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Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Unless you can still live for quite a while with that half of your savings and no income, then no. Do not use the cards any more, make the minimum payments, live on a shoestring budget, and save cash like mad. Once you get back on your feet, use the cash you'...


25

Dave Ramsey, the famous personal-finance guru and radio personality, has a concept he developed after counseling thousands of families in crisis situations called the four-walls. The idea is to prioritize your money to take care of your immediate, physical needs. This would include your savings. First, you pay for food Next, you pay utilities Next, you ...


17

No. By paying off your credit cards now, you'll be losing money you won't be recouping in the foreseeable future. I imagine the second part of your question is related to being able to use the unused credit to pay for living expenses. While it is unlikely they would reduce your credit limit after payment, that's the problem with being beholden to someone ...


14

Are you asking why you aren't entitled to money that someone gave you by mistake? I think the answer is obvious even if you don't like it. If you overpaid your taxes how would you feel if the Government said, "Sorry, finder's keepers. It isn't OUR mistake you can't do math." Your best course of action is to work with the agency to see if they will work out ...


13

-------------- What is UI -------------- Unemployment insurance provides a temporary safety net to workers who lose their jobs by replacing a portion of their salary for certain periods. Each state administers its own unemployment insurance program so some rules may vary from state to state. -------------- How it works -------------- Eligibility To ...


13

Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.


12

The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few ...


8

To be eligible for unemployment benefits in Wisconsin, you must have been employed in the base period, which is a year-long period prior to the date you apply for unemployment benefits. Since your grandfather has not been employed for the past 8 years, I don’t think he is eligible for unemployment benefits.


7

To begin with, bear in mind that over the time horizon you are talking about, the practical impact of inflation will be quite limited. Inflation for 2017 is forecast at 2.7%, and since you are talking about a bit less than all of 2017, and on average you'll be withdrawing your money halfway through, the overall impact will be <1.3% of your savings. You ...


7

As Ron’s comment implies, it’s a matter of the numbers. My HELOC recently reached the end of its draw period, and I preferred to keep it active. I opened the conversation with the bank by saying I was retired and no income other than retirement accounts. I put together those documents (I mean copies documenting 401(k) and IRA balances. They did not ask for ...


6

Others have mentioned this in comments, but I think it is worth having in an answer: the answer to this question depends on your situation. If your level of savings is relatively low compared to your monthly expenses, the advice in D Stanley's answer and Ivan's answer is good because you may need the liquidity to pay your bills. I'm guessing that they're ...


6

If I was wrong please let me know how so I can learn for next time. This is way off-topic for Money.SE, but I feel compelled to offer my advice. Feel free to downvote and I'll consider deleting (or flag for migration). The mistake you made was not discussing it with your fiancée before turning down the offer. You are not married yet, but you have made a ...


6

Pay off all your credit. Only start using credit again when you see that next month you won't be able to make ends meet. This will preserve most money, cash-flow and credit. Any other answers are... Just wrong.


5

You can count unemployment benefits, I suppose. But that's not cash in the bank. You can count the limits on your credit cards if you want, too. But that's also not cash in the bank. Your creditors don't have to offer you forbearance. Cash is liquid. Future unemployment benefits are cash when you get them, but not until you get them. If you're ...


5

By "non-salary", do you mean you're paid hourly? Either way, if your employer pays you a wage and deducts payroll, unemployment insurance and other taxes from that wage, and you were laid off, not fired then yes, you'd be entitled to draw unemployment. Keep in mind though that your unemployment benefit (in most states here in the U.S., anyway) is not a ...


5

To answer your final question: No, you have no legal recourse if the mortgage is denied, unless you can prove that they violated the Equal Credit Opportunity Act. The pre-approval is contingent upon underwriting review. Part of the underwriting process is obtaining a satisfactory explanation from you regarding any gaps in your employment history, and they ...


5

Pay of your credit cards. You run them up later again, if you run out of cash and have no other way of getting a loan. Simple math: let's assume you owe $5000 at 18% interest rate. That's 75$ of interest a monthly The measly principle in the minimum payment will hardly make a dent into this. Let's also assume you have 10k in cash and have a minimum burn ...


4

According to the state of New York, you may be eligible for unemployment. New York Labor Department Covered or Excluded Employment Unless excluded by law, all services an employee performs for a liable employer is covered. This applies whether it is: Part-time Full-time Temporary Seasonal Casual Employees may perform services: ...


4

To receive unemployment benefits, you must be registered with an employment agency and be actively seeking work, and be willing to accept work should it be offered to you. As a full-time Cornell University student, as you describe yourself, this does not seem a likely scenario. Also, you need to have established a state of residence. It is not clear to me ...


4

If you are creating a "If I lose my job fund," and believe that where you live there is a 99.9999% chance of being approved for unemployment then I could see taking that advice. However, I don't see that as particularly realistic to my mind as I have had cases of job loss where I was denied unemployment and thus had to go into savings to pay bills. If I ...


4

You're eligible, yes. We also moved to Florida before my GF was laid off. She had to file with GA. This was a few years back, so I'd check with the FL and PA DOL to be sure. http://www.workforcesecurity.doleta.gov/unemploy/uifactsheet.asp "Generally, you should file your claim with the state where you worked. If you worked in a state other than the one ...


4

The thing with your last option is that the cash-out mortgage is treated differently than purchase mortgage, with regards to taxes. Specifically, tax deduction is limited to $100K mortgage instead of $1M (or a bit higher even). Other than that - you've covered your options, and its up to you to decide what to do.


4

You didn’t say your location which could matter for the insurance laws and policies available. Realistically you won’t get an issued policy in 6 days so you’d be relying on provisional coverage anyway. That is if that’s typically part of policies where you’re at. It’s where a policy is essentially in effect once you apply and pay a premium as long as you ...


3

They are right to ask for the money back because you were not entitled to that money. However, you may have a defense called "laches". Basically, you can try to show that because of the government's unreasonable delay in asking for the money back, in the meantime you relied on the assumption that it was your money in good faith, and spent it, and now to ...


3

If your emergency fund is used strictly in the event of a job loss, you may want to factor in your unemployment benefits. But note! You will not necessarily receive unemployment benefits. In many countries, you are not eligible if you are fired. Additionally, I've seen people laid off but denied benefits until they spent several months fighting the decision. ...


3

The are two distinct parts to this answer: You can only contribute up to the HSA limit for 2019 if you have a HDHP eligible health plan for the entire year. If not, the contribution limit is reduced based on how many months of coverage there were. As long as you are eligible to contribute to an HSA, then how you contribute it doesn't matter. It can be by ...


3

Typically, life insurance provided as a employee benefit is dependent on your salary (sometimes as much as 2 or 3 times annual salary is available) with an option to buy more life insurance (how much is often tied to salary too) at group rates. In any case, the total amount of life insurance the OP should have as a sole earner with a young child (and ...


2

Sorry to hear about your spouse's health issues. May he have a speedy and, as far as possible, full recovery. The Patient Protectection and Affordable Care Act (PPACA, aka Obamacare) is now the law of the land. Among its many provisions are that insurers may no longer deny coverage for pre-existing conditions, they may not put lifetime caps on benefits, and ...


2

I think it's an argument for Keynesian economic policy, basically an abridged version of this paragraph from the Wikipedia article: Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, in particular, monetary policy actions by the ...


2

Please refer to the Claimant Handbook, pp 6-7, for New York Unemployment Insurance: To qualify for benefits, you must meet all three of the following requirements: You must have worked and been paid wages for covered employment in at least two calendar quarters in your Basic or Alternate Base Period. ...


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