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These 18 States Are Raising the Minimum Wage in 2018

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Roughly 4.5 million workers in 18 states are starting off the new year with a pay raise.

Many of the new minimum wages are significantly higher than the federal minimum wage of $7.25, a rate that states are slowly but surely leaving behind. The Wage and Hour Division of the Department of Labor enforces wage laws, but a new federal minimum wage cannot be set unless a bill is passed by Congress and the president signs it into law.

Since 2009, the last time the federal minimum wage was raised, states have had to act independently to counter rising costs of living as well as the demands of their citizens.

Some 80 million Americans are paid hourly — a group that makes up nearly 59 percent of all wage and salary workers.

The number of people who earned the federal minimum wage or less decreased from 3.3 percent in 2015 to 2.7 percent in 2016, according to the U.S. Bureau of Labor Statistics. The 2016 percentage is far less than in 1979, when records started to be kept consistently and the number of people at or below minimum wage was 13.4 percent.

The 2018 wage increases were, for eight states, due to cost-of-living increases, and for 10 states, a result of approved legislation or ballot initiatives.

Who gets more pay?

An estimated 4.5 million U.S. workers are set to receive a total of $5 billion in additional wages, according to the Economic Policy Institute.

“Increasing the minimum wage is a crucial tool to help stop growing wage inequality, particularly for women and people of color who disproportionately hold minimum wage jobs,” wrote Janelle Jones, an economic analyst with the Institute. “As low-wage workers face a growing number of attacks on their ability get a fair return on their work, Congress should act to set a higher wage floor for working people.”

Keep in mind, however, that tipped wages are significantly lower than minimum wages, and wage laws have exceptions, such as full-time students or persons with disabilities. Not every employee who works on an hourly basis is affected by the changes.

Where is the minimum wage increasing?

Here’s a breakdown of the 18 states with higher minimum wages in 2018, using information from the National Conference of State Legislatures. These states join the 19 states in 2017 that raised their minimum wages.

State

Minimum Wage

Reasons and Future Adjustments

Alaska

$9.84

Change due to cost of living.

Arizona

$10.50

Change due to ballot/legislature.
Set to increase to $11 beginning 2019 and $12 in 2020. At the start of 2021, the rate will increase annually based on cost of living.

California

$11

Change due to ballot/legislature.
Set to increase to $12 in 2019, $13 in 2020, $14 in 2021, and $15 in 2022. At the start of 2023, the rate will increase annually based on the consumer price index.

Colorado

$10.20

Change due to ballot/legislature.
Set to increase to $11.10 in 2019 and $12 in 2020. At the start of 2021, the rate will increase annually based on the cost of living.

Florida

$8.25

Change due to cost of living, based on a 2004 constitutional amendment.

Hawaii

$10.10

Change due to ballot/legislature.

Maine

$10

Change due to ballot/legislature.
Set to increase to $11 in 2019 and $12 in 2020. At the start of 2021, the rate will increase annually based on the consumer price index.

Michigan

$9.25

Change due to ballot/legislature.
At the start of 2019, the rate will increase annually based on the consumer price index, but increases will cap at 3.5 percent.

Minnesota

$9.65/$7.87

Change due to cost of living.
Due to 2014's HB 2091, businesses with annual sales over $500,000 have a higher minimum wage than those with sales under $500,000.

Missouri

$7.85

Change due to cost of living.

Montana

$8.30/hr for businesses with annual sales over $110,000
$4/hr for businesses with annual sales under $110,000.

Change due to consumer price index.

New Jersey

$8.60

Change due to consumer price index.

New York

$10.40

Change due to ballot/legislature.
Set to increase to $11.10 beginning Dec. 31, 2018, $11.80 in 2019, and $12.50 in 2020. At the start of 2021, the rate will increase annually for inflation, capping at $15. Across the state, the minimum wage varies geographically, and by employer size within New York City.

Ohio

$8.30 for businesses with annual sales over $299,000
$7.25 for businesses with annual sales under $299,000

Change due to consumer price index.

Rhode Island

$10.10

Change due to ballot/legislature.
Set to increase to $10.50 beginning 2019.

South Dakota

$8.85

Change due to cost of living.

Vermont

$10.50

Change due to ballot/legislature.
At the start of 2019, the rate will increase annually by the smaller of two options: the consumer index price or 5 percent. The minimum wage cannot be decreased.

Washington

$11.50

Change due to ballot/legislature.
Set to increase to $12 in 2019 and $13.50 in 2020.

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Kat Khoury
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How to Save on Summer Superfoods

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Summer is right around the corner, and there’s no shortage of delicious, nutrient-packed superfoods to indulge in. There’s just one catch: We tend to associate clean eating with high price tags.

While this is indeed the case for some foods (fresh raspberries go for about $2.29 per cup), eating healthy doesn’t always have to break the bank. It’s more than possible to weave nutritious, wholesome foods into your diet without destroying your budget.

Here’s an insider look at some of summer’s best and brightest superfoods — and how to save money stocking up on them.

Avocados

Avocados top the list, boasting a ton of health benefits.

“The reason they’re so healthy is that you’re getting a good combination of mono and saturated fatty acids, which are the ones that are good for the heart,” said dietitian Jessica Cording, M.S., R.D., C.D.N. “They’re also a very good source of fiber. In about a half of a medium-sized avocado, you’re going to get about 4 grams of fiber.”

That goes far, since the Academy of Nutrition and Dietetics recommends getting 25 to 38 grams of fiber per day. Another kicker: Avocados are a great source of vitamin E, which has been linked to improved cognitive functioning. To cut costs, Cording suggested keeping an eye out for store sales, then storing your avocados in the refrigerator to preserve their freshness.

Berries

Berries are a standout superfood. Blackberries, raspberries and blueberries are especially healthy, thanks to their strong antioxidant properties. Antioxidants help tame dangerous free radicals that can wreak havoc on our cells and potentially leave cancer in their wake.

Cording adds that blueberries have also been shown to promote heart health and cognitive functioning: “A lot of the pigments that give berries those beautiful colors are due to the anthocyanins that are also doing a lot of that awesome work taking care of us and fighting cell damage.”

Just be mindful when purchasing strawberries: while super healthy, they also top the Environmental Working Group’s “dirty dozen” list, meaning they have a higher risk of pesticide contamination. Going organic is your best defense, but it can get pricey. You may be able to curb your costs by opting for frozen berries over the fresh stuff, which also reduces food spoilage.

“For the most part, when you freeze fruits you’re not going to use, it actually preserves the nutrients as they are,” said registered dietitian and nutritionist Emily Dunn, M.S., R.D.L.D. “Freezing is almost like taking a snapshot of the nutrients as they are the day that they’re frozen. They do degrade a tiny bit over time, but nowhere near as fast as fresh.”

Use sales on frozen berries as an opportunity to stock up your freezer. Dunn added that your local big box store, like Sam’s Club or Costco, may also be cheaper than the regular supermarket.

Nuts

Different nuts tout different health benefits, but the bottom line is that nuts are indeed a superfood.

“Brazil nuts have a lot of selenium, which is good for your thyroid,” Dunn said. “Walnuts have some omega-3s in them, which are really good for brain and heart health, and almonds have a lot of vitamin E and some fiber in them, and fiber is good for digestion.”

So which ones should you buy? Dunn said to find ones you like, then go wherever your wallet takes you. Peanuts, for example, may be way more affordable than Brazil nuts, depending on where you live. You can also think about your own individual health needs — for example, if you’re trying to up your antioxidant intake, almonds might be a great choice since vitamin E is an antioxidant.

Bulk shopping is another option. Buying an 10-ounce bag of Mauna Loa dry roasted macadamia nuts will cost you $19.99, plus shipping, if you purchase it through the manufacturer. Meanwhile, BJ’s Wholesale Club is currently selling 10-ounce bags for just $10.99.

Chia seeds

Chia seeds are an often overlooked superfood that pack a big health punch.

“They’re a really good source of the plant form of omega-3 fatty acids,” Cording said. “The main reason I recommend chia seeds, honestly, is that they’re a really good source of fiber. In a tablespoon, you’re going to get 4 grams of fiber.”

Chia seeds are also extremely versatile. Toss them into a smoothie or sprinkle them on your yogurt for an automatic fiber boost. In terms of affordability, Cording says they’re pretty inexpensive at most markets — you can snag a 2-pound bag at Walmart for under $9.

Fatty fish

Fatty fish is brimming with the good stuff — protein, omega-3s and vitamins galore. It’s little wonder the American Heart Association recommends getting at least two servings per week. The downside is that larger, predatory fish, like swordfish and king mackerel, have higher mercury levels; not so for smaller fish.

“I know they’re not everyone’s cup of tea, but I’m a really big fan of sardines,” Cording said. “My favorite way to enjoy them is to take the boneless, skinless ones packed in olive oil, and mash those up and throw them in a salad with some leafy greens, some other veggies and some balsamic vinegar.”

The main reason she recommends sardines, though, is that they’re very budget-friendly, making it a great way to incorporate some seafood into your diet at a more accessible price point than, say, wild salmon.

Extra virgin olive oil

“There are a lot of popular oils out there, from avocado oil to coconut oil to grapeseed oil; and honestly, in my experience, olive oil trumps them all,” said Dunn, adding that it has the most antioxidants of any oil.

What’s more, one 2011 study published by the American Academy of Neurology found that those who regularly used olive oil for cooking and as a dressing had a 41 percent lower stroke risk than those who had no olive oil in their diet.

You can likely save by buying in bulk, but Dunn warned that olive oil usually goes bad after six months. (Translation: only buy what you’ll reasonably consume within that time frame.) Your local big box store isn’t your only option, though. At the time of this writing, organic extra virgin olive oil was cheaper at Walmart than at Costco.

The bottom line

Eating well this summer doesn’t have to be costly. Buying in bulk, looking for sales and opting for frozen fruits and veggies can go a long way. Dunn also suggested being mindful of the cheapest option within a specific category. Take dark, leafy greens, for example.

“Kale is typically more expensive than spinach, but the nutrient profile is pretty similar,” she said.

Meal planning can also help stretch your budget and prevent food waste, which is no small thing when you’re investing in clean eating.

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Marianne Hayes
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Federal Student Loan Rates to Ease Back Down for 2019-2020

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

After back-to-back increases in the previous two summers, interest rates for federal student loans are headed lower for the coming year.

Congress sets federal student loan rates each spring, based on the yield of the benchmark 10-year Treasury note, and the new interest rates go into effect on loans disbursed from July 1 onward.

While the Department of Education had yet to post the new rates on its site, news reports put the decreases for July 2019 to June 2020 as:

  • Undergraduate Direct Subsidized and Unsubsidized Loans: 4.53% (down from 5.05%)
  • Graduate Direct Unsubsidized Loans: 6.08% (down from 6.6%)
  • Graduate PLUS and Parent PLUS Loans: 7.08% (down from 7.6%)

Federal loan interest rates last declined in July 2016, with the undergraduate direct loans falling by about half a percentage point to 3.76%, for example.

Federal student loans also come with loan origination fees, but those generally change in October. For the 2018-19 period they were:

  • Undergraduate Direct Subsidized and Unsubsidized Loans: 1.062%
  • Graduate Direct Unsubsidized Loans: 1.062%
  • Graduate PLUS and Parent PLUS Loans: 4.248%

For more on the true costs of federal student loans, check out our complete guide, including all the various types of loans and strategies for repayment.

This report originally appeared on Student Loan Hero, which like MagnifyMoney, is part of LendingTree.

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