Outsmart Student Loan Scams, and Child Care Budgeting Tips

Keep your money safe by spotting student loan scams, then learn how to cover child care costs without going into debt.

01:02 This Week in Your Money: Hear a student loan scammer’s actual voicemail, which hosts Sean Pyles and Liz Weston dissect line by line to give you a better understanding of scammers’ manipulative strategies and pressure tactics. Sean and Liz will also share practical advice about how to safeguard yourself and your loved ones against these scams and tips for how to plan your budget for when student loan payments resume later in 2023.

09:15 Today’s Money Question: Personal finance Nerd Kim Palmer helps Sean and Liz answer a listener question about the financial challenges associated with sending two children to day care full time, despite both parents having six-figure salaries. They suggest different budgeting approaches parents may want to consider when planning for child care costs, and Kim shares the trade-offs she has made in her own life to afford child care. The Nerds also discuss the risks of using a home equity line of credit to fund day care, the potential hazards of lifestyle creep and the implications of becoming a stay-at-home parent to offset child care costs.

22:03 Takeaway Tips.

In their conversation, the Nerds discuss: student loan scammers; financial scams; keeping your FSA ID safe; budgeting for parents; retirement savings; lifestyle creep; the 50/30/20 budget strategy; managing household expenses; when to consider a home equity line of credit (HELOC); budgeting shortfalls; and child care costs.

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