teens http://www.wisebread.com/taxonomy/term/11161/all en-US 6 Ways to Get College Kids Home for the Holidays for Cheap http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/friends_traveling_together_58534620.jpg" alt="Finding ways to get college kids home on the cheap" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Kid off to college this year? You're already feeling the pinch on your budget as he or she starts their (fingers crossed) four-year career, but there are perhaps a few expenses you may have overlooked during all the hustle and bustle &mdash; like how your little smarty pants will get home during breaks and holidays. To keep these travel costs manageable, consider these inexpensive ways.</p> <h2>1. Cash in Miles for Free Flights</h2> <p>In all the years you've been saving those airlines miles for the vacation of a lifetime, I bet you never thought you'd have to compromise them by bringing your kid back and forth from college for holiday breaks. Yeah, it sucks, but when they graduate and land that high-paying job, they'll totally pay you back&hellip; right?</p> <p>While you hold your breath on that prospect, consider consulting <a href="http://www.rewardexpert.com/">RewardExpert</a>, which helps travelers create easy-to-follow strategies by developing customized points earning plans and maximizing frequent flyer rewards. The service makes it easy to earn free tickets in just a few months, or help you make the most of what you already have.</p> <h2>2. Carpool With Someone Headed the Same Direction</h2> <p>I often carpooled with friends to and from college who lived at least somewhat close to my home. I'd offer gas money for the ride, and my parents would pick me up from their homes so they didn't have to go out of their way to drop me off at mine. Your kids can do the same thing the old-fashioned way by asking their friends for a ride, or &mdash; if they don't have any friends who live within driving distance of where you're from &mdash; suggest that they post an ad on Craigslist or a community or school message board looking for a driver.</p> <p>Alas, if that's too 20th century for them, there's <a href="http://thecollegecarpool.com/">College Carpool</a>, one of a handful of services that allow students to connect with others driving the same direction through private pages for each college. Through forums, students can find available rides, or proactively request one.</p> <h2>3. Enroll in a Car Share</h2> <p>Does your kid prefer to take the wheel, but they don't have a car of their own on campus? Nowadays they can sign up for car-sharing services, which help eliminate the issue of not being able to rent a car from traditional services (like Alamo) that usually require drivers to be at least 25 years old. Car-sharing services like <a href="http://www.zipcar.com/universities">Zipcar</a> and <a href="https://www.enterprisecarshare.com/us/en/home.html">Enterprise CarShare</a> are available to university students, and monthly fees are low. Once registered, students can reserve a car whenever they need one. This is a helpful convenience especially around the holidays when the rest of the family is busy with their own day-to-day concerns.</p> <h2>4. Hop on the Bus</h2> <p>I never took the bus home from college &mdash; that eight-hour ride didn't much appeal to me, plus I had awesome friends who didn't mind giving me a lift &mdash; but when I moved to Manhattan without a car in my mid-20s, I often hopped on a Greyhound to get back to my hometown of Baltimore. It was convenient, fast, and, most importantly, cheap.</p> <p>Thus, if you live a reasonable distance from child's university and they don't mind tight quarters, this may be a good option for you and your family. It's actually a rather relaxing ride once you get situated; most modern bus services, including BoltBus and Megabus, feature free WI-FI, power outlets, and even reclining seats. Smaller-scale regional buses, like <a href="http://www.coachusa.com/info/shortline/ss.studentdiscounts.asp">Short Line</a>, also offer student discounts.</p> <h2>5. Travel by Train</h2> <p>If booking your kid a bus ticket isn't an option, perhaps riding the friendly rails is a more accommodating compromise. <a href="https://www.amtrak.com/student">Amtrak</a> provides service from 500 destinations in 46 states, and it offers a 15% student discount along with the opportunity to earn points toward free travel. Amtrak is the only nationwide rail-service, which means you don't have any other options for train travel, unless you can work your regional lines to your advantage if they exist.</p> <h2>6. Get Creative</h2> <p>You don't always have to choose one option over another. Sometimes you can use a few different methods &mdash; like a bus to a train or a train to a plane, for instance. Look for the best deals among the types of transportation available to you and plan your student's trip home accordingly. It may take some time to plan and settle on the most efficient and cost-effective method, but it's worth it &mdash; especially when you consider how often you may have to do this over and over again in the next four (or five or six) years.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <p>&nbsp;</p> <p style="text-align: center;"><a href="//www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F6-ways-to-get-college-kids-home-for-the-holidays-for-cheap&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap.jpg&amp;description=6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap" data-pin-do="buttonPin" data-pin-config="above" data-pin-color="red" data-pin-height="28"><img src="//assets.pinterest.com/images/pidgets/pinit_fg_en_rect_red_28.png" alt="" /></a> </p> <!-- Please call pinit.js only once per page --><!-- Please call pinit.js only once per page --><script type="text/javascript" async defer src="//assets.pinterest.com/js/pinit.js"></script></p> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/6%20Ways%20to%20Get%20College%20Kids%20Home%20for%20the%20Holidays%20for%20Cheap.jpg" alt="6 Ways to Get College Kids Home for the Holidays for Cheap" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-graduate">5 Money Moves to Make the Moment You Graduate</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-the-most-from-your-airline-miles-in-these-5-overlooked-cities">Get the Most From Your Airline Miles in These 5 Overlooked Cities</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">5 Lessons That Teach Your Kid to Be Their Own Boss</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-time-management-skills-that-will-help-your-kid-win-at-school">10 Time-Management Skills That Will Help Your Kid Win at School</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-the-kids-move-out">7 Money Moves to Make as Soon as the Kids Move Out</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Education & Training Family Travel carpooling college flights holiday breaks kids moving home public transportation rewards miles teens trains young adults Wed, 09 Nov 2016 10:00:13 +0000 Mikey Rox 1806658 at http://www.wisebread.com Should You Cosign Your Teenager's Credit Card Application? http://www.wisebread.com/should-you-cosign-your-teenagers-credit-card-application <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/should-you-cosign-your-teenagers-credit-card-application" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/teenager_credit_card_000088123561.jpg" alt="Wondering if you should cosign your teenager&#039;s credit card application" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It's not easy for teens to establish a credit history. It's not like most teens take out mortgage, auto, or personal loans that they can pay back on time to build a solid credit history.</p> <p>One way teens can establish a good credit history is to take out a credit card, charge items, and pay off their balances on time and in full every month. The challenge? Many banks won't approve teens for credit cards because these teens don't have any credit history.</p> <p>This is why your teen might ask you to cosign on a credit card application. With you as a cosigner, banks will be more likely to take a chance on issuing a credit card to your teen. They know that if your teen runs up too much debt and starts missing payments, you'll be there to help cover those missed payments.</p> <p>So, yes, cosigning a credit card application can help your teen establish a credit history. But before you take this step, be warned: cosigning <em>could </em>send your credit score tumbling.</p> <h2>How Cosigning Works</h2> <p>When you cosign, you are agreeing that you are equally responsible for your teen's credit card debts. This means that if your teen can't or won't make a payment, you'll be responsible for making it.</p> <p>And if neither you nor your teen makes a payment? Then <em>your </em>FICO credit score will fall. A missed payment by your teen will be reported to the three national credit bureaus, Equifax, Experian, and TransUnion. These bureaus will record the missed payment not only on your teen's credit reports, but on yours, too.</p> <p>If your teen is at least 30 days late on a payment, expect your credit score to take a hit &mdash; often falling by as many as 100 points. This missed payment will remain on your credit reports for seven years.</p> <p>This will happen even if your teen doesn't tell you about late or missed payments. You must trust that your teen will pay on time if you decide to cosign a credit card application.</p> <p>To help protect yourself, review the monthly statement of your cosigned credit card every month. Make sure that your teen is making the required payments and that your child isn't charging more than he or she can pay back each month.</p> <h2>What Are Some Potentially Better Options?</h2> <h3>Secured Credit Card</h3> <p>Most banks offer what are known as <a href="http://www.wisebread.com/what-are-secured-credit-cards">secured credit cards</a>.</p> <p>These cards operate much like traditional credit cards, but they have a credit limit based on a cash security deposit that consumers must first make with the bank issuing the card. A teen who makes a deposit of, say $500, will have a credit limit of $500. If the cardholder misses payments, the bank can use the security deposit funds to make the payments itself.</p> <p>The benefit of a secured credit card is that because banks have more protection, they are more willing to pass them out to consumers with little to no credit history. This is why many consumers <a href="http://www.wisebread.com/heres-what-the-successful-use-of-secured-credit-cards-looks-like">use secured cards to build a credit score</a>. Banks issuing these cards will report payments to the national credit bureaus. Enough on-time payments, and a teen can slowly but steadily build a solid credit history and score. Once their credit score rises high enough, teens who have been relying on secured credit cards can then apply for a traditional unsecured credit card. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">Best Secured Credit Cards</a>)</p> <p>Your teen then might be able to build a credit history with a secured card without asking you to cosign on an application for a traditional credit card.</p> <h3>Authorized User</h3> <p>Adding your teen as an authorized user on your credit card is another easy way to help boost their credit score using a card you already have, in your name. This should be a card you're already in good standing with. If you're worried about overspending, you can also choose one with a low credit limit, or a card that allows you to set a limit on an authorized user's card. Know that when you add anyone as an authorized user, they will receive their own card in the mail &mdash; but you are still on the hook for making all payments. Even if your teen racks up a hefty bill while you weren't looking, the liability is yours. Delinquent payments will leave a ding on both your and your child's credit reports, so make sure your teen clearly understands this before they start spending.</p> <p>This can also be a great way to establish a sense of responsibility and financial discipline in your young adult child, with you watching over their shoulder as a sort of safety net. You can set certain rules for them, such as they can only use the card in emergencies or must pay you a certain amount each month toward the bill, which will help prepare them for using their own credit card in the near future. You should already be doing this, but having your teen on your credit card account makes it even more important to monitor all activity on the card. Even if your teen is responsible, the risk for identity theft goes up every time there is another card out there.</p> <p>Once your teen is responsible enough or has enough credit history to apply for a card of their own, you can simply remove their authorized user privileges and have them apply for their credit card.</p> <p><em>Have you ever cosigned a credit card?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/should-you-cosign-your-teenagers-credit-card-application">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-is-a-good-credit-score-range">What Is a Good Credit Score and Why Is It Important?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fico-vs-fakes-are-you-getting-the-wrong-credit-score">FICO vs. Fakes: Are You Getting the Wrong Credit Score?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-scores-across-the-country-which-third-are-you-in">Credit Scores Across the Country: Which Third are You In?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/building-a-credit-history">Building a Credit History</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet">What the New Credit Card Formula Means for Your Wallet</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit history cosigning credit score fico kids teens Fri, 15 Apr 2016 09:00:13 +0000 Dan Rafter 1687113 at http://www.wisebread.com 5 Lessons That Teach Your Kid to Be Their Own Boss http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-lessons-that-teach-your-kid-to-be-their-own-boss" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kids_lemonade_stand_000082855427.jpg" alt="Kids learning lessons that teach them to be their own boss" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Even if you don't want &mdash; or expect &mdash; your child to be in business for themselves, fostering an entrepreneurial spirit can be beneficial in many ways. Strong leadership skills and confidence can go a long way, no matter what career path your child ends up pursuing.</p> <h2>1. Teach Kids the Importance of Passion and Purpose</h2> <p>Ask your child what their wildest dreams are, and what they would do for the rest of their lives, even if it didn't make much money. The point is to see what they are passionate about. While not every passion of theirs will be profitable, it is important for them to pursue something they love so that they don't experience burn out later in life.</p> <p>Teach them to chase fulfillment rather than a filled wallet. For example, if they are really interested in being an EMT and helping people, but choose to pursue being a lawyer because it means more money, then they will feel unsatisfied with their lives no matter how much money they make.</p> <h2>2. Goal Setting Is a Must</h2> <p>Setting goals is more than just picking random resolutions in the beginning of the year. The act of goal setting is essential for developing discipline and giving a child the first taste of success.</p> <p>What kind of goals can your children have? Start with goals that center around what your children love and find interesting. For example, if your child loves to read or is on the soccer team, set slightly challenging goals that they will enjoy working at, such as reading two books in a week or scoring goals in consecutive games.</p> <p>As your children become more interested in goal setting, set goals for their weaker areas, such as getting an A or B on the next math test or keeping their room clean for a week. Your child will understand that continually setting goals helps shape them into the person they wish to be &mdash; and it can be fun. Goal setting can dramatically improve every area of an individual's life, so don't underestimate the importance of it.</p> <h2>3. Encourage Creative Thinking and Problem-Solving</h2> <p>When your child comes to you with a complaint or problem, encourage them to think outside the box on how to solve it. Maybe their problems include keeping their lunch warm or dealing with another kid who teases them at school. Brainstorm possible solutions to each problem, encouraging both logical and off-the-wall solutions.</p> <p>Some of the most successful people today are individuals that solved a problem with a unique or out-of-the-box idea.</p> <h2>4. It's Never Too Early to Teach Networking</h2> <p>Effective communication skills are essential for building up relationships. Kids naturally think and talk about themselves all of the time. Many adults have this same problem, too. The issue with this is that they miss opportunities to connect and learn from others. Encourage your children to ask others thought-provoking and non-invasive questions that others will love to answer. Have your children try these simple questions out on adult family members and family friends:</p> <ul> <li>What is your favorite thing about your job?<br /> &nbsp;</li> <li>What would you tell your x-year-old self (using your child's age)?<br /> &nbsp;</li> <li>What do you wish you learned in school if you could learn anything?</li> </ul> <p>These questions are meant to teach your children how to engage others in a thoughtful discussion, while practicing deeper listening skills. They might even learn something along the way. Sadly, most teens and young adults are well-versed in text messaging and social media, but cannot effectively network in person.</p> <h2>5. Get Hands-On Experience</h2> <p>While teaching goal setting and effective communication are essential, it is also important to jump into a small business to get hands-on experience. The business does not have to be the next greatest thing or one that is time-consuming. Try starting a weekend lawn service, pet walking service, or a mobile car washing business. Be sure to understand the child labor laws and income limits for your area before starting.</p> <p>The goal is to have your child to think about advertising, gaining clients, keeping clients, and working hard. While making a few bucks on the side will be a great incentive for your child, the real lessons come from doing. Even a failed business will teach your child or teen valuable lessons.</p> <p>Growing an entrepreneurial spirit in your child is a slow and steady process. Schools are so great at teaching children how to read and do complicated math equations, but when it comes to fostering an entrepreneurial spirit, many schools do not even touch on those valuable lessons. (See also: <a href="http://www.wisebread.com/7-places-teens-and-adults-can-learn-about-money?ref=seealso">7 Places Teens (And Adults) Can Learn About Money)</a></p> <p><em>How have you helped encourage an entrepreneurial and business-savvy spirit in your child or teen? </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">6 Ways to Get College Kids Home for the Holidays for Cheap</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-top-money-lessons-to-learn-from-ruth-soukups-unstuffed">4 Top Money Lessons to Learn From Ruth Soukup&#039;s &quot;Unstuffed&quot;</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-good-money-examples-every-parent-should-set">3 Good Money Examples Every Parent Should Set</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-best-sites-to-help-your-kids-learn-about-money">8 Best Sites to Help Your Kids Learn About Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-time-management-skills-that-will-help-your-kid-win-at-school">10 Time-Management Skills That Will Help Your Kid Win at School</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Family creative thinking entrepreneurial skills finding passion goal setting jobs kids lessons teens Tue, 12 Apr 2016 09:00:07 +0000 Ashley Eneriz 1687116 at http://www.wisebread.com 10 Credit Card Truths You Wish You Could Tell Your Younger Self http://www.wisebread.com/10-credit-card-truths-you-wish-you-could-tell-your-younger-self <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-credit-card-truths-you-wish-you-could-tell-your-younger-self" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_credit_card_000043691962.jpg" alt="Woman wishing she could tell her younger self credit card tips" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>As a teenager, I associated credit cards with adulthood, so naturally I couldn't wait to get my first one. But like so many young adults, I didn't know much about credit management, and I made several costly mistakes in the beginning. The good news is that I woke up and saw the error of my ways before completely ruining my finances, although I didn't come out the other side completely unscathed. Looking back on my early credit years now, however, I know exactly what I did wrong &mdash; and here's what I would tell my younger self about credit cards.</p> <h2>1. Don't Apply for Too Many Cards at Once</h2> <p>It wasn't long after my 18th birthday &mdash; literally, like days &mdash; that credit companies were calling me with the great news that I qualified for their cards. I worked part-time (as much as someone still in high school could), yet every student credit card issuer was eager to give me plastic. So I took the bait, and I applied for one credit card after another, not realizing the danger of applying for too many credit cards. Being young, I didn't know that each inquiry lowered my credit score by a few points, which, if I'm honest here, didn't mean jack to me at the time. I was approved for most of the cards I applied for, which ultimately led to another problem &mdash; the temptation to spend. Cause and effect should help you deduce that I learned from an early age that the more available credit you have, the easier it is to get into debt.</p> <h2>2. Only Charge What You Can Afford</h2> <p>As a young adult, I didn't always have money to hang out with my friends or go on group trips. I didn't want to feel left out, so I began using credit as an extension of my income. <em>Biiiig </em>mistake. I think a credit card is an excellent way to build credit as a young adult, but I would definitely advise my younger self to set a budget. I'd take a look at my finances and determine what I could realistically afford to spend each month, and then stick with this limit. I could have saved myself a lot of financial heartache had I been as wise back then.</p> <h2>3. Pay Off Balances in Full</h2> <p>If I could rewind time, I would definitely pay off balances in full every month, which also goes hand-in-hand with only charging what I could afford. Now that I'm older, I realize that paying off balances is a surefire way to never get into deep credit card trouble. It's easy to accumulate credit card debt, but not as easy to pay it off.</p> <p>Of course, even if we pay off a card in full, a large unexpected expense might result in carrying a balance. There were times when I had to use a credit card for an emergency car repair and then carry the balance from month to month. Another mistake I made was only paying my minimums, even at times when I could afford to pay more. I recall spending $500 for new brakes and rotors for my car, yet it took more than two years to pay off the balance because I was only making $20 minimum payments. (See also: <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?ref=seealso">How a Smart Balance Transfer Will Help Pay Off Your Debt</a>)</p> <h2>4. Never Pay Late</h2> <p>Early on, I was more than just late on payments &mdash; I ignored them altogether because I was young, dumb, and incredibly broke. In hindsight, I would tell my younger self to track down due dates, or better yet, pay credit card statements as soon as they come in the mail to avoid a late arrival, which is what I do today. A $35 late fee increases the amount owed and results in additional interest. To put this in perspective, 10 late fees a year equals an extra $350 in credit card fees.</p> <h2>5. Avoid Cash Advances</h2> <p>I relied heavily on cash advances from my credit cards as a college student, especially during my freshman year. I didn't go crazy or borrow thousands of dollars, but I would take $20 or $50 here and there to tide me over until payday. I didn't realize until later that I paid a cash advance fee each time I tapped the ATM. It was also a shock to learn that cash advances carried a higher interest rate than standard purchases. Between the fee and the higher interest rate, it took longer to pay off the card.</p> <h2>6. Don't Let Friends Borrow Your Credit Card</h2> <p>I made the mistake of lending my credit card to a friend. He had permission to purchase one item, but used the card for much more. The card was in his possession for less than a week, yet there were charges for restaurants, movies, fuel &mdash; he even had the audacity to purchase a video game in my name. He eventually paid me back, even though it took nearly two months.</p> <h2>7. Don't Exceed Your Credit Limit</h2> <p>Because of new credit card rules, a credit card issuer can only charge an over-the-limit fee if you opt-in for this fee. If you don't opt-in, any transaction over your limit will be declined. Unfortunately, this wasn't the case in the late '90s when I applied for my first credit card. If I could go back in time, I would tell my younger self to carefully monitor spending and don't go over a credit card's limit. I made this mistake and was hit with an over-the-limit fee plus additional interest. I exceeded the limit by more than $100, and because I didn't have extra money to bring my balance below the limit, I paid the over-the-limit fee for three months.</p> <h2>8. Know What You're Paying</h2> <p>Using a credit card can be expensive if you choose a random card and you don't know what you're paying. Before applying for any credit card, I wish I would have compared interest rates, annual fees, cash advance fees, late fees, etc. Credit card fees add up quickly and increase the cost of using credit.</p> <h2>9. Check Your Credit Score</h2> <p>I didn't get serious about credit monitoring until my mid-20s. When I finally checked my credit report for the first time, there were a couple of mistakes. Mostly minor, but there was one major error dragging down my credit score. Knowing what I know now, I would make a point to check my credit report at least once a year and not rely on my credit card companies to detect fraudulent activity. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-that-offer-free-credit-scores?ref=seealso">Credit Cards that Offer Free Credit Scores</a>)</p> <h2>10. Make Sure the Bank Reports to the Bureaus</h2> <p>Despite the mistakes I've made, I'm happy that I established credit in my late teens. I was able to learn from my mistakes and repair my credit before financing a car or buying a house. But with regard to applying for credit, I'd also encourage my younger self to get a credit card from a bank that regularly reports activity to the bureaus. One of my earlier cards didn't report my credit activity, which meant that my history of timely payments didn't show up on my credit file, nor help my credit score.</p> <p><em>We all have credit card horror stories. What are some of yours? What can you tell your younger self about credit cards now that you're an adult?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/10-credit-card-truths-you-wish-you-could-tell-your-younger-self">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/avoid-these-5-common-mistakes-while-rebuilding-your-credit">Avoid These 5 Common Mistakes While Rebuilding Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-personal-finance-letter-id-write-to-my-younger-self">The Personal Finance Letter I&#039;d Write to My Younger Self</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-thoughts-i-had-after-paying-off-my-credit-card-debt">5 Thoughts I Had After Paying Off My Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-moves-to-make-before-cutting-up-your-credit-card">6 Moves to Make Before Cutting Up Your Credit Card</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-happens-when-your-credit-card-debt-is-charged-off">What Happens When Your Credit Card Debt Is Charged Off?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards advice credit score debt overspending paying bills teens younger self Fri, 08 Apr 2016 10:30:08 +0000 Mikey Rox 1683694 at http://www.wisebread.com 4 Signs You Are Teaching Your Kids Bad Financial Habits http://www.wisebread.com/4-signs-you-are-teaching-your-kids-bad-financial-habits <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-signs-you-are-teaching-your-kids-bad-financial-habits" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000043444084_Full.jpg" alt="Kids learning parents&#039; bad financial habits" title="" class="imagecache imagecache-250w" width="250" height="158" /></a> </div> </div> </div> <p>You spent that extra money in your bank account on a weekend trip to New York City, instead of using it to pay down your credit card debt. Maybe you even accidentally paid your power bill a week late last month.</p> <p>Are you inadvertently teaching your teens bad <a href="http://www.wisebread.com/best-money-tips-habits-of-financially-successful-people">financial habits</a>?</p> <p>You might be.</p> <p>It's not easy measuring how influential parents are when it comes to influencing their children's behaviors. Just ask parents who've tried to change a teen's mind on anything from fashion to dating to finding a job. But a 2014 study by Bank of New York &mdash; <a href="https://www.bnymellon.com/us/en/our-thinking/business-insights/new-rules-for-engagement.jsp">New Rules for Engagement</a> &mdash; found that 52% of Millennials ranked their parents as their most trusted source of financial advice, while just 10% trusted the money advice of their peers.</p> <p>&quot;Maybe children don't trust their parents when it comes to picking friends, music, spouses, or even careers, but when it comes to financial advice, parents come out on top,&quot; says Kendrick Wakeman, founder and chief executive officer of FinMason.</p> <p>Because of this, parents have a special burden to pass good financial habits on to their kids. Wakeman says that ideally parents do this by example &mdash; they save money, pay their bills on time, and don't run up their credit cards. Their children see this and do the same things when they're adults.</p> <p>But what if you are far from the perfect financial role model for your children? What if you often forget to make your car loan payment on time? What if the debt on your credit cards grows every month? Might you be passing bad financial habits onto your kids?</p> <p>Here are four signs that you are passing bad money habits onto your teens, and what to do about it.</p> <h2>Can't You Just Use Your Credit Card?</h2> <p>You're in the department store shopping for a flat-screen TV. There are models within your budget, models that you've saved up enough to buy with cash. But there's an even better TV that's outside your budget &mdash; far outside it. Your teens want it. When you tell them it's too expensive, they ask &quot;Can't you just put it on the credit card?&quot;</p> <p>This is a sure sign that your children have watched you use your credit cards to buy items that you can't really afford. It's time to act like an adult and only make credit card purchases that you know you can pay off in full once your bill comes due. You want to teach your teens how to use credit cards wisely; using them to buy items that you can't afford is not how to do this.</p> <h2>Let's Get One More Thing</h2> <p>You're at the grocery store with your teens. You've checked off every item on your shopping list. But as you get nearer to the cashier, your teens start tossing packs of gum, magazines, or candy bars into your cart.</p> <p>The odds are good they've learned how to impulse shop from you. You don't want your teens to grow up to be impulse shoppers. Those extra Milky Way bars and bottles of Diet Pepsi add up. Resist the urge to add them to your cart at the last minute. And make sure to stop your teens from adding them, too.</p> <h2>Can't We Just Buy This One?</h2> <p>You've decided to buy a new laptop for the family to use. Your teens are thrilled with this idea. Your plan is to do some comparison shopping, either online or at local electronics stores. Your teens, though, just want to buy the first laptop they find online, regardless of its price or reviews.</p> <p>Look back at your own behavior. How many times have you simply gone online and ordered a new washing machine after a 10-minute online search? Have you gone to a car lot and simply picked the first car shown to you by the salesperson? If your teens have observed this behavior, the odds are high that you've taught them that comparison shopping doesn't matter. You can reverse this lesson, though. Next time you need to buy a new dishwasher, refrigerator, or other large item, take your kids comparison shopping with you. They need to see just how much money you can save when you shop around.</p> <h2>Why Can't I Have It, Too?</h2> <p>Your daughter wants a new pair of expensive jeans because her friend at school has the same brand. Your son wants a new pair of gym shoes because his friend dropped $50 on the same pair.</p> <p>It's likely that your teens have learned this why-can't-I-have-it-too behavior from you. Have you upgraded to a new car because your neighbor did the same? Have you purchased a swimming pool because you've seen your neighbors enjoying one? It's okay to buy these things, if you can afford them. Teach your kids self-control &mdash; and help them avoid neighbor envy &mdash; by only upgrading to a new car when you're financially ready, no matter what your neighbors have parked in their driveway.</p> <h2>You Don't Need a Big Bank Account to Teach Good Habits</h2> <p>Debbie Crowder, branch banking executive vice president at Richmond, Virginia-based SunTrust Bank, said that parents, even if they are struggling with their own finances, can teach their children how to avoid their mistakes and become financially savvy adults.</p> <p>&quot;Involve your child in in the day-to-day financial decisions you make for your household,&quot; Crowder says. &quot;When the power bill is higher than usual, explain the reason why and discuss how the entire family can conserve energy the next month to lower the bill.&quot;</p> <p>Chris Hogan, a financial speaker with Ramsey Personalities in Brentwood, Tennessee, says that parents can pass on good financial habits even if they themselves have a history of financial mistakes.</p> <p>&quot;The worst thing we can do as parents is to pretend like we're perfect,&quot; Hogan says. &quot;It's important to talk about the mistakes we've made financially. That's what can make a real impact on our children's behavior.&quot;</p> <p><em>How do you model good financial behaviors for your kids?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-signs-you-are-teaching-your-kids-bad-financial-habits">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ow-do-you-deal-with-family-members-who-are-bad-at-managing-money">How Do You Deal With Family Members Who Are Bad At Managing Money?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-put-your-spouse-on-a-budget-without-ruining-your-marriage">How to Put Your Spouse on a Budget Without Ruining Your Marriage</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/great-financial-gifts-for-children">Great Financial Gifts for Children</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-to-make-adoption-affordable">5 Ways to Make Adoption Affordable</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/not-the-sort-of-person-who">Not the sort of person who ...</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Family advice children spending teens Thu, 14 May 2015 13:00:10 +0000 Dan Rafter 1416805 at http://www.wisebread.com 7 Places Teens (and Adults) Can Learn About Money http://www.wisebread.com/7-places-teens-and-adults-can-learn-about-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-places-teens-and-adults-can-learn-about-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/students-512822-small.jpg" alt="students" title="students" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>We all want to encourage financial literacy in our teens (and ourselves). But what exactly does that mean, how is financial literacy best accomplished, and where can you go to learn? (See also: <a href="http://www.wisebread.com/the-best-money-tools-and-toys-for-every-age-group">The Best Money Tools and Toys for Every Age Group</a>)</p> <h2>What to Learn</h2> <p>Financial literacy is defined by the <a target="_blank" href="http://www.financialeducatorscouncil.org/financial-literacy-definition.html">National Financial Educators Council</a> as &quot;possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual's personal, family and global community goals.&quot;</p> <p>At the practical level, courses and workshops on financial literacy typically cover one or more of these topics:</p> <ul type="disc"> <li>Earning</li> <li>Budgeting</li> <li>Spending</li> <li>Borrowing</li> <li>Saving</li> <li>Investing</li> </ul> <p>Developing financial literacy and competency is a two-step process. First, learn foundational, timeless principles for managing money (e.g., spend less than you earn to save money; take more risks to earn higher investment returns).</p> <p>Next, develop an understanding of real-life practices, which evolve with trends and technology. For example, comparison shopping and investing today is much different than years ago before mobile apps and <a target="_blank" href="http://www.wisebread.com/a-guide-to-online-brokers-for-investing-newbies-and-beyond">online discount brokerages</a>. <a target="_blank" href="http://www.wisebread.com/certainties-death-taxes-and-change">Regulations pertaining to taxes</a>, saving for retirement, handling financial transactions, and more also change frequently.</p> <p>Understanding a general principle is important and then learning how things work within the current context is crucial for navigating personal finance.</p> <h2>How to Learn</h2> <p>In my experience, the best way to learn is to gain knowledge about key topics and then field test principles in the real world.</p> <p>For example, I've discovered that some banks are more likely to alert you to problems or waive fees than others, despite what their printed materials may state. Similarly, the concept of risk tolerance is best grasped by gauging my reaction to investment losses following bad economic news, not by listening to a lecture about market fluctuations.</p> <p>The hands-on approach reinforces concepts in ways that simply consuming information cannot. Still, personal trial and error can be a costly way to learn. Talking with your parents, friends, and colleagues about their experiences can be an effective way to gain insights into financial matters without the money-related consequences.</p> <p>An effective program is project-based, fun, interactive, and relevant to current needs according to Jim Clark, President and CEO of the <a target="_blank" href="http://www.bgca.org/Pages/index.aspx">Boys &amp; Girls Clubs of America</a>. His organization offers a financial literacy course that has educated more than 500,000 teenagers since its inception about 10 years ago. He attributes its success to a design that &quot;puts concepts into practice through experience.&quot;</p> <h2>Where to Learn</h2> <p>There are many places to learn about personal finance, many likely available in your area. Take advantage of opportunities in places you already go, like high school or the library, or seek out courses beneficial in helping you to make good decisions without angst. Here are several places that you may want to check out.</p> <p><strong>1. Boys &amp; Girls Clubs of America</strong></p> <p>The Boys &amp; Girls Clubs of America offers <a target="_blank" href="http://moneymattersmakeitcount.com/Pages/default.aspx">Money Matters</a>, a program developed and sponsored by the <a target="_blank" href="http://www.schwabfoundation.org/">Charles Schwab Foundation</a>.</p> <p>An adult facilitator who is a positive personal-finance role model guides participants through lessons that include discussions of real-life experiences in a small group setting. These talks include challenges that teens face, such as finding money to attend college and lessons learned from mistakes, such as bouncing a check or getting dinged with late fees. Through sharing of struggles and triumphs, along with adult mentoring and guidance, teens learn good financial practices from each other plus receive support and encouragement.</p> <p>Teens are kept engaged by being recognized for their efforts and given a forum to &ldquo;show off.&rdquo; For example, Money Matters graduates are recognized for completing the program and are eligible for college scholarships. They can also participate in the <a target="_blank" href="http://bgca.org/m4/Pages/m4.aspx">Money Matters Music Mogul</a> contest.</p> <p><em><strong>Adult Version:</strong></em></p> <p>For adults 50 and older, AARP offers a three-part workshop entitled <a target="_blank" href="http://www.aarp.org/aarp-foundation/our-work/income/finances-50-plus-financial-capability.html?cmp=RDRCT-FINANC_AUG16_012">AARP Foundation Finances 50+</a>, a new program also developed and sponsored by the Charles Schwab Foundation. Face-to-face guidance is offered in several metropolitan areas. The participant guide and volunteer leader guide are available for <a target="_blank" href="http://www.aarp.org/aarp-foundation/our-work/income/finances-50-plus-financial-capability/bring-to-your-community/">free (you can download files or order a printed copy</a>).</p> <p><strong>2. Student-Run Banks and Credit Unions</strong></p> <p><a target="_blank" href="http://www.dailyfinance.com/2010/03/09/bank-branches-in-high-schools-a-good-financial-lesson/">Banks and credit unions</a> may have branch offices in local high schools. Students who help run the branches can develop working knowledge of banking systems. Often, hands-on experience is combined with a business class associated with the bank or credit union operations.</p> <p>Teenage customers can open and manage their accounts at these branches, allowing them to become familiar with banking practices. Specific skills they gain are basic but essential, such as how to open an account, make a bank deposit, check an account balance, and withdraw money for expenses. Plus they can learn that though banking services are often available 24/7 online, branch offices have limited hours.</p> <p><em><strong>Adult Version:</strong></em></p> <p>Local credit unions may offer educational resources that cover topics such as establishing credit, borrowing for your first home, and general money management.</p> <p>For instruction on how your checking account and savings account work, arrange to sit down with a knowledgeable representative. They should be able to explain monthly and transaction-based fees, ways to minimize fees, and methods of avoiding a shortfall or insufficient funds for payments you initiate.</p> <p><strong>3. High School Civics and Economics Classes</strong></p> <p>Though both of my kids have taken required coursework in civics and economics, the class seemed to make the biggest impression on my youngest son.</p> <p>Most memorable was the documentary &quot;Maxed Out,&quot; which the teens watched in class. The film covers predatory lending practices of many financial institutions. My son&rsquo;s synopsis of lessons learned: &ldquo;you go to college, you get a credit card, you max out the credit card, and then you die.&rdquo;</p> <p><em><strong>Adult Version:</strong></em></p> <p>&quot;Maxed Out&quot; is available for <a target="_blank" href="http://vimeo.com/57295979">viewing online</a> and through streaming services, such as Netflix.</p> <p><strong>4. Scouting Programs</strong></p> <p>Scouting programs, such as Boy Scouts of America and Girl Scouts, offer many ways for teens to learn about personal finance and money management. Fund-raising activities for camping trips, special outings, and troop operations can help kids of all ages understand that money is needed for various activities. Plus, there are <a target="_blank" href="http://www.wisebread.com/money-making-lessons-from-the-girl-scouts">lessons to be learned from Girl Scout cookie sales</a>.</p> <p>Badges for <a target="_blank" href="http://www.girlscouts.org/program/gs_cookies/pdf/2012_Financial_Empowerment_singlepages.pdf">financial empowerment in Girl Scouts</a> (PDF) cover topics such as budgeting, comparison shopping, establishing credit, saving for large purchases, and entrepreneurship. The <a target="_blank" href="http://www.scouting.org/scoutsource/BoyScouts/AdvancementandAwards/MeritBadges/mb-PERM.aspx">Boy Scouts&rsquo; Personal Management merit badge</a> deals with planning for major purchases, making decisions about investing, household budgeting, and more.</p> <p><em><strong>Adult Version:</strong></em></p> <p>Parents can learn by teaching badges or sitting down with their teens as they cover the curriculum. They may find badge exercises to be useful, such as <a target="_blank" href="http://meritbadge.org/wiki/images/f/fa/Personal_Management.pdf">tracking income, expenses, and savings for 13 weeks</a> (PDF).</p> <p><strong>5. College Classes</strong></p> <p>Many colleges and universities offer personal finance classes as part of their degree programs. Courses may be focused in investments, fixed income, real estate investing, and entrepreneurship. Learn in your teenage or young adult years before entering the workforce or starting a business.</p> <p><strong><em>Adult Version:</em></strong></p> <p>Pick up classes at your local university or community college offered through <a target="_blank" href="http://www.aacc.edu/finance/">continuing and professional education</a>. Choose among courses such as personal taxation, retirement planning, and investing.</p> <p><strong>6. Community Venues</strong></p> <p>Community venues, such as public libraries, often host financial literacy workshops and classes for teens. Topics covered may include <a target="_blank" href="http://local.cincinnati.com/share/story/204830">investing</a>, <a target="_blank" href="http://www.philadelphiaspeaks.com/forum/north-philadelphia/9541-financial-literacy-teens-widener-branch-library.html">saving for college</a>, and <a target="_blank" href="http://www.tcpalm.com/news/2013/apr/15/kids-and-teens-learn-how-to-be-money-smart-april-2/">managing a bank account</a>.</p> <p><em><strong>Adult Version:</strong></em></p> <p>Seminars and workshops on financial topics for adults are generally available at public libraries and community centers. Multi-week courses, such as <a target="_blank" href="http://www.daveramsey.com/fpu">Financial Peace University</a>, are often held at churches and other houses of worship or community gathering places.</p> <p><strong>7. Home</strong></p> <p>You can learn about money at home, often in collaboration with your parents, siblings, and friends.</p> <p>Things that my teens have learned recently include how to:</p> <ul type="disc"> <li>Sell items on eBay</li> <li>Get college textbooks and supplies at a discount</li> <li>Transfer money from PayPal accounts to bank accounts</li> <li><a target="_blank" href="http://www.wisebread.com/7-delayed-spending-tricks-that-help-pay-off-debt">Delay spending</a> to get a price reduction</li> <li>Forgo spending to save for future needs</li> <li>Set aside gifts and windfalls for large purchases</li> </ul> <p>They&rsquo;ve also learned that savings accounts pay very little interest right now though having money set aside is valuable by itself.</p> <p>There&rsquo;s much more to learn but I&rsquo;ve found that teens learn best when financial lessons are timely and relevant. Instructors can be parents, sisters and brothers, and friends who are willing to provide guidance and give ideas on what has worked for them.</p> <p><em><strong>Adult Version:</strong></em></p> <p>When you are ready to make a financial decision, learning all about a subject is desirable. Tapping the knowledge of your spouse, parent, friend, or even teenager can help you navigate personal finance issues.</p> <p>A big difference between adults and teens, though, is that there are many topics you need to understand now, before a crisis or major financial decision. For example, you can&rsquo;t wait until retirement to figure out how to generate income for household expenses. You must learn today how to develop streams of income to fund your retirement in the future.</p> <p>Many financial literacy programs encourage you to apply concepts while you are participating. If not, though, act on your own. Open an IRA and start investing soon after you finish an investing class, for example. The sooner you use newly acquired knowledge, the better for your financial literacy and the faster your financial savvy will grow.</p> <p><em>Where have you learned financial literacy?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/7-places-teens-and-adults-can-learn-about-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-ways-kids-can-teach-us-about-money">12 Ways Kids Can Teach Us About Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/teaching-kids-about-money-an-interview-with-dr-brad-klontz">Teaching Kids About Money: An Interview with Dr. Brad Klontz</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/essential-money-lessons-for-recent-grads">Essential Money Lessons for Recent Grads</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-raise-your-kids-to-be-financially-independent">How to Raise Your Kids to Be Financially Independent</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-signs-you-are-teaching-your-kids-bad-financial-habits">4 Signs You Are Teaching Your Kids Bad Financial Habits</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Family children and money financial education financial literacy teens Fri, 17 May 2013 10:24:31 +0000 Julie Rains 974090 at http://www.wisebread.com Ask the Readers: What Are the Best Gifts for Teens? http://www.wisebread.com/ask-the-readers-what-are-the-best-gifts-for-teens <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/ask-the-readers-what-are-the-best-gifts-for-teens" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/5377789677_635558b314_z(1)-1.jpg" alt="What Are the Best Gifts for Teens?" title="What Are the Best Gifts for Teens?" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p><em>Congratulations to </em><a href="http://www.wisebread.com/ask-the-readers-what-are-the-best-gifts-for-teens#comment-556499"><em>Dani</em></a><em>, Pamela, and Kelli for winning this week's contest!</em></p> <p><em>Editor's Note: For the next few weeks, we will be doing a gift giving series on Ask the Readers and will focus on the best gifts for certain demographics! <a href="http://www.wisebread.com/ask-the-readers-what-are-the-best-gifts-for-teens">Ask the Readers: What are the Best Gifts for Teens?</a>&nbsp;is part four of our series! </em></p> <p>When it comes to shopping for teens for their birthday or the holidays, there are many different gift options. Most teens are very techologically savvy and would love the latest gadget. However, gift cards to their favorite store or money to help them save up for college can also be more practical gifts for teens who will soon be leaving the nest and headed off to college.</p> <p><b>What are the best gifts for teens?</b><span style="font-weight:normal">&nbsp;A new cell phone? A gift card to their favorite clothing store? A gas card? Money for college?</span></p> <p>Tell us what you think the best gifts for teens are and we'll enter you in a drawing to win a $20 Amazon Gift Card!</p> <h2>Win 1 of 3 $20 Amazon Gift Cards</h2> <p>We're doing three giveaways &mdash; here's how you can win!</p> <h3>Mandatory Entry:&nbsp;</h3> <ul> <li>Post your answer in the comments below. One commenter will win a $20 Amazon Gift Card!</li> </ul> <h3>For extra entries:</h3> <ul> <li>You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:</li> <a id="rc-79857d2" class="rafl" rel="nofollow" href="http://www.rafflecopter.com/rafl/display/79857d2/">a Rafflecopter giveaway</a> <script src="//d12vno17mo87cx.cloudfront.net/embed/rafl/cptr.js"></script> <p><strong>If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.</strong></p> <h4>Giveaway Rules:</h4> <ul> <li>Contest ends Monday, October 29th at 11:59 pm Pacific. Winners will be announced after October 29th on the original post. Winners will also be contacted via email.</li> <li>You can enter all three drawings &mdash; once by leaving a comment, once by liking our Facebook update, and once by tweeting.</li> <li>This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.</li> <li>You must be 18 and US resident to enter. Void where prohibited.</li> </ul> <p><strong>Good Luck!</strong></p> </ul><div class="field field-type-text field-field-blog-teaser"> <div class="field-items"> <div class="field-item odd"> Tell us what you think the best gifts for teens are and we&#039;ll enter you in a drawing to win a $20 Amazon Gift Card! </div> </div> </div> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/ask-the-readers-what-are-the-best-gifts-for-teens">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ask-the-readers-are-you-optimistic-about-2011">Ask the Readers: Are You Optimistic About 2011?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ask-the-readers-200-giveaway-what-is-your-top-question-about-personal-finance">Ask the Readers $200 Giveaway: What is Your Top Question About Personal Finance?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ask-the-readers-how-did-you-spend-your-first-paycheck">Ask the Readers: How Did You Spend Your First Paycheck?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ask-the-readers-who-are-your-favorite-personal-finance-gurus">Ask The Readers: Who Are Your Favorite Personal Finance Gurus?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ask-the-readers-are-checks-a-thing-of-the-past-chance-to-win-20">Ask the Readers: Are Checks a Thing of the Past? (Chance to win $20!)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Giveaways Ask the Readers gifts teens Tue, 23 Oct 2012 10:36:40 +0000 Ashley Jacobs 955256 at http://www.wisebread.com 19 Frugal Ways to Entertain Teenagers http://www.wisebread.com/19-frugal-ways-to-entertain-teenagers <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/19-frugal-ways-to-entertain-teenagers" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/teen_girl_painting.jpg" alt="Teen Girl Painting" title="Teen Girl Painting" class="imagecache imagecache-250w" width="250" height="156" /></a> </div> </div> </div> <p>Teens can be a tough audience to entertain. Their free time is precious, especially for those loaded with AP classes, sports and music commitments, work, and extra-curricular obligations. For many, down time is spent looking at screens, interacting with friends via social media and Skype, or both. So coming up with ways to engage them without resorting to digital devices is hard. (See also:&nbsp;<a href="http://www.wisebread.com/timeless-money-lessons-from-teens">Timeless Money&nbsp;Lessons From&nbsp;Teens</a>)</p> <p>But even the most restless and demanding teens will enjoy these frugal activities.</p> <h3>1. Learn Family Secrets</h3> <p>Your kids have most likely been protected from family information or just were bored or confused by your stories when they were younger. But now that they are teens, they are ready for greater honesty and more grown-up tales. Intrigue them with explanations of how grandma paid for college, why great-grandma got divorced, how family members lived during the <a href="http://www.wisebread.com/survival-basics-for-depression-era-kids">Depression</a>, what unpopular stances your parents took on controversial topics, and why a distant cousin ran away from home.</p> <h3>2. Enter a Contest</h3> <p>Teens like working with adolescent companions, being inventive and competitive. A contest that is neither sponsored by the school nor graded by school officials is especially inspiring to this age group. The research, collaboration, and execution of ideas involved in winning a competition are great sources of entertainment for extended periods of time.</p> <p>For example, my oldest son assembled and entered a team in a church-sponsored dodgeball tournament. He especially wanted to win first place for uniforms and so coordinated concept meetings, shopping trips to Goodwill, and uniform construction sessions. I think he spent more time planning and executing his uniform design than he did filling out <a href="http://www.wisebread.com/how-to-save-money-on-college-applications">college applications</a>. (Epilogue &mdash; his team won &quot;best uniform,&quot; and he got into the university of his choice.)</p> <p>Similarly, I envision teenagers happily and eagerly getting together to do science experiments, create engineering marvels, practice for mud runs, etc. in hopes of winning a competition. Not only is contest preparation a frugal activity, but this kind of entertainment could reap <a href="http://www.siemens-foundation.org/en/competition.htm">financial rewards</a>&nbsp;as well as bragging rights.</p> <h3>3. Get Away From It All</h3> <p>Arrange an outing that you enjoy and invite one of your child's friends. At first, the teen will probably not get excited when you mention hiking in the woods, camping at the lake, or picking berries on a farm. But if a teenage buddy or a colorful friend of the family accompanies you on the trip, then they may actually look forward to such activities.</p> <p>Many teens who are otherwise sullen and whiny on a family only trip often become polite and even fun people when they are around those who are not mom, dad, and sibling. Friends provide both a distraction from what the teens might consider boring and serve as entertainment through conversation, humorous insights, and funny stories.</p> <h3>4. Go Bargain Shopping</h3> <p>Shopping is entertainment for many people, including teens. But rather than seeing how much your teen can spend, set a budget and let her have fun putting together outfits for nearly nothing&nbsp;while perusing fashion apparel and accessories at discount stores, consignment shops, and thrift shops.</p> <h3>5. Eat Outside</h3> <p>Teenagers will go wherever the food is. Serve a meal outside on your patio or deck to get them out of their element. Take a picnic to a nearby park, careful to find a spot where friends or classmates are unlikely to appear. Linger to spot wildlife (we have squirrels, rabbits, and the occasional deer in our backyard), enjoy the view of a pond at the park, or watch the sunset.</p> <h3>6. Attend a Play</h3> <p>Catch a theater performance at one of the local high schools, colleges, universities, or community centers. Many of these are free or cost $5 or less, though it&rsquo;s wise to check the ticket prices and suggested arrival times instead of making general assumptions. Plays can be frugal sources of entertainment for teens, especially if their friends are performing or helping stage the performance.</p> <h3>7. Listen to a Concert</h3> <p>Free or low-cost concerts are also often available at area schools and community gathering places. If friends of your teens are performing, they may like to see and hear the concert band, jazz band, orchestra, chorus, or choral groups.</p> <p>In addition, look for times when professional groups perform at low-cost venues, such as college campuses, street festivals, and community events.</p> <h3>8. Go to a Sporting Event</h3> <p>Go to a ballgame, track or swim meet, or other sporting event at the local high school or college. Most are priced reasonably, and some are free. Athletic competitions are often gathering places for teens, so they can enjoy being a spectator and hanging out with friends.</p> <h3>9. Visit the City</h3> <p>For those who live in the country or suburbs, visiting a large city can be an adventure. Teens may like to do simple things that city dwellers find tedious, like ride the metro, commuter train, or light rail to the city center. They may enjoy just walking around, doing some window shopping, analyzing architecture, and sampling treats sold by street vendors.</p> <h3>10. Visit the Country</h3> <p>If you&rsquo;re looking to entertain city kids, take them to the country. Many rural areas and small towns offer attractions that teens find entertaining even if they won&rsquo;t admit to having fun.</p> <p>Plan ahead to make sure there is something to do. Look for outings to natural attractions like <a href="http://www.world-of-waterfalls.com/">waterfalls</a> and mountain vistas; <a href="http://www.preservationnation.org/travel-and-sites/travel/dozen-distinctive-destinations/listings.html">quaint downtowns</a> with full-service stores, fine art shops, and old-fashioned diners; and interesting <a href="http://www.nps.gov/nr/">historical sites</a>.</p> <h3>11. Ride a Bike</h3> <p>One of my son&rsquo;s friends recently got a low-priced road bike to ride around town and in the mountains near his home. When students were asked to submit photos to the school newspaper to show what they did over spring break, he was featured smiling broadly with his bike and helmet next to photos showing teenagers in much pricier locales such as the Caribbean, ocean cruises, and amusement parks in Florida.</p> <p>Take teens on a spin on lightly traveled roads. If you don't want your teen on the road, visit mountain bike trails or multi-use trails.</p> <h3>12. Take Photos or Videos</h3> <p>Another friend of my son&rsquo;s is an aspiring filmmaker. I&rsquo;ve seen him recording quirky teen activities (such as the aforementioned dodgeball tournament) and imagine that he spends much of his free time in this pursuit. Likewise, teens with strong visual or storytelling abilities will be entertained by capturing images on camera.</p> <h3>13. Visit a Museum</h3> <p>I know that a lot of teens find anything that might involve learning to be painful. But some museums are so well designed that even boredom-prone teenagers may consider them entertaining. Newer and updated museums with lots of ways to interact (watching video, listening to audio, playing trivia games, touching stuff, etc.) as well as zoos, aquariums, and art galleries can be enjoyable.</p> <h3>14. Tour College Campuses</h3> <p>Many teens will eventually go to college and, though visiting campuses is most prominently featured on the parent&rsquo;s to-do list, such a trip can be entertaining for adolescents. There are campus tours focusing on academics as well as those highlighting architecture. Plus, there is usually free or inexpensive entertainment, such as plays, concerts, and sporting events along with lectures and campus festivals.</p> <h3>15. Make an Art Project</h3> <p>Creative teens are entertained by participating in artistic endeavors, particularly those not associated with academics or grades. They especially enjoy working with other teens, either on the same project or side by side (just like when they were younger). Challenge them to make art out of trash for a fun project.</p> <h3>16. Go to the Park</h3> <p>Teens can enjoy going to parks without being loiterers or worse. There are lots of fun and frugal activities for teenagers, such as renting canoes and paddleboats, swimming, playing tennis, or strolling in the rose garden.</p> <h3>17. Take a Walk at Night</h3> <p>Add a bit of mystery to an otherwise dull activity &mdash; teens will love walking at night. Look at the stars and planets, planning evening outings in sync with <a href="http://astroguyz.com/2011/12/30/the-top-astronomy-events-for-2012/">astronomy events</a>.</p> <p>Choose a safe, preferably out-of-the-way place. Be careful, carry a flashlight (or wear a headlamp), and wear reflective gear.</p> <h3>18. Let &lsquo;em Play Pick-Up Ball</h3> <p>Pick-up ball and similar spur-of-the-moment games were a mainstay of my childhood, but my children never wandered miles from home to an open lot to play with neighborhood kids. Such things just didn&rsquo;t happen because well, kids rarely walk around neighborhoods unattended, and an open space without organized sports is rarely available. By the time they are teens, though, they should be fine playing pick-up basketball games or working out in public areas accompanied by friends.&nbsp;</p> <h3>19. Volunteer</h3> <p>Most of the teens I know are involved in an organization that requires community service. Though many of these hours are spent fulfilling obligations, volunteering can be entertaining, particularly if the teen is pursuing an activity that he really enjoys, working alongside friends, and <a href="http://www.wisebread.com/5-perfectly-respectable-ways-to-get-a-free-meal">getting a free meal</a>. My sons, for example, like the country ham biscuits at the church's yard sale and pizza at community recycling days.</p> <p>Beyond regularly scheduled volunteer activities are even more intriguing and engaging opportunities. For example, one of my sons enjoys hanging out with younger kids in the inner city and their adult teachers in a childcare setting, which syncs (partly) with his career goal of teaching at-risk high school students. A friend&rsquo;s son loves serving at the animal shelter. Find meaningful volunteer gigs to entertain them while helping others.</p> <p>By the time they are 13, your children ought to be able to entertain themselves. But, sometimes, they can use a prod toward a healthy, wholesome, and frugal activity.</p> <p><em>What do the teens in your life do for cheap entertainment?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/19-frugal-ways-to-entertain-teenagers">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-frugal-living-skills-you-should-be-teaching-your-children">7 Frugal Living Skills You Should Be Teaching Your Children</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">6 Ways to Get College Kids Home for the Holidays for Cheap</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-keep-your-kids-rich-friends-from-ruining-your-budget">How to Keep Your Kid&#039;s Rich Friends From Ruining Your Budget</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-reasons-frugal-families-love-boardgame-night">8 Reasons Frugal Families Love Boardgame Night</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/free-ways-to-celebrate-father-s-day">Free Ways to Celebrate Father’s Day</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Family cheap entertainment teens things to do Fri, 18 May 2012 10:24:10 +0000 Julie Rains 929170 at http://www.wisebread.com Best Money Tips: Teaching Teens About Money http://www.wisebread.com/best-money-tips-teaching-teens-about-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-teaching-teens-about-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/3676384909_3ef6528f2b_z-1.jpg" alt="Teaching Teens About Money" title="Teaching Teens About Money" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some fantastic articles on teaching teens about money, sticking to a budget, and actions for a real money making blog.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.thecentsiblelife.com/2012/04/teaching-teens-about-money/">Teaching Teens About Money</a> &mdash; When teaching your teen about money, help him or her develop a budget. [The Centsible Life]</p> <p><a href="http://canadianfinanceblog.com/top-tips-for-sticking-to-a-budget/">Top Tips for Sticking to a Budget</a> &mdash; Stick to your budget by earning more money. [Canadian Finance Blog]</p> <p><a href="http://www.thefinancialblogger.com/12-real-actions-for-a-real-money-making-blog/">12 Real Actions For A Real Money Making Blog</a> &mdash; To have a real money making blog, become an active part of a forum. [The Financial Blogger]</p> <p><a href="http://www.thesimpledollar.com/2012/04/18/borrow-stuff-youll-only-use-once-or-twice-108365/">Borrow Stuff You'll Online Use Once or Twice</a> &mdash; Get to know your neighbors so you can borrow items they own that you will only use once or twice. [The Simple Dollar]</p> <p><a href="http://www.savvysugar.com/Good-Investments-Tax-Refund-22332530">6 Clever Things To Do With Your Tax Refund</a> &mdash; Consider using your tax refund to green your home. [SavvySugar]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.budgetinginthefunstuff.com/6-tips-remodeling-project-success/">6 Tips to Make Your Next Remodeling Project a Success</a> &mdash; Make your next remodeling project a success by resisting high-end luxuries. [Budgeting In the Fun Stuff]</p> <p><a href="http://www.lifehack.org/articles/management/5-things-to-consider-before-go-back-to-your-old-job.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+LifeHack+%28lifehack.org%29">5 Things to Consider Before You Go Back to Your Old Job</a> &mdash; Before you go back to your old job, consider whether or not the work will be meaningful. [Stepcase Lifehack]</p> <p><a href="http://moneyqanda.com/how-to-start-your-first-budget/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+MoneyQandA+%28Money+Q%26A%29">How To Get Started With Your First Budget</a> &mdash; When making your first budget, be sure to identify all sources of income and all expenses you have. [Money Q&amp;A]</p> <p><a href="http://www.freemoneyfinance.com/2012/04/the-four-most-important-sources-of-retirement-income.html">The Four Most Important Sources of Retirement Income</a> &mdash; One of the most important sources of retirement income is income from assets. [Free Money Finance]</p> <p><a href="http://parentingsquad.com/5-tips-for-conquering-car-clutter-with-kids-on-the-go">5 Tips for Conquering Car Clutter With Kids on the Go</a> &mdash; To conquer car clutter with kids, provide extra backseat storage. [Parenting Squad]</p> <h2>&nbsp;</h2> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-teaching-teens-about-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/having-a-baby-nine-financial-considerations-for-new-parents">Having a baby? Nine financial considerations for new parents</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances">How Much Should Your Kids Know About Your Finances?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/review-of-the-money-mammals-dvd-for-children">Review of The Money Mammals DVD for Children</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/this-season-give-your-child-the-gift-of-fiscal-responsibility">This Season, Give Your Child the Gift of Fiscal Responsibility</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths">6 Celebrities With Shockingly Low Net Worths</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance best money tips kids money teens Fri, 20 Apr 2012 10:00:23 +0000 Ashley Jacobs 922393 at http://www.wisebread.com The Safest Cars for Teen Drivers http://www.wisebread.com/the-safest-cars-for-teen-drivers <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-safest-cars-for-teen-drivers" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/first_car.jpg" alt="Teen driver in car" title="Teen driver in car" class="imagecache imagecache-250w" width="250" height="146" /></a> </div> </div> </div> <p>When I started driving six months before turning 16 years old &mdash; with a learner&rsquo;s permit &mdash; I was terrified of the roadways.</p> <p>Remember that scene in <em>Clueless</em> when Dionne accidentally exits onto the freeway and she, Cher, and Murray freak out? That was me. In fact, until I was about 19 years old, I had to turn off the radio when merging into moving traffic, and for the first year I avoided highways all together.</p> <p>It didn&rsquo;t help that I owned a beater of a car &mdash; and that&rsquo;s an understatement. This vehicle was so terrible that one of my best friend&rsquo;s fathers refused to let her in it. And in hindsight, I don&rsquo;t blame him. It looked like it might break down or blow up at any minute. Eventually it did &mdash; break down, that is. Luckily it was in my own neighborhood, so I did what any self-respecting teen boy would do in that situation &mdash; I called my dad to pick me up and left the car where it died for someone else to scavenge.</p> <p>So your kid doesn&rsquo;t suffer the same fate, conduct research into a vehicle&rsquo;s safety before you buy. I know that not everyone can afford a new car or even a great used car when their kid reaches driving age, but safety is never a poor investment.</p> <p>To help you make the most informed decision, I&rsquo;ve asked a few experts for their insight on how to choose the safest car for your new driver. Here&rsquo;s what they had to say. (See also: <a href="http://www.wisebread.com/how-to-get-cheap-auto-insurance-for-young-drivers">How to&nbsp;Get Cheap&nbsp;Auto Insurance for Young Drivers</a>)</p> <p><strong>Q: Overall, what's the safest type of car for teens?</strong></p> <p>A: &ldquo;Teens are safest in a mid-sized, four-door sedan with four cylinders. This type of vehicle does not have too much power, but still allows the inexperienced driver to maneuver safely through traffic,&rdquo; says LeeAnn Shattuck, co-owner of <a href="http://womensautomotivesolutions.com/home/womens_automotive-home.php">Women&rsquo;s Automotive Solutions</a>, a consulting firm that helps women (and men) buy cars. &ldquo;It's big enough to protect them sufficiently in an accident, but not so big that it is difficult to control. They also can't stuff too many of their friends into a mid-sized sedan, which can be a significant distraction for teens. My insurance agent partners all say that this type of vehicle is also the cheapest to insure for a teen.&rdquo;</p> <p><strong>Q: What about SUVs? They seem safe, especially since there&rsquo;s a higher center of gravity. Are they good for teen drivers?</strong></p> <p>A: &ldquo;Many parents think their teen is safest in an SUV because it will protect them in an accident,&rdquo; Shattuck says. &ldquo;But statistics from the Insurance Institute for Highway Safety (IIHS) show that teens are more likely to get <em>into </em>an accident in an SUV (vs. a sedan) because those larger vehicles (with a higher center of gravity) are much more difficult to control if they have to take evasive action. Because the SUVs also tend to cause more damage in an accident, insurance rates are higher.&rdquo;</p> <p><strong>Q: Besides safety in accidents, what are some other concerns parents should think about when buying a car for the teen?</strong></p> <p>A: &quot;I advise parents to avoid Hondas for their teens, especially for teen girls, since Honda Civics and Accords are the most stolen cars in America. You don't want your 16-year-old daughter getting car jacked on her way home from soccer practice or work,&rdquo; says Shattuck. &ldquo;I tend to steer parents more towards the Toyota Camry or even Corolla, the Nissans, and the Hyundais. Even the Ford Focus or Fusion (or an older Taurus) are safe and reasonably reliable. If they really want an SUV (to be higher up for better visibility), I highly recommend the Ford Escape. It's a decently reliable little SUV, easy to drive, used ones are in the $6,000 to $10,000 range, and they have relatively low maintenance costs.</p> <p><strong>Q: What are the benefits of a used car over a new car?</strong></p> <p>A: &ldquo;Buying used for a young driver makes more sense than buying new since overall vehicle costs on used cars are typically lower,&rdquo; says Max Katsarelas, marketing strategist for <a href="http://www.mojomotors.com/">Mojo Motors</a>. &ldquo;Plus, with the rapid depreciation of a new car once it drives off the lot, buying used can save some major coin, especially when considering the accident rate of young drivers. Auto repair costs for young drivers total about $19 billion, so buying a new car doesn't make financial sense when taking into consideration the resale value after an accident. Since a vehicle's crash history can be seen with a Carfax report and any sign of an accident, even &lsquo;fender benders&rsquo; drop a vehicle's resale value considerably. Ultimately, the best bet for parents looking at cars for young drivers should <a href="http://www.wisebread.com/6-reasons-why-used-is-better">buy used</a>. For example, a new 2012 Ford Focus starts at around $18,000. A gently used 2008 Ford Focus with under 60,000 miles can be had for under $10,000. Both boast the highest safety rating, &lsquo;Good&rsquo; from IIHS, but a used Focus can cost up to $10,000 less.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/the-safest-cars-for-teen-drivers">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-your-new-tires-really-6-year-old-ticking-time-bombs">Are your new tires really 6-year old ticking time-bombs?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-reasons-why-you-should-never-buy-a-new-car">3 Reasons Why You Should Never Buy a New Car</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-get-your-car-stolen">How to get your car stolen</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/buying-a-rental-car-heres-what-you-need-to-know">Buying a Rental Car? Here&#039;s What You Need to Know</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-buy-a-used-car-without-getting-ripped-off">How to Buy a Used Car Without Getting Ripped Off</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Cars and Transportation Consumer Affairs Buying a new car driving safety teens used cars Thu, 22 Dec 2011 11:24:13 +0000 Mikey Rox 835751 at http://www.wisebread.com 10 Awesome Companies Built by Teens http://www.wisebread.com/small-business/10-awesome-companies-built-by-teens <div class="field field-type-link field-field-url"> <div class="field-label">Link:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://www.openforum.com/idea-hub/topics/innovation/article/10-awesome-companies-built-by-teens-glen-stansberry" target="_blank">http://www.openforum.com/idea-hub/topics/innovation/article/10-awesome-companies...</a> </div> </div> </div> <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/small-business/10-awesome-companies-built-by-teens" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/laughing-boy.jpg" alt="Teen" title="Teen" class="imagecache imagecache-250w" width="250" height="175" /></a> </div> </div> </div> <p>The entrepreneurial spirit starts early for many teenagers, but for most things like high school, college and social lives overpower the urge to start a business.</p> <p>But not every teenager.</p> <p>Occasionally there are a few really driven youngsters who actually create successful companies before they are old enough to vote, buy alcohol, or even drive. Here are ten inspirational stories of some incredibly successful young entrepreneurs, who all started their empires in their teens.</p> <h2>1. Fred De Luca</h2> <p>In 1965 Fred De Luca borrowed just $1,000 to start the now-famous Subway sandwich restaurant. Fred was only 17 years old when he decided to be an entrepreneur, and he started the restaurant as a way to earn money for college. Since opening the first shop in Boston, the chain now has 32,401 locations and makes over $9 billion in sales yearly. Fred and his co-founder Peter Buck have also founded <a href="http://www.franchisebrandsllc.com/">Franchise Brands</a>, a resource to help franchisors and entrepreneurs grow their brands.</p> <h2>2. Mark Zuckerberg</h2> <p>Mark Zuckerberg created the software that would eventually become the popular social networking site <a href="http://www.facebook.com">Facebook</a> while he was at Harvard. He launched the site from his dorm room, and since that day has become the youngest self-made businessman who is worth more than a billion dollars. Zuckerberg dropped out of college and became the CEO of the fastest-growing site on the Internet. Facebook has since recorded over 400 million users and is now one of the most successful websites ever built.</p> <h2>3. Matt Mullenweg</h2> <p>Matt Mullenweg is another software developer who found success at a very early age. When Matt was 19, he announced that he would be starting an open source initiative for better blogging software and started <a href="http://www.wordpress.org">Wordpress</a>. Since then the software programmer started Automattic, which has two flagship products <a href="http://akismet.com/">Akismet</a>, a trap for site comment spam, and <a href="http://www.wordpress.com">Wordpress.com</a>, the hosted version of the open source Wordpress software. Since founding Automattic, the company has raised over $30 million dollars and owns some of the most popular software on the Web.</p> <h2>4. Anand Lal Shimpi</h2> <p>Anand Lal Shimpi started <a href="http://www.anandtech.com">AnandTech</a> in 1997, when he was only 14 years old. The original <a href="http://www.anandtech.com">AnandTech</a> website was hosted on a GeoCities platform. What started as a simple hobby grew into one of the world's largest websites covering computer hardware. The <a href="http://forums.anandtech.com/">AnandTech forums</a> is one of the best places to get computer advice and find tech bargains.</p> <h2>5. Carl Churchill</h2> <p>By 2020, Carl Churchill is expected to be worth $100 million. Carl founded DMC Internet in 2001 at the age of 15, and since has built an empire on helping businesses with their Internet presence. Churchill's company offers anything from wireless broadband to server security for businesses, and from its launch grew exponentially. So much so that in 2003 Churchill was listed in the Royal Bank of Scotland's &quot;Rich List&quot; of under 21s who would be millionaires.</p> <h2>6. Farrah Gray</h2> <p>Farrah Gray was a successful businessman before he reached his teens, and his success story is so bizarre that it's almost impossible to believe. When he was 10 Gray formed a club that raised $15,000 for financing a lemonade stand, by 12 he had started a venture capital firm that raised $1 million from investors to help teenagers start their own business. Before he was 16 he had started business ventures that include pre-paid phone cards, One Stop Mailboxes &amp; More franchises and The Teenscope &quot;Youth AM/FM&quot; interactive talk show. He became executive producer of a comedy show on the Las Vegas Strip, and was the owner of a food company that had orders exceeding $1.5 million.</p> <p>Gray has since become a best-selling author. In 2005 his book <em>Reallionaire</em> was an international bestseller, and was even endorsed by Bill Clinton. Gray has written many books since then, including co-authoring <em>Chicken Soup for the African-American Soul</em>. But aside from all his success, Gray started his own non-profit Farrah Gray Foundation, which gives grants and scholarships to inner-city and students with at-risk backgrounds. And he's done all this well before his thirtieth birthday.</p> <h2>7. Romero Bryan</h2> <p>Romero Bryan started designing clothes at the age of 12, and his own <a href="http://www.romerobryan.com/">clothing line</a> has taken off like a rocket. He's dressed some of the most popular people on the planet including Beyonce, Victoria Beckham, Cameron Diaz, and Alicia Keys. Romero's empire is expected to earn him over 30 million pounds by 2020.</p> <h2>8. Kristopher Tate</h2> <p>Kristopher Tate is a kind of programming wunderkind. Tate started working with HTML at age 4, before most kids have started reading. He started the photo-sharing site <a href="http://zooomr.com">Zooomr</a> at age 17 as a competitor to <a href="http://www.flickr.com">Flickr</a>. Since then the company has grown into one of the top photo-sharing services on the Web. He has since moved the site's headquarters to Japan, and is involved in creating Japan's first society-based community site.</p> <h2>9. Jason O'Neill</h2> <p>Jason O'Neill has probably the most successful business created by someone under 10. At the age of 9, Jason started making <a href="http://www.pencilbugs.com/">Pencil Bugs</a>, colorful pencil toppers in the shape of bugs. Aside from his business, Jason's been featured on many major network shows, not only for his young entrepreneurship, but also for his philanthropic efforts. He's donated money for foster children, and has sent his pencils to schoolchildren in Africa.</p> <h2>10. Fraser Doherty</h2> <p>While most successful young entrepreneurs make their money building popular websites, Fraser Doherty built his empire using a more traditional way. Fraser started making jams at the age of 14 in Scotland, and by 16 left school to work on his jam business <a href="http://www.superjam.co.uk/">SuperJam</a> full-time. SuperJam sells around 500,000 jars a year, which currently has around 10% of UK jam market.</p> <script type="text/javascript"> federated_media_section = "platinum"; </script><br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/glen-stansberry">Glen Stansberry</a> of <a href="http://www.wisebread.com/small-business/10-awesome-companies-built-by-teens">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">5 Lessons That Teach Your Kid to Be Their Own Boss</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ramp-up-your-business-by-specializing">Ramp Up Your Business by Specializing</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/250-tips-for-small-business-owners">250+ Tips for Small Business Owners</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">6 Ways to Get College Kids Home for the Holidays for Cheap</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Small Business Resource Center startup teens Thu, 29 Apr 2010 13:00:05 +0000 Glen Stansberry 28293 at http://www.wisebread.com Telling My Daughter the Truth about Her New 'Friend,' The Salesclerk! http://www.wisebread.com/telling-my-daughter-the-truth-about-her-new-friend-the-salesclerk <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/telling-my-daughter-the-truth-about-her-new-friend-the-salesclerk" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/teen-friend.jpg" alt="teen sales clerk" title="" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>I had to tell my daughter the truth. At the risk of hurting my baby's feelings, I had to tell her that the cool teenager in the 'tween-age clothing store was not really a friend. The 16-year-old salesclerk --so cute, so charming -- was more interested in my 10-year-old daughter's wallet.</p> <p>I hope I did the right thing.</p> <p><strong>'Tween Queens</strong></p> <p>Here's the scenario: To kill time before a movie, my daughter and I wandered into a store that targets girls ages 8-12. It's a great concept. Driven by <a href="http://www.mileycyrus.com/official">Miley Cyrus</a> -- <a href="http://tv.disney.go.com/disneychannel/hannahmontana/">Hannah Montana</a> -- and other young stars, the 'tween market for merchandise is hot.</p> <p>Preteen girls have allowances and a desire for cute clothes and trinkets. As a frugal mom, I should have re-directed our window-shopping expedition. But my daughter wanted to check out the bright store, which featured videos, magazines and other gear from various Nick Jr. and Disney stars.</p> <p>Immediately, a salesgirl in a ponytail and jeans, swooped down on us. Before I could say &quot;bling-bling,&quot; the cute salesclerk had picked out several outfits for my daughter, complete with a cute matching cap.</p> <p><strong>Long Lines, Short Time Frame</strong></p> <p>With our movie about to start, we did not have time for the dressing room or the lengthy cashier line. My daughter promised to return. After the movie, my daughter gushed about the really nice salesclerk as we ran back to the store. (What was I thinking? Clearly, I had 'tween fever!)</p> <p>&quot;She was so nice,&quot; my daughter said. &quot;She spent so much time with me. I just want to go by and say 'hi' to her. I promised her that I would come back after the movie.&quot;</p> <p><strong>Shopping Reality Trip</strong></p> <p>At this point, I halted in the middle of the crowded mall.</p> <p>&quot;She's not really your friend,&quot; I blurted out. &quot;She just wants you to buy all that stuff that she picked out for you.&quot;</p> <p>&quot;You mean she doesn't really like me?&quot; My daughter is visibly distressed.</p> <p>I soften up and carefully select my words.</p> <p>&quot;Sure, she likes you. But she also likes your business. She wants you to buy those outfits. She makes more money when you spend more money,&quot; I said.</p> <p><strong>Reconsidering the Merchandise</strong></p> <p>When we returned to the store, my daughter made a big effort to track down and wave to the friendly salesgirl, who at this point was best-buds with another little girl and a huge stack of trendy clothing.</p> <p>My daughter studied the cute plaid hat. It was $15. I mentioned that the hat might be cheaper --marked down -- in a few months. But I still let her decide if she wanted to spend her hard-earned money, (she works as a mother's helper), on the little cotton cap. My daughter returned the hat to the display. She'd rather save her money and besides the line was still so long.</p> <p>What would you have done? Would you have told her the truth about the salesclerk? Should I have continued to let her believe that the cool clerk was a friend?</p> <p><a href="http://www.amazon.com/Frugal-Duchess-Live-Well-Money/dp/1934508004"><img align="right" src="../../../../../../files/fruganomics/u4/frugal-duchess.jpg" alt="" /></a>Editor's note: Sharon&nbsp;Harvey Rosenberg (The Frugal Duchess) will be joining Wise Bread as a full time blogger in August. In the mean time, she'll be dropping by with a few guest posts a week.&nbsp; You can find more great tips from Sharon in her book <a href="http://www.amazon.com/Frugal-Duchess-Live-Well-Money/dp/1934508004/ref=pd_rhf_p_t_2">Frugal Duchess: How to Live Well and Save Money</a> or in Wise Bread's new book <a href="http://www.amazon.com/gp/redirect.html?ie=UTF8&amp;location=http%3A%2F%2Fwww.amazon.com%2FWays-Live-Large-Small-Budget%2Fdp%2F160239704X%3Fie%3DUTF8%26s%3Dbooks%26qid%3D1243858908%26sr%3D8-1&amp;tag=thelesmac-20&amp;linkCode=ur2&amp;camp=1789&amp;creative=9325">10,001 Ways to Live Large on a Small Budget</a>.</p> <p>Can't wait until August? Here are other great posts by Sharon on her blog <a href="http://sharonhr.blogspot.com/">The Frugal Duchess</a><em>. Enjoy!</em></p> <ul> <li><a href="http://sharonhr.blogspot.com/2008/06/selling-car-jewelry-other-stuff-to.html">Selling the Car, Jewelry &amp; Other Stuff to Raise Cash</a></li> </ul> <ul> <li><a href="http://sharonhr.blogspot.com/2008/03/sell-coach-bag-what-im-willing-to-give.html">Sell the Coach Bag? What I'm Willing To Give Up for Financial Security</a></li> </ul> <ul> <li><a href="http://sharonhr.blogspot.com/2008/02/shocking-results-from-my-free-energy.html">Shocking Results from My Free Energy Audit</a></li> </ul> <ul> <li><a href="http://sharonhr.blogspot.com/2008/04/should-we-house-hunt-nah-plus-tips-for.html">Tips for Preparing for Home Ownership</a></li> </ul> <ul> <li><a href="http://sharonhr.blogspot.com/2008/08/how-to-save-money-on-hair-coloring.html">How to Save Money on Hair Coloring (Sorry Jamie Lee!!)</a></li> </ul> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/frugal-duchess">Frugal Duchess</a> of <a href="http://www.wisebread.com/telling-my-daughter-the-truth-about-her-new-friend-the-salesclerk">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. 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