St. Luke's celebrates first year with Cancer Center nearing completion

Since opening one year ago on Oct. 3, St. Luke’s University Health Network in Bartonsville has been as busy as any care provider in the region.The seventh St. Luke’s University Health Network Hospital has served 32,000 patients — 80 percent of whom have Monroe County addresses, officials said this week.“This first year has exceeded our expectations,” said Donald Seiple, the president of St. Luke’s Monroe Campus. “The community [...]

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Wall Street regulations limit local access to credit

STROUDSBURG - ESSA Bank & Trust President and CEO Gary Olson said regulations enacted to protect consumers from failing Wall Street financial institutions is crushing small community banks.The result of the law, Olson said, is to limit the number of home loans and small business loans the local population counts on.The Wall Street Reform and Consumer Protection Act of 2009, also known as the Dodd-Frank legislation was signed in 2010 to prevent banks from becoming too big to [...]

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Many Millennials Would Give Up Voting (but Not Texting) to Be Debt-Free

Right now, 42 million former and current college students owe more than $1.3 trillion in student loan debt. That’s nearly triple the 2007 level of $516 billion, according to the Department of Education.

Borrowers have shared hopeless stories of how they feel they can never repay that debt and how misinformation from student loan servicers has cost them greatly. And as the cost of higher education continues to increase, students are borrowing more money and taking longer to repay their debt.

In that grim landscape, it may surprise you to find out what a new survey says student loan borrowers are and are not willing to sacrifice to have their debt forgiven.

Millennials Will Give up Voting, Not Texting, for Debt Forgiveness

Credible, a loan brokerage and refinancing firm, asked 500 people between 18 and 34 years old what they would be willing to give up in exchange for debt forgiveness.

Respondents had five choices. They could choose to give up their right to vote in the 2020 and 2024 presidential elections, never use a ride-sharing app like Uber or Lyft for the rest of their lives, live with their parents again for five years, not leave the country for five years, or give up text messaging or similar messaging apps, like Facebook’s Messenger or WhatsApp, for a year.

Alternatively, borrowers could decide not to give up anything and repay their debt. Only 8.2% chose this option, making it the least popular answer.

The most popular answer: giving up the right to vote.

According to Credible, 49.8% of respondents would be willing to not vote in the next two presidential elections if they could have their student debt forgiven.

As for the other others, 43.6% would give up ride-sharing apps, 42.4% would stay in America for the next five years, 27% would move back in with their parents, and only 13.2% would give up texting.

That sounds bad. It sounds like text messaging and Lyft rides are more important to millennials than voting. And you’re probably going to bite my head off for this one, but as a millennial, a tiny part of me gets it.

Giving up texting could be the equivalent to giving up all communication with the outside world, while the sheer number of voters — more than 200 million — could make some of us wonder how much our single votes really matter. It could convince us that freedom from debt could be worth skipping out on a couple elections, while changing our daily lifestyles might seem like a price too big to pay.

Survey respondents could choose as many options as they wanted. The 500 of them gave 921 answers.

Here’s What This Survey Tells Us About Student Loan Debt

Yes, this survey pool was relatively small, so it’s hard to say this sample represents millennials nationwide.

But voting is a fundamental American right. When nearly half of young people, regardless of the sample size, are more concerned with how they will repay their student debt than voting for our next president, that’s not something we should ignore. This is especially alarming considering the impact an administration can have on student loan borrowers.

For the 8.2% of borrowers who would rather repay their debt than give up anything, we have some ideas to help you out. If you think skipping an election or two is worth it, you may want to take a peek at our tips, too. Getting a handle on your debt could change your mind.

Desiree Stennett (@desi_stennett) is a staff writer at The Penny Hoarder. She would rather pay off her student loan debt than give up her right to vote, but she wouldn’t mind deleting her Lyft and Uber accounts for forgiveness.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Why We’re Not Gonna Tell You Exactly How Much You Should Have Saved by Now

It seems like nearly every day I read an article that bashes everyone for not having enough in retirement savings.

I’m all for pushing toward my financial goals, but honestly, just how realistic is the advice out there about how much we should have tucked away for retirement?

If you’re like me and feel guilty about your savings, I’m here to tell you that you’re not alone, and you shouldn’t feel guilty.

This Retirement Savings Chart Might Ruin Your Day

According to investment company Fidelity, the amount you have in your savings should correlate with your age and annual salary. Fidelity says it determines these amounts by “a yearly savings rate, a savings factor, an income replacement rate, and a potentially sustainable withdrawal rate to help you create your retirement roadmap.”

According to Fidelity’s chart, if you started 25 years old and want to retire at age 67 with the same lifestyle, you should have at least one year’s salary tucked away for retirement by the time you’re 30. From there, you should have two times your salary saved by 35, three times at 40, four times at 45 and so on until you have a whopping 10 times your salary saved when you retire at 67.

Here’s the chart.

Do People Really Have That Much Saved?

OK, take a breath.

I’m here to tell you that if you don’t have the recommended amount saved, you shouldn’t panic — we don’t have that much saved either.

I took a very official poll here at The Penny Hoarder HQ — official as in I conducted it through Slack — to see if my colleagues had as much saved as this chart recommends.

Here are the results:

 

See? You’re not alone.

Where This Financial Advice Falls Flat

It’s charts like these that make people feel really bad about themselves.

You know why? Because they make tons of assumptions.

If you read the itty-bitty fine print at the end of the post, you’ll see that this chart is based on the assumption that you would like to retire at 67 and plan to die at 92 (LOL). The numbers are also based on a 15% savings rate, which is the real doozy here.

When it comes down to it, younger generations have the odds stacked against them. They’re dealing with out-of-control housing costs and student loan debt that’s higher than ever.

In the second quarter of 2017, the median wage for full-time U.S. workers was $859 per week, which works out to $44,668 over a year. For a young worker, saving 15% of that income would be tough after making ridiculous rent and student loan payments.

So yes, let’s remember that not all of us can put away that golden 15% of our income and still afford to live.

If you’re ready to stop freaking out about retirement and get a hold of your plan, check out a few of these resources:

• Wondering where a chunk of your paycheck is going each month? Read up on 401(k) basics and a cool strategy for how to make the most out of yours today — and maybe even retire early with it!

• Does your employer not offer a company-backed retirement plan? Here’s everything you need to know about Roth IRAs and how to get started with one.

So don’t panic. Not all charts — or retirement plans — are created equal.

Kelly Anne Smith is a junior writer and engagement specialist at The Penny Hoarder. Catch her on Twitter at @keywordkelly.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Use These Expert Tips to Save Energy and Lower Your Power Bill This Fall

Fall is here.

It’s time to embrace sweaters, knee-high boots and pumpkin spice treats.

October is National Energy Action Month, so it’s a good time to consider how you can conserve energy at home and save on your utility bills as the weather gets cooler and you crank up the heat in your home.

Chris Granger, president of Sears Home Services, shares the following tips on how you can do just that.

Make Sure Your HVAC System Is Running Efficiently

As you switch your heating, ventilation and air conditioning — or HVAC — system from cold to hot, it’s a good time to change the system’s air filters.

Granger said Sears Home Services recommends people change their air filters every three months at minimum. During heavy-use periods, air filters should be cleaned monthly if they are dirty, he said.

“Air filters on a furnace clog easily, which causes the blower to work harder than it should and to use more energy,” Granger said. “By regularly changing your air filters, you’re helping reduce the amount of energy your HVAC needs to work properly.”

You can find air filters at home improvement stores, in home improvement sections of department stores or online.

Keep the Cool Air Out

It’s great if your HVAC system is in top working order, but if cold air is sneaking into your home, your system will need to work harder to keep things warm and toasty. That could show up on your power bill in a costly way.

“Your home’s exterior plays a big role in helping you stay warm indoors during the colder months, so you can feel more comfortable and save energy and money on your utility bills,” Granger said.

Making sure your roof is insulated is the most cost-effective way to save energy, he said.

“It helps reduce heat transfer from outside air to inside your house,” Granger said. “You may also want to consider adding a radiant barrier to the underside of the roof deck (between it and the insulation) to further reduce heat transfer.”

If you’re replacing siding on your home, be sure to ask how much insulation the siding has, he recommends.

When it comes to exterior doors, Granger said to make sure they close properly with a good seal and that there’s weather stripping on all the areas around the frame. Windows should also close and seal correctly, he said.

If you rent, you can always ask your landlord or property management company about energy-saving measures they could put in place if they haven’t done so already.

Appliance Maintenance Can Save on Energy Use, Too

It’s not always the most obvious things that can impact your energy consumption.

Other actions, like regular maintenance to your household appliances, can also help you save.

You may know about cleaning your dryer’s lint trap after each use, but when’s the last time you cleaned your refrigerator’s condenser coils?

“Condenser coils help the refrigerator stay cool by releasing heat from the compressor,” Granger said. “Dirty coils result in the refrigerator having to work harder to cool, often resulting in expensive cooling system repairs.”

He said you should clean your refrigerator’s condenser coils at least twice a year using a vacuum and a coil brush.

“If you have an older fridge, the coils might be painted black and mounted on the back,” he said. “Newer refrigerators often have the condenser coils on the bottom.”

Granger shared additional tips on maintaining common household appliances:

• Dryers: In addition to cleaning the lint trap after each use, you’ll want to use a lint brush and vacuum periodically to remove any lint the screen didn’t catch. You should wash your lint screen about every six months to remove any build-up. You should also clean out your dryer vent pipe once every six months.

• Refrigerators: In addition to cleaning your condenser coils, you should make sure the seal on your fridge door is tight. Also, storing leftovers in airtight containers helps prevent moisture from escaping into the air and making the compressor work harder.

• Oven: Avoid using foil in the oven because it stops airflow and decreases the efficiency of your oven.

For more information and tips, take a look at Sears Home Service’s helpful infographic that shows which appliances use the most energy.

Although improving your energy consumption may not make drastic changes to your energy bill immediately, saving a little here and there will eventually add up.

Nicole Dow is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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How This Dad Lowered His Cell Bill $120/Month and Got His Daughter a Phone

With a wife and two kids to support, Zak Wilson is a guy who has to stick to a budget.

But when it came to cell phone service, he could never find the sweet spot — reliable service he could afford. Every carrier he tried was either too pricy or too glitchy.

Too expensive: Wilson was with Verizon Wireless for years, but was frustrated because it cost so much. He was paying around $180 a month for cell service for him and his wife.

“It was ridiculously expensive,” Wilson recalls.

Too unreliable: Looking to save money, he switched to discount carrier Republic Wireless. That was cheaper, but he got tired of the hassles — like dropped calls.

It was time to look for another option. That’s when he tried Twigby.

What is Twigby? It’s a discount wireless carrier that’s making a splash in the competitive world of low-cost, no-contract cell phone service.

“The cost savings is extreme,” Wilson says. “Now, for both phones, we’re paying maybe 60 bucks.”

Even better: He and his wife can finally afford to add a phone for their oldest daughter, who just turned 12 and is starting the seventh grade.

“I surprised her with it on her birthday,” Wilson says. “I had been telling her no.”

Life in Discount-Carrier Land

Wilson is a 43-year-old salesman who lives in a suburb of Portland, Oregon. A budding entrepreneur, he’s working a couple of part-time jobs while setting up his own e-commerce business.

One thing’s for sure: Money is tight, but he needs reliable cell phone service for his work.

Years ago, he originally hooked up with Verizon Wireless because the provider was offering deals through Costco, his former employer.

It eventually got too pricy, though.

“With the data plans, it’s expensive,” Wilson says. “I felt like I was paying for double internet — home internet and phone internet.”

He switched to Republic Wireless to save money, but got fed up with its service. Whenever he had a technical problem, he had to post a query on an online bulletin board and wait for an emailed response.

“It might take a couple days or a week to get an answer,” he explains. “You can’t call anybody if you have a problem.”

That’s life in discount land. A number of discount wireless providers have been criticized for poor customer service — too slow, haphazard and difficult to understand.

Well aware of these kinds of criticisms, Twigby has taken pains to make sure its customer service is prompt, efficient and helpful. Instead of a call center for customer service, the carrier has an online chat feature.

“They get right back to you. Most of the time, there’s an instantaneous response,” Wilson says. “They’re very quick and knowledgeable.”

Beyond the Big Four

In the United States, most cell phone users are tied to one of the “Big Four” wireless carriers. Verizon, T-Mobile, AT&T and Sprint have more than 412 million collective wireless subscribers.

These are big-time, mega-corporations with Super Bowl ads, celebrity spokespeople, storefront locations and vast networks of cellular towers

Then there’s everyone else — a slew of independent providers, all competing for a small corner of the cell phone market.

“Maybe 95% of people are with one of the big carriers, and 5% are OK with more budget-friendly brands,” says Twigby representative Chris Alarcon. “We’re in a hyper-competitive industry, with a lot of companies fighting over that 5% of the American population.”

Twigby launched in late 2015 and has been gaining momentum ever since, company officials say.

It’s an MVNO, a Mobile Virtual Network Operator. Dozens of these companies buy connection wholesale from the big wireless carriers and resell it to customers.

Twigby is on Sprint’s cellular network for voice calls, texting and data, and it uses Verizon’s network as a backup for calls and texting.

No More Dropped Calls

One thing Wilson appreciates is the lack of dropped calls.

“We used to have dropped calls in our house, and we’d have dead spots every time we’d go on the road,” he explains. “I haven’t experienced that at all with Twigby. I think it’s because they have double coverage with both cellular networks.”

His phone, a Samsung Galaxy J3 Emerge, works fine on Twigby’s network. Twigby sells a large assortment of phones. You can also use this online tool to see if your phone is compatible with Twigby’s service.

After years of being unsatisfied with his cellular service, Wilson finally feels like he’s getting more for less.

“It’s far and away a huge upgrade,” he says. “What we have now is very similar to what we had with Verizon. It’s just that the cost is so much cheaper.”

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He’s clearly paying too much for wireless service.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Applebee’s Is Serving Happiness on the Rocks With $1 Margaritas All Month

If happy hour at your local watering hole doesn’t feel so special, head to your nearest Applebee’s this month for a better deal: dirt-cheap margaritas.

In celebration of Applebee’s Neighborhood Appreciation Month in October, the chain will offer margaritas on the rocks for just $1.

How to Get Applebee’s Dollar Margaritas This Month

You don’t even need to rush over there at a certain time of day: The “Dollarita” is available from open to close at every participating Applebee’s location. Just ask for one at the bar or your table.

Since Applebee’s lineup of margaritas is regularly priced from $5.99 to $8.99, you have little to no chance of winning an argument that Applebee’s dollar margaritas aren’t a good deal. Please continue to tip your bartender accordingly, though.

P.S. Got a birthday coming up? Sign up for Applebee’s email list and get a coupon for a free treat on your big day. Sugar rush!  

Lisa Rowan is a senior writer and producer at the Penny Hoarder who struggles to resist the call of a discounted margarita.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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The Kids' College Funds Can Wait. Save for Retirement First

Many parents feel torn between funding their own retirement and paying for their kids' college education. But financial experts are united on which one should take priority.

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The Kids' College Funds Can Wait. Save for Retirement First

Many parents feel torn between funding their own retirement and paying for their kids' college education. But financial experts are united on which one should take priority.

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Don’t Wait: Here’s Where to Get a Free or Low-Cost Mammogram This Month

If you couldn’t tell by all the pink everywhere, October is Breast Cancer Awareness Month.

And one of the best ways to stop breast cancer in its tracks? Early detection (it works).

Though every woman should do breast self-exams each month, women over 40 should also consider getting a mammogram — an x-ray that examines breast tissue — every one to two years. (Here are specific guidelines.)

If you’re younger than 40, but have risk factors for breast cancer, you might need mammograms, too; ask your doctor for their recommendation.

Whatever your age, don’t avoid mammograms because of their cost.

Women today have a bounty of ways to get free and low-cost mammograms. Here are six excellent options.

1. Your Doctor

If you’re 40 or older and have a health insurance plan issued in the past four years, the Affordable Care Act requires your insurer to cover yearly mammograms with no co-payment.

Medicare and Medicaid also cover the cost of mammograms.

2. The National Breast Cancer Foundation

The National Breast Cancer Foundation partners “with medical facilities across the country to provide free mammograms and diagnostic breast care services to underserved women.”

Click here to search for a location near you.

3. The Susan G. Komen Foundation

This organization has affiliates in 120 American cities.  

According to its website, its affiliate network “is the nation’s largest private funder of community-based breast health education and breast cancer screening and treatment programs.”

To learn what resources are available in your area, search for your local affiliate here. Once redirected, click on “Understanding Breast Cancer,” and then “Local Resources for You.”

Prefer to speak to someone?

Call the organization’s breast care helpline at 1-877-GO-KOMEN (1-877-465-6636), and the representatives will help you find low-cost options in your area.

4. The National Breast and Cervical Cancer Control Program

The CDC’s National Breast and Cervical Cancer Control Program “provides breast and cervical cancer screenings and diagnostic services to low-income, uninsured, and underinsured women across the United States.”

To qualify for this screening, you should be between the ages of 40 and 64, have no insurance or an insurance that fails to cover screening exams, and also live at or below 250% of the federal poverty level.

You can find out more information about your state or territory here.

5. The YWCA

Some YWCA chapters provide breast cancer screening and education to women who have no insurance or are underinsured.

Contact your local YWCA to see if it offers affordable mammograms.  

6. Your Local Imaging Center

According to the Susan G. Komen Foundation, many imaging centers offer reduced rates during Breast Cancer Awareness Month.

You can search for a local mammography center on the FDA website.

You might be wondering why Planned Parenthood isn’t on the list. These popular clinics provide clinical breast exams, but not mammograms; if an abnormality is detected during your exam, the doctor will refer you to a provider of low- or no-cost mammograms like the ones above.

To learn more about mammograms — including how they work and how to prepare — check out this easy-to-read PDF from the Komen Foundation.

Whatever you do, don’t wait!

Editor’s note: An earlier version of this post reported that Planned Parenthood offers mammograms. We apologize for the error and have updated the post with the correct information.

Susan Shain is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain. Web Producer Jacquelyn Pica did the research.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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12 Steps to Protect Your Finances When Leaving an Abusive Relationship

Note: This article doesn’t contain any depiction of physical or sexual violence, but does detail financial and emotional abuse in relationships.

Lisa Orban was married to her abuser for three years. In 1990, she left after he threatened to kill her and their two young children.

She was 20 years old.

Her financial situation in the marriage? “Bad, in a nutshell,” she recalls.

Not unusual for the time, her husband was the main breadwinner, and he managed the finances.

“Whenever there was a chance that I might make enough money or make more money than him or do anything to upset his financial apple cart, so to speak, he would come in and sabotage it.”

She lost multiple jobs because of his meddling.

She moved with him from her hometown in Illinois to Arizona for college, where she’d won a four-year scholarship to study psychology. Before she could start, he contacted the university and told them she’d decided to drop out.

“Imagine my surprise when I go to registration day and find out that my scholarship is gone,” she says.

He even had control of the mailbox. He took her key, though she thought she’d just lost it, and put off replacing it. That had major, unexpected financial ramifications.

“It wasn’t until after we were divorced that I found out that I had not paid off my student loan.” The $4,000 loan ultimately cost her $38,000 to repay, she says.

The checks Orban thought were going into the mail were not, and the missed payment notices from her loan providers weren’t getting to her.

He kept control of the checking account.

He wouldn’t let her use the car alone.

He knew how much money she earned, and he would accompany her to the bank to deposit her paychecks.

He signed up for credit cards in her name.

By the time Orban left and filed for divorce, she was $80,000 in debt and didn’t even know about it.

What is Financial Abuse?

About 1 in 4 women and 1 in 7 men will experience severe intimate partner violence in their lifetime, according to a Centers for Disease Control and Prevention report.

Domestic violence and abuse comes in many forms, whether it’s physical, emotional, psychological or sexual — but it can also be financial. Likely, it’s some mix of these, but not always all of them.

Of those who experience violence, 98% also experience financial abuse.

“Like all abuse, financial abuse takes a lot of forms, but it’s all controlling behavior; power and control,” explains Casey Harden, interim CEO of the YWCA USA. “Imagine tightening the reins on the financial condition of the home, so that there’s limited options.”

Abusive partners may leave you out of major decisions and purchase a home that’s well out of your family’s budget, for example. They may run up credit card debt without their partner’s knowledge or input, lie about paying bills or damage valuable property.

In addition to safety concerns, victims of domestic violence often stay in abusive relationship because of a lack of financial resources.

“Many survivors, even after they’ve left, often return because of finances,” says Kim Pentico, director of the Economic Justice Program at the National Network to End Domestic Violence.

Michelle Kuehner, a survivor of domestic violence who is now a financial advisor and author of The Money Diet blog, explains:  

“More often than not, the abuser has made the victim feel as if they are dependent upon the abuser. That without the help of the abuser, the victim could not survive financially in the world, and it is only by the grace of the abuser that the victim has a roof over their head, and food on the table.”

If you’re in a bad situation, we want to do our part in empowering you to move forward.

The Penny Hoarder features a ton of content to help you understand your finances and improve your financial situation. But it can be tough to see how it pertains to you when you feel like you have zero control over your financial life.

Here, I try to put it into context.

I spoke with financial, legal and relationship experts, as well as domestic violence advocates to bring you resources, advice and action steps to prepare you to leave and recover your finances afterward.

6 Steps to Prepare Your Finances Before Leaving

“The largest hurdle you face in an abusive relationship is getting back your independence,” Kuehner says.

“Only when you take back the feeling or idea that you are not completely dependent on another can you move towards financial independence. And only then can you successfully remove yourself from that type of relationship.”

Even then, it’s easier said than done.

In addition to the financial hurdles, Harden repeats a fact many of us have heard often: “Lethality for an individual and her loved ones goes up drastically when she makes the decision to leave, when she leaves and the time period following.”

That’s why before you do anything, we recommend this step:

1. Connect With a Victim Advocate

Harden and other experts urge anyone trying to leave an abusive relationship to work with a victim advocate.

These people are trained and experienced, so they know how to help you plan to leave safely and quietly. They can point out potential pitfalls and let you know what major financial hurdles to expect.

How to get in touch with local advocates:

• Call the National Domestic Violence Hotline: 1-800-799-SAFE (7233) or TTY: 1-800-787-3224. The national hotline can get you in touch with an organization in your area.

• Statewide advocacy groups can also connect you with local advocates.

• Your local YWCA has resources to fight domestic violence, including shelters and services around the country.

We have additional recommendations for your financial health, but can’t tell you what’s best or what’s safe for your situation.

You’re the best at assessing your own safety, so listen to your own instincts, work with an advocate and only consider these steps if you know it’s safe.

2. Save Money

“Be sure you have liquid funds held in an account in your name only,” says Allison Alexander, a financial advisor at Savant Capital Management. She also recommends having credit cards in your name alone.

Allstate’s financial empowerment curriculum includes advice on how to build a solid financial foundation, including places where you could find loans.

If you don’t have access to a loan, see if there are other ways to secure money for yourself that your partner doesn’t have access to.

Here are some creative ways to make extra money:

• 25 Ways to Make Money in the Next Hour

• 50 Side Jobs to Help You Make an Extra $500 or More This Month

• 19 Ways to Earn an Extra $100

• 15 Smart Ways to Make Money in the Next 24 Hours

You can also keep an eye out for influxes of cash your partner doesn’t know about or have access to.

“A lot of survivors … wait until that tax return comes, and that’s a nice little chunk to get started on,” Pentico says.

A bonus at work may be a similar lifeline.

You may be able to work with the human resources department at work to automatically deposit part of your paycheck into a separate bank account.

Catherine Scrivano, a Phoenix–based financial planner, says HR may also be able to help you make an adjustment to your W-4 to help you receive more money with each paycheck that you can save or invest throughout the year.

3. Make Copies of Important Documents

“Make copies of all financial documents you can find, e.g., tax returns, bank statements, investment statements, mortgage/loan information, car titles, paystubs, etc.,” Alexander says.

You can simply snap a picture of these documents with your phone and email it to a friend. Or store them in a cloud drive that you — and only you — can access from anywhere, like Google Drive.

4. Cut Ties and Open a New Bank Account

Before opening your own account, Harden recommends, you’ll need a new mailing address — a P.O. box could work — and an email address your partner doesn’t know about.

Harden also suggests you contact your bank to update your account’s security questions, if your partner already has access to an account in your name.

“Your husband of 10, 15 years probably knows the answers to most of your security questions,” she pointed out, “especially if he’s been actively working to know them.”

She said you can tell your bank the question you want to use. You don’t have to stick with a default question your partner might know the answer to.

If you can, set up separate accounts your partner doesn’t know about, or at least can’t access.

Also, “remove your personal items from a safe deposit box if it is held jointly,” Alexander says. And “establish your own safe deposit box at another bank and place your financial documents and sentimental items, including jewelry, pictures (or) valuables there.”

5. Find a Financial Advisor

“Find a supportive financial advisor, therapist and friends who will encourage you during the bleak times and celebrate your successes,” Scrivano recommends.

If you have the resources to hire a professional financial advisor — who works for you alone, not you and your partner together — great.

If you can’t afford to work with a professional, utilize your local library or Parks and Recreation department for resources. It may have financial literacy classes, support groups and literature to help you.

Even financially-savvy friends and family can offer advice.

Pentico often tells survivors, “There’s somebody in your life, more than likely, that seems to know what’s going on when it comes to money and finances, whether it’s a co-worker or a family member. Reach out to them.”

6. Find an Attorney

When Kuehner was preparing to divorce her abusive husband, she started by meeting with attorneys.

“I scheduled appointments to meet with all of the best attorneys in town. … All in all, I had meetings with over 85% of the local lawyers in a matter of a couple of weeks…

“If I had an introductory meeting with a particular attorney, my ex-husband wouldn’t be able to use them. It could be considered a conflict of interest. … By narrowing his options, and forcing him to use a less-experienced professional, I gained some ground in the divorce.”

California-based family law expert Amey Telkikar confirmed this tactic, though called it “unsavory” for typical situations.

“An in-person meeting going over the circumstances almost certainly will (include confidential information), resulting in a conflict of interest. A lawyer may still represent the other spouse, but only with the informed written consent of both spouses,” Telkikar explained.

He recommended, “It is in the best interest of a spouse to consult at least one reputable attorney as soon as they suspect or learn of a possible filing for divorce.”

If you don’t have money to hire a lawyer or don’t feel safe conducting this kind of business on your own, a victim advocate can help you discover the resources available to you.

6 Steps to Rebuild Your Finances After Leaving

Unfortunately, Lisa Orban didn’t make a plan to leave her abuser. She did what she pointed out many survivors do:

“Most abused women do not ‘plan’ their escape, they run blindly for their lives when the situation reaches deadly levels, and then pick up the pieces afterward,” Orban explains.

“If you have a golden opportunity to escape, that’s generally what people do,” Orban adds.

“They look for a moment — a credit card left unattended, a check that unexpectedly arrives that you somehow got access to, a Christmas bonus from your work that your spouse doesn’t know about,” Orban says. “These are things you look at, and you go, ‘This is it. This is my chance.’”

When you see that opportunity, she said, “You grab it and you go.”

And then what?

Once you’ve left and you’re safe, your greatest financial hurdle may be not knowing what you’re working with.

Start by figuring that out.

1. Get a Copy of Your Credit Report

Nearly everyone I spoke with recommended one simple, important first step to rebuilding your finances: Get a copy of your credit report.

If you haven’t had control of your finances for years, you may have no idea what state they’re in. To create a rebuilding plan, you have to first know what you’re dealing with.

Do you have credit card debt?

Is an unpaid mortgage in your name?

Are you behind on medical bills?

Your credit report will give you this information.

How to get a free copy of your credit report:

• Contact the three major credit reporting bureaus to get a free copy from each. They’re legally required to give you a free credit report once every 12 months. This FTC guide explains how to request your report.

• Get your credit score and “credit report card” from Credit Sesame. This website breaks down exactly what’s on your credit report in layman’s terms, how it affects your score and how you might address it. (Note: We sometimes partner with this company, but Credit Sesame did NOT pay to be mentioned in this post.)

Your credit history can affect a lot of what you do going forward.

Someone will likely pull it when you apply for an apartment, mortgage, vehicle loan or credit cards, before hiring you for a job or opening a new bank account. It’ll affect how much you pay to rent a car or get a new cell phone. It could even affect your car insurance rates.

Once you know what’s in your credit history, you can figure out how to fix it.

2. Find Resolution on Lingering Debts

Harden recommends resolving the debts you find on your credit report as soon as possible.

“Close out the relationship with the credit union and close out all the loans and be done, so the relationship is over, period,” she says.

Closing accounts and making agreements to eliminate debt quickly may not be your greatest financial option, Harden says, but these steps help you cut ties with your abuser, which is still vital.

Your credit report should show you which creditors you’re dealing with. Reach out to them directly and ask what you need to do to eliminate those debts.

Scrivano points out a divorce agreement isn’t enough to get you out of debts you shared with your partner. For example, even if the agreement says credit card debt is your ex’s responsibility, the creditor doesn’t know — or care.

You’ll likely have to take further action to clear your name, she explains. Contact your creditors to determine exactly what needs to be done — and what, in the end, is your responsibility.

“Hold your advocate accountable for that kind of thing,” Scrivano says, referring to your financial or legal advisors. They should know your divorce agreement’s reach and advise you accordingly.

To prevent your ex from building new debt in your name, Telkikar recommends placing a 90-day fraud alert with the major credit bureaus. That way, businesses must verify your identity before issuing credit in your name.

To initiate a fraud alert with one of the bureaus:

• Experian fraud alert center

• Place a fraud alert with TransUnion

• Equifax alerts online

You only have to place an initial fraud alert with one bureau. It will contact the others, the FTC explains. You can renew the alert after 90 days as often as you need.

3. Create a New Budget

Next, Harden says, a survivor has to spend time “learning to budget in the new reality, whatever that new reality is.”

With control over your finances, you can set up new savings and investing plans to “become proactive about having full ownership over (your) finances,” not just reactive to your situation.

“There’s financial stability, and then there’s financial vitality,” she explains.

Without the internet to teach her, Orban learned how to manage her budget through trial and error. She always kept a detailed budget.

“I ended up itemizing my life on a day-to-day basis and seeing how much I had coming in and how much, realistically, I had to pay out to function in a normal way,” she says.

Read our tips on how to budget if you’ve never done it before:

• Follow this easy 14-day plan to get control of your money.

• Watch out for these five common budgeting mistakes.

• Use this free spreadsheet template to create a new budget for your family.

• If all else fails, here’s how to make a budget when you hate budgeting.

4. Rebuild Your Credit

Even if you have damaged credit, you’re not doomed.

“Since my credit had been damaged a bit, I wanted to rebuild that as well,” Kuehner explains.  “Taking out share secured loans … was the easiest way I knew. Within a year and a half my credit had been repaired.”

With a secured loan, she explains, “the bank freezes a specified amount of money in your account until payments are made. Each payment frees up the same amount of principal.”

A secured credit card is a similar way to build or repair your credit,

It’s similar to a debit card — you put down a cash deposit and can use that amount in credit.

Unlike a debit card, secured cards report your payment, balance and other relevant behavior to credit bureaus. So it’s a way to establish a credit history if yours is shot or nonexistent.

Read more tips for rebuilding your credit:

• What It Feels Like to Declare Chapter 7 Bankruptcy, and How to Recover From It

• How This Guy Raised His Credit Score 234 Points in 7 Months

• The Insane Story of a Family Who Paid Off $45K in Debt in 10 Months

5. If You Need to, Find a New Job and Housing

If your abuser didn’t allow you to keep a job, the effect can ripple beyond your lack of control in the relationship.

“It could interrupt a work history,” Harden points out, “or prevent a work history from ever developing in such a way that an employer would find the candidate to be compelling as a potential employee.”

If you’ve lost your job, read these tips:

• I Just Lost My Job. Here’s How I’m Surviving Unemployment

• 5 Unusual Job-Hunting Tactics That Actually Worked

• Avoid These Common Job-Hunting Mistakes

“Your local domestic violence program has relationships with community resources, so while they may not provide (job placement) themselves, they certainly have built partnerships and relationships with those who do, so to reach out to them,” Pentico advises.

Community colleges can also be a great resource for job placement.

If you want to go back to school, you can even find scholarships specifically for survivors of domestic violence.

If your relationship has forced you to take a break from the workforce, but you don’t want to return to college, you might be able to ease back in through a return-to-work internship.

If you’re able to live with friends or family to cut expenses and save for a while, go for it.

If you’re ready to find your own place (or not ready, but need to, anyway), here are some tips for getting the best deal out of your next rental.

On a positive note, Kuehner adds, “Replacing household items can be done fairly reasonably as well. Social media sites have ‘online garage sale’ postings, and you can pick up items really cheap. Hitting the Goodwill and other thrift stores are a great idea too. You can find some great treasures at rock-bottom prices.”

6. Prepare for Financial Success

The final step is refocusing on financial vitality, Harden says.

What does a thriving, successful life look like for you? Is there a business you need to reclaim, a career you need to start over or education you need to finish?

If you’re relying on financial support from loved ones, these 13 steps could help you cut the cord.

Focusing on financial independence will take you from reacting to a bad situation to being proactive about your own success.

And remember, you don’t have to go through it again.

Remember going forward, “Being in a relationship, regardless if married or not, does not mean you have to commingle all funds,” Kuehner says.

“I am a huge proponent of a mine, yours and ours type of finance. It is a simple technique, but can have enormously positive effects,” she explains.

To maintain financial independence and vitality in the future, know you don’t have to relinquish control to your partner. Early on, negotiate a split of resources and financial responsibilities that satisfies and respects both of your needs.

Starting Over

Now, Orban is retired and has been writing about her experiences for three years.

Her first book, “It’ll Feel Better When It Quits Hurting,” is a memoir of her life before leaving her ex-husband.

Her second will cover how she rebuilt her life after leaving.

Since 1990, Orban remarried and divorced her second husband. She has five children altogether, and one grandchild. One son is in college, one is still in high school and the rest are grown.

She eventually went back to college and earned her associate degree in psychology.

Healing emotionally and financially took a lot of time and work. But a small epiphany late one night made her realize she could do it.

“(I realized) I didn’t have to wait for time to heal all wounds. I could make steps and go forward and go, ‘I am in control of my life now — me — and I can make these changes.’”

If you or anyone you know needs help, contact the National Domestic Violence Hotline to speak with an advocate or be connected with someone in your area: 1-800-799-SAFE (7233) / TTY: 1-800-787-3224

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).

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Should You Jump on the Live Video Bandwagon?

Social media platforms have evolved.

Today, you can do much more than just write posts, comments, upload pictures, and videos.

Now you have the option to live stream with your audience.

It’s a cool concept, but should you be doing this?

Absolutely.

People love videos.

But you just need to make sure you’re effectively using live stream to your advantage.

Over 90% of Internet traffic comes from video content.

Facebook is one of the top options for you to consider for broadcasting live content.

Since Facebook Live launched in 2015, its search popularity rose over 330% in the last two years.

What’s this information tell you?

Not only do people love watching videos, but also they are actively searching for more.

The number of comments can show the popularity of live videos on Facebook too.

Facebook users comment on these videos at 10 times the rate of regular videos.

Keep an eye on these comments.

Reply to your viewers if you can.

You can reply verbally, or type the responses.

It’s a great way to interact with your customers and keep them engaged.

Here are some psychological behaviors that impact and create engagement.

• Curiosity
• Desire to be recognized
• Create a sense of belonging
• Control
• Exclusivity

We’ll discuss these in more detail as we go through some examples, but here is a quick overview of each emotion.

People are curious by nature.

You can use this information to your advantage while you’re streaming a live video.

People also want to be recognized.

Mention them by name or username.

If a user makes a comment, acknowledge it.

Say thank you or give them a shout out.

This will also give them a sense of control if their comment affects your decision.

Since live videos don’t last long, it’s an exclusive feeling for the viewers.

They are part of a smaller group as opposed to just one of the thousands of followers you may have.

Here are some effective ways to implement live video to your business.

Stream live events

Streaming an event can have a positive impact on your sales.

Take a look at these numbers.

Two-thirds of viewers have a greater chance of buying a ticket to an event after seeing a live video of something similar online.

That number is on the rise.

Over 80% of people watched more live videos last year than the previous year.

It’s clear that those numbers are trending upward.

Your business needs to stay up to date with current trends.

Use this strategy to promote events for your company.

This works especially well if you’re trying to endorse similar events in the future and drive ticket sales or attendance numbers.

You can also stream videos from events you’re attending as opposed to just hosting.

Let your customers know if you’re attending a conference or business expo.

Ask them if there are certain booths or displays that they want to see.

This all relates back to that feeling of exclusivity.

Your viewers can feel like they are at a special event, even if they weren’t invited or don’t have a ticket.

Host a live interview

Set up an interview or discussion with a client or employee.

This discussion can establish you as an authoritative source in your field, which is a great way to generate a social proof of concept.

Focus the interview questions on educational information for your viewers.

The conversational structure of an interview may be less formal and more entertaining than just a presentation with one person.

Try to get your customers involved with the line of questioning as well.

Remember, you want them to be engaged.

Allow some time during the interview to field some questions directly from your live audience.

Like we said earlier, always acknowledge the user by their name.

It will make them feel like they are contributing, which is a psychological way to connect with your customers.

Show the customers how your product creation process works

If you’re selling a product, use a live video to show your customers how you make things.

For safety and practicality purposes, it may be unreasonable to offer tours of your production facility.

However, you can take your customers on a virtual tour with a live video stream.

Walk them through your building and explain how the process works.

Take them through each step of your production.

This is a great chance to showcase your quality.

It holds you and your employees accountable as well.

You wouldn’t want to show customers a dirty or dangerous production facility.

A live video gives you a chance to tighten up your quality control and do some thorough cleaning of your building if you’ve been slacking with tidiness.

Give your viewers a behind the scenes sneak preview

Behind the scenes, live videos trigger some of the emotions that we discussed earlier.

• Curiosity
• Sense of belonging
• Exclusivity

This is a great technique for certain businesses such as:

• Photographers
• Filmmakers
• Tattoo artists
• Hair stylists
• Media companies

It will give your viewers access to areas that they normally wouldn’t be able to see.

A photographer or movie producer wouldn’t let just anyone come stand behind the camera while they’re working.

But live videos can give fans a sneak preview of what they’ll see when the final product is released.

Live videos temporarily remove the “off limits” feeling that your customers may be experiencing.

Take a look at how media publishers are using live videos.

Compared to other industries, media pages are using live video the most.

Consider giving your viewers access to a news anchor or reporter preparing to go on TV.

Even if you’re not part of the media, you can still use live videos.

As we mentioned earlier, the notion is trending upward.

Provide training seminars

Make sure you’re streaming high quality live videos.

You’ll need a strong Internet connection.

Quality is the most important aspect of live videos, according to 67% of viewers.

This is especially important if you’re broadcasting a “how to” video.

It’s vital that your customers can clearly see what you’re doing.

Make sure your training videos are informative.

Keeping your customers informed is a great way to increase customer retention.

Let’s take a look at some of the top perceived benefits of live videos.

Creating a more authentic interaction with the audience is number one on this list.

A training seminar is a great way to accomplish this.

You can establish a regular viewing audience and host a live video like this on a weekly basis.

It gives your customers a reason to keep coming back.

Do a live Q & A segment

Question and answer sessions are a great way to establish trust with your customers.

You want your customers to trust you because it shows that you care about them.

If your customers don’t think that you care, chances are they will leave you for another company.

In fact, based on the graphic above, it’s the number one reason why customers stop using your service.

You need to provide and emphasize excellent customer service.

Amazing customer service can help you double your revenue.

Your customers have questions.

You need to be there to answer them.

Hosting a live question and answer session is a great time to do this.

Plus, you can do it at a time that’s convenient for you.

Encourage customers to ask questions.

I’m sure lots of people have similar questions, so by answering them in front of an audience, you won’t have to keep repeating yourself.

This is more effective than taking calls from one customer at a time.

Use a live stream to run a contest for the viewers

Everyone loves to get something for free.

Live videos are a great time to give away gifts and prizes to your customers.

Promote the event and say that a winner will be randomly selected from the live viewing list.

You can use this as an opportunity to promote and market other aspects of your company.

Let’s take a look at some numbers.

Viewers watch live videos for 3 times longer than they watch pre-recorded videos.

How can you use this to your advantage?

The key is to get your customers to view your live video initially.

Once they start watching, they will watch for a long time.

Using a free gift or giveaway promotion is a great way to drive views to your live stream.

Based on the what you’re promoting during the stream, those views can ultimately generate leads, clicks, and conversions on your website.

Get feedback for your new products or services

Use your live video stream to hear from your customers.

In the past, I’ve explained ways to understand your customer.

Surveys and interviews are a highly effective method.

Earlier I suggested that you use a live question and answer forum for your customers.

This is similar, but the roles will be reversed.

You’ll be asking the questions, and the customers will provide feedback.

Have you ever used a focus group?

Look at this graph.

Focus groups are expensive.

You can use a live video for free to connect with your customers and ask them questions.

The only cost of this is your time.

And trust me, it’s well worth it.

You can gain valuable information about your products and services by asking your customers directly.

Your customers have an opinion, but they may not share that opinion if they aren’t asked.

Use this information to make your business better.

Take the customer feedback seriously and apply the necessary changes moving forward.

You can do this on a regular basis, but it’s especially effective right after a new product launch.

Launch a new product

Speaking of new products, use a live video to create a buzz about something new.

Tell your social media followers that you have a special announcement on a certain day and time.

Stimulate curiosity.

Don’t give it all away ahead of time.

Make them attend the live video to hear the announcement.

You don’t have to come up with a completely new product.

Try making announcing a product extension instead.

Look at this growth model.

Extensions can improve the life cycle of a product and prevent a decline over time.

Launching something new is a great way to get your customers excited.

Again, this relates back to that feeling of exclusivity.

First, you get them curious by saying you have a special announcement.

Then, you get them enthusiastic about a release.

During the live video stream, you can even give away a couple of products for free as we discussed earlier.

This is a great way to make sure people keep tuning in to your live events in the future as well.

Be personal and make a connection with your customers

It’s important to show your face and let your customers and subscribers know that you’re a real person.

I’ve explained how you should be personal with your email marketing tactics.

The same idea can be applied to your live videos.

Have a sense of humor.

Just stay away from discussing or making jokes about taboo subjects like politics, race, or religion.

Make sure that you’re providing the viewers with compelling content.

Look at some of these statistics.

Interesting content was the number one reason why customers viewed a live video.

What else stands out to you?

25% of people watched a live video because a family member or friend recommended it.

If you use personalization techniques during your video streams, your customers will like you more.

As a result, your customers will recommend you and your brand to their loved ones.

Introduce the viewers to your staff as well.

Don’t underestimate the value of being personable.

Conclusion

Should you be using live videos to promote your brand and business?

In short, yes.

Just make sure you’re doing this in an appropriate fashion.

You don’t need to live stream every aspect of your personal day-to-day life.

However, there are definitely ways to use live video to your advantage.

I’d recommend using the tactics that we discussed above.

So, what platforms should you use to stream live videos?

Facebook Live and YouTube were the two most popular, but you can do independent research to find out which platforms your customers use the most.

Stream live events.

If you’re going to host similar events in the future, this is a great way to increase ticket sales.

Host live interviews and training seminars.

Provide question and answer segments.

These sessions will showcase your authority and knowledge within your industry.

You also want to stimulate curiosity and customer engagement.

Running contests, giving away items for free, and launching new products will get viewers excited.

Create a feeling of exclusivity by giving people a behind the scenes look at your production process.

Use live videos to get feedback about your products and services.

Be personal.

Try to stimulate certain emotions that develop a bond and relationship with your viewers.

Respond to their comments and call them out by name.

What tactic will you use during your next live video stream to connect and establish trust with your viewers?

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Questions About FDIC Insurance, Envy, Goal Journals, Soap, and More!

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question.
1. FDIC and NCUA insurance
2. Good tactic for controlling envy
3. Beer, soda, and hobbies
4. Applying for business credit card
5. Glass or plastic in freezer
6. Saying no when budgeting
7. Question about UTMA/UGMAs
8. Setting up home office
9. Goal journal suggestion
10. Mortgage with plenty of cash
11. Job with no challenge
12. Soap tip

I woke up this morning with the intent of finishing off a few final edits for this mailbag and putting it up for you all to read, but I was utterly distracted by the devastating news coming from Las Vegas.

I can’t help but feel like we are in a cycle of disasters right now. Between Hurricane Harvey hitting Texas, Hurricane Irma hitting Florida, Hurricane Maria hitting Puerto Rico, the multiple earthquakes in Mexico, the wildfires in Montana and California, and now this tragic shooting? Those things are just in North America, too, in the last five or so weeks.

It is easy to get lost in negative feelings and get a sense that things are just falling apart and that the devastation is just too much to do anything about. However, the truth is that nothing is fixed without a helping hand. We don’t recover from devastations without working together and helping each other.

Do something. If you’re not able to donate money, that’s fine. Organize a fundraiser. Organize a community event. Donate clothing and food. Start somewhere, even if it’s tiny.

I rarely mention anything religious on here, but I do know I have a lot of readers who happen to be Christian. At moments like this, I ask you to remember James 2:20 – “But do you want to know, O foolish man, that faith without works is dead?” It is not enough merely to pray. Do something.

Need a starting point? The place that needs the most help right now is Puerto Rico in the wake of Hurricane Maria, and the place to start is at United for Puerto Rico. If you can’t donate money yourself, look for a way to help locally, through a fundraiser or community event. If you can’t find one and don’t feel you have the skills to start one, then consider donating to a local cause, like a food pantry or clothing pantry, because those places are feeling the pinch, too, as food aid is very spread out right now.

Do something. It’s the only way anything changes for the better.

Q1: FDIC and NCUA insurance

I did find one article regarding looking for a new financial home that is a bit misleading. [You] made some excellent points on things to look for when shopping around for a new bank/credit union. [You] did mention to run away from anyone not FDIC insured.

I believe it is correct to run away from a bank that is not FDIC insured. However, credit unions are not FDIC insured, they are NCUA insured.

I have been blessed with the opportunity to work for both a community bank and a credit union and can tell you there is virtually no difference to the consumer experience. But, the article discounts the credibility of any credit union because they are not FDIC insured, when in fact the NCUA offers the same guarantee. Great article, excellent points, I do not want to take away from that, decided not to leave a comment but saw an email inquiry instead.
– Kevin

Kevin’s point is 100% spot on. Much like banks offer FDIC insurance to guarantee your deposits in the face of bank failure, the NCUA offers similar insurance for your deposits in the face of credit union failure.

Thus, when you’re considering a bank or credit union for your deposits, you should consider it an absolute requirement to use an institution that offers FDIC insurance (for banks) or NCUA insurance (for credit unions). This is something that basically all reputable institutions offer as a matter of course in America, but it’s something that you should not live without. It’s worth a few seconds just to make sure.

Both types of insurance offer similar deposit protection. Your deposits up to $250,000 are insured against the failure of the bank by an independent organization. Typically, if a bank or credit union does fail, you wind up with a new account at another bank or credit union with your previous balance up to the limit of the insurance.

Q2: Good tactic for controlling envy

Something which helps me is to tell the friend who has bought the expensive thing that I really envy them. Somehow it makes the feeling less painful. To say it in a jokey way is easier.
– Jeanine

This isn’t just a great tactic for controlling envy, it’s a great tactic for controlling many negative emotions. Simply admitting that you’re struggling with that emotion can often make people around you sympathize and even help you overcome it in that moment.

The problem, of course, is that it’s hard to express such things or admit to them. It took me a long time to figure out that I’m usually better off just expressing an emotion, by saying that I’m frustrated or I’m angry. Not only does it actually defuse the emotion quite a lot, it usually makes sympathizers out of the people around me.

It’s definitely a tactic I turn to sometimes in difficult situations, and situations where you feel envy are definitely difficult situations. Great tactic!

Q3: Beer, soda, and hobbies

You don’t drink soda as it’s too expensive – but you brew and drink beer! Really??
– Jed

I don’t drink soda frequently because of the long term health costs, which is similar to why I don’t drink beer frequently, either. Neither one is healthy in significant quantities – they’re an occasional treat.

I enjoy making both of them, actually. I happen to enjoy the process of making beer more, though, as most of the time with soda making, you just make a fairly simple syrup and add it to seltzer water and stir it for a bit. Beer making is simply a more interesting process to me.

I do have a homemade citrus cola recipe that I really enjoy and make every several months. It’s very similar to this one, except I use a bit of grapefruit zest, too.

Q4: Applying for business credit card

I am applying for a business credit card. If I just established my business a couple of months age, is it a good idea to use my personal income as the annual income?
– Linda

You need to enter the income of your business.

Don’t stress out about it, though. Many business card applications typically include an additional section for cards being used for new businesses, which ask you about your own personal financial state. You’re essentially going to wind up “co-signing” for the card, in other words, because your business doesn’t have any sort of credit history.

So, be honest in describing your business, and be honest in describing yourself. Unless your personal credit is extremely problematic, you’ll end up getting a card.

Q5: Glass or plastic in freezer

I have a question about freezing food. I often freeze food in 1 – 2 cup canning jars so I can put soups or stews directly into my lunch bag from the freezer. I was wondering what your thoughts are on freezing meals in glass vs freezer bags. Do you have a preference?
– Cindy

I prefer using glass in the freezer, but it has a few additional problems.

First of all, you have to use tempered glass in the freezer. Never, ever use glass containers that aren’t marked as freezer safe. If they’re not freezer safe, they have a very good likelihood of shattering.

Also, food expands a little in the freezer, so you need to make sure not to fill up glass containers all the way to the top. I leave an inch or so of breathing room around the top before I close it.

Plastic is more convenient for freezing, but all things being equal, I prefer to freeze things in glass containers because there is less chance of the container leaching into the food. We use a mix of both.

Q6: Saying no when budgeting

Do you have any advice on saying no to events when you’re on a budget? I don’t want to be dishonest with friends, but if I say that an event doesn’t fit in my budget, I’ve had multiple friends jump in and say they can pay for me. If I were in true financial straits I would see no problem with that, but I am in a pretty good financial place; I just don’t want too many trips to the movies or whatever it is to impact my larger financial goals. What do you do in one of these situations?

In my case, these aren’t usually events that are more than twenty dollars a piece, but if I say yes to every invite I get it would start to put a strain.
– Patricia

I usually pick and choose in these situations. Sometimes I’ll go along with such events; other times, I’ll bow out. I usually just pull it out of my hobby/entertainment budget when I’m flying solo and such choices present themselves – if I have money in my entertainment budget for the month at that point, I often say yes.

So, my suggestion is to budget for it. How much are you willing to spend a month on such events? $50? Figure out that amount and then make your decisions based on that amount. That lets you accept about three such invites a month (or so). If you have some left over at the end of the month, roll it forward.

Another good strategy is to think in advance about lower cost alternatives. If a movie night is suggested, be aware of some dollar theaters in the area and suggest a movie showing at one of those. If someone suggests going to a restaurant, know a few really good cheap ones in the area and suggest one of those. This keeps your cost low, and I’m willing to bet some of the other group members will appreciate it, too.

Q7: Question about UTMA/UGMAs

My wife has 3 UGMA/UTMA’s totaling just under $50k. She is 30 years old, but has not spent or withdrawn any of these funds since she hit the termination age limit (which is 21—we live in IL). She was told by a broker at one of the institution that holds these funds that she needs to transfer the funds out an UTMA/UGMA since she is over the age limit. So now we’re wondering what to do with these funds and what the tax penalty is for transferring or withdrawing the funds. Ideally, we’d like to transfer $5,500 to an IRA and spend the rest on a down payment for a house. What are the tax repercussions of doing that? Is there something else we should be doing with these funds instead? Is there a certain time limit around transferring these funds? Obviously we’ve waited years to deal with them. Any thoughts on what to do would be extremely helpful.
– Millie

So, let’s back up. UGMA and UTMA refer, respectively, to the Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA), which allow a minor to own stocks and other investments in an account without a trust. Generally, the money in these accounts is used for college expenses, but not always.

What happened in this situation is that someone opened some accounts for the person in question when they were a minor, transferred some investments in there, and now, as a 30 year old, the beneficiary is trying to figure out what to do with it.

Given that you’ve hit the age limit on the accounts, that I don’t know what’s in the accounts, and that the rules are a little different from state to state, I encourage you to talk to a tax professional about these accounts. Your goal there should be to assess how much in taxes and potential penalties you may have to pay when you empty out these accounts.

The uses you describe are very good uses for the money, but the first step is getting the money out and ensuring that any tax liability is taken care of first.

Q8: Setting up home office

I have a consulting side gig that’s starting to take off a little bit. I have come to the realization that I need a stable place to work besides the living room chair or a coffee shop table. I currently live in a 1BR apartment with my wife without any obvious space for a home office. How did you do this in the past when you and your wife had a small apartment?
– Terry

As with you, I mostly did my work in a comfortable chair in the living room as we didn’t really have space for a home office. As with you, I also found that I needed a place for my work stuff and some sort of “mental switch” for work mode versus home mode.

What I ended up doing is designating a backpack as my “portable office.” I kept everything related to my work in the backpack and took it with me almost everywhere. I wrote a lot at the library in study rooms. I wrote a lot in the shelter house at the town park. I did write some at home, too.

What I found was that I began to associate the presence of that backpack with “work time.” It became something of a mental switch for me. If that backpack was nearby or open, I was “working.” When it wasn’t around, I wasn’t working.

Q9: Goal journal suggestion

You mentioned trying out several journals for goal setting. Which one is the best one?
– Terry

I’ll say this: any goal-oriented journal or planner works well if you put time into it yourself. That’s the key factor, not the journal. Are you actually using it several times a day? Are you keeping it updated?

I’ve used four different journals/planners for goal setting in recent year: the Passion Planner, the Panda Planner, the SELF Journal, and the Full Focus Planner. I have a hard time saying which one is the “best” one, and actually comparing them all would take a very long post (that’s definitely an article on the “someday/maybe” list).

I think the Passion Planner is great if you’re trying to launch your own side business or small business. I think the Panda Planner is probably the best if you’re just trying to balance and be successful at a lot of existing obligations. I think the SELF Journal is best if you’re trying to succeed at a small number of goals – 1 to 3 – over the next few months. I think the Full Focus Planner is best if you’re trying to succeed at a larger number of goals – 6 to 10 – over the course of a year or so. I’d suggest choosing the one that sounds like the closest fit for you.

Again, I think they’re all pretty solid journals and they’re all helpful, but it’s more about what you put into them than what they do for you.

If there is a lot of interest in a more detailed comparison (probably including a few more options), please let me know via a Facebook message and if I hear a lot of positive feedback, I’ll prioritize it. (Such a comparison feels like it would be a lot of work if I’m going to make it worthwhile, so I want to be sure people want such a thing before I write it.)

Q10: Mortgage with plenty of cash

I am 30, my wife is 29. I am the only grandchild of my wonderful grandparents, who recently gave us enough money to buy a house (and they’re handling all the taxes). We were already shopping for one, so now we’re wondering what we should do. We have decided that we’re not letting this gift allow us to buy a more expensive house. Our question is whether we should still get a mortgage or not. That way we can stow away some of this money for emergencies and for taking care of the house. Thoughts?
– Stephen

It depends on the rest of your financial state. Do you have any other debts, particularly those with a higher interest rate than a potential mortgage? Do you have any other emergency savings? Are you focused on buying a house equal in value to the gift, or are you looking at less expensive houses?

My advice to you would be to use that money immediately to pay off any remaining debts that you have, especially anything with an interest rate above 6% or so. Then, make sure that you have about six months of living expenses in an emergency fund. Then, take the rest of the money and use it as a super-large down payment on the house – probably 60% or more.

At that point, many financial institutions will be happy to work with you unless you have truly terrible credit. A relatively small mortgage on a house where most of the value is already covered in cash is a really good deal for a bank.

If your grandparents ask, lay out what you’ve done with the money. They’ll likely be very impressed with the decisions, because those kinds of decisions are the ones that put you in a strong financial position. You are, after all, essentially buying the house with their money, then taking out a small home equity loan to pay off your other debts and have an emergency fund. In other words, not only do you have a house to live in, you also used it as a tool to further improve your financial state.

Q11: Job with no challenge

I hate my job, not because it is stressful, but because there is very little to do. I probably spend 5-10 hours out of a 40 hour week working. I handle everything that’s thrown my way and step up for extra tasks all the time but there’s just not that much to do. Part of it is that the previous person in my job must have been really incompetent because he seemed to struggle to get this done even in 50-60 hours a week so they think that’s what it takes. While I am bored, it seems like a really dumb move to go to my boss and explain this to him.

So, what do I do? I mostly spend the day reading books and websites and waiting for stuff to do.
– Jeffrey

I am assuming that you do enjoy your job when you’re actually busy, but you don’t enjoy all the downtime and it makes you not feel very good. Assuming that is true, you probably don’t want to quit your job. Instead, you just want to find a good channel for that spare tim.

If I were in your shoes, I’d probably invest the time starting a side gig of some sort. Write a book. Build a website. Launch a consulting business. Use that spare time to make more money in a different area or else raise your profile in your field really high.

If you don’t have a good idea, I recommend this strategy: get involved in a social media platform of your choice related to your career, and spend your spare time raising your profile as high as possible on that platform. Treat it like a game, where your score is your number of followers. Jump into conversations. Be really helpful to others. Plan out insightful things to say rather than off-the-cuff comments. You’d be surprised at the opportunities that knock on your door if you have a nice social media following.

Q12: Soap tip

A tip for your readers: you are probably using way way way too much soap when you wash your hands or take a shower. If you have enough soap to make a thick foam, that’s way too much soap. It’s going to waste and not doing anything. To wash your hands, you need less than a single pump from a dispenser. To take a shower, you need about five drops on a washcloth from a bottle of liquid soap or just a little bit of soap rubbed onto the washcloth from a bar. A little bit of soap goes a long way to get germs and bacteria off your body and hands, and using extra is just dumping money down the drain for no good reason.
– Diana

I was really interested in this topic, so I did some homework on it. (I find little behavioral things like this quite interesting.) My motivation isn’t so much to use the least amount of soap, but to use the right amount so that I minimize the chances of illness.

It turns out that good hand washing technique is actually the most important factor in getting your hands clean (and, I would presume, your body in the shower). You should be shooting for 20 to 30 seconds of active scrubbing of your hands. That seems to be a bigger factor for hand cleanliness than soap – scrubbing with water for that long is actually going to make your hands cleaner than washing for just a few seconds with soap.

Also, the idea that you only need a single pump may or may not be true. Dispensers vary in the amount of soap they dispense. In general, you need somewhere between 0.7 and 1 mL of soap to thoroughly cover your hands. Some dispensers put out that much with a single pump, while others do not.

Another “trick” is the idea that foam soap is somehow “more soap” than ordinary liquid soap. It’s not. Foam soap is essentially the same as ordinary liquid soap but with air bubbles spread throughout it.

Your best bet, unless you know your dispenser well, is to use two squirts. Even if it’s a low volume dispenser (0.4 mL), two squirts should give you enough to thoroughly wash your hands. More than that is excess.

In the shower, it’s harder to really measure things well. However, I’d again say that the biggest factor is the length and vigor of scrubbing, not the amount of soap, and that bottled soap (and shampoo) encourages you to use more than necessary.

In my eyes, the biggest factor here is to adopt whatever strategy results in the best long-term health and the lowest likelihood of getting sick. That, to me, is the motivation to use two squirts of soap and to scrub them for thirty seconds in the bathroom because, in reality, you get your hands cleaner that way. It’s far better than four or five squirts and five seconds of “washing.”

Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.

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