Primerica

Archive for the ‘Wallet Wellness’ Category

Aug

16.18

Thirty percent of Americans ages 50 to 64 has an adult child living with them most of the year – the highest point in 40 years!* Here are some tips on how to cope with an adult child returning home:

Set a deadline. Establishing a target move-out date can help keep your kids focused on the future.

Expect financial help. If they have a job, grown kids should pay their own phone bills and contribute to household costs such as food and cable TV.

Work together to determine rent. Decide on a reasonable rate, then save their contributions for a security deposit on a new apartment or furniture.

Ask them to pitch in. In lieu of rent (or in addition to it) your kids should help out around the house. If you’re not happy with the current situation, speak up!

Offer financial advice. Remember your kids are dealing with new issues like student loans, credit cards and health insurance. They may not ask for your advice, but they probably need it.

*MoneyTalksNews.com, “Still Supporting Your Adult Kids? 5 Steps to Set Them Free,” October 11, 2017

 

460194


1 Comment »


Posted in Primerica, Tips, Wallet Wellness |

Jul

05.18

Have the best summer ever and save money at the same time. Use these savings tips to bank extra funds for a special trip, to pay off debt or to save for emergencies:

1. Park the car and walk. Operating a car is a major expense and gas prices tend to rise in the summer. Take advantage of a sunny day by parking your car in a central location and walking as much as possible to take care of errands or to enjoy days out with your family and friends.

2. Teach your kids about money. Use summer vacations as an opportunity to improve your children’s financial literacy and teach them about responsibility at the same time. Help show them ways they can earn money, such as setting up a lemonade stand or walking neighbors’ dogs. Stock up on board games like Monopoly and Life that the whole family can participate in.

3. Grow a garden. Plan to grow summer fruits and vegetables or fresh herbs in your own garden. Gardens can be expensive, so be wise about what you plant. You have the potential to save money on groceries when you choose to grow foods you already like and purchase at the store.

4. Have a multi-family yard sale. Organize a multi-family yard sale to get rid of “junk” you have piled in your basement or attic – more families involved equals more crowds! Look on the Internet for tips to organize your for-sale items to make them more attractive to buyers.

5. Find free or discounted fun. Check out websites or local papers for listings of free outdoor movie nights and live music performances in neighboring cities and towns. Hit up festivals and farmers markets instead of paying admission to expensive theme parks.

6. Cancel your cable TV. With so many alternative ways to stream movies and television series online, it pays to cancel your cable TV. Go ahead and do it this summer.

7. Fire up the grill. Outdoor grilling, a favorite summer pastime, can save you money on indoor electricity costs. Hamburgers and hotdogs are tasty and affordable but don’t forget chicken, fish, pork, shish kebabs, and veggies. You can grill out every night of the week or have one big backyard barbecue where you grill several different items to freeze and have throughout the week.

9. Consider clipping coupons. If you haven’t used coupons before, consider trying them out this summer. You can start by collecting coupons (online and in your Sunday paper) and organizing them in a folder or binder. Searching “couponing tips” on the Internet can help get you started.

10. Earn extra income. Earning extra income by getting a part-time job or freelancing your creative skills is a great way to spend your free time this summer. Want to earn at your own pace while helping families become financially independent? Primerica offers a part-time opportunity that might be right for you!

534254


2 Comments »


Posted in Primerica, Tips, Wallet Wellness |

Jun

25.18

Know there are ways to earn extra income online, but not sure how to find what’s out there? Here are some unique, interesting and unusual ideas:

  1. Lease unused space. Have extra space in your home that you could rent out? Advertise a finished basement, studio apartment, or fully furnished room online. Going out of town for a while? Consider renting your whole house.
  2. Market your property to production companies. If you think your property might be a winner with the film industry, list it on location registry websites for motion picture production companies. It could prove to be a very lucrative move if a crew wants to shoot there.
  3. Shuttle people around. Have a car and some extra time? Pick up shifts when you can and earn money (and tips) in your area by driving people around in your personal vehicle using ride sharing apps. Don’t need your car for a weekend? There are ways to rent it out, too.
  4. Be a live audience member or answer a casting call. Find work on the set of films or live television shows by scouring daily listings for paid gigs in your area.
  5. Test websites and provide feedback. Earn extra cash by completing tasks on websites or apps. Marketers pay to get inside the heads of their target customers.
  6. Perform household tasks for clients. Answer requests to assemble furniture, help someone move, do general handyman or other tasks for pay as an independent contractor.
  7. Do freelance work for your talents. Get paid for your creative skills, whether you’re a writer, photographer, web developer or graphic designer.
  8. Offer your tutoring services. Did you have a high SAT score? If you are a whiz in a particular subject, offer sharing your subject matter expertise.
  9. Translate if you’re bilingual. If you’re fluent in a second language, advertise your services online.
  10. Take surveys online. Companies will pay people to take surveys and express their opinions on products and services and issues that affect their daily lives.
  11. Watch other peoples’ children. Love kids? Sites geared to your local area simplify the process of finding baby-sitting jobs in your area.
  12. Pet sit and/or walk dogs. If you have personal or professional experience watching or walking dogs, there are several online companies that will match you up with dog owners in your area that need your services.
  13. House sit. Many people will pay others to house sit while they’re away. Advertise your availability with house sitting services online.
  14. Serve on a virtual jury. Be a virtual juror and make money while expressing your beliefs and opinions about interesting legal cases and helping the court system become more efficient.
  15. Start your own business. Find flexibility and freedom in working for yourself while earning money at the same time. Interested in Primerica’s business opportunity? Visit Primerica Business Opportunity or talk to a Primerica representative in your area for more details.

450962


1 Comment »


Posted in Primerica, Tips, Wallet Wellness |

Aug

17.17

Without Going Broke, Cashing in Your Retirement Savings or Co-Signing Loans

Let’s face it – college is expensive. And if you’re worried about funding your child’s college education, you’re not alone. You’re actually joining 70% of parents when asked about their biggest financial worry.1 Here are four tips on how to cover college costs:

  • Plan Ahead – Start Saving Early

Start saving for college while your little one is still little and you likely won’t have to consider withdrawing from your own retirement fund when he or she is graduating from high school. For example, a family that starts saving $10 a week at birth at 4% interest will accumulate $12,663.44 by the time the child turns 17 and enrolls in college.2 Have a child already and haven’t started yet? Not to worry. Now is better than tomorrow.

  • Look For and Apply For Scholarships, Grants

Encourage your child to apply for grants and scholarship funds to help keep tuition costs down – you won’t believe how much “free” money there is out there today for high school seniors applying for college! Check out all the free sources of information available about grants and scholarships.

  • Encourage Your Child to Work Part-Time

Once scholarship and grant money is applied, and beyond what your savings doesn’t cover, encourage your child to get a part-time job to help offset education costs. Considering that only half of U.S. hiring managers feel that today’s new graduates are well prepared for the professional world, a part-time job can both build character and offset the need for student loans.3

  • Encourage Your Child to Apply for Financial Aid

Beyond personal savings, scholarships and grants, and what expenses your child can cover on their own, applying for a student loan to cover other outstanding costs is an option. Borrowing money for college can be a smart idea if your child can get a low interest federal loan.

17SOC36-2

1 Money.Time.com, “Honey, Who’s Going to Pay for College?,” October 12, 2016
2 Finaid.org, “Savings Goals: When To Start Saving,” viewed June 12, 2017
3 USAToday.com, “Weigh Whether to Work During College,” January 11, 2017


2 Comments »


Posted in Community, Tips, Wallet Wellness |

Aug

04.17

People are spending substantially more this year than last year on back-to-school shopping, and if you’re a parent with school-aged children, you’re probably bracing for the dent in your wallet right about now. In the U.S., families are projected to spend an estimated $83.6 billion (a 10 percent increase from last year), according to the National Retail Foundation’s annual survey — that’s on average $687.72 per child in elementary through high school and $969.88 per child in college.*

Don’t want to be average? Set some guidelines for tackling those back-to-school expenses:

Contact the school/teacher
From books to backpacks to electronics, school supplies can get very expensive. Your first step to finding out what is absolutely necessary to send your child back to school is to contact your child’s school or teacher and obtain a supply list. You can also look on the school’s website to see if a school supply list is posted. If your school does not have a uniform policy, it would be wise to check the student handbook and be aware of what type of clothing/shoes may be off-limits.

Set a budget and stick to it – and plan for unexpected extras
Depending on your family size and how much money you make, this is a no-brainer. Remember back-to-school supplies won’t be your only expense for the entire school year, so you’ll want to save money where you can. There will be more unplanned expenses throughout the school year you’ll need and want to meet, like fundraisers and school trips. And don’t forget about extra curriculars, sports and clubs.

Make a list
Sit down with your child and make a list of what he or she needs and use the opportunity to teach them money lessons and how to be wise about spending and saving. Are there any school supplies left over from last year that can be reused? Can you purchase used electronics or textbooks instead of buying them brand new? Keep your eye out for good sales and discounts and check them off your list. Shop online and take advantage of deeper discounts and free shipping. Make these activities teachable moments while involving your child in the process. It’s a great way to improve their financial literacy and can pay off big time in the long run.

*National Retail Foundation (nrf.com), “Back-to-School and Back-to-College Spending to Reach $83.6 Billion,” July 13, 2017

17SOC42


No Comments »


Posted in Primerica, Tips, Wallet Wellness |