Money Matters: Family Financial Conversations Between Generations

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Hey! Do you know how to have the hard conversations about money with your family? Here are four topics to get your conversations started.

Number 1: Where to find key documents, including bank account information, documentation of any assets or liabilities, deeds, titles, and life insurance.

Number 2: Plans in case of illness. Who will be the power of attorney when a loved one falls ill?

Number 3: It’s a good idea to document increased and ongoing healthcare needs, and discuss those needs ...

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Money Matters: Kid-Friendly Financial Fundamentals

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Trying to figure out which financial habits to focus on with your family may feel overwhelming. One way to think about such a big topic is by breaking these habits into four easy-to-understand main categories.

First is understanding how money is earned in a household, a key to many financial conversations.

Second is borrowing and understanding debt, repayments, and how this contributes to financial health.

Third is spending and saving, the concept of putting aside money to make purchases.

Last is financial decision-making. In ...

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Money Matters: Credit Scores

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Hey! Do you know the four biggest things that impact your credit score?

A credit score is a rating that banks use to make a decision when you apply for a loan.

About 35% of your score is based on your payment history. Did you pay your bills on time? And do you always pay at least the minimum amount?

About 30% is determined by what you owe and is broken into two parts: the total amount you owe your lenders and how ...

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Money Matters: Emergency Savings

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Hey, are you prepared for life’s little surprises?

Lots of things in life are unpredictable. Experts say that you should have at least $1,000 saved for emergencies, such as when your car breaks down or your fridge stops working, as well as 3-6 months of savings for things like rent in the even of a longer crisis. 

Having an emergency fund set aside can reduce your stress and keep you from going over budget.

When building your emergency fund, open a special savings ...

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Money Matters: 50/30/20 Rule

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Hey! Do you know about the 50-30-20 rule of budgeting?

This rule is an easy way to evaluate how much you should be spending on a monthly basis, by recommending that you spend 50% of income on needs, 30% on wants, and 20% on savings and debts.

For example, let’s say you make $1,000 in a month. 

50 percent of that is $500, and you’d put it toward something like your rent or mortgage, groceries, and utilities.

30 percent would be $300 for wants, ...

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Money Matters: Deductibles

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Hey! Let’s talk about insurance deductibles.

In a nutshell, high deductible equals low premium, but higher risk. Low deductible equals higher premium, but less risk.

So here are the details:

A premium is how much you pay each month for your insurance policy, while a deductible is how much you pay before your insurance kicks in.

This applies to auto insurance, health insurance, homeowner’s insurance and business insurance.

Say you need a $10,000 surgery. With a low deductible policy, you may have to pay $300 ...

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Money Matters: Mobile Wallets

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Hey! Do you know about the benefits of a mobile wallet?

Most smartphones today have access to a mobile wallet, which virtually stores payment card information, including credit cards, prepaid cards and checking accounts.

They can be used for both in-person and online purchases. To use the wallet to pay at a store, all you have to do is hold it near the payment machine and either type in your PIN number or approve it on your phone.

The wallet can store payment ...

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Money Matters: When to Collect Social Security

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Hey! Today, we want to talk about how to decide what age you want to start collecting social security benefits.

Benefits can be collected as early as age 62 or as late as 70, though full retirement age depends on when you were born. If you choose to wait, your benefits will increase long term, although most people don’t wait past 70 as by then there is no significant change in what you receive after that.

It’s helpful to estimate your ...

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Money Matters: Overdraft Fees

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Hey! Let’s talk about how to avoid overdraft fees.

Did you know that you could overdraft your account, even though you have recently made a deposit?

Posting order is the sequence in which a bank processes your transactions. The transactions you make may not post to your account in the order in which you make them, and they may not affect your balance right away.

This includes depositing a check. If you put it into your account after the cutoff hours, the check ...

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Money Matters: Living Within Your Means

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Hey! Let’s talk about something fundamental, like living within your means.

Living within your means may be the most important financial habit. If you live within your means, your monthly expenses will not be more than your net monthly income.

There are three steps you can take to see if you’re living within your means.

Step 1. Record everything you spend your money on over the course of a month to get a picture of your spending habits.

Step 2. Add up all of ...

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