Jay and Oscar are soooo close to figuring out a plan to make cash. When they encounter an adorable baby left alone in a parking lot, they do what any good (and savvy) samaritan would do — they start a babysitting service. These guys try their best to convince a skeptical mom to hire them, but their pitch falls flat. Later, Jay and Oscar finally find a dad who’s willing to try them out. Will Jay and Oscar be able to keep the baby safe and sound?
Laundry might be the least of your problems but the national coin shortage is sure to have an impact on you somehow.
Whether it’s happening at fast-food restaurants, supermarkets, or banks, people across the country are finding themselves cut off from the typical change in hand occurrences of the days before the Coronavirus Pandemic.
That’s right, be warned: coins are in short supply.
According to NBC, the task force will work to “mitigate the effects of low coin inventories caused by the COVID-19 pandemic.” Twenty-two members of the task force were announced last week on Friday and will meet this month in an effort to identify “actionable steps that supply chain participants can take to address the current coin circulation issue.”
According to an article by NBC the national shortage is a situation “born out of the pandemic, during which businesses that deal heavily in coins, such as laundromats, may have closed, while the fear of getting the coronavirus by touching currency may have spurred people to avoid physical monetary transactions altogether.” It is a direct result of state and city lockdowns which saw the operation of nearly 22,000 coin-cashing kiosks nationwide slowed down.
As a result, some businesses are cautioning customers that they won’t be able to give out change.
Others have rounded out prices to exact amounts. This works for now because paper bills are not in short supply. As of yet…
On the other hand, things might not be so bad.
According to CBS Boston, some smaller retailers are opting for some lucrative solutions for their customers. A beer shop in Bend, Oregon called The Growler Guys recently told customers on Facebook that it will pay them $1.05 for every $1 in rolled coins they bring in to the store.
Money is a topic that is difficult to talk about. Traditionally, society has told us that there are three things that we should not talk about in polite company: religion, politics, and money. Well, politics seems to be the only thing anyone talks about these days. As for religion, well, I’m of the “to each their own” policy. But money is something that we often still ignore — especially when it comes to frank discussions about debt.
Nobody likes to admit that they have debt. Whether it’s credit card debt, student loans, or paying off cars, most of us have something that we’re keeping quiet about. According to CNBC, 70 percent of college students are graduating with a “significant amount of loans” which total $1.5 trillion in debt for the over 44 million Americans who have student loan debt. In fact, a recent survey revealed that two-thirds of millennials have at least $10,000 in student debt and more than a third admitted to over $30,000 in debt, according to Inc.
Even worse, 42 percent of those that had more than $30,000 in debt were women and 11 percent of millennials have over $100,000 in student loan debt. Unsurprisingly, credit card debt is actually even higher for millennials (at 46 percent) and car loans come in just behind student loans (at 34 percent). Then there’s also medical debt to think about, as well as the 20 percent of millennials who actually have a mortgage.
Some of us, like me, have debt in all of the categories.
When my husband and I met and moved in together just six weeks into our relationship, we did it because we were in love and knew we wanted to be together for the long haul.
However, what we didn’t know at the time (and came to learn very quickly) is that we both came with a heaping amount of debt. Now, two and a half years into our relationship and nine months into our marriage, I can tell you that our debt has only increased: Collectively, we have around $150,000 in debt — about $100k of that in student loans, $40k in car loans, and another $10k in credit cards and medical bills. Add to that the fact that we just bought our first house and, well, our financial situation has gotten a bit more complicated.
It’s not easy to talk about finances, and it’s especially not an easy thing to do with someone you love. Sadly, money is often cited as a common cause of marriages falling apart — which is precisely why my husband and I are trying to tackle these issues sooner than later. I know that we won’t get out of debt any time soon, but having a secure financial plan is a good way to step into our future, together. So, shortly, after getting married, we decided to speak with some financial experts about how exactly to tackle our $150k in debt… WITHOUT driving each other crazy or stopping some of our other personal goals (like traveling together or having kids in the next couple of years).
Nora Dunn, a former Certified Financial Planner and blogger behind the financially savvy travel site, The Professional Hobo, told us that a lot of it depends on what we as a couple are earning and what our goals are. Dunn advised that my husband and I evaluate the importance of each of our goals. Was buying a house more important than taking vacation? How much did we expect to spend on a house based on the market in our area? According to her, it was all about taking an ‘everything in moderation’ plan, where we would examine our take-home income and expenses, and then divide our disposable income between different goals, depending on how our goals are prioritized.
After some discussion, we decided that prioritizing goals, and dividing our income accordingly, definitely seemed like a good place to start. In fact, Shana Bickel, CPA and Financial Coach, mirrored that advice when she told me that “it is not for me to tell the couple how to prioritize their financial goals.” The important thing, she says, is “to identify and get very clear about those goals and then develop a plan to pay off debt while saving for a home and allowing travel that makes sense for their financial health and well being.”
Another financial expert took a more straightforward approach.
“Sell those cars!” said Lynne Somerman and The Wiser Miser. “If you’ve got big financial goals like this, there’s no situation where I can recommend $40K in car loans when you can buy a reliable used vehicle for $10K. Even assuming you still need two cars, that’s $30K that you’ve now got towards a down payment. After that, it would depend on the type and interest rates on the student loans. If they’re private loans, go aggressively after them. If the interest is higher than about 4-5% on the student loans, they’d be my next priority. If their income is high enough, you could do both here.”
“Get those cars paid off and drive them forever!” he advised. “You don’t need a new car every two or three years. My car is paid off, and I plan to drive it forever. Each of those car payments is like a trip to Europe each year. Would you rather have a brand new car or a trip to Europe?”
He’s definitely right about that, which is why we have made paying off our cars our #2 priority (after paying off our credit cards), since we’d also like to save for an international trip in the near future. Rae also reminds me that, although student loans are important, so is saving for retirement.
“The student loans are going to take a long time to pay off. Get serious about them, but make sure to contribute to your retirement at least enough to get a company match,” he said. “This will be like free money from your boss, and the government will give you break on your taxes.”
Meanwhile, Ashley Feinstein Gerstley, a money coach who runs The Fiscal Femme, said that it is all about opportunity cost.
“We can only use or spend each dollar we have once, no matter how much or little money we have,” she reminds me. “How can we use it in a way that will maximize our joy per dollar in the shorter and long-term? It’s about looking at each option and choosing consciously. If a couple is paying down their debt and that’s really important to them but they also want to travel, they might decide to let go of expenses in other areas to make that work. What expenses aren’t bringing them much joy? Would they rather live in a less expensive apartment for the time being so that they have more money to travel? When we take a look at each expense annually (including our bills) it’s much easier to see where our money is going and decide if we want to allocate it any differently.”
Taking a look at our overall finances, my husband and I were able to use this advice to devise some financial goals, set some priorities, create a payment plan, and figure out what we want to save for.
It took some serious negotiating but we came away with a clearer picture of our finances. It’s not going to be easy, mind you. Having debt as a couple is difficult, but unfortunately, something that almost all of us face these days. If you don’t have student loans, then you might have a car payment or credit card debt or medical bills from that time before ACA when you didn’t have health insurance and ended up in the hospital (guilty!). But ultimately, the best thing you can do for yourself when it comes to your finances, whether you are coupled up or not, is to do the work to figure it out.
As Rae put it, “Get serious about your finances now — it won’t get easier when you have kids. You may make more money but you will be busier and tired. Parenting is hard. Just saying.”