Kids Ain't Cheap

But They Sure Are Worth It

What Does Homeowners Insurance Look Like for a First Time Home Buyer?

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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. 

A Guide for Building A Child Trust Fund

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Child Trust Fund Guide

A Child trust fund isn’t just for the Rockefellers and the Rothschilds of the world. They’re also for normal moms like you and me who want to leave a legacy for our children and our grandchildren.

What Is A Child Trust Fund

Trust funds are a financial tool associated with estate planning. They represent a separate legal entity that holds assets such as cash and property for the future benefit of a child.  

Three terms that are helpful to understand are:

  • Trustee – the beneficiary of the trust, or the child
  • Grantor – the person who set up the trust
  • Trustee – the person or company that manages the assets of the trust

Why Do You Need One And How Does It Differ From A Will

The primary benefits of a trust include tax savings for the grantor and asset protection for the beneficiary.

A trust allows for the distribution of funds over time for a specific event, for example, monthly distributions to pay for a grandchild’s college expenses. With a trust, this is possible before the grantor’s death. A will does not go into effect until a person dies.

With a trust, the specific conditions set by the grantor are met. Where this is different than a will, is the property passed on through a will must enter probate, which can get messy, can cause delays, and can cost extra money. A trust is done outside of the court system so that you can avoid probate.

Types of Child Trust Funds

The most popular type of Child Trust Funds falls under the term, Irrevocable Trust Funds (ITF). There are two major types of ITFs – Section 2503 (b) and Section 2503 (c).

Section 2503 (b) Minor Trust Fund – Qualifies for the annual gift tax exclusion based on current limitations. Distributions of the trust income to the child or a custodial bank account must be made on a yearly basis or more frequent basis. Access to the principal at the age of 21 is not required.

Section 2503 (c) Minor Trust Fund – Qualifies for the annual gift tax exclusion. All the money (both principal and income) in the trust must be transferred to the child at the age of 21.

How To Set One Up

There is a lot to consider when setting up a trust fund for your children. Not only are there legal and tax issues to consider, but you’ll also have emotional impact to think about. For example, you’ll need to consider the individual personalities of your children. Do you believe they will be mature enough to receive a significant distribution of assets at the age of 21? If the answer is no, you’ll want to avoid the Section 2503 (c) fund.

Seek out the counsel of a qualified estate attorney during the process of setting up your trust. Their experience with the federal and state laws will ensure you, your children, and your assets are adequately protected.  

 

Do you have any experience setting up a trust fund for your kids? Tell us about it in the comments below.

Read more:

How to Prepare a Living Trust & Will for a Single Parent

7 Key Ways to Save for Your Kids’ College Education

Child Savings – More Than Money in the Bank

3 Unexpected Options for Stay At Home Moms to Make Extra Money

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side hustles for moms

Perhaps you were a career girl before you had babies. Or you were a young mom and never had a chance to build a working network. Either way, you decided there was nothing more valuable than staying at home to raise your family. Admittedly, however, you’re a little bored or strapped for cash. If you’re wondering how you can make extra money as a stay-at-home, I’ve got three possibilities that aren’t the usual options you’ll find in your Pinterest search. Don’t expect to find blogging on this list.

Bookkeeping

If you think a degree is required to be a bookkeeper, think again. Bookkeeping is a learnable skill if you have an eye for detail. The bookkeeping field has started to change as software (Quickbooks and Xero) has emerged to make it simpler for the small business owner.

However, while the software lends a helping hand, many business owners don’t a) have the desire, b) have the time, and c) want more understanding of what they’re looking at. As a result, you’ll send the bookkeeping field start to shift to a flat fee work from home field, rather than a low paid hourly rate brick and mortar store. This provides you with the flexibility to work from home and stay in control of your schedule. Both essential requirements for stay-at-home moms.

I recommend investing in a course to learn the basics of bookkeeping, as well as learn how to build an online business and find clients. It can be pricey, but certainly not to the level of a semester of college. Bookkeeper Business Launch is a course you should consider. They’ve got a great support community and it’s an overall amazing program. I’ve personally taken it, and as a former CPA, I can recognize it’s value. I highly recommend it if you’re interested in exploring this as an opportunity to build your own business.

Sell Your Own Product

Have you ever dreamed of selling your own product? You can! You can sell anything from wine to supplements to shower curtains with your very own label, all from the comforts of home. This is done via the private label industry.

Private label is the process of working with a manufacturer to produce a product to sell based on your specifications. You add a label on it and sell it directly to the public. You’ll want to stick to basic items that sell well on platforms such as Amazon and eBay. They should be light in weight and not fragile to ensure they ship well.

Once you decide on your product, find a manufacturer. Alibaba is a great place to start. You’ll also want to design a logo, label, and packaging. Finally, you’ll need a platform to sell. Amazon FBA is a popular and simple option. Or you can go all-in and sell through your own website.

Rent Baby Gear

As a stay-at-home mom, you likely have some baby gear at your disposal. You can sell it on Craigslist or Facebook marketplace, but there’s another option you may not have heard of. While not exactly an option that will allow you to stay at home, and requires a bit more flexibility – you can bring your children along.

BabyQuip is a baby rental company set up very much like Uber and Lyft. You provide the baby gear, and they provide the website and marketing. A tourist visiting your town that isn’t interested in hauling a crib, a car seat, and toys on their vacation can go to the website and rent the gear. You deliver the gear based on the hours you’ve set and receive 80% of the rental fee plus a delivery charge.

There’s minimal risk with this business model as the customer pays their order upfront which you can use to purchase any items you don’t have. If and when you decide to quit renting, you can sell your inventory, possibly at break-even. I was a BabyQuip quality partner for a little over a year. During my busiest month, I netted a $700 profit with minimal time investment.

Have you tried any of these side hustles to make extra money? How did you like it? Let us know in the comments below.

Read more:

7 of the Best Ways to Make Money on the Side With a Full Time Job

How A Side Hustle Can Save Your Family’s Budget

Get Some Extra Cash: 9 of the Best Ways to Make Money From Home

Meal Planning For A Family On A Budget

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Meal Planning For A Family On A Budget
Meal planning is the holy grail of the kitchen. The most organized of moms have weekly meal plans prepped somewhere between chaperoning their kids to a myriad of extracurricular activities. You can’t help but wonder how they do it? How do they meal plan for a family on a budget.

But every time you try to pull a meal plan together, it seems more expensive than when you wing it. You’re on a budget, so you need to stick to a reasonable cost per meal, and you’d like some leftovers for lunches. You know there has to be a better way.

Five Tips to Help You Meal Plan For A Family On A Budget

1. Start By Cleaning Out Your Fridge

Before you start your meal plan for the week, open up your fridge, freezer, and pantry. Notice what leftovers you have and plan a meal based on those items. You’ll probably find you have all or most of the ingredients you need for an entire meal. 

This process kills three birds with one stone. One, it allows you to clean out your fridge. Two, you’re less wasteful of the food you’ve purchased. And three, you can save on your weekly grocery shopping. It’s a win-win-win.

2. Rotating Menu of Quick Meals

Make a list of 4 or 5 meals that your family likes and that can be made super quick. For example, every member of my family will eat pizza, anytime, anywhere. As such, there are always 4 or 5 frozen pizzas in our freezer. Other quick and easy dinners include spaghetti and meatballs, grilled cheese and tomato soup, chicken alfredo, and cheeseburger casserole.

Once you have your list complete, always make sure you have the ingredients for these meals on hand. The best practice is to buy them in bulk when they go on sale. Rotate one or two of these meals into your meal plan for the week for an easy, budget-friendly option you know your family will eat.

3. Change Your Life Chicken

The first time I read about Change Your Life Chicken from Kendra Scott of The Lazy Genius – I didn’t think I’d like it. But it seemed so simple that I decided I’d give it a shot. And guess what? I not only liked it, but I loved it.  It’s now a staple on the rotating meal plan in my house.

It’s inexpensive because it uses chicken thighs, it’s easy to make, super simple to clean up, and uses up any leftover vegetables in the fridge. Another good thing about it is the ability to change it up based on what your family likes, or to add variety from what you had last week.

Check out the recipe here and incorporate a version of Change Your Life Chicken into your meal plan once a week. It’ll change your life!

4. Breakfast for Dinner

Who doesn’t love pancakes and bacon for dinner? Breakfast for dinner is a great budget-friendly meal to incorporate into your meal plan once a week. It’s also a good meal for your kids to help out with. They can mix the pancake batter, or whisk the eggs for omelets.

I typically make breakfast for dinner on Sunday nights. We always nap after church so don’t like to eat a heavy meal in the evening.  Breakfast for dinner is is a fun, light meal to whip up together as a family and close out the weekend with.

5. Purchase Budget Meal Plans

If you’re not a creative cook and struggle to pull meal ideas together, consider buying one. Meal plans for sale are are crafted with intention. They pull together similar ingredients so are often budget-friendly and the cost is typically minimal because they’re prepared by seasoned experts.

Some of my favorite meal plans are $5 dinners, MyFreezEasy, and Momables. If you’re interested in taking an online course, I highly recommend Erin Chase’s Grocery Budget Makeover.  I personally took this class and was able to immediately apply some of the concepts to my budget. (contains affiliate links)

Do you have any tips for planning your meals on a budget? Share them in the comments below.

Read More:

The Importance of Family Dinner and How to Bring Back This Tradition

My Favorite Resources to Use When Cooking For My Family

Good Eating As A Parent Is Easier Than You Think

The Importance of Family Dinner and How to Bring Back This Tradition

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the importance of family dinnerWe all know that there are countless reasons why family dinner is so important to the health of your family relationships. The problem is, life gets in the way. Soccer practices, recitals, rehearsals, meetings, clubs, and spiritual engagements can clog our calendars in a heartbeat. Rather than focus on the actual food, I wanted to share with you the ways you can focus on the importance of family dinner and bringing back the tradition. Hopefully, these suggestions can help you manage your family a little bit easier.

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Pet Friendly Homes

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There’s nothing like having a family pet. But, when welcoming a furry or feathered family member to your home, you must take extra measures to ensure they are living in a healthy and pet-friendly environment.

Just as having good indoor air quality is important to humans, it’s also important for your pets. You’d be surprised by how dirty your air filter can get, so change it regularly to ensure your air conditioner is blowing clean air in your home. Additionally, aerosol sprays are hazardous to birds, so never spray around them. Avoid using softwood shavings in your hamster’s cage, as they emit dangerous fumes that are deadly to your fur baby.

Many objects may look like toys to your pets, however, they can be dangerous — or even deadly. Store rubber bands, ropes, holiday lights, and medicine out of reach or in cabinets to eliminate curiosity and harm. While chocolate may be delicious to humans, it hazardous to dogs and cats, so don’t leave it out on the counter or table. You can also avoid nosy sniffers from getting into food by using childproof locks.

When it comes to the outdoors, we all love looking at a beautifully landscaped yard. However, be mindful of what you’re using to keep the grass green and weeds at bay, as fertilizers and plant food can be toxic to animals. If you’ve just fertilized, keep your pets inside. And once you’ve finished your yard tasks, store everything in sealed containers and out of reach.

Keep your precious animals safe by taking a few extra measures to ensure your home is as pet-friendly as possible.

5 Ways to Save Money on Window Treatments

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Window treatments not only bring beautiful style to your home, they also offer necessary privacy. However, when you start looking for window treatments, you might find they’re out of your budget. If this is case, consider a few of these top ways to save money on your window treatments.

Turn Rod Pocket Curtains Into Grommet Curtains

Rod pocket curtains have sewn-in pockets at the top of the panel for the curtain rod. On the other hand, grommet curtains have large grommet openings where the curtain rod slides through. Although rod pocket curtains are often less expensive than grommet curtains, they’re also not as easy to open and close as grommet curtains. However, by simply attaching clip rings to the top of rod pocket curtains, you can pay less for your curtains and still enjoy the convenience of curtains that are easy to open and close.

Make Your Own Roman Shade

If you have a small window in your bathroom or kitchen, a Roman shade offers a sleek and elegant look. However, if you browse for Roman shades, you’ll likely find them ranging from $65 to $75. Luckily, it’s possible to make your own Roman shades with very little sewing involved. You’ll need fabric that’s about 2 inches wider than your window on both sides. You can create the hems using adhesive tape and use hot glue to attach ring tape. After you’ve threaded nylon cord through the ring tape, you can hang the shade using a header board.

Create Your Own Blackout Curtains

Blackout curtains offer many advantages. They can block out streetlights so you get better sleep at night. Additionally, they can keep the sun from beating in your windows and making your HVAC system work harder, which increases your heating and cooling costs. Luckily, it’s very simple to make your own blackout curtains. You can either buy blackout panels that clip directly on your curtains, or you can buy black fabric and sew it on your curtains.

Consider Shutters

If you want something unique for your window treatments, consider installing exterior shutters on the inside. You can sometimes find old shutters at flea markets or antique stores. Brighten them up with a fresh coat of paint to match the interior of your room. Then simply attach them to the sides of your windows. If you’d like them to open and close like real shutters, all you have to do is hang them using hinges.

Get Creative With Your Curtains

The nice thing about curtains is that you can make them from nearly any type of fabric. You can pick up some drop cloths at the home improvement store and embellish them with paint or other fabric. To get a funky look in your kitchen, consider hanging burlap coffee sacks as a window topper. You can even sew long pieces of clearance fabric into panels to create a one-of-a-kind and inexpensive curtain.

With a bit of creativity, you can save money on your window treatments and create beauty and style that’s unique to your home.

5 of the Most Profitable Nursing Specialties

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Nursing is no longer a cookie cutter job of emptying bedpans and assisting doctors.While there are programs such as Gwynedd Mercy’s ABSN program that will give you the training to enter the nursing profession, nursing has diversified to include a number of specialties. Nor are all nursing specialties paid the same. Here are the six most profitable nursing specialties, some of which are also among the fastest growing disciplines.

Nurse Anesthesiologist

Nurse anesthesiologists perform almost all the tasks of anesthesiologists, and they are paid almost as well, too. Depending on where you live and the type of facility you work in, pay ranges from $100,000 to $130,000 per year. If you’re willing to work nights and weekends or work in the emergency room, pay rates could hit $150,000 per year. Conversely, if you work part time at a surgical center or for a dentist’s office, you could earn $30,000 a year working one or two days a week.

If you already have a bachelor’s degree in nursing, you can become a certified registered nurse anesthesiologist. You will have to complete CRNA continuing education courses at an institution like Valley Anesthesia to retain this certification.

Legal Nurse Consultant

A legal nurse consultant provides medical expertise for lawyers. This may arise as part of wrongful death suits, worker’s compensation cases, or disability cases. Depending on the jurisdiction where you live, you will need a registered nursing license of some kind to work in this area, though a bachelor’s degree is not always required. The pay for full-time legal nurse consulting is around $60,000 a year, though it is often held as a second job or part-time job in retirement.

Nurse Researchers

A nurse researcher or research nurse works for a medical lab, university or non-profit. You may be writing grant proposals, assessing patients in medical studies or crafting reports based on gathered data. Research nurses earn anywhere from $75,000 to $100,000. If you work for a university, you may qualify for free continuing education courses through the school or free to reduced tuition at the institution for your own children.

Mental Health Nurse Practitioners

Mental health nurse practitioners earn between $70,000 and $90,000. They provide medical supervision and support for the mentally ill, those dealing with substance abuse, and nursing homes. Pay is correlated with demand, conditions, and risk. If you work overtime in high-risk environments like correctional facilities, you could hit or exceed $100,000 per year given how few are willing to work with there.

Certified Nurse Midwife

Certified nurse midwives earn an average $75,000 to $80,000 per year. This career is overwhelmingly dominated by women and it is an excellent choice for women who want to work in one of the most hopeful areas in medicine – bringing new life into this world. Midwives may work in birthing centers, visit the client’s home to aid in home births, or work in a hospital. This fast-growing nursing job category is driven by those who simply cannot afford to be attended by an OBGYN, so growth is expected to hit 31% by 2022.

As you can see, nursing goes far beyond the usual registered nurse positions. All these positions have their own specific advantages and some may cater to your strengths more than the other. Please make the time to evaluate each option and see which one would be a perfect match for you.