Probably the best way to teach your child the benefits of saving money is the same way you were taught as a child – buy a piggy bank.
Children learn by example. They also learn by repetitive lessons. For example, buying a piggy bank and putting coins in on a daily basis is the foundation by which children will begin to understand every aspect of saving and spending.
Whether you purchase a piggy bank or use a small glass container, the children can visually see each day that by putting coins into the bank, the money begins to accumulate.
Another way to illustrate the importance of saving is suggested by Teach Kids How. They offer this advice: “Once you have at least half of … continue reading.
There is an old saying that states: Never shop on an empty stomach. Think back to the last trip you made to the supermarket. Did you have breakfast or lunch before you left home? If not, how much more did you spend on items that were not on your list?
We all do it; we make a list for the supermarket and once there we peruse each aisle looking for the items on our list but inevitably something not on the list winds up in the shopping cart.
Sometimes we buy items because they are on sale. We make an evaluation that we are saving money by doing so. Other times, we find an item we may have seen on TV and want to try it. … continue reading.
A sub-prime mortgage is that which is given to homeowners who have less than a stellar credit rating.
For example, someone with a FICO score of 600 or lower may be eligible for a mortgage, but the interest rates would be much higher than for someone with a FICO score of 700 or above.
The sub-prime mortgage crisis was a result of homeowners who dealt with unscrupulous lenders. These lenders offered mortgages, in some instances, with no money down. They then resold the mortgages to others and the interest rate dramatically rose, and the homeowners were unable to meet the monthly payments.
As a result, most banks are holding what is called “toxic mortgages,” and while the Treasury Department gave them bailout money so they … continue reading.
Here are ten remortgaging tips to help you secure the best rate for your home.
1. There are many types of remortgage deals available. Speak to several lenders to find the most appropriate and low cost deal for you.
2. Ask the lender what the interest rate will be for a remortgage. If it is a fixed rate, be sure to determine the duration.
3. Based on your current mortgage and the new remortgage rate, the lender should be able to give you the amount you will be paying each month.
4. Ensure that you look into the current SVR or Standard Variable Rate since you may have to pay the lender’s SVR if you are opting for a fixed rate.
5. … continue reading.
Saving for a family vacation during the year is possible, through some simple measures.
Most banks have a vacation and/or holiday club where you deposit a specific amount each week depending upon how much you wish to save. For example, a Christmas club for $5.00 would yield $250.00, whereas a Holiday Club for $25.00 a week would amount to $1250.00 for the 50-week period.
In addition, you can automatically withdraw an amount from your paycheck and have it deposited to a savings account.
If you have a family budget, you may already be setting aside money for the family vacation. But there are other ways you can save throughout the year.
Here are some ideas:
* Cancel magazine and newspaper subscriptions.
* Bundle your cable, internet, and phone … continue reading.
There have always been bank fees, but it has become more apparent recently that banks are raising their hidden fees and charging their good customers as well. Considering the banks have just been given more than 250 billion dollars from the U.S. Treasury, the idea that they are still imposing these ridiculous fees is ludicrous.
According to MSN Money’s Liz Pullman Weston, here is a rundown of these charges:
ATM. If you use the ATM bank to withdraw money from another bank, you will incur charges from both. According to Bankrate.com, “your bank charges you 25% more than it did six years ago for using another bank’s ATM. In addition, a foreign bank adds a surcharge of 40% or more which is … continue reading.
According to an article in the Wall Street Journal, “plastic has become a fact of life in the U.S., even for teenagers, who made $169 billion of consumer purchases in 2005. 18% of youths ages 12 to 19 had debit cards, while 8% had credit cards.”
There is something inherently wrong with these statistics. Giving a 12-year old a debit or credit card is sending a message that could be interpreted in the exact opposite way in which it was intended.
While most financial planners and bank officials feel that is it perfectly okay to give teens credit cards, it seems that opponents of this argument should also have their day in court as well. In their defense, here are some thoughts.
Children learn … continue reading.
