Sense & Centsibility Blog | LSS Financial Counseling
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Articles feature advice on Personal finance, financial planning, credit reports, student loans, debt, budgeting, emergency savings, retirement, and more. The team at LSS Financial Counseling believes that people can conquer their debt, gain control of their finances, and achieve financial stability.
Sense & Centsibility Blog | LSS Financial Counseling
1w ago
Do you know what your credit card interest rate is? Many people I speak with aren’t even sure where to find the interest rate, also known as the annual percentage rate or APR, on their monthly credit card statement. At one point in my life, neither was I. Hint: It’s typically buried on the second or third page of your official statement. You are unlikely to find it listed anywhere on the summary page of your online account.
This lack of knowledge is not surprising, but it is alarming. Here’s why you should pay attention to your credit card interest rate.
Your APR determines how mu ..read more
Sense & Centsibility Blog | LSS Financial Counseling
1M ago
Talking about finances is rarely a fun topic of conversation for the average person, especially if you’re going through tough financial times, such as a layoff or a large, unexpected repair. Financial stress is real! What would you do if you found out your partner missed a rent, mortgage or car payment? What if they told you they have credit cards or loans you weren’t aware of? Here’s what to do next.
Review ALL your expenses together
Sit down and look at all ongoing expenses and bills, whether they’re weekly, monthly, semi-annually or annually. If neither your partner nor you have op ..read more
Sense & Centsibility Blog | LSS Financial Counseling
2M ago
January is the time of year when many of us make New Year's resolutions to make our lives better. Because money and finances make a huge impact in our lives, you might resolve this year to increase your financial wellness or improve your financial situation in some way. Here are tips to help you stick to your New Year’s resolution.
Keep it simple
Choose one, simple goal. To keep this blog post simple, too, I’m going to focus specifically on paying down debt. My goal would be to “Reduce credit card debt.”
Choose realistic action steps
You won’t reach your goal without a plan; therefore, dete ..read more
Sense & Centsibility Blog | LSS Financial Counseling
3M ago
We are excited to share our 10 most popular blogs of 2023. Take a look to make sure you didn’t miss any useful financial wellness tips!
How to avoid a sheriff’s sale and keep your house
How to write an effective hardship letter
Winter is coming and your window is open [saving energy during cold months]
Living paycheck to paycheck? [6 tips to break the cycle]
Should you tell your friends you’re too broke to hang out?
Is the new SAVE Plan for student loan repayment right for you? [learn more]
Get ready for student loan repayments resuming [three questions to ask to prepare]
When to say no [a ..read more
Sense & Centsibility Blog | LSS Financial Counseling
3M ago
Updated 10.5.23
A new Income-Driven Repayment (IDR) Plan option is now available for federal student loans — the Saving on a Valuable Education (SAVE) Plan. For many borrowers — including you — it might be a way to lower one’s monthly payment.
Introducing the SAVE Plan!
The U.S. Department of Education has several Income-Driven Repayment (IDR) plans for federal student loan borrowers. All these plans determine your monthly payment by using a percentage of your household’s discretionary income — your adjusted gross income (AGI) minus 150% of the poverty level based on family size. The SAVE P ..read more
Sense & Centsibility Blog | LSS Financial Counseling
3M ago
In my work as a financial counselor, I sometimes meet with individuals who are having challenges managing credit card and other unsecured debt. In a previous blog, I discussed the differences between two solutions for managing debt: Debt Management Plans (DMPs) and debt consolidation loans. In this blog, I’ll go into more detail about the pros and cons of Debt Management Plans.
The pros of Debt Management Plans
Your unsecured debts, such as credit cards or some loans, are simplified or “consolidated” into one monthly payment. This is an easier way of paying down your debt, taking away the ..read more
Sense & Centsibility Blog | LSS Financial Counseling
4M ago
The holiday season is approaching. December holidays include Kwanzaa, Hanukkah, Christmas, Winter Solstice, Soyal, New Year’s Eve and Las Posadas, to name a few. If you love the rituals behind these holidays, it’s more about attending an event with family or your community and honoring certain traditions with songs or ceremonies than it is about giving gifts. But if you grew up in a tradition of gift giving during holidays, this time of year can be difficult if you’re on a tight budget.
As a financial counselor, many people I serve struggle financially when buying presents, or it’s difficul ..read more
Sense & Centsibility Blog | LSS Financial Counseling
5M ago
October is Cybersecurity Awareness Month. It is important to stay on top of protecting yourself from cybercriminals and online scams not only this month, but year-round; since being scammed or getting your personal information stolen can impact your financial wellness.
Here are three ways that cybercriminals try to access your personal information online and tips to protect yourself.
Online scams and cybersecurity threats Unsafe email attachments
Documents are frequently attached to emails we receive at work or in our personal lives. The attachment can be your aunt’s stew recipe or a g ..read more
Sense & Centsibility Blog | LSS Financial Counseling
6M ago
Are you thinking of becoming a gig worker — taking on side hustles or side-gigs like driving for a ride-booking program, delivering food from restaurants or grocery stores, or selling items on internet platforms? There are lots of reasons to earn extra cash, such as for the holidays, a special event or vacation, or even to quickly pay down some debt. Maybe you are like 58% of all gig workers who rely on this job to pay for life’s essentials like housing, food, medical costs or transportation. Regardless of your reasons for considering gig work, I want to share three tips to make sure it’s a ..read more
Sense & Centsibility Blog | LSS Financial Counseling
6M ago
If you watched the TV sitcom “Friends” back in the day like I did, you might remember an episode where it was Ross’ birthday and the group all pitches in to get a gift, cake and concert tickets. Each friend needed to chip in $62. Ross, Chandler and Monica don’t think twice about it, but they don’t realize that $62 is expensive for Phoebe, Joey and Rachel. At some point in our lives, we all have been or will be in the shoes of the friend who couldn’t afford that $62, because not everyone is in the same financial position. So what do you do if you can't afford to do everything your friends ca ..read more