Blog Posts by Kari Luckett

Kari Luckett writes about financial education and personal finance topics. She is the Editor for CompareCards.com. Connect with her on Google Plus, +KariLuckett, or Twitter, @KAL1418.

Funding Your Child’s K-12 Education

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We hear a great deal about student loans—there are ample ways for eligible borrowers to secure loans for college tuition. What we hear very little about is how to pay for private school, boarding school, and other educational institutions for students who are still in grades K-12. That is an important financial concern for many parents, especially now with school right around the corner. Many parents want to ensure the best possible K-12 education either because the district school is facing budget cuts or other hardship or in order to prepare a child for college and improve their chances of acceptance into elite universities.   Your Tuition Solution is one viable option. For the past 10 years, Your Tuition Solution has been a provider of education loans with flexible payment … [Read more...]

Helping Your Teen Build Credit

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As a parent, there are many different lessons you teach your child as they progress through childhood until they make it to the age of 18. When your child becomes a teen, it’s time to start teaching them about the real world, such as how to make money, properly manage it and build credit.   Your teen should understand that borrowing money is a way of life with a few exceptions. They should also understand that borrowing money and building credit go hand-in-hand almost full-circle; one must have good credit in order to borrow, but they must first borrow in order to build credit. It’s sort of like the concept, “which came first: the chicken or the egg,” huh?   Introducing Your Teen to Plastic   While your child is in high school, it’s a great idea to set them … [Read more...]

Review: Why “My Job Chart” Is Perfect For Your Child

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   My Job Chart, a free online website, was created by a father of six with the goal of teaching his children about money management and the meaning of good work ethic. It’s designed to build organizational and computer skills, and teach responsibility and work ethic.   My Job Chart is a great program to help parents manage household chores and reward their kids for completing them. The program is essentially a free online chore chart and reward system that ties into a built-in rewards store. This program can be accessed online or via your Android or iPhone app. Parents can stick to the old paper and pen chore chart by printing out chores, or they can let their children … [Read more...]

Teaching Children to Save Part 3: Helping Your Teen Save for Their Future

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   In light of Financial Literacy Awareness month, myFICO published a few posts identifying state standards on the topics of saving and investing for all age levels. This is the third and final post in the three-part series on how parents can help teach their children the importance of saving and investing at all age levels.   Let’s take a look at what a high school graduate is capable of learning and what parents can do to help.   National Standards for Saving & Investing   It’s important for parents to know what the national standards are in financial education so they know what they should or should not be teaching their children. There are national … [Read more...]

Teaching Children to Save Part 2:
5th – 8th Grade

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.    MyFICO is doing a series of 3 blog posts about children and saving in order to celebrate Financial Literacy Month and Teach Children to Save Day (April 11). For those of you with children in grades K-4th, you may be interested in our first post outlining the concepts children of those age groups are able to understand and we also included lessons about money and saving. This is our second post in the three-part series for parents with children in grades 5-8.   Let’s take a look at what children in grades 5-8 are capable of learning and what parents can do to help.   National Standards for Saving & Investing   It’s important for parents to … [Read more...]

Teaching Children to Save Early Part 1: K-4

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   Today is Teach Children to Save Day, a national program that organizes bankers who are willing to volunteer and to teach children about the importance of saving early on in life. This program has been going on since 1997 and has helped over 6 million students develop good saving habits early in life.   Saving early is essential to having a successful, debt-free life upon entering adulthood. Members of the class of 2011 graduated with an average of $26,000 in student loan debt. Had they saved or invested, I’m confident that number would be much lower. The general population believes financial education is becoming increasingly important, bordering detrimental to the … [Read more...]

How to Help Your Child Avoid ID Theft

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   Earlier this month we posted an article about the abundance of child ID theft and what parents can watch for to protect their children from those who may be seeking a new identity. Identity theft is highly preventable, not only for parents, but for children as well. Our youth are growing up with new technological advances that give them access to all things the internet has to offer. Most classes today even require the use of the Internet for research or projects.   One study found that 85% percent of kids aged 12-17 used social media networks in 2013, with 94% of teens on Facebook. With the constant updates to Facebook, everything your teen posts - status … [Read more...]

Consumer Protection Rights & Your Children

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   National Consumer Protection Week is an annual campaign that creates awareness about consumer information and protection. There’s actually a lot of regulation put into place to protect consumers that many people don’t even know about.   Thanks to the CARD Act, consumers are protected from unfair rate hikes, retroactive rates and late-fee traps, and important terms and conditions must be publicly available. That’s just to name a few. What you may not realize though, is that consumer protection isn’t extended just to adults; children need protection, too. Your child’s personal information, like yours, is protected by law. Sadly, identity theft threatens the … [Read more...]

6 Major Credit Myths, Debunked

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There are a lot of myths and misconceptions floating around relating to your FICO® Score or credit report. Working in this industry, I get a lot of questions that absolutely blow my mind. Just this week someone told me they thought that getting a credit card with 0% APR for 18 months meant that they were not obligated to pay anything until after those 18 months. Another individual thought that getting a secured credit card meant they had to pay twice as much as someone with an unsecured credit card. Where are these myths coming from?   In last year's FINCON Conference, Gerry Detweiler (Credit.com), John Ulzheimer (worked at Equifax, FICO, and Credit.com) and Maxine Sweet (Experian) uncovered a few major credit myths in the panel “Everything Your Readers Need to Know About … [Read more...]

Emergency Funds Could Save Your Credit Score

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FICO® Scores can take a hit from any direction, and many times it can be avoided if you think ahead. Performing simple, 5 minute tasks can aid in making sure you don’t miss a payment, such as setting up calendar reminders every month or automating the payments each month to be withdrawn from your bank. Some consumers even ignore payment requests and reminders, naively thinking they will just disappear or won’t affect their score. Two years ago Omar Al Chaar discovered that if you have unpaid parking tickets, your score will drop. Most people don’t know this.   What about those unavoidable expenses that pop up? One of the top reasons low and middle-income households in America see a drop in their credit score is due to emergencies. Here are some supporting facts: 40% of … [Read more...]

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