This week’s money news

This week’s top story: Smart Money podcast on how COVID-19 changed our finances — and our advice. In other news: Ride out fed rate hikes at a credit union, tax tips for crowdfunding, and credit or debit card for kids.

Smart Money Podcast: How COVID-19 Changed Our Finances — and Our Advice
This week’s episode features a roundtable discussion of Nerds reflecting on the financial impact of the COVID-19 pandemic.

Ride Out Fed Rate Hikes at a Credit Union
Credit unions return profits to their members through low fees, better rates on loans and higher rates on savings.

Are GoFundMe Donations Taxable? Tax Tips for Crowdfunding
If you set up a GoFundMe or another crowdfunded campaign in 2022, the money you earned could be considered a nontaxable gift — if you were mindful of the rules.

Credit or Debit Card For Kids: Which Is Best?
Choosing to give a child a credit or debit card depends on age, maturity and the goals for the child.

Thursday’s need-to-know money news

Today’s top story: When the market drops, play the long game with retirement savings. Also in the news: Is booking a last-minute spring break flight with miles a good idea, a credit union’s new card goes all-in with 3X points, and how to get a credit card when you’re already in debt.

When the Market Drops, Play the Long Game With Retirement Savings
Don’t panic.

Ask a Points Nerd: Should I Book Last-Minute Spring Break Flights With Miles?
The Points Nerd weighs in.

Credit Union’s New Card Goes All-In With 3X Points
A Florida credit union is about to get popular.

How to Get a Credit Card When You’re Already in Debt
When you need a little wiggle room.

Wednesday’s need-to-know money news

Today’s top story: 7 ways to ready your finances for divorce. Also in the news: Tips for the Class of 2017, simplifying your savings, and how a credit union raised the roof on credit card rewards.

7 Ways to Ready Your Finances for Divorce
Preparing for a difficult time.

Class of 2017: Get a Jump on Adulthood With These 7 Tips
No more kidding around.

Simplifying Saving with the 52-Week Money Challenge
You can do it!

How a Credit Union Raised the Roof on Credit Card Rewards
A Chicago-based credit union is taking rewards to the next level.

Q&A: IRA maintenance fees

Dear Liz: My son has an IRA at his credit union. He puts in small amounts when he can. Recently they lowered the interest rate and started charging a $25 yearly maintenance fee, which now is taking all the interest back. Is this legal?

Answer: Yes. It’s also a good reason to move the account elsewhere.

Your son’s retirement account was shrinking in real terms even before the fee ate up all his interest. Even though rates are now on the rise, they’re still lower than inflation, which means the money’s buying power is being eroded every day.

Your son needs to invest in stocks if he wants his savings to grow faster than inflation. A few discount brokerages, including ETrade, Fidelity and TD Ameritrade, have no account minimums or annual fees.

Your son also should consider making automatic contributions to his retirement account. This is known as “paying yourself first,” and it ensures that those contributions actually get made. Waiting until he sees what’s left over is paying himself last, and the result will be a much smaller retirement fund than he’s likely to need.