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How to Work from Home When the Kids Are Home

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Working from home can be difficult for some people.  It’s easy to get distracted and make a phone call or do the laundry instead of working.  However, if you have a situation like we have now where kids are home from school every day all day, working can seem impossible.  Luckily, you can learn how to work from home when the kids are home.  Doing so might not be your favorite way to work, but for now, you can get done what you need to get done.

How to Work from Home When the Kids Are Home

How to Work from Home When the Kids Are Home

There are several strategies you can use to try to get work done when the kids are home.

Work Early in the Morning or Late at Night

How to Work from Home When the Kids Are Home

Photo by Paige Cody on Unsplash

I work from home part-time, and my favorite time to get work done is early in the morning.  My kids generally wake up by 6:30 a.m., so I get up at 4 a.m. and work for two hours (after allotting myself 30 minutes to wake up!).  Night owls may prefer to do the reverse and work late at night.  The nice part of working early for me is that there are very few distractions, so I get a lot done during that time.

Hire Your Teen

If you have a teenager at home, you may ask if the teen would be willing to watch the younger kids while you work.  If you could pay the teen, that would be extra incentive, but if not, just find a way to reward your teen for helping such as treating them to a movie or letting them use the car for a special event.

Give Your Kids Your Time First

You may feel like you need to get to your work right away, but that isn’t always the best decision.  Often, if you give your kids your time before you begin to work, they’re happy to let you work uninterrupted afterwards.  That’s because you’ve filled them up emotionally, and then they can play on their own.  If you don’t spend the time doing this, they may pester you because they want your attention.

Utilize Down Time

How to Work from Home When the Kids Are Home

Photo by Blake Meyer on Unsplash

While you’re probably spending part of your day making sure your kids are doing their school work, there are also times of the day when they are otherwise occupied.  This might be when they’re playing outdoors, on a Zoom meeting for school or tutoring, or watching TV.  Use that time to do your work.  I save lighter work that doesn’t require as much concentration for these times.  Then it doesn’t matter as much if I get interrupted.

Trade Off With Your Spouse

If you have another adult at home, trade off watching the kids.  My husband is also working from home right now, so he works his traditional 8 to 5 hours during the weekdays.  I let him work and don’t interrupt him or let the kids interrupt him.  Then, on the weekends, he gives me time to work and complete anything I couldn’t finish in the early mornings.

Final Thoughts

Learning how to work from home when the kids are home is definitely a learning process.  However, it can be done.  As you adapt to this new situation, you will likely find working from home gets easier.

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.

 

Should You Keep Your Child on a Schedule When School Is Out?

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Most American children are currently home from school and sheltering in place as ordered by their governors.  I’ve seen different advice flying across the Internet about how to handle this situation.  Some give a schedule to follow.  Others say this is a stressful time for kids, so let them relax and just be.  Of course, you as the parent ultimately choose what is best for your child.  But there are some things to consider when asking yourself, “Should you keep your child on a schedule when school is out?”

Should You Keep Your Kids on a Schedule When School Is Out?

Why You Should Have a Schedule

My kids, since they were little, have always done better when they had a schedule.  Now, I’m not saying we had a strict schedule, i.e. get up at 7, eat breakfast at 7:15, do the dishes at 7:30.  Honestly, such a regimented, precise schedule would drive me batty.

However, think of your own schedule.  You likely have a daily rhythm.  You get up at a certain time, you may then work out, then drink your coffee, then make breakfast, etc.  Those daily rhythms give us a sense of normalcy, something all of us desperately need now.

Should You Keep Your Child on a Schedule When School Is Out?

Photo by Trent Szmolnik on Unsplash

When asking if you should keep your child on a schedule when school is out, keep in mind that when they’re in school, kids have a schedule.  They know what to expect.  It makes them feel secure.  That is why I’d suggest having a schedule for your kids now, during these precarious times.  We could all benefit from feeling that at least one part of life is still normal.

How to Create a Schedule

In my experience, having the parent create the schedule doesn’t work well.  Instead, ask for input from your kids, if they’re old enough.  I would advise against making the schedule too strict.  For instance, when my kids first started staying home in March, my youngest, who is 10, went to work making a fairly strict schedule.  We followed it for about a week, but we all felt confined by it.

Should Your Child Follow a Schedule When School Is Out?

Photo by Andrew Neel on Unsplash

Now, in the four weeks that we’ve been home, we’ve relaxed the schedule a bit.  The kids still get up at the same time they used to when they went to school, so our morning routine is largely the same.  Then, at the time that we would normally take the kids to school, we start school work.  We follow a general routine of which order we do subjects, and that just makes life easier.  We don’t have to take the time to decide what we want to do next.

Allow More Free Time Then Normal

Even though a schedule can help the rhythms of your day, make sure to build in more free time.  We are living in a very stressful time.  That takes a toll on all of us, including kids.

I prefer to have the kids’ schoolwork completely done by lunchtime.  Then we have the afternoon to pursue other interests.  I do let my kids watch TV and play video games, but there is a time limit for these.  I’ve been surprised to find the kids playing more together and spending more time creating art and performing dance routines together.

Final Thoughts

We’re living in an odd time in history, the likes of which our country hasn’t seen in 100 years.  My advice, when considering should you keep your kids on a schedule when school is out is yes, keep a loose schedule.  But also allow plenty of free time.

How New Parents Can Tap Their Retirement Savings Penalty Free

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Becoming a parent or adding a baby, while an exciting time, can also be stressful.  Of course, there are the sleepless nights and the round the clock baby care, but there are also financial considerations.  Many people are surprised how many expenses come with the birth of a baby.  And, you must also consider who will care for the child.  In the United States, maternity and paternity leave are not universal.  If you or your partner want to stay home for a few weeks after the baby is born (or adopted) and you don’t have maternity/paternity leave, you’ll either need to save money for it or find a way to cover your expenses while you stay home.  If you fall into the latter category, it’s important to learn how new parents can tap their retirement savings penalty free.

How New Parents Can Tap Their Retirement Savings Penalty Free

Thank the SECURE Act

The SECURE Act (short for The Setting Every Community Up for Retirement Enhancement Act), which passed in December 2019, now allows parents who’ve had a baby or adopted a child within the past year to take up to $5,000 out of their retirement account penalty free.  If each parent has their own retirement account, each individual can take out $5,000, meaning the couple can take out $10,000 total.

Normally, if a person takes money out of their retirement account before 59.5 years of age, they have to pay a 10% penalty.  The SECURE Act eliminates this penalty for new parents.

How New Parents Can Tap Their Retirement Savings Penalty Free

Photo by Jonathan Borba on Unsplash

Taxes Still Need to Be Paid

While you won’t have to pay the penalty, you will still have to pay taxes on the withdrawal.  Whether you withdraw $5,000 or $10,000 (if both partners withdraw $5,000), that money will appear as income on your tax form, and you will have to pay taxes on it.

Why You Should Carefully Consider Using this Option

While knowing how new parents can tap their retirement savings penalty free when you’ve had a baby is a nice option, you should try to avoid tapping your retirement for a number of reasons.

You Lose Compounding Interest

If you take $5,000 out of your retirement income, you lose the compounding interest that money was making for you.  Every month, that money was generating income, and now, it won’t be.

May Start a Dangerous Precedence

Retirement funds are for retirement.  Once you start pulling from your retirement, you may start doing that regularly.  It’s very easy to start thinking of your retirement account as a de facto emergency fund and pull money from it whenever you have an unexpected expense.  If you get into this pattern, you can easily decimate your retirement account.

I have a friend whose child had emotional issues, so my friend was desperate to help her child.  She sent him to residential treatment facilities and wilderness camps to try to help her son get his behavior under control.  Her insurance wouldn’t pay for these treatments, so she relied heavily on pulling money from her retirement account.  Now, her son is grown and still having emotional problems.  She, meanwhile, has emptied her retirement account and is starting over, trying to build a new retirement fund at the age of 45.  It’s not a good place to be.

Payback Options

Of course, you can take out the money, pay your taxes, and be done with it.  However, if you want to make up for what you had to take out, there are ways to do so.

Pay It Back Within Two Months

Check with your financial advisor, but for many retirement accounts, if you withdraw money from your retirement account and can return that money back to the account within two months, it’s as if you never withdrew the money.  You won’t have to pay taxes on it.  Think of it as a short-term, two-month loan.

This can be an excellent way to get a short-term loan, IF you can pay it back quickly.  This may help you if you want to take a one-month, unpaid paternity leave and know you can get the money back into your retirement fund the next month.

Pay It Back Overtime

Another option is to gradually pay it back over time.  Under this option, you still have to pay taxes on your distribution.  However, by paying back the money to your retirement account, you gain back the power of compounding interest on the money you originally withdrew.  With this strategy, your retirement account will be healthier and more robust than if you simply withdrew the money and never paid it back.

Other Times You Can Withdraw from Your Retirement Account Penalty Free

Beyond how new parents can tap their retirement savings penalty-free within a year of having a new baby or adopting a child, there are other times people can tap their retirement accounts penalty free.  However, before considering taking money out for any other reason besides having or adopting a child, consult your financial advisor.  Some rules differ depending on the type of retirement account you have (IRA or 401K).

Educational Expenses

You can tap your retirement account penalty free for related higher education expenses such as tuition, fees, supplies and books.  This money can be used for your own higher education, or for your spouse or children.

How New Parents Can Tap Their Retirement Savings Penalty Free

Photo by MD Duran on Unsplash

First-Time Home Purchase

If you’re a first-time home buyer, you can take $10,000 out penalty free to use as the down payment on your new home.  If your spouse has his or her own retirement account, he or she can also withdraw $10,000, giving you up to $20,000 toward your new home.

Medical Expenses

Some years you may incur significant medical expenses in a year (i.e. greater than 10% of your annual income).  During those years, you can take money out of your IRA to pay for medical bills without incurring a penalty.

Final Thoughts

The SECURE Act gives new parents flexibility when it comes to their retirement withdrawals.  However, keep in mind, whether you withdraw money for a new child or for any of the other reasons you can withdraw money penalty-free, you still will have to pay taxes.  You’ll also be losing the power of compounding interest on that money, which may be the biggest hit of all.

Free Ways to Keep Kids Occupied If Under a Shelter In Place Order

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If you’re like me, one day you knew that there was a virus circulating the globe.  You knew that there were cases in America, and you were cautious, but not too concerned.  And then, on a Thursday, things started to get intense.  Shops were running low on groceries.  A few days later, kids’ schools were cancelled.  And now, just a few weeks after that, much of the United States is shuttered.  If your kids are bored, here are some free ways to keep kids occupied if under a shelter in place order.

Free Ways to Keep Kids Occupied When Under a Shelter in Place Order

Set a Schedule

The most important thing I would suggest you do with your kids is set a schedule.  It doesn’t have to be rigid, but instead, just a general guide for the way the day will go.  Kids thrive on routine (school is based on routine), and without it, kids can feel bored and lost.

At our house, we already homeschool two kids, and the other one is home from public school.  We do school roughly most of the morning, the kids get a tv break before lunch, then we do more school and creative activities in the afternoon, and the younger ones get TV time or video games before dinner.  After dinner, we have a show we watch together, then we have read alouds, and then bed.

Even though the whole world feels off-centered now, we roughly know what will happen every day.

Encourage Creativity

As I mentioned, we have creativity time.  You can browse Pinterest for craft ideas, or YouTube for art videos.  Or, you can join Mo Willems for Lunch Doodles and get a free art lesson daily.

Require Some Learning Every Day

If your children are home from school, they likely have class work to do.  If their school has stopped all coursework, still have your children do something educational every day, whether that’s doing Khan Academy, or playing a math game online, or reading a book, or watching a documentary on television.  My kids and I are still doing three to four hours of school a day.

Be a Little More Lenient with Media Time

Having said that, we’re all a little bored and stir crazy, so it’s okay to give your kids a little more media time.  I’ve doubled my kids media time (from 1 hr. per day to 2 hours per day).  Just be careful not to let them spend all of their time on media.

Free Ways to Keep Kids Occupied If Under a Shelter in Place Order

Photo by JESHOOTS.COM on Unsplash

For many kids, increased time watching TV and playing video games can lead to increased negative behaviors, so give them more leeway within reason.

Enjoy the Family Time

Lastly, enjoy more time as a family.  Before this pandemic, most of us were too busy every day.  Now we have the gift of time together.  Take that time to play a board game together or watch a movie or have a family discussion.

Final Thoughts

If you’re stuck at home, as so many of us are, try to find the positives of the situation.  We’re all experiencing something we’ll likely never experience again in our lifetimes.  Use these free ways to keep kids occupied if under a shelter in place order to make the time go faster and be more productive for the whole family.

Low-Cost After School Activities for Kids

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More and more, parents are not content to let their kids stay home after school watching TV and playing video games.  Instead, they want their kids to be involved in activities that will help them grow and learn more.  Being involved in activities helps children’s personal development, but it will also help improve their college admission chances because colleges routinely look for well-rounded students who are not only strong academically, but are involved in a variety of activities.  However, most parents struggle to find appropriate activities because they are intimidated by the high price tag of some activities like playing an instrument or horse back riding.  If that is your concern, keep in mind that there are many low-cost after school activities for kids.

Low-Cost After School Activities for Kids

Low-Cost After School Activities for Kids

The following are great places to start when you’re searching for after school activities:

School Based Activities

The first place to look for low-cost after school activities for kids is at your child’s school.

Sports

Your child’s school likely offers a host of sports from football to baseball to volleyball to swimming to track and field.  Some of these sports will be completely free to participate in and others will require some equipment and perhaps some fund raising participation.

Many kids participate in one sport per season and stay very busy and active with that schedule.  Even better, they stay physically fit!

Clubs

Likewise, after school clubs are usually free.  When my son was younger, he participated in choir and art club, each of which met one time per week.  Now that he’s in high school, he joined the Model U.N. Club, which also meets once a week.

Depending on the size of your child’s school, there are likely to be a handful of clubs or many more.  Likely she can find one she wants to participate in.

Library Based Activities

Many people don’t consider the library when looking for low-cost after school activities for kids, but it’s a great place to look!  Our local library has many activities for kids and teens as I’m sure yours does also.

Games

Our library has a game night once per month, but there are also other get togethers for such things as Minecraft and Legos.

Chess Club

Low-Cost After School Activities for Kids

Photo by Wim van ‘t Einde on Unsplash

Once a month, our library has a chess club meeting.  Kids can bring a chess board and play against one another for two hours.  I’m always surprised to see how many kids are there.  Upwards of 20 to 25 kids come to play chess.

Teen Advisory Board

In our area, each local library hosts a teen advisory board once or twice per month.  All participants must be 13 to 18 years old.  Together, they help organize activities for the library, and they also have the option to volunteer when the library hosts activities.  Some weeks, they also do fun things such as receive specialized art lessons or do something good for the community like make cards for seniors.

Girl Scouts/Boy Scouts

Girl Scouts or Boy Scouts is another option.  You will have an initial upfront fee to buy the uniform and the book.  This runs about $80 to $100.  Then, there are fees for camping events and badges, so this isn’t the cheapest activity around.

However, by joining the Scouts, your child could keep quite busy between attending the meetings, going on camping trips and other outings, and working on badges.  Many adults fondly remember their time in scouting and say they learned a great deal that helped shape their lives.

Parks and Recreation Activities

Have you looked at your local parks and recreations or community center activities?  Depending on the area that you live in, you could find many activities from sports to arts and crafts.

My kids have regularly taken advantage of parks and recreations activities.  My son took swim lessons there, and my daughter has participated in several crafting classes as well as a gymnastics class when she was little.  What I love about activities through the parks and recreation or community center is that they’re low cost.  Depending on the activity, you pay $20 to $40 for a six-week class, and most supplies are included.

A word of warning, though.  Since these classes are such a bargain, they typically fill up quickly.  To be able to get a seat for your child, you may have to sign up early on the day that registration begins.

AYSO

One activity canvasing the United States is the American Youth Soccer Organization (AYSO).  AYSO is open to both boys and girls from three to 19.  There is an initial joining fee, and you’ll be required to sometimes bring snacks for the team.  You’ll also need to buy the proper equipment such as shin guards and cleats, but these can be bought second hand at a used sporting goods store.

Once your child joins AYSO, you can expect him to have practice two times per week (perhaps more depending on his age), and to have one game a week.  My son joined AYSO and had a wonderful coach, but when we played against other teams, I saw some less than stellar coaches that berated their players.  Make sure you have a coach who encourages and supports the children.

Church Groups

If you belong to a church, consider having your children join some of the church activities.  My daughter sings in our church choir and attends practice once a week.  My son is part of the teen group.  The teen group meets once a week for 1.5 hours, and they also participate in service activities and weekend retreats.

Church activities are typically free except for special events like retreats.

Final Thoughts

If you’re looking to get your child in an activity or two but you’re worried about the cost, rest assured that there are many low-cost after school activities for kids.  You’ll be glad your kids are more involved, and your kids will likely enjoy being out with friends doing something fun.  Plus, you’ll be laying the groundwork for college admissions, if that’s something your child wants to pursue in the 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?

how to evaluate the cost of extracurricular activities

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the cost of extracurricular activities

As my children grow older, I’m beginning to explore the need to keep them busy while 1) allowing unstructured time for them to play and 2) providing them with moderate access to technology. It’s an art, and I’m often wondering if I’ve found the best recipe. What are the optimal measurements of each?

Part of this exploration also involves determining how much my budget allows for extracurricular activities.

Because – like kids, extracurricular activities ain’t cheap. And it continues to rise.

Choosing The Right Extracurricular Activity

My daughter takes to things reasonably easy. She’s a quick learner, prone to beginner luck with almost every activity I’ve signed her up for – ballet, soccer, gymnastics, cheerleading, karate, art, piano – to name a few. But once it gets hard and she has to make an effort, she doesn’t enjoy it, and it becomes a power tug of war between the two of us. It’s a juxtaposition of forcing her to stick to her commitments vs. allowing her to explore her real interests.

However, to my delight, riding horses has proven to be something special. It wasn’t love-at-first-sight, but I watcher her desire to learn blossom a little each day. 

The Cost of Extracurricular Activities

What was not to my delight, equestrian hobbies come at high expense. Between weekly riding lessons, show clothes, and show fees – I spend approximately $300 a month, on average. And we don’t even own (or lease) a horse. (yet)

I could buy a car for that. Not a Testa, but a reasonable car – something like a Honda Civic. 

Once I realized that riding horses was something she was going to stick with, I realized I needed to adjust my budget. But truth-be-told, I wasn’t sure how – our budget is pretty tight, and I would prefer to pour all my money into paying off our mortgage. 

Is the Cost Worth It? A Cost / Benefit Approach

At this point, I wrestled with whether the cost of riding horses was something I was willing to bear. What value was this adding to her life? The merits can be debated, but where I landed was that riding a horse requires caring for a horse. 

She has to groom her horse before she can ride. Horse camp involves mucking out stalls. Caring for an animal like a horse develops responsibility, as well as respect for an animal. She’s also building her confidence as she showcases her skills in front of her peers and judges. 

I hope that her relationship with horses continues to grow and as she enters junior high and high school, she chooses to spend her time at the barn, rather than out partying (as I did at that age).

Making Adjustments To My Budget – Now and in the Future

Ultimately, I decided the cost was worth it. I took on some additional writing assignments to offset the cost, and I cut back on the amount I was allocating to my mortgage-free fund.  

My son, on the other hand – he’s a different beast. He has little to no interest in extracurricular activities, and he’s an introvert. This combination is something I’m aware needs special attention in the current society we live in. I need to make sure he develops his social skills, but balance this need with respect for his personality. 

He’s also extremely bright. Over the next few years, I believe I will find myself becoming a chess or Mathlete parent. I’m okay with that. Time will tell. And when it does, I’ll need to adjust my budget again.

 

How do you approach the cost of extracurricular activities for your children? Have you found them to be more expensive than you initially expected?

Read more:

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How To Afford Out-of-State Tuition

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how to make out of state tuition affordable

Every parent dreams of a full-ride scholarship for their child. I, personally, have high hopes on an Ivy League education. But full-ride scholarships aren’t always realistic. And what if your child wants to attend an out-of-state college?  

Out-of-state tuition can increase your education costs by over 100%. However, some options may make out-of-state tuition more affordable. 

Here are nine options to consider to make out-of-state tuition more affordable.

Flat Rate Tuition

Look for colleges that are on a flat-rate tuition policy. Flat rate tuition does not discriminate based on where you live; the cost is the same regardless of your residency.

An example of a university that charges the same tuition for in-state and out-of-state residents is Mississippi Valley University.

Student Exchange

Similar to studying abroad for a year, some schools allow an exchange to another university, for the same cost as your home school. Generally, these are available for one-year increments. Check out the National Student Exchange for more information.

Good Neighbor Policy

Neighboring states or counties may offer reduced tuition. It’s often not advertised, so it’s worth giving the financial aid office a call to ask what kind of assistance they can offer.

Low Out-of-State Tuition

Some colleges are cheaper than others, or the gap between in-state and out-of-state tuition is more narrow. West Texas A&M University in Canyon, Texas, is an example where the difference between in-state and out-of-state is less than $1,000 per year.

Waivers

Top performing students may be eligible for a non-resident tuition waiver. There may be certain restrictions, as every state has different regulations. For example, the student may need to be studying in a particular area. East Tennessee University has waiver options if you major in History. 

Reciprocity Agreements

Similar to good neighbor schools, some states hold agreements with other states to allow residents to swap states for the sake of saving on college tuition. The Western Undergraduate Exchange is an exchange of approximately 16 states on the West Coast that allow for reduced out-of-state tuition if you attend a school in one of the participating states. Deadlines are a big deal here – so make sure you apply early.

Legacy Scholarships

Legacy scholarships may be available for alumni of many colleges.

Tuition-Free Schools

In exchange for service, many schools offer free tuition. Alice Lloyd College in Kentucky is an example. Through a student work program, students may be eligible for free tuition. More schools are listed here.

Relocate

While not the most realistic of the options, it’s worth mentioning. Massive action produces massive results. If your child has their heart set on a specific school, and you have the flexibility to move – perhaps you work remote – this may be an option. It’s crucial to review residency requirements in each state as they often have loopholes that will hinder short term moves for the sake of paying in-state tuition.

 

Do you think out-of-state tuition is out of your reach? Share your concerns in the comments below.

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What To Do When You Are Overspending at Christmas

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Overspending at Christmas

I have a confession.

I overspent my Christmas budget.

(And I’m not done shopping.)

Overspending At Christmas

I did everything right. I made a list of who I was shopping for and created an overall budget. All was going well until I deviated from my plan.

Typically I plan a vacation for Christmas. I prefer to gift experiences to my family over wrapped presents. Last year, we went to Disney World. The year before, we went to Great Wolf Lodge.

However, this year, my daughter wanted a saddle, and my son had been asking for some 1000+ piece Lego sets. These were items I’d buy for my kids outside of Christmas, so I thought let’s go ahead and have Santa buy them. We’ll stay home this year and spend our budget on Christmas presents.

I also expected this would create a more relaxed Christmas. I wouldn’t have to coordinate the logistics of travel, and I wasn’t planning to buy much for Christmas. After all, the presents I was going to buy weren’t extra for the sake of Christmas.

I was wrong.

It’s not more relaxed and I’m buying more presents than what was on my list.

Creating A Budget Buffer

Something I always do is that I plan to go over budget ahead of time. I do this by creating a budget buffer – usually 5 to 10% of my overall budget. Because overspending at Christmas is not an unrealistic scenario.

Since we’re home this year, I’ve been more inclined to accept invitations to Christmas parties. Also, because we are home, we’re going to my in-laws Christmas morning. This added additional people to shop for that were not on my original list.

But good plans are fluid, so I adjusted the budget per person to accommodate the extras.

Another thing that surprised me is my kids wanted to buy presents for other people. I appreciate this, and it was a simple budget obstacle to overcome.

They pitched ideas on what they would do in exchange for extra money. I was able to secure some “maid” service for the next few weeks in exchange for some small gifts. The amounts were small enough that it didn’t set me over budget because I had built in a buffer for unexpected purchases.

Plan For Budget Obstacles

What I didn’t expect was nostalgia to travel over Christmas. Impulsively, I booked a 3-day trip to Legoland. I paid the full price for the hotel room and park tickets. I was able to use miles for two of our plane tickets and paid for the other two. This was the primary reason that led to my overspending at Christmas.

So what am I going to do now that I’m WAY over budget?

Good plans should be fluid and be able to accommodate roadblocks.

I have to sacrifice in other areas of my budget. I reduced the amount my husband is allowed to spend on me and I pulled from our travel savings account to cover the hotel and tickets.

To pay for the plane tickets, I pulled from January’s budget by cutting expenses. Food was cut back, clothing was eliminated, and I cut the flash cash budget in half.

What I Learned

Through this process, I have been reminded of how grateful I am that:

1) I have set my budget up to accommodate impulse decisions – knowing this is standard behavior for me,
2) I have diversified my income so that I know I can generate some back-up income when I needed, and
3) I am committed to remaining debt-free. A few years ago, I would’ve slapped the trip on a credit card and not thought twice about taking two years to pay for it.

 

Have you gone over budget this Christmas? How do you handle impulse purchases? Is your budget set up to accommodate your personality? Let us know in the comments.

Read more:

5 Ways to Buy Cheap Christmas Gifts for Kids

Three Things You Can Do to Make Money for Christmas

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