Burnout, Bank Fees, And Getting Back To Work On ‘How To Money’

On this episode of How To Money, Joel and Matt are talking about the country reopening, extended Payroll Protection Program loans, the importance of taking vacation days even in the middle of a pandemic, and shining a spotlight on predatory overdraft fees. While we’re waiting to hear from Congress about additional pandemic relief and stimulus funding, they did sign into law an extension to the PPP loans from the CARES Act package, allowing small businesses to use those funds with a little more flexibility than before. Instead of requiring them to spend 75% of these funds on payroll costs, it’s now 60%, leaving more money available to cover other expenses. Congress also extended the length of time in which they can use the funds from eight weeks to 24. “Love this flexibility for small businesses,” Matt says.

It seems strange to prioritize in a time when so many people are being laid off or having their hours cut, but Joel and Matt also want to discuss the importance of taking time off. Even before the pandemic, Americans were woefully bad at actually taking vacation time, feeling that using those days made them look less dedicated to their jobs. But time away from work is beneficial for our physical and mental health, preventing burnout that leads to reduced productivity and motivation in the workplace. So make sure you take your hard-earned time off, they say – it’s better for you and your employer that you’re operating at 100%. 

They also implore us to look at our bank accounts and opt out of overdraft protection. In 2019, large banks made over $11 billion by collecting overdraft fees – and 80% of those fees were collected from only 9% of account holders, so the most vulnerable among us are being the hardest hit by this policy. In the guys’ opinion, it would be better for your transaction to be declined than for you to pay an extra $35 for whatever it is you’re purchasing. In general, now is a great time to reevaluate your bank: Is there a better option out there, with less fees and better customer service? If so, it might be time to move your money. They discuss going back to work, despite coronavirus case numbers continuing to rise, reflecting on what we want our new normal to look like, and who has better donuts, Krispy Kreme or Dunkin’; hear all this and more on this episode of How To Money

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