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4 Tips to Help You Afford Child Care

April 17, 2023 By Erin H Leave a Comment

When it comes to child care, the services can be expensive. Unfortunately, it’s not an area where you can afford to cut corners. Nothing comes before your child’s well-being, but that doesn’t stop you from needing to work or attend school. Fortunately, if you’re looking for ways to lower the cost, there are some options available.

1. Finding a Care Option that Meets Your Finances

Supporting your family is a huge responsibility. Most of the time, working hours are longer than school hours, meaning there will be times when your child needs to be cared for until they’re old enough to be home on their own.

You may need child care in the morning and after work. If your child is school-age, then you have the option of an early drop-off. Some daycare centers offer deals, especially if you’re dropping off more than one child. College students studying early childhood development look for jobs as nannies. If you can set aside the budget, your child will get the personalized attention they need.

2. Registering for After School Clubs and Extra-Curricular Activities

Schools often offer after-school programs, where your child can spend a few hours while you finish work for the day. As your child will already be in an academic setting, it is also an excellent time for them to get their homework done so that you can enjoy your evening together when you get home.

As well as general after-school programs, there are extracurricular activities. Joining a club, starting a sport, or embracing a creative field is excellent for overall child development while giving them a hobby and helping them gain much-needed confidence.

3. Accepting Help from Loved Ones

If after-school programs or extracurricular activities are unrealistic for your situation, it may be time to turn to loved ones for support. It’s very common for family members to step in when necessary. 81% of all guardians are family members, so there’s no reason to feel guilty or embarrassed over the situation. Asking for help is never comfortable, but you probably have friends or family members that would happily watch your child. Think of people in your life with children of a similar age to your own, especially if they’re already close to your kid. After all, if they had to choose between being around people they don’t know well or spending a few hours with their cousins or friends, it’s pretty apparent which they’d pick.

Whoever you choose to look after your child while you’re at work should know if you’ll likely be home late. Your commute will probably mean sitting in traffic for a while as the roads become flooded with other people driving to school and work. All of the vehicles in America collectively travel trillions of miles every month, and while you’re rushing to pick up your child, it can feel like all those cars are on the road at once.

4. Considering Child Care for Special Events

Sometimes you only need child care for a night or a few days for an event like a wedding. Unfortunately, most weddings will happen when kids are out of school for the summer, as only 5% of weddings occur in the winter. If you cannot bring your child to the event, consider hiring a babysitter or getting a family member to stay in the hotel room.

Being able to afford child care can feel impossible, but if you’re mindful of the options available and plan, you’ll be able to plan your finances around having someone you trust to watch your child. Additionally, you can help them devote the time they’re not with you to their overall development by having them join an after-school program or extracurricular activity or leaving them with a nanny or family member that can give them personalized attention.

Filed Under: budget, Family

6 Tips for Surviving Your 20s When You’re Broke

April 5, 2023 By Erin H Leave a Comment

Hello, fellow broke 20-somethings! Are you sick of living on instant noodles and dreaming of the day you can afford avocado toast or a five-star meal? Well, worry not. This piece gives you some tips on how to get through your 20s without going bankrupt. So get your piggy bank, and let’s dive in!

1. Have a Budget

A budget may seem obvious, but making one is the best way to manage your money after going broke. Find out how much money you receive each month and where it needs to go. Ensure you have enough for basic needs like rent, utilities, and food before spending on anything else.

Once you have a budget, check your spending carefully to see where to cut back. For example, do you truly require that subscription service to a streaming app you rarely use? Canceling unnecessary expenses can save you a lot of money over time.

2. Give Your Savings Accounts Fun Names

Instead of having a savings account that says ‘Savings Account #100’ when you log in to your bank account, you might want to change the name to something more specific. Maybe it could say, ‘I’m quitting my job in January 2024’ or ‘Going to Maldives in May 2024.’ The more specific you are, the less likely you are to keep taking a little money off the top every time your checking account gets a little low.

3. Be Mindful of Expensive Cosmetic Procedures

Before deciding to get a cosmetic procedure, it’s essential to do your research and fully understand the costs. Don’t just rely on what the plastic surgeon or clinic tells you. Research online and talk to people with similar procedures to understand the possible costs.

Research shows that about 11.36 million plastic surgery procedures were done worldwide in 2019. It indicates that more people know these procedures, so shop around for financing options that are more accessible. Getting caught up in wanting to look better is easy, but remember, stay moderate and spend what you can afford.

4. Avoid Unscrupulous Deals

You might fall victim to embezzlement if you work a white-collar job. Embezzlement is one type of white-collar crime. In this crime, a person mishandles money they are in charge of and uses it in a way that is not allowed. It’s wise to implement solid financial controls like performing regular audits or reviewing financial records to avoid the devastation of embezzlement. Promote a culture of transparency and accountability and save yourself from going broke

5. Be Responsible and Invest in Yourself

A survey says drivers between the ages of 25 and 34 are most likely to be drunk behind the wheel. However, you don’t have to be among them. Choose a responsible life and avoid situations that could lead to such an occurrence. Instead, focus on investing in yourself, like improving your skills or getting an education or training that will help you earn more.

6. Have an Insurance Cover

Insurance can keep you from going bankrupt in your 20s by protecting you from sudden financial losses caused by accidents or things you can’t control. For instance, if you suffer from a severe illness or injury, health insurance can assist in paying your hospital bills. You might have to pay these expenses out of cash if you don’t have health insurance, which can be costly and cause financial strain.

Being optimistic and focused on your goals will help you get through the rough financial times that often plague your 20s. Set yourself up for long-term financial success. Remember, you can make the most of your situation and set yourself up for long-term success with the right attitude and good money habits.

Filed Under: Beating Broke Rules, budgeting

My Credit Card Rewards Were Stolen!

April 3, 2023 By MelissaB 1 Comment

Person Holding Money and a Credit Card Above a Laptop

I do an excellent job of keeping my credit secure. Over 14 years ago, my husband and I froze our credit; we only thaw it for a day or two when someone needs to make a credit inquiry for a new line of credit. In addition, we use a credit monitoring service, and I check our credit cards at least once a week to record transactions in our budgeting software, You Need a Budget. Yet, despite my best efforts, my credit card rewards were stolen!

How I Discovered the Theft

I thought about traveling internationally and decided to check my rewards balance. I knew I had tens of thousands of points, but I couldn’t remember how many. So imagine my surprise when I looked and saw only 9,000 points!

I looked at my redemption history and saw a 30,000 redemption for $300 worth of gift cards. The redemption took place on March 1st. I had been in my credit card account at least three times since the redemption, but I didn’t notice the theft because I didn’t check the rewards points. I’m embarrassed to admit that it took me three weeks to realize someone had cleaned my account of $300 in rewards points.

Called the Credit Card Company Immediately

I immediately called the credit card company. While the agent was friendly, she asked me several times if I had redeemed them and didn’t remember or if my husband had redeemed them.

I live in New York, but the redeemed cards were addressed to my name in Houston, Texas. I told the agent that I never redeem my points for gift cards; she could look through my history and see that.

Steps the Credit Card Company Took

Two credit cards on a table in front of a laptop.

In the end, the credit card company took two steps.

First, they put my 30,000 reward points back in my account.

Second, they canceled my current credit card and sent me a new one.

Steps I Took

I also took steps to protect my account further.

First, I went to my other two credit cards, confirmed the correct number of rewards points, and then I cashed them out.

Second, I changed my passwords for all my online credit card accounts.

Third, I am investigating signing up for AwardWallet. This free program helps people manage the points for the many reward programs they signed up for. Best of all, users can set an alert to be notified if the balance changes. This program will help me realize the theft immediately instead of three weeks later.

Final Thoughts

While thieves have compromised my credit card several times, I was shocked to discover they stole my credit card rewards! I never thought of those as ripe for theft, but they are. Hopefully, I can ensure my credit card rewards are not stolen again by taking more protective steps. However, if they are, hopefully, I’ll realize the theft more quickly than I did this time.

Read More

How YNAB Changed Our Finances

Make Improving Your Finances Your Part-Time Job

How to Freeze Your Family’s Credit

Filed Under: credit cards Tagged With: credit card rewards, credit card theft, identity theft

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