Struggling to pay your rent? A couple tips to keep the roof over your head

Approaching your property manager can be intimidating. Before your conversation, consider seeking advice from a HUD-certified housing counselor or your local tenant union.

Photo: Sam Jotham Sutharson/PEXELS

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StatePoint Media - Upfront and ongoing renting costs can put financial stress on any monthly budget. But whether you are experiencing financial hardship or just need a little extra help to make ends meet, you may have options by working with your property manager.

If you’re struggling to meet either of the two largest financial responsibilities of your lease — your security deposit or rent — here’s what you can do, according to Freddie Mac:

Alternative Security Deposits

The upfront cost of a security deposit can be a challenge for some renters. However, some property managers offer alternatives that decrease the amount due at signing. Common options include:

• Recoupment: You agree to pay the property manager for any damages up to a pre-approved amount. If you fail to pay for damages at move out, a deposit company will bill you the amount owed.
• Insurance: You pay monthly premiums for an insurance policy, up to a certain limit, to cover any damages you cause.
• Installments: Rather than paying the full deposit at move-in, you’ll pay in smaller installments, typically monthly.

It’s important to know the different implications of each option. While these alternatives may seem attractive at lease signing, the cumulative out-of-pocket costs may be more than the amount of the traditional security deposit in the long run. Furthermore, depending on the option you choose, you may also still be liable for costs associated with damages to your unit. Make sure your agreed-upon terms are documented and that you fully understand them.

Rent Flexibility

Talk to your property manager about the flexibility they can provide on your rent payments. There are several common arrangements that they may be willing to offer you, which include:

• Personalizing your payment dates: Most rent payments are due on the first of the month, and many properties typically offer a grace period. However, depending on your pay day, this timing still may not be ideal. Speak to your property manager about changing your payment due date to better align with your pay cycle.
• Paying in installments: You may find it difficult to cover your full monthly rent in one payment. If this is the case, your property manager may be willing to work out an alternative schedule that allows you to make multiple smaller payments throughout the month.
• Receiving a waiver for late fees or penalties: Late fees and penalties are intended to discourage repeated late payments — but sometimes, unexpected things happen. If you’re facing a temporary setback but are otherwise in good standing with your property manager, you may be able to negotiate a one-time exception for late fees or penalties.

Navigating the Conversation

Approaching your property manager can be intimidating. Before your conversation, consider seeking advice from a HUD-certified housing counselor to help you understand your rights and options, and to prepare any relevant information you may need. As you negotiate with your property manager, keep written documentation of any agreements made. And of course, keep the lines of communication open so that both parties are holding up their end of the agreement.

If you need assistance, reach out to a Renter Resource Organization, which can provide financial planning advice, educate you on your rights and responsibilities as a renter, offer mediation in landlord-tenant disputes, provide legal advice and more. Visit myhome.freddiemac.com/rros to find an organization servicing your region or call Freddie Mac’s Renter Helpline at 800-404-3097 to speak to a HUD-certified housing counselor.

If you’re struggling as a renter, actively communicating by asking questions or asking for assistance can relieve financial pressure and help you avoid eviction.

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Money Matters |5 ways to prepare for out-of-pocket healthcare costs

BPT - According to McKinsey & Co., 82% of U.S. consumers consider wellness a top priority, with more than half saying they prioritize it more than they did a year ago. However, rising healthcare costs pose significant challenges to consumers, and an unpredictable healthcare payment landscape can leave them with substantial out-of-pocket expenses.

These expenses can force people to forgo the care they want or need, leading to poorer health outcomes.

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Photo: PEXELS/Pixabay

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Given these realities, it's important to consider the following steps to inform financial decisions about potential out-of-pocket health and wellness costs.

1. Research the cost of your procedures or services in advance. Many websites provide estimated costs of various procedures by region or provider. You can also get estimates by calling your insurance company or the provider directly in advance of your appointment

2. Check if you qualify for subsidized coverage or financial assistance. People with incomes below certain levels may be eligible for health coverage at reduced or no cost. Hospitals may offer free or discounted care, known as charity care, to people not able to pay.

3. Confirm with your provider and insurance company that you are maximizing health plan coverage. Take advantage of your annual benefits, including getting recommended preventive screenings and visiting in-network providers that usually cost less than those who are out-of-network.

4. Enroll in an employer-based program that uses pre-tax dollars. Flexible Spending Accounts (FSA) and Healthcare Spending Accounts (HSA) allow employees to set aside money from their pay for qualified medical expenses.

5. Consider promotional financing options. Health and wellness credit cards, such as CareCredit, that offer deferred interest financing, enable you to pay for care over time with the opportunity to avoid interest charges, making out-of-pocket costs more manageable. Here are a few things about deferred interest financing to consider:

• Deferred interest: No interest is assessed if the balance is paid in full by the end of the promotional period.
• How deferred interest promotional financing works. Deferred interest financing allows consumers to avoid interest charges on larger expenses if they are paid off before the promotional period ends. If you don't pay off the full balance before the promotional period ends, you will have to pay interest that has accrued as of the transaction date.
• The required minimum monthly payments. Understand the required minimum monthly payments and if those payments will pay the balance off in time. Online calculators, such as CareCredit's payment calculator, are a valuable resource to estimate possible monthly payments needed to pay off the balance within a given promotional period. Those payments may be more than the lender's monthly minimum payment requirement.
• Mark your calendar for when the promotional period ends. It is important to track and pay the balance of the purchase before the end of the promotional period to avoid paying the deferred interest that has accrued on the purchase.

In the end, it's important that people have access to health and wellness care for themselves, their family and pets. As healthcare costs continue to rise, it is critical consumers be aware of the various benefit programs and payment options to plan for health and wellness costs. Financial literacy is key!

Harnessing the power of age: 5 key benefits of hiring older workers

by Gary A. Officer

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BPT - When you think of new hires, who do you picture? While you may expect applicants to be 20-somethings straight out of college or 30- to 40-somethings making a career change, in reality, you'll likely see more applicants who are older adults. According to a report by the U.S. Special Committee on Aging, workers 55 and older will soon represent 25% of our nation's workforce.

Gary A. Officer

President/CEO
Center for Workforce Inclusion

However, just because more older adults are applying for jobs doesn't mean they are getting hired. Many older applicants face ageism during the hiring process. A survey by AARP found that it took older workers who were displaced during the Great Recession twice as long to find a new job than younger workers. The association also found that only 4% of firms have committed to programs that help integrate older workers into their talent pool.

Businesses that ignore this fast-growing workforce segment need to rethink their hiring process. With record-low unemployment numbers, many job openings across industries still need to be filled. But there is a mostly overlooked talent pool readily available - older Americans. Now more than ever, businesses must recognize that older workers bring much-needed experience, emotional intelligence and generational diversity to our workplaces.

Not convinced? Here are five key values older workers offer employers.

1. Problem-Solving abilities

Problem-solving is a critical skill that is attained over time. Through their lived experience in the workforce, older workers have accumulated a wealth of industry-specific knowledge that they can use to make informed decisions that help your business thrive. More importantly, they can impart this knowledge to younger colleagues, providing mentorship opportunities that benefit the mentors, mentees and the business as a whole.

The result is a more innovative team. A 2018 study by Cloverpop found that multigenerational teams with an age range of 25 years or more (from the youngest member to the oldest member) met or exceeded expectations 73% of the time, while those with a narrow range of less than 10 years did so only 35% of the time.

2. Reliability

Older workers are incredibly reliable. This usually means that they are known for punctuality and dependability. You can count on them to show up on time to meetings, meet strict deadlines and provide a consistency that may be missing from your workplace. Best of all, they set a positive example for the rest of the company.

3. Improved team productivity

It's been reported that seven out of 10 workers in the United States enjoy working with people from other generations. Older workers appreciate the creativity of younger workers and younger workers appreciate the value of older workers' experience and wisdom (AARP).

These benefits extend beyond workplace satisfaction, too. Significant profitability and performance gains have been reported for companies that have above-average diversity. For example, according to an AARP report, companies with above-average diversity in age, gender, nationality, career path, industry background and education on their management teams report innovation revenue that is 19% higher and profit margins that are 9% higher than companies with below-average diversity.

4. Adaptability

Older adults have seen technology rapidly change throughout their lifetime. Contrary to popular belief, older workers are adaptable and willing to learn and master new skills and technologies.

The fact is that they've had to adapt quickly to keep pace with the increasingly connected and technology-forward world. These experiences have taught them to effectively navigate change, a valuable asset for businesses across many industries.

5. Low turnover

Hiring and training new employees can cost a company extensive time, money and resources. To reduce turnovers and increase employee retention, businesses should look to hire older workers.

The U.S. Bureau of Labor Statistics reports that older workers ages 55-64 have a higher employee tenure rate than their younger colleagues. They typically stay with a company for nearly 10 years, more than three times the rate of workers ages 25-34.

So, while the assumption might be that an older applicant is ready to retire - that is likely not the case. Many older Americans are delaying retirement, unretiring or simply unable to retire and are prepared to stay on board for many years to come.

Age is a value-add, not a detriment

While working for the Center for Workforce Inclusion, I've seen firsthand the benefits of hiring older employees. Embracing age diversity in your workforce can only help to improve your company's overall performance and workplace culture.

We often partner with businesses to help them tap into the talent pool of older workers to achieve successful business outcomes. We also work directly with older job seekers to overcome barriers to employment, develop in-demand skills and secure employment. To learn more about our work and how we can help, visit CenterForWorkforceInclusion.org.

Guest Commentary | Will you face 2024 with fear or fearlessness?

by Glenn Mollette, Guest Commentator

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Wages are not keeping up with the cost of living. The cost of groceries, fast food, building materials, and most anything you can name has increased dramatically.

Millions of Americans are Social Security recipients. The modest increase coming in January will feel like a drop in the bucket. Every little bit helps and it will truly be a little bit compared to the financial needs of senior adult Americans.

Almost every day we see the national reports of the thousands of undocumented immigrants flooding our country, This does not make us feel very secure. Our government could stop this but they don’t. We have the ability to stop this insane invasion of America but for some reason our leaders obviously want the masses to keep coming. This is fearful. How will these people survive in America? Where will they live? Are there jobs for all these people? Is this really fair and helping them when so many of them will have to sleep on the streets of our major cities? I don’t see how. Will this invasion become the eventual end of the America we have enjoyed, without a shot being fired?

Politics is not comforting to most Americans. Who can we trust? Is anybody telling the truth? Are all politicians liars and thieves? Do they all have nasty baggage in the closet? Are there any real leaders that we can respect and admire without having to look down or look away when we mention their names? Yes, there are those we believe in but none of them are perfect and most are far from perfect. Of course, no one is perfect. This is nerve wracking for Americans, especially in such a crucial election year.

We are constantly bombarded with pleas for support. Currently it’s Ukraine. Ukraine obviously needs help. It’s difficult for us to fathom billions of dollars for Ukraine when we won’t secure our own borders and protect our own citizens. How does this make sense?

Interest rates may come down in 2024 but will they come down enough? A seven percent rate on a $40,000 car is a tough payment for many Americans. The housing market is struggling. Who can afford a $350,000 house along with a seven or eight percent loan? Obviously not many as home sales are badly slumping right now.

There is a lot to scare us in this world. Cancer, diabetes, neurological diseases, and more. When we do get sick there is the price tag that comes with waging a medical war to survive. So often, people postpone going to the doctor because they don’t want to see the medial bills and this ends up being a very unhealthy and often deadly decision. The whole scenario is fearful.

However, life is not to be lived in fear. Fear freezes us, paralyzes us, and overcomes us. We seldom move forward when frozen by fear. My hope for all of us is that we might overcome fear in our lives and dethrone the beast from ruling over us in 2024. My hope for you is that you might have the power of God in your life in such a way, that his presence will be greater in you than all the fears we are facing in the world. May you have this power in you in such a way that you will face this next year with strength and fearlessness.

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He is the author of 13 books including Uncommom Sense, the Spiritual Chocolate series, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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Navigating solar leases for farmers and ranchers, a guide to working with developers

Leasing valuable farmland to solar energy firms can generate a reliable revenue stream. Landowners should carefully consider the current and future impact of long-term land leases.

Photo: American Public Power Association/Unsplash

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by Cari Rincker
Attorney at Law

Solar energy projects present an attractive opportunity for landowners to diversify their income streams. When a solar energy developer approaches a farmer or rancher with a seemingly lucrative lease agreement, the landowner must carefully consider whether the lease adequately protects his or her best interests before rushing into the deal. In this article, I discuss the essential aspects of solar lease agreements, as well as any potential landfalls that farmers and ranchers should avoid when navigating and negotiating a solar lease agreement.

1. Understanding the Structure of the Agreement
Agreements between solar developers and landowners come in many shapes and forms. In broad strokes, there are two main approaches. On the one hand, a developer may present a farmer or rancher with an option agreement, which will give the developer a period of time to assess the viability of a solar project on the land, and the unilateral right to exercise an option to enter into a solar lease agreement if and when the developer determines that the project will be profitable.

The lease agreement should be fully negotiated at the time that the option agreement is executed. Alternatively, the developer may skip the option agreement and instead present the farmer or rancher with a lease agreement to be executed at the onset. Such a lease agreement usually commences with a development phase wherein the developer assesses the viability of the project. The developer is then granted the right to unilaterally terminate the lease at the conclusion of the development phase.

Regardless of whether there is a separate option agreement or a development phase incorporated into the lease, solar leases generally are structured pursuant to the same format: There is a construction period which may last roughly one year, followed by an operation period which may last decades, a renewal period which may extend the lease even longer, and ultimately, a cleanup period. As discussed further below, each distinct phase comes with specific rights, obligations, and compensation structures.

2. The Length of the Lease
To understand the extent to which a lease will tie up their land, a farmer or rancher should be sure to calculate the total timeframe of the encumbrance, from the beginning of the option or development phase, to the end of the cleanup period.

It is not uncommon for the life of a solar lease agreement to span more than half a century. For this reason, multi-generational family farms and ranches should carefully consider potential uses or plans for their land over the course of the near- and not-so-near-future. Such considerations may include the needs of future generations. The farmer or rancher should further keep in mind that such lease agreements typically run with the land, which means that they will bind any subsequent sale or estate succession of the land.

Given the length of the agreement, agriculture producers should also carefully assess the impact of a solar lease on their property, including a thorough evaluation of the potential environmental impact, the effect on overall farming or ranching productivity and economies of scale, and their eligibility for government programs.

3. Due Diligence on the Developer
If a farmer or rancher plans to enter a long-term relationship with a solar developer, they should perform due diligence on the developer to ensure that the developer is legitimate and has a good record with other landowners in the area. Due diligence may include: (i) checking the developer’s online presence, including reviews and BBB complaints, (ii) confirming the developer is a registered entity with the secretary of state for the state that they claim to be organized under, and (iii) paneling neighbors and the community to see if anyone else has negative experiences with the developer.

Braeson Holland/PEXELS

4. Authority to Enter into the Lease
Before executing an option or lease agreement, a farmer or rancher must confirm that he or she has the legal authority to enter into such an agreement. In the first instance, the landowner will likely have to warrant in the agreement that he or she is the fee simple owner of the farm or ranch. If there are multiple parties with an interest in the land, all co-owners must approve and be a party to the lease.

If the land is owned by a business entity or trust, then the governing documents of such entity or trust must be reviewed to confirm that they permit the execution of such a lease. Finally, if the property is subject to mortgages, pre-existing leases, easements, or other encumbrances on the property, those may need to be addressed before proceeding with a solar lease.

5. Compensation under the Lease
A farmer or rancher should carefully review the compensation he or she will receive under the option and/or lease agreement(s). At both the option/development phase and the construction phase, the landowner may receive either lump-sum payments or periodic per-acre payments. It is advisable to avoid lump-sum arrangements if the timeframe of either phase is highly variable. Construction phase payments should be higher than option or development phase payments.

The compensation received during the operation phase should be significantly higher than the earlier phases. It is most often structured as an annual or semi-annual payment tied to the number of acres subject to the lease. If receiving per acre payments, the farmer or rancher must clarify whether all acres will receive the same compensation level, or whether certain unused acres will be compensated at a lower rate (or not at all). Given the length of the operation phase, any lease should also include an escalation factor (typically between 1.5 and 3%) by which payments should rise on an annual basis to compensate for inflationary risk.

The farmer or rancher is also encouraged to negotiate other forms of compensation or reimbursement in the lease. For example, a landowner may ask for the reimbursement of professional expenses, such as attorneys’ fees, incurred in reviewing the lease. The farmer or rancher should confirm that the developer will be responsible for any tax increase caused by transforming farmland into a solar energy facility. They may also wish to explore whether the developer will compensate the landowner for any loss of eligibility for government farming programs. Finally, the farmer or rancher should ensure that the lease clearly delineates a compensation structure for damages incurred to crops and the underlying drainage system on or adjacent to the property.

6. The Rights and Obligations of Each Party
The option and lease agreements should clearly lay out the rights granted to the solar developer on the landowner’s land. The farmer or rancher must pay careful attention to how the lease will affect their rights on the land subject to the lease and ensure that any rights or easements granted are carefully tailored for reasonableness. They should also understand whether the lease will interfere with rights on adjacent land owned by them.

Photo: Tornike Jibladze/Pixabay

For example, a solar lease will grant the developer an easement for solar access, which may permit the developer to remove trees or other improvements on adjacent land if they obstruct access to sunlight. Because leases cannot possibly address all uses of the land, I always advise that a farmer or rancher ask for the inclusion of a catch-all reservation of rights clause, wherein the lease specifies that any rights not explicitly granted to the developer are reserved by the landowner.

7. Termination and Cleanup Obligations
It is common for leases to have asymmetrical termination provisions, meaning that a developer can often terminate the lease at any time and for any reason, while a landowner can only do so in the event of a breach of a monetary obligation. A farmer or rancher may nevertheless seek to ensure that they may still request damages or specific performance of certain provisions of the lease where they are not permitted to terminate the lease.

A lease should contain robust cleanup obligations for the developer, including cleanup of any debris post-construction, as well as restoring the property to its original condition at the end of the lease agreement. Local or state regulations may be of use in this regard. For example, in Illinois, the Department of Agriculture requires that any developer with a solar lease agreement with a landowner must also enter into an Agricultural Impact Mitigation Agreement with the Bureau of Land and Water Resources, which contains standardized construction and cleanup obligations for the project.

8. Disputes
On a final note, farmers and ranchers should always plan for the worst-case scenario. This involves ensuring that any dispute arrangements or requirements contained in the lease favor the landowner. In particular, a farmer or rancher should request that any waiver of a right to a jury trial be removed from a lease. Moreover, if a lease contains provisions waiving any right to appeal an arbitration or other dispute award, that language should also be struck from the agreement.

In closing, solar lease agreements are binding contracts of long duration, with potentially significant consequences for the landowner and his or her heirs or assigns. Given the variable and complexities addressed in this article, it is advisable that the landowner hire an attorney to help ensure that the solar lease agreement is carefully tailored to the unique concerns and needs of a farmer or rancher.

Whether an attorney is employed, or whether the landowner takes it upon him- or herself to review the agreement, the reviewing party should ensure that they have adequately considered each of the issues discussed herein.

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About the author

Cari Rincker is the owner of Rincker Law, PLLC, a national general practice law firm concentrating in food and agriculture law with offices in New York and Illinois. She has her boots planted firmly in agriculture – she presently own a small farm in Shelbyville, Illinois, and enjoys judging livestock shows around the country.

Denied a home loan? Steps you can take to avoid it

Good credit demonstrates responsible money management and gives you more purchasing power

StatePoint Media - You have researched the best areas to live within your budget. Spent countless hours visiting homes or viewing them online and talked to seasoned homeowners to ensure you haven't missed anything. You finally make an offer on your dream home that is accepted, and then the worst happens, the bank won't okay your loan.

If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications -- a total of nearly 650,000 -- were denied in 2020, according to federal government data.

Before quickly reapplying for a loan, it’s important to first understand the reasons your loan was denied. The lender is required to disclose that information to you within 30 days of its decision. You can also call your lender for further explanation. Having this knowledge will help you work toward building your eligibility for a mortgage.

Illustration: Clker-Free-Vector-Images/Pixabay

In some instances, the situation involves a quick fix, such as providing missing or incomplete documentation. However, if the reasons cited for your application denial involve down payment cost, a low credit score, an adverse credit history or a high debt-to-income ratio, here are six steps you can take toward recovery:

1. Consult a Housing Counselor. Consider speaking to a community-based credit counselor or a HUD-certified housing counselor. They can help you create a plan to increase your savings, decrease your debt, improve your credit, access down payment assistance or take advantage of first-time homebuyer programs.

2. Improve Your Credit. In a 2022 Freddie Mac survey of consumers denied a mortgage application in the past four years, three in five cited debt or credit issues as reasons given for their initial denial. If this describes you, take time to improve your credit profile before applying for another loan. Good credit demonstrates responsible money management and gives you more purchasing power, opening doors to better loan terms and products. Visit creditsmart.freddiemac.com to access Freddie Mac’s CreditSmart suite of free financial education resources that can help you understand the fundamentals of credit and prepare you for homeownership.

3. Pay Down Debt. In the application process, lenders will look at your recurring monthly debts, such as car payments, student loans and credit card loans. By lowering or paying down monthly debts, you can build a positive credit history and lower your debt-to-income ratio. Not sure where to start? Tackle your debt with the highest interest rate first.

4. Obtain Gift Funds. If you’re short on money for your down payment, you may be able to use gift funds from a family member to decrease the amount you need to borrow.

5. Find a Co-Signer. A co-signer applies for the loan with you, agreeing to take responsibility for the loan should you default. The co-signer’s credit, income and debts will be evaluated to make sure they can assume payments if necessary. In addition to ensuring your co-signer has good credit, you should make sure they are aware of this responsibility and have sufficient income to cover the payment.

6. Look for a Lower-Cost Home. Remember, you should only borrow an amount you feel comfortable repaying. You may need to look for a lower-cost home than you’re financially prepared to purchase and maintain.

For more information and additional resources, visit myhome.freddiemac.com.

If your home loan application is denied, don’t panic. There are ways to build your eligibility so that next time, your mortgage application is more likely to be approved.

Finance, econ students have just a few days left to sign-up for annual futures trading competition

NewsUSA -- It’s that time of year again: CME Group, the world’s leading derivatives exchange, is calling on college students with an interest in finance to team up and try their hand at futures trading. Registration for its 19th annual University Trading Challenge is now open through Thursday, September 29, and there is no cost to enter.

Photo: Adam Nowakowski/Unsplash

As part of the innovative competition, teams of three to five graduate and undergraduate students from the same university are invited to learn expert techniques using a real-time, simulated trading platform provided by CQG, a leading provider of financial markets technology solutions.

Participants will trade CME Group futures and options contracts across the exchange’s main asset classes -- including interest rates, equity indices, foreign exchange, energy, agricultural products, metals and crypto.

CME Group will also provide students with educational content and market commentary, in addition to live market data and premium news articles from Dow Jones and The Hightower Report.

This year’s challenge officially kicks off on Sunday, October 2 and concludes on Friday, October 28.

"The many uncertainties in today's global economies are driving increased interest in and demand for hedging and risk management strategies," says Anita Liskey, Global Head of Brand Marketing and Communications at CME Group. "We encourage all university students who want to learn about derivatives markets and test their trading skills to participate in this unique, hands-on educational experience."

Each eligible member of the winning team will receive a $2,000 cash prize*. Additional prizes will be awarded for second through fifth place.

Student participants will also have the opportunity to attend CME Group’s Day of Market Education. This one-day forum will provide them with an exclusive look into CME Group and the derivatives industry.

CME Group is committed to educating the next generation of finance professionals on the significance of its global derivatives markets and risk management. In addition to interactive events such as the University Trading Challenge, CME Group also partners with other industry organizations to offer educational tools, such as Futures Fundamentals, a one-stop educational resource that explains the role of futures markets in everyday life. Through interactive features and rich content, the site provides risk management education for learners of all levels and helps simplify complex market topics.

To register and view details on eligibility, rules, regulations and requirements, please visit: https://www.cmegroup.com/events/university-trading-challenge/2022-trading-challenge.html.

For social media updates throughout the competition, make sure to follow #TradingChallenge2022. *Eligibility to receive competition prizes is only open to residents in the United States (US), Canada (CA) excluding Quebec, United Kingdom (UK), Germany (DE), Netherlands (NL), Switzerland (CH), Republic of Korea (KR), Taiwan (TW), and Japan (JP).

Getting a handle on bank overdraft fees

Photo: Andre Taissin/Unsplash

Overdraft fees can break your piggy bank. To help their customers, some financial institutions have increased their flexibility with regards to how and when overdraft fees are accessed and when funds are unavailable in an account.

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StatePoint Media -- When your bank account balance is low, life can be stressful. For example, when it’s time to pay large expenses that can’t wait, like car loan payments or monthly rent, it’s all too easy to overdraft a bank account. This is especially true if you don't have a ready line-of-credit or a savings account you can dip into in an emergency. The current rate of inflation in the United States doesn't make it any easier either.

In fact, U.S. consumers pay billions of dollars a year in overdraft fees for covering all types of purchases, both large and small.

There is no doubt that overdraft fees serve as a pain point for many consumers, and as the issue of overdraft continues to be discussed and debated, several banks have taken different approaches in response.

Some have taken steps to address overdrafts, mostly by eliminating fees or eliminating the ability to overdraft completely.

Alternatively, PNC Bank now offers a solution that provides customers with greater control in these circumstances. Low Cash Mode, a tool that offers transparency and choices to help customers avoid fees by managing low-cash moments or mistimed payments, is a feature available in the PNC Virtual Wallet account through the PNC Bank Mobile app.

The feature notifies you when your available balance is near or below zero and gives you at least 24 hours (and often more) to bring a negative balance to at least $0 through a deposit or funds transfer before incurring a fee. It also gives you the choice of whether to pay or return certain pending checks and electronic payments when your balance is nearing negative territory.

The Value of Overdraft

The ability to choose to overdraft can help consumers avoid bigger repercussions like credit impacts and loss of access to banking that unpaid bills or late payments can cause. Allowing customers to make their critical payments – albeit for a small fee – sometimes makes a difference that helps allow them to stay in the banking system.

For example, if you opt to pay your rent or car payment – and avoid a penalty or a negative impact to your credit score by simply paying an overdraft fee – then the option to overdraft has provided a value.

“Removing the ability to overdraw an account doesn’t address the fact that many customers need to pay bills, even during temporary cash shortfalls,” says Alex Overstrom, head of Retail Banking at PNC Bank. “The key is that the consumer should be making the decision to incur or avoid fees, not just the bank.”

Control Pays Off

This level of control has demonstrated real results. PNC reports that 64% of customers who have a negative-balance event cure their account in time to avoid incurring a fee.

“Sometimes people just need a little more time to cover important expenses,” says Overstrom. “And in these moments, they should have choices to make things right.”

Wedding on a budget? Save money with a smart plan

Photo: Sergio Souza/Pexels

NewsUSA -- The to-do list for newly engaged couples can be daunting. Finding a venue, booking a caterer, choosing a dress -- there are many details that need to be factored into a wedding budget, regardless of who is paying. Starting a new life together is a perfect opportunity to establish solid financial habits that will serve you well throughout your marriage.

With the pandemic slowly fading into the rearview mirror, most young couples probably won't have the budget or resources to have that storybook ceremony the bride has dreamed of since she was a child. An intimate setting with 40-50 guests may be a better option. Today's wedding budget should be something the bride and groom pay for comfortably. After all, there's no need to go into debt to impress a gathering of family and friends.

Setting your priorities as a couple early on will set the tone for financial decisions in the future.

A CERTIFIED FINANCIAL PLANNER™ professional can help couples develop a smart plan to manage engagement and wedding expenses. Setting priorities early on can help avoid conflicts as the big day approaches. Start by considering these four elements of planning for wedding expenses:

• Make a list. Write down everything you both need or want for your dream wedding. That includes items large and small, from the number of guests to the types of flowers or favors.
• Rank the list. Now that you have your list, put things in order of priority. Assign a number to each item in order of importance, such as a live band, sit-down dinner or elaborate cake. Or start by sorting needs and wants into categories, using 1 as most important, 2 as moderately important and 3 as least important. You will need to agree on the most important items, whatever those may be.
• Budget the list. Assign an estimated price to each category or item, according to how much you are able and willing to spend. Consider cutting back on flowers in order to fund a sit-down dinner, for instance, or opt for a buffet-style dinner so you can invite more guests.
• Listen to the lists. This is the time to be a good listener. Hear what your partner has to say about needs and wants; what is important to one of you may not be as important to the other. Financial compromise is a skill that will serve you throughout married life.

Data from loan services show that approximately 45% of couples racked up debt to pay for their wedding, and that ultimately the debt resulted in consideration of divorce. Nip that risk in the bud by avoiding debt when you assess your wedding expenses. A CFP® professional can help you think outside the box and guide you in making smart financial choices during the wedding planning process.

Visit LetsMakeAPlan.org for more information about managing wedding expenses and planning your financial future.

Food prices, inflation threaten food security for Illinois families

by Lily Bohlke, Public News Service

Supply-chain issues, inflation and job loss during the pandemic have put many families' food security at risk.

In Illinois, hunger remains higher than pre-pandemic levels. Recent census surveys show 7% of households in the state are considered food insecure, and it jumps to 12% for households with children.

Jim Conwell, senior director of marketing and communications for the Greater Chicago Food Depository, said for families already concerned about making ends meet, increased grocery prices are hitting household budgets hard.

"Add on top of that, as we enter the winter months, increased costs for utilities and home heating," Conwell outlined. "There's going to be more families who are struggling to make it through a month and get all the foods they need."

According to the U.S. Department of Labor, food prices overall have increased 6.8% since November 2020. Prices for meat, poultry, fish and eggs have risen more than 12%, and they're up 4% for fresh produce.

And with the ongoing challenge of rising prices, Conwell pointed out it can be even more difficult for families to get back on track, despite many people going back to work and schools reopening.

"Households with children and households of color have been disproportionately impacted by the increased need during COVID-19," Conwell reported. "Here in this area, Black and Latino households are more than twice as likely to experience food insecurity as white households."

He added the Food Bank also has mobile pantries for people who can't get out to shop for groceries, as well as programs for enrolling in the Supplemental Nutrition Assistance Program (SNAP).

Between 2019 and 2021, SNAP has seen an increase of seven million people receiving benefits.

Spending more than you make isn't a good thing

by Glenn Mollette, Guest Commentator

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If your outgo is more than your income then your upkeep will be your downfall. A sure way to disable yourself financially is to spend more than your income.

If your income is $2500 a month then you can’t spend $3500 a month and come out ahead.

An old friend used to say, “You can’t borrow yourself rich.”

We have “wants” and “needs.” Needs must always outweigh wants. We need food and shelter, transportation and basic utilities to survive.

A person with a small income has severe financial pressure and must live on a strict budget. The person who has a lot of income still must determine a budget. The principal is the same for the person who has more income. Your outgo must not exceed your income. If you are earning $9,000 a month but spending $10,0000 you are going to end up in financial trouble.

With a very low income even the very basic needs become a luxury. Keeping the house warm or cool is a luxury. Buying good or healthy groceries are difficult. Buying gasoline to go to work is expensive. If you have access to a credit card, the pressure is great to put basic living needs on the card but the exorbitant fees and interest of credit card companies begin to quickly intensify your financial burden.

Your choices are few when it comes to good household budgeting.

Let’s look at a lean budget. Let’s say your income is $2,000 a month. You can afford the following: $500 a month in rent, $250 a month in utilities, $250 a month for a used car payment and $150 a month for gasoline. This gives you $850 a month to buy food on and buy basic auto insurance. You will have to go through your state medical insurance program and apply for free state health insurance because you can’t afford to buy health insurance.

You also have to figure out how to make more money. You have to work hard where you are and do good so you can get a better paying job. Or, you must gain additional income through a second job. With surging inflation facing our country this makes these numbers an intense strain. Consider living as close to your job as possible to save on transportation costs.

If your income is $5,000, $10,000 a month or more. Your strategy is easier. Your main goal must be to not buy a house or a car that stretches your income to the max. You don’t need the stress. Budget so you can afford to take a vacation or have a play day. Life is short!

Enjoy it along the way. How you budget and spend your money can make you financially unstable or you can live with a feeling of financial security.

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Dr. Glenn Mollette is a syndicated American columnist and author of American Issues, Every American Has An Opinion and ten other books. He is read in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization.

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This article is the sole opinions of the author and does not necessarily reflect the views of The Sentinel. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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House bill passes allowing Blockchain financial services

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by Patrick Andriesen, Communications Intern
Illinois Policy

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The Illinois House unanimously passed a bill to allow financial service companies that operate using cryptocurrency to apply for a charter in Illinois. If the bill becomes law, Illinois will be the second state to allow the practice.

"Our state has the opportunity to lead the way on blockchain technology and cryptoassets, which could make Illinois a hub for innovation and entrepreneurship for future generations – and all the jobs that come with it," said the bill’s chief sponsor, state Rep. Margaret Croke, D-Chicago.

House Bill 3968 has the support of the Illinois Bankers Association, the Chicagoland Chamber of Commerce and other banking organizations that signed on in support of the bill. It is now before the Illinois Senate.

Illinois would be the second state in the nation to allow special trusts to hold digital assets after Wyoming, which drew digital asset bank Avanti and cryptocurrency exchange Kraken to the state with a similar measure in 2019.

The digital asset industry has grown steadily in recent years with the skyrocketing value of cryptocurrency, such as Bitcoin.

An Illinois Blockchain Business Development report produced by the Illinois Department of Financial and Professional Regulation in December stated worldwide investment in blockchain technology startups jumped from just $1 million in 2012 to $4.15 billion dollars in 2018, enticing thousands more to enter the market. The market value of all cryptocurrencies stands at about $758 billion, according to Statista.

But many digital asset companies have found banking with traditional institutions difficult given the significant cost to startups.

HB 3968 would lend stability to the industry by allowing financial technology companies to offer the same financial products as existing trusts, such as banking and payment services, in addition to other digital asset services, sponsors said.

Traditional financial institutions in Illinois have also voiced support for the bill, stating consumers will benefit and that boosting fintech and cryptocurrencies will drive positive economic growth.

"Illinois has every right to win in blockchain, given that we are a unique intersection of financial hub and real-economy hub (manufacturing, logistics, agriculture, etc.)," Outlier Ventures partner Rumi Morales told Payments Dive. "If we connect digital payments innovation to those sectors, the potential is huge."

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Patrick is a communications intern with the Illinois Policy Institute. In this role, he focuses on creating and analyzing content to support our published research and experts in the media. Illinois Policy Institute, a nonpartisan research organization that promotes responsible government and free market principles. This story was originally published on March 9, 2021.

5 solid tips for seniors to avoid financial scams

Photo: Olya Kobruseva/Pexels

(StatePoint Media) -- Social isolation among seniors is not only linked to numerous negative health consequences like depression and cardiovascular disease, but it’s also a primary contributing factor in financial exploitation and scams. Estimated to affect one in 10 older adults and cost billions annually, the threat of elder financial fraud is pervasive, and especially so right now.

With seniors more isolated than ever due to the pandemic and stimulus checks being sent to millions of Americans nationwide, experts suggest that seniors and their families be extra vigilant.

"Scammers look for key time periods where money and private financial information are in motion. Not only is IRS fraud one of the most common and successful types of scams that exists, as a general rule, additional money equates to additional fraud," says Ron Long, head of Aging Client Services at Wells Fargo.

"Scammers are banking on the fact that many seniors are apart from families and friends due to COVID-19. When someone is alone, physically or socially, they often miss out on the added benefit of a second pair of eyes and ears."

Compounding the risks associated with isolation is the number of seniors who feel their chances of falling victim to a financial scam is unlikely. According to a recent Wells Fargo study conducted by The Harris Poll, 69 percent of all seniors age 60 and above believe they’re not likely to be susceptible to a financial scam, despite nearly all seniors (97 percent) acknowledging that older people are very or somewhat susceptible to becoming a victim. When asked about their peers, the poll found that 47 percent of all seniors knew someone who had already fallen victim to a scam.

"The results indicate what most of us want -- the ability to age relatively unaffected from the realities associated with aging," says Dr. Marti DeLiema, a gerontologist and consultant for Wells Fargo's Aging Client Services. "The problem is that when someone doesn’t feel they’re at risk, they’re unlikely to take precaution."

To better protect seniors from elder financial fraud and abuse, consider these tips from Wells Fargo:

1. Don’t wait for a crisis. Seniors should speak with trustworthy family members about financial plans, as well as consult them when something doesn’t feel right.

2. Stay up-to-date. Seniors and families should draft and periodically update legal documents such as wills, healthcare directives and powers of attorney.

3. Automate. Seniors should consider signing up for direct deposit, automatic bill pay and large transaction alerts.

4. Prioritize security. Seniors should keep checks and credit cards locked away, and update passwords when information is compromised. They should also carefully review credit reports, account statements and bills for unusual activity or charges.

5. Be aware. Families can help seniors stay aware of the latest and most common scams, as well as help them identify potential red flags, including:

• Alleged emergency situations involving family members, often grandchildren, requiring immediate payment.

• Lottery winnings requiring upfront cash payment for taxes and other fees.

• Phone calls from alleged government agencies, such as Social Security, threatening arrest or penalties.

More information and tips on fraud prevention can be found at wellsfargo.com.

"Aging resiliently requires planning ahead and not shying away from difficult conversations," says Long. "We have to talk with our older loved ones about the risks, the warning signs and prevention -- and we have to keep talking."

Guest Commentary: Never underestimate the power of $6 and a little time

By Glenn Mollette, Guest Commentator

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When I was sixteen years old, I was invited to speak at a little country church in rural Denver Kentucky, not far from Paintsville.

The church had all but closed its doors but one man, Harold Rice, and his family wanted to see the church stay open and do well.

A church with few to almost no people typically does not attract too many interested ministers. I had spoken in my home church a few times and was a guest speaker in a few others. Mr. Rice asked if I would consider speaking at the church on the second and fourth Sunday afternoons at 2:00. I agreed, and brought a message to maybe seven or eight people my first Sunday. The crowd consisted of Harold and his wife June Rice and their family. The church was an old building with a pump organ and a sign behind the pulpit that said, "Preach the Word."

I stayed with the little congregation called Liberty Baptist Church throughout high school. By the time I was seventeen Mr. Rice was talking to me about being the official pastor and about ordination. In time I would become the pastor and would be ordained. I was too young, too inexperienced and unskilled for such a responsibility but youth is adventurous and will try what those of us who know better would never consider.

The church grew and we started having 20 to 30 people and often more. People literally received Christ, joined the church and were baptized. This was all amazing.

Even more amazing was Mr. Rice offered me a grand salary of $60 a month to help buy my gasoline. The trip one way from home was over 30 miles so this was appreciated.

He also presented me with paperwork for a perk. The church was going to put 10 percent or $6 of my salary into the church denominational retirement plan, then known as The Annuity Board. It's called Guidestone today. He had me to complete a form solidifying my agreement to this monthly contribution. I was about seventeen at this stage and had zero interest or thoughts about retirement. Six dollars a month kind of seemed like a joke.

I was with Liberty church a couple of years or more and about ten to twelve of those months Mr. Rice made that $6 contribution to my retirement faithfully. Although, I never thought another day about it from the moment I signed those papers.

Seven or eight years ago I did wonder if that account even existed. I called up The Guidestone retirement people and with my Social Security number they told me in a few seconds that the account did indeed exist and my balance was $31,000.

Shocked would not describe how I felt. I almost had to pick myself off the floor. If Mr. Rice had made as many as 12 contributions the total invested would have been $72. Now, years later I was looking at over $31,000. Since that day of first inquiring that little $6 account now has over $46,000 and still growing. The point of all this is save some money when you can.

Start as young as possible but even if you are old put something away every month. If you can save hundreds every month that is wonderful, please do. However, don't ever underestimate the growth potential of saving a little bit of money every month, even if it's just $6. And yes, every time I look at that account, I remember Mr. Rice and the good people of Liberty Baptist Church who not only encouraged me then but are still encouraging me today with just $6.

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Dr. Glenn Mollette is a syndicated American columnist and author of American Issues, Every American Has An Opinion and ten other books. He is read in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization.

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This article is the sole opinions of the author and does not necessarily reflect the views of The Sentinel. We welcome comments and views from our readers.

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