budget,financial tool

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5 Tips For Nudging Teens Toward Financial Independence

We celebrate our nation’s independence this week, but many young adults can’t declare freedom from the financial shackles of their parents. Between rising education costs, a narrow job market and a lack of money savvy, some kids fly the coop after high school graduation only to boomerang back to their parents hoping for handouts.

A University of Michigan study found that more than 60 percent of young adults ages 19 to 22 rely on Mom and Dad to help pay for living expenses like rent, transportation and tuition. A recent Adecco Graduation Survey found that 2 percent of college grads still have their parents foot the entire bill for their cost of living.

Unfortunately, this dependency can take its toll. An online poll by Forbes and the National Endowment for Financial Education (NEFE) found that 26 percent of parents took on additional debts to support their young adult kids while another 7 percent delayed retirement.

This sad financial arrangement is a bit like Solidcashsolutions USA loans, when the colonies were content to rely on the British Empire for all of their needs. It took a strong dose of tyranny and taxes for colonists to realize they were getting the short end of the stick in this alliance. Similarly, until kids are given the necessary push into financial independence, they’ll lack the know-how and incentive to find the kind of liberty that makes them successful adults.

We’re not saying parents have to ignite a revolution over money with their kids. But if you can instill teens with the tools needed to achieve solid footing, they may be able to financially “grow knee-high by the Fourth of July.”
Get the Allowance Going

If you haven’t embarked on this basic Money 101 lesson, it’s not too late to start it, no matter how small the amount. Giving your teens an allotted allowance is like financial independence with training wheels.

Because the money is theirs alone, your kids will start to form their own thoughts about how to use it. If they want to buy something specifically, they’re forced to pick and choose what they want with their limited cash flow.

Be sure that your teen knows what the allowance is for, why it’s given and how they can set up a savings plan. Avoid giving more than the specified allowance to encourage the real world concept of saving versus spending. While they have your safety net for basic needs now, an allowance demonstrates what purchases can benefit them, and which ones leave them empty-handed.
Empower Teens With Earning Potential

If your teen demonstrates the emotional maturity and responsibility to embark on a side job, it’s one step above an allowance in establishing money values. To teens, it reveals a broader scope of the idea that income is earned, rather than an unlimited flow of cash to serve their wants.

If you’re concerned about finding the right job to suit their age, consider these age-appropriate options.

For tweens, babysitting or weeding neighbors’ yards can be a good fit.
For 14 to 16 year olds, bagging groceries, bussing tables or dishwashing at restaurants gives them entry-level experience that’s both humbling but also integral to the business at hand.
For teens 16 years and older, they can try positions that have some more complex responsibilities. Fast food workers, pizza delivery persons, theater attendants and lifeguards are all positions that require little experience or provide on the job training. These positions can also help build crucial social skills needed for future positions. If you’re concerned about age restrictions, check with your town’s ordinances.

If the potential to earn their own cash isn’t enough motivation to help them secure a side job, get involved in the job hunting process to help ease any of your teens’ hesitations. Help them dress the part for the interview, practice interview questions and responses or help them draft up a resume.
Break Down The Numbers

Nothing provides a greater reality check than when you paint a picture of how quickly daily expenses can gobble up your income. Whether your teen is headed off to a dorm or staying under your roof, sit down with them to outline the costs and your expectations for their contributions.

According to the Forbes and NEFE survey, about 75 percent of young adults living at home contribute to paying for living expenses. When they understand their responsibilities before setting out into young adulthood, it may be easier for both you and your teen to temper lifestyle desires and reign in spending. Don’t hesitate to put your financial arrangement in writing to solidify your expectations for contributions.

If your bank account is in the position to let them focus on school instead of juggling a job with their studies, you can still use a similar principle to help establish the kind of motivated mindset that’s vital to financial independence. Detail the costs of paying for their education and give grade contingencies—if they don’t achieve a certain grade benchmark, let them know they may have to start chipping in to foot the tuition bill.
Allow Mistakes To Happen

An old adage says that we have the chance to learn from our mistakes, and teen money blunders are no exception. By and large, these mistakes operate on a smaller, more manageable scale than if they were thousands of dollars in debt and on the verge of bankruptcy. Still, these mistakes can teach the kind of lessons that help teens avoid those unfortunate circumstances in the future.

Maybe your teen blew $400 worth of savings on an Xbox 360 console and games. On the way home from buying the system, your teen blows out two car tires riding over a bunch of construction nails left in the roadway. When your kid is stuck at home instead of having the means to drive with friends or get to a part-time job because they can’t afford the tires, they may rethink their priorities.

Unless teens can experience firsthand the impact of mishandling cash, they may continue to treat money as an intangible, inconsequential idea. If they’ve misspent their allowance or missed a bill, don’t just fix the problem yourself. Offer them solutions on how they can fix it themselves so that they can build confidence in handling sticky money situations.
Don’t Let Love Get In The Way

Letting go financially works both ways. When you’ve had your children rely on you for everything, it may feel nice to be needed when they’ve started asserting their independence. But when empty nest parents pounce too quickly to fulfill every need of young adult children, it might be detrimental not only to your finances but diminish their motivation.

The Pew Research Center reveals that 78 percent of young adults living with Mom and Dad actually enjoy it. If they have the perks of being an adult along with the advantages of being a kid, it can make it that much harder to cut the cord on cash flow. If you can give them a taste of adulthood as a teen, financial freedom may feel like a less daunting task to master.… Read here

budget,Father's Day

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Creative ways to save money this Father’s Day

With Father’s Day right around the corner, families with children may find themselves increasing their spending. This could potentially cause them to fall short in other areas. If that is the case, a payday advance loan could help in the short-term. There are ways families can spend less money this Father’s Day, though.

Swap costumes with others
Father’s Day costumes can get pricy. People who want to avoid the cost of costumes can find a family member or friend that is the same size and they can swap. U.S. News and World Report notes this is a great idea for families with a lot of kids whose Father’s Day costs can become steep.

Charlotte even holds a “National Costume Swap Day,” where families can swap lightly used costumes.

Build a costume using items in the house
Another way to avoid the high costs of Father’s Day costumes each year is to make a costume using items from around the house. There are many website that offer suggestions on how to use everyday items to create a costume.

Kathy Grannis of the National Retail Federation told the news source a Father’s Day costume can be as simple as a garbage bag and coffee beans. This costume is one of the many affordable options that can be created with household items.

Don’t buy tons of candy
Although families may enjoy participating in trick-or-treating by providing a lot of candy, it is best not to over buy. Instead of stocking up, people should buy the amount that they know they can get rid of. This will ensure that they aren’t stuck with extra. Families who are financially struggling may want to consider not participating at all so they can save money for their essential expenses.

Stock up on Father’s Day goodies in November
As soon as the day after Father’s Day, all the costumes and candy will likely be on sale. This is the perfect time to stock up on candy. However, it is important to buy candy that will last through the year so it can be used next Father’s Day. This is also a good time to buy a costume. Father’s Day stores will likely put some costumes on sale before they go into storage for the next year.… Read here

budget,Mother's Day

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Mother’s Day On A Budget

Mother’s Day is just around the corner and millions of American households are gearing up for the festivities. This often includes purchasing candy, decorations and costumes. While this is all in good fun, make sure you don’t go overboard and buy items you can’t realistically afford.

According to the National Retail Federation, 170 million Americans plan to celebrate Mother’s Day, the most in record-taking history. Meanwhile, it’s believed the average person will spend close to $80 on Mother’s Day items, up from $72.31 last year. Total consumer spending is expected to exceed $8 billion.

The largest expense in Mother’s Day spending tends to be on costumes. Some people choose this opportunity to show off their creativity, and might go a little overboard. Rather than using loan money to stimulate your finances in the wake of Mother’s Day, consumers are encouraged to make plans and preparations within their budgets.

Saving Money On Mother’s Day Expenses
Overspending on Mother’s Day can be easy, but MoneyTalksNews has some advice on a few ways to save.

Try to avoid purchasing your costume from a store. These are often expensive options, and it may seem silly later to spend all that money on something you will probably only use once. However, stores can still come in handy.

Instead, hit up your local costume shop to get inspired. Thinking outside the box can sometimes be difficult, and examining your options can get your creative juices flowing. If you don’t have the time, however, a quick internet search can show you some of the most popular costumes for 2022.

Make Your Own Costume
Once you have an idea of what you want to be, try to gather supplies you already own to make it happen. Everything from articles of clothing to a cardboard box that can be cut up and painted may come in handy.

Meanwhile, if you don’t have enough items to create a costume, contact friends and family to see if you can raid their closets. To sweeten the deal, invite them over to see if you own anything that might work for their costume ideas.

Make Your Own Decorations
Store-bought decorations are often nothing more than some simple paper and plastic. This makes them easy to create your own.

A stack of black and white construction paper can create bats and skeletons, and at a fraction of the price. Meanwhile, if you want to make your home look like it was invaded by giant spiders, rather than buying cotton web form the store, consider stretching out cotton balls.

Save On Candy
When it comes to buying candy for guests and trick-or-treaters, remember sugar candy is often more affordable than chocolate.

Purchasing these items in bulk is also recommended. While this may seem more expensive, some simple math will show you paying a little bit more for the additional supplies is actually a bargain. To ensure your candy supply is not quickly diminished, hand it out the trick-or-treaters, rather than letting them reach into the container. Kids will frequently take multiple pieces if they have a chance.… Read here

payday loan

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Fighting payday loan problems

Overcoming payday loan problems and minimizing your need to use payday loans can be achieved over time. The majority of consumers are all very much aware of the financial basics that can help them to stay afloat. After all, most people are well aware that having money in a bank account for emergencies is a wise decision to help you to handle any sudden money problems that appear. Yet as much as everyone is widely aware of this need, there are plenty of people who are unable to fulfill this need. For consumers who are living from payday to payday there are disasters around every corner that can throw their entire existence into a downward spiral quite quickly.
payday loan
Learning how to improve your financial situation that is not just a cookie cutter method is not easy. While most people are well aware of what they need to be financially sound, they are not always aware of how they can get their based upon their own financial situation. This creates a huge problem to overcome. Yet at the same time, it is possible to create a solution that will solve your financial needs. However, getting to the point where you are no longer dependant from payday to payday is not a simple concept for everyone. One of the biggest things that you can do to help you get onto a stable financial ground is working to slowly build up your savings account. While this may not seem easy at all, you need to look for hidden savings that you can cash in on. This means that the smallest savings can grow quickly, which will help you much sooner than if you were doing nothing at all. One of the best ways to accomplish this is to start looking for ways that you can save money without stretching your finances even more than they already are.

One of the most effective methods that you can use to get away from using payday loans is to start looking for ways that you can cut back on your budget without feeling the pinch. For example, cutting back on the cable channels that you do not watch, as well as perhaps even moving your savings from the low interest local bank to a high interest online bank will allow you to reap some huge rewards much faster. While standard banks only offer interest of around 10% online banks can offer as much as 5%, which allows your savings to grow rather quickly. If you are willing to make some very small changes in your lifestyle, you can help to avoid the hassles and pitfalls that come across when you are inevitably looking at a very empty bank account.

By taking the time to set yourself up to be successful financially, you can help to avoid many of the trials and problems that can occur when you are broke. While a payday advance is a great tool to have for those times when you are badly in need of some additional cash it is also a good idea to work on freeing yourself from the hassle of having to obtain a payday loan whenever a financial problem occurs. However, until you are in a good financial position to handle everything on your own it is comforting to know that there is cash available to you when you need it to help you meet all of the demands of your budget.… Read here

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High salaried employees use payday loans

High salaried employees use payday loans Payday loans are not just for employees with lower paying jobs, it goes deeper than that. Have you ever truly stopped and considered what happens to anyone when they are suddenly faced with an unexpected expense? While those who are poor just do not have access to the cash, those who often have a lot of money do not always have cheap access to the cash either. Complicating the matters of accessing their own cash can be the loss in interest, penalty fees and various other charges that can make using someone’s own money quite expensive. A solution is often needed when the usage of their own money is very expensive and a payday advance can be the perfect solution.

While you may not realize it, for those who have ever thought about borrowing against their retirement fund it is a highly expensive loan to take out. Not only does the money get taxed against you at the end of the year but also at the same time, the money is also charged interest until it is paid back, and in addition, you are losing the interest that the money could be accumulating. This can easily turn into $100 or more in fees for a very small loan amount. Looking for an easier way to handle this need is something that a lot of people have, so obtaining a payday loan can be a very cheap option in the face of the alternatives.

While the interest rates for a payday loan are certainly not cheap, they can be much cheaper than all of the fees that are charged by using a retirement account. However, of course this is not the only option that you have available to you. Someone who has a very well paying job, such as the $100,000 a year job, they might not be able to afford to take the time off from work to go to apply for a small loan in the event that the money is needed. Let us take for example the average hourly wage that a $100,000 a year employee makes. If you figure, they are only working 40 hours a week this averages out to a nice tidy sum of just over $48 dollars an hour. If you were forced to take more than a single hour off from work to go apply for a traditional loan you can see how a payday advance can quickly become a much cheaper option since you would not need to take any time off from work.

Looking at the overall math of the situation can really help you open up your eyes and see exactly how everything can affect your finances. While saving money is always a primary concern, you should always look at the wide range of costs, rather than just the initial costs of the loan itself. If you are looking at a payday loan that only takes a few minutes to apply against a traditional loan that can take at least an hour or more you are looking at a huge difference in the total costs for your short-term cash needs. While most might think that only the lower class people are in need of a payday loan they can also be quite helpful for those with very good jobs as well.… Read here

avoid payday loans

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Ways to avoid payday loans

There are at times ways you can work to avoid using payday advance loans, yet there are some times when your hands just seem tied and you have no other options. Exploring what you can do to best protect yourself and your assets will help you to be sure you are getting the best deal, saving as much money as possible and also getting the money you need when you need it the most. If you take some time to do a bit of research you may discover that avoiding a payday loan is easier than you ever thought. Your first step is if you are trying to get the money to pay a bill ask the creditor if you can have a few additional days until your next check. You might be charged a late fee, but this will typically be much less than the amount that a payday loan will charge you to get the money. This can also allow you to reduce the amount of time you are spending applying for a loan since you are able to just push back bills until you have the money in your hand, rather than trying to get a loan.
Ways to Avoid Payday Loans
An additional option that you have is see if there are any public assistance programs that you qualify for. This is usually a great option if you are either poor or in the very low economic class. While this may not be the method that you most prefer, it is generally money that you are not required to pay back, which can save you a lot of money in the end. If you do not qualify for any of the public assistance programs, there may be some other options available to you in the meantime.

If you have any friends or family who can loan you the money, this will almost always never involve paying any interest. However, be aware that a lot of people get into huge problems and confrontations when friends and family start getting into arguments with money. If possible avoiding this situation is always best, but as a last resort, it is an option that you can and should usually explore. Besides, the amount of time that a family member will usually give you to repay the debt is typically much longer than the amount of time that a payday advance will give you.

A final option that you might have to really consider is ask your bank if they offer overdraft protection. This may not be the perfect solution that it initially appears as though, for example some banks that do offer overdraft protection charge a large amount each time that the protection is used. This amount can be almost if not just as much as the amount for a non-sufficient fund charge. However, there are some other banks that provide this service free or at a reduced rate. If your bank provides this service for free or at a reduced rate then this could be a good option to explore, which would allow you to repay the money to the bank for any checks that clear. It is important to understand that this method could get extremely expensive if you are writing numerous checks though.

Regardless of your exact needs, there are times when payday loans might be the best solution for you. Making the decision based upon your specific needs is very important and can help you to ensure you are in complete control over your finances.… Read here

payday loan qualifying

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Payday loan qualifying

Ever wonder who qualifies for payday loans? Typically the manner of thinking has always been that those who are at a very stable financial ground are the only people who are worthy of applying for a loan of any sort. However, payday loans are quickly changing the way people think about getting money when they are in a pinch. For example, people who are looking for money are often unaware of the options that are available to them. Yet money is available for virtually anyone who is in need of a bit of fast cash.

Determining if you qualify for a payday loan might seem impossible, yet it is actually remarkably easy. Simply by proving that you have some income, as well as a few other items you can be well on your way to receiving the cash you need to cover a plethora of unexpected expenses quickly and easily without the hassles of searching around from place to place with little results. For those who are truly in need of some fast cash having a payday loan as an option is a great asset.

The biggest consideration for those who are trying to apply for a payday loan is the amount of income you have coming in. This means income from all legally verifiable sources. This can include a job, disability check, government check, or any other verifiable source. This can allow even those without a steady job to be eligible for a payday loan. While many traditional loans might require only actual salaries to count towards eligibility, a payday loan does count some additional income sources.
Pay Day Loan Qualifying
Additional requirements for a payday loan typically include residency requirements as well. This means it is important to have a stable address where you have lived for at least several months prior to applying for a payday loan. While it is possible to apply shortly upon moving, the result is usually being turned away. However, if you have lived somewhere for a very long period of time a payday loan will generally approve your application as long as you meet all other guidelines.

The last major considerations that a payday advance will typically take into account is your bank account. There are several things that are generally confirmed. The first is usually the balance in the account. Payday lenders are not looking to see large balances, but they are looking to ensure that you have not had a negative balance in the last 30 days typically. Additionally, they are looking to see an account that is in good standing and still open and working. Without this being verified, it is quite difficult for the payday lender to complete your application.

As you can see, while most loans are quite complicated and complex to be approved for, a payday loan is generally very simple. This can allow the greatest portion of the public to have access to the money that they need, as fast as possible. After all, what good is it to know that there is money available but you are unable to obtain the money because you do not qualify for the loan? Having fast access to cash that you can actually receive is very important for virtually everyone, regardless of their income.… Read here

financial tool

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Using payday loans as a financial tool

financial tool For consumers who are having huge problems making their budget meet there are few problems harder to deal with than trying to make ends meet when you just do not have enough money. Having enough money to barely pay the bills can already be hard enough, but if you simply do not have enough money then you really need to struggle with ways to find the additional money that you need. Of course, what happens when you think that you are ok and suddenly find that you are very short on money? You are left with yet another huge disaster of course. This leaves a lot of people struggling to figure out what they are going to do, and how they are going to do it.

When you are looking at the costs of a payday loan, you are generally just looking at the average price of $30 in fees for each $200 that you borrow. This really does not seem that bad to most people. If you consider that this translates into a $15 fee for each $100 that you borrow it still really does not appear to be that bad either. However, if you consider that it will take you much longer than just a single term to repay the money suddenly it can start to look expensive. For example if you have to roll over your loan 9 times before finally being able to pay it off you are looking at a total of 10 fees and at $15 per $100 you borrow that’s a whopping $150 in interest alone for each $100 you borrow.

Starting to look like some terrifying numbers, I am sure. However, it is extremely important to remember that a payday loan is designed to help with short term financial needs. A payday loan is never the solution to a long-term cash need that you may have. If you do not think you can repay the loan in a period of no longer than one month it is generally advisable to start looking into different options that you can explore that will be able to help you in your money problems. The primary way that a payday loan can be helpful is when they are only used for short periods of time. Rolling over the loan continuously can make them very expensive quite quickly.

It is also important to remember that if you are just paying on the loan for a short period of time they can often be much cheaper than any fees or penalties that you might be charged for using a different method. For example, a bounced check fee can cost anywhere from $25 to as much as $50 regardless of the amount. If you bounce a check for $.25, yes just a mere quarter then you are looking at an enormous fee. However, a fee of that same size would have provided you with a payday loan, which would allow you to cover a larger number of bills for the exact same fee. Just imagine the chaos that could ensue if you accidently bounced three checks that were all for very small amounts. It would not take very long at all until your entire paycheck was eaten up just in bounced check fees. Moments like this is when payday loans can be your best choice, despite the fees that at first appearance may seem quite high.… Read here

late fee

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Comparing payday loans to late fees

Sitting around and simply considering all of the fees that are associated with a payday loan can be pretty scary for a lot of consumers. Making the project even worse is the fact that there are plenty of fees that are far more expensive that can quickly and easily chew up all of the free money you may have had. This is never a good situation, but a lot of consumers do not realize just how bad the economic outlook of their bank account could be if they did not obtain a payday loan when they need some quick access to cash. Many consumers simply think that making due and paying late fees is much cheaper and easier than working with a payday loan company. There are some circumstances where this line of thought is correct; however, there are plenty of other circumstances where this is grossly incorrect. For example, when you are first working to get a payday loan it may seem like a lot of headache and hassle. This is not necessarily the case though, many people are able to simply spend 10 minutes or so applying for a payday loan from a local business. Applying online can be an even faster process. This can give you the money you need quite quickly, no matter what time of day it is.

The average prices for paying your bills late may vary, but the standard percentage rate that is charged typically does not change. This number tends to vary somewhere in the range of 7% to as much as 10% easily. Just imagine the problems if you are late on a couple of small bills. This could easily consume a hefty bit of your next check. However, let us assume as well that you made a small error in your bank balance, not only would you bounce the check you just wrote for the utility bill, but it would also have a late fee added as well since it did bounce. It we assume that your bank charges a fee of $30 for the bounced check, and your utility company charges $30 as well. That is already $60 in fees alone. This number may seem a bit steep, but we certainly are not finished yet. Just remember, you need to add on the standard price of your utility bill, for this example we will choose only $100. This has taken your standard $100 bill and turned it into a massive $160! Now if we add on a late fee of 10% you are looking at a bill of $170 instead! Just imagine what can happen if another check bounces at the same time. Suddenly your $100 utility bill has turned into an easy $230 bill just because two checks bounced at the same time. Now consider that you had gotten a Payday Advance for $200 that would have covered the two checks comfortably. The fees would have been in the range of only $30. Talk about a substantial savings.

Of course, not everyone likes the idea of using a payday loan. This is perfectly normal, however for those who are concerned about saving as much money as possible there are very few things you can do to save as much money as avoiding bounced check fees. With a price tag of approximately $60 for each check that bounces, avoiding this unexpected expense is a huge necessity.… Read here