“As Montanans face more economic challenges due to inflation, it can weigh heavily on our most vulnerable populations, including senior citizens,” Cheryl Cohen, division administrator for the housing division at the Montana Department of Commerce and executive director of the Montana Board of Housing, wrote in a recent op-ed.
“Housing costs are soaring across the nation, thanks in part due to a lack of supply keeping up with demand. While many Montana seniors own their own homes and have little or no remaining mortgage debt, they struggle to make ends meet on fixed incomes.”
This is where the RAM program can come into play. Cohen describes the program as overseeing “low-interest rate loans [which] allow senior homeowners to benefit from an additional income source from their home equity while offering the financial flexibility they need to continue living at home.”
Differences with HECM
HousingWire’s Reverse Mortgage Daily (RMD) submitted questions to Montana’s Department of Commerce about the RAM program and received responses from a spokesperson.
In terms of how the RAM program aims to solve issues that a Home Equity Conversion Mortgage (HECM) might not address, the department said that many of the goals are the same but that the RAM program may come with more flexibility on qualifications.
“The Montana Board of Housing’s RAM program provides interest rates that are competitive or lower with requirements that are simple and easy to understand,” the spokesperson said. “Board staff and participating counselors work closely with the borrowers helping to set up the reverse mortgage with closing costs often several hundreds to thousands of dollars less than similar programs.”
These closing costs are limited to the “actual charges from the appraisals and title companies with no administrative costs added by the Board,” and the administration of the reverse mortgage itself is handled by state housing staff “who can easily be personally contacted for any questions or assistance. The Montana Board of Housing is administratively attached to the Montana Department of Commerce,” the spokesperson said.
Additionally, Cohen explained in her op-ed the different types of proceeds available for RAM borrowers.
“The RAM program helps senior Montana homeowners with monthly payments back to them to manage everyday expenses while living in their homes,” she said. “Eligible homeowners can borrow a minimum of $15,000 up to a maximum of $150,000. The maximum loan amount is determined based on 80 percent of the FHA-determined value of the home.
“Additionally, lump sum advances are available at loan closing, and up to $10,000 is available for payment of prior mortgages, liens and pledges or for accessibility improvements and other home repairs.”
Longer retirements
The loan values for the HECM program are generally larger depending on the age of the borrower and the value of the home, with the HECM limit in 2024 topping $1.1 million. The minimum qualifying age for a HECM is 62 years, while the minimum for the RAM program is 68. There’s a reason for this, the spokesperson said.
“With Montana’s elderly population growing and living longer, we find that even with an age limit of 68, many of our borrowers outlive the 10 years of payments allocated,” the spokesperson explained. “Providing loans to a younger population may add to financial issues as more participants outlive those payments.”
The program’s availability is also subject to the financial disbursements the state Legislature gives to the department itself. The origination process also has similarities to the HECM program, with some state-specific requirements.
“Applicants must go through trained RAM counselors from the non-profit sector before qualifying for our financing,” the spokesperson stated. “Once they’ve completed the session, housing staff work with the participant to determine needs and financing availability. Staff assist in obtaining an appraisal and in closing the loan and setting up payments. The Montana Board of Housing is the only entity to provide this service.”
Renewed communication efforts
As for why the state is interested in spreading more awareness about the RAM program now, the spokesperson cited the economic circumstances faced by the state’s seniors as a key reason.
“The board hopes to increase knowledge of this program for the elderly in Montana and offer this option to help with costs that surpass what can be paid by social security or other pension receipts,” they said. “Since the RAM proceeds don’t need to be paid back until the home is vacated, additional funds become available without incurring further debt. We hope those monthly payments provide peace of mind and assist in our RAM participants’ quality of life.”
That being said, the reputational issues faced by the wider reverse mortgage industry have also been faced by the RAM program, which may have depressed consumer demand, according to both Cohen and the department’s spokesperson.
“Reverse Annuity Mortgages scare some seniors because of scams that have taken place by some providers of such financing,” the spokesperson said. “For this reason, we require counseling and have staff available to speak directly with participants and their families about any issues they may have. Payments we can provide often cover costs of medications or shortfalls concerning income to help pay monthly expenses for food or utilities.”
The spokesperson also mentioned a borrower’s success story granted by the program.
“One borrower mentioned to staff that she was having to sell her furniture a piece at a time to help pay for her medication but was able to stop when she started receiving the RAM monthly payments,” they said.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn how moving could benefit you if you feel compelled to relocate due to safety concerns — and how to budget for a sudden move.
How do you financially and emotionally prepare for relocating due to safety concerns?
What are the financial impacts of such a forced move?
Hosts Sean Pyles and Alieza Durana discuss their experiences planning finances for relocations to help you understand the complex challenges faced by individuals seeking safer environments, particularly in the LGBTQ+ community.
Alieza begins by interviewing G Chesler, a non-binary trans person, about their move from Washington DC to Portland, Oregon, providing valuable insight into the necessity of finding a supportive community, navigating healthcare and identity respect, and the emotional relief of living in an affirming environment. Their conversation reveals the deep emotional impact of living in a state that does not recognize or respect one’s gender identity, the struggles with accessing appropriate healthcare and the powerful sense of belonging found in a more accepting community.
Then, Alieza speaks with Lindsey Young, founder of the LGBTQ+ focused financial planning and investment management services firm Quiet Wealth, about the financial aspects of relocating for safety. They discuss creating a relocation financial plan, managing the costs associated with a sudden move and the importance of building a supportive community in the new location. They also focus on how to minimize income loss, budget for moving expenses and strategically utilize debt. This episode addresses two pressing issues for the LGBTQ+ community: the urgency of relocating due to hostile environments and the strategies to mitigate the financial strain that accompanies such a move.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
There are lots of reasons you might choose to move. A new job, a desire to live in a different part of the country or world. But for some people it doesn’t feel like a choice. They’re moving because their states, their neighbors have made them feel unwelcome and even unsafe.
Today we’re looking at the financial ramifications of moving, because as a member of the LGBTQ+ community, sometimes it’s not an option to stay put. Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.
Alieza Durana:
And I’m Alieza Durana.
Sean Pyles:
Alieza, welcome to the host chair here at Smart Money.
Alieza Durana:
Thanks so much, Sean. Glad to be here.
Sean Pyles:
Well, today addressing a difficult decision that some members of the LGBTQ+ community have to face: whether to move to another state because of laws that are unfriendly or even hostile to them. This decision can cause a lot of financial upheaval while they search for safety. Alieza, you came to us a while ago with the idea for this episode. Can you share with us a bit about why?
Alieza Durana:
Absolutely, Sean. This is a personal decision my family is facing in Utah. In January, we had a sober conversation with close friends about the safety of our queer Latina family in our current political climate. G, who you’ll meet shortly, offered us their home in Portland if we ever needed to make a quick exit from the state.
Sean Pyles:
Well, Alieza, I’m really sorry to hear that you and your family are facing such a difficult decision in the place that you’ve called home. And unfortunately we know that your situation isn’t unique in today’s political climate.
Alieza Durana:
And Sean, there are statistics to back up the needs some LGBTQ+ people have to move. In just the last two years, the number of states banning gender-affirming care has jumped from four to 25. That’s half of US states. Two thirds of states have laws that use a person’s HIV positive status to penalize certain activities.
And a 2024 Washington Post analysis of FBI crime data showed quadrupling hate crimes in K-12 schools in response to restrictive laws. My wife and I now have a child whose safety at school is at the top of our minds. A survey back in 2017 by NPR and the Robert Wood Johnson Foundation found that threats, harassment and violence were reported as a part of everyday life by more than half the LGBTQ+ community. So the idea that many in our community feel they have no choice but to move isn’t surprising.
Sean Pyles:
It’s certainly not. All right, well we want to hear what you think too, listeners, to share your stories and ideas with us, leave us a voicemail or text the Nerd hotline at (901) 730-6373. That’s (901)-1730 N-E-R-D, or email a voice memo to [email protected]. So Alieza, where do we start today?
Alieza Durana:
To set the scene, we’re speaking to a dear friend of mine who did exactly this. They moved away from a place where they felt unwelcome. I met G Chesler at a yoga retreat in Shenandoah, Virginia. We quickly realized we were neighbors in Washington DC and had been attending the same concerts and movie theaters for years.
G uses they/them pronouns and is a filmmaker and professor. We happily fell into a friendship, which became especially important to me as I came out to my family and got married to my wife, Haley. My family, unfortunately couldn’t handle it and coming out resulted in an estrangement from certain members of my family of origin.
Around that same time, G began their own transition and came out as non-binary. Unfortunately, they also faced cruelty and rejection from their family of origin. As hard as that was, our friendship helped me get through that difficult time. In March of 2020, my wife and I moved from my hometown of Washington DC, to her home state of Utah, to be closer to her family who generously welcomed our love.
So as unusual as it may sound, my adopted family in Utah absolutely provided us a refuge and support away from my father’s bigotry and cruelty to start over. Not long after, G and their partner moved from DC to Portland, Oregon. We’ll hear about that decision in our conversation to come. G, so glad to have you here on Smart Money.
G Chesler:
Oh, thanks Alieza for welcoming me to the program.
Alieza Durana:
Could you tell us a little bit about what inspired your recent move?
G Chesler:
Yeah, sure. I mean, it’s long and complicated. It intersects with disability and gender and the Covid pandemic. In short, I have a position that allows me to work remotely because I am disabled and I was working remotely from Washington DC to my university in Virginia. And it was Covid times. DC was a city that was impacted in so many different ways, particularly overlapping with the administration.
I had transitioned gender publicly and I had asked my employer in Virginia to change my pronouns in my records because whenever I go to the doctor or deal with my retirement accounts, I was having a lot of difficulty because my gender was reflecting my gender assigned at birth. And in my personal life, I was just having trouble navigating spaces.
I just felt like as a trans person with a trans partner, I would be better served living in an environment where my gender was understood, where I could have healthcare providers understand my pronouns and not question them. And we started thinking together about where that might be.
Alieza Durana:
Wow, it sounds so incredibly difficult, the things that we take for granted of being recognized and affirmed and being able to access services that had become so challenging and scary in some ways for you, especially crossing those borders between DC and Virginia and the benefits and protections that they offered you or didn’t.
Are there any other specific events that prompted you to say, I need to move to another state? Is there anything else about your experience living in Washington DC as a trans person that was really significant for you?
G Chesler:
I mean, I know a lot of queer folks in DC. I know several trans people in DC. But it never felt like the majority, right? It never felt like I was part of the fabric of a community as a trans person, as a non-binary trans person, which is how I identify. But ultimately one of the deciding factors was when my employer told me that my pronouns might confuse my retirement holder, TIAA-CREF, if they really changed them in the records. That took me back. It was so strange.
It was like, wait, what are you saying about my retirement account right now? So on the financial side, that was a big red flag to me. The other one was that the state refused to change my pronouns even though I have a DC driver’s license with an X marker, but they just wouldn’t do it. And they were like, well, you could take it up with the state diversity office or what have you.
And I just thought, I’m not going to be that case, am I? I tried to find other colleagues in the LGBTQ group who were having similar challenges. I couldn’t find them, and around the time I had transitioned publicly, I had come to Portland and I walk into a cafe and there’s a sign on the register that says, please use they/them pronouns for all employees unless they tell you otherwise, and we’ll do the same for you.
Please feel free to tell us what your pronouns are. It was like, wait, what? And then I went to the work event. Everybody has their pronouns on their name tags. The bathrooms are not gendered. It was like, oh, this actually is a reality that exists elsewhere. I am a reality elsewhere.
Alieza Durana:
All of the hoops that you are being made to jump through just to exist, they were suddenly gone, it sounds like.
G Chesler:
Yeah, they were already set up. They were already in the future. I often talk about Virginia as a place of the past and certainly I have a lot of privilege as a white person working there, but that state has quite a legacy of enslavement and of white supremacy and of hetero patriarchy.
I remember being hired to teach in Virginia and my colleague’s like, “You’re going to help change things here.” And I believe that I do as a remote educator, but I do get to work from a place where I feel seen and safe and in community.
Alieza Durana:
Absolutely. Were there any primary financial concerns that came up for you when you were thinking about your move or leaving Virginia and DC and going to Portland? If you wouldn’t mind speaking to that.
G Chesler:
While I’m a university educator, I’m also a student loan holder, and so at the time of my hopes to move, I still had my student loan. I also had owned an apartment in DC and I was attempting to sell it at a time when people were not living and working in DC as readily as they had once lived and worked because it was the pandemic.
So the challenge I was facing was living in a city where folks who might want to buy my apartment or condo were not readily available. And I had to wait about nine months to be able to sell that condo at a profit, which meant I was living with my partner across town so that people could come and go and see my place whenever they needed.
And I just found that one of the primary things that supported the move was community. I did have queer community in DC, I did have specifically one or two people who really wanted this to work out for me, even though they were sad to say goodbye. So having community to support the move was one element financially. There were just a lot of expenses we had to figure out like where are we driving, where are we flying? Finding a shipping company that we could trust, deciding on all the ways to get your things across the country. It involved a lot of steps and it involved a lot of expense.
Alieza Durana:
That makes a lot of sense, especially moving so far. So switching gears a little bit back to when you stepped foot in Portland and people had their pronouns and there were places for you to use the restroom, just like basic human rights that were being fulfilled for you in this new space, can you tell us what your experience has been like living in Oregon now for several years? How has it affected your quality of life?
G Chesler:
There’s no way to describe the sense of calm and peace that I’ve experienced when I don’t feel like my existence as a trans person is a question. And for me as a disabled person, the care that I receive in western healthcare systems and then non-western healthcare systems, I need to be seen in my full humanity to be actually cared for.
And data shows that trans people are less likely to see physicians. So I’ve moved to a place where I have experienced some discomfort from some physicians, but I don’t have to see that person anymore because there’s so many options. And that’s been a primary shift. Seeing a queer therapist or a queer psychiatrist for my medications or queer and trans body workers, it’s so different.
Alieza Durana:
And what a relief to not anticipate an experience of discomfort or discrimination or yeah, that refusal that you’ve encountered so often in the past. I’m wondering if you just wouldn’t mind commenting on if you hadn’t felt so welcome and at home in Portland, do you feel that because it has been so welcoming that it’s been worth, let’s say, the financial sacrifice of moving? Do you feel that the cost was ultimately worth it and how might that have been different at a different place?
G Chesler:
Yeah, I think I’m a strange person in that I really like moving. It’s always been worth it to me to move. I really love meeting new people. I love what new spaces have offered me in my life, but I didn’t think I was going to leave DC. I was like, oh, DC, I was almost there for 10 years. It felt like home. I had so many solid friendships. I had a chosen family.
I would move to Portland in a second again, even given the expense. It’s been really helpful to move to a place where things cost less. I feel like I already save. I save 10% on everything that I spend because Portland doesn’t have a sales tax. So right away I’m making a financial savings. The cost of housing here is less. There’s lots of public services that are readily available. Public transit works day to day. There’s just a lot less.
There’s also exchange networks. People are really sharing food. They’re growing food in their gardens and they’re sharing it. They’re making things for each other and trading and I have become part of networks of trade for food and services, things like that, that I’m stunned exist.
It’s nice to live in a place where people really are in community with each other, where they have time, they take the time they need to live a good life. So I think there’s things that you can’t put a dollar value on, but when you start seeing your savings increase, you realize, wow, that very difficult, challenging move I had to spend a year honestly preparing for and saving for and figuring out was worth it.
Alieza Durana:
I know that you mentioned that you’re working remotely. How has your job or career impacted? Would you mind just describing for our audience? Did that affect your salary at all?
G Chesler:
Yeah, so I’ve heard of folks who move from one city to another whose employers say that they will adjust their salary for the new cost of living in a new city. I know that exists. Where I am employed, I am already underpaid by about 20% of what I should earn because of gender parity issues at my employer. And I say that being the only non-binary person I know at my employer, but at my rank of professor. But there are significant gender parity issues that existed at my hiring and then my position. So yeah, so that’s one of the things.
Before I moved, I made sure that I had a remote work agreement that my employer had signed. I also have disability accommodations which allow for remote work. So I have two layers of protection for this decision as well as being a tenured professor, which has another layer of protection. I’ve created online curricula since I got here. So what I’m doing is also using my new strength as an online educator to benefit the department because I feel like a lot of the students that I work with have part-time, full-time jobs, have families or are trans and also don’t want to come into the classroom environment or are disabled and want to learn remotely.
I’ve found that a lot of the students that I’m now serving kind of parallel my own experience. Where I work, I wouldn’t have had a bathroom within a quarter mile of my actual physical office that I would use. The only gender-neutral bathroom that I could use was four buildings away on a big campus.
So I was also deciding as a trans person, as a gender non-binary person, what does an accessible workplace look like for me? But anyway, working remotely has been secured on several levels and I wouldn’t have moved without that protection. So that was important to get into place and it took several months to prepare as well.
Alieza Durana:
My final question for today is just what advice would you have for someone who feels that they might need to make a similar move but are looking at their financial situation and wondering if it’s possible or not? It sounds like you found it really rewarding and you took a lot of steps to get there, but if you wouldn’t mind just elaborating a little bit.
G Chesler:
Yeah, I think that the primary question to ask is do you want it to be better? Do you want to at least try to make it better, to really believe that you deserve it, that you deserve to feel secure or that your child deserves to feel secure and what is it going to cost to make that happen? There are lots of pieces that have to fall into place.
They can be hard to put together, but you deserve it and you’re worth it and your child is worth it. So okay, number one, accept that. Number two, find a network. Build a network. I was moving to a place where I knew two people who said they had my back. So they were like, my first plan was I moved to an Airbnb for two months.
That was a very expensive choice. And also I knew it’s what I needed to land comfortably and quickly for an amount of time I believed I needed to find permanent housing. So that was a primary expense upfront. So in preparation for that Airbnb move, I lived with other folks rent-free for two months to be able to pay for that move. Knowing when your income is going to replenish is a big question as well.
Alieza Durana:
Well, G, thank you so much for joining us today. Is there anything that I didn’t ask you that you want to mention about your move or this topic or experience before we wrap up?
G Chesler:
I think it’s worth it to say the words out loud and to see it as a possibility that moving could benefit you. There’s a strange amount of shame that’s projected on people who decide to move. It’s almost like you’re giving up or you’re running away, but my goodness, you are so not running away. You really are moving towards the knowledge that it’s not going to be perfect, but it can be better.
And I know that phrase is really loaded, it can be better, but when you find your community or you find that everyday ease of life and it happens bit by bit by bit, it makes it feel right, it makes it feel worth it, and it makes me know that I’m worth it. As a trans non-binary person, I get to live in a community that sees me, that is me, that includes members of my community. My community is full of trans people. And so it does exist right here in the U.S. And when you are in community, you then can heal and renew your power.
Alieza Durana:
Well, beautifully put G. thank you so much for joining us today.
G Chesler:
Thanks for these questions and for sharing this information. I really hope that what I’ve said can help some folks see their way.
Alieza Durana:
I think it absolutely will.
Sean Pyles:
I can really relate to G’s experience of discovering a new level of belonging when you move to a place that has more people who are just like you. It reminds me of when I moved to San Francisco after college and I realized suddenly that there were a lot more gay men in the world than I’d ever truly realized.
And it made me feel part of a community and a lot less like an outsider. With that comes a sense of safety and just ease in your day-to-day life that’s really hard to find elsewhere.
Alieza Durana:
I can too, and it’s something I long for now. You mentioned not feeling safe around our neighbors and coincidentally just last week, our HOA announced a new policy recommending neighbors call the police on anyone who, “looks out of place” in an effort to deter burglaries.
We’re challenging the policy, but it’s particularly scary for my family because we are different and we’re also a multiracial family. So my wife and I are thinking about moving again, but it’s a big, hard and expensive decision.
Sean Pyles:
Yeah, I’m so sorry that you’re dealing with that, Alieza. That’s really rough. And unfortunately your experience and G’s are not unique in today’s day and age. And there’s a lot to think about if someone is feeling like they need to make a similar move and there can be real financial costs on top of the mental and emotional cost of feeling like you have to move out of necessity.
Alieza Durana:
That’s for sure. So now we’re going to hear from Lindsey Young. She’s the founder of Quiet Wealth, an investment advisor and a financial planning firm primarily serving LGBTQ+ households. Lindsey goes by the pronouns she/her, and we’re going to get some advice for how to prepare for this eventuality should it become necessary.
Sean Pyles:
That’s coming up in a moment. Stay with us.
Alieza Durana:
Lindsey Young, so glad you could join us on Smart Money today.
Lindsey Young:
Thanks. Pleasure to be here.
Alieza Durana:
Could you tell us if you have any stories you can share about clients who have gone through this as a financial planner and investment manager?
Lindsey Young:
I actually have worked with a couple of clients who have decided that they didn’t feel safe where they wanted to leave and they engage with me in order to come up with a plan to move to somewhere else, but also make sure that they weren’t falling behind financially when they were making that move.
Alieza Durana:
Could you share a little bit about what were some of the primary financial concerns in those situations? What were you helping your client plan for?
Lindsey Young:
So I’ll talk about a specific situation of a client who was a nurse practitioner. She was living in a red state and did not feel comfortable living in that state anymore given the legislative developments in that state. And so she identified, first of all, where she wanted to move to. And her situation was she had actually bought a house a couple of years before this, and so she still had a very large mortgage.
In addition, she still had a lot of student loan debt that she was dealing with as well. And so finances between paying for student loans as well as paying for the mortgage finances were very tight. And so part of the reason that she engaged me was to come up with a financial plan to make sure that she actually wasn’t going to just run out of money from the move.
So I worked with her over the course of about four or five months or so all the way from the time when she decided that she was going to do this through selling the house, through the move and then through actually getting to where she is living right now and she’s made a very successful transition.
Alieza Durana:
So it sounds like housing and employment are maybe two of the concerns that come up typically as people consider moving. You mentioned owning a house. What are some top steps that you would advise people to think about as they prepare financially for this kind of life change?
Lindsey Young:
So the first thing I think is to first figure out where you’re going to go because that’s going to determine a lot of things. And I think that there’s a couple of different variables to think about. One is job opportunities. Given your field, are there going to be jobs that you can do there and you should be checking and seeing how many opportunities are there, go onto job boards and see if there’s opportunities that are going to be there.
The second thing is cost of living. Keep in mind that particularly relative to a lot of red states, blue states, particularly in areas that are more progressive, tend to be fairly expensive. So you actually may need to make more money in the place that you’re going to live than what you’re currently making right now. And then the final factor is to consider an existing network of friends and family of where you’re going to go to.
Having an existing network is a huge benefit as opposed to going to some place where you know no one. And so you factor all three of those things into determining where to go. Once you know where to go, that can start to build a plan because you can start to figure out, okay, what’s the cost going to be to move there? What are my costs going to be once I’m living there? And those are very important factors in developing an overall financial plan going forward after the move.
Alieza Durana:
I wonder, how is your advice the same or different if you have some time to prepare versus someone who feels that they have to move suddenly due to safety concerns?
Lindsey Young:
Yes, absolutely, and I do recommend if you can even take a week or two to develop a plan, it can save you a lot of money as opposed to just leaving one day. A couple of big things that can happen when you take action before planning is that you don’t necessarily set goals for yourself in terms of trying to reduce the amount of cost from the move.
Even taking a week or two to develop a plan for that is really important. Sometimes it’s unavoidable, for safety reasons you feel like you have to move in fairly short order. So I think a couple key things. One, really try to minimize the time that you’re not working. When you move there, you’re probably not going to have a job set up. Get any job, just try to start bringing in income to minimize the loss from the move, to get working.
Also, minimize expenses, opt for a relatively cheap and flexible housing option going forward rather than trying to kind of plant roots immediately. Look for kind of interim solutions that provide flexibility. Those would be some of the things that I’d probably offer advice on if someone feels like they need to move immediately.
Alieza Durana:
This question may seem kind of basic for members of the community, but I’m wondering for allies, if you could just talk about what are some of the challenges that the LGBTQ+ population is facing that is different from other people in the country right now and that’s sort of inspiring a desire to move?
Lindsey Young:
There’s a lot of laws that are being passed that are not friendly. Everything from bathroom bills to taking away trans-affirming healthcare. These are really, really tough laws that are getting passed, especially for members of the transgender community. I myself am transgender and so it’s very painful to see what’s going on in red states.
And so I completely understand the need to move and it is just really painful to see the actions that are taking place in a lot of state legislatures these days. Hopefully you do have some credit cards available, and look, for this type of thing, in terms of making this move happen, I’m completely okay with people taking out debt if they need to move quickly and go somewhere else.
However, if you’re going to do that, before you take out the debt and before you do the move, hopefully, you should really create a plan, a budget on a month by month basis for how you’re going to pay back that debt over the next two years. And keep in mind, it’s not just the expenses of the move, it’s the fact that you’re going to have lost income for a certain amount of time because of the move.
It’s inevitable. It could be a couple of weeks, it could turn into a couple of months. There is going to be lost income there. And what you’re trying to do is minimize that gap and really set a goal for how much of a loss you’re going to have during that gap period. And then come up with a plan where within a year or two you’ve paid back all the debt that you had to take out in order to make the move.
Alieza Durana:
What about any non-monetary steps that might be helpful in preparation for a move? You mentioned connecting with community, including your family of origin or chosen family, whatever, whoever’s important to you. Could you talk a little bit more about how that can be helpful in getting to a new place?
Lindsey Young:
It’s just always helpful to have a connection or two of people that you know in the community because they can introduce you to other people. There’s certainly other ways to do that. There’s obviously, particularly in a lot of blue states, there’s lots of support organizations within the LGBTQ community.
There’s pride centers. Here in Maryland, there’s lots of transgender support groups if you’re in the transgender community. So there’s many options, and I think it’s really important when you arrive in a new state, find opportunities to connect with people. It can even be connecting if you have, there’s some activity that you enjoy doing.
Find ways that you can get involved in doing that activity with other people. Just start building a community there. So be proactive in really trying to find communities that you can get involved in because when you’re by yourself, that is generally not a good thing either for your personal life or even for your finances, I find.
Alieza Durana:
I wonder if you have any other final advice for someone who might be living in a situation that could become unsafe because of local and state laws. Is there anything else that you haven’t mentioned that you would like to say to those folks?
Lindsey Young:
The only thing I say is that I completely can understand why you might not feel comfortable living in those states. And even if it’s a situation where it’s not a near-term safety issue, but you just don’t feel comfortable, that is completely understandable. The only thing I would recommend is that it is going to be a financial cost, generally speaking, to make that move, and incurring that cost is okay. It’s really important that you create a budget to understand what that cost is and to find a way to repay that cost over time. That from a financial planning perspective is the most important thing.
Alieza Durana:
Lindsey, thank you so much for helping us out today.
Lindsey Young:
Thank you for having me on.
Sean Pyles:
My big takeaway from Lindsey’s interview is that while a crisis can require immediate action, planning, even just a day of it, can help you land on your feet and make sure that your next steps are in the direction that you want to go long-term.
Alieza Durana:
But beyond planning, even if money is tight, Lindsey reminded us to seek out community and see how we can support each other through mutual aid during this difficult time. As G mentioned, we can and should imagine life can be better or at least less scary for our beautiful community.
Sean Pyles:
And this really is a difficult subject to have to talk about, much less face. So we really appreciate you bringing this to us, Alieza. I hope listeners come away with a better understanding of what some members of the LGBTQ+ community are being forced to deal with in states across the country. And if you are among them, hopefully this episode gives you some ways to cope and potentially prepare.
Alieza Durana:
Thank you, Sean. I’m really glad we were able to do this.
Sean Pyles:
And as a resident of the Pacific Northwest, I say welcome to Oregon, G.
Alieza Durana:
For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your question at (901) 730-6373. That’s (901) 730 N-E-R-D. You can also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
Sean Pyles:
This episode was produced by Tess Vigeland. I helped with editing. Chris Davis helped with fact checking. Sara Brink mixed our audio and a big thank you to Nerd Wallet’s editors for all their help.
Alieza Durana:
And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Sean Pyles:
And with that said, until next time, turn to the Nerds.
When tornado season arrives, typically between April and July, every apartment resident needs to know where to go in a tornado.
Tornadoes don’t always come with a warning, and the worst of them can pack wind speeds of more than 300 miles per hour — tearing a home or building from its foundation. If you don’t have a basement, the natural question is where should you go during a tornado? How can you create a tornado shelter right in your own apartment?
Where to go in your apartment during a tornado
Let’s review tornado safety for apartment dwellers, from where to take shelter during a tornado to what to do in your apartment during a tornado.
Where in your apartment complex should you take shelter during a tornado? Here are some basic safety tips:
Take cover as close to the ground as possible
The safest place to go in a tornado is always down — down in a basement, the first floor or a covered parking garage on the ground floor. If you live on the ground floor, great! If not, get to the lowest level of your apartment building immediately.
Apartment dwellers on higher floors should seek similar shelter. If there aren’t any options below ground, a neighbor’s ground-floor unit is the safest bet.
Also, if you live in a building with interior stairwells, you can go to the lowest floor and under the stairs to hide in a tornado.
Pick your next best option — hide away from windows
If the storm is bearing down on your apartment complex, a tornado warning is in action — or you can’t go underground — the next safest place to seek shelter during a tornado is the furthest from the windows. This way you avoid the potential of flying debris. Choose an interior room, closet or hallway for shelter.
Bathrooms are often considered safer for the plumbing structures that surround them. If you’re in a high-rise building and can’t get to the ground floor, get to the hallways in the center of the building and take shelter there until the tornado passes.
What to do during a tornado watch or severe weather: Protect your body
Whether you’re taking shelter in a basement or hiding in a bathroom to stay safe during a tornado, you have one thing to do: Protect your body. You can do this by covering your head and neck with your arms.
Get in the tub or closet and cover up with thick blankets, sleeping bags, pillows — even a whole mattress. These can help keep you safer in the event that debris begins to fly.
Bicycle helmets are also a great way to protect your head from possible injury if the roof or ceiling ends up compromised. It’s smart to keep a helmet in your apartment if you live in a tornado zone.
During and after a tornado, you’ll want to protect your lungs from debris, so consider wearing a mask or protective face covering, too.
Know the signs of a tornado
According to the National Oceanic and Atmospheric Association (NOAA), there’s no substitute for staying alert to the sky when it comes to tornadoes. Here are some signs to look and listen for:
Strong, persistent rotation in the cloud base
Whirling dust or debris on the ground under a cloud base — tornadoes don’t always have a funnel cloud
Hail or heavy rain followed either by the dead calm of a fast, intense wind shift. Many tornadoes come wrapped in precipitation and can’t always be seen.
A loud, continuous roar or rumble, which doesn’t fade in a few seconds like thunder
At night: Small, bright, blue-green to white flashes at ground level near a thunderstorm (as opposed to silvery lightning up in the clouds). These mean power lines got snapped by very strong winds.
At night: Persistent lowering from the cloud base, illuminated or silhouetted by lightning — especially if it’s on the ground or there’s a blue-green-white power flash underneath.
Be prepared during peak season with a temporary tornado shelter
It’s important to have a plan for where to go during a tornado, even if you don’t live in an area where such storms are common.
Practice tornado drills with your family or roommates, and coordinate with neighbors and your apartment community’s management team. Find out ahead of time if there’s a public tornado shelter in your neighborhood. If there is, learn its location and the fastest route to get there.
Put together a tornado emergency kit that’s easy to grab and bring to your sheltering place when there’s a warning. You should include a battery-powered radio and flashlight, extra batteries, any prescription medications and a first-aid kit.
Make sure you have water — one gallon per person, per day, to last three days— non-perishable food, a manual can opener, baby formula and diapers, if applicable.
Pet owners should make sure to have food, water and other important items on hand for your furry friend, too. If you have a pet and see a tornado warning, it’s smart to get them in a harness and keep them on a leash so you can easily grab them and go.
Staying safe after a tornado
If there’s damage from the tornado, keep your family or group together and wait for emergency crews to arrive. If there are injuries, tend to victims carefully.
Debris is dangerous — there will likely be broken glass and sharp objects everywhere — so steer clear. Downed power lines could still be live with electricity. Don’t touch them or anything metal nearby!
If it’s dark, don’t use matches or lighters — gas lines may have leaked. Flashlights are the only safe option in the immediate aftermath of a tornado. Remain calm and call for help.
Wesley is an Atlanta-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Atlanta with her friends.
A Doctor of Pharmacy (Pharm.D.) degree is a four-year, licensed professional degree that teaches students how to fill prescription medications and how to educate patients about using prescriptions safely. Pharmacy school can be expensive, adding up to nearly $200,000 dollars on the high end.
With that price tag, it’s not a surprise that pharmacy students may have to rely on a few different sources of financing to pay for school, sometimes using a combination of savings, grants, scholarships, and student loans. This article will review the pharmacy school costs, the amount pharmacists can make, and nine tips for paying for pharmacy school.
How Much Does Pharmacy School Typically Cost?
The cost of pharmacy school can vary depending on where you enroll, the location, and the extent to which public dollars support the university you plan to attend. As mentioned, the complete cost of pharmacy school can add up to $200,000. The cost can swing higher for students who opt for an out-of-state institution. The American Association of Colleges of Pharmacy (AACP) lists the tuition and fees for pharmacy school for the 2022-2023 academic year on its website, which can help you compare costs at the pharmacy schools you may be considering.
For example, the first school on the list, Auburn University, costs $22,736 for in-state pharmacy students and $43,508 for out-of-state students. Mandatory fees cost $410 for 33 credit hours for students in their first year. However, in the fourth year, it costs $27,216 for in-state students and $58,374 for out-of-state students, with $210 for mandatory fees for 46 credit hours.
It’s worthwhile to compare the costs of various institutions before you make a decision. However, remember that financial aid can potentially bring the costs down further, so don’t rely completely on the published tuition prices. A conversation with the financial aid office at each school may give you a more in-depth analysis of how much it will actually cost, taking your personal situation into account.
Is Pharmacy School Worth It?
For the right individual, pharmacy school can be worth it. The costs of pharmacy school may seem daunting, but the professional perks, ability to become a part of a healthcare team, job opportunities, and career stability can mean that pharmacy school is the right option for many individuals. The high salary of pharmacists may also make pharmacy school worth it.
How Much Can Pharmacists Make?
The 2023 median pay for pharmacists was $136,030 per year, or $65.40 per hour, according to the Bureau of Labor Statistics (BLS). Job outlook from 2022-2032 will increase 3% per year, which is as fast as average.
9 Tips for Paying for Pharmacy School
Think of paying for pharmacy school as a pie. There are many ways to pay for pharmacy school by dividing that pie. For example, various pieces of the pie might make up scholarships, grants, loans, and money out of your own pocket. No matter how you slice the pie, every dollar you contribute is an investment into your career and your future. We’ll discuss scholarships, including university, pharmacy, and private scholarships, as well as grants in the next section.
1. Scholarships
Scholarships are funds that you don’t have to pay back. You can get scholarships as a pharmacy student from a number of different sources, including from the university that you plan to attend as well as through designated pharmacy scholarships and private scholarships.
It’s worth considering other interests beyond pharmacy. Scholarships may be awarded based on heritage, location, or even hobbies or special skills. Maybe you have talents in another area that qualify you for additional scholarships.
University Scholarships
Pharmacy colleges and schools traditionally offer direct financial assistance to pharmacy students through various sources, including alumni associations and local chapters of pharmaceutical organizations and fraternities.
Consider setting a meeting with the financial aid office at the university you plan to attend to learn more about specific scholarships from each pharmacy school you’re interested in attending.
Pharmacy Scholarships
Local and state pharmaceutical associations, practicing pharmacists, drug manufacturers, and wholesalers may offer pharmacy scholarships to promising pharmacists, as well.
For example, 10 pharmacy students annually can receive a $5,000 Walmart Health Equity Scholarship. Students must be accepted or enrolled in the professional curriculum at a U.S. college or school of pharmacy, and show evidence of leadership skills, academic success, and must have a preference to serve rural or medically underserved patients.
Here’s another example: Five underrepresented minority students can receive the CVS Health Minority Scholarship for Pharmacy Students annually. Students must be African American, Hispanic or Latino, American Indian, Native Hawaiian, and/or Pacific Islander students, as well as U.S. citizens or permanent residents. Each successful candidate will receive a single $7,000 scholarship.
Private Scholarships
Private scholarships come from companies, service groups and organizations, foundations, and individuals. For example, Tylenol offers a scholarship for students pursuing careers in healthcare, including pharmacy. There may also be scholarships available from local or regional organizations.
2. Grants
Like scholarships, you do not have to repay the money you receive from grants. Grants, which are typically based on need, can also be awarded based on merit. Filling the Free Application for Federal Student Aid (FAFSA®) automatically considers you for federal grants based on need. You may also become eligible for state grants. Your college or university can give you more information about the types of grants you’re eligible for through your pharmacy program.
3. Federal Student Loans
You may be wondering how to pay for pharmacy school without loans. It’s possible to do it through a combination of scholarships, grants, and savings, though many people take advantage of federal student loans through the U.S. Department of Education. Federal student loans have fixed interest rates and benefits such as income-driven repayment plans. Just like obtaining an auto loan or a mortgage, you must pay back loans with interest.
Federal student loans are a type of federal financial aid, and to apply, you must file the FAFSA. Learn more about the requirements for this application in SoFi’s comprehensive guide to the FAFSA.
You can qualify for two types of federal student loans for pharmacy school: Direct PLUS Loans and Direct Unsubsidized Loans.
Direct PLUS Loans
Pharmacy students can take advantage of Direct PLUS Loans, also called graduate PLUS loans or direct grad PLUS loans, to help finance graduate and professional school. The Graduate PLUS Loan comes from the U.S. Department of Education for graduate or professional students. In order to get one, your school must participate in the Direct Loan Program.
The Direct PLUS Loan is not need-based, which means you can get it no matter your income level. You can borrow up to the full cost of attendance and can use the money to pay for tuition, room and board, and fees. Your school will subtract other financial aid you receive (such as scholarships, grants, and fellowships) from the full cost of attendance and award you the difference with a Direct PLUS Loan.
The interest rate is 8.05% for Direct PLUS Loans first disbursed on or after July 1, 2023 and before July 1, 2024.
Direct Unsubsidized Loans
Similar to student loans for undergraduates, you can tap into Direct Unsubsidized Loans. You can borrow up to $20,500 per year with the Direct Unsubsidized Loan, and the interest rate is 7.05% if disbursed between July 1, 2023 and July 1, 2024 for graduate students. “Unsubsidized” means that the government doesn’t pay the interest while you’re in school and during the grace period.
It’s generally a good idea to first consider opting for the Direct Unsubsidized Loan, over a Graduate PLUS Loan. Why opt for the Direct Unsubsidized loan first?
You’ll pay more in interest for the Direct PLUS Loan (8.05% interest rate).
4. Private Student Loans
Private graduate student loans do not come from the federal government. They can come from a bank, credit union, or another financial institution and can be used to help finance college or career school. The amount you can borrow depends on the costs of your degree, but also depends on personal financial factors (such as your credit score and income).
You may have gotten advice that suggested exhausting all of your federal grant and loan options before you consider private loans because interest rates are usually higher compared to federal student loans. Additionally, private student loans don’t qualify for the same borrower protections as federal student loans, like income-driven repayment plans or deferment options. However, private student loans can be an option to consider if you need additional funding to cover your pharmacy school expenses.
Recommended: Things to know before applying for private student loans
5. PSLF Programs
The Public Service Loan Forgiveness (PSLF) Program is a federal student loan forgiveness program. More specifically, you may qualify to have the remaining balance on your Direct Loans forgiven after you have made 120 qualifying monthly payments under a qualifying repayment plan. You must work full-time for a qualifying employer in order to qualify and your employer must be a qualifying organization such as a federal, state, local, or tribal government organization or other nonprofit organization.
You must have Direct Loans or consolidate other types of federal student loans into a Direct Loan, repay loans under an income-driven repayment plan, as well as make 120 qualifying payments toward your student loans. The requirements for PSLF can be quite strict, so be sure to read the requirements closely.
For more information about PSLF programs and to learn more about your eligibility, contact your loan servicer, which is the entity that services your loan.
6. Pharmacy Internships
Pharmacy internships can be instrumental in your budding career as a pharmacist in helping you understand how pharmacies operate, learning the ins and outs of customer service, helping you dive into inventory management, and learning the professional skills necessary to become a pharmacist. You may also learn more from pharmacist professionals about leading a pharmacy team and help you bring tangible professional experience back to the classroom.
You may also want to look into pharmacy fellowships, which provide financial support in an external or internal capacity (in or out of the university environment). Assistantships also provide financial support in an academic department through teaching, research, or administrative responsibilities.
7. Work Part Time
You may want to consider working a part-time job in conjunction with pharmacy school. For example, if you attend school from 8am to 4pm, you may want to seek a part-time job after hours.
However, it’s important to consider your time constraints and whether you can succeed in your coursework. Consider your ability to manage your time before you take on a part-time job. However, for the right student, taking on a job can help pay for college tuition and give you an additional source of income. Networking opportunities and skill development can come from a part-time job, even if it doesn’t relate to pharmacy.
8. Borrow From Family
Do you have a family member who really wants to give you money for your education? You may seriously consider borrowing from your parents or a sister or brother (or whoever else wants to lend you money).
Just remember that it could strain family relationships if you fail to pay back the loan. It’s a good idea to have a plan in place to repay your relative(s) as well as create boundaries, so both parties feel good about the arrangement.
9. HRSA Loans
The Health Resources and Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services, improves health care for geographically isolated and vulnerable individuals.
The Department of Health and Human Services (HHS), through the HRSA, also offers several loans for health services students. For example, Health Professions Student Loans are available to individuals who study pharmacy (as well as dentistry, optometry, podiatry, or veterinary medicine). Pharmacy students who show financial need may also be able to tap into Loans for Disadvantaged Students (LDS). Health professions student loans have fixed interest rates of 5%, lower than both Direct Unsubsidized Loans and PLUS loans. They also allow 12 months of grace periods, while most other loans only offer six months of grace periods. In addition, health professions loans are subsidized, which means you don’t pay interest on the loan while you’re in school, nor do you pay additional loan fees.
However, they come with a few downsides: Not all schools participate, and there are no set borrowing limits. You also can’t tap into income-driven repayment plans or PSLF.
Private Student Loans for Pharmacy School
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
Can you use FAFSA for pharmacy school?
Absolutely! It’s generally a smart idea to file the FAFSA for pharmacy school, no matter your financial situation. The FAFSA can give you access to a range of financial aid options, including scholarships (your school will consider your eligibility based on the FAFSA results), grants, loans, and work-study. You want to be able to put together the best financial aid options for your needs, and the best way to do that involves filing the FAFSA.
Does CVS or Walgreens pay for pharmacy school?
CVS and Walgreens both offer pharmacy scholarships, like the ones we listed above, the Walmart Health Equity Scholarship and the CVS Health Minority Scholarship for Pharmacy Students. If you work for either company, you may also qualify through each company’s employee tuition reimbursement program. Check with the human resources department at each company for more details.
How much can pharmacists make after graduating?
The 2023 median pay for pharmacists was $136,030 per year, or $65.40 per hour, according to the Bureau of Labor Statistics (BLS). The job outlook for pharmacists is 3% from 2022 through 2032, which is as fast as average.
Photo credit: iStock/cagkansayin
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Drug shortages are an ongoing fact of life, and many Americans have known the inconvenience of having to wait to fill a prescription. But shortages have mounted in recent years, alarming observers and generating headlines.
The number of prescription drugs in shortage climbed to a 10-year high of 323 in the first quarter of 2024 — but it’s not just about the numbers. Patients and their health care providers are also being hit with much more consequential shortages, some with potentially life-altering results.
Hospital crash carts, used to provide emergency treatment to patients with critical conditions like cardiac arrest, have run short of premeasured packages of drugs like epinephrine, forcing clinicians to spend extra time measuring a dose from a vial, and increasing the odds of a medication error.
Some cancer patients, if their first-choice chemotherapy is unavailable, have had to take another drug that has much worse side effects.
Shortages can affect everyone connected with health care in any setting. “Drug shortages impact patients, families, caregivers, pharmacists, hospitals, nursing homes, hospices, and other individuals and entities across the health care system,” according to an April 2024 white paper from the U.S. Department of Health and Human Services.
To make matters worse, over the past 12 months, there have been shortages of medicines for which there is no alternative, says Erin Fox, senior pharmacy director at University of Utah Health. Fox gives one example: oxytocin, a drug that’s ordered by obstetricians to induce labor or, after delivery, to help stop maternal bleeding.
Which drugs are in short supply?
Hundreds of prescription medications are difficult or impossible to obtain as of April 2024. Among them are quinapril, which is primarily used to treat hypertension; injectable acyclovir, an antiviral; and propofol, for general anesthesia.
You can check the availability of a prescription drug by searching the U.S. Food and Drug Administration’s FDA Drug Shortages database or the American Society of Health-System Pharmacists’ ASHP Drug Shortages List. Click on any drug name to learn more about that specific shortage.
The effects of shortages on patients and their providers can be profound. Scott Matsuda, a member of the Patient and Family Advisory Council at the nonprofit Patient Access Network (PAN) Foundation, has worked with cancer patients “who, all of a sudden, find their chemotherapy drugs aren’t available.” Sometimes, patients report that symptoms of their cancers return soon after they stop taking their first-choice chemo, he adds.
No health care setting has been spared, not even hospital operating rooms. Dr. Jesse Ehrenfeld, an anesthesiologist and the president of the American Medical Association, at times has had to use second-choice drugs to induce anesthesia. These medications may have additional side effects, such as lasting longer than necessary, he said.
“Complex workarounds also have the potential to introduce errors,” says Ehrenfeld. “And I’ve had colleagues who had to delay or cancel care due to a shortage.”
Why are so many drugs in short supply?
What causes shortages? About 12% of them are due to manufacturing problems, as when a tornado hit a Pfizer plant in North Carolina, according to drugmakers’ reports compiled by the ASHP. Another 14% of shortages happen when demand suddenly outruns supply; for example, that occurs when demand for the antiviral Tamiflu spikes during a severe flu season. And 12% are due to a business decision, like when a drug manufacturer decides they can reap greater profits by making a different drug.
But the biggest category of reasons that manufacturers give for a shortage, at 60%, is “unknown/would not provide.” Ehrenfeld says, “That’s called flying blind. In most cases, we really don’t have an attributable cause, which makes it hard to pinpoint sustainable solutions.”
What’s being done to solve this multifaceted problem?
Drug shortages are a tough problem because they have such diverse causes. Stakeholders have been seeking solutions for decades, but shortages have continued throughout health care.
ASHP has recommended that, for starters, Congress give the FDA the power to levy “meaningful penalties” on drugmakers that fail to report manufacturing and supply chain problems. Failure to report is rampant in the industry.
“We think FDA requiring greater transparency in manufacturing and distribution could help us understand the causes and mitigate the challenges,” says Ehrenfeld.
The pharmacist group also recommends that to improve the profitability of generics, the FDA waive some fees on manufacturers who promptly bring these lower-priced drugs to market.
Some observers are hopeful that momentum is gathering for impactful action. “I’ve been working on drug shortages since 2001, and we now have the most interest in Congress and elsewhere that I’ve ever seen,” says Fox, who has testified about the problem at Senate committee hearings.
How can you work around a shortage of your drug?
The bottom line for health care consumers is that systemic problems with prescription drug supplies will likely persist. If you’re faced with a shortage of a drug you need, these steps will improve your chances of getting hold of it more quickly.
Refill prescriptions as early as your insurer will let you. Ordering prescriptions ahead can give you more options for obtaining a refill before you run out.
Contact your prescriber. Let them know that your prescription isn’t available at your pharmacy or will be delayed. Solicit their suggestions for other ways to get the drug, a generic or brand-name equivalent, or an alternative medication that would work for you.
Ask your insurer to cover the brand-name version if the generic drug is unavailable. If your insurer resists paying for the more expensive brand-name drug, ask your prescriber to go to bat for you.
Develop a long-term working relationship with your pharmacist.
If the pharmacist knows you’re a regular customer, they may be more likely to hustle to find a supplier that has your medication.
Try other pharmacies. Drugs in shortage are often distributed unevenly among pharmacies. Call around and see if another retailer in your area has a supply. If your insurer has a mail-order prescription option, consider trying it.
Inside: Learn how to save money quickly, even on a tight budget. Get practical tips for how to save money fast on a low income. Simple savings ideas to implement today.
Saving money on a tight budget can feel like a high mountain to conquer, especially when you’re trying to do it fast.
Many people earn just enough to cover their essential costs, leaving little room for savings. However, with the right strategies, saving money fast on a low income doesn’t have to be a pipe dream.
This is something I started when we decided to pay off debt. Then, we choose to continue saving that money and investing it.
By understanding the flow of your money – where it’s coming from and where it’s going – you can make informed decisions that maximize your savings potential.
By prioritizing your spending and forecasting future expenses, budgeting can reduce the stress of financial uncertainty and introduce a sense of control and confidence in your money management skills. Thus, leading to you starting to save.
What is the best way to save money on a low income?
On a low income, the best way to save money is to thoroughly understand your expenses and prioritize your needs over wants.
In addition, by planning and tracking your finances meticulously, you can identify where each penny is going. Thus, allowing you to analyze your expenses. Once you have a clear picture of these, start looking for areas to trim down.
Remember, saving money is about being proactive and consistent. These small but steady steps can build up over time to help you save money fast, even on a low income.
How to Save Money on A Fast Income
1. Start with Clear Priorities
Before you can decide where to cut costs or how to allocate your funds, you need to know what’s most important to you.
What is your why for doing what you need to do? Is it building an emergency fund, saving for a down payment on a home, or maybe preparing for retirement?
Whatever your goals, outline them clearly. This is how you will save money.
2. Budgeting effectively to manage finances
To budget effectively on a low income, it all starts with a cold, hard look at your numbers.
Begin by listing all sources of income – that’s your foundation.
From each paycheck or income stream, subtract your non-negotiable expenses such as rent, utilities, transportation, and debt payments. What you have left is your discretionary income.
Then, it’s time to categorize and prioritize. Group your expenses into necessities and nice-to-haves. If your essentials consume most of your income, you’ll need to scrutinize the nice-to-haves list.
Every dollar saved from unnecessary splurges is a dollar that can be put towards your savings.
Use budgeting apps or tools to keep a real-time record of your spending. These can help you stay disciplined and provide a visual reminder of your progress.
3. Track and Slash Unnecessary Expenses
Now, you must meticulously and ruthlessly cut out the non-essentials.
Identify patterns and spot the recurrent, unnecessary expenses that are draining your funds.
Do you subscribe to multiple streaming platforms?
Are you forking out cash for a gym membership you barely use?
Are those daily specialty coffee drinks adding up?
It’s time to slash these expenditures.
Cutting these expenses is like giving yourself a raise.
4. Lower Housing Expenses Without Compromising Comfort
Living in smaller, more affordable housing to decrease rent or mortgage might be exactly what you need.
Opting for a smaller, more affordable space is a practical approach to significantly lower your rent or mortgage payments. When you choose to live in a compact setting, not only do you reduce the square footage costs, but often, utility and maintenance expenses decrease as well due to the reduced size of the living area.
If you are renting, try to negotiate your rent or lease terms with your landlord – they might be willing to offer a discount to keep a reliable tenant, or you may be able to agree on lower rent for a longer lease commitment.
If you’re a homeowner, explore the possibility of refinancing your mortgage to take advantage of lower interest rates. Alternatively, consider renting out a room or a portion of your living space, as the additional income can offset your mortgage or maintenance costs.
5. Save Money on Utilities with Simple Home Adjustments
Saving money on utilities might sound challenging, but you can often achieve substantial savings with a few strategic home adjustments. Let’s explore some cost-effective strategies and modifications you can make to your living space that could help reduce your bills.
Energy Efficient Appliances: Swapping out older appliances for Energy Star-rated ones leads to significant reductions in electricity use and water consumption.
Smart Thermostats: Installing a smart thermostat allows you to programmatically control your heating and cooling based on your schedule and preferences, potentially saving you a bundle on your energy bills.
LED Lighting: Switch to LED bulbs, which are more energy-efficient than traditional incandescent ones and have a longer lifespan, saving you on replacement costs as well as your electric bill.
Insulation Upgrades: Proper insulation keeps your home warm in the winter and cool in the summer, reducing the need for excessive heating or air conditioning.
Water-Saving Fixtures: Low-flow showerheads and faucet aerators reduce water usage, preserving this precious resource and lowering your water bill.
Not only do these simple home adjustments lead to savings on your utility bills, but they also contribute to a more environmentally friendly lifestyle.
6. Cooking at home instead of eating out
Cooking at home instead of dining out is an excellent way to save money, especially on a low income. When you eat at a restaurant, you’re not just paying for the food; you’re also covering the cost of service, ambiance, and the establishment’s overhead.
Plan a balance between meal prepped home-cooked meals and the occasional dinner out to keep your budget in check while still enjoying life’s little pleasures. Here are some frugal meals to get you started.
Remember, you don’t have to eliminate eating out entirely.
7. Canceling unused subscriptions and memberships
Stop draining money on services you don’t actively use. It’s surprisingly easy to forget about these auto-renewing expenses, so taking the time to audit your subscriptions can reveal opportunities for savings.
Recently, we tracked over $100 a month in my mother-in-law’s unused subscriptions and membership!
As such, it’s important to periodically evaluate your subscriptions and memberships to ensure they are still serving your interests and goals. If not, give yourself permission to cancel and save that money for something that offers tangible benefits in return.
8. Buying quality items that last longer
Investing in quality items that last longer is a strategic way to save money over time. While the initial cost may be higher, durable products can prevent the cycle of frequent replacements, ultimately contributing to long-term savings and less waste.
Remember, not every purchase necessitates the highest quality option. Examine which items you frequently use and can benefit from in the long run. For instance, driving a Toyota or buying higher quality shoes.
Once you’ve identified these, invest in quality for those and enjoy the satisfaction of a purchase that lasts.
9. Optimize Grocery Shopping
To optimize grocery shopping and manage your food budget effectively, start by thoroughly checking your current pantry supplies and making a precise shopping list to deter impulse purchases.
Utilize coupons and enroll in local store loyalty programs for exclusive discounts.
Embrace meal planning to avoid unnecessary spending.
Consider incorporating meatless meals, as this can contribute to consistent savings over time due to the typically higher cost of meat compared to vegetables and other plant-based options.
Plan meals around these cheap foods when you are broke.
By shopping smartly, you have the power to drastically lower your monthly food bill. Just remember, the key is preparation and discipline.
10. Repairing items instead of replacing them
Repairing items instead of replacing them can be a significant money-saving tactic, especially when budgets are tight. It’s often more cost-effective to fix a piece of furniture, mend a garment, or troubleshoot an appliance than it is to buy new one.
Consider the condition and value of each item before deciding to repair it. If the cost of repair approaches the price of a new item, or if it’s beyond your skill set, researching community resources or seeking professional help may be a wise choice.
11. Practicing the 30-day rule for non-essential purchases
Putting the brakes on impulsive buying can significantly boost your savings, and practicing the 30-day rule is a tried-and-true method to control those urges.
Before you make any non-essential purchase, wait 30 days.
If after a month you still feel the purchase is necessary or meaningful, then consider buying it.
Remember that the goal isn’t to deny yourself enjoyment but to ensure that each purchase is considered and valued. This conscious approach can lead to more satisfaction with the items you do choose to buy and a healthier bank balance.
12. Skip the Car Loan
Opting out of a car loan and finding alternative modes of transportation, such as cycling, walking, or using public transportation, can lead to significant financial savings.
Without a car payment, individuals can redirect the funds that would have gone towards monthly installments, insurance, and maintenance into their savings account.
This strategy can be particularly impactful for those with a goal in mind or working with a low income, as every dollar saved moves them closer to financial stability. Furthermore, the elimination of auto loan interest charges and potential debt can provide a more secure financial footing and peace of mind.
13. Using public transportation or carpooling to reduce fuel costs
Utilizing public transportation or carpooling can be significant in reducing fuel costs, particularly when you’re committed to saving money on a low income. These alternatives to solo driving not only save on fuel but also on parking fees, and wear and tear on your vehicle.
Another option is embracing car-sharing services, especially if you find that you don’t require a car on a daily basis. Services like Turo and Getaround offer the flexibility of having a car when you need one without the constant financial responsibility associated with ownership.
Remember, it’s all about what suits your lifestyle and frequency of need. By assessing how often you need a vehicle and comparing it with the total costs of ownership, car-sharing could be an excellent way to save money.
14. Selling unused or unwanted items for extra cash
Selling unused or unwanted items is a fantastic way to declutter your space and earn extra cash. You might be surprised how much money you can make by letting go of things you no longer use or need. From clothes you’ve outgrown to homeware that’s gathering dust, each item sold can inch you closer to your savings goal.
Take advantage of this opportunity; a thorough home audit could reveal a treasure trove of sellable items right under your nose. Not only does this increase your income, but it also helps you consider future purchases more carefully.
15. Taking advantage of free entertainment and community events
Leveraging free entertainment and community events is a delightfully frugal way to enjoy yourself without breaking the bank. From concerts and exhibitions to workshops and meet-ups, there’s often a wealth of activities that won’t cost you a penny.
In fact, here at Money Bliss, I have the most popular list of things to do with no money.
With a little creativity and resourcefulness, you can uncover a variety of enjoyable and inexpensive things to do.
16. Automating savings to ensure consistent contributions
Automating your savings is a hassle-free way to ensure you consistently contribute to your financial goals.
By setting up an automatic transfer from your checking account to a savings account, you’re essentially paying your future self first.
This ‘set and forget’ approach helps grow your wealth with minimal effort.
17. Negotiating bills and asking for better rates
Many service providers are open to negotiating prices if it means retaining a customer. Whether it’s your cable package, insurance, or even a credit card interest rate, it’s worth having the conversation.
Remember, the worst they can say is no. But often, companies will offer helpful options when they realize you are considering alternatives due to cost concerns.
One phone call could save you $1000 a year – just like when I decreased my cable bill!
18. Evaluating insurance policies for potential savings
When evaluating insurance policies, it’s critical to regularly assess your coverage needs and shop around for the best rates. Comparing policies from different providers annually can reveal opportunities for lowering premiums or finding more suitable coverage.
Utilize online tools and independent insurance agents to ensure a comprehensive review of available options.
Remember to inquire about bundling policies, as this can often lead to significant savings while consolidating your insurance needs effectively.
19. Meal Planning and Prep: Strategies to Reduce Food Waste
By allocating some time each week to plan your meals, you can ensure that you only buy what you need, thereby minimizing waste and cost.
Learning to meal plan starts with looking at a calendar and a local sales flyer to find the low cost deals.
By creating a weekly plan and incorporating budget-friendly recipes, you can not only eat healthier but also avoid the costlier option of dining out.
20. Forgo single use items
By choosing reusable items over single-use ones, you cut down on waste and habitual spending on disposables. This is also known as frugal green.
For instance, investing in a reusable water bottle, rather than buying single use water bottles.
By integrating sustainable products into your life, you also promote a culture of conservation and mindfulness, inspiring others to make eco-friendly choices.
21. Shopping for groceries with a list to avoid impulse buys
This is key! Especially when shopping with kids or a significant other!
Shopping for groceries with a list is a golden rule to avoid impulse buys, which can quickly derail your budget. By planning your purchases beforehand, you stick to the essentials and resist the temptation of sale items that aren’t on your list or don’t fit your meal plan.
Bonus Tip: Remember to always shop on a full stomach – hitting the grocery store hungry is a surefire way to end up with impulse purchases that aren’t on your list!
22. Buying generic brands instead of name brands
Opting for generic brands rather than name brands is a straightforward and effective way to save money on everything from groceries to over-the-counter medications. These products are often of similar quality and effectiveness but come at a significantly lower cost.
By making the switch to generics, especially for regularly used items, the aggregate savings can be substantial over time.
23. Making bulk purchases for commonly used items to save on cost-per-unit
When you buy in larger quantities, the cost per unit typically decreases, leading to savings that add up over time. Bulk buying works best for non-perishable goods or products you use consistently.
Make a point of buying non-perishable items or products with a long shelf life in bulk to avoid waste and ensure that you truly save money with each bulk purchase.
Just make sure you are going to use it!
24. Cutting costs on personal care by DIY methods
DIY methods for personal care are not just a trend – they’re a practical and often healthier alternative to store-bought products. By creating your own beauty and personal care items, you can significantly trim costs and take control of what goes on and into your body.
Even if you’re not the crafty type, consider starting small with something like a DIY sugar scrub or homemade toothpaste. This is something I did over ten years ago. You might discover a new hobby that enhances both your well-being and your budget.
25. Regular maintenance of vehicles and appliances to prevent costly repairs
Keeping on top of maintenance schedules helps prevent major breakdowns that can lead to expensive repairs down the line.
By making regular maintenance a non-negotiable part of your routine, you protect your investments and save yourself from future financial headaches.
I keep a list in my digital to do list, so I never lose track.
26. Shopping at thrift stores, garage sales, or second-hand websites
Shopping at thrift stores, garage sales, or second-hand websites is an excellent way to acquire items at a fraction of the retail cost. Not only are you being financially savvy, but you’re also participating in the circular economy, reducing waste, and often supporting charitable causes.
Shopping second-hand first is not just about saving money—it’s a lifestyle choice. With patience and persistence, it’s amazing what quality items you can find without impacting your wallet heavily.
27. Learning basic sewing to repair clothes
Mastering the basics of sewing to mend your clothes is a skill that pays off in multiple ways. You save money by extending the life of your garments, reducing waste, and developing a practical capability that can come in handy in various situations.
Honestly, sewing a piece of clothes is a very simple thing. Something that must be learned by the younger generations.
Consider setting aside some time to learn sewing basics via online tutorials, community classes, or even from a friend or family member—it’s a practical step toward financial savings and sustainable living.
28. Utilizing coupons and discounts for shopping
Using coupons and discounts strategically can lead to significant savings on your shopping bills. With a little planning and some savvy shopping techniques, you can ensure you never pay full price for essentials and other purchases.
Remember to only use coupons for items you were already planning to purchase; otherwise, you’re not saving money, you’re just spending less on something extra.
29. Consolidating debt to reduce interest rates
Debt consolidation can be a strategic financial move to lower your overall interest rates and simplify your monthly payments. By combining your debts into one loan with a lower interest rate, you can streamline your bills and potentially save significant amounts of money over time.
Make sure to shop around for the best debt consolidation options and read the fine print. The goal is to find a consolidation plan that truly puts you on a faster track to being debt-free without any hidden costs.
30. Tackle High-Interest Debts First to Free Up More Cash
Addressing high-interest debts is paramount in optimizing your financial strategy. Such debts, often from credit cards or payday loans, can spiral out of control if not managed promptly due to their compound interest rates, which can quickly exceed the original amounts borrowed.
This is known as the debt avalanche.
By zeroing in on high-cost debts, you ensure your income is spent more effectively and not wasted on steep interest fees, accelerating your path to financial freedom.
31. Choose the Right High-Yield Savings Account for Your Emergency Fund
Selecting the right high-yield savings account for your emergency fund is an essential move for growing your savings. High-yield accounts offer interest rates significantly higher than standard accounts, ensuring your emergency fund doesn’t stagnate and keeps pace with inflation as much as possible.
This is one of the bank accounts you need.
32. Implement The Envelope System
The Envelope System is a budgeting method that involves physically dividing your cash into envelopes for different spending categories.
Utilizing the cash envelope system promotes disciplined spending by providing a tangible limit on various expense categories, ensuring you stay within your pre-determined budget and facilitating more intentional money management.
This method also offers immediate visual feedback on spending patterns, which can lead to better financial habits and incremental savings as any leftover cash from each envelope can be added directly to a savings fund, making the act of saving more rewarding and motivating.
33. Using cash -back envelopes to track spending
The use of cash-back envelopes takes the traditional envelope budgeting system a step further by rewarding yourself with savings.
Whenever you spend less than the allocated amount in a budget category, you place the cash difference into a “cash-back” envelope, which can be used for saving or investing.
Adopting the cash-back envelope strategy can provide a rewarding twist to budgeting, making it a fun challenge to spend less and save more.
Boost Your Income: Creative Side Hustles and Opportunities
Boosting your income can provide substantial financial relief, particularly when you’ve maximized your ability to cut costs and still find your expenses stretching your budget thin.
Generating extra income, be it through a side hustle or achieving a raise enhances your ability to save and invest.
With additional streams of revenue, you gain more financial flexibility to achieve goals like paying off debt faster, saving for a significant purchase, or building an emergency fund.
Finding a side hustle or part-time job for additional income
Exploring a side hustle or part-time job is a proven way to supplement your income. In today’s gig economy, there are numerous opportunities for flexible work that can be customized to fit your skills and schedule.
A side hustle can not only pad your wallet but also provide an outlet for creativity and passion, possibly even offering a new career trajectory down the line.
Explore Gig Work and Passive Income Streams
Exploring gig work and passive income streams can accelerate your savings efforts, especially when your regular income isn’t enough to reach your financial goals. These alternative income ideas often provide the flexibility to work on your terms and build up earnings over time.
These revenue channels provide a proactive approach to increasing your disposable income. Researching and choosing the best options for your skills and financial situation can help you build a sound extra income strategy.
Take Advantage of Bank Bonuses and Credit Card Bonuses
Banks often offer attractive incentives to new customers, and high-interest savings accounts can grow your deposits at a faster rate than traditional accounts. The same is true for credit card issuers offering big bonuses.
Taking time to research the best offers and account terms can net you a nice bonus and put your money to work earning more money.
Learn How to Invest Your Money
Learning how to invest your money is paramount to building wealth over time. While it can seem intimidating at first, understanding the basics of investing can enable you to take advantage of compounding interest and market growth to increase your savings exponentially.
Start small, stay disciplined, and continually educate yourself as you grow your investment portfolio. Over time, your investments can become a significant source of wealth and financial security.
Learn how to invest in stocks for beginners.
FAQs: Navigating the Path to Low-Income Savings Success
Saving money when your income barely covers your fixed expenses requires a strategic approach. Begin by scrutinizing your budget to cut any non-essential costs.
Look for ways to reduce your fixed monthly expenses, like negotiating bills or refinancing loans.
Every small change can contribute to your savings, so focus on making incremental adjustments that together can enhance your financial situation.
Even when funds are tight, saving money is possible by making small but impactful changes.
Prioritize reviewing your expenses and identifying areas to cut back, such as non-essential subscriptions or eating out.
Round up loose change or small amounts from your daily transactions into savings.
Seek free entertainment options and consider generating additional income through side hustles or selling items you no longer need.
Each penny saved is a step towards your financial cushion.
Setting Realistic Savings Goals and Celebrating Milestones
Setting realistic savings goals is a key to financial success, particularly when managing a low income.
Determine what you can feasibly save without overstretching your budget. Whether it’s $5 or $50 per week, every bit helps.
Celebrating your achievements, no matter how small, can inspire continued discipline and dedication towards your financial objectives.
Being realistic and flexible with your budget will help you manage your finances more efficiently, ensuring that you set aside money for future growth, even when funds are tight.
This is a great step towards habits of financially stable people!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Looking for the best jobs that help people? Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others. Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots…
Looking for the best jobs that help people?
Whether you are looking for a full-time job or a way to make extra income, there are many ways to make money by helping others.
Picking a job that matches what you want to achieve personally and lets you help others can feel really good. In lots of different fields, jobs where you can help people have become very popular.
Whether it’s teaching, counseling, healthcare, or responding to emergencies, each job lets you change someone else’s life for the better. If you like the idea of helping out your community and giving assistance to those who need it, there are plenty of rewarding jobs that might be right for you.
Now, that doesn’t mean the jobs below are easy. While you may feel good knowing that you are helping people, many of these jobs are very hard. But, you will know that you are truly helping people and changing the world for the better.
30 Best Jobs That Help People
Below are 30 full-time and part-time jobs helping others in crisis, in your community and at homes.
1. Social worker
If you’re someone who likes to help others, becoming a social worker might be the perfect job for you. Social workers support people who face challenges in their lives. This could mean working with children, families, or even whole communities.
Social workers might work in schools, helping kids and families get through tough times, or in hospitals guiding patients through health challenges.
2. Teacher
A teacher’s job is about more than just giving lessons. The job is to guide and help students understand new information. When you teach, you make a real difference in the lives of your students.
Teachers work in different settings, such as at a public school, private institution, or even provide one-on-one education as a tutor. Some teachers work online too, which is a great option if you’re looking for more flexibility.
You can choose to become a kindergarten teacher, high school teacher, college instructor, or anything in between.
Recommended reading: 36 Best Side Jobs for Teachers To Make Extra Money
3. Nurse
Nurses play an important role in healthcare, helping people feel better and stay healthy.
I have met so many amazing nurses in my life, and it is such a helpful career path. I still very much remember all of the wonderful nurses who helped me when I was in the hospital giving birth to my daughter – these nurses were amazing and helped me so much, and I truly felt like they cared.
Nurses can work from home, in a hospital, or even in a law firm. A similar career path where you can help people is to become a nurse practitioner, with a higher salary and extra responsibilities.
Recommended reading: 27 Best Side Hustles For Nurses To Make Extra Money
4. Personal trainer
If you like staying active and want to help others, becoming a personal trainer could be a great fit for you.
As a personal trainer, you’ll get to work with people every day, helping them achieve their fitness goals. It’s not just about showing exercises; it’s about motivating and guiding people to live healthier lives.
Here are some of the things that personal trainers do:
Create workout plans.
Show people how to exercise correctly.
Keep track of a client’s progress.
Teach clients about healthy lifestyle choices.
Personal trainers are found in places like gyms, fitness centers, and sometimes they can even come to your home. Some trainers lead group classes, while others give one-on-one sessions.
5. Occupational therapist
An occupational therapist (OT) helps people of all ages do different activities that are important for their daily lives, work, school, and leisure. Some examples of occupational therapy include:
Dressing – OTs help individuals in selecting appropriate clothing and developing strategies to independently dress themselves.
Eating – OTs may recommend adaptive equipment or techniques to help individuals with feeding difficulties.
Household chores – They provide strategies to make household chores more manageable for individuals with physical or cognitive limitations.
Job tasks – OTs help individuals develop skills and strategies to perform job duties effectively and safely.
Community integration – They support individuals in participating in community events, clubs, and social gatherings.
As you can see, OTs help people in so many ways.
They work in places like hospitals, schools, or even patients’ homes are common spots for occupational therapists.
6. School counselor
School counselors play a big part in guiding students toward their future.
They help with class schedules, give advice, or plan big steps like going to college or finding a job. This job is important because school counselors help students do their best and feel good about themselves.
They also help in other ways, such as helping students who are going through a hard time in life, like helping them with handling a mental health issue or even dealing with the passing of a parent. They are very much needed in all schools!
7. Substance abuse counselor
Substance abuse counselors help people fight addiction and get their lives back on track. Their job is important because they guide people through tough times, showing them how to stay away from drugs or alcohol and live a healthier life.
They meet with people and listen to their stories, teach them new ways of dealing with problems without using substances, and support them as they make changes to better their lives.
8. Physician
Being a doctor is a way to make a big impact in your community, as everyone knows.
Depending on the specialty, they can check your health, find out what’s wrong when you’re sick, and give you the right medicine to help you feel better.
Doctors are important because they help us when we’re sick and also keep us healthy. They listen to our concerns, offer comfort, and provide treatments. This makes a big impact on many people’s lives every single day.
9. Lawyer
A lawyer’s main job is to protect the legal rights of their clients. This means giving advice based on the law and, sometimes, defending your client in court.
A lawyer might work at a large law firm, for businesses, or for everyday people with different problems. Lawyers tend to specialize in one area of law, like helping injured people, family issues, working with businesses, traffic tickets, and so on.
10. Paramedic
Paramedics are the people who arrive first when there’s a medical emergency.
Their job is to take care of people who are hurt or very sick, right there on the spot or while they’re on the way to the hospital for further treatment. They give first aid and other medical care, stay calm under pressure, and drive an ambulance if needed.
11. Firefighter
Firefighters are trained to fight fires and keep people, buildings, and nature safe. They rescue people and animals from burning buildings, help at accident scenes, and teach the public about staying safe from fires.
This is a tough job that every community needs.
12. Nutritionist
If you like helping people and love everything about food and health, think about becoming a nutritionist! A nutritionist is someone who helps people eat better and live healthier lives.
A nutritionist is a health expert who knows a lot about food and how it affects our bodies. They look at what people eat, their health goals, and make personalized plans to help them eat better. Nutritionists teach people about healthy eating, help with meal plans, and give support to make lasting changes in lifestyle.
They work in different places like schools, hospitals, or their own offices to help people be healthier through good nutrition.
13. Pediatric sleep consultant
Getting enough sleep is super important for babies and their parents. But sometimes, parents have trouble making sure their baby sleeps well.
This can lead to some parents getting nearly no sleep, and it impacts their life, their job, and their mental health.
That’s where pediatric sleep experts come in handy. They know a lot about helping kids sleep better, which helps families have better nights. If you really like working with kids and want to help them, becoming a sleep coach could be a great career option for you.
This is an area that so many parents need so that they can continue living their lives.
For me, I have taken many tips from pediatric sleep consultants so that I could help my child sleep better, and so that I in turn could get sleep as well. These were life-changing tips!
Recommended reading: How To Become A Sleep Consultant And Make $10,000 Each Month
14. Dentist
Dentists work with teeth and gums, and they help keep your mouth healthy as well as fix problems when they come up.
If you have a cavity, they can fill it. Or if you have something more serious, they can fix it too. Dentists tell you how to take care of your teeth so you can keep them strong and avoid future problems.
15. Psychologist
Psychologists help people deal with their feelings and thoughts by listening to people and understanding their problems. They work in schools, offices, and sometimes even online.
They ask questions, do tests, and figure out the best way to help people feel better.
16. Police dispatcher
Being a police dispatcher is an extremely important job that helps people in crisis.
Dispatchers have an important job in keeping communities safe and making sure everything runs smoothly. They answer emergency calls when you call 911 and send out the right help.
17. Police officer
Police officers in law enforcement keep areas safe by stopping crime and making sure laws are followed. They patrol the streets, keep an eye out for any trouble, and if someone calls for help or there’s an accident, police officers are the first to arrive.
A police officer’s work is very important for everyone’s safety. They are trained to handle many kinds of situations.
Some police officers have a degree in criminal justice, but not all have college degrees.
18. Massage therapist
Massage therapists use their skills to help relax tight muscles and ease pain. They work in many places like spas, hospitals, or sports centers.
This is a career path where you can make others feel physically better, relieve stress, and feel relaxed.
19. Speech and language therapist
Speech therapists (also known as speech-language pathologists) help people of all ages overcome difficulties with communication, as well as swallowing disorders.
Speech therapists work with children and adults who face challenges with speaking and understanding others, help those who have trouble eating or swallowing due to health issues, and create fun and engaging exercises to improve clients’ speech and language skills.
Many, many people use speech-language pathologists these days, especially for young children, and it is such a needed career path right now. Many cities have very long waitlists because there simply are not enough speech therapists, so this can be a very helpful career choice to get into.
20. Rehabilitation specialist
Rehabilitation specialists give support to those who need a little extra help due to health troubles like injuries or mental health challenges.
A day in the life of a rehabilitation specialist could include working with kids or adults, helping them with their skills to live a good life (kind of like teaching and cheering on someone as they learn or remember how to do important daily stuff).
These jobs are often found in places like hospitals, private clinics, or community centers.
21. Caregiver
Caregiving roles are very important careers that help people who really need it.
Caregivers play an important role in the lives of those who need help due to age, sickness, or disability. They provide support and company, making a real difference every day.
Caregivers do things like cook meals, drive people places, or just talk to make someone’s day brighter.
22. Home health aide
A home health aide is somewhat similar to a caregiver. Caregivers and home health aides both help people who need support with daily activities because of sickness, disability, or getting older. However, caregivers usually do a wider range of tasks like keeping people company, driving people places, cooking, and doing chores.
Home health aides focus more on personal care, such as helping with bathing, dressing, and reminding about medications. Home health aides often get formal training and might work under a nurse or another healthcare worker, while caregivers might not have formal training and often work on their own or for agencies.
Home health aides have an important job where they help people who need extra care to live comfortably in their homes. People like seniors or those with disabilities count on them to be there for them.
23. Translator
Translators connect people who speak different languages, and this job is important because they help people understand each other.
Translators work in many places. Some work in hospitals, making sure doctors and patients understand one another. Others translate books or websites, so everyone can enjoy stories or information, no matter what language they speak.
Many translation jobs let you work from home. Some jobs are full-time, and some are part-time. You can find what fits your life.
Recommended reading: 28 Ways To Get Paid To Text And Make Money
24. Environmental engineer
Environmental engineers figure out how to keep nature clean and safe. They sometimes work on projects that prevent pollution or create plans to fix damage that’s already been done, like cleaning up oil spills.
25. Pharmacist
Pharmacists know all about medicine, fill doctors’ prescriptions for patients, and explain how to take the medicine safely. This is a job that helps people because people need medicine in order to feel better.
Pharmacists work in pharmacies, drugstores, clinics, and hospitals.
26. Optometrist
Optometrists are eye doctors that help people see better. They check your eyes, find out if you need glasses or contacts, and can spot eye troubles before they become a bigger issue.
Eyes are important, of course, and so this is a job that definitely helps people.
27. Midwife
Becoming a midwife might be a great job for you if you enjoy helping people and have an interest in healthcare. Midwives are healthcare professionals who help women before, during, and after they have a baby.
Midwives work in different places, such as in a hospital, in a clinic, or visiting moms at their homes.
I had a midwife and doctor team for my pregnancy, and the midwife was amazing. She made me feel comfortable and was very friendly and calming.
28. Conservationist
Conservationists get to spend their days outdoors, helping plants and animals survive and stay healthy. They research and learn about different species and find ways for humans to live alongside them without causing harm.
The planet is home to incredible animals and places, but some are at risk. Conservationists help protect these natural wonders and make sure there are plenty of wild areas for animals to thrive in. They also work to keep the air and water clean for everyone to enjoy.
29. Dental hygienist
Dental hygienists are important in preventing and treating oral diseases. It’s more than just cleaning teeth.
They also teach patients how to take care of their mouth, show them the right way to brush and floss, and help them understand why oral health is so important.
30. Blogger
Okay, so I realize that this option is not like any of the rest.
But, I have personally helped thousands of people over the years with my blog, so I think being a blogger definitely helps people. I have received many emails and letters from readers who have said that I helped them pay off their debt, stop living paycheck to paycheck, reach retirement, and more.
With a blog, you can help people understand different topics, learn actionable tips, get motivated to reach their goals, and more.
If you enjoy writing and sharing stories or expertise, becoming a blogger might be right up your alley. A blogger creates content for a blog, which is an online space for posting thoughts, knowledge, and insights.
Your blog can become a helpful resource on topics you’re passionate about. Whether it’s cooking, personal finance, or even traveling, your words could be valuable to someone else.
I started Making Sense of Cents back in 2011. Since then, my blog has made over $5,000,000.
I didn’t plan to make money when I started the blog. It was just a way for me to keep track of my own money journey. At first, I didn’t even know people could make money from blogging or how to make a successful blog!
But after only six months, I started earning money from my blog.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to find jobs that help people.
What is the best career to help others?
The best careers to help others include becoming a social worker, teacher, nurse, therapist, counselor, and firefighter.
What job helps people with their money?
Financial planners or advisors help people manage their money effectively. They provide advice on investments, savings, and budgeting to help individuals achieve their financial goals and secure their future financial stability.
What job can I do to make people happy?
Many of the jobs above can help people become happy, such as being a teacher, personal trainer, school counselor, nutritionist, pediatric sleep consultant, psychologist, and massage therapist.
What are some jobs that help people’s mental health?
Mental health counselors and therapists give support and treatment to people dealing with mental illnesses. They play an important part in improving their clients’ emotional and psychological well-being.
What are some creative jobs that help others?
Art therapists help people deal with stress, trauma, or sickness by using creative activities. They combine the healing power of art with counseling techniques to support healing and personal development.
What are jobs that help people in crisis?
Jobs that help people in crisis include substance abuse counselors, social workers, registered nurses, and art therapists.
What are jobs helping others without a degree?
A bachelor’s degree, master’s degree, or doctoral degree is not required for all jobs that help people. For example, home health aides and personal care aides help people with daily tasks and give companionship. Typically, formal education is not required, but training and a caring personality are important to actually help people.
Best Jobs That Help People – Summary
I hope you enjoyed this article on the best jobs that help people.
When you think about jobs that help others, you might think of social work or healthcare right away.
But there’s a wide range of options, including jobs in teaching, therapy, public service, and even technical fields like translation or environmental engineering.
Each of these jobs is important for making our community better and healthier, often by working directly with people to make their lives better. These roles give more than just a paycheck – they give you the satisfaction of knowing that your work helps people outside of the office too.
What do you think are the best jobs that help people and pay well?
Accident and illness policies have unlimited annual coverage.
Live customer support chat available.
15-day waiting period for orthopedic issues is shorter than that of many other insurers.
No waiting period if your pet is switching from another policy.
No option to pay your vet directly.
No hip dysplasia coverage for pets enrolled after age 5.
Wellness plans don’t reimburse for spay/neuter surgery or microchipping.
Bottom line
ManyPets offers comprehensive coverage for pet owners with short waiting periods for orthopedic conditions and fast claim processing times.
About ManyPets pet insurance
ManyPets earned 4 stars out of 5 for overall performance thanks to its modern take on pet insurance. You can live-chat customer support and receive a claims decision within 48 hours in many cases.
Unlike many of its competitors, ManyPets doesn’t have a separate, multi-month waiting period for orthopedic conditions like knee injuries or hip dysplasia. Coverage for these and all other conditions begins 15 days after you buy your policy. The company will waive the waiting period if you’re switching to ManyPets from another pet insurance provider.
ManyPets insurance was founded in 2012.
Strengths: ManyPets has a comprehensive accident and illness plan that includes coverage for exam fees and dental disease treatment — two items not always covered by other plans.
Weaknesses: ManyPets doesn’t cover prescription food or behavioral modification. It also doesn’t have an accident-only plan, and its wellness package won’t pay for spaying or neutering.
ManyPets pet insurance plans and coverage
ManyPets offers a single accident and illness plan with the option to add preventive care coverage.
Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet.
Accident and illness
The ManyPets accident and illness plan has no annual coverage limit. This plan can reimburse you for:
Sick visit exam fees.
Vet specialist and ER visits.
Prescribed medications.
Treatment for illnesses including cancer, dental diseases and hereditary conditions.
Diagnostic tests.
Rehabilitation, acupuncture and chiropractic treatments.
Surgeries.
Hospitalization.
Euthanasia and cremation.
Wellness plan
You can add an optional wellness plan to get reimbursed for preventive care expenses. The ManyPets wellness plan has a total annual benefit of $600. It covers:
Checkups and vaccines, up to $150 per year.
Parasite testing and prevention, up to $150 per year.
Teeth cleaning, dental chews and other oral care expenses, up to $150 per year.
Vitamins, supplements, and services such as acupuncture or massage, up to $150 per year.
What’s not covered
A ManyPets accident and illness plan won’t pay for:
Pre-existing conditions, unless your pet has been symptom-free without treatment for at least 18 months.
Routine care, unless you’ve added a wellness plan.
Hip dysplasia, if you enrolled your pet after age 5 or the animal has previously been diagnosed with this condition.
Behavioral modification treatments.
Anal gland expression.
Breeding, pregnancy or giving birth.
Sickness or injury due to neglect, racing or guarding.
Cosmetic procedures like tail docking or dew claw removal.
Treatment of cruciate ligament problems if your pet has had prior cruciate ligament injuries to any leg before the start of the policy.
The ManyPets wellness plan doesn’t cover the following (some of which other companies’ preventive care packages will cover):
Spay or neuter surgery.
Microchipping.
Blood tests.
Grooming services.
Prescription diet food.
ManyPets coverage options
Deductibles: A pet insurance deductible is the amount you have to pay before your plan reimburses you for vet expenses. For the ManyPets accident and illness plan, deductible options may range from $250 to $1,000 per year, though not all pets have the same choices.
Wellness plans have no deductible.
Reimbursement amounts: ManyPets will reimburse you for a certain percentage of vet expenses, minus your deductible. With ManyPets plans, you can generally choose between a 70% and 80% reimbursement rate.
ManyPets first applies its reimbursement rate to your vet bills, then your deductible. This is a less generous method of payment than that of some other pet insurers. Say you have a $1,000 vet bill, an 80% reimbursement rate and a $500 deductible. ManyPets will deem $800 of your bill reimbursable (80% of $1,000), then subtract the $500 deductible from your payout. That leaves ManyPets paying $300 and you covering the remaining $700.
Companies that apply the deductible first would pay $400 of the same vet bill. Here’s the math: $1,000 vet bill – $500 deductible = $500. 80% of the remaining $500 vet bill = $400.
Reimbursement percentages don’t apply to the ManyPets wellness plan.
Coverage limits: ManyPets has no annual coverage limit for its accident and illness plan. Its wellness plan can pay up to $600 per year.
Restrictions and waiting periods
Age restrictions: New policies are available to pets between the ages of 8 weeks and 14 years. Once enrolled, your pet won’t be denied coverage due to age as long as your policy stays active. You must enroll pets before age 6 for hip dysplasia coverage.
Waiting periods: A waiting period is the time between when you buy your policy and when your coverage starts. ManyPets has a 15-day waiting period in most states for accident and illness coverage. Wellness coverage begins the day after purchase.
ManyPets pet insurance rates
The cost of ManyPets pet insurance depends on where you live and your pet’s age and breed. Below are sample monthly rates from ManyPets for six common dog breeds at ages 2 and 8. Sample pets lived in Katy, Texas, and had accident and illness coverage with a $250 deductible, unlimited annual coverage and an 80% reimbursement rate. Your own price will vary.
French bulldog
German shepherd
Golden retriever
Labrador retriever
Medium mixed-breed dog
We also gathered rates for a variety of cat breeds with the same coverage limits as above. Rates below are sample monthly premiums for cats living in Katy, Texas.
Domestic shorthair
Exotic longhair
Maine coon
Discounts
ManyPets doesn’t advertise any pet insurance discounts.
State availability
ManyPets pet insurance is available in Washington, D.C., plus all states except Hawaii, Idaho, Maine, Massachusetts and Minnesota.
Availability may change at any time. Coverage may not be available to all pets in a given state.
Consumer experience
Website: The ManyPets website is easy to use. You can get a free quote and enroll your pet, plus browse FAQs to get answers to your questions. The website also has sample policies if you’d like to review details before you purchase a plan.
App: TheManyPets mobile app is available for both iOS and Android. You can use the app to submit and track claims, view benefit information, refer friends, and watch pet care videos.
Claims: With ManyPets insurance, you pay your vet upfront and get reimbursed after filing a claim. You have 180 days to file a claim from when you pay your vet bill. You can file a claim online or in the mobile app. ManyPets tries to process most accident and illness claims within 48 hours. It issues reimbursements within 24 business hours of approval, so you can generally expect a quick turnaround. You can get your reimbursement via bank deposit or check.
Customer service: The ManyPets customer care team is available by phone at 888-978-5291 and by email at [email protected]. You can also reach out via live chat. The company’s business hours are Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 6 p.m. ET.
Other pet insurance companies to consider
Not ready to make a decision? You may be interested in these other pet insurance companies:
How we review pet insurance
Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy to help you choose the financial products that work best for you. In our pet insurance reviews, we consider coverage, discounts, financial strength ratings from AM Best and more to determine our star ratings.
Our rating system rewards companies that cover a wide range of potential expenses, offer many ways to customize your plan and have a strong financial rating. Within the consumer experience category, we looked at features such as mobile app ratings and whether the company offers direct vet payments. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
Frequently asked questions
Does ManyPets cover neutering or spaying?
ManyPets doesn’t cover neutering and spaying for your pet, even under a wellness plan. This is unusual, as many pet insurance companies will reimburse you for spay or neuter surgery if you have a preventive care package. Learn more about which pet insurance companies cover spaying or neutering.
Does ManyPets cover dental issues?
ManyPets covers dental injuries and illnesses as long as they’re not related to a pre-existing condition. If you have a wellness plan, you can get reimbursed up to $150 per year for preventive care like cleanings, dental chews and toothbrushes. Learn more about pet dental insurance.
How do I cancel ManyPets insurance?
You can cancel your ManyPets insurance at any time by calling or emailing the company. It will cancel your policy and stop future premium payments. If you aren’t happy with the policy within the first 30 days and haven’t made a claim, you can cancel for a full refund in most states.
The median annual wage for psychologists in the U.S. is $85,330, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $50,000 to more than $140,000.
How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.
What Are Psychologists?
Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:
• Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction.
• Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.
• School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.
• Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.
• Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.
It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science. 💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
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What Does It Take to Become a Psychologist?
Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for those who are experiencing emotional or behavioral issues?
If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.
Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.
Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.
Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.
Recommended: High-Paying Vocational Jobs for 2024
How Much Do Starting Psychologists Make a Year?
The average salary for a starting psychologist in 2024 is $89,326, according to the job site Salary.com, but entry-level salaries currently can range from $75,493 to $101,117.
Of course, the work you do, your education level, certifications, and even your work location can impact how much you might earn as a beginning psychologist. The job site ZipRecruiter lists Washington, New York, Vermont, California, and Maine as the states where starting clinical psychologists currently earn the most money.
What Is the Average Salary for a Psychologist?
So, how much can you make per year if you choose a career as a psychologist?
You can expect your specialty to have a big influence on how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, while school psychologists earn the least.
Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.
If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region. Here’s how psychologists’ average annual salaries break down by state based on ZipRecruiter data.
Average Psychologist Salary by State
State
Average Annual Salary
Alabama
$129,310
Alaska
$176,920
Arizona
$132,948
Arkansas
$130,467
California
$145,770
Colorado
$165,086
Connecticut
$132,272
Delaware
$155,187
Florida
$106,610
Georgia
$120,463
Hawaii
$173,156
Idaho
$139,446
Illinois
$152,897
Indiana
$135,754
Iowa
$131,180
Kansas
$123,671
Kentucky
$138,059
Louisiana
$119,804
Maine
$142,367
Maryland
$150,294
Massachusetts
$174,781
Michigan
$136,667
Minnesota
$137,219
Mississippi
$131,343
Missouri
$146,175
Montana
$130,944
Nebraska
$147,086
Nevada
$167,279
New Hampshire
$139,791
New Jersey
$143,454
New Mexico
$136,445
New York
$156,917
North Carolina
$141,923
North Dakota
$176,893
Ohio
$133,380
Oklahoma
$142,442
Oregon
$177,795
Pennsylvania
$143,748
Rhode Island
$164,679
South Carolina
$144,913
South Dakota
$167,182
Tennessee
$127,338
Texas
$138,507
Utah
$127,431
Vermont
$153,232
Virginia
$152,942
Washington
$169,179
West Virginia
$111,019
Wisconsin
$142,067
Wyoming
$137,573
Source: ZipRecruiter
Recommended: Cost of Living by State
Psychologist Job Considerations for Pay and Benefits
Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% over the next decade, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.
Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.
Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of a Psychologist’s Salary
Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.
On the plus side, you’ll be in a career that can be both personally and financially rewarding.
Here are some more pros and cons to consider:
Pros
• You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.
• The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.
• Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suits your needs.
• You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.
Cons
• Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.
• You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.
• If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.
• Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.
As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.
The Takeaway
Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.
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FAQ
Can you make $100,000 a year as a psychologist?
Yes. According to the latest ZipRecruiter data, psychologists in every state make an average annual salary that’s more than $100,000.
Do people like being a psychologist?
Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars. And U.S. News & World Report, which ranks jobs based on salary, upward mobility, work-life balance, among other factors — gave “psychologist” the No. 5 spot on its list of “Best Science Jobs.”
Is it hard to get hired as a psychologist?
According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.
Photo credit: iStock/Dean Mitchell
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Many people choose Medicare Advantage plans without exploring their options or noticing what changes their plan may have made, according to research from KFF, a health policy nonprofit. But now that a new year has started, you may realize the plan you picked during Medicare’s fall open enrollment doesn’t work for you. Or maybe you stuck with your old plan and it changed this year. (That can happen, too.)
“It’s set up especially for people who begin the year enrolled in a Medicare Advantage plan and allows them to make certain changes,” says David Lipschutz, associate director of the Center for Medicare Advocacy.
Here’s where to start.
Still deciding on the right carrier? Compare Medicare Advantage plans
Does your current coverage work for you?
Even if you haven’t had a chance to stress test your plan yet, do some research while you still have time to change your mind. Are there providers or specialists you want to see or hospitals you prefer? Make sure they’re in your network.
Check your medications, particularly if you’re on a newer drug that may be covered differently by different plans. How much do your prescriptions cost under your plan?
Then, think about your situation this year. “Are there any procedures, like a surgery that’s coming up?” says Christopher Fong, director and co-founder of Smile Insurance Group in Mesa, Arizona. “Is it outpatient? Inpatient? How many emergency room visits do you have? Do you need an electric scooter?” The more you can predict your health care usage, the more accurately you can determine whether you’re in the right plan.
Next, consider your lifestyle. Do you travel or plan to spend part of the year in another state? Make sure your insurance offers an extended network or travel benefit. Or consider Original Medicare, which allows you to see any doctor in the country who accepts Medicare.
What can you do during Medicare Advantage open enrollment?
During this time, people who are already enrolled in a Medicare Advantage plan can switch — once — to another Medicare Advantage plan, or they can return to Original Medicare and purchase a Medicare Part D prescription drug plan. But if you don’t already have Medicare Advantage, you can’t join a plan now.
That said, although you can return to Original Medicare, you may not be able to sign up for Medicare Supplement Insurance, or Medigap. Medigap’s open enrollment period — when insurance companies must offer you a plan at the same price as everyone else, regardless of health issues — lasts for six months after you’re 65 and have Medicare Part B. After that, aside from a few states and situations, you’ll be subject to medical underwriting to qualify.
“While you can get in and out of a Medicare Advantage plan on an annual basis, your rights to purchase a Medigap policy are usually far more restrictive,” Lipschutz says.
Should you switch plans?
Some circumstances are red flags — meaning you should probably change your coverage. If your primary care physician or primary hospital system is now out of network, for instance, you’ll want to look for a plan that includes them.
If an expensive medication isn’t covered, see if there’s a plan that includes it. (You can input your medications into the plan finder on Medicare.gov to see options.) Make sure, when you’re estimating drug costs, that you’re as accurate as possible about what you’re taking, including name and dosage. “Some people will get confused between the generic version and the brand name version, and there’s a huge difference,” says Emily Gang, CEO of the Medicare Coach, a site that provides Medicare guidance.
If you had a health event and found that you weren’t covered in the way that you expected, give switching plans some thought, but consider that any money you’ve paid is a sunk cost. You’ve already spent it, Gang says. And it may not make sense to start over in a new plan with a new deductible.
In general, resist switching plans for the perks alone. “We’re not proponents of benefit chasing unless everything else lines up correctly for the member,’” Fong says.
Then, next year, do your homework during Medicare’s fall open enrollment from Oct. 15 to Dec. 7. “Ideally, you look at the plan details in advance to avoid any surprises,” Gang says.
This article was written by NerdWallet and was originally published by The Associated Press.