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Cross posting from the budget thread: YNAB is on steam sale for $15 until 10pm PST today (1/31)
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Dec 31, 2014 14:24
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I'm relatively okay with my money so I know what not to fall for but recently I received an offer from Chase where if I open a Chase Checking Account and deposit and hold at least a minimum of $1,000, I get a $300 bonus. There's no catch from what I can read. I currently have a BoA and local credit union account - In addition, I have two Chase credit cards so that Chase Checking Account would actually be used. Should I go ahead and open an account to get the $300 bonus or is there a catch?
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Dec 31, 2014 20:09
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Busy Bee posted:....Should I go ahead and open an account to get the $300 bonus or is there a catch?
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Dec 31, 2014 20:13
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Faerunner posted:Stuff Just to confirm: you have no health insurance but bought a home where there was a risk you can be electrocuted or break bones?
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Dec 31, 2014 22:38
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Busy Bee posted:I'm relatively okay with my money so I know what not to fall for but recently I received an offer from Chase where if I open a Chase Checking Account and deposit and hold at least a minimum of $1,000, I get a $300 bonus. There's no catch from what I can read. I currently have a BoA and local credit union account - In addition, I have two Chase credit cards so that Chase Checking Account would actually be used. Should I go ahead and open an account to get the $300 bonus or is there a catch? Madbullogna posted:The only thing you usually see with offers like those are that the account must be open for x months and must also have a direct deposit going into it as well. Other than that though.... If it's like the $200 offer I'm sitting on, it's 6 months and direct deposit of any amount. I was planning on grabbing it some time this month, but now that I hear there's a $300 offer out there I may wait. Or maybe I'd have success just talking to them?
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Jan 1, 2015 14:47
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El_Elegante posted:Just to confirm: you have no health insurance but bought a home where there was a risk you can be electrocuted or break bones? Yep! You've never done something stupid in your youth, have you? (The wiring isn't that dangerous, it's just some bad boards) The only insurance plans we could even remotely afford before the ACA were like fishnets - it was a stretch to call them coverage. The only ones we can afford now are either catastrophic or high-deductible ($5-6k out of pocket max). We probably could tighten the belt and buy insurance but being young and stupid I just don't see the point of gambling that much money each paycheck on something that is statistically unlikely to happen and would bankrupt us either way (we're only slightly less hosed if we get a $6000 bill for the deductible we can't pay, but with insurance we'd be out the $2400-4800 yearly to cover my/our asses vs having that money in an emergency fund or growth account or using it to fix the house). Marketplace plans and my work insurance plans are comparable. I've missed my employer's open enrollment period (October) and the marketplace application I put in last March said I was ineligible for any of those much-advertised subsidies. My husband isn't offered insurance through his job because the company's so small they escaped the mandate. I'll reassess this summer. I do have some money in savings for "emergency medical costs", as the chances of having to go pay $100 at the walk-in clinic are much higher than the chances of needing serious medical care. But yes, I bought a "dangerous" home without "incaseshit". And I'd do it again, too! You failed to address my question: Should I or should I not take out a loan to fix the drat floor?
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Jan 1, 2015 17:38
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Definitely get a loan, if you get wiped out by a medical catastrophe and declare bankruptcy at least you'll have an improved and safely habitable home to show for it. Have you shopped around at credit unions first? I would be genuinely surprised if Home Depot offered the best terms and no gnarly fees.
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Jan 1, 2015 21:42
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So I accidentally declared more withholding's than I should when I started my first real job a month ago. I misunderstood what head of household meant( The part where you actually need a dependent). So I declared 3 withholding's instead of 2. I plan to call up HR and fix it next week, but I was wondering what was going to happen. Is this money I withheld just going to be taken back when I do tax returns? Should I switch down to 1 withholding for the rest of the year to make up for it? Also is federal withholding = state withholding?
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Jan 1, 2015 22:15
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Xeom posted:So I accidentally declared more withholding's than I should when I started my first real job a month ago. I misunderstood what head of household meant( The part where you actually need a dependent). So I declared 3 withholding's instead of 2. I plan to call up HR and fix it next week, but I was wondering what was going to happen. Is this money I withheld just going to be taken back when I do tax returns? Should I switch down to 1 withholding for the rest of the year to make up for it? Also is federal withholding = state withholding? What you wrote is pretty confusing. I'm not sure what you mean by withholdings but here are the basics. Your taxes will be the same regardless of how much you let Uncle Sam take from your paycheck. The only problem is if you tell your employer to take too little out of your paycheck (for taxes) you will owe the government money on April 15th, and if it's bigger than a certain percentage you will also owe a penalty. If you let the government take too much from each paycheck you will get a refund when you file your taxes.
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Jan 2, 2015 03:39
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Just change to the correct withholding and don't worry about it since you're at the start of the year.
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Jan 2, 2015 05:03
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pig slut lisa posted:If it's like the $200 offer I'm sitting on, it's 6 months and direct deposit of any amount. I was planning on grabbing it some time this month, but now that I hear there's a $300 offer out there I may wait. Or maybe I'd have success just talking to them? Logged in to my Chase credit card account page today and what should pop up but a $300 offer 
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Jan 2, 2015 15:50
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I like the chase savings offers... Put $15K of new money into a new savings account for 3 or 6 months and we will give you $175. Yeah... That is OK.
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Jan 2, 2015 19:06
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SpelledBackwards posted:For that matter, how easy is it to move HSAs between providers? Is it as easy as an IRA? My health insurance is through CIGNA and they nudged me toward their partnership with Chase, so that's where mine is more. The fund choices suck though, so going Vanguard would be way more preferable. Hey Spell - Vanguard was designed by John Bogle with the individual investor in mind. As an organization they are geared with the individual investor in mind (hence the super low fee structure). On the other hand, Chase is going to be more likely to put you in a high fee, sub par investment which is going to serve Chase as a corporation, not the individual. In general I'd be very, very careful about purchasing funds from traditional wall street banks - they've shown over the last two decades that they do not care one little bit for Joe and Jane average.
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Jan 2, 2015 20:46
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Madbullogna posted:The only thing you usually see with offers like those are that the account must be open for x months and must also have a direct deposit going into it as well. Other than that though.... Seems that the requirements are: "To receive the $300 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; 2) Deposit $25 or more at account opening; AND 3) Have your direct deposit made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employ or the government. After you have completed all the above checking requirements, we'll deposit the bonus in your new account within 10 business days. The bonus cannot be used as the opening deposit." Also, to have the $10 - $12 monthly Chase Checking fee waived: "Chase Total Checking has no Monthly Service Fee when you do any at least one of the following each statement period: Option #1: Have monthly direct deposits totaling $500 or more made to this account; OR, Option #2: Keep a minimum daily balance $1,500 in your checking account; OR, Option #3: Keep an average daily balance of $5,000 or more in any combination of qualifying Chase checking, savings and other balances. Otherwise a $12 Monthly Service Fee will apply in most states ($10 Monthly Service Fee for CA, OR and WA)." So does that mean that I can go into the branch, open a new account, deposit at least $25 into the new account, and then set up direct deposit through my work within 60 days of account opening I'll get the $300 bonus. After I receive the $300 bonus, I can turn off direct deposit but if I keep a minimum of $1000 into the checking account, I won't get hit with a fee. Is that right? Also, has anyone had any luck receiving this bonus after inputting the coupon code online? I would much rather set up this account online rather then go into a branch.
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Jan 3, 2015 21:36
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Busy Bee posted:So does that mean that I can go into the branch, open a new account, deposit at least $25 into the new account, and then set up direct deposit through my work within 60 days of account opening I'll get the $300 bonus. After I receive the $300 bonus, I can turn off direct deposit but if I keep a minimum of $1000 into the checking account, I won't get hit with a fee. Is that right? You need to keep $1,500 in the account, not $1k, to dodge the fee. If it drops a penny below $1,500 for a day, they'll hit you with the fee for that month. Also, there's probably another section in the terms and conditions somewhere about closing the account. If you don't keep the account open long enough (typically a year or more), they'll take their $300 back when it's closed. Personally, I wouldn't do it unless you already want a Chase checking account for some reason. I'm normally a sucker for signup bonuses myself (free money? don't mind if I do!) but I'd need a bribe bigger than $300 to switch from my credit union to a megabank. If you have the $300 checking/$200 savings combo offer, it's worth $30-40 to people who buy coupons. I'd just sell it.
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Jan 3, 2015 22:24
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Space Gopher posted:You need to keep $1,500 in the account, not $1k, to dodge the fee. If it drops a penny below $1,500 for a day, they'll hit you with the fee for that month. Also, there's probably another section in the terms and conditions somewhere about closing the account. If you don't keep the account open long enough (typically a year or more), they'll take their $300 back when it's closed. My offer said I need to leave the account open for six months, not twelve, to keep the bonus. Of course YMMV. When I stopped in at the branch today to open my account the guy was surprised to see it. I guess the $300 offer is fairly new and the $200 was the standard during 2014. I'm a little surprised by your second point. To me this is a way to stick it to the megabank. Basically I'm going to treat this as a high-interest six month CD. I've tucked $1,500 away, I'll pretend I can't touch it (though I still can if I need to) and in return I get 20% interest over a 180 day period. Seems like a phenomenal deal to me, way better than $30-40 in cash. (Also I'm pretty sure the offer is non-transferable anyway)
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Jan 3, 2015 23:59
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What's a good size emergency fund for a DINK couple with a savings ratio of around 50% and no debts other than a mortgage on which the minimum payments are <20% of post-tax income? At the moment we have three months' worth of living expenses in cash plus a £1k buffer in each of our current accounts, but I'm wondering whether we should increase that to six months' worth or more.
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Jan 6, 2015 00:07
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3-6mo, it's your risk tolerance and comfort level. Maybe you are worried you'll get fired when we have a global recession: 6-12mo would be good. Maybe you're SloMo and can't ever get fired, keep 0-1mo. I subscribe to the 3-6mo theory.
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Jan 6, 2015 01:32
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LemonDrizzle posted:What's a good size emergency fund for a DINK couple with a savings ratio of around 50% and no debts other than a mortgage on which the minimum payments are <20% of post-tax income? At the moment we have three months' worth of living expenses in cash plus a £1k buffer in each of our current accounts, but I'm wondering whether we should increase that to six months' worth or more. 50% savings rate means that even if 1 person gets fired, you'll be fine. Unless you are both in the same field where firing might be correlated or something, 3 months seems fine. It seems like generally people that care about emergency funds and saving in general are way more prone to keep too large of an emergency fund than the opposite.
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Jan 6, 2015 01:56
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Vilgan posted:50% savings rate means that even if 1 person gets fired, you'll be fine. Well you're assuming one doesn't make a lot more than the other. But chances are they will be fine, yes.
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Jan 6, 2015 03:08
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So - I bought a place in August at 30 year fixed, 4.125%. I got a call today from the mortgage lender that I used, saying I could refinance at 30 year fixed, 3.75%. This is completely free with no closing costs, he assures, because it's within a year of purchase and that's a thing they do. It seems a little too good to be true - is there anything that I should be concerned about or should look into in depth before I refi?
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Jan 6, 2015 21:00
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esquilax posted:So - I bought a place in August at 30 year fixed, 4.125%. I got a call today from the mortgage lender that I used, saying I could refinance at 30 year fixed, 3.75%. This is completely free with no closing costs, he assures, because it's within a year of purchase and that's a thing they do. There will be no closing costs. But, oh, there is a $4,000 paperwork fee, but it's not a closing cost!
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Jan 6, 2015 21:34
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esquilax posted:So - I bought a place in August at 30 year fixed, 4.125%. I got a call today from the mortgage lender that I used, saying I could refinance at 30 year fixed, 3.75%. This is completely free with no closing costs, he assures, because it's within a year of purchase and that's a thing they do. My house's mortgage got sold off right away to Wells Fargo from whomever offered it at closing. About 3.5 years later I got an offer from WF to do a no-cost refinancing at a time when rates had really dropped. I compared my documentation closely and the terms were nearly identical to my previous mortgage regarding length of stay in the house, use as personal property vs. investment property, etc. In the end I went from a 30-year 6% loan to a 15-year 3.75% and it really did cost me nothing at all to do that refinancing. I don't know how or why, but I'm not complaining.
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Jan 7, 2015 02:31
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SpelledBackwards posted:My house's mortgage got sold off right away to Wells Fargo from whomever offered it at closing. About 3.5 years later I got an offer from WF to do a no-cost refinancing at a time when rates had really dropped. I compared my documentation closely and the terms were nearly identical to my previous mortgage regarding length of stay in the house, use as personal property vs. investment property, etc. In the end I went from a 30-year 6% loan to a 15-year 3.75% and it really did cost me nothing at all to do that refinancing. The WF agent who did it for me basically said the bank was able to barrow Freddy/Fannie money from the government quite a bit cheaper than they could when my initial loan was written, so they just closed the initial loan and opened a new one without any inspections, etc. I got a lower rate, but they got the money so cheaply that their profit margin increased.
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Jan 7, 2015 02:50
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El_Elegante posted:Definitely get a loan, if you get wiped out by a medical catastrophe and declare bankruptcy at least you'll have an improved and safely habitable home to show for it. I have not shopped around yet; Home Depot is my employer and therefore I am familiar with their loan offerings so it came to mind when I started to look at funding options. I will check other sources because I would like to get favorable terms.
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Jan 7, 2015 03:20
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Faerunner posted:I have not shopped around yet; Home Depot is my employer and therefore I am familiar with their loan offerings so it came to mind when I started to look at funding options.
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Jan 7, 2015 05:17
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SiGmA_X posted:Wow, my CU rates have gone up a lot... Min rate is 8.5% these days! I got a personal loan for a car repair 10yrs ago and it was 8%... WTF? Prime has gone down a ton since then! 8% would have been 125bp over prime in 10/2005... I now see why my CU's profit margins have gone up so much lately! 8.5% for an unsecured loan is still a great rate. I would not attach sinister motives to this change though. Perhaps their delinquencies were up and they had to bump the rate up to account for risk. Or they hired a new lending manager who adjusted the rates, or a regulator was concerned that too much of their portfolio was unsecured. Either way, if you borrowed $1000 for auto repair at 8% and got the same loan at 8.5%, then your payment went up by $0.30. We can speculate, but either way it is so not a big deal.
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Jan 7, 2015 06:36
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Zeta Taskforce posted:8.5% for an unsecured loan is still a great rate. I agree it isn't a big deal, but the CU is making ~400bp more now, and has reduced service to members and increased other fees (which don't apply to me because I don't overdraft, etc.)
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Jan 7, 2015 07:05
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I went to reopen my American bank account and got declined. I was kind of surprised, and went to find out what the heck happened. It looks like my ever so loving mother opened a bank account in Virginia and let it close due to overdraft (Or sold our info). I would like a bank account to tide me over slash repair my credit rating until I can get everything mopped up (before you ask, we're filling out FTC forms, trying to find a lawyer and petitioning to change our SSNs) so I can pay bills, direct deposit, etc. I intend to file bankruptcy as some of the debt collections are refusing to work with me or anything like that beyond 'give us the money'. It's sad that I have to come to a salt the earth approach, but she'd driven my dad into bankruptcy shortly before their divorce. My father tried to convince me not to do bankruptcy, but it seems that if they will not negotiate with us, then that's probably my last recourse. I'm not paying my mom's debts and it's time to earnestly repair/change this. I had held off changing my SSN as the last incident happened as I was going abroad (Stupid, I know. I'm kicking myself so hard). I've been looking at some of the second chance bank accounts (PNC, Texas credit unions, etc) and was wondering if anyone had some experience with them. I would like a savings account to go with it (even if I only squirrel away a little a month...), and check writing is honestly optional. Would changing my social security number have a huge effect?
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Jan 7, 2015 23:57
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Aerofallosov posted:I went to reopen my American bank account and got declined. I was kind of surprised, and went to find out what the heck happened. It looks like my ever so loving mother opened a bank account in Virginia and let it close due to overdraft (Or sold our info). You need to talk to a lawyer.
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Jan 8, 2015 00:48
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Thanatosian posted:You need to talk to a lawyer. Working on it, especially one we can afford. I just figured I'd look at somewhere I could at least have a debit card with in the mean time. I've been looking up pro bono lawyers and low cost lawyers. I might also see what the law schools offer or something.
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Jan 8, 2015 02:00
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Aerofallosov posted:Working on it, especially one we can afford. I just figured I'd look at somewhere I could at least have a debit card with in the mean time. I've been looking up pro bono lawyers and low cost lawyers. I might also see what the law schools offer or something.
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Jan 8, 2015 05:04
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I couldn't find a Mint specific thread, so I'm asking this here: Some background: my wife and I moved in together in August 2013 (we weren't married yet), and then soon after we moved to a different state for her job in October of 2013 (still weren't married). At that point, we combined our finances. Since then, we've found that our accounts don't match up with our budget. We each have individual checking/savings, and then we have a joint checking/savings. We each receive our income via our personal accounts, then we alternate transferring 1/4 of our monthly expenses every week (I put mine in on the 1st and 15th, she puts hers in on the 8th and 22nd). We're very well set up in that respect; our money flows smoothly to where it needs to go per our budget...for the most part. The exception is that according to our budget, we are supposed to be putting $1k in to our joint savings every month. However, we are currently putting exactly $0. That's not to say we have no savings...we each have individual savings, and there is a token amount in the joint, but there's clearly something wrong with our joint budget since we're spending more than we're accounting for. First, there have been several one-time expenses since we joined our finances and set up the budget. The biggest was of course the wedding, and on top of that we've had to travel a bunch to see family/friends, there was a down-payment on a car, and several other large-ish one-time expenses (minor furniture, kitchen equipment, etc.). But other than that, we're not entirely certain were our money went. We suspect we underestimated (or more likely over-spent) our grocery/restaurant portion, but we need to confirm it before we re-adjust our budget. Famous last words: I KNOW we're not going over our grocery/restaurant budget by $1k each month. Regardless, it's kind of hard to plug a leak when we don't know where the hole is. So basically, we want to dig in to our expenses and make sure our budget is still accurate, then we will adjust our budget and spending accordingly. That was the plan when we first set up our budget, but we just never got around to it. Our credit union doesn't automatically categorize and summarize expenses like Wells Fargo does, so we don't have any feedback on where our money has been going. So our plan is to try out Mint to track and categorize everything. The problem I have read is that it doesn't handle joint accounts very gracefully. But I also know that there are many features for individuals that we want to take advantage of, like the free credit score and whatnot. Anyhow, the basic plan is for us each to set up a Mint account, but we're not sure what to do after. Are there any tips/tricks for managing Mint with joint accounts? Basically, how do we keep the joint accounts separated from our individual accounts? Or is Mint not even worth our time?
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Jan 8, 2015 16:50
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I highly recommend YNAB (I first learned about it from this very forum). It's a great tool that forces you to actually budget every god drat cent before you spend it. Takes a little getting used to but I think it's worth it. I used Mint before but it was too easy for me to just forget about Mint for a month and then look back and say "oops, I overspent again, is it worth it to go and categorize all the uncategorized transactions??? Nah, I'll just do better this month."
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Jan 8, 2015 17:14
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I'm of the opinion that there's no such thing as unplanned one time expenses (beyond catastrophic life destroying events) Down payment on a car: should plan for this Wedding? Was that a surprise? Why wasn't it budgeted for? Needed to buy furniture? Couldn't have budgeted for this or saved up a few months. It seems like a lot of people in budgetary trouble are always claiming things are "one time expenses".
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Jan 8, 2015 17:23
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DaveSauce posted:Anyhow, the basic plan is for us each to set up a Mint account, but we're not sure what to do after. Are there any tips/tricks for managing Mint with joint accounts? Basically, how do we keep the joint accounts separated from our individual accounts? Or is Mint not even worth our time? You can filter by each individual account in Mint... I'm not sure exactly what you mean by "doesn't handle joint accounts gracefully," what are you looking to get out of it? Have you signed up and looked at the interface? Each account — joint, individual, credit card, IRA, whatever — is separated on a sidebar and tagged. Your budget and categorization smashes all of your spending together (which, to me, makes the most sense) but it's easy to sort quickly to figure out where the spending is coming from.
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Jan 8, 2015 18:06
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Mint will work fine for what you want to do. Once you add your account info and your wife's you will just have to mark the joint account as closed on one of your profiles in Mint. Otherwise it will count everything twice since it's getting a feed from your login and your wife's.
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Jan 8, 2015 18:14
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Echo 3 posted:I highly recommend YNAB (I first learned about it from this very forum). It's a great tool that forces you to actually budget every god drat cent before you spend it. Takes a little getting used to but I think it's worth it. I used Mint before but it was too easy for me to just forget about Mint for a month and then look back and say "oops, I overspent again, is it worth it to go and categorize all the uncategorized transactions??? Nah, I'll just do better this month." I saw YNAB, and I like the idea. But right now our budget (outside known expenses like health insurance, car payment, etc.) is a collection of what we THINK things were going to cost. To fix this, the first thing we need to do is figure out where our expenses have actually been. So if we're going overboard on food or restaurants, we can eat out less and buy cheaper food. Bloody Queef posted:It seems like a lot of people in budgetary trouble are always claiming things are "one time expenses". Most of those expenses were foreseen, and frankly that's what the $1k/month in to savings was for. Our budget, currently, accounts for known recurring expenses, and then $1k to savings was for miscellaneous things that pop up. We knew that this past year was going to be expensive. But, we need to make sure that the money actually went where we expected, and not through some other leak in our spending habits that we can fix. disheveled posted:You can filter by each individual account in Mint... I'm not sure exactly what you mean by "doesn't handle joint accounts gracefully," what are you looking to get out of it? Have you signed up and looked at the interface? Each account — joint, individual, credit card, IRA, whatever — is separated on a sidebar and tagged. Your budget and categorization smashes all of your spending together (which, to me, makes the most sense) but it's easy to sort quickly to figure out where the spending is coming from. I'll be honest, since we haven't actually tried Mint yet I'm not sure what I mean by that either. When I did research on it, I found a lot of people complaining that joint accounts were being double counted, or they were being co-mingled with individual accounts. I didn't want to waste time wrestling with it if it wasn't going to work for our situation. And as far as what we want out of it, we DON'T want to smash all our spending together. The joint account is for joint expenses...food, utilities, rent, etc. Ideally we would track that as a completely separate budget from our personal spending. For example, when I go out for lunch on Friday, I put that on my personal account, but when we go out together on date night, it comes from the joint.
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Jan 8, 2015 18:22
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DaveSauce posted:I saw YNAB, and I like the idea. But right now our budget (outside known expenses like health insurance, car payment, etc.) is a collection of what we THINK things were going to cost. To fix this, the first thing we need to do is figure out where our expenses have actually been. So if we're going overboard on food or restaurants, we can eat out less and buy cheaper food. Your budget is always going to be what you THINK things are going to cost this month. That's why you create a budget and save up money. I don't need $100 for car repairs in January but I save $100 every month for car repairs and in June I need $400 of work I have money set aside for car repairs. The difference between YNAB and Mint is Mint is showing you what you already did and YNAB is you figuring out what you can do and working off that. If you had asked "I want to save $1000 a month but I only saved $950 how can I see where my money is going" Mint would probably be fine. You came very close and you only need minor corrections to your budget. However, you are saving $0 and probably dipping into your savings monthly to meet your budget. You Need A Budget to get you on track. If you don't take my advice I still highly suggest taking their basic courses with you and your wife. EDIT: There's a way to setup Mint to only show certain accounts. My wife and I have some joint accounts and some individual accounts and I can get Mint to pull the data correctly but I don't remember how.
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Jan 8, 2015 18:39
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I think the perspective of the folks suggesting YNAB is that you can plug the hole right now if you use a forward-planning budgeting system like YNAB, even if you don't know where the hole is. If you set up your budget and don't blow the categories this month, congratulations, you fixed your budget. Plus, you'll probably figure out what was eating your money when you max out a budget category a week into the month. Just don't keep spending in that category when you run out of budgeted money! Trawling through your old expenses might be interesting ($1k in Warhammer figurines? What the gently caress!?), but since your previous spending is hosed up by definition , it's not a great starting point for your budget going forward.
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Jan 8, 2015 18:40
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