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...]

Does Getting Married Affect Your Credit?

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Considering tying the knot? Congratulations! But, as any wedding couple knows, with wedding planning comes financial planning. The rings, the venue, the Pinterest-chic individualized party favors with gold flakes on them—with each addition to your perfect day comes a subtraction from your bank account.   All this spending most likely has you thinking about your financial future with your new spouse. I know how busy you are, so I’ve taken it upon myself to address the three most common questions couples ask me:   1. I don’t love my spouse’s spending habits. Should I try to teach my spouse new habits or just manage the finances myself?    One of the most important facts of life to know before you get married is that you can’t expect your spouse to … [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...]

Word on the Web: Best of February

Let's face it, financial habits make relationships complicated. Similarly, relationships make financial habits complicated. Before you find yourself in a financial feud, learn from people who have been there. In ode to the most romantic month of the year, this month’s Word on the Web is dedicated to relationships. Check out our favorite February blogs on love and money.   How Money Can Affect People and Change Their Behavior Studies suggest money can change behavior – and not always for the better. Money Crashers writer, Jaqueline Curtis, analyzes the social pitfalls of wealth and how to detect the warning signs of money-related addictions.   10 Financial Tips for Couples Marriage and long-term partnerships create a fuzzy line between mine, yours and ours—and … [Read more...]

Common Myths About Marriage & Credit

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We’ve all heard the adage that “opposites attract” and most of us know some couples who fit this description.   The good news: there are many happy and functional couples who fall into this category, but it can take extra effort to maintain a successful relationship when there are serious differences in attitudes and behaviors between two people.  This is especially true when it comes to managing finances and credit, and doubly so when you enter the legally binding contract of marriage   In fact, financial incompatibility is frequently identified as a top reason for divorce by relationship experts.   Valentine’s Day is traditionally a time for celebrating love and romance through gifts of flowers or chocolate.  While the offer to obtain and discuss each other’s FICO … [Read more...]

Turn Extra Halloween Candy Into Cash

Turn Extra Halloween Candy Into Cash

Happy Halloween! If you’re like most Americans, you have a stockpile of candy ready for the trick or treaters who’ll be knocking on your door tonight.   However, whether you have kids of your own or you’re just passing out the goodies, the prospect of extra candy lying around the house can be daunting. In addition to potentially sabotaging your own diet, most parents don't want their kids feasting on sugary empty calories for weeks on end. But what’s the alternative - taking the excess candy and throwing it away? It's wasteful, and you have to play the Bad Guy.   Fear not! There's an alternative solution that not only rids your house of excess candy, it puts extra cash in your pocket: the Halloween Candy Buyback program.   The program works in conjunction … [Read more...]

Financial Lessons for Kids at Any Age

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It’s never too early to start teaching your kids about good personal finance.   A few key, simple lessons about money at even a very early age will create a strong foundation of good financial habits that will benefit them for years to come.   Here are some quick tips for easy finance lessons at any age:       PRESCHOOL   Food isn’t free. Take your children with you while you grocery shop and tell them what different items cost. Explain that you can only buy what you can afford.   Start a piggy bank. Give your child his or her own personal piggy bank and make rules about when it can be emptied.       GRADE SCHOOL   Money must be earned.  Start an allowance in exchange for chores; … [Read more...]

5 Things Mom Was Right About

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Mom’s always right. She probably told you this a million times throughout your formative years, perhaps falling on deaf or defiant ears. However, at a certain point in life, we realize that mom really was right.   Many of us recall our favorite Mom-isms, ranging from “if you keep making that face it’ll stick that way” to “this hurts me more than it hurts you.” However, some of those classic sayings can also be applied to good personal finance management. In honor of Mother’s Day and the Moms we love, here are the top 5 Mom-isms that translate to important financial lessons.     “You never know until you try.” Translation: Don’t be in the dark about your FICO score.   A lot of folks are just plain scared to check their FICO score because they’re … [Read more...]

Dream Wedding = Credit Score Nightmare?

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Your wedding will be one of the most important days of your life… and the most expensive. Many times, the cost of an extravagant engagement ring, followed by a blow-out wedding and a five star honeymoon can cost more than just money.   Couples who choose to spend more on these items are also often opting to charge their expenses on credit cards. Unfortunately, if you’re not able to pay the resulting bills on time, your credit score will suffer. With a lower credit score, you can count on higher mortgage rates, interest rates and other long term financial effects. So, is it worth it?   A recent survey conducted by myFICO examined couples’ views on financial management issues. The results reveal that while most know that credit is important, many are still charging … [Read more...]

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