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Advisor's Edge Highlights of the Month from Share Scoops!

Frequently Asked Question❓ 

How do I know the best budgeting strategy for me?

Answer at the bottom of the newsletter

Student loan borrowers who earned forgiveness aren't getting it.

Student loan borrowers who earned forgiveness aren't getting it. Forgiveness under the Income-Based Repayment (IBR) plan has been suspended, leaving borrowers in limbo without clarity on when or if their loan bills will end. The Department of Education announced it has paused processing IBR loan forgiveness while they update their systems to comply with court rulings, even though the program is not directly impacted by any court order. Student loan forgiveness for borrowers on IBR plans is established law. But borrowers who have reached the end of their 20- or 25-year repayment period under IBR are unable to have their loans cancelled for now, even though Congress requires the department to provide this relief. Many are stuck making continued payments or entering forbearance, which allows interest to pile up and balances to grow. Meanwhile, the Education Department faces a backlog of more than 1.5 million applications from borrowers trying to get affordable payment plans under the new rules. The confusion comes as the government prepares to phase out most existing repayment plans in favor of a new option that won't offer forgiveness until 30 years of repayment. For IBR plan borrowers, this disruption means a longer, more uncertain path to debt relief and financial stability.

America's transition to clean energy has been put on ice.

America's transition to clean energy has been put on ice. Getting permits for new solar and wind projects on federal land will be more challenging, as the government adds new hurdles and scraps key tax breaks. The Trump administration is tightening the rules for clean energy development, requiring every new wind and solar project on public land to go through a multi-step approval process with the Interior Secretary making the final call. Officials say the goal is to treat all energy sources the same, but industry leaders argue that the changes single out renewables for more red tape and delays, just as demand for electricity is growing. Only a small share of solar and wind projects are on federal land, but the new rules signal more challenges for the industry.

The new process comes on top of sweeping tax law changes that ended long-standing tax credits for solar and wind projects, removing a major incentive that has helped drive clean energy growth over the past decade. Supporters of the new policy say it will boost investment in coal, gas, and nuclear, while critics warn it could raise costs for electricity and slow the shift to lower-pollution power. For homeowners, businesses, and communities looking to invest in solar or wind, these changes may mean higher costs and longer waits to get new projects up and running.

Small businesses are making more profit this summer but hiring less.

Small businesses are making more profit this summer but hiring less. According to Bank of America's latest small business spending report, profitability was up 1.8% in June, marking the strongest performance so far this year. Even so, owners are holding back on hiring, and payments to hiring firms dropped 3.4% compared to last year. Seasonal hiring at restaurants, which usually picks up over the summer, actually slipped between spring and summer for the first time since the pandemic. Owners say it's harder to find qualified help, and many worry that rising costs and tariffs could slow customer spending. More small businesses are relying on credit cards, with usage rising nearly 2% from the 2024 average. If you're looking for a job at a local business, you may find fewer openings this season, but the vibe on Main Street is still fairly positive.

Your Advisor's Edge Team

💡 Answer to the Question:

Like with diets, the best budgeting strategy is the one we can stick to.

When we consistently spend all of our income each month or more, we should be looking at more rigorous budgeting practices to ensure we’re minimizing every possible expense. Budgeting apps that connect to our bank accounts are a simple way to get started.

If our income sufficiently exceeds our expenses, then we have more flexibility. It’s all about maximizing our savings. Establish an initial framework of target spending percentages per category. Setting up auto-transfers into different savings or investment accounts based on these percentages can put budgeting on auto-pilot.

Experiment with different methods and choose one that aligns with your financial objectives and lifestyle.

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