Skimm Money·

Skimm Money: TikTok Scams, Student Loans, and Dollar-Cost Averaging

Women own less, save less, carry more debt, and are less financially literate than men. That changes now.

follow the money

How the news affects your finances.

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Student Loan Payments Restarting

ICYMI, federal student loan payments, which have been paused since March of 2020, resume in October. For many borrowers, making room in their budgets is going to have a big impact on their finances. (Hint: Monthly payments can vary from $200 to $300+ on average.) Balances started accruing interest at the beginning of September, so now is a good time to come up with a game plan for tackling your payments before they restart next month.

Your move:

  • Enroll in the right plan. Borrowers are eligible for the standard 10-year repayment plan, but there are other options, like the SAVE plan or PAYE plan. Use the fed gov’s student loan simulator to see which one is best for you. 

  • Start paying ASAP. If you can, get ahead of your payments. Paying sooner rather than later means you’ll pay less in interest when all’s said and done. Especially if you have direct loans, because that interest compounds daily.

  • Get short-term relief. If you’re in a tough spot, options like deferment or forbearance can pause or reduce your monthly payment. But know that you might still be racking up interest. Plus, these periods don’t typically count toward student loan forgiveness requirements.

for the group chat

The money stories everyone’s talking about.

Thinking of getting a prenup?

You’re not alone. According to one poll, 50% of Americans are warming up to the idea. 

Taking care of aging family members is expensive... 

Especially for Hispanic and Latina women. A report from AARP found that about 56% of their income is spent on caregiving responsibilities. 

If you sold your TSwift tickets for a profit of $600 or more

The IRS would like a word.

Uber Eats wants to help customers cut costs

So they’re going to start accepting SNAP/EBT.

More and more women are pursuing careers in sports biz…

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market update

The Wall Street trends to know this week.

Last week, the S&P 500 suffered its biggest weekly loss since March. Partially because the Fed hit pause on rate hikes, holding its benchmark rate at 5.25% to 5.5%...for now. Fed chair Jerome Powell hinted that there could be another hike this year and implied interest rates may stay high into 2024.

5-minute money tip

Small step now, big payoff later.

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Invest more with dollar-cost averaging.

Investing consistently can help you grow your wealth. Enter: Dollar-cost averaging. How it works: Invest a set amount of money on a regular basis, regardless of whether the market is up or down. Over time, your investment costs will average out. To start, decide how much you can invest on a regular basis, and automate transfers to your 401(k), IRA, and/or other investment account. Next step: Watch your net worth grow.

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