No, I don’t mean you need to teach them grammar, math and geography. You can leave those subjects up to the school system and hopefully they’ll learn what they need to know with just a little help from you at homework time.I’m talking about a subject that will have far more impact on their lives than knowing the capital of Montana, or the proper conjugation of a verb. I’m talking about money management. This is a subject schools should, but don’t address.Start when your kids are old enough to start asking for a quarter to put in a candy machine. Show them how to budget and save for special toys, and teach them that we all have to make choices, because you can’t spend the same dollar twice.When they’re a little older, teach them about bank accounts. Get them a savings account and let them make the deposits and watch the balance grow. And while you’re at it, explain to them how that nest egg will benefit them later. But don’t stop there - teach them about checking accounts and the necessity to keep careful accounting.Show them how money melts away as a result of an overdraft. Once, while working […]
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If your credit score was just lowered, how would you find out? There are so many avenues now to get your credit report it’s actually pretty easy. But what if it actually was lowered to the point that it would really cost you on loans? This is where the constant stream of information is flowing about how important your credit score is these days. A credit score is so powerful these days that it has become the driving force of the lending industry. When it comes right down to it, all of this is the result of money. If someone loans you money and your credit score states you are low risk, then there is a pretty good chance that the bank will not need to worry about you defaulting. But in this article I wanted to discuss some matters that would affect your credit score.Applying for creditIf you are going out applying for a bunch of credit, this will lower your credit score. The reason is the credit score risk models look at this type of activity in a negative way. The reason is it looks like you are applying for too much new credit which could be a […]
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When you think of needing a good credit score, the first thing that comes to mind is buying a home. Next is buying a car, and third is probably the ability to get a credit card.It’s true, a good score will help you in all those areas. Not only will it make you eligible for a home, a car, or a new credit card, it will mean that you will be granted a lower interest rate than someone with poor credit. Your buying power will be larger, because less of your money will be drained off to pay interest.Just think, if you borrow $30,000 for a new car and pay just 1% more interest than your neighbor, you’ll spend an extra $300 per year - $25 per month that you could be using for other things - just on interest. If you pay 2% more, that’s an extra $50 per month. Of course, the lender will probably let you stretch your payments over more years, so your payment might be the same as your neighbors, but you’ll pay it for an extra one, two, or three years.That doesn’t sound like fun at all, does it?But that’s not all. Your credit […]
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