Monday’s need-to-know money news

stack-of-billsToday’s top story: Why minimum payments on credit cards are designed to keep you in debt. Also in the news: Retirement planning rules Millennials can break, how to choose the right health insurance plan “metal tier,” and why it’s so hard to stick to a budget.

Credit Card Minimums: Perfectly Calibrated to Keep You in Debt
The card companies aren’t on your side.

4 Retirement Planning Rules Millennials Can Break
Or at least bend.

Choosing the Right Health Insurance Plan ‘Metal Tier’
Sadly, no rose gold.

Why Is It So Hard to Stick to a Budget?
Answering the age-old question.

Q&A: Job hopping can be a good strategy for young workers

Dear Liz: I am a millennial and just started a new job at a very small company. I really like the work I do and the leaders of the company. However, I don’t make enough to move out of my parents’ home and be financially secure. I live in the Washington, D.C., area and make $50,000. For an entry-level position it’s a good salary, but this area is so expensive. I wanted to stay at this company for at least two years to add stability to my resume. Now I’m considering moving to a cheaper area so I can move out on my own and not face a financial strain. But I don’t want to be a millennial job hopper, and I don’t want to disappoint my boss.

Answer: Being a millennial job hopper can actually be a good thing in the long run. A 2014 study for the National Bureau of Economic Research found that people who switch jobs more often early in their careers have higher incomes later in life. Economists Martin Gervais, Nir Jaimovich, Henry Siu and Yaniv Yedid-Levi contend that young job-changers are more likely to find their true calling, which leads to greater productivity and higher income. Sticking with one job can mean settling for paltry raises, while changing jobs can mean bigger jumps in pay.

Changing locations, meanwhile, can be a powerful way to boost your standard of living. Living on a below-average income in a city with above-average costs can be a recipe for misery, so congratulations on being willing to explore alternatives. Since you’re living in one of the costliest cities in the U.S., those alternatives include most of the U.S.

The good news is that you have a job and a place to live, so you can take your time searching for what’s next. In the meantime, you can build up your savings to help pay for the move.

As for disappointing your boss, understand that most bosses are grown-ups. They realize that people can and do move on to better opportunities.

Monday’s need-to-know money news

hidden-fees1Today’s top story: Costly financial fees you might not know you’re paying. Also in the news: Why Millennials love auto leasing, ten smart money moves that take ten minutes or less, and why nearly 7 in 10 Americans have less than $1,000 in savings.

Costly Financial Fees You Might Not Know You’re Paying
A closer look at hidden fees.

Why Millennials Love Auto Leasing
Does it make financial sense

10 smart money moves to make that take 10 minutes
Take ten minutes to get closer to your goals.

Nearly 7 in 10 Americans have less than $1,000 in savings
Where do you stand?

Friday’s need-to-know money news

o-CREDIT-REPORT-facebookToday’s top story: How to buy your kid a good credit score. Also in the news: What keeps us awake at night, what low-income families lose by not having bank accounts, and finance lessons Baby Boomers could learn from Millennials.

How to Buy Your Kid a Good Credit Score for $200
Starting them off on the right foot.

Money, Safety and Privacy Keep Us Awake at Night
What we worry about when we try to sleep.

Low-Income Families Are Most Likely to Skip the Bank Account — and Pay the Price
Losing interest and protection.

5 Finance Lessons Baby Boomers Could Learn From Millennials
Taking advice.

Friday’s need-to-know money news

155403-425x282-Mortgage-LateToday’s top story: Bouncing back after foreclosure. Also in the news: How to piece together the perfect bank, handling the financial consequences of millennials living at home, and a parents guide to insurance for college students.

How to Bounce Back After Foreclosure
Getting through a trying time.

How to Piece Together the Perfect Bank
Ticking all the boxes.

How to Handle the Financial Consequences of Millennials Living at Home
Don’t sacrifice your retirement.

A parents guide to insurance for college students
Evaluating your insurance needs as your child goes to college.

Tuesday’s need-to-know money news

imagesToday’s top story: Simple ways to teach your kids about money. Also in the news: Investing tips for those in their 20s, the best things about buying a house in the fall, and why you should look at frugality as a method instead of a lifestyle.

Simple Ways to Teach Your Children About Money
It’s never too early to start.

5 Investing Tips for Your 20s
Taking the longview.

The 7 Best Things About Buying a House in the Fall
Timely tax deductions.

Think of frugality as a method, not a lifestyle, to avoid wasting your time
It’s not just about saving money.

Monday’s need-to-know money news

18ixgvpiu0s24jpgToday’s top story: How to save on your cellphone bill when moving. Also in the news: how to survive a job loss, why millennials aren’t in a rush to buy a home, and why you shouldn’t wait to tackle your debt.

Moving? One Simple Change Could Save You Money on Your Cell Phone Bill in a New State
Taxes and fees vary from state to state.

How to Survive a Job Loss
Getting through a financially difficult time.

Are Millennials the Renter Generation?
Not rushing to buy a home.

Don’t Wait Until Your Debt Starts Hurting to Begin Tackling It
The sooner the better.

Friday’s need-to-know money news

bankruptcy_formToday’s top story: How to find a bankruptcy attorney. Also in the news: What consumers need to know about annuities, signs you need a new financial advisor, and what millennials should know about life insurance.

How to Find a Bankruptcy Attorney
Making the right selection.

What Consumers Need to Know About Annuities
Combining life insurance with investment.

7 Signs You Need a New Financial Advisor
When it’s time to go in another direction.

The First 4 Things Millennials Should Know About Life Insurance
Thinking long term.

Tuesday’s need-to-know money news

scamToday’s top story: The red flags of a toxic online loan. Also in the news: What to do when you can’t get enough financial aid, why 43% of Millennials have bad credit, and 10 questions to help start getting your financial life in order.

5 Red Flags of a Toxic Online Loan
Who are you really borrowing from?

Can’t Get Enough Financial Aid? Here’s What to Do
Take a deep breath.

43% of Millennials Have Bad Credit, TransUnion Says
Subprime scores.

Get Your Financial Life In Order By Answering These 10 Questions
Taking the first steps.

Friday’s need-to-know money news

taxesToday’s top story: The biggest tax mistake Millennials make. Also in the news: The 10 best Tax Day sales and freebies, the pros and cons of paying off debt early, and how to decide how big your emergency fund should be.

The biggest tax mistakes Millennials make
Don’t overlook these deductions.

10 Best Tax Day Sales, Deals and Freebies
Making Tax Day more tolerable.

The Pros and Cons of Paying Off Debts Early
Fixing one problem could create another.

Decide How Big Your Emergency Fund Should Be With the 3-6-9 Guideline
Don’t be left in a lurch.