With student loan forgiveness starting, we’ve rounded up some of the most commonly asked questions and have some inspiration for what you should do with the money you no longer have to pay back. How much will be forgiven? Up to $10,000 for most people Up to $20,000 for Pell Grant recipients (login to your Federal Student Aid account to find out what type of loan you have) How do I know if I’m eligible? During the pandemic, you must have made less than $125,000 (for individuals) or under $250,000 (for married couples or heads of households. What types of loans are covered? Federal student ..read more

Here’s the scenario: You filed your tax return and found out that you owe money, but you can’t afford to pay the tax bill. For most, paying taxes gradually throughout the year means you won’t owe much come tax day (or you might even get a refund), but if your life situation changes, you can be left with a bill.  First things first: Don’t skip out on filing your return just because you can’t afford to pay. File your forms on time to avoid failure-to-pay penalties, which can quickly add up.  Once you file, you’ll need to pay on time to avoid additional penalties, which can include lien ..read more

As you gear up for tax season, it’s important to know what’s available to you in terms of both tax credits and deductions. (Remember: a tax deduction reduces the income you’re taxed on and a tax credit cuts your tax bill directly.) These can make a big difference when it comes to your end of year tax bill. Read on to learn more about some of the most popular tax breaks.  General Medical Expenses: You can deduct unreimbursed medical expenses that are more than 7.5% of your adjusted gross income. The full list of qualifying expenses can be found in IRS Publication 502. Earned Income Tax Cr ..read more

If you receive a paycheck from an employer, it’s important that you review it on a regular basis, especially if you do direct deposit. You want to make sure you’re getting paid the correct amount and not paying more than necessary in taxes. The deductions you see on your paystub explain the difference between your gross pay and net pay, so it’s important to know what they all mean. We’re breaking it all down for you below. Taxes The amount you pay in taxes depends on a few factors, including where you live, the number of dependents you have, and where you are paid.  Federal Income Tax Thi ..read more

We’ve talked a lot about how your credit score is calculated (and how Brigit’s Credit Builder can help build your credit), but not a lot of people know how that score actually impacts their day-to-day life. Here’s a list of everything that can be impacted by your credit score: Buying a house Your credit score will have a big impact on whether or not you qualify for a mortgage and buy a house. Most lenders are looking for a credit score above 500 to qualify, but if you want a lower interest rate, you’ll need a higher score.  Renting an apartment  In a competitive rental market, having ..read more

Shopping for a gift doesn’t have to break the bank! There are plenty of ways to be creative and thoughtful without spending the big bucks. And if you need a little extra cash, we can help with that too. Join Brigit Plus and you can get up to a $250* cash advance in minutes to cover that shopping list. Here are a few of our go-to gifts on a budget: Frame a favorite photo Print that favorite photo of the two of you. You can upload images online and have them printed for pickup at a local retailer or have the print mailed directly to your house. When it comes to frames, hit the craft supply store ..read more

Whether money is tight or you’re facing hard economic times, knowing what to prioritize when it comes to your monthly bills is the key to staying afloat—and keeping a roof over your head. It’s also important to know when your bills are due so you can make sure you have the funds available to cover them. Use Brigit’s Upcoming Bills feature to help you stay on top of due dates and if you need to, set reminders in your calendar. Here’s how to prioritize your bills. Housing Make your mortgage or rent payment first each month. If you’re having trouble making your payments, check out this blog post ..read more

If you’ve fallen behind on your monthly utility bills or are having a hard time making payments, there are a variety of programs that can help you avoid that shutoff notice. Here’s what you can do: Contact your utility company Many utility companies offer assistance programs to help you stay on top of payments, so start by reaching out to your company and finding out what’s available. Some companies offer budget billing, which allows you to pay the same amount each month and avoid seasonal spikes.  Apply to the Low Income Home Energy Assistance Program  Consider applying to the Low I ..read more

For many, talking about money doesn’t come naturally. It can feel awkward and uncomfortable to bring up in a conversation, but not talking about it, especially with your significant other, is often even worse. Not sure where to start? Here are some tips:  Have the conversation early Money is a leading cause of stress in relationships, which is why it’s important to have “the talk” early on in your relationship. Don’t wait for a money-related issue to come up to talk about your finances. Being open and honest with your partner about your finances will help you get on the same page when it ..read more