Ep. 438: Three Smart Money Moves to End 2021 & Start 2022

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, a bonanza of Dunns! Damian is back, Pete’s here, and they bring on the most special guest co-host, Pete’s very own son: Theo “Ted” Dunn!

No time to listen to the LAST SHOW OF 2021?  Here’s a preview of what happened and when:

Show Notes:

SPECIAL NEWS ALERT: FEDERAL STUDENT LOANS PAUSE EXTENSION: [5:55]

  • On December 12, 2021, President Biden extended the pause on federal student loans until May 1, 2022. Payments had been set to restart on February 1, 2022.

    Approximately 41 million individuals had their loans put into administrative forbearance as part of the CARES Act nearly 2 years ago effectively removing the requirement that they make monthly payments to the government. The deadline has been extended by both Presidents Trump and Biden.

    Borrowers will continue to have the option of not making any student loan payments due on their federal student loans, though they can resume making payments at any time. Any payments made during this pause will be applied against the principal of the loan as interest has been paused during this time, as well.

    • PETE: I am surprised, but not shocked.
    • DAMIAN: People are appreciative, but upset about this news. The conversation was previously about forgiving (some) of the Student Loan debt.
    • PETE: The perfect time to restart this, politics aside, is actually now.
    • DAMIAN: There may be a tax return coming in around that time, to possibly help ease the transition back into payments.

 

THREE SMART MONEY MOVES: [22:30]

  • Let’s begin with Employee Benefits. Instead of waiting until open enrollment, get into your portal and ask yourself the critical question: “Am I okay with this current path?”
    • DAMIAN: Maybe it’s looking at any new changes to the benefits from over the year(s). Minor changes to health plans, or retirement accounts, are all to be considered.
    • PETE: Ah, the annual rebalance. This is a good time of year to take a look at what’s happening across the entire financial landscape of your life.
    • DAMIAN: Look to see if there is an automatic rebalance option.
    • Second money move: Conduct a household financial meeting
    • DAMIAN: Use this time (even 30 minutes) to do a household finance S.W.O.T analysis and set some financial goals for the new year
    • Third money move: Look at your checking account more critically.
    • How could you improve the flow of your money? What patterns do you see?
    • DAMIAN: We’re not talking about huge changes, but remember that small changes can lead to big differences over time.

 

We only show a few previews here, but don’t stop you from enjoying the whole show.

Click the PLAY button below for the rest of the show!

 

 

FINAL SIDE NOTE OF 2021:

— Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

 

Leave a Reply

Your email address will not be published.