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These 3 States Will Pay Off Your Student Loans

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When you take on debt, you are just robbing your future self of money. After all, any money you make in the future will be used to pay off that debt.

If only I had learned that lesson when I was a college student applying for student loans long ago.

Student Loans

Over 45 million Americans are currently burdened with student loans.

The average American owes over $37,700 in student loan debt. 

Collectively, Americans owe over $1.7 trillion in student loan debt.

It takes a lot of luck and extraordinary circumstances to get your student debt canceled. Forbearance is just another word for temporary suspension of repayments. And you should not hold your breath waiting for congressional action to offer student loan debt relief.

However, if you are highly skilled and educated and willing to move to another state for up to four years, you may be able to get your student loan debt paid off.

Here are three states that will pay off your student debt if you move there.

Georgia

Are you a dentist, physician, registered nurse, or physician assistant? If you move to Georgia, then you can be awarded $10,000 to $25,000 annually for four years to repay your student debt. 

Just apply for the Loan Repayment Program on the official for the Georgia Board of Health Care Workforce.

What’s the catch? You will have to work 40-hours or more weekly in a small, remote, and rural town with a population of 50,000 residents or less. 32 hours per week must be spent dealing with patients. The remaining 8 hours can be spent on administrative tasks.

You can opt to live in small cities and towns like Lincoln, Monroe, and Polk. Each city is about an hour away from Atlanta.

The application cycle runs from September 1 through December 1, 2021.

California

If you are a dentist, doctor, nurse, certified nurse-midwife, pharmacist, mental health provider, or physician assistant searching for student loan relief, you should consider moving to California.

The California State Loan Repayment Program, or SLRP, will pay up to $50,000 to pay off your student loan debt.

You will have to work in the public sector with disadvantaged people or with a non-profit organization. These will be areas with shortages of available health care professionals.

You will have to commit to at least part-time for two to four years.

The application deadline is September 15, 2021.

Texas

Texas has no state income tax and is one of the states with the lowest cost of living standards in the country. And if you are a health care provider, teacher, or lawyer, the state of Texas will pay off your student debt to move there.

Depending on your qualifications and the program you apply for, Texas will pay anywhere between $4,800 to $180,000 to settle your outstanding student loan debt.

You apply and inquire about application deadlines via phone numbers or email supplied on each application.

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What Life After Unemployment Should Look Like

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Life of Unemployment

If you’ve lost your job in the last 15 months, you’re not alone. The Center on Budget and Policy Priorities estimates, “some 29.7 million people in May [2021], including 7.0 million children, lived in a family where at least one adult did not have paid work in the last week because of unemployment or the pandemic.” Furthermore, they state the current unemployment rate is at nearly 6%, but before the pandemic, in February 2020, it was only 3.5%. While the United States has recovered jobs, we have not recovered enough of them. If you’re unemployed, here’s what the life of unemployment should look like to help you survive.

How to Manage Your Money After Unemployment Runs Out

The first step to take after your unemployment runs out is to determine what other aid is available.

Secure Other Governmental Assistance Available

Thanks to the pandemic, more safety nets are in place for the unemployed. Unlike more peaceful times in the United States’ history, now when your unemployment ends, there may be other options available thanks to numerous stimulus bills passed during the pandemic.

Pandemic Emergency Unemployment Compensation

A few weeks before your unemployment runs out, check with your local unemployment agency. You should be eligible for Pandemic Emergency Unemployment Compensation (PEUC). The agency should tell you about this benefit automatically, but if they don’t, make sure you ask so you can apply.

Extended Benefits

After traditional unemployment and PEUC run out, you may then be eligible for Extended Benefits (EB). This unemployment is triggered automatically when a state reaches a predetermined number of unemployed people in the state. So, whether or not your state offers this depends on how many people are unemployed in your state.

Pandemic Unemployment Assistance

Finally, after you’ve exhausted all of the options given above, you may qualify for Pandemic Unemployment Assistance (PUA).

Take Steps to Preserve Your Finances

While you’re on unemployment, before your benefits run out, make sure to put yourself in a better financial position. When your unemployment benefits do run out, you want to be in the most secure financial position.

Slash Household Expenses

If you haven’t already done so, slash your household expenses. Eliminate every expense that isn’t a necessity. Yes, doing without small pleasures in life is difficult, but by doing so now, you will be in a better financial position when you are employed again. Eliminate cable, your gym membership, any extracurriculars for the kids, expensive foods you may buy at the grocery store, etc.

Contact Your Creditors

Contact all of your creditors. During the pandemic, many mortgage lenders are working with the unemployed. Contact your credit card companies and car loan providers. Luckily, student loan payments are currently paused, but if they begin again, as they’re scheduled to do in September 2021, put yours on deferment so you won’t be responsible for payments until you’re hopefully employed again.

Get Private Assistance

Life of Unemployment
Photo by Joel Muniz on Unsplash

In addition, utilize any private assistance available. Go to the food bank to get your food. See if your local church can offer any assistance. Tap into private sources so you can make any money you do have last as long as possible.

How to Find or Create a Job

Two things tend to happen when you’re unemployed for a long time. First, you feel desperate and apply to any job opening you find, whether or not it is a good fit for you. Second, you may feel so depressed that you find applying for jobs difficult to do, so you avoid it.

Instead, take a different approach.

Only Apply for Jobs that Match Your Qualifications

When searching for a job, only apply for those jobs that match your qualifications. This makes your job search more productive and actually increases your chances of finding a job.

Talk to Family and Friends

While you may feel embarrassed or ashamed that you’re unemployed and try to keep it a secret, take a different approach. Let everyone in your life know that you’re unemployed and searching for a job. You never know who knows someone who may have a job to offer you.

Other Ways to Increase Your Chances of Employment

Also, take these other steps to help increase your chances of employment.

Be Flexible

While you may want to continue living in your current town, if you want to be employed sooner rather than later, be flexible. You might need to move across the country for a new job. If you’re willing to do that, you might be employed sooner. Likewise, you should be flexible with your salary requirements. When the pandemic is over, there will be time to find a job in your desired location at the salary you would like.

Create Your Own Gig

Depending on your skills, you may be able to create your own job. If you have experience with bookkeeping, you may be able to begin doing that privately from home. If you have experience writing, you could become a freelance writer. Another option is to become a tutor in areas that you excel in such as mathematics.

Revamp Your Resume

Have a few friends in the same field as you look over your resume. Is there any way you should change it to make it stronger and more appealing?

Practice Interviewing

Likewise, meet with a mentor or professional friend and practice interviewing. Not only does this make you more comfortable when you have an interview, but your mentor can also give you honest feedback about your interviewing style. In addition, he can give you suggestions for improving how you present at an interview.

Go Back to School

Sometimes going back to school is an option. You can gain additional skills for your career or change career fields completely. However, generally use this option as a last resort because school takes a significant amount of time and money to complete.

Final Thoughts

Being unemployed can be scary and stressful. However, know that you’re not alone. Millions of Americans are currently in the same situation. The life of unemployment should look like this to give yourself the best chance of landing on your feet and reentering the workforce sooner rather than later.

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. 
Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

What is the Minimum Wage in Massachusetts?

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minimum wage in massachusetts

Massachusetts’ minimum wage is climbing. It currently sits at $13.50 but will be moving again next year. It’s an important step in the right direction, but will it be enough?

Minimum Wage on the Rise

In the blue hills of this great state, those working in minimum wage positions received a 75 cent raise to $13.50 on January 1. It’s the third year in a row that hourly rates bumped up, but it won’t be until 2023 that the state crosses its $15 finish line. It’s a positive step in the right direction, but according to MIT’s wage calculation, one adult with no partner or children needs $17.74 to meet their basic needs. One adult with one child would need $36.88. The numbers don’t always tell the whole story, however.

Service Workers Considered Differently

Interestingly, there is another minimum wage to consider. Service employees currently make $5.55 an hour if they receive over $20 in gratuities a month. However, in fields like the hospitality industry, workers don’t need to worry about the disparity. Instead, employers must ensure their staff receives at least $13.50/hr via an hourly rate and tips.

If employers cannot achieve this, the business must pay staff the difference to bring the hourly rate to the minimum wage in Massachusetts. It’s also important to note there are regulations about handling tips. Gratuities must either be retained by the worker or managed through a valid tip pool as defined by MGL c.149-152A. This wage will also increase on January 1 for the next two years, $6.15 and $6.75, respectively.

Ways to Stretch Your Dollar

Despite the difference between the current hourly wage and your actual living costs, you can always get creative when you’re trying to make ends meet. One of the easiest ways to get started is to track your expenses. While it sounds obvious, you might be surprised to learn that you spent $400 a year on streaming services. Get a free money tracking app like Simplifi to help you whip those dollars into shape. See other money tracking below.

AppFees and MinimumBest for:
Personal Capital FreeMonitoring wealth and spending
SimplifiFreePersonal budgeting
YNAB$84 a year or $11.99 a month (after a 34-day free trial), free for students for 12 months.Personal budgeting

If you’re more of a money mover and shaker, a side gig is always an excellent way to bring in some extra bucks. You can sign up with the TaskRabbit app if you want to pick up odd jobs to get you by – think yard work and IKEA furniture assembly. However, if you’re looking for something a little more formal, look no further than remote and adaptable job specialist Flexjobs. Most jobs are geared towards less conventional employment arrangements and might be just what you’re looking for in a secondary hustle. Here are other job marketplaces as well.

PlatformsBest For: 
FiverrFinding Freelancers
BarkFinding Unique Freelancers
AppjobsGig Economy Professionals

How to Make a Difference

If you’re not satisfied with what your elected officials are doing on the minimum wage front, there are several ways to get your voice heard. For example, RaiseUp Massachusetts was launched in 2013 after individual coalitions lobbying for better wages banded together. They’ve succeeded in getting new legislation passed like increases in the minimum wage and paid sick time, but the work continues. Contact them if you want to get involved.

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Photo by Jessie McCall on Unsplash

Use These Tips to Find Great Summer Jobs

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tips to find great summer jobs

When you think about finding a summer job, you often think about teens looking for work. That’s definitely one situation. However, many different people are looking for summer jobs this year. No matter your age or experience, use these tips to find great summer jobs.

Reasons To Look for Great Summer Jobs

Obviously, teens and young adults often seek out summer jobs. They’re between semesters at school. They want some extra pocket money. Moreover, they want to get some work experience under their belt before they head out into the workplace full-time.

However, not only teens are looking for great summer jobs this year. Many people are on the job hunt. While some are looking for a permanent position, others are seeking something just for the summer. Examples include:

  • Families that want to do work together during the summer months
  • People who have been out of work for awhile and need to boost their budget
  • Folks who are traveling for the summer and want to work their way as they go
  • People with full-time jobs who want a side gig during the months of the year with lots of daylight

No matter the reason, there are a ton of great summer jobs out there. You just need to know how to find them.

5 Solid Tips to Find Great Summer Jobs

These tips to find great summer jobs apply no matter how old you are or what job you might seek this summer:

1. Treat The Job Search Like It’s a Job

It’s tempting to put just a little bit of effort into your job search. After all, it’s summertime. You want to go enjoy your life, too. However, that’s a mistake. You should treat the job search as though it is a job in and of itself. The more seriously you take the job search, the more likely it is that you’ll get the job that you want.

How to Take a Job Search Seriously

  • Commit to a schedule for your job search. It doesn’t have to be 9-5. However, it should be comparable to a full-time job. Note that if you already have a full-time job and are looking for a second summer job, then your job search schedule would reflect that difference. In that case, you might commit to searching for three hours per night after work.
  • Do your research. Decide what kind of job you’re looking for. Then dig deep to find all of the opportunities available in your chosen area. Don’t just browse the first Google search result and end there. Instead, put in effort to find all of the potential jobs out there.
  • Dress the part, figuratively. In this case, that means taking the time to rework your resume. Write cover letters. Update your web presence. Everything related to your job search should look like you’re the person who deserves the job.

2. Make Your Want, Will, Won’t List

This is a great way to make decisions about nearly anything in your life. Basically, you take three sheets of paper. Then you label one “want,” another “will,” and the last one “won’t.” Then you brainstorm as many things as possible related to the question at hand. In this case, the question is – what kind of summer job do I want?

Tips to Find Great Summer Jobs You Actually Want to Work

On your want list, you’ll put all of the qualities that you would desire in the perfect job. Consider:

  • Preferred salary
  • Desired / required hours
  • Dress code
  • Work environment
  • Work duties
  • Benefits
  • Length of commitment
  • Remote vs. in-office opportunities
  • Who you’ll be working with

Next, write your won’t list. What are the things that you absolutely won’t tolerate in a job? There’s no point in even applying to jobs that have items from your won’t list.

Finally, use that information to make your “will” list. These are the things that you’ll accept even though they aren’t your true “wants.”

For example, you might want a job that pays $30 per hour. You definitely won’t take a job that pays minimum wage. However, under the right conditions, you will take a job that pays $20 per hour.

Knowing this information makes it much easier to search for a job. After all, you can easily filter out what won’t work for you, focusing on what will.

3. Put the Word Out There and Network As Much As Possible

Of all the important tips to find great summer jobs, this might be the most important. Yes, there are tons of job boards available online. Certainly, you do have a chance of getting those jobs, especially if you treat the job search like a job in and of itself. Nevertheless, it’s always better if you know someone to help you get the foot in the door.

Therefore, you should make sure that you do as much as you can to network to find the jobs that you’re seeking. First of all, this means that you have to put the word out there to your existing network. Let everyone know that you’re searching. Moreover, tell them what you’re searching for and don’t hesitate to share why you think you’re the perfect person for the job.

Next, get into networking outside of your existing circle. Identify the types of jobs that you want for the summer. Then start heading to places where you can meet people hiring inside those jobs. Job fairs, business events, meetups … these are all great ways to start meeting the people who can hire you this summer.

4. Ask for Help

It’s totally okay to ask other people for help in getting summer jobs. Think about your unique situation in order to find the people that you can ask.

For example, if you’re a student looking for a summer job, then you might want to ask your school counselor for assistance. They always have tips for finding great summer jobs. Plus they might provide you with a reference.

If you’ve been unemployed for awhile and on assistance, then you might want to check with your unemployment counselor. You’d be surprised at how helpful they can be with tips for finding great summer jobs. Of course, they can help you find long-term solutions as well.

Maybe you know someone who has the kind of company that you want to work for. You don’t have to ask them for a job (although you could.) However, you might ask for a lunch meeting to pick their brain about how to get that job.,

You can also opt to find a job in freelance marketplaces like the ones below.

PlatformsBest For: 
FiverrFinding Freelancers
BarkFinding Unique Freelancers
AppjobsGig Economy Professionals

5. Create Your Own Summer Job

You don’t necessarily have to rely on someone else to hire you this summer. You can start your own job. If you’re a teenager, then you might choose petsitting, babysitting or learning how to use social media for income. If you’re older, then you might want to launch a side business, write an ebook or begin to sell your consulting services. You can try it out for the summer. Then, if you like it, you might grow it.

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

 

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How to Send Your Kid to Summer Camp on a Budget

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I love The Simpsons because I tend to think of it as an animated satire instead of as a cartoon for adults. Anyway, there is a famous episode where Homer and Marge want to send their kids to a fancy summer camp, but they can’t afford it. So, they end up sending their kids to the very cheap and safety optional summer camp Kamp Krusty. It is a hilarious episode, but it reminds me of the predicament that parents are now experiencing. Covid-19 restrictions are lapsing, summer is dawning, and parents are desperate to get the kids out of the house. So, how can you send your kid to summer camp on a budget?

How much can you spend to send your kid to summer camp? Depending on the camp, it can end up costing you a lot.

It can cost you anywhere between $1,000 to $3,000 to enroll a child in a summer camp program.

The day camps, where kids come home at the end of the day, can cost $100 a week on average. Even the cheapest resident summer camps, where kids stay for several weeks or the whole summer, can cost $100 to $300 weekly.

If you have multiple children, then those costs can add up in a hurry.

Here are some tips on how to send your kid to summer camp on a budget safely and responsibly.

Send Your Kid to Summer Camp on a Budget (Compare Prices)

There is more than one summer camp out there. Do some extensive research online to learn where to send your kid to summer camp on a budget.

You can check out websites like Summer Camps.com or Hisawyer.com which lists all available summer camps in your area.

 

You can also lookup summer camps on your local municipal and state government websites. Or just input the term “summer camp” and your city name in an online search engine.

Take note of prices, changes, and facility offerings. Email and call summer camp officials to ask questions. Ask about refund policies – some summer camps don’t offer them. Don’t just choose the cheapest place to send your kid to summer camp on a budget. Find a summer camp that is affordable, nearby, and suits your children’s needs.

Ask About Camperships

About 90% of summer camps offer some forms of financial aid assistance to families who require them. Such financial aid assistance for summer camp enrollment is known as “camperships.”

The issue is that since the summer camp business can be very lucrative, most don’t openly advertise that they offer financial assistance.

If you have chosen a summer camp that is a bit out of your budget, call or walk in and ask about financial assistance opportunities. You may have opportunities to send your kid to summer camp on a budget without knowing it.

Inquire About Discounts

The best way to send your kid to summer camp on a budget may be to know what questions to ask. Just like camperships, many summer camps may not publicly advertise or promote discounts that they offer.

You may be eligible for a summer camp enrollment discount without knowing it. Many summer camps offer discounts if you enroll children for a full season or if you enroll early. Some summer camps will offer you a discount if you enroll multiple kids from the same family.

Be sure to ask about available discounts.

Tax Credits

You can send your kid to summer camp on a budget by taking advantage of available tax credits. For example, you may be able to write off enrollment fees, transportation costs, and other expenses related to summer camp as a parent.

You may qualify for income tax credits offered by the Internal Revenue Service for services and expenses based on taking care of dependents, or your kids. It’s called The Child and Dependent Care Tax Credit. The amount of tax credit that you qualify for will be based on your income and the latest federal tax filing.

The Federal Flexible Spending Account Program, also known as FSAFEDS, offers pretax reimbursement for parents who pay out-of-pocket for dependent expenses like summer or day camp. You may also be able to use this service to open special tax-free bank accounts dedicated to medical expenses or dependent care.

Nonprofit Organizations

Check out your local chapters of the Boys and Girls Club of America or the YMCA to see what kinds of alternative summer cap programs they may offer. Such summer programs will cost half or a third of the costs for traditional summer camp enrollments.

Local Parks

Check out your local, city, and state parks to see if they offer summer camp programs and experiences. Parks departments offer shorter summer camp programs, day walks, nature walks, educational trips and excursions, hikes, and so on.

You may be able to send your kid to summer camp on a budget that may not exceed $40. And don’t forget to ask about financial assistance or camperships.

Plan Ahead

Don’t just send your kids to the cheapest summer camp that satisfies your needs, or which is most convenient for your schedule.

Conduct extensive background research on the summer camps that interest you. Develop questions to ask and get them all answered, Find out about offered amenities. Your kids will be spending time there – know what is going on before you send them.

Talk to your kids about what they want in a summer camp experience and try to incorporate their wishes against your expenses as much as possible.

You have every right to try to save as much money as possible on a summer camp. But don’t just send your kids anywhere on a whim so you can get some peace and quiet.

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How Working From Home Just Made Your House Worth Thousands More

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Working From Home Increased Home Value

The COVID-19 pandemic has significantly changed the face of the workplace. More workers than ever went remote. Zoom became the new normal. Work from home became the norm. Although some employees have or will return to the office, many will continue to work remotely either part-time or full-time. One of the unexpected benefits of this arrangement is that working from home increased home value for many people. How could that be?

What Happens When You Can Work from Anywhere

Many people chose their housing location because of their jobs. They chose the city they wanted to live in because of its work opportunities. Moreover, they chose the neighborhood in part because of its proximity to the office. However, when you work from home, you don’t have to consider those things anymore. Instead, you can choose where you want to live based on entirely different factors. As a result, people have been (and are continuing to) move to new locations.

Where People Are Moving to and From

According to FlexJobs, people are generally moving away from expensive urban areas and towards more affordable smaller towns and cities. For example, people fled California, New York, New Jersey, DC, and Illinois. In other words, people who worked in big tech-heavy cities left for areas that were significantly more affordable. They moved to Idaho, Vermont, Maine, New Mexico, and the Carolinas.

Working from Home Increased Home Value in Those Areas

People who left California and New York had been used to paying exorbitant rents for very small spaces. Therefore, they were often shocked at the low cost of very large homes in these other cities. They could easily afford to pay for the luxury of a big space. In fact, many people who were renters for years became home buyers during the pandemic. That sounds counterintuitive until you think about the difference in cost between San Francisco rent and a New Mexico mortgage.

In fact, according to that FlexJobs survey, 65% of respondents would be likely to move if they knew that they could get a permanent work-from-home position. If they don’t have to return to an office in a big city but can still keep their jobs through remote work, then they would move. They cited many reasons that they’d make the move. However, nearly half of them said that a lower cost of living was a major factor.

Because of this migration of people who want to buy homes in these small areas, the supply of homes in those same areas began to shrink. People moved in, bought up the real estate, and the whole supply/demand issue came into play. There are only a certain number of houses available in each of those cities. Sure, eventually these cities can build new housing. However, that’s going to take time. Moreover, lumber prices are high right now, so that’s not going to help anytime soon.

As a result, home buyers are going to keep buying at higher prices. Therefore, if you’re a homeowner or landlord in one of those cities, your home value automatically increased just due to the market. You didn’t have to do anything at all.

Even Home Values in Suburbs Increased

Working from home increased home value in suburbs near major city centers for the same reason of supply and demand. Many people want to stay near the big cities that they love. However, if they can work remotely all or part of the time, then they’re more willing to move further out away from those city centers. They’re moving to neighborhoods that are a bit cheaper. Alternatively, they’re moving further out to the suburbs.

In those areas, they can get more house for their money. And people definitely want more house. Think about it. If you and your partner both work from home and the kids are going to school at home full-time or part-time, then you’re all on top of each other all day long. We’ve seen throughout the past year how stressful that can be. Suburban houses with home offices, dens, extra bedrooms, and more play space immediately become more appealing.

Just like in more rural areas, there are only a certain number of houses available in those neighborhoods and suburbs. The more people want to move there, the higher the price goes up. People who are used to paying city prices may still be willing to pay these increased home values to make that move. In particular, those people who can keep their high-paying jobs while working remotely are often comfortable spending a lot of money on a larger, more comfortable house.

Running the Numbers

According to Investopedia and Redfin, it’s definitely true that working from home increased home value. As of early May 2021, using prices were more than 20% higher than at the same time last year. New housing listings were selling faster than ever. Moreover, nearly half of them sold for higher than the original asking price. Prices are expected to continue to rise, likely by more than 6% this year. There is still 30% less housing available for sale than there was a year ago, which means that the supply and demand situation remains in the favor of home sellers.

How You Can Further Increase Home Value

If you’re thinking about selling or renting out a home to these people who are moving to your area, then there’s one big thing that you can do to further increase the value of the home. Make it home office friendly. Working from home increased home value because people can work from anywhere. However, they want to be comfortable in their home offices. So if you can make some tweaks to the home to create more private office space then you’re more likely to get a significantly higher value for the home.

You might also want to consider becoming a pet-friendly landlord if you’re not one already. After all, many people decided to adopt pets during the pandemic. They were finally going to be home enough to enjoy and care for their animals. They aren’t going to want to move to a house that won’t let them take their furry friends with them. Therefore, if you’re interested in renting out your home to new people as housing values rise, you’re wise to allow pets to move in with them.

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