The Penny Hoarder.
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EU blocks Three from buying rival mobile provider O2
The European Commission has blocked Hutchison, which owns mobile provider Three, from buying Telefonica UK, the firm behind rival provider O2.
Source Moneywise http://ift.tt/1s0goCM
Yorkshire Bank launches lowest mortgage rate on the market - but is it the cheapest?
Yorkshire Bank has launched the lowest fixed-rate mortgage deal on the market, giving borrowers the option to lock in at 1.17% for two years.
The rate doesn’t quite match the lowest ever two-year fix, which was available in 2015 when HSBC lent at 1.05%. It’s not the best deal from Yorkshire Bank either, who lent at 1.07% at the time.
Source Moneywise http://ift.tt/1s0goCJ
Payday loan ads to be banned from Google
Payday lenders will be banned from advertising on Google from 13 July.
From this date, the search engine giant will no longer allow ads for loans where repayment is due within 60 days of the date of issue from appearing on its site globally.
It is also separately banning ads for loans with an APR of 36% or higher in the US.
Source Moneywise http://ift.tt/1X3t3k0
We’re Totally Addicted to These Videos of Cars Sliding in the Snow
Winter may be over… but we’ve recently stumbled on some videos that almost make us wish it was still around.
(Almost — but not really.)
They’re clips of cars driving in snow. Well, more like just sliding. And they’re freaking mesmerizing.
Our hearts go out to these poor drivers. We’re just glad it doesn’t look like anyone got hurt.
The Cars-Sliding-in-Snow Videos We Can’t Stop Watching
This one’s probably my favorite. The cars go fast, then slow, then fast again — and the pile-up at the bottom just keeps growing.
You could call it the gateway drug of cars-sliding-in-the-snow videos.
Variety is the spice of life, and this clip has cars going backwards, a city bus sliding all over and people running in and out of the frame.
Grab some popcorn and enjoy.
Think cars sliding in the snow is something that only entertains Americans? Then you clearly haven’t seen this video of “Russian car curling.”
If you don’t want this to be you, click here to learn how to drive in the snow.
As for these drivers, we certainly hope they have car insurance — and aren’t paying too much for it!
Your Turn: Are you glad winter’s almost over?
Sponsorship Disclosure: A huge thanks to Compare.com for working with us to bring you this content. It’s rare that we have the opportunity to share something so awesome and get paid for it!
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post We’re Totally Addicted to These Videos of Cars Sliding in the Snow appeared first on The Penny Hoarder.
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No compromise on state pension age for women
Women whose retirement prospects have been adversely affected by rapid changes to the state pension age have been told that hopes of a compromise solution is not workable.
Source Moneywise http://ift.tt/1T7SrjW
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