financial wellness
Informal safety nets help many Americans with expenses – people at all income levels benefit from this ‘financial interdependence’
Many Americans engage in informal financial support networks, reflecting cultural traditions and economic needs, which are becoming increasingly vital amid rising living costs and economic pressures.
Jeffrey Anvari-Clark, University of North Dakota
About 1 in 5 American adults regularly provide unpaid care or financial assistance to their adult relatives or friends. And about 1 in 7 young adults between the ages of 25 and 34 live with their parents.
But the true extent of support among Americans is deeper and broader.
From parents covering the cost of unexpected car repairs to colleagues raising funds for their co-workers’ medical expenses, Americans help each other in countless ways.
As a social work scholar who researches these patterns of what I call “financial interdependence,” I often observe transactions that challenge a common American narrative that most people in this country are handling their expenses on their own.
A long-standing tradition
The practice of sharing money with your friends and loved ones has deep roots in American society. Many Native American communities have traditions of sharing food and other resources with one another.
In the 19th century, mutual aid societies formed everywhere from Philadelphia to Florida. Many of them helped free Black people weather economic hardships. These organizations provided everything from unemployment assistance to burial expenses.
Today’s informal support networks echo these historical patterns.
In particular, many immigrant communities maintain traditional practices of collectively saving and lending money. Mexican American families often participate in “tandas,” which pool their savings to achieve financial goals or meet urgent needs. Similarly, West African and Caribbean communities in the U.S. organize “susu” groups, while many Chinese American communities form “hui” associations.
Local “hometown associations” additionally often offer both financial and social support to their members – aiding immigrant communities in the U.S. and people back in their homelands.
Everyone does it
These mutual support arrangements are very widespread and operate across all income levels, though they take different forms. They can be secular or religious. The true extent of this kind of activity is generally unknown.
Lower-income families often engage in frequent, smaller exchanges. They might share grocery costs, for example, or relatives may help one another out with the payment of large, unexpected bills.
Wealthier Americans tend to give larger amounts of money to extended family members, but less often. These might include a parent’s help with a down payment on a young adult’s first house or paying a portion of the cost of a grandchild’s college education.
Some families establish formal structures such as financial trusts or 529 educational savings accounts to make these transfers easier to complete and track. The number of people using 529 accounts has been increasing steadily, as states offer matching funds and tax incentives.
The nature of this financial support often reflects economic needs and cultural values. In many East Asian American communities, for example, adult children routinely provide financial support to their parents – as a cultural expectation.
Regardless of the community involved, technology has transformed how people share money with their friends and family.
Mobile payment platforms make it easier to split costs and send quick assistance. Money-transfer apps have normalized small-scale financial sharing among friends and family.
Online and social media platforms are used to gather resources for medical expenses, funerals or emergency needs. These tools extend traditional support networks beyond geographic boundaries.
Other kinds of support
Financial assistance can extend far beyond direct monetary help.
Families and communities might purchase bulk grocery items together to save money, or live together to manage rising housing costs. Some parents create informal child care cooperatives, while others coordinate care responsibilities for aging relatives with their extended families.
Financial education often emphasizes individual savings and budgeting. Yet, many Americans practice financial interdependence by managing their finances and making decisions in collaboration with others.
Addressing challenges
To meet today’s economic challenges, Americans are finding creative solutions through shared resources.
Young adults increasingly need more help to become homeowners than what they can get from a bank. The median home price has far outpaced wage growth, making family assistance crucial for many first-time buyers.
College costs have stabilized, albeit at high levels, leading more families to pool resources for educational support. This often creates long-term financial obligations across generations.
Medical expenses remain a leading cause of financial strain, pushing families to rely on each other to pay for health-related costs.
These support systems work at many levels, including family, community, the workplace and in government.
Some employers now offer emergency loan programs and matching funds for employee hardship. Some businesses create formal peer support systems for employees facing financial challenges.
A few states are also supporting family caregivers by providing tax credits to reimburse their out-of-pocket expenses.
Recognizing the financial burden of caregiving, Michigan Gov. Gretchen Whitmer has proposed a tax credit to support dependent respite services, nursing and transportation.
Some complications
While financial interdependence provides crucial assistance, it can also create challenges.
Financial responsibilities can strain family and friendship bonds. The provision of too much financial help can create or reinforce power imbalances within relationships. Some communities may not have enough money to be able to equally and effectively assist all members.
Clear communication and healthy boundaries can help manage these tensions.
As economic pressures mount for many American families, these informal financial support networks are growing more vital. Studies show that rising costs make financial stability increasingly difficult to achieve on your own.
Jeffrey Anvari-Clark, Assistant Professor of Social Work, University of North Dakota
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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(Family Features) For some, tax season represents the opportunity for a return and some much-needed relief for their bank accounts. Yet for others, it’s time to write a check to Uncle Sam. Ensure you’re up to date on all things 2025 taxes with this guidance from the Consumer Financial Protection Bureau and the IRS.
Tax Deadlines
If you’re unable to file before the traditional April 15 deadline, you do have a few options. Filing for an extension provides an extra six months until Oct. 15, however, if you believe you will owe taxes, you’re required to estimate how much you owe and pay that amount alongside your extension form.
Filing Your Taxes
Each person’s tax situation is unique, but there is an assortment of options when it comes time to file. Some people (an estimated 100 million) are eligible to file their returns for free, such as seniors, those who speak English as a second language, those with incomes of less than $60,000, servicemembers and more. Be sure to check your eligibility for services like IRS Volunteer Income Tax Assistance, AARP Foundation Tax-Aide, The Tax Counseling for the Elderly, MyFreeTaxes, GetYourRefund, IRS Free File, MilTax and more.
Accessing Your Refund
Electronically filing and choosing direct deposit is the fastest way to receive your refund. The IRS typically issues refunds within 21 days, but issuance of a paper check may take 4-6 weeks. Make sure to have your account and routing numbers ready when filing your return. One alternate solution is to have your refund issued to a prepaid card that accepts direct deposit, but there may be fees involved. Check with the card provider to determine any applicable fees.
Watch for Scams
The IRS will not contact you by email, text message or social media to request personal or financial information. Scammers may impersonate the IRS to convince you to share personal information through the mail, telephone, email and beyond.
Find more tax tips and information at irs.gov and visit eLivingtoday.com for additional financial advice.
Photo courtesy of Unsplash
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If you’ve recently discovered that your paycheck is smaller than expected, it’s possible you’re dealing with wage garnishment—a distressing situation that affects millions of Americans every year. This means a portion of your hard-earned money is being taken before it ever reaches your bank account, making it incredibly challenging to manage your budget, especially during tough financial times.
Understanding how wage garnishment works can help you navigate this rocky terrain. It usually occurs after a creditor has sued you, won a judgment, and obtained a court order to garnish your wages. However, certain exceptions—such as unpaid taxes, child support, and student loans—allow for garnishment without a court order. Regardless of how you found yourself in this situation, it’s important to know that there are steps you can take to mitigate or even stop the garnishment altogether.
If you’re facing wage garnishment, don’t lose hope. Acting quickly can be crucial. Here are six steps to help you address this issue and potentially find relief:
1. Verify the Garnishment Is Legal
It may feel overwhelming to see your paycheck impacted, but the first step is to confirm the legitimacy of the garnishment. Federal law mandates that you must receive a garnishment notice prior to any wage withholding. Carefully review this document to ensure that the debt belongs to you and that the creditor followed all proper legal protocols. Garish mistakes can occur, and verifying each detail can empower you to challenge any discrepancies.
2. Check for Violations of the Fair Debt Collection Practices Act
It’s disheartening, but some debt collectors may engage in questionable practices throughout the garnishment process. If you have not been properly notified or if your wages have been garnished beyond what is legally allowed, this might constitute a violation of the Fair Debt Collection Practices Act (FDCPA). Knowing your rights can be the first step in seeking justice. If you notice any irregularities, document your experiences—this could be crucial in seeking damages or legal fees.
3. Know Your Legal Protections
Understanding your legal protections can provide significant relief. Federal law stipulates that creditors can only garnish a limited portion of your earnings—typically 25% of disposable income or the amount by which your income exceeds 30 times the federal minimum wage, whichever is less. Additionally, certain income sources, like Social Security and disability benefits, are generally exempt from garnishment. Familiarizing yourself with these protections can bolster your confidence as you navigate this process.
4. File an Objection or Exemption Claim
If the garnishment is causing you severe financial hardship, you have the right to file an objection, often referred to as a “claim of exemption.” This usually involves submitting a formal request to the court that issued the garnishment order. It might feel daunting, but many courts are willing to reconsider garnishments that pose a significant burden on your ability to support yourself or your dependents. Advocating for your rights can lead to a modification or even termination of the garnishment.
5. Negotiate Directly with the Creditor
Even after wage garnishment begins, there’s still room to negotiate with the creditor. A direct conversation can sometimes open the door to negotiating a more reasonable payment plan or even settling for a lesser amount of what you owe. Many creditors are willing to work with you rather than endure the complexities of garnishment procedures. Approach this conversation with transparency about your financial situation and be prepared to offer a realistic, sustainable payment option.
6. Consider Bankruptcy as a Last Resort
When all else fails, it might be time to consider bankruptcy. While this option can feel intimidating, it offers a pathway to eliminate debts and stop wage garnishment. However, bankruptcy comes with its own set of complexities and consequences, so it’s essential to seek guidance from a qualified financial advisor or an attorney specializing in bankruptcy law.
Conclusion
Finding out that your wages are being garnished can evoke a whirlwind of stress, uncertainty, and fear. Remember, you’re not alone in facing this issue—millions are battling similar challenges. It’s critical to know that there are legal steps you can take to protect your rights and alleviate the strain of garnishment. By verifying the garnishment, understanding your rights, and taking action, you can work toward regaining control of your financial situation. With determination and the right approach, there is light at the end of the tunnel.
If you want to read more on this topic, check out the story from CBS News that highlights important steps to take when facing wage garnishment. It provides valuable insights and information that can help you navigate this challenging situation. Don’t miss it! 
https://www.cbsnews.com/news/what-to-do-debt-collector-garnishing-paycheck/
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ATLANTA, Feb. 19, 2025 /PRNewswire/ — GlassesUSA.com, a leader in the online eyewear industry, has just unveiled Drop 2 of its collaboration with NFL icon Von Miller. This collection showcases the results of a design process that leverages AI technology to reimagine every detail of the eyewear collection.
A fierce competitor on the field and a style innovator off it, Von Miller is the perfect partner for GlassesUSA.com’s mission to lead the eyewear industry through innovation. Together, Miller and the GlassesUSA.com team used AI to create an eyeglasses and sunglasses collection that embodies individuality, confidence, and cutting-edge design.
The Von Miller Eyewear Collection features premium acetate frames, complete with bold colors, innovative materials, and the signature VM logo embedded in the designs. Each pair is available as both prescription eyeglasses and sunglasses, giving customers more ways to express their individuality.
“Eyeglasses is about expressing who you are. I wanted to create something that empowers people to own their individuality,” said Von Miller. “Working with GlassesUSA.com and their AI technology allowed us to design a collection that makes finding your perfect pair of frames easy and exciting.”
This collaboration isn’t GlassesUSA.com’s first venture into AI. The brand has already made waves with its Pairfect Match AI, a cutting-edge tool that helps customers find their perfect frames. Now, the same innovative spirit extends into product design, showcasing GlassesUSA.com’s commitment to blending technology and creativity to revolutionize eyewear.
“At GlassesUSA.com, we leverage AI to develop innovative products and features that enhance the eyewear experience. Von was an amazing partner with an outstanding perspective on eyewear—we couldn’t have asked for a better collaborator on this project.” said Arie Tom, GlassesUSA.com’s CMO.
“We asked Von to imagine the kind of glasses he envisions—frames that push boundaries and speak to his unique sense of style,” said Lihi Kopel, Head of Design at GlassesUSA.com. “With AI, we reimagined how the frames, temples, and even the smallest details could look and feel, and brought it to life, creating something truly exceptional.”
The Von Miller Eyewear Collection is available now, exclusively at GlassesUSA.com. The drop consists of 6 styles and 17 SKUs, There are 4 optics and 2 sunglasses styles included. The color pallet is based on digital colors like digital purple, light green, gray, and metallics.
Customers can use the Virtual Try-On Tool to see how the frames look before purchasing, ensuring a perfect fit. Starting at $78, this collection redefines what’s possible in eyewear design.
Learn more at: Von Miller’s official glasses collection, exclusively at GlassesUSA.com.
About GlassesUSA.com:
Founded in 2007, GlassesUSA.com, a subsidiary of the Optimax Eyewear group, has quickly become one of the leading direct-to-consumer online eyewear retailers in the United States. We offer the largest selection of styles and brands, with over 10,000 styles of glasses, sunglasses, and contact lenses, making it easy for everyone to find their perfect pair. Our mission is to enhance our customers’ lives by delivering eyewear tailored to their unique needs, style preferences, and budgets.
By controlling the entire supply chain, from product design and manufacturing to optical lens production and the digital shopping experience, GlassesUSA.com provides exceptional savings, offering high-quality eyewear at up to 70% off traditional retail prices. Our broad selection includes popular brands like Ray-Ban, Oakley, Prada, and Gucci, as well as our own brands such as Muse, Ottoto, Revel, and Amelia E., starting from just $29, including shipping. GlassesUSA.com also offers a variety of optical lens options, coatings, and upgrades to meet every customer’s needs.
GlassesUSA.com develops and deploys innovative technology and AI-driven solutions to transform the eyewear industry and offer customers a seamless shopping experience.
GlassesUSA.com’s Tech Suite Includes:
- Pairfect Match AI™: Re-inventing the eyewear shopping experience with the power of AI. Pairfect Match AI™ provides customers with personalized frame recommendations based on their unique facial features, taking into account face shape and style preference.
- Live Try-On: An AR Virtual Mirror that bridges the physical and virtual worlds and enables users to try on thousands of glasses from home with their mobile phones.
Our products are meticulously crafted in our state-of-the-art optical lab in Atlanta, GA, with next-day shipping available across the US. GlassesUSA.com is part of the Optimax Eyewear group.
For more information, please visit https://www.GlassesUSA.com
SOURCE GlassesUSA.com
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