Monthly Archives: March 2021

The To Do List Levels Up

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I’m in over my head.  I’ve got too many balls in the air.  I’m drowning.  I’m buried.  I’ve got a lot on my plate. I’m up to my ears in everything. I have too many irons in the fire.  I’m swamped. There are a million ways to say it and it all boils down to the same thing:  I’m uncomfortably busy.

This is normal for me this time of year.  The financial aid profession kind of comes to a head in the month of March as everything is suddenly time sensitive and important.  It’s a mad scramble to finish up the current academic year and prepare for summer, all while focusing an enormous amount of attention to new applicants and admitted students for the fall, and also preparing the graduating 3Ls for the idea of student loan repayment.  Add to this being more than a year into a global pandemic while also juggling personal and family responsibilities and it’s no wonder I’m exhausted.

This happens to everybody at one point or another (and will continue to do so throughout life).  You have so much going on that it becomes difficult to sort out what to do first.  Everything is urgent.  Everything is the most important.  And you can’t do it all at the same time.

Like many folks, I use a To Do List to sort out my daily responsibilities.  But this time of year, I take it to the next level.  I prioritize my list.  First I use letters.  If it has to be done today, it gets an A.  If today would be ideal, but it won’t suffer for waiting until tomorrow, it gets a B.  If it can wait more than one day, it gets a C.  Then come the numbers.  Now that the list is already sorted, the most important/urgent A gets a 1, the next important A gets a 2, and so on until everything on my list has a letter/number priority code.  This takes away a lot of the sense of being overwhelmed because I know what order I need to do things in.

While the To Do List itself is a form of self-care, it’s important to include taking care of yourself in your priorities.  Take a shower.  Go for a walk.  Watch a favorite TV show.  Eat some vegetables. Pay your bills that are due next week. File your income tax.  If there’s a chance you won’t do it if it’s not included in the list, then by all means put it on the list!  Taking care of yourself is just as important as taking care of business.  Always.

Life can be overwhelming.  A prioritized To Do List can help.  Really.

Tax Time!

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It always amazes me when I hear from students that they are “having their taxes done.”  It’s really not as intimidating as you might think to file on your own.   Here is what you need to know:

  • The Lifetime Learning Credit will allow you to reduce your tax liability if you had expenses for tuition and fees in 2020.  You will need to complete IRS form 8863 and Schedule 3 to claim this credit.
  • Student loan interest can be claimed as an adjustment to income, reducing your tax liability.  You will need to complete Schedule 1 to claim this credit.
  • Student loan disbursements that you received DO NOT count as income.
  • Scholarships that do not exceed tuition and fees DO NOT count as taxable income.
  • If your income for 2020 is less than $72,000 you can e-file for free, with assistance from one of several well-respected tax software companies.
  • If you need to locate your 1098-T from Penn State, it is available on LionPath.  Click on the “my finances” button, select “manage my account/make a payment.”  You’ll find “Tax Forms” near the bottom of the left menu.
  • If you are living in Pennsylvania, you will likely also need to file state and local income taxes.

And here are a couple of things that are special for the Covid times in which we live:

  • If you received unemployment compensation in 2020, the recent America Rescue Plan legislation makes up to $10,200 of that tax-free income.  You can learn more here.  If you have already filed your taxes before that legislation passed last week, you should take the time to file an amended return using Form 1040-X.  It could result in a big refund check for you!
  • A special income adjustment is allowed this year for up to $300 for cash donations made to charity.  Normally this is a deduction reserved for those who itemize their deductions, but this year, to encourage this type of giving with so many organizations in need, it is deductible on top of the standard deduction.  It’s easy to find on line 10b of the 1040—and even easier if you use tax software.

Filing your income tax may feel a little intimidating.  Throughout my career I have learned that nobody comes to law school because they love math.  But filing taxes is definitely something that a law student should be able to handle on their own, without having to pay a professional (or persuade a parent).  The online/software programs available to help make it really easy.  And if you are getting a refund—that makes it all worthwhile.  And if you are NOT getting a refund, all the better.  That means that you have not been giving the federal government free use of your money all year!

There’s no need to fear.  Your “I Filed My Taxes” adulting badge is just around the corner!

My Shoes Wore Out Working From Home?

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Every once in a while I manage to forget one of the basic tenets of personal finance:  You get what you pay for.  One of the places I always seem to fall victim to this is “fast fashion.”  About a year ago, when it became clear that I would be wearing sneakers nearly every day of my life whether I was working or not, I bought myself a pair of cheap sneakers from Amazon.  They were really cute and super comfy.  And the tread wore off the bottom, turning them into a slip hazard by the end of November.  March to November is not a particularly good lifespan for a pair of sneakers—especially when they are predominantly worn sitting at a desk.  I decided that I would try a different brand, and I bought another pair of cheap sneakers from Walmart.  These were cute and comfy….until my feet started sweating in them.  But I dealt with it because they were new.  Until the tread started wearing off the bottom after only a couple of months.

You get what you pay for.  Cheap sneakers are exactly that.  They’re cheap.  They are not good quality.  They are not made to last.  And I should have known better than to buy them.  What I really wanted was a pair of Allbirds wool sneakers.  Cute.  Comfortable.  And quality. But at $100 a pair I couldn’t justify it.  But having just spent a total of $50 on two pairs of sneakers that now live in a landfill a year later, I decided I needed some quality sneaks.  I turned to my favorite clothes re-selling website, Poshmark. I found a pair of very lightly worn previously owned Allbirds in my size for $55 and took the plunge.  I know some folks are averse to previously owned shoes.  But it doesn’t bother me with shoes that are machine washable like the Allbirds are.  I’m always going to have a layer of sock between my foot and the shoe regardless.

In retrospect I should have bought the good sneakers to start with.  Even if I were not ok with wearing used shoes, it would have made more sense to spend the $100 on good sneakers up front rather than wasting money on poor quality shoes.  As it turns out, I spent over $100 on shoes anyway.  And I contributed to the waste in landfills because I bought shoes that were basically garbage to start.

You get what you pay for.  I remember that now.  I hope you can learn from my mistakes.  Next time you pick up a piece of cheap clothing, think about whether it will last.  It may make more sense to spend more on something better.