‘Tis the season of #2 pencils and three-ring binders, kid-sized mittens and pumpkin spice lattes.
As you get back in the swing of the daily grind, we’ve got some money to-dos to keep your financial life chugging along smoothly.
Learning isn’t just for grade schoolers. Let yourself be inspired by the back-to-school season, too. Find a night while the kids are doing homework, and join in with a little homework, yourself.
Pick a few financial concepts that you wish you knew more about, and read up. Maybe it’s time to investigate retirement investing a little more thoroughly. Or maybe it’s time to finally understand how life insurance works. (When you’re ready, Fabric lets you apply for term life insurance online in around 10 minutes.)
OK, it’s early yet. But studies have shown that more than half of Americans actually dread the holiday season because of the spending. Americans have been known to take on more than $1,000 in holiday debt, and some people take more than a year to pay off their holiday debts.
So get ahead of it all by coming up with a budget now. List the people you want to buy gifts for, and give yourself a max amount that you’re willing to spend on each. Total it up, compare it to your savings, and if you don’t already have enough cash to cover the expense, then figure out how much you need. Divide that by the number of weeks you have till gift time, and make it your weekly savings goal.
If you're already struggling with debt, consider consolidating your credit cards now and getting organized before the holiday craziness hits.
Not only does giving time and money to charity teach your kids about generosity and the value of a dollar—it also comes with all those warm-and-fuzzies.
Maybe you’re helping your kids decide where to donate a portion of their allowance; take the chance to remember that money isn’t just about saving. It’s also about doing good.
Close to half of identity theft (43 percent) occurs around the holiday season, which is a peak time for fraud. In addition to being vigilant and not clicking on suspicious-looking emails, it’s a good reminder that we should be checking our credit regularly.
You can use a company like Credit Karma to look up your credit score, which is a numerical reflection of how your credit is doing. And you can go to Annualcreditreport.com for your free once-a-year credit report, if you haven’t already gotten it. Law dictates that you should be able to get your credit report from each of the three major agencies once a year for free, so beware of lookalike sites that seem to offer these free services but secretly end up charging you.
If your credit score suddenly plummets without explanation, or if you see suspicious activity on your accounts, investigate it further and remember that you can report fraud to the credit bureaus so it shouldn’t permanently hurt your credit rating.
While you’re celebrating your kids for leaping into a new grade, take a beat to think about the future. Consider your big-picture goals, like college savings for your kids. Are you on track? Play around with a college savings calculator to see how you stack up.
As the days get shorter, here’s to making the time for a few quick tasks to help your family now, and in the future.
Ready to see what's on the horizon? Check out our winter financial to-do list.
Fabric exists to help young families master their money. Our articles abide by strict editorial standards.
Fabric by Gerber Life exists to help young families master their money. Our articles abide by strict editorial standards.
Information provided is general and educational in nature and is not intended to be, and should not be construed as, financial, legal, or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. We make no warranties with regard to the information or results obtained by its use, and disclaim any liability arising out of your use of, or reliance on, the information.
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Term Life Insurance Policy Series ICC22 2205-4004 WSA and Accelerated Death Benefit Rider policy series ICC22 2205-2623 WSA (and state variations where applicable) issued by Western-Southern Life Assurance Company, Cincinnati, OH which operates in DC and all states except NY, and distributed by Gerber Life Agency, LLC using Fabric Technologies. Gerber Life Agency, LLC is an affiliate of Gerber Life Insurance Company (est. 1967). All are members of Western & Southern Financial Group (Western & Southern). Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Product provisions, availability, definitions and benefits may vary by state. Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.
All sample pricing is based on a 30-year old F in Excellent health for the coverage amount shown and a 10-year term policy, unless otherwise stated. Gerber Life Agency, LLC (GLA) is an insurance agency licensed to sell life insurance products. GLA will receive compensation from Western-Southern Life Assurance Company for such sales. The NAIC Company Code for Western-Southern Life Assurance Company is 92622.
Western-Southern Life Assurance Company's A+ Superior A.M. Best Rating: Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). Ratings are subject to change from time to time. The ratings shown here are correct as of 09/03/2022. For more information about a particular rating or rating agency, please visit the website of the relevant agency.
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