Finance Archives - Page 3 of 6

The Family Way: Addressing your Financial Responsibilities as a Parent

May 24, 2017 by Mandy

Becoming a parent is a big deal, no matter how you look at it. Make sure you’ve got everything in place before the happy arrival, and new parenthood may be a lot easier than you imagine. Now is the time to get your financial house in order in anticipation of the blessed event that is bound to change your life in significant ways.

Before you make a baby

It’s a good idea to sit down as a couple and take a look at your future well in advance of becoming pregnant. Think about the ways you’ll reconfigure your personal and social life. Do you envision mommy going back to work, or will she stay at home while daddy earns the family living? If mom does return to work shortly after the birth of a baby, who will be in charge of day care? Do you want to hire an at-home babysitter, or would you prefer to enroll your little one in a pleasant daycare facility?

While you’re pregnant

Soon-to-be parents need to look at their current expenses and devise a postpartum budget, too. Carefully examine child care costs and don’t forget to factor in extra charges for extended hours. Many days care centers operate at similar hours to other businesses. Parents who are accustomed to staying late at the office may need to rethink that strategy or find a way to pay the additional price.

Eliminate as much debt as possible before the birth of your new baby. Speak with a professional, and learn how to settle your debts. Open a savings account in your child’s name at birth, and by the time they are ready to go off to college, much of that future expense may be covered. It may seem outlandish now but trust us. Time passes quickly and before you know it, your cute little baby will be a teenager with a whole different set of expenses.

Have enough cash stashed to tide your family over for three months to half a year, advises USA Today. Experts estimate that a couple spends around $13,000 per year to raise a child. During pregnancy, both parents would be wise to stock away money for anticipated and unexpected financial events. If one parent expects to stay home while the other returns to work, put together a budget that works with only one income. Determine if maternity leave will be paid and for how long.

Hope for the best, plan for the worst

Make a will. There are many websites that provide DIY will forms, but it’s generally a better idea to have a professional draw up the documents. Obtain a life insurance policy for each parent, as well. If the worst happens and one parent dies, the surviving family may not suffer financial hardship, say financial experts at The Guardian.

Having a baby is an exciting experience. Plan ahead, stay calm, make a budget and stick with it. A few savvy decisions now can lead to a happier financial life for your new family.

Building a Good Number: Guiding Your Young Adult Towards a Good Credit Profile

May 2, 2017 by Mandy

If you are the parent of one or more teenagers, now is the right time to guide them toward a responsible financial future. Help your young adult kids to understand how to build a great credit profile now, and they may thank you for your good advice somewhere down the road.

What is a credit profile

A credit profile and credit history, are basically the same thing. They are documents used by lenders to determine whether or not a person is a good financial risk. A credit profile comprises past and current credit accounts, timeliness and completeness of payments as well as balances due. Credit card companies are not the only ones who may look at a credit profile. Landlords, prospective employers, and others with a valid reason to explore your credit history may access your report at virtually any time.

A secured card may be the right way for a young adult to start and build their credit profile, says Magnify Money magazine. The way a secured card works is easy. The owner of the card deposits money into a card account, and this amount determines the credit limit. In effect, the card acts as a debit card but appears the same as a regular credit card to sellers. Look for a card that comes with no annual fee.

Some protections are in place

Long gone are the days when credit card companies had free access to college and university campuses. Today, no credit card company may entice students on or near a campus to take on credit card debt with things like free pizza and gifts. The Credit Card Act of 2010 banned card companies from issuing credit cards to anyone under the age of 21, unless the young adult can prove enough income to pay the monthly bills and fees, or if they have a co-signing adult who has good credit. Sounds confusing? It can be. That’s why it’s imperative that parents teach their children well when it comes to things like obtaining plastic and managing credit.

Since the enactment of the 2010 credit card regulations, card issuers must be more transparent and direct about late fees, due dates and how long it will take to pay off the loan when making only minimum monthly payments.

Resolving your own debt

If you have gotten yourself into financial trouble, you may wish to set a good example for your teenager by consolidating your credit card debt into one manageable payment. Although it’s preferable to build good credit and never wreck it, sometimes things happen, and bills stack up to staggering proportion. By clicking here you can access reliable info about how to dig yourself out of debt without declaring bankruptcy in the process.

Parenting teens can be a challenge, to be sure. Take time to explain money concepts such as credit to your kids now, and they may lead happier, more responsible adult lives.

The Best Way to Learn: Sharing Everyday Financial Lessons With your Kids

April 26, 2017 by Mandy

Once a child can walk and talk, they’re generally old enough to learn a few rudimentary money lessons. As the child gets older, their financial lessons will become more and more complicated. Kids learn by example and by listening to their parents, too. In the interest of happy families everywhere, we’re delighted to present the following age-appropriate finance lessons you can teach your kids.

Money concepts kids should know by kindergarten

Little kids seem to have a rather magical way of thinking about money. In fact, toddlers will believe that money grows on coconut trees, if that’s what their mother or father tells them. As far as most two-year-olds are concerned, mommy and daddy visit magic cash machines that dispense dollars at the swipe of an ATM card. The sooner your children understand how money really works, the better. So say finance gurus at Parents magazine.

By the time your child is old enough to go to kindergarten, they should understand several key concepts about money. First, kids need to know that things are exchanged for money. When they receive holiday gifts, someone probably paid for those presents. Pre-school kids can also learn that working is a way to earn money. Additionally, kids should understand the difference between wanting and needing an item and that sometimes, people have to wait to buy something that is not exactly necessary.

Money lessons to impart before your kid is in junior high

Sixth and seventh graders should have a basic understanding of savings accounts and compound interest, says US News and World Report. Fifth and sixth graders are generally old enough to have a bank account co-signed by a parent. This is a dandy way for kids to learn how earned monies and monetary gifts from grandmas can be tucked away for a while and withdrawn after amassing interest.

Sixth grade can be the right time to start giving kids an allowance. Some parents base allowance on chores, other moms and dads prefer that kids participate in household duties without expecting payment for the same. Either way, a small allowance helps kids learn to build a budget and save for things they want.

Lessons about credit, loans, and repayment

If you plan to take out a small personal loan in anticipation of a holiday or vacation, allow your high-school age kids to observe the application process. Remind them that it’s crucial to read and understand the fine print in a loan contract before signing. You can use this link to visit a fair loan site with your teenager.

Although minors are not typically allowed to open a credit card account by themselves, parents may add a responsible teen as an authorized card user. Understanding interest rates, service fees, and spending limits will stand your teen in good stead when they’re adults. When teens see how making minimum monthly payments is not the best way to go, they may grow up into adults who use credit wisely.

Family Finances: How to Sock Some Money Away When You Have Lots of Bills and Expenses

March 18, 2017 by Mandy

If you’ve got a lot of kids, you already know what an enormous expense it is to raise a large family. You might think it’s impossible to set aside any money at all. Utility and fuel bills can be massive for a family of any size –even moreso when there are many brothers and sisters. In the interest of helping you sock some money away, we’re pleased to present a few tips and tricks that work for other big families.

Shop smarter and save

When you grocery shop, always take a list and stick to it. Walk the perimeter of the store and stay away from center aisles that feature costly, pre-made foodstuffs. Learn to cook and buy ingredients, instead. Your whole family will eat healthier, and you can stash away the savings for something fun in the future.

Use an app such as GasBuddy to locate the cheapest gasoline in your area. Take a class in basic car repair and save a bundle on automotive expenses. Grow a garden and let the kids help choose which yummy vegetables to plant. Dental schools and barber colleges often offer free or reduced price services that can save gobs of cash for sizable families. Call your local city information line to find out what’s available where you live.

How to save when you get paid once a month

When a family relies on a once-a-month paycheck, budgeting for weeks in advance is a must. If this sounds like your family, take a hint from the mom of a U.S. military family. She shops at discount stores, clips coupons, and researches local ads for the best prices on things her family needs. She buys non-perishable good in bulk, bundles phone and internet with a discount package, and always stocks up at end-of-season sales, explains Crazy Adventures in Parenting magazine.

Get stuff for free

Never pay retail for anything, if you can help it. Thrift stores, resale shops, consignment outlets and classified ads are chock full of stuff that big families need. Check eBay and Craigslist to find deeply discounted clothes, furniture, appliances, toys and textbooks. Peruse your local edition of Freecycle to find the same sort of stuff for free, recommends the money guru at Humorous Homemaking.

Be creative when it comes to planning a family road trip. Exploring the wonders of the world is good, wholesome fun and it doesn’t have to cost much money. National parks and fascinating museums typically offer several no-admission days per year. Find out when they are, load the kids into your Chrysler 300 and sightsee to your heart’s content.

Organize a neighborhood hand-me-down party, invite the moms and donate outgrown clothes to moms of smaller children. The same group of mothers can work out a babysitting exchange to save a ton of money on sitters and daycare.

Raising a bunch of kids without breaking the bank can be a challenge, to be sure. Plan and budget and you can sock away a bit of cash every week.

Top Money Making Tips For Stay At Home Moms

February 21, 2017 by anthony

For all the moms out there who don’t want to go back to their job and just want to stay at home and raise the children like back in the old days, I’m here to tell you that you can do exactly that, just with a modern twist.

Such is the World these days that there is a whole host of opportunities on the internet for you to make some money from home whilst you change the nappy of your newborn child, well, almost. Today I’m going to tell you a few ways in which you can make money online in your own time and from the comfort of your armchair. Now you can be a stay at home mom and be independent and here’s how.

Online Surveys

Many companies pay people to fill out surveys online, these surveys help businesses and governments to better understand their demographics and you can earn decent money doing this. Each survey you fill out you will receive a couple of dollars, it might not sound like much but over the month it really adds up. There is no pressure on how many surveys you fill out, or how quickly you do them, perfect for a busy mom.

Online Gambling

No longer do you need to go to smoky bookmakers or neon casinos, these days you can make a great bit of money from your laptop or cellphone with online gambling. If you are unfamiliar with the practices of online gambling then just take a quick look online, there are many professionals out there who are sharing their tips with the World and you follow these tips and win big. If you are just starting out then just start off with a small cashpile or better still, look for sites which offer welcome bonuses or free deposits, there are sometimes the no deposit slots win real money too so keep an eye out for them.

If you do decide to give online gambling a try, your best bet would be to use a well established casino site, ideally one that uses Playtech, If you’re not familiar with what that is, read more about it here before spending your money: www.onlinescam.net/casino/playtech/

YouTube Videos

You can easily create your very own YouTube channel and use it as a guide for new moms-to-be, you can warn them about mistakes, keep them updated on how you are getting on as a mom, how you lost the weight, kept your skin healthy or any other such video guide that you want to make. YouTubers can earn well if they get enough views on their videos as YouTube will pay you money to place advertising on your channel. In order to get people to your YouTube channel, you will have to be sure that you are adding great value to the site and working hard on social media to bring people to your videos. If you simply make a video and upload it, the reality is that nobody will care too much as they won’t see it. It’s very easy to make a video, you can do so from your cellphone, so get shooting and start making some cash.

These are just a few ways in which you can use the internet to make some cash but there are plenty more, don’t think that just because you are home all day that you can’t earn too!