America Saves Week 2024, April 8-12, is an annual call to action for everyday Americans to commit to saving successfully. LSS Financial Counseling is among the participating organizations that are encouraging everyone nationwide to set a goal for savings and make a plan to maintain or improve financial wellness. This blog was written by America Saves for the America Saves Week initiative coordinated by the Consumer Federation of America (CFA). Money is a sensitive subject, and talking about it, even with those closest to you, can almost seem taboo at times. However, it’s important ..read more

America Saves Week 2024, April 8-12, is an annual call to action for everyday Americans to commit to saving successfully. LSS Financial Counseling is among the participating organizations that are encouraging everyone nationwide to set a goal for savings and make a plan to maintain or improve financial wellness. This blog was written by America Saves for the America Saves Week initiative coordinated by the Consumer Federation of America (CFA). We understand that saving money can be a significant challenge for many veterans who are dealing with financial instability. It can be espe ..read more

Do you know what your credit card interest rate is? Many people I speak with aren’t even sure where to find the interest rate, also known as the annual percentage rate or APR, on their monthly credit card statement. At one point in my life, neither was I. Hint: It’s typically buried on the second or third page of your official statement. You are unlikely to find it listed anywhere on the summary page of your online account. This lack of knowledge is not surprising, but it is alarming. Here’s why you should pay attention to your credit card interest rate. Your APR determines how mu ..read more

Talking about finances is rarely a fun topic of conversation for the average person, especially if you’re going through tough financial times, such as a layoff or a large, unexpected repair. Financial stress is real! What would you do if you found out your partner missed a rent, mortgage or car payment? What if they told you they have credit cards or loans you weren’t aware of? Here’s what to do next. Review ALL your expenses together  Sit down and look at all ongoing expenses and bills, whether they’re weekly, monthly, semi-annually or annually. If neither your partner nor you have op ..read more

January is the time of year when many of us make New Year's resolutions to make our lives better. Because money and finances make a huge impact in our lives, you might resolve this year to increase your financial wellness or improve your financial situation in some way. Here are tips to help you stick to your New Year’s resolution. Keep it simple Choose one, simple goal. To keep this blog post simple, too, I’m going to focus specifically on paying down debt. My goal would be to “Reduce credit card debt.” Choose realistic action steps You won’t reach your goal without a plan; therefore, dete ..read more

Updated 10.5.23 A new Income-Driven Repayment (IDR) Plan option is now available for federal student loans — the Saving on a Valuable Education (SAVE) Plan. For many borrowers — including you — it might be a way to lower one’s monthly payment. Introducing the SAVE Plan! The U.S. Department of Education has several Income-Driven Repayment (IDR) plans for federal student loan borrowers. All these plans determine your monthly payment by using a percentage of your household’s discretionary income — your adjusted gross income (AGI) minus 150% of the poverty level based on family size. The SAVE P ..read more

In my work as a financial counselor, I sometimes meet with individuals who are having challenges managing credit card and other unsecured debt. In a previous blog, I discussed the differences between two solutions for managing debt: Debt Management Plans (DMPs) and debt consolidation loans. In this blog, I’ll go into more detail about the pros and cons of Debt Management Plans. The pros of Debt Management Plans Your unsecured debts, such as credit cards or some loans, are simplified or “consolidated” into one monthly payment. This is an easier way of paying down your debt, taking away the ..read more

The holiday season is approaching. December holidays include Kwanzaa, Hanukkah, Christmas, Winter Solstice, Soyal, New Year’s Eve and Las Posadas, to name a few. If you love the rituals behind these holidays, it’s more about attending an event with family or your community and honoring certain traditions with songs or ceremonies than it is about giving gifts. But if you grew up in a tradition of gift giving during holidays, this time of year can be difficult if you’re on a tight budget. As a financial counselor, many people I serve struggle financially when buying presents, or it’s difficul ..read more

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