Teaching Teens Financial Responsibility

Raising a child in today’s tumultuous world can be the biggest challenge of your life. 

It becomes especially apparent in the teen years, when the contrast between what you try to teach your child and the influence of peers and the media seem to be in direct opposition.

There’s one area in which many pop-culture trends go in direct opposition to actual good practices and principles that we want to instill in our children: finances. 

Maybe many of us avoid the topic because we are still trying to become financially literate ourselves. But whatever your current state, financial responsibility is an important lesson to teach your children NOW. 

It might not seem as important or damaging as drug use, but just like illegal substances, it can have a permanent effect on your child’s habits, brain, and happiness. 

While financial happiness may seem like something that’s only important on the surface, it’s important to note that financial woes are among the greatest causes of long-term depression, divorce, and stress that contributes to life-threatening illness. 

So, how can you raise fiscally responsible children in a world that just wants them to charge credit cards right and left? Here are some ideas: 

First of all, make sure that your child understands what a credit card is. 

Many parents give their child a credit card as they hit the teen years or enter college so that they have some emergency money just in case. 

Additionally, as your child hits the age of majority, credit card companies will start to pounce, advertising low interest rates and attractive fringe benefits. It’s important that before they have any access to credit cards, they understand that credit cards are not free money. 

Rather, they’re a very temporary loan that can snowball into crippling debt if not handled properly. Teach your child smart credit card habits, like those found here, and consider starting them on a debit card instead of a credit card until they gain some more experience with money management. 

Encourage them to set a long-term savings goal

This could be one of the most powerful habits that you instill in your child. After all, as you grow and your financial responsibilities become more complicated, there’s always something that you’re saving for (usually several things). 

Teach your teen to prioritize for things that aren’t coming for a long time yet. Let them have practice weighing the benefits of instant gratification against their goal to save enough money for a new car, or an epic summer vacation. 

Help them learn a habit of always setting aside some money for savings.

Let them get a part-time job. 

There’s nothing that teaches us the value of a dollar like having to work for it ourselves. Help your child understand that the cost of a pizza could equate an hour of hard work. 

They’ll start to look at price tags completely differently when they do the math. (“This shirt is three hours of work, that movie ticket is one hour, and this car repair is 10 hours.”) 

Give them a dinner night

One interesting way to teach your child responsibility is by putting them in charge of dinner every now and then. 

Give them a budget and challenge them to do both the shopping and the cooking themselves. Help them realize that, while ordering pizza is an easy solution, it can break the bank after a while. It can also teach them about incidental costs, like tips, transportation, and add-ons. 

This can teach your child about both money and nutrition. It can be a dramatic lesson to see the difference between the cost of eating out and making spaghetti at home. 

Set a fixed budget for a trip. 

Managing our money while we travel is hard for all of us. Unexpected costs can throw our budget off every day, forcing us to re-adjust. 

If your child is taking a trip, whether with your family or with their friends, give them a fixed budget and challenge them to stick to it. If they run out of money with three days left to go, they’ll learn that they need to start prioritizing better. 

This can also save you the stress of having to say no to their various costly requests throughout the trip. Instead, you’re putting the choices in their hands and letting them deal with the consequences in an immediate way. 

Teach them to make a budget

This can be difficult when your teen’s costs are so different from yours, but setting the habit now can help them be more wise when they manage all their own living costs. 

Remind your teen to factor in insurance, gas money, and savings first. This will help them realize how much is really available for their optional costs, like eating out or doing activities with friends.

Why Your Credit Score Matters When It's Time to Take Out a Loan

A credit score is a numerical representation of an individual's ability to handle debt. The number is calculated as new information comes in from creditors. 

If you miss a payment, your score is likely to drop. If you pay off a credit card debt, your score is likely to increase. What impact does your credit score have when it comes to taking out a loan?

Those with Higher Scores Tend to Get Better Rates

Individuals with a credit score of more than 700 generally get the best available rates on the market. Those who have a credit score of between 650 and 699 typically get affordable rates that are slightly higher while those with a score of 600 to 649 may pay rates of 15 percent or more. 

If your credit score is below 600, you may be considered a subprime borrower, which means that you may not qualify for a loan at all. If you do qualify for a loan, it may come at an interest rate of over 20 percent, and you may need to get a cosigner as well. 

Borrowers with Good Credit May Be Entitled to Higher Loan Amounts

Let's say that you asked a bank for a loan to buy a car. Those with good credit may be given a blank check to buy whatever they want because the bank knows it will get its money back. 

However, if you have a poor credit score, you could be limited to a loan of $10,000 or less because the bank wants to limit its risk.

While the small loan may provide you with an opportunity to rebuild your credit, it hinders your ability to buy the vehicle that you want. 

Instead of a new vehicle with top safety features, you may be forced to drive something with 100,000 miles on it because you can't afford anything else.

Good Credit May Shorten the Loan Approval Process

One of the benefits of a same day loan is the ability to get money quickly. Loans can be processed and proceeds disbursed in hours because there is no credit check required. 

If you have good credit, you may have your application approved quickly without the need for a lot of supplemental information. If credit is an issue for you, though, you should know that you can get payday loans in El Paso, TX, and some other cities throughout the US without having to get credit approval. 

Either way, this means that you can get the money necessary to buy a house before someone puts in a better offer or buy goods for your business that you need to fulfill a large order in a timely manner. 

Just make sure that you are careful and only take this type of loan out if you know you have money coming in pretty soon to pay it off with. Doing so will help improve your credit and make it easier for you to apply for other loans later on.

Having Good Credit Makes It Easier to Get Unsecured Loans

When a loan is unsecured, it means that a borrower didn't put up collateral as a condition of approval. This means that the bank has nothing other than your word that you will repay what you borrowed. 

Those who have a good track record of paying their debts generally have an easier time getting unsecured financing at low interest rates and other favorable terms.

However, it doesn't mean that you don't benefit from securing a loan with collateral even if you do have good credit. In some cases, you may be able to get a loan without interest or at a rate close to 0 percent by securing it with your home or some other property.

Before applying for a loan, take a minute to check your credit score and credit report. Doing so could make it easier to determine what type of loan you may be eligible for and how much you may be eligible to borrow. 

If your score is lower than you would like, it may be a good idea to take steps to increase it before applying for financing.

How to Save Money for Retirement

We all want to experience a comfortable, stress-free retirement, which simply allows us to make the most of the new-found freedom. 

If your retirement pot doesn’t look as full as you would like, there are ways you can increase your savings to ensure you are prepared for a work-free life.

Over 50s Retirement Insurance

An effective way to improve your retirement savings is by taking out an over 50s retirement insurance plan, which will provide you with a comfortable nest egg for you to enjoy once you reach retirement age. 

How much you will receive will depend on the plan you take out. So, whatever your budget, it is recommended you take out a policy, even if it is just £10 per week or month. You can trust it will all add up.

Source the Best Deals

Little savings can make a big difference to your savings, which can all help towards your retirement fund. Instead of paying full price for products or services, look for deals in stores, online and in newspapers and magazines to find a number of bargains, which could offer deals at a fraction of an RRP for an item.

Start a New Career

You haven’t retired yet, so nothing is stopping you from going after a new job that could result in a larger income. You might be in your fifties, but that doesn’t mean you are out of the game just yet. 

There are many more years to build up your retirement fund, so why not embrace a new challenge that will provide you with a new lease of life and a bigger balance?

Make an Informed Decision

How many times have you bought a product or item only to find it was cheaper elsewhere or a few days later? Too many times, we bet. You should therefore make an informed decision on a service whenever you can. 

For example, if you are looking to book a cab, wait for the best time to book it with an Uber ride fare estimator. Do your homework before you make any financial decision to ensure you are not wasting your money.

Cut Down Your Debt

You will not want to enter retirement filled with debt, because it will simply eat away at your finances. 

Whether you have a high-interest mortgage, credit card debt or many car loan repayments left to make, try to cut back as much debt as you possibly can. 

Make overpayments on your mortgage and consolidate various existing debts for one smaller repayment option.

Stop Spoiling the Kids

You might be tempted to spoil your children and grandchildren by paying for the university tuition, buying the family holiday or just to be generous with presents, but stop immediately. 

You must start taking care of your finances now so they can look after you during your retirement. While you might want to give your family the whole world, they would not want you to go into debt to do so. Be smart with your money.

Tech Tips for Baby Boomers Who Are Planning for Retirement

Retirement planning can seem overwhelming at times, but today’s baby boomers have it easier than they might imagine. 

Thanks to the latest technology, you can create a plan, track your progress, and tweak your investments with just a few taps of your finger. Equip yourself with the right tech-based tools, and you can take charge of your retirement efforts in a whole new way.

Invest in a Reliable Smartphone

One of the best retirement planning tools at your disposal is a smartphone. With the right device in hand, you can access a wealth of apps and web pages that will help you create and monitor your retirement strategy. 

If you’re not yet up-to-date on the latest smartphone technology, now is the time to start exploring your options and familiarizing yourself with smartphones as powerful tools.

Look for an intuitive product that you won’t have too much trouble learning how to use effectively. An Android phone like the Galaxy S7 edge is often the best option for users who are familiar with other Google products like Gmail. 

The Google Play app store makes it easy to bring your favorite Google programs right to your smartphone. Combine your powerful smartphone with a fast, reliable network for optimum functionality. 

A provider like T-Mobile can offer versatile plans with plenty of data so you’ll find the perfect fit for your needs.

Explore Apps for Retirement

With your smartphone in hand, you can begin exploring apps that will help you manage your retirement plans. 

Retirement Planner by Swiftmatic LLC is a good place to start. This app will help you compare traditional and Roth 401(k)s and IRAs, calculate how your employer contribution is adding up, and see if you have a surplus of retirement savings or a serious shortfall. 

iMaximize Social Security will help you explore your options for Social Security benefits. MassMutual RetireSmart helps you chart asset allocation and track retirement contributions.

Don’t overlook apps that’s aren’t directly related to retirement. Trulia is a powerful real estate app that can help you find your perfect retirement home. 

AARP Now helps you maximize your AARP membership benefits and find local discounts, workshops, and events.

Utilize Online Planning Tools

Not all planning tools come in the form of an app. There are many useful resources that you can access online. If you don’t have a reliable computer at home, get acquainted with your local library. 

This is a convenient place to hop online and explore all that the internet has to offer. A good smartphone can help you access the internet as well, though not all web pages are mobile optimized for easy viewing on your phone.

The AARP retirement calculator is a practical tool to make sure you’re saving enough for a comfortable retirement. 

It allows you to customize your retirement plan to accommodate the lifestyle you’re looking for in your post-employment years.

Put a Budget in Place

One of the best things you can do for your retirement is to start budgeting well. Today’s tech tools make it easier than ever to stick to your savings plan. 

With an app like Mint, you can keep an eye on every penny that goes into and comes out of your accounts. Mint links directly to your bank, credit card, and investment accounts so you can see everything in one place. 

Intuitive charts and graphs make it easy to get a better view of your financial situation so you can tweak it appropriately to protect your retirement goals.

Update Your Investment Strategy

If you haven’t tried managing your investments online, there’s a new world of possibilities just waiting for you to explore. 

Apps like Acorns and SigFig will help you manage and optimize your investment portfolios. If you’re new to investing as a whole, you can even start with a tool like the Stock Market Simulator app. 

This will help you become familiar with the ins and outs of investments before you sink real money into the effort.

Don’t let the details of retirement planning overwhelm you. Use these tools and strategies to simplify your efforts and tackle the next phase of your life with gusto.

Family Reunions: How To Have A Big Party For Cheap

Throwing any large event can be an overwhelming experience at best. With so many intricate moving parts that have to be timed and executed perfectly, many people choose to hire a professional event planner to handle everything. 

For some, however, this isn't an option, and for others, the idea of throwing an event is a challenge that is too thrilling to resist.

Throwing a family reunion event can be especially challenging as it's normal to want to make everyone in your family happy. 

Most likely, if you are throwing this type of event, you will want the best of everything, but sometimes this just isn't financially feasible. Luckily, we have some tips for how to make this type of event spectacular without extraordinary spending on your part.

DIY Your Decorations

Thanks to Pinterest making your own decorations for any event is easier than ever. Even the least crafty person in the world can find simple tutorials that will result in a beautifully-decorated party. Then not only will your party look awesome, but everyone will also be super impressed.

Opt For A Local Restaurant Instead Of A Professional Caterer

Good food is a party essential, but hiring a professional caterer can cost you several thousands of dollars. 

Instead, explore local food businesses in your area. Chances are the cost per head will be significantly cheaper, and the food might taste even better. 

Provide Your Own Alcohol

It may be tempting to hire a professional bar service for the event, but consider buying alcohol in bulk and hiring one to two people to act as bartenders for the evening. 

You will save thousands of dollars and you can be more particular about the alcohol that's served. This website walks you through the steps required to purchase alcohol for an event of any size. 

Also, make sure to buy beer, champagne and wine by the case to save costs. For instance, manufacturers like JJ Buckley Fine Wine will allow you to purchase alcohol in large quantities conveniently online.

Consider An Alternative Venue

Big, fancy catering halls may be dripping in luxury but they are also incredibly expensive, costing anywhere from $10,000 to $80,000 depending on where you live for the room alone. 

There are many alternative venues which are tens of thousands of dollars cheaper, so do some research in your area. Some excellent alternatives to traditional catering halls include outdoor public parks, historic home properties and church halls.

While throwing a big event can cause even the calmest person enormous stress, these simple ways to save money can help reduce feelings of being overwhelmed. 

All of these steps listed above are easy to execute and will result in big savings while allowing you to throw your beloved family members the party of their lives.

What Is the Typical Burial Insurance Plan Cost Today?

The cost of a burial can be rather high. You might have to spend $10,000 on such a burial. This can be a very difficult expense for your loved ones to worry about.

Fortunately, burial life insurance for elderly is available to cover the charges associated with such an occasion. You will have to look at the burial insurance plan cost that you would have to spend when taking a look at such a policy. 

Like with any other policy, there are many key concerns that can directly influence what you would spend on the policy.

Tens of Dollars Are Needed

Considering how a burial insurance plan can provide you with a $10,000 benefit or more, you would have to spend tens of dollars each month on a policy. You could end up spending $50 or more each month on a policy. 

This total will only go up when you get older in age, what with the potential for a claim to be made increasing as you get older in age. Still, it is a sensible investment when you consider how expensive a burial can be these days.

How Is Your Health?

Your health is important to consider. A person who is in good health standing will not have to spend as much as someone who gets a policy with no health questions involved.

A 75-year-old male who is in good health could get a policy for $100 per month. Meanwhile, he could get that same policy for $130 per month if no health questions are involved.

In other words, you might want to get a proper health inspection to see how well you can handle a policy. You could save a great deal of money over time on a good burial plan if you just take the time to see that you are actually in good health.

Other exciting options losing the return plan recommendations as opposed to the choice of reducing both the online payouts and the premium. These choices used for recommendations that are particularly designed at protecting property resource and have a consistently getting debt.

Costs Change By Gender

Women tend to spend less on their burial life insurance for elderly plan costs than men. A man who is 70 years of age could get a $10,000 policy at $70 per month. 

A woman of the same age could get the same policy for $60 per month. This is primarily due to how women tend to have longer lifespans than men do.

Can You Get Annual Payments?

You may be able to spend less on your insurance if you pay for it with an annual charge instead of a monthly rate. You could save about 10 to 20 percent on the monthly cost of an insurance policy if you get an annual premium instead of a monthly one. 

This will certainly add to the total charge that you have to spend but it could be worthwhile depending on what you get. The savings can especially be dramatic and sensible when you get a great policy.

Be prepared to know what you would have to spend for burial insurance. It will cost a good deal of money to get a policy but you could still spend less if you are in good health. Do look carefully at the coverage you take in and see how it will compare to your age among other critical points.

Just think about it! You get to have your funeral program the way you preferred it to be. All the arrangements would be just the way you structured. 

Your close relative needs not get experienced what to do and what not to do right at that time of the funeral. They would cope with their unhappiness. You would have taken care of everything.