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March 13, 2024
By
The Admiral Staff
Debt consolidation involves taking out a loan to pay off existing debts, most commonly credit card debt. It can simplify repayment and potentially lower interest rates and monthly payments, but it’s crucial to avoid mistakes that could hurt your credit score or cost more in the long run. Key considerations include comparing loan options (interest rates, fees, repayment terms), avoiding account closures after payoff, consistently making payments, and potentially refinancing for better terms in the future. While it can improve credit utilization and demonstrate creditworthiness,
March 9, 2024
By
The Admiral Staff
Expecting parents in the U.S. often face unpaid parental leave, creating a potential income gap. Financial planner Kim Tran suggests proactively saving to ease this transition. Her strategy involves scaling back non-essential expenses like student loan payments and diverting the extra funds into savings to cover income loss during leave and anticipate increased utility bills due to factors like winter and visiting family.
March 7, 2024
By
The Admiral Staff
The article suggests five ways to save money to afford a desired “splurge.” These include earning gift cards by scanning grocery receipts with the Fetch Rewards app, winning money playing the Solitaire Cash game, using a free browser extension to avoid overpaying for online purchases, and shopping around for cheaper car insurance through EverQuote. Collectively, these strategies could potentially save individuals a significant amount of money.
March 6, 2024
By
The Admiral Staff
Many people are unknowingly losing retirement savings when they leave jobs, as companies may liquidate 401(k) accounts with less than $5,000, resulting in penalties and taxes. To combat this, a coalition of major 401(k) plan administrators like Fidelity and Vanguard are launching a “lost and found” system called the Portability Services Network (PSN), which will automatically roll over these smaller accounts to new employers’ plans (for a small fee). However
March 5, 2024
By
The Admiral Staff
Many Americans struggle to cover unexpected expenses, with only 41% having savings to do so. The article suggests building an emergency fund and offers four practical ways to do so: cut car insurance costs using EverQuote (potentially saving $610/year), earn up to $225/month watching movie previews with InboxDollars, consolidate credit card debt with a low-interest loan through AmOne, and explore side gigs to increase income.
