The Penny Hoarder

8 Dangerous Financial Assumptions to Avoid
24 of the Best Personal Finance Books
Disabled Workers Can Attend This Virtual Job Fair On April 13
What to Do With Overripe Bananas: 15 Easy Recipes to Try
What You Need to Know Before Getting a Tax Refund Advance
Student Loan Forbearance Extended Until September 2022

8 Dangerous Financial Assumptions to Avoid

Posted: 07 Apr 2022 12:56 PM PDT

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We all have bad habits.

We leave our laundry on the bathroom floor. We bite our nails. We swear a little too often. We hit the snooze button four times in a row.

But perhaps the most dangerous? Bad money habits.

Money habits can be difficult to break. Heck, sometimes they can be difficult to recognize just because they're so ingrained in our day-to-day lives.

But now's the time to pinpoint these dangerous financial habits — and break them — so you can stop missing out on a whole bunch of money.

1. You Leave Your Money in a Savings Account

You've probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. That's bad advice.

But maybe you're just looking for a place to safely stash it away — but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account won't do you much better. (Ahem, .09% is nothing these days.)

But a debit card called Aspiration lets you earn up to 5% cash back and up to 11 times the average interest on the money in your account.

Not too shabby!

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don't worry. Your money is FDIC insured and under a military-grade encryption. That's nerd talk for "this is totally safe."

2. You Don't Put Aside $1M For Your Family

Have you thought about how your family would manage without your income after you're gone? How they'll pay the bills? Send the kids through school? Now's a good time to start planning for the future by looking into a term life insurance policy.

A lot of us assume our savings are enough. Or that this is something to worry about later, because right now, you don't have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.

Rates start at just $16 a month. The peace of mind of knowing your family is taken care of is priceless.

If you're under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

3. You Don't Put $5 in the Stock Market

Take a look at the Forbes Richest People list, and you'll notice almost all the billionaires have one thing in common — they own another company.

But if you work for a living and don't happen to have millions of dollars lying around, you're probably assuming this is totally out of reach.

That's why a lot of people use the app Stash. It lets you be a part of something that's normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.

That's right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $5.

The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.

It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your account.

4. You Keep a Low Credit Score — For No Reason

We get it. It's so easy to dismiss your credit score. There's nothing you can do about it anyway, right? Eventually it'll take care of itself.

But as soon as you go to buy a home, take out a car loan or even open a credit card, you'll immediately regret these assumptions.

The truth is, your credit score plays a large role in some of your biggest financial decisions, but it doesn't have to be that difficult to get it on track, thanks to a free website called Credit Sesame.

In 90 seconds, you'll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You'll even be able to spot any errors holding you back (one in five reports have one).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* "They showed me the ins and outs — how to dot the I's and cross the T's," he said.

Getting your free credit score takes just 90 seconds.

5. You Assume You Already Know Everything

When it comes to handling your money, it's important to continue learning. It sounds cheesy, but it's all too easy to assume you already know everything you need to know.

Instead, push yourself to learn more about investing, saving and budgeting through websites, podcasts and books.

Here are a few of our recommendations (besides The penny Hoarder, of course):

"How to Money" podcast
"The Total Money Makeover" by Dave Ramsey
"The Side Hustle Show" podcast
"Rich Dad, Poor Dad" by Robert Kiyosaki
"The Money Nerds Podcast"
"The Richest Man in Babylon" by George Samuel

6. You Haven't Canceled Your Car Insurance

People love to tell you to shop around. "You should be getting three different quotes to get the best price on car insurance," they say.

Sure, this sounds like good advice. Here's why it's wrong: Comparing only three companies isn't nearly enough. We suggest comparing dozens. But who has time for that?

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you'll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

7. You Leave Behind $225 Every Month

No matter who you are or what your budget looks like, it's always nice to have some extra income. But how are you going to do that without a raise?

Well, what if we told you a research company would pay you to watch cooking videos on your computer?

It's too good to be true, right?

But we're serious. InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.

All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward.

No, InboxDollars won't replace your full-time job, but it's something easy you can do while you're already on the couch tonight wasting time on your phone. It's possible to earn up to $225 per month watching these videos.

It's already paid its users more than $56 million.

It takes about one minute to sign up, and you'll immediately get a $5 bonus to get you started.

8. You Pay More Than $5/Month for Cell Service

Many of us assume we're just stuck paying $100-plus for cell phone service each month, but there are actually plenty of discount options out there — that really do work.

How long have you been with your current company? Probably a while, right? Which means you're probably paying way too much.

But we found a discount wireless company called Tello Mobile that offers plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.

Tello recently switched to a nationwide GSM network, which means improved 4G LTE/5G coverage, faster data speed and a more stable network. It lets you choose a wireless plan based on how many minutes and how much data you want, and you can even use Tello's coverage tool to see how strong its network is where you live. More than 7,000 customers have given it an excellent rating on Trustpilot.

Plus, Tello is super flexible. It lets you choose the plan that makes sense for you. Plans are priced based on how much data and how many minutes you want. For example, a family of four can get 2GB of data each, plus unlimited talk and text for just $56 a month total. Free hotspot and unlimited texts are included in every plan. Plus, there are no early termination or activation fees, no contracts or phone-exclusive plans and no tricks of any kind.

It's easy to get started and see how much you could save. Tello makes it simple to switch and even keep your phone number. No need to even leave the house — you can do everything online. You can bring your own GSM phone or buy a new one through them. See how much you could save.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

*Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.

Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.

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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24 of the Best Personal Finance Books

Posted: 07 Apr 2022 09:00 AM PDT

Personal finance books can be a source of inspiration and guidance. They can help you improve your financial literacy and your life.

If you're looking for a good read that can impact how you make, save and grow your money, pick up one of these popular personal finance books.

24 of the Best Personal Finance Books

Add these helpful personal finance books to your "to read" list.

1. "The Total Money Makeover" by Dave Ramsey

"The Total Money Makeover" breaks down how to transform your money habits, pay off debt and build up a nest egg for the future.

The most recent iteration of this classic, long regarded as one of the best personal finance books, is a workbook edition for you to apply the teachings to your own financial situation.

2. "Your Money or Your Life" by Vicki Robin and Joe Dominguez

This personal finance book, which was originally published in 1992 but updated in 2018, is an inspiration for many in the FIRE (financially independent/retire early) community.

Check out "Your Money or Your Life" for a nine-step process to change your relationship with money and perhaps help you reach financial freedom sooner than you thought.

3. "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko

This popular book spills the secrets of how to accumulate wealth in America — which has a lot to do with managing money, not just how much you make.

Read "The Millionaire Next Door" for advice on how to upgrade your net worth.

4. "Rich Dad Poor Dad" by Robert Kiyosaki

Kiyosaki shares the lessons he learned from his father and his best friend's dad in "Rich Dad Poor Dad."

This personal finance book gives guidance on what you should be teaching your children about money and investing so you can create generational wealth.

5. "The Automatic Millionaire" by David Bach

If you're looking for a plan for improving your finances that doesn't involve a bunch of different steps, "The Automatic Millionaire" book promises a one-step solution to becoming rich.

Updated in 2016, Bach explains how seemingly average American families can acquire wealth without even making a budget.

6. "The Richest Man in Babylon" by George Samuel Clason

This 1926 classic financial book uses parables set in ancient Babylon to teach readers how to gain financial prosperity.

"The Richest Man in Babylon" shares many personal financial management gems, such as paying yourself first, controlling your expenses and diversifying your portfolio.

7. "Think and Grow Rich" by Napoleon Hill

In "Think and Grow Rich," Hill taps into stories of late 19th century millionaires to lay out how to achieve financial success. Originally published in 1937, this perennial best-selling personal finance book was recently republished in 2020.

8. "Your Playbook for Tough Times" by Donna Freedman

Your personal finance journey may be wrought with highs and lows.

"Your Playbook for Tough Times" helps those struggling financially by offering advice and encouragement to make it through hardship. Learn how to reduce expenses, find temporary assistance and even eke out some savings while navigating difficult times.

9. "The Complete Tightwad Gazette" by Amy Dacyczyn

Do you aim to reduce your spending?

Dacyczyn's "The Complete Tightwad Gazette" promotes frugal living. This book is compiled from advice from her 1990s newsletter and shares penny-pinching solutions to getting by on a slim budget.

10. "I Will Teach You to Be Rich" by Ramit Sethi

Level up your financial life with this book, which aims to show you the pathway to wealth. "I Will Teach You to Be Rich" first came out in 2009 but an updated version was released in 2019.

This book shares how to get out of debt, automate your finances and save money while still being able to afford what's important to you. Sethi also runs a website by the same name.

11. "Get Good With Money" by Tiffany Aliche

Aliche is known across the internet by her moniker "The Budgetnista," but her book "Get Good With Money" is about more than just budgeting.

This book breaks down 10 steps to becoming financially whole, and includes topics such as improving your credit score, increasing your income and getting the right type of insurance.

The book Napkin Finance is photographed on a brown table with a pink highlighter and purple coffee mug.

12. "Napkin Finance" by Tina Hay

If you're a visual learner who takes in information best when it's presented as pictures or infographics, check out "Napkin Finance."

This book offers bite-sized lessons on a variety of topics, including credit scores, investing, taxes and cryptocurrency. Each topic is explained via an illustration drawn out on what looks like the back of a napkin.

See our review of "Napkin Finance" and our Q&A with Tina Hay.

13. "You Are a Badass at Making Money" by Jen Sincero

You can only decrease your spending so much. If you've whittled down your budget and are still living paycheck to paycheck, your problem is probably due to not bringing in enough income.

Following up on Sincero's inspirational bestseller, "You Are a Badass," "You Are a Badass at Making Money" focuses on how to dump limiting beliefs about wealth building and create an influx of income.

14. "The Psychology of Money" by Morgan Housel

Mastering money is more than just a numbers game. Your emotions, mindsets and habits have a big influence over your financial life. It requires having the right mindset about money.

In "The Psychology of Money," Housel shines a light on the way people think about money.

15. "Why Didn't They Teach Me This in School?" by Cary Siegel

Many of us struggle with personal finance matters because we never received any formal education on the topic.

If you can relate, check out "Why Didn't They Teach Me This in School?" Siegel covers 99 money principles everyone should know.

Broke Millennial by Erin Lowry is photographed against a brown table next to a pair of glasses and a yellow highlighter.

16. "Broke Millennial Talks Money" by Erin Lowry

Our relationship with others tends to affect our finances — whether that's shelling out hundreds to be a bridesmaid for your best friend or financially supporting your parents in their old age.

"Broke Millennial Talks Money" aims to help people navigate the sometimes awkward money conversations you'll have with people in your life. The book is broken up into four parts: talking about money at work, talking about money with friends, talking about money with family and talking about money with your romantic partner.

See our review of "Broke Millennial Talks Money" and our Q&A with Erin Lowry.

17. "The One-Page Financial Plan" by Carl Richards

Transforming your financial life doesn't have to be complicated. Learn to simplify your approach with "The One-Page Financial Plan."

Richards, a Certified Financial Planner and New York Times columnist, shows you how to reduce the complexity of financial topics and create a simple financial plan that focuses on your priorities.

18. "Everyday Millionaires" by Chris Hogan

Ever wonder how millionaires built their wealth?

In "Everyday Millionaires," Hogan shares lessons gleaned from a study of 10,000 millionaires. This book will help you create a blueprint for increasing your net worth.

19. "Stacked: Your Super Serious Guide to Modern Money Management" by Joe Saul-Sehy and Emily Guy Birken

Don't be fooled by the name of this book. This "super serious guide" is full of humor and relatability while teaching you how to budget, invest and figure out insurance.

Fans of the Stacking Benjamins podcast will enjoy "Stacked" as it's co-authored by one of the podcast's hosts.

20. "Happy Money" by Ken Honda

Money is often a source of stress for many people, but it doesn't have to be.

"Happy Money" takes a Japanese perspective to teach people to find peace in their financial lives.

21. "Get a Financial Life" by Beth Kobliner

This book is geared for folks in their 20s and 30s struggling to get a grip on all the money-related stressors thrown at them.

"Get a Financial Life" covers topics like managing student loans, paying off credit card debt, buying your first home and much more. This book was first published in 1996, but its updated fourth edition was released in 2017.

22. "My Money My Way" by Kumiko Love

Personal finance is, well, personal. That means there's no cookie-cutter, one-size-fits-all solution to managing money.

In "My Money My Way," Love (an Accredited Financial Counselor who is also known as The Budget Mom) helps people reach financial fulfillment by addressing their emotions around spending, and adjusting money mindsets that are holding them back.

Here's what Love shared with The Penny Hoarder about the path to reaching financial fulfillment.

23. "Financial Freedom" by Grant Sabatier

Sabatier, creator of Millennial Money, illuminates the path to financial independence in his book "Financial Freedom."

Having reached financial independence by age 30, Sabatier tells others how to determine how much money they need to quit their 9 to 5 and how to invest and build the habits required to reach that goal.

24. "Work Optional" by Tanja Hester

If you're discouraged over the thought of working for decades to reach retirement, check out "Work Optional."

Hester focuses on how to retire early without having to pinch pennies — even if you don't live in a dual-income, no kids household.

Nicole Dow is a senior writer at The Penny Hoarder.

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Disabled Workers Can Attend This Virtual Job Fair On April 13

Posted: 07 Apr 2022 08:10 AM PDT

Good news for disabled job seekers is right around the corner.

Numerous major employers will be on hand for a virtual job fair on April 13 from 9 a.m. to 6 p.m ET. The event is open to experienced and early-career job seekers with disabilities nationwide.

Sixty-six companies are participating, representing industries from health and medicine, banking, communications, government and many more. Some of the more well-known employers in attendance include Wells Fargo, CVS, Cox Enterprises, Travelers Insurance, the federal Treasury Department, United Heath and the IRS.

The event is hosted through job fair platform CareerEco. Attendees will need to create a free account and log in to register and attend the virtual job fair. Once you have created an account, you can upload your resume and/or portfolio samples. You'll also be able to browse the participating employers and check a box to express interest in that company.

Each organization has its virtual room in which candidates can enter and ask questions or request a private conversation with a company representative.

CareerEco has provided a 6-minute event day tutorial video to help attendees prepare for the event.

Pro Tip

If you're on Social Security disability, be sure you understand the rules around working while receiving benefits.

Getting Prepared For Your Virtual Job Fair

If you've never attended a virtual job fair, there are important steps to take ahead of the event. Here are some highlights.

1. Plan ahead

Do the proper legwork to make sure you're ready. Just because it's a virtual job fair, that doesn't mean it should be treated any differently. Make sure your resume, cover letters, and any other portfolio items are ready to go and be uploaded.

2. Make sure your technology is ready

Wi-Fi. Wi-Fi. Wi-Fi. Of course, you want your computer camera and microphone to be in working order. But everyone knows the internet can be finicky, so be sure your Wi-Fi is on point the morning of the virtual fair.

3. Wear Pants

Seriously, treat your virtual interview just like an in-person interview. Make eye contact. Speak clearly. And when using the virtual fair's messaging system, be sure to type professionally – no "yups" or "Ks."

Robert Bruce is a senior writer for The Penny Hoarder.

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What to Do With Overripe Bananas: 15 Easy Recipes to Try

Posted: 07 Apr 2022 07:00 AM PDT

You buy a bunch of bananas with the best intentions, mostly to slice and eat on cereal or mix with yogurt for breakfast.

Or maybe you plan to eat one every afternoon as a pick-me-up since bananas are loaded with natural sugars to give you a boost. Vitamin C and potassium provide more healthy benefits. Oh, and fiber.

Then two or three of the bunch turn on you as they ripen. First they sport tiny bruise spots, then the bruises overtake the fruit until they don't look like anything you want to eat. Rest easy, overripe bananas are not inedible but have reached another stage in their development.

Something magical happens as bananas ripen and transform from bright yellow to that unappetizing brown/black. They get sweeter as the starches develop.

So before you pitch or compost them, heed our recipe suggestions on what to do with overripe bananas. Think banana ice cream (mix slices into vanilla ice cream), banana cream pie (a smoothie with a vanilla wafer crunch), classic banana bread and even banana pancakes and muffins.

How to Freeze Overripe Bananas

If you have overripe bananas but aren't ready to use them right away, freeze them. You may be tempted to put the ripe bananas, peel and all, into freezer bags and toss into the chill. It's best to peel ripe bananas first or you will struggle to get the thin peel from the frozen banana once it's thawed.

Also, keep in mind that thawed ripe bananas are best for baked goods, smoothies, puddings, and anything where the fruit is mixed in. They will mostly be mushy when thawed so aren't great for eating out of hand.

Here are two ways to freeze overripe bananas:

Peel whole ripe bananas and put them into freezer bags. Squeeze as much air as you can from the bag, and write the date on it with a smudge-proof marker. The fruit can be used frozen or thawed depending on your recipe.
Peel ripe bananas and then slice in ½-inch pieces. Place banana slices on a baking sheet lined with wax paper and freeze for about 2 hours. When frozen, place sliced bananas in a freezer bag, squeeze out air and mark the bag with date. Freezing them this way makes measurement easy for baked goods.

Pro Tip

Three medium ripe bananas 7 to 8 inches long equal 1 cup when they are smashed. Most banana bread recipes call for 1 to 1 1/2 cups mashed bananas.

20 Recipes That Use Overripe Bananas

These 20 recipes for overripe bananas might have you leaving a couple on the counter to darken just so you can make them. A mashed ripe banana or two (maybe three) is all you will need for most of these recipes.

Banana Bread Recipes

Banana bread is the go-to plan for overripe bananas. Banana bread can be dressed up with chopped nuts, chocolate chips or even dried cranberries or other fruit. A tablespoon of banana liqueur or spice rum adds another flavor profile.

1. Banana Bread

Freshly cut banana bread sits on a cutting board.

Everyone should have a tried-and-true banana bread recipe. This one from Simply Recipes is one of the website's most popular recipes and has nearly 6,000 reviews. The recipe makes a single loaf though many reviewers say you'll be sorry if you don't double it.

2. Death by Chocolate Banana Bread

This chocolate banana bread from Delish uses cocoa powder and has a generous helping of chocolate chips, making it a chocoholic's dream. Warm with a scoop of vanilla ice cream? We think so.

3. Cream Cheese-Filled Banana Bread

Looking for a way to combine a love of cheesecake with banana bread? Well, maybe not but now that you've got the suggestion, why not? Kristyn Merkley at Lil' Luna shares this cream cheese-filled banana bread and it is totally decadent.

4. Gluten Free Banana Bread

There are plenty of recipes out there for gluten-free baked goods. One-Bowl Gluten Free Banana Bread from the Minimalist Baker calls for three bananas, plus avocado oil and almond meal, among other ingredients. It gets 4.76 stars from more than 800 reviewers.

Banana Breakfast Recipes

You could just grab coffee and a bagel for breakfast, but why would you with all these sweet banana recipes?

They're like eating a dessert that's socially accepted as breakfast. This is a win, especially if you add a punch of vitamin C from orange juice.

5. Banoffee Scones

Banoffee is an English banana-toffee flavor traditionally appearing in pie form. Banoffee Scones from King Arthur Baking Company brings this combo to the breakfast table. The reviews alone will make you want to tie on an apron and get baking.

6. Nutella Banana Swirl Muffins

Bananas love nuts and chocolate so the chocolate hazelnut spread Nutella is a perfect pairing. Nutella Banana Swirl Muffins from The Novice Chef satisfies all sorts of cravings.

7. Banana Bread Donuts with Browned Butter Caramel Glaze

A tutorial on how to brown butter in the microwave from Averie Cooks blog will set you up to make Banana Bread Donuts with Browned Butter Caramel Glaze. If you don't have a donut pan, these also make great donut holes using a muffin pan.

8. Banana Pancakes

This Banana Pancakes recipe from Once Upon a Chef calls for just one overripe banana and the "browner, the better." There's double banana flavor thanks to the smashed banana in the batter and sliced just-ripe banana on the top. Would it be too much to top with whipped cream?

Healthy Banana Recipes

If you would rather work out every day than give up your sweet tooth, we've rounded up some healthy — or healthy-ish — recipes. Share them with family and friends and spread the joy around.

9. Gluten- and Dairy-Free Strawberry-Banana Muffins

Strawberry-banana muffins from Delicious Obsessions are a cool spin on the traditional smoothie pairing, using coconut flour and coconut oil.

10. Paleo Banana-Blueberry Breakfast Bread

Michele Rosen at Paleo Running Momma is an avid runner and still has time to bake delicious, healthy treats like this gluten-free banana bread. The antioxidant properties of fresh blueberries pack an additional nutritious punch.

11. 3-Ingredient Flourless Banana Bread Cookies

Arman Liew at The Big Man's World creates easy, healthy sweets and breakfast recipes. His banana-oatmeal cookies look really good and are manageable for even a novice baker.

12. Tropical Green Smoothie

This tropical green smoothie from Ashley Manila at Baker by Nature makes it easy to be green. Use frozen overripe bananas for this pina colada-esque smoothie. The vivid color comes from spinach, kale or Swiss chard. Use what you've got on hand.

Ripe Bananas Dessert Recipes

Bananas by themselves are the dessert of the produce section. But the real magic happens when you add a little flour and butter. Now, you have desserts that make all the other fruits jealous.

13. Cinnamon-Banana Cake with Chocolate Ganache

If you're baking to impress, Cinnamon-Banana Cake with Chocolate Ganache is the ticket. It may sound fussy but know that the cake is baked in a Bundt pan and the ganache is dripped over the top in an irregular pattern. No need to be precise. Plus, it's from Eating Well magazine via Diabetic Living Magazine which means it has less processed sugar.

14. Peanut Butter Cookie Dough Shake

Is Peanut Butter Cookie Dough Shake a dessert, breakfast or serious afternoon pick-me-up? Maybe all three once you make this great recipe from Blissful Basil. It's vegan and gluten free but chock full of delicious flavors, for sure.

15. Banana Pudding Cake

Banana pudding is a favorite dessert, but you need firm bananas to make it look good. Enter this banana cake recipe from Holly at Spend With Pennies. The mixture goes into the oven light and pudding-like and comes out as a cake with its own sauce. It's the best of both worlds!

16. Banana Upside-Down Cake

Do you like the sound of caramelized brown sugar and bananas atop a delicious cake? Then we can be friends. And we can go find Jessica Kraft at Sprinkle Some Sugar and thank her for the genius idea of swapping out pineapples for bananas in this upside-down cake.

17. Velvet Elvis Cupcakes

A list of overripe banana recipes would be complete without the King's favorite flavor combo. Elvis Presley may be known for his fried peanut butter and banana sandwiches, but Ingrid Beer at The Cozy Apron has perfected PB&B in these Velvet Elvis cupcakes.

18. Banana Cookies

These banana cookies from Lovefoodies are basic, and you can customize them with your favorite add-ins, including Heath baking chips, chocolate chips or chopped nuts. This is a soft cookie no matter how you make it. The moisture from the banana makes sure of that.

19. Rock Lobster Cocktail

Is it a cocktail dessert? Well, it certainly can be if you're making the Rock Lobster Cocktail from Spruce Eats. The adult drink gets plenty of tropical kick from coconut rum, dark rum and banana liqueur. What a way to use a very ripe banana. Cheers!

20. Chocolate Chip Banana Bars

Tuck the recipe for Chocolate Chip Banana Bars away for when you've got a bunch of overripe bananas. This great recipe from Butter with a Side of Bread calls for five of them. Wrap a bar (or a square depending on how you cut them) and tuck into your kids' lunch boxes.

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What You Need to Know Before Getting a Tax Refund Advance

Posted: 07 Apr 2022 05:00 AM PDT

When you know you have money coming to you, being patient can be difficult. As you visualize all the opportunities for how to use this pending receipt, you start to wonder how you can get it sooner.

When you file your taxes, there's a tool for getting your refund sooner: It's called a tax refund advance. It's effectively a loan against your anticipated refund.

Many companies offer them because they have relatively low risk compared with other loans. The lender sees your anticipated refund as calculated by a tax preparer and knows the government always pays the money it owes.

While these loans offer a way to get what you're owed sooner, be aware that not all that glitters is gold. These products often come at a cost.

How Does a Tax Refund Advance Work?

Tax refund advances offer nearly instant access to cash as you wait to receive your tax refund. They're effectively a short-term loan against your future tax refund, providing liquidity until the IRS decides to issue your return.

After reviewing your tax return and identifying your anticipated refund, a lender will originate a loan that's usually in line with how much you want to borrow and your expected refund. Then, they'll extend this credit until the IRS issues your refund. At that time, the lender will claim the amount to satisfy the outstanding loan. The remainder of the refund will be transferred to you.

Some commonly used tax-preparation companies that are offering tax refund advance loans this year include H&R Block, Jackson Hewitt, and TurboTax.

While the amounts available vary by company, the refund advance amounts go as high as $4,000. The lowest available loans are $250 without interest or fees. These lower amounts tend not to carry interest charges or fees. They serve to entice you to prepare your taxes with one of these companies.

Some offer very small loan amounts before the tax year ends with sufficient documentation from the current year and last to support the need for an early refund advance loan. For example, at Jackson Hewitt, you can receive up to $700 before your W-2 arrives so long as you can provide a valid proof of income, e.g., a paystub.

Pros and Cons of a Tax Refund Advance

The pros and cons of these financial products can help you decide whether they make sense for your financial needs. More details about each below.

Pros

Quick access to your money.
Some refund advances really are free.
No impact on credit.

Cons

Funds are often transferred onto branded credit cards.
It doesn't make sense if you have savings.
True costs are often higher than they appear.

Pros

Quick Access to Your Money

If you're in a cash crunch, having ready access to your money can come in handy. Instead of being forced to wait for three to four weeks to receive your refund through direct deposit or a check in the mail, you can instantly receive money through various payment methods like branded debit cards. The loan is then repaid as your refund comes into your possession.

Some Refund Advances Really Are Free

In this instance, one of these products might make sense. However, be sure to read the fine print to make sure it really is free and also to find out how you receive the funds.

No Impact on Credit

Applying for a refund advance loan doesn't impact your credit score.

Cons

Funds Are Often Transferred Onto Branded Debit Cards

Some lenders require the funds to be transferred onto branded debit cards, limiting your ability to use the funds in some instances.

Normal debit card transaction fees, e.g., ATM withdrawal fees, still apply as they would for any debit card used at a non-member bank.

For instance, with TurboTax if you apply for a refund advance loan with the loan proceeds placed on a branded debit card for an amount less than your refund, after the refund is processed, the remaining refund goes on to the branded credit card as well. This is something to keep in mind with how your total refund will be affected.

Alternatively, you can often have the loan transferred to your bank account, though this service may come with additional fees.

It Doesn't Make Sense if You Have Savings

You'll typically receive a portion of your owed refund within 24 to 48 hours of applying for a tax refund advance. But the IRS rapidly processes tax returns. It usually remits any qualified refund within a few weeks of filing.

If you have a financial cushion capable of lasting until the refund comes in, borrowing that money makes little sense.

True Costs Are Often Higher Than They Appear

While fees and interest charges may appear small relative to the size of the loan, their true cost can be similar to or exceed credit card financing.

For example, Jackson Hewitt's Go Big Refund Advance lets you borrow up to $2,500 for new clients and charges 2.5% fees on the amount you borrow. (Jackson Hewitt also offers Early Refund Advance loans of $200 to $1,000 and No Fee Refund Advance Loans of $200 to $3,500 without fees.)

If you applied for a $2,500 loan under the Go Big Refund Advance program and incurred a 2.5% fee, you would in effect pay $2,563 back on the loan.

The interest you'll often see quoted is assessed on a monthly basis. Interest rates of 3% to 5% are often advertised, but viewed on an annual basis, this translates to a 36% to 60% APR.

Should You Get a Tax Refund Advance Loan?

While these loans represent useful tools for providing liquidity, they can often come with exorbitant costs. However, not all will cost you. Sometimes, they can actually provide a more expedient ability to use the funds — though access is limited because it comes through a debit card.

When you plan for your cash flow needs, you may see a tax refund as a self-induced bonus on your earnings because you receive a decent check from the IRS. However, viewed differently, you're also shortchanging yourself throughout the year because you effectively provide interest-free financing to the federal government. The money you receive back from the IRS represents money you overpaid during the tax year.

Instead of aiming for a tax refund each year, a better planning method would be to adjust your withholding rate to minimize the amount you pay out of each paycheck. You'll get those funds you would have otherwise received as a refund in your hands as you get paid.

Riley Adams is a CPA who is originally from New Orleans and works as a senior financial analyst at Google in the San Francisco Bay Area. He also runs the personal finance website Young and the Invested, which is dedicated to helping young professionals explore financial independence and entrepreneurship.

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Student Loan Forbearance Extended Until September 2022

Posted: 06 Apr 2022 11:55 AM PDT

Federal student loan borrowers are getting an extension — again — this time until September 2022. For those keeping score, this is the sixth student debt reprieve since the start of the pandemic.

The freeze on interest rates and payments for federally held student loans — aka administrative forbearance — has been extended by the Department of Education through Aug. 31, 2022. Millions of Americans were staring at the resumption of federal student loan repayments on May 1 until the Biden administration announced this latest pause. Payments will now resume on Sept. 1, 2022.

The deadline for the student loan payment pause has been extended six times since the initial forbearance period began in March 2020, at the onset of COVID-19. Anyone with federal student loans has not been required to make payments in more than two years.

The four-month extension is largely attributed to the ongoing economic recovery from the pandemic. During the two-year pause in federal student loan payments and interest, several automatic student loan forgiveness programs have been initiated. They have given relief to nearly 500,000 people, including active military personnel and veterans, people working in the public sector and those with qualifying disabilities.

Although the Biden administration suggested back in January that the extensions were ending, this latest student loan payment pause is framed as a way for borrowers to prepare to resume student loan repayment.

"This additional extension will allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic," U.S. Secretary of Education Miguel Cardona said in the statement.

According to the Education Data Initiative, about 43.4 million Americans owe a collective $1.75 trillion in federal student loan debt.

Here's what else you need to know about the student loan extension.

What Is Student Loan Administrative Forbearance?

The pause on payments and interest accrual is an extension of the administrative forbearance that originated with the Coronavirus Aid, Relief, and Economic Security Act — the CARES Act — passed in March 2020.

Directed by the emergency legislation, the Department of Education initially announced that all federally held student loans would be placed in administrative forbearance through Sept. 30, 2020. Interest rates were automatically set to 0% and all federal student loan payments were suspended.

Then-President Donald Trump later signed an executive order to extend the administrative forbearance period until Dec. 31, 2020, and the Secretary of Education extended those measures until Jan. 31, 2021.

On his first day in office, President Joe Biden signed an executive order extending the freeze on interest rates and payments for federally held student loans through Sept. 30, 2021.

On Aug. 6, the Department of Education extended the student loan payment pause again — this time until Jan. 31, 2022. Then in December, the department issued another extension for federal student loan borrowers until April 30, 2022.

And now, the DOE has extended the pause through the end of August 2022.

What Loans Does Payment Pause Cover?

The interest waiver covers all loans owned by the U.S. Department of Education, which includes Direct Loans, subsidized and unsubsidized loans (sometimes called Stafford loans), Parent and Graduate Plus loans and consolidation loans.

If you happen to have Federal Family Education Loans (FFEL) and Perkins loans held by the federal government, they're covered, too. But the vast majority of those loans are commercially held, which makes them ineligible for the benefit.

What Does This Mean for Federal Student Loan Borrowers?

There are four things to know about how administrative forbearance affects student loans through Aug. 31, 2022:

It suspends loan payments.
It stops collections on defaulted loans.
It sets the interest rates to 0%.
Each month of the suspension counts as a payment for the purpose of a student loan forgiveness program.

Note that the suspension does not mean that the federal government is making your student loan payments for you — you'll just be free of making loan payments without accruing interest or incurring late fees while the pause is in effect.

The latest student loan extension begs the question of how long federal loans could remain in forbearance and whether this could eventually lead to the cancellation of student loans. That remains to be seen.

What Should Student Loan Borrowers Do?

If you have federally held student loans, save the money that you'd normally put toward your federal student loan payment in a savings account. Although there's a slim possibility that the federal government will wipe out student loans, it would not be wise to bet on that outcome.

What if you haven't lost income and have federal student loans?

If you have federally held loans, save the money that you would've used for payments in an easy-to-access account. If and when the student loan pause ends, you can pay off a lump sum of the balance before your loans begin accruing interest again.

If you need a place to stash your cash, check out our lists of the best savings accounts and best high-interest checking accounts.

Although it might be tempting to get more impressive returns, student loan borrowers shouldn't tie up would-be payments in investments that could decline in value in the short term or charge fees for early withdrawals.

If the government ends the student loan payment pause, you might need to access your money quickly to avoid paying any extra interest on your loans.

And if it turns out that your student loans are wiped out, you have a nice nest egg to use as a down payment for a house, to boost your emergency fund or to build your retirement fund.

What if you lost income during the student loan pause?

If you lost income during the forbearance period, you can apply for an income-driven repayment plan or update your information at StudentAid.gov/IDR and calculate a new payment amount. That way, when the forbearance period ends, you can start making lower payments.

If you are already on an income-driven repayment plan, don't pay anything during forbearance. Making additional payments only reduces a balance that will eventually be forgiven, and all those months of non-payments still count toward the total number of required installments to qualify for forgiveness.

What other options are available for student loan forgiveness?

The federal government is unlikely to wipe out student loans across the board, but there are other ways to cancel your student loan debt, including student loan forgiveness and discharge. Most forgiveness programs, including the Public Service Loan Forgiveness program, are dependent on your job or employer to qualify.

If you're already on track for recently revamped PSLF — you have a direct loan, you're on an eligible repayment plan and you work for a qualifying employer — then you can take advantage of the relief period through Aug. 31, 2022. Those zero-dollar payments still count toward your total to earn forgiveness.

But there's an exception.

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). PSLF does not require consecutive payments, so you can still use the forbearance if you think you'll return to your non-profit or public sector job.

However, if you lose your qualifying job and you get a private-sector job instead, your payments will no longer count under the program. Unless you go back to a public service job, your loans will not be eligible for PSLF.

What if you have both federal and privately held student loans?

If you have both federally held and privately held student loans, now may be a good time to pay down the balance of the privately held ones.

Because commercial student loans aren't subject to the student loan pause, those loans are still accruing interest. Because of the pause in interest on federal student loans, you can use the money you'd normally pay for them to reduce the balance on your interest-accruing private student debt. (This strategy also applies to credit card debt and any other interest-accruing loans you may have.)

Not sure who holds your student loans? Call your loan servicers to confirm. And remember, just because one loan is federally held doesn't mean the other one is, so check on the status with each loan servicer.

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.

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Friday, April 8, 2022