Back – to – School Budgeting Surprises

young boy child with Abacus

And How To Get Ahead Of Them

Ah, back-to-school season. Your child is anticipating the academic year ahead of them, and for parents, too, this can be an exciting time. But it can also be an expensive one — especially when you get blindsided by costs you weren’t expecting. Here’s your guide for how to handle unexpected back to school expenses.

Where To Start

A new school year can mean new activities and interests — many of which demand dollars. Talk to your child in advance about what they think they might be interested in, says Trae Bodge, smart shopping expert at truetrae.com. “Especially as they get older, they might not be talking to you as much about things they deem important,” she says. “Keeping those lines of communication really open can help you as a parent anticipate what the costs might be.”

The school will likely provide a list of necessary supplies. But there’s nothing wrong with writing to your kid’s teacher — even during the summer — and inquiring about needs, especially for items that are generally more expensive, like field trips and technology.

Also, keep in mind that when you’re trying to anticipate costs, one of your best sources of wisdom is your spending history. “I would look at your back-to-school shopping costs from last year. See what you spent on that you didn’t anticipate, and factor those items into your budget if you need them again,” says Andrea Woroch, consumer savings expert at andreaworoch.com.

Extracurriculars = Extra Costs

Your kid’s extracurricular activities always seem to inspire activity in your wallet. For activities like dance and gymnastics, you may have to purchase costumes for performances. And for things like Model UN, your child will need business attire. Also, if your child is an athlete, you’ll likely have to pay for equipment. “Nowadays, especially since the recession, a lot of schools can’t cover the cost of uniforms, and in some cases even basketballs and footballs,” says Bodge. And if you’re buying something like cleats, it can cost you again later in the year when your child grows out of them. “Don’t overspend now, assuming that these supplies are going to carry you through the year,” Woroch warns. Activities often require ongoing expenditures. Instead, keep an eye open for neighborhood sales and swaps where you may be able to use last year’s equipment to give you a leg up on this years, financially.

Clothing: At First, Less Is More

Even though you may be tempted to snap up every possible outfit your child may need for the year while the summer sales tax holidays are in full swing, hang onto a portion of your budget for later in the year, advises Bodge. Why? If you live in an area with regular seasons, better deals on cold weather clothing happen later — in late September and October. Plus, if you wait, your kids have an opportunity to go to school, check out what everybody else is wearing, and see if they want to hop on a trend. You can ensure you’re spending money on things they like wearing and will actually wear.

Technology

Technology is likely an integral part of your child’s educational experience — especially if they’re in grades five or above. It’s quite possible they’ll have homework requiring a computer and assignments to print out at home. In other words, if you realize in October that you’ll need to purchase a laptop you hadn’t planned on, that can be a major hit to your budget. To prevent a possibly stressful surprise like this, make sure you reach out to your childs’ teachers or school in advance.

Avoid The Big Shopping Spree Before September

These next few weeks as you’re strolling through the mall, you’re likely to be bombarded with colorful back to school sales. You may be tempted to start shopping for everything on your list right then and there, but prices are expected to drop throughout the month of August, reaching a low in early September, says Bodge. And even once you think prices can’t get any lower and you’re ready to shop, make sure you compare prices online before making a purchase — especially with big ticket items like a laptop or phone.

Also, if you want to minimize the hassle of returns and items that don’t fit, try to shop with your child. “Bringing your kids shopping with you — even if it seems like a pain — is good bonding time. And it shows them what shopping is,” Woroch says. Giving them a budget will instill in them the idea that money is a limited resource. Plus, if your child can watch you in action making efforts to save (using a coupon, buying on sale), that will give them an appreciation for the value of money — something that not nearly enough kids will be taught in schools.

 

Sources: 

https://www.savvymoney.com/blog/spending/back-to-school-budgeting-surprises/

Contributing Editor: Jean Chatzky with Molly Povich

Do My Child’s Activities Really Need to Make Me Go Broke?

little girls playing soccer with coach.jpg

Extracurricular activities are an important part of a child’s development. They allow students to shine in ways that may not be possible in the classroom. It also helps kids step out of their social circles to forge new friendships. They may even be your child’s gateway to a college scholarship and possibly a lucrative career. 

But extracurricular activities are expensive. If you’ve got several school-aged children and each wants to participate in two activities, you can be looking at an investment as high as $10,000 or more for fees, equipment, uniforms, instruments and supplies. 

No worries though; you don’t have to choose between your budget and your children’s happiness. Here are some ways to save on your kids’ extracurricular activities: 

1. Limit the number of after-school activities you allow for each child 

If you’ve got several over-ambitious young ones at home, consider limiting extracurricular activities to just one per child. You’ll be doing your children a favor by forcing them to pick an area of focus, allowing them to channel all their energy in one direction. Plus, it’ll be easier for them to keep track of just one schedule — and it’s a lot easier on your carpool calendar, too! 

2. Register early 

Lots of children’s’ sports programs offer discounts of up to 30 percent just for signing up early. Speak to your children about after-school programs and sports teams well before the season so you can register early and snag those early-bird specials. 

3Purchase used equipment 

Save big on sports gear by purchasing gently used equipment from sites like PlayItAgainSports and SidelineSwap. Some of these sites also allow you to sell your own used equipment. 

4. Swap equipment 

If you have friends with kids who are also into sports and music, see if you can swap equipment and instruments from year to year. 

5.  Rent musical instruments 

If you’ve got budding musicians at home, consider renting the instrument they’ve taken up this year. There’s no way to tell if that burst of passion they’re currently nursing for the oboe is just a passing phase or the beginning of a lifelong hobby. Some instruments, like the French horn, can cost as much as $1,000 but can be rented for as little as $50 a month. 

If your child is convinced they’ve found their instrument of choice, you can purchase gently used musical instruments from resale sites like Craigslist, eBay or Reverb. 

6. Volunteer your time 

If you’ve got the time to coach a team or to walk around selling refreshments during games, you might be able to nab a discount on the program’s fees and equipment. 

By making smart, frugal choices, you can turn your children’s dreams into reality without draining your wallet. 

Your Turn: How do you save on your children’s extracurricular activities? Share your own tips with us in the comments.

 

SOURCES:

https://www.goodhousekeeping.com/life/parenting/g27678115/back-to-school-hacks/

https://www.moneycrashers.com/save-extracurricular-activities-kids-after-school/

https://www.parents.com/parenting/money/saving/11-ways-to-save-on-after-school-activities/

Word of the Month: Credit Card

Father and son using laptop together, online shopping

Kate and her mom were going shopping for school supplies. Kate had her mind set on exactly what she wanted. She’d even scribbled a list of all the things she was going to buy at the store.

“And can’t I get that?” she asked, pointing at the sequined pencil case her best friend Lori had told her about.

“Oh, Kate,” her mom groaned. “We can’t buy the most expensive of every supply on your list!”

Kate was stumped. “But why not?” she asked. “If it’s too much money, you can just put it on your credit card!”

Mom gave her a look, and then said under her breath, “Let’s talk about this a little later, at home. Meanwhile, let’s try to find all of your supplies at decent prices.”

Kate agreed and they finished shopping without any more arguments.

After they’d gone home and put away all of Kate’s supplies, Mom prepared two tall glasses of lemonade. She sat down at the kitchen table, across from Kate.

“Let me explain how it works, Kate,” she said. “A credit card isn’t ‘free money.’”

Kate yawned. “I know, I know—you get a bill at the end of the month and you need to pay it all back.”

Mom nodded. “Exactly. But there’s a few things you don’t know about credit cards.”

“Like what?”

“First of all,” said Mom, “lots of credit cards cost money just to have. It’s called an ‘annual fee.’ Also, credit cards don’t lend you that money for free. They charge you interest on every purchase you make.”

“Interest?”

“That means extra money, a certain percentage of the purchase that you need to pay to the credit card company.”

“So it really costs you more than the price!” Kate broke in.

“Exactly,” Mom smiled. “You won’t have to pay the interest if you pay the full amount on your bill on time, but most people don’t. And then they end up paying for that one little purchase for months—or even years and years!”

“So, if the best way to use a credit card is to pay up your full bill each month, why have one at all?” Kate asked. “Why not just use cash?”

“That’s a great question,” Mom said. “There are two main reasons people have credit cards other than to help them pay for stuff they can’t really afford,” she explained. “One is to get the rewards. Lots of credit cards offer points and money back for specific purchases you make on the card.”

“Cool!” said Kate. “Like a bonus for spending money?”

“Right,” said mom. “But it sometimes can get out of control and people spend more than they planned just because they’re getting some points out of the deal. So it doesn’t quite work out as planned. Plus, lots of rewards cards have an annual fee, so they’re expensive just to have.”

“Wow,” Kate said. “And what’s the second reason?”

Mom reached into her wallet and pulled out her MasterCard. “You see this?” she asked. “This helped me buy our house!”

Kate’s eyed bulged. “You can buy a house on a credit card?”

Mom threw back her head and laughed. “No, Kate,” she said. “Let me explain. Let’s say someone has a bunch of open credit cards but they’re super-careful with how they use them. They’re always careful about paying their balance on time and they never rack up huge bills. What does that say about them?”

“They’re responsible!” Kate said. “They know how to pay back what they borrow and they don’t spend too much money.”

“Exactly!” Mom smiled. “So when someone wants to take out a huge loan—like a loan that will help them buy a house, the people lending them that money will look at the way they use their credit cards. It’s called their credit history and credit score. The person’s credit history will tell the borrower about their credit card use in the past, and their credit score is like a grade which shows how responsible they’ve been with their credit. Are you following?

Kate nodded. “I think so.”

“So, why do you think the lender will look at their credit history and credit score when deciding if they will lend this person money to buy a house?”

“Because they want to make sure the person will pay them back!” Kate exclaimed.

“You’re catching on really quickly,” Mom grinned. “I was always very careful with my credit cards, and that helped us get a mortgage for this house!”

“Wow,” Kate said. She had a lot to think about. “What do you say we open a credit card for me, Mom?” She asked. “I want to start building my credit score right now!”

Talking points:

  • Can you explain the way a credit card works?
  • Why do you think credit card companies let people borrow so much money from them?
  • Are credit cards a good way to purchase something you can’t afford? Why, or why not?

7 Steps To A Mid-Year Financial Checkup

7-Steps-to-Your-Mid-year-Financial-Checkup

It’s hard to believe, but 2019 is half over. Take a timeout from barbecues and beaches to give yourself a mid-year financial checkup. Use the seven steps below to guide you. 

Step 1: Revisit Your Budget 

Take some time to review your monthly budget. Is it working for you or are you falling behind each month? After reviewing, adjust your budget as necessary. 

Step 2: Anticipate Large Expenses 

List any large expenses you anticipate in the coming six months. This can include household appliances that may need replacing or an anticipated medical expense that is not fully covered by insurance. 

Next, determine the spending category you will take the money from to cover these expenses. Deciding on a source for these funds now will help you avoid making the wrong choices when you’re under pressure in the future. 

If you do not have enough money set aside for these expenses, build a savings plan into your monthly budget so you have the funds available when you need them. 

Step 3: Review Your Tax Withholdings 

Review your tax withholdings to see if they need any adjusting. Your goal here is to pay the perfect amount so you’re not hit with a huge tax bill at the end of the year, but you’re also not lending the government your money all year long. 

Step 4: Check Your Credit Score 

Visit AnnualCreditReport.com for your free credit report from any of the three major credit bureaus. If your score has gone up in the last six months, you’re doing great! 

Conversely, if your score has dropped, review your report in detail. Take the necessary steps to fix your score today, whether that means contesting an erroneous charge with the Federal Trade Commission, setting up an automatic payment on some of your bills or lowering your credit utilization rate by paying with plastic less often. 

Step 5: Review Your Investments 

Review and adjust all of your investments. This includes your retirement funds, any stock investments, bonds, trust funds or share certificates at Mutual Credit Union. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan. Adjust as necessary.   

Step 6: Tackle Your Debt 

List every outstanding debt you carry, including credit card debt and all kinds of loans. Designate one debt to tackle first and work on a plan to pay it down. Once you’ve paid off this debt, move to the next one on your list. 

Step 7: Review Your Financial Resolutions and Long-term Goals 

Review the financial resolutions and goals you dreamed up at the end of 2018 and then determine whether you are taking the steps necessary for making them happen. If you’ve been neglecting them, create a plan for working toward them for the rest of the year. 

Now you can kick back and enjoy the remaining summer season, guilt-free. 

Your Turn: What’s on your list for your mid-year financial checkup? Tell us about it in the comments.

 

SOURCES:

https://money.cnn.com/2016/07/28/investing/financial-checklist/index.html

https://onebiteblog.com/its-time-for-your-mid-year-financial-checkup/

The Ultimate Smart Shoppers Cheat Sheet

shopping for appliances

Did you know you should be timing your shopping throughout the week? Each weekday brings its own special deals and savings. Read on for the ultimate cheat sheet for your weekly shopping. 

Sunday: Large household appliances 

Home improvement stores, like Lowe’s and Home Depot, tend to mark down their large appliances on Sundays. 

Monday: Cars and electronics 

Car dealerships are busiest over the weekend, and the comparative quiet of a Monday will put you in a good position to negotiate a great price on a new car. Stop by Mutual Credit Union to ask about our auto loans before you start shopping!

You’ll also want to shop for electronics on Monday, as stores like Best Buy offer exclusive manufacturer rebates each Monday, which can really lower the price of a product. 

Tuesdays: Houses, airline travel and more 

Tuesdays are the best weekday for making an offer on a house, particularly the first Tuesday of the month. This is when most home sellers review the activity surrounding their house from the prior month and are more open to accepting an offer that’s well lower than their asking price. 

If you’re looking to fly, book your flight on a Tuesday morning.  According to data analyses performed by Skyscanner, airlines mark down flight prices by 15-25 percent late Monday evening. By Tuesday morning, competing airlines will offer matching or lower prices, giving you the best selection of affordable flights. 

For a terrific way to end your Tuesday, go see a movie. Tickets to the latest blockbusters are usually discounted during the mid-week slump. 

Wednesdays: Groceries, discounted apparel and fuel 

The best time to shop for groceries is on Wednesday. Most supermarkets roll out their new sale events on this day, rearrange aisle end-caps and set out a fresh display of produce. They’ll also slap discounts on perishable products that are left over from the beginning of the week but are still days away from their sell-by dates. Shop early for the best pickings. 

If you’re a fan of discounted quality clothing, you’ll want to hit TJ Maxx and Marshalls on Wednesday morning, as this is when these stores post their new markdowns.  

Fill ‘er up on Wednesday! Weekly gas hikes will take effect over the weekend, often as early as Thursday morning. 

Thursday: Clothing, shoes and handbags 

Get first dibs on weekend clothing sales at big-name stores late on Thursday. Shop for matching footwear with in-store coupons, which also debut on Thursday. Then, complete your new look with a new handbag, which see online discounts each Thursday. 

Friday: Accessories 

Online accessories, like costume jewelry, belts, and scarves, see an average discount of 42 percent on Fridays.  

Saturday: Yard sale treasures 

Saturdays are prime time to pick up treasures at neighborhood yard sales. You’ll score the hottest deals later in the day when the owners are itching to get rid of their wares. 

Your Turn: Is there a weekday shopping hack we missed? Tell us about it in the comments!

SOURCES:

https://www.thekrazycouponlady.com/tips/money/back-to-school-shopping-hacks.amp.html

https://www.aol.com/article/lifestyle/2018/07/29/the-best-day-of-the-week-to-go-grocery-shopping/23491169/

https://www.dcrstrategies.com/shopping-guide-best-days-of-the-week-to-buy/

https://www.thekrazycouponlady.com/tips/store-hacks/retailer-clearance-markdown-cheatsheet.amp.html

https://www.rather-be-shopping.com/blog/2014/06/09/insider-tips-on-store-markdowns/

Steps 1 thru 12 to Living a Debt Free Life

working on her accounts

Step One: Take Stock of Your Debt

You’re determined that this will be the year you finally pay down (or pay off) that debt. Get ready, because every month, our Do It Today plan will have you taking another step on your journey toward living a debt-free life. 

First, sit down and take stock of all your debts. Don’t let the numbers scare you; you need to do this to move forward. Get out every single credit card bill, personal loan, student loan, and any other debt you’re carrying (except your car and mortgage payments). Tally up the numbers to give yourself an idea of what you’re dealing with. 

Next, organize your debt into different categories, such as credit card debt, student debt, personal loans etc. Use a spreadsheet to list your debt, the remaining term of each loan (if applicable), the minimum payment and the interest rate.   

Finally, designate one hour each week for working on your finances. 

Step Two: Don’t dig yourself deeper

When you’ve dug yourself deep into a pit, the only way to get out is to stop digging. This month, focus on not racking up more debt. Stop using your credit cards. Skip your weekly trips that usually have you buying too many non-essentials.

Instead, start brown-bagging your work lunch and brewing your own coffee. Get into the habit of spending only on essentials so you can make real progress toward paying down that debt.

Don’t forget to make the minimum payments on every line of credit and loan you have open. Neglecting your debt will only pull you deeper into the pit.

Step Three: Negotiate a lower APR

If the majority of your outstanding debit is credit card debt, you may be spending hundreds of dollars just on interest alone. Aside from wasting money, this keeps you from moving forward and paying down your debt.

Most people don’t know you can call up a credit card company and negotiate for a lower APR. Take the time this month to do that. Explain that you are working on paying down your debt and that the interest payments are impeding your progress. You can even research competing cards and cite their interest rates in a bid for a lower APR from your current credit card company.

Lowering your interest rates will allow you to make another real step toward getting rid of debt.

Step Four: Create an emergency fund

You may be feeling impatient to start more aggressively paying down debt, but it’s important important to first create an emergency fund. If you don’t have money socked away for unexpected expenses, you’ll be tempted to use the money that’s already earmarked for your debt payments to fund this expense.

Experts recommend keeping three months’ worth of living expenses in an emergency fund, but you can start with a modest $1,000. Set up an automatic monthly or weekly transfer from your [credit union] Checking Account to your Savings Account until you have a fully padded emergency fund. This may take several months, but no worries, you can continue following the next few steps towards a debt-free life as your emergency fund grows.

Step Five: Create a budget

This month, you’re going to organize your finances. Hold onto every receipt, bill, paystub and invoice you produce throughout the month. Sometime during the last week of May, sit down with all of your paperwork and start crunching the numbers.

When you’re through, you should have all of these questions answered:

  • How much is my net monthly income?
  • How much are my monthly fixed expenses?
  • How much are my monthly non-fixed expenses?

Now that you have the numbers in front of you, work on creating a budget. Designate the necessary funds for your fixed expenses. Then, with the remaining money, determine how much you will spend in each non-fixed expense category; like groceries, clothing, entertainment, etc.

Put your minimum debt payments in the fixed-expenses category, with another category for extra debt payments in your column of non-fixed expenses.

Step Six: Trim Expenses

Now that we have a budget, let’s slim it down!

You’ve already practiced spending less thanks to Step#2 in this series. Now, it’s time to get serious about it. Take a long, hard look at the money you spend each month and find your weak spots. Where do you spend the most on unnecessary purchases? What’s your particular vice? You may even have several spending traps. How can you cut back on your daily expenses?

Any extra money you save goes toward your debt payments.

Step Seven: Create A Debt Snowball

You’ve organized your debt, you’ve set up an emergency fund and you’re working on spending less. You’re now ready to start getting rid of that debt…for good!

Choose the debt you’d like to pay down first. Financial expert Dave Ramsey suggests starting from the smallest debt and working your way up. You can also choose to start with the debt that carries the highest interest rate. Either way, once you’ve paid down the first loan or line of credit, you’ll move onto the next and continue to work your way through all remaining debt until you’re completely debt-free.

For now, paying off this debt will be your top priority. Be sure to pay the minimum payments on all other debts, but any extra money you have at the end of the month goes towards the first one. Start with the minimum payments you were making anyways, and add the money that was previously going towards setting up your savings account to create your debt snowball. Whenever possible, try to add money to your snowball to accelerate your progress.

Doesn’t this feel great? You’re on your way to a debt-free life!

Step Eight: Boost Your Income

Increase your income this month to help you pay down debt.

There are a handful of practical ways to accomplish this. For instance, consider asking for a raise or promotion at your current workplace or seeking employment elsewhere if you feel you’ve reached your maximum earning potential at the company. You can also freelance for hire, take on a side job on weekends or a seasonal job for just a few weeks a year. You might also consider offering consulting services in your particular field.

Remember: any extra money earned goes straight towards your debt snowball!

Your Turn: How did you boost your income this month? Share your success story with us in the comments!

Step Nine: Releasing in September ……………………………

6 Ways to Save On Summer Vacation

Family packing for vacation

 

  1. Time it right. Experts say the sweet spot for cheapest flight booking is 54 days before your travel date.
  2. Clear your cache before every new flight searchThis way, airlines can’t access your browser history and inflate the prices they offer you.
  3. Sweet-talk your way to savings. Ask for an upgrade at the check-in counter. About 78% of hotel guests who request an upgrade at the front desk actually get one.
  4. Never pay full priceCheck sites like coupondivas.com, entertainment.com and Groupon.com for deep discounts at local eateries and entertainment centers.
  5. Freebie fun. Search local sites and blogs for write-ups about free things to do near your destination.
  6. Save your mega event for the last day. Finish your vacation on a high note by saving your most exciting event for the last day of your trip.

Your Turn: How do you save big while getting the most out of your summer vacation? Share your best hacks with us in the comments!

7 Ways to Save Money on Camping

Family camping

 

Q: I’m planning a camping trip for the summer, and I’d love to keep the trip as low-cost as possible. How can I cut down on camping costs? 

A: It’s great that you’re looking for ways to trim your vacation expenses. We can help! Read on for seven ways to save on camping costs. 

1. Save on location 

Nightly rates for camping sites can cost a pretty penny during peak camping season. But why pay the fee when you can camp for free? You can find a campground where you can pitch your tent or park your RV at no cost, on Freecampsites.net or Campendium.com. 

Another great option is to camp at a national forest. You’ll be charged an entrance fee as well as an amenity fee, but you’re free to stay anywhere on these grounds as long as you follow park guidelines. If you’re a frequent camper, consider purchasing a National Parks and Federal Recreational Lands annual pass. For just $80 a year, or $20 for individuals age 62 and older, you’ll have access to more than 2,000 national parks and national wildlife refuges. The pass covers entrance fees, parking fees, amenity fees and more. If you’re currently a member of the U.S. military, you and your dependents are entitled to a free annual pass. 

Finally, if your schedule allows, consider mid-week camping. Lots of campgrounds offer lower prices on off-peak days. 

2. Consider “workamping” 

If you don’t live near a national park and you’d love a free stay, “workamping” can be a terrific option. Lots of campsites and RV parks are now offering this choice: For a bit of hard work, you’ll be granted free access to the campgrounds. You might even walk away with some extra cash in your pocket! 

3. Rent or borrow camping gear 

High-quality camping gear such as tents, sleeping bags, camping stoves and camping clothes can cost a pretty penny. In fact, according to the American Camper Report from Coleman Company, adult campers spent an average of $546 on camping gear in 2016. 

You can have your gear and your budget, too, by double-thinking the purchase of brand-new gear. Are you a frequent camper? If not, does it really pay to spend big bucks on specialized equipment you’ll only use once or twice a year? If you have friends who practically live in a tent or RV, ask about borrowing their equipment for your trip. Otherwise, consider renting the gear you need from companies like REI Co-op. If you’d rather have your own equipment, check out sites like Switchback Gear Exchange for gently used camping paraphernalia at terrific prices. 

4. Skip the prepackaged meals 

Yes, they might be super-convenient, but they’re also super-expensive. Save a ton on food costs this trip by ditching the prepackaged meals. You can find loads of ideas for easy camping meals you can cook over a fire by doing a quick Google search. Often, all you need is some basic food supplies and a roll of aluminum foil! 

5. Share meal prep 

If you always camp as a group, take full advantage by sharing the meal prep. Divide the meals completely, having each family be fully responsible for several meals. Alternatively, you can create a master list of supplies and food and then divide and conquer. This way, only one of you needs to bring small packets of ketchup and a jug of maple syrup, while another one brings the coffee and salt. The packing and meal prep are a whole lot easier when they’re shared! 

6. Pack like you’re being marooned on an island 

Don’t set out on your trip until you’ve checked that you’ve packed everything on your list at least three times. It will take a few extra minutes, but it’s worth the time and effort. You don’t want to be forced to pay inflated small-town convenience store prices for forgotten items like bandages or batteries. 

To keep it simpler, create a master list of everything you need to bring on a camping trip. Make a digital and physical copy of the list. When you return from your trip, review the list and edit it according to how it all went down. Do you need to bring more paper cups next time? Did you overdo it on the ice? Adjust as necessary. Before your next trip, use the list when packing so that you don’t forget a single item. 

7. Check out free camping activities on your campsite 

Many campgrounds feature boat rentals of all kinds, but they can be pricey. Enjoy every minute of your camping trip by exploring walking trails, fishing and bike riding along a forest path. Don’t forget to pack some board games and books for rainy days. 

Use these tips when planning your trip and you’ll save big on costs without compromising on the camping experience. Here’s wishing you the camping trip of a lifetime, from all of us here at Mutual Credit Union! 

Your Turn: Have some camping hacks that save on costs? Share your best tips with us in the comments!

 

SOURCES:

http://bargainbabe.com/20-quick-tips-to-save-money-camping/

https://www.google.com/amp/s/www.thepennyhoarder.com/smart-money/camping-on-a-budget-how-to-save-money-on-your-next-trip/amp/

https://www.google.com/amp/s/www.budgettravel.com/article/save-money-camping/amp

https://axleaddict.com/rvs/CampingForCheapskates

Word of the Month: Savings Account

father and daughter counting change

Kyle’s friend Ashley was always buying new things with her own money.  Today, she’d come to school with a brand-new glittery case for her laptop.

“How’d you pay for that?” Kyle wondered out loud. “You must get a really big allowance each week!”

“Not really,” Ashley said. “My parents give me just $6 each Sunday.

“Six bucks? That’s all?” Kyle’s parents gave him $8 each week. “But that costs a ton of money! How did you pay for it?”

Ashley smiled. “I saved up for it. I put away a little bit of my allowance each week in a special place. I also saved up my birthday cash and the money I earned helping my aunt out during the summer. It all adds up!”

Kyle was interested. His allowance never lasted more than a few days but he really wanted to buy a new Wii game. His mom had told him he’d have to pay for it himself.

The next Sunday, when Kyle’s mom gave him his allowance, he carefully put all eight dollars in his sock drawer. He’d have that Wii game in no time!

On Monday afternoon, Kyle’s friends decided to make a Slurpee stop on the way home. Kyle followed the group into the 7-11 store and started reaching for an extra-large cup when he stopped. His spending money was at home in his sock drawer. He wasn’t wasting his allowance on Slurpees!

He hung back and watched his friends fill up their cups with icy treats. He was surprised to see Ashley joining the line at the register with her own small Slurpee. Didn’t she know there were more important things to spend money on than a slushy drink?

***
That afternoon, he went with his mother on a trip to Mutual Credit Union.

“What’s that?” he asked his mom as she slid a small pile of checks across the counter to the Teller.

“This is some extra money I earned this month from a side job,” Mom answered. “I’m going to put them into our Savings Account.”

She held up another check. “And this,” she said. “Is going to go into our Checking Account.”

“But why don’t you put all of the money into savings?” Kyle wondered.

“Because we need money to live on now,” Kyle’s mom explained. “Savings Accounts are for money we will probably need sometime in the future, but we need to keep some money for today.”

Kyle nodded. That made sense.

On Saturday, Kyle and his friends met up at the pizza store for lunch.

After they finished eating, Kyle’s friends started digging out quarters and dollar bills and heading towards the arcade games at the back of the store.

Kyle stayed in his seat, watching them. His mom had given him enough money for pizza, a can of soda, and fries, but none for extras like arcade games.

“Hey, Kyle!” Ashley called from behind him. She jangled a small pile of quarters in her palm. “Want to race me in the car game?”

Kyle looked at her. “I don’t have any money on me.  I’m saving it all up for something really big.”

Ashley shrugged. “So am I. But that doesn’t mean I can’t keep anything for now. If you put all your money into savings, it can get really hard and you might give up quickly.”

“So how do you do it?” Kyle asked.

“I put 2 or 3 dollars into my savings jar each week, and the rest I spend on stuff like Slurpees and ice cream.”

“That sounds easy,” Kyle said.

“It is!” Ashley grinned. “Come on, I’ll lend you some money. Are you going to race me or not?”

“Nope,” Kyle smiled. “I’m not going to race you. I’m going to win!”

Talking Points:

Why do you think Ashley bought a small Slurpee?
• Why is it important not to put all of your money into savings?
• Why does Kyle’s mom put most of her earnings into her Checking Account?

9 Ways For Kids To Make Money

Lemonade stand

The best way to teach a child financial responsibility is by encouraging her to earn and manage her own money. As the weather warms and summer nears, there are many ways for your kids to pull in extra cash. 

In honor of Youth Savings Month, let’s take a look at 9 easy ways your kids can earn money.  

1. A lemonade stand 

It may be old-fashioned, but kids can bring in good money by selling America’s favorite hot-weather drink. For optimal exposure, let them set up near a local yard sale or another neighborhood event. 

2. Help a senior 

Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. 

3. Hold a yard sale 

Spring-cleaning season is the perfect time to host a yard sale. Let your kids be in charge by having them choose the items to feature, set prices and run it. You’ll want to be available to oversee things, but let them make most decisions on their own. 

4. Do yard work 

If your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them offer yard work as a service. 

5. Help with pets 

Let your kids walk dogs around the neighborhood and offer to pet-sit. If your child is truly a budding entrepreneur and has the skills, they can set up a pet-grooming station out in the yard. 

6. Be junior tech-support 

Generation Z kids are practically born holding smartphones. Let your kids use those skills to help older folks who may not be as tech-savvy. They can offer to organize digital photos, assist with data entry or help set up a Facebook page. 

7. Help a mom 

Your child may be too young to babysit alone, but he can offer services in assisting a neighborhood mom while she’s at home. 

8. Collect recyclables 

Help your child gather empty bottles, cans, cardboard boxes and newspapers to bring to a recycling plant. You’ll be keeping the planet green and helping your child earn pocket money at the same time. 

9. Wash cars 

Let your child try out her car-washing skills on the family car. Once she’s got the technique down, have her offer car washing services to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can pay off. 

Your Turn: How do your kids earn money? Tell us about it in the comments.

 

SOURCES:

https://www.moneytalksnews.com/10-ways-for-preteens-make-money-this-summer/

https://www.thebalancecareers.com/how-can-kids-make-money-2085398

https://selfsufficientkids.com/how-to-earn-money-as-a-kid-elementary-age/