BFC Newbies Thread: 33% of the interest paid is tax delectable

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC Newbies Thread: 33% of the interest paid is tax delectable

«‹›516 »

Ashcans: Jan 2, 2006; Let's do the space-time warp again!

SlightlyMadman posted:

Depends on the bank, but some will eventually. I had a BoA card that was closed out after I didn't use it but it took 2-3 years.

Last page, by related: Bank of America just closed two cards I had with them that I haven't used in probably 4-5 years. A slight nuisance because one of them was actually my oldest line of credit, but I'm not buying a home ~~ever~~ anytime soon so I'm not going to bother trying to reopen it. So it looks like BoA at least will close up on you if you don't use it.

# ? Jun 16, 2014 17:10

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# ? May 17, 2024 21:24

Celot: Jan 14, 2007

Benefits elections are coming up soon. Should I switch to an HSA?

I have high blood pressure, and a visit with my specialist costs like $800 with no insurance. With the standard PPO, all specialist visits cost $35. With a high deductible PPO or an HSA PPO, all specialist visits are a 20% co-pay, or $160. I visit the specialist 1 time per year.

I also take blood pressure medication. Under any of the plans, this will cost $160/year.

Basically the only other things I care about are that if I get cancer, I don't lose all my money, and that if I need stitches on Christmas Eve, I don't get reamed at the emergency room.

code:

Plan                   Spec. co-pay     Emerg. co-pay     Deductible     OOP-maximum    monthly cost
Standard PPO           $35              $150              $300           $4000          $82
High-deductible PPO    20%*             $150              $1250          $6000          $55
HSA PPO                20%*             20%*              $1250          $3000          $55

*Subject to calendar year deductible and calendar year out-of-pocket maximum reimbursible charge limitation.

So it's basically between the standard PPO and the HSA PPO. If I went with the HSA PPO and saved $27/mo, it would cost the same as the Standard PPO. That is $327/yr in savings. My doctor visits and medicine cost $320/year under the HSA, or $195 under the standard PPO. This leaves me with $1179 in total cost under the PPO or $973 in total annual cost under the HSA.

HSA wins by $206/yr there.

If I need to go to the emergency room though, I would spend $150 under the PPO or $1090 under the HSA. The PPO wins by a long shot. It doesn't happen often, maybe once every 4 years, but poo poo happens. So this averages $38/yr under the PPO vs. $244/yr under the HSA.

PPO wins by $206/yr there. (whoa what a crazy coincidence)

But I have already maxed out my IRA and 401(k) contributions. Since this is the case, if I wished to have additional tax-advantaged retirement savings, maybe this would make the HSA make sense? I don't really want to do that, because that sounds painful. ~~I don't think I could even deduct any of the contributions, because I just take the standard deduction anyhow.~~

What do?

e: changed some stuff

The HSA is with hsabank: http://www.hsabank.com/~/media/files/fees_s1

Celot fucked around with this message at 03:55 on Jun 17, 2014

# ? Jun 17, 2014 02:46

SpelledBackwards: Jan 7, 2001; I found this image on the Internet, perhaps you've heard of it? It's been around for a while I hear.

I was all gung ho about switching to an HDHP with HSA since typically I have very low medical costs per year. And this year I'm maxing both my 401(k) and Roth IRA, and I figured it would be nice to out some money in this guy and reap the long game's benefits. But I looked last week and the investment options they give all have high ERs, 0.59% at minimum.

I know I can put own contributions into whatever servicer I want, although my company's contributions will only go to their designated provider. That's fine, though I wonder if it's worth the hassle... or if I should stop complaining and just invest in the best plan option I currently have since it's not really a primary investment vehicle anyway.

# ? Jun 17, 2014 04:27

SiGmA_X: May 3, 2004; SiGmA_X

Celot posted:

Benefits elections are coming up soon. Should I switch to an HSA?

I have high blood pressure, and a visit with my specialist costs like $800 with no insurance. With the standard PPO, all specialist visits cost $35. With a high deductible PPO or an HSA PPO, all specialist visits are a 20% co-pay, or $160. I visit the specialist 1 time per year.

I also take blood pressure medication. Under any of the plans, this will cost $160/year.

Basically the only other things I care about are that if I get cancer, I don't lose all my money, and that if I need stitches on Christmas Eve, I don't get reamed at the emergency room.
code:
Plan                   Spec. co-pay     Emerg. co-pay     Deductible     OOP-maximum    monthly cost
Standard PPO           $35              $150              $300           $4000          $82
High-deductible PPO    20%*             $150              $1250          $6000          $55
HSA PPO                20%*             20%*              $1250          $3000          $55
*Subject to calendar year deductible and calendar year out-of-pocket maximum reimbursible charge limitation.

So it's basically between the standard PPO and the HSA PPO. If I went with the HSA PPO and saved $27/mo, it would cost the same as the Standard PPO. That is $327/yr in savings. My doctor visits and medicine cost $320/year under the HSA, or $195 under the standard PPO. This leaves me with $1179 in total cost under the PPO or $973 in total annual cost under the HSA.

HSA wins by $206/yr there.

If I need to go to the emergency room though, I would spend $150 under the PPO or $1090 under the HSA. The PPO wins by a long shot. It doesn't happen often, maybe once every 4 years, but poo poo happens. So this averages $38/yr under the PPO vs. $244/yr under the HSA.

PPO wins by $206/yr there. (whoa what a crazy coincidence)

But I have already maxed out my IRA and 401(k) contributions. Since this is the case, if I wished to have additional tax-advantaged retirement savings, maybe this would make the HSA make sense? I don't really want to do that, because that sounds painful. ~~I don't think I could even deduct any of the contributions, because I just take the standard deduction anyhow.~~

What do?

e: changed some stuff

The HSA is with hsabank: http://www.hsabank.com/~/media/files/fees_s1

I think you're calculating the deductible, or you have a really amazing health plan. I've never seen one that didn't apply funds against the

My HSA does not have 0$ deductible medications - are you sure yours does?

I calculate annual cost of $1,319 for the PPO and 1 $800 specialist visit, or $1,460 under the HSA. I did not account for meds because you said they're the same price.

PPO: $300 + $35 + $984 (premium) = $1,319 - The specialist visit hits the deductible so you pay deductible plus specialist copay.
HSA: $800 + $660 (premium) = $1,460 - The HSA does not break deductible thus full amount of the bill is out of pocket.

With your fixed price copays, the breakeven point is ... kind of not there. Maybe you should post some more info from your plan, I feel like we're missing something critical. HSA's usually aren't that bad of a deal, but they sometimes are.

SpelledBackwards posted:

I was all gung ho about switching to an HDHP with HSA since typically I have very low medical costs per year. And this year I'm maxing both my 401(k) and Roth IRA, and I figured it would be nice to out some money in this guy and reap the long game's benefits. But I looked last week and the investment options they give all have high ERs, 0.59% at minimum.

I know I can put own contributions into whatever servicer I want, although my company's contributions will only go to their designated provider. That's fine, though I wonder if it's worth the hassle... or if I should stop complaining and just invest in the best plan option I currently have since it's not really a primary investment vehicle anyway.

With employer contributions, you should be pretty well off regardless of fees, no? I would expect so. Plus once you depart, you can roll it into a better HSA.

# ? Jun 17, 2014 04:51

Celot: Jan 14, 2007

gently caress, you're right, I totally botched those calculations.

# ? Jun 17, 2014 05:31

canyoneer: Sep 13, 2005; I only have canyoneyes for you

Usually, you are only paying a percentage of medical costs after you hit the deductible up to out of pocket maximum. If your HDHP works like mine, you'd pay the first $1250 outright, and then 20% of all costs after that until you hit the out of pocket maximum at $3,000. Then you could spend 2 months in the hospital and pay zero dollars.

And are you sure the specialist visit is $800 for insured people? Because $800 sounds like the cash price, which you wouldn't be paying with the HDHP.

Don't discount the opportunity to have a tax free savings vehicle, the glorious HSA.

# ? Jun 17, 2014 06:36

EugeneJ: Feb 5, 2012; by FactsAreUseless

Yeah everyone forgets that if you're insured, you pay the negotiated price for services.

Like my recent bloodwork. I hadn't reached my deductible, so the bill listed $95 as the charge, but the negotiated rate through Blue Cross was $9. If you're a member, you only pay what the insurance company would pay. So I owe $9, and then that goes towards my deductible.

# ? Jun 17, 2014 06:41

SpelledBackwards: Jan 7, 2001; I found this image on the Internet, perhaps you've heard of it? It's been around for a while I hear.

SiGmA_X posted:

With employer contributions, you should be pretty well off regardless of fees, no? I would expect so. Plus once you depart, you can roll it into a better HSA.

I hadn't really thought of the employer contributions as being their own benefit, now that you mention it. I'm so hooked on the amount that I contribute, I don't think about the $75 per month they're throwing in. Same with the 401(k); now that I'm maxing it, I typically only think of $17500 from my earnings going toward it, whereas I'm forgetting the additional ~3% of my income that my employer is tossing in, too.

# ? Jun 17, 2014 12:57

SiGmA_X: May 3, 2004; SiGmA_X

SpelledBackwards posted:

I hadn't really thought of the employer contributions as being their own benefit, now that you mention it. I'm so hooked on the amount that I contribute, I don't think about the $75 per month they're throwing in. Same with the 401(k); now that I'm maxing it, I typically only think of $17500 from my earnings going toward it, whereas I'm forgetting the additional ~3% of my income that my employer is tossing in, too.

I'd say you're thinking about it correctly, but it may help mentally offset that horrid ER by considering they basically pay for it for you, being ~1/5 of total contributions (if you max) are paid for by the employer. Max it out and don't look back. And save your medical bills for future benefit/use.

# ? Jun 17, 2014 17:10

tesilential: Nov 22, 2004; by Fluffdaddy

EugeneJ posted:

Yeah everyone forgets that if you're insured, you pay the negotiated price for services.

Like my recent bloodwork. I hadn't reached my deductible, so the bill listed $95 as the charge, but the negotiated rate through Blue Cross was $9. If you're a member, you only pay what the insurance company would pay. So I owe $9, and then that goes towards my deductible.

This is all true. But everyone please remember to use an In-network provider. Many hospitals waive 50% of all costs of you are uninsured. But if you have insurance and simply went to an out of network provider they legally can't waive the 50% for you since you technically have insurance even though it's not covering anything and you will owe the full 100% of costs.

# ? Jun 17, 2014 18:41

Donald Kimball: Sep 2, 2011; PROUD FATHER OF THIS TURD ------>

Any tips for requesting a credit limit increase? Going to be moving soon to start school, and I might need to make some large purchases, so I'd like to increase my credit limit on my cards to give me a bit more buffer.

Should I have my cards fully paid off when I request? Ask for a very modest (10% or less) increase?

# ? Jun 18, 2014 19:13

FrozenVent: May 1, 2009; The Boeing 737-200QC is the undisputed workhorse of the skies.

Don't be late on your payments, call the bank, ask if they can increase your limit.

Boom. Limit increased.

There's no trick to min / maxing it, honestly.

# ? Jun 18, 2014 19:14

Vilgan: Dec 30, 2012

Donald Kimball posted:

Any tips for requesting a credit limit increase? Going to be moving soon to start school, and I might need to make some large purchases, so I'd like to increase my credit limit on my cards to give me a bit more buffer.

Should I have my cards fully paid off when I request? Ask for a very modest (10% or less) increase?

Having a low debt balance when you ask helps.

Otherwise just call and ask them to bump it up. They'll probably ask for your salary and to run your credit, then bump it. In 4-6 months, repeat. For some reason, they always seem to increase mine by just under double the previous balance even if the previous balance was absurdly low for my income. 2500 -> 4500 -> 7500 -> 14000. I'd expect the next bump will probably be to 20k, which should be plenty even if I chain a month of business trips together.

The irony is that I used to have a card with a 25k limit with no income (was a student) and virtually no credit history. That was 2007 tho and times have changed slightly.

# ? Jun 18, 2014 20:08

MAKE NO BABBYS: Jan 28, 2010

Paying for school or to maintain your current lifestyle while in school on credit cards is not a smart financial move.

# ? Jun 19, 2014 01:07

DarkJC: Jul 6, 2010

I don't really think that was being implied at all in his question.

# ? Jun 19, 2014 14:52

SiGmA_X: May 3, 2004; SiGmA_X

DarkJC posted:

I don't really think that was being implied at all in his question.

He said he's going back to school and needs credit for a buffer when making large purchases. That is more than implying, that is explicitly saying he needs credit for purchases, otherwise he'd use cash and not worry about his available credit...

# ? Jun 19, 2014 15:01

Donald Kimball: Sep 2, 2011; PROUD FATHER OF THIS TURD ------>

Mostly, I'm anticipating moving expenses, some new poo poo for the place, and a new laptop. The laptop is my biggest concern. Ideally, I can keep using what I have, but if they're stringent about the requirements, then I'll need to purchase it before my financial aid is available. My credit limit on my two cards is probably good enough to cover me, but I'd like a little extra room just in case.

# ? Jun 19, 2014 15:15

DarkJC: Jul 6, 2010

SiGmA_X posted:

He said he's going back to school and needs credit for a buffer when making large purchases. That is more than implying, that is explicitly saying he needs credit for purchases, otherwise he'd use cash and not worry about his available credit...

As was said, moving and starting school of course are going to involve some large one time purchases. I'm saying that doesn't imply he's going to use his credit cards to 'maintain his current lifestyle while at school' or that he's going to pay for school with credit cards.

# ? Jun 19, 2014 15:34

Vilgan: Dec 30, 2012

SiGmA_X posted:

He said he's going back to school and needs credit for a buffer when making large purchases. That is more than implying, that is explicitly saying he needs credit for purchases, otherwise he'd use cash and not worry about his available credit...

No it doesn't. The default purchase method for everyone these days is credit, for a variety of reasons. Suggesting that he would use cash if able is absurd and probably hasn't been true for the majority of the country for the past 15 years.

# ? Jun 19, 2014 15:41

FCKGW: May 21, 2006

Vilgan posted:

No it doesn't. The default purchase method for everyone these days is credit, for a variety of reasons. Suggesting that he would use cash if able is absurd and probably hasn't been true for the majority of the country for the past 15 years.

Debit cards are most popular, followed by cash. Credit purchases only account for about 17% of purchases, just 5% more than check.

Debit/Cash/Check account for 72% of purchase methods so no, most people don't use credit except for major purchases.

# ? Jun 19, 2014 18:35

100 HOGS AGREE: Oct 13, 2007; Grimey Drawer

Yeah not everyone churns all their purchases through credit cards like some of us do. I used nothing but my debit card for years until I was confident enough in my budgeting skills to feel comfortable using credit for everything.

100 HOGS AGREE fucked around with this message at 20:00 on Jun 19, 2014

# ? Jun 19, 2014 19:30

Cranbe: Dec 9, 2012

I'll never use my debit card to buy anything again. Last thing I need is for a direct line to my checking account to be compromised by a store or website getting hacked.

# ? Jun 19, 2014 21:05

THF13: Sep 26, 2007; Keep an adversary in the dark about what you're capable of, and he has to assume the worst.

I ended up opening 2 checking accounts, 1 with Ally and 1 with Charles Schwab. Direct Deposit set up into Ally, from which I will transfer money to other accounts and pay bills. The debit card for Ally is going to stay in at home in a safe. The Schwab account I will use exclusively as an ATM card. ATM fees are refunded, including overseas ones and it doesn't have a foreign transaction fee either. This way if a skimmer gets my debit card information they only have access to the limited funds in the Charles Schwab account, which offers 0 liability and supposedly excellent customer support.

I still won't ever use it as a debit card

# ? Jun 19, 2014 21:18

Vilgan: Dec 30, 2012

FCKGW posted:

Debit cards are most popular, followed by cash. Credit purchases only account for about 17% of purchases, just 5% more than check.

Debit/Cash/Check account for 72% of purchase methods so no, most people don't use credit except for major purchases.

Heh, interesting. I still think SiGmA_X leaping to the assumption that someone was burying themselves in debt because they wanted to put big purchases on a credit card was absurd, but that blog post did not line up with my assumptions at all.

The article does mention that if they excluded small purchases it would look very different, which makes sense. Still really hard to turn down the free 1-3% cash back and extra security that you get with a credit card.

# ? Jun 20, 2014 00:08

SiGmA_X: May 3, 2004; SiGmA_X

Vilgan posted:

No it doesn't. The default purchase method for everyone these days is credit, for a variety of reasons. Suggesting that he would use cash if able is absurd and probably hasn't been true for the majority of the country for the past 15 years.

By cash, I really mean money he already has. I use credit cards exclusively too, except where I need cash (coffee shop in my building) or check (by check I mean online billpay, but effectively, that is the bank cutting and mailing a check on my behalf). But I can pay them off today and still have a large surplus, and I do that monthly.

My assumption is valid. You should have read the post 25min before yours, by the person in question. Let me highlight for you:

Donald Kimball posted:

Mostly, I'm anticipating moving expenses, some new poo poo for the place, and a new laptop. The laptop is my biggest concern. Ideally, I can keep using what I have, but if they're stringent about the requirements, then I'll need to purchase it before my financial aid is available. My credit limit on my two cards is probably good enough to cover me, but I'd like a little extra room just in case.

So my assumptions were 100% correct. He's moving and purchasing stuff on credit, with plans to pay the credit off with..credit! If he had the cash to cover it, he could pay for most of the expenses, and pay off the balance, and repeat. Obviously, that isn't the case. And I wasn't the only person to read that from the first post. School + credit needed = pretty clear indicators... Obviously, I was making assumptions, but they were well justified and turned out to be correct.

# ? Jun 20, 2014 00:46

FCKGW: May 21, 2006

I line up more with the Mint article. I use cash for day-to-day expenses and debit card for weekly stuff and trips to store. Credit Card is exclusively for big ticket items.

I notice when I use the credit cards I tend to spend more than with cash or debit, so I stick with that.

# ? Jun 20, 2014 03:27

spwrozek: Sep 4, 2006; Sail when it's windy

Credit all day everyday. Sweet sweet cash back.

E: I just looked at the amount we put on the ole CC the last 2 years, gross. At least it is all in the budget...

spwrozek fucked around with this message at 03:41 on Jun 20, 2014

# ? Jun 20, 2014 03:31

DarkJC: Jul 6, 2010

SiGmA_X posted:

So my assumptions were 100% correct. He's moving and purchasing stuff on credit, with plans to pay the credit off with..credit! If he had the cash to cover it, he could pay for most of the expenses, and pay off the balance, and repeat. Obviously, that isn't the case. And I wasn't the only person to read that from the first post. School + credit needed = pretty clear indicators... Obviously, I was making assumptions, but they were well justified and turned out to be correct.

The entire point was that he's not paying for school with credit cards (as the post I originally responded to implied), he's using proper student loans that have much lower interest rates.

Unless you think you shouldn't go to school if you require any kind of financial aid, well, I just think we'll have to agree to disagree there.

# ? Jun 20, 2014 14:48

reflex: Aug 9, 2009; I'd rather laugh with the mudders than cry with the saints. The mudders are much more fun. Hoorah.

spwrozek posted:

Credit all day everyday. Sweet sweet cash back.

Truth. Debit cards exist to withdraw money from the bank.

reflex fucked around with this message at 15:44 on Jun 20, 2014

# ? Jun 20, 2014 15:41

SiGmA_X: May 3, 2004; SiGmA_X

DarkJC posted:

The entire point was that he's not paying for school with credit cards (as the post I originally responded to implied), he's using proper student loans that have much lower interest rates.

Unless you think you shouldn't go to school if you require any kind of financial aid, well, I just think we'll have to agree to disagree there.

I don't want to pollute the thread any further... We will have to agree to disagree on what Kimball said/implied... I agree with you that education is important and while student loans suck, it's better than being uneducated (unless you're a techie or a vocational person, then get certs and be 1337, BS doesn't matter that much).

# ? Jun 20, 2014 18:16

BanjoFish: Nov 24, 2007

I'm looking for banking advice. I'm moving for a year from the US, to southwestern France. I currently have a Suntrust account.

I'm probably only going to be doing basic banking, so I'm looking for a way to be able to easily transfer funds from the US, secure chip-compatible cards, avoid ATM fees, and if possible minimize conversion rates upon transfer and withdrawal.

I think I can do most of that with Ally*, minus the conversion rates, but I don't have any experience with an online bank. Alternatively I can suffer under Suntrust until I open a French bank account. My French isn't great yet, and so I'm a little nervous about having to do my banking in French. I'm on a non-working visa, so I won't be dealing with getting paid into French banks, if that matters.

Thanks a lot, any advice would be really helpful!

*EDIT: According to Ally they don't offer chip-compatible cards, so I guess that's a no-go, unless you think I can get along with just a magnetic strip? I know I can get a chip-compatible card from Suntrust.

BanjoFish fucked around with this message at 18:43 on Jun 22, 2014

# ? Jun 22, 2014 18:27

Dead Pressed: Nov 11, 2009

I don't know if it's be different, but my strip only debit card worked great across Europe last year...

# ? Jun 22, 2014 19:12

Bisty Q.: Jul 22, 2008

France is pretty much the one country where you basically *have* to have a Chip+PIN card as soon as you go outside of heavily tourist-trafficked areas; they extensively use Offline PIN verification which won't work on most C+S cards, even with PIN fallback. (Technically any attended pay station has to accept swipe/C+S, but... good luck convincing a surly Frenchman they 'have to' take your weird foreign credit card.)

As far as I know, there's only a few weird credit unions that issue Chip+PIN debit cards. United Nations FCU is one that comes to mind, and you can join it by joining some random "friends of the UN" group.

# ? Jun 22, 2014 19:25

THF13: Sep 26, 2007; Keep an adversary in the dark about what you're capable of, and he has to assume the worst.

Ally doesn't refund international atm fees, only domestic. Look into the Charles Schwab high yield checking which does and doesn't charge foreign transaction fees either

# ? Jun 22, 2014 19:52

keykey: Mar 28, 2003; Â Â Â Â Â

Not sure if this is the right thread, if not let me know and I'll throw this question in the appropriate thread.

Long story short, when I was young I purchased 50% of a house with another member of my family, since then a 2nd to the tune of 50k has also been added by me to cover medical expenses that otherwise would have ended in bankruptcy. In any case, the house is worth 13k less than what I need to sell the 1st and the 2nd and walk away cleanly. This is the last thing I need to get taken care of before I'm absolutely credit neutral from student loans/cc/vehicles/etc. My question is how or where would I go to finance the 2nd as a conventional loan so I can sell my 50% to the other person and pay off the 13k ideally over the next year?

# ? Jun 30, 2014 18:34

TwoSheds: Sep 12, 2007; Bringer of sugary treats!

Wrong thread, sorry.

TwoSheds fucked around with this message at 23:48 on Jun 30, 2014

# ? Jun 30, 2014 23:45

Bloody Queef: Mar 23, 2012; by zen death robot

keykey posted:

Not sure if this is the right thread, if not let me know and I'll throw this question in the appropriate thread.

Long story short, when I was young I purchased 50% of a house with another member of my family, since then a 2nd to the tune of 50k has also been added by me to cover medical expenses that otherwise would have ended in bankruptcy. In any case, the house is worth 13k less than what I need to sell the 1st and the 2nd and walk away cleanly. This is the last thing I need to get taken care of before I'm absolutely credit neutral from student loans/cc/vehicles/etc. My question is how or where would I go to finance the 2nd as a conventional loan so I can sell my 50% to the other person and pay off the 13k ideally over the next year?

You can get a home equity loan on an investment property. LTVs are usually limited to 70% on those.

# ? Jul 1, 2014 00:02

Spicy Soba Noodles: Apr 1, 2014

I'm trying to get my financial poo poo together. I'm looking for a good online bank to start putting my money away in. I only make $9 an hour on a full-time job, but I need to put it away nonetheless.

I owe money to these people but I don't know how much (or how to find out).

Wells Fargo (credit card)
Student loans
Chase Bank (minimum balance(?) fees)

Part of why I need to clear this poo poo up is so that I can have a bank account with someone that doesn't take my money when I don't have minimum balance in my account. My family is either very unhelpful and not supportive, or doesn't know how to handle money themselves. I never learned, and I need to learn now. But I need to know how to clear all this poo poo up, and still be able to afford my phone bill every month ($30 a month with T Mobile).

I feel kind of helpless. I've never felt confident in anything involving banks and banking, much less paying anything off or dealing with debts.

# ? Jul 1, 2014 01:39

EugeneJ: Feb 5, 2012; by FactsAreUseless

Spicy Soba Noodles posted:

I'm trying to get my financial poo poo together. I'm looking for a good online bank to start putting my money away in. I only make $9 an hour on a full-time job, but I need to put it away nonetheless.

I owe money to these people but I don't know how much (or how to find out).

Wells Fargo (credit card)

Student loans

Chase Bank (minimum balance(?) fees)

Part of why I need to clear this poo poo up is so that I can have a bank account with someone that doesn't take my money when I don't have minimum balance in my account. My family is either very unhelpful and not supportive, or doesn't know how to handle money themselves. I never learned, and I need to learn now. But I need to know how to clear all this poo poo up, and still be able to afford my phone bill every month ($30 a month with T Mobile).

I feel kind of helpless. I've never felt confident in anything involving banks and banking, much less paying anything off or dealing with debts.

Where is your money going each month? You're making $1560/month before taxes. Post your budget.

You can sign up at Credit Karma for free and view your debts that have been reported to the credit bureaus.

# ? Jul 1, 2014 01:51

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# ? May 17, 2024 21:24

Spicy Soba Noodles: Apr 1, 2014

EugeneJ posted:

Where is your money going each month? You're making $1560/month before taxes. Post your budget.

You can sign up at Credit Karma for free and view your debts that have been reported to the credit bureaus.

I just started working this week, no joke. I haven't even gotten my first paycheck. I don't even have the phone yet. I'm getting it on borrowed money from a trusted friend, who I was going to pay off bit by bit. I don't have a budget because I just got a steady job. Also, I have no idea how to make a budget. I figured I'd learn how when I started making money.

# ? Jul 1, 2014 01:57

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC Newbies Thread: 33% of the interest paid is tax delectable

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