Uncategorized

If you have or plan to have children and you’re shopping for a new home, one of the most important deciding factors will likely be the number of bedrooms. While many parents seek out homes that are large enough for each child to have his or her own room, some choose to have their children share bedrooms because of the clear benefits.

It Teaches Important Social Skills
Sharing a bedroom with a sibling teaches kids respect. Children who share rooms have to learn to respect each others belongings, space, and need for peace and quiet. They need to learn to clean up after themselves, to share possessions, to respect each others privacy and to keep the noise level down so a sibling can study or sleep. Respect for others will be valuable when children go off to college and share a room with a new roommate or when they live with a spouse or partner in the future.

Sharing a room encourages siblings to communicate. They can talk about their day, what’s going on at school, friendships and dreams for the future. They can also talk about anything that’s bothering them and help each other manage their problems. When they inevitably get on each others nerves, they’ll need to talk things through and find a solution. Parents can become involved if necessary, but it’s better to allow kids to try to sort things out themselves first. Learning problem-solving and communication skills as a child can help kids when they grow up.

Siblings who spend a lot of time together when they’re younger are likely to forge a strong bond that will last into adulthood. As they seek support and guidance from each other and confess their secrets while growing up, they’ll likely reach out to each other instinctively when they’re facing challenges as adults.

It Can Help Kids Sleep
Children often sleep better when a sibling is sharing the same room. Kids who have trouble falling asleep or who wake up in the middle of the night may be comforted by the soothing words or the mere presence of a sibling and find it easier to sleep through the night. They’ll also be less likely to wake up their parents to seek out comfort.

Consider the Advantages
If you’re house hunting, dont feel pressured or obligated to buy a huge home so that each of your children can have their own room. Sharing a bedroom can help kids in many ways, and countless adults who shared a room with a sibling look back fondly on those years and appreciate all of the important life lessons they learned from the experience

Published with permission from RISMedia.

If you recently got a raise, you’re probably thrilled that your boss recognized your hard work. But, at the same time, your head may be spinning as you try to figure out what to do with the extra income. Before you go on a shopping spree, think about how much more money you will have”and the best way to spend it.

How Much Will Your Net Pay Change?
The increase in your annual salary is not the same as the increase in your take-home pay. Your raise could put you in a higher tax bracket. Wait until you get your first paycheck after the raise to find out exactly how much of a pay increase you’re getting so that you can decide how to use the money.

Eliminate Debt
If you have credit card balances, particularly ones with high interest rates, pay them off as quickly as possible. If you have a student loan, car loan or mortgage, make higher monthly payments. Freeing yourself from the weight of debt can change your entire financial picture.

Save for Retirement
If you’re nearing retirement age and dont have as much money saved as you would like, use your increased earnings to contribute more to your retirement account. A regular, modest increase can make a big difference if that extra money has years to accumulate interest. Your retirement fund will grow even faster if your employer matches your higher contributions.

Plan for Your Childrens Education
If you have kids who will attend college in the future, you can dedicate some of your pay raise to their education savings funds. Just be sure to take care of your own retirement first. You dont want to be unable to work and have to ask your kids to support you when they’re still in school.

Save for the Unexpected
You never know when your car will break down, an appliance will need to be repaired, a family member will have a medical emergency, or you or your spouse will lose a job. Everyone should have an emergency fund with enough money to cover expenses for three to six months. If you dont have that much set aside, start saving until you do.

Should You Change Your Living Situation?
If you’ve been putting off repairs to your home because of insufficient funds, now is a good time to tackle those projects. If you got a substantial raise and are thinking about buying a bigger house, ask yourself whether that is necessary and whether you can afford it. Dont take on a larger mortgage if your current house suits the needs of you and your family. Instead, focus on other priorities. The last thing you want is to lose your job and have a house you cant afford, no emergency fund, and insufficient retirement and college savings.

Be Responsible
Getting a raise is exciting, but be sure to take all the variables into consideration before immediately deciding to upgrade your lifestyle. You’re better off playing it safe until you’ve considered all the options and how they’ll impact your lifestyle.

Published with permission from RISMedia.

The typical credit card charges about 16 percent interest per year on balances, effectively adding $16 to each $100 in expenses that are left on a credit card. Some charge as much as 29 percent if youre late on a payment and have to pay penalty interest.

Avoiding a credit card balance by paying the bill before the due date each month is the best way to avoid such extra charges”but thats rare. For every five credit card accounts, more than three carry a balance from one month to the next, according to a Federal Reserve payments study.

Here are some ways to avoid paying credit card interest:

Know the Grace Period
Most people think they only have a month to pay off a credit card bill. By knowing their cards grace period, they can see how much more time they have. A grace period is the time allotted to pay off your credit card bill without incurring any interest. It starts on the last day of your billing cycle and runs through the due date for that cycle.

Knowing what your credit cards billing cycle is can give you about three more weeks to pay off purchases. The key, however, is not forgetting what the payment due date is and paying the full amount by that due date.

For example, a credit cards billing cycle may start on the twenty-third of one month and end on the same day a month later, such as May 23 ” June 23. The payment due date could be July 17. In this case, the grace period might be June 24 to July 17″about three weeks long. Instead of having a month to pay the bill off, you now have about seven weeks.

Pay as You Buy
If you really want to be diligent about avoiding interest charges, pay off charges on your credit card as soon as you make them.

Credit card companies are happy to accept payment at any time, even multiple times in a month. So, every time you make a purchase with your credit card, immediately transfer money from your bank to the credit card company for the same amount. You can often do this through your credit cards app on your phone, or you can set up weekly payments of a certain amount if you expect to make a certain number of purchases per week.

Pay in Full Each Month
Paying off the credit card bill in full each month is the best way to avoid interest charges. Do whatever it takes to pay it by the due date. Send yourself email and other alerts, keep track of purchases to ensure you have enough money in your checking account to pay the bill, and stick to a budget.

Published with permission from RISMedia.

Identity theft is continuing to skyrocket thanks to the proliferation of online shopping and the sharing of personal information with companies and financial institutions alike. In fact, hundreds of millions of people have had their data stolen. This can occur through massive breaches of banks, stores and other businesses, or a dishonest person can misuse data that was disclosed on medical forms, employment records or other documents.

Identity theft can be devastating. Thieves can open fraudulent accounts, make purchases with existing accounts, or empty bank accounts altogether. Victims often dont realize there’s a problem until criminals have been misusing their accounts for weeks or longer.

Call Your Creditors
If you notice an unauthorized charge on a credit card, contact the bank immediately to dispute it. Its possible that someone made a mistake, but there’s also a good chance that your identity has been stolen. Check your other accounts for fraudulent activity, as well.

If you think your identity has been stolen, close the compromised account and all others (even if you dont have any specific reason to think they were compromised), and open new accounts with different account numbers. It will be a hassle, but it will prevent any other fraudulent transactions and damage to your credit score.

Check and Monitor Your Credit Reports
An identity thief may have used your information to open new accounts in your name. Request copies of your credit reports from all three bureaus and look for any accounts you dont recognize.

Notify the credit bureaus of the suspected identity theft and place a fraud alert on your report. If someone tries to open a new account in your name, the application will be flagged and the creditor will contact you to verify that you made the request. Another option is to freeze your credit, which would stop credit bureaus from sharing your information at all. Keep in mind that this would make it harder for you to open credit cards and to obtain loans if you need them.

If your identity was stolen as a result of a data breach, the company whose records were compromised may offer you free credit monitoring, which can help you spot any suspicious activity and provide you with peace of mind. If you haven’t been offered free credit monitoring, you can sign up online for a monthly fee.

Notify the Authorities
Contact the Federal Trade Commission to file a report and receive helpful advice. Your local police department might be able to help if your identity was stolen in your town. If you think it was stolen somewhere else, you can file a police report in that jurisdiction. Unfortunately, identity thieves operate all over the world and are often not caught.

Be Vigilant
If you suspect that your identity has been stolen, act immediately. Contact your creditors, check your credit reports and report the crime to the authorities. You should also check your credit report at least once a year and monitor monthly financial statements to catch any suspicious activity as quickly as possible.

Published with permission from RISMedia.

Raising a family means dealing with laundry, cooking, cleaning and other chores. Parents often feel overwhelmed and struggle to get their kids to help out, but it doesn’t need to be that way.

Start Early
Young kids have a natural desire to spend time with their family members and to participate in activities. If your children want to help, find things they can do to contribute in a meaningful way. Letting kids dry dishes or put clothes in the washer can make them feel important, provide a sense of accomplishment and promote teamwork. Allowing a toddler to help might require more time or might initially lead to more of a mess, but that is how kids learn.

Set a Positive Example
Let your children see you doing chores. Kids learn a lot by observing others. You might think that your child has no idea how to sweep the floor, but after watching you do it several times, he or she might do a surprisingly good job if given the chance.

Encourage collaboration as much as possible. If you need to vacuum, ask your children to help you pick up any toys from the floor first. If laundry needs to be folded, get your kids to help fold everyone’s clothes, not just their own.

Create a Routine, but Make It Interesting
Set aside a time every day for all family members to do chores. One child will be less likely to complain about vacuuming if his or her siblings are folding laundry or taking out the trash. Having a designated time for chores can also help children accept them as a regular part of everyday family life. Remind your kids that they can watch TV or play video games after they have finished their tasks.

Make chore time fun. Play upbeat music and sing and dance while working. Let your kids choose the playlist and take turns serving as “DJ.”

Trying a variety of chores can help your kids take on more responsibility and understand how the household operates. If a child enjoys washing dishes, let him or her wipe the counters or sweep the floor. If a child likes to feed the dog and is strong enough, let him or her help walk the pet. A child who likes to put laundry in the washer and dryer can learn to fold clothes.

Treat Kids as Valuable Contributors
Allow your children to help with chores in whatever way they can as early as possible. If your kids feel that they are contributing and appreciated, and chores are treated as a normal part of life, the entire family can work together and avoid conflict.

Published with permission from RISMedia.