Family Finance
How Tax on Mutual Funds Works
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For a long time, mutual funds have been a popular investment vehicle for millions of investors, largely because they offer an easy way to purchase no-fuss, diversified assets with relative ease. This out-of-the-box diversification and risk-mitigation is something that individual stocks can’t match. Though technology has made it easier than ever to buy securities like […]

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6 Ways to Save Money on New Clothes
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6 Ways to Save Money on New Clothes

Cut Your Clothing Clutter

If you have a favorite navy shirt, chances are, you rarely wear your second-favorite navy shirt, and never wear your third favorite! If you tend to buy a lot of items that are similar to each other, try organizing your closet by color, so when you pause by that navy polo shirt at the store, you’ll remember just how many navy shirts you already own.

Shop in the Off-Season

For the best deals on clothes, shop in the off-season. Buy spring and summer clothing in July and August, and fall and winter clothing in January and February. (You can often find the best sales right after the holiday season.) It’s sometimes a bummer to buy something you’re not going to be able to wear for six months, but when the time comes to switch seasons, you’ll be happy you already have some new clothes to wear—all of which were purchased on sale!

Befriend Those in the Know

If you have a favorite shop you find yourself spending a lot of time in, make sure to get friendly with the sales staff! Clothing stores often have unannounced sales, or they regularly begin sales on certain days of the week. If you’re down with the people who work there, they’ll often you tip you off. And if they really like you, they may let you put an item on layaway until it goes on sale a few days later.

Keep It Simple

When you’re buying clothes, always go for classic looks rather than modern, trendy ones. A blue V-neck T-shirt will be fashionable year after year, while something with more exotic colors or patterns will go out of style quickly. By choosing the basics, you won't have to buy as many new articles of clothing each season.

Take It to the Tailor

Going to a tailor may seem like an expensive proposition, but it’s often worth it if you unearth a good deal on a suit or other item of clothing that doesn’t quite fit. Found some jeans for ten bucks that look great but are an inch too long? A jacket that’s a steal, but a bit too baggy in the arms? For a small price, you can get these items custom-fitted at a tailor. And you’ll still be saving a bundle from what the normal retail price would be.

Revamp Shoes and Purses Yourself

Not happy with the color of a handbag or pair of fancy shoes? Instead of buying new accessories, turn that unbecoming chartreuse into an elegant black with a can of shoe color spray. You can pick up an inexpensive can of shoe color from a repair shop, then revamp those heels yourself instead of paying someone else to do it for you.

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Budgeting for Beginners: These 5 Steps Will Help You Get Started
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Having trouble staying on top of your finances? We’ve got five simple steps that will make budgeting for beginners easy.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Digital Assets and Cryptocurrency
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cryptocurrencies

In the last ten years or so, a new asset class has swept the globe—digital assets and cryptocurrency. It began with Bitcoin in 2009 and has since expanded into thousands of different cryptocurrencies. Bitcoin, the first and largest cryptocurrency by market cap, is widely considered the gold standard of the asset class. Over time, other […]

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10 Money Management Tips to Teach Your Kids About Finance
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Knowing how to handle finances is one of the most basic and important life skills. When you understand how to handle your money, you can avoid falling into financial problems and risks. So teaching your children about money is a key step in preparing them for adulthood. Teach them values and terms, such as saving, and they will grow to possess good money habits even up to adulthood. Broaden your knowledge of finance and money matters and pass them to your kids by reading up. Read LoanStart blog for financial advice and learn the intricacies of financing and loans and how they can help benefit your current financial situation.

1. Integrate Money Into Daily Life

Get your children involved with money. For example, you can have a young child join you at the grocery store to help with shopping. Ask them to compare prices of similar items and discuss why the items may be different. For older children, you might allow your child to watch or participate when you pay bills. Explain the process to them. Let your child know how much money comes in each month and how much you spend on expenses. Show to them how expenses add up.

Involving your children in household finances will help build their financial knowledge at an early age.

2. Give Your Child an Allowance, But Consider the Frequency and Amount

There are several benefits to giving an allowance. For one thing, when your child has money of their own that they can spend at their discretion, they will be incentivized to learn how to handle it. Once the allowance is gone, your child will have to save up to buy necessary items. You can teach your child to be responsible for money management and living within their means by sticking to the rules. Disperse allowance on a regular schedule, and never extend "credit."

Some financial experts recommend giving out an allowance to be budgeted once a month rather than once a week. This gives the child a longer amount of time on how to manage a given amount of money. Also, the larger the amount of money, the more management skills are to be learned.

3. Model Good Financial Behavior

Your children look up to you, so your decisions with money will set an example. Are you late on your bills? Are you living beyond your means? Get your financial situation in order and be honest with your children. Let them know the reason behind your financial behavior so that you can discuss financial planning and management as a family.

4. Teach Your Children About Choices

Let them know the reason behind your financial behavior and embark on sound financial planning and management as a family.

Make sure your children know that there are more ways to use money beyond just spending it. Teach your child to save, invest, or donate to charity, and explain why these options are worth the effort, even if they do not offer the short-term satisfaction that comes with making a purchase.

5. Provide Extra Income Opportunities

Occasionally, you can offer your child an opportunity to make a small amount of extra income by having them do some chores around the house. This will teach them early on about the value of earning money. You can then help them decide what to do with the extra money they have earned.

6. Teach Your Child How to be a Wise Consumer

Before your child buys something new, discuss with them the alternative ways of spending money to emphasize the value of making choices. Teach them to compare shops and items for prices and quality. Show them how advertisers persuade people to buy their products. Encourage your kids to be savvy and critical of ads and commercials.

7. Teach Your Child a Healthy Attitude Towards Credit 

Teach your child how to handle credit. When you think they are old enough to understand what credit is, allow them to borrow an extra amount of money from you to make a major purchase. Talk to them and negotiate how much amount your child will pay you each week from their weekly allowance, and then collect the money and keep track of the remaining balance each week until the debt is repaid.

8. Involve Your Child in Family Financial Planning

Let your child see how you plan your budget, pay bills, how you shop carefully, and how you plan major expenditures and vacations. Explain to them that there are affordable choices, and allow the kids to participate in the decision-making process. You can set a family goal that everyone can work towards.

Explain to your kids that there are affordable choices, and allow them to participate in the decision-making process.

9. Avoid Impulse Buys

Children are prone to impulse buys when they find something cute or eye-catching. Instead of giving in and buying the item for them, let your child know that they can use their savings to pay for the item. However, encourage your child to wait at least a day before they purchase anything above a given benchmark--for example, 15 dollars. The item will still be there the next day and they will have properly decided with a level head if they still want the item.  

10. Get Them Saving for College

College is an important phase that can affect the future of your child. There’s no time like the present to have your teen saving for college. If they plan on working a summer job you can take a portion of that amount and put it on a college savings account. Your child will feel more responsible since their future is at stake with how much they save.

How to Spend Your Stimulus Check: 4 Smart Options
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A second round of stimulus checks is on the way to millions of Americans. This time around, the maximum you’ll receive is $600 per adult (or $1,200 for married couples) — half the amount of the stimulus money distributed in the spring. Families will also receive $600 for each child under age 17, which is […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Should You Consider Pet Insurance?
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man with his dog on a computer

Owning a pet comes with an array of costs, and medical care can be one of the big ones. Does that mean you should get health insurance for your pet? Is buying pet insurance worth it? Insurance policies for pets are more worthwhile for some pet parents than others. While a policy that covers general […]

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8 Tips to Save Money on Meat
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TipstoSaveMoneyonMeat

Buy It in the Morning

Looking for deals on meat? Hit up the supermarket in the early morning. That’s when they’ll be restocking the meat case, and you’ll have the best bet at finding a deal.

Buy in Bulk

Ask at the deli counter of your supermarket for “bulk ends,” and ask if there’s a discount! These end bits of sliced meats are too small to slice in the machine, but can be sliced or cubed at home. They’re often offered at half off!

Befriend the Butcher

When does your supermarket mark-down meat? It’s as easy as asking the butcher. Especially if you’re friendly, he or she will usually be happy to let you know this valuable savings secret.

Market Watch

Supermarkets have started using their own wording on meat packages to make you think that the product you are buying is a better grade than it really is. Most of the major chains are buying more select-grade beef, but may call it by any number of fancy names such as “top premium beef,” “prime quality cut,” “select choice,” “market choice,” or “premium cut.” Be aware that these titles don’t actually mean anything!

Ask for Discounted Cuts

Grocery stores make a lot of money on meat, so it’s not surprising that they display the priciest cuts in the case! Experience dramatic savings by instead asking the butcher to slice different cuts for you from the same primal (or section) of the cow or pig. These cuts can be as little as one-fifth the cost of the expensive, pre-packaged cuts, and they’ll be just as tender and tasty. Here are a few discounted (yet delicious) cuts you can ask for: Instead of buying ground beef, ask the butcher to grind up a bottom round roast for you. If you’re looking for rib eye steak, request chuck eye. (You may need to ask the butcher to cut a 4-inch roast off the front of the boneless chuck, then to peel out the chuck eye and cut it into steaks.) Instead of pork tenderloin, buy an entire loin roast and ask the butcher to cut it up for you.

Buy Bigger Hams

If you’re going to buy a canned ham, purchase the largest one you can afford. Most smaller canned hams are made from bits and pieces glued together with gelatin. Cured hams are injected with a solution of brine salts, sugar, and nitrites. The weight of the ham will increase with the injection, and if the total weight goes up by 8 percent, the label will usually say “ham with natural juices.” If the weight of the ham increases by more than 10 percent, the label must read “water added.”

Make Your Own Patties

Never buy meat that’s already been shaped into patties (unless it’s on sale). Instead, buy your own and shape into patties yourself. Place a sheet of waxed paper between each, then place the entire stack in a resealable plastic bag and put in the freezer.

Leaner Isn’t Always Better

Even if you want to prepare low-fat meals, you don’t always need to buy the leanest (and most expensive) ground beef. If you’re preparing hamburgers on a grill or on a broiler rack, most of the fat will be lost during the cooking process, so stick with the moderately lean varieties.

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8 Ways You Could Get Stimulus Money With Your 2020 Tax Refund
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If your coronavirus checks are long gone, you could have more stimulus money coming your way, even if Congress doesn’t do another thing. And if you didn’t qualify for a check based on your past tax return, you could get stimulus money if you file a tax return for 2020 that shows you’re eligible. Here’s […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Understanding Lower Division Vs. Upper Division Courses
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woman holding books

Declaring a major in college is a big decision, but the choices don’t stop there. Once students know their area of study, then comes the selection of courses. Upper and lower signify beginner and advanced courses in an academic career. Clearly, students can’t just sign up for classes willy-nilly. They’ll often need to start at […]

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