Monthly Archives: April 2016

How to Build Your Childs Credit

What can you do if you want to give your child a head start by helping them to build good credit from the beginning? Can you open up accounts in your child’s name, build that credit, and still protect your child from potential identity theft?

Where to Begin

A gift of excellent credit is one of the best things that you can give to your child. There are a few ways to help your child create a great credit report including the following:

Allow your child to become an authorized buyer on your credit card. Even though you will be responsible for paying for all purchases, you will help to build your child’s credit when paying off all balances in full. This is one of the easiest ways to show your child how to handle credit responsibly as well.
If your child is old enough, you can cosign on a credit card for him or her. All people under the age of 21 must have a cosigner according to the law, so this is the perfect opportunity to help your child build credit while also displaying responsibility credit-wise.
If your child is not old enough for a credit card of their own, you can also open up a store credit card under your child’s name – again, you will have to pay the bill (or work out an arrangement with your child), but these cards provide a good way to build credit quickly.
Protecting a Small Child

Identity thieves don’t discriminate when it comes to the demographics of their many victims – they will go after the credit of an adult, or a child at any age. Even if your child is too young to open up a credit card account, there are still some things that you can do to protect your child’s credit.

1. Always check your child’s credit report – twice or three times per year. If you see anything strange, make sure to report it right away.

2. Open a credit account with a major credit reporting company like Equifax for your child. Then, freeze the account until your child is ready to build her own credit.

3. Make sure that you report anything suspicious right away. It can take time and there might be a process to it, but acting quickly when you see that something is not right about a credit report is important.

Basics of Emergency Financial Plans

Personal finance tips can help you plan and budget to where you would wisely spend your monthly income. These tips are also good to consider for you to spare some of your money for emergency expenses.

Imagine this: your wife has on-the-spot visitors on a lazy Sunday afternoon. Eventually, you would need to offer some snacks for them to eat. Dinner is fast approaching but you have insufficient money to buy enough food for both your family and your visitors. Now, how can you handle this situation if you have no money for emergencies on your wallet?

Preparing for a financial emergency is one thing that most people do not mind to consider. This task maybe difficult especially to those who get just the exact amount of money from their monthly incomes. A situation which happens urgently before your eyes with you being caught unprepared will put you into trouble.

These personal finance tips would make you devise an emergency financial plan. Here are some items to ponder upon for you to handle emergency financial situations that would arise sooner or later in your life.

1. Have a list of all your assets for you to liquidate
2. A list of luxuries you can’t live without to plan a separate budget for these items.
3. A list of available resources in case these emergencies occur.
4. Simple jobs you can generate from the raw materials at home to add to your income.

To sum it all up, you need to make a plan of expenses. It is like your armor when a financial storm will strike your home. What good is a good income if you are caught unprepared during emergency situations like death of a family member, divorce, sudden sickness, bankruptcy, floods and many more. These personal finance tips are essential for you to follow so that you can spare yourself some time to devise a plan before the worst financial storm arises within your family.

Save yourself from the nightmare of not being able to handle effectively the emergency situations. These personal finance tips equip you with the knowledge you need to use as a weapon against devastating financial emergencies.

5 Personal Finance Tips For Parents

As we grow older our responsibilities also increase and once you become parents you have to deal with them pretty seriously. Taking care of children, providing them with the right education and other facilities can lead to some heavy financial burden for parents. In this case what can you do? What is most important is to prioritize your responsibilities as parents and determine the financial support you need to accomplish it. This article will cover a few tips that can help you manage your personal finances diligently.

1. First of all understand that now you have some serious duties to perform, hence you cannot act as if you are a 20 year old and make liberal financial decisions. You need to create a balance between your instantaneous and long term needs so that you can invest wisely. Manage your income properly and keep a check on spending and investments.

2. Plan for your child’s education early and keep funds aside for it. You will need to create a budget and estimate the finances that you will require for his schooling and higher education. Invest accordingly in schemes and investment plans that will have high returns when you require them most for your child’s education.

3. It is very common that people when they grow old tend to invest in property and buy a house. It is certainly one of your basic needs and you may take some loan for the same. Adhere strictly to your budget and repay loans in time so that you can avoid getting a bad credit rating or bankruptcy. Remember by simply paying the minimum due you are not doing any good. Try and negotiate with the creditors for simpler installments.

4. Supervise your credit card payments and pay your credit bills in time to avoid heavy interest.

5. Remember that with children you also need some handy cash for few unplanned expenses like medical bills etc which may crop up anytime.

5 Strange But Creative Personal Finance Tips

I guess most of you are aware about the shrinking global economy unless you have been hiding in Himalayas since last two years or more. Money making, in today’s scenario, is not easy at all. You have to cut down on your groceries, work 15 hours instead of 8, stop partying, and yet you do not save a negligible amount to pay off your credit card bill.

You say “I am trying everything to perk up my financial stability.” I am sure you aren’t. Below are some strange but smart personal finance tips to earn quickly.

1. Medical Research

No, I am not asking you to do a medical research. That will be done by doctors and physicians. You just need to lend your body for research. It isn’t as bloodcurdling as it sounds because all trials and test are conducted under expert supervision and they have to adhere to austere laws. I do not know about rest of the countries, but in US they make sure your body is safe while conducting the tests. Normal trials include drugs dosage testing which has already been scrupulously tested, but not on humans.

It is not necessary to be in good shape to get involved because drugs are not for healthy people. Although some research seek a healthy body, most of them are looking for smokers, or obese, or asthma patients. Those interested, be prepared for diminutive side effects.

2. Trade in blood

Donating your blood is a virtue. But it is an opportunity in recession times. In US, you can earn up to $40 per donation. It is completely safe to give a bottle of blood from your body at any given time. Humans recover the lost blood within a day. That means you can earn $40 per day. However, it’s not advisable to donate on a daily basis.

These strange personal finance tips are quite useful and inexpensive, are not they? Read on.

3. Trade in Hair

People try to earn money by using what’s under their scalp ignoring an indispensable source of income thriving on it. For those still wondering, I am talking about your hair. Instead of dumping it after cutting, sell it and earn up to $ 1,000. However, you can just collect crumbs and sell it off. You hair needs to be at least 25 cm long; say it’s one of the eligibility criteria. It also needs to be uncolored, clean, and healthy. These bunches of hair are used to make wigs which will be used by celebrities. Lucky hair! You can find purchasers online.

4. Trade in sperms

Make money from your manhood is one of the few well paying personal finance tips that your financial consultant wouldn’t inform you. Probably because he might not know it. Selling your sperms once in a week or two is a great opportunity to earn money that women can never enjoy. However, it might be quite bothersome for those men who might think that their numerous off-springs will find them out in 16 years time.

5. Disease in fad:

Any disease can be an earning opportunity for those who think creatively. For instance, many people earned money from the period affected by swine flu. They designed comical swine flu awareness t-shirts which were informative yet stylish. Others introduced branded flu masks for rich and modish people.

These are some of the few personal finance tips that you can use to earn a good part time income. Just remember to be creative and resourceful.