MoneyNing - Part 146

Double the Money: Saving Your Dollars with Twins

by Jeremy Hartley · 8 comments

twins
My toddler twins turn three this month and we’re awestruck at how big and beautiful they’re becoming. When we found out a few years ago that we will have not one, but two infants to handle, my wife was thrilled and I was left in shock. Questions starting steamrolling through my mind. Could I afford to feed two mouths? Will we need to move? Can I support my growing family? After three years of hits and misses, I’ve found a few tips that have certainly helped.

Don’t Always Buy Double Everything

People ask us all the time if we buy two of everything, and you’d be surprised how often we tell people the opposite. It is true that some of their toys and clothes are the same, but quite often we’ll purposefully purchase one item to lighten the load on our wallet and to teach them an opportunity to share.

Research Those Toys Before Buying

I can’t tell you how many dollars we threw away over a toy that broke just a few days later. Our Christmas presents to them have already seen the bottom of the trash can. This gloomy end was partly my fault for not researching the toy. It’s important to check out the reviews to make sure you’re getting an item that is consumer friendly and not a consumer nightmare. Because our twins love to play, we’ve also found it helpful to visit the local thrift store to drop off our rejected toys, and buy a few more at a great price.
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Your Costco Credit Card Just Got Cooler

by Jeremy Hartley · 4 comments

Costco and American Express recently broke up, and Visa has seized the opportunity. This means that the Costco branded payment card is changing at the warehouse. After doing some research on the card, I’m excited for this new relationship which officially begins on June 20, 2016. Plenty of perks are “in store” (pun intended) for cardholders.

Better Cash Back!

The current Costco American Express TrueEarnings Card gives offers 3% cash back on gasoline purchases at Costco, 2% cash back on travel expenses and restaurants (in the U.S only), and 1% cash back on all other purchases. That was great and all, but check this out – the new Costco Anywhere Visa Card (offered by Citi) boasts a 4% cash back on Costco gasoline purchases, 3% cash back on travel and restaurants (worldwide) and the same 1% return on other purchases. You’ll still receive this cash as a voucher that arrives every February.

A Newer Cash Back Opportunity

The Visa card offers one more perk I’m particularly excited about. When you shop at Costco or Costco.com, you’ll receive 2% cash back instead of the usual 1% offered by American Express. This new incentive will see your February voucher rise if you’re a big Costco shopper. Note: the Blue Cash Preferred Card from American Express offers 6% cash back on groceries. If you’re not a Costco subscriber, then it might be worthwhile to shop at Sam’s Club and use this card instead.

Everything Will Roll Over

In case you’re sweating about the transition, rest assured that Costco, Visa, and American Express are making this as easy as possible. You’ll be provided with new account information when your new card arrives in the mail, and your balance will automatically be rolled over. Also, your credit score will not be affected in any way. However, if you have any recurring payments, you’ll need to enter your new card information.

A Few More Incentives

Your new Visa card offers worldwide car rental insurance, travel accident insurance, and trip cancellation protection. You’ll also enjoy an extended warranty on your purchases (which means if the manufacturer fails on a product, you’ll have a longer time to return if you use the new Visa). If items purchased by your Visa card are stolen within 120 days, the new card offers refunds too. Same goes for damages, except this incentive will first try to cover repairs first.

The new relationship between Costco and Visa is an excited time in the credit world. Walmart has already countered with their new “3-2-1 Program”. Since Visa has raised the bar, we could see a credit card war emerge, which is great for the consumer.

10 Apps that Help Teach Children Financial Skills

by Jessica Sommerfield · 0 comments

Every parent knows the importance of teaching their children financial literacy in the formative years, but not everyone knows where the little ones actually gain the knowledge and know how. Though some financial concepts are taught in school, there’s a desperate need for parents to fill in the gaps by offering personal advice and guidance before children grow into young adults.

It can be hard to know how to teach a child about finances when it’s not an area of life they’re in control of yet, but many parents are finding that one of the most practical and effective methods is through the use of mobile apps — the language kids speak best. If you’re looking for ways to teach your child financial literacy, consider using one or more of these fun learning apps.
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Are “Monthly Boxes” Worth Subscribing?

by Jeremy Hartley · 0 comments

Consumers are seeing a relatively new online market innovation in the form of monthly subscriptions. Whether it’s a monthly box, bag, or even blades, companies are cashing in on this new type of shopping. Here’s some helpful tips you may consider before clicking that subscribe button.

Is The Subscription Cost Effective?

I currently subscribe to a monthly razor blade shipment from DollarShaveClub.com. I’ve enjoyed this subscription for roughly 6 months now, and my wallet is already seeing the savings. After spending what felt like and arm and a leg at the brick and mortars, I finally told myself to give the monthly subscription a shot. I’m glad I did. The subscription comes with 4 cartridges (with 4 blades) with free shipping at $6 a month. There’s also an option to pause the shipment with no fees attached, for those (like me) who aren’t an everyday shaver. Before subscribing to anything monthly, do some research on other sites that sell the same products. I checked stores and sites for comparative blades to make sure I’m getting the most blade for my buck. It also helps to check out your local Walmart, Target or Costco to see if you can get these products cheaper.
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What to Do If You Can’t Pay Your Taxes

by Miranda Marquit · 0 comments

One of the worst feelings in the world is knowing that you can’t pay your taxes. This year, due to my divorce and the way my business is set up, my ex and I together owe about $25,000 dollars in state and federal taxes. We agreed to just splitting that bill down the middle because we are applicable and because we’re adults.

We can each pay our half of the bill in full, but neither of us wants to deplete our savings that far in order to make it work. As a result, we are acting as though we can’t pay our taxes and looking for other options. Here are a few solutions I found for our situation.

IRS Installment Plan

The easiest thing to do in the situation is to sign-up for the IRS installment plan. If you owe less than $50,000 in total taxes, interest, and penalties, it’s possible for you to fill out an online form and arrange a payment plan. This is pretty easy to do, and you can suggest an amount you can pay each month. The main requirement is that you are able to pay off the total you owe within 72 months.
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Don’t be the April Fool: 4 Financial Myths You Shouldn’t Fall For

by Jessica Sommerfield · 1 comment

April Fool’s Day is known for for its fun, (mostly) harmless tradition of trickery. It can certainly be entertaining to find out how gullible your friends and family are, but if you’re the gullible one, it might not seem as fun. Falling for pranks and false information on April Fool’s Day is understandable considering the deliberate efforts taken to pull the wool over your eyes, but as the old saying goes: “fool me once, shame on you; fool me twice, shame on me.”

In the same way, falling for bad advice or making a foolish financial decision once in a while is bound to happen, What’s important is whether you learn from it, or do you keep falling for the same ‘tricks’ over and over again. It’s not only what you do with your money that can be foolish — what you don’t do can either paint you the fool or put your on the path to financial success too. Be aware of these four financial myths, and you’ll be a little wiser the next time they come around.
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