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This week’s money news

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This week’s top story: Congress delays shutdown again, extends funding to March. In other news: What to do about debt in retirement, 4 strategies for using side hustles to fund retirement savings, and ‘enormous’ savings for Americans by limiting overdraft fees.

Congress Delays Shutdown Again, Extends Funding to March
On Jan. 18, Congress approved yet another stopgap that will avoid a possible government shutdown until March.

What to Do About Debt in Retirement
From taking on side work to strategically downsizing, here are ways to help you tackle retirement debt.

4 Strategies for Using Side Hustles to Fund Retirement Savings
Side hustles can be used to pay for everyday expenses, but they can also help fund your retirement goals.

CFPB: ‘Enormous’ Savings for Americans by Limiting Overdraft Fees
With billions in revenue at stake, banks are lining up against the proposal.

 

Gambling risks rise for young people. How to lower the stakes

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For Ambus Hunter, what started as a fun trip to Las Vegas when he was 25 soon turned into a gambling addiction. “I got consumed with the vibes,” he says, recalling how he loved the feeling of winning at first. He began gambling back home in the Midwest and on business trips, playing roulette whenever possible. He burned through thousands of dollars of savings before realizing he needed to find a way to stop.

Now fully financially recovered at 37, Hunter works as an accredited financial counselor in Baltimore, helping other people recover their finances that have been damaged by problematic gambling. “I learned a lot about myself and my relationship with money,” he says, lessons he helps others apply to their own lives and budgets.

Gambling is a growing problem among young adults, according to experts, largely because sports betting and other forms of online wagering are so easily accessible. “More and more youth are becoming vulnerable to gambling and problem gambling. It’s a social contagion,” says Dorothy Nuckols, who teaches personal finance for the University of Maryland Extension in Central Maryland. In Kimberly Palmer’s latest for the Seattle Times, learn how to lower gambling risks.

This week’s money news

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This week’s top story: Life insurance living benefits. In other news: What you can do dealing with FAFSA glitches and confusion, what you can do when no-warning credit limit cuts happen, and more student loan changes are on the way.

What Are Life Insurance Living Benefits?
Life insurance living benefits provide extra financial security while you’re still alive, but they come at a cost.

Dealing With FAFSA Glitches and Confusion? Here’s What You Can Do
Technical glitches, new processes and confusing questions are making it tough to complete the redesigned 2024-25 FAFSA, which fully launched on Jan. 8.

Why No-Warning Credit Limit Cuts Happen and What You Can Do
Issuers often cut credit limits to reduce their own risk exposure, but there are things you can do to protect your credit lines.

More Student Loan Changes Are on the Way. Here’s What to Expect
From a redesigned FAFSA to halved monthly payments, a debt cancellation Plan B and more, here’s what’s coming in the college financial aid world.

3 time-sensitive money tasks for new widows and widowers

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Widows and widowers are often told not to make any major decisions for a year or more after a spouse’s death. Grief can cause you to make choices you later regret.

Some financial tasks, though, shouldn’t be postponed. Revising your budget, meeting with a tax pro and securing access to credit can help protect you from unpleasant surprises later. In my latest for ABC News, learn 3 time-sensitive money tasks for new widows and widowers.

This week’s money news

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This week’s top story: White House touts U.S. economy’s strength as election year begins. In other news: 5 signs you should consolidate your credit card debt in 2024, the cost of literally keeping your chin up, and 5 cities where you can book a 5-star hotel for cheap.

White House Touts U.S. Economy’s Strength as Election Year Begins
Jared Bernstein, chair of the Council of Economic Advisers, discusses December’s strong jobs report, wage growth and easing inflation.

5 Signs You Should Consolidate Your Credit Card Debt in 2024
Credit card consolidation combines multiple balances, ideally under a lower interest rate, which can help you get out of debt faster.

Forever Young? The Cost of Literally Keeping Your Chin up
Good skin isn’t always cheap, but there are ways to stretch a self-care budget. Don’t forget the sunscreen.

5 Cities Where You Can Book a 5-Star Hotel for Cheap
Destination cities in Malaysia, Vietnam, Thailand and elsewhere offer surprisingly affordable five-star experiences.

This week’s money news

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This week’s top story: January mortgage rate forecast. In other news: 4 things that could impact your credit in 2024, the new 2024-25 FAFSA, and how to pay for promising medications like Ozempic.

January Mortgage Rate Forecast: Steady While Waiting for Spring
Mortgage rates might not change much in January, after going through a tumultuous spell toward the end of 2023.

4 Things That Could Impact Your Credit in 2024
Here are four things to look out for that could impact your credit in the new year.

The New 2024-25 FAFSA is Open. Intermittently.
The 2024-25 FAFSA has “soft-launched” after a three-month delay. Submit the simplified form as soon as possible to maximize your financial aid.

How to Pay for Promising Medications Like Ozempic
Ease the cost of prescription medications like Ozempic by understanding your insurance coverage, payment options and budget.