The Penny Hoarder |
- The 75 Best Senior Discounts and Where to Find Them
- 19 Cheap Home Decor Stores to Adorn Your Place for Less
- Should You Stop Paying Your Student Loans in Forbearance?
- What is a Pell Grant – And How Do You Apply?
- What to Know About ATM Withdrawal Limits
- 26 Uses for Salt Around the House
- How to Negotiate Medical Bills: A Step-by-Step Guide
| The 75 Best Senior Discounts and Where to Find Them Posted: 29 Apr 2022 08:52 AM PDT If 65 is the new 45, what is 55? It is old enough to receive what might be called the Not-So-Senior discount. Retailers, restaurants and travel services will do whatever they can to get people to buy what they are selling, and that includes extending the senior discounts to customers who are 55 years of age or older. Sometimes, you may need to announce that you are 55 or older to get the best senior discounts. But it can save you money on big purchases or help pay for tips or taxes on the smaller ones. Don't be shy. For those who prefer to shop online, know that the discounts may only apply in-store. So let's look at retailers and companies which offer discounts to those "not so seniors" who are 55 and older. (Once you turn 60 years of age, your discount world opens up significantly.) Step One: Accept Your AARP Members StatusAround the time you turned 50 years old, you started to receive invitations from the American Association of Retired Persons (AARP) to join, which you can do at that early age. The incentives include a tote bag, a cool card with your name imprinted on it, and a chance to save 10% to 20% on all sorts of services you may find attractive. Many discounts for people 55+ require AARP membership to receive the savings, especially in terms of travel and prescription pricing. Hotels and car rental services are more than happy to offer discounts to AARP members. Step Two: Don't Be Afraid to Ask About Your Senior DiscountHave you ever worked in retail and had to ask someone if they are old enough to qualify for a senior discount? It's embarrassing whether you guessed right or you guessed wrong! With the Not-So-Senior discount, it can be even more challenging. Fifty-five years old is simply not "old'' anymore, and many people that age do not look as if they deserve any kind of age-related discount. So don't be afraid to inquire as to whether you can get a discount on the goods or service you are purchasing. Again, it may just cover your taxes or a tip, but every little bit counts. Without further ado, let's look at the discounts you can get because you are 55 years old. It's your birthday and you deserve a gift or two. Check our list of 101 birthday freebies and get your fair share. Grocery StoresThis is one shopping experience where a Not-So-Senior discount might most be expected. Many grocery store chains offer discounts to shoppers 55 and older one day a week or month, so make a note of it at your local store. Also, such offers apply only to certain stores, so you might be best served by calling rather than asking in the store. Non-chain grocers may be more likely to offer a sizable discount to older shoppers. Kroger and Wal-Mart discontinued their senior discounts in 2020. Publix, the largest grocery store chain in the Southeast, no longer gives senior discounts. The Albertsons chain includes Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets and Balducci's Food Lover's Market. Only Albertsons, Safeway and Vons offer the 55 and older discount. Grocery Store Senior Discounts at a Glance
RetailThis covers a lot of area, but any company offering goods for sale could possibly offer a senior discount, especially if it is part of a chain. The question is how they define "senior,'' which could put you in a position to ask about the discounts for seniors if you are in that 55-plus-but-not-yet-60 range. Some of the chains which offer discounts to those 55 and older often do so once a week, and the day is different based on the company. If there is a store you regularly visit, inquire as to its senior citizen discount day. Another odd point about retail senior citizen discounts is that they do NOT advertise these offers. They are available, but you have to ask. Retail Senior Discounts at a Glance
DiningThe restaurant discounts listed below may be dining room only. Check with each restaurant about discounts for pickup and delivery orders. Restaurants are also more likely than others to limit senior discounts to 60+ or 65+. Also, restaurants are often franchised, so the discount offers differ from location to location (if listed, they have a discount for 55+; it's just determined by location how much the discount is). For instance, all Arby's locations we contacted offered a senior discount; one was 10% off a la carte items only while another gave a discount on the entire check. Fast-food restaurants like McDonald's have famously offered senior benefits like a free small soda or coffee, check with your local franchise to see what they offer. Other restaurant chains like IHOP offer a senior discount through a special menu. You'll find discounted items, however, the menus are limited. From coffee to coconut oil to diapers, here's the ultimate list of our favorite free stuff online. Dining Senior Discounts at a Glance
Health CareSeniors with eligible Medicare plans can sign up with SilverSneakers and get free access to thousands of gyms across the country. Signing up for a prescription discount card like GoodRX is another way to save on health care, though this isn't necessarily limited to seniors. Most drug stores like CVS have shifted away from senior discounts in favor of a savings club that anyone can use. However, Rite Aid and Walgreens do offer some benefits for seniors, though they too require you to sign up for the savings club. AARP has teamed up with Walgreens, Rite Aid, Walmart, and Kroger to provide members with discounted prescriptions. Simply register for the prescription card; when you show it to the pharmacist you'll save money on medication. Health Care Senior Discounts at a Glance
 TravelAARP has the travel industry locked up in terms of discounts. Airlines and hotels will offer discounts to AARP members they won't offer otherwise. With AARP membership available at the young age of 50, frequent travelers may want to consider paying the annual membership fee. Otherwise, most airlines and hotels do not consider you to be worthy of a senior citizen discount until you are in your 60s. AARP members do get 30 percent off rentals at Avis and Budget, a 5 percent off at Payless. They also get $65 off of British Airway flights in some seating levels, and 5 to 15 percent off of stays at Best Western hotels. Hilton, Radison and Wyndham hotels offer 10 percent off their "best available rates" to AARP members. If you're interested in a Zipcar membership, seniors save over 40% on a membership. Cruise lines offer discounts of all sorts all the time. If you have a choice of cruise lines heading to your preferred location, a phone call to the company reservations line would be the best idea. Travel Senior Discounts at a Glance
EntertainmentYou can get discounted tickets to movies from major national companies like AMC and Regal Cinemas. If you're looking for a night of live music or theater, Ticketmaster offers discounted tickets and special offers on select shows for AARP members. Entertainment Senior Discounts at a Glance
TechnologyCell phone providers like T-Mobile, Verizon and Consumer Cellular offer a discount on plans for seniors, giving discounted monthly rates. If you're not really glued to your phone, T-Mobile has a bare-bones 55+ plan that costs just $27 a month. There are more expensive tiers that offer more data and even a free Netflix subscription! Technology Senior Discounts at a Glance
Contributor Matt Matasci is a Southern California freelance writer who writes on technology and business, plus travel and lifestyle topics. Reporting from contributors Kent McDill and Jamie Cattanach included in this report. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 19 Cheap Home Decor Stores to Adorn Your Place for Less Posted: 29 Apr 2022 07:00 AM PDT The expense of decorating your place can come as a shock. A couple of throw pillows, an area rug and some curtains could total up to more than a month's rent. But you shouldn't have to drain your bank account or go into debt adorning your home. Sure, you've probably already thought of big-box retailers like Walmart, Target and Bed Bath & Beyond, as well as the online behemoth Amazon. But there are lots more options for finding deals on home decor. Top 19 Cheap Home Decor StoresHere are 19 cheap home decor stores and websites to help you save money as you outfit your place. 1. At HomeAt Home is a Texas-based chain that operates more than 200 stores in 40 states. According to its website, the large, warehouse-like stores "take unnecessary frills out [to] pass all of those savings on to [the customer]." Sign up for At Home Insider Perks for special discounts and information on new products and markdowns. Check with each store about options such as curbside pickup or contactless delivery and for info on any shipping delays. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should You Stop Paying Your Student Loans in Forbearance? Posted: 29 Apr 2022 05:00 AM PDT The possibility of student loan forgiveness is on the horizon, so should you stop making payments on your own loans? That depends, but let's take a look at where things stand now:
So what does all this mean for you, the student loan borrower? Depending on your loans and financial situation, you might actually be better off making larger payments right now… or none at all. Don't worry, we'll explain. Do I Qualify for Student Loan Forgiveness?If you're a typical borrower in a non-public sector job, it's unlikely you'll qualify for student loan forgiveness. It's likelier for some job- and income-specific groups — but if you're banking on all student loans getting permanently wiped out, expect to be disappointed. During his campaign, then-candidate Biden announced that part of his Emergency Action Plan for the economic recovery would include forgiveness of at least $10,000 in student loans for borrowers, plus additional relief for those who attended public colleges or historically Black colleges and universities. But much of that proposal has never come to pass, including the student loan cancellation. Some groups have been pressuring the Biden administration to wipe out some or all of the $1.7 trillion outstanding student loan debt. And there are plenty of other factions who aren't in favor of forgiving student loans at all. If the past few months are any indication, specific groups — like those who work in certain occupations or fall below an income threshold — are more likely to get some type of student loan forgiveness. But the chances of sweeping student loan forgiveness seems highly unlikely. However, one thing that is certain right now is that federally held student loans are in forbearance. Interest rates are automatically set to 0% and all payments are suspended. Forbearance was originally part of the Coronavirus Aid, Relief, and Economic Security Act — aka the CARES Act — passed in March 2020 and extended a few times to its current deadline of Aug. 31, 2022. So with forbearance a sure thing and forgiveness a possibility, should you be making payments on your student loans? Let's look at the factors that can help you decide. 7 Questions to Ask Before You Stop Paying Student Loans in ForbearanceBefore you start celebrating that your student loans are going to disappear, let's do a reality check and figure out how forgiveness might affect you. 1. Should You Make Payments If You Have Both Federal and Private Student Loans?If you have a mix of private and federally held student loans, your best strategy may be to use the money you'd normally pay toward federal student loans to pay off more of the private loans that are still actively accruing interest. Not all student loans are eligible for forbearance — and it's highly unlikely they will all be eligible for forgiveness. The federal forbearance covers all loans owned by the U.S. Department of Education, which includes Direct Loans, subsidized and unsubsidized Stafford loans, Parent and Graduate Plus loans, consolidation loans and Defaulted FFEL Program loans. If you have private student loans, these loans are not covered by the administrative forbearance period and there's almost zero chance they'll be wiped out by a mass forgiveness. 2. How Could Your Balance Be Affected by Student Loan Forgiveness?If you owe more than $10,000 in student loan debt, you should aggressively be saving additional money to chip away at the balance. Even if $10,000 in forgiveness is on the horizon, you'd still be responsible for any remaining debt over that limit. But that doesn't necessarily mean you should be writing checks every month, for now. It might not earn you much in interest, but if you can put the amount that you plan to pay toward your student loan in a high-interest savings account, you can withdraw it as the forbearance deadline approaches and pay off as much as you can of your student loan principal. If you have less than $10,000 in student loans? Then it might pay to wait out the forbearance period, since forgiveness could potentially be approved in this time period. However, you should continue to set aside the extra amount you would've paid and make the lump sum payment at the end of forbearance — if forgiveness doesn't end up panning out. 3. What Should You Do if Your Loans Were in Default Before the Pandemic?The latest forbearance extension included an important change for those borrowers who were in default when the pandemic began: The government will allow delinquent borrowers to re-enter repayment in good standing so they won't have to anticipate collections activities resuming — including garnished wages and tax refunds — as the deadline approaches. This is not the time to wait it out. Reach out to your loan servicers now, particularly if your income has changed during the pandemic. Ask about income-driven repayments plans so you can be ready to resume payments when the forbearance period ends and avoid ending up in default again. If widespread student loan forgiveness becomes a reality, it can be a welcome surprise for you. But since you previously had issues with making on-time payments, forgiveness should not be part of a realistic financial strategy. Start planning now to make payments. If you default on student loans again after forbearance ends, the loans can be sent to collections, and your wages, tax returns and Social Security benefits may be garnished up to 15% for repayment. 4. Should You Wait for Student Loan Forgiveness if You're on the PSLF Track?If you're pursuing Public Service Loan Forgiveness — you have a direct loan, you're on an eligible repayment plan and you work for a qualifying employer — then you can and should take advantage of the relief period by making no payments. Those zero-dollar payments still count toward your total to earn forgiveness, and if your loans happen to be forgiven during this period, all the better. In fact, the Department of Education announced in January that up to 550,000 borrowers will see "accelerated forgiveness" of their loans. But if you've lost your job or have had your hours cut to less than the 30-hour minimum, your non-payments will not count toward forgiveness (but you still don't have to pay while in the forbearance period). PSLF does not require consecutive payments, so you can still pause on payments if you think you'll return to your non-profit or public sector job. However, if you think it's unlikely you'll get eligible employment again, you may want to take advantage of the forbearance period to start paying on the loan. At the very least, you should update your income (if you've lost your job) on your income-driven repayment plan. 5. How Does Your Degree Affect Your Chances for Forgiveness?If you have loans that you took out to get an advanced degree, don't expect to benefit from any type of student loan forgiveness. "People with advanced degrees are unlikely to get mass forgiveness, if any forgiveness, from the government because you're seen as part of a society that has greater upward mobility," said Steve Muszynski, the founder and CEO of Splash Financial, a student loan refinancing marketplace. Although undergrad loan debt may still be eligible for forgiveness, your graduate Plus loans are less likely to be included in a forgiveness plan. They're also likely to have higher interest rates, which means the forbearance period is a good time to be putting a dent in that debt. However, as with all federally held loans, you're still likely better off holding onto them rather than refinancing into a private loan, according to Betsy Mayotte, president of The Institute of Student Loan Advisors, a non-profit organization that offers free student loan advice and dispute resolution assistance to borrowers. Besides the income-driven repayment plans and forgiveness programs already out there, you'll lose out on this interest-free period. "I'm running into a lot of people right now who are kicking themselves because in the last couple years they did refinance their federal loan into private," she said. "Now they can't get the 0% and if [the government] does forgiveness, it's not going to happen for them. "They're begging for a way to take it back, and you can't." 6. How Close Are You to Retirement?If you're nearing retirement and paying on student loans — whether it's your own loans or those you took out to pay for your kids' education — forgiveness may potentially help you wipe out some of your loans. Focusing on saving as much as you can for retirement may be the better bet during this forbearance period. "Retirement should always come first as far as deciding where your money goes," Mayotte said. But solely relying on forgiveness is probably not the best strategy, especially if you have more than $10,000 in loans or took out loans to get an advanced degree. In that case, you should start preparing for a future with a fixed income by aggressively paying off the student loan debt and looking into an income-driven repayment plan. "Understand that you might be 80 years old when the loan is finally gone but at least the payments are going to be affordable and [they're] not going to change," Mayotte said. 7. What Does the Rest of Your Financial Situation Look Like?All of these strategies for getting the most bang for your buck may not mean much if you're struggling to pay the bills. If you are in a situation where you need the money to pay for your basic needs, take advantage of the forbearance period to get yourself back on your feet and to start building an emergency fund.  What Should You Do While You Wait to Find Out What Will Happen With Student Loan Forbearance?1. Find out who your loan servicers are and how much you owe. Do it now — some servicers dropped out during the pandemic and you'll want to make sure your lenders have your updated contact info. You can call the Federal Student Aid Information Center at (800) 433-3243 and check out this guide to help you get organized. 2. Determine if you can make the payments when they are set to resume. If not, sign up for an income-driven repayment plan. Do it sooner rather than later, as there will likely be a lot of people trying to apply — and potentially overwhelming the system — as the deadline approaches. 3. Make payments to yourself. Save up what you would've used for payments for now. If the forbearance period is not extended again, make a lump-sum payment toward your student loan prior to the deadline. That way, you'll receive credit for paying down any principal amount before interest starts accruing again. If the forbearance period is extended again, keep holding onto your money. If your student loan does get canceled, you'll have a nice chunk of change to spend on a house down payment, shore up an emergency fund or invest for even more earnings. 4. Even if forgiveness happens, you still might owe money. The federal government could decide to tax any amount that's forgiven on federal student loans. Save your money now, just in case. Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What is a Pell Grant – And How Do You Apply? Posted: 29 Apr 2022 04:55 AM PDT College students who struggle to afford tuition and other expenses have an avenue to help pay for their education that doesn't involve federal loans: the federal Pell Grant. To qualify for a Pell Grant, you need to have a minimum GPA (2.0) and demonstrate exceptional financial need. If you fit in those categories, here's what you need to know. What Is a Pell Grant?A Pell Grant is a form of federal student financial aid that, unlike a loan, doesn't need to be repaid. The U.S. Department of Education awards federal Pell Grants to low-income students who qualify. The grants cover tuition, room and board, and other educational fees and expenses. The Pell Grant is a need-based program that, unlike federal student loans, never has to be repaid. With total student loan debt in the U.S. reaching nearly $1.75 trillion in 2022 affecting more than 43 million borrowers, this federal grant is an attractive alternative for students who qualify. Created in 1972, it is named after U.S. Sen. Claiborne Pell of Rhode Island and is the largest education grant program offered by the federal government. Like other federal student aid options, to apply for a Pell Grant students need to fill out the Free Application for Federal Student Aid (FAFSA) form. Who Is Eligible for a Pell Grant?Pell Grant funds are available at 6,000 educational institutions in the country. To be eligible, you must:
Students with a parent who died in the line of duty – as a military veteran or public service officer – may also be eligible if they are under 24 and enrolled at least part-time in a college or career school. Graduate students aren't eligible for the Pell Grant, though some students working on a post-baccalaureate teacher certification may qualify. Incarcerated individuals may be eligible for aid through the Second Chance Pell experiment – created in 2015 by the Obama administration to provide "education opportunities for thousands of justice-involved individuals who have previously been unable to access federal need-based financial aid." The program expanded in the 2022-23 school year to include 200 colleges and universities now offering their prison education programs with support from the Pell Grant program. Students unable to finish studies due to the closing of their school or who received the Borrower Defense Loan Discharge may also be eligible. Grant recipients risk losing eligibility if they withdraw from courses, change enrollment status, or fail to meet their college or university's GPA requirements. How Much Money Can I Receive From a Pell Grant?Individual grant amounts depend on a student's Expected Family Contribution (EFC), an index number that determines eligibility for federal student aid. The number originates from the financial information provided when you complete the FAFSA. Federal student aid administrators also factor in your school's cost of attendance and your enrollment status. Pro Tip The federal deadline to submit the FAFSA for the 2022-23 academic year is June 30, 2023. As of the 2021-22 school year, the minimum Pell Grant award a student can receive is $650 per year (July 1 to June 30) and the maximum is $6,495. Your EFC number will determine where you fall in that range. Also, you'll need to reapply for the grant using the FAFSA every academic year, meaning your Pell Grant aid can change annually based on your current financial situation. You can also apply for the "year-round Pell Grant" if you attend summer school. In this situation, you would be eligible for the same award amount you received in the fall and spring. So if your annual award amount is $4,000, and you'll receive $2,000 in the fall, $2,000 in the spring – then you would be eligible for an additional $2,000 if you attend summer school. Colleges and universities disburse the award funds into the student's account balance and are reimbursed by the federal government. The timing of the disbursement varies by institution – some may make monthly payments while others might distribute all of the funds before classes begin. How Do I Apply for a Pell Grant?The application process is simple enough. To apply for a Pell Grant, students must fill out the Free Application for Federal Student Aid form (FAFSA). From there, financial aid administrators will determine whether the student is eligible and, if so, set the Pell Grant award amount. The numbers say that more than 2 million students would have been eligible for the Pell Grant in the 2015-2016 school year, but they didn't fill out a FAFSA. Further, 1.2 million would've qualified for the maximum Pell Grant amount. The takeaway: Always fill out a FAFSA! You never know what you could be eligible for. Other FAQs About Pell GrantsDo you have to pay back a Pell Grant? A federal Pell Grants is just that – a grant. It's not a loan so you don't need to pay it back – with a few caveats. If you withdraw from courses, change your enrollment status, or fail to meet GPA requirements after having received your award, you may have to pay it back. That could also have tax implications, so it's not a good idea all around. How many times can I receive a Pell Grant? The maximum amount of awards you can receive is six years, or the equivalent of 12 semesters' worth of Pell Grants. You'll need to reapply for them annually via the FAFSA. Is the Pell Grant the same as the FAFSA? No. The FAFSA is simply a form you fill out when applying for federal student aid programs – everything from federal student loans, work-study and grants, including the Pell Grant. Robert Bruce is a senior writer for The Penny Hoarder. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. 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| What to Know About ATM Withdrawal Limits Posted: 29 Apr 2022 04:50 AM PDT When it comes to accessing money from your bank account, withdrawing cash is an easy way to do so. However, there are limits as to how much you can withdraw. Whether you're going all out at a massive flea market or about to embark on your next road trip, you'll want to see what the ATM withdrawal limit is where you bank so that you're not stuck without any cash. Of course, there are other options if you want to withdraw more than what your account's daily ATM withdrawal limit allows. Not to worry, as we'll go over what you need to know about ATM withdrawal limits, and how to get around them if need be. What Are ATM Withdrawal Limits?Simply put, ATM withdrawal limits are what banks impose so that you're only allowed to take out a certain amount each day from an ATM. You may be wondering why, since it's technically your money in the bank account. While true, these limits are imposed for both security and practical reasons. Think about it: ATM machines can only hold so much cash. What's more, banks only have a certain amount of cash on hand at their branches each day. Meaning, these limits are trying to be fair so that folks who want to take cash out will be able to do so. Setting limits can help safeguard your checking or savings account, especially if someone ends up getting access to your account — like if they stole your debit card and found out your PIN number. Thieves can drain your entire account if there wasn't a limit in place. What Is the Daily ATM Withdrawal Limit?Daily withdrawal limits typically range from $500 to $3,000. The withdrawal limit will vary depending on factors such as your bank, the type of account you have, and how long you've been a customer. Banks are most likely the biggest factor as to how much you can withdraw each day from the ATM. There are generally larger withdrawal limits for large national banks compared to smaller community or regional banks — same goes for smaller credit unions). Online banks may also set different limits compared to brick and mortar ones. ATM Withdrawal Limits by Bank
Keep in mind there may also be limits on the amount of cash you can withdraw. As in, some machines may not let you withdraw up to the daily limit imposed by your bank — this is typically true for out of network ATMs. Daily Limit vs. Purchase LimitsYour daily withdrawal limit may also be different from your purchase limit with your debit card. For example, you can only withdraw up to $1,000 in cash each day through your checking or savings account, but you can make up to $5,000 in purchases with your debit card. Again, the point of these limits are to protect your money and accounts. In the past Federal Regulation D imposed limits to the number of withdrawals you can make per month on savings accounts (assuming you're not withdrawing from a checking account), though ATM withdrawals were generally an exception. That being said, it's a good idea to check with your bank to make sure you don't have such limitations and if so, you're well within them when you want to make a withdrawal. How to Get Around Withdrawal LimitsThere are several ways to get around withdrawal limits, though your best first course of action is to increase the limit. Other ways include getting cash back when making debit card purchases and cashing a check. Increasing Your ATM Withdrawal LimitSome banks and credit unions are willing to raise ATM withdrawal limits temporarily or for a short amount of time. For example, if you're going overseas on vacation, contact your bank beforehand to request a limit increase. Your bank may increase it for two weeks (or however long you're traveling and after that time period, it'll go down to whatever the previous limit was. If you need to withdraw money from the ATM often, you can attempt to raise your ATM withdrawal limits permanently. However, banks won't always grant your request.There are several factors banks consider when approving you for a withdrawal limit increase:
To negotiate getting your daily ATM withdrawal limit increased permanently, you'll need to get all your ducks in a row. As in, make sure you're prepared to present solid reasons why the bank should agree to your request. Perhaps you keep a lot of cash on deposit at any time, so making extra withdrawals won't get you too close to overdraft, or you've been a decades-long loyal customer. Whatever the reason is, try to phrase it in a way that's beneficial to both you and your bank. If you do get a higher limit congrats! You'll want to continue to remain vigilant about your banking information and your debit card. It'd be a shame for someone to get unauthorized access and withdraw the higher limit without your knowledge. Be prepared for what you'll do if your bank says no (because it's a total possibility). In this instance, you can either get around these limits using the tactics below. Or, you can consider switching to an account or bank that offers higher limits. Do your research before making any changes like switching accounts because you may have to be subjected to different terms and conditions. For example, some bank accounts allow a higher ATM withdrawal limit, but it comes at the price of a higher monthly maintenance fee or minimum balance amounts. Cashing a CheckThis option is as simple as writing a check to yourself and taking it to the bank to cash it. While it may not count towards your ATM withdrawal limit, it could count toward the overall withdrawal limit you can make, or ones on cashing checks. If you use an online bank, this may not be an option since you won't be able to head to an in-person branch — many brick and mortar banks only allow this for existing customers. Head to the TellerFor those who have accounts with banks that have physical branches, you can simply go to the teller and have them help you withdraw cash from your checking or savings account. Or depending on the amount, a safer way to do so would be to get a money order, certified check or cashier's check. It bears repeating that you may be subject to withdrawal limits imposed by your bank. Not only that, but the federal government tends to track large withdrawals — banks have to report transactions that are at least $10,000 in cash, even if it's for a cashier's check or money orders. Of course, if you're making a withdrawal for legitimate reasons, you don't need to worry. We're simply pointing out the IRS may notice these types of withdrawals. Getting Cash BackDepending on the store (most major retailers and big box stores have this option), you may be able to get cash back each time you make a purchase with your debit card and it won't count against your ATM withdrawal limit. But (and it's a big one), that's not always the case. Here's where we suggest you check with your bank (because you know it's true). Even if it doesn't, it could still count towards your daily purchase limit. Meaning, you could get cash back and still be able to withdraw from an ATM, but you could limit your daily purchases using your debit card. Some stores also impose a cash back limit. You guessed it, it's most likely because of the amount of cash the store has on hand for security purposes. For instance, you go grocery shopping and the store only allows you to get up to $100 in cash back when you use your debit card. This limit could be based on each purchase. That means if you want to get $200 in cash back at the same store, you may need to make two different purchases. Each of them will count towards your bank's daily purchase limit. Contributor Sarah Li-Cain is a personal finance writer based in Jacksonville, Florida, specializing in real estate, insurance, banking, loans and credit. She is the host of the Buzzsprout and Beyond the Dollar podcasts. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 26 Uses for Salt Around the House Posted: 29 Apr 2022 04:00 AM PDT Salt is one of those staples you always have in the kitchen. But don't limit its use to just flavoring food. It's a true household workhorse and we've found more than two dozen hacks beyond the usual culinary uses. Salt makes food taste better, but it's also great for cleaning because of its absorbent qualities. You can use salt around your home for all sorts of cleanup jobs or incorporate it in your self-care routine. Salt scrub, anyone? Skip the expensive cleaners and grab your salt shaker. We've gathered 26 different uses for salt that might surprise you. What Type of Salt Should You Use?When you think of salt, you probably think of fine-grain table salt, but you might occasionally need sea salt, kosher salt or Epsom salt for these hacks. Iodized table salt is the cheapest option — 26 ounces of Walmart's Great Value store brand is just $.48 — and the most likely one to be in your cabinet. The finer grains make it a great option for many jobs. Sea salt and kosher salt have larger-grain sizes than table salt. You'll pay more for kosher salt (about $3 for 3 pounds at Walmart) and sea salt (about the same price for 26 ounces at Walmart). But if you need more abrasion for the task, the price is still cheaper than specialized cleaning products. Epsom salt isn't actually salt at all, but magnesium sulfate. You can find it in the pharmacy or beauty section for less than $5 for a 4-pound bag. 26 Uses for Salt Beyond FoodWe've rounded up ways to use salt as a cleaning agent, as a beauty and health aid, and a few other surprising uses. Using Salt as a Cleaning Agent1. Scrub your cutting board.Is your cutting board looking a little worse for wear? Use salt and a lemon to get rid of stains from last night's dinner. Wipe your cutting board with a damp cloth, then sprinkle coarse salt liberally all over it. Slice the lemon in half and use it to scrub the salt into the board. Let it sit for a few minutes, then rinse it all off. Remove any excess moisture with a cloth and stand it up to dry. 2. Clean your fridge.Salt can also be used to clean your fridge. Dissolve a cup of salt into a gallon of hot water to give it a quick clean. You can also use the other half of that lemon to give the water a pleasant scent. 3. Freshen up your sponges.Has your kitchen sponge seen better days? Put ¼ cup of salt in two cups of water and let the sponge soak in the solution overnight to clean it. 4. Clean a glass coffee pot.You can clean old coffee stains off your coffee pot with 4 tsp salt, 1 cup of crushed ice and 1 tablespoon of water. Make sure your coffee pot is at room temperature and mix everything together. Swirl it around until the pot is clean, then rinse. 5. Clean coffee and tea stains from mugs.Once your coffee pot is clean, why not clean out your mugs? Get the inside of the mug wet, add 1 tablespoon of salt and scrub it around with a microfiber cloth. Rinse the mug out with water. 6. Make a new broom last longer.Before you use a broom for the first time, soak it in a solution of one part salt to one part vinegar. Leave it in for 30 minutes and then stand it upside down to dry. This will prevent the broom bristles from fraying. 7. Erase spots off wooden tables.Do you have water rings left on your table? Combine salt with a small amount of water to form a paste. Use a cloth or sponge to rub the paste into the stain until it's gone. 8. Remove wine stains from clothes and carpets.Blot the stain to remove what liquid you can, then sprinkle kosher salt on the stain. Allow the salt to sit for two or three minutes, then rinse with cold water. If using the salt method on a carpet, you can simply vacuum it up afterward. 9. Keep your brass bright.Restore the shine to your brass and copper items with salt. Combine 1 tsp of salt and 1 tbsp of flour with enough vinegar to form a paste. Rub the brass or copper vigorously on to brass or copper and allow it to dry. Wash the item in warm soapy water and dry with a microfiber cloth. 10. Clean up your old change.Do you have dingy old pennies in your change jar? Mix ¼ cup of vinegar and 1 tsp of salt in a shallow bowl. Soak the pennies for 15 minutes, making sure they aren't touching. Use a toothbrush to remove any stubborn residue, then rinse the pennies in water and lay them on a cloth to dry. Only do this hack if you're not concerned about coin collecting. The abrasive effect of salt can lower a coin's value. 11. Brighten the colors of rugs and curtains.Revitalize old rugs by rubbing them with a cloth that has been soaked in salt water. Smaller throw rugs, curtains and clothes can be soaked in salt water before being put in the washer to brighten their colors. Short on time? Throw some salt in with the wash cycle. 12. Clean your clothing iron.Give your iron a quick clean by putting sea salt on a piece of paper, then running the warm iron over it a few times. The dirt will stick to the salt. Allow it to cool, then wipe the salt off the metal plate with a damp cloth. 13. Deodorize your sneakers.Salt can take the smell out of your stinky shoes. Just sprinkle some table salt into the offending pair, let them sit overnight and it will absorb any moisture. Don't want to put salt directly into your shoes? You can also put the salt into two coffee filters, tie them off with rubber bands and place them in your shoes instead.  Salt for Self-Care14. Make your own skin exfoliant.You can use sea salt, kosher salt, Epsom salt or any other salt in your cabinet to create an invigorating body scrub. Mix the salt with an oil, such as coconut or olive. You can also customize the body scrub by adding essential oils, honey or coffee grounds. Hop in the shower and use your homemade salt scrub to exfoliate your damp skin. Only use salt scrubs on your body. The coarser grains aren't good for delicate skin, so use sugar if you want to make a face scrub. 15. Treat dandruff.If you have a case of dandruff, don't run to the store for an expensive remedy. Add a tablespoon of salt to your regular dollop of shampoo to exfoliate your scalp. Massage your scalp and shampoo as normal. Have some Epsom salt handy? Get your hair wet and massage the Epsom salt into your scalp. Follow up with your regular shampoo and conditioner. 16. Take a sea salt bath.If you don't have the time to make a body scrub, just throw some sea salt into your bath. It can help relieve skin conditions like psoriasis and eczema, and ease muscle aches. Make sure the water temperature is only about two degrees warmer than your skin to help your body absorb the nutrients. Pour in ¼ cup of salt and relax in the tub for 20 minutes. If ¼ cup doesn't feel like enough, you can experiment with up to 2 cups of salt. 17. Relieve bee and mosquito stings.If you get stung by a bee, reach for the Epsom salt. It reduces swelling and can help expel any stinger pieces that have been left behind. If you're bitten by a mosquito, a paste made from water and table salt will help soothe the affected area. 18. Relieve a sore throat.Gargling salt water can help with your sore throat and allergy symptoms. Mix ½ tsp of salt with 8 ounces of warm water and gargle for as long as you prefer. Repeat as often as needed. Salt water rinses can also help alleviate canker sores and improve dental health. Salt for Pets19. Get rid of fleas.If your home is experiencing a flea infestation, you can fight them with finely ground table salt. You can grind the salt into a powder using a blender. Sprinkle it on your carpet, furniture or pet bed and allow it to sit undisturbed for 12 to 48 hours. Brush the salt into the fabrics so it gets down into the fibers where flea eggs can hide. Once the waiting period is over, vacuum it up. The salt will dry the fleas out and kill them. Just be sure to not allow your pets around the salted area. Salt can be harmful if ingested and can irritate their skin. Salt for Outdoor Use20. Kill weeds in your sidewalk cracks.If you have weeds poking through your sidewalk or patio stones, you can use salt water to kill them. If other plants are around the weeds, use a weak mixture of 3 parts water to 1 part table salt. If the weeds are by themselves or the quality of the soil isn't an issue, you can make a stronger solution. Use a spray bottle to apply the saltwater to the weed's leaves. Need a stronger solution? Add dish soap and white vinegar to make it more effective. Repeat every few days. 21. Kill Poison IvyIf you found some poison ivy while tackling your weeds, salt can take care of that too. Mix 3 cups of salt, ¼ cup of dish soap and 2 cups of hot water. Spray it on the plant every few days until it dies. 22. Remove rust.Are your garden tools looking a little rusty? Rub salt over the rusted area, then squeeze lemon juice onto the salt. Let sit for two hours and then scrub the mixture off.  Salt for Other Household Solutions23. Keep fruit from browning.You can sneak some apple or pear slices into lunch boxes and they won't brown if you soak them in salt water after cutting them. Use ½ teaspoon per one cup of water and soak the fruit for five minutes, drain and store. 24. Test eggs for freshness.We've all been there — sometimes eggs don't get used by the "best by" date. You can test the freshness of your eggs by placing them in cold saltwater. If the egg is still usable, it will sink to the bottom. Eggs that have gone bad will float. 25. Make cut flowers last longer.Make that bouquet last longer by putting 1 tbsp of Epsom salt in its water. Epsom salt contains magnesium, which helps plants absorb nutrients. 26. Put out a grease fire.If you happen to accidentally start a grease fire, liberally douse it with salt. Aim directly above the fire so the flames don't leap out. You can also use it on your outdoor bonfire to help snuff out the embers. Contributor Jenna Limbach writes on financial literacy and lifestyle topics for The Penny Hoarder from her home base in Utah. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. 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| How to Negotiate Medical Bills: A Step-by-Step Guide Posted: 29 Apr 2022 04:00 AM PDT The hospital bill arrives in the mail, and you're tempted to throw it away (again) without opening it. After all, you don't have the money to pay for that trip you took to the emergency room. Ignoring medical bills isn't going to make them go away, and the longer you wait — much like the cough that turned into pneumonia — the worse it's going to get. But there is some good news: You can negotiate medical bills so that you pay a fraction of the amount you were charged. It's probably of small comfort, but you're not the only one facing steep medical costs. In 2019, a quarter of adults skipped medical care, such as a visit to a doctor or dentist, because they couldn't afford it, according to a Federal Reserve 2020 report. And 18% of those respondents had unpaid medical debt of their own or from a family member. Those expenses aren't limited to the uninsured — with co-pays and deductibles reaching four-figures, even people with insurance can face medical bills they can't afford. Craig Antico and Robert Goff, authors of the book "End Medical Debt: Curing America's $1 Trillion Unpayable Healthcare Debt," spoke with The Penny Hoarder about how to negotiate medical bills you can't afford and how to pay them off before they do more harm to your finances. How to Negotiate Medical Bills That You Can't AffordAs hard as it may be to believe, healthcare institutions aren't out to intimidate you and take all your money. At least, not in the beginning. And almost all of them will accept less than the full amount owed. "If you say something up front, you can generally work out an arrangement at a lower rate," Goff said. "If you don't, then the full maximum amount is pursued — and it's pursued aggressively." As many as 80% of medical bills contain errors, so you should make correcting billing errors your first priority. Then follow these step-by-step strategies. 1. Stop ProcrastinatingFirst of all, you need to open the envelope. Seriously. We understand that it's easy to get overwhelmed after a medical crisis, but the clock is already working against you. Even if you walked out of the hospital without speaking to someone about your financial situation, you still have a window of time during which you can plead your case, according to Antico, co-founder of the national charity R.I.P Medical Debt. "They've got about three or four months to talk to the hospital," he said. "As soon as they get a bill from the hospital, a light has to go on that I must read this bill, as hard as it's going to be." First, understand if this is a bill from your health provider or health insurance company. Health insurance companies may send scary-looking statements that indicate how much they paid and how much is still owed, but that amount is not necessarily how much you have to pay. It's best to reach out to your healthcare provider and ask them how much you still owe. You can also request an itemized bill. If you still don't understand what you're looking at, make them explain each charge in detail — you have the right to demand to know what you're paying for. 2. Ask for Help (the Earlier the Better)You'll have a greater chance of obtaining financial assistance if you ask earlier rather than later — especially if you're already struggling financially. If you owe a hospital money, check its website for its financial assistance policy to find out if you qualify for a discount or charity care. Pro Tip If you make less than the federal poverty level, ask your hospital about its charity care program, which covers the cost of healthcare for low-income patients. "They can switch a bill from being billed to charity care within the first 90 days," Antico said. "Even if you make more than two to three times the poverty level, they'll give you a discount." 3. Calculate What You Can AffordSetting a goal to pay off medical bills rather than avoiding them is the best way to help your financial situation long-term. But when facing a bill — or pile of bills — that seems insurmountable, it's easy to panic and whip out your credit card to make it all go away. That's a big mistake, since there are alternatives to handling medical debt that don't involve the double-digit interest rates that credit cards charge. Instead, plan your payoff in a responsible way by determining how much you can afford to pay. "There's a rule of thumb that I have: Only pay about 3% of your gross income toward these bills," said Antico, who added that if you live with your parents rent-free or don't have a car payment or insurance, you can bump up that amount to as much as 15%.
Medical debt doesn't accrue interest, so making hefty payments beyond your means can leave you in more dire circumstances than if you paid off other debts you owe — like those pesky credit card balances. If you don't have one already, it's a better idea to put at least some of that money toward starting an emergency fund. However, deciding how much your budget can handle is essential before you call your medical provider. 4. Talk to Your Provider (or Debt Collector)Most medical providers are willing to work with a patient who can't afford their services — even after the services have been rendered. So once you've reviewed your bill and know how much you can afford to pay, it's time to call your provider. Typically, you'll need to speak to an office manager at the doctor's office or the billing department at a hospital. Pro Tip Even if you have multiple medical bills, avoid the temptation of a consolidation loan for the convenience of a single payment. Remember: Medical debt usually doesn't accrue interest, but a loan will. Speaking with a human being is the best way to present your case, whether it's explaining you didn't pay because the bill got lost in a move or proposing that you pay a portion of the bill in cash to have the rest of the debt forgiven. After all, it's in the provider's financial interest to talk to you rather than turning over your bill to collections and potentially losing even more money. Even if you've heard from a debt collection agency, there is still hope to negotiate with the provider. The collection agency at that point is working on behalf of the provider, who may be willing to make a deal with you. "I would start by going back to the originating provider — not dealing with the bill collector," Goff said. "If the provider can't or won't negotiate, then ask the bill collector if you can settle the bill for a lesser amount."  5. Set Up a Payment PlanIf you're not in a position to make a huge cash outlay to erase your medical debt, ask your provider about potential payment plan options. Working directly with the provider to arrange a payment schedule is definitely in your best, ahem, interest. "If you make a payment plan with a hospital, they don't charge you interest — you just pay the principal amount that you owe the next two, three, four, five years," Antico said. "And they'll take almost any payment plan that someone wants to pay." In exchange for reliably getting paid on time, your provider might also agree to a further discount if you offer to put your installments on automatic payments. 6. Learn From Your MistakesJust because you're in debt doesn't mean it always has to be that way. You can learn from your mistakes and not put yourself further in debt. Before your next trip to a medical provider, find out if you qualify for Medicaid or charity care — up to one-third of U.S. residents qualify for charity care, according to Antico. If you do have health insurance, understanding your health benefit plan is essential to preventing unwanted surprises. That includes finding out what services you might not realize are covered. Pro Tip A bit of good news: The three major credit bureaus recently announced that most medical debt will no longer affect consumers' credit scores. "We're actually seeing people avoid going for preventative services, although it's not even subject to even a copay or a deductible," Goff said. "You're losing out on the benefit, including an opportunity to avoid greater illness." More than anything, both Goff and Antico stressed that early action can make the difference between paying off medical bills and sinking into financial ruin. "When a patient doesn't pay attention and goes anywhere, does anything, and then wakes up to, 'Oh my god, I have all these bills and they're not going to be covered,' they're already behind the eight ball," Goff said. "If you're going to run into an economic problem, say something early to your physician." After all, it's easier to feel better when you have the remedy for your financial health, too. Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. This posting includes an audio/video/photo media file: Download Now |
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