Should I Save If I’m in Debt?
Saving money is important. Saving might seem difficult, especially if you are struggling to make ends meet or if you are in debt. However, everyone can create a savings plan. Even as you work toward paying off debt, saving is necessary and possible. If you put all of your money toward debt, you won’t be…
Read MoreShould I Open a Savings Account for My Kids?
Before opening a savings account, think about why you and your child are saving money. Here are some common reasons Pay for future education expenses Help your child manage the money they make from their job Give your child a lump sum of money when they graduate from high school Your reason for saving the…
Read MoreWhat Are the Best Alternatives to a Traditional Savings Account?
A basic savings account can be a great place to start when you’re new to saving. It’s also an excellent choice if you have a small balance. There are alternates if you need a more robust savings plan or want to increase the amount of interest being paid. Money Market Account A money market account is a…
Read MoreWhy You Need a Financial GPS
The last part of my morning routine goes like this: Get in the car. Open Pandora (the free version, of course). Select the Nelly & St. Lunatics channel. Open the Waze app. Select location labeled as Work. Back out of my driveway; I’m on the way! You might think that it’s silly for me to…
Read MoreHow to Pay Bills Without a Bank Account
According to a report by the FDIC (Federal Deposit Insurance Corporation) in 2019, 5.4% of households in American were unbanked or had no bank accounts. There are several reasons that someone may not have a bank account. Past financial mistakes like too many overdraft fees or bounced checks can make it hard to open a…
Read MoreHow to Teach Your Kids to Budget for Their First Jobs
First of all, congratulations! Your teen has their first paying job. This is a milestone and a time where they’ll learn new things about work, life, money, and themselves. This is an excellent time to teach foundational principles and practical budgeting. Your teen can also earn more financial independence. Save. Spend. Give. All the things…
Read MoreLet’s Get Reading! The Best Books to Get the Money Conversation Started With Your Kids
Talking to your children about money is a difficult conversation for many parents to have. Starting the talk is the hardest part. No matter how old your children are, here are some ideas to get the ball rolling. Sometimes reading a book to children gives you a script to start that conversation, and then you…
Read MoreWhat Is a Pre-Paid College Tuition 529 Plan and Is It Right for Me?
For those of us who have children, just thinking about putting them through four years of college can feel overwhelming. In the United States, the cost of college tuition is higher than almost anywhere else in the world. And it keeps rising every year! According to a survey from the College Board (the company that…
Read MoreShould I Give My Child an Allowance? How Much Should I Give Them?
It’s never too early to teach your kids about money. I wish I had learned about the ins and out of money at a much younger age. Growing up, my parents never talked about money in front of me. It was one of those subjects you didn’t talk about with anyone. I had to learn…
Read MoreHow to Teach Your Kids About Budgeting for Special Events and Purchases
Hooray to anyone willing to teach their children about budgeting for special events! Successful money managers don’t become that way overnight. It’s a skill that needs to be taught and practiced from an early age. By teaching our children while they are under the safety of our roof, we can guide them through mistakes and…
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