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Tips for Saving Money When Buying a Family Vehicle

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As a family vehicle is a necessity, it’s important to try to make some savings when buying one. Use the tips below to enable you to save money when you go to purchase your family vehicle.

Bypass the Extras

When getting a family car, it’s important to get a solid and functional one that will work well to do what you need the car for, which is getting you from one point to another. While modern cars have come a very long way since the first steam-powered engine that could transport people was invented in 1769, you don’t need to get more than you can comfortably afford. Some of the extras you can do without include extended warranties, special detailing, and racing stripes. You can always get these at a later date if you decide that you want them and you have the extra money to get them without straining your budget.

Buy a Car at The Right Time

The best time you can buy a car, according to data, is at the end of the month, at the end of each quarter, and on holiday weekend sales. This should be around March, June, September, and December. At these times, dealerships are nearing the end of the year and they’re motivated to reduce their prices so they can move cars. In the late summer, many dealerships are also trying to move old cars so they can get space for newer ones. When you do this, you can end up saving hundreds or even thousands of dollars on your car purchase.

Research Thoroughly

Before you settle on a car to buy, make sure to research thoroughly so that you know its value. Check its history report to find out about any potential recalls, its accident history, and any repair information among others. To have an easier time doing this, simply request the seller to send you the vehicle identification number or VIN so you can research the vehicle’s history online. Also, note that different models of trucks and cars need different amounts of oil, but most engines need between five and seven quarts. Knowing information like this will help you know whether you will be able to maintain the car over a long time.

Buy Cash if Possible

As you will end up paying interest when you pay in installments, it’s advisable to buy it in cash. Save until you can make a one-off payment for your car and you will enjoy the no-strings-attached manner in which you will own your family car. While doing this, don’t forget to negotiate with the seller to ask for a discount. When you’re ready to buy a car, many dealerships will be willing to offer you a discount if you pay in cash and make the full payment for the car. Try to start saving so that you can afford to pay for your car outright.

Go For Used Instead of New

As mentioned, a family car is more a functional purchase than a social status symbol. Don’t try to get more than you can comfortably afford because you will strain your finances for something that won’t be building your wealth. Remember that service intervals can either be expresses in terms of time periods or mileage, and keep in mind that as long as you service your car regularly, you should have less trouble with it. Make sure that the used car you get is in a good condition so you can get years of good service out of it, performing a thorough check with the help of a trusted mechanic so you know you’ve made the right choice.

Use these tips to buy your next family car and save some money while at it so you have something left to spare at the end of the day.

Five Frugal Tips to Save Money on Your Holiday Shopping  

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The holidays are coming. Are you ready? Holiday shopping can be a nightmare if you don’t plan, but you don’t need to worry. 

Today, we’re going to share with you five frugal tips to save money on your holiday shopping. You need to stress less and enjoy a little holiday cheer.

So, let’s look at the best ways to get that shopping done without breaking the bank or your yuletide spirits!

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How To Save Money On Life Insurance

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One study carried out in 2020 found that 54% of people had some form of life insurance coverage. It also unearthed a problem. 41 million people admitted they needed covering but haven’t got round to finding a policy. That might be because it can be hard to find the right life insurance policy or understanding when the right time to take one out is. The truth is, there’s no right time to take out a life insurance policy.

Interestingly, many companies provide a life insurance policy, and if they didn’t, the 54% of people who have a policy would probably be much lower. Still, the insurance policies they offer aren’t always the most comprehensive. Whether you already have a policy or not, below, we will explore some of the ways you can save money on a life insurance policy.

Shop Around Online

The internet is a wonderful thing, and one thing it has enabled us to do well is shop online for the best deal. Many brands leverage exclusive online deals to draw customers in because they know that most people shop online now. What you’ll notice when you shop around is that there’s a huge difference between the cost of a policy even though they’re all offering the same type of coverage.

Shopping online using comparison websites can help you to see the difference clearly. Comparison websites can also help you see how policy prices differ depending on the amount of money you’d be willing to pay upfront if you needed to claim. Most experts say you should at least put $500.

Consider A Term Insurance Policy

A term policy means what it says – the policy covers you for a predetermined amount of time rather than extended periods. Naturally, insurers will charge you less because they know you only need to be covered for a shorter amount of time, meaning there’s less of a chance they’ll have to payout.

That might also be a time to consider multiple life insurance policies. Having more than one life insurance policy can help you save money in the long run because you’re maximizing your coverage for less, which some people call a ladder strategy. You might have a short-term and a long-term policy at the same time.

Buying Sooner Rather Than Later

It’s sensical that life insurance is cheaper the younger you are. The longer you wait, the more likely you are to pay a higher premium. You don’t necessarily need to wait until you have the responsibility of being a parent. Let’s put it into perspective.

The average premium for a $500,000 insurance policy lasting 20 years for a man who doesn’t smoke is $406 if the cover starts before the age of 50 and $1,461 if the cover starts over the age of 50.

The older we get, the more likely our lifestyle is damaging and that an insurance policy is likely to be used. Locking in those lower premiums from a young age, even at an age where life insurance can seem irrelevant, pays off in the long run.

Switching Insurers VS Loyalty

There’s an age-old debate about whether you should switch insurers or stay loyal, and the answer depends on the options available at the time. Realistically, unless you’re taking out short-term life insurance policies, you’re going to stay loyal to insurers throughout most of your life. Locking yourself into a 30-year contract will most likely mean you’re not going to change.

However, if you have a term contract, consider shopping around when it comes close to your policy’s expiration date. Many insurers offer new customer discounts that might trump the loyal customer discount that your current insurer offers. Or, you might find that your current insurer offers the best deal.

Look Out For Fractional Premiums

Fractional premiums can really catch you out, and it is the same for any insurance or contractual policy you take out that requires payment. Fractional premiums are the term used to describe when payment is made quarterly, or monthly. While it can seem appealing to pay a smaller amount over the year rather than one lump sum, this is what most insurers are hoping you will do.

They want to leverage your monthly payments by increasing the overall premium. It’s easy to see the difference between the total monthly payments and what it would be as a one-off payment. You’ll notice some insurers charge hundreds of dollars extra for the luxury of paying monthly, and others don’t. If you have to pay monthly, shop around to find an insurer that reduces any additional charge for not paying in one.

Consider Your Lifestyle

There’s one aspect of your lifestyle that all insurers are interested in, and that’s whether you smoke. One study found that a smoker is likely to pay a third more than a non-smoker, and a smoker over the age of 50 might pay up to two-thirds as much. It’s simple logic, the healthier you are and the better your lifestyle, the less risk you pose to insurers.

That’s why most insurance companies ask you to complete a medical examination before taking out a policy – and why experts recommend you take it. Taking a medical test can dramatically reduce your premium.

Life insurance doesn’t have to be complicated, but it is essential to take the time to shop around and find the best deal for you. There are plenty of self-help articles online like this one with excellent sources of information for guidance.

How to Teach a Child to Count Money

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Teach a Child to Count Money

Counting money is one of the most foundational skills children must learn. Counting and making change are critical skills that many entry-level jobs require. When you apply the following lessons on how to teach a child to count money, you challenge his or her mind to grow in other ways, too.

To give you a thorough array of options on teaching counting skills, I sought out advice from experienced educators and parents. Here are my findings.

How to Teach a Child to Count Money

Create a Play Store

Parents who have taught their children the basics of money said one of the best ways to do so was to set up a play store. Together with their child, they created a fake shop with household items or toys listed for sale. Use a sticky note to indicate the price of each item, then give your child change, and open the shop for business.

Depending on your child’s age, you can vary the degree of difficulty. For example, for a 3-year-old, you could say, “This costs one quarter,” and teach her to identify that coin. For older children, you can pay with a dollar bill and walk them through making change.  Don’t forget to also teach them how to count change back to the “customer.”

Teach Them to Count by Fives and Tens

Teach Kids to Count Money

Photo by Katie Harp on Unsplash

“Kids need to have a good understanding of place value and number sense before they count money,” says a third-grade teacher with I spoke via Facebook. “Start with one coin, and teach them how to count it and how many it takes to make a dollar.”

She goes on to describe a great money game involving two dice. Give the child as many pennies as the number he or she rolled. Have the child then exchange it for the highest value possible.

For example, if the child rolls a ten he or she can trade in pennies for a dime.

In addition to teach your child how to count money, when you teach them to count by fives and tens, you’re teaching them the beginning stages of multiplication.

Let Them See Real Transactions

Many people have had great success with giving their children real world experience.

Here are several examples:

Earn Money Through Chores

Help them understand that “work = pay,” and help them count their earnings. If there’s something they want to buy, help them estimate the cost.

Lead by Example

Allow your child to watch you pay for something in cash. This will help him see how money works and how it requires lots of it to pay for his needs and wants.

Study the History of Real Money Together

Hand your child the coins you received in change that day and quiz her on some coin facts. Not only can learning to count money teach your children better math skills, but you can also create an impromptu history lesson. For example, did you know that the nickel used to be called a “half dime” up until 1883? Half dimes were made of silver which became scarce during the Civil War. After that, they were made of copper and nickel, and they finally were made and referred to entirely of nickel in the 1880s. Click here for more U.S. coin facts.

Final Thoughts

The overall theme of how to teach a child to count money is YOUR involvement. Set aside time to sit at the table and talk about how many nickels are in a quarter or how many pennies are in a dollar. Talk about how much money you earned at your first job or something you saved up for, like a bicycle. That will help your child apply what he or she has learned.

How did you learn to count money? In school? At home?

Read More

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How to Save Money with These 12 Savvy Tips

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There is an old adage that says it’s the little things in life that mean a lot. That pretty much can be said of how to save money, how to get out of debt, and getting onto the road of financial freedom.

In a world of escalating costs, many people are finding it more difficult to save funds, but there are some things you can do that will fatten your savings account and keep money in your pocket.

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Free Online Games to Teach Kids about the Environment

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If you’re a mom of kids under 12, you know that one of the best ways to teach kids so that they actually remember information is to play games.  Games are fun, so kids are eager to play, not knowing (or caring) that they’re actually learning something.  If you have science minded kids, there are many free online games to teach kids about the environment.

Free Online Games to Teach Kids about the Environment

Free Online Games to Teach Kids about the Environment

There are so many games and so many ways you can teach kids about the environment!

Games for Ages 4 to 7

Even your little children can learn about the environment with these fun games.

Environmental Protection Agency

Free Online Games to Teach Kids about the Environment

Choose one of three games for ages 4 to 7 to teach them about air pollution and what the various colors mean—green day, red day, etc.

National Institute of Environmental Health Sciences

There are many, many games on the Kids Environment Kids Health page from the National Institute of Environmental Health Sciences.  These games are for kids in 1st to 4th grade.  The free online games to teach kids about the environment include:

Climates of the World

Kids match children in a variety of clothes with the climate and country that they live in.

Matching Game

In one of the matching games, kids can match bird songs with the birds that make them.

Do check this site out as there is so much here young kids would like include many different games, jokes, riddles, and songs.

Energy Star

Calling all Dr. Seuss fans!  The Energy Star website has a fun game called Join the Lorax.  Games include coloring the Lorax characters, completing a word search, and a picture search for energy efficient items.

Games for Ages 8 to 12

SciJinks

Free Online Games to Teach Kids about the Environment

The SciJinks site has many different games for kids from grades 3 to 7.  This site has 23 games including a hurricane simulator and a tornado simulator (kids will probably enjoy seeing the flying cow spinning around when the tornado hits).  Game topics include:

  • Weather,
  • Hurricanes and Storms,
  • Clouds, Water, and Ice,
  • Tides and Oceans,
  • Atmosphere,
  • Seasons,
  • Satellites and Technology,
  • Space Weather

EPA

For those who prefer more scholarly free games to teach kids about the environment, the EPA has an ozone science crossword puzzle.  This puzzle would be perfect for 5th to 7th graders.  There are 17 clues and 17 answers to choose from.

Energy Kids

The U.S. Energy Information Administration has all sorts of activities for kids on the part of their website called Energy Kids.

They have fun energy-related riddles such as, “How do energy-conscious people feel about wind power?  Answer—they’re blown away.”  When my son was in 3rd grade, he would have loved riddles like this.

They also have energy slang terms as well as puzzles (Sudoko, slider puzzles, crosswords and word searches).

For students who love participating in science fairs, the site has science fair experiment ideas for all ages, K-12.

Lastly, the site has suggestions for energy-based field trips as well as a brief description of each site.

NASA Science

For your kids in grades 6-9, Nasa Science has a game to teach your kids about energy flow called Go with the Flow.  Kids get to experiment with how salt and heat affect the weather and the water currents.

If your child is interested in learning about space weather, there is also a game for that on the site called Shields Up!

Smithsonian Science Education Center

If you want to teach your kids about the environment, the Smithsonian Science Education Center site has games for kids in grades 3 to 6.

In the game Habitats, children are given a picture of a habitat (habitats range from desert, coral reef, jungle and marsh.)  They then can choose from images of three animals to decide what animal belongs in that particular habitat.

Similarly, they also have a game, Home on the Range, that corresponds with 2nd grade learning standards.  Kids try to find animals and plants that exist in certain habitats around the United States.  If they don’t know the answer, they can click on each animal or plant that is a possible answer and read more about that particular one.

Smokey for Kids

Teach your kids about the dangers of wild fires with the Smokey for Kids site.  Not only do kids learn how to prevent wildfires, but they also can play games to reinforce what they learn.  Kids might find it especially fun to play the Storymaker Game.  They first fill out quite a bit of information personalized to them, and then a story is created using that information.

Water Sense

In the Water Sense game, created by the EPA, lead the water drop through a maze, being careful to avoid water wasters.  This game is great for late elementary and early middle school students.

Smithsonian’s National Zoo & Conservation Biology Institute

In the Migration Game, students answer questions about migration.  Each question that they answer correctly gets Wanda the Wood Thrush closer to her summer home in Maryland from her winter home in Costa Rica.

Sample multiple choice questions include, “When do Wood Thrushes fly when they are migrating?” and “How long does it take a Wood Thrush to migrate from Costa Rica to Maryland?”

Recycle City

Another site created by the EPA, Recycle City offers two activities for kids.  First, there is the Recycle City Challenge, where kids can answer questions about actions people can take to reduce waste and energy use.  They can earn points and jump on the leader board.

They can also play the Dumptown Game.  The player is in charge of Dumptown and must start programs to reduce waste and encourage recycling.  Players will be able to see the financial differences based on the programs they implement.

Final Thoughts

Most kids love playing games, all the better if they’re electronic games.  Why not use these free online games to teach kids about the environment to both entertain and educate your children?  I’m guessing your kids, if they’re like mine, would be happy to try out these games and learn new jokes and riddles to add to their repertoire.

Free Apps That Help Kids Manage Their Pocket Money

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When we give our kids an allowance, we are giving them their first experience with money.  An allowance allows them to make money mistakes (and hopefully learn from them).  But it also gives them the chance to save for their goals and buy something for themselves only after having the discipline to save.  However, kids don’t learn to be smart savers instantly, though a lucky few seem to right from the start!  We, as parents, have to teach them.  Another fun way to enhance this learning is by using free apps that help kids manage their pocket money.

Free Apps That Help Kids Manage Their Pocket Money

Free Aps That Help Kids Manage Their Pocket Money

PiggyBot

This app allows parents and kids to track the children’s allowance virtually.  Rather than hand your kids $10 for allowance, parents deposit the allowance virtually into PiggyBot.

The app lets parents deposit the money into three different accounts—spend, share, and save.  Children can come into the app and set goals for what they want to buy with their money.  When they reach their savings goal, the child can ask mom or dad for the money to buy the item.  The parent simply deducts the money from the app to match the fact that money has been dispersed.

This is a simple app, which is available for free and works on an iPad, iPod Touch, or an iPhone.

bankaroo

bankaroo was created by a high schooler for kids to learn to manage their money.  While many families use it at home, it’s also used in some school districts to teach kids money management skills.

bankaroo is free and can be used online.  It can also be used as an app for iOS, Android, and Kindle phones and tablets.  For $4.99 a month, you can upgrade to bankaroo GOLD, which will allow you to add interest to savings as well as transfer money electronically between family members.

I don’t have much cash on hand since we’re not going out right now due to the virus.  Instead, I’ve been keeping track of what I owe my kids through bankaroo.  It’s easy for me to manage, and my kids are enjoying the app.  They can see their money grow there, even if they don’t have the cash on hand as they’re used to.

Allowance and Chore Bot

Free Apps That Help Kids Manage Their Pocket Money

Photo by Patricia Prudente on Unsplash

This app is free if you just need to enter information for one child.  If you have more than one child, you’ll need to buy the $2.99 version, which supports multiple children.

As a chore app, you can give your child daily or weekly chores to complete and mark in the app.

As an allowance app, you can choose two versions.  Either you pay your child weekly with the money not linked to chores, or you pay based on the chores that are completed.

Children can easily look at the app and see how much money they have accrued, what they’ve spent and on what.  They can also compute how much they’ll make in the future based on their current allowance.

This app is good for all ages and is available on Android and iOS.

Star Banks Adventure

Star Banks Adventure app is the product of T. Rowe Price and is available for free.  This app is best for ages 9+ and is designed for the iPhone and iPad.

This app presents kids with a game where they have to draw lines through matching shapes and colors.  When they do that, they’re rewarded with virtual money to buy the things that they need.  Through the app, they learn about money management and the banking industry.

ChoreMonster

Do you have trouble getting your kids to do their chores without procrastinating and complaining?  If so, the ChoreMonster app may change that.  Designed for kids ages 4 to 12, the ChoreMonster app is available on the Web, Android, iOS, and Kindle.

Parents can use the app to assign their children chores, give a weight to the chore such as earning 10 points, and then specifying what children can “buy” with their points.  Rewards can be 30 extra minutes watching a TV show or getting an ice cream cone.

While this app does not specifically teach children about money, it does teach them the correlation between working hard for things that they want.

App for Less than $6

While most free apps should do just fine with teaching your kids about money and helping them manage their allowance, if you have $6 to spend, there are some apps that are popular and educational.

Savings Spree

This app is $5.99 and for iPhone, iPod Touch, or iPad.  Perfect for kids ages 7 and up, kids will likely enjoy this app so much they won’t realize they’re also learning.

Savings Spree is designed like a game show, and kids must answer questions.  They learn about using money wisely and long-term savings goals.

App for Less than $6 a Month

Most of the apps mentioned above are for kids 12 and under.  What if you want to teach your teen about real-life money management?  Suddenly the stakes get much higher.  Of course, if you just give him cash, he can’t spend more than he has, but what if you want to teach him how to manage in our high-tech financial world?

FamZoo Family Finance

This is not one of our free apps that help kids manage their pocket money.  In fact, this app is $5.99 a month unless you pay for 24 months in advance.  In that case, the app is $2.50 a month.

Despite the price, this app is worth mentioning because it’s for kids 13+, and it’s not an app that teaches virtual lessons.  Rather, the parents put money in the child’s account in FamZoo Family Finance, and the child is issued a card that links to the app.  Parents can see their child’s spending and offer advice.  The app also tracks chores and odd jobs and teaches teens about preventing credit card debt.

Final Thoughts

If you’d like to teach your child in a fun way, there are plenty of free apps that help kids manage their pocket money.  There are also a few that aren’t free but you may find worth the price.  No matter what apps you chose, teaching kids about finances with apps is fun and will hopefully set them up for a more financially savvy future.

 

How To Save A Ton of Money by Trading Your Kids’ Old Clothes

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How To Save A Ton of Money by Trading Your Kids' Old Clothes

Kids grow fast. The speed at which they grow often means they only get a handful of wear out of brand-new jeans before their ankles start making an appearance. Buying new clothes at a rapid case is a sure way to go broke. It’s also wasteful. The good news is that most moms are in the exact space you are. Trading your kids’ old clothes can save a ton of money. Here’s how to do it.

Three Ways To Save Money by Trading Your Kids’ Old Clothes

1. Host a Clothing Swap

A clothing swap is a great way to not only save money by finding new-to-you clothes for your children; it’s a great way to socialize and meet new people with similar interests.

Invite your friends with kids roughly the same age (or size) as yours. If your kids attend school, you can send an invite through their classroom. Ask everyone to bring a few gently used items of clothing for a swap. 

As everyone arrives, collect the donated items of clothes. Give everyone a ticket for the number of things they brought. As they browse the merchandise, they can turn in their tickets for new-to-them clothes. 

2. Consignment Shop

By swapping clothes at a consignment shop, you can not only save money, but you may also even make a little.  

Once a month, I take a bin of clothes to two consignment shops in my town. I’ve collected the clothes all month as I’ve done laundry and noticed things don’t quite fit anymore. I also strategically save holiday and seasonal items until a few months before, as the shops are more likely to purchase at that time.  

The consignment shop will sort through my bin based on what meets their qualifications. They’ll offer cash for the items they want, or a 20 percent bump if I choose store credit instead. Depending on if I need new clothes for my kids, I may choose the store credit and grab some items they may be lacking. What they don’t take, I’ll hit up at the next consignment shop, or take directly to goodwill.  

Occasionally, I’ll take the cash and apply it to whatever financial goal I’m currently working on.

3. Selling Online

Selling online has become much more sophisticated since the days eBay first came on the scene. It’s more convenient, especially if you tend to have higher-end clothes or clothes with tags.

Think about the clothes you receive for your kids from Grandma and Grandpa that never get worn because they’re already too small. Sell them online, then use that cash to subsidize the cost of new clothes. Better yet, make that cash go further buying gently used clothes either on the same site you sold to, or a consignment shop. 

Some of my favorite online resources for selling kids’ clothes are Kidizen, ThredUp, and Josies’ Friends.

Do you have a favorite method to save money on kids’ clothes? Share with us in the comments below.

Read more:

Here Are the Best Online Shopping Sites for Affordable Kids Clothes

Save Money And Host A Clothing Swap

Kid’s Clothing Consignment Sales: Are They Really Worth It?