I had a few conversations with a friend who decided to add a loved one to his credit card as an authorized user. Over the years, we had many discussions about some of the challenges he faced building his credit history as an immigrant with a thin credit file. He had been a joint account holder in previous situations, and now he was in a position to help someone else. Like my friend, I have been a primary account holder, joint account holder, and an authorized user, which lead me down this path...

Every year people gather up all their tax documents, organize them and then think about their options: do their income tax filing themselves, pay someone else do it, or find another option! Today, let’s explore these options. Is it better to pay someone else or file your taxes by yourself? This is a very important question to ask yourself. Many people can do their own taxes effectively, especially when using the tax preparation software programs that help complete the forms....

One of the best parts about attending professional conferences is the chance to update and reset my thinking about teaching personal finance. While teaching about money might sound like the same old, same old, there’s always something new to learn and share! Three topics stand out in my mind as I reflect on sessions I attended during the AFCPE Symposium. How is COVID affecting people’s finances? While it’s clear that the pandemic is having a financial impact on people’s lives...

With the way this year has been going, I wanted to get a head start on preparing my home for cold temperatures before old man winter makes a full appearance. Taking steps to get your house ready for colder weather can save you money and help you and your family stay safe and warm. Each year, I start with this checklist of tips for winter home prep to keep the cold out and the heat in: Get your furnace checked According to the ...

I grew up in Jamaica, where one of the seasons is fondly referred to as the “rainy season,” which seemed like most of the year. Hurricanes, flash floods, earthquakes, and tropical storms are prevalent in the Caribbean. As a young child, I remember the adjustments my dad would make to our house. He would buy construction materials to batten down the windows and protected his workshop. I also can picture my mum securing essential documents such as our birth certificates, bank account information...

Kathy Sweedler: This blog post was originally posted in 2013 by Karen Chan, CFP, retired Extension educator. A reader recently requested it. This is a timeless topic, still helpful today, and I’m happy to repost it. When our father, died, I think my sister and I both felt like we were wading through a sea of details. Individually, most of them weren’t a big deal. But the volume and speed with which they had to be handled made it stressful. Depending on the situation of your loved...

Choosing someone to raise your child in the event you die is a daunting task.  While godparents can be a potential choice for a guardian, without documentation from your will to nominate a personal guardian, your wishes may not be honored. Below are a few pieces of information I gathered from my research into the topic of guardianship: Finding a Personal Guardian If something were to happen me, the most logical person to take care of my minor child would be my spouse. If the...

For as long as I can remember, we’ve always had a furry companion in my household. Whether it was a cat, dog, bird, or fish, having a pet as a companion can make many people happier. Having said that, pets have expenses to keep a pet healthy, happy, and safe. Costs There are many expenses when it comes to owning a pet. These include food, water, bathroom needs, such as cat litter or dog waste bags, as well as visits to a veterinarian for regular, well-being visits. For cats,...

My family had been waiting to see the movie, Onward since we saw the first trailer in 2019. One of the local theaters is about a mile from our house, and we love to walk (when the weather permits) or take a short drive to see some of our favorite new movies. Since we couldn’t go to the theater when it was released, we were happy it was available to stream. Each year, we go through the motions of subscribing to or canceling streaming services based on changes to the service or the time of year...

At different times in our life, seasons can get tough financially. If you find that you’re unable to make ends meet, you may have to make some tough decisions about which bills get paid before others. If you’re in this situation, here are some choices to consider. Pay Basic Essentials To weather a financial storm, you must pay your basic essential bills to live for your overall well-being.  According to Maslow’s Hierarchy...

Recently grocery stores have started offering a variety of services to help you shop. You can choose to shop online, pay online, have the grocery items delivered to your house and/or pick up your groceries at the store. Who knew you didn’t have to trek up and down the aisles to buy groceries! Here are some options to consider when deciding between services. Cost – Many online grocery options have costs associated with the service. To help you figure out if the fees are right...

Stop! Before you go too far planning your spending of the Coronavirus Aid, Relief, and Economic Security (CARES) Act payment, let’s take a look at the big picture. Unfortunately, the current economic downturn will be a reality for many months. Now is the time to strategize how best to manage this financially. The first priority is to keep you and your family safe. Safety includes items like shelter and food. You may need the government relief payment to provide for these needs. For many...

Cosmetics may seem like a great gift for a teen, tween, sister, wife, girlfriend or any woman in your life, but with the rise of counterfeit cosmetics, a low price for a typically high end product may end up hurting a loved one or yourself. The beauty industry was valued at $532 billion dollars in 2017 with an expected market value of $805 billion dollars by 2023. Counterfeit cosmetics have been around for a...

On the financial to-do list, saving for retirement is one of easiest to say, I’ll do that another day! The good news is that two-thirds of Americans are saving for retirement, according to 2019 EBRI/Greenwald Retirement Confidence Survey. If you are one of these people, congratulations! Researchers and policy makers are interested in encouraging people to save money for long-term goals such as retirement as well as for...

Do you think the student should pay for their own college expenses?  Or is it the parents’ responsibilities?  This is a tough question! Sasha Grabenstetter and I discuss this in the latest Family Financial Feuds podcast, Who Should Pay for College?. Take a listen and see if you agree or disagree with us. We talk about aspects of this question including: Does skin in the game matter? Does the major the...