Category: Money Management

Get Hulu for $2 a Month as a College Student

In case you weren’t already swimming in streaming service subscriptions, Hulu is offering a discounted $2 monthly plan for students. However, note that if you’re long past college and happen to have an .edu email address, that won’t be enough to qualify as a “student”—Hulu is verifying that you’re actually attending school.

The new student plan 

The ad-supported plan offers two simultaneous streams that allow you to watch on-demand content, which includes original programming like The Handmaid’s Tale and Palm Springs, as well as content from ABC, NBC, Fox, Bravo, USA Network, FXX, and other channels. That’s $4 cheaper per month than you’d normally get with the plan. The offer—which currently has no end date—will undoubtedly attract more on-demand users who can later be upsold to the more expensive live TV service plan.

If you’re a current subscriber while also enrolled in a U.S. Title IV accredited college or university, you’re eligible to switch to the student plan—for that, log into your Hulu account, then go here and click “GET OFFER” to apply student discount pricing to your existing ad-supported Hulu subscription.

The plan includes Hulu’s new Watch Party feature, which allows subscribers to watch and chat about content in groups of up to eight people. For more on how that works and how to set it up, check out this Lifehacker post.

You can’t fake being a student

It’s an open secret that people use their .edu email account to qualify for student discounts years after graduating from college, but Hulu is actually verifying your status. In partnership with the party-pooping verification service SheerID, you’ll have to provide the name of your college or university. Per Hulu:

Offer valid for new and existing Hulu-billed subscribers enrolled at a U.S. Title IV accredited college or university who meet verification qualifications. Verification performed through SheerID; enrollment information (e.g. first name, last name, college/university name, date of birth) must be shared with SheerID for verification purposes. Automatic re-verification performed annually.

If the last time you went to college was during the Obama administration, it looks like you’re out of luck.

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How to Apply for Emergency Rent Assistance

If you’re struggling to pay rent due to COVID, make sure you take advantage of the just-launched $25 billion rental assistance program, which is part of the relief package passed last month. If you can prove hardship, up to 15 months of your rent could be paid for.

How rental assistance works 

Funding is currently being doled out by the Treasury to state and local governments, which should receive all of the funds by January 26. These governments then act as grantees that provide assistance to eligible households through existing or newly created rental assistance programs.

Eligible households may receive up to 12 months of assistance, plus an additional three months if the grantee determines that the extra months are needed to ensure housing stability. Funding will be prioritized for those whose rent payments are in arrears and are facing eviction.

As Diane Yentel, president of the National Low Income Housing Coalition (NLIHC), says: 

While $25 billion in emergency rental assistance is clearly not enough to meet the estimated $70 billion in accrued back rent or the ongoing need for rental assistance to keep families stably housed, these resources are essential and desperately needed.

How to qualify

Per the Treasury, an “eligible household” is defined as a renter household in which at least one or more individuals meet the following criteria:

  • Qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19.
  • Demonstrates a risk of experiencing homelessness or housing instability.
  • Has a household income at or below 80 percent of the area median.

To demonstrate a risk of homelessness, you might need to include a past due rent or utility notice. Additionally, while you can’t qualify if you exceed 80% of your area’s median income, states have been directed to prioritize applicants who fall at 50% or lower, as well as those who’ve been out of work for 90 days or more.

In the meantime, an eviction moratorium has been extended through the end of January, and will possibly be extended further by President-elect Joe Biden once he takes office on January 20.

Where to apply

This is where it’s a little bit more tricky, as each state, city, or county will have their own patchwork of rental assistance programs, some of which are in the process of being set up right now. Per CNBC, you can see if a rental assistance fund already exists in your area here. Otherwise, you can contact your state’s housing department, local government websites, 211/311 helplines, or local housing groups to inquire about how you can apply.

Photo by HiveBoxx on Unsplash

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Watch Out for Streaming Service Price Hikes in 2021

Price hikes for streaming TV has become a new holiday tradition, as Netflix, Disney+ and Hulu have increased their subscription prices ahead of 2021. For that reason, year-end is a good time to confirm how much you’re paying for subscriptions, and cancel those that you’re barely using.

Recent TV streaming price hikes 

Netflix increased the price of its popular, standard plan (1080p and two simultaneous streams), from $12.99 per month to $13.99 per month. Netflix’s premium plan (4K video and four simultaneous streams), increased from $15.99 to $17.99 per month. These changes are in effect for both new and old subscribers. The basic plan, which offers SD streaming and just a single stream, remained unchanged at $8.99 per month.

Disney+ announced in December that it’s increasing its monthly subscription price by one dollar, to $7.99 per month, and its yearly subscription goes up by ten dollars, to $79.99. The price change is effective March 26, 2020, so you could still lock in a lower price now.

Hulu has another yearly hike, this time increasing its live TV product, from $54.99 to $64.99 per month. The option to watch without commercials increases from $60.99 to $70.99 per month. Hulu’s VOD-only plans will remain unchanged at $5.99 per month with ads and $11.99 per month for no ads. These changes were effective December 18, for both existing and new subscribers.

Also, earlier in the year, YouTube TV announced a whopping monthly increase of 30%, from $50 to $65, which took effect July 31.

This is in addition to other services you might also have, like:

Time for a streaming TV audit?

All told, these increases will probably only affect your overall streaming bill by a few dollars, even if you have more than one service (the average person has three paid TV subscriptions). Nor does this fact really make the case for getting a traditional cable box, which are still very expensive compared to TV streaming (the average cable bill is $217.42, according to a Decision Data survey).

But these rate increases can add up over time, too, as these services all use “evergreen” automatic payment and yearly renewals via your credit card. If you want to cancel, you have to go out of your way to opt out of renewal, and many people don’t. The danger is that it’s easy to overlook these increases over time—just look at Hulu’s live TV plan, which has gone up by $25 per month in the last few years. That’s a lot of money if you aren’t paying attention to the cost.

If you’re unsure how much you spend on streaming TV, you’ll want to do a subscription audit: scan your credit card bills for subscriptions services, tally the cost, and decide what you want to cancel or keep.

Since these services seem to increase late in the year, you might want to set up a corresponding annual subscription audit reminder in your calendar—it could be an easy way to save money.

Photo by Kelly Sikkema on Unsplash

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How to Open a Health Savings Account

A Health Savings Account is a smart way to stock away from extra cash, tax free, in order to pay for approved medical expenses. Typically, the option to open an HSA will be offered by your employer. But if you don’t have employer insurance, you still have options.

How to open an HSA if your employer doesn’t offer one

As long as you qualify you can open an HSA at many banks and brokerages. To qualify, you for an HSA, you must be enrolled in a health plan with a deductible of at least $1,350 for an individual. If you belong to a bank you’re comfortable with, start there and see what they can offer you—though your insurer should also have options (give them a call or log in to your online account to see). You can also use this search tool. Fidelity has great options.

An HSA is a good investment because it offers triple tax savings. Contributions are tax-deductible (or made pre-tax, if funded through a payroll deduction), the interest earnings are tax-free, and you can take distributions at any time to pay off medical expenses—including your deductible—without tax penalties. Unlike an FSA, you don’t lose leftover funds at the end of the year—you can keep them invested.

You can also withdraw money after age 65 for non-medical expenses, but it will be taxed in that case (just without a penalty), so though the funds in the account will grow tax-free, it’s not exactly like a Roth IRA. And if you take distributions before age 65 for non-qualified expenses—including things like cosmetic surgery or a health club membership—you’ll be hit with a 20 percent penalty and pay income tax.

How much should you contribute?

The minimum to open an HSA will depend on where you choose to start your account; a reasonable opening balance to aim for is $500, which will give you plenty of options. As Investor’s Business Daily notes, if you’re planning on using your HSA for medical purposes this year, you’ll want to look for an account with good debit card functionality and online banking options. If you’re looking at it as a retirement account, long-term investment options and fees will be your key considerations.

Any place you open your account will likely have a range of investment options, including mutual funds, ETFs, and target date funds—though your choices will be different everywhere. If your insurer or bank doesn’t offer target date funds, you could try to replicate them—but the big thing to look out for is fees: Take into consideration monthly account fees, trading fees, investment fees, account-inactivity fees, and closing fees.

More importantly, according to the IRS, you can contribute up to $3,550 to an HSA this year (or $7,100 for family coverage), tax-free. If you’re planning to put away more than that, or you’re counting on the HSA as your main retirement account at the moment, look into opening an additional account. As medical costs continue to rise, experts will tell you to contribute the max to the HSA and then put any additional funds into an IRA or Roth. That’s not a terribly bad idea—as long as you remember you’ll have more to deal with in retirement than just healthcare costs.

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Get Yourself Some Free Food With These Fast-Food Apps

If you’re looking for free fast food, loyalty apps often have the best deals. Digital coupons usage has finally exceeded paper coupons (according to Inmar Intelligence) during the pandemic, but a big part of that trend is the growth of mobile rewards programs. With brands investing heavily in apps, expect them to be go-to source for exclusive deals and perks from now on. Here’s a look at what the apps currently offer, including free food.

Starbucks

With Starbucks Rewards you earn 2 points—or Stars—for each dollar spent, which can be redeemed for drinks and food items. As an example, if you spend $75 you can redeem a hand-crafted drink or a hot breakfast item. You can also double your Stars for each dollar spent when pre-loading money into the app. There’s other occasional promotions that award Stars, like double Star days and in-app games.

Order availability: Pick-up or delivery

Sign-up info requested: Your name and email

Free food or drink: Coffee on your birthday

McDonald’s

McDonald’s has exclusive (and sometimes their best) deals on their app, along with a virtual McCafé card that allows you to get your sixth McCafé drink for free. You can always find good deals on the app, which typically shave a few bucks off an item (like offering $1 large fries), but sometimes free items are offered, too.

Order availability: Pick-up or delivery

Sign-up info requested: Either your name and email, or Facebook, Apple, or Google account

Free food: Free Cheeseburger, McChicken, or Sausage McMuffin for new users

Burger King

Like McDonald’s, Burger King’s app is focused on deals rather than reward points, but the deals are plentiful, with offers typically taking a few bucks off an item or meal (for example, a $3 Double Whopper). There is no mention of redemption using the nearly mythical Crown Card, which apparently gives you free food for life.

Order Availability: Pick-up or Delivery (in some regions)

Sign-up info requested: Your name and email

Free food or drink: A free Whopper for new users

Wendy’s

You earn 10 points for every dollar you spend on the Wendy’s mobile app, which can be redeemed through an in-app Rewards Store. The rewards are okay (you have to spend $35 for a 350-point Junior Bacon Cheeseburger, for example), but Wendy’s has deals too, which are pretty good. As with McDonald’s or Burger King, having the app can knock a couple bucks off your meal.

Order Availability: Pick-up or delivery (in some regions)

Sign-up info requested: Your name and email

Free food or drink: None

Taco Bell

Each dollar you spend earns you 10 reward points on Taco Bell’s mobile app, which can be redeemed for select items once you collect 250 points (examples include a Crunchy Taco or a Bean Burrito). When you’ve earned 2,000 points, each dollar spent earns 11 points and you have more menu items to choose from when you redeem them for 250 points (Chalupa Supreme or Doritos Locos Tacos). No deals are offered (except prize draws), although that’s somewhat offset by the lower price point of their items.

Order availability: Pick-up only

Sign-up info requested: Facebook or Apple accounts, or name and email address (birthday optional)

Free food or drink: A “surprise” item can be redeemed on your birthday.

Subway

With Subway MyWay Rewards, you earn tokens with each purchase and collect rewards every 200 tokens. The reward system is unnecessarily complicated—the app isn’t clear about how many tokens you get with each purchase, so I had to read the small print on the website to confirm that it’s four. The app offers exclusive deals, although only one was available as I was signing up (a 2-for-1 footlong deal, which is good value).

Order availability: Pick-up only.

Sign-up info requested: Name, email, and phone number.

Free food or drink: None.

Chipotle

For every dollar you spend on Chipotle’s rewards program, you get 10 points, and when you hit 1,250 points you a free entree. A unique twist is that you get more points for trying new menu items, and you also get a gift reward for your birthday. The app awards “bonuses” that work like deals, although there was only one deal for free Chips & Guac with a purchase when my new account was created.

Order availability: Pick-up or delivery

Sign-up info requested: Name, email, and phone number (birthday optional)

Free food or drink: A “gift reward” on your birthday

Domino’s

With Domino’s you get 10 rewards points for every order $10 or more, and when you collect 60 points you earn a free medium 2-topping pizza. The app also has a wide selection of store-specific and nationwide coupons that typically have a few dollars in value. It’s an unfussy app with good digital coupons.

Order availability: Pick-up or delivery

Sign-up info requested: Name, email, and phone number

Free food or drink: None

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