Bankrate

The news out of the New York Times about soaring vet bills probably isn't much of a surprise for most pet owners. 🐶 😺 Earlier this year, I reported for Bankrate that pet parents spent an average of $4,800 on their furry friends in 2023, according to data from MetLife. One-quarter of that was on vet visits alone. The NYT reported that pet owners are going into debt to afford vet bills, and many don't have pet insurance. If you've ever paid a huge, unexpected vet bill, you know how suddenly those costs can sneak up on you. 😰 That's why pet insurance can be such a lifesaver. I have pet insurance myself for my dog and cat, and not only is it a pretty low monthly premium (I've paid between $30-$50 a month for up to three pets), it can really help you in the event of sudden, expensive medical costs. There's one caveat, though. Pet insurance typically reimburses you, it won't pay your vet bills. So don't forget to also prioritize growing your emergency savings! (This wouldn't be one of my articles if I didn't emphasize that you need👏 to 👏 prioritize 👏 emergency 👏 savings! 👏 ) #pets #petparent #vetbills #savings

Time is quickly running out on potential federal student loan relief... Are you leaving forgiveness on the table? If you can't confidently answer this question, I encourage you to read more! The Biden administration announced earlier in the week that millions of borrowers will have their loans placed on a temporary forbearance for the month of July as payment adjustments to SAVE get rolled out. According to the administration, these borrowers could see their monthly payments under SAVE get slashed in half. Starting July 1, payments will total 5 percent of the individuals discretionary income, rather than 10 percent. Not sure if you qualify? Here's what to know: - Borrowers with undergraduate loans under Saving on A Valuable Education (SAVE) Plan will not have to make their monthly payments from July 1- July 31. -Eligible borrowers have been made known through an email earlier than this week, but some may see updated billing payments comer July. - Impacted individuals will not need to make up for the payments in August, interest will not accrue and borrowers will still get IDR or PSLF credit for the month. However, borrowers need to act fast to be eligible for the one-time payment adjustment, as the June 30 consolidation deadline quickly approaches. Those who apply for federal debt consolidation past the June deadline can still qualify for SAVE, but they'll miss out on the opportunity to qualify for forgiveness sooner through the adjustment. Do you know if you qualify for SAVE? Let me know in the comments and read my latest student loans news update for Bankrate here: https://lnkd.in/emCA3zkT #studentloanforgiveness #studentloans #personalfinance

🏡💔 Sorry, millennials: Mortgage rates aren’t dropping anytime soon. Bankrate analyst Jeff Ostrowski joined Cheddar to discuss the "hidden costs" of homeownership, and offers some tips on how to budget those sneaky expenses that come along with owning a home.

Pop quiz! 👨🏫 📝 How much PTO have you taken so far this year? Chances are, a lot of y'all reading this haven't taken very many PTO days so far this year, or even any. New from me: People are stressed about their personal finances and the economy. Unfortunately, that's been true for a while. But despite the stress (or maybe because of it?) people aren't taking time off from work. 😥 For a lot of people, the worry they may face repercussions at work outweighs any benefits of PTO. For Bankrate, I broke down the complex feelings people have about PTO, even if there are demonstrated benefits to taking time off from work. Why is this important? Bankrate found recently that 29% of Americans say work has a negative impact on their mental health, and a whopping 47% (!!!!) say money has a negative impact on their mental health. Taking time off work is important! And coming back to work refreshed might even help your work performance, not hurt it. 📈 So, if you needed my permission (I'm not your boss, but I'm happy to give it anyway!) take that vacation! Your team will thank you when you come back to work refreshed and ready to tackle a new project head-on. 💪 😎 #pto #benefits #summervacation #jobs

Are you happy with the state of your emergency savings? If the answer is no, you’re not alone. A new Bankrate study found nearly 3 in 5 Americans (59%) are uncomfortable with their level of emergency savings (including 32% who are very uncomfortable) with 27% of Americans having no emergency savings at all, the highest percentage seen since 2018. On the other hand, a majority of Americans (89%) say they would need at least 3 months of expenses saved in order to feel comfortable financially, but less than a third have that saved. Bankrate’s Greg McBride, CFA describes emergency savings as the “Achilles heel of Americans’ personal finances”. In order to establish that emergency savings cushion, he suggests setting up a direct deposit from your paycheck or an automatic transfer from your checking account into a dedicated savings account. “Automating the savings is the key to making it happen, particularly with household budgets so tight” says McBride. For more information, please visit: https://lnkd.in/gr4Wi9HU

If you've gone to TikTok for inspo on a vacation outfit lately👗 you know you'll probably leave with four outfits that will just end up in your suitcase all summer. 👗 👙 👕 👒 The reason for that? Well, people like cute clothes, that's old news. What's new is that, thanks to buy now, pay later, you can end up spending less on those four outfits than you would have if you only bought one. New from me: As BNPL services become more popular, more young adults are using them to spend too much on products they didn't even really want. The reason? BNPL services let you spread out larger purchases over a few weeks. In effect, that $100 purchase is only $25 down. 🤔 Do that several times in a short period, and you can see the issue it creates. To be clear, these services themselves aren't telling young adults to overspend. But they're easy to use, fast and they don't require hard credit checks. If you're new to buying things on credit, you may not realize that putting off purchases will snowball quickly.🤑 Check out my article below for more, where I break down Bankrate's data showing exactly how this is affecting young adults. Have you guys ever used a BNPL service? What did you think? I haven't used it myself, and I'm curious to know if anyone has tips about using them while avoiding overspending. #spending #economy #buynowpaylater #shopping

Has it ever been harder to buy a home? 🚫 My recent research on the history of home prices, interest rates and mortgage payments is showing that right now is a low-point for housing affordability. Here's why: -The typical mortgage payment has more than doubled in the past 10 years, and that's not accounting for rising taxes and insurance costs. -From 1964 to 2022, home prices grew twice as fast as wages. -In the past decade, major metros like Los Angeles and Miami saw more than a 70 percent decrease in affordable homes for purchase. I could go on. Where is this headed? Home prices are still appreciating faster than average this year, and the outlook doesn't seem to be great in the short-term. But, what happens with affordability down the road is hinged on home prices, rates and inventory. Read the full report:

Will student debt be top of mind when you head to the polls in November? 🗳️ A recent Bankrate survey revealed nearly 1 in 5 Americans say student loan debt will have a major influence on their vote in the 2024 presidential election with 29% of Americans saying that student loan debt is a national crisis. Nearly 1 in 4 of those who currently have student loan debt say they are having trouble affording their monthly payments and almost 1 in 4 of these current student loan debt holders say they have gone at least one month without paying their federal student loans since payments resumed in 2023. “If you’re struggling to afford your student loan payments, remember to consider the options that are already out there for you before halting your repayments altogether,” says Bankrate’s Sarah Foster “You might be able to lower your monthly payment if you enroll in an income-driven repayment plan, an arrangement that could also lead to forgiveness down the road.” For more information, please visit: https://lnkd.in/ekr-JSiD

When I talk about #creditcards and issuers, I like to use the term "relationship". Sometimes a relationship serves you, and it's a perfect balance of give and take. Other times, it's best to move on. Earlier this year, I moved on from my Amex Gold. I loved that card until things changed, and I realized I was getting less than I was giving. Here's more on that—and the card I got to replace the Amex Gold.

NEWS: Fed officials have been saying they need more confidence that inflation is on the right track back toward 2% before they cut rates. They clearly don’t have enough evidence just yet. The Federal Reserve left interest rates at a 23-year high for the seventh consecutive meeting in June. And in updates to their Summary of Economic Projections (SEP), officials were split between one or two rate cuts for 2024 — even if one became the new median. It might have more to do with math than anything else. Officials now only have four rate-setting meetings left this year to adjust interest rates. Modest rate cuts, at every other meeting or more, are in the very nature of the soft-landing policymakers are aspiring to achieve. They don’t want to be in a situation to rush. Three cuts across four gatherings risked giving off the impression that Fed policymakers think the U.S. economy needs rescuing.  Officials are also running out of time to get the confidence they need this year. They likely want inflation — the problem child of U.S. economic data — to get a good report card for May, June and maybe even July. Translation: That CPI report released today, which showed that prices were flat for the first time since 2022, isn’t enough good news. But even though proponents of maintaining high interest rates can find plenty of data to back up their position, those advocating for rate cuts can spot vulnerable areas in the financial system, too. Unemployment is back at 4 percent for the first time since January 2022. And it’s really just rent prices keeping inflation hot: Excluding food, energy and shelter, prices were up just 1.9% from a year ago. Is the Fed right to wait, or is it behind the curve? Let me know in the comments, and read my recap of today’s decision: https://lnkd.in/edMtmE-w