3 Kids and Us

Starting Out on the Right Road: Teaching your Kids to Be Savvy with Money

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Is your teenager already showing signs of money irresponsibility? Maybe you should have taught them about finances when they were little kids. Don’t worry, though. Money experts say it’s not too late to teach your kids how to build a budget. In the interest of happy families and easier money management, we’re pleased to present the following advice about how and when to teach youngsters ways to be savvy with their cash.

Age-appropriate money lessons

There are perfect ages to teach your kids certain concepts about cash. Between the ages of two and three is a great time to begin giving toddlers a rudimentary explanation about money. A senior research scientist at Yale, Dorothy Singer, says that very young kids are not quite ready to grasp the value of money but can learn the names of coins. Start with a fun identification game. Supervise kids as they trace around coins of different denominations. Color in the shapes and talk about the name of each coin. Explain how a dime, although smaller than a nickel, is worth more. They won’t get the idea of “worth” until they’re somewhat older, but it’s a good place to start. Set up a “store” in the game room and let kids exchange play money for empty cereal boxes and other grocery items, says Parents magazine.

Youngsters aged four and five are ready to handle a bit more money information. Let them use child-safe scissors to clip coupons before grocery shopping day. Six- and seven-year-olds may be old enough to receive a small weekly allowance. Open a bank savings account in their name, and teach your child the joy of tucking away some money every week. Spend some, share some, and save a little extra for a special future purchase.

Save for a reasonable goal

When your child wants a new toy, let them save money toward the purchase and offer to meet them halfway. Choosing a goal that can be attained within a few weeks sets your kid up for success. Say your child has a $10 toy in mind. If they save half of a $2 weekly allowance, they can amass their half of the price in five weeks. Match their five, buy the toy and let your child feel proud that they made a financial goal and reached it. This small act may improve your kid’s money management skills for the rest of their life, say money pros at Forbes magazine.

Set a good example

If your own money skills have been lax, don’t hesitate to consult with a credit counselor who may help you get back on the right track. Check here to learn more about credit card consolidation and other savvy ways to put your money life back together.

Kids who learn how to handle money at a young age tend to be smarter consumers as adults. Show your little ones how to spend, save, and share.

The Building Blocks of Financial Success: Teaching your Kids How to Handle Credit

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Choosing the right ways to prepare your teen for the financial responsibilities of adulthood can be daunting. Yet studies show that children who are taught strong financial habits while they’re still young are more likely to grow up to be savvy with their money.

A crucial part of learning financial independence is building good credit. Your teen’s credit score could be what helps them qualify for loans, better interest rates, auto insurance, rental applications, and even some types of employment.

There are plenty of tricks and tactics you can try, but in reality building up your teen’s credit is all about teaching them to be responsible with their money. When they learn financial responsibility, the result is that they’ll start building good credit.

Here are some tips for teaching your kids to handle credit wisely.

Add Your Teen as an Authorized User

Add your young adult as an authorized user on your credit card. Teach them about spending and payment responsibilities. Explain the charges on your credit card statement and add up the amounts they’ve accrued on your credit card account.

It’s normal for some teens to go crazy with spending the first time they get a credit card, but they need to understand the importance of repaying what they spend. Help them find positive ways to pay off the amounts they spend.

Choose the Right Card

If your teen has been responsible with spending and repaying the debts incurred as an authorized user on your credit card, encourage them to apply for a card of their own. Compare the different types of credit cards available and choose the right one to suit your young adult’s needs.

Check things like fees, interest charges, rewards programs, and other options. In some cases, a student credit card can be ideal. In other cases, it may be wise to choose a credit card with a low annual fee that offers interest-free days on purchases.

Avoid Temptation

Even teens can be inundated with credit card offers from banks, so it’s important to explain the importance of choosing the right card. Your teen also needs to realize that it’s not wise to accept all of those offers that come in from the banks.

Too many inquiries showing on a credit report can cause your teen’s credit score to suffer. No matter how many offers arrive from the bank, encourage your teen to avoid the temptation to sign up for all of them.

If your young adult has already succumbed to the bank’s offers and accumulated some debts, you could check here for ways to help them get their finances back under control.

Teach Responsible Card Management

Let your teen know it’s okay to use the credit card for small purchases, as this can help build up their credit. Small recurring expenses are also okay to put onto the credit card, such as Netflix subscriptions or groceries. However, you also need to explain the importance of repaying the amounts spent in full each month.

When it’s time for your teen to apply for student loans or other forms of credit, having a credit card statement showing no late payments goes a long way to establishing their level of financial responsibility.

Great Suggestions For Making Some Side Cash

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Have you been wanting to save up for that special event or special gadget you’ve had your eye on? Wanting to go off on an extra holiday this year but it’s not in the usual budget? Wanting to just be able to splash out a bit at the weekend on some new shoes but can’t justify the cost? Why not put your spare time to work and start making money by doing not much at all! Check out some of the great tips below to start making some extra money on the side!

Recycling Stuff

Think about that stuff around your house that is just collecting dust or is getting in the way. Is there anything there that could be a potential moneymaker? Things like old DVD’s and CD’s, books, games, even clothes and other bits and bobs that no longer have a use. Go through your old film collections and see if there is a potential goldmine in there. In particular old era Disney VHS go for a fair amount of money online these days – with some of them going for potentially hundreds if they’re unwrapped and still in mint condition. Mobile phones are another great option for recycling, with the higher prices going for more recent makes and models – but if you’re that person who has kept every phone since 1990 when you’ve upgraded, you could be sitting on a fair bit of money.

Rent out Parking

Are you living in an area where people would give their eye teeth for a parking spot they didn’t have to battle for or get up at the crack of dawn for? Are you frequently away or perhaps you work during the day and don’t need your spot between business hours when someone else could utilise it. This is a potential high earner depending where you live. Some places in extremely desirable places go for thousands a month. There’s even been reports of a parking spot in central St Ives, Cornwall going for £50,000 a year!

Tutoring

This is a great one for anyone who has any kind of specialist knowledge in a subject or for people who even just speak English as a first language. Many people don’t mind if their English teacher doesn’t possess a degree as long as they’re a native speaker. This can work for anyone that doesn’t mind conversational teaching – as in, just chatting with people by Skype who are happy to pick up the odd conversational lesson. You could even start your own group chat and get a couple of students to do group calls with people from around the world to practice together, all for a bit of side money!

Playing Casino Games Online

With so many different online casinos out there these days, it can be a bit daunting to find the perfect one for you. Choosing the casino with the best bonus program can be tricky, but it doesn’t have to be. Of course you want the best casino with the highest payouts and the best potential of winning, and no deposit casinos offer some great welcome bonuses allowing you to play right now without having to sacrifice or bet any of your own money at all!

So there you have a couple of great ways to make some quick side money without having to spend tons of time picking up a second job. Get started today and get those savings plump up so you can start enjoying your cash now!

What Is Home Equity and Why Should You Release it

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You won’t be the first person to find yourself in a situation where luck just doesn’t seem to be on your side. We all face financial difficulties at some point or another, desperately needing money that simply isn’t available. If you are in that situation now, you may want to consider some of the home equity loans Florida has to offer. Your home is an important asset, and refinancing it could be a way to get you out of a difficult time. The home equity loan gives you that opportunity, providing you with quick access to money when you need it the most.

Understanding Home Equity Loans

A home equity loan is a line of credit that is placed against your home’s value. There is generally a cap on this, however, which is calculated by estimated the value of your property. Essentially, you can usually borrow no more than 75% to 85% of the total value of your home, provided you have good credit. From this value, the outstanding balance of your first mortgage has to be deducted first, however.

Home equity loans are delivered in different ways, although many give you a special credit card of check book that allows you to withdraw only the money that you actually require. Different lenders have different terms and conditions, however, and these set how long your loan will be running for, how long you will be able to withdraw money out of your equity, what the interest rates are, how much you can withdraw (minimum and maximum) each time you want to use it, and how you will repay your loan.

There are many different constructions within home equity loans. One, for instance, is when credit payments are made based solely on the interest that has to be paid on the loan. This means that, at the end of the loan, all that is left to pay is the balance. In other constructions, you will have a payment that is larger than usual, which is known as a balloon payment, which you will pay at the end of your loan agreement. Of particular interest is that you can generally deduct the interest you pay on your home equity loan from your taxes. This means that, if you manage your finances properly, your final payment could actually be very affordable. However, this is also why it is important that you seek out the services of a qualified financial advisor.

The alternative would be to take out a second mortgage. The benefit of this is that you will receive a lump sum of borrowed money. Usually, you will also be able to fix the interest rate, but this does tend to be higher than that on home equity loans. However, you have the security of knowing exactly what your payments will be each month. Again, this is why it is important to seek out solid financial advice before you decide which option will be best for your situation.

retired homeowner, you can use the equity in your home to your advantage by taking out a special type of home loan. That loan is called a reverse mortgage, and it is referred to as such because, unless you specifically choose a lump sum or some other loan payment option, you will receive payments from your lender each month to help you fund your retirement instead of the other way around. Other reverse mortgage pros and cons will depend on your situation. For example, you will still have to pay taxes when you efile for free on maintenance costs on your home when you apply for such a loan. However, you will not have to worry about defaulting because the loan balance will only be due in full upon your death or when you move away from the property. Also, your lender cannot seize any of your assets to recover the loan costs when the loan is due. Only money from the sale of the home can be taken by the lender.

Master the Cash Class: Great Money Lessons Your Kids Will Never Forget

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Many of the lessons you learn in your formative years will often stay with you for the rest of your life, which is why it is so important to teach your kids about money so that they can become financially savvy adults.

Here are some insights and tips on the basics of financial management that you should be trying to instill within your child’s psyche from an early age. There is a look at the importance of teaching them financial lessons, ways to encourage a savings habit, and why what you do with money will shape their future habits.

No one wants to be financially illiterate

We are taught how to read and write at school as well as basic math skills but one thing that seems to be sadly lacking in the educational curriculum is some lessons on how to handle money when you are an adult.

The only way your children are going to find out about how bank accounts work, how to use credit cards and how to build a good credit profile, is if they find out for themselves or you take the trouble to teach them.

Teaching them early is the preferable option as it means that they have a better chance of avoiding some financial mistakes along the way as part of their learning curve.

There is a good chance that you have made some financial mistakes in your life that you learned from, so it makes a lot of sense to impart this wisdom to the next generation and give your kids the chance of a head start, by understanding what they are doing with their money from the get-go.

Get them into the savings habit

Starting kids off early with a piggy bank is a great way of teaching them the discipline of saving for something they want and understanding that you can’t always have everything straight away.

Most children feel really pleased with themselves when they see all those dollars they put away from gifts and doing chores, turn into a sizeable sum of money that is enough to buy what they have been saving up for.

Encourage your children from an early age to develop a savings habit and it there is a good chance that it will stick with them when they are adults.

Lead by example

Your children will learn a lot of their life skills from you and it is down to you to try and set a good example.

If your finances are a bit chaotic and you don’t often have any second thoughts about using your credit card to pay for meals out or the groceries, there is an increased risk that your children will copy this attitude and could result in them overspending and running into trouble.

If you have a stack of credit cards in your wallet, one solution could be to transfer all of your balances to one card to gain better control. Another good idea would be to try and show some restraint with your spending on these cards and talk to your kids about how interest rate charges work when you borrow money in this way and don’t pay it all back on the due date.

Money doesn’t grow on trees

How many times did you hear your parents say that to you?

The fundamental point to get across to your children is that money has to be earned and doesn’t just get given to them. If they grasp that concept and develop a healthy respect for money because they have had to earn it by doing some chores around the house, this can only be a good lesson for when they have to fend for themselves as an adult.

Sam Bentley has 3 kids; 2 sons and 1 daughter and he is intent on raising them to be honest, well-rounded individuals who can stand on their own 2 feet in life.

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We left our home in Sydney, Australia many moons ago in May 2012 and, other than a brief stint back in Perth for Christmas and a wedding in early 2014, we have been travelling the world nomadically ever since, running a business from our laptops and we’re here to show you how to do it!