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Tip of the Month

Nov 01
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5 Ways to Save on Holiday Gifting

By Blog, Tip of the Month

Save on Holiday Gifting, Save GiftBelieve it or not, the holidays are right around the corner. And try as you might, overspending is real – whether you plan ahead or wait until the last minute. With this in mind, here are a few ways to get a handle on spending and save money on gifting.

Set Limits. Decide how much you’re going to spend overall on holiday gifts and how many people you’re buying for. Then do the math. For instance, you might want to spend $250 for 10 people. That’s $25 per person. However, there might be those you want to spend more on, which is perfectly understandable. But you can get into trouble when you buy your sister an expensive sweater and then feel like you need spend just as much your brother, mother or aunt. Spending sprawl sets in and it’s a runaway train. One way to avoid this situation is deciding before you shop how you’ll divvy up the amount you’ve set aside. While the holidays are special, remember that your family and friends also have birthdays, which means you don’t have to throw down a big chunk of change in one fell swoop during this time of year.

Shop Thanksgiving Weekend. Believe it or not, Thanksgiving Day has historically been the best time to find bargains. And you don’t have to leave your turkey dinner and run to the mall, unless you want to (read: uncomfortable family dynamic). The good news is that, on this day of carb overload, you can also find great deals online. If you miss the sales on Thanksgiving, you can always hit Black Friday and Cyber Monday. Black Friday, if you can stand the crowds, yields serious savings. And the beauty of Cyber Monday is you can shop from your favorite chair in your PJs, if you want.

Buy Gifts for Kids at Cheaper Stores. While adults might appreciate a brand name gift from, say, Neiman Marcus, kids really don’t care. Look online at Hollar.com for some great deals, as well as at discount stores like Walmart and Kmart, where you’ll find some big markdowns on popular gifts. The truth is, you don’t have to pay full retail prices from fancy stores for gifts that will surprise and delight the little ones.

Make Your Own Gifts. If you’re a craftsperson, handmade gifts always touch the heart: quilts, paintings, photographs, jewelry, bath and body products and so on. If you’re not so crafty, then going to holiday fairs are a good way to select handmade gifts. Etsy is another great place to find handcrafted items. Food is also a heartfelt gift to make and give, especially for the person who has everything. No matter what you choose to make, chances are you’ll save big time.

Give Secondhand Gifts. The key to giving this sort of gift is knowing where to shop. Good places to check are thrift stores and used bookstores, where you can find gently used clothing, board games, jewelry, books and even CDs and DVDs. Just make sure to check for rips or tears that might be unsightly. If you don’t want to make the trek, eBay is great for people who are collectors. Amazon even has items that are used. Just check to see if there’s a link that says “used and new offers” on the page of the product you’re looking for. All of the aforementioned resources can be treasure troves for terrific, affordable finds.

While it’s the spirit of giving that the holidays are all about, saving when you’re gifting might be one of the best gifts of all.

Sources

https://www.simple.com/blog/how-to-save-money-on-holiday-presents

https://www.moneycrashers.com/ways-save-money-holiday-gifts-friends-family/

https://www.dealnews.com/features/Thanksgiving-Day-Will-Top-Black-Friday-for-the-Best-Deals/857586.html

Oct 01
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How Parents Can Save Money for College-Bound Kids

By Blog, Tip of the Month

No matter how old your children are, it’s always a good idea to start saving for college as soon as possible. (Yes, even when they’re still in diapers.) This might sound overwhelming, especially if you haven’t started, but take heart, it’s never too late. Here are a few things to do before you start saving, as well as smart ways to gather the resources you’ll need.

Figure Out How Much College Will Cost

Is your child interested in a state school? A small private university? Or a trade school? Create a list of schools, do the math and figure out a ballpark number of how much you’ll need. When you do this, you can calculate how much per month or year you need to set aside. The truth is that state schools are generally a lot less expensive. However, because private universities rely heavily on private donations, they also have a healthy number of scholarships available. If your child is more interested in a trade school, these can be even more affordable, depending on what they want to study.

Create a Long-Term Spreadsheet for All Your Expenses

You may want your children to go to college, but that’s not the only goal for a family. There’s saving for your own retirement, paying your mortgage and credit card bills. You’ll also want to save for emergencies. A good rule of thumb is to save up for three to six months of expenses. All of this might sound tough, but if you create a priority list, it’s absolutely possible.

Start an Education Savings Account (ESA)

Also known as an Education IRA, this fund allows you to save $2,000 (after taxes) per child, per year. And here’s the best part: it grows tax-free! You’ll also most likely earn a higher rate of return than you would with a regular savings account. But know this: you must be within the income limit to qualify; contributions are limited to $2,000 a year; and the money must be used by the time your child is 30.

Consider a 529 Plan

If the ESA sounds too limiting or you don’t meet the income limits, then a 529 Plan is a great option. You can contribute up to $300,000, but this varies by state. What’s more, most of the time there aren’t any income limits or restrictions based on age. And again, the cherry on top: it grows tax-free. But something to be mindful of when you’re shopping for a plan is whether you want to choose the funds you invest in through the account. Some 529s offer preselected funds or automatically change your investments based on the age of your child. Also, restrictions may apply if you choose to transfer your 529 Plan to another child.

Look into a UTMA or UGMA

Otherwise known as Uniform Transfer/Gift to Minors Act, this option is different because it is not created just for college savings. The account will be set up in your child’s name, but it will be controlled by a custodian, which is usually a parent or grandparent. When your child turns 21, the control of the account transfers to the child. While there are tax advantages for you, a significant downside is that your child can use the funds any way she wants. (College or trip to Vegas?)

Saving for college, especially these days, might seem daunting. But it’s not impossible. In fact, if you chart a course and stick to it, you’ll be in good shape when those little ones of yours become all grown up.

SOURCES

https://www.daveramsey.com/blog/saving-for-college-is-easier-than-you-think

https://www.daveramsey.com/dave-ramsey-7-baby-steps?int_cmpgn=no_campaign&int_dept=dr_blog_bu&int_lctn=Blog-Text_Link&int_fmt=text&int_dscpn=saving_for_college_blog-inline_link_baby_step_5#baby_step_5

Aug 01
Love0

Pass It On: Accounting Tips to Share With Kids

By Blog, Tip of the Month

Accounting Tips to Share With Kids, Accounting childrenIt’s never too early to helps kids understand accounting – the concepts of earning and spending. Here are a few ways to teach your little ones about how money works and even have a little fun.

Play Money Games

One way to explain the principles is by playing games like Monopoly and The Game of Life. However, if you want to be more homegrown and less commercial, bake some cookies, bag and price them, and turn your kitchen into a store. You might even get a toy cash register and calculators to make the whole experience more authentic. Then record the earnings, expenses and profits. This will really give children a “taste” of accounting!

Create a Family Budget

When sharing this activity with your kids, you don’t have to include every single expense – just those that they can easily understand, such as mortgage or rent, electricity, gas, phone, groceries and so on. Then, ask them to write up a budget of their own and include their income and expenditures for an allotted amount of time, perhaps a week. This way, you can demonstrate the importance of tracking money and explain that this is a common way that businesses and families deal with their finances.

Teach Them About Checking Accounts

Even though checks are being used less and less these days, a check register is still a good way to show kids how to reconcile expenses. First, you can let them watch you write a check, then explain how to record the check in the register. Then, get some generic deposit slips from your bank and demonstrate how deposits and withdrawals work. Finally, tell them that these transactions will be sent to them each month in a statement – you might even show them one you have to help them visualize the concept.

Explain Debits and Credits

Grab a blank sheet of paper and write a large T on it. Above the left side of the bar, write “Income: Money In” and above the right side of the bar, write “Expenses: Money Out.” Point out the difference between the two sides. If your child has an allowance, a way of earning money by doing chores or if they have a summer job, then ask them to pretend that they’re going to spend some of their money on things they’d like, such as games or candy. Have them record the amounts of earned income in the left column. Then ask them to imagine spending the money on the things they want and have them record those expenses in the right column. Then subtract the expenses from the income. This is quite effective because it helps kids see the money going in and out of an account. When they get a feel for how this works, they might be a little less interested in spending every cent they earn.

There are many other tools you can use to teach your children how money works, but these are a few good ones to get you started. As many parents can attest, helping kids comprehend how to manage money is one of the best lessons you can teach them.

Sources

https://www.sapling.com/12003624/accounting-activities-kids

Jul 01
Love0

New from Apple: iPhone iOS 13 Upgrades, All-New Mac Pro

By Blog, Tip of the Month

iPhone iOS 13 Upgrades, All-New Mac ProDuring its annual Worldwide Developers Conference (WWDC) on June 3, Apple introduced a lot of new technology. Here, we will have a look at iPhone iOS13 upgrades and the all-new Mac Pro.

iOS 13

The main reason for this upgrade is to have a faster and more secure iPhone. Some of the new features that Apple has added to entice buyers include:

  • New map tools that enable consumers to zoom in on a location and have a tour around the place.
  • A dark mode color scheme that users can switch to, replacing the usual white background. The dark mode helps reduce eye strain that users might experience from using a brightly lit screen.
  • Ability to customize your Memoji avatar. Apple added makeup, new hairstyles, accessories and more skin colors to help personalize iPhone avatars. 
  • To enhance security Apple added Sign In with Apple, a privacy tool that uses your Apple ID to verify credentials instead of an email address.
  • A swipable keyboard that relieves iPhone users from the trouble of having to use third-party apps to swipe their keyboards.
  • New photo tools that include adding more lighting effects, removing duplicate photos and additional editing filters. It will also be possible to rotate a video shot in the wrong orientation.
  • iOS 13 also comes with an upgraded Siri, Apple’s voice assistance, that will sound natural and smoother to your ears.

All-new Mac Pro-225

Apple will be introducing a new Mac Pro, which is basically a retooled version of their leading desktop computer. Here are some features to expect from the $5,999 new Mac Pro that will be available for purchase this September:

  • A new design, meant to achieve two objectives: performance and modularity. To handle huge computations without burning up, the new Mac Pro’s tower design includes an offset two-layer circular lattice that will serve as a high-surface area heat sink. A semicircular handle at the top can be easily opened to expose PCI expansion slots.

Specs include up to 1.5 TB system memory, 32GB RAM, Xeon chips supporting up to 28 cores, Pro Display XDR, supports up to 4 GPUs, 8 PCIe expansion slots, up to 2 Radeon Pro II duo GPUs, and two built-in 10GB ethernet ports.

Jun 01
Love0

Best Road Trips on a Budget

By Blog, Tip of the Month

Summer is here and it’s time for getting out of town. However, you don’t want to set off on the open road without a plan. While there are an endless number of places to visit across the United States, here are a few road trips that are filled with natural parks, mountains and beaches, all of which are notably affordable, if not free.

From New York City to Charleston, South Carolina

First stop, Cape May, NJ, where you can hit Cape May Beach for some sun, then walk/bird watch for free at The Meadows. Next stop, Ocean City, MD, where there’s a 3-mile-long boardwalk with lots of arcades and fast-food joints (read: kid-friendly and affordable).

After that, head toward the fabled Outer Banks of North Carolina. Lots of adorable towns and free public beaches pepper this area, but you can’t miss Cape Hatteras. Should you want a break from the sand, you can take in all the critters at the Pea Island National Wildlife Refuge, then climb to the top of the Cape Hatteras Lighthouse – both free. Last stop, iconic Charleston, where the eye-popping architecture is complimentary, as is visiting The Battery, biking the Palmetto Trail and swooning over the miraculous Angel Oak Tree.

From Chicago, IL, to Santa Monica, CA, via Route 66

Starting in Grant Park, the official beginning of Route 66, you can walk and hike across lots of gorgeous tree-filled greens, bike along Lake Michigan, snap pics by Buckingham Fountain and check out sculptures and installations, all gratis.

Head next to Carthage, MO, to the 66 Drive-In, where you can watch one movie and get the second one for free. After this, make your way to bucket list-worthy national parks, including Yosemite, Grand Canyon and Petrified Forest National Parks. While they do charge entrance fees, they’re minimal and the jaw-dropping nature is priceless. Last stop, beachy Santa Monica, where the waves, the pier, the mountains – everything is waiting to greet you.

From Houston, TX, to Portland, OR

First stop is Dallas, where you can see the JFK Memorial and the Calatrava Bridge, both without charge. Next stop, Amarillo, where a must-see is the Cadillac Ranch, rows of old Caddies nose-down in the ground. Free and a great photo op.

Head to Denver, where Rocky Mountain National Park is just a heartbeat away. Stop by Red Rocks Park in the city for awesome natural formations (no charge), followed by the Denver Museum, which is free every first Saturday of the month.

After this, head to Boise, ID, where you can hike/walk in the Boise River Green Belt, hoof it around the Idaho State Capital Building, then get yourself back into nature at the Camel’s Back Park. Last stop, Portland, where a few free things of note include visiting Mill Ends Park, the world’s smallest park. The Vacuum Museum, (yes, you read that right), where you’ll see vintage vacuums. And then, of course, what you came here for, the nature stuff: Forest Park, where you can check out the Witch’s Castle. The Urban Waterfall at Ira Keller Forecourt Fountain Park and of course, Columbia River Gorge, for crazy gorgeous waterfalls and all kinds of outdoor fun.

These three road trips are just a sliver of the many routes that offer freebies along the way. But remember: head for the great outdoors. More often than not, you’ll see some memorable sites that won’t cost an arm and a leg.

Sources

https://blog.esurance.com/6-must-see-roadside-attractions-along-route-66/

https://www.trippy.com/drive/Houston-to-Portland

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