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Learn how to plan and pay for a sabbatical, plus why cash advance apps may cost more than you think.
How do you plan and pay for a sabbatical, even if your employer doesn't offer a paid one? Hosts Sean Pyles, CFP®, and Elizabeth Ayoola are joined by Smart Money producer Tess Vigeland to answer a listener's question about setting up for extended time off work. They talk about how rare paid sabbaticals are, which companies offer them, and how to set goals for your time away. Tess shares the story of her three-year sabbatical in Asia, and the hosts compare the pros and cons of shorter breaks. They also get into building a sabbatical budget and sinking fund, why debt and emergency savings matter even more when your paycheck pauses, what happens to your health insurance, and what it can feel like to return to work. Plus, ways to get a real break when a sabbatical isn't in reach.
Why might cash advance apps cost more than their marketing would lead you to believe? Senior news writer Anna Helhoski talks with Candice Wang, senior researcher at the Center for Responsible Lending, about new research on payday advance apps. They discuss how these apps differ from traditional payday lenders (and how they don’t), why users may not recognize them as high-cost loans, how an average 232% APR and frequent repeat borrowing can add up, why some state payday lending laws don't apply, and what you could consider before using one.
Explore the Center for Responsible Lending's research on payday loan apps, plus NerdWallet's guides to sinking funds and COBRA coverage:
The Cost of Payday Loan Apps in Your State: https://www.responsiblelending.org/research-publication/cost-payday-loan-apps-your-state
Sinking Funds: The Secret to Stress-Free Expenses: https://www.nerdwallet.com/finance/learn/nerdwallet-sinking-fund-savings
COBRA Health Insurance Eligibility and Alternatives: https://www.nerdwallet.com/insurance/health/learn/cobra-health-insurance
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To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.
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*The show notes were created with the assistance of AI. They have been reviewed by our editorial team for accuracy and quality.
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