Traditional builds are slow and expensive. We’re talking upwards of $250-$500 per square foot. Plus months of permit delays, design woes, material cost increases, not to mention actual construction.

That’s the problem restaurant brands are up against:

Doing business like normal is just too expensive. Half a million dollars is extreme but not unheard of when paying for construction. That doesn’t even account for permits, site work, materials, equipment and the countless hours spent on delays!

Operators are searching for ways to open new locations faster and cheaper. Without sacrificing quality. And good ol’ traditional construction just isn’t cutting it.

Instead, restaurant brands are turning to prefabricated restaurant buildings.

What you’ll learn:

• Why Traditional Restaurant Construction Is So Painful
• The Biggest Benefits of Prefabricated Restaurant Buildings
• How Modular Stacks Up Against Traditional Builds
• Which Restaurant Brands Should Go Modular

Prefabricated restaurant buildings are the latest solution for restaurant brands hoping to streamline construction. Built off-site in a factory and shipped to location for assembly, these modular restaurant units allow companies to skip many of the headaches of traditional builds altogether.

And they’re quality too. Some would argue prefabricated buildings can be even higher quality than traditional builds.

Why Traditional Restaurant Construction Is So Painful

Traditional builds are slow. And during that time?

Your restaurant is collecting dust. Every month you spend constructing is money leaving your business with zero revenue to show for it. This is killing restaurant brands that need to scale quickly.

The problems don’t stop there:

Weather delays, cost fluctuations, material shortages, permit delays, faulty contractors… the list goes on. Traditional construction is prone to delays that neither you nor your brand can control.

Which means restaurants opening their doors can’t even guarantee their finished cost!

The Biggest Benefits of Prefabricated Restaurant Buildings

Prefabricated buildings offer businesses almost every advantage you could dream of. Here’s why restaurants are going modular.

Faster Time to Open

Opening your doors quicker means your business can start making money faster. Simple as that.

According to a McKinsey report, most prefab buildings can be assembled in 20-50% less time than a traditional build. A restaurant that may have taken 9 months to construct can potentially be open in as little as 4-5 months.

That’s less money spent on construction loans and financing. And that 4-5 months opens up your calendar for more construction projects too.

Multiply that by each restaurant location your brand opens and you’ll see why faster time to open is one of the biggest benefits of prefab construction.

More Accurate Cost Estimates

Who doesn’t love realistic, set-in-stone pricing?

Traditional builds often come with price bumps. Materials get more expensive halfway through construction. Unexpected problems crop up. etc.

Prefab buildings are different.

Their costs are very predictable because much of the work is done in a factory. Bulk materials are purchased at fixed prices. And work is performed by highly trained factory employees.

Prefab kitchens give you predictable pricing that rarely changes.

Higher Quality

Five years ago, the idea that factory-built restaurants would be more detailed than traditional builds seemed unlikely.

But it’s true!

Prefab constructions have allowed restaurants to skip many of the headaches that come with traditional builds. Materials aren’t left on-site in harsh weather conditions. Factory workers ensure there are no inconsistencies between contractors. Modules are built to the brand’s exact specifications.

Most components are built better in a factory.

Less Waste

Restaurant brands need to start thinking about sustainability. What the industry does today really impacts the world tomorrow.

The World Economic Forum reports that modular construction creates less waste than traditional builds.

Since modules are built in a factory, excess material can be recycled into future projects. And less wasted material means lower costs for your restaurant brand!

How Modular Stacks Up Against Traditional Builds

Here’s a rundown of how prefabricated buildings stack up against traditional builds:

• Speed — Prefab kitchens are 30-50% faster than traditional construction.
• Cost — Prefabricated restaurants have set-in-stone pricing. Traditional builds fluctuate often.
• Quality — Factory controlled quality vs. variable traditional conditions.
• Scalability — Modules can be replicated easily at each new location. Traditional construction starts from scratch.
• Flexibility — Modules can easily be moved to another location. Traditional buildings are more permanent.

Traditional construction will always be around. But prefab construction offers restaurant brands advantages they can’t ignore.

Which Restaurant Brands Should Go Modular?

This isn’t for every restaurant concept. But there are many situations where prefab construction makes the most sense.

Fast-Casual Restaurants and QSRs

Pizza joints, burger shops, coffee shops… if you’re in a rush to get multiple locations up and running. Prefab buildings are for you.

The ability to replicate your restaurant design at each new location allows your construction team to go mega-fast.

Also, spending less time constructing each restaurant means you’ll open more restaurants each year.

Pop-Up Concepts

Sure, you could build that food truck trailer the traditional way. But why would you when prefab trailers are so much faster?

Pop-up concepts can benefit hugely from prefab construction. Not only can they be relocated, but they can be shipped to where your brand needs them.

Expanding Into New Markets

Every brand will want to expand into a new market at one point or another. Prefab buildings allow you to test these markets quicker and cheaper.

If you don’t sell, you’ve only lost a fraction of what you would’ve spent on a traditional build.

Franchise Brands

When you’re a franchise, brand consistency is everything.

Your customers should expect the same storefront whether they’re in New York or Los Angeles. And with prefab buildings, that consistency is guaranteed. Since each module is built to your brand’s specifications in a factory.

Modular construction is perfect for restaurant brands that:

• Need to open quickly
• Plan on building multiple locations
• Want reliable cost estimates
• Expect the highest quality build
• Want to be more sustainable

Looking for modular kitchen costs? Check out our pricing page here.

Bringing It All Together

Restaurant brands can no longer build the traditional way. Sure, they’ll always have their place in the industry. But brands that hope to expand quicker and cheaper NEED to be looking into prefabricated restaurant buildings.

They allow restaurant brands to:

• Open new locations faster
• Spend less money on construction
• Skip unnecessary setbacks
• Improve sustainability
• And much more

The industry has only just begun to tap into the benefits of prefab restaurant kitchens. And the brands that take advantage of it now will shine brighter than their competition.

If you’re looking to dive into prefab construction for your next project, check out our services page.

The post Modular Restaurants vs. Traditional Builds: What Modern Restaurant Brands Need to Know appeared first on Northeast Ohio Parent.

Installment loans are one of the most useful financial products available for families who need actual money fast. Rather than predatory payday loans and credit card balances with rotating interest, borrowers can take out a lump sum and repay the loan — with interest — over a fixed period of time. Here’s how they work — and when it makes sense to use them.

You’ll Learn:

1. What Is an Installment Loan?
2. Why Installment Loans Are So Popular
3. Why Regular Installment Payments Make Sense
4. Important Criteria When Borrowing
5. When Borrowing Makes Sense

What Is an Installment Loan?

Installment loans work pretty much how they sound. Borrowers take out a loan for a set amount of money, then repay that loan over time with fixed, scheduled payments. So rather than taking out a credit card with a $5,000 limit or getting a payday loan that covers your costs until the next paycheck, you get exactly what you need — then pay it off in predictable installments.

Here’s what that looks like:

• The loan amount is fixed. Borrowers know exactly how much they’re getting — and need to repay.
• The repayment schedule doesn’t change. Monthly payments are set at signup and remain the same until the loan disappears.
• There’s an end date. Instalment loans get paid off; it’s not revolving credit.

For folks who are living paycheck to paycheck, that level of predictability is priceless. Plus, depending on location, there can be a surprising variety of options. Ohio installment loans, for instance, allow borrowers to access structured installment financing with transparent terms from direct lenders. It’s an upper-tier option compared to exploitative payday lenders that trap families in never-ending cycles of debt.

Why Installment Loans Are So Popular

Here’s something few people want to think about:

Being one emergency away from poverty isn’t reserved for the lower-class. It’s far more common than popular belief would suggest. Recent studies suggest that as many as 36.4% of Americans struggle with paying their day-to-day living expenses. That’s more than 1 in 3 families that have trouble making ends meet — and the numbers are on the rise. Couple that with the fact that most Americans don’t have emergency savings. Just 47% of Americans could cover a $1,000 emergency expense if it came up today. That leaves over half the country in a position where they’ll likely face some financial decision when an unexpected bill arrives. And if that wasn’t bad enough, roughly 24% of Americans have zero emergency funds saved up. When something happens — they need to borrow. That’s where personal installment loans come in. It shouldn’t surprise you that nearly 25 million Americans have an installment loan right now. What might shock you is the average personal loan balance per borrower; $11,652. That’s a steep jump from where we were half a decade ago — and it’s growing steadily as families turn to loans to cover everything from minor emergencies to consolidating high-interest credit card debt.

As you can imagine, there’s quite a range of reasons families take out installment loans. A few of the most common are:

• Unexpected medical costs
• Emergency vehicle repairs
• Necessary home repairs
• Short gaps between pay periods after job loss or reduction in hours
• Debt consolidation into one affordable monthly payment

Life happens. And when it happens to you, installment loans can help without destroying your other financial goals.

Why Regular Installment Payments Make Sense

Here’s the thing most people miss about installment loans…

There’s a reason why every financial advice column in the country warns their readers against traditional payday loans. These are predatory products that charge outrageous fees (equivalent to triple-digit APRs). Throw in a late fee for missing a payment and the debt grows exponentially. It’s financially impossible to climb out of. Installment loans are not that. Granted, you’ll still pay interest. But because your payment is fixed over the life of the loan — and spread out across months or years — you can budget for it. Think of an installment loan the same way you’d think of a car payment or your electric bill. It’s on the calendar. It doesn’t change from month to month, and you know exactly how long you’ll be paying it. That makes all the difference. Installment loans are a fantastic short-term solution for emergencies. But only if you can afford the monthly payment.

Important Criteria When Borrowing

Just because you qualify for a loan doesn’t mean you should accept that loan.

When it comes to installment loans, there are several important points to consider before accepting any financing offer:

• Check the APR — The annual percentage rate reflects the true cost of the loan including fees. Know what you’re getting into.
• Loan term — Longer loan terms equal lower monthly payments. But also more interest over the life of the loan.
• Prepayment penalties. Some lenders penalize you for paying off the loan early. Avoid these where possible.
• Origination fees. Some lenders charge origination fees, which reduce your actual loan amount.
• Licensed lender. Make sure you’re borrowing from a legitimate lender. Double-check their license before giving any personal information.

These aren’t optional pieces of fine print to ignore. Take your time. Read the loan terms carefully. Make sure you understand everything about what you’re signing.

When Borrowing Makes Sense

Installment loans are simply a tool. And like any tool, they can help you build… or destroy your house.

Situations that qualify:

• Unexpected, necessary expenses
• Payday loan consolidation
• Short-term income disruptions where you have a plan to repay

Situations that don’t qualify:

• Everything in your life that isn’t urgent
• Borrowing more than you can afford based on the monthly payment
• Taking out a new loan to pay off an old loan without changing your spending habits

If you’re comfortable with the monthly payment and you need the funds, take out the smallest loan you can. Make your payments on time, every time. Then build an emergency fund so this never happens again.

The Bottom Line

Budget emergencies are the new normal. Americans are struggling to keep their heads above water. Savings accounts are at historic lows, yet expenses only continue to rise. When those pesky unplanned expenses come along, families need access to emergency funding that doesn’t involve credit cards or payday loans. Installment loans fill that gap. They can bridge the short-term gap between “oops, I didn’t budget for this” and “I’m covered” without destroying your finances. But only if you know what you’re doing. If you keep these tips in mind when researching your options, you’ll find that installment loans are one of the best financial decisions families can make.

The post When the Budget Breaks: How Installment Loans Can Bridge the Gap for Families appeared first on Northeast Ohio Parent.

You open the first bid and feel instant confusion. It is a dense mix of technical jargon, random model numbers, and prices that seem pulled from thin air. Comparing these documents feels like learning a secret language while you are already worried about the budget.

Most homeowners prioritize the bottom line, but that leads to expensive mistakes. Ignoring specific line items in a quote often hides poor workmanship or cheap equipment. If you cannot spot the difference between two professional offers, you are essentially gambling with your climate control system.

Image Source: Google Gemini

Balancing Quality and Savings

You need a strategy that forces every contractor to play by the same rules. Start by requesting a formal HVAC estimates document from every bidder. When you provide the exact same layout for them to fill out, you stop comparing apples to oranges, and a standardized form exposes the companies cutting corners and highlights those investing in quality parts.

Before choosing the cheapest option, verify the scope of work included in your contract. Most reliable HVAC technicians will admit that a low bid usually excludes essential materials, such as duct sealing, and may also omit permit fees. If a price looks too good to be true, ask for a detailed breakdown of these specific areas:

• Equipment model numbers and efficiency ratings
• Labor hours and specific installation tasks
• Warranty terms for both parts and service

Do not let a low price blind you to the total cost. When you examine the finer details, you protect your family from mid-season breakdowns. You should prioritize the contractor who explains why their system costs more, rather than the one who hides the numbers.

Evaluating Long Term Value

Installation is only half the battle when it comes to securing your home comfort while staying on track with your financial planning goals. A cheap install often leads to higher energy bills because the system was not calibrated correctly. You want a setup that runs efficiently for years without constant repairs or unexpected maintenance, so look for contractors who include clear, written warranties in their proposal.

If you find yourself stuck, look back at your initial research. Homeowners who verify permit requirements before signing can save significant cash on potential code corrections later. A professional will gladly handle these permits.

• Check for manufacturer rebates that lower the initial purchase price
• Confirm the labor warranty covers at least one full cooling season

Comparing bids becomes simpler once you stop chasing the lowest number on the page. Focus on the total value provided by the contractor, the quality of the equipment, and the transparency of their estimate process. Use your standardized comparison checklist to weigh the pros and cons of each offer, and consider average costs of between $5,000 and $12,000 as a yardstick for overall analysis.

Ensuring System Longevity

Your HVAC system remains the primary heart of your home. Treat the selection process with the seriousness it deserves. While the initial expense feels daunting, a well-planned installation prevents future headaches.

Trust your gut when a contractor seems overly eager to avoid your technical questions. A professional who respects your budget will always respect your need for clear, written answers regarding the scope, parts, and labor involved. And for more tips on saving money without compromising on the demands of modern life, check out the other posts on our site.

The post How to Compare Heating and Cooling Quotes on a Budget appeared first on Northeast Ohio Parent.

Financial Flexibility for Every Budget

You may not have to pay full price for new tires. Tire financing breaks down your total price into smaller, repeatable payments. This allows vehicle owners to pay off these costs without facing a large chunk of expense all at once. It allows individuals to keep cash flowing and, meanwhile, keep their cars on the road.

Immediate Access to Quality Tires

Car tires with corrosion or damage create risks for drivers and passengers. Creating savings to change them may take way too long, causing accidents or some other malfunction. By financing, you are able to get good tires on your car today. It saves you from having to worry, knowing that you have immediate access to safe, reliable options for safe journeys.

Supporting Emergency Situations

Tire problems never happen at the best of times. Unexpected blowouts or punctures can significantly disrupt daily activities and travel plans. With financing available, drivers never have to postpone repairs or replacements for financial reasons. Arranging quick fixes will hinder downtime and prevent the situation from worsening.

More Choices Without Compromising Quality

The option of financing expands the range of tires to choose from. It allows vehicle owners to choose from high-quality products that fit their unique driving habits, climate, and performance needs. Payment plans enable people to choose safety and quality over cost.

Helping Spread Out Maintenance Costs

When we think about vehicle care, we think of tire replacements, but there is more to it. Maintenance costs can sap personal finances fairly quickly. Drivers can finance and spread out the cost of their tires over multiple months. This method allows for more money to be allocated to other necessary repairs and makes sure general car maintenance is not neglected because of one huge purchase.

Promoting Safer Driving Conditions

While the condition of your tires is obviously going to affect handling, braking, and steering, so will the tread depth. Neglecting replacements can compromise safety. By providing financing, it removes excuses to delay the upgrades needed to ensure safer trips for all. This enables drivers to respond to problems as and when they arrive, as opposed to waiting for when the economic situation improves.

Encouraging Responsible Car Ownership

It is well known that good care of a car doesn’t only mean to fill it up or change its oil. From fuel economy to handling and even the health of the rest of your vehicle, tires make a big difference. It eliminates financial barriers and paves the way for proactive maintenance through financing. Responsible ownership ensures a longer life for cars and minimizes the chance of surprise maintenance bills.

Simple and Convenient Application Process

Solutions for financing in the present day often involve simple application steps. Several providers allow you to obtain fast approvals with flexible terms. This ease of access simplifies the process, allowing all types of motorists to find approval regardless of their credit situation. The outcome means you can get new tires with less hassle and less time wasted on paperwork.

Protecting Credit and Savings

Buying tires from savings or using credit cards to pay for tires can result in debt for the future. By spreading costs over time, financing enables individuals to keep cash reserves for emergencies. This makes for healthier use of finances and avoids building up unnecessary debt.

Building Confidence on the Road

The presence of proper tires for a vehicle instills confidence. This enables drivers to concentrate on the actual driving experience and not have to stress about a possible blowout or bad grip. With financing, you can buy reliable products today, relieving some of the stress and uncertainty associated with other commutes or long trips.

Conclusion

At any rate, tire financing offers a lot of practical benefits to all vehicle owners, regardless of which part of the economic ladder they are on. This encourages responsible car care while still looking after wallets by providing flexibility, instant access, and better vehicle safety. The smart purse in this car is worth buying for everyone who wants peace of mind and reliable performance.

The post Why Tire Financing Is a Smart Choice for Any Vehicle Owner appeared first on Northeast Ohio Parent.

The numbers tell a stark story. Elder care expenses can run anywhere from $4,000 to $10,000 monthly depending on your location and care level. That kind of ongoing cost changes everything for a family budget. You need a plan before the bills start arriving.

How Your Family Home Fits Into Care Planning

Most families have their wealth tied up in one place: the house. That makes your home a big piece of the puzzle when someone needs long-term care. But here’s what catches people off guard. Different states treat your home differently when calculating care costs.

Some states won’t count your house as an asset if certain family members still live there. The protected person aged care legislation in Australia offers one example of how this works. A spouse or dependent living in the home can change the entire calculation. American Medicaid programs have similar protections, though the specific rules vary by state.

Your state might exempt the family home from asset counts in specific situations. A spouse living there almost always qualifies. A disabled child or a sibling who provided care might also protect the home. These exemptions can save your family tens of thousands of dollars. But timing is everything. Sell too early and you lose the protection. Wait too long and the sale becomes complicated when you need money fast.

Getting Everyone on the Same Page

Nobody wants to talk about money and aging parents. The topic feels intrusive and morbid. Most families avoid it until Dad falls or Mom gets a diagnosis. Then everyone scrambles to figure out the finances under pressure.

A better approach starts with a simple family gathering. Pick a weekend afternoon when everyone can relax. You’ll want to cover several topics in this first conversation:

1. Where your parents want to age – Some prefer staying home with help. Others like the social aspects of assisted living. Knowing their wishes early helps you plan better.
2. What money exists and where – You need a complete picture of savings, retirement accounts, insurance policies, and any trusts or estate plans already in place.
3. Who does what – One sibling might live closest and handle daily care. Another might be better with finances. Sort out these roles before you need them.
4. What happens to the house – This causes more family fights than almost anything else. Some siblings assume the house funds care. Others expect to inherit it. Get this clear early.

People often discover surprises during these talks. Maybe your parents have less saved than you thought. Perhaps they bought long-term care insurance you didn’t know about. Finding out now beats learning during a crisis.

Making Sense of Insurance and Benefits

Insurance for elder care gets confusing fast. Different programs cover different things. You need to know what you have before you know what you’re missing.

What Medicare Actually Covers

Medicare helps with some costs but not others. It pays for hospital stays and short rehab periods. Medicare Part A covers up to 100 days in a skilled nursing facility after a hospital stay. But that coverage comes with conditions. Your parents needs skilled nursing or therapy, not just help with daily activities.

Here’s the gap that surprises families. Medicare doesn’t pay for long-term custodial care. If your mom needs help bathing and dressing but doesn’t need skilled nursing, Medicare won’t cover it. That’s where Medicaid comes in for families who qualify.

How Medicaid Differs

Medicaid covers long-term care more completely than Medicare does. The catch is qualifying. You must meet strict income and asset limits. Every state runs Medicaid differently. Ohio has specific rules about transferring assets before applying. Moving money to your kids five years before needing care might be fine. Doing it six months before creates penalties.

Checking Old Insurance Policies

Pull out any long-term care insurance your parents bought years ago. The daily benefit amount probably doesn’t match today’s costs. A policy from 1995 might pay $100 daily. Current nursing home costs often run $250 to $400 daily. You’ll need to cover that gap somehow.

Putting Together a Family Budget

Elder care costs hit everyone in the family, not just your aging parent. You might contribute $500 monthly while trying to save for your own retirement. Your sister might pay for medications while managing her mortgage. This splits the financial pressure across multiple households.

Start by getting real about costs in your area. Call three local assisted living facilities and ask about monthly rates. Check nursing home costs too. Prices vary wildly by location. A facility in rural Ohio might charge $4,500 monthly. The same level of care in Cleveland could run $8,000.

Then map out all income sources your parent has:

• Social Security payments – These come monthly and continue for life.
• Pension benefits – Less common now but some retirees have them.
• Retirement account withdrawals – You can pull from 401(k)s and IRAs, though taxes apply.
• Investment income – Dividends and interest can help cover costs.

Add up the monthly income. Compare it to the monthly care costs. The gap between these numbers is what the family needs to cover. Some families use savings. Others set up formal caregiver agreements where adult children get paid for providing care. Just make sure you document everything properly for tax purposes.

Tapping Into Local Help

Your community probably has more resources than you realize. Most counties have an Area Agency on Aging. These offices provide free help finding services and understanding your options. They know which local facilities have good reputations. They can explain state programs that might cover some costs.

Veterans have an extra benefit many families miss. Aid and Attendance provides monthly payments to veterans who need help with daily activities. Your dad served in Vietnam for two years. He might qualify for an extra $1,900 monthly. That’s real money that helps close the gap between care costs and income.

Support groups connect you with families going through the same struggles. You’ll hear which home health agencies show up on time. Which facilities treat residents well. What financial tricks work in your state. This insider knowledge proves invaluable. Check your local hospital or senior center for group meeting times.

Respite care matters too. Taking care of an aging parent full-time burns people out fast. Adult day programs give you regular breaks. Your mom spends the day with activities and social time. You get time to recharge. Most people can’t sustain caregiving without these breaks.

Keeping Your Plan Current

Set a reminder to review your care plan each year. Health changes. Costs increase. New programs become available. What worked last year might not fit this year’s situation.

Keep every receipt and record related to elder care. Medical expenses. Insurance claims. Caregiver payments. You’ll need these for taxes. You might also need them if you apply for Medicaid down the road. Good records make that process much easier.

The families who handle elder care transitions best share one thing. They started planning before they had to. They talked openly even when it felt awkward. They asked for help instead of trying to figure everything out alone. Your future self will thank you for doing this groundwork now.

The post Best Financial Planning Tips for Families in Aged Care appeared first on Northeast Ohio Parent.

Understanding how housing, property taxes, cost of living, and public services actually work in Canada helps families plan realistically rather than emotionally. This article walks through the core systems parents need to understand before making the move.

Immigration Status Comes First — and Shapes Everything Else

Before discussing housing or schools, it’s important to understand that your immigration status determines what you can access and when.

Families typically arrive under one of these pathways:

• Permanent residency (PR)
  
• Temporary work permits
  
• Study permits (with children as dependents)
  
• Family sponsorship
  

Permanent residents and citizens have the broadest access to public benefits, including healthcare and education. Temporary residents can still live, rent, buy property, and enroll children in school, but coverage gaps—especially for healthcare—are common in the first months.

Parents should plan for private health insurance during the transition period, even in provinces with strong public systems.

Housing in Canada: Renting vs Buying With Children

Renting First Is Common — and Often Sensible

Most families moving to Canada rent initially. This allows time to:

• Understand neighborhoods
  
• Learn school catchment areas
  
• Adjust to commute times and winter logistics
  
• Avoid rushed property purchases in unfamiliar markets
  

Rental markets in major cities are competitive. Family-sized units are in high demand, especially near good schools and transit.

Expect:

• First and last month’s rent upfront
  
• Credit checks (or proof of funds for newcomers)
  
• Higher rents in walkable, school-dense areas
  

Buying Property: What Parents Need to Know

Buying property in Canada is possible for newcomers, but rules vary by province and immigration status.

Key considerations:

• Foreign buyer restrictions exist in some provinces and may affect eligibility or taxes
  
• Mortgage approval often requires Canadian credit history
  
• Down payments are typically higher for non-residents
  
• Property prices vary dramatically by region 

Cities like Toronto and Vancouver are among the most expensive housing markets in the country, while mid-sized cities such as Calgary or Ottawa offer more attainable options for families.

Property Taxes: An Ongoing Family Expense

Property taxes in Canada are paid annually and are based on the assessed value of the home and municipal tax rates. These taxes fund local services that families rely on heavily, including:

• Public schools
  
• Libraries
  
• Parks and recreation centers
  
• Snow removal and road maintenance
  

Rates vary widely:

• Larger cities often have lower tax rates but higher property values
  
• Smaller municipalities may have higher rates but lower home prices
  

For families, property taxes are not optional background costs. They directly support the infrastructure children use daily.

Parents budgeting for home ownership should factor property tax increases into long-term planning, especially in fast-growing areas.

Cost of Living: Canada Is Stable, Not Cheap

Canada offers predictability and safety, but it is not a low-cost destination for families.

Major Ongoing Costs for Families

• Housing: Often the largest expense, particularly in urban centers
  
• Childcare: Can be costly, though government subsidies and capped programs are expanding
  
• Groceries: Higher than many countries due to import costs
  
• Transportation: Public transit is reliable in cities; car ownership adds insurance and winter maintenance costs
  
• Utilities: Heating costs rise significantly in winter
  

Provinces such as Quebec and Alberta often have lower childcare costs than Ontario or British Columbia, but this can be offset by differences in income tax and wages.

Taxes Beyond Property: What Families Should Expect

Canada has a progressive income tax system at both federal and provincial levels. Families should understand:

• Income tax rates increase with earnings
  
• Child benefits are income-tested
  
• Tax residency rules can affect global income reporting
  
• Newcomers may need cross-border tax advice in their first years
  

Parents may be eligible for the Canada Child Benefit, a monthly payment designed to help with the cost of raising children. Eligibility depends on residency status and income level.

This benefit can significantly offset living costs for families with younger children, especially during the first years after arrival.

Education: Public Schools Are a Major Advantage

One of Canada’s strongest draws for families is its public education system.

Public schools are:

• Funded through taxes
  
• Free for permanent residents and citizens
  
• Generally high quality across provinces
  
• Organized by neighborhood catchment areas
  

This means where you live affects where your children go to school. Families often choose housing specifically to access certain school zones.

Private schools exist but are not a necessity for most families, and many newcomers find public schools exceed expectations.

Healthcare: Strong System, But Timing Matters

Canada’s public healthcare system is comprehensive, but access depends on provincial residency and waiting periods.

Parents should plan for:

• A waiting period before public coverage begins (varies by province)
  
• Private insurance during the interim
  
• Family doctors sometimes taking time to secure
  

Once enrolled, pediatric care, hospital services, and emergency care are covered. Routine dental and vision care for children may or may not be included, depending on province and income.

Daily Family Life: What Changes Most

Pace and Structure

Canadian family life tends to be structured and schedule-oriented:

• School hours are consistent
  
• Extracurricular activities are common
  
• Winter weather requires planning and adaptability
  

Outdoor Culture

Despite cold winters, Canadian families spend significant time outdoors:

• Parks and playgrounds are well maintained
  
• Organized sports start early
  
• Winter activities are part of daily life
  

This outdoor emphasis supports physical activity and social integration for children.

Choosing the Right City for Your Family

Different cities suit different family priorities:

• Toronto: Diverse, opportunity-rich, expensive
  
• Vancouver: Mild climate, high housing costs
  
• Montreal: Lower housing costs, bilingual environment
  
• Calgary: Lower taxes, strong job market, family housing
  
• Ottawa: Stable employment, strong public services
  

Families should weigh affordability, job access, education quality, and lifestyle rather than assuming one city fits all.

The Reality Check for Parents

Moving to Canada with children works best when families plan conservatively and think long-term.

Canada offers:

• Predictable systems
  
• Strong public services
  
• Safe communities
  
• Educational stability
  

But it also requires:

• Higher upfront costs
  
• Careful tax planning
  
• Patience during transitions
  
• Realistic expectations around housing
  

For families who prioritize stability, education, and long-term quality of life over short-term savings, Canada can be a strong choice. The key is understanding that family migration is not just about crossing a border—it’s about rebuilding everyday life within a new system.

The post How Moving to Canada Works When You Have Children appeared first on Northeast Ohio Parent.

Focus on What You Can Control

You can’t predict everything, but you are able to plan for what you know is going to come. These are things like fixed costs, like rent, utilities, and groceries, which make up the base of most budgets. Beyond that, you can look for flexibility. Small changes, like comparing insurance rates once a year or switching to new energy-efficient appliances, can create room in your budget without feeling like you’re making a sacrifice. Even reviewing how often you eat out or order in can free up more than you think. What matters most is just spending to fit your family, not somebody else’s idea of creating a perfect budget.

Expect the Unexpected

Unexpected expenses are part of family life; you may suddenly be facing a school trip, a leaky faucet, or a car issue, and they always seem to show up at the worst time possible. Setting aside even a small emergency fund helps you to handle those surprises without being panicked. If you drive something a little bit older, say a dependable van or mini truck, you might find yourself occasionally ordering Honda Acty parts or other replacements. Doing small repairs instead of rushing into a new purchase can save you a surprising amount of time over the years.

Keep Family Goals in Sight

Finances feel easier when you are saving towards something that matters. It could be something like a home improvement project or even a short getaway. Talk about those goals together; when everybody is on the same page, it is easier to make trade-offs. Kids might not need to hear every single number, but if they understand the reasons for something, and that means you need to wait on something else, it can help. If you are interested in helping them understand more about money, you can have a look at how you can raise money-savvy kids. Kids learn lessons along the way, making family goals even more achievable.

Build Financial Calm, Not Perfection

Money management doesn’t need to be a source of stress. The goal isn’t to get everything perfect; it’s all about building up a little bit of consistency behind everything. Paying bills on time, setting more goals, and checking in regularly are just simple habits that help create better long-term stability. A karma approach to money helps everybody feel more secure. There is no need for you to overhaul your lifestyle to make progress; you just need to make sure things are staying organised, and you plan for the unexpected as much as you can.

The Bottom Line

Family finances work best when they are realistic and personal. There is no need for you to have complicated spreadsheets or to stick to strict rules; you just need to make sure you are aware that you have teamwork and there’s a little bit of preparation.

The post Making Family Finances Feel Manageable appeared first on Northeast Ohio Parent.

What Are the Magnificent 7?

The Magnificent 7 refers to a group of seven dominant U.S. technology and tech enabled companies that have had an outsized influence on major stock indexes. When people talk about the MAG 7 meaning, they are usually describing how these seven stocks collectively shape market returns, investor sentiment, and even economic expectations.

The group typically includes Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta Platforms, and Tesla. Together, they span consumer devices, software, cloud computing, artificial intelligence, digital advertising, e-commerce, and electric vehicles.

What makes them different from past market leaders is not just their size, but their reach. These companies touch daily life in ways few others do, from smartphones and search engines to workplace software and online shopping.

Why These Seven Stocks Matter So Much

The Magnificent 7 matter because of their sheer weight in the market. Combined, they represent a massive portion of indexes like the S&P 500 and Nasdaq. When these stocks rise, the broader market often looks strong, even if many smaller companies are struggling. When they fall, the opposite can happen.

Another reason they matter is profitability. Unlike many growth darlings of past decades, most of the Magnificent 7 generate enormous cash flows. They have strong balance sheets, global customer bases, and the ability to invest heavily in new technologies while still returning capital to shareholders.

This combination of size, growth potential, and financial strength has made them a default destination for both institutional and retail investors looking for exposure to innovation without betting on early stage companies.

What Each Company Brings to the Table

Although grouped together, the Magnificent 7 are not identical.

Apple’s strength lies in its ecosystem. Hardware, software, and services are tightly integrated, creating customer loyalty and recurring revenue. Microsoft dominates enterprise software and has positioned itself as a leader in cloud infrastructure and AI tools for businesses.

Nvidia has emerged as the backbone of artificial intelligence computing, with its chips powering data centers and advanced machine learning systems. Amazon blends e-commerce dominance with cloud computing through AWS, making it a hybrid of retail and enterprise technology.

Alphabet controls search and online advertising while quietly expanding in cloud services and AI research. Meta focuses on social platforms and digital advertising, while also making long term bets on virtual and augmented reality. Tesla stands apart as a manufacturing driven company, combining electric vehicles, energy storage, and software in a way that blurs the line between automaker and tech firm.

The Benefits of Investing in the Magnificent 7

For everyday investors, the appeal of the Magnificent 7 is easy to understand. These companies are leaders in their fields, with strong brands and global scale. They often benefit from network effects, meaning their products become more valuable as more people use them.

They also tend to be well covered by analysts, making information more accessible. Many investors feel more comfortable owning companies whose products they personally use, and the Magnificent 7 fit that profile better than most.

From a portfolio perspective, exposure to these stocks has historically provided growth and resilience, especially during periods when technology spending and digital adoption accelerate.

The Risks Behind the Hype

Despite their strengths, the Magnificent 7 are not risk free. One major concern is concentration. When so much market performance depends on a handful of stocks, any setback can have outsized effects. Regulatory scrutiny, especially around antitrust and data privacy, remains a persistent risk.

Valuation is another issue. Strong performance can push prices to levels where future returns become harder to achieve. Even great companies can deliver disappointing stock returns if expectations are too high.

There is also the risk of technological shifts. While these firms lead today, innovation cycles can change quickly. Staying dominant requires constant reinvestment and successful execution.

How Everyday Investors Can Approach the Magnificent 7

Everyday investors do not need to choose between owning all seven stocks or avoiding them entirely. Many gain exposure through index funds or ETFs, where the Magnificent 7 are already heavily represented. This approach reduces company specific risk while still benefiting from their growth.

For those who prefer individual stocks, balance matters. Owning a few of these companies alongside other sectors can help avoid overconcentration. It is also important to think long term. Short term volatility is common, even for market leaders.

Understanding what drives each company’s business, rather than chasing headlines, can lead to better decisions and more realistic expectations.

Final Thoughts

The Magnificent 7 have earned their reputation through scale, innovation, and financial strength. For everyday investors, they represent both opportunity and risk. By understanding what they are, why they matter, and how they fit into a broader portfolio, investors can move beyond the hype and make more informed choices about their role in long term investing.

The post The Magnificent 7 Explained for Everyday Investors appeared first on Northeast Ohio Parent.

Merit Aid And Need Based Aid

First, it helps to know how merit aid is different from need based aid.

• Merit aid is about your achievements such as grades, course rigor, leadership and talent.
• Need based aid depends on what your family can pay, using forms like the FAFSA.
• Many students receive a blend of both, plus work study and loans.

Merit money usually comes from the college, not the government.

It often acts like an automatic discount, which is why a bigger scholarship at one school can still cost more than a smaller award at another.

What Matters At Test Optional Colleges

When scores are optional, the rest of your application matters even more for merit money.

Academics And Courses

Colleges start with your transcript because it shows your habits over time.

They ask whether you chose challenging classes, stayed steady in core subjects and improved when things were hard.

Even without test scores, a strong pattern in your courses can move you into a higher merit bracket.

Activities, Service And Talent

If many students have similar grades, your activities can be the tie breaker.

Colleges look for depth, not just a long list.

• Leadership might appear as captain of a team, section leader in band or founder of a small club.
• Service could mean steady volunteering at a food bank or tutoring younger students every week.
• Talents in art, music, coding or theater often connect to special auditions or portfolios.

Some colleges group awards by focus, so their scholarship page separates academic programs, talent awards and leadership cohorts. Berry College, for example, includes an online application for scholarships that keeps the process simple.

How Colleges Build Merit Packages

Behind the scenes, many schools use a scoring system to decide who qualifies for each merit level.

Your grades, course choices, activities and talents might each get a certain number of points.

Staff can then review special details, such as a big rise in grades or a major award in art, and adjust the offer.

In everyday language, the college is really asking three questions.

• Will this student succeed in our classes
• Will this student add to campus life in positive ways
• What size award will convince this student to enroll

Merit is about potential, not perfection

Put together, the system can feel complicated, but you can still read the offers in a clear way.

Colleges may mention stacking policies, which explain whether you can combine academic, talent and outside scholarships.

Some allow awards to stack, others make you keep only the largest one, so always check the rules.

Most merit aid also has renewal rules about GPA, credit hours or participation in a program.

Key Questions To Ask Financial Aid

When you visit campuses, bring a short list of questions about merit aid. These can help you compare schools fairly and avoid surprises later. Ask financial aid staff:

• Is each scholarship based on merit, financial need, or both
• What GPA and credit hours do I need to renew my awards every year
• Can academic, talent, and outside scholarships be stacked, or does one replace another
• How does applying without test scores affect my chances for merit money
• What happens to my scholarship if I change majors, study abroad, or take a lighter term later

Your Merit Path, Your Real Power

Merit scholarships are not secret prizes for perfect students. They are colleges saying, “We see your effort, your choices, and your potential here.” 

When you understand that merit really rewards grades with rigor, steady commitment, and impact in your community you can shape a record that tells a clear story. Use your remaining high school time to grow in one or two key areas, then match yourself with colleges that value the same things.

Merit money is not just a discount, it is a vote of confidence. Aim for awards that fit who you are becoming. Carry this insight into college lists you build.

The post What Merit Scholarships Really Reward appeared first on Northeast Ohio Parent.

Sell your energy

The cost of energy prices will not have escaped you as heating and lighting your home is becoming ever more expensive. Not only is there a way in which you can reduce this cost you can make money from energy, specifically electricity, also. By installing renewable energy sources into your home, such as solar panels, ground source heat pumps or wind generators you will find your household generating its own power source. Before doing so, it’s worth checking if your house is good for solar to make sure you’ll get the best return on your investment. Ergo, you are no longer reliant on electricity companies to do this for you and you are not paying them for the pleasure. On top of this, you will be able to sell your electricity back to the National Grid whenever you find yourself in surplus. There is an initial investment when it comes to installing these renewable sources however it shouldn’t take long to recoup that investment and then start generating an additional income. Finally, one of the other huge advantages of opting for this green approach is the impact you will be having to reduce the carbon footprint of your home.

Use parking 

Parking is a premium today. Moreover, parking attracts premium prices. As governments clamp down on motorists and make it increasingly harder (or more expensive) for drivers to park their cars in popular areas or busy commuter districts it gives rise to a potential opportunity. If you live in an area nearby to local offices or places of work your property could be in the prime position to capitalize on a potential income stream. Why not rent out your driveway during particular hours and allow commuters to pay you for your parking space? 

Students

Finally, when you think of property rentals your traditional buy-to-let probably comes to mind. However, have you considered investing in student lettings? A student let is a multi-occupancy house that could see you derive income from as many as 5 or 6 different people, all under one room. Students pay for a room (and use of a communal space) so the more bedrooms you have the more income you can generate. You can convert typical communal areas such as living rooms or unused garages into extra bedrooms to allow you to maximize your investment. As long as your property provides some communal living i.e. a kitchen dining area, bathroom facilities and is in line with all the relevant rules and regulations you could see your student let bringing in considerably more rental income than your traditional buy-to-let property. What is more, you can use student property managers to manage your property on your behalf, allowing this investment to be as hands-on or hands-free as possible.

The post Lucrative Ways to Make Money From Your Property appeared first on Northeast Ohio Parent.

Between raising children and managing household commitments, single mothers are often expected to be everything for everyone in every situation. Let’s unpack what it takes to navigate these situations confidently. 

The Realities of Financial and Emotional Balance

Time and money are the things single mothers are drastically short of. Commitments such as school fees, grocery bills and childcare costs have their own demands on resources which can be limited.

Budgeting is important. It lets you plan for the unexpected and set aside savings you can use towards demands such as education savings or retirement. Consistency is key.

Money management isn’t the only balancing act. Emotional exhaustion from being constantly present at work and at home may cloud judgment and impact motivation. Building small boundaries, asking for help when you can and granting yourself rest are essential financial strategies in disguise. A clear mind makes sharper choices.

Finding the Right Financial Support

Of course no plan can accommodate some of life’s sudden, unanticipated shifts. When a car breaks down or a medical bill lands unexpectedly access to extra money means the difference between calm and crisis. In such cases loans for single moms serve as a bridge rather than a burden.

Personal installment loans for instance are a tool that can offer significant benefits in emergencies. These small, short-term loans may require planning but they do provide some immediate breathing room. They can be used in situations such as covering a utility bill, preventing a late rent payment or handling a minor emergency.

The key is discernment. Reputable lenders clearly disclose all fees, interest rates and terms of their loans. They don’t strong-arm you into immediate decisions nor do they promise ‘guaranteed’ approval. Check the company’s reputation through verified consumer sites or state financial regulators before signing anything.

A well-chosen loan might ease short-term strain and if repaid responsibly it could even strengthen your credit score over time. Yet loans should augment a long-term plan rather than replace it. A sound financial foundation is always based on savings and never on debt.

Building a Sustainable Future

The goal isn’t just to survive month by month; it’s to build momentum. Set up a small emergency fund to start. Even saving $10 or $20 a week can build confidence and provide protection. Automation helps; when savings happen quietly in the background they grow before you notice.

Explore the following opportunities that help you balance work and life: juggle flexible jobs, remote work or side projects to ease the time squeeze while improving your income. Increasingly employers are recognizing the importance of balance and offering policies to support it. Seek them out.

Don’t forget to share financial education with your children. Provide them with simple budgeting and saving lessons, offering lifelong skills that make it normal to discuss money.

Identifying and Avoiding Scams

Financial predators often target single mothers knowing that urgency is commonly a challenge. They’ll make promises of “fast cash”, “guaranteed approvals” or “special grants” that don’t really exist. 

The best defense is skepticism. Never send money up-front or share personal information with unverified sources. Check every lender against official state registries or consumer watchdog lists before proceeding.

Credit cards can quietly undermine stability if used to pay for living expenses. Paying down high-interest balances should take precedence over taking on additional debt. Programs offering free or low-cost financial counseling often operated by nonprofits can help you find strategies that work for you.

Empowerment Through Awareness

Being a single mom means that you are often your own safety net both emotionally and financially. However there is support. Online and physical support groups are available to offer financial literacy workshops, advice and a sense of solidarity. 

Economic empowerment is not about luck or privilege; it’s about access to information and the willingness to take action. With focus, knowledge and care work-life balance becomes more than an aspiration; it is a strategy to live well, raise strong children and build a future that reflects your strength. 

Being a single mother takes courage. The sacrifices and commitments that are made can take a toll on you if not managed properly. However there is significantly more support for modern single moms if they know where to look

The post Balancing Parenthood and Finances: A Guide for Single Moms appeared first on Northeast Ohio Parent.

To introduce this concept, many parents are exploring modern payment solutions that reflect how the real world works today. Platforms like MoonPay, a MiCA-approved and ITIL Foundation CPD-accredited provider, make it simple for adults to buy XRP and other digital assets as part of their broader financial education journey. These tools are not just about investing; they offer parents an opportunity to discuss how digital value is stored, transferred, and protected — lessons that are increasingly essential for the next generation.

Understanding the Shift to Digital Value

The move toward a cashless economy isn’t just a passing trend; it’s reshaping how families spend, save, and teach money management. Kids who once received weekly allowances in paper bills now see value represented by numbers on a screen. This shift can make money feel less tangible, which is why it’s so important for parents to bridge the gap between digital convenience and financial understanding.

By involving children in simple, age-appropriate financial tasks — like tracking spending on an app or setting small savings goals — parents can make digital money feel real. Discussions about how digital transactions work can also foster curiosity about the systems that keep them safe and transparent.

Practical Lessons for Modern Families

Financial literacy starts with everyday habits. Parents can begin by explaining how digital wallets or contactless payments work when buying groceries or paying for school supplies. This helps children understand that money still represents real effort and decision-making, even if it doesn’t jingle in their pockets.

Older kids can benefit from more advanced lessons, such as how to budget for online purchases or how to recognize safe versus risky digital platforms. These early lessons help them form responsible habits before they start managing their own accounts.

Families might even use small experiments — like tracking spending for a week or comparing the pros and cons of saving versus spending — to turn abstract financial concepts into real experiences. The goal isn’t to make children experts overnight but to help them feel comfortable and confident in a digital financial environment.

Teaching Responsibility and Security

As digital payments grow, so do conversations about online safety and accountability. Parents should emphasize the importance of passwords, privacy, and verifying trusted sources before making transactions. These are foundational skills for navigating both personal finance and the broader digital landscape.

It’s also important to model transparency. When kids see parents discussing budgets, explaining expenses, or planning for future goals, they learn that financial management is an active, thoughtful process. The earlier this mindset takes hold, the more capable they become of handling money — whether physical or digital — responsibly.

Building the Next Generation of Financial Thinkers

Raising financially savvy kids today means going beyond the piggy bank. It’s about equipping them with the mindset and skills to understand value in all its evolving forms. Parents who weave digital finance into everyday conversations are giving their children a head start in a future where technology and money are deeply intertwined.

By encouraging curiosity, open discussion, and responsible experimentation, families can help kids see that money — whether on a card, in an app, or represented digitally — is still about making smart choices.

The post Raising Financially Savvy Kids in a Cashless World appeared first on Northeast Ohio Parent.

During 2025’s volatile cycles, investment grade silver proved its worth by stabilizing portfolios and offering protection against inflation that eroded purchasing power. While stocks whipsawed and bonds struggled with shifting interest rate expectations, silver provided ballast that smoothed overall portfolio performance. Investors who maintained silver allocations experienced less dramatic portfolio swings than those concentrated entirely in traditional securities.

How silver performed, why it attracted renewed attention, and what lessons investors can carry forward matters for future allocation decisions. Understanding investment grade silver behavior during actual market stress provides practical insights beyond just theoretical benefits that academic studies suggest. Real-world performance during 2025’s challenges offers valuable lessons about silver’s role in diversified portfolios.

Market Conditions That Pushed Investors Toward Silver

Inflation concerns dominated 2025 as persistent price pressures challenged central bank narratives about transitory trends. Rising costs for essentials like food, energy, and housing eroded real returns from traditional investments while creating demand for inflation hedges. Silver’s historical role as purchasing power protection attracted investors seeking assets that maintain value when currencies depreciate.

Geopolitical tensions created uncertainty that traditional risk-on assets struggled to navigate confidently throughout the year. International conflicts, trade disputes, and political instability all contributed to volatility that punished equities. During these periods, silver acted as crisis hedge that investors accumulated when confidence in geopolitical stability waned significantly.

Currency devaluation fears drove precious metals demand as monetary policies worldwide continued accommodative stances despite inflation. Massive government spending and deficit concerns undermined confidence in fiat currencies’ long-term stability. Silver provided tangible alternative to paper currencies whose purchasing power faced structural pressures from fiscal and monetary policies that showed no signs of changing.

Performance Comparison: Silver vs. Stocks and Bonds

Silver delivered positive returns while major equity indices experienced drawdowns during several periods throughout 2025. When stocks fell during risk-off episodes, silver often held value or appreciated as investors rotated toward safe-haven assets. This negative correlation during stress periods provided the diversification benefits that justify silver allocations within broader portfolios.

Bond performance disappointed as interest rate uncertainties created losses for fixed-income holdings that traditionally provided stability. Rising rates early in 2025 hurt bond values while inflation eroded real returns even when nominal yields increased. Silver outperformed bonds by maintaining purchasing power and avoiding the duration risk that fixed-income securities face during rate volatility.

Portfolio volatility metrics improved significantly for allocations including silver compared to traditional 60-40 stock-bond portfolios. Even modest 5-10% silver positions reduced overall portfolio standard deviation during volatile periods. This volatility reduction matters for investors nearing retirement or those simply wanting smoother investment experiences without sacrificing long-term returns.

Investor Psychology: Why Tangible Assets Offer Comfort

Physical possession provides psychological security that digital account balances cannot match during system stress or crisis periods. Holding actual silver creates confidence that wealth remains accessible regardless of financial system functioning. This tangible security matters more during uncertain times when trust in institutions and systems faces legitimate questions that paper assets cannot answer satisfactorily.

Historical precedent spanning centuries shows precious metals preserving wealth across currency regimes, governments, and economic systems. Silver’s track record surviving countless crises provides comfort that newer assets and financial innovations lack. This historical validation matters for conservative investors who value time-tested stores of value over modern alternatives without lengthy proof.

Portfolio insurance mentality treats silver as protection worth holding even during periods when it underperforms other assets. Like home insurance that seems wasted when houses don’t burn down, silver provides peace of mind justifying costs during quiet periods. When crises strike, the insurance pays off through wealth preservation that other assets cannot reliably provide.

Future Outlook for Silver as a Safe-Haven Asset

Industrial demand fundamentals support long-term silver prices beyond just investment demand that drives short-term movements. Solar panel production, electronics manufacturing, and emerging technologies all require silver in applications where substitution remains difficult. This industrial base creates price floors and growth drivers independent from precious metals investment demand.

Supply constraints from mine production limitations prevent rapid supply increases even when prices rise significantly. Silver mining often occurs as byproduct of other metal mining, meaning primary silver supply responds slowly to price signals. These supply inelasticities support prices during demand surges while preventing oversupply that would crater values during quiet periods.

Monetary system evolution and digital currency debates keep precious metals relevant as alternatives to increasingly experimental currency regimes. Central bank digital currencies, cryptocurrency volatility, and ongoing monetary policy experiments all create uncertainty supporting precious metals appeal. Silver benefits from this ongoing monetary evolution as investors seek alternatives to systems undergoing rapid transformation.

Conclusion

Silver’s resilience and potential in uncertain markets demonstrated practical value during 2025’s volatility that theoretical discussions alone cannot capture. Investment grade silver proved itself as reliable long-term portfolio anchor providing stability, inflation protection, and crisis hedging that justified allocations despite carrying costs during calm periods.

Investors should consider investment grade silver as strategic allocation rather than speculative trade based on 2025’s lessons. The combination of inflation hedge, crisis protection, portfolio diversification, and tangible security justifies permanent allocations within diversified portfolios. Those who maintained silver positions through volatility benefited from stability and optionality that pure paper portfolios lacked during uncertain times.

The post How Investment Grade Silver Powered Portfolios During 2025’s Market Swings appeared first on Northeast Ohio Parent.

If you’re wanting to protect your family from the impact an accident can have, you need to know the hidden costs you might be landed with. Let’s take a look.

Medical Bills Beyond the ER

Even if you have great insurance, you’re going to have ongoing medical bills after an accident. It might just be prescriptions for minor injuries and pain, but it can also mean ongoing support for life-changing injuries.

The ER copay is just the beginning; follow-up appointments, physical therapy, medications, long-term rehabilitation, mobility aids, etc, can all be a part of your future, and all are expensive. And parents know how fast they can be thrown off with an extra bill to pay for. This is why good record-keeping is vital to help you track back expenses in the future, if possible. 

Lost Wages

There is a high possibility that your accident or a family member’s accident can result in you needing to take time off work. Even an afternoon off can unbalance your finances and put you at a loss for the month, and you will struggle to pay bills. And a loss of income impacts your ability to pay your rent or mortgage, cover your grocery shopping, or all of your utility bills, depending on how long you have to take off work.

Extra Care and Childcare Expenses

If you’re suddenly unable to do pick-ups and drop-offs, finding someone who can be costly. If you need to care for an injured child at home while you go to work, a babysitter won’t come cheap. Add in the cost of travel to appointments, and suddenly these accident expenses are spiraling out of control. And that’s before you get anything like having to pay for groceries to be delivered because you can’t get to the store, or ordering more takeout meals because you can’t cook while recovering!

Legal Fees and Settlements

If someone else’s negligence caused the accident, then you need legal help to get your costs reimbursed because insurance doesn’t always cover everything. This is where an experienced attorney can be invaluable. Let’s take the Javier Villarreal Law Firm, an accident law firm. Using their services can help you get the compensation you need, so that all of the bills don’t fall on you to pay for. And having someone else advocate on your behalf can be exactly what you need during this time to help with the recovery process and to have one less thing to worry about.

The post The Hidden Cost of Accidents appeared first on Northeast Ohio Parent.

Chief among them? Taxes.

If you’re freelancing in Ohio, you’ll want to know what to expect before April rolls around. From keeping accurate records to understanding how local city taxes work in Northeast Ohio, having a plan can help you avoid surprises and keep more of your hard-earned money.

Understanding Your Tax Forms

As a freelancer, you won’t get a W-2 like traditional employees. Instead, you’ll often receive a 1099-NEC from clients who paid you $600 or more during the year. This form reports your earnings to the IRS, and it means you’re responsible for reporting and paying taxes on that income. 

If you want a simple way to create or file one yourself, a tool like the FormPros 1099 generator can help ensure everything is accurate and on time.

Beyond the 1099, you’ll also need to track all other freelance income, even if you didn’t receive a form. Every dollar counts, and leaving things out (even by mistake) could trigger unwanted IRS attention.

Here are a few quick tips for staying organized:

• Keep digital and paper copies of all invoices and payments received.
• Track expenses in real time. Waiting until tax season to gather receipts can lead to missing deductions.
• Use accounting software or a simple spreadsheet to keep things tidy.

Estimated Taxes and Why They Matter

Unlike employees, freelancers don’t have taxes withheld from their paychecks. That means you’ll need to pay estimated taxes quarterly, usually in April, June, September, and January. Think of these as prepayments toward your federal and state tax bill.

If you skip them, you might face penalties or a hefty surprise at filing time. Ohio makes it fairly straightforward to pay online, but you’ll want to mark your calendar for those deadlines so they don’t sneak up on you.

Some parents find it helpful to set aside a percentage of each payment (often 25–30%) in a separate savings account. That way, the money is waiting for you when tax time comes.

Don’t Forget About Local Taxes

One unique wrinkle in Ohio is local city taxes. In Northeast Ohio, many municipalities, including Cleveland, Akron, Canton, and dozens of smaller suburbs, have their own local income tax systems. Freelancers often owe tax where they live, not just where they work.

This can get confusing if you’re juggling multiple clients across different cities. The best approach is to check your city’s rules and factor those payments into your quarterly planning.

Avoiding Common Filing Mistakes

Even well-organized freelancers can trip up at tax time. A few mistakes to watch for include:

• Forgetting to report income that didn’t come with a 1099 form
• Missing deductions like home office expenses, mileage, or internet costs
• Not filing local city returns (a common issue in Ohio)
• Waiting until the last minute and rushing through forms

The fix? Stay proactive. 

Keep your records updated monthly instead of once a year, and reach out to a tax professional if you’re unsure about anything. A little guidance now can save you hours of stress later.

The Bottom Line

Freelancing in Ohio gives you flexibility, but it also means you’re the one steering the ship at tax time. By understanding your forms, paying estimated taxes, and keeping local rules in mind, you’ll be in a much stronger position when deadlines roll around.

Think of taxes as another part of running your business. With good habits in place, and maybe a little outside help, you can free up more energy to focus on your clients, your projects, and of course, your family.

The post How to Handle Taxes for Freelance Work in Ohio appeared first on Northeast Ohio Parent.

We all want to experience a stress-free home closing. Moving into your new home should be an exciting time, not the start of a financial nightmare.

Here’s the problem:

Title issues can ruin your homeownership dreams quicker than you can say “closing day.” Without proper title insurance, you’re essentially gambling away your entire investment.

One wrong move could cost you thousands of dollars.

The title insurance market hit $23.0 billion in 2024, showing just how important this protection has become. But here’s the thing… Not all title insurance companies are created equal.

Key insights you’ll discover:

• Why Your Choice of Title Insurance Provider Matters More Than You Think
• What Sets Title Insurance Providers Apart From One Another
• 5x Key Factors To Evaluate Before Choosing
• How To Compare Costs And Save Money On Your Policy
• Warning Signs To Avoid When Picking A Provider

Why Your Choice of Title Insurance Provider Matters More Than You Think

The company you select as your title insurance provider is not just another vendor you work with in your closing process.

Here’s why: This company will be the barrier between you and a legal disaster that could cost you your entire property. When title problems arise – and they inevitably do – your provider’s actions (or lack thereof) will make or break your financial future.

Think of title insurance companies as bodyguards for your property rights. Some are experienced professionals with a proven track record of neutralizing threats. Others… well, let’s just say you wouldn’t want them protecting anything of value to you.

Homeowners often obsess over premium costs when shopping title insurance, making a huge mistake.

What really matters:

• Claims handling expertise – How fast and efficiently they resolve issues
• Financial strength – If they can pay out claims
• Legal resources – Quality of attorneys fighting on your behalf

You can learn more at capstonelandtransfer.com about how to properly calculate title insurance costs in order to accurately evaluate different providers’ value propositions.

I’ve seen people save $200 on premiums only to end up losing $50,000 when their cut-rate provider couldn’t handle a complex title claim.

What Sets Title Insurance Providers Apart From One Another

Title insurance companies don’t all operate in the same way. Here are key differences to understand before making a decision:

Large National Companies have the most resources and standardized processes. They work fast on high volume but may lack local expertise.

Regional Specialized Insurers have a better feel for local real estate regulations and title problems specific to your area. They provide more personalized service but have fewer resources.

Local Independent Agents offer the most personalized service and local connections. However, they may have limited backing for major claims.

Claims Resolution Philosophy

This is where providers really distinguish themselves.

Aggressive Litigation Insurers go all out on fighting title challenges with seasoned legal teams. They cost more but offer the best protection.

Settlement-Oriented Companies prefer negotiating quick, low-cost settlements. They’re cheaper but may give up on claims you could win.

Minimum Service Providers offer bare bones coverage with little to no claims support. Very cheap but limited protection when issues arise.

5x Key Factors To Evaluate Before Choosing

Deciding on a title insurance provider involves carefully weighing multiple factors. Here are the most important ones:

Financial Stability And Strength

Your provider must have deep enough pockets to pay large claims if they come up. Do not trust smaller, untested providers on this front.

Check financial ratings from A.M. Best (A- or better) and state insurance department reports. Look for insurers with a long track record in business. It’s no good if they go bankrupt and cannot pay future claims.

Local Market Familiarity

Every real estate market has its own title quirks. Look for insurers with deep local transaction experience and who are familiar with common area title issues. Local expertise usually translates into faster problem resolution.

Service And Support Quality

Your provider should help the closing process go smoothly, not stress you out. Evaluate their communication responsiveness, transaction timeline guarantees, and customer service reviews.

Claims Handling Reputation

This is THE most important factor that people COMPLETELY ignore.

Research their average claims processing time, percentage of claims they successfully defend, and customer satisfaction during claims.

How To Compare Costs And Save Money On Your Policy

Title insurance is priced all over the place between different providers and states. Shopping around can net you hundreds or even thousands of dollars.

Title insurance rates include a base premium, title search fees, closing fees, and endorsements. Some providers bundle these, while others itemize everything.

Research suggests that borrowers who shop around for title services could save as much as $500 on title services alone.

Here’s how to squeeze every dollar of savings:

Compare total cost, not just premiums. Look for providers advertising low premiums but with high fees for other services.

Inquire about reissue discounts. If the property was recently insured, you may be eligible for up to 40% discounts.

Bundle both lender’s and owner’s policies. Purchasing both from the same provider usually comes with bundling discounts.

Three states – Texas, Florida, and New Mexico – have government regulated title insurance rates where all providers must charge identical premiums. There, search for the best service, not price.

In the remaining states, title insurance costs range from as little as $700 to over $2,100 for the same type of property.

Warning Signs To Avoid When Picking A Provider

The following red flags are signs of providers to avoid.

Poor Communication And Lack Of Transparency

Run from providers who refuse to give you a detailed cost breakdown, are nonresponsive to your questions, or seem to be rushing you. Good companies want educated customers.

Unbelievably Low Prices

Cheap insurance is usually obtained by making dangerous cut corners. Be leery of companies quoting prices way below market, then trying to tack on hidden fees or rush closings. Quality title insurance isn’t a commodity where you get what you pay for.

Subpar Claims Resources

If a company advertises great rates but terrible claims support, don’t be fooled. Avoid companies with no in-house claims department, outsource legal counsel, or who have terrible customer reviews. The cheapest provider at closing becomes expensive if they don’t have your back when claims come.

Pulling It All Together

Selecting the right title insurance company will protect your most valuable asset. It is a decision you need to get right by balancing cost, service, and claims ability.

Here’s your action plan:

• Do research on 3-5 providers in your market
• Compare all costs, not just base premium
• Verify financial strength and local experience
• Read customer reviews with focus on claims
• Ask lots of questions of each company about coverage and process

Don’t let your lender or real estate agent make this decision for you. Take control, do your due diligence, and pick a provider that will truly have your back.

Remember: The cheapest option often becomes most expensive when title problems come up. Invest in quality protection that will fight for your property rights when it counts.

The right title insurance provider gives you peace of mind that your homeownership dreams are secure. Spend the time to choose wisely. Your future self will thank you.

The post Choosing the Right Title Insurance Provider for Your Needs appeared first on Northeast Ohio Parent.

Unfortunately, new cars today are very expensive – almost $48,000 on average. Even if you choose to buy a new car on finance, you’re likely to pay huge monthly payments. While new cars are more fuel-efficient and won’t need as many repairs, this still doesn’t make up for the high cost of purchasing them. 

Fortunately, there are some alternative funding options to consider that can make a new car more affordable. From leasing to rebates, here are 5 solutions that could be worth looking into if you have your heart set on a brand new model. 

Opt to lease

Leasing is a way of essentially renting a car. Not owning it means that you cannot modify it or sell it – plus, there may be mileage restrictions you have to stick to. However, you’ll be able to access cars that would otherwise be impossible to fund through finance. 

You can find lease deals on new Cadillacs and lease deals on new BMWs with attractively low monthly payments. Maintenance is sometimes covered by a warranty, plus there are tax deductions for business owners.

Most leases last 2 to 3 years. After this you must return the vehicle, after which you’ll be given the choice to lease a new vehicle. Some dealerships allow you to buy a leased car at the end of your term, but you’ll have to buy it for its current value – your previous lease payments won’t contribute towards it.  

In some cases, leasing can also be arranged through salary sacrifice, where payments are deducted directly from gross salary. This can lower the effective cost of a new car for employees, especially when tax efficiencies and bundled running costs are taken into account.

Consider PCP finance

PCP finance is a unique type of finance that can be another means of affording a new car. With this option, you pay smaller monthly payments than you would with a traditional hire purchase finance agreement. At the end of the agreed period, you then have the option to pay the remaining value of the car in a single payment (known as a balloon payment).

The average balloon payment is usually equal to 30% to 50% of the car’s value. If you pay this, you keep the car. If you cannot pay this, you must return the car to the dealer. However, you do have the option to then take out a new PCP plan on a new vehicle.

Essentially, it’s like a happy medium between leasing and finance. As with leasing, there may be some restrictions until you’ve paid the balloon payment. 

Take out a long-term car loan

Most car loans are 3 to 5 years in length. However, it is possible to take out 10 year car loans.

These loans come with much lower monthly payments because they are stretched over a longer period. This makes it possible to buy a newer car and pay less each month.

You will pay more interest in the long run, plus you are committed to a loan for a much longer period. On top of this, credit checks may be stricter than standard car loans due to the length of the loan. These loans are also much harder to find and some lenders won’t offer them. 

Compare cheaper new cars

Not all new cars cost over $40k. Many new cars cost under $30k, while the likes of the Nissan Versa costs only $18,330 to buy.

Such cars may be easier to fund with finance, because monthly payments won’t be as high. Yes, these cars are likely to be more basic than other newer models and may not have the same gadgets. But you still get to drive away in a shiny new car.

Explore new car rebates

Some dealerships will offer discounts on new cars known as ‘rebates’ for certain limited periods. This is usually just before a new model is about to come out. This can bring down the cost of a new car.

If you’re buying an EV such as a Tesla or BYD car, you may even be entitled to tax credits of up to $7500 – although Trump has recently axed this, so you don’t have long to take advantage of it. 

Conclusion

If you’re willing to not go down the traditional finance route, there are many alternative funding methods you can use to afford a new car. Choosing a cheaper model and looking into rebates could further help to put a new car within reach. It all depends on what type of car you’re looking for as to how much money you can reasonably save.

The post Affording A Brand New Car: 5 Solutions To Consider appeared first on Northeast Ohio Parent.

Whether you’re replacing a clunky system or installing one for the first time, understanding your options has never been more important. From SEER ratings to ductwork needs, this guide breaks down everything you need to make an informed decision. If you’re planning a new A/C installation in Columbus, now is the time to learn what matters most. Let’s walk through the essentials together.

Assessing Your Needs

Before buying a new air conditioner, you need to study your needs. Take into consideration the square footage of the space that needs to be cooled. More powerful systems will be required for larger spaces, while compact units are ideal for smaller areas. We should also consider the energy costs. These can be more expensive in the beginning, but they save you money in the long run.

Types of Air Conditioners

Options include several other air conditioning choices. And each of them comes with pros and cons:

• Central Air: Central air systems provide consistent temperatures throughout your home and are great for larger spaces. However, they do need ductwork, which will substantially increase the cost of installation.
• Window Units: These are great for single rooms as they are affordable and straightforward to set up. But they are not ideal for a new room.
• Portable Units: These will come in handy if you have to switch rooms and are easy to move. They are easy to use but may take longer to cool than other kinds.
• Ductless Mini-Splits: Ideal for homes without ducts. They provide adequate cooling and are less noisy than window units.

Evaluating Energy Efficiency

A key factor is energy efficiency. Choose an air conditioning unit with a high Seasonal Energy Efficiency Ratio (SEER) rating. The more energy efficient the appliance, the higher the SEER rating. Energy Star models also adhere to stringent efficiency specifications, giving you additional peace of mind for saving in the long term.

Considering Installation Costs

Installation costs may differ depending on the system chosen. In the case of central systems, professional installation may be needed, which could add to the price. Installation instructions are usually fairly easy for window and portable units, and the work can be done alone. By analyzing these costs beforehand, they can avoid any costs in the future that were not foreseen.

Maintenance and Durability

Routine service prolongs the air conditioner’s lifespan. It is important to replace or clean your filters periodically to maintain excellent functionality. Others need attention less often and need to be serviced only once a year by qualified professionals; some are even safer for annual servicing! Selecting a model that performs well but is also easily maintained according to the owner’s preferences will help avoid headaches in the long run.

Noise Levels

Comfort is not just about temperature. The learning curve noise may not be as pleasant as a cooling system that will not sigh. The quieter they run, the more enjoyable the experience, plus some models operate virtually silently. By looking at the noise levels before a purchase, people can know the new unit will be to their comfort levels.

Budgeting for the Purchase

The importance of practical budgeting. Although you may be tempted to buy the cheapest one, spending a little more to have one that has better quality tends to pay off in the long run. Weighing the costs against savings and comfort will help to ensure satisfaction from the purchase over the long haul.

Environmental Impact

If you care about the well-being of our planet, you can opt for green alternatives. Others utilize refrigerants with less environmental depreciation. Some are specifically designed to be energy efficient. In this way, those solutions can support various ecological objectives.

Warranty and Support

A good warranty offers reassurance. Checking the warranty details before purchasing can avoid further headaches. Support services from the manufacturer or retailer are also an important factor in decision-making. The assurance that help is available whenever required is a boost to confidence itself.

Conclusion

Each of these points requires some thought and consideration when choosing a new air conditioner. If one steps into the purchase approach knowing their need, energy efficiency, installation, and maintenance considerations, they gradually move toward an informed decision. 

With an intelligent evaluation of each factor, one can ensure a cooling system that fits all needs without breaking the bank. In the end, it is about a properly selected air conditioner that provides comfort and tranquility, making the choice a rewarding experience.

The post Thinking About a New A/C? Here’s What You Need to Know appeared first on Northeast Ohio Parent.

In a world where consumer culture encourages immediate gratification, understanding how to budget effectively becomes a critical skill. It allows individuals to live within their means, reduce unnecessary financial stress, and prioritize investments that contribute to a secure future. Wealth creation, in its truest form, is not the result of a single decision but a culmination of consistent financial habits shaped by thoughtful budgeting strategies.

Maximizing Financial Visibility Through Digital Tools

The digital age has revolutionized personal finance management. With a multitude of budgeting and investment platforms available, individuals can now track their income, categorize spending, and visualize their financial goals with ease. This digital shift not only simplifies the process but also empowers users with real-time insights into their financial behavior.

A particularly effective tool in this regard is the SoFI investment calculator. By enabling users to input variables like income, expenses, and financial goals, the calculator projects potential investment outcomes over time. This type of tool brings clarity to long-term financial planning, allowing individuals to explore various saving scenarios and their possible impact on wealth accumulation. It also fosters informed decision-making, helping users balance present consumption with future gain. This seamless integration of technology into budgeting practices enhances transparency and provides a clearer path toward achieving financial milestones.

Prioritizing Needs Over Wants

One of the most fundamental principles of effective budgeting is distinguishing between needs and wants. Needs are essential expenditures—housing, utilities, food, transportation—while wants are discretionary, such as dining out, streaming subscriptions, or high-end consumer goods. By clearly separating these categories, a budget can be aligned with practical priorities.

This prioritization doesn’t demand an austere lifestyle; rather, it introduces mindfulness into spending habits. Individuals who consistently prioritize necessities and manage discretionary spending are better positioned to channel excess funds into savings or investments. Over time, even modest contributions accumulate and compound, forming a bedrock of long-term wealth.

A strategy that proves particularly helpful is the 50/30/20 rule—allocating 50% of income to needs, 30% to wants, and 20% to savings and debt repayment. While it’s not universally applicable, this framework provides a starting point for individuals seeking balance in their financial plans.

Creating an Emergency Fund as a Wealth Safeguard

An essential component of smart budgeting is preparing for the unexpected. Medical emergencies, job loss, or major repairs can derail financial progress if unprepared. An emergency fund, typically covering three to six months of living expenses, acts as a buffer against such disruptions.

By incorporating emergency fund contributions into a monthly budget, individuals reduce their dependency on credit or loans during crises. This not only preserves their long-term investments but also shields them from high-interest debt traps. A well-funded emergency reserve reinforces financial stability, allowing the broader wealth-building strategy to continue unimpeded, even in the face of adversity.

You never know what is coming round the corner, and it’s important that you are stable enough to afford whatever you need to when it does come. For example, if you get injured and need the help of an accident lawyer on top of paying medical bills, your emergency fund is going to be your saving grace.

Eliminating Debt to Free Up Investment Capital

Debt is one of the most significant barriers to wealth accumulation. Interest payments on credit cards, personal loans, or other high-interest debt consume resources that could otherwise be allocated toward investments. Smart budgeting includes a proactive debt reduction plan.

Allocating extra funds toward high-interest debts—often referred to as the avalanche method—minimizes the total interest paid over time. Alternatively, the snowball method, which targets smaller balances first, can build psychological momentum. Regardless of the strategy, the key lies in consistent, budgeted payments that gradually eliminate financial liabilities.

Automating Savings for Consistency

A powerful yet often underutilized aspect of budgeting is automation. Setting up automatic transfers from checking to savings accounts, retirement funds, or investment portfolios ensures that saving becomes a regular habit rather than a discretionary afterthought.

This approach reinforces the principle of “paying yourself first”—treating savings as a non-negotiable part of the budget. Automated systems also remove the temptation to spend what is intended for future growth. Over time, even small automated contributions build significant value, especially when directed into compounding assets.

Tracking Progress and Adjusting Goals

Budgeting is not a static process. Financial goals evolve due to changing life circumstances, career advancements, or shifting personal values. Regularly reviewing and adjusting a budget ensures that it remains relevant and effective.

Monthly or quarterly reviews can help identify leaks in spending, evaluate investment performance, and adjust contributions toward financial goals. This reflective process keeps individuals engaged with their financial plans, enabling them to adapt while staying focused on their wealth objectives.

Diversifying Investment Avenues Within the Budget

Smart budgeting also involves planning for diverse investment allocations. While budgeting typically focuses on managing income and expenses, an advanced approach integrates investment planning directly into the budget structure.

Designating specific portions of the budget for different asset classes—such as equities, bonds, or retirement accounts—ensures a well-rounded wealth-building strategy. This diversification mitigates risk and enhances the potential for higher returns over time. Even conservative investors benefit from spreading risk across multiple financial instruments.

Practicing Delayed Gratification

Long-term wealth often requires the ability to postpone gratification. Budgeting, by its nature, instills this mindset. Individuals committed to sticking to a budget learn to value future benefits over immediate indulgences.

This shift in behavior plays a critical role in building wealth. Instead of financing lifestyle upgrades with debt or dipping into savings for non-essential purchases, individuals trained in delayed gratification build financial resilience. Their choices reflect a long-term perspective, focusing on investments that yield returns over years rather than instant rewards.

Smart budgeting, when practiced with intention and consistency, becomes a transformative tool. It enables individuals to maintain control over their finances, make informed decisions, and steadily progress toward financial independence.

The post How Smart Budgeting Can Lead to Long-Term Wealth Creation appeared first on Northeast Ohio Parent.

That assumption leaves many people waiting far too long to seek the kind of strategic guidance that could help them manage, protect, and grow their wealth more effectively.

The truth is, private wealth management isn’t about a magic number. It’s about complexity. If your financial life involves more than a W-2, a 401(k), and a basic savings account, you may already be in territory where a personalized, long-term strategy is no longer just helpful—it’s necessary.

So how do you know when your wealth has reached a point where private wealth management makes sense?

Here are the key signs to look for.

You Have Multiple Income Streams (Beyond a Salary)

For most professionals, managing personal finances is relatively straightforward when income comes from a single paycheck every two weeks. But the picture changes significantly when you’re earning from:

• Business income

• Investments or rental properties

• Stock options or RSUs

• Side ventures or consulting

• Royalties or licensing fees

• Dividends or capital gains

Multiple income streams mean more decisions, more tax exposure, and more moving parts. A private wealth advisor can help structure these streams in a way that minimizes taxes and aligns with your short- and long-term goals. They’ll also ensure you’re not missing opportunities to allocate income efficiently—whether it’s through investment, retirement vehicles, or charitable giving.

Your Net Worth Is Tied Up in Illiquid Assets

For entrepreneurs and founders, it’s common for the bulk of net worth to exist on paper—in the form of equity in a privately held company or startup. While this can be a huge opportunity, it also presents a unique risk: lack of liquidity.

You may be sitting on several million dollars in equity, but still feel “cash poor” in your day-to-day life. Meanwhile, you’re paying out of pocket for taxes, education, housing, and healthcare.

Private wealth management can help you navigate this situation with:

• Strategic use of debt or lines of credit based on your equity position

• Tax planning around potential liquidity events

• Risk mitigation strategies if your wealth is concentrated in one company or sector

Advisors can also help you diversify smartly as liquidity becomes available, preserving the upside while protecting your financial foundation.

Your Tax Situation Has Become Increasingly Complicated

Once your income passes a certain threshold—or your compensation includes stock options, business income, or investment gains—tax planning becomes much more than just filing in April.

Signs your taxes are getting too complex to manage without specialized help:

• You’re subject to the Alternative Minimum Tax (AMT)

• You’re earning investment income subject to Net Investment Income Tax (NIIT)

• You have international income or assets

• You’re receiving K-1s from partnerships or investment funds

• You’re exercising stock options or planning to sell equity

• You’ve made (or want to make) large charitable contributions

A private wealth manager works closely with tax advisors and CPAs to create year-round strategies—not just for reducing this year’s tax bill, but for planning multi-year outcomes, especially around income timing, charitable deductions, estate tax minimization, and more.

You’re Planning (or Anticipating) a Liquidity Event

Whether you’re selling a business, exercising stock options ahead of an IPO, or cashing out of an investment, liquidity events come with massive financial and emotional implications.

And they rarely go as planned if you wait until the deal closes to seek advice.

A wealth advisor can help you plan before the exit happens by:

• Evaluating strategies like QSBS exclusion (if eligible)

• Planning charitable giving through donor-advised funds (DAFs)

• Setting up trusts to transfer appreciated assets tax-efficiently

• Timing asset sales to reduce capital gains tax liability

• Coordinating with attorneys and tax professionals to structure the transaction

The key is proactive planning. With the right strategy, you can potentially save millions in taxes while aligning the outcome with your family’s long-term needs and values.

You Want to Make a Meaningful Impact—Now or in the Future

Many people assume philanthropy is something you think about later in life—after retirement or an exit. But increasingly, founders and professionals are looking to give back while they’re still building.

Whether you’re supporting a cause, creating a foundation, or simply making regular contributions to charities, philanthropy is more effective when it’s planned strategically. A private wealth advisor can help:

• Create a giving strategy aligned with your financial plan

• Evaluate the pros and cons of donor-advised funds, private foundations, or direct giving

• Coordinate gifts of appreciated assets, not just cash

• Maximize tax benefits while supporting the causes you care about

Philanthropy isn’t just about giving away money—it’s also about values, legacy, and using your wealth to make a difference. A wealth advisor helps ensure your impact is sustainable and aligned with your goals.

You’re Building or Inheriting Generational Wealth

If your financial decisions today will affect your children—or even grandchildren—then you’ve crossed into territory where personal finance becomes family finance.

Generational wealth raises new questions:

• How do you educate children about wealth and responsibility?

• What’s the best way to structure inheritance?

• How do you minimize estate taxes?

• Should you use trusts, family limited partnerships, or other vehicles?

Private wealth managers specialize in estate planning and legacy strategies. They’ll help ensure that the wealth you’ve worked hard to build is protected and passed on in a way that reflects your intentions, while minimizing the tax burden and avoiding common pitfalls.

You Don’t Have Time to Manage Everything Yourself

Many high achievers pride themselves on managing their own investments, budgets, and taxes—especially in the early stages of wealth building. But as your assets and responsibilities grow, it becomes harder to do it all well.

Private wealth management offers a coordinated approach. Instead of juggling financial decisions across multiple advisors, platforms, or DIY spreadsheets, you work with a team that helps align everything: investments, taxes, insurance, estate plans, and long-term goals.

This coordination doesn’t just save time. It helps avoid costly oversights, like missing deadlines, underfunding tax liabilities, or failing to rebalance portfolios during market shifts.

So, Is Your Wealth Complex Enough?

If you read through these signs and recognized your situation in more than one, the answer is likely yes.

The threshold for engaging a private wealth manager isn’t just about net worth—it’s about financial complexity. If your wealth involves more than basic checking, savings, and retirement accounts, or if you’re making decisions that will affect your future wealth, taxes, or legacy, it’s time to think about getting professional help.

A qualified wealth advisor doesn’t just react to your questions—they ask the ones you haven’t thought to ask. They don’t just manage money—they help you build a strategy that serves your life, your family, and your goals.

Final Thoughts

Private wealth management isn’t about being rich enough—it’s about being smart enough to know when your financial life has reached a level where strategy matters more than tactics.

Whether you’re growing a business, preparing for a liquidity event, managing new income sources, or just trying to make smart decisions for your family’s future, having a professional in your corner can make a dramatic difference.

Don’t wait for a milestone to start planning. Often, the best outcomes happen when the right strategies are in place before the wealth shows up on your balance sheet.

The post Key Signs To Know If Your Wealth Complex Enough for Private Wealth Management appeared first on Northeast Ohio Parent.

If you want your family car to go the distance — well beyond 100,000 or even 200,000 miles — proactive maintenance and smart protection strategies are your best allies. Here’s a comprehensive look at how to ensure your family car stays in top shape for years to come.

Choose a Reliable Vehicle to Start With

The foundation of a long-lasting family car is choosing a model known for reliability. While every vehicle will need regular care, some make it easier to keep running well over time. Brands like Toyota, Honda, Subaru, and Mazda have earned strong reputations for durability.

Look for:

• High reliability ratings from sources like Consumer Reports or J.D. Power. 
• Long-term ownership reviews and forums where owners discuss how their vehicles perform after 100,000+ miles. 
• Simple and proven engineering — fewer high-tech frills often mean fewer things that can go wrong. 

If you’re buying used, request a full vehicle history report and have a trusted mechanic inspect the car for hidden issues.

Stick to a Preventive Maintenance Schedule

One of the most effective ways to extend the life of any car is by following the manufacturer’s recommended maintenance schedule. This information is typically found in your owner’s manual and will include time- or mileage-based intervals for:

• Oil changes 
• Brake inspections 
• Transmission service 
• Coolant flushes 
• Tire rotations 
• Timing belt replacement 

Skipping or delaying routine service can lead to larger (and more expensive) problems later on. Set calendar reminders or use an app to keep your schedule on track.

Invest in Quality Parts and Fluids

When replacing parts or fluids in your car, avoid the temptation to go with the cheapest option. OEM (Original Equipment Manufacturer) or high-quality aftermarket parts are more likely to perform better and last longer.

• Engine oil: Use the grade recommended by the manufacturer. 
• Filters: Air, oil, and cabin filters should be changed on time using trusted brands. 
• Tires: Choose a reputable brand for longer tread life, better handling, and safety. 

Saving money upfront by choosing budget parts can cost more in the long run through premature wear or failures.

Keep the Car Clean – Inside and Out

While cosmetic upkeep may not seem related to mechanical durability, it plays a bigger role than you might think. Road salt, bird droppings, and tree sap can all cause corrosion if left unchecked.

• Regularly wash and wax the exterior to protect the paint and undercarriage. 
• Clean the interior to prevent wear and tear on upholstery, especially from spills, sand, and sticky snacks. 
• Use floor mats and seat covers if needed — especially in high-use family vehicles with pets or small children. 

A clean, well-kept car is more likely to be treated with care, which in turn contributes to its longevity.

Pay Attention to Warning Signs

Your car often gives clues that something is wrong before a breakdown happens. Stay alert for:

• Strange noises (clicking, grinding, whining) 
• Unusual smells (burning, gas, or moldy odors) 
• Dashboard warning lights 
• Fluid leaks under the car 
• Changes in handling or braking 

If something feels “off,” don’t ignore it. Prompt diagnosis and repair can prevent minor issues from snowballing into expensive problems.

Teach Good Driving Habits

How a car is driven has a major impact on how long it will last. Teach all family members (especially teen drivers) habits that preserve the vehicle:

• Avoid hard braking and sudden acceleration 
• Let the engine warm up in cold weather 
• Don’t overload the vehicle 
• Obey speed limits and avoid aggressive driving 
• Shift smoothly if driving a manual transmission 

Gentle driving reduces stress on critical systems like the engine, brakes, and suspension.

Rotate and Replace Tires Regularly

Tires are your vehicle’s only point of contact with the road, and they affect everything from fuel economy to safety. Keeping them in good shape is a must.

• Rotate your tires every 5,000 to 7,500 miles 
• Check tire pressure monthly 
• Inspect for uneven wear and damage 
• Replace tires when tread depth is low (under 2/32″) 

Proper tire care not only helps them last longer but also improves vehicle performance and fuel economy.

Extended Vehicle Warranty Coverage: Is It Worth It?

For many families, especially those buying used vehicles or planning to keep their cars for a long time, extended vehicle warranty coverage can be a smart investment. But what exactly is it, and is it worth the cost?

What Is an Extended Warranty?

An extended vehicle warranty (sometimes called a vehicle service contract) is a plan that covers repairs beyond the original manufacturer’s warranty. It typically includes components like:

• Engine and transmission 
• Electrical systems 
• Suspension 
• Air conditioning 
• Computer modules 

Plans can range from basic powertrain coverage to comprehensive “bumper-to-bumper” protection.

Benefits of Extended Warranties

1. Peace of Mind
   Repairs can be expensive — especially after the factory warranty expires. An extended warranty protects your budget from surprise repair bills. 
2. Budgeting Predictability
   Many plans come with monthly payments, which can make managing household expenses easier. 
3. Increased Resale Value
   Transferable warranties can make your car more attractive to buyers when you sell. 
4. Nationwide Repair Options
   Most reputable warranty providers work with repair shops across the country, making it easier to get service if you’re on the road. 

What to Watch Out For

• Fine Print: Not all plans are created equal. Some exclude wear-and-tear items or only cover parts under specific conditions. 
• Deductibles: Many extended warranties include deductibles, which vary between providers. 
• Provider Reputation: Choose a well-reviewed, financially stable provider. Read reviews and check BBB ratings. 

Is It Right for Your Family?

An extended warranty is especially beneficial if:

• You’re keeping your car well past the manufacturer’s warranty period. 
• Your vehicle model is known for higher-than-average repair costs. 
• You rely heavily on your vehicle and can’t afford downtime. 

However, if your car is highly reliable and you’ve set aside an emergency repair fund, you might skip the added cost and handle repairs as needed.

Store Your Car Smartly

Where and how you store your car matters, particularly if you live in areas with extreme weather.

• Use a garage if possible to protect from UV rays, hail, and temperature swings. 
• Install sunshades to protect the dashboard from cracking. 
• Invest in a car cover if you park outside for long periods. 

Proper storage prevents damage and helps retain the value of your vehicle over time.

Keep Records and Stay Organized

Documenting your maintenance and repair history helps in several ways:

• Better resale value — Buyers appreciate a car with full records. 
• Warranty compliance — Extended warranties may require proof of proper upkeep. 
• Tracking performance issues — You can spot patterns that might indicate deeper problems. 

Keep digital or physical copies of service invoices, parts receipts, and inspection reports.

Conclusion: Build a Legacy Car for Your Family

A dependable family car is more than just reliable transportation — it’s part of the fabric of your everyday life. With consistent maintenance, smart protection strategies like extended warranty coverage, and responsible driving habits, your vehicle can serve your family reliably for many years — and maybe even be passed down to the next generation.

Invest in your car, and it will return the favor every time you turn the key.

The post Family Cars That Last: Maintenance and Protection Strategies appeared first on Northeast Ohio Parent.

Set a Realistic Budget and Prioritize Spending

Start by creating a clear budget that breaks down how much you’ll spend on food, venue, attire, and decor. Sit down with your partner and anyone contributing financially to identify what matters most to you both. Is it amazing photos? Delicious food? A meaningful location?

Make a list of your non-negotiables—those elements you absolutely can’t imagine your day without—and identify where you’re comfortable cutting back. Every dollar you save in one area can go toward something that truly matters to you!

Guest List Management

One of the simplest ways to control your wedding costs is to be thoughtful about your guest list. Each additional guest means more of everything: food, drinks, invitations, and space.

Consider limiting your celebration to close family and friends who truly matter in your lives. A smaller gathering not only saves money but creates a more intimate atmosphere where you can actually connect with everyone instead of barely managing a quick hello at each table.

Get Creative with Your Venue and Date

Venues are often the biggest expense, but there are lots of ways to save. Rooftop venues in particular—whether in, downtown, or nearby coastal towns—often allow you to take advantage of the natural beauty and need less decoration, which can help keep costs down.

For example, in San Diego, couples are opting for scenic public parks and unique rooftops—like the La Jolla Cove on Breezit—to snag ocean‑view backdrops without the ballroom price tag. From local community centers to a friend’s backyard, it’s easy to discover and book memorable, budget‑friendly venues.

Don’t forget to consider off-peak dates (like weekdays or off-season months) when venues and vendors often offer discounts. And hosting the ceremony and reception at the same place—whether it’s a rooftop, garden, or beach—can save on transportation and decor.

Leverage Family and Friends

You don’t have to plan everything alone! Involving family and friends distributes the workload and can drastically reduce costs. Form a small team with loved ones who have specific skills—maybe you have a super-organized sister or a creative cousin who can help with decor.

If your friend takes amazing photos or your uncle makes incredible cakes, consider asking for their services as a wedding gift. These personal contributions often end up being more meaningful than hired services and can save you thousands.

DIY and Personal Touches

Creating your own invitations, centerpieces, and decorations saves money and adds unique elements to your celebration. Digital invitations have become completely acceptable and eliminate printing and postage costs while still looking beautiful.

Simple decorative elements like string lights, candles, and greenery can transform ordinary spaces into romantic settings without the hefty price tag of elaborate floral arrangements.

Smart Food and Beverage Choices

When it comes to feeding your guests, simplicity can be both elegant and economical. Choose a few quality, crowd-pleasing dishes rather than an extensive menu. Seafood like fresh lobster, fish, or shrimp can make an appearance as an impressive appetizer rather than a costly main course, giving your reception that touch of luxury without breaking the bank.

Consider buffet or family-style service instead of plated meals, and limit alcohol to beer, wine, and perhaps one signature cocktail. Many venues offer package deals that include food and beverages at better rates than hiring separate caterers.

Food can also play a role in setting a romantic mood for your celebration. For couples interested in adding a special touch to their wedding night, exploring the use of aphrodisiac foods can be a fun option. The traditional mood-enhancing foods can add an intimate element to your celebration without being obvious to guests.

Attire and Accessories

Your wedding attire doesn’t need a four-figure price tag. Consider renting, shopping sample sales, or browsing online marketplaces where barely-worn designer pieces sell at huge discounts.

Adding family heirlooms like your grandmother’s veil or your mother’s jewelry brings special meaning to your outfit while costing nothing. These sentimental pieces often become the most treasured elements of your wedding day look.

Vendor Selection and Negotiation

Don’t be afraid to negotiate respectfully or ask about customizing packages. Most vendors would rather adjust their offerings than lose your business completely.

Minimalist and Sustainable Decor

Embrace the “less is more” approach with your decor. Focus on a few statement pieces like beautiful draping, creative lighting, or striking centerpieces rather than trying to decorate every inch of your venue.

Natural elements like branches, leaves, and potted plants create stunning displays that are eco-friendly and budget-conscious. Sustainability helps both the planet and your wallet!

Unique Insights and Modern Solutions

Today’s technology gives you options that previous generations didn’t have! Stream your ceremony online for distant relatives who can’t attend in person—this lets you share your special moment without expanding your guest list.

Think creatively: combine your wedding cake with your dessert course, host a brunch reception instead of dinner, or plan a micro-wedding with just your closest loved ones, followed by a larger, casual celebration later.

Track and Manage Expenses

Throughout planning, keep detailed records of what you’re spending. A simple spreadsheet helps you track expenses across categories and alerts you when you’re approaching budget limits.

Be prepared to move money between categories as needed—you might find unexpected savings in one area that can enhance another part of your celebration.

Focus on What Matters

Remember that your wedding celebrates the commitment you’re making to each other, surrounded by people who love you. The most memorable weddings aren’t necessarily the most expensive—they’re the ones filled with genuine emotion, personal touches, and joyful moments.

When making any decision, ask yourself: “Will this truly enhance our experience and our guests’ experience, or do we feel pressured to include it?” Keeping your priorities clear helps you create a meaningful celebration that honors your relationship without starting your marriage with financial strain.

With thoughtful planning and creative approaches, your budget-friendly wedding can be just as magical as those costing much more, and the money you save might be better spent on your first home, a dream honeymoon, or simply starting your marriage on solid financial footing!

The post Budget-Friendly Wedding Planning for Families: Tips and Tricks appeared first on Northeast Ohio Parent.

According to a recent survey, 42% of Americans own a family heirloom that’s over fifty years old. The same survey stated that 54% of Americans consider a piece of jewelry their most prized possession. Wedding and engagement rings were the most popular items on the wish lists of participants. The numbers show that jewelry is the best gift you can buy for your kids.

But picking legacy-worthy pieces is easier said than done, considering the ever-evolving fashion trends and sky-rocketing prices. We have a list of secrets for moms planning to embark on a jewelry-buying spree.

Think Long-Term (with Leibish Wedding Rings)

The US jewelry retail market is booming, with sales figures expected to cross the $91.5 billion mark in 2023. Even as the prices rise, jewelry is still a preferred investment as the value of these assets grows. They also have sentimental value. 

As a buyer, you must think long-term because you want your children to like, wear, and retain the pieces you bequeath to them. Buying a wedding ring as a legacy piece may sound far-fetched, but it actually makes sense. 

Elegantly designed wedding rings are not just a replica of love, but they can become a family heirloom down the line. This means your son will have a piece to impress his lady without spending big. Or your daughter can call it your own when she ties the knot. 

You may also consider buying evergreen classics that do not go out of vogue. Diamond studs, gold chains, ruby rings, and emerald pendants are a few examples of evergreen classics. Emerald pendants are particularly popular because these gemstones are more elegant than diamonds and durable enough to last forever. With pendants, you need not worry about the size and fit as with rings.

Create a Realistic Budget

Recent trends show that diamond prices are spiking due to the sanctions on Russian exports. That means you will need to reconsider your budget when it comes to buying heirloom jewelry. The last thing you want to do is spend an unrealistic amount only because you want to create a legacy-worthy inheritance. At the same time, you shouldn’t cut corners with quality while buying assets for your family.

Creating a realistic budget is the middle path. Consider how much you are willing to spend in the first place. Research the current rates of precious metals, diamonds, and colored gemstones to decide on a number that works for you. You may also consider postponing the big purchase for a while until you can comfortably afford a piece you want.

Consider Your Heirs

Another factor you cannot overlook while buying jewelry to pass on to your children is the people who will inherit the pieces. Investing in a pair of expensive earrings or a string of diamonds isn’t the best move if you have many children. You cannot divide these pieces among your kids. Even if you distribute them, your children may not be happy with the individual shares.

The best approach is to buy multiple pieces with the same budget. For example, you can pick similar rings or pendants, such as timeless sapphire engagement rings, because they are easy to distribute down the line. Whatever you buy, ensure it is wearable because even the most precious pieces have no value if they stay locked in safe boxes forever.

Buy Jewelry That Speaks

Heirloom jewelry carries a message across generations in the family. When you buy jewelry pieces as a mom, look for ones that narrate a story. You can even get them customized with designs or engravings that replicate special dates, symbols, quotes, values, or events in your family. Consider it a way to connect with your loved ones.

Chasing trends or celeb styles is the last thing you should do when shopping for legacy pieces. Getting inspiration from jewelry pieces you may have inherited from your mom is a far better idea. You can research online, get some tips from experts, or involve your children in the buying process. 

The Bottom Line

Women love jewelry shopping, but buying pieces to bequeath to your children may sound like a responsibility. But you need not stress about the prices, designs, and buying decisions. Follow these tips and trust your instincts. Most importantly, buy certified jewelry from a reputable seller to ensure it is absolutely legacy-worthy.

The post Mommy Advice: 4 Secrets to Buy Legacy-Worthy Jewelry Pieces appeared first on Northeast Ohio Parent.

What Is a Personal Loan and How Does It Work?

A personal loan provides access to a lump sum of money that can be used for a variety of purposes. Unlike loans tied to a specific asset, such as mortgages or car loans, personal loans offer greater flexibility. These loans typically fall into two categories:

• Secured Personal Loans: Backed by collateral, like a car or property, offering lower interest rates but with a risk of losing the asset if repayments aren’t maintained,
• Unsecured Personal Loans: Not tied to collateral, making them more accessible but often with slightly higher interest rates.

Once approved, borrowers receive funds upfront and repay them in fixed monthly installments, which include the principal and interest. Terms generally range from a few months to several years, depending on the lender and the loan agreement. 

Common Scenarios Where a Personal Loan Makes Sense

When should families consider applying for a personal loan? Here are some common scenarios that present a strong case for this financial solution:

1. Debt Consolidation

There are numerous scenarios where a personal loan can provide relief from urgent financial demands, but for many consumers the best reason for personal loan approval is debt consolidation. This allows the borrower to consolidate several high-interest debts, like credit cards debt or instalment loans, into one loan at a lower interest rate. This process simplifies financial management and can lead to long-term savings on interest.

Example: Suppose a household carries credit card debt across three cards, each with interest rates exceeding 20%. A personal loan at a 10% interest rate could substantially reduce monthly payments and streamline the repayment process.

2. Unexpected Emergency Expenses

Personal loans can serve as a lifeline during unexpected emergencies, such as medical bills, urgent car repairs, or relocation expenses. These loans offer fast access to funds without the exorbitant interest rates associated with payday loans or cash advances.

Key Insight: Many lenders approve emergency personal loans within 24-48 hours, giving families quick access to much-needed financial relief.

3. Large One-Time Purchases

Financing significant, one-time purchases is another common use case. These include buying essential appliances, upgrading to more efficient home systems, or making necessary personal investments like laptops for remote work or education.

Best Practice: Before applying, assess the total cost, interest, and loan term to ensure repayments fit within the household budget.

4. Home Renovation or Repairs

Home improvement projects, from renovating a kitchen to repairing a leaking roof, can enhance a property’s value and comfort. Personal loans offer an attractive option for funding such projects without tapping into home equity.

Note: While home equity loans provide lower interest rates, they require collateral. Personal loans have no such requirement, making them a less risky alternative for families.

5. Covering Life Events or Milestones

Celebrating major life events, such as weddings, anniversaries, or milestone birthdays, often comes with significant costs. A personal loan provides the necessary funding to create memorable moments while spreading the cost over time.

Similarly, goal-oriented expenses, such as starting a small business or funding a passion project, often align well with personal loans for flexibility and manageable repayment terms.

Understanding When a Personal Loan Isn’t the Right Choice

Although personal loans are versatile, they’re not always the best financial tool. Here are instances when other lending options may be more suitable:

• Education Funding: Federal and private student loans often come with lower interest rates and more flexible repayment options designed specifically for tuition or related costs.
• Real Estate Purchases: Mortgage loans are more appropriate for real estate investments as they provide longer repayment terms and lower rates tailored for housing needs.
• Understanding When a Personal Loan Isn’t the Right Choice. For families who are self-employed or run a small business and need a mortgage instead of a personal loan, self-employed home loans that use 12–24 months of bank statements (rather than W-2s) can offer a more suitable path to home financing.
• Vehicle Financing: Auto loans usually offer better terms for car purchases compared to a standard personal loan, often with incentives from dealerships or manufacturers.

The Best Reasons for Taking a Personal Loan

Lenders assess applications based on stated purposes, creditworthiness, and income stability. Selecting the appropriate reason for your personal loan improves your chances of approval and ensures the loan aligns with your financial goals. The most common acceptable reasons include:

• Simplifying debt through consolidation
• Handling emergency expenses
• Financing home improvements or repairs
• Making manageable large purchases
• Supporting achievable personal milestones

Do the Research

Before applying, take time to research lenders, compare rates, and choose one that offers terms suited to your needs. Many lenders provide pre-qualification checks that won’t impact credit scores, offering clarity without commitment.

The post Assessing Financial Needs: When Is a Personal Loan Right for Your Family? appeared first on Northeast Ohio Parent.

The Cash Flow Mindset

Financially secure people often adopt a cash flow mindset. Interestingly, these individuals aren’t too concerned with their careers. Instead, they look at ways to keep the money flowing and manage it a bit like a business.  But what does that mean in practice? 

They Go On The Offense And Defense

One of the things they do is play offense and defense. Offense includes things like starting side hustles and looking for breakthrough opportunities, while defense involves reducing taxes and other money sinks.  As such, they know how to be aggressive, but they also know how to protect themselves. They play both ends of the stick. 

They Monitor

Another thing you find these people doing is monitoring their setups and then adjusting them. They don’t believe they can set and forget the game. They manage their cash flow meticulously, asking questions whenever money goes out. 

They Focus On Assets

Finally, many of these people focus on income-generating assets. They aren’t as interested in going to work as the ordinary person, but rather would find something that could generate cash for them, preferably with minimal oversight. 

Why Cash Flow Works Better Than Salary

Cash flow works better than salaried income overall because it has the potential to give you freedom. You don’t want to spend your life working for the money you need to live. Instead, you want to use smart systems to automate the process of making money so you can focus on the projects that actually matter to you. 

For example, you could use a payment processor to take care of all the transactions in the background. Alternatively, you hire managers to deal with your companies for you. 

Ultimately, what matters is the amount of money coming in versus going out. If you can keep this relationship positive throughout the year, you will see your wealth grow, and you may not have to work hard to get it. 

How To Think Like Someone Successful

So, how can you think like someone successful who understands cash flow? Your top priority is to audit your cash flow and know what’s coming. You should look at how much money you can make and where it is coming from. For example, look for side hustles and passive income sources. See if these can generate the cash flow you need. Alternatively, look for investments that can grow your cash. Where possible, cut the dead weight. Get rid of anything that isn’t adding value to your finances or business ventures.

The post Cash Flow: Something Only Successful People Understand appeared first on Northeast Ohio Parent.

1. Understanding Gross Profit Margin

Gross profit margin reveals how much money your business keeps after covering the direct costs of goods or services sold. Consider it akin to assessing your car’s fuel efficiency; it’s about understanding what remains following each journey.

To calculate gross profit margin, start by deducting the cost of goods sold (COGS) from your total revenue. Next, take that result and divide it by the total revenue. 

For small enterprises, a substantial gross profit margin is key – it signifies you can handle operating costs with resources left for growth. Consistently monitoring this ratio is crucial to keep pricing and production on a sustainable trajectory.

2. Understanding the Debt-to-Equity Balance for Small Business Expansion

Your business’s debt-to-equity ratio quantifies the proportion financed by debt relative to shareholder equity. Imagine a tightrope walker’s poise – you strive for that level of balance to keep from toppling. A lower ratio signals less risk, but some debt can be useful for funding growth.

Small enterprises frequently tap into financial resources like SBA loans for funding growth or modernizing equipment. Grasping this metric equips you to borrow wisely, steering clear of excessive debt. Explore insights on SBA loan options to find favorable terms and keep your financial footing steady during growth phases.

3. Why Cash Flow Matters More Than Revenue 

Revenue might grab attention, but cash flow keeps your business alive. This indicator monitors incoming and outgoing funds, revealing your capability to meet expenses as they arise. Ineffective cash flow oversight stands as a principal cause behind small business failure.

To avoid business failure, focus on these basics: 

• Monitor accounts payable and receivable closely. 
• Keep an emergency fund for unexpected costs. 
• Use forecasting tools to plan future cash needs.

Healthy cash flow ensures your operations stay smooth, even during lean times or rapid growth periods.

4. Breaking Down Operating Expenses for Clarity 

Operating expenses entail the various costs incurred from running your business daily, distinct from the direct creation of products or services. These costs cover rent, utilities, marketing activities, and staff salaries. A solid grasp of these costs is vital for pinpointing where you can trim expenses while still upholding quality.

High operating expenses can eat into profits quickly. Track them consistently to ensure they align with your revenue and growth goals. Cutting unnecessary costs helps avoid financial strain while keeping operations efficient. A lean expense structure creates room for investments in other parts of your business when needed most.

5. Grasping Accounts Receivable Turnover 

The accounts receivable turnover metric indicates the swiftness with which your business receives payment from clients. Rapid turnover equates to swift cash flow, whereas a sluggish rate could highlight problems in credit procedures or customer payment behaviors.

To improve accounts receivable turnover: 

• Set clear payment terms upfront. 
• Offer incentives for early payments. 
• Regularly follow up on overdue invoices. 

Efficient collections ensure you have the funds to cover operating costs and invest in growth opportunities. Monitoring this metric helps maintain financial health and strengthens trust between you and your customers over time.

Steering Your Business’s Financial Destiny

Financial indicators extend beyond mere figures – they inform your choices and carve out your trajectory ahead. By understanding these key insights, you equip yourself to navigate challenges, seize growth opportunities, and maintain stability. 

A clear grasp of financial health empowers you to take control confidently and build a successful future for your small business.

The post 5 Must-Know Financial Metrics for Small Business Success appeared first on Northeast Ohio Parent.

Get Debt Advice

There are plenty of companies, charities and experts who are willing to talk to you about your debt worries so that you don’t have to suffer in silence. For example, Alex Kleyner, CEO and co-founder of National Debt Relief talks about his commitment to helping people find their way out of financial struggles so that they can live a less stressful life. If you need help with getting your life back on track, you may find it beneficial to seek help from these services, or obtain advice from reputable resources who can point you in the right direction.

Speak to Someone You Trust

Talking to another friend or family member about their experiences with finances may help you to find a relatable way to work through your struggles. Accepting advice can be the very first sign of reducing your stresses so be open to talking to someone you trust.

Be Smarter With Your Budget

Reassessing your budget when you’re going through financial hardship may not be the most enjoyable activity, but it’s certainly one way to start cutting down on your spending habits and bringing you back into the clear. Be aware of all of your income and outgoings so that you can make a clear financial plan going forward.

Don’t Pass on Your Anxieties to Your Children

From a very young age, children can develop a very clear money mindset, which can stick with them for the rest of their lives. Instead of passing on your worries and anxieties about money to your youngsters, why not rewrite the narrative? Be transparent and show them that you aren’t afraid to face your issues and money isn’t the be all and end all of life. Show them the value of money in a healthy way, whilst shielding them from the harsher realities they may not need to know about until they’re slightly older!

As you can see, there are a number of useful resources that can help you to climb out of your debt and find happiness again. When you feel as though there is no way out it can be overwhelming and tough to navigate by yourself. Don’t suffer alone when it comes to debt; speak to professionals who are able to help, talk to your partner about a workable expenses plan and teach your children that there is nothing to be scared about when it comes to money!

The post Reduce Your Debt Stresses as a Parent appeared first on Northeast Ohio Parent.

From understanding sale cycles to embracing timeless staples, affordable fashion choices are more accessible than ever.

Planning ahead and knowing where to shop makes all the difference. Stick around for practical tips that make dressing your family well easy without overspending.

Building a Capsule Wardrobe on a Budget

Do you really need an entire room of clothes and accessories to stay fashionable? Absolutely not! A well-thought-out capsule wardrobe combines versatility and simplicity. Besides helping you save money on purchases, it also reduces decision fatigue when dressing to head out.

To create one? Consider focusing on key items like neutral tops, quality jeans, and performance running shoes, or versatile dresses that mix effortlessly with other pieces. While at it, stick to complementary color palettes for endless outfit combinations.

Prioritizing timeless designs over fleeting trends ensures longevity in style, keeping wardrobes fresh without constant replacements. Accessories also play a role in keeping looks flexible, and options like customized 7 panel hats online offer a simple way to refresh outfits season after season without rebuilding an entire wardrobe.

Seasonal Sales and Clearance Strategies

What was fashionable in spring might not be as pricey by summer. Retailers often clear inventory to make room for new collections, and this comes with significant discounts on out-of-season items.

By tracking sale periods like end-of-season markdowns or holiday promotions, parents can plan ahead and purchase quality clothes at reduced costs.

Buying staple pieces during these windows stretches budgets further without sacrificing style or compromising family clothing needs.

Accessing Online Deals with Price Trackers

Who said you have to spend an arm and a leg to wear what’s trending? Digital tools now simplify hunting for the best deals, eliminating hours of scrolling through various sites.

Price tracker apps monitor discounts on items you’ve saved or viewed recently, notifying you when prices drop. For example, retailers like Trendyol make this easy through their mobile app features, helping users shop the latest LC Waikiki fashion offerings while staying within budget effortlessly.

Leveraging Loyalty Programs for Discounts

Sticking to preferred retailers often pays off. Many stores reward regular customers through loyalty programs, offering points or discounts that accumulate with every purchase.

These perks can stretch budgets further when used during promotions or stacked with other offers. Parents shopping for families benefit the most, as frequent purchases quickly convert into savings, reducing overall clothing expenses throughout the year.

Exploring Outlet Stores for Hidden Gems

Here’s another way to find nice wears at relatively lower prices compared to regular retail chains – outlet stores. Whether shopping for girls’ dresses, boy hoodies, or adult clothing, the benefits are manifold. These locations offer excess stock or items with minor imperfections, often at steep discounts.

Parents shopping here discover high-quality pieces without stretching their budget too far. Savvy browsing can unearth versatile staples and trendy clothing perfect for you and your family’s wardrobe while keeping spending in check.

The Value of Swapping and Secondhand Shopping

Have some clothes that no longer fit you or your kids? Consider swapping with friends or participating in community clothing exchanges.

Also, why must you buy new when thrift stores offer quality pieces at a fraction of retail costs? Vintage finds and secondhand gems not only save money, but also promote sustainability by extending the life cycle of garments.

Smart fashion choices can ease financial strain without sacrificing style. Balancing affordability with creativity ensures families look great while staying on budget. Thoughtful planning transforms wardrobes into a reflection of both practicality and personal taste.

The post What Parents Need to Know About Fashion on a Budget appeared first on Northeast Ohio Parent.

Evaluate Your Current Coverage Needs

The first step to saving on business insurance is understanding your needs. Many businesses unknowingly overpay by carrying coverage they don’t require or maintaining policies that don’t fully align with their unique risk profiles. Start by closely examining your current insurance package. Take note of what’s covered, any exclusions, and where you might be over-insured or underinsured.

Separating essential coverage from optional policies is crucial here. Certain types of insurance, like general liability, may be non-negotiable depending on your industry and operations. On the other hand, you might find specific add-ons that don’t directly impact your day-to-day needs. You can cut costs without increasing your vulnerability by identifying what coverage is necessary and what is redundant. Aligning your policies to your business’s unique risk profile can prevent you from paying for protection you’ll never use.

Shop Around for the Best Insurance Policy

Not all insurance policies are created equal, so understanding how to find the right insurance policy is essential for securing savings and comprehensive coverage. Instead of simply renewing with the same provider each year, take the time to explore multiple insurers. Online comparison tools make it easy to evaluate different policies, premiums, and coverage options side by side. These tools provide a snapshot of potential savings and help you assess which providers offer the best value.

Another practical approach is working with an insurance broker. Brokers have access to a broad range of insurers and understand the nuances of each policy, often helping you find a more tailored and affordable solution than you might on your own. Beyond price, pay attention to insurer reputation and customer reviews. The lowest premium doesn’t always equate to the best value, especially if claims are challenging to process or the service is unreliable. Selecting an insurer with a solid reputation can save money and prevent hassles.

Leverage Discounts and Bundling Options

Insurance companies often offer discounts for certain practices, such as safe business operations or a long-standing relationship with the insurer. Ask your provider about any available discounts for which you may qualify. Some insurers offer incentives for employee training programs, safety protocols, or early payments. These discounts seem small individually, but they add up over time.

Bundling policies is another practical way to reduce costs. Many insurance providers offer significant discounts when you purchase multiple types of coverage, such as combining property insurance with general liability. By consolidating your policies under one provider, you can save money and streamline your administrative efforts. If cash flow is a consideration, consider opting for a higher deductible, which typically results in lower premiums. Ensure your business can comfortably cover the deductible if you need to file a claim.

Review and Adjust Coverage Regularly

Your business is constantly evolving; your insurance coverage should reflect those changes. Conducting an annual review of your policies ensures you only pay for what you truly need. During these reviews, assess whether any policies are redundant or if coverage needs to be adjusted to match the current state of your business. For instance, you may no longer need certain coverage levels if you’ve downsized or shifted operations. Conversely, growth might mean more than your previous policy limits are required.

As part of this process, identify overlapping policies that can be eliminated or scaled back. Adjusting coverage as your business changes can prevent you from overpaying, and an annual check-in keeps you informed and proactive. This regular assessment is also an excellent time to communicate any operational changes to your insurer. Being transparent about shifts in your business can open up additional savings opportunities or adjustments to better fit your current needs.

Consider Risk Management Strategies

One of the best ways to reduce insurance premiums is to lower your overall risk as a business. Many insurers offer reduced rates to companies that actively work to minimize potential hazards. By implementing preventive measures, such as employee training, enhanced cybersecurity practices, or safety protocols, you may qualify for lower premiums over time. Insurers look favorably on businesses that take steps to mitigate risks, as they’re less likely to file costly claims.

If you haven’t already, consider establishing a formal safety program. Not only does this demonstrate a commitment to reducing workplace incidents, but it can also foster a safer environment for your team. Using data analytics for risk assessment is another advanced approach to identifying vulnerabilities and proactively addressing them. By understanding patterns in your claims history or analyzing common industry risks, you can implement targeted measures that reduce potential liabilities, potentially earning additional savings on your premiums.

The post How to Save Money on Business Insurance Without Losing Coverage appeared first on Northeast Ohio Parent.

Between tuition, accommodation, textbooks, and meal plans, the costs can pile up quickly. However, what if you could ease some of the burden by using clever cashback tools and strategies? That’s where this guide comes in.

If you’re looking for ways to save money while supporting your college-bound kid, read on. We’ll explore cashback tools, financial strategies, and steps to make higher education more affordable.

Why Cashback Tools Matter for College Expenses

College costs in the U.S. can easily reach five to six figures, depending on the institution and location. 

Parents and students spend an average of $650 to $1,550 per school year at public schools. This cost includes things like transportation, school supplies, lunches, and technology fees.

However, public school is free for qualifying students – who may be able to enjoy subsidized transportation, lunches, supplies, and technology. Cashback tools can help recover a portion of the expenses not covered, putting money back in your wallet.

These tools work by rewarding you with a small percentage of your purchases, often for things you need anyway—from computers and textbooks to groceries and school trips.

Think of it this way: every little bit saved now means less stress later when those tuition payment deadlines creep up.

The Best Cashback Tools to Save for College

There are countless cashback tools to consider, but these are the ones that could make a real impact on your college spending:

1. Rewards Credit Cards

Many credit cards offer cashback on purchases. Look for cards that offer higher percentages for categories your college student will rely on, like dining, transportation, or school supplies.

Bonus tip? If your child is responsible, this can also be an opportunity for them to build good credit.

2. Shopping Portals

Websites like Rakuten and Honey allow you to earn cashback when shopping through their platforms. For electronics, which are often a major expense, these portals are goldmines for savings.

For example, if you’re buying your student a new laptop, using a portal could save you up to 10% cash back on a $1,200 machine—which is $120 back in your budget!

3. Financial Accounts with Rewards Programs

Opening a financial account specifically designed to reward good money habits isn’t just smart—it can also help your student in the long run.

For instance, when you open NinjaCard account, you can earn rewards that add extra cash to your savings. It’s a great way to encourage financial responsibility for both you and your child while getting a small financial boost each month!

The NinjaCard also combines checking and savings in one place, so there’s less hassle and more transparency in managing funds.

4. Apps Offering Grocery and Dining Cashback

Platforms like Ibotta and Fetch Rewards help parents save on everyday essentials. Since most parents are often funding their child’s meal prep supplies or occasional trips back home, these savings can add up quickly.

For campus dining hall alternatives, apps that reward you for takeout and dining out can be a lifesaver.

5. Textbook-Specific Cashback Programs

Did you know there are tools tailored to saving on textbooks? Websites like CampusBooks and Chegg often have partnerships to provide discount codes and cashback offers. Renting or buying pre-owned books through these platforms will help the student (and you) trim costs significantly.

6. Online Banking with Cashback Features

Another modern approach is to use banking services that incorporate cashback as part of daily transactions. Some online banks or financial apps offer small percentages back on purchases like tuition payments or utility bills for dormitories.

This ensures that even necessary expenses contribute to your financial wellness.

How to Maximize Savings with These Tools

Finding the right cashback tools is just the first step; maximizing their potential is the real game-changer. Here’s how:

• Combine Cashback Offers 

Double up savings by using a cashback credit card alongside a shopping portal. For example, buy a new dorm mattress online via Rakuten while paying with a card that gives 5% back on online purchases.

• Stay Organized 

Keep track of rewards expiration dates so you don’t lose out. Many cashback platforms require you to redeem your rewards within a specific timeframe.

• Look for Student Discounts 

Many cashback tools are compatible with student discounts. Always check if your student ID can unlock additional savings on top of cashback.

• Encourage Responsible Financial Habits 

Empower your college student to get involved in the savings process. They can use these tools themselves to save on groceries, gas, and other expenses. If they are pursuing postgraduate education and have graduate student loans, they can even use this money to pay off some of the interest on those loans. This will then reduce the amount they will owe when they are done! Now that is a responsible financial habit!

Why Building Long-term Financial Habits Matters

While cashback might seem like “small change” now, it’s about more than immediate savings. Tools like NinjaCard can help parents and kids learn financial discipline. For instance, saving money on everyday needs allows room to focus resources on bigger goals, like tuition or long-term investments.

Remember, teaching your student about responsible spending and saving habits will set them up for financial success beyond college.

The post Preparing for College Expenses: Cashback Tools to Help Parents Save appeared first on Northeast Ohio Parent.

In this article, we will explore the impact of global events on trading markets and how they can affect investment strategies.

The Influence of Global Events on Trading Markets

Global events have a profound impact on trading markets, often creating waves of volatility and uncertainty. Political shifts, such as elections or regulatory changes, can instantly alter market sentiment, leading to rapid price movements. Similarly, natural disasters or global health crises can disrupt supply chains and impact industries on a large scale, causing ripple effects across global markets. 

For traders, platforms like Plus500 US offer tools to monitor and react to these events in real-time, providing access to market data and analysis that can be crucial in navigating such dynamic conditions. By staying informed and leveraging the right resources, investors can better position themselves to adapt to the challenges and opportunities arising from global events. 

Identifying the Impact of Global Events on Different Markets

The impact of global events can vary significantly depending on the type of market being traded, as each market reacts differently based on the nature of the event. For instance, political events such as elections, trade agreements, or geopolitical tensions often have a more substantial influence on currency markets, as they directly affect exchange rates and economic stability. 

On the other hand, natural disasters—like hurricanes, earthquakes, or floods—tend to primarily impact commodity prices, especially for raw materials such as oil, agricultural products, or metals, due to supply chain disruptions or production challenges.

Understanding these nuances is critical for traders to make informed decisions and mitigate risk effectively. Different markets also respond uniquely to various events; while some sectors, like technology or travel, may experience sharp declines during events like pandemics or economic recessions, others, such as healthcare or e-commerce, could see significant growth opportunities emerge.

To navigate these complexities, it is essential for traders to research historical data, analyze patterns, and monitor current trends to identify how specific markets typically react to different global events. 

This research not only helps in identifying potential risks but also uncovers opportunities for profit in markets that may benefit from particular global circumstances. Staying informed and adaptable remains key for successful trading in an ever-changing global landscape.

Strategies for Trading During Global Events

Navigating trading during periods of high volatility induced by global events requires a strategic and well-thought-out approach to protect investments and capitalize on opportunities. 

One widely used strategy is diversification, which involves spreading investments across different markets, sectors, and asset classes to reduce overall risk exposure. By not putting all your eggs in one basket, diversification can help offset losses in one market with potential gains in another, ultimately leading to a more balanced and resilient portfolio even in turbulent times. 

Another important tactic is setting stop-loss orders, which act as a safeguard by automatically selling a position if the price falls to a predetermined level. This approach helps limit potential losses and shields investors from the emotional decision-making that often arises during periods of rapid market fluctuations. 

Combining these strategies with careful market analysis and a clear understanding of risk tolerance can enable traders to navigate volatile conditions more effectively and make informed decisions that align with their financial goals.

The Importance of Staying Informed

Staying informed about global events is crucial for traders to make well-informed decisions and react quickly to changes in the market. Economic shifts, geopolitical events, or even natural disasters can have a significant impact on market trends and investment opportunities. Apart from closely monitoring news and current events, investors can also leverage advanced technology and trading platforms that provide real-time data, analysis, and insights. 

These tools not only help traders track the latest developments but also allow them to identify patterns, predict market movements, and make timely adjustments to their strategies. This proactive approach is essential for staying ahead of the curve and taking advantage of opportunities as they arise, ensuring long-term success in an ever-changing financial landscape.

Conclusion

Global events have a significant impact on financial markets, making it essential for traders to stay informed and have a well-thought-out strategy in place. Diversification, setting stop-loss orders, and staying updated with market developments are just some of the tactics that can help investors navigate volatile conditions and protect their investments. With careful analysis and risk management, traders can capitalize on opportunities even in tumultuous times and work towards achieving their financial objectives.

The post Exploring the Impact of Global Events on Trading Markets appeared first on Northeast Ohio Parent.

The expansion hasn’t been universally popular. Critics say it takes funding away from public schools (while it doesn’t touch district’s property tax dollars, Ohio’s current funding formula uses where students are being educated, not where they live).

But families are signing up. The number of students in the EdChoice Expansion program grew more than three times from fiscal year 2023 to fiscal year 2024.

“Ohio provides a variety of educational options, including traditional public school districts, career-technical education schools and programs, public community schools, nonpublic schools, and home education,” says Lacey Snoke, chief communications officer and press secretary for the Department of Education and Workforce. “Parents can select the options that best meet their children’s learning needs.”

Currently, Ohio has five school choice scholarships. The Cleveland Scholarship is available to students in the Cleveland Metropolitan School District. There is the Autism Scholarship for students with an autism diagnosis and the Jon Peterson Special Needs Scholarship, which serves all students with IEPs. The EdChoice and EdChoice Expansion scholarships are income-based programs that give state-funded scholarships to help students from kindergarten through 12th grade attend independent schools. 

The passage of House Bill 33 in 2023 opened the expansion scholarship up to all students. Prior to that, only families whose household income was less than 250% of the federal poverty level qualified. Now, if a family’s household income is at or below 450% of the federal poverty level, students receive the maximum scholarship amount, currently $6,166 for students in kindergarten through eighth grade and $8,408 for those in high school. Families with income levels above that receive reduced scholarship amounts.

In fiscal year 2023, about 23,000 students were enrolled in the EdChoice Expansion program. In fiscal year 2024, more than 88,000 students in Ohio were using the EdChoice Expansion scholarship, according to data from the state. For context, about 1,482,000 students were enrolled in a public district in the 2023-2024 school year.

“I think that the overall change in Ohio is that parents have a choice,” says Beth Lawson, director of media and communications for School Choice Ohio. “It’s not that there was a mass exodus from our public schools.”

The nonprofit serves the entire state, working directly with families to educate them on the different school choice options available. The organization can also help families contact schools and fill out paperwork, and it advocates for families on issues like transportation, according to Lawson.  

“School choice should really be about finding the best fit for each student,” says Sharla Elton, superintendent of the Heritage Christian School in Canton. And the scholarships help take cost out of the equation. The majority of Heritage Christian’s families are able to use the scholarships from the state, along with other options the school can help with, to fully pay for tuition.

She also thinks it’s made their campus more diverse.

A lack of diversity can be a criticism of the scholarship program, and that experience may not be everyone’s. 

As for Heritage Christian, the private school now has students of more races and cultural backgrounds, as well as economic classes, Elton says. And it’s seen “expansive growth” since the change in the EdChoice Expansion scholarship. The school had grown enrollment by about 40% in the five years before the expansion, she said; last year, it grew enrollment by 12%. It currently enrolls about 300 students.

Lawson says she has noticed that parents of younger children are more aware of the different educational options available in the state and interested in finding the best fit for their families, before students start to set down roots in a particular school community. The largest cohort of students using the EdChoice Expansion scholarship in fiscal year 2024—8,850—were enrolled in kindergarten. 

“And so, they’re willing to go and investigate,” she says. “It doesn’t necessarily mean that they choose one particular option, but there’s a lot more interest in just finding out what those options are.”

The post Scholarship Use for Private Schools Grows After State Expansion appeared first on Northeast Ohio Parent.

Unlike car accidents, motorcycle crashes often result in severe injuries due to the lack of physical protection riders have, leaving them at greater risk for long-term medical complications, financial strain, and disputes over liability. In Bakersfield, where agricultural trucks, distracted drivers, and congested traffic can create hazardous conditions, riders face added challenges. Victims must contend not only with insurance companies but also with California’s comparative negligence laws, which can complicate compensation claims. At such a critical time, having knowledgeable legal support can make a significant difference in securing fair compensation. By understanding the nuances of motorcycle insurance claims and enlisting professional guidance, victims can focus on recovery while ensuring their rights and interests are protected.

Varieties of Insurance Protection

There are many different kinds of insurance for motorcycle accidents. Liability coverage safeguards against damages to others, and collision coverage deals with damage to your own motorcycle. Then, there’s comprehensive coverage, which includes incidents like theft or natural disasters not related to collisions. Each type has its own purpose, and the level of protection offered is different. 

The Process for Filing Claims

Filing a claim requires a series of steps to be taken promptly and efficiently. Begin by informing your insurance provider about all the details regarding the incident – this includes the date and time of occurrence as well as the location and individuals involved in the event in question. Supporting documentation, like photos and statements from witnesses, can help bolster your case. An adjuster specializing in motorcycle accident claims will then assess your situation thoroughly before determining the appropriate compensation amount based on the gathered evidence and the specifics outlined in your insurance policy terms. 

Common Obstacles

Numerous hurdles can come up while dealing with insurance claims procedures, such as disagreements over fault identification, which can make compensation matters more intricate to resolve. Insurers could offer settlements below anticipated amounts that may require some back-and-forth negotiation. Moreover, comprehending policy exemptions might pose challenges for policyholders who are not well-versed in insurance terminology. 

Compensation

Fault determination plays a crucial role in the amount of compensation received by individuals involved in accidents or mishaps. Many regions have varying fault systems in place—ranging from no-fault setups to those governed by comparative negligence regulations. The allocation of fault directly affects the compensation individuals receive following motorcycle accident incidents. It is beneficial to have comprehensive knowledge of the relevant laws to grasp the possible outcomes regarding compensation. 

Navigating Agreements

Negotiating settlements is key in dealing with insurance claims, as accepting the offer may not always be in your best interest since it might not fairly compensate you for your losses. Evidence collection is important to strengthen your negotiation stance, and involving experts can help you navigate the process better to secure settlements that meet your needs. 

Legal Help

Getting help from an expert can be really helpful when dealing with insurance claims​. Lawyers are experts in insurance policies and bargaining with insurance firms​ to secure compensation and safeguard individuals’ rights in challenging situations​. 

The Significance of Documentation

Comprehensive documentation plays a key role in bolstering insurance claims by providing records of medical procedures, costs, and interactions with insurance companies. This helps validate the claim’s legitimacy and speed up the claims process while reducing disagreements and guaranteeing equitable compensation. 

Exploring The Policy Limits

Insurance plans frequently have limits on coverage amounts, which determine the reimbursement for losses that are covered by the policy. It’s important to grasp these limits since going beyond them could lead to having to pay for expenses out of your pocket. Taking a close look at the terms of the policy can assist in preparing for any financial obligations ahead of time. 

The Responsibilities of Insurance Adjusters

Insurance adjusters are crucial in evaluating claims as they assess damages and review documents to decide on compensation amounts efficiently. Knowing their responsibilities is important for communication. To streamline the claims process, offer concise details to help adjusters make informed decisions swiftly.

Challenging Rejected Requests 

Claims that are rejected do not necessarily mark the end of the line for policyholders, as they have the option to challenge the decision through an appeal process. A key step in this process involves examining the letter and collecting further evidence while ensuring a solid grasp of policy terms to build a compelling case for appeal. Persistence and attention to detail are typical factors that can contribute to achieving optimal outcomes when it comes to resolving disputed claims.

In Summary

Comprehending insurance claims after a motorcycle accident entails understanding aspects like the types of coverage and the step-by-step process of filing claims while also highlighting the significance of proper documentation in this process. The ability to navigate through these claims successfully necessitates having an understanding of the procedures involved and, in some cases, seeking guidance from experts. Being well-informed and taking action is crucial in enabling individuals to manage circumstances efficiently, ultimately ensuring that they receive the compensation they rightfully deserve.

The post Understanding Motorcycle Accident Insurance Claims appeared first on Northeast Ohio Parent.

• What is Estate Planning?

At its core, estate planning is the process of preparing for the management and distribution of your assets after your death. It’s not just for the wealthy or the elderly—estate planning is for anyone who wants to ensure their family is cared for and their wishes are honored.

Estate planning goes beyond drafting a will. It involves naming guardians for minor children, specifying healthcare preferences, designating beneficiaries, and creating strategies to minimize taxes and legal complexities. It’s about ensuring your legacy is handled the way you intend, with as little burden as possible on your loved ones.

• Key Components of an Estate Plan

Every comprehensive estate plan includes several key documents and strategies. Here are the essentials you’ll need:

1. Will

A will is the cornerstone of any estate plan. It’s a legal document that spells out how you want your assets distributed and who will care for any minor children. In Ohio, if you don’t have a will, your estate will be subject to intestacy laws, which means the state decides how your assets are divided—and the outcome may not align with your wishes.

2. Power of Attorney

Life can be unpredictable, and having a power of attorney ensures someone you trust can step in to make decisions on your behalf if you’re unable to do so. In Ohio, there are two main types:

• Financial Power of Attorney: Allows someone to manage your financial affairs. 
• Healthcare Power of Attorney: Grants someone the authority to make medical decisions for you. 

3. Healthcare Directives

Healthcare directives, such as a living will, ensure your medical preferences are followed if you become incapacitated. Whether it’s your wishes for life-sustaining treatment or end-of-life care, these documents provide clarity and relieve your family of difficult decisions.

4. Trusts

Trusts are powerful tools for managing your assets. They can help you avoid probate, minimize taxes, and ensure your assets are distributed according to specific conditions. For example, you might set up a trust to fund your child’s education or to support a family member with special needs.

5. Beneficiary Designations

Many assets, such as retirement accounts and life insurance policies, allow you to name beneficiaries. Keeping these designations updated is crucial to avoid potential conflicts or unintended distributions.

• Steps to Get Started

Creating an estate plan might feel overwhelming, but breaking it down into manageable steps can make the process much easier. Here’s how to begin:

1. Take Inventory of Your Assets

Start by listing all your assets, including real estate, bank accounts, investments, personal belongings, and insurance policies. Understanding what you have is the first step toward planning for its distribution.

2. Identify Key People

Think about who you want to handle your affairs. This includes an executor for your will, a power of attorney, and a guardian for your children. Choose individuals you trust and who are capable of managing these responsibilities.

3. Consider Your Family’s Needs

If you have children, think about how you want to provide for them. This might involve setting up a trust, naming guardians, or allocating funds for education and other expenses.

4. Work with a Professional

Estate planning is not a DIY project. Partnering with an experienced estate planning attorney in Cleveland can help ensure your plan is comprehensive and legally sound. They’ll guide you through Ohio’s specific laws and tailor a plan to meet your needs.

5. Review and Update Regularly

An estate plan isn’t a one-and-done task. Revisit your plan every few years or after major life events to ensure it still aligns with your goals and circumstances.

• Common Mistakes to Avoid

Estate planning can be complex, and even small mistakes can have significant consequences. Here are some common pitfalls to watch out for:

• Not Having a Plan: The biggest mistake is assuming you don’t need an estate plan. Everyone can benefit from having a basic plan in place. 
• Failing to Update Your Plan: Life changes—marriage, divorce, the birth of a child, or the purchase of a home—should prompt a review of your estate plan. 
• Overlooking State-Specific Laws: Ohio’s estate and probate laws can differ from other states. Working with a local attorney ensures your plan complies with these regulations. 
• Ignoring Tax Implications: While Ohio doesn’t have a state estate tax, federal estate taxes may still apply. Proper planning can help minimize this burden. 

• How Ohio Laws Impact Estate Planning

Understanding how Ohio laws affect estate planning is essential for Cleveland residents. Here are some key considerations:

• Probate Process: Probate is the legal process of validating a will and distributing assets. While it’s not always avoidable, it can be time-consuming and costly. Proper planning, such as setting up trusts, can help your family bypass probate. 
• Spousal Rights: Ohio law protects spouses, ensuring they inherit a portion of the estate even if they’re not included in the will. This highlights the importance of clear and intentional planning. 
• Guardianship for Minors: If you have minor children, your will should designate a guardian. Without this, the court will decide who cares for your children, which may not align with your preferences. 

• Securing Your Legacy

Estate planning is a gift you give to your loved ones, providing them with clarity and security during challenging times. For Cleveland residents, understanding the essentials of estate planning can help you protect your family and assets while navigating Ohio’s unique legal landscape.

Don’t wait for a life event to prompt action. Start the process today by consulting a professional who understands your needs and can guide you toward a plan that brings peace of mind for years to come.

The post Estate Planning Essentials for Cleveland Residents: How to Protect Your Family and Assets appeared first on Northeast Ohio Parent.

Assessing Your Home’s Current Energy Use
The first step toward an energy-efficient home is understanding where you currently stand. Reviewing your utility bills can help you identify patterns in your energy consumption. High electricity or water bills may point to inefficient appliances, poor insulation, or outdated fixtures. Conducting a home energy audit is an excellent way to uncover areas of improvement. Many local utility companies offer audits, or you can hire a professional to evaluate your home’s energy usage.

Look at high-usage areas, such as heating, cooling, lighting, and water usage. For example, older appliances and HVAC systems often consume more energy than their modern counterparts. Similarly, drafty windows or inadequate insulation can force your heating and cooling systems to work harder than necessary. Once you understand where energy is being wasted, you can focus on the upgrades that will make the most significant difference.

Upgrading Key Areas for Maximum Impact
Certain areas of your home present more opportunities for energy savings than others. Bathrooms, for example, are often overlooked when it comes to energy efficiency. However, they are among the most water- and energy-intensive spaces in a home. This is where the expertise of bathroom remodelers becomes invaluable. These professionals can help replace outdated fixtures with energy-efficient alternatives, such as low-flow toilets, water-saving faucets, and LED lighting.

Modern bathroom fixtures use significantly less water and energy than older models, reducing your utility bills while minimizing waste. Remodelers can also advise on materials like water- resistant tiles and insulation that enhance the energy efficiency of the space. By targeting key areas like bathrooms, you can achieve meaningful energy savings without a complete home overhaul.

Improving Insulation and Windows
Another critical step in creating an energy-efficient home is upgrading insulation and windows. Proper insulation helps maintain indoor temperatures, reducing the strain on your heating and cooling systems. Start with the attic, as heat often escapes through the roof, especially in older homes. Walls, basements, and crawl spaces are also essential areas to address.

Windows are another major source of energy loss. Single-pane windows, in particular, allow heat to escape in winter and enter during summer, making it harder to regulate indoor temperatures. Replacing them with energy-efficient double- or triple-pane windows can significantly reduce energy loss while enhancing your home’s comfort. If replacement windows are outside your budget, adding weatherstripping or thermal curtains can provide temporary relief.

Transitioning to Smart Technology
Incorporating smart technology into your home is a simple yet effective way to reduce energy waste. Devices like programmable thermostats allow you to control your heating and cooling systems with precision, optimizing energy use based on your schedule. For instance, you can set the thermostat to lower the temperature when you’re away from home and warm it up just before you return. This small adjustment can lead to significant savings over time.

Smart lighting systems are another great option. These systems let you control lights remotely or set schedules for when lights turn on and off. Motion-activated lights are particularly useful for areas like hallways and outdoor spaces, where lights often stay on unnecessarily. Smart power strips can help eliminate phantom energy use by shutting off power to electronics that aren’t in use, such as TVs or game consoles.

Home energy monitors are another tool worth considering. These devices provide real-time data on energy usage, helping you identify which appliances or systems consume the most energy. With this information, you can make informed decisions about where to cut back or invest in upgrades.

Switching to Renewable Energy Sources
For homeowners looking to make a long-term impact, renewable energy sources are a valuable investment. Solar panels, for example, can significantly reduce your reliance on traditional energy while lowering monthly utility bills. Depending on your location, government incentives or tax credits may help offset the initial cost of installation.

If solar panels aren’t feasible, consider smaller renewable energy options like solar-powered outdoor lighting or wind turbines for rural properties. Some utility companies also offer programs that allow you to purchase energy from renewable sources, even if you don’t install systems at home.

Community-based renewable energy projects are another alternative. These programs let you buy into larger-scale solar or wind installations, giving you access to renewable energy benefits
without the upfront cost of individual systems. While these options require an investment, they contribute to a more sustainable future and can increase your home’s resale value.

Making Small, Everyday Changes
Big upgrades aren’t the only way to make your home more energy-efficient. Simple, everyday changes can also add up to noticeable savings. Start by switching traditional incandescent bulbs to energy-efficient LED alternatives, which use less electricity and last much longer. LED bulbs are now available in a variety of color temperatures, so you don’t have to compromise on ambiance.

Another easy change is to unplug devices and appliances that aren’t in use. Many electronics consume small amounts of power even when turned off, which adds to your energy bill over time. Using power strips makes it easy to disconnect multiple devices at once, reducing energy waste with minimal effort.

Adjusting your thermostat settings by just a few degrees can also make a difference. Lowering the heat in winter or raising the cooling temperature in summer reduces energy consumption without sacrificing comfort. Closing curtains or blinds during the hottest parts of the day helps keep your home cooler, further reducing the load on your air conditioning system.

Creating a more energy-efficient home doesn’t have to involve a complete overhaul. By embracing smart technology, exploring renewable energy options, and adopting small, practical changes, you can reduce your energy usage while enjoying a more comfortable living space. These upgrades, whether big or small, are an investment in sustainability and long-term cost savings. With a thoughtful approach, your home can become a model of energy efficiency that benefits both you and the environment.

The post Creating a More Energy-Efficient Home: Simple Upgrades That Matter appeared first on Northeast Ohio Parent.

Of course, not all forms of play are wholly good for your child. Kids can pick up bad behaviors if you don’t set boundaries or monitor your kids. This is why it’s important to encourage the right types of play.

Playing with your kids is one way to do this – you can incorporate life lessons into games. Alternatively, you can teach kids life skills simply by buying them the right toys or teaching them certain games. Below are just a few examples of how you can use play time to teach your kids life lessons. 

Empathy
Being able to put oneself in another person’s shoes is a vital life skill. It can help us to be more considerate of others, to please others, to encourage respect and ultimately to build/maintain friendships.

Empathy is a skill that is great to teach through role-playing games. Using toys or by acting out roles in person, you can teach kids how to identify when people are unhappy or when things aren’t fair. You can then teach them how to react in these situations (such as pretending one of the toys is sick and encouraging your kid to take certain steps to care for them). 

Problem Solving
Your kids will encounter problems in life. By teaching them problem-solving skills, you can teach them to not complain about problems or run away from them – instead giving them the skills to tackle such problems.

Many video games and puzzles teach problem solving skills in a fun way. If kids get frustrated with certain games, use this as an opportunity to teach them how to manage this frustration. Help them to stay calm and ask questions like ‘have you tried doing this?’ without showing them how to do it. This can teach them to think out of the box and keep looking for different solutions. 

Forward Planning
Success in life is often down to good forward planning. This includes considering various different eventualities and preparing for as many of them as you can.

Certain games can teach forward planning. A classic example is chess – which requires players to think several moves ahead and plan out various different plays. You can play chess with your child or look into chess games online, allowing them to play against a computer or other players. Several card games and video games can also teach forward planning. 

Patience
Patience is something that many kids struggle with, but it becomes more vital as we get older. While sometimes it is beneficial to strike the iron while it’s hot, there are other times when it’s better to take one’s time such as saving up money for things or learning a new skill (such as learning a foreign language or a musical instrument). 

You can teach patience through games that require building things. This could include assembling jigsaw puzzles or building Lego creations. Certain board games and card games can also help to teach patience.

Money management
We all have to learn to be good with money as we get older. This includes learning to budget and having the discipline to not spend money that we don’t have.

Some kids don’t learn how to manage money until they start receiving pocket money. But it may be possible to teach kids how to manage money before this. Games like Monopoly are all about money management and can be a great start. There are also video games that teach kids how to use money. You can also play shop role-playing games using pennies and teach kids how to count money.

Timekeeping
Being able to manage our time is as important a skill as being able to manage our money. It’s important to be punctual and to be able to get things done by deadlines. Being able to juggle multiple tasks and multiple timing can be a particularly useful skill that can help with everything from preparing meals to managing multiple clients. 

A lot of kids don’t have much concept of time. It’s worth starting by teaching kids how to tell the time – there are a few clock games that you can use to do this. Meanwhile, playing games with timers can help kids to learn how to complete tasks within deadlines. In fact, adding a timer to many mundane tasks can be a great way to turn them into games (such as tidying a room).

Failure management
Nobody likes a sore loser. A lot of young kids don’t take failure very well. However, failure is a part of life. While persistence can eventually help us to succeed at many tasks, it’s also important to know when to accept defeat graciously and move on. 

How can you teach kids to manage failure? By playing games, and by not always letting kids win. Sometimes it’s healthy to try to win games against your kids to teach them that losing can be a part of life. How you accept failure can also impact how they react – make sure you’re not getting angry when you lose or rage quitting video games. 

Leadership
Being able to rise up and be a good leader is probably one of the most prized skills that someone can have. Many of us are not good leaders, but we can all become good leaders. Learning leadership skills early can be particularly beneficial.

Clear communication, teamwork and decision-making are all skills required to be a good leader. Teaching things to your child is a great way to model leadership. However, to get them to act like leaders, you need to encourage them to teach you. One way to do this could be to ask your child to teach you how to play a game. You can also try role-playing games where they are the leader and they have to make decisions. This helps kids to become more comfortable being a leader. 

Negotiation
Negotiation skills are important in many areas of life for making sure things work out fairly for you and others. They are important when resolving conflicts, building relationships, advancing one’s career and not getting taken advantage of by others. 

Parents are sometimes afraid to teach kids negotiation skills, because they feel it will make them more likely to argue back. But compromising is also an important negotiation skill, and teaching kids this early can actually teach kids to be less demanding. Some board games and card games can require negotiation tactics. You can also teach kids negotiation skills through role-playing. 

Confidence
Finally, it’s important to teach kids confidence. Growing up confident will teach kids to take healthy risks, to chase goals, to believe in one’s own abilities and to take criticism well.

You can teach confidence through regular praise of achievements. There are many forms of play that involve achieving things such as drawing pictures and building Lego structures and winning board games. Praise kids for their achievements in these activities (a few of these inspiring phrases could be worth trying). However, don’t be afraid to also provide constructive criticism so that your kids don’t get overconfident. 

Conclusion
There are clearly many life skills that can be taught through play time. By guiding your kids to the right games and activities, you can help kids develop these skills. Of course, games are not the only way to teach kids life lessons. However, they can be one of the most fun ways to do it.

The post Life Skills You Can Teach Your Kids Through Play appeared first on Northeast Ohio Parent.

The Strategic Edge of Outsourcing

Outsourcing involves contracting out specific tasks, processes, or services to third-party providers. These services can range from IT support, customer service, and marketing to more technical roles like software development and data analysis. The benefits of outsourcing are manifold, and they align closely with the principle of going far together.

1. Cost Efficiency

One of the most immediate and tangible benefits of outsourcing is cost savings. Hiring full-time employees for every business function can be expensive. It includes not just salaries but also overhead costs like office space, training, and benefits. Outsourcing allows businesses to access high-quality services at a fraction of the cost. For instance, companies often outsource IT support to countries with lower labor costs without compromising on service quality.

2. Access to Specialized Expertise

The modern business landscape is highly specialized, and it’s nearly impossible for any company to excel in every area. Outsourcing provides access to a pool of skilled professionals and advanced technologies. Whether it’s legal compliance, digital marketing, or technical development, outsourcing firms bring niche expertise that might not be available internally.

For example, employing experts in email verification tools can ensure that a company’s email campaigns reach their intended audience, improving engagement and conversion rates. This level of specialized knowledge enhances operational efficiency and ensures best practices in critical areas.

3. Scalability and Flexibility

Business needs often fluctuate based on market demand, seasonality, or specific projects. Outsourcing offers unparalleled flexibility, allowing companies to scale their operations up or down without the complexities of hiring or laying off staff.

Consider a company launching a new product. It may require extensive customer support for the first few months post-launch. By outsourcing customer service, the company can ensure excellent support during this peak period without having to maintain a large, permanent team afterward.

4. Focus on Core Competencies

Outsourcing allows businesses to concentrate on their core functions—the activities that differentiate them in the marketplace. Administrative tasks, payroll management, and IT maintenance, while essential, can divert attention from strategic initiatives. By delegating these tasks to outsourcing partners, internal teams can devote more time and resources to innovation, customer relations, and growth strategies.

5. Risk Mitigation and Compliance

Navigating regulatory requirements and staying compliant in today’s global business environment can be daunting. Outsourcing partners, particularly those specializing in legal and regulatory domains, help companies mitigate risks. They stay updated on the latest regulations and ensure that their clients adhere to compliance standards.

Additionally, outsourcing spreads operational risks. For example, if a company relies on a single internal IT team and experiences a system failure, recovery could be slow and costly. An outsourced IT provider, on the other hand, is likely to have redundant systems and a dedicated team ready to handle emergencies promptly.

Building Strong Partnerships

For outsourcing to deliver its full potential, it’s crucial to foster strong, collaborative relationships with outsourcing partners. This involves clear communication, well-defined expectations, and mutual trust. Businesses should view their outsourcing providers not as mere service vendors but as strategic partners who contribute to their success.

1. Transparent Communication

Establishing open and frequent communication channels ensures that both parties remain aligned. Regular updates, feedback sessions, and performance reviews help address challenges early and keep the partnership productive.

2. Clear Goals and KPIs

Setting specific goals and key performance indicators (KPIs) is essential. These metrics allow businesses to measure the effectiveness of their outsourcing efforts and ensure that the partnership delivers tangible results.

Mid-market companies evaluating IT outsourcing should also vet managed service providers for strategic fit. Prioritize partners that offer flexible delivery models – fully managed, co-managed, and staff augmentation – paired with strong cybersecurity, 24/7 monitoring, and clear SLAs for response and resolution times. Confirm breadth of support across cloud, endpoints, and line-of-business systems like EDI and ERP, plus transparent pricing and measurable CSAT. For a concise checklist on the signs of an excellent MSP, grounded in 2026-ready outsourcing strategies for mid-market teams, review this resource.

3. Cultural Alignment

While technical skills and expertise are critical, cultural fit is equally important. Outsourcing partners who understand and align with a company’s values and work culture are more likely to foster a collaborative, harmonious relationship.

In Conclusion

Outsourcing exemplifies the wisdom of “going together” to go far. It provides businesses with cost savings, access to specialized expertise, flexibility, and the ability to focus on core operations. By fostering strong partnerships with outsourcing providers, companies can build a resilient, adaptable foundation for long-term success. In an increasingly competitive and interconnected world, outsourcing isn’t just a tool for efficiency; it’s a strategic imperative.

The post Outsourcing Benefits: If You Want To Go Far, Go Together appeared first on Northeast Ohio Parent.

We’re going to dive into everything from the ABCs of budgeting to genius tips for saving, with a focus on how you can set your short-term and long-term financial goals onto an autopilot that’s smoother than your newborn’s skin.

You will also get insights on how to build up an emergency fund and make informed decisions about IRA investments. Let’s dive into financial savvy!

1. Savings Aren’t Just for Squirrels

First and foremost, let’s talk about savings. This isn’t just about stocking up a few nuts for a cold winter. Nope, consider your savings as the safety net under your high-wire act! It’s there for those times when you lose your footing.

Begin modestly. Gradually put aside a small portion from each salary, and soon you’ll have a nest egg that’s cozier than your beloved recliner.

2. The 50/30/20 Rule – Your New Financial Compass

Voila, the 50/30/20 rule – imagine it as your fiscal compass. Set 50% of your income for fundamentals like housing and food, 30% for those tiny indulgences that make life gleam, and 20% towards savings and paying debts.

This strategy ensures you stay within boundaries while not compromising on the joys of life. Try it out and observe your finances gliding smoother than a pair of ice skates on a frosted lake.

3. IRAs Aren’t Just for Old Folks

Contemplating opening a gold and silver IRA? Contrary to popular belief, these accounts aren’t just for the golden-aged crowd. In fact, they serve as a valuable tool for young parents looking to diversify their financial portfolios.

By investing in precious metals, you’re adding stability and security to your family’s financial future. These IRAs offer protection against market volatility, making them a wise choice for those keen on safeguarding their assets.

4. Teach Kids Early – They’re Smarter Than You Think

Did you know that by the time they’re three, kids can understand basic money principles? Yes, your little ones are capable of absorbing more than just apple juice spills.

Start them off with simple money lessons – perhaps using a piggy bank for savings. Talk about desires and necessities, and introduce them to the wonders of compound interest.

Encourage curiosity and make the learning process enjoyable with engaging games or informative books. Your efforts will blossom into a forest of financial acumen, preparing them for a lifetime of economic triumphs.

5. Emergency Funds – Not Just for Emergencies

Life is full of surprises, like when the car conks out or the refrigerator breaks down. Rely on simple money-saving methods to create an emergency fund for these unexpected expenses.

Strive for a stash equivalent to three to six months’ worth of expenditures and sleep peacefully knowing you’ve got a monetary safety belt for stormy days. Believe me, when life starts hurling lemons at your car, you’ll be grateful to your past self for thinking ahead.

In Conclusion

In the dynamic world of finance, being ahead of the game and well-informed is your golden ticket to a secure future.

By being proficient with budgeting, venturing into unique savings avenues like precious metal IRAs, incorporating financial wisdom in the younger generation, and maintaining a sturdy emergency fund, you’re crafting a financial fortress.

Start today, and construct a brighter, more robust financial future.

The post The Money Skills Every Young Parent Should Know appeared first on Northeast Ohio Parent.

1. Speed: How Fast Do Funds Reach the Recipient?

One of the biggest differences between instant transfers and traditional bank transfers is speed. For anyone who needs to send money to Brazil quickly, this is an important factor to consider.

• Instant Online Transfers: As the name suggests, instant transfers are designed for speed. These transfers can be completed within minutes, allowing the recipient to access funds almost immediately. This is particularly useful in situations where time is of the essence, such as emergencies, business payments, or immediate family support. Services like PayPal, Wise, and WorldRemit are well-known for offering quick international transfers.
• Traditional Bank Transfers: In contrast, traditional bank transfers tend to take longer. Depending on the banks involved and the destination, sending money to Brazil using a traditional bank transfer can take anywhere from 2 to 5 business days. This delay is due to the multiple intermediary banks that process the payment, especially for cross-border transfers. While bank transfers are reliable, the slower processing times may not be ideal if you need the funds to reach the recipient quickly.

2. Cost: Which Option Is More Affordable?

Cost is another key consideration when comparing instant transfers with traditional bank transfers. Hidden fees and unfavorable exchange rates can significantly impact the amount received by the recipient, especially in international transactions like sending money to Brazil.

• Instant Online Transfers: Online transfer services are generally more cost-effective than traditional banks. These services typically offer lower fees, competitive exchange rates, and transparent pricing structures. For example, with platforms like Wise or Remitly, you can clearly see the transfer fees and the exact amount the recipient will receive in Brazilian reais. In many cases, the lower overhead costs of online transfer services allow them to provide better deals for users.
• Traditional Bank Transfers: Bank transfers, on the other hand, often come with higher fees and less favorable exchange rates. Banks tend to charge a flat fee for international transfers, and they may also add hidden fees that aren’t immediately apparent. Additionally, the exchange rate offered by banks is typically less competitive compared to online transfer platforms. This means that while you may feel more secure using a traditional bank, the overall cost of sending money can be significantly higher.

3. Convenience: How Easy Is the Transfer Process?

Convenience plays a big role in deciding which type of transfer is best for you. Both instant transfers and traditional bank services offer different levels of ease and flexibility, depending on how familiar you are with technology and how often you send money abroad.

• Instant Online Transfers: Instant online transfers offer a high level of convenience, particularly for users who are comfortable with digital platforms. These services allow you to transfer money from the comfort of your home, using your smartphone or computer. Most platforms have easy-to-use apps or websites where you can initiate transfers, track payments, and receive notifications. Additionally, online transfer platforms often provide multiple payment options, including credit/debit cards, bank accounts, or digital wallets. For people who need to send money to Brazil regularly, these services can save time and effort.
• Traditional Bank Transfers: While traditional bank transfers may require a bit more time and effort, they are often preferred by individuals who value face-to-face interaction or already have established relationships with their banks. To send money via a bank, you typically need to visit a local branch or log into your online banking account. However, the process can be more cumbersome, especially when navigating international transfer requirements like IBANs and SWIFT codes. Banks may also require additional documentation for cross-border transfers, which can slow down the process.

4. Security: How Safe Are These Transfer Methods?

Both instant transfers and traditional bank transfers are generally safe, but there are some nuances to consider, especially when sending money to countries like Brazil.

• Instant Online Transfers: Reputable online transfer services invest heavily in security protocols to protect your money and personal information. Features like encryption, two-factor authentication (2FA), and fraud detection systems are standard across most platforms. However, it’s important to choose a well-known and regulated service to ensure your funds are secure. With the right precautions, instant online transfers are a very safe option for sending money to Brazil.
• Traditional Bank Transfers: Bank transfers are widely regarded as one of the most secure ways to send money internationally. Banks follow strict regulatory frameworks and offer fraud protection, giving many users peace of mind. However, this added security comes at the cost of slower processing times. If security is your top priority and you don’t mind waiting a few days, a bank transfer may be the way to go.

5. Accessibility: Who Can Use These Services?

Accessibility is another important factor when deciding between instant transfers and bank transfers, especially for international destinations like Brazil.

• Instant Online Transfers: One of the major benefits of instant online transfers is their accessibility. These platforms allow you to send money to a wide range of recipients, even those who don’t have traditional bank accounts. Many services allow for mobile money transfers or cash pickups, making it easier to send money to people in more remote areas of Brazil. Additionally, these platforms are available 24/7, so you can initiate a transfer at any time.
• Traditional Bank Transfers: To receive a traditional bank transfer, the recipient must have a bank account, which may limit accessibility for some individuals. Bank transfers are generally more suited for individuals or businesses who already have established banking relationships. However, the widespread banking infrastructure in Brazil means that most urban areas will have access to bank services, though rural regions may still face challenges.

Which Option Is Best for You?

Ultimately, the choice between instant transfers and traditional bank transfers depends on your priorities. If speed, cost-effectiveness, and convenience are your main concerns, instant online transfers are likely the better option, especially when sending money to Brazil. On the other hand, if you prioritize long-standing relationships with banks and are willing to accept higher fees and slower processing times, traditional bank transfers may suit your needs better.

For regular money transfers to Brazil, it’s worth exploring different platforms to find the best combination of speed, cost, and security for your specific situation.

Conclusion

When deciding between instant transfers and traditional bank transfers, it’s essential to weigh factors such as speed, cost, convenience, and security. Instant online transfers offer rapid transactions, lower fees, and greater accessibility, making them ideal for many users. Traditional bank transfers, while slower and more expensive, provide a level of security and familiarity that appeals to certain individuals. By understanding the key differences between these transfer methods, you can choose the best option for your needs, whether you’re sending money to Brazil or any other country.

The post Instant Transfers vs. Traditional Bank Transfers: What’s the Difference? appeared first on Northeast Ohio Parent.

Capital Preservation with Low-risk Trading Strategies

Capital preservation is an investment approach designed to protect your principal investment while minimizing risk. While it allows for some growth, its main focus is maintaining financial stability and providing flexibility for investors. Low-risk strategies, such as investing in Treasury bonds and Certificates of Deposit (CDs), exemplify capital preservation by prioritizing loss prevention.

Unlike high-risk investments that aim for significant returns, low-risk options are more reliable for cautious financial planning. These strategies safeguard your portfolio while ensuring stability and flexibility both before and during retirement. However, it’s important to note that no investment strategy is completely without risk.

Strategies of Low-risk Trading

Investors often classify online trading as a high-risk investment, but these digital platforms enable individuals to access different low-risk trading strategies. Who doesn’t love an easier and smarter way of investing right at their fingertips? Let’s dive into the different low-risk trading strategies.

1.   Diversification in Investing

The first of these strategies is diversification, which is a strategy that involves spreading investments across different financial instruments and asset classes to manage risks. It reminds investors of the saying, “Don’t put all your eggs in one basket,” iterating the need to create other options for risk management. Diversification can be done by investing in different countries, sizes, and types of companies.

In today’s unpredictable market, there are many safer investment options you can add to a large part of your portfolio for capital preservation. Some of them include:

• Bonds
• Stocks
• Treasury bills and notes
• Certificate of Deposit (CDs)
• Money Market Mutual Funds
• High Yield Savings Accounts
• Annuities
• Exchanged Traded Funds (ETFs)

The concept of diversification is based on the idea that various financial assets carry distinct levels of risk and return, meaning that while one may incur a loss, another could benefit. For instance, rising interest rates may lower the price of existing bonds but could increase rental income and the cost of commodities.

Diversification offers several advantages, such as exploring new investment strategies, achieving steady potential returns, and managing market volatility. However, it also comes with downsides, including the complexity of managing multiple investments, the impact of commission fees, and often lower short-term returns.

2.   Bond Investments

Bonds are debt and fixed-income securities where an investor lends money to the government or companies for a fixed interest rate over a specific period. The changes in interest rates greatly influence the desirability of bonds; that is when interest rates increase bond prices and vice versa. They have a maturity period where the issuer of the bond must pay the principal back in full.

Bonds are the most important part of an investor’s portfolio because they pose little to no risks. Compared to stocks, when there is a risk of default, bond owners take precedence over shareholders in payments; depending on how bad the situation is, bond owners get part of their money back, while shareholders may lose all their money. Treasury bonds, issued by the U.S. government, are considered risk-free because it is the safest way of preserving your capital with some returns.

For financial safety, diversified portfolios, where bonds are considerably more, are beneficial in covering up losses incurred from other trading strategies due to their predictable returns.

3.   Risk Management Techniques

Naturally, all investments have risks, some considerably higher than others, but low-risk options aim to offset risks. Risk management is essential in capital preservation because it identifies risks and takes measures to reduce their impact on finances. Examples of risk management techniques are avoidance, retention, sharing, transferring, and loss prevention and reduction.

Seasoned investors set limits to control and mitigate losses in trading through techniques such as position sizing, stop-loss orders, and hedging. For diversified portfolios, position sizing is crucial in setting the right amount of units on a particular instrument, while hedging simply means making investments that move in different directions from others. Stop-loss orders are measures taken to reduce loss when the investment reaches a target.

4.   Avoiding High-risk Speculations

Speculating is a high-risk investment strategy where an investor hopes to get substantial returns through price fluctuations of an instrument in the market. This strategy is not suitable for long-term financial growth but for short-term returns. Speculative trading usually involves investments that may or are losing value but with the potential to gain considerable value after some time like cryptocurrencies, stocks, and real estate in developing areas.

High-volatility investments promise high returns, but a loss can offset low-risk investments in your diversified portfolio. Speculative trading may lead to loss of capital when an instrument like real estate falls way below the purchase price, making it difficult to resell at a decent price. Investing with leverage on high-risk instruments may lead to more significant losses.

Final Thoughts

Low-risk investments like bonds, especially Treasury bonds issued by the U.S. government, stocks, money market funds, CDs, ETFs, and high-yield savings accounts are the safest options for financial planning. Diversified portfolios, risk management techniques, and avoiding high-volatile speculation help maintain stable, secure, and flexible finances even after retirement. Ultimately, looking into applying these strategies gives you the ability to make informed decisions about capital preservation.

The post Low-risk Trading Strategies for Financial Safety appeared first on Northeast Ohio Parent.

Spring is in full swing, bringing with it not just blooming flowers, but also a golden opportunity to declutter and pocket some extra cash! For all the savvy parents out there, selling preloved items is a smart move to boost your income. Wondering what things to sell to make money? Look no further! From used cars to bicycles, we’ve curated a list of seven lucrative items perfect for resale this season. So, if you’re ready to turn your clutter into cash, keep reading to discover how you can make the most of this springtime selling season.

1. Used Cars

Selling a used car can be a smart move. It’s one of those things to sell to make money that can give your family budget a nice boost. Why? Because springtime car shoppers are buzzing with tax refund dollars and are eager to find their next ride. Plus, getting ahead of the summer rush when new car models make their grand entrance could mean a sweeter deal for your preloved wheels. So, dust off that car, snap some sunny pics, and list it on popular car selling platforms like WhipFlip or eBay Motors—your wallet (and your driveway) will thank you!

2. Garden Tools

Selling preloved garden tools not only frees up space but also helps fellow green thumbs get ready for the season without breaking the bank. It’s a win-win: you make money, and they save money. For busy parents, this can be a simple and effective way to earn some extra cash for that family summer vacation. Just list your items on local community boards or online marketplaces like Facebook Marketplace, Letgo, or OfferUp, and watch your old spade dig up new opportunities!

3. Sports Equipment

Preloved sports equipment is one of the smartest things to sell to make money, especially when your garage is doubling as a storage unit for past seasons’ sports gear. Not only does this allow you to reclaim your space, but it also gives another family the chance to score a homerun with affordable equipment. Platforms like SidelineSwap are the digital equivalent of a community bulletin board, buzzing with local parents on the lookout for a bargain. So, why not make a clean sweep and pitch those gently used items into the hands of eager spring athletes?

4. Designer Clothing

Spring cleaning can be more than just a chore; it’s an opportunity to turn those designer clothes that are gathering dust into a tidy sum of money. After all, last season’s fashion can be this season’s treasure for someone else. Selling these items not only frees up space but also gives them a new lease on life. So, why not dig through your wardrobe and find those stylish pieces to sell? It’s a smart way to make money and maybe even fund this year’s spring wardrobe update! Remember, platforms like Poshmark and The RealReal are just waiting to showcase your fabulous finds to eager fashion hunters.

5. Smartphones and Tech Gadgets

Smartphones and tech gadgets are hot items and can be one of the best things to sell to make money. After all, who doesn’t love a tech refresh? Selling your gently used devices not only pads your wallet but also ensures they get a second life, rather than gathering dust. Platforms like Gazelle, eBay, or Amazon’s trade-in program make it easy and secure to pass on your tech to someone who’ll appreciate it.

6. Outdoor Furniture

As neighbors shake off the winter chill and start eyeing their patios and gardens, your gently used patio sets and charming garden decor could be just the things to sell to make money. Local classifieds, community apps like Nextdoor, and Facebook Marketplace are bustling digital hotspots where your items can find a new home—and you can find that extra spring in your step with the added income!

7. Bicycles

With the warmer weather inviting more outdoor activities, biking sees a resurgence in popularity, creating a thriving market for preloved bikes. Selling your family’s gently used bicycles is not only eco-friendly, but it also passes on the joy of cycling to another at a more accessible price point. Consider bike shops with consignment options, online platforms like Craigslist, or even your local community garage sale as ideal places to start. It’s a win-win: clear out your space, earn some money, and support sustainable living!

Conclusion

As the spring season brings new beginnings, it also offers the perfect opportunity to declutter and refresh your living space. Selling preloved items not only clears out your home but also provides a way to make extra income. It’s a sustainable choice that benefits the environment and your wallet. Embrace the springtime momentum to transform things you no longer need into money-making treasures. Remember, one person’s clutter can be another’s treasure, making this the ideal time to sell things to make money.

The post 7 Preloved Items to Sell for Extra Income This Spring Season appeared first on Northeast Ohio Parent.

An increasing number of people are choosing to work for themselves as independent contractors in the gig economy of today. One may pursue their hobbies and enjoy freedom and independence when they work as a freelancer. But benefits come with drawbacks as well, especially when it comes to handling taxes and money. Accurate tax filing and optimizing tax savings are frequent challenges for freelancers. The significance of incorporating tax planning into freelancer finances will be examined in this article, along with a discussion of practical resources including the 1099 tax calculator, self-employment tax rate, and projected taxes calculator.

Recognizing the Difficulties Faced by Independent Contractors

Managing funds and taxes presents special difficulties for freelancers. Freelancers are liable for their own taxes, including self-employment tax and income tax, in contrast to regular workers. This may be too much to handle, particularly for people who are unfamiliar with freelancing. Due to their inability to comprehend the complexities of the tax code, many independent contractors pay more to the IRS than they should or incur fines for underpayment.

Utilizing the 1099 Tax Calculator to Optimize Tax Savings

The 1099 tax calculator is one of the most important tools that independent contractors may use to optimize their tax savings. Freelancers can use a 1099 tax calculator to determine their tax due based on their income and deductions. This is a useful tool. Freelancers may obtain an accurate estimate of their tax bill by entering pertinent data, such as income, business costs, and deductions. They are able to plan ahead and make wise financial decisions as a result.

How to Determine the Tax Rate on Self-Employment

Self-employment tax, which includes Medicare and Social Security taxes, is applicable to freelancers. Freelancers bear the whole financial burden of these taxes; regular workers have these taxes deducted from their paychecks. Freelancers must comprehend the self-employment tax rate in order to compute their tax obligations and make appropriate financial plans.

At present, the rate of self-employment tax is 15.3%; this includes 2.9% for Medicare and 12.4% for Social Security. It’s crucial to remember that independent contractors only pay this tax on their net earnings—that is, their income after all allowable deductions and business costs have been subtracted. Freelancers may make sure they are saving as much as possible while also meeting their tax requirements by precisely figuring out their self-employment tax rate.

Using an Estimated Taxes Calculator to Estimate Taxes

In order to prevent underpayment penalties, freelancers must also submit projected tax payments throughout the year. These payments, which are often provided on a quarterly basis, are determined by projecting the freelancer’s year revenue and tax obligations. Freelancers may find out how much they need to pay in taxes each quarter by using an estimated taxes calculator.

Freelancers may spare themselves the anxiety of having to rush to pay a big tax bill at the end of the year by using an anticipated taxes calculator. It guarantees they are paying their taxes on time and enables them to manage their money more skillfully. Furthermore, independent contractors have the flexibility to modify their projected tax obligations in response to variations in their annual revenue.

In summary

For freelancers to maximize tax savings and ensure proper tax filing, tax planning must be integrated into their budget. In handling their money and taxes, freelancers have particular difficulties. However, by utilizing resources like the 1099 tax calculator, self-employment tax rate computations, and anticipated taxes calculators, they may become more adept at navigating the intricacies of the tax system. Freelancers may attain financial security and peace of mind in their freelancing employment by being aware of their tax requirements and making advance plans.

The post Mindful Money Management: Integrating Tax Planning into Freelancer Finances appeared first on Northeast Ohio Parent.

There are plenty of other reasons to move to the Buckeye State, from its friendly residents to year-round opportunities for recreation and entertainment. Let’s dive in and find out more.

Affordable Rent and Insurance

Rents in Ohio are pretty reasonable throughout the state compared to many others in the US: the median rent here is $1,250 a month. And if you know the best neighborhoods to search, you could find a real bargain. Some of the cheapest areas to rent in Ohio include:

• Springfield
• Youngstown
• Lorain
• Akron
• Canton
• Toledo
• Dayton
• Elyria
• Middletown
• Cleveland

And while renters insurance is not required by law in Ohio, having it is highly recommended. Plus, it’s likely to be much more affordable than you think. Meaning for just a small outlay you can have peace of mind that your personal property is indemnified against damage or theft. Many renters insurance policies also include medical protection, liability protection, and loss of use regarding your home.

Cost of Living

It’s not just rental prices that are relatively cheap in Ohio: the cost of living is one of the lowest in the whole country, too. Given that many everyday expenses, such as groceries, haircuts, transportation, and eating out, are well below the national average, you’ll find that the money in your wallet goes much further in the Buckeye State.

Lots of Great Colleges and Universities

Ohio is well known for its plethora of high-quality colleges and universities, including nationally ranked institutions such as Kenyon College, Case Western Reserve University, Denison University, and Ohio State University. So, if you’re a family with older kids, a move to the state could be a great idea. There are 194 colleges and universities throughout Ohio, with over 600,000 students in attendance, so finding the perfect option for your kid will be easy.

Case Western Reserve University is a private university that receives external research awards to the tune of around $400 million annually and has had no less than fifteen Nobel Laureates pass through its doors. The institution is ranked in the top two hundred in the world for medicine, English language and literature, and material sciences.

Plenty of Opportunities for Outdoor Recreation

Another reason for Ohio’s increasing popularity with families with older kids is the many opportunities the state offers to get active outdoors. There are many parks and nature reserves to explore, such as Cuyahoga Valley National Park, where you’ll discover serene waterfalls and lush forests and be stunned by awesome scenic vistas. The nature trails of Hocking Hills State Park are also well worth checking out – you’ll come across striking rock formations, pretty rivers, and dramatic waterfalls as you amble the trails.

And for adrenaline junkie teens? Ohio is home to some amazing theme parks, including Kings Island and Cedar Point, where they can test their nerves on a range of exhilarating rides.

Vibrant Sporting Culture

And if you’re a family that loves sports and supporting local teams, Ohio could be the perfect location! The state is home to baseball teams, the Cincinnati Reds and Cleveland Guardians, football teams, the Cincinnati Beagles and Cleveland Browns, and basketball team, the Cleveland Cavaliers.

If hockey is your sport, you can enjoy getting behind the Columbus Blue Jackets, while fans of rugby can cheer on the Cleveland Rugby League. 

Friendly, Welcoming Neighborhoods

As residents of Ohio will tell you, the state is highly welcoming and well-known for its hospitality, warmth, and inclusive social scene. Whichever neighborhood you choose to call home, you can expect a warm welcome, neighbors more than happy to lend a hand, and regular community events.

The state hosts many festivals and events throughout the year, many of which attract attendees from across the US. Art festivals, in particular, are a big thing here, and you’ll find art fairs and shows everywhere, as well as food events and music festivals. The state’s Oktoberfest celebrations are particularly of note and are a reminder of the region’s Bavarian roots.

Final Thoughts

Ohio could be the perfect new home for your family. Its affordability, strong neighborhood communities, range of great colleges and universities, and friendly, inclusive vibe are making it an increasingly popular state for those seeking to relocate. Check out the most affordable areas, as we’ve listed above, to find the perfect home for your older family and get set to enjoy the vibrant lifestyle on offer in the heartland of the US.

The post Why Ohio is the Perfect Affordable Option For a Family with Older Kids appeared first on Northeast Ohio Parent.

What Exactly is ESG Investing?

ESG investing incorporates non-financial factors into investment decisions, focusing on companies making positive impacts related to:

Environment – Issues like climate change, carbon emissions, pollution, recycling

Social – Factors such as employee relations, diversity, health and safety

Governance – Executive pay, corruption, transparency, board independence

By directing money toward more sustainable and responsible companies, ESG investors aim to encourage better long-term practices while still earning solid returns.

Why Has Interest Grown So Much?

Several driving forces explain the surge in ESG fund investing:

Increased Options – More ESG mutual funds and ETFs exist now, providing exposure to “green” companies across sectors and asset classes. This expands choices beyond restricting investments only to certain industries.

Mainstream Adoption – Major financial institutions like BlackRock and Vanguard now offer ESG fund options. Standardized ESG reporting metrics help investors evaluate opportunities. This boosted mainstream credibility.

Corporate Commitments – Shareholder demands induced more corporations to set environmental and social goals. And research revealed operational efficiencies from implementing more ethical governance policies company-wide. Doing good became good business.

With this “perfect storm”, ESG investing evolved from a niche corner of the market to one of the biggest investment trends.

Do ESG Funds Sacrifice Returns for Morals?

Critics argue avoiding major industries like fossil fuels inherently limits your profit potential. And screening out stocks based on non-financial factors seems counter to the goal of maximizing investment returns.

However, the trade-off between profit and morals has become a myth in modern ESG investing:

• Diversified Funds – Many ESG funds provide wide exposure across business sectors, not just expensive niche industries. This diversity aims for market-like returns.
• Positive Screens – Funds often screen for companies with good ESG metrics relative to peers, not based on absolute thresholds. This captures firms likely to outperform industry averages.
• Risk Mitigation – A company managing ESG risks well signals strong leadership and strategic governance overall. This can indicate resiliency and financial strength.
• Future Focus – Even without immediate payoffs, ESG factors like renewable energy investments may position a company to capitalize on long-term trends.

In essence, incorporating environmental and social responsibility into business decisions generally aligns with serving all stakeholders successfully over extended periods. And smart governance just makes fiscal sense.

While some actively managed ESG funds carry higher expense ratios, they may justify the fees through expertise in identifying sustainable firms poised to profit. Or you can choose efficient index funds tracking benchmark ESG indices. Either way, you need not sacrifice returns to reflect your values.

And if you still carry debt like credit cards or quick and easy loans online, focusing any investing first on wiping out high-interest balances makes smart financial sense too.

Are Specific ESG Funds Less Risky Than the Overall Market?

Some research suggests that ESG funds may carry lower risk compared to the overall market, particularly during downturns. By excluding ethically questionable stocks, ESG investors avoid industry volatility. For instance, fossil fuel and tobacco companies often face dips due to legal issues or scandals. Governance failures like corporate fraud trigger significant stock declines. ESG funds mitigate such risks by screening out unethical companies and emphasizing long-term governance.

However, they still face macroeconomic forces, limiting their ability to eliminate market risk. Ultimately, while ESG funds may mitigate certain risks, they remain subject to broader market forces like conventional funds.

What Steps Should New ESG Investors Take?

For those excited to align investments with their values, a few tips applying general sound investment practices to ESG funds can set you up for success:

Determine Your Risk Tolerance – ESG investing options span the risk spectrum from money market funds to emerging market stock funds. Choose based on your growth goals and ability to weather volatility. Conservative choices exist if you prioritize capital preservation.

Consider Index Funds – For hands-off investors, index funds like ESGV track benchmark ESG indices offering diversified exposure while minimizing expenses.

Hold For the Long-Term – Given their future-focused screening criteria, ESG fund holdings may take time to realize full profit potential. Patience allows strategic advantages to materialize.

The key is letting your investment objectives and risk tolerance guide how you incorporate ESG funds into your portfolio, not getting distracted by their packaging alone.

Can I Make Money While Positively Impacting the World?

Skepticism endures around whether ESG investing truly influences corporate ethics or simply constitutes “greenwashing” – companies promoting unsubstantiated environmental claims for marketing purposes alone.

In truth, ESG investing today fuels positive change OR profitable returns more than achieving both simultaneously:

• Divesting from oil companies based on environmental factors can hurt returns but has reputation effects.
• Screening for companies with good management relative to peers boosts returns but has unclear social impacts.

However, money-building sustainable future infrastructure or governance models incrementally move markets towards more responsible capitalism. So ESG investing can further positive change indirectly by allocating capital to more conscious companies rather than avoiding “sin stocks” altogether.

The real power lies in widespread adoption. If enough investors collectively shift assets to reward firms implementing ethical practices, more corporations evolve to meet shareholder demands. This means companies wanting to attract investment capital must up their ESG game. So while systemic change takes time, dollars do talk.

The savviest investors select ESG funds using sound investing fundamentals more than lofty ethical goals alone. But in the process, they incentivize incremental improvements benefitting society and the environment as a byproduct of seeking returns.

So while “having your cake and eating it too” may overstate the direct impacts today, allocating investment money toward ethical companies does ultimately help move markets in a more sustainable direction. If approached responsibly, investors can generate solid long-run returns AND gradually improve corporate impacts – even if those goals conflict sometimes in the short term.

The post ESG Investing on the Rise: Can You Do Good and Make Money? appeared first on Northeast Ohio Parent.

Not so.

The organization’s new executive director, Trisha Good – named to that post in late June – and her team have been pounding the proverbial pavement since her appointment, even spending 12 days at the Ohio State Fair in late July through early August.

“We’re not satisfied. We want to fill our leaky bucket,” says Good, a longtime chief financial officer and chief investment officer now leading an organization nearing its 35th birthday. “We are a generational organization, and we want to continue growing our accounts and contributions to help people avoid student loan debt. As beneficiaries reach college age, we seek to identify the next group.”

Good, who has been with the Ohio Tuition Trust Authority — the state agency that administers Ohio’s 529 plan — for 25 years, detailed several goals for the organization in the coming weeks and months. They include continuing to provide quality investment options that are diverse, the latter being especially important during volatile economic conditions; increasing awareness by visiting fairs, libraries, college Homecoming events and sweepstakes with professional sports teams such as the Bengals and Guardians; and planning for the impending change caused by Secure Act 2.0, legislation that allows 529 account holders to transfer up to a lifetime limit of $35,000 to a Roth IRA for a beneficiary.

Starting in 2024, that legislation allows distributions from 529 accounts to give the same beneficiaries a retirement boost, by converting tax- and penalty-free to a Roth IRA owned by the 529 beneficiary for at least 15 years. The change, advocates say, eases concerns over what happens to 529 contributions if the beneficiary decides not to go to college, or financial aid renders the savings unnecessary.

“We’re spending a lot of time figuring operational procedures for that change, which is a welcome – and significant — one,” Good says.

She says she and her team, through all the touchpoints they’re making in communities statewide – over an elephant ear at the fair, perhaps – are touting the plan’s many benefits to those familiar and less so. Contributions are tax free, of course, but many are unaware that the tax deduction for Ohio residents isn’t just for account owners – but for all contributors, like a grandparent, uncle or aunt. The organization has tools that illustrate the benefits of saving now versus later, and inform those interested that only a small portion of contributions are factored into financial aid considerations.

“Borrowers have $1.7 trillion in student loan debt this year,” Good says. “Our goal is to make more people aware of tools they can use to limit that impact in the future.”

The post New Ohio CollegeAdvantage leader sets goals for awareness, maps changes ahead appeared first on Northeast Ohio Parent.

Image Source: Pixabay

You may have an unexpected medical expense, are behind on your bills, or need money to cover an emergency car repair. Getting a car title loan might be the perfect solution. Car title loans make it easy to borrow against the value of your car and usually don’t require a credit check, making them ideal for people with bad credit who may not qualify for more traditional loan options. In this post, we’ll provide practical tips on how best to go about getting a car title loan.

1.    Find a Reputable Lender

Before applying for a loan, do your due diligence and find a reputable lender. Research online and read reviews from other borrowers who have used their services. Be wary of lenders who don’t have any reviews or require an up-front fee before they lend you money. Title loan scams are unfortunately commonplace, so it’s essential to make sure you find a legitimate lender who will treat you fairly. The last thing you want is to end up in a situation where you’re paying back more than the amount borrowed.

2.    Get Your Car Appraised

Title loans are based on the value of your car, so getting an accurate appraisal is essential. Visit a few different dealerships and get quotes to find the best rate. Getting a lower interest rate could save you money in the long run. You can also get a free estimate of your car’s value from an online service. When getting a title loan, make sure to get an accurate and up-to-date appraisal. The lender will likely require documentation of the car’s value before approving your loan application.

3.    Get Your Paperwork in Order

You’ll need to provide specific documentation to qualify for a title loan. This includes proof of income, identification, and the title of your car (or lien-free registration). Be sure to gather all the necessary documents before you apply to save yourself from having to go back and forth with the lender. You’ll also need to provide a copy of your auto insurance policy. This is important since this will protect the lender if there is an accident or damage to the car while you are still paying off the loan.

4.    Read and Understand the Terms and Conditions

Read through all terms and conditions before signing any paperwork with the lender. Ensure you understand the repayment conditions, interest rates, and fees associated with the loan. Also, double-check to make sure you are comfortable with any additional terms that may be included in the agreement. If any language is confusing or unclear, don’t be afraid to ask questions. Make sure you are completely comfortable with the loan terms before signing any documents.

5.    Consider Shopping Around

You may be tempted to take the first offer that comes your way, but it pays to shop around. Most lenders offering title loans in Ohio have similar terms, but it doesn’t hurt to compare offers and see if you can find a better one. Remember that the lowest interest rate might not always be the best option. Compare other factors such as repayment terms, fees, and customer service to ensure you get the best deal possible.

These five tips can help you get the best car title loan possible. With a bit of research and preparation, you can make sure that your title loan experience is positive. Don’t be afraid to ask questions if you have any concerns, and make sure you understand the loan terms before signing on the dotted line.

The post 5 Tips to Get the Best Car Title Loan appeared first on Northeast Ohio Parent.

Readjust your budget (or create a budget)

A budget is the first step of any financial plan. A budget isn’t restrictive. It just ensures that every dollar has a home, because you tell it where to go. Therefore, if you haven’t created a budget, then this is a great place to start. If you already have a budget, now is the time to revisit it to identify any additional areas of cost reduction to make room for the increased gas cost.  

One of my favorite methods to identify areas to eliminate spending is to ask myself about the value I’m getting for the things that I spend money on. This helps me to focus my spending on the things that bring value and joy to my life, which makes it easier to eliminate other spending. Once you begin to eliminate spending that you no longer need, or don’t value as much, then you can make room in your budget for the higher cost of gas.

Increase your income

An option to offset the higher gas prices is to explore ways to increase your income. Here are a few examples to earn additional income.

1. Ask for a pay increase. There are so many ‘Help Wanted’ signs available, and with such a high demand for labor, now is an amazing time to ask for a pay increase at your current job. Document your contributions to the company, let them know how much you value your career, and present your case for why the salary increase is warranted.
2. Start a business to generate additional income. Who knows? This could turn into your corporate exit strategy! 
3. Sell items you no longer need. Check out OfferUp, buy-sell groups on Facebook, and consignment shops are great ways to sell items in great condition that you no longer need. The other amazing benefit is that it reduces waste going into landfills and frees up space in your home. Mystery shopping is another great way to earn extra income at your own pace.

Fill up at the station with the lowest gas prices

Previously, I used to purchase gas when it was convenient, but now I fill up where gas is the least expensive. An app like GasBuddy can help you find out where the lowest gas prices are. Initially, after going out of my way for a couple of months to get gas at the lowest price, I decided to shift some of my purchases so I can consolidate my errands and trips closer to the location of the inexpensive gas, so I don’t have to drive around multiple parts of town.  

Leverage in-store cash back

Another way to save money at the pump is to leverage fuel perks at your local grocery store. Some grocery stores allow you to earn fuel perks at the gas station when you purchase gift cards, groceries, or gas. Then, you reduce the cost of gas when you redeem the perks. This helps you to get paid for spending money you would have spent anyway and still contribute towards saving on gas.

Another strategy is to use an app like GetUpside to save at the pump. This app allows you to earn cash back at participating retailers when you get gas.

There is also an app called Fluz that you can use to purchase gift cards in advance and then earn cash back on the gift cards that you buy at cost. For example, if you buy a gift card at a retailer that sells gas (or any participating retailer), then you would get cash back on the gift card purchase that would allow you to put more money into your pocket.

Leverage Credit Card Perks

If you have a cash-back credit card or rewards credit card (beware of the fees associated with them, and try to find a no-fee or low-fee card), then this can be an amazing opportunity to earn cash back towards gift cards that you can use for spending or even earn cash back into your account. Essentially, you are getting paid for the shopping you are already doing. I recommend using this strategy only if you have the discipline to use a credit card and will not carry a revolving balance. Otherwise, any savings you would experience by leveraging cash back and perks will be eroded by the higher credit card interest rate.

Adjust your driving

I noticed that my gas lasted longer when I drove with my car on cruise control. I noticed when I drove with my car on cruise control (and less quick acceleration from lights), that I drove in a way that was easier on my tank.

I hope this post has helped you to find ways that you can save on gas. Please leave a comment to let me know how this has helped you, or other tips that have helped you to save money on gas.

The post Ideas to Offset High Gas Prices appeared first on Northeast Ohio Parent.

Coupon clipping, Ibotta, and Rakuten (formerly Ebates) are common ways people have saved money in recent years, but I personally find them to be too much work. I don’t have a lot of time to devote to finding and clipping coupons from magazines and newspapers. I also don’t often bother with skimming the Ibotta app for items I might buy and, even if I did, I certainly wouldn’t remember to upload the receipts later. And as far as Rakuten goes, half the time I use the platform it either doesn’t work or it takes forever for the cash back to be added to my account.

I’m a lazy couponer, so here are a few of my favorite, easy-to-use applications I utilize regularly to save money.

Fetch Rewards

Fetch is similar to Ibotta where you get money back from certain items/brands you buy, except Fetch is based on a point system rather than a dollar amount. The best part about Fetch is that you can link your email, Amazon account, Target account, etc. so the only thing you have to do is press a button. That’s right —one button. Fetch then scans through your e-receipts and finds all the eligible items and brands and awards you points based on what you purchased. It’s that simple.

Fetch has a huge database of common, everyday brands that qualify for points (I don’t find this to be the case with other platforms such as Ibotta). The points rack up fast and you can exchange them for gift cards to almost any chain restaurant/store once you’ve racked up enough (which, again, doesn’t take long at all).

Fetch frequently offers sign-up bonuses and extra points when you haven’t scanned a receipt in a while. Check it out and use my referral code T1KFN!

Target Circle

If you shop at Target regularly and haven’t downloaded the app and/or signed up for Target Circle then you are missing out for real. There are SO MANY good coupons and deals on Target Circle, and adding them to your account and applying them to your purchase is ridiculously simple.

New deals are added to the app every Sunday, so I usually take a couple minutes to scroll through them that day. It’s not uncommon for me to see 25% off my favorite drink, Buy One Get One 15% off my go-to granola bar, or Buy $100 in Baby Wipes/Diapers Get a $30 Gift Card, etc. One of the best parts is you can stack deals — last week I purchased some applesauce pouches for my kiddos and used a Buy One Get One 25% off AND Spend $25 get $5 off. Such a good deal!

Some deals are in-store exclusive (you just scan your in-app barcode at checkout to apply the deals to your purchase), but for the most part they apply to all methods of shopping: In-Store, Drive-Up, Same-Day Delivery, and Shipping. And if you haven’t taken advantage of Drive-Up yet (especially in conjunction with Target Circle) then you are missing out! You can purchase almost anything in the store for pickup (including refrigerated and frozen foods!) and employees are super efficient at getting your order out to you. Even better, if you forget to run to the store on Saturday to use your Target Circle coupons then you can place a Drive-Up order for pickup later!

One additional perk of having Target Circle is you get 1% back on all purchases that you can apply to a later purchase. My lifetime savings using Target Circle are, last I checked, $284.22! Like I said, the savings add up — you won’t regret signing up!

Flashfood

You know that rack of half off bakery at Giant Eagle? Or the shelves of clearance items in the back by the restrooms? If you’re the kind of person (like me) who checks those racks every time you shop there, then you’re gonna love Flashfood!

Flashfood is a relatively new platform used mostly by select area Giant Eagles and Meijers — everyday they upload the about-to-expire or imperfect items they’d otherwise throw away to the app for half off. From there you can purchase the items and pickup in-store — it’s that easy!

Flashfood is pining for users right now since it’s such a new platform, so they send emails regularly with deals and offers to get you using the app. Right now I have $27 in rewards I haven’t used yet — just for having signed up! You can get a $5 reward today by using my referral link to sign up!

I’ve got plenty of ways to save money, but none are as easy as Fetch, Target Circle, and Flashfood. If you’re pinching pennies or just have a TON of fun saving a buck or two like me, then don’t hesitate to utilize these platforms — they make saving money so simple!

The post 3 Money-Saving Platforms You May Not Know About appeared first on Northeast Ohio Parent.

Cheap Car insurance is the ideal option for those who want cheap auto insurance coverage. There are many ways to get cheap auto insurance coverage without cheating the system. The first way to find cheap auto insurance coverage is to find out if you can claim on your policy. Auto insurance companies calculate their profit based on the value of a vehicle and the amount of coverage given. If you are not able to make a claim, you will not get the full value of your vehicle because it will go down in value as time goes by. For drivers seeking more privacy or flexibility, there are also options for getting car insurance without a black box, which may be preferable for those who don’t want their driving behavior monitored.

The following are some tips on how to save money on your car insurance policy.

1.    Full Comprehensive Coverage:

The first tip is to know what you need and not have from your insurance company. Many people do not realize that they have a lot of optional insurance coverage that they can cancel. If you own a boat or a motorcycle, you should consider purchasing full comprehensive and collision auto insurance. Many people says Moneybeagle.com is the best platform where you can easily get full car insurance coverage at a very reasonable rate. You can cancel car insurance policies whenever you want to. The reason why you want to do this is that they usually cost less per month if you have them included in your auto insurance coverage.

2.    Raise Your Deductible:

You may also want to consider raising your deductible. By doing so, you will be able to lower your monthly payments. However, you have to remember to keep the money from the deductible in mind when making this decision. If you are not sure whether raising the deductible will lower your auto insurance coverage premiums, you can ask your agent or insurance company to back up their claims. It would help if you can get their opinion as to why you should raise the deductible.

3.    Choose the Lowest Coverage:

Another way to save money on your car insurance policy is to choose the lowest coverage you qualify for. Of course, you will have to pay more money for this type of insurance if you are over 25 years old. Another thing to keep in mind is that if you are driving a new car, you will probably qualify for more expensive insurance. In this case, it may make more sense financially for you to purchase full coverage car insurance. The nice thing about full coverage car insurance is that you will probably be able to get financial assistance with fixing your car should you get into an accident, and comparing options early on can help you make the right choice—especially when you take a moment to get a 4×4 insurance quote.

4.    Check the Discounts of Companies:

It is also helpful if you can call your current car insurance company to see if you qualify for any discounts. Many insurance companies offer discounts to their policyholders who are also registered members of auto clubs and/or take certain driving courses. These things can help you save money. However, you have to make sure that you understand how to contact your insurance company and what discounts you are entitled to before raising your deductible or taking any other action that may lower your insurance rate.

5.    Shop Around:

The last tip that will help you save money on your premium is to shop around. Yes, I know what you are thinking. How do you find cheap insurance? Most auto insurance companies offer free quotes online and most people can get a decent idea of the cost of their insurance policy through those quotes. Therefore, the easiest way to find cheap insurance is to go to multiple insurance quote websites and determine which policy best suits your needs at the best cost to you.

What is important to remember is that the cheapest policy does not always mean the best coverage. You must check out several different cheap insurance policies to get an idea of what coverage is offered and how much it will cost overall. You should also consider the cost of any extras that may be included in your cheap insurance policy. For instance, you may find a cheap insurance policy that does not require any state-approved car insurance training. Training courses are rarely required for most states. This will save you some money in the long run and also provide peace of mind since you will know that you are driving with the proper coverage.

6.    Good and Poor Driving Record:

Drivers with a poor driving record have a very poor chance of getting cheap auto insurance quotes. Poor drivers would have to incur additional expenses on their own just to pay for their mistakes. They will have to pay for higher premiums, more claims, and possibly higher levels of coverage. If you’ve ever had to use the services of a car accident lawyer before now, your future premium may be at risk. Drivers with a good driving record have a better chance of getting lower car insurance rates since they are less-risk and will therefore be able to get a lower premium.

The best way to save on auto insurance coverage options is to have a clean driving record. Good drivers are usually rewarded with lower monthly premiums. It is also essential to maintain good grades in school. Insurance companies will look at a good driving record when determining premiums. Some states even allow good drivers to apply for discount auto insurance plans. This way, people can get more affordable coverage without sacrificing their peace of mind.

7.    Unlimited Mileage Car Insurance Plan:

It is also important to make sure that you are not only sticking to your budget but also your monthly spending. For instance, if you want to save up on money due to the presence of a low annual mileage limit, purchase a four-year unlimited mileage car insurance plan. If you are willing to go for a higher annual mileage limit, then purchase a five-year or six-year unlimited mileage plan.

Final Thoughts:

Finally, you must purchase a cheap insurance policy if you are going to drive. The reason why you are doing this is that cheap insurance can sometimes mean sub-par coverage. Therefore, if you are going to purchase cheap insurance, you should do so knowing all of the facts. This will allow you to get quality insurance and save money at the same time.

The post Cheap Car Insurance – How to Save Money on Car Insurance Policy? appeared first on Northeast Ohio Parent.

If you received (or expect to receive) a stimulus check or tax refund, consider using your check to grow your income. However, if you are not current on your bills or expect to have challenges paying next month’s bills, especially bills related to your physical security and well-being like food, shelter, utilities, etc., then use your stimulus check to pay past due or upcoming bills.

Now, if you’re ready to start investing, the first thing to do is to write down why you desire to grow your income and what it will do for you and your family.  This will be the guiding principle that helps you choose which of these 4 strategies will work for you and advance the goals you have for your family and also help you stay the course if you run into obstacles. 

1. Invest

One of the biggest mistakes I believe parents make is they don’t think they have the money to start investing. Between school activities, bills, tuition, etc. sometimes they don’t think there is (or there may not be) anything leftover to invest. Therefore, using your tax refund or stimulus check will provide you with the extra income you can use to get started with investing. 

Additionally, this is a great opportunity to help your children start investing. Consider starting or growing an investment portfolio. There are a number of different vehicles you can use like 529 College Savings plans, UGMA (Uniform Gift to Minors Act), or UTMA (Uniform Transfer to Minors Act) accounts.  Depending on your children’s age, you can even enroll them in an investment course or teach them how to manage their own investment portfolio – and then let them do it. 

2. Save for a down payment to purchase a rental property or getting involved in real estate investing

If real estate investing or ownership of rental properties is a goal of yours, then use your stimulus check to move closer to that goal.  For example, save towards purchasing a rental property or get started in another form of real estate investing. This will help generate passive income for your family which will allow you to further work on financial goals, create more family experiences, and provide more financial peace. 

3. Pay off high-interest debt

You may be wondering why I included paying off high-interest debt in the grow your income post. I did this because paying off high-interest debt will save tons of money and allow you to keep more of your hard-earned money. 

If you have credit card payments, especially those high-interest credit cards that carry a 25 – 27% interest rate, prioritize paying them off. Those cards are costing you a lot of money. Therefore, when you begin to pay off your credit card debt, not only will you save money on future interest payments, it’ll also help improve your credit score which will save even more.

4. Start a business

Do you have an idea for a business? If you have a business idea, use your stimulus or tax refund check as seed money to start your business. Starting a business allows you to serve others, make a difference while growing your income, and even gain favorable tax benefits. If you desire to exit your full-time job, starting your business can position you to leave your job, which is a definite benefit.

However, businesses require money to start.  Therefore, consider using your tax refund or stimulus check to help fund those business startup costs.  This allows you to continue to use the income from your full-time job to pay bills and other expenses that come up, make progress on financial goals, and do fun activities as a family.

Hopefully these strategies have helped you think of ways to use your stimulus check or tax refund to grow your income. Which strategy will you use?  Leave a comment to let me know!

The post 4 Ways to Grow Your Income Using Your Stimulus or Tax Refund Check appeared first on Northeast Ohio Parent.

When people think “luxury,” they often think “expensive,” but there also are a few items I’ve purchased for a couple bucks that have literally changed my life, without burning a hole in my pocket. And you’ll never guess what they are.

1. My OXO DishBrush

Y’all, this thing changed my dishwashing game. You know how annoying it is to have to squirt soap manually with the soap dispenser while washing the dishes? This fancy brush makes it so you can dispense soap with the push of a button while you’re scrubbing — it is seriously amazing. Okay, it’s probably solving a First World Problem, but this brush turned my utter hatred for doing dishes into only a minor hatred. The investment? $10. Boom.

2. My iPhone Case

When I got my very first iPhone, my boyfriend (now husband) took me to Best Buy and told me to buy a Lifeproof case. He honestly didn’t even give me an option; I’m a klutz, it’s not a secret, and when you make an expensive purchase like a new iPhone, you need to protect it.

But the case was super annoying. If you didn’t put it on right you’d get air bubbles on the screen, and the case itself broke so easily. They boasted a great replacement policy, which I took advantage of a few times, but the second time I asked for a replacement they said I had to pay a shipping fee and claimed that had always been the policy — lies.

I was done with Lifeproof, so I went to Amazon. I’m a pretty avid review-reader, so I landed on this plastic case for a whopping $15. I’ve legitimately had it for a year and a half and, along with a $3 screen protector, it has kept my phone just as safe as my $80 Lifeproof cases had in the past. I’ve probably dropped my phone hundreds of times since and it has kept my phone totally in tact, and the case itself still looks almost new. It was seriously one of the best purchases I’ve ever made.

3. My Target-brand Sleep Mask

Last year while I was perusing the Dollar Spot aisles with my mom at Target, I found a $5 sleep mask. It was definitely an impulse buy — I honestly didn’t even try it until mid-January, but after that I was using it every night and, 9 months later, I still use it every night. That $5 sleep mask has given me some of the best sleep of my life — I only wish I would have found it sooner!

Although buying cheap items can be a risk (you don’t want to sacrifice quality in your search for a good deal), sometimes the most inexpensive of items can surprise you and be the most valuable in the long run. I’m sure I’ve saved hours of frustrating dishwashing, at least two or three iPhones, and many sleepless nights by purchasing these items — and I’d buy them all again in a heartbeat.

The post Inexpensive Items I Own That Are Worth Their Weight in Gold appeared first on Northeast Ohio Parent.

With this level of need and given the states have been overwhelmed with claims, there is a delay between filing and receipt of assistance. This has led to severe economic hardship for many families.  

If you are experiencing economic hardship, I want to provide you with some resources that may help you to bridge the financial gap during this time.  

There is hope, because many companies have implemented COVID-19 financial hardship programs. In this post, I share seven areas where you may be able to obtain economic relief:

1. Auto Loans. Call your auto loan provider and ask them if they have a program to assist with COVID-19 economic hardship. The details will vary by company, but some companies like Ally are providing payment deferment for up to 120 days. The payments will be waived now, but added to the end of the loan and interest will still accrue. However, if you are concerned about a future layoff, reduction of hours, furlough, or if you are laid off right now, then call your auto loan provider to see what you may qualify for. This will help you to free up your cash to provide for the essentials and will prevent you from falling behind on your auto loan should an economic disruption happen.  
2. Student Loans. If you have a federal student loan, then through the CARES Act, your payment has been automatically suspended through September 30, 2020, and interest will not accrue. For private loans, forbearance varies by company. Therefore, call to inquire about economic relief options.  
3. Credit card payments. Some banks are deferring payments and waiving fees due to COVID-19. The available relief will vary by company, so call or visit the company’s website to learn what is available. If you decide to call, be prepared for long hold times as many people are seeking options for economic support. 
4. Cell Phone. Some cell phone companies have suspended account disconnections, waived overage fees, late payment fees, and are deferring payments. Please note that if you defer a payment, you may have to pay the missed payment as soon as payments resume, which means you may have to pay multiple months at once. Therefore, if possible, put the money aside in a savings account so you have all of the money when it becomes due.
5. Mortgage. Some banks are deferring mortgage payments. Check out this post to learn how some banks are providing mortgage assistance through deferring payments and waiving fees. If you have a loan that is owned by Fannie Mae or Freddie Mac, then check out this link to learn what assistance may be available for you. If you are a renter and live in a rental unit financed by Fannie Mae or Freddie Mac, then you may have resources available to you, too.  
6. Waive bank fees. Some banks are waiving bank fees to help customers impacted by the COVID-19 pandemic. A number of banks are waiving fees such as late fees, overdraft fees, monthly maintenance fees and more. Click here to check out a great Forbes article that lists the banks offering COVID-19 relief to customers.  The good news is that banks aren’t the only places waiving fees. Other companies are, as well. Therefore, check your statements for fees and then call and ask for them to be removed. 
7. Apps to help you save. Using cash back apps to purchase essential goods can also be a source of economic relief during COVID-19.  These apps will help you earn cash back on your spending, which helps to stretch your dollars further. Click here for six apps to help you save money on your everyday shopping. Every bit counts.

I hope that this list is helpful to you and gives you some ideas for where you may be able to get a little more breathing room in your finances.  

Please leave a comment to let me know how this helps you and to share other resources that may help someone in need.

The post 7 Hidden Sources of Economic Relief During the COVID-19 Pandemic appeared first on Northeast Ohio Parent.

However, if you are curious about investing, then keep reading. I understand that the stock market is volatile right now, so investing may even seem a bit intimidating or impossible. But it doesn’t have to be if you start small to reduce your risk. Tools like WallStreetZen can help beginners navigate the complexities of the stock market, providing valuable insights and analysis to make informed investment decisions, even during uncertain times.

When investing, there is a mantra that says “buy low, sell high.” You buy low because you can get more shares for your money. You sell high because your shares are worth more. Therefore, in this current market, you will be able to get more shares for your money. 

However, before you consider investing, please make sure that your bills are current and your needs are met first. Also, if you think that you may experience a future job loss or reduction in income, then evaluate your situation first and determine if now is the right time to proceed. 

If you are ready to start investing, this post will show you 5 ways to get started without a lot of money. 

1. Get connected with Acorns. Acorns is an app that connects to your debit card and rounds up your purchase, then invests the change. This is an easy way to start investing if you don’t have a lot of extra money. You can invest just by doing your essential shopping. Acorns just launched a new product called Acorns Spend. Acorns Spend is a checking account with a retirement and investment account built in that allows you to invest as you spend on your everyday activities.  Learn more about Acorns here.
2. Leverage your savings. In a recent post, I mentioned some apps that offered cash back. One thing you can do is take the cash back you earn and use that to invest a little at a time. Just imagine if you saved $25 per month on your shopping through Rakuten or Ibotta and then you invested that. At an average return of 6% in 20 years, you would have $11,416. Not bad, considering you were going to spend that, anyway. There are many different places you can put the money, including an investment account with a company like Ellevest, college savings account, retirement account and more.
3. Your job’s 401k. I know times are challenging right now, with many people being laid off or having their hours cut. However, if you have a job that offers a 401k and they match (up to a certain point) your contributions, then start small. Consider starting with 1% and as you feel comfortable, begin to increase it. As you are comfortable, increase your contribution by 1 percentage point each year. The gradual increase makes it easier because you won’t notice it as much. This is a great way to reduce your taxable income, and ultimately your taxes, just for investing in your future. 
4. Your tax refund. Tax refund time is a great time to catch up on bills, increase savings and pay off debt. In addition to those things, you can take a small percentage of your check and invest. It can be a small amount that you do each year, but it will add up over time. If you receive a bonus at your job, you can use the same strategy with that, as well. However, please don’t do this if you are behind on bills, you don’t have an emergency savings, or are facing a financial crisis due to job loss or reduction in hours. Your primary needs must be met before considering investing using your tax refund check or your stimulus check (discussed next). 
5. Your stimulus check. The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law was passed to provide COVID-19 economic assistance to individuals, businesses and the healthcare industry. This check will provide $1,200 for individuals and, to parents, $500 per child. More details can be found here. This is a one-time payment that can be used similarly to the tax refund check. Your investment doesn’t have to be your entire stimulus check; it can be a small amount, but it will add up. Again, before you use this strategy, please make sure you are in a good financial position and all of your needs are met first.

Hopefully, these tips provide you some ease and confidence that even in these trying times, you can start or keep working toward your investing goals. 

The post Think You Can’t Invest? Here are 5 Ways to Get Started Today appeared first on Northeast Ohio Parent.

It’s much more than just being quarantined with our families at home. Lives and livelihoods are at stake, and devastating consequences are likely for a large percentage of the population. 

I am a personal finance writer with expertise in some areas of finance. But I  have a hard time looking at myself as an expert on how to handle finances during these times. I can’t sit here and pretend to understand your situation and pretend it’s the same as mine. 

My job has mostly been unaffected so far, but that could change tomorrow. Many people reading this right now are probably in a place of desperation that I’ve never experienced and can’t pretend to comprehend. 

With that said, I wanted to pass along a few tips to help you and your family financially during this time. I’m also going to share a few of the best resources I’ve come across over the past couple of weeks for people impacted by COVID-19 (which is everyone). 

Financial Tips for Surviving a Pandemic

1. Do a complete financial checkup

It’s essential to know your current financial situation. How much money do you have in the bank? In retirement/investment accounts? How much debt do you have? How much are your monthly expenses?

This is not the time for regrets and wishing you had handled your finances better so you were prepared for this. No financial expert could have predicted what is happening right now. 

You won’t hear any “I told you so’s” from me and I hope other people keep thoughts like this to themselves right now, as well. 

This is all about knowing where you stand financially right now, so you can have a plan going forward over the coming months.

You can do this with a notebook and pen, using an expense tracking or budgeting app, budgeting software, or whatever way works best. Just do it. 

2. Cut spending

You probably are already doing this, so I apologize if this seems too basic. Nobody knows how long this pandemic will last and the far-reaching financial effects it will have on us. It’s best to cut expenses wherever you can now, so you’re better off long-term. You can do this by: 

• Spending money on essentials only
• Cut out everything else
• Pay minimum payments on all bills
• Cancel subscriptions

3. Ask for help

Now is not the time to wait and see if you and your family will be OK. It’s also not the time to be prideful. Millions of people have lost their jobs so far. Businesses have shut their doors, and many may never open them up again. This is reality for so many people. 

Ask for help. One positive to come out of this tragedy is seeing people come together to help others in need. If you need assistance, ask for it and accept it if it occurs. It’s nothing to be ashamed about. If this continues and I’m faced with a situation where my family is in dire need, I hope I do the right thing and seek out help from others. 

You also can look for help from banks, lenders and creditors. Many companies and organizations either have relief programs in place already or are creating them now to assist people who are struggling financially. Make it a priority to get in touch with anyone to whom you owe money so you can work out a long-term plan, pause payments, or make lower payments until you’re on your feet again. 

Resources to Help us All Get Through This

Instead of reinventing resources that already exist, I wanted to share a few resources I’ve found helpful over the past few weeks. There’s so much news to digest, and some people took time to analyze all of it and put together guides to help people like you and me understand what’s going on and where we can find financial relief.

We all need help beyond our finances, too, so I’ve included other resources you may not be aware of yet. Hopefully, you find them helpful. If so, I ask that you pass them on to other people who may need them, too. 

COVID-19 Financial Resources: Relief To Those Impacted

This guide from Jacob Wade at “I Heart Budgets” is the best source of reliable information I’ve seen anywhere so far. I know him personally and know he’s spent hours poring over recent legislation and other resources to break everything down into easy-to-understand terms. This guide touches on almost every aspect of finances, including:

• Stimulus checks
• Unemployment
• Loans
• Bank & credit card assistance
• Student loans
• Mortgages
• Taxes
• Business resources
• Medical testing
• Financial hardship
• Money management
• Making money

Broke Millennial’s COVID-19/Recession Relief Hub

Similar to the resource above, Erin Lowry from “Broke Millennial” has put together a Google Sheet with tons of financial resources, including job leads, money advice, charitable giving, food, shelter and more. She also shares resources on other topics like mental health, fitness and other ways people can take care of themselves during this time. Erin is updating this resource daily as new information is available. 

The Paycheck Protection Program (PPP) – What We Know & Where To Apply

Here’s a detailed look at the recently released Paycheck Protection Program (PPP) for small businesses. If you have a small business or know someone who does, check it out. 

Consumer Financial Protection Bureau

Here’s another great financial resource for individuals and families to check out. Along with financial tips for consumers, there’s information on credit counseling, money advice for seniors and much more. 

Ohio Department Of Health

Here’s all the information you need regarding COVID-19 coming from the Ohio Department of Health. There’s so much information floating around. I’m finding it too easy to get consumed watching the news for every update or checking my phone for the latest news. This website has all the latest news updates for Ohio. 

National Alliance On Mental Illness (NAMI) COVID-19 Resource And Information Guide

This guide from NAMI is full of tips and resources to help everyone take care of their mental health. 

Stress & Coping — Center For Disease Control (CDC) 

Along with continuing updates on the Coronavirus itself, the CDC released a resource on dealing with stress during this time.

My hope is that the resources above are helpful to you and your family. Please pass them along to other people as you see fit. I hope any questions you have right now are either answered through the links included, or that they lead you to people or organizations with the answers. Take care of yourself and your family. 

The post Financial Tips & Resources for Dealing With COVID-19 appeared first on Northeast Ohio Parent.

Therefore, my goal in sharing these savings apps is to help your money stretch further. Yes, saving money is essential, but it also is important to explore how to stretch the money we do spend just a little bit more. These six apps will help you do that.

GetUpside (save on gas)

Get Upside is an app that allows you to save money on your gas purchases. It’s really simple to use, and since I’ve been using it for a couple of months now, I’ve saved nearly $13. Here’s how it works.

1. Download the GetUpside app.  Once you download the app, you see all of the gas stations nearby that are offering cash back.
2. Claim an offer at a gas station near you.
3. Fill your tank & pay with any debit or credit card at the pump. This is important because you will not earn cash back on cash transactions.
4. Snap a picture of your receipt and upload it within the GetUpside app so you can earn your cash back.

That’s it! You’ll pay the gas prices on the station sign, but GetUpside will give you cash back, and you can cash out anytime via PayPal, a store gift card or check.

Use the code X2VBD to get a $0.15/gallon bonus on your first gas purchase.

Honey (save on online shopping)

Honey is a plugin for Chrome, Firefox and Opera browsers that helps you save on your online shopping. At checkout, Honey automatically searches all available coupon codes and applies the best available one to your purchase. This helps you rest easy knowing that you are getting the best possible deals.

Get started with Honey here and you will be on your way to automatic savings!

Rakuten (save on shopping)

Rakuten, formerly Ebates, is a free site that pays you back for shopping. When you open a Rakuten account, you shop through your Rakuten app/website and then you will receive a check in the mail with the cash back that you earned.  In some cases, you can even earn cash back in store as well.

This is a great way to build a savings cushion doing the spending that you would have done anyway. The key is not to spend more than you would have in order to earn more cash back. If this seems like it is small, you must remember that every little bit counts. Even if you earn $100 per year with cash back, that is $100 more than you would have otherwise contributed and it is also not more directly coming out of your pocket (assuming you aren’t spending to save).

If you would like to earn a $10 bonus just for signing up, then use my invite link and spend $25. Don’t worry, it’s free!

Ibotta (save on groceries)

Ibotta is a free cash back rewards and payments app. Think of this like coupons without the Sunday paper! The Ibotta app gives you rebates on everyday purchases such as groceries, retail items, beer/wine, and more. You can earn cash back both online or in store. Once you earn $20 in rebates, you can cash out to your PayPal or Venmo account, or redeem it for a gift card to one of several stores like Amazon, Target or Walmart.

Pull up the app before you go shopping and select the offers that you want to use. You also can scan products to have Ibotta check to see if there is an available offer. This unlocks the savings for you.

Once you have purchased those items, then snap a picture of the receipt and upload into Ibotta to earn your cash back. Some stores have the Ibotta platform integrated into their store loyalty program, so once you unlock your Ibotta offer, if you use your store loyalty card, Ibotta is automatically applied.

In addition to in-store shopping, you also can earn cash back on your entire purchase by paying using the Ibotta app and shopping online using the Ibotta browser plug in.

Use the code “tlcinca” to get started with Ibotta today!

Swagbucks (save on online shopping)

Swagbucks is a site that helps you save when shopping online and it pays you in the form of points (Swagbucks) that can be converted into cash back by completing surveys and searching the web using its browser powered by Yahoo!.

This is stuff most people are doing online anyway, so why not earn cash back doing it?

Once you earn points in the form of Swagbucks, you can redeem your points for free gift cards to places like Amazon or Walmart, to name a few, or get cash back from PayPal.

Restaurant.com (save on dining out)

Restuarant.com is a site that sells gift certificates to local restaurants at a deep discount. Prior to going out to eat, search the restaurants in the area, pick which one you want to visit, and then purchase the gift card. Restaurant.com has great everyday discounts, but sometimes they have sales on their already discounted gift certificates.  You can either search “Restaurant.com online coupon codes” or shop on your computer to leverage the Honey browser plugin to automatically get discounts. For example, I’ve seen $10 gift certificates for as low as $2. I’ve found that this is a great way to try local restaurants for way less risk, because if you don’t like it at least you didn’t spend a fortune. Plus, who knows, you may even find a gem or few that you love. I know I have over the years!

The post 6 Apps to Help you Save Money on Your Everyday Shopping appeared first on Northeast Ohio Parent.

While we teach our kids their ABCs, how to be polite, how to make friends, how to root for the home team (that’s a good lesson, right?!), and how to ride a bike, there’s one area that many of us forget to talk about: money.

As a blogger and freelance writer focused on personal finance, you would think our kids would be well on their way to financial success. That’s hardly the case, though. It’s actually through us dropping the ball in this focus area that I’ve learned the importance of teaching kids about money. We’ve done our kids a disservice in this area. We’re working hard now, while they’re in their teen years, to make sure they are well prepared when they enter the “real world.”

You may have seen North Carolina in the news recently, where personal finance classes were added as a graduation requirement state-wide. This is great news and should be implemented across the country, honestly. Like many life lessons, learning healthy personal finance practices should start at home first. 

Teaching kids about money will look very different depending on age, your own views on money, and their learning style. With that said, here are some quick ways to teach your kids about money. 

The three jar method

It seems simple, but using three clear jars to teach kids about money is super effective. Label the jars “Save,” “Spend,” and “Share,” and as your kids earn money, they divide it up into all three jars. 

This allows them to spend money on something they want, save for bigger, more expensive financial goals, and give money to someone in need. Don’t limit giving to just charities or church. Allow them to help out a friend or sibling if they want. 

Open a bank account for your kids

As your kids get older and outgrow jars or piggy banks, open a savings account for each of them. These will be custodial accounts, which have their name on them but are under your care. Most banks offer these types of accounts, which take money management to another level. Find an account with no minimum balance requirements and no monthly maintenance fees. Having access to view the account online is great, as well.

If you have high school students, you may also want to open a checking account. This allows them to learn how to balance a checkbook. It also can give them access to a debit card, which can come in handy, especially if they are driving and need to stop for fuel. 

Help them set money goals 

Everyone should have money goals. Our goals are going to look different than the goals our kids set, and that’s OK. 

Even if it’s just saving up for the latest video game, it’s still a goal and requires planning and saving. Help them track their money, so they watch as they get closer to hitting their goals. 

Play games

Playing a board game like Monopoly introduces kids to basic principles of personal finance. From saving and investing to passive income (owning hotels), kids learn valuable lessons as they make their way around the board. 

If you want to spice up your next Monopoly game, play with real money as Adam Carroll did, which he shares in his TEDx talk.

To give an allowance or not? 

One of the most debated topics when talking about kids and money is whether or not to give kids an allowance. An allowance is a set amount of money that kids receive for a set period of time, typically weekly or monthly. 

Some people tie tasks to allowance, like completing household chores or getting good grades. This is more of a commission-based model. 

Whatever you decide to do will communicate a lot to your kids. If you give an allowance with no expectation of any kind, they may think they deserve money no matter what they do. If you pay them for chores, they may expect to get paid anytime you ask them to do anything around the house. If you want to build an expectation in your household that everyone pitches in, this may not be the best way to teach that. 

One way around this would be to give everyone specific chores they are required to do as part of the family. Then, offer other opportunities for kids to earn money with special projects and chores outside of the norm. You can also encourage your kids to pursue entrepreneurial opportunities to make money instead of just giving them money. 

Make them use their own money to pay for something

There’s something about using actual cash to pay for something when you’re at the store instead of a credit or debit card. It makes the purchase more “real.” If your child is saving up for something they want, instead of ordering it on Amazon, take them to the store and make them pay for it with their own money they’ve saved. 

Include kids in financial decisions

Involving kids in day-to-day money decisions allows them to be a part of the process in your household. Plus, they get to see how intertwined finances are in our lives.

I’m not talking about big decisions, like how much money to put in your IRA or which credit card to get. Every trip to the grocery store involves tons of small financial decisions. Start there first and work your way up to more important decisions. 

Teach kids about interest

Paying and earning interest can be a difficult concept for kids to understand. That doesn’t mean we should avoid it. 

One way to talk to your kids about interest is by sitting down with them and showing them your credit card bill. If you have any loans, those will work too. Show them exactly how much is borrowed, how much you pay monthly, how much interest is charged, and any other details that help explain how interest works. 

You can also offer them loans anytime they want to buy something and don’t have the money. If they want to buy something that’s $30, lend them the money and have them make installment payments, with a small interest fee attached. 

We also want to teach our kids the good side of interest, too, which is the power of compound interest. 

Using the jar method above, you can add interest earning to your child’s savings jar slowly over time to show how earning interest works.

Another great way to teach the concept is by using this free Compound Interest Calculator from the U.S. Securities And Exchange Commission. Create real-life scenarios, fill in the blanks, and click “calculate.” 

Teach kids by example

Perhaps the best way to show our kids how to manage money well is for us to be the example. If we have a healthy view of money, there’s a good chance our kids will see that first hand. 

Make it a point to have conversations as you are paying bills, balancing your checkbook, investing, or completing other weekly or monthly financial tasks. Let them help fill in the monthly budget. Show them how to make change. Any task involving money can be turned into a learning lesson. 

Great resources for teaching your kids about money

There are so many great resources to teach kids about money. Here are some of my favorites: 

The Learning Center and Money Museum

Located in the Federal Reserve Bank of Cleveland, this free museum is full of interesting exhibits that teach several basic money concepts. It’s also a great history lesson on how money was invented. 

Visit the Learning Center and Money Museum website for more details and operation hours. 

FamZoo

FamZoo is a family finance app for parents, teens and kids to use. It uses prepaid cards and allows you to teach kids to have an experiential financial experience. 

Track chores, manage allowance, track spending, and much more. Kids have access to accounts, but parents can set specific rules within the program and have complete visibility and control. 

Dollars & Sense

H&R Block created Dollars and Sense to give parents free financial literacy resources for kids. There’s a series of lesson plans and activities on topics like budgeting, savings, loans, 401(k), and more. 

Practical Money Skills

If your kids like playing video games, why not use them as a way to teach financial concepts? Practical Money Skills offers several online games for kids to enjoy while learning personal finance skills. 

Check out Financial Football 3.0, which is a game partnership between Visa and the NFL. 

The Mint

The Mint is another great website full of financial literacy resources for kids, teens, parents and teachers. The site is full of games, tips and tools to learn vital money skills you’ll need from childhood to adulthood. 

Savings Spree

Savings Spree is an award-winning financial literacy mobile app (available on iOS) from Money Savvy Generation. There is a cost associated with this app. Within one day of using it, though, you’ll start to see the value of a tool like this.  

Smart Money Smart Kids

For a book on teaching kids about money, check out “Smart Money Smart Kids: Raising the Next Generation to Win with Money.” Written by Dave Ramsey and his daughter, Rachel Cruze, this book teaches common sense ways to approach financial topics with kids and teens. Some of the topics include debt, hard work, spending, saving, giving, paying for college, and living responsibly. It’s the perfect book to add to your reading list. 

College Scorecard

If you have teens who are starting to look at colleges, the College Scorecard is a great tool to use in their search. It allows you to compare college costs, and get a snapshot of employment prospects and student loan debt information for students who attend those schools. 

Next Steps

We can either choose to let our kids learn about managing money from the world around us or take the initiative to start the conversation at home. No matter the age of your kids, it’s not too late to start investing in their financial literacy. It could end up being the best financial investment you and I ever make. 

What methods have you used to teach your kids about money? What resources have you found helpful? 

The post How to Teach Your Kids About Money appeared first on Northeast Ohio Parent.

There are daily opportunities for parents to initiate societal change and teach their children responsible money management skills. Even if personal finance is taught at a child’s school, the money habits of parents and the discussions that families have about finances can be more impactful because they are real world and last more than a semester. In order to start 2020 on the right financial foot, it is important to first understand where you and your kids stand financially — both literally and conceptually — then you can create steps to improve. 

1. Do a Financial Wellness Checkup
Start by taking a look at your finances, and your kids finances, and setting goals. If you have debt, where can you cut unnecessary spending to pay it down? Have your kids help with ideas and have an open conversation with them about why paying down debt is important. Also, determine where your family can set aside money for savings. If your kids do not have savings accounts, set them up and establish a strategy for saving a percentage of earnings from chores, holiday cash gifts and odd jobs like babysitting or lawn mowing. It’s a good time to review all of your bank accounts to make sure you are set for success. Some banks offer ATM fee refunds and allow you to earn dividends on your checking account. Check out resources like Green Bay Dividend Checking and others in your area.

2. Put the Kids to Work
When your kids are too young to have a real job outside the home, hire them to do work around the house. You can cut household expenses by eliminating lawn services, house cleaning services, etc. and putting the kids in charge instead. Discuss work expectations with them and set what must be accomplished each week. At the end of the week, if the work is completed to the standards you agreed upon, give your kids their first “paycheck.” Help them strategize on how to responsibly divide earnings up for spending, saving, donating and investing. 

3. Discuss Tough Financial Decisions Openly
While it might feel awkward at first, discuss tough financial decisions with your kids openly. This gives them an opportunity to learn that money does not always come easily and that unexpected expenditures are going to pop up in life. Have them contribute ideas on how to adjust the family budget and work together toward overcoming the setback so you can keep finances on track. 

4. Save Together for Something Fun
Finances do not have to be all about problems. They can and should be engaging for kids to learn about because this will affect how they view finances later in life. Create a fun learning environment by setting a family savings goal. Choose something together that will benefit the entire family like a special dinner out, a trip or something new for your home that everyone will enjoy. Everyone can contribute to saving for the item and it can be a celebration when the goal is achieved, and everyone’s hard work pays off.

Improving financial health is like setting a fitness goal for the new year. Achieving the goal will take dedication and it will not always be easy. But if you have a plan and stick to it, the rewards will be worth it. 

— By Gregg Murset, co-founder & CEO of BusyKid and inventor of My Job Chart. A father of six, Gregg is a certified financial planner and consultant who also became a leading advocate for sound parenting, child accountability and financial literacy. Murset is considered a pillar of his Arizona community and is regularly attending his kids sporting events or taking them on weekend camping trips. 

The post Start the New Year with a Financial Fitness Plan appeared first on Northeast Ohio Parent.

But when it comes to Christmas shopping, I start early. I may not celebrate Christmas until the Thanksgiving festivities are complete, but when it comes to gift shopping, I start in late October/early November.

I do this for a few reasons:

1. I LOVE Christmas shopping — I’m a gift-giver all the way. The earlier I can start and longer I have to shop for the most perfect gifts, the better!
2. I hate traffic. There is nothing else I’d rather not be doing than sitting in traffic, especially during the holidays. I avoid it like the plague, so I start shopping as early as I can to avoid the insanity.
3. I have two kids — it’s tough to get things done when I want to get them done when I’ve got kids in tow, so starting my shopping early ensures less stress and less rushing when Christmas time rolls around.

The best part about starting my Christmas shopping in advance is the ability it has given me to not over-spend on gifts; the last several years, I’ve tried my darnedest to stay within a budget and, as a result, eliminate the stress and craziness that can easily creep in during the Christmas season. Through that learning process, I’ve developed a few tips to help keep anyone on top of their Christmas gift shopping this season.

Start With a Budget

My husband and I have a “Gift Savings” account that we contribute to every month. We use it for birthdays, baby showers, Christmas, etc. I let it accrue as much as I can, and once November rolls around, I have a pretty good idea of how much I’ll be able to spend on Christmas gifts. Then I divide the total by how many people I have to buy for and voila — there’s my budget.

First of all, I am never satisfied with my budget. I always wish I could spend more to get everyone exactly what I think they’d want, but that’s the point of a budget. It should stretch you a bit and get you to think outside the box, and that’s totally okay. Besides, it’s way better than the alternative: the guilt that comes with going over-budget.

Secondly, I’m sure many of you can pinpoint the members of your family that like gifts more than others. My husband literally couldn’t care less if I gave him a gift, so I don’t even budget for him (making him his favorite Dutch Apple Pie will more than suffice). On the other hand, I’ve got a couple family members that place a high value on receiving gifts — it’s how they feel loved and appreciated, so I adjust my budget accordingly. I typically add more to my budget for the family members that really really love gifts, and take a little away from those that don’t really mind smaller, less extravagant gifts.

Having and utilizing a budget at the get-go is a fantastic way to gain control over how you spend throughout the Christmas season.

Make Your Gift List Now

Start figuring out what you want to get everyone as soon as you can, that way you have time to search for the best deal and/or utilize the best sales when they come around. Not only that, but you’ll avoid the stress that comes with scrambling to find a gift the day before Christmas for that one person on your list that’s notoriously hard to buy for.

Another great advantage to making your list way ahead of time is, if you end up finishing your shopping early, you avoid paying extra for expedited shipping or being forced to buy something that’s over-budget.

Trust me; make your list now — it’s a win-win.

Get Creative With How and Where You Buy

As I already mentioned, keep an eye out for the best sales and deals so you can jump on the gift you want for the price you want to buy it at. Black Friday and Cyber Monday can sometimes offer great deals — just be careful not to buy into the gimmick that everything is a good price just because it’s Black Friday, or because that’s what all the stores are telling you. Just stick to the budget and you’ll be fine.

We’ve also got some great liquidation and discount stores in the area, such as Cleveland Liquidation in Middleburg Heights or Price Drop in Elyria, just to name a couple. These kinds of places offer great products at great prices — you never know what you may find there!

Finally, I know most people have gift cards sitting in their wallet that either haven’t been used or simply won’t be used — take advantage of that! Find gifts at the stores you have gift cards to but don’t typically shop at, or even re-gift restaurant gift cards. You’ve essentially got free money sitting there collecting dust, so put those gift cards to good use during the gift-giving season.

By starting out with a plan, both budget and gift-wise, well in advance, you’ll gain the ability to enjoy everything the holiday season has to offer without worrying about your bank account or that one person you forgot to buy for.

What are some ways you stay within your budget during the Christmas season?

The post How to Financially Prepare for Gift-Giving Season appeared first on Northeast Ohio Parent.

So, if stores are jumping on the Christmas bandwagon this early, maybe you should, too. I’m talking about creating a budget for Christmas, though. Even though it’s summertime, with some advance planning, you can make Christmas much easier financially for your family this year. Here are some tips to get you started.

Make a list (and check it twice)

It’s time to write down the names of everyone you are buying presents for this upcoming Christmas. Or be nerdy like me and make a spreadsheet. Figure out how much you want to spend on each person. Maybe even add in other holiday expenses, like food for Christmas parties and giving to charity. Our family usually buys presents for a family in need, so we add that into our planning now. 

Create your Christmas budget and timeline

Now that you know who you are buying for and how much you’re spending on each, you can create a Christmas budget. Simply add up the present amounts and other expenses. That’s your budget. Now figure out when you need the money, and no, the answer isn’t December 25th. If you are buying presents in November and earlier in December, you’ll want to be finished saving money before then. Figure out how much money you need to set aside every month or week to get you to your savings goal.

Brainstorm gift ideas

Now comes the fun part. At least it is for me. Take time to brainstorm gift ideas for the people on your list. What would they love? Maybe they’ve mentioned something in passing that you remembered. What are they into? Maybe it’s something handmade. Maybe it’s just cold hard cash. I always like that! It’s good to be flexible if you come across a deal or they mention something else later, but it’s also good to have a plan.

Set aside money for Christmas

It’s time to start funding your Christmas shopping list. There are tons of ways to do this. You can just withdraw money every week or month and set it aside in an envelope. You can open a separate bank account for holiday money. Maybe open a high-yield savings account through an online bank. The money still accessible enough when you need it, but you’ll earn way more interest than you would in a traditional savings account. You could set up automatic transfers every paycheck, too. It’s less work for you and it takes away the temptation of spending that money on something else. Whatever method you choose, it pays to set aside money instead of waiting until December to find the money for presents. 

Maximize your Christmas purchases

Christmas is months away, but now is the time to start looking for deals. Sure, there’s always Black Friday deals. But if you know what toys your kids want and come across a great deal now, why not just buy it and set it aside? If you shop online, search for coupon codes before you check out. There are tons of sites dedicated to discount codes you can use. Some of them are expired or don’t work, but I’ve been lucky several times and saved tons of money doing this.

Another thing you can do is pay cash for everything and save any change from your purchases. I don’t do this, but I know people who do. Just round up the purchase as you track your spending and by Christmas, you may have enough money to splurge on something nice for yourself. 

Another way to maximize your Christmas spending is to use a rewards credit card for all your purchases. You can earn points and money for travel and other perks. Don’t do this if you aren’t good at controlling your spending or if you can’t pay off the card at the end of the month. It’s not worth it if you have to pay interest. We’ve paid for several vacations for our family of six using this method. The keys are to pay off your card every month, only use your card on normal purchases, and only buy things you already have money set aside for, like Christmas presents in this case. 

Find ways to generate extra income for Christmas purchases

Don’t have flexibility in your income to set aside very much money for Christmas presents? You may need to find a way to make extra cash for the holidays. This could mean picking up a part-time job for the season. Maybe you can create a side hustle. What about selling some stuff you have laying around the house collecting dust? We have a whole attic full of my wife’s old Disney snowglobes I’d love to sell! It might take some creativity, but there are usually ways to find extra cash. You just have to be resourceful. 

It’s OK to not spend, too

It’s great to be able to spoil the ones you love with Christmas gifts, but that’s only one part of the holiday season. Maybe times are tight and you can’t justify buying big gifts for everyone. I’m letting you know it’s OK to not do that. Set aside what you can and your family and friends will understand. Christmas shouldn’t be so stressful. Another option is to opt for a family experience instead of presents. Maybe plan a fun family outing somewhere cool and opt for no gifts for this year. 

I’ve found over the years, with Christmas shopping and with most things in life, that planning ahead helps us hit our goals better and leads to much less worrying and stress. Do your family (and yourself) a favor and start planning for the holidays now. 

The post Christmas (Planning) in July appeared first on Northeast Ohio Parent.

In fact, cable television has seen a rapid decline over the last eight years. Between the end of 2010 and mid-2018, cable television subscribers dropped from 105 million to 93.4 million. So what are you still doing with that cable box? If you’re not sure whether or not it’s time to cut ties between yourself and your cable company, this is the post for you. There are many misconceptions that you can’t access everything you want to watch on streaming platforms, but for the most part, it’s simply not true. In this article we’re discussing advantages and disadvantages of breaking up with your cable company.

Advantages

Streaming options

If you’re a diehard sports fan, you might be shocked at the idea of slashing your cable connection. But the truth is, there are many ways you can catch up on your games without having to deal with your tyrannous cable company. You can stream NFL games, watch the World Cup, and even tune into recaps when the game’s up using streaming services, gaming consoles, and mobile applications.

And if you’re not a sports enthusiast, not to worry, there’s a space for you in streaming as well. From reality TV shows to award-winning series, there are plenty of options to get your screen time in.

Flexibility

Many cable companies enforce contracts with subscribers that lock them into year-long commitments that make it hard (and expensive) for customers to cancel their service. One of the major advantages of opting for a streaming service is that most offer free cancellation on a monthly basis, which is super convenient for times that you might not need service or just want to reduce your bills.

Disadvantages

Fewer options for cable packages

Many cable providers create packages with internet, TV and phone services, which can be convenient if you need all three, but kind of a nuisance when you’re trying to cut down on expenses. Streaming services are a great option if you want to minimize your cable bill, but oftentimes you have to find a new internet provider when you end service with your cable provider. Depending on the internet service in your area, you could actually end up paying more to eliminate your cable bill.

Keep in mind, that you can negotiate your bill with your cable company. Oftentimes, cable providers can match a rate if you find a lower option — so it’s worth a try if you want to stick with your current setup.

Streaming services can add up 

One of the big problems with streaming services is that they don’t all have the same TV and movie options. You have to go to Hulu for “Handmaid’s Tale,” Netflix for “Stranger Things,” and Amazon Prime for “Downton Abbey.” Not only does this complicate how you navigate your remote, but the subscription costs can certainly add up.

The good news is some streaming companies are partnering with other services to create package style systems to help users save on the services they enjoy. Hulu, for example, has partnered with Spotify to offer a bundle for TV and music streaming. This is a great way to save on two services you might have paid for separately before.

Delayed show releases

If you’re the kind of person that has to watch your favorite show week after week the very moment it comes on, you might have a harder time separating from the cable company than other TV watchers. While Netflix thrives on binge-worthy television series, their options for live shows are few and far between. However, depending on which shows you’re currently watching, you may be able to find other options to watch. In 2018, Hulu rolled out a live TV option that allows subscribers to tune into channels such as ABC, CBS, TLC, Disney, Discovery, and Food Network. You can even watch The Bachelorette live using Hulu with Live TV.

Takeaways

Ultimately, the decision to cut out cable comes down to your individual preferences, but it may be worth comparing your options if you’re interested in freeing yourself from traditional cable.

The post Is it Worth Cutting the Cable in 2019? appeared first on Northeast Ohio Parent.

I tried to justify continuing to use the broken tea kettle because the crack was thin and only an inch long.  However, I knew it would be a matter of time before it got worse. I threw the glass tea kettle away, but I kept the stainless steel infuser just in case I could find a mug narrow enough to still use the infuser to make fresh herbal tea. 

The good news is, I found a coffee mug I already owned that was small enough to set the infuser inside. This allowed me to infuse my herbs to make herbal tea, without the herbs escaping the infuser and floating in the cup. That’s a huge win because I still get my fresh tea without spending the money to replace the kettle. The only difference is I brewed 2-3 cups of tea at a time in the kettle, but now I just brew one cup at a time. But, even that isn’t that big of a deal.  I usually only wanted 1 cup of tea at a time anyway. Plus, it takes up less space.

I share this story with you because sometimes we are tempted to run out and replace broken things. For example, whenever my kids accidentally break one of their toys, their first question is “Mommy get a new one?” Oftentimes, I find that to be my standard response as well. However, I challenge you to rethink that response. 

Instead of immediately replacing broken items, wait 3-7 days to see if you really miss it. If you find that it feels essential, then replace it. This may seem challenging at first because we are conditioned to need and accumulate more. Therefore, I highly recommend reading, “The Minimalist Home” by Joshua Becker.  This book has helped me to transform how I think about the items I “need” and recognize I can do more with less.  This book will transform how you view your stuff. 

Also, see if you can take the functional pieces of the broken item and still use it. That’ll help you to save money by not replacing the item. For example, just as I decided to only use the stainless steel infuser insert, maybe the broken item is functional and safe enough where you can keep it (or fix it) or just pick the most essential part and use that. Of course, this won’t work all the time for all items, but who knows what you will discover. The biggest thing is to reprogram your mindset to think, “How can I save first instead of replacing first?”

Please leave a comment to let me know how you think this will help you to save money.

The post Just Because it is Broken Doesn’t Mean you Have to Fix it appeared first on Northeast Ohio Parent.

If you’re a parent, step-parent, grandparent, aunt, uncle or mentor with a child embarking on adulthood, here are some suggestions for helping your protégés launch on the right financial foot.

Emphasize the importance of a budget. Brainstorm together the various expenses associated with working and establishing a household, such as rent, utilities, phone, transportation, insurance, outstanding debt, food, clothes, personal care items, haircuts, entertainment, etc. Help them balance those cash outlays with their expected income. Remember to account for savings and, ideally, investing, too.

“Share the wisdom of a ‘pay yourself first’ policy,” says Ann Marie Dingmann, senior marketing manager, PNC Market Activation Team. “Encourage them to build an emergency fund and to take advantage of a retirement savings plan, especially if they’re fortunate enough to work for a company like PNC that offers a match.”

Offer tips for building strong credit. Remember how tempting it was when you got your first credit card to charge everything in sight? Help them curb the temptation to spend more than they can repay each month by explaining the importance of building an excellent credit history. Consider sharing some personal examples from when your own credit history helped or hindered your efforts to borrow for a car, house or other big purchase. Encourage them to visit annualcreditreport.com every 12 months to check their credit report for free.

Remind them to safeguard themselves against fraud and identity theft. “The repercussions of having your identity stolen could haunt you forever,” says Dingmann. “The best weapon is prevention. Protecting passwords and credit card numbers, securing computers and phones, and being aware of the latest cybercrime schemes are commonsense measures everyone can take.”

Managing College Debt

Understand whom you owe. “Often, schools make applying for financial aid so easy that students and parents don’t even realize they’ve borrowed money; they may think all of the funding they’ve received is scholarships and grants,” says PNC National Sales Manager Maurice Benson. “It’s important to identify each outstanding loan, the source(s) of the funds and the repayment terms.”

Tally the total and monthly or quarterly obligation. Chances are your student will have multiple loans from various sources to repay. Add federal and private loans together to see the total amount of debt, along with the frequency and dollar amount of payments.

Create a repayment strategy. Benson generally recommends paying higher-interest loans or your private loans off first. “Federal loans tend to offer more repayment options. You can explore these and also consider consolidating and refinancing the loans, resulting in a single monthly payment plus the potential to extend the standard 10-year loan term,” he adds. “Remember, too, that student loans carry no penalty for prepayment, so paying more toward the principal each month can help pay the debt off sooner.”

Build a relationship with a college financial aid counselor, says Benson. “These experts are a free source of helpful information and advice, and may be able to save you years of repayment,” he notes. “They welcome the opportunity to work with students and parents; consult them early and often.

The post How to Help Your College Graduate Succeed Financially appeared first on Northeast Ohio Parent.

However, recently I made a slight change to this, and I’ve been paying for more activities. One of the beautiful things about being a mom is the ability to shape and shepherd the hearts of my children. When I pray, I ask God to give me insight into my children’s hearts and also their interests. Therefore, as I learned my children’s interests, I began investing in more classes and activities to further their growth, interests and talents.

Most of our activities are still either free or through a membership that I already purchased, but 1 to 2 times per week, my children are involved in paid activities that will help them further develop an interest or a natural talent. Initially, I was reluctant to spend the money because everything that I do costs double, since my children are twins. I wanted to delay paid activities as long as possible to save money. However, I ultimately decided to make the change because I felt it was in the best interest of my children.

Since I am diligent about how I manage my money, I do have rules about how I approach paid activities.  

1. Don’t overload their schedule. I’m very big on free play and not having an overloaded schedule, so I mostly stick to one paid class per week. There have been a couple of weeks where I increased it to two paid classes per week because another activity was only available for a limited time and it would have been a while before it was offered again.  
2. Stagger their activities. As much as possible, I focus on one class at a time so when they are doing an activity that further grows their talents, they are only focused on developing that skill. Then when that class is over, I enroll them in a different one and allow them to just focus on that. Not only does this method help with focus, but it also helps with cost.
3. Watch the cost. Ideally, I try to keep the cost at around $10 per class, but depending on the activity I will go up to a maximum of $15 to $16 per class. Also, I may ask if there is a payment plan available or if I can pay per class to manage my cash outflow — and it helps to avoid being locked into a plan if it turns out my kids don’t like the activity once they start to learn more.
4. Research before I buy. Before I pay for an activity, I first check to see if I can get something similar from a reputable organization for less, through Groupon, or through a membership that I purchased. I’ve found that some organizations have extra bonuses or discounts for members that will reduce or eliminate the cost of related activities.

Rules and guidelines are good because without them we can overspend or overextend our time, but it is critical to understand when flexibility is needed. The key is to determine what works best for you and your children. I learned it’s okay to break one of my financial rules as long as it makes sense, it’s for the good of my children, it doesn’t derail me financially, or impact my ability to achieve my financial goals. I hope this helps you feel a little less guilty if you decide to add a paid activity into your child’s schedule. Leave a comment to let me know how this helps you.

The post Why I’m Breaking One of my Financial Rules appeared first on Northeast Ohio Parent.

Understanding the best ways to save money for your children’s education — and how much to save — is key to easing the stress of the process. Starting a 529 plan can help you do so in a way that reduces the burden for you and your child.

What is a 529 plan?

A 529 plan is a savings account that you put money into tax-free. It won’t be taxed upon withdrawal if you spend it on college tuition or related expenses, such as room, board or books. A 529 plan also can help save for tuition for private K-12 schools.

529 plans can be set up by anyone for any beneficiary, like a child, grandchild or even for yourself. There is no limit on how many 529 plans you can set up, though there may be a limit on how much you can contribute tax-free.

If you are saving for college, a 529 plan is key to growing your investment. If you were to just open a regular savings account, any financial growth would be taxed. A 529 plan will protect you from these taxes, and could grow at approximately 8 percent annually if managed wisely.

How do I start a 529 plan?

Because there are limits to how much you can put into a 529 account, and there are tax deductions involved, it’s best to start by talking to an accountant or financial advisor.

Most states will provide a state income tax deduction. For Ohio residents, contributions to in-state Ohio plans are tax-deductible, but contributions to out-of-state plans are not. Ohio operates two savings plans: CollegeAdvantage (available for anyone to set up and manage) and BlackRock CollegeAdvantage (offered through financial advisors).

When choosing your investments, most people chose an aged-based plan. When your child is younger, you make riskier investments with a potential larger pay-out. As they become closer to college age, the plan will invest in more conservative options, protecting the funds.

When should you start a 529 plan, and how much do you need to save?

If you want to save as much as possible, you’ll want to start saving when your child is born.

But don’t worry — it’s never too late to start saving. Look at a college savings calculator, like Fidelity’s, which takes into account your specific situation: income, child age, etc.  

Set a goal for yourself based on how much you want to save. Start factoring that in on a month-by-month basis to your budget.

Finally, put in all of the money your child receives as gifts for holidays and birthdays.

Here’s a breakdown based on your child’s age what you ideally should be saving:

• Newborn to 10 years old: When opening your 529, it’s ideal to deposit as much as possible up front so you have the full 18 years of growth. But even $25 will help open an account and you can save a little each month.
• 10 to 15 years old: This is a key time to help grow your savings. Five to seven years of growth at an average of 8 percent return can help mitigate the cost of college substantially.
• 15 to 20 years old: It’s really never too late to start saving. Even if your child is now a junior or senior in high school, you can save money, and have two to five years of growth in your savings. You’d ideally leave it in the 529 for at least a few years, and pay for the final years of college tax-free.

What about private elementary and high schools?

529 plans also give tax-free advantages to families that want to send their child to a private school.  

The 2018 tax law for 529 plans allows up to $10,000 a year to be used for K-12 tuition. The earnings on any withdrawals are also currently tax-free on the federal level. It’s important to note most states have their own laws, so it’s best to consult with a financial advisor.

By Sabrina Manville, co-founder of Edmit, which helps families make smarter financial decisions about college. She manages Edmit’s advising network and educational content. She was previously an AVP at Southern New Hampshire University, where she led growth and marketing for the College for America program. Sabrina has worked with leading higher education institutions throughout her career to better serve students and their missions. Her prior experience includes work with education technology companies, Pearson, and Ithaka. Sabrina has an MBA from Stanford and a BA from Yale.

The post What is a 529 Plan and at What Age Should I Start One for My Child? appeared first on Northeast Ohio Parent.

But if anything makes my wallet cry — you guessed it — it’s Target. I could spend hours at Target, y’all. The fact that Target has literally anything a mom could ever want or need is the very thing that makes that store thrive. It is so easy to get swept away by the Dollar Spot at the front door, or the abundant amount of overflowing clearance racks, or the absolutely adorable baby clothes — you know exactly what I’m talking about!

Seriously though, my poor wallet. I used to buy so many blankets, my husband must have thought I had a problem — and I probably did. I may be the saver in the relationship, but when I see a blanket on clearance? It takes some serious will-power to move right along without snagging it off the shelf. 

So riddle me this: how many times have you bought something at Target, online, at the mall — anywhere — that you regretted later? Whether that was when you realized you could have used that money toward something a little more necessary, or maybe when you discovered the item weeks, months, or years later stuffed way back into the depths of your closet, totally unused?

It can be a real struggle to reign in your spending habits — trust me, I know, so how does one go about keeping themselves in check?

One of the things my husband established for himself while we were dating to control his spending was what he called his “toy savings.” It may sound a little funny, but that’s legit what we call it to this day!

Every month, we put a set amount into each of our “Toy Savings” accounts. If you’re really scrimping, this could be $10, or maybe you’re an avid spender and $100 is the absolute minimum you can spend without sacrificing your sanity. It doesn’t matter how much it is, as long as you know you can afford it. For us, it’s $50. 

So what can you do with your “toy savings”? 

Anything.

Anything. You. Want.

The beauty of having a toy savings is that it exists solely for the purpose of providing you the ability to enjoy the money you have without breaking the bank. So, if you want a new pair of shoes, use your toy savings. If you want a manicure, use your toy savings. If you want a new iPhone, use your toy savings. Heck, if you want a rubber chicken, use your toy savings!

How exactly is a “toy savings” helpful?

1. Guilt-Free Spending

To be honest, I think I have buyer’s remorse before I purchase an item because I can almost feel the money leaving my account, so allowing myself a set amount to spend without necessitating any ounce of regret is seriously the best feeling ever.

This is awesome if you’re a saver. I once totally forgot I had a toy savings and when I checked my account, I had close to $200 in it! I ended up buying a completely new wardrobe and it. was. fantastic. And I didn’t have to feel guilty about it!

2. Limits Spending 

It you’re the spender in the relationship, a toy savings can prove highly beneficial because it limits your purchasing — you know exactly how much you have and not a penny more. You also no longer have to worry about whether the $15 you just spent could have gone toward your next meal; if it’s in the budget, you’re golden!

3. Intentionality With Saving and Spending

The most essential part of having a toy savings is that it forces you to be intentional about how you spend and save your money, which is an incredibly important aspect in living frugally. Having a savings account for your purchases makes you stop and think “Do I really want this? Do I really need this? Do I really want to use my “toy savings” on something like this?” All of a sudden, that 1,562nd candle at Target doesn’t look so appealing. 

In addition, it allows you the ability to save for what you want if you can’t afford it at that moment, which is an incredibly valuable thing to learn. If you want to buy something that costs $500 and you have a $50/month budget, you have to wait 10 months to buy it. Now, I get it — instant gratification is a wonderful thing, but learning to cope with delayed gratification and proving to yourself that you are willing to wait for what you want will certainly help you appreciate what you have so much more when you finally get to buy it!

Finally, let me explain what a toy savings is not.

A toy savings is not for things like groceries, gas, cars, general living expenses, and so on; for the most part, those are things you need. Your toy savings is for when you’re at the store and the chocolate chip cookies look ah-may-zing and you worked out today so you deserve it, or if you want to take a spontaneous road trip but you can’t justify spending that much on gas to get there, or if you’re drooling over the new iPhone XR but all you can realistically afford is a flip phone. Whatever it is that you want and don’t need, your toy savings is your best friend — just make sure you’re not using your other budget line-items for things you should be buying with your toy savings and you’re set!

The best part of having a guilt-free spending account is there is no limit on what you can use it for, but there is one requirement: you can only spend it on things you want. Tough, right? But, seriously — this isn’t for things you need, or the things your kids want, or the thing your partner wants you to get — it’s there for you and only you!

So what are you waiting for? Go add a toy savings to your budget and treat yo’ self — guilt-free!

The post Why Everyone Should Have a ‘Guilt-Free Spending’ Savings Account appeared first on Northeast Ohio Parent.

I learned that I could do so much for free. Once I learned that, so many more options to create memorable and educational experiences opened up for my twins and me. We were no longer stuck at home, doing the same activities over again, or visiting the same places because we were exposed to so many more options. Each day became its own adventure doing something fun and experiencing something new. One of the cool things about it is that I got to experience the city through the eyes of my children, which gave me a new perspective for finding joy and appreciation in the small things.

Let me tell you what I recommend you do each month:

1. Gather the magazines that are local to your area.
2. Pick up the catalog of events and classes that is produced by your local library.

Doing this will help you in so many ways. Your local magazines have a pulse on what is going on in the city.  For example, NortheastOhioParent.com lists so many activities parents can do with their children. The beautiful thing about it is that many of these activities are free. Of course, they list paid activities, as well, but the good news is that it gives you a variety of things that you can do.

The library is amazing because most of the activities and classes are free. (Honestly, I haven’t seen one that is paid, but I’m not a library expert so I’m going with most.)

Once you have these two foundational pieces of information, here are the next steps:

1. Go through them and highlight or circle the things you are interested in. I prefer to have a hard copy of these two items because it is easier for me to stay organized and to clearly see what I am interested in.
2. RSVP if necessary. Do this once you decide it’ll work for your calendar because some activities fill up fast.
3. Add it to your calendar. This will help you to remember what you signed up for. If you can no longer attend, please call and change your RSVP.

If you start with these things first, you can fill your calendar with the free items (or things within your budget) and then decide which days you need to fill in after that with paid activities, outdoor time, memberships, etc. This approach will give you an amazing variety of things to do with your children and keep the majority of those things free.

Leave a comment to let me know how you plan to use these tips!

The post My 2-Step Process to Maximize the Free Activities in my Kids’ Schedule appeared first on Northeast Ohio Parent.

Zeta

Zeta might be my new favorite mobile app. Unlike most other budgeting apps, Zeta is designed with couples in mind. The app allows you to track all of your shared or personal accounts. Both partners can see everything and Zeta gives you the ability to budget together, track spending, and even create financial goals. Zeta is a free mobile app. One of the best features is the ability to tag your spouse on transactions if they need to know about them or you have questions. If you and your significant other are looking for a budgeting solution together, Zeta is worth checking out.

Mint

Mint is one of the original budgeting apps on the market. Mint allows you to sync your bank accounts. It also tracks spending in real-time. If you want to break down your spending, Mint gives you the option to do so with various categories. Mint allows you to analyze your spending to find areas where you can make adjustments and save money. Mint also has bill tracking and free credit score checks. If you need help, Mint offers up budget suggestions to jumpstart your savings.

Personal Capital

Personal Capital offers a comprehensive money management program. This is great, but most of their financial services cost money. However, you can create an account and access their mobile app for free. This will be more than enough to help you track spending, see your current account balances in real-time, and even check on your investment portfolio. Personal Captial’s mobile app is available on most devices.

GoodBudget

If you are familiar with the envelope system for budgeting money, GoodBudget will look familiar. It draws from that concept, allowing you to budget every dollar. This app has cloud-based sharing, which is perfect for couples who budget together. Expense tracking is relatively easy with GoodBudget, which allows you to split transactions into multiple envelopes. GoodBudget requires a little more effort on the user’s part than other budgeting apps, but it’s still worth it. There is a free version as well as a Plus version, which costs $50/year.

If you are like me, much of your life is wrapped up in your cell phone. Having access to your financial accounts and budgeting apps can keep you connected as you make important financial decisions. Setting financial goals for your family is so important. Using a mobile app to budget and track spending can help as you plan for the future.

The post 4 Great Budgeting Apps to Track Your Finances appeared first on Northeast Ohio Parent.

Many credit card companies and issuers allow you to add an authorized user to your credit card account.

“There are several benefits to adding authorized users to existing accounts,” said Todd Rosenthal, general manager of credit cards at PNC Bank. “Chief among them is an opportunity to teach good credit card management and monitor a child’s spending.”

Another benefit is that your teen begins to build credit history because card issuers report to the credit bureaus. Potential authorized users must provide their birthdate and full Social Security number to be added as an authorized user. Also, rewards from multiple cards on one account are commingled, which may help you reach your household’s rewards-related goals quicker, Rosenthal added.

In addition, parents have peace of mind of knowing their child has access to credit in case of an emergency, Rosenthal said.

However, Rosenthal advises that account owners should be aware of limitations. Trust is paramount because although parents may monitor spending, they cannot control activity on card.

“It is important for card owners to understand that the authorized user has access to the full credit limit, and it is not possible to place a spending cap on the child. However, as the account holder, you can establish alerts, which allow you to oversee usage,” Rosenthal said. “Monitoring card usage can lead to meaningful parent-child conversations about responsible decision making and spending habits.”

You can add an authorized user to your PNC credit card account through PNC Online Banking or PNC Mobile, by visiting a branch or calling the customer card center. The authorized user will receive a card in his or her name and they will be able to use it at any time. You also have the option of removing that user at your discretion.

Keep in mind that with PNC accounts, authorized users have access to other activities on the account, including retrieving account information, making payments, initiating a dispute and requesting fee removal. Other banks may have different policies.

However, there are some activities authorized users may not do with PNC accounts. These activities include using or ordering convenience checks, ordering additional cards, enrolling in online banking, redeeming rewards, obtaining a real-time PIN, requesting a balance transfer, closing or reopening an account and locking or unlocking the use of the account.

If you are looking for a convenient way for a young family member to learn to use credit cards responsibly, adding him or her as an authorized user may be the ticket to success.

The post One Way to Teach Teens Credit Card Basics appeared first on Northeast Ohio Parent.

I asked my friend how she likes the museum (I was attempting to live vicariously through her experiences with her son) and she said she loves it and takes her son all of the time because they have a membership. Next thing you know, we began discussing the memberships that we have and why we chose them.

I share this with you because there are so many amazing places in Cleveland and so many memberships to choose from. However, I want to help you to think about how to go about choosing the annual memberships you buy so you can maximize your investment (because an annual membership is essentially a 1-year investment). Therefore, here is the number one thing to do before buying a new membership:

Determine your break-even point

This is the finance in me coming out. The concept of break-even is frequently used in business, finance and economics, and refers to the point at which the total revenue equals the total cost. (Side note: ever since I learned the concept of break-even in business school, I apply it to so many areas of my life.)

In the case of an annual membership, look at it this way: The break-even point is the point in which the cost of your membership equals the number of times you would have to go in order to pay for your membership.  

For example, if your annual membership costs $100 and you have 3 people in your family, and the cost per person per visit is $15/per person, then it would take 2.22 visits for the membership to pay for itself. In this case, I would round up to 3 visits for the break-even point.

The reason why this concept is so important is that it helps you to avoid wasting your money by buying memberships that you don’t need.

My rule of thumb is that I must break-even in three or fewer visits. I do this because I’m trying to make sure I’m realistic about what I can and cannot do. I figure that if I really like the place, then I will at least go three times, but I recognize that life happens, schedules change, and new things may peak my twins and my interests.  

Therefore, if it takes more than three visits for the membership to pay for itself, then I pass on it, because I know that it increases the likelihood that I won’t break-even. In that case, I just pay as I go. Then if I find that I go often, I consider a membership for the following year, because I limit the number of memberships I purchase in one year.

We are approaching spring, which means summer is around the corner, so I know that many of you will start to consider your membership purchases for the summer. I hope that this post helps you to plan out your membership purchases and save more money by better aligning your purchases with what you will realistically be able to do.

Please leave a comment to let me know how this helps you!

The post The Number 1 Thing to do Before Buying an Annual Membership appeared first on Northeast Ohio Parent.

If you’re anything like me, you probably think saving is the virtue. But, honestly? I’ve come to realize neither is better than the other. Saving is not necessarily better than spending; it’s the balance of the two. 

Learning that balance took me a while to figure out and was most certainly a learning curve. 

I came from a family of seven and both my parents owned their own businesses; my dad did home repair and my mom taught piano — they worked hard, but trying to provide for a family of seven in itself is a feat. So before I can even remember, I was taught to pinch pennies. My dad would take me “dumpster diving” in the development behind our house, and we’d walk up and down the street collecting cans to recycle for money. My mom showed me how to find the best price on groceries based on how much of an item you got for the price; sales and clearance racks were our best friends. 

On the flip side, my husband started his own software company when he hit double digits. Might sound crazy, but he began earning money at a pretty young age. When I met him when he was 18, he pretty much had everything I’d want in a prospective husband — the looks (of course), nice clothes, a car, an iPhone. Anything he wanted, he could afford.

What happened when we got married, however, was pretty much the equivalent to a head-on collision. Our spending habits did not mesh. I repeat: did not mesh. I hoarded money and was an extreme cheapskate, while my husband pretty much threw his money in a garbage can — okay, maybe I’m exaggerating a little, but surely you get the picture.

For the next several months, we worked on figuring out how to spend our money wisely, and we certainly had some tough lessons to learn from one another.

Quality vs. Quantity

I can remember plain as day the first time I went grocery shopping for the two of us. To be honest, I really enjoyed grocery shopping. I came right from my parents’ house to living with my husband, so the entire experience was so new to me. I felt like an adult,  which sounds ridiculous in retrospect, but I honestly thought it was a lot of fun!

As I was unpacking the bag of groceries I bought from Dollar Tree (because I’m cheap, guys), my husband stopped me and held up the pack of pepperoni.

“Uhhh, what is this?” 

“Pepperoni?”

“I know, but, like, where’d you buy it?”

“Dollar Tree!”

He looked at me like a deer in the headlights, absolutely dumbfounded. He spent the next several minutes trying desperately to explain why buying pepperoni from the dollar store was not okay. 

(Side note: If you buy pepperoni at the dollar store, I will not judge you, though I can’t promise the same from my husband.)

After going on and on about how the pepperoni wasn’t refrigerated even though it’s supposed to be “meat,” and how horrible the nitrites or nitrates or whatever’s in it is for the body, he walked to the garbage can and threw it away.

HE THREW IT AWAY.

I could not believe he did that. In front of my very eyes he wasted a whole dollar. I tried negotiating with him to take it back out, tried reasoning with him that if we would just eat it this one time I’d never buy it again, but he absolutely refused.

This is where lesson #1 came into play: quality is more important than quantity. 

It’s true, $1 for a pack of pepperoni is probably the cheapest you’ll find it, but although pepperoni isn’t the greatest thing for you, you can definitely get a higher quality pepperoni elsewhere — one that probably won’t knock off years of your life after consumption.

A tried and true example of this is my latest experience at Aldi. Now, I love Aldi. Do not think for a second that I am bashing Aldi. Aldi is my happy place, but sometimes their produce can be, let’s just say, sub-par. This week, Aldi had $1.29 strawberries. That’s a steal, so I went to pick some up, but those things were a sorry excuse for strawberries, let me tell you; barely ripe and definitely not the deep red you’d want them to be.

I must have come back to the spot with the strawberries at least three times, trying to convince myself to buy them because they were such a good deal, but I couldn’t bring myself to do it. They were not worth it. 

Quality over quantity is so important. Don’t waste your money on pepperoni that can kill you or strawberries that don’t even taste good, even if it’s a good price.

Usefulness vs. Cost

My husband is multi-talented, especially when it comes to technology. He can build websites, install wifi, run a data center, and do a whole lot of other nerdy things I can’t explain. Not only that, but he can play Fur Elise on the piano better than anyone I know, remodel a bathroom that had been stripped down to the studs, and replace an entire frame on an F-150 (true story). 

So before I had even met him, he bought an acoustic guitar. Not just any acoustic guitar: a Taylor brand acoustic guitar. If you know anything about guitars, you know that’s a top-of-the-line brand. I don’t even know how much he spent on it, but considering I once encouraged my sister to buy a $50 guitar at a garage sale, I probably wouldn’t have been too thrilled with how much he paid.

But here’s the thing: he doesn’t know how to play the guitar. 

Yes, my husband is multi-talented. He knows how to do a lot of different things, and if he doesn’t know, he figures it out. But do you know how often we use that guitar? Occasionally. We both know how to strum a few chords, but honestly we are an insult to the Taylor brand — we are certainly not good enough to own a Taylor.

Don’t get me wrong, I love that guitar. When we do play, it’s awesome. But for an 18-year-old guy that didn’t even know how to play, or play well for that matter, to buy the most expensive guitar he could find probably wasn’t the best financial decision in the world. I’m definitely not saying he shouldn’t have bought a guitar at all, but it would have been wise to have done his research and found a guitar that was not only a great guitar, but where the cost weighed against the frequency he would play it aligned. So although he wanted and found the best guitar, the usefulness that high-quality guitar serves him is pretty low.

Lesson #2: Determine how much you’re willing to pay for something based on the quality of the item and how much use you’ll get out of it. 

When we were looking for a couch for our family room, we went on Craigslist. That would probably wig some of you out, but for us, we’d never pay full price for our family room couch. Why? Kids. We bought our first couch from La-Z-Boy for a pretty penny when we first got married and only realize now that, although we love it, it’s going to get destroyed by our children. So we paid $800 for a huge, comfy, used couch with a tear in one of the cushions because our desire to have a brand new couch was trumped by the realization that it will be very much abused by our wonderful, incredibly active children, and that’s okay. Besides, furniture has the highest mark-up of anything out there — never pay full price for a couch. 

Budgeting

The best thing we ever did as newlyweds was create a budget; I’m sure you hear that all the time. It took us a couple years to get a solid, accurate budget we could both agree on, but because money issues are such a common cause of tension in a marriage, we knew we’d be better off because we did it. There are so many ways to do a budget, and it can be really tough and stressful, but it’s totally worth it. To hopefully prevent any potential headaches, let me tell you what worked for us. 

Everyone’s heard of the envelope system: putting money in an envelope for each category of spending, like gas, groceries, eating out, vacation, car, etc. It is a super effective way of managing money, but who carries cash anymore? A lot of people will tell you that you spend less money when you use cash, but I honestly think I spend more because I just want to get rid of it! It is so much simpler to use your card. So how do you use the envelope system and your card simultaneously?

For a long time, we used Capital One 360. We had one checking account, and probably 10 to 15 savings accounts. The savings accounts were things like “Car Fund,” “Emergency Fund,” “Health Savings,” “Tax Savings,” “Maintenance,” “Groceries,” what we like to call “Toy Savings” (guilt-free spending), etc. So when we needed to buy cat food for example, we would transfer the amount from “Maintenance” into “Checking” and then swiped our card or clicked the order button. That way, we had to think about every transaction we were making before we made it, and essentially used our money as if the savings accounts were envelopes. The transfers are instantaneous which makes it super convenient. 

Just bear in mind, I believe it is the law that you can only make 6 transfers out of a savings account in a month. We alleviated this as an issue by changing the accounts we used the most into checking accounts, but still transferring into “Checking” for purchases. For us, that was groceries and gas. With every other savings account, we were able to stay below the six transfers limit.

Recently, we have switched over to a different online banking platform called Simple. As the name suggests, it’s simple! It’s a lot like what we were doing with Capital One 360, except we only have one checking account and we are able to separate all the funds by category (essentially the envelope) within the account. Again, it is really simple to use, and I highly recommend either platform for organizing your finances.

By keeping our spending habits in check and creating a budget, it is a lot easier to save and spend money wisely. I encourage you to learn from your frugal or frivolous partner, and create a budget together. Be on the lookout for good deals, not cheap things, and make sure to factor in how much use you’ll get out of something in order to justify the price. In regard to budgeting, knowing how much I had each month for every category gave me the ability to spend money without hoarding it or feeling guilty for spending, and for my husband, it helped him reign in his spending and budget for what he needed and wanted instead of buying it instantaneously. Whether you’re the spender or the saver, make it a priority to watch your spending (whether too much or too little) and your wallet will thank you for your efforts!

The post Spending vs. Saving: The Careful Balance appeared first on Northeast Ohio Parent.

I am super stoked to be introducing myself as the newest addition to the Northeast Ohio Parent blogging team (insert happy dance)! 

My name is Leah! I’m a wife, mom and cheapskate (although I prefer “frugal-living enthusiast”). I was born and brought up in the suburbs of Cleveland, and before I delve into the wonderful world of blogging for Northeast Ohio Parent, you should know a few things first: 

1. Although I use the word “y’all” upon occasion, I’m not the least bit southern.
2. Technically I’m here as a “money-saving expert,” but you might catch me writing a thing or two about meals, parenting, or anything else that comes to mind.
3. I like to use italics… for emphasis. 

Now that we’ve got that out in the open, let me tell you where this all began.

It all started two weeks ago. No seriously. It all started two weeks ago, maybe three — you get the point.

I’ve really enjoyed blogging as a hobby, but ultimately? My desire has always been to help people, so a couple weeks ago I created a Facebook group for Northeast Ohio mamas where I can share some of my tips for saving money. That group grew faster than I ever expected, and I realized then that there was a real need for this: a community of people helping others achieve their financial goals.

So I created NEOhio Frugal Living: currently an Instagram page aimed at providing Northeast Ohio with information on local deals, sales, and ways to save money. Although this adventure is brand spankin’ new, my love for writing and overall frugality has existed for quite some time (but more on that later). 

For now, go follow me on Instagram and if you’re a mom, check out my Facebook group, too!

I can’t wait to get started. Let the adventure begin!

The post Here’s to the Beginning of Frugal Living! appeared first on Northeast Ohio Parent.

Price matching
If you have your heart set on a specific camp, try looking for other camps with similar offerings and compare costs. Reach out to the staff of the desired camp to see if they would price match.

Volunteer
Some day camps offer volunteer opportunities to work in exchange for a reduced camp rate. Sign up to help teach campers a skill or offer general help to free up time for the camp staff, so they can work on more important duties.

Tax Credit
This only applies to local day camps in households where both parents work. If that describes your family, there is something known as the Child and Dependent Care Credit that allows you to deduct a percentage of day camp costs (maximum of 35 percent) for qualifying children ages 13 and younger. You will need to fill out IRS Form 2441 to apply for the credit (See IRS Publication 503 for detailed information).

Presents
For family members looking to buy something other than gift cards and video games for birthdays, putting money toward summer camp is an excellent gift idea.

Expand your camp search
If you are having a hard time finding a good camp within your budget, look for other options. This might include camps at local recreation centers or city programs, churches, museums, zoos or libraries. Several local school systems run summer day camps, as well.

What if you missed out on discounts?
If you missed out on your camp’s early bird discount, reach out to the camp coordinator. I’ve learned that camps might be willing to work with parents if you just ask.

The post Ways to Budget and Save on the Costs of Summer Camp appeared first on Northeast Ohio Parent.

Recently, I took the twins to the Jump Yard. I kept hearing about it and wanted to take the twins, although I hadn’t made the time. Then, one of my parents forwarded me a LivingSocial deal for the Jump Yard. At the time I saw the deal, LivingSocial was having a sale of 20% off of all deals.

The original LivingSocial deal was $19 for admission for two — and with the 20% off, the price went down to $15.20 for admission for 2 children. To put this into perspective, regular admission is normally $16/child, which meant it would have cost me $32 for admission (parent admission is always free). But by using Living Social and getting the deal while it was on sale, I saved $16.80 (52.5% off). I was so excited because that brought down the total cost to $7.60/child.

For this particular outing I used LivingSocial, but Groupon is also one of my go-to sites. I have found great deals for the apple orchard, restaurants, and even the spa.I love searching those sites to find unique or even previously out-of-budget things and then creating experiences with my kids (or even a spa day for myself) around the deals I find. Just by using an online deal site like LivingSocial and Groupon, so much more stuff has become accessible and I’m able to do more with the kids.

You can use the sites in 1 of 2 ways:

1. Determine your desired activity and then search the sites for that activity. Do this before you pay for the activity in person or online because you never know what you are going to find.

2. Browse the sites and then plan your activities around what you find.

Check both Groupon and LivingSocial because sometimes there is overlap, but other times discounts will only be listed on one of the sites.

Once you find the deal:

1. Look to see if there is an additional discount. I’ve found that Living Social frequently has discounts and their site discounts are available more often than Groupon.

2. If you don’t find a site discount on top of the deal available on one site, then check the other site.

3. If there are no site discounts on top of the deal and if the sale isn’t about to end, then wait a few days to see if a discount code will be released.

4. Check the company’s website for the deal that you are about to buy to see if it is truly a good deal. Some places may have discount days or other deals that may be comparable or cost less than what you can get on Groupon or LivingSocial.

5. Check the dates. Know when you can use the deal. Look to see if it is only good for certain days of the week, if there are blackout days, and when it expires. This will help you to know if you will actually use it.

6. Check the fine print. Look to see if there are any exclusions, purchase minimums, or anything else that impacts the deal. For example, if you buy a deal for a restaurant, but the deal excludes alcohol.

7. Once you understand these things, then buy!

I hope these tips help you to find new and cool things to do in the city. There are so many great things to do and ways to do them for less. Have fun and leave a comment to let me know of all of fun activities, dining experiences, and pampering activities that you are able to do for less.

The post The Best Ways to Save Using Groupon and LivingSocial appeared first on Northeast Ohio Parent.

High school may be among the best times of your life (or most cringe worthy, depending on how you look at it), but those four years are also critically important for reasons unrelated to homework, sports and social networks.

“High school age kids are at a pivotal point in their lives. Most are old enough to work outside the home and they’re about to make big decisions on colleges and jobs,” says Rich Ramassini, a father of a teenage son and director of strategy and sales performance for PNC Investments.

As teenagers exert their independence, they want to be seen and treated as a adults rather than as children. This can be a key time for parents to teach important lessons about money and what it means to be a financially responsible adult.

If talking about money with your kids makes you feel uncomfortable, you’re not alone. But also consider that if you’re not talking to your kids about money, there’s a chance that nobody else is, which increases the probability of them making uninformed financial choices when they are full-fledged adults.

“Don’t assume that your kids understand how to manage money, because schools aren’t teaching it in the way you expect – if even at all,” Ramassini says.

Not all students have the option to take financial literacy classes in school, even though research shows that students who take financial education classes later have higher credit scores and fewer overdue payments.

Ramassini says it’s important to find out what your kids know – and don’t know – about money and start having conversations now that will help them establish solid financial habits for life.

Here’s how to start:

• Teach yourself, then your kids. If your own money habits are a little dusty, brush up on some basics before talking to your kids. You should be able to explain general concepts like savings, overdraft fees, credit cards, budgets and compound interest. As you become more confident in your knowledge, it will be easier to help your child understand as well. At the outset of any conversations, you can ask them to explain some of these concepts to get an idea of what they may already know and thus establish a baseline for future lessons.
• Share your “money story.” Think about your relationship to money and when you first realized its importance. You may have worked a paper route and now view money as a reward for hard work – but your kids might see it differently and might not be motivated by the same things that motivate you.“Part of the challenge in talking about money is that everyone has a different relationship with it,” Ramassini says. “Even though money is an inanimate object, it represents access, power, status or even a lack of all those things. It can be the reason you are able to do – or not do – something. Because of this, it influences relationships.”Once your children understand where you’re coming from, they can better understand your financial decisions. Similarly, if you have a grasp on how your children view money, you can help the conversations be more candid and productive. Don’t be afraid to share your own money mistakes with your children so they can learn from them. Failure can be a powerful teacher.

• Let them get inside your head. Your kids probably don’t watch over your shoulder when you’re paying bills or reviewing your budget. But they likely do see you pay for discretionary items like shopping trips or dinners out. Make sure your kids get the full picture of how you manage your finances, including how you decide where you spend money and when you save. This becomes very important when your kids are in high school and face the  peer pressure to keep up.You should encourage your child to think before spending. Teach them to ask themselves, “Should I spend money on this now, or do I want to save or invest it so I can tap this money later?”“Teach your kids that when you save, you are giving yourself the opportunity to spend that money later. Words matter, and that shift can help kids have a healthy relationship with money,” Ramassini adds.

• Set consistent expectations. If your teenagers see you as The Bank of Mom and Dad, it’s time to change that perception. The best way to learn how to manage money is by experience. If your kids know they can always turn to you for whatever expense pops up, they may fall into bad spending habits.“Sometimes older children want to go shopping with their parents because they know their parents will pick up the tab. A good strategy is to ask children to pay for their own ‘wants.’ It’s amazing how quickly a need turns into a want when the child has to spend his or her own money,” Ramassini says.

• Allow them to make small mistakes. You may be tempted to set strict rules on how your kids spend money. A word of advice? Don’t.“Teenagers need to be impulsive in ways that are safe,” Ramassini says. “They want to be able to go to the mall or get pizza with friends and have some financial freedom. Let them make small mistakes with money now so they don’t make bigger mistakes later.”It’s important to talk to them about how much they spend on “splurges” like these and how they can set aside money for wants versus needs. Prepaid cards or gift cards can be great ways to reinforce safe spending.

The bottom line? “Actions speak louder than words,” Ramassini says. “Your kids observe what you do. When it comes to money – same as in all life lessons – what message are you sending them?”

The post How to Teach High School Students About Money appeared first on Northeast Ohio Parent.

A great way to plan ahead for your next family vacation is to start a travel fund. A travel fund is exactly what it sounds like. It’s money set aside with the express purpose of funding your family’s vacations, staycations, and other travel. By creating a travel fund, you provide freedom for your family to travel without the stress of coming home to credit card bills full of vacation charges. Let’s walk through some things you can do to start a travel fund today.

Set Travel Goals

The first step in creating a travel fund is deciding your travel destination(s). It’s hard to plan any trip if you don’t know where you want to go. Your family vacation might end up looking different than you originally planned when you started, but at least you have a concrete idea in mind. Even narrowing down your destinations between a few choices allows you to do some advance planning. Having an idea of when you want to travel helps as well. Booking a trip in peak season versus off-peak makes a huge difference in travel costs. Estimate your travel dates, knowing you can always adjust them later as needed. Without a destination and travel dates, you won’t know how much money you need to save.

Determine Travel Costs

Once you know where and when you are going on your next family vacation, you can figure out roughly how much money your trip will cost. Expenses might include hotel rooms or a vacation rental, airfare, and rental cars. Don’t forget to factor in meals and drinks. One way to do this is to figure out how much money you need daily for food and multiply it by your length of stay. Planning on any excursions during your vacation, such as theme parks, deep sea fishing or a night out on the town? Don’t forget to include those expenses, as well. Once you have an idea of the total amount you need to save, divide that by the number of months until your trip. That will tell you how much money you need to set aside monthly to hit your goal. Make sure that you have enough money set aside early if you have to book advance reservations.

Open a New Account Specifically for Travel Expenses

One of the best things you can do while planning for family travel is to open a new savings account specifically for your travel fund. Most banks allow you to open multiple savings accounts for free. Another option is to find a trustworthy online bank that offers high yield savings account. We opened an online savings account this past year and were able to make a little money from the higher interest rate (It wasn’t a ton of extra money, but every little bit helps, especially if you spend a lot on travel yearly). You could even just withdraw money every month and stick it in an envelope at home. Whatever method you choose, having your travel fund separate from the rest of your family’s finances helps ensure you don’t use it. Hopefully, you already have an emergency fund set up. If not, do that first. That’s more important and it also keeps you from using your hard earned travel fund when something unexpected comes up (which it will).

Add Travel Expenses to Your Monthly Budget

Now that you’ve opened a new savings account for your travel fund, you need to work it into your monthly budget.

Side Note: If you don’t have a monthly budget, I am begging you to start one immediately. It doesn’t haven’t to be complicated. A budget is just a way for you to know where your money is going. There are a million methods for budgeting. We use a zero-sum budget and love how it has revolutionized our family finances.

What you want to do is make your travel fund a line item in your monthly budget. Plan for money to come out each and every month the same as your electric bill, cell phone service, and grocery expenses. You may have to adjust other budget items to find the extra money. Sometimes you have to make sacrifices, but it will pay off in the end when you are able to travel stress-free with your family (stress-free in terms of vacation expenses, not stress-free from normal family drama!).

Something you can do to make the process easier is to set up an automatic transfer to your travel fund so the money is moved every month like clockwork. Many banks offer the ability to do this through online banking. If not, just transfer over money from your main checking account at the beginning of every month.

Find Ways to Save on Vacations

Your travel fund is part of your monthly budget and is growing. Now it’s time to put in the work to try and save money on your family vacation. This can be done by searching online for deals, looking at different types of accommodations available or even by building up reward points and miles to use for free travel. Ask people you know who have been to your vacation destination to see if they have any tips. Do the same on social media. Join Facebook Travel groups. Look at tourism sites for your destination for things to do or events going on during your stay. We find free events and activities at almost every place we travel. You just have to be willing to do some digging and you can really save some money as well as plan unique experiences for your family. Think about your kids and their interests and see if you can find something to do that will create a lifelong memory for them.

Embrace Seasonal and Regional Opportunities To Stretch Your Fund

Another exciting dimension to consider when planning your family vacations with your travel fund is to explore seasonal and regional travel opportunities. For example, taking advantage of shoulder season rates right before or after peak times can lead to significant savings, allowing you to stretch your travel fund further. During these times, destinations like river cruise routes often offer reduced fares and less crowded experiences, enhancing the enjoyment for your family. Exploring different regions during their off-peak times not only saves money but also introduces your family to unique aspects of culture and nature that aren’t as prominent during busier months. This approach ensures that your travel experiences remain rich and varied, making every trip an adventure to look forward to.

Use Extra Money to Add to Your Travel Fund

Beyond just the monthly budgeted money, there are other ways to fund your family vacation. If you are like me and feel like a family of hoarders, have a garage sale or sell items online to earn extra cash. Another option is to get a part-time job specifically to fund your travel. Besides my full-time job, I am a freelance writer and often use my earnings as extra money on trips. What about allocating part of your tax refund toward travel? Even collecting loose change in a change jar can help cover some vacation costs or give you some extra pocket money. There are many ways to earn extra money for vacations if you are resourceful.

Our family travel has improved and our stress level has gone down since we implemented a vacation fund for our family’s travel expenses. We’ve been able to use it for summer vacations, weekend road trips, anniversary getaways, and more. If paying for travel is keeping you from planning an unforgettable trip for your family, start a travel fund today and experience more freedom on family vacations.

The post How to Create a Travel Fund for Your Next Family Vacation appeared first on Northeast Ohio Parent.

Some students (and parents) are happier about the start of school than others. My own kids cover the whole spectrum of feelings on the subject! The thought of taking a financial assessment conjures up similar emotions. Maybe you set financial goals at the beginning of the year. This was the year that you were going to make changes financially. Have you moved toward hitting those goals? What financial areas need improvement? Any debt that needs to be dealt with? Anything you’ve been ignoring that needs attention? Have your priorities changed since those New Year resolutions? To help you fully answer those questions, let’s explore some steps you can take to perform a proper financial assessment.

Review your goals

It all starts with what you want to accomplish with your finances as to whether you are on track or if you need to make adjustments. What goals did you put in place for yourself or your family? Trying to pay off debt? Saving money for college funds? Building up your savings? Go back to the beginning of the year and think about what was important to you at that time financially.

Check your credit

Any time you plan to assess your financial health, checking your credit is a good idea. You can get a free credit report yearly at annualcreditreport.com. You also can sign up for free services like Credit Sesame or Credit Karma and get some information as well. Check your credit report for mistakes. You would be surprised at the percentage of people who find errors on their credit reports that affect their credit score (about 1 out of 4 people, according to a study done by the Federal Trade Commission in 2012). If you find errors, work with the credit bureau to fix any issues you’ve discovered.

You also need to look at your credit score. Why is your credit score important? Your credit score, along with other information from your credit report, lets lenders know if you are a risk as a borrower. Often they use your credit score to determine if they will loan to you, how much they will loan, and the terms associated with the loan. The credit score ranges from 300 to 850, with any score over 700 generally looked at as good by lenders.

Track your spending

Want to know where all that extra money you thought you had went? Start tracking your spending and you will answer that question quickly! Our kids love summer break because they get to relax and enjoy their free time more often. Our money likes to do the same thing. It’s hard to resist those extra trips to the ice cream shop (at least it is for my family). Whether you use a spreadsheet, a simple notebook or an App that tracks your spending, take time to track every dollar you spend. Categorize everything so you can see what necessities are and where the leaks in your budget are. It’s easy to justify purchases when you don’t know how much these little leaks add up at the end of the month. Having the data on your hard earned dollars will help you find ways to save, create a more realistic budget, and keep more money in your bank account.

Look at your budget

Do you use a budget? If not, start one immediately. Having a budget will help you reach your financial goals quicker. Not having a budget is one way to ensure chaos and even financial failure. There are tons of different ways to set up a monthly budget. My favorite type of budget (and the one I use) is called a zero-sum budget, but find one that works for your own situation and personality. Budgets work whether you have a steady income or an irregular income. You just need to find the one that fits your family best.

Once you are budgeting, take the information you gathered from tracking your spending to make sure your budget is realistic. Are you earmarking enough money in your budget for every category? Do you factor in miscellaneous expenses? You and I both know we spend money all the time that wasn’t its own line item in the budget. You still have to plan for those expenses, whether it be eating out when you didn’t have time to cook dinner for your family or one of those infamous stops at Target for “just one thing.”

Emergency fund

Having an emergency fund is one of the most important financial decisions to make. Begin with a starter fund of $1,000 if you are currently working to pay off debt. Then work to build up enough in your emergency fund in case you are out of work for a few months. You just never know when something bad will happen, but you should know by now that something bad will eventually happen.

Plan ahead

I hate to be the bearer of bad news, but the beginning of the school year, in some ways, leads us right into a very busy season financially. Many of our kids play fall and winter sports for their schools or local leagues and recreation centers. Kids need cleats and new uniforms, not to mention league fees, tournaments, and even travel expenses for some families. School means school supplies and field trip fees. The fall brings about Halloween costumes and eventually buying Christmas presents. Do you plan ahead for these expenses or just take them as they come? Your family is going to be better off if you find ways to save ahead. Make a list of everything you can think of that you know will have expenses associated with it and come up with a savings plan that fits in your budget.

While nobody really enjoys assessing their family’s financial health, doing so ensures a more successful future. As you are thinking about sending kids back to school in the coming weeks, take time to go back to school with your finances. The quick review could make the difference between a fruitful fall and just scraping by by this year.

The post Back to School for Your Family Finances appeared first on Northeast Ohio Parent.

Here are my travel & financial book picks to add to your summer reading list.

Personal Finance Books

The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money by Ron Lieber

Teaching our children about money is of the utmost importance for my wife and I. Although this book seems to be geared more toward higher income families, there are great thoughts and practical advice all parents can learn from and utilize.

The Millionaire Next Door by Thomas J. Staley

Discover the traits of the typical American millionaire, not the fantasy we’ve built up in our heads and we see in modern media. How did they become successful? What do they do differently from everyone else? How do they live their lives?

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach

This is the handbook on “paying yourself first” and provides a way to automate the process to ensure long-term success. Great beginning book.

Your Money or Your Life by Vicki Robin & Joe Dominguez

This book will change the way you think about money and create positive change in your life that extends beyond just finances.

Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love by Holly Porter Johnson & Greg Johnson

This may be my favorite personal finance book ever. Holly and Greg offer an easy-to-understand blueprint for building a budget that works. It’s a great read on how to build the life you desire.

Travel Books

At Home in The World: Reflections on Belonging While Wandering the Globe by Tsh Oxenreider

Follow Tsh and her family of 5 on a nine-month adventure around the world. Watch as they interact and learn from the world around them, understanding themselves better in the process. If you love travel memoirs, this book is for you.

The Alchemist by Paulo Coelho

One of the most popular travel books, follow a young shepherd boy named Santiago on his journey to uncover hidden treasure as he discovers love, friendship and troubles along the way.

The Geography of Bliss: One Grump’s Search for the Happiest Places in the World by Eric Weiner

Follow former NPR correspondent Eric Weiner as he travels to the happiest countries in the world to discover what makes them so happy.

Atlas Obscura: An Explorer’s Guide to the World’s Hidden Wonders by Joshua Foer, Dylan Thuras, and Ella Morton

From the creators of the website with the same name, Atlas Obscura showcases hundreds of strange, wild, unique places around the world. This is a great read for those who love to travel off the beaten path.

How To Travel The World On $50 A Day: Travel Cheaper, Longer, Smarter by Matt Kepnes

Follow “Nomadic Matt” as he teaches you to stretch your travel dollars without giving up all the luxuries you love.

Microadventures: Local Discoveries for Great Escapes by Alastair Humphreys

Microadventures explores the idea that you don’t need to go far away or spend a ton of money to explore and discover the world. Humphries captures the idea that adventure is truly everywhere.

The post Summer Reading List: Money & Travel Edition appeared first on Northeast Ohio Parent.

Reciprocal Admission

What is reciprocal admission? Many zoos, museums and science centers belong to associations so when you buy a membership to one member of the association, many times you can get free or discounted admission to other association facilities. This is the case with the Cleveland Metroparks Zoo, the Great Lakes Science Center, and The Cleveland Museum of Natural History. Our family has been able to visit many regional attractions like COSI and zoos in Columbus, Akron and Indianapolis. We also have visited the North Carolina Aquarium at Roanoke Island on our way to the Outer Banks.

Cleveland Metroparks Zoo

We are spoiled in Northeast Ohio with such a great zoo. While the Cleveland Metroparks Zoo has always been one of our favorite local family adventures, the Metroparks has upped their game with the additions of new animal habitats like the African Elephant Crossing, the Rosebrough Tiger Passage (my personal favorite), and the new Asian Highlands. We also have the Rainforest, which is great to visit year-round, but especially when there is little to do in the winter.

The Cleveland Metroparks Zoo is part of the Association of Zoos & Aquariums (AZA), which is a collection of zoos and aquariums located across the country. Per their website, “One of the benefits of becoming a member of your local AZA-accredited zoo or aquarium is free or discounted admission to AZA-accredited zoos and aquariums that participate in the AZA Reciprocal Admissions Program.”

Looking at the AZA website, it looks as if most zoos either offer 100% or 50% discount off admission to members of reciprocal zoos. That’s an amazing deal considering how many facilities are listed in the program. For Northeast Ohio families looking for inexpensive day trips, check out the list of zoos within driving distance that offer discounts.

Akron Zoological Park (50%)

Columbus Zoo & Aquarium (50%)

Detroit Zoo (50%)

The Wilds, Cumberland, OH (50%)

The Toledo Zoo (50%)

African Safari Wildlife Park, Port Clinton (50%)

Boonshoft Museum of Discovery, Dayton (100% and 50%)

Cincinnati Zoo & Botanical Garden (50%)

National Aviary, Pittsburgh (50%)

Erie Zoological Society (100% and 50%)

Make sure you check the AZA website for a complete list of participating zoos as well as specific guidelines regarding how the reciprocal program works. Always call the zoo you are visiting before going to verify reciprocal admission and learn what you need to do to take advantage of the discount.

Great Lakes Science Center & Cleveland Museum of Natural History

The Great Lakes Science Center and the Cleveland Museum of Natural History are also part of a fantastic reciprocal program as part of their memberships. Both facilities are part of the Association of Science & Technology Centers (ASTC) Passport Program. Through the program, you will receive free admission to Science & Technology Centers all over the country. There are a couple restrictions to the program. They do not allow free admission to science centers and museums located within 90 miles of the center at which you have a membership, or science centers and museums located within 90 miles of your residence. Take note of these rules because you cannot have a membership at GLSC or the Cleveland Museum of Natural History and visit the other for free. Both facilities are excellent and offer tons of value for families. Each is worth visiting whether you buy a membership or not. The good news is there are plenty of other science centers and museums within driving distance to save your family tons of money.

COSI, Columbus

Boonshoft Museum of Discovery, Dayton

Cincinnati Museum Center

Imagination Station, Toledo

McKinley Presidential Library & Museum, Canton

SPI (Where Science and Play Intersect), Mount Vernon, Ohio

The Works: Ohio Center for History, Art and Technology, Newark, Ohio

Impression 5 Science Center, Lansing, Mich.I

Michigan Science Center, Detroit

Carnegie Science Center, Pittsburgh

Children’s Museum of Pittsburgh

Indiana State Museum and Historic Sites, Indianapolis

Like the zoo reciprocal program, make sure to double check the Passport Program website for all the details and restrictions. Also, see the website for a complete list of participating science centers and museums.

If your family loves to explore new places and loves to learn, I urge you to consider memberships to the Cleveland Metroparks Zoo, the Great Lakes Science Center, and the Cleveland Natural History Museum. All three facilities provide fun, hands-on learning environments for families. The reciprocal programs allow you to maximize your entertainment budget to explore other facilities across the country.

The post Save Money through Reciprocal Zoo and Museum Memberships appeared first on Northeast Ohio Parent.

There are a variety of options when it comes to saving. Determining which method will provide the most benefit can be challenging. But rest assured, help is available. Speaking with a financial advisor is an easy way to find out about your options.

PNC Wealth Management Managing Director Joseph M. Jennings Jr. and Wealth Strategist Bryan Tracy offer information that can help parents begin thinking about saving for their child — no matter the age.

What accounts should parents consider opening for their child and at what age?

• 529 Plan (College Savings Plan). Tax-deferred accounts where distributions are tax free if used for qualified educational expenses. The recently passed Tax Cuts and Jobs Act provides even more flexibility for 529 Plan accounts, allowing now for tax-free distributions of up to $10,000 per year for elementary and secondary schooling. Note, however, that these distributions may be taxable under state law. Age: as soon as possible.
• Savings Account. Savings accounts are federally insured to the maximum permitted by law and can help provide funds for long-term needs. By opening a savings account, parents can teach the concepts of earning interest and the power of compounding that interest over time. Age: as soon as possible.
• Investment Account (Custodial account). Investment accounts can be opened to teach children how to save for short-term vs. long-term goals and the different investing options. Working with a financial provider that offers educational materials can help teach a child the concepts of risk tolerance, diversification, market volatility and financial markets. At a certain age, these accounts can be turned over and used for goals such as buying a house or car. Age: anytime.
• Credit Card. Cosigning for a credit card can help teach your children the basics of responsibly managing credit and help them avoid potential pitfalls of using credit carelessly in college or early adulthood. It is recommend to start with a low-limit credit card and monitor the account activity. Age: 18 in most states. Credit Card applicants must meet the age of majority requirement for their state of residence.

Are there tax implications for previous accounts you mentioned?

• 529 Plan Account. Earnings grow tax deferred and distributions are tax free if used for qualified educational expenses. Depending on state law, there is potential for a state income tax deduction for the person who contributes to the account. The earnings are subject to penalty and ordinary income tax if not used for qualified educational expenses. And under some state laws, the use of these funds for K-12 education expenses may subject the tax benefits taken upon deposit to be subject to recapture.
• Savings Account. Interest is taxed at an ordinary income tax rate as earned.
• Investment Account. Interest and dividends on stocks and bonds are taxed at an ordinary income tax rate. There is potential for qualified dividends, which are taxed at a capital gains rate. The sale of assets is subject to capital gains tax. There also are potential gift-tax implications on certain transfers from parents to children on dollar amounts over the annual exclusion amount (currently $15,000 per individual per year, subject to adjustments for inflation).
• Credit Card – None.

As a child gets older, how should we teach them to save, manage and invest their savings?

Jennings says, “One great way to teach children about saving and managing money is to provide an allowance for household chores and activities around the house. A percentage of this allowance can then be used to save for short- and long-term goals. It is a good idea to set parameters with children for how much should be spent and how much should be saved. This helps teach the value of money and the importance of saving on a regular basis. As the dollar value of their savings increases, there will be more opportunities for children to learn about an emergency fund, stocks and bonds, risk tolerance, etc.”
 

How can a child turn his/her savings into a wealth-building tool?

Tracy says, “Children can use their savings in the future to pay for specific needs, including an education, a down payment on a home or retirement. By starting early and realizing the power of compounding interest, they will be in a much better financial situation to use savings for short- and long-term goals. They will have the flexibility to make good financial decisions and avoid possible pitfalls that could derail their financial plan. Developing strong financial values and habits at a young age is the most important aspect of building wealth. Starting early will position them well for the future.”
  

What are the pitfalls that should be avoided?

Both Jennings and Tracy caution that multiple credit card accounts with large credit limits should be avoided. A child should be careful when using credit and understand the implications of a poor credit score, which can have a negative impact on purchasing a home or car, future access to credit and good credit terms.

In addition, student loans can be a good option for paying for college, but a child must understand the potential long-term impact of student loans. They should have a clear understanding of future job prospects and earning potential to determine the financial obligations of taking on student debt.

The post When Should you Open a Bank Account for Your Child? appeared first on Northeast Ohio Parent.

Children really do grow up in the blink of an eye. By starting early, a college savings fund can grow with them. It’s easy too, with Ohio’s 529 Plan, CollegeAdvantage.

Why Use a 529 Plan?
529 plans are the tax-advantaged way to save for college with tax-free earnings and tax-free withdrawals for 529 qualified higher education expenses, those costs required to attend any federally accredited educational institutions — whether for a two-year, four-year, graduate or professional degree, or any other post-secondary credential. This list includes community colleges, vocational or trade schools, and graduate schools.

Ohio residents who save for their child’s higher education with Ohio’s 529 Plan, CollegeAdvantage, can deduct up to $4,000 from their Ohio taxable income per beneficiary, per year. Plus, you are allowed to contribute even more. Contributions over $4,000 are carried forward to future tax years, until all of your contributions are fully deducted. By planning ahead for future college costs, your 529 account can grow through the combination of compound interest, tax benefits, and regular contributions from not only you, but also your loved ones.

Ask Others for the Gift of a College Education
You probably weren’t alone as you watched your preschooler graduate. Family and friends will want to give meaningful gifts for this and other important milestones in your child’s life. You can invite them to contribute to your child’s CollegeAdvantage. It’s easy to arrange with Ohio’s 529 Plan. Log into your CollegeAdvantage Direct Plan and click on Ugift to request a unique code, which will authorize gift givers to donate directly to the plan without needing the actual account number. If the gift giver is an Ohioan, they can deduct their contributions from their Ohio taxable income. The gift just needs to be made payable directly to the 529 account, not to the child.

Disappearing Expenses can Become 529 Contributions
With your child heading to kindergarten, consider adding the money from disappearing expenses, like preschool, to your child’s CollegeAdvantage account. Disappearing expenses are those costs that are in your budget for a limited time — with preschool and daycare being some of the largest. Once your child enters kindergarten, turn those dollars into regular contributions to your Ohio’s 529 account. You won’t miss it and you will continue to support your child’s educational needs.

College Savings Giveaway
To help give the gift of a higher education during the graduation season, Ohio’s 529 Plan is giving away a $529 college savings award Entries will be accepted through 11:59 p.m. EST on June 10.

As you know, your children go from preschool to college fast! Your college savings can grow with them by using Ohio’s 529 Plan. If you are ready to start saving with CollegeAdvantage, it’s easy to open an account online today. Ohio’s 529 Plan, CollegeAdvantage, is your plan, your way.

— Submitted by Ohio’s 529 Plan, CollegeAdvantage. For more information, visit collegeadvantage.com or call 800-233-6734.

The post Give the Gift of Higher Education for Graduation appeared first on Northeast Ohio Parent.

The Federal Reserve Bank of Cleveland’s Learning Center and Money Museum has unveiled the latest edition of its popular, free workbook “Great Minds Think: A New Guide to Money.” Inside are lessons, activities and information reimagined to keep kids engaged and help them better understand financial concepts including budgeting, saving and earning money.

An increased focus on decision making and critical thinking and updated activities are designed to engage readers and encourage family or classroom discussion.

Since the first edition was released in 2008, nearly 800,000 copies of the book have been embraced by teachers, financial institutions, community organizations, and countless other groups committed to teaching kids the fundamentals of finance.

The free book is available in both English and Spanish and can be downloaded online. It’s also available at the Cleveland Fed’s Learning Center and Money Museum, open Monday through Thursday from 9:30 a.m.-2:30 p.m. (except holidays). Admission is free. Interested parties can also request physical copies of the book through an online form.

The post Cleveland Fed Launches Updated Money Guide for Kids appeared first on Northeast Ohio Parent.

Sandy Zimmerman, who manages PNC’s Retail division in the Columbus market, suggests vacation goers should set aside a little extra money ahead of time to help make the trip easier on the budget.

“Many people don’t budget for vacation, even though it’s one of the biggest expenses they’ll make all year,” Zimmerman said. “I have talked with so many customers who said their weeklong vacation costs more than their monthly rent or mortgage payment.”

Zimmerman suggested that the earlier you start saving for a large expense such as that dream vacation, the better.

“Consider setting up a separate savings account and have a portion of your paycheck directly deposited into it,” Zimmerman said. “This is similar to saving for retirement, when you don’t have access to a certain amount of money because it is going directly toward your future. You can use that same approach when saving for vacation and you will know exactly how much you have at your disposal.”

How Much Is Enough?
Zimmerman said it’s a great idea to look at last year’s bills to determine how much money you spent on vacations in the past.

“That way you’ll have a really good idea about how much you should save ahead of time,” she said. “Think about those extra costs – splurging on a big meal, buying souvenirs, staying at a premium hotel. It’s okay if you do that, but if you don’t plan for spending that kind of money, you’ll regret it once your credit card bill arrives.”

Preventative Measures
There also are ways to reduce spending in the months before taking your vacation. Sure, spending less on entertainment and dining out would be helpful, but Zimmerman suggests that packing your lunch every day could save hundreds of dollars between now and the summer vacation.

“Don’t wait until the last minute to make your airline or hotel reservations,” Zimmerman said. “As soon as you know your plans, you should look for sales and jump on those. I’m not just talking 21 days out, but booking months in advance could save you hundreds, if not thousands of dollars.”

Once that hotel is booked, see if they include breakfast. Zimmerman suggests paying for one less meal a day could also reduce the spending budget.

Slower is Good
If you decide to travel by car, keeping the speedometer around the speed limit may increase your gas mileage and save you money at the pump – not to mention save you the unexpected expense of a speeding ticket

“Even the weight of your vehicle could add up to unnecessary expenses,” Zimmerman said. “Don’t pack too many bags. Reducing the weight of most mid- to full-sized vehicles by even 20 pounds may increase fuel economy by a full mile per gallon. That doesn’t sound like much, but it adds up over a long trip.”

Nothing is Cheaper than Free
When you arrive at your destination, Zimmerman recommends looking for free activities on local websites or social media feeds of city sites you’re visiting. “You can ask your hotel concierge for ideas – that’s what they’re paid to do,” she said. “Be sure to ask your friends who might have visited the same place if they have any suggestions for free activities.”

“It all begins with a budget,” Zimmerman said. “Just a little planning ahead could really make your vacation a memorable one, — and not based on the bills.”

— Submitted by PNC Financial Services Group

The post How to Control Vacation Spending Before Hitting the Road appeared first on Northeast Ohio Parent.

Many families are now learning about a workplace practice hurting their budgets. It is actually a scheme that exploits your labor. In wage theft, employers either intentionally or unintentionally withhold money due to you according to the FLSA.

What is The FLSA?

The Fair Labor Standards Act of 1938 (FLSA) requires your employer to openly post information about your labor rights. This information typically appears in the form of a poster. It must be posted in an obvious spot where employees can see it somewhere in the workplace.

This act, printed and published on a red, black and white poster by the US Department of Labor, contains information about fair labor standards. This poster summarizes your rights to fair payment for your labor. Many employees may see this information but don’t know what to do if their pay is being exploited.

How Might Wage Theft Be Committed Against You?
There are common ways wage theft can occur. Here are some examples:

1. Employer withholds overtime pay. A common way wages may be dismissively taken from you is by an employer withholding overtime pay. By law, for hourly workers, after you work more than 40 weekly hours, your employer must pay you at least time-and-a-half. That means if you work for the current hourly minimum wage of $7.25, for any hours you work over 40 in the same week, you get one-and-one-half-times $7.25 or approximately $10.89 hourly for all hours worked over 40. If your employer does not pay this additional pay, it constitutes wage theft.

2. “Off-the-clock” uncompensated work. Especially in the retail industry, “off-the-clock” work constitutes wage theft. Off-the-clock work involves uncompensated job-related tasks an employer requires an employee to complete before and after his/her work shift ends.

3. Retail job misclassification. A common retail scenario includes one where an employer gives hourly employees managerial sounding titles. Examples of these titles might be “assistant” something such as “assistant store manager” or “assistant store supervisor” or “managerial assistant shift supervisor.” (Note: Correctly classified managerial employees are typically exempt from overtime pay.) Once the employer attaches an exempt-sounding title to the hourly employee, the company then reclassifies the hourly employee as being exempt from overtime. The truth is that often those managerial sounding titles do not change the hourly employer’s labor status. The proof? The entitled hourly employees do tasks hourly workers do. Thus, they should be getting paid overtime.

4. Workers unpaid for 30-minute meal breaks but forced to work through the break anyway. Many workers are required to perform uncompensated work-related tasks during their meal break. This is another example of wage theft.

5. Unpaid donning and doffing time. Many occupations warrant that an employee change into and out of protective clothing as required by law, by the employer, or due to the job’s inherent dangerous or bio-hazard job nature. If changing clothes is a part of an employee’s job, the time to dress and re-dress should be included in on-the-clock work hours. If the employee is not paid to be appropriately prepared to do his/her job by being correctly clothed to do that job, it is off-the-clock work and is argued to be a form of wage theft.

6. Minimum wage violations. Employers that pay an hourly-rated employee less than the lawfully mandated minimum wage commits wage theft. A common way an employer does this is by making inappropriate employee deductions that cause the worker’s take-home pay to fall below minimum wage. Examples of unlawful deductions can be seen by checking this link.

7. Suspect record keeping. The US Labor Department clearly requires employers to keep honest records. If your work record contains intentional or unintentional errors, know you are entitled to do something about it. To see what the US Labor department record keeping standards are, check this link.

8. Payroll debit card fees. Many employers now pay employees using debit cards. Requiring employees to pay debit card fees is not a usual business expense employees absorb. If these fees cause an employee’s wage to drop below the federally mandated minimum, the employer may be engaged in wage theft.

9. Unreimbursed mileage and expenses. If you incur job-related expenses and your employer doesn’t reimburse you, he or she is engaging in wage theft. Make sure you submit all receipts for job-related expenses. Pay close attention to your paycheck and see to it that you get reimbursed.

10. General labor status misclassification. If your employer classifies you as an independent contractor while you are actually an employee under the FLSA, he or she may be committing wage theft. It is important to know the difference between the two labor classifications.

What can you do to protect yourself from wage theft?
The following are some basic ideas to protect yourself from wage theft. You can use these to determine if your labor is being exploited.

• Understand whether you are an hourly or salaried (exempt) employee. Hourly employees are entitled to overtime payment when working over 40 hours in one work. Typically, salaried employees working over 40 hours are not. However, there may be exceptions to these standards. Remember, federal laws and regulations determine your pay eligibility. If your employer says you have a special pay circumstance ask him or her to show you the law that supports that special circumstance. If you have questions, contact the US Labor Department.
• When wage concerns arise, respectfully talk with your employer about it. People do make mistakes. Give your employer the benefit of the doubt if something seems inaccurate about your paycheck. To help yourself, it’s a good idea to keep a record of the hours you work. Also, before you turn in receipts for job-related expenses, keep a copy for your own records. Additionally, if you file a complaint, keep a copy of it AND your employer’s response to it. Remember it is your right to dispute, without being retaliated against, paycheck discrepancies.
• If necessary, consult with an employment attorney. If your wages are illegally being withheld from you, and after talking with your employer nothing is resolved, you may need to consult with an employment attorney. This type of attorney knows the labor laws governing employment practices.

Susan Fox is a parent, mother, wife, professional hypnotist and freelance writer. She teaches people how to use natural methods of effectively managing the pain, stress and tension of chronic conditions. You can contact her by writing to her at brainviewtraininginstitute@gmail.com.

The post Is Your Labor Being Exploited? What to Know About Wage Theft appeared first on Northeast Ohio Parent.

It’s easy to push this question aside when dealing with life’s day-to-day stresses, like work or the demands of raising kids. Possibly, the thought doesn’t occur to some people until they are called upon to care for an aging loved one or visit them in a nursing home. The question may not arise until they are facing a personal health issue.

The prospect of having to rely on others for care can be frightening, especially to someone who has been active most of their life. Fortunately, there are two strategies available to lessen this anxiety: preparation and conversation. The former can be largely accomplished through paperwork. The latter requires an investment in offspring.

Matthew Reed, senior vice president of communications and administration for Direction Home, Akron Canton Area Agency on Aging & Disabilities, says that preparing necessary items such as writing a living will, settling power-of-attorney questions, and making end-of-life arrangements are initial steps that people can take to prepare for their senior years. However, arranging for their personal long-term care may be more difficult than preparing legal documents given the emotions involved.

Reed adds another complicating factor is that people are living longer and, in some cases, with chronic conditions that can impair their ability to live independently.

While recognizing that individual situations may vary, he suggests parents first discuss their wishes with a professional, such as an attorney, before attempting to talk about such issues with their children. He also cautions that the issue should be broached at an appropriate time given the range of emotions and ages of those involved.

“I don’t know many people that want to rely on their children for their care, although that is traditionally the way that we get our care,” Reed says. “I just had a daughter a couple of years ago and I’m already talking with my wife about, ‘Let’s raise her so that she knows what our wishes are and can help us.’”

Reed suggests that parents adopt a proactive approach to discussing the topic with their offspring rather than waiting for them to ask. It’s a conversation that might best be delayed until children are adults themselves.

Gina Laterza, an Akron-based licensed professional clinical counselor, says that while parents should be the ones to initiate the discussion, it should be at a point in a child’s maturity level when they are capable of understanding another person’s needs.

She explains that families that are open, rather than emotionally closed, may have an easier time discussing such a potentially difficult topic as long-term care for a parent. Communication regarding parental wishes should be an ongoing dialogue and not a one-time occurrence as personal and family circumstances may change. Even with openness and understanding among family members, the topic can be problematic for parent and child.

Citing her own family situation, Laterza says that while her mother has

set aside money when planning for her personal long-term care, someone in early middle age — such as herself — is just starting to comprehend their parent’s needs and wants beyond a desire to remain as independent for as long as possible.

While an age-appropriate dialogue with children is important, actions can influence a child regardless of their age.

Laterza explains the impact of the family “life cycle of learning” and role modeling should not be overlooked. Many behavior patterns are learned from parent to child and can be handed down over generations. Positive traits such as compassion can be instilled in children at an early age. Children observe how their parents treat their grandparents and those patterns can repeat in the future.

Reed adds that parents tell their children what’s important to them by the way they act, and that children are always watching. “If you want kids that are going to take care of you when you’re older, you showing them how to do that with your own parents is probably a good first step.”

Even with all of the preparation and all of the conversation of those involved, there is no “one-size-fits-all” approach to raising the subject of parental long-term care.

Along with differing ages and personalities, other factors such as cultural values may influence how such conversations unfold, Laterza says.

Reed explains that personal situations also can change drastically due to circumstances beyond the control of individuals in areas such as health care, Medicare, and nursing home options.

“Aging really is about preparing for the future,” he says “I don’t think that we have that sort of crystal ball that can help predict the future.”

The post Children can be an Investment Opportunity for your Golden Years appeared first on Northeast Ohio Parent.

There are both Ohio and federal laws. Many sellers in Ohio must comply with both of these laws. Under Ohio law, most single merchant gift cards cannot expire for two years or impose a fee for two years. There are exclusions, though, the most common of which are:

• An awards, loyalty, or promotional program;
• A gift card that is sold by a nonprofit or charitable organization for fund raising purposes;
• A gift card that is usable with multiple, unaffiliated sellers of goods or services, for example a Visa Card.

Federal law requires that the gift card lasts at least five years for most cards. In addition, under Federal law, sellers cannot charge fees on most gift cards, unless the card has been inactive for one year. However, if Ohio law is applicable, this is at least two years. Federal law also states that any fees charged must be clearly marked on the card so the buyer is aware.

So, should you not purchase gift cards because of these restrictions? Of course not, because gift cards can be a handy gift. What you should do is recognize that unlike cash, there are rules and expiration dates attached to gift cards, so use it or lose it. If you do run into problems, you might try calling the Ohio Attorney General’s consumer hotline at 1-800-282-0515.

You will probably give — and may receive — gift cards this holiday season. Be sure you understand the terms and time limits so you’ll get your full money’s worth.

Laurie G. Steiner is a member of the law firm of Solomon, Steiner & Peck, Ltd. She is a Certified Elder Law Attorney by the National Elder Law Foundation and the Ohio State Bar Association and an accredited attorney for the preparation, presentation and prosecution of claims for veteran’s benefits before the Department of Veterans Affairs (VA). She practices in the areas of Elder Law, Medicaid, VA and Disability Planning, and Estate and Trust Planning and Administration.

The post The Truth About Holiday Gift Cards appeared first on Northeast Ohio Parent.

Gone are the days of grandma and grandpa giving paper savings bonds. Instead, many tech savvy grandparents and extended family members can transfer money with the click of a button online or through smartphone apps.

And, of course, there’s always good old-fashioned cash.

Your child’s holiday windfall could provide the perfect opportunity to establish a new tradition of saving for the long term.

“It’s so important to teach kids the power of investing,” says Tim Channel, financial advisor for Ameriprise Financial Services in Akron. “If we teach kids to spend, spend, spend, that carries over into adulthood.”

There are many ways family members can contribute to a long-term savings plan for your child. Parents can establish an account and provide the information to family members, or family members can set up an account on behalf of the child, as long as they have the proper information about the beneficiary.

“The biggest question you should ask yourself is, ‘What do you intend to have this money for?’” says Tim Porter, financial advisor with Wentz Financial Group in Hudson. “The first thing that comes to mind for a lot of parents is saving for college.”

Porter says the most popular account he sees families opening is the 529 college savings plan.

“The 529 account allows you to put money aside and it grows tax free, but it has to be used for some kind of higher education,” Porter explains.

These accounts are easy to establish, have low minimum contributions and allow anyone with the child’s information to add to them.

“I like the 529 because it teaches kids to plan for the future,” Channel adds. “Obviously they don’t know how much college is going to be and you’re earmarking money for something they’re going to need.”

Another common account for children is the Uniform Transfer to Minors Act account or UTMA, which allows relatives to gift money, valuables and even real estate to children. While the account belongs to the child, they do not have access to it until they become a certain age.

Once the beneficiary has access to the account, they can do what they want with their gifts.

For those who’d like more control over how their gift is used, Michael Kostelnik of Family Life Financial Planning in Mentor says a trust might be a better option.

“When we think about trusts, we think about rich kids on television,” Kostelnik says. “But the truth is, they don’t have to be multimillion dollar trusts.”

Specific terms and conditions can be established for a trust to limit how much money the beneficiary has access to at one time.

If you’re looking for a gift similar to a savings bond, financial experts say investing in a CD or mutual fund will give you more bang for your buck than a savings bond.

Additionally, a share of stock is a creative way for your child to take ownership in something they love, such as Disney or Apple.

“You can buy the actual stock certificate in the child’s name and give it to them,” Kostelnik says. “I like it because you’re doing two things — you’re giving them a gift but you’re also teaching them how investing works.”

The post Cash: the Gift that Keeps on Giving appeared first on Northeast Ohio Parent.

Defensive Driving
Do you actively drive defensively? For any age driver, doing things that improve your driving skills and safe driving behaviors might get you reduced car insurance premiums. Why? Because safer driving means fewer claims.

This could mean completing an approved driver training (or driver’s education) course, or, for older drivers, a defensive driving course.

Research shows that young drivers who are well-trained are statistically less likely to engage in risky driving behaviors. The more responsibly a person drives, the less car accidents he or she causes. Responsible driving can even save lives.

Defensive driving includes staying off your cell phone while you drive. (For more information on how to encourage teens to drive safely, click here.)

To get discounts on your insurance plan, ask your insurance company agent for specific details. You may be eligible every few years to get another discount after taking training again.

Don’t Drink and Drive
Getting a DUI (Driving Under the Influence of mind/body altering substances) can ruin your life. If you get one or more DUI, you can become uninsurable by most insurance companies. Plus, your driver’s license will be suspended or revoked, you could lose your job, and worst of all, if you seriously injure yourself or others you would go to jail or prison, get a criminal record, be required to take rehabilitation classes, etc. (Click here to read more about how DUI can completely ruin your life.)

Stick With the Truth
What can raise your car insurance premiums other than offensive driving? Hiding the truth. For example, have you sustained a sports, automobile or other type of injury causing you to have a concussion? If so, it is only safe to drive after a doctor tells you it’s safe to drive again. When you answer questions about your life experiences, tell the truth.

Here’s an article revealing why it’s important to pay attention to your ability to drive if you’ve had a concussion. Though this article talks mainly about sports related injuries causing concussions, research now reveals that those who’ve had concussions for any cause can experience focus and memory problems.

Though it would be inconvenient to be unable to drive as a result of receiving a brain injury, being safe on the roads is important to your life and the lives of others.

Check Leased Vehicle Coverages
If you lease your vehicle, you could be required to pay for higher insurance coverages. Before you lease, check the insurance coverage requirements.

Obey Traffic Laws to Maintain a Clean Driving Record
Having a perfect driving record with no moving violation tickets and no at-fault accidents can make you eligible for lower insurance premiums. Remember you are piloting a heavy machine that could cause you or someone else damage unless you pay attention while driving your car.

Comparison Shopping
When you start looking for a company to insure your driving activities, you might consider creating a spreadsheet. Check rates with at least three companies.

On the spreadsheet, include comparing each individual company’s quotes, discounts, features and coverages. Remember that car insurance rates can vary a lot from company to company for exactly the same coverage parameters. Also, ask about each insurance company’s ratings.

Price is important but it is not the only thing when shopping for coverage. Also look at each company’s reputation, customer satisfaction ratings and website reviews. Take with a grain of salt the occasional bad review. Look at the overall number of people who have something good to say about the company.

Deductibles
When it comes to insurance, for some coverages you will pay deductibles. Ask your insurance agent the pros and cons of paying low or high deductibles.

For example, if you increase your collision and comprehensive coverage deductible from $250 to $500, you could reduce your monthly premium by 15 to 30 percent. Increasing the deductible to $1,000 could lower your monthly premium by up to 40 percent or more. There are creative ways you can lower your premiums. Just make sure you save that $1,000 in a special account in the event you need to file a claim.

Consider only Carrying Liability Coverage on Older Cars
For very old privately-owned vehicles, it may make little economical sense to carry anything but liability on them. How old is too old? Well, instead of age, let’s look at actual market value of your car. (Check NADA to determine your vehicle’s market value.) Generally, if your car’s market value is worth less than $1,000, it makes little financial sense to pay collision and/or comprehensive coverage on it. Remember, even though Aunt Martha might have willed you her car, insurance companies don’t pay anything for sentimental value.

Group Affiliations
If you are a military vet or credit union member, you might get a discount on your insurance policy. Also, check out possible employee discounts as a member of a large employee group, professional group and/or other organizations.

Ever heard of UBI?
Usage-based insurance (UBI) programs might save you money if your driving habits define you as a good driver. In this program, a device plugged into your vehicle records specific driving statistics. Usually, the insurer applies discounts to your next policy term. However, high mileage drivers, people who drive a lot at night or who regularly slam on the brakes probably will lose money with UBI.

Good Student Discount
Students who act maturely and responsibly can get discounts on car insurance. This is yet another example of where it pays to act responsible!

Vehicle Safety Features
Depending on your vehicle’s safety features, you may be entitled to discounts. Ask your insurance agent to give you a list of features that may net you policy discounts.

Bundling Policies
Does your insurance company provide coverage for more than just your auto? If so, you may get insurance policy discounts by carrying coverage with just one company. Look at bundling your home, auto, motorcycle, recreational vehicle or boat insurance all with the same carrier.

Other Ways to get Insurance Policy Discounts
Did you know you might get a discount for having good credit? Many Insurers see a driver’s good credit rating as proof of he or she filing fewer insurance claims.

Ask your insurance agent to look at your accident-free record or for other ways you can get discounts. It is important to ask for what you want. In other words, do not assume you will automatically get a discount because you think your insurance agent is a nice person. Ask about these discounts, especially if you have a good driving record.

Susan Fox is a parent, mother, wife, professional hypnotist and freelance writer. She teaches people how to use natural methods of effectively managing the pain, stress and tension of chronic conditions. You can contact her at brainviewtraininginstitute@gmail.com.

The post Tips to Save Money on Car Insurance appeared first on Northeast Ohio Parent.

When a high profile celebrity passes away, we can learn a lot about the value of careful planning when using their estate plan as a case study.

Carrie Fisher is one of the celebrities whose proactive, yet faulty, planning gives us an excellent example to illustrate some key points that are important for you to understand for your family.

Even though Carrie Fisher worked with some of the best (read: most expensive) lawyers in Los Angeles, and she had created a trust to hold her assets, her estate plan failed, in our opinion, because it didn’t keep her assets out of court and passing privately to her heir, Billie Catherine Lourd.

Instead, Fisher’s lawyer created a trust, and never ensured Fisher’s assets were transferred into the trust. And while you may think this is malpractice on the lawyer’s part, it’s actually common practice. We see this all the time when clients come to us with prior prepared estate plans — they’ve got beautiful documents that will not work when their families need them because their assets were never properly inventoried and transferred. Fisher’s death brings this major issue in estate planning to light. As a result, Fisher’s trustee, Dennis King, had to file a petition in probate court seeking to have Fisher’s assets transferred into her trust.

The whole point of creating a trust is to keep your family out of court and keep your affairs totally private.

Because Fisher’s trust was not properly funded (the legal terminology for making sure your assets are transferred into trust so you can keep everything private and out of court), all of her assets and who will receive them have been made public.

As a result, we know that Fisher left her estate to her daughter, Billie Lourd, and that it included cash accounts, several LLCs, real estate, a life insurance policy, personal belongings, and intellectual property rights. Having this information public leaves Lourd at risk. Unscrupulous parties now have access to details they wouldn’t otherwise know.

This is exactly why a key part of a good estate planning process is a thorough inventory of your assets, ensuring your assets are transferred into your trust (if you choose to keep your family out of court) and then a review of your assets and planning documents at least every three years, if not annually.

Proper estate planning can keep your family out of court and save your family precious time and money in the process, but only if you follow through.

Jeff Berenholz is an estate planning attorney in Beachwood, Ohio. He is a dad and a husband, and is committed to educating families with young children about the importance of proper estate planning. Jeff’s goal is not just to draft documents; he ensures you make informed and empowered decisions about life and death, for yourself and the people you love. If you’d like more information or you’d like to schedule a complimentary Family Wealth Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love, please email jeff@jeffblaw.com, call (216) 766-5766 or visit www.jeffblaw.com.

The post Planning Pays Off: An Illustrative Look at Carrie Fisher’s Semi-Failed Estate Plan appeared first on Northeast Ohio Parent.

Project Hope Executive Director Judy Burr said it is this spirit of giving that inspires the movement behind #GivingTuesday. This year, the social media campaign is celebrated on Nov. 28 — it is annually conducted on the Tuesday after Thanksgiving, following Cyber Monday.

#GivingTuesday harnesses the potential of social media to encourage the generosity of people around the world to bring about real change in their communities. The campaign provides a platform to encourage the donation of time, resources and talents to address local challenges. It also brings together the collective power of a unique blend of partners — nonprofits, civic organizations, businesses and corporations, as well as families and individuals — to encourage and amplify small acts of kindness.

“We have seen amazing ways youth have been supporting the mission,” Burr said. “It is my hope that their efforts will touch your heart in such a way that you will also feel compelled to respond. An easy way to do so is to give the gift of a shelter night to an adult or child.”

The Junior Amvets held a spaghetti dinner fundraiser on Oct. 21, and on Nov. 18 they dropped off bags of items purchased at a local retailer to the homeless shelter at 25 Freedom Road. Afterward, they received a tour of the facility and learned Project Hope is a 50-bed shelter that cares for up to 35 individuals and 15 people in families on a nightly basis.

“It makes you feel happy when you’re doing something for someone, so I feel really good being here and knowing what happens when someone is homeless,” said Junior Amvet McKayla Meadows, 11.

The group conducts fundraisers several times a year, mostly for veterans’ organizations, said Junior Amvet Haley Howell, 14. She said the idea to help Project Hope stemmed from recent hurricane events across the country that left thousands of people homeless and that sparked the idea to do something to help people locally.

When Junior Amvets Post 109 leader Jennifer Jakosh inquired what her group could purchase for Project Hope, she was advised to check Project Hope’s monthly wish list. Purchases were then made based on what was needed.

“The Junior Amvets do a lot for organizations that aren’t always recognized so I think it’s pretty cool that they are really able to put themselves out there to really do a great thing and be humble about the experience,” Jakosh said.

Photo: John Arthur Hutchison, Project Hope for the Homeless grants and public relations coordinator, conducts a tour of the homeless shelter in Painesville Township for the Junior Amvets Post 109 of Mentor-on-the-Lake.

The post #GivingTuesday Inspiration: Junior Amvets Raise Money for Project Hope for the Homeless appeared first on Northeast Ohio Parent.

New parents do not completely understand or appreciate just how chaotic the weeks, months and years will be after a little one arrives. Between the feedings, attempts to sleep and shifting schedules, the opportunity to sit with a financial professional after the baby is born can feel almost impossible.

There are a few things new families can do before birth to get in good shape for baby.

1. Pay down debt.
   The nine months leading up to baby is a great time to pay down debt. Typically expenses are lower in the months leading up to baby’s birth, given diaper costs and baby food have yet to hit the pocketbook. Many clients strive to live on one income to increase their savings and pay down debt. If debt is not an issue, use this time to increase your savings account to prepare for the new expenses such as a car seat, crib, diapers and delivery costs.
2. Review your coverage.
   New parents should understand their current coverage and update and adjust it if needed. If the ins and outs of benefits at work are presently a mystery, call human resources for a refresher to understand what medical coverage and maternity leave policies cover.Review your life insurance and disability income insurance to make sure it meets a growing family’s needs. Term life insurance may be an affordable option for most families and can be purchased for a certain period of time to help protect a family’s financial well-being in the event of an untimely death. Disability income insurance is designed to protect a portion of an individual’s income. The bottom line is that losing the ability to earn an income may make it difficult to make ends meet. Disability income insurance can be a practical solution to help protect a family’s financial security in the event of a disabling illness or injury.As a parent, don’t guess when it comes to coverage amount, work with a financial professional whom you trust and can help you understand your needs in the event either parents were to become disabled or die.

3. Establish a budget.
   Lastly, establish a clear budget prior to the baby arriving so you know how much money is currently allocated to meet financial needs. This will allow you to determine how much money you can allocate to the new expenses such as diapers, formula, day care, baby clothes, etc. or if you need to cut back on certain expenses to keep you from overspending.

By taking the time to review these important topics, you will remove the concern and worry that comes with not knowing what your family has in place. Instead you will find yourself in a position to simply enjoy the special moments as a new parent knowing you have taken steps to protect your family.

Written by Thomas J. Giltner and Court Creeden, of Parent Financial in Independence, Ohio. For more information, visit parent-financial.com or call 216-520-2160.

The post 3 Money Tips to Follow when Preparing for a New Baby appeared first on Northeast Ohio Parent.

Rick Castellano, vice president of corporate communications at Sallie Mae, says that to help your family get the most financial aid, you should avoid these seven common mistakes:

1. Not filling it out: Families often think they make too much money to qualify for federal student aid, but many schools give money to middle class families. “If you don’t fill out the FAFSA, you’re telling your school you don’t want their financial help,” says Castellano. FAFSA is the first step in applying for most scholarships and university grants, which can have much higher income limits than Pell Grants. A family of four making $200,000 could qualify for university grants at some private universities.

2. Being afraid of the IRS Data Retrieval Tool: Because of the Equifax data breach, families are scared to use electronic tools with financial information. But the IRS Data Retrieval Tool that will import 2016 tax data into the form is easy to use and is highly secure. Don’t waste time filling out tax information yourself.

3. Waiting too long to file: Financial aid such as university and state grants can be awarded on a first-come, first serve basis. And with the relatively new October 1 debut date for the 2018-19 academic year, schools have the option to award financial aid packages months earlier than in past years. Thus, it’s extra important to pay attention to state deadlines, and extra applications that may be required by the school. To find state deadlines go to the website for your state’s department of education. For school financial aid information, contact the universities to which you’re applying. You also may find state financial aid information on the final screen after completing your FAFSA form online. Filing just a month or two after October 1 could cost families thousands at some schools.

4. Not naming enough schools: You can choose up to 10 schools to receive your financial aid information. Pick 10. Why is this important? If a school is not on your list and you do end up choosing that school, you will get financial aid behind other students who named their school on the FAFSA form when first filing. If you don’t have 10 schools you’re considering among your final choices, add schools from your maybe list or a school that’s a bit of a reach academically or financially. You may find they offer you a great financial aid package that makes the college worth a second look.

5. Not listing state schools first: Some state schools will give more aid to the students who listed their college at the top of the list. If there is no state school that you want to include on your list, include a state school from a neighboring state. Sometimes these schools may also give you more financial aid for listing their college near the top of the list.

6. Not being prepared: When you sit down to fill out the FAFSA form, you may experience delays if you don’t have all your information ready. Parents and students should create a user id and password for the student and each parent beforehand. Parents should also gather financial records from brokerage accounts, bank accounts, 529 plan accounts, and real estate.

7. Paying to file the FAFSA: “The first F in FAFSA stands for free,” says Castellano. Know free sources of help, which include your high school counselor, local college financial aid offices and the federal government Federal Student Aid site and phone number: 800-433-3243.

Click here to read the full article, which was originally published by Experian.

The post Avoid These 7 Mistakes that Could Cost Thousands in Federal Student Aid appeared first on Northeast Ohio Parent.

Ask Around
First things first, let’s start with some old-fashioned research. Do your due diligence. Ask around, get advice, or seek out assistance from your local banker or financial adviser. Chances are your bank has a licensed professional on staff who will make an appointment with you to discuss your needs, no commitment necessary. They will be able to answer your questions about 529 plans (a state sponsored college savings account), custodial savings accounts, and investment options for future savings.

Remember, the word investment often sounds more intimidating than it actually is. A banking professional can provide you with information and insight on the type of plan or account that best suits the needs of you and your family. Be sure to ask questions about details like taxes and fees, funds accessibility, and deposit options (like how much and how frequently you can deposit per year).

Make a Plan
Building up a savings account is something everyone knows they should be doing, but very few people have an active plan in place. Once you have the account set up, how do you go about growing the balance? To put it simply, one of the most popular tips to help build a savings account is to put the funds away before they touch your wallet. Talk to your bank about setting up automatic payments that link directly to your savings account. If you put it away before you have a chance to spend it, you’ll have to make a dedicated effort to retrieve those funds, which will hopefully make you think long and hard about your purchase(s).

Keep in mind, not all savings or investment accounts require large opening balances anymore, so it’s much easier to open an account that will earn interest as it sits. Work on putting small sums into a savings account and when you hit a small goal (say $500), move it into the larger investment account. That way, in the event you need to access those funds for an emergency, you have them.

Think Outside the Box

• Try designating specific funds for specific accounts. For example, if you use a shopping app like Ebates or a credit card to earn cash back, take those checks and deposit them directly into your savings.
• Challenge yourself to be mindful of the money you spend every day, and turn it into a fast way to add to your savings. If you have a coffee habit, use your online banking access to flip $5 into a savings account every time you’re sitting in the Starbucks line. It will help you build a balance faster, and may help you cut back on your caffeine at the same time.
• Software developers are constantly coming out with new apps to make things easier on the everyday consumer. Look for an app devoted to budgeting like Daily Budget, or download a savings app like Acorns to help you save automatically. Acorns actually takes the “spare change” from purchases that you have made, and puts it into a small investment account every month, making your change work for you.

Remember that saving money should still be comfortable, and every little bit counts. Use these suggestions to make a plan that works for your family and your goals.

The post Save Money, One Dollar at a Time appeared first on Northeast Ohio Parent.

That’s why parents should take the time to teach their children how to understand and use credit wisely — preferably before they head off to college.

A good place to start is by teaching students how credit works and to allow them to start building a credit history when they enter college, says Beth McSweeney, assistant vice president and campus relations manager for Greater Maryland at PNC Bank, a role in which she works directly with colleges and universities on student loans.

Parents who don’t help their children establish a credit history may be putting limits on them, she adds.

“Allowing students to have access to some credit teaches them how to budget and it teaches them responsibility,” says McSweeney, who also worked in the post-secondary financial aid industry for 10 years and often provides financial guidance to PNC customers who are sending a child to college.

For example, a credit card account can offer an opportunity for a student to start to establish a credit history, provide peace of mind for parents that their child has a means to pay for unexpected expenses and allow parents to monitor their child’s spending.

However, McSweeney cautions that parents will need to set boundaries. If the parents are a responsible party on the credit card account, they should allow their student to have access to a very small credit line. In addition, set consequences for charging unnecessary items and explain to your child what charges they’ll be responsible for repaying. It is essentially a conversation about needs vs. wants.

“When I counsel families, I hear students talk about their spring break trip or wanting a new TV,” McSweeney says, adding that those are big ticket items that students shouldn’t be buying with credit cards or loans.

Making the Grade
As students begin building credit, parents should teach them about the credit score, which is basically a grade, McSweeney says. As a grade on a test is considered a measure of how well a student understands a subject, a credit score shows creditors how likely a borrower is to repay debts. The higher the credit score, the more financially dependable the person is deemed to be. And that can make all the difference when applying to borrow money in the future.

Technology has enabled businesses of all kinds to quickly pull up a credit report and score. A credit score can determine whether a student qualifies for a lower interest rate on a car or whether they can rent an apartment and eventually buy a home.

The higher the credit score, the easier it is to qualify for loans and sometimes at a lower interest rate.

Believe it or not, a credit score also can play a role when job searching and could be a factor in whether one lands that coveted job. McSweeney notes that many employers now review credit scores when they consider job candidates.

Admit Your Own Mistakes
Credit can be an overwhelming subject, especially once the consequences are explained, but there’s one way to stop your child from rolling their eyes. Share your own experiences.

Most people learn about credit through trial and error, and parents are no exception. Parents should talk about how their own credit score may have been impacted by applying for too many credit cards or accumulating debt they couldn’t repay. This proves parents are human, too, and shows it is possible to overcome mistakes.

When McSweeney counsels families about college financing, the student often expects her to say she never made mistakes and that she has always had perfect credit. Once she tells them that she, too, learned the impact of credit the hard way, the student often softens up and is more willing to listen.

PNC’s Student Center provides resources to help students and families from college prep to career first steps.

The post Starting the Path to Good Credit for College Students appeared first on Northeast Ohio Parent.

At the end of the ceremony, they are moving up to . . . kindergarten! Overwhelmed with pride, you think, “Wow, they are growing up so fast.” And then you realize, “Wow, they are growing up SO fast!”

Kids really do grow up in the blink of an eye. That’s one of the many reasons the 529 college-savings industry introduced 529 Day during the month of graduation celebrations, whether it’s from preschool, middle school, or high school. 529 Day (May 29) highlights the importance of saving now for your child’s future college education in a 529 college savings plan, whether the future is 18 years away or three months from now. By starting early, a college savings fund can grow with them. It’s easy, too, with Ohio’s 529 plan, CollegeAdvantage.

Let’s start at the beginning: What’s a 529 plan? A 529 plan is a college saving account, named after the part of the Internal Revenue Code that authorized their creation in 1996, Section 529. Legally know as a “qualified tuition plan,” these college savings accounts are sponsored by states, state agencies, or educational institutions. Ohio Tuition Trust Authority is the state agency that administers Ohio’s 529 Plan, CollegeAdvantage.

529 plans encourages families to save for college with the benefits of tax-free earnings and tax-free withdrawals when used for qualified higher education expenses. Ohio taxpayers can also deduct up to $2,000 in contributions per beneficiary, per year from their Ohio taxable income. For families with young children, 529 college savings plans are a great way to start early and save over time in a tax-advantaged way while taking advantage of the power of compound interest. Even with older children, it’s never too late to save in a 529 account to maximize the tax benefits.

CollegeAdvantage offers tools and calculators to help build a 529 savings plan to best fits a family’s needs. Use the tools to set or rework a college savings goal, check long-term tax benefits of saving in a 529 plan compared to the taxable savings account, or even see the cost of waiting to save. Ohio’s 529 Plan provides ready-made, age-based portfolios as well as ready-made, risk-based portfolios to tailor a 529 college savings plan to the individual needs of the beneficiary.

Saving for college in Ohio’s 529 Plan does not mean that those funds can only be used in Ohio. 529 plans can be used nationwide (and even overseas) at any accredited two-year, four-year, graduate or professional, or any other post-secondary schools that accepts federal financial aid.

In honor of 529 Day and the graduation season, CollegeAdvantage, Ohio’s 529 plan, wants to help account owners reach their college savings goals by giving away five $529 CollegeAdvantage College Savings Awards. Click here to enter. Entries will be accepted through 11:59 p.m. EST on June 11.

Interested in opening an Ohio 529 college savings plan? Visit CollegeAdvantage online to start saving for future college expenses today. For a good overview about 529 plans, visit SavingForCollege.com for a quick video.

The post Celebrate 529 Day With Ohio’s 529 College Savings Plan appeared first on Northeast Ohio Parent.

After sitting at nearly 1,000 couples’ dinner tables and talking about money, there is one thing I have noticed. Couples who manage their money together are closer. Their goals and dreams are more aligned and they know more about each other’s everyday life. Here are some tips to get your family finances in order with a significant other.

My Account, your Account, our Account
The first step to bringing your finances together is to have a joint bank account.

When you go out to eat, shop for groceries or pay other household utilities, this would be the main family account to pay those bills. This allows you to get rid of the “my money/their money” mindset. This account should be where the majority of everyone’s paycheck goes and it can be used for the majority of household expenses.

If you and your partner are operating out of one account, being on the same page is extremely important. For example, you don’t want your partner to write a check for a bill you just paid. It may be hard to sit down and pay bills together, so the best way to prevent this is to have one person be responsible for paying the bills. Usually, there is one person in the relationship who is more inclined to this type of activity.

If you are the bill payer, please relinquish this task at least two times a year. Make sure your spouse or partner knows what to pay, when to pay it and how to pay it. If you are ever unable to pay the bills, they must know what to do. It also creates a touchpoint for the two of you.

You can still have two separate accounts, which means two additional accounts — one for each of you. This will let you buy gifts for each other and keep them a secret. It will also allow you guilt-free pleasure spending. With this method, you can go to lunch or golf without worrying about the household finances.

Save Together
If you are planning a big vacation or a home remodel, make sure you save as a team.

Open one savings account for this
goal and work toward it together. On
the mechanical side, simply determine the cost and put a portion of it away each month. If in 10 months you will spend $5,000 on a vacation, put away $500 each month. Watch it grow and get excited together; nothing brings couples together as quickly as working toward a mutual goal.

Prepare for Anything
Put together your own “financial bomb shelter.”

This means having an emergency binder, which should include
a detailed list of all accounts, beneficiaries, insurance policies, 
and any other necessary documents. Include your list of online accounts and their login information. If an emergency occurs, all the information you need will be in one place.

Talk About It
The truth is that discussing money can be very emotional.

Talking with a partner we adore often is harder than talking to someone with whom we have no emotional connection. We desire not to show our flaws and disappoint our spouse, so then we don’t talk about money. Create a time where you sit down together and talk.

Finances can be used to grow your relationship. When you work together to achieve a financial goal, you will come together in ways you have never experienced before.

Michael Kostelnik is the founder 
of Family Life Financial Planning and specializes in financial planning for Gen X and Millennial parents. For more information, including the Family Life Financial Planning blog, visit saveforyourfamily.com.

The post Tips for Managing Finances with your Significant Other appeared first on Northeast Ohio Parent.

Open the Lines of Communication
Few topics are as sensitive — or as important — as personal finances. Any conversation on money matters needs to be handled with respect for your loved one’s autonomy and feelings.

Focus on the benefits of planning. Stress that a good financial blueprint can only happen if discussions are straightforward and honest.

Share information or decisions about your own finances and insurance. This will help both of you get comfortable with the idea of mutual responsibility.

If there is an immediate concern that needs to be addressed, use “I” statements, such as “I am worried that…” or “I think a living will is a good idea.” Avoid “you should,” which sounds demanding and demeaning.

Point to examples of others who may have found themselves in similar situations.

Remember that a person’s ability to conduct their own financial affairs is quite often tied to a sense of their self-worth and independence. If you don’t agree with your loved one’s decisions, ask questions that will help them decide if the decision is best, such as “If your plan doesn’t work out the way you’d like, what else might you do?” Look for and present other options to breed trust.

Assess the Current Financial Situation
Caregivers tend to approach this step in one of two ways: either they are overprotective or they are too relaxed. As in most aspects of caregiving, what’s most important is to help your loved one to assert as much independence and control as he or she reasonably can.

Any realistic financial assessment has to begin with an examination of important documents and records. Determine what legal documents (will, trusts, powers of attorney) have already been drafted, and do some number-crunching.

Move onto an exploration of your loved one’s health insurance. What types of care are paid for? What kinds are not?

But this is where a health insurance broker can be a lifesaver when it comes to stress and finances. Trying to decode policies, coverage limits, and out-of-pocket costs on your own can feel overwhelming, especially when juggling other caregiving responsibilities. But a broker can break everything down, help compare options, and make sure your loved one is on a plan that actually covers what they need, without unnecessary expenses. So, just taking this step can help avoid financial surprises down the road and ensure they get the care they deserve.

Conduct an overview of the types of insurance coverage, as well as information about Medicare, Medigap and Medicaid.

Keep your own record of each insurance company’s name, the agent’s address and phone number, and policy number for each of the policies your loved one holds.

Get Solid Legal and Financial Advice
Contact attorneys, accountants, daily money managers, insurance agents or financial planners that you or your loved one have dealt with in the past. Ask for their advice, and find out how they can assist you. Consider working with professionals who specialize in helping the ill or elderly.

Additionally, the following government agencies should be able to furnish you with information and guidance:

• The Social Security Administration can provide an estimate of your loved one’s benefits.
• The Internal Revenue Service offers information and free tax assistance to the elderly, disabled and disadvantaged through the VITA (Volunteer Income Tax Assistance) and Tax Counseling for the Elderly programs. Contact the IRS at 800-829-1040 for information about these programs or visit irs.treasury.gov/freetaxprep to find location.
• The Veterans Administration offers benefits and medical care to veterans and their spouses.

Investigate Time- and Money-Saving Measures
Automatic payment and deposit makes bill paying easier and prevents hassles and interruptions in service. You also may be able to arrange to be notified if your loved one misses a payment.

You can arrange for water, electric, health insurance, mortgage and other regular commitments to be paid electronically out of your loved one’s checking account.

Many federal wage and retirement payments can now only be sent electronically, so before ruling out direct deposit, talk to the Social Security Administration, bankers and others involved in the process to try to clear up problems or misconceptions.

Share Financial Duties and Decisions

No matter what level of responsibility you assume for a loved one’s finances, you should share information with other family members. This will help you avoid the possibility of later recriminations or even legal difficulties.

Keep notes about significant discussions you have with family members and the actions taken as a result.

It’s probably best for one person to handle the main

financial duties, but some family members may be able to handle occasional banking matters and other basic errands.

Step back and make sure everyone involved respects your loved one’s autonomy. He or she may be depending on your help to manage finances, but it is still crucial that your loved one have the last word.

You or someone else your loved one trusts should consider becoming a joint owner of a bank account in order to write checks or withdraw funds. Because of the possible pitfalls or complications of giving someone else access to an account, however, you and your loved one should first seek advice from a banker, attorney or other qualified professional.

To ensure access to a safe deposit box in a crisis, your loved one can appoint a deputy or agent. Check with the bank for their procedures.

Your loved one might want to consider giving financial power of attorney to a close friend or family member.

Be Aware of Your Potential Liability
If you are considering becoming a joint owner of a checking or savings account, serving as a legal representative (through a power of attorney), or becoming your loved one’s trustee or guardian, you should be aware of the potential risks.

Have an attorney read over any documents and explain potential drawbacks before you sign anything.

Your loved one might need extra help to pay for medical or other expenses. Before agreeing to any loan, make sure the debt is manageable.

Determine if adding your name to another account where you also have funds will top the federal insurance limit. Your share in all accounts, whether individual or joint, at a particular financial institution would not be insured for more than the federal limit.

Remember that under the Equal Credit Opportunity Act, a creditor cannot deny or terminate a loan because of someone’s age or disability.

Some banks offer special loans for those people with disabilities to buy specially equipped vans or to make homes and businesses more accessible.

Prepare for Unforeseen Expenses
Family caregivers don’t get paid for long-distance phone calls, travel, groceries, medications, personal care items or other purchases. There are hidden costs to consider as well, including unpaid leave from work.

Some caregivers are able to organize and manage their loved ones’ finances quite well, but neglect their own affairs in the meantime. Try to get your own finances in order before taking on additional responsibility.

Source: CaregiversLibrary.org. The National Caregivers Library is an extensive online library focused on the needs of caregivers, their families and the organizations that serve or employ them. Article reprinted with permission from MetaMD, LLC., Richmond, Va

The post Help Your Aging Loved One Manage Finances while Minimizing Stress appeared first on Northeast Ohio Parent.

We all want our kids to be financially savvy by the time they reach adulthood, so helping them understand basic financial principles, like evaluating wants versus needs and budgeting, when they’re young starts them on a path to success.

Ohio’s credit unions have collaborated to help provide teaching materials tailored to parents and educators.  Kids — and parents—  can learn through videos, games, reading recommendations, budget worksheets, and more.

Check out these resources fueled by your local credit union:

Thrive By Five (www.cuna.org/thrivebyfive) with activity pages in Spanish and English, this online resource provides simple projects to help teach your preschooler about spending and saving money.

Money&Stuff (www.MoneyAndStuff.info) is a free website with engaging lesson plans to teach financial education using items found around the home. The lessons are arranged by age group, incorporate fun, and allow parents to choose a variety of challenging education options based on their child’s skill level.

Biz Kid$ (www.bizkids.com) is an Emmy-Award winning television show for young adults that airs nationally on PBS. Each Biz Kid$ episode features kids exploring how to make and manage money by introducing concepts of financial literacy and entrepreneurship. To keep young viewers engaged, the series includes a fast-paced mix of direct education delivered by young actors, sketch comedies, animation, and stories featuring real-life young entrepreneurs. The show is complemented by a resource-rich website, lesson plans, outreach activities, and a monthly electronic newsletter.

Berenstain Bears Financial Literacy Program (www.facebook.com/TheBerenstainBearsFinancialLiteracyProgram) while only available through your local credit union, this book series provides innovative and engaging financial education through a parent-trusted and kid-adored source, while explaining the benefits of credit union membership.

There is much to be done to empower our kids to become financially-responsible adults, and the sooner we begin talking to them about basic financial concepts, thegreater their advantage. Thanks to Ohio’s credit unions and these resources and tools they provide, the “money talk” is now the easiest of all the talks to have with your kids.

To learn more about credit unions in your community and what financial literacy programs they offer, visit www.aSmarterChoice.org and find a credit union in your area.

The post Resources to Teach Kids How to Manage Money appeared first on Northeast Ohio Parent.

Solon Branch

34125 Portz Parkway / 440.248.8777

Workshops will be held on Tuesdays, January 5 – February 9, 2016 / 7:00 – 8:30 p.m.

Strongsville Branch