Pay Dirt is Slate’s money advice column. I have a question? Send here to Lillian, Athena and Elizabeth. (Anonymous!)
Mr. Pay Dart
Recently, an online friend visited me and my partner for the first time in real life. I spent the weekend doing various activities and eating at restaurants. By the end of the weekend it became clear that she wasn’t someone in the company that I particularly enjoyed and that I didn’t want to pursue or really continue the friendship with. spent about $1,000 over four days to entertain her. This is big money for me. She paid for her one meal (even though she frequently talked about how well she was doing financially). Is there a way to recoup some of these costs? What are some polite, non-confrontational ways to ask her to contribute to the things she participates in? should it be reduced?
— Down and Out
Dear Down and Out
Before your online friends went down, did you ever discuss who would pay for what? It doesn’t matter.what no We typically spend $1,000 over four days and never discuss how to split the bill. She may not be as heavy a burden as you think.
The approach to getting a refund depends on what was said during the transaction. She offered to help her, but did you tell her to send the money after her, did she tell her not to bother? Or did she offer no help at all, but did she swipe the card anyway?As for her first two scenarios, it’s pretty straightforward. The last one is less so.
If she offers to pay you back, thank her for visiting, share details of how she’ll send you the amount she owes you, and ask when you should expect payment. If you tell them not to worry, ask if it’s too late to accept the tip-in offer, and ask how much you can donate for the amount you dropped over the weekend. (Admittedly, this might be awkward, but you don’t seem keen on developing friendships anyway!) If neither of you mentioned paying, tell her you had a great weekend. I explained how to split the bill. Yes, it will be sudden and equally uncomfortable for both you and her. Hopefully she will agree and have the money to pay you back. Always discuss who owes what.
Mr. Pay Dart
I have found that I will be refunded the overpayment of $5,700. My first idea was to put it in my savings account, which is now at $7,500. I have now exceeded my savings goal of $10,000. However, due to changing circumstances, she has an additional $130 monthly household bill and has a medical liability of approximately $1,500. My second plan for her was to pay off her $3,700 balance with a high-interest credit card, pay her medical debt, and put the rest into savings. My boyfriend suggested replacing the 20+ year old roof.I had an inspection and YIKES. However, the roof will cost $7,000. Re-roofing can be done with a little less savings, but the increased housework and medical expenses will make it difficult to save monthly. Once you’ve paid off your credit card and medical bills, you can continue to save at the same rate. You should get some bonuses when you get your job back. That way, you can replace your roof in 6 to 12 months. I know my boyfriend says he’s going to replace the roof now, but I want to keep my savings account after struggling financially. Thinking about it makes me very uneasy.
— Refund can only be used once
Dear customer, you can only use the refund once.
I like the idea of using the refund to pay for credit cards and medical bills. Before you pay your medical bills, call your provider and reduced invoiceAt one time I owed an ambulance company $2,000 and they agreed to a $500 deal instead. Your provider may not offer such an extreme discount, but if you can pay the full price when you call, they may offer a 100 or 2 discount.
After paying off the outstanding balance, deposit the remaining refund into your savings account. You mentioned your roof is in poor condition, but if you pay off your bills, you’ll save on the space you cleared up within your budget. I’m afraid sooner or later I’ll have to do it, but in that case my emergency fund can cover it if needed. Don’t be offended if you need to. After all, that’s what emergency funds are for.
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Mr. Pay Dart
I’m a college student in a pretty lucky financial position, but I don’t have much insight into what I should do with the money I’ve earned so far. You can graduate debt-free in two years. I’ve had a summer job for several years and have about $20,000 in savings, about half of which I invest in mutual funds. We know, but how do we make this grow over the long term?
— Not a finance major
Dear non-financial major,
College is the perfect time to start investing in your future. The younger you are, the more you can benefit from compound interest.interest on interest” You earn.i reached out Stephen Keyes For additional investment expertise, visit Trip Of A Lifestyle, a personal finance blog. “One of his biggest factors in investing is compounding growth,” he agreed with Keys.
according to compound interest calculatorFor example, if you make an initial deposit of $500 into a brokerage account with an estimated return of 8% and an estimated average return of 8% over 45 years, adding $100 a month to the account will end up with approximately $479,766. Become. Instead, the same investment with returns over 35 years would be approximately $214,172.
Once Keys secures emergency funds in its FDIC insurance account, feel free to throw it away all Use surplus income to invest understand the risks beginning. “total stock market index funds Things like VT and VTI are great options for young people,” Keys said. “Money that you don’t intend to access for at least 10 years is likely to get a higher return in the long run.” Equity market index funds also offer lower fees compared to actively managed mutual funds. T Rowe Price, fidelity and Vanguard A great place to start your investment journey.
Mr. Pay Dart
I am 70 years old and have a daughter in her 40s. She has been asking me for money for at least her 15 years. Sometimes she pays it back. Sometimes she doesn’t. She retired with a fixed income. I am good enough to meet my needs and her needs at times. I have always helped her and she always promises to pay me back, but she doesn’t always do it. I told her I was worried about the amount I paid. She got angry and wouldn’t talk to me. What should I do?
— not a bank
Not my dear bank.
Your daughter is angry because she is being held accountable for her poor financial management. As her mother, you’re doing it from her place of love, even if she doesn’t see it.What will she do if one day you’re gone? I will admit that she has different circumstances that affect our finances, but she is in her 40s. She needs to get it together and stop living off her mother living on her fixed income.
It may hurt when she doesn’t talk to you, but don’t lend her money anymore. If she reaches out her hand, she shouldn’t bring up the topic. If she brings it up, let her know that you’re done lending her cash and she needs to take care of her finances on her own. she knows in her heart Now it’s time for her to take care of you by protecting your bank account.
I have been dating my boyfriend for about 9 months. He is very caring and supportive and we enjoy spending time together. We have met each other’s families and discussed moving and future marriage. There is one aspect that has always bothered me. My boyfriend tends to succumb to her cold symptoms (runny nose, stuffy nose, fatigue) about once a month.