Do you have little ones? Maybe your eldest child is reaching the stage of their development where they are starting to understand the value of money. If this is the case then you may want to start teaching them about the rights and wrongs of spending. But teaching finance for kids can be tricky in this ever-changing world of bitcoin crypto-currencies and digital banks like Revolut and Monzo.
What High School Should I Go To? This is What You Need to Consider
High school is an important part of any teen’s life. It’s a huge stepping stone for college and the world beyond that. You can’t afford to choose just any old school.
So, what high school should I go to? That’s a good question. There’s a lot of things to consider when making your pick such as programs, the number of students attending, teachers, and the graduation and college acceptance rates.
While you shouldn’t base your decision on these factors alone, if a school you’re looking at thrives in these areas, it’s a good sign. Keep reading to find out more.
Developmental Milestones: What Should an 18 Month Old Be Doing?
Gone are the days of your baby nestling up in a rocker and snoozing all day.
As kids reach 18 months, their personality is really starting to show through! You’ll notice so many developmental milestones at this age. From speaking to moving, they really are experiencing so much growth.
3 Essential Tips for Budgeting for a Home
Research shows that 15 percent of Americans feel as though it is a good time to buy a home.
You might feel as though buying a home is a good idea, but you may not know how to budget for such a massive purchase. Fortunately, budgeting for a home isn’t that complex, and you’ll find that the task is quite easy as long as you stick to a few core principles.
What Does Homeowners Insurance Look Like for a First Time Home Buyer?
For many, insurance is a daunting topic. Understanding the types of coverage, terms and conditions of the policies, and balancing protection against value. Homeowners insurance intimidates many because it is comprehensive – covering both possessions and physical structure – along with providing protection against injury claims from accidents on your property.
Although it can be intimidating, one of the tips that we provide to first-time homebuyers is that they shop around for homeowners insurance policies before buying property, as many lenders require such policies. Even if it isn’t required, these policies are essential because a home is an investment that you can’t afford to lose.
Those things in mind, below are a few answers to the primary things that homeowner’s insurance entails.
What does homeowner’s insurance cover?
Most homeowner’s insurance policies cover your possessions within the property, and during travel. It also covers the primary residence and other structures on the property such as detached garages, sheds, and in-law units. The third core component of these policies is liability coverage to cover medical and legal costs associated with injuries on your property.
While most of these policies have broad coverage for events such as fire, explosions, hail, and theft, you need to pay close attention to the associated exclusions. For example, homeowner’s insurance policies often cover water damage from faulty plumbing, but coverage for natural floods requires a separate policy.
Other common exclusions include regional-specific issues such as mold, landslides, government action, nuclear hazards, and general wear and tear.
What are the most common homeowner’s insurance policies?
The primary types of homeowner’s policies on the market today include:
- HO-2: A basic policy that covers specific problems such as fire, theft, riots, and other events/disasters that have clear definitions.
- HO-3: A comprehensive policy that covers named and unnamed risks, except for specific exclusions set by the insurance company.
- HO-5: A comprehensive policy that covers both the home and other structures on the property from loss, if it’s not due to what the insurance company excludes.
In addition to standard homeowner’s insurance coverage, you should also explore purchasing an umbrella policy. This coverage comes in handy if you have a claim that maxes out your standard policy. If your property has a swimming pool, for example, these policies can be invaluable
How much coverage do I need?
The amount of coverage carried by homeowners is determined on a case by case basis. Some homeowners only need minimal coverage, while others choose to purchase comprehensive policies. You should consider the value of your home, possessions, and the chances that someone would file an injury claim against you.
Another consideration for property coverage is whether to purchase “replacement cost” or “actual cash value” coverage. The former means the insurance company would pay the full cost to replace a damaged item (within limits) without accounting for depreciation. On the other hand, “actual cash value” accounts for depreciation, but it often is more affordable.
How to Make the Most out of your Business Profit for your Family
Getting into business can be a great way to provide for your family when the children are growing up. Not only that, but if your venture turns out to be successful, it will also present a career opportunity for future generations who have a desire to take over the family business. Despite the potential for these things, there is a lot of risks that come with business as well. Business owners who don’t cover all the bases and aren’t savvy enough, may not actually be maximizing business profits. Doing this is absolutely essential if you want to give your family the best things in life.
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Should You Use a Spreadsheet to Keep Track of Bills?
Everyone wants to grow up when they’re a kid. If only we had known what awaited us at the finish line: bills. Lots of bills.
Escaping the rat race of monthly payments is nothing more than a pipe-dream for most. In fact, the average person has nearly $40,000 in debt – excluding mortgage payments. It’s hard to keep track of every lease arrangement and dental visit bill and everything in between.
Oxygen OS VS Android: Comparing Two Smartphone Operating Systems
Choosing between Oxygen OS vs Android? Smartphones provide the ultimate convenience and portability that no other device can offer today.
They even defined 2019 because of how versatile they are as a personal gadget.
Reasons Why Pre-Employment Checks Turn Out To Be Important
They say everyone lies. This might be an exaggerating statement but holds a sense of logic. Not everyone wants to lie, but some tend to do in certain circumstances. You could be looking for the ideal candidate for your company, but you do not know them and the process to know them better. At this juncture, a pre-employment skills test comes into prominence. [Read more…]
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?
Kate Fox is a former CPA, with twenty years of experience in public accounting and corporate finance. Born and raised in Alaska, Kate is currently based out of southeastern North Carolina. She loves coaching others on personal finance and spends her free time traveling with her family or relaxing by the pool with a good book, probably about money.