Uncategorized

Raising your kids to be adults who can successfully navigate through life is the end goal of parenting, and a big part of that responsibility centers around teaching them about money so that they’re financially independent as they transition from childhood to adulthood.

Here are some of the best money skills to teach your children:

Explain that everything costs money. This basic concept is one that some people forget. Everything you buy costs money, whether you pay for it now with cash or later with a credit card or loan.

Thirty-eight percent of U.S. households had revolving credit card debt in 2018, according to the National Foundation for Credit Counseling. Revolving credit is debt that’s moved from month to month and paid off over time with interest and possibly even late fees. This is in direct opposition to credit card users who pay off their purchases each month and avoid interest charges.

Take your children shopping with you”for groceries, clothes, furniture and everything else”and show them that things cost money.

Teach them to save. A clear jar for spare change can be a simple way to show children how to save money as they can physically see the money increase daily.

When they get money for birthdays or earn an allowance, open a savings account in their name and show them how to deposit money in it regularly. If they’re old enough to understand it, teach them how compound interest works and how regular deposits and interest paid on their account can increase their savings.

You don’t have to go over the numbers with them but explain how you save money each month for retirement, emergency expenses, vacations and other long-term goals.

Give them the opportunity to work for an allowance. Set up an allowance”usually equal to their age”for weekly chores. This will help show children that they can get paid for working, then use that money to buy things or save for something later.

If you don’t think an allowance is a good way to get your child to do chores, take the time to explain the importance of everyone contributing to how the house is taken care of and how important it is that everyone work together to get chores done.

Teaching them some responsibility, whether with an allowance or not, can help them learn skills they will undoubtedly need as adults.

Show them the importance of a sound budget. If you don’t have a household budget, having kids may be a good incentive to start one. You can show them your monthly expenses, as well as income, and explain how both should be equal to make your finances work well.

Make sure your children understand that not having a sound budget that can be adhered to may cause them to go into debt in order to pay some bills, or having to cut costs because they can’t afford everything they want. If you don’t want to show your children your income, at least explain how your bills work.

Published with permission from RISMedia.

A credit card’s mobile app can give you immediate access to your account, making it easier to track purchases, make payments, review monthly statements, report a lost card and view rewards, among other things.

But not all mobile apps are the same, and knowing what’s available can make it easier to choose a credit card and find the features you want in an app. Of course, that’s after you’ve found the card with the best interest rate and rewards you want.

A 2018 satisfaction study by J.D. Power ranked the best apps on five factors: ease of navigation, appearance, clarity of information, range of services and availability of key information. Here are the top five credit card apps based on the results:

American Express
This was the only app to receive a rating of five out of five. The American Express mobile app allows users to track transactions, check monthly statements, redeem rewards and explore card benefits. Fraud notifications can also be set.

Chase
This app rated three out of five in J.D. Power’s satisfaction survey. It can be used to review and pay Chase credit card bills, access rewards information and set up notifications. The app also allows you to view your VantageScore credit score, as well as secure messages from Chase’s customer service team.

Citi
Citi also scored three out of five, with an app that allows users to view a summary of their main account information before signing in. Your credit card can be locked if your card is lost or stolen, and you can request a replacement card through the app, as well. You can also view transactions and pay your bill, as most other credit card apps allow. Citi also allows users to dispute unauthorized transactions, view and redeem rewards, and check their FICO credit score.

Bank of America
Allowing common services such as paying your credit card bill, viewing transactions, accessing your FICO score, getting account alerts and redeeming rewards, the Bank of America app scored a three out of five.

Capital One
This app received a rating of four out of five. Along with allowing users to review transactions and statements, view and redeem rewards, pay their credit card bill, and set up purchase notifications, the Capital One app has two top features that users say they want: the ability to instantly lock a card if it’s lost or stolen, as well as the ability to unlock the card and continue using it if it’s found.

Capital One also allows users to sign in using a pattern traced with a finger instead of typing in a password. Additionally, the app provides access to the company’s credit monitoring service and VantageScore credit score.

Published with permission from RISMedia.

Just like picking paint and furniture, it’s important to spend time choosing the best plants for your interior space. Not only should you be considering the care your new plant friends will need, but also how they will impact your space as they grow to their full forms. Below are several tips for picking the best houseplants.

Understand sun exposure. The quickest way to shrivel a houseplant is by giving it the improper amount of sunshine. Take the time to get to know the sunniest and shadies areas of your interior, and pick plants that thrive in that environment.

Consider maintenance. If you’re choosing houseplants that need a good amount of TLC”water, trimming, etc.”make sure you have the time in your schedule and bandwidth in your brain to take this on. If not, pick a plant that needs minimal attention, like a succulent.

Pick proper containers. Learn the root length of the plant you’re choosing, and how big it’s likely to grow, pick a container that can accommodate it”consider drainage, too!

Choose plants that compliment your space. Have tall ceilings? Consider a plant that grows tall, not wide like a palm. Looking to make your room look a little wild? Pick a climbing plant, like a golden pothos or some form of ivy.

Consider color. While varying shades of green can feel gorgeously lush, no need to stop there! Add color to your interior botanics, like orchids, peace lilies or prayer plants.

Published with permission from RISMedia.

Protecting children is a constant responsibility for parents and guardians alike, and many are unaware that they also need to be protected from identity theft.

Identity thieves often apply for government benefits, open bank and credit card accounts, and apply for a loan in the name of the victim, even a child. They often do this long before the child is old enough to open a credit card themselves, destroying a child’s credit history.

If your child is getting mail such as bills for products they didn’t receive, an IRS notice that income taxes haven’t been paid, or you or your child are turned down for government benefits because the benefits are being paid to another account linked to your child’s Social Security Number, then they may be the victim of identity theft.

To protect them, make sure you’re not carrying around their birth certificate or Social Security Card. Keep these locked in a fire-proof safe at home and have your home computer updated with virus protection software.

Also, be cautious about who you give your child’s identifying details to. Ask why the information is needed before giving it out. Ask if you can use a different identifier, or use only the last four digits of your child’s Social Security Number.

Your child shouldn’t have a credit history at all before age 14, so any signs of credit history could mean fraud. Check with the three main nationwide credit reporting companies to make sure a credit history doesn’t come up. You can also get a report every 12 months from annualcreditreport.com.

One misconception about helping a child build credit is to open a credit card in their name and pay it off on time for years. Called “piggybacking,” this practice was eliminated in 2007 by the three major credit bureaus because it was being exploited by people looking to boost their credit scores.

A credit card account can’t be opened for a young child, such as age 5 – 10, as a way to build their credit history early. This could open the door to identity theft, and creating a credit file could give a family member or stranger a chance to steal the child’s credit identity.

Adding a young child to a parent’s credit card account as an authorized user is also a bad idea. A clean credit history”meaning no use of credit at all”is best for a child when they do get a credit card someday.

What you may want to do”if you’re comfortable with it”is add your child at age 15 or so as an authorized user to your credit card, as this can boost their credit score if you have a good credit record.

Make sure they understand how a credit card works, and keep tabs on their charging activity. You can also add them as a user while not allowing them to use the card, or to only use it when you’re shopping with them.

Published with permission from RISMedia.