Family Column

This column focuses on family finances, from starting a family to planning a meal, your family is probably the largest expense in your budget and undoubtably the most important too! We will try to cover all aspects of family planning in this column.


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 Family 
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How to get the most mileage out of baby gear


If you’ve ever shopped for baby stuff, you know that it’s very easy to see your paycheck disappear in a flash. So. Much. Stuff!

Do babies really need all of these things, you might wonder? Probably not, but you ultimately buy everything anyway because you want your little ones to have every new high-tech bouncy seat, fancy teething toy, and designer baby cuteness imaginable. And then there are the bottles, baby food, wipes, diapers, and other daily essentials that have doubled your grocery bills.

While you wind up kicking yourself for spending so much on things that baby will outgrow in mere months, or probably didn’t need in the first place (we’re looking at you, baby food processor and wipes warmer), there are some ways to get more mileage out of your baby-related purchases for years to come.

First, some tips to get the biggest bang for your baby buck if you’re newly pregnant and still shopping:
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 Family 
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Should you pay your child for good grades?


I’ve paid all three of my kids for good grades many different ways and times throughout their school years. But, I can’t say it ever resulted in better grades.

My son, now a senior in high school, would never push a 78 to an 80 just to get some extra cash.

My oldest daughter, now a 20-year old junior college student, had mostly good grades whether I paid for them or not. In high school, she jumped on the honors and Advanced Placement (AP) classes and the ACT study guide because they helped her accomplish her goal of becoming a college volleyball athlete.

Once, I promised my middle school kids $20 for every “A” on their final report card. But, that didn’t help either daughter, both “C” math students (even with a tutor), get an “A” in a difficult subject for them, so they felt worse. I probably should have set a more realistic goal. And, paying three kids for all those “A’s” got expensive, so I was also broke that month.

A 2012 survey for American Institute of CPAs found 48% of 269 parents with kids in school, not only paid their children an allowance, but also paid them for good grades.

The average reward for an “A” was $16.60. Seems I overpaid, too.
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 Family 
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Raising commercial-free kids a perk of cord-cutting

Raising commercial-free kids has its benefitsI’ve been a “cord-cutter” for almost 3 years now, meaning I don’t subscribe to any kind of cable TV package. I do subscribe to high-speed Internet — a necessity in this line of work — but I get my video fix through a PC connected to my TV and a Netflix subscription.

We’ve saved a lot of money doing that. According to 2012 data from the FCC, the most popular cable package among U.S. consumers, expanded basic, costs an average of $61.63 a month, or about $739.56 a year.

But we also have reasons for cutting the cord that go beyond money.
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 Family, Frugal Living 
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‘Sell by’ dates on food lie to you, waste your money

Problems with food dating cause people to waste foodEver find food past its “sell by” date in the fridge and just throw it away without looking at it? If so, you’re almost certainly throwing away perfectly good food, according to a report from the Natural Resources Defense Council and the Harvard Food Law and Policy Clinic.

There’s a temptation to treat the dates on food as infallible predictors of when food will go bad, but in a lot of cases they’re basically bologna. Many dates aren’t based on food safety, but on when the manufacturers thinks the food will taste best. That causes a lot of retailers and consumers to toss food that’s perfectly fine to eat.

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 Family 
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What Financial Considerations Come with Divorce?

Broken heartDivorce is rarely easy. Not only are there emotional difficulties to deal with, but finances often come into play as well. “In general,” says Rick Vincent, a specialist with Investors Capital Corp., “divorce results in a poorer person.”

By the time you split up the assets, pay the lawyers, and take care of court fees and other costs, chances are that you will be out a few thousand dollars. In some cases, it can take years to financially recover from a divorce.

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 Family 
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3 Modern Tools for Paying Your Kid’s Allowance

Kids and MoneyNo matter how you decide to answer the allowance question, the fact remains that you have to pay it somehow.

While paying with cash can be a good way to teach younger children how to visualize their money, older kids are likely to want to use other methods of money management.

You probably don’t buy things with cash very often; a cash-based allowance doesn’t adequately teach your kids to manage their money in a society that’s increasingly cashless. Here are 3 modern tools for paying your child’s allowance:

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 Family 
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How to Overcome 5 Newlywed Financial Challenges

Newlywed financial challengesWhen you marry, even if you lived together prior to tying the knot, it seems as though things get real in your relationship. Now, you have joint ownership of some (and maybe all) assets, and you have to think about how your spending is going to impact your joint situation.

Figuring out schedules and dealing with towels on the floor, or deciding that a habit is really an annoyance and a not a cute quirk, are just some of the few minor issues to deal with when you marry. Figuring out your newlywed finances, and avoiding marriage killing money mistakes, is the real stressor.

Andrew Housser, the CEO of Freedom Financial Network, points out that there are 5 main financial challenges newlyweds face, and he has some ideas on how to avoid them:


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 Family, Personal Finance 
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One Clever Idea You’ve Never Thought of to Save Money on a Wedding

Wedding PhotosOne of the most expensive financial decisions many of us make is having a wedding.

While my wedding was pretty modest (coming in at right around $3,000), the average cost of a wedding as of this writing is a little more than $28,000!

Who has $28,000 to spend on a wedding — especially if you have student debt and you are hoping to save up for a house?

One way to pay for your wedding is to obtain sponsorships to help you take care of the costs. This is the approach Donnie Gallagher and his fiancee Jennifer are taking. They hope to raise $25,000 in services and and cash to pay for their dream wedding on February 14, 2014 (yes, that’s Valentine’s Day). If they manage to raise more than $25,000, everything extra will be donated to charity.

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