Category: Financial Education

Whether you're wading into the world of borrowing with a credit card or diving into the deep end with a mortgage, the process can be daunting for someone who hasn't done it before. If you're looking for a lender to meet your financial needs, here are some tips on how to apply for your first loan. Defining the Terms In order to feel comfortable when you apply, here are a few common terms: Principal - the actual amount you borrow Interest - percentage the financial institution charges for lending money Term - how long until you pay it back Down…

Spring has a way of getting us to tidy up our living spaces. Some might be satisfied with traditional cleaning, while others use a home equity line of credit for major renovations. But if you're on a budget and still want to make changes, here’s a list of affordable ways to improve your home. Boost Curb Appeal Add a pop of color to your front door with a bold shade or bright hue, then paint the exterior trim and shutters to match. Modernize your address numbers with a different font, size and color to create personality. Buy a fun new…

We all know reading, writing and arithmetic are three essential building blocks of an education. However, it's also vital to teach your kids financial literacy. Children need to learn how to make informed money decisions to become self-sufficient and contribute to society. Plus, just in case you're hesitant to talk to your kids about money, remember that financial independence will help prevent them from coming back to live with you after they've grown! Promote Active Instruction When children are old enough to say they want something, they're ready to learn about finances. We all form money habits early in life.…

It's easy to purchase a vehicle, but buying a car the sensible way takes a little more effort. Whether you're looking for a new or used auto, at a dealership or from an owner, here are some ideas to make your auto purchase as painless as possible. Set a budget Before you go shopping, figure out exactly how much you can afford. This is the most important part of the process. After all, car payments are a big financial commitment. Consider all your current monthly expenses, including your mortgage, utilities, food, childcare, entertainment, and tuition.  Be realistic and make sure…

Whether you're 16 and just entering the workforce or 66 and can start collecting Social Security, retirement should always be on your mind. Unfortunately, many people don't seriously consider it until later in life. Here are four quick questions you should ask yourself now because retirement is coming later. When should I retire? Just because you could start Social Security at 62, doesn't mean you should retire then. Most people do so between the ages of 61 and 69, but if you apply for benefits before you're 67 -- if you were born after 1960 -- you'll receive a reduced…

When people think of visiting popular overseas destinations like London, Paris or Japan, they're often concerned with extravagant hotels, overpriced food and costly flights. However, a big trip doesn't have to bring big expenditures. In fact, with a little planning and some self-discipline, traveling abroad on a budget can be relatively simple. Economical Travel One of the easiest ways to save is by going during the off-season. In Europe, for example, this is between October and April. Flights are usually cheaper, as are hotels, restaurants and fuel. Don't just take the first flight that fits your departure and return dates…

Buying your first home can be intimidating. After all, making the leap from renting to ownership should not be taken lightly. However, with proper preparation and planning, you'll find it's not as scary as it seems. Here are six tips for first-time homebuyers. 1. Make Sure You're Ready Before purchasing a house, you'll need to be willing to plant some roots. It takes time to build equity and experts suggest staying in a home for at least five to seven years to make it worth the investment. Plus, selling isn't as easy as not renewing the lease on your apartment.…

Take a moment to think about every device you have plugged in at home. Now consider how many of those actually need to be. The truth is, most electronics don't always have to be attached to outlets. In fact, many of these perpetually plugged-in gadgets still use power when they're turned off, costing you money you didn't even know you were spending. What Is the Standby Power Price Tag? The average household routinely leaves around 40 appliances plugged in 24 hours a day. The U.S. Department of Energy has estimated that standby power -- also known as leaking electricity, phantom…

With spring around the corner, many homeowners start thinking about the improvements they've been putting off all winter. If your to-do list is long, but your cashflow is short, you might want to consider a home equity line of credit, also known as a HELOC. These loans give you access to the value you've worked so hard to build and they provide the flexibility you need to make your projects a reality. Many people don't take advantage of their equity until it's time to sell. With a HELOC, you can borrow up to 100% of your home's value, minus your…

We all know it is better to give than to receive. And, of course, the point of giving to a worthwhile cause is not expecting anything in return. Nevertheless, there are financial benefits to charitable contributions when you file your taxes. Here are a few tips & guidelines regarding taxes and charity. What Is Deductible? The IRS doesn't allow deductions for funds given to specific individuals or families. Meaning, if you give a friend in need some money to help them pay for a medical issue, it doesn't apply. The contribution has to be to a qualified organization, such as…