@Sarah, I just downloaded that podcast and will check it out! I love Berna so I'll probably love that podcast in general. I have a coworker who has been encouraging me to invest in crypto, but he's in a position that makes significantly higher wage than I do. I've been wanting to dip my toes in but have been conflicted since I'm only at the very beginning of my investment path and have much to learn.
Sure
@Katie After talking to my coworkers, I learned that some crypto can earn interest that is compounded daily. The interest is paid in the currency. I picked one that has a 4% APY which seemed like a good deal since I plan on holding it a while. I've added in a small amount ($25) per month to add in while student loans are on pause. We'll see how well it does over the course of the year. After watching the app for a few days, it is visually apparent how volatile some cryptos can be.
If you are looking for something that may be a little less risky, there is a new ETF (BLOK) that tracks the crypto market. You should be able to invest directly from any account that allows you to trade ETFs. It is a high fee ETF because it is actively managed, but I am thinking about adding it to my portfolio when I have some unspent money leftover in my budget.
I probably won't increase 401k and Deffered Compensation again until I get rid of the student loan but even if I decide not to increase I will redirect payments to a sinking/savings account.
I think I'm doing pretty well on saving money this holiday season (which is usually pretty difficult since I travel out of town), and my parents bought lots of vegetables and fruits for me to enjoy.
I'm still not getting back into crypto but I wish you all much success.
I hear you, @Candice, and trust has been the barrier between me and crypto investment so far. I do understand that block chain - whether it's Crypto, Bitcoin, Ethereum, or anything else out there - is going to be our future so I'll have to figure it out eventually. With every new technology, there's a new way to get scammed and I hope not to learn the hard way 
Happy holidays, everyone!
Happy Holidays. :)
@Sara B: I had forgotten to ask you in my last post, but you had mentioned finding articles about student loan interests v. investing and how depending on the interest rate it might be better to invest than pay extra on loans. Any chance you still have those articles or where to look?
Happy holidays!!
Hope everyone had a great Holiday!!
I couldn't find the original but here's what I did find:
Article: https://www.debt.org/students/pay-off-student-loans-or-invest/
Here is a calculator: https://studentloanhero.com/calculators/student-loan-payoff-vs-invest-calculator/
Here is a Nerdwallet article: https://www.nerdwallet.com/article/loans/student-loans/save-invest-pay-off-student-loans
After weighing it through, since I have a single Federal Loan ($25,850 remaining bal) left at 4.75%, I think I am going to focus on getting our car paid off (which has gone up in value, thanks to the supply chain shortages) and building up an emergency fund while gradually increasing all investing avenues. 401K first, then 529, then brokerage, then what I call "coffee money" in crypto (i.e., no more than I would spend on an impulsive trip to a coffee shop).
If they end up forgiving the $10,000 that they have been tossing around, my loan would be cut almost in half. Although I believe that crediting people for the interest they have paid over time (minus the actual housekeeping cost of the loan) would be better. I have paid about 13K total in interest over the life of my loan (I have 12 years left) so thats a wash for me. But it would really help someone with a high interest rate that has been paying as best they can. I think that would get the most benefit where it is needed.
My husband isn't eligible for forgiveness since he has state loans, but his interest rate is 2.88% so even if you average ours together (his balance is about ~6K) we still come out ahead investing than paying debt down early. It just comes down to how comfortable you are with risking having that loan hanging in the background. If something catastrophic happened with my job/income we can always put both on deferment, but you can't do that with a car loan/credit card. I don't like having it hanging back there, but it might help us actually get to retirement earlier, so I can tolerate it.
I think my (re)application for loan forgiveness may be accepted however, I couldn't find the EIN from my previous public service employers and couldn't add those to the forms. I'm going to make some calls to them today so I can get it taken care of before the new year and hopefully I'll hear good news shortly thereafter.
Good luck for all in going into the new year with less debt, increased savings, soaring investments, and loan forgiveness!!
Hi
Hi Precious!
Candice, Sarah, and the rest: great job working your way through the loan forgiveness/repayment process! I didn't go to college so I've been a little clueless listening to the troubles of the masses out there dealing with that debt but I know it's a struggle and I wish you all the best!
@Sara B. Thank you for sharing those links. I think I understand it, now. (And the calculator seems quite helpful; I've tried playing around with it.)
Took some time this week to set up next month's budget. My first written budget that uses "last month's" income as the starting point (so I do not have to try and guess paychecks' amounts. I've made a few changes since this month actually has an "extra" payday, I've cut the extra to go directly to my sinking funds.
My hope is this "last month's income" will let me to actually focus on the practicality of budgeting instead of worrying if I "predicted" right.
I've been thinking about the crowd funding app I mentioned last week or the week before and in hindsight it's selfish of me not to share the name of the site and if someone else can benefit from student loan adm mortgage payoff then I'm happy to pass on the information. The app is named Givling. It is fun and consists of trivia questions but it may take a while to win though some people have been really lucky and won right away from random drawings.
I tried looking up the EIN from my previous employers for the student loan application but I couldn't find any of those paychecks (they are 5 to 14 years old) and by the time I called the IRS the office was closed.
But, I'll try again tomorrow… and the next day if I need to.
Financial freedom (whatever that may be/look like), Here we come!!
@Kristen, up until recently the question of how to make a budget with unpredictable income was the thing that was stopping me from using a budget at all. When I started my competition in June (there's only two days left!) my financial coach easily solved that by using last month's money to pay this month's bills. It was mind-blowing but so easy! I was kicking myself for not thinking of that earlier but have been successful since. Once I got that part down, I was able to save so much money each month and it became a little game to see how to improve each month.
@Candice I was an early adopter of Givling! I joined back when it was a web only interface. I had a pretty good run and got into the 100-200 in the queue. I finally gave it up when the points started exploding (people had like millions to billions in points) and the ranking system got all weird. The best chance on Givling is the trivia pots, which I recall were pretty good. I ran the Gauntlet a few times, but I never got matched up with a high enough score to win. I agree with their crowdfunding mission though, they've helped a few people get out of student debt.
@Katie Good luck on closing out your competition!
Hope everyone has a fabulous New Year's Celebration!
Wishing everyone a safe and happy new year! At the end of November, SaverLife Voice Facebook page hinted at an upcoming giveaway. About a week ago they said it's coming "soon" and I was hoping it would be announced for the new year but nothing yet. I hope it'll be on the SaverLife website for all, and not just on the Facebook group.
Kristen, I also have to pay this month's bills with last month's check. At first it was an adjustment from being paid on the 1st and 15th but I've gotten the hang of it (for the most part) and manage to put a bit toward savings each month. The issue I have is now that I've started using the credit card to pay the monthly recurring bills I forget to add in the groceries and personal expenses (because they vary) and I would have to take from savings to cover the charge before the bill hits. However, I think I'm finally getting the hang of it… I just have to remember to factor in those expenses or go back to using the envelope system.
Sarah, exactly!! You get pretty close and then someone else plays and knocks you down to 5th place, LOL!! But, I'm still happy for the people who were able to pay off their debt. That huge weight lifted off their shoulders must feel like breathing in unpolluted air.
Katie, I don't have Facebook anymore but I would like to hear about the upcoming challenges if you're willing to keep posting the information.
I'm wishing everyone (participants and LifeSavers) a happy and safe New Year!!
Happy New Year, 2022!
@Candice P: I understand you on the variable expenses. I also use my credit card for reoccurring bills, but the variable "groceries, gas, toiletries" are a bit hard to predict. (I live with two housemates and anything we all use [mainly groceries, utilities, and toiletries] get split three ways. Fortunately, we are all cost-conscious.)
Question:
How might one budget for something [for example, groceries] if they are not the primary shopper/decision-maker? The closet I ever get is taking an average of what I call my "variable rent".
Happy New Year!
That's a good question, @Kristen. The only thing I can think of is, as you suggested, take an average and round up so you're prepared for the worst. Either that or plan for the highest it's been and be pleasantly surprised if it's lower. That can be hard to do since food prices are on the rise and all of your data is from the past.
Hey
I agree with Katie. Put in 1/3 of the highest grocery bill and contribute that amount each month. Look online to see what food/toiletry items you need prior to purchasing so you can get a ballpark estimate of how much will be spent and add whatever funds are necessary or remove the things that aren't immediately needed.
Hi Precious!! Long time, no hear. Welcome back!!
Happy new week of budgets and saving!
Happy new week to you, Candice!
The school district extended winter break 3 days and when the kids go back to school on Thursday it's going to be virtual instead, due to Omicron. That's going to mean higher food, electricity, and heating bills for me with 3 of them home. I'm hoping they open the school buildings back up soon Glad the daycare is still open for the youngest one, though, because my work is definitely still open and I've been very busy dealing with our employees sicknesses. Not a great start to the new year but still holding out hope that this pandemic comes to a close this year!
Hello,
Fells good to apply what I have learned about money saving
