I always assumed that you could not discharge student loans through bankruptcy, but apparantly you can . . . under certain circumstances.

This article from the New York Times outlines how this is possible, and how more former students are starting to have success in wiping out their student debt.

The article highlights a significant shift in the landscape of student loan debt relief through bankruptcy. Historically, student loans have been notoriously difficult to discharge in bankruptcy, often requiring borrowers to prove “undue hardship” via a separate, costly adversary proceeding. This led to a widespread perception that discharge was nearly impossible, deterring most borrowers from even attempting it.

A recent study by Jason Iuliano, a professor at the University of Utah’s S.J. Quinney College of Law, reveals a marked improvement. Analyzing approximately 650 cases filed between mid-October 2022 and mid-November 2023, Iuliano found that borrowers now succeed in discharging most or all of their student loans 87% of the time—up from 61% in 2017 and more than double the rate from nearly two decades ago. Published in The American Bankruptcy Law Journal, the research attributes this surge primarily to a streamlined process introduced in November 2022 by the Justice and Education Departments under the Biden administration.

The new guidelines provide clearer criteria for “undue hardship” and allow borrowers to submit evidence via a simplified 15-page attestation form. This reduces the adversarial nature of proceedings, as the government often recommends discharge if the form demonstrates hardship—such as expenses exceeding income, age over 65, or loans in repayment for at least 10 years. Judges typically approve these recommendations, making the process less burdensome.

There’s no guarantee with this process, and who knows what the Trump administration will do here. They seem to enjoy screwing over consumers. But the potential for relief is real.

Still, very few people are taking advnatage of this, though the numbers are rising. Iuliano estimates that 99% of eligible bankruptcy filers do not pursue student loan discharge, often due to lingering myths or uninformed legal advice. However, filings are rising: 1,693 adversary proceedings were initiated in 2025, a 12% increase from 2024 and 92% higher than 2023, per data from legal services firm Stretto. Typical successful borrowers are middle-aged (average 47), predominantly women, owing around $115,000, with monthly expenses outpacing income.

Hopefully, more people will take advantage of this and start to close the “student loan bankruptcy gap.”

You finally get that raise, land a better job, or pay off a loan—congratulations! Naturally, you upgrade your phone, eat out more, or book a nicer vacation. It feels earned. But this subtle shift, known as lifestyle creep, is the #1 reason most people never build real wealth, even on higher incomes.

What is Lifestyle Creep?

It’s when your spending rises in lockstep with your income. A $5,000 raise doesn’t go to savings or investments—it funds a $500/month car payment, premium streaming bundles, or daily $6 lattes. Over time, you’re living paycheck to paycheck at a higher level, with nothing to show for the extra money.

Many of us can enjoy a nice, expensive spa, like the woman in the photo above. But if these types of expenses become a habit as you make more money, then you never get ahead. Raises should lead to more savings, not necessarily more spending.

How to Spot It in Your Life

Ask yourself:

• Did my rent, car, or subscriptions jump after my last raise?
• Do I need this, or just want it because I can “afford” it now?
• Would I still buy this if I were paid the same as last year?

Break the Cycle: 3 Simple Rules

• The 50% Rule — Put at least half of every raise or bonus into savings/investments before you spend a dime.
• Delay the Upgrade — Wait 30 days before buying anything over $100. Most urges fade.
• Automate Wealth First — Set up auto-transfers to retirement, emergency fund, or brokerage the day you get paid. Treat savings like a bill.

Final Thought

Wealth isn’t about earning more—it’s about keeping more. Beat lifestyle creep by living like your old self after every raise. Your future bank account will thank you.

In an era of rising living costs and economic uncertainty, buying secondhand has emerged as a savvy strategy for managing personal finances. From clothing to furniture to electronics, purchasing pre-owned goods offers substantial savings, reduces waste, and aligns with the growing emphasis on frugality among financially conscious consumers. As inflation pressures budgets in 2025, secondhand shopping is not just a trend but a practical approach to stretching dollars while maintaining quality of life. Here’s why embracing the secondhand market can bolster your financial health and how to make it work for you.

Saving Money Without Sacrificing Quality

The most compelling reason to buy secondhand is the immediate cost savings. Pre-owned items often cost 50 to 80 percent less than their brand-new counterparts, allowing you to redirect funds to savings, investments, or debt repayment. For instance, a gently used designer jacket retailing for $500 might be found at a thrift store or online marketplace for $50 to $100. Furniture, a major household expense, sees even steeper discounts: a $2,000 dining table can often be acquired for $200 to $500 on platforms like Facebook Marketplace or Craigslist. According to a 2025 ThredUp report, the average American household could save $1,000 annually by prioritizing secondhand clothing and home goods.

Quality need not be compromised. Many secondhand items, especially vintage furniture or high-end electronics, are built to last, unlike some modern, mass-produced goods. By shopping selectively— inspecting for wear and researching brands— you can secure durable products at a fraction of the cost, maximizing value and extending your budget.

Reducing Financial Waste and Building Wealth

Buying secondhand aligns with frugal principles by minimizing wasteful spending. New items, particularly vehicles and electronics, depreciate rapidly— a new car loses 20 to 30 percent of its value in the first year, per Kelley Blue Book. Opting for a certified pre-owned vehicle or a refurbished smartphone can save thousands while delivering comparable performance. For example, a two-year-old laptop from a reputable refurbisher like Apple or Dell might cost 40 percent less than a new model, with warranties ensuring reliability.

These savings compound over time, freeing up cash for high-yield savings accounts, retirement contributions, or paying down high-interest credit card debt. A $500 monthly saving from secondhand purchases, invested at a 7 percent annual return, could grow to over $100,000 in 20 years, illustrating the long-term wealth-building potential of frugality.

Navigating the Secondhand Market Effectively

To maximize savings, approach secondhand shopping strategically. Start with local thrift stores, consignment shops, and estate sales, where prices are often lower than retail markups. Online platforms like eBay, Poshmark, and Mercari offer vast inventories, but compare seller ratings and return policies to avoid pitfalls. For big-ticket items like appliances, check certified refurbishment programs from manufacturers or retailers like Best Buy, which include warranties for peace of mind.

Timing matters. Shop during off-peak seasons— for example, winter clothing in summer— to snag deeper discounts. Bargaining is also key; many sellers on local marketplaces expect negotiation, potentially shaving 10 to 20 percent off listed prices. Before buying, research fair market values using tools like eBay’s sold listings or Kelley Blue Book for vehicles to ensure you’re getting a true deal.

Avoiding Common Pitfalls

While secondhand shopping is cost-effective, it requires diligence. Inspect items thoroughly for damage or defects, especially electronics, which may have hidden issues. Avoid impulse purchases; a cheap item is no bargain if it goes unused. Factor in additional costs, such as repairs or shipping, which can erode savings. For instance, a $300 used couch requiring $200 in reupholstering may not beat a new option on sale. Finally, verify authenticity for high-value items like designer goods to avoid counterfeits, using authentication services if needed.

Integrating Secondhand Buying into Your Financial Plan

To make secondhand shopping a cornerstone of frugality, incorporate it into your budgeting strategy. Allocate a portion of your discretionary spending to secondhand purchases, targeting categories with the highest savings potential, such as clothing (70 percent average discount) or furniture (60 percent). Track savings using budgeting apps like YNAB to quantify the impact on your financial goals. For example, redirecting $200 monthly from secondhand savings to an emergency fund could build a $2,400 safety net in a year.

Consider the broader financial benefits. Buying secondhand reduces consumption of new goods, potentially lowering your environmental footprint— a selling point for socially conscious investors. It also fosters a mindset of intentional spending, discouraging debt-fueled consumerism. If you’re new to secondhand shopping, start small with items like books or kitchenware to build confidence before tackling larger purchases like vehicles or appliances.

A Frugal Future Through Secondhand Choices

Buying secondhand is a powerful tool for financial empowerment, offering immediate savings and long-term wealth-building opportunities. By shopping strategically, prioritizing quality, and avoiding pitfalls, you can stretch your budget without sacrificing lifestyle. In a world of rising costs, this approach not only protects your wallet but also promotes a mindful relationship with money. Whether you’re thrift-store hunting or browsing online marketplaces, secondhand shopping is a practical step toward financial freedom and a more frugal life.

For homeowners, a roof repair or replacement represents one of the most significant investments in maintaining property value and structural integrity. With costs ranging from a few thousand dollars for minor repairs to tens of thousands for a full replacement, understanding the components of a roofing quotation is critical to making informed financial decisions. Missteps can erode your savings or lead to unexpected expenses, while a well-evaluated quote ensures your home remains a sound asset. Here’s a clear breakdown of how to interpret roofing estimates and protect your personal finances.

Decoding the Cost Breakdown

A roofing quotation is more than a bottom-line figure; it’s a roadmap of expenses that demands scrutiny. Labor typically accounts for 40 to 50 percent of the total, reflecting the skilled work of removing old materials, installing new ones, and ensuring proper sealing. Materials, such as asphalt shingles, metal, or tiles, vary widely in price. Basic asphalt shingles might cost $100 per square (100 square feet), while premium options like slate can exceed $600 per square. Additional charges often include permits, which can range from $200 to $500 depending on local regulations, and disposal fees for old roofing materials.

To avoid surprises, verify that the quote includes all potential costs. Some contractors bundle expenses like cleanup or temporary weatherproofing, while others list them separately, which can inflate the final bill if overlooked. Request itemized estimates to compare labor, materials, and ancillary fees across multiple bids. This transparency helps you assess whether the quoted price aligns with market rates, which in 2025 average $8,000 to $20,000 for a full replacement on a standard 2,000-square-foot home, according to industry data.

Evaluating Materials and Their Financial Impact

The choice of roofing material directly affects both upfront costs and long-term savings. Asphalt shingles, the most common option, are budget-friendly but may last only 15 to 20 years. Metal roofs, costing 20 to 50 percent more, offer durability up to 50 years and can reduce energy bills through better insulation. Tiles, while aesthetically appealing, carry higher installation costs and may require structural reinforcement, adding to expenses. Consider your home’s climate and your financial timeline: If you plan to stay long-term, investing in durable materials can lower future maintenance costs and enhance resale value.

Energy-efficient roofing options, such as reflective coatings or solar-integrated shingles, can yield additional savings. These may qualify for federal tax credits or local utility rebates, offsetting initial costs. For instance, the 2025 Investment Tax Credit offers up to 30 percent for qualifying solar roofing systems. Weigh these benefits against your budget and homeownership goals to ensure the material choice aligns with your financial strategy.

Assessing Contractor Credentials and Warranties

A roofing quote is only as reliable as the contractor behind it. Verify licensure and insurance to avoid liability for workplace accidents, which could cost thousands in legal fees. Check references and online reviews to gauge reliability, as a low bid from an unproven contractor may lead to shoddy work and costly repairs. Industry standards suggest obtaining at least three quotes to benchmark pricing and scope.

Warranties are another critical financial consideration. Material warranties, often 20 to 50 years, protect against defects, while workmanship warranties, typically one to five years, cover installation errors. A longer workmanship warranty signals confidence in the contractor’s quality, reducing your risk of out-of-pocket expenses for future fixes. Ensure the quote specifies warranty terms and transferability, which can boost your home’s marketability if you sell.

Hidden Costs and Contingency Planning

Unforeseen issues, such as structural damage or outdated decking, can inflate costs mid-project. A reputable contractor will include a contingency allowance—typically 10 to 20 percent of the total quote—to cover such surprises. If not explicitly stated, ask about potential add-ons to avoid budget overruns. For example, replacing rotted underlayment might add $1,000 or more to the project.

Financing options can also impact your financial planning. Many contractors offer payment plans, but interest rates vary. Alternatively, a home equity loan or line of credit may provide lower rates, leveraging your property’s value to fund the project. Compare terms carefully to minimize interest costs, and factor in how payments fit into your monthly budget alongside other obligations like mortgage or retirement contributions.

Making a Financially Sound Decision

To maximize value, approach roofing quotes as you would any major investment. Cross-reference bids to ensure competitive pricing and comprehensive scope. Prioritize contractors with strong reputations and clear warranty terms to safeguard your investment. If budget constraints are a concern, consider phased repairs for minor issues rather than a full replacement, but confirm with a professional that this won’t compromise structural integrity.

Ultimately, a well-chosen roofing project protects your home’s value while minimizing financial strain. By understanding the quote’s components—labor, materials, warranties, and hidden costs—you can make a decision that balances immediate affordability with long-term savings. Consult with a trusted contractor and, if needed, a financial advisor to align the project with your broader personal finance goals.

As a homeowner, keeping costs down is a top priority, and energy efficiency is one of the smartest ways to save money. From slashing utility bills to boosting your home’s value, energy-efficient upgrades offer immediate and long-term financial rewards. Here’s why making your home energy-efficient should be at the top of your to-do list and how to get started without breaking the bank.

Lower Utility Bills for Instant Savings

Energy-efficient homes use less electricity, gas, and water, directly reducing your monthly bills. Simple upgrades like switching to LED bulbs can save you up to $75 per year per bulb compared to incandescent lighting, according to the U.S. Department of Energy. Adding insulation or sealing drafts can cut heating and cooling costs by 15-20%, potentially saving hundreds annually depending on your home’s size and location. For example, a homeowner in a colder state like Minnesota could save more on heating, while those in warmer areas like Florida benefit from reduced air conditioning costs. Every dollar saved on utilities goes straight to your pocket.

Increase Your Home’s Value

Energy-efficient features make your home more attractive to buyers, boosting its resale value. In 2025, homes with energy-efficient upgrades like solar panels, high-efficiency HVAC systems, or ENERGY STAR-certified appliances often sell for 2-4% more than comparable homes, according to real estate data. For a $300,000 home, that’s an extra $6,000-$12,000 in your pocket. Plus, energy-efficient homes spend less time on the market, saving you carrying costs like mortgage payments and property taxes during the sale process.

Access Tax Credits and Rebates

The U.S. government and local utilities offer financial incentives to offset the cost of energy-efficient upgrades. The federal Investment Tax Credit (ITC) provides a 30% tax credit for solar panel installations in 2025, potentially saving thousands on upfront costs. Many states and utility companies also offer rebates for energy-efficient appliances, insulation, or smart thermostats—some up to $500 per upgrade. These incentives reduce the initial investment, making energy efficiency a budget-friendly choice.

Reduce Maintenance and Replacement Costs

Energy-efficient systems and appliances are often built to last, saving you money on repairs and replacements. For instance, modern heat pumps or high-efficiency water heaters require less maintenance than older models and come with longer warranties. LED lighting lasts up to 25 times longer than traditional bulbs, meaning fewer trips to the store. By investing in durable, efficient systems, you avoid costly breakdowns and keep more money in your savings.

Protect Against Rising Energy Costs

Energy prices are unpredictable, but an energy-efficient home shields you from rate hikes. By reducing your overall energy consumption, you’re less affected when electricity or gas prices rise. For example, a home with solar panels generates its own power, locking in savings even as utility rates climb. Smart thermostats and energy-efficient windows further stabilize your bills by optimizing energy use, giving you predictable costs year-round.

How to Start Saving with Energy Efficiency

You don’t need a big budget to start saving. Begin with low-cost upgrades:

Switch to LEDs: Replace incandescent bulbs to save $50-$100 annually on lighting.

Seal drafts: Use weatherstripping or caulk around windows and doors for under $20 to cut heating/cooling losses.

Install a smart thermostat: Spend $100-$250 upfront to save 10-15% on heating and cooling bills yearly.

Check for rebates: Visit your utility’s website or dsireusa.org to find local incentives for appliances or insulation.

For bigger savings, consider high-impact upgrades like insulation, energy-efficient windows, or solar panels. While these have higher upfront costs, tax credits and long-term savings often make them pay for themselves within a few years. Consult a professional to assess your home’s needs and prioritize upgrades that deliver the most savings for your budget.

The Bottom Line

Energy efficiency is a homeowner’s secret weapon for saving money. From cutting utility bills and maintenance costs to boosting property value and securing tax breaks, the financial benefits are clear. Start with small, affordable changes and work toward larger upgrades to maximize your savings. By prioritizing energy efficiency, you’re not just improving your home—you’re building a more affordable future.

Buying a used car can help you save a lot of money without sacrificing quality. To get the most out of your purchase, however, you will need to consider a few precautions that can help you differentiate a good deal from a bad buy.

Research the Make and Model

Some cars have reputations for dying at a young age. Others seem to keep going forever. Do some research to help you find a make and model that has a good reputation. That way, you can get the most for your money. You should also check the vehicle’s safety ratings. A cheap used car with poor safety ratings isn’t necessarily a good deal.

Get the Car’s History

Ask the seller to give you the car’s vehicle identification number (VIN). This number will help you research the car’s history. Services like CarFax and AutoCheck can provide detailed histories of many vehicles at a small price. In addition to getting information about accidents that the vehicle has been in, you can also learn whether any banks have liens on the car. If so, you should not purchase the vehicle.

Ask the Seller for Receipts and Invoices

Even reliable vehicles need servicing. Regular maintenance helps ensure that the car will have a long life. Ask the seller to give you receipts and invoices showing that the car has received regular maintenance. This can include receipts for oil changes, replacing the serpentine belt or repairing body damage. Receipts and invoices also help prove that the seller owns the car. You don’t want to unintentionally buy a stolen vehicle.

Compare Your Insurance Options

Insurance companies usually charge cheaper rates for older cars. That means you can continue to save money long after you have bought your car. There are, however, several types of auto insurance that you might need to consider before buying a used car. Do you need full or minimum coverage? Do you need any additional policy options that meet your driving needs?

Consider that some cars have higher insurance costs than others. If you want cheap insurance rates, then ask your policy provider to give you quotes for cars before you buy them. That way, you know what to expect when your first insurance bill arrives.
These four considerations should help you gather the facts you need to choose a reliable, affordable used car. What other facts have you found useful when purchasing used vehicles from dealerships or independent sellers?

Potential Curveballs

Life throws plenty of curveballs at unsuspecting individuals, and overcoming these can be difficult. Some are small, while others are life shattering and may require outside help to overcome the emotional trauma related to encountering such an experience.

Job loss
Those who have encountered this may feel unable to pay their bills and make ends meet. This is an extremely stressful experience; some might feel like they will never find another job they love.

Divorce
This is always a very difficult time for couples, and is becoming more common as the divorce rate continues to climb. Individuals going through the divorce process might suffer through feelings of depression, loneliness, and fear of the unknown. 

Death
Just about everyone will experience the loss of a family member, friend, or loved one. Thoughts of missing the person and memories can be very difficult to deal with, and often will trigger a lot of emotion.

Unexpected illness or medical issue
This can be overwhelming and very expensive, especially for those who have no health insurance coverage to help soften the blow.

Coping Methods

When facing a problem such as one of these, there are several good ways to cope with the stress and fear. Expressing feelings through some sort of outlet, such as crying, laughing, or even just talking it out with another person, can often result in a feeling of release. Caring for and serving another can also be a great way to get outside of the mind and give to someone else who may be in need. Exercise is one of the top stress-relievers, since it produces endorphins, which help to increase feelings of self-worth and positivity. 

Getting Cash Quickly

Those who are struggling with a financial hardship can also get cash quickly with Plain Green Loans, which offers a lump sum to applicants who qualify. This option can eliminate many of the fears of getting bills paid on time, and customers can feel at ease when choosing a payment plan to repay the money. 

Dodge or Hit

In baseball, a curveball results in two options: dodge or hit. Those who dodge may ignore or avoid the problem, pretending as if it’s not happening and burying themselves in other things. Those who choose to try to hit the curveball are facing the issue head on and figuring out ways to cope with the stress. Are there any other positive ways to deal with stressful situations?