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Source: pennypinchinmom.com
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Source: pennypinchinmom.com
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For some consumers, treating Spot and Fluffy as members of the family extends to their diet. After all, if everyone else is getting homemade meals with organic ingredients, why shouldn’t they? It might be healthier than commercial foods — and cheaper, too.
Consumers have become more interested in preparing their own pet foods in recent years, due to both pet food recall scares and a human-diet emphasis on knowing what’s in the foods we eat, says Dr. Jules Benson, the vice president of veterinary services for pet insurance carrier Petplan. There are some economic interests, too, depending on what you currently feed your pet. A balanced, home-cooked diet for a 30-pound dog would cost $3.52 per day; $5.58 if you go organic. That’s two to four times the price of commercial dry dog foods of similar qualities, he says, but up to half the cost of commercial wet foods.
But making the switch isn’t as simple as dishing up a portion of the Sunday-dinner roast for your pet. “There is science behind what your pet needs,” says Dr. Benson. “These diets should be developed for your pet individually.” Home-prepared pet meals aren’t a good solution, or a safe one, for every family.
That means before you give homemade food a try as a significant part of your pet’s diet — and this step is vital — TALK TO YOUR VETERINARIAN. Don’t just go in and ask, “Is this a good idea?” either. Research some of the options, present what you’d like to do, and get their take on what works and doesn’t for your pet’s general health and any medical conditions. You might also seek a consultation with a veterinary nutritionist. (The American Academy of Veterinary Nutrition and the American College of Veterinary Nutrition both recommend PetDiets.com and Balanceit.com as resources.)
Try these other tips to delve into cooking for your pet:
“Every Day with Rachel Ray” magazine runs a regular feature of recipes that both you and your dog can enjoy. Personal chef Lindsay Nixon uses lentils as the protein base for her dogs, and mixes in leftover vegetables, potatoes and brown rice from her own meals as well as a pet vitamin supplement. (The combo, she says, has cut her pet food bill from $25 per month for dry kibble to just $10.)
Not all foods people eat are good for dogs and cats, Dr. Benson warns. “Don’t feed them hot dogs, or anything we would consider junk food,” he says. “Just because dogs will eat it doesn’t mean it’s good for them.” Low-fat, lean cuts trump fatty bits, which are more likely to cause gastrointestinal problems. But good-for-us foods aren’t always good for them, either. Foods like grapes and onions should never be given to your pet, he says. (Check the ASPCA’s people food list of things that may be toxic, or cause some digestive issues.)
There’s no need to make all your pet’s food to see some savings or health benefits. You could scale back the amount of commercially prepared food you serve, and either top it with a homemade mix, or blend one in. Jenna Dreher, the chief executive of pet-care company Pet It Forward, tops her Great Dane Casper’s food with a soft mix of simmered sweet potatoes, carrots and apples, seasoned with a dash of cinnamon.
If you want to try these kinds of diets but don’t have the time to spend in the kitchen or are worried about getting the right balance of necessary foods, check out premade raw pet food like Primal Pet Foods, Nature’s Variety, and The Honest Kitchen. It’s not a money-saver, however: ThatMutt.com blogger Lindsay Stordahl’s looked at the options for Ace, her 67-pound black lab mix, and found that premade food came out to be $83 to $115 more expensive per month than versions she could make at home. “So far I haven’t done that because of the time commitment,” Stordahl says. “I can barely find time to shop for my own food.”
It’s not enough to give your dog or cat some chicken and rice every night, Dr. Benson says. You’ll need extra vitamins, which might be achieved through mixing in different vegetables and grains, a powdered pet-food supplement or other add-ins (like, oddly, human Tums) recommended by your vet. These add just a few cents to the bill, but many — like taurine powder for homemade cat foods — are essential, he says.
They’re a good entry point into homemade foods. Dreher makes these yogurt, apple and oatmeal treats for Casper: Mix two and 1/3 cups oatmeal, one cup French vanilla yogurt and two-thirds of a cup of apple sauce together in 1 bowl. Another of Casper’s favorite treats mixes two and 1/3 cups oatmeal, two mashed ripe bananas, one cup peanut butter and a half-cup chopped peanuts. For either recipe, spoon batter onto cooking sheet, keeping each drop the size of a bottle cap — an optimal treat size. Cook at 375 for 12-15 minutes.
Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.
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Stock markets and major commodities such as oil and gold seem to get most of the mainstream financial market headlines these days. Despite being the largest and most liquid trading markets in the world, the global currency markets do not nearly get the same attention.
There are a few key reasons for this – the lack of a true central currency exchange, the relatively small daily price changes and the seemingly opaque reasons for changes in currencies.
However, the value of our nation’s currency can have a strong affect on the stock market and the commodities markets as well as have a real affect on our lives. Our currency’s value is a basic fundamental component of our wealth and our ability to purchase goods – especially in this age of globalization. If we pay attention to the currency market trends, we can benefit by using this information to plan ahead for a vacation, search out deals on foreign products or take this knowledge into account when making our investment decisions.
For businesses, the value of a local currency can be even more important. A strong currency will make our exports more expensive to foreign buyers while possibly making imports downright cheap for us to buy.
As a currency trader, I can tell you that there are many economic factors to take into consideration when it comes to evaluating a currency’s strength. Some economic factors can have more influence at different times and for different countries.
Below, I touch upon four factors that I believe to be among the most important economic indicators anyone can follow by reading the news.
1. Interest Rates
The first factor contributing to the general strength or weakness of a currency is a country’s interest rate. Simply, interest rates are the amount it costs to borrow money. The interest rate level is moved higher or lower by a country’s central bank to either stimulate or slow down an economy. Higher interest rates impose a more costly fee to borrow money while lower interest rates lessen the fee and usually spur more borrowing (or access to cheap credit) in an economy.
When it comes to demand for a particular currency, however, the higher the interest rate usually means the higher the demand for that currency. Lower interest rates usually decrease the demand for a currency. The reason investors look to buy currencies with higher interest rates is it creates an additional rate of return on their currency exchange. A trader is compensated by the interest rate differential when the trader buys the currency with the higher interest rate compared to the lower interest rate currency. There is a popular currency trading strategy called the “carry trade” that seeks to exploit the differences in country’s interest rates (see more on the carry trade here).
The mechanics behind this can take some time and effort to fully comprehend, but the general take away is: Higher interest rates make a currency more attractive.
2. Inflation
Inflation is next in our economic factors list and is defined by the rise in prices of goods and services. When a product rises in price, it signals that there is an underlying demand for that product. Higher prices may not seem good to a consumer, but it is generally considered healthy for a country to have a moderate increase in inflation in a growing economy. Many central banks have a target inflation rate for their economy of around 2 percent a year.
When an economy sees too much inflation, the central bank will try to cool off rising prices and access to cheap credit with an increase in interest rates. This brings us back to number one in our list, where we see that higher interest rates make a currency more attractive. So in a growing economic environment, rising inflation rates will tend to increase expectations that interest rates will rise, which will in turn make traders have a positive outlook for the rise of the currency.
There are also downsides to inflation when not accompanied by a growing economy called stagflation (high unemployment, low growth, high inflation) and the dreaded deflation, which is when prices are in decline. This is usually a drag on an economy as prices of goods are falling, leading to declining wages in worker paychecks and less money workers will have to buy goods.
3. Economic Growth
The strength of an economy can go a long way to boosting the strength of the nation’s currency. A strong growth rate in a country will see a growing demand for products and services with better job prospects for workers as well as being an attractive destination for capital and investments.
The easiest way to watch a country’s economic standing is to pay attention to the gross domestic product (GDP). A strong GDP reading is growth of 3 percent or more in many cases, while growth close to zero percent or a negative reading shows that the economy could be headed for a recession. A typical definition of a recession is two consecutive quarters of negative GDP growth.
In an economy like the United States, which is driven by consumer spending, expanding growth that produces more jobs and better wages will allow workers to feel wealthier and help to further stimulate the economy through domestic consumption. More growth can bring higher inflation rates and the expectations for interest rate increases. Foreign investment and demand from companies abroad can also play an important factor in boosting the local currency of a strong economy.
4. Current Account Balance
The last on our list is the current account balance. It is considered to be the most extensive gauge of cross-border transactions of a country. Simply put, it is the total amount of goods, services, income and current transfers of a country against all of its trading partners. A positive current account balance signals that a country lends more to its trading partners than it borrows, and a deficit current account balance shows that the country borrows more from its trading partners than it lends.
This total amount of trade can influence the country’s exchange rate positively if there is more demand for that country’s goods (and currency) from other countries. A deficit or borrower country will see less demand for its own local goods and currency overall.
Conclusion
Economics and currency forecasting are both very much inexact sciences. Price movements can seem volatile and hard to understand, but for those seeking basic insight into currency trends, these important economic factors can go a long way.
Zachary Storella is the CEO of currency news website CountingPips.com.
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Mothers tend to have an opinion about everything, and the older we get, the more we realize just how right they are! This is especially true when it comes to being smart with money. So the next time your mom offers up some wisdom, consider her advice as a gift to you this Mother’s Day!
A recent survey shows that 60% of Americans do not have a budget! You can’t possibly manage your finances without one. An app like Mint will help you create a budget, track your spending and set financial goals. Plus, when you sync all financial accounts to the app, everything is in one place. Budgets lead to a better financial future. Mom wants that.
While it’s easier than ever to check a balance here or pay a bill there, you may think you don’t need to maintain your own records. You do! You may think your mom is a bit old-school for balancing a ledger, but it’s important to check your account monthly. Cross-reference your spending with your checking account to see if your balance is higher or lower than it should be. Look over receipts, payments and cancelled checks and double check the amounts. If there are any inaccuracies, report them immediately.
While 401(k)s may be going the way of mom jeans, many companies still offer them. If you are lucky enough to work for a company that offers one of them, max it out. You can contribute up to $18,000 this year. It’s the best way to build wealth for your future, and minimize the tax bite – a worker in the 25% tax bracket who contributes the maximum this year will save $4,500 on his 2015 tax bill. If your employer matches contributions (50 cents on the dollar up to a maximum of 6% is common), this will help grow your retirement account balance even faster. For a worker earning $60,000 per year, this employer match – aka “free money” – could be worth as much as an additional $1,800 toward that retirement account. Mom will be so proud!
Saving before spending is one of the easiest ways to boost wealth and meet your long-term goals. If you are paying yourself last, chances are there may not be much left to save after you’ve covered your housing costs, groceries, and utilities. You may have heard your mother say “pay yourself first”: set aside a certain portion of your income the day you get paid before you spend any discretionary income. Direct deposit is an easy way to save automatically.
A large portion of the $173 we are expecting to spend on mom this year will be at restaurants, according to the National Retail Federation. If mom taught you how to cook, avoid the crowds and make her brunch at home. You will be putting the lessons she taught you to work while saving money and showing her how much she’s appreciated in the most personal way!
– Vera Gibbons, Mint Contributor and Personal Finance expert
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A credit card for your kid? Before you completely write the idea off, consider that there are legitimate reasons to consider giving your kid plastic. Getting your child a credit card for kids can help make your little one a savvy spender. By empowering them with the skill of financial literacy from an early age, they could be set up for a much more stable future, which could benefit both them and you.
But wait, can kids even get credit cards? They can with your help. That’s why it’s important for you to be knowledgeable about the options for credit cards for kids and how you can guide them to develop good habits and responsible credit management.
If you’re still hesitant about the idea of kids’ credit cards (we can’t blame you), we recommend reading this post to learn more about why you might reconsider and how to go about getting one. You can also use the links below to navigate to the section you need:
While it might seem like credit cards for kids are a major risk, the benefits often far outweigh them. That’s because with careful supervision, you can help set your child up for a better financial future. Let’s review some of the main benefits of giving your child a credit card.
Many young adults find themselves unable to qualify for their own credit cards because they have no credit history. However, you can prevent this from becoming an issue for your child if you help them build their credit early on—that’s where kids’ credit cards come in.
Establishing a credit line for them when they’re younger increases length of credit history, which makes up 15% of credit score. With a better credit score, they are more likely to:
For many people, getting a credit card can open a door to a lot of temptation, as it gives them access to more money. However, if your child has become accustomed early to good habits when it comes to credit card usage, they may be less likely to fall victim to the potential pitfalls of owning a credit card.
Teaching your child best practices for paying off credit cards, maintaining their balance, and monitoring their credit score are invaluable skills.
The average American household has $8,398 in credit card debt, according to Debt.org. And with the average credit card interest rate at over 16%, borrowing money doesn’t come cheap. Many credit card holders fall into a pattern of overspending with what they may consider “free money”—sometimes it can feel like that when you don’t have to pay for it right away. Whether it’s retail therapy shopping spree, a spontaneous luxury vacation, or putting a big purchase on the card, many people have every intention of paying it back with their next paycheck, but too often that’s not the case.
While giving your child a credit card is scary, letting them dive into credit unsupervised is even scarier. Teaching kids about money and helping them understand the consequences of overspending on their credit cards can help them avoid the all-too-common fate of ending up in a never ending pit of credit card debt.
While it might seem hard to imagine what kind of financial emergency your kid could run into, there are actually a variety of situations when having a credit card could help your kid. You never know what kinds of scenarios could arise when they’re on vacation with their friends’ family, on a school trip, or even on their way home from school.
While it’s fairly unlikely that emergency situations will arise, you both will be better off if your child has a back-up plan to get themselves out of a sticky situation. As long as you are both on the same page about what constitutes an emergency, having access to credit card funds could provide both of you peace of mind. Just make sure you lay some ground rules when teaching your child about appropriate credit card usage.
One of the most overlooked benefits of getting your child a credit card is showing them that you trust them with this responsibility. Your trust in them can help them build confidence in their decision-making capabilities and empower them to be financially responsible, both of which will benefit them well into the future.
You may be wondering, how can a minor get a credit card? They’ll need your help, but it’s fairly straightforward. Here is what you need to do:
Keep in mind that not all companies offer credit cards for minors under 18 or allowed for authorized users, in fact most have age requirements, so you may need to research your options to find a credit card issuer that works for you.
Here are credit and debit cards for kids that can be a good starting point for teaching your child about financial management:
If your child isn’t quite ready for a credit card, set them up with a debit card before graduating to credit. Tie it to their bank account and set up notifications so you can see where your child is charging. If they can’t handle debit, forget about credit for now. The downside is that a debit card does not establish credit history.
Comparing credit to cash is one of the most important aspects of teaching kids about managing their credit—emphasizing that it is not free money and needs to be repaid responsibly. USA.gov is also a valuable resource for teaching your child ins and outs of credit cards.
Before signing your child up for kids’ credit card, it’s important to consider the risks:
Keeping in mind these kids’ credit card pitfalls, and how to circumvent them, will help you set your child up for success.
Taking the plunge into getting your kids a credit card can be a scary and stressful process, but it doesn’t have to be. By taking it one step at a time, educating your child about credit cards, and closely monitoring their usage, you can make this a positive experience. Once you have a game plan for how you’ll help your child use the credit card, take the initiative and sign them up as soon as they’re eligible.
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As a parent, it is natural to want to give your child the best possible start, especially when it comes to money.
You want to teach your children good money habits, and them develop good practices that will allow them to succeed financially. In many cases, this is about more than just teaching budgeting 101 and how to avoid credit card debt. Many of us also want to help our children learn the ins and outs of investing.
If you want to teach your children about investing, it can be a good idea to buy stocks for them. Minors can’t buy stocks, so you will have to do it on their behalf. You have two options when it comes opening an account for your children:
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You can decide what type of account would work best for your child. If you choose a custodial account, it is important to understand the restrictions that come with managing your child’s money until he or she can do it.
Once you have determined what type of account you will open for your child, it’s time to set up the investment account. You can usually open a guardian or custodial account at many brokerages, including online brokerages like TD Ameritrade and E*Trade.
Find out what minimum requirements come with opening an account, and find out what other information and documentation you might need to open an account on behalf of your child.
Once you have an account set up, it’s time to help your child learn about choosing investments. You can look at companies that your child might be interested in, such as Disney, or Coke. Talk about what makes a good investment, and discuss different options. If your child is a teenager, you can discuss the merits of dividend stocks as well, allowing him or her to begin learning about income investing. You can also look for Direct Purchase Plans offered by some companies, allowing you to save on transaction fees in some cases.
Consider funds as well. There is nothing run introducing a teenager to the concept of index funds and exchange-traded funds. Talk about the costs associated with funds, as well as the instant diversity that might be available in some cases.
Your child can go on a practice run, if you would like. There are several websites and smartphone apps that allow you to put together a hypothetical portfolio and track its performance. If you want, you can encourage your child to track investments he or she is interested in, just to get an idea of how they are doing. Read up on the companies of interest and encourage your child to consider various fundamental factors in addition to the technical aspects of how stock prices rise and fall.
Once your child is more confident, you can begin making stock purchases on behalf of your child. Letting him or see that sometimes there are losses as a result of a poor decision can be part of the learning process, but your involvement should help prevent major investing mistakes.
When we had our first son I was excited to buy some stock for him in a custodial account directly with my brokerage firm. I bought him one share of Nike and one of Under Armour and was able to request the certificate to be mailed to me. I was getting ready to do that again for our second son, but learned that our firm (and many others) don’t do this anymore. You have to call the custodian of the company (a popular one is Computer Share) and see if the stock available.
Wanting to buy some different stock (I was looking at Google or Apple) I was able to get their contact info from my back office. I was disappointed that my first pick, Apple, no longer issues stock certificates – boo! So if you’re an Apple fan like myself and want to get the certificate for a loved one, you’re outta luck. I know. I’m saddened, too. 🙁
I’m still trying to figure what stock to buy. I’ll keep you posted…..
Source: goodfinancialcents.com
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Last month’s average temperatures nationwide were the second highest ever recorded, and July is showing no signs of relief. The hot weather paired with many large utilities already raising customer rates means that Minters could see their highest utility bills ever this year.
Luckily, there are steps you can take now to reduce the cost of cooling your home. So sit back, pour yourself a cold drink and take advantage of these tips to keep your utility bill from heating up.
You should be replacing your air filters once a month, especially during the summer. Dirty filters restrict airflow, which means the air conditioner runs longer and uses more energy. Replacing a clogged filter will reduce your energy consumption by up to 15%! Buy several filters at once and create a recurring calendar reminder on your phone.
Feeling hot when you try to fall asleep is uncomfortable at best, but running the air conditioning all night is the quickest way to a steep energy bill. Instead of turning down the temperature on your thermostat, consider purchasing a bed fan or cooling mat. Bed fans are special bed-height units that send cool air between your bed sheets, using much less energy than central air or a wall unit. Cooling mats use no energy at all! Just pop it in the refrigerator during the day, and place in your bed when you’re ready to turn in for the night.
Your thermostat controls half of your energy bill, so any cost savings strategy deserves a long look at that tiny box on your wall. Thermostat innovator Nest reports that a correctly programmed thermostat – ones that make adjustments based on your activity – can save about 20% on your heating and cooling bill. In fact, average annual savings with the Nest Learning Thermostat is $173/year – with units costing around $250, you’ll see a return on your investment in your second year.
You can use Nest’s online tool to calculate how much money you can save based on your location, home size and system specifications. Even if you don’t have a smart thermostat, don’t forget: adjusting your temperature just one degree can cut your energy use up to 5%.
If you live in a region with prolonged hot temperatures, updating your home’s insulation is a great option for reducing cooling costs for good. Radiant barriers – also known as reflective insulation – reflect heat away from the home.
Heat travels in three ways: conduction, convection, and radiation. Traditional insulation materials slow conductive and convective heat flow, but do not account for radiant heat that travels through your roof and into your house. Radiant barriers are easiest to install in new construction, but can be installed in your existing house, especially if it has an open attic. Studies show that radiant barriers can reduce cooling costs 5% to 10% when used in a warm, sunny climate.
What are some tips and tricks you use to keep things cool around your house? Share with us in the Comments or on Twitter with #MyMintTips.
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Earlier this fall, the SEC accused a well-known personal finance expert, Ray Lucia, of misleading investors and ordered him to stop making false claims. My reaction to this was twofold: (1) Iâm glad my column is obscure enough that the SEC has no interest in me, and (2) this guy was advertising surefire investment gains based on a
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Bridge loans provide short-term backing for personal or commercial investments until the borrower can secure permanent funds. In the case of residential bridge loans, homeowners may need to put a down payment on a new home before they have the funds from the sale of their current home. The bridge loan is one of the
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In many ways, graduating from college feels like freedom. Freedom from pulling all-nighters to finish that research paper. Freedom from assignments that make you ask yourself the question, âAm I really going to apply this in real life?â Freedom from the antagonizing and omnipresent pressures of keeping up your GPA. But financially, graduating has felt
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