COVID

Where Can I Buy Rolls of Quarters?

August 19, 2020 By Kathryn Vercillo Leave a Comment

There are many strange ripple effects happening as a result of the COVID-19 pandemic. One of those strange ripples is a national coin shortage. If you’re like me, you’re struggling to get quarters to do your laundry. If you need to buy rolls of quarters, here’s some information that can help.

There’s a National Coin Shortage

I would never have thought that one day I would walk into my bank, ask to buy rolls of quarters, and receive the news that there were none. And yet, that’s exactly what happened one day about a month ago. The two banks closest to me each explained that there’s a national coin shortage.

It’s economically complicated, but the gist of it is that the way that COVID-19 shut down the economy has led to a decrease in availability of quarters. For one thing, people simply aren’t out spending cash. The quarters that they do have are sitting at home, unused, not out there circulating in the economy.

Moreover, the National Mint reduced the number of workers it had to the bare minimum in order to keep everyone safe during the coronavirus pandemic. As a result, they weren’t producing as many coins as usual. This led to a shortage. While most people don’t care about most coins for everyday use, quarters are still important. My building is one of many in this city, and of course in many cities across the nation, that offers laundry only if I pay the machine in quarters.

I have very few options besides quarter-based laundry. There is no laundromat anywhere near me. And even if there was, they are also suffering from a quarter shortage, so I might not be able to get quarters for the machines there anyway. I could have a wash-and-dry service do my laundry and bypass the quarters problem but that gets very expensive very fast, especially if I’ve got big loads of blankets and other heavy laundry.

So, I need to buy rolls of quarters. And yet, my bank doesn’t have them. So what is there to do?

First, Do Check Your Local Bank

Banks are doing their best to offer quarters when they can. For example, the Wells Fargo Bank where I have an account was able to give me $20 in quarters one week. The following week I was able to buy $10 worth of quarters. Then they didn’t have any but Chase, where I don’t even have an account, was able to sell me $10 worth of quarters.

So, check your bank. You might be able to buy rolls of quarters from them. Typically, you’ll have to buy just one – or if you’re lucky, two – rolls at a time. But it’s better than nothing. It’s helpful if you have an account with the bank. Your credit union might be a good choice. And if you happen to have a business account then you’ll have a better chance at getting first pick to buy rolls of quarters from the bank when they become available each week.

Convenience Stores and Grocery Stores

You might also want to try to buy rolls of quarters at your local grocery store or convenience store. Whether or not they will sell them to you varies by location. Plus, of course, with the coin shortage, they might skimp on them more than they did in the past. Nevertheless, it doesn’t hurt to ask.

If you frequent a local store, rather than a big chain, and they already know you as a customer then they might be more amenable to helping you out. I was at a local convenience store chatting with the owner about the fact that a lot of places aren’t taking cash right now (even though legally they are supposed to) which led us into a conversation about the national coin shortage. He immediately offered, “hey, if you need to buy rolls of quarters, I have some.” Being friendly to your local small business owner can go a long way in times like these.

Head to The Laundromat

If you need to do quarter-based laundry, then you might have some luck at the laundromat near you. Unfortunately, with the coin shortage, most laundromats will not sell quarters to you unless you are going to do your laundry on site. They’re struggling, too, and they need those quarters for their customers. If you’re a customer, then they’ll do their best to let you buy quarters.

Fast Food Restaurants, Gas Stations, and Other Stores

You can always ask to buy rolls of quarters at any store that you happen to already be shopping at. Even if they won’t sell you full rolls, they might be able to give you $1 or $2 in quarters. It certainly doesn’t hurt to ask, and you might end up getting the quarters that you need.

Note that if you’re going to a large store, such as a bog box store or a chain grocery store, then you might have better luck at the customer service counter than at the register.

Is There a Local Arcade?

There are several great local arcades in San Francisco. Normally, I can go into any one of them, put money into a machine and get quarters back. Of course, they aren’t rolled quarters, but they’re quarters all the same. Unfortunately, all of these places are closed during the COVID-19 pandemic. But that’s not true in other places in the country. So, if you happen to live in a place where arcades are open, that’s another place to add to your list of where you might try to get quarters.

Ask Friends and Family

Once I started running out of quarters for laundry, I started mentioning it to everyone that I know. It turns out that there are a lot of people with quarters in their homes that they aren’t using. Not everyone has to have quarters for laundry. Those that don’t have been more than happy to let me buy rolls of quarters from them. I’ve bought them from a neighbor, my partner, and my sister. (Okay, my partner and my sister actually just gave me theirs, but I would have given them the equal value in cash if they had asked.)

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. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!

10 Smart Podcast Episodes to Help You Understand Money During Coronavirus

June 11, 2020 By Kathryn Vercillo Leave a Comment

If you aren’t following financial podcasts, then you’re really missing out on a lot of terrific information. Here are 50 of the best money podcasts to get you started. In the past few months there have been some really smart podcast episodes for people who are interested in the way that the coronavirus pandemic intersects with finance. Even podcasts that aren’t solely focused on money have addressed this important topic.

Here are my top ten recommendations for smart podcast episodes related to COVID-19 and money:

1. Money and Coronavirus: Sam Sanders and Jill Schlesinger

This is the May 20, 2020 episode of It’s Been a Minute with Sam Sanders on NPR.

The episode begins by saying, “we are going to talk about the economy – but trust me, dear listener, it’s gonna be a chat that is ultimately uplifting in spite of all the numbers we’re all seeing.”

Sam goes on to note that:

One in four workers have lost their jobs since coronavirus began
More than 40 million Americans have filed for unemployment
People want to know whether young, middle-aged, or older people are most impacted

That last point is what the podcast is about. Sam speaks with Jill Schlesinger about the economic impact on different generations. She doesn’t hesitate to say that this is the worst economic recession she has ever seen. Then they discuss the intersection of age and class with the economic impact of COVID-19.

(Fun fact: the second half of the episode is about a Judge Mathis newsletter. If you like something light following your coronavirus financial news, this is a good option.)

2. Coronavirus: Financial Priorities

Speaking of Jill Schlesinger, the Jill on Money show has a lot of smart podcast episodes on this topic. These are short (10-20 minute) that answer questions you might have. My favorite is the May 20th episode on reassessing your Financial Priorities. But other recent episodes address key things including how coronavirus has impacted:

Negative interest rates
Needing a trust
Whether or not to buy Bitcoin
The Future of Work
Where to invest
Maxing out a Roth IRA early

3. Rent in the Time of Coronavirus

This is the May 26, 2020 episode of The Indicator from Planet Money on NPR. It’s a short episodes, less than nine minutes. Nevertheless, I think it’s one of the smart podcast episodes out there addressing a key issue affecting many of us today.

Individuals are struggling to pay rent. Some states have eviction moratoriums, some don’t. Even if you have one, how will you pay the back rent when things return to “normal”?

And if you’re a landlord, how do you cover mortgage payments if your tenants can’t pay rent? This podcast begins with a personal individual story that highlights this important aspect of money concerns during COVID-19. Then it goes on to discuss the issue at a national level.

If you want to get more information about the impact of coronavirus on personal finance, I definitely recommend this podcast. The April 20th episodes is about “coronavirus and the digital divide” and the April 2nd episode is about how businesses are pivoting to adapt to the “new normal.”

4. Falling Interest Rates and Real Estate Investing in the COVID Era

The How to Money Podcast is a smart podcast that is well worth tuning in to if you’re interested in financial matters. In particular, the show’s Friday episodes are specifically about the intersection of current news and personal finance. As a result, many recent episodes have looked at how COVID impacts our money.

The June 5, 2020 episode covers four key topics:

The increase in financial scams since COVID-19 began including stimulus check scams but also more unusual scams including pet adoption scams!
The pros and cons of falling interest rates for student loans, mortgages and other loans
Pay cuts at work for people who are still employed
Whether or not it’s a good idea to invest in real estate during this precarious time

5. Being Sold A Better You During COVID-19 with Amanda Montell

Some people love listening to really short podcasts. Other people like lengthy podcasts. I appreciate the former but tend to prefer the latter. I’ve just always loved long-format media. So I’m a particular fan of smart podcast episodes that are around an hour long. If you feel the same way, then be sure to check out this podcast. It is Season 6, Episode 7 of the Bad With Money Podcast.

This one is all about how people are taking advantage of the fear of coronavirus to sell you things that you don’t need. It’s about scams. However, it’s also just about smart – but sketchy – marketing. It discusses linguistics, the change in marketing language, and how we are “being sold a better you.” You’ll learn to look for keywords such as “contactless delivery.” You’ll learn to pay attention to companies pushing anti-anxiety or anti-virus products that might not actually help you out. It’s fascinating and I highly recommend this one.

6. Coronavirus: Is It Time to Give Up on Financial Independence?

The BiggerPockets Money Podcast is another one that has longer (hour plus) episodes. If you’re interested in FIRE information then it’s a good one to check out. Not all of the recent episodes directly relate to the impact of coronavirus. However, several of them do.

In particular, I liked the April 5th episode. They brought together four guests that retired from traditional employment and live the FIRE lifestyle. They come together to discuss how this pandemic is shaping and changing their lives as well as current and future finances.

7. Saving Money During Coronavirus: Some Not-So-Obvious Tips

Even though I love those long episodes, I do also think it’s helpful to listen to some “quick hit” tips. The WSJ Your Money Briefing podcast has episodes that are typically ten minutes or less. The May 27, 2020 episode is seven minutes rich with some great relevant-right-now money-saving tips. They emphasize “little hacks” that save just a tiny bit at a time. For example, there’s a reminder (and how to guide) to rank your expenses not determine what spending. Then you can cut that thing out and use the money as part of your weekly savings plan.

8. Quarantine Life: What to Do Abut Kids, Celebrations, and “Free” Money

At thirteen minutes, this is one of the shortest episodes of The Rachel Cruze Show. She has some longer ones that address interesting topics including “what to do with your money during the coronavirus” and “how to bulletproof your emergency fund.” This one is a little lighter but I think it’s also really important for all of the people out there who have kids, especially kids who have birthdays, graduations, and other celebrations during coronavirus.

She talks about how the nice thing is she doesn’t have the pressure of “doing too much” for these celebrations because COVID-19 means that they’re just going to be at home. Nevertheless, you can do some fun memory-making things without spending much money. She also offers half a dozen suggestions for free entertainment at home for kids (that aren’t necessarily for parties or celebrations.)

9. Coronavirus, Oil, and Kansas

Have you ever wondered about the price of oil? Do you understand how it’s determined and what role global economics plays in that? If not (or even if you would just like a recap), this is one of those great smart podcast episodes that provides a succinct explanation. And it does so through the lens of coronavirus.

As they say at the top of the podcast, they “follow the plunge in oil prices from a viral outbreak in China to a meeting in Vienna to a little mom and pop oil business in Kansas.” They explain the history of OPEC. Then they delve into the geopolitics of oil prices. This episode came out early in the coronavirus pandemic, on March 11, 2020. It’s a Planet Money podcast episode.

10.The Emotions of Money with Suze Ormon

Suze Orman’s Women & Money podcast has several episodes that directly address the impact of coronavirus on personal finance. For example, March 22nd was about Getting Real With Your Money During the COVID-19 Crisis and March 29th addressed the stimulus.

However, my favorite recent episode doesn’t have COVID in the name or podcast description, and yet it seems highly relevant right now. It’s about The Emotions of Money. She talks about how desperate, and even suicidal, people feel because they are financially desperate. She shares that her own cousin took his own life in this situation last year.

Suze talks about how important it is not to let emotions dictate our financial decisions, including if/how we choose to deal with the stock market. In the face of not just coronavirus but also the BLM movement and the larger political landscape, emotions are running high. We can cope with those emotions in many ways, but she suggests we don’t let fear and anxiety make our financial decisions for us.

Am I missing any of your favorite recent podcast episodes about how coronavirus has impacted finances? Educate me by sharing in the comments!

Where Did My Stimulus Money Go? And Will We Get Another Payment?

May 8, 2020 By Kathryn Vercillo Leave a Comment

I mentioned recently that I had been wondering where my stimulus check was? I ended up receiving it in the mail. Apparently since I file my taxes through TurboTax, the government didn’t have my direct deposit information on file. I was grateful to receive that stimulus money. However, I live in the state of California. That money is already long gone. Here we are in a new month and, like many people across this nation, I’m wondering if we are going to receive another payment.

Stimulus Money Goes Further In Some States Than Others

As most of you are well aware, the government issued stimulus money for many citizens in response to the COVID-19 financial challenges. Individuals earning less than $99,000 (or couples earning less than $198,000 combined) were eligible to receive the first round of stimulus money. The amount was $1200 for many people with a smaller amount for those earning between $75,000 and $99,000. Parents received additional small payments per child.

I am grateful that I received that $1200. There are some people who still have not received that first stimulus check. I was lucky to get mine. I needed it for bills. But the fact is that $1200 goes a lot further in some places than in others. This money is supposed to help people pay their rent and other bills. My rent for my one-bedroom San Francisco apartment is nearly $1900. That’s a lot lower than it would be if I had moved into my place more recently; I’ve got rent control in a spot I’ve been in for over eight years. Nevertheless, you can do the math. $1200 in stimulus money left me $700 short of rent. It certainly didn’t leave anything for other critical bills.

The States Where Stimulus Checks Stretch Most and Least

I am fully aware that I live in one of the most expensive cities in the country. In fact, the cost of living is high across the whole state. In a report from USA Today, California ranked second in a list of places where stimulus money goes the least far. Other states where a $1200 stimulus check doesn’t even cover the average rent or mortgage payment include Massachusetts, New York, New Jersey, and Hawaii.

In states where rents are lower, people can get by better with the $1200 (or $2400 for couples plus $500 per child). The five states where stimulus checks will stretch the furthest are Mississippi, Arkansas, Oklahoma, West Virginia, and South Dakota.

Will Americans Get More Stimulus Money?

The government acted quickly in the face of COVID-19 to get billions of dollars in checks out to American citizens. But, as the numbers above suggest, it might not be enough. Many people, particularly in states where the money doesn’t stretch so far, aren’t sure how to keep paying the bills. In states that continue to shelter-in-place, a large percentage of people simply can’t go to work. That leaves a lot of us wondering if Americans are going to get more stimulus money.

Chances Are That Yes, We Will Get Some Type of Help

There is a lot of conflicting news about whether or not we will receive additional stimulus money. Lawmakers are extremely divided about if, how, and when to release a second stimulus check. That said, most reports indicate that some type of additional assistance is likely in the near future.

Just what that looks like remains unclear. Generally speaking, Democratic leaders are in favor of issuing more stimulus money and doing so quickly. In contrast, Republican leaders are calling for a slower approach, releasing less money perhaps to fewer people. Overall, it’s starting to look like the next round of assistance may take a form other than a direct check to Americans.

Suggestions on the Table for More Stimulus Money

Here are some of the suggestions lawmakers are considering when it comes to giving Americans more stimulus money:

$2000 Per Month

Two different proposals exist that would give Americans earning less than a certain amount the right to receive $2000 checks every month:

California’s Ro Khanna and Ohio’s Tim Ryan are calling for anyone over age 16 earning less than $130,000 to receive a $2000 check every month during the pandemic
Michigan’s Rashida Tlaib and Washington’s Pramila Jayapal have proposed the Automatic Boost to Communities Act which would give every American $2000 per month throughout the duration of the pandemic. Moreover, it would give $1000 per month to every American for one year after the pandemic ends.

Many Americans would love to see these suggestions enacted. However, as of the writing of this post, Republican leaders aren’t on board with giving out this much new stimulus money. In fact, they don’t want to give out direct stimulus checks at all. Therefore, these monthly checks seem increasingly unlikely.

Stimulus Check Tied to Payroll Tax Cut

President Trump is calling for a payroll tax cut. In other words, he wants to give a tax break to businesses as part of the next round of COVID-era relief. Some reports indicate that he supports indicate that he may be willing to support a direct stimulus check to individuals (amount unknown) if it is tied to a payroll tax cut. Other reports indicate that he wants to discuss a payroll tax cut first, leaving the direct stimulus check out of the conversation.

Expanding Aid to States

Increasingly it seems that the conversation is turning towards expanding other aid programs including money from the federal government to the states. Even the Democrats are turning their attention to the immediate need for further assistance with food stamps and unemployment funding. Many argue that this money is as critical, if not more so, than a second stimulus check. Moreover, it’s likely to receive more support from Republicans than a call for more direct stimulus money.

What to Do While We Wait to Find Out More

Things are up in the air right now. We simply don’t know if we are going to get more stimulus money. We can’t count on it. So, what should we do in the meantime? If you are struggling to make ends meet during COVID-19, review all of your options for relief. Check with your lenders about mortgage forbearance, skipping a month of payments, and other hardship options. If you qualify, apply for unemployment assistance and food stamps. Hang in there. The lawmakers are working on it, despite the fact that they are divided on how to proceed.

Changes in Law During the Coronavirus to Help People Nearing Retirement

April 6, 2020 By Amanda Blankenship Leave a Comment

The outbreak of COVID-19 across the globe has impacted the stock market, employment rates, and people’s everyday lives in a huge way. Millions of Americans watched their nest eggs disappear. For those nearing retirement, it is enough to send you into a panic. Thankfully, government officials are proposing changes in law during the coronavirus outbreak to help.

Changes in Law During the Coronavirus to Help People

As the virus swept across the world, the stock market collapsed. Because many retirement accounts rely on investments, people watched their savings for their golden years dwindle down to nothing.

Additionally, individuals who have been laid off during this time no longer have an income to contribute to their retirement. There is good news though. Officials are putting some changes in law into place to help.

1. RMDs Will Be Put on Hold

Required minimum distribution (RMD) refers to the minimum amount an investor must withdraw from their account after reaching age 72. This is common with many 401(k) and IRA plans. If you do not take the minimum, a fine will be placed on your account. However, during the coronavirus outbreak, the government has put a hold on minimum required withdrawals.

This will be the case for the entire year. Ed Slott, a certified public accountant, said: “Now, clients can sit out a year and avoid the tax bill on their 2020 RMDs if they wish.”

2. Penalties Are Being Eased

Individuals with IRAs and 401(k) accounts that have been financially impacted by the virus are also able to withdraw up to $100,000 from their retirement account without penalty. Typically if an accountholder withdraws early, they are required to pay a 10% early withdrawal fee.

It is important to note that this only applies to people who have been diagnosed with the coronavirus, been laid off due to the virus, had reduced work hours, or have otherwise been impacted.

3. You Can Get Larger 401(K) Loans

As mentioned in the point above, people with 401(k) accounts are able to take $100,000 out without a penalty. This is more than the typical $50,000 limit for 401(k) loans.

Other retirement plans will only allow you to take out up to a percentage of your balance. These limits will also be lifted for the rest of 2020.

Other Changes in Law and Policy

Policymakers are also pushing to make other changes to help Americans get through this time financially. For instance, Navient, a major federal student loan lender, has waived all interest and allowed borrowers to be granted forbearance until September. This means no payments will be required during this time.

On top of that, many mortgage companies and other businesses are offering payment relief at this time to assist people through the coronavirus outbreak. If you need assistance or are unable to make a payment at this time, the best thing to do is give the company a call and ask what your options are.

Readers, what do you think about the changes in law during the coronavirus outbreak? Are they helping you in any way?