The Scholardays are my favorite time of year

December 16, 2020 // ISSUE #73

Hi y’all —

'Twas the week before Christmas, when all through the email
Not a creature was stirring, not even a snail.
The stockings were hung by the chimney with care,
In hopes that the Dollar Scholar soon would be there.

The readers were nestled all snug in their beds;
While visions of APYs danced in their heads.
When in the inbox there arose such a clatter,
Subscribers sprang to their phones to see what was the matter.

When what to their wondering eyes did appear,
But a newsletter of money tips made crystal-clear.
With a little old writer short but growing taller,
They knew in a moment she must be the Scholar.

She was funny and smart, a right jolly reporter,
And they laughed at her puns, because they support her;
A wink of her eye and a twist of her head
Soon gave them to know there was financial advice to be read…

Happy holidays — or, as I prefer to call them, Scholardays.

It’s been a looong year, but we’ve learned a lot. We found out the optimal Venmo response time, how to avoid accidentally insider trading and what makes payday loans sketchy. We investigated why credit union members are so enthusiastic, what makes Afterpay risky and how to roll over a 401(k). We talked about how cool my checks are, whether to bring up salary on a first date and, of course, Baby Yoda.

OK, enough of my chatter... for this issue, I’m featuring some of the best tips readers like you have sent in over the past couple of months. Here we go!

On coins: “Because I sometimes still prefer to use cash over plastic, I save all of my change throughout the year, pour it into a change machine (found in grocery stores) in December, and use the savings for Christmas gifts in December.” — Scholar Chianti

On saving: “Save everything you can, and make it automatic.” — Scholar Roy

On paying for fun stuff: “When you receive your tax return, put the amount you anticipate spending for Christmas (or vacation) in savings and leave it there until it’s time to shop. You will never have to worry about how you are going to pay for it again!” — Scholar Jamie

On brownies: “I use Pillsbury fudge brownie mix, but instead of water, I put in 1/3 cup of Bailey's, and put in about half a bag of Heath bar chips (about half to 2/3 cup).” — Scholar Jeanette

On getting paid: “[I] have my paycheck automatically deposited into my savings account instead of my checking account. When I pay a bill, I transfer the exact amount of it.” — Scholar Shannon

On raises: “One way we found made it easier to save was to take it out before we could get used to it. Any time we got a pay raise we would take the first check and ‘blow’ the increase as a reward for earning it. But that first check told us how much we would actually net from the raise, and we would then increase our 401(k) deduction or IRA automatic deposit.” — Scholar Lynn

On car shopping: “You should only buy as much car as you can afford in cash. Car payments (and leases) are very expensive. Just say no to vehicle leasing!” — Scholar Gary

On getting audited: “Keep ‘contemporaneous’ records, which is accountant speak for ‘document what you have done.’ If you are questioned about a large donation and are able to quickly provide the documentation, you will be fine. The time to create records and support is not after the letter arrives.” — Scholar Garey

On houses: “In addition to a down payment, homebuyers are also looking at closing costs (wow, those could be expensive), buying necessary items to manage a house (a lawnmower and a washer/dryer are essential) and moving expenses, there are a ton of costs. So yes, start saving as early as possible!” — Scholar Maggie

On banking: “Treat banks like they are shopping-for-fun stores. Make deposits at different banks as if you're shopping. It's a way of tricking yourself into saving money, and you make friends of bankers along the way.” — Scholar Miranda

On 401(k)s: “Always figure out the fees that you're being charged and choose appropriately. A 1% difference is HUGE by the time you retire.” — Scholar Linda

On preventing fraud: “Make sure you have alerts on every single card, debit or credit, that you own. If I get charged a dollar I know about it in real time.” — Scholar Bill

On Gilmore Girls: “'Tis the season for a cozy show and a blanket. Definitely Team Jess.” — Scholar Katie

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RECEIPT OF THE WEEK

check out this crazy celebrity purchase

via Instagram

Basketball player James Harden recently gave rapper Lil Baby a duffel bag for his birthday — a Prada one, full of honey buns, a watch and a cool $100,000 in cash. So if you’re curious whether Harden is a close friend to Lil Baby, the answer is “yes, indeed.”

INTERNET GOLD

five things I'm loving online right now

1	As someone who wears leggings every day, I loved this story from the Washington Post about how the U.S. is having a pajama moment right now. “Clothing websites are big on ‘cozy’ and ‘comfort,’” one analyst said. “It’s all about warmth and togetherness.” Perfect.
2	Saguaros are blooming out of season in Arizona, which is both strange and beautiful. Someone call Archie Brubaker.
3	Every track on Taylor Swift’s Evermore is amazing in its own way, but I have a particular affinity for “no body, no crime.” People calling it the new “Goodbye Earl” are so right — and HAIM’s tweets about the song are so clever. Hell hath no fury like a girl group scorned.
4	My new favorite subreddit is /r/HobbyDrama, where people shamelessly dish on what’s happening in their super-niche communities. Among recent top posts are a dissection of why Supernatural fans are so mad about a relationship in the finale, an investigation of the Animal Crossing black market, an exposure of a Michigan dentist who falsely claimed to be a champion marathoner, and a scandal over worms being named the most overhyped animal. Positively juicy.
5	May I have your attention, please? Today is Shrimp Day for Dumpling.

401(K)ITTY CONTRIBUTION

send me cute pictures of your pets, please

via Lisa Edwards

Meet MooMoo, a cat who is extremely tired of 2020. (Me too, MooMoo.)

...She spoke many words, about money and Jonas,
And filled all the stockings; topped them off with a bonus,
And laying her finger aside of her nose,
And giving a nod, up the tax brackets she rose.

More rapid than spam her coursers they came,
And she whistled, and shouted, and called them by name:
"Now, intro! Now, Bottom Line! Now, GIF and Receipt!
On, Internet Gold! On, pet pic! On, P.S. and funny tweet!
To the top of the issue! to the top of the wall!
Now dash away! Dash away! Dash away, all!"

She sprang to her keyboard, to her team gave a whistle,
And away the emails flew like the down of a thistle.
But I heard her exclaim, pockets stuffed with saved dollars —
“Happy holidays to all, and to all, send me hollas!”

Julia

P.S. I’m taking some time off for the holidays, but you can always reach me at julia.glum@money.com or @SuperJulia on Twitter. Stay safe!

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The Scholardays are my favorite time of year

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