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Being a FinFit Hero to Your Kids

SuperHeroDad.jpgOur kids already look up to us for so many things, but we know that there’s so much we need to teach them regarding money, savings and being Fiscally Fit.  As we were growing up, we watched how adults handled their finances: paying bills, putting money in savings, giving to others and even simple things regarding shopping for groceries.   So, what can we do to make sure our children are taught to make the right fiscal decisions when they are old enough to do so?  

Here are a few simple tips on teaching your kids about money and as a result becoming their FinFit Hero!


Give them Real work

Remember having chores at home that your parents asked you to do each week?   Things like doing the dishes, cleaning the house, doing laundry, mowing the lawn, etc…?  


Many Parent’s provide a weekly allowance regardless if those chores are done.   The concern here is that kids would be paid for doing nothing, rather than earning their pay – just like real life.    Have a list of chores to be done, but also have items on that list where they have an opportunity to earn more.   This  concept not only introduces them to a commission based system, it also helps encourage a positive work ethic.

Assign Goals with their Earnings
Now that they understand the value of what it takes to earn money, what should they do with it?

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Over Half of Americans Have Less than $1,000 in Savings

October 08, 2015

budget, savings

admin

Broken_bank.jpgAmericans are living right on the edge — at least when it comes to financial planning.

Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”

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How Long Does It Take To Pay a $2,000 Credit Card Debt with Minimum Payments?

July 10, 2015

budget

admin

fin1-300x168.jpgWhen it comes to your financial health, minimum payments on your credit cards are poison.

A $2,000 credit balance with an 18% annual rate, with a minimum payment of 2% of the balance, or $10, whichever is greater, would take 370 months or just over 30 years to pay off.

Making minimum payments on your credit card is a treadmill to nowhere,” says Greg McBride, chief financial analyst at the personal finance website Bankrate.com. During that time, you would end up paying more $4,931 in interest and charges, 146% more than the original balance on the card, according to an online calculator on credit-card comparison site, CreditCards.com.

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10 Things You'll Pay More For in 2015

March 05, 2015

budget

admin

fin1-300x168.jpgBurgers and steaks

Red meat prices soared by more than 10% in 2014, and are expected to jump by another 5% this year, according to a recent forecast from the U.S. Department of Agriculture.

That is leading to some serious sticker shock among steak and burger fans. Lean ground beef, for example, sold for an average of $6.04 a pound in November — a nearly 45% increase from two years earlier.

The culprit: a 2012 drought that caused prices for corn -- a common ingredient in animal feed -- to soar in the U.S. As a result, many ranchers were forced to reduce the size of their herds.

While weather conditions have been improving, it can take several years before consumers see any positive change at the cash register, said Annemarie Kuhns, a USDA economist.

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How Bad Are Millennials' Finances Compared to Previous Generations?

homework_help_mom_girl_asian_220x110.jpgMuch has been made about the shaky financial footing of Millennials. And it’s true; young adults today have high rates of unemployment and student-loan debt, which can keep them in a holding pattern when it comes to starting their adult lives.

But a recent study by the St. Louis Fed took a look at Millennials who had managed to take the first step in creating independent households—getting a job and finding their own place—in order to see how the financial health of young Americans today stacks up to that of previous generations.

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Increase your Savings using these 7 Smart Money Moves

December 30, 2014

budget, savings

Kimberly Palmer

 

Broken_bank.jpgBefore the ball drops on New Year's Eve, you can pump up your savings to squeeze as much out of 2014 as possible. Putting money into retirement accounts before year-end deadlines, opening new after-tax savings accounts and automating savings are all ways to ramp up your personal savings rate in the last days of the year.

SunTrust recently released a fourth-quarter checklist of items the bank encourages clients to consider before the clock strikes midnight on Dec. 31. The list includes selling securities with significant losses, making additional contributions to 401(k) accounts (keeping in mind that the 2014 limit is $17,500, with a $5,500 catch-up contribution for those age 50 or older), reviewing estate plans and updating beneficiaries on retirement and life insurance accounts.

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Here are 3 Tips for A Happy Financial New Year

fin1-300x168.jpg'Tis the season for colder weather, family get-togethers, and -- let's not forget -- the highest credit-card spending Americans will undertake over the course of the year. Many of us get caught up in the holiday spirit, only to wake up on Jan. 1 realizing that we've blown our budget and have to pay off the debt. This season is expected to be no different, with the National Retail Federation predicting that the average person will spend more than $804 on holiday-related purchases this year, up about 5 percent from last year.

The good thing about holiday spending is that with a little bit of planning, you can expect a happy financial new year. Here are three simple ways to keep your holiday budget on track:

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Budget: Have you been Naughty or Nice?

December 04, 2014

budget, financial stress

admin

FinFit Logo

Tis’ the Season when many of us start feeling financial stress around the holidays, but for those who are already struggling, this may be a particularly difficult time of year. So, whether you have been naughty or nice with your finances this year, FinFit is making a list and checking it twice!!

Consider the following tips to help reduce financial stress during the holiday season:

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7 Tips to Keep You On-Budget This Holiday Season

November 19, 2014

budget

Paula Plant

budget.jpgIt's that time of year again. Stores are running festive commercials, your local coffee shop is offering gingerbread lattes, and you're beginning to worry about how you're going to afford another round of "the most wonderful time of the year."

There's no doubt about it; the holidays are expensive. From gift-giving to party-throwing, the holidays can be overwhelming if you're on a tight budget.

Let's take some of the stress off your shoulders with some short-term tips for reducing the damage to your budget if you haven't pre-planned for the holidays this year -- and then outline a long-term strategy you can use to budget for the holidays next year so that next winter runs a lot more smoothly. 

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Most People Have No Idea How to Manage Their Money

July 17, 2014

budget, money management

admin

budget.jpgDo you understand money? Let’s see how well you do with the following questions.

1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After five years, how much do you think you would have in the account if you left the money to grow? A) more than $102; B) exactly $102; C) less than $102; D) do not know; refuse to answer.

2. Imagine that the interest rate on your savings account is 1 percent per year and inflation is 2 percent per year. After one year, would you be able to buy A) more than, B) exactly the same as, or C) less than today with the money in this account?; D) do not know; refuse to answer.

3. Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.” A) true; B) false; C) do not know; refuse to answer.

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