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Bad credit could mean paying more than three times as much on a $5,000 loan as someone with good credit. If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $20 billion. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $20 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

Inflation has reduced the value of bonuses that weren't raised by $25.5 billion. That means scores of employees who count on their bonuses lost purchasing power. Here's a look at the potential impact of inflation on bonuses for individual employees and entire sectors. We calculated average bonuses by sector for both years, assuming that bonuses are equal to 11% of an employee's salary, a figure published by job-search platform Zippia. Using the CPI inflation calculator, we found the value of 2021 bonuses a year later to uncover how much employees getting the same size bonus in 2022 lost from inflation.

Retirement saving for women can be difficult because of pay gaps and time out of the workforce. Lynnette Khalfani-Cox says women should start saving early; automate your savings to make it easy. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. "The way to combat this is to start saving as soon as you can." If you're using an employer-sponsored retirement account, your employer may have instructions on how to set up automatic transfers for yourself.

The average cost of a financed used car has risen significantly since the pandemic began. Even if the price of a used car comes back down, you might still get hit by high interest rates. Americans' cars are worth $313 billion more than 2020Many of the used vehicles on America's roads are worth considerably more now than they were last year. That means that while many used cars likely haven't appreciated in value, newer cars have risen in value significantly. All the used cars that were financed last year are worth a collective $1.5 trillion — $313 billion more than they were worth in 2020.

Many Americans rely on their tax refund as a way to catch up on bills and other expenses. Inflation means that refunds have dropped in value, and refunds are expected to be much lower this year. Your 2022 tax refund will likely be a lot smaller than the tax refund you received in 2021. More than 129 million Americans received an average tax refund of $2,815 for their 2020 taxes. If Americans received refunds of $2,815, on average, in 2023, it would represent a $26.7 billion loss to inflation.

If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $93 billion. See Insider's picks for the best personal loans »Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $93 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Personal Info Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Income Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Dependents Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Deductions Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Get a jump on starting an emergency fund and earning extra income by having a financial plan. When you don't have an emergency fund, one job loss or medical issue could totally upend your life. This will take time and effort to accomplish, but the peace of mind and confidence that an emergency fund gives you will be well worth it. This can often lead to disaster when something breaks down and needs total replacement, which can lead to spending money you are not prepared to spend. When handling your money and thinking about the future, being proactive rather than reactive can save you money and help you be more financially secure.

Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience. It found most travelers who bought travel insurance were concerned about their travel provider or their health. About 11% said they always buy travel insurance out of habit, and just 5% said a friend had recommended it. Of those who responded to the survey, about 18% had purchased travel insurance and made a claim, while 24% had not made a claim on their coverage. As we continue to see travel delays and disruptions, travel insurance will become more important and will be viewed as a necessity and not just an expense.

But without a plan to combat it, debt can harm your credit score, financial stability and future financial prospects. Confront your debtThis may be overwhelming, but one thing about debt: You have to confront it to tackle it. There are two debt repayment strategies that can help you decide: the debt avalanche method and the debt snowball method. Debt avalanche methodWith the debt avalanche method, you focus on the debt with the highest interest rate first. Debt snowballWith the debt snowball method, you focus on the debt with the lowest balance first to build momentum.

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money. Here's what: Don't panic over holiday spendingThe holidays are such a fun time of year, but it goes without saying that they can come with a hefty cost. It's so easy to overspend and get off track with your budget and financial goals between dinners and parties, holiday planning and gift-giving. And even if you carefully laid out a holiday budget ahead of time, unexpected costs can add up quickly. The 18 best personal finance books for 2022Ready to get your finances on track in the new year?

☆ Personal finance expert and author of 'The True Cost of Happiness' explains how investing into her passion and dropping her 'money script' helped her to build a business and find financial independenc
▼ + stars: | 2022-12-20 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +7 min

Tisdale uncovered her "money script" to understand her behavior and change her relationship with money. Not only get it right in terms of everyday money management, but also setting ourselves up for financial success. Tisdale's journey culminated in a study on financial behavior or "money scripts." It wasn't until she got out of her own way that she found career and financial success, Tisdale concedes. Her company has partnered with numerous organizations and corporations teaching their workforce positive financial behavior and encouraging healthy relationships around money.

Try to avoid taking on new debt you don't need, like a house or car. Look critically at smaller expenses, too — there's no reason to keep paying for things you don't use. Although you typically need a job and financial security to buy a home, it does not make a purchase of this magnitude recession-proof. Excess groceriesA lot of consumers impulse buy at the grocery store, but during a recession when you need to control your spending, it's important to grocery shop with a plan. During a recession, it's important to pay attention to spending and be wary of making unnecessary and expensive purchases.

☆ A certified financial planner and author shares his 5 strategies to recession-proof your finances before a downturn hits
▼ + stars: | 2022-11-11 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +5 min

The time to make your finances more resilient is before the economic downturn starts. He shared with Insider his top strategies for protecting your finances before and during a financial downturn. With high inflation and increasing interest rates, it would be best to put off large expenditures that are not necessary. "Being in a position where you can respond effectively to emergencies or even a job loss makes you better prepared for an economic downturn." Prepare your finances before the economic downturn beginsTaking steps to prepare for the economic downturn before it happens will take away the stress and panic that can arise when experiencing a recession.

☆ A non-profit that's poured $19 billion into affordable housing development shares how investors can see stable returns with this 'impactful investment opportunity'
▼ + stars: | 2022-11-04 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +7 min

Despite the challenges in affordable housing development, Enterprise Community Partners has deployed $19 billion of housing equity into more than 2,600 developments, creating and preserving more than 184,000 affordable homes. The Columbia, Maryland-based non-profit continues to strive to show that affordable housing is an impactful investment. "Once the narrative is changed around affordable housing, it will be seen as the impactful investment opportunity that it is." "The Low-Income Housing Tax Credit is our most powerful tool for building and preserving affordable housing," Hoekman says. The Act seeks to expand and strengthen the Low-Income Housing Tax Credit by increasing housing credit allocations and maximizing affordable housing production and preservation.

☆ Developers aren't building enough affordable housing despite an unprecedented crisis. A top executive at $3.5 billion Nuveen explains the biggest hurdles, and how builders can tap into a steady source
▼ + stars: | 2022-10-26 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +7 min

So why aren't developers building more affordable housing? And more recently, the Biden Administration's 2023 budget includes a proposal for $25 billion for Grants for Affordable Housing Production. "Nuveen so far has $3.5 billion in assets under management and has 120 actual affordable housing properties across the country in 25 states," West says about the company's affordable housing portfolio. "Inflation has a direct, immediate effect on the cost of building affordable housing. Research shows that the shortage of affordable housing costs the American economy about $2 trillion a year in lower wages and productivity.

☆ A former banker quit his six-figure job to start a VC firm that funds underrepresented founders and minority entrepreneurs. He shares his top 5 guiding principles for success when evaluating a new inv
▼ + stars: | 2022-10-15 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +7 min

He founded Tings Capital, a venture capital firm dedicated to investing in underrepresented entreprenuers. A former banker quit his six-figure job to start a VC firm that funds underrepresented founders and minority entrepreneurs. Companies with strong management: Stable, responsible management is just one variable that will impact whether or not a company is profitable. Ng knows that he has a long way to go, diversity in venture capital remains elusive and minorities are still having a hard time gaining access to VC funding. He seeks to bridge the gap between the typical venture capital firm and those seeking funding.

☆ A risk management and securities expert says that there has been a proliferation of bad financial advice going viral across social media from so-called 'finfluencers.' He explains how to spot it and s
▼ + stars: | 2022-10-13 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +8 min

Securities expert Tony Dong discusses common bad advice and misinformation being spread on social media. More often than not, Dong says, the financial advice is being given by a social media influencer without any financial training. Dong has shared a few examples of bad financial advice and how to spot the good finfluencers from the bad. However, some of the financial advice seen on social media could be misleading at best, or even outright false, at worst. And this is especially the case when the financial advice is on social media — it's even more important to verify that the advice is accurate.

☆ 'We get paid less and we live longer': 2 personal finance experts discuss why it's crucial for women to focus on building wealth and share their top strategies for investing and maintaining financial
▼ + stars: | 2022-09-28 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +8 min

Retirement saving for women can be difficult because of pay gaps and time out of the workforce. "It's vital that women understand what their specific challenges to saving and investing will be," Kaufman said to Insider. But it will definitely take more than telling women to just save more money or make more money. "We have to do more than save money in a 401k and a bank account," says Kaufman. Just working and saving money is not going to get you there," Tisdale says.

☆ Personal finance expert and 'Financial Grownups' podcast host Bobbi Rebell shares her top personal finance books for money security and preparing for retirement
▼ + stars: | 2022-09-24 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +6 min

Rebell, who has previously worked in various reporter roles, specializes in personal finance topics. "I was always fascinated with money — but from a personal finance perspective — so I took the leap to get into financial journalism," Rebell tells Insider. "I found that all of the financial news coverage focused on the economy and the stock market, but I knew there was a place for personal finance," Rebell says. "I was offered the opportunity to write a personal finance column and it really resonated with readers." Here are her four favorite personal finance books that will help you become a smarter investor.

☆ With mortgage rates above 6% for the first time since the Great Recession, we had a personal finance expert break down the 4 best ways to lock in the lowest rate possible
▼ + stars: | 2022-09-20 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +4 min

Detailed below are four ways you can ensure you're getting the lowest possible rate right now. If you're looking to apply for a mortgage in such an environment, it's as important as ever to make sure you're getting quoted the lowest possible rate. Get all of your quotes together and take a thorough look, this includes closing costs, fees and points and make sure that you get the best deal possible," McBride states. You do not want to have any large outstanding balances that may conflict with a new mortgage payment," McBride says. It's important to show that your income can handle adding this mortgage loan to your financial picture.

☆ After an unexpected job loss, personal finance expert Jean Chatzky explains the steps she took when she started her business and what that success means to her
▼ + stars: | 2022-09-17 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +10 min

Jean Chatzky built her thriving business after an unexpected job loss. When starting your business make sure your idea has business legs, Chatzky says. Before Jean Chatzky wrote over half a dozen books on personal finance and money management, she was a financial columnist at Money magazine. I decided right then that instead of working for someone else again, I would start my business," Chatzky explained. Chatzky always tells business owners that it's important to continue to manage your own money while growing your business.

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