Month: April 2019

When Should I Put My House On The Market?

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If you’re thinking of selling your home, think spring. That’s because the season of family in front of houseblossoming flowers and gentle breezes has traditionally held the designation as the best time of year to sell a home.

Before you start prepping your home for a photo shoot that shows it off in the best light, take a moment to consider your particular circumstances and needs. What makes spring so well-suited for house-hunting? Does the seller benefit from this arrangement, or is it only advantageous to the buyer?

Let’s take a deeper look at the sell-in-the-spring rule so you can make an informed decision about when to put your house on the market.

Why spring?

There are two primary factors making spring an excellent season for selling a home: The weather and the time of year.

The beautiful, mild weather of spring showcases the exterior of your home in all its glory. Your yard will be alive with healthy, green grass, your flowers and bushes will be in full bloom, and your property will be free of unsightly piles of leaves or mounds of melting snow. If you have an in-ground pool, there’s a world of difference between presenting it to a prospective buyer when it’s sparkling under a brilliant sun, or pointing to a dark, covered shadow at the edge of your yard surrounded by windswept branches and ice puddles.

The pleasant weather that typically heralds the arrival of spring also makes it easier for you to tend to repairs and upgrades on your property. The cold and the dark tend to lead to neglect. Plus, it’s a lot easier to paint the picket fence, stain the deck, and power-wash the siding when the weather is mild and sunny.

Aside from delightful weather, springtime also brings the end of the school year. House-hunting in the spring often makes the most sense for families that include school-age children. This way, they can be settled into their new homes and schools before the new school year. By listing your home for sale in early spring, you’re making it available for this entire group of house-hunters.

Finally, spring means longer daytime hours. This can be advantageous for shoppers who work full-time and can only spare time for home viewings in the evenings. You can schedule a viewing as late as 7 p.m. and still enjoy the benefits of a daylight showing.

Do homes listed in the spring really sell quicker and at higher prices?

It’s not just hype. There are actually studies proving that houses sold in late spring to early summer are on the market a shorter amount of time than houses listed the rest of the year. Also, they tend to close at higher price points.

Here is a sampling of studies proving this theory:

  • An ATTOM Data Solutions analysis of 14.7 million homes sold over a span of 6 years proved the best month to sell a home is May. Most homes sold during this month closed at 5.9% above their estimated market value when compared with other months.
  • A Zillow study showed that homes sold during the first two weeks of May tend to be on the market less time than homes sold any other time of year.
  • According to Realtor.com, homes listed during the spring are 1% less likely to sell with a price cut than homes listed during the rest of the year.

Does this rule hold true for everyone?

“Springtime to market” might be a good rule of thumb for most home-sellers to follow, but it does not apply in every case. Here are some factors to consider:

  • The local market. If your neighborhood is full of for-sale signs and your home does not have any distinguishing features, you may put yourself at a severe disadvantage by listing your home in the spring. Consider waiting until the market cools off in mid-summer, or even in the early fall months.

On the flipside, if your home has one or more features that set it apart, you’ll want to list it when the neighborhood is full of house-hunters, to give it optimal exposure.

  • Your preferred time to move. When is the ideal time for your family to move to another town? Pick a date and work backward to decide when to list your home. There’s no way to determine exactly when you’ll close on a listed home, but Realtor.com estimates the average home sale takes 50 days to close after going under contract. Add a month for preparing your home for the market, choosing a selling agent, making any necessary repairs or upgrades, and finding a buyer.
  • Local climate. Springtime might mean beautiful weather for much of the country, but in some areas, like Southern California, pleasant, mild weather is an all-year-round delight. Conversely, in many northern states, the warmer weather doesn’t set in until early summer, and you’ll want to wait a bit before putting your home up for sale.

Whether you choose to put your house on the market in spring, or you decide you’d be better off waiting until summer or fall, we wish you a smooth sale at the best possible price. Don’t forget to stop by [credit union] to ask about our fantastic home loan options when you’re ready to start searching for a new place to call home.

Your Turn: Have you sold a home in the spring or summer? Tell us all about it in the comments.

SOURCES:
https://www.pennymacusa.com/blog/what-is-best-time-to-sell-house
https://www.housingwire.com/articles/48685-want-to-sell-your-house-list-in-the-1st-week-of-april
https://www.google.com/amp/s/www.forbes.com/sites/reneemorad/2018/04/30/the-best-month-and-day-to-sell-a-home/amp/
https://www.google.com/amp/s/www.fool.com/amp/retirement/2018/05/31/whats-the-best-time-to-sell-a-house.aspx

 

Beware Tech Support Scams

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The FTC is warning of a surge in tech support scams, many of which can be difficult toclose up of cell phone in hands spot.

In a recent widespread scam, a company calling itself Elite IT Partners, Inc., purchased keywords so it showed in searches for password recovery assistance. Victims contacted the “company,” which asked them to fill out an online form with their contact information.

Scammers then called the victims, asking for remote access to their computers. Once inside, they used phony evidence to convince victims that their computers were in need of repairs requiring pricey software. The scammers accepted payment for this software, but did not provide it.

Tech support scams don’t always follow the above script. Here are two other common scenarios:

  1. Phone calls

In this variation, scammers spoof the numbers of well-known companies claiming they’ve found a problem with the victim’s computer. They’ll ask for remote access to it, run a “diagnostic test,” and plant bogus problems. They’ll then ask the victim to pay an exorbitant amount of money to get the issue fixed.

Red flag: Legitimate tech-support companies will never initiate contact by phone.

  1. Pop-up warnings

Sometimes, a tech-support scammer will target victims with an alarming pop-up warning. The pop-up might look like a legitimate error from the victim’s system or antivirus software. The message will warn about a computer security issue and instruct the victim to call a listed number. Once the victim calls, they’ll be asked to grant the scammer remote access to their computer. The scam will then proceed much like what’s described above.

Red flag: Legitimate security warnings from tech companies will never ask you to call a phone number.

If you’ve been scammed

Are you a victim of a tech-support scam? It may not be too late to reclaim your money.

If you paid via credit or debit card, you may be able to stop the transaction. Contact your credit card company or [credit union] about contesting the charge.

You’ll also want to update your computer’s security software and run a scan. Delete anything your computer identifies as a security issue. Be sure to change your usernames and passwords as well.

Finally, don’t forget to report your scam to the FTC.

Your Turn: Have you been targeted by a tech-support scam? Tell us about it in the comments.

SOURCES:
https://www.consumer.ftc.gov/blog/2019/03/keep-tech-support-strangers-out-your-computer
https://support.microsoft.com/en-us/help/4013405/windows-protect-from-tech-support-scams
https://www.consumer.ftc.gov/articles/how-spot-avoid-and-report-tech-support-scams

Don’t Get Caught In A Pyramid Scheme!

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Pyramid schemes are just one of the many ways scammers capitalize on human greed.man looking at computer and looking upset These business-centered schemes have been around for years, but scammers are still growing rich off victims.

Pyramid schemes are especially dangerous because they can be difficult to spot. They make every effort to appear legitimate, and are often confused with authentic multi-level marketing (MLM) companies.

Let’s take a look at what constitutes a pyramid scheme and how to avoid falling into their trap.

What is a Pyramid Scheme?

A pyramid scheme is a system in which participating members earn money by recruiting an ever-expanding number of “investors.” The initial promoters of the business stand on top of the pyramid. They will recruit additional investors, who will each also recruit even more investors. At each level, the number of investors multiplies. Investors earn a profit for each new recruit, and pass on some of the profit to their recruiters. The further up on a pyramid an investor is, the more money they will earn.

Sometimes, pyramid schemes involve the sale of a product, but that is usually just an attempt to appear authentic. The product will typically be faulty, and will obviously not be the focus of the business. The main object of all pyramid schemes is to recruit new investors in a never-ending quest for expansion.

It may be difficult to spot the crime here-and pyramid schemes are actually legal in some states. However, there are definitely underhanded tactics you’ll want to be aware of with every pyramid scheme.

First, new investors need to pay a fee for the right to sell a product or service, and to recruit others for monetary reward. This fee can be quite steep. Essentially, the recruiter is paying the salary of their superiors.

Also, as mentioned, if a product is sold, it is likely faulty or damaged and will not sell well. Recruiters might be required to purchase the product themselves. To make it even worse, the company will refuse to take back products that are deemed unsalable.

Finally, every pyramid scheme is set to fail because they are dependent on the ability to recruit more investors. Because there is a limited number of people in any community, every pyramid scheme will eventually collapse, leaving only those at the top with a profit.

What is Multi-Level Marketing?

MLM companies are often confused with pyramid schemes, but there are some distinctions that set them apart.

First, MLM companies work by selling products directly to consumers without a retail store or website. Distributors or salespeople will market the products on their own and will also train and recruit additional distributors. Each distributor earns a commission on each sale, as well as commission on the sales of the distributors they’ve recruited.

You might have unknowingly encountered an MLM business or even purchased their products. Some MLM companies include Mary Kay Cosmetics, Amway, and Scentsy. These are all completely legitimate businesses, with no devious intent.

The primary difference between MLM companies and pyramid schemes is the reliable line of products or services that stand behind each MLM company. The bulk of the company’s profits come from sales, not from recruiting new investors.

Also, authentic MLM businesses will never leave their distributors with unsold products. They will gladly buy back unsold merchandise, though often at a discounted price.

How Can I Spot a Pyramid Scheme?

Watch out for these red flags which immediately mark a business as a pyramid scheme:

  • High-pressure tactics. Pyramid schemes work by ensnaring victims whose judgment is clouded by hopeful ambition and don’t bother to read the fine print.
  • Recruitment-based income. If your promised income is completely tied to recruiting more members for the business, you’re looking at a pyramid scheme.
  • Unsubstantiated income claims. If you’re promised a 6-digit salary within a year while working a low-skill job that requires no experience at all, opt out.
  • Outrageous products claims. Are you being asked to sell a cream that will make wrinkles disappear overnight? Or maybe a pill that makes people drop five pounds in a week? If the product is accompanied by outlandish claims that are hard to prove, you’re being targeted for a pyramid scheme.
  • You need to buy the product to sell it. A company that requires its salespeople to purchase its products is a company that is desperate for business. Run the other way and don’t look back.

If you think you’ve been targeted by a pyramid scheme, check your state laws and report the scheme to the authorities if a law has been broken. Also, warn your friends about the circulating scheme so they know to avoid falling into its trap.

Stay alert and stay safe!

Your Turn: Have you been targeted by a pyramid scheme? Tell us about it in the comments!

SOURCES:
https://www.fraud.org/direct_sale_pyramids
https://www.fbi.gov/scams-and-safety/common-fraud-schemes/pyramid-schemes
https://ag.ny.gov/consumer-frauds/pyramid-schemes

What To Buy And What To Skip On Memorial Day

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Since 1971, Memorial Day has been celebrated as an extended weekend away fromtwo women shopping in the spring work–and the unofficial start of summer. It’s time to get that grill going, dust off your patio set, and break out the white jeans you’ve had stashed away all winter.

More recently, Memorial Day has also turned into a second Black Friday for retailers, each offering loads of sale events in stores and online,and each promising to save you heaps of money. Lots of these sales will run for a full two weeks, starting a week before Memorial Day, which falls on May 27 this year, and continuing until the end of the month.

As always, though, not every marked-down product is actually a bargain. In fact, you can sometimes get the same product a lot cheaper by waiting a few months-or even just a few weeks. And of course, if the for-sale item is not one you need, you’re better off leaving it in the store. But, if you know what to shop for and you’re careful to stick to what you need and can afford, you can find some great deals.

Let’s take a look at what to buy and what to skip this Memorial Day weekend.

Buy: Outdoor essentials

Get ready to welcome summer with outdoor gear like grills, lawn mowers, mulch, ladders, and more, which may be marked down as much as 50% at stores like Lowe’s and Home Depot. Online retailers, like Wayfair and Overstock, host similar events and may offer free two-day shipping in honor of the summer season kickoff.

Skip: Electronics

You’re going to see lots of crazy-low deals on gaming consoles, laptops, and tablets around Memorial Day weekend. But, unless you need one now, it’s better to wait it out. You’ll find even better deals on electronics during Black Friday season, when retailers are looking to clear out last year’s models to make room for the newer inventory. If you need your electronics sooner than November, you may consider waiting until July, when many retailers host “Black Friday in July” events that feature steep discounts on electronics.

Buy: Furniture

Memorial Day weekend is the perfect time to spruce up both the inside and outside of your home with new furniture. You can snag a great deal on a fully-loaded patio set, pick up a comfortable sofa, and even swap your old mattresses for new ones, all at great prices. You may need to use a coupon code to qualify for the reduced price, so be sure to check out a retailer’s website before hitting the store.

Skip: TVs

Don’t make the mistake of picking up a new TV in May just because you found one at an excellent price. Most marked-down TVs you’ll find around Memorial Day are older models with outdated features. You can find much better deals on newer models in November or January.

Buy: Wedding registry gifts

Department stores, like Macy’s and JC Penney, offer discounts on household essentials, like coffee makers and blenders, in advance of the wedding season. You’ll also find markdowns on these items at specialty stores, like Bed Bath & Beyond. If you’ve got any weddings to attend this summer, pick out a registry gift now to save big.

Skip: Cars

If you’re looking for a new set of wheels, wait until after June. You’ll find the hottest deals on cars between July and October, when dealerships are trying to move old inventory and make room for the newer models.

Buy: Tires

Preparing the family car for a summer road trip? You’ll find the year’s best prices on tires around Memorial Day weekend.

Skip: Swimwear

Don’t splurge on swimwear and other summer apparel just yet. Wait until June, or even mid-summer if you can swing it, for the steepest discounts.

Buy: Spring apparel

Retailers have been displaying their warmer-weather line for months now. That makes the end of May a perfect time to stock up on spring wear.

Skip: Power tools

You’ll only have to wait a few weeks for the hottest deals on power tools. Father’s Day sales usually start at the beginning of June, and they offer deep discounts on power tools and other outdoor power equipment.

Buy: Appliances and home décor

Retailers and manufacturers alike offer markdowns on large household appliances, like refrigerators, dishwashers, and ovens, at the end of May. Hold onto your receipts, as you may need to mail them to the manufacturer for a cash-back rebate. You can also score a deal on home décor products, like light fixtures, flooring, and kitchen essentials, at Memorial Day sale events.

Skip: Jewelry

All that glam won’t glow so brightly if you have to drain your wallet to pay for it. Skip the diamonds this month and wait until late summer, when the jewelry business is at its slowest and retailers put some of their products on sale. If you can wait even longer, push off your purchase until the end of February, when jewelry prices are at their lowest.

Now that you know what to buy and what to skip this Memorial Day, you can kick off the season of poolside barbecues and aimless road trips by snagging some great deals!

Your Turn: What was your best Memorial Day find ever? Tell us all about it in the comments!

SOURCES:
https://www.finder.com/memorial-day-sales
https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/99B0B79C-4236-11E7-AE38-779A9096A819
https://www.nerdwallet.com/blog/shopping/shopping-tips-news/what-to-buy-skip-may/

Mortgage Rates Are Dropping; Should I Refinance?

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Q:  I’ve heard that mortgage rates have dropped dramatically since the start of 2019. three people going over paperworkShould I refinance my mortgage loan to take advantage of these lower rates?

A:  Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out a new mortgage loan, often at a lower interest rate. It may sound like a no-brainer, but there are many factors to consider before moving forward with a refinance.

Is it a good time to refinance?

Mortgage rates have been falling steadily over the last few months. During the last week of March this year, rates took their biggest one-week nosedive in more than a decade, and mortgage applications rose 39%, as thousands of homeowners sought out their lenders for a refinance.

However, the downward trend has already reversed as of the beginning of April, when rates hit 4.29 percent. That’s up from 4.17 percent just one week prior. If you’re thinking of refinancing in the near future, it’s best to do move quickly so you can lock in the lowest possible rate. You may be able to save hundreds of dollars a month if you refinance a loan that currently has a relatively high interest rate.

Is a refinance right for you?

While this is definitely an excellent time to take out a new mortgage, that doesn’t mean a refinance is the right fit for everyone.

Here are two reasons a refinance might be a good fit for you:

  1. Your credit is strong and you’d like to lower your monthly payments

The first, and most obvious, reason homeowners refinance their mortgage is to take advantage of a lower interest rate. The drive behind this reason might be a change in finances, personal life or simply the desire to save money. As mentioned, the current mortgage rates make this an excellent time to refinance into a lower interest rate.

Don’t try a refinance unless your credit is in good shape, though. Taking out another mortgage with a less-than-desirable credit score can mean getting hit with a high interest rate, even if national rates are dropping.

Aside from reducing your monthly payments, a lower interest rate can also help you build more equity in your home sooner.

  1. You’d like to shorten the life of your loan

People sometimes choose to refinance their mortgage because they want to finish paying off their loan sooner. If you have a mortgage that has a really high interest rate but you can easily meet these payments, consider refinancing into a shorter-term option. You may be able to pay off your loan in half the time without changing your monthly payment much at all.

When refinancing your mortgage is a bad idea

In the following three circumstances, refinancing your mortgage may not make sense.

  1. You’re in debt.

If you’re looking for the extra stash of cash each month to pull you out of debt, you probably shouldn’t be refinancing. Most people who refinance for this reason end up spending all the money they save, and then some. Without making any real changes to your spending habits, giving yourself extra money is only enabling more debt. While the intention is rooted in sound logic, unless you make an equally sound change in your spending habits, you’ll be right back to your present situation in very little time.

  1. A refinance will greatly lengthen the loan’s terms.

If you’ve only got 10 years left on your mortgage and you want to refinance to stretch out those payments over 30 years, you won’t come out ahead. Any money you save on lower payments will be lost in the cost of the refinance and the extra 20 years of interest you’ll be paying on your mortgage.

  1. You don’t plan on living in your home much longer.

If you plan on moving within the next few years, the money you save might not even come close to the costs of a refinance.

How much will it cost?

Homeowners are often eager to get started on a refinance until they see what it will cost them.

Remember all those fees and closing costs you paid when you first bought your house? Prepare to pay most of them again. Broker fees will vary, but a typical refinance will cost anywhere between 3-6% of the loan’s principal.

Before proceeding with your refinance, make sure you’ll actually be saving money. You can do this by procuring a good faith estimate from several lenders. This will get you your projected interest rate and the anticipated loan price. Next, divide this price by the amount you’ll save each month with your anticipated new rate. This will give you the number of months that will have to pass before you break even on the new loan. If you don’t plan on staying in your home for that long, or you can’t afford to wait until then to recoup your losses, refinancing may not make sense for you.

Rates are still low, and if your finances are in good shape, a refinance can be a great way to put an extra few hundred dollars into your pocket each month. [If you’re ready to talk to a home loan expert about refinancing, call, click or stop by Destinations Credit Union today to ask about getting started on your refinance. We’re always happy to help you save money!

Your Turn: Have you refinanced? What drove your decision? Was it the right decision for you? Let us know in the comments!

SOURCES:
https://www.myfinance.com/5-reasons-to-refinance/?utm_source=Millennial+Money&utm_campaign=millennialmoneycru&utm_medium=mfCRU
https://www.consumersadvocate.org/mortgage-refinance/a/best-mortgage-refinance?matchtype=e&keyword=should%20i%20refinance&adpos=1t2&gclid=CjwKCAjww6XXBRByEiwAM-ZUILOeJrx3aTigcckJXeQcxYZ5KC-gPj1HDcbQYQlprrg3zX08LqGaohoCL14QAvD_BwE
https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/
https://www.investopedia.com/mortgage/refinance/7-bad-reasons-to-refinance-mortgage/
https://www.bankrate.com/mortgages/analysis/
https://www.wkbn.com/news/local-news/with-mortgage-rate-drop-many-buyers-consider-refinancing/1897961701

Home Improvement Hacks

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You’ve finally finished scrubbing and purging your home from top to bottom in honor ofcouple working on home improvements spring. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Maybe you’re hankering after a complete kitchen makeover. You might be dreaming of a fresh coat of paint for your bedrooms. Or maybe your window treatments are in desperate need of an overhaul.

The only thing standing between you and your dream home is finding piles of cash for funding it, right?

Maybe not. Lucky for you, you don’t need to spend a fortune this spring to give your house a new look. Read on for our list of home improvement hacks and learn how to upgrade your home on a budget.

  1. Cabinet makeover

Instead of dropping a ton of money on replacing your kitchen cabinets, you can give a tired kitchen a fresh new look by replacing just the cabinet fronts. You’ll pay a fraction of the price and no one will know it’s your old, shabby cabinets hiding behind those beautiful new doors.

Want to go even lower-cost? Consider painting the front of your cabinet to upgrade the look without spending much money or time. You can also replace those dated cabinet pulls with something nicer and trendier for a more modern look.

  1. Cover your countertops with contact paper

Granite countertops can be gorgeous, but they’re also incredibly pricey. Instead of taking out a second mortgage for beautiful counters, try covering them with pretty, patterned contact paper. You’ll find loads of granite lookalikes at home improvement stores and you can learn how to apply your knockoff covers neatly from DIY tutorials on YouTube. You might even fool your friends and family into thinking it’s the real thing. But don’t worry: We won’t tell anyone it’s fake!

  1. Use PVC pipes for curtain rods

Pretty curtains and drapes add a splash of color and personality to any room. You can make your own inexpensive curtains by picking up some fabric from a sewing supply store. The only issue? You’ll need rods to hang up those curtains-and if you need specific measurements and colors, that can get pricey.

Make it happen with this hack: Use PVC pipes instead of curtain rods. You can paint your pipes to match the décor of the room and hang them with inexpensive hooks that fit well. Curtains, done!

  1. Create a mirrored backsplash

All you need for this fantastic hack is a pack of self-adhesive mirror tiles. These retail for about $15 per 20-tile pack and you can find them online or at a home improvement store. Use your snazzy tiles to create a mirrored backsplash in your kitchen. Decorate with inexpensive decals to up the glam or just leave it bare. The mirrors will give the illusion of greater space and you won’t have to deal with grout and caulking. It’s a super-cheap way to make your kitchen sparkle!

  1. Slipcover your sofa

If your sofa is hopelessly stained and you’d love to update it, but can’t spare the cash, try covering it in a slipcover. You can find a leather-look slipcover to match the shape of your sofa for $100 or less. They’re not just for protection; the right slipcover will give you an (almost) brand new couch! Make sure you read reviews before purchasing, because quality really makes a difference here.

  1. Let the light in

Light fixtures can really make or break an area in your home, and you don’t have to spend a fortune to get it right. Walk through your home and take note of the light fixtures that are relics from a past life, paying close attention to highly visible areas. Then, take a trip to a home improvement store or check out sites like Wayfair and Hayneedle for trendy, striking light fixtures. For less than $100, you can give your house an entire new look!

  1. DIY paint

If the walls in your home desperately need fresh coats of paint, look no further than your local home improvement store. No, you don’t have to be a genuine DIYer to get this right; it’s fairly simple. You’ll find loads of painting tutorials on YouTube, and you’ll only have to spring for the actual paint plus a few supplies. Best of all, when you’re in charge, you can get as creative as possible. Using painter’s tape and your imagination, you can paint funky designs on your walls, like diamond contrasts, vertical and horizontal stripes, or, if you’re feeling really artsy, go for a full-blown mural!

These hacks will make your home beautiful this spring for just a bit of money. If you need more major home improvements that require serious cash, though, we can help. Call, click or stop by Destinations Credit Union today to ask us about opening a HELOC or taking out a home equity loan. We can make that happen, too!

Your Turn: Are you making home improvements on a budget? Share your best tips and tricks with us in the comments!

SOURCES:
https://www.google.com/amp/s/www.thrillist.com/amphtml/home/home-improvement-hacks-under-50-diy-home-projects
https://diyjoy.com/diy-remodeling-hacks/
http://www.architectureartdesigns.com/15-smart-hacks-that-will-save-you-money-while-remodeling-your-home/
https://www.google.com/amp/s/www.remodelista.com/posts/apartment-rental-simple-easy-budget-hacks/amp/

9 Ways For Kids To Make Money

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The best way to teach a child financial responsibility is by encouraging her to earn and 3 kids at lemonaide standmanage money on her own. As the weather warms and summer nears, there are many opportunities for your kids to pull in some extra money.

If money-making is not on your children’s minds, you may need to direct them toward that line of thinking. The next time they ask you to buy something that’s out of budget, tell them they can earn the money to buy it themselves. As an alternative, suggest that you’ll cover half the cost if they earn the other half. Talk to them about finding a summer job, the work they can do on weekends, or suggest a one-time gig they can initiate.

In honor of Youth Savings Month, let’s take a look at 9 easy ways your kids can earn some extra cash.

  1. A lemonade stand

It may be old-fashioned, but kids can bring in good money by selling cups of America’s favorite hot-weather drink. For optimal exposure, let your kids set up their stands near a local yard sale or another neighborhood event. Don’t forget to check local municipality laws to make sure your stand is completely legal.

  1. Help a senior

Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. If your own parents or in-laws live nearby, speak to them about having your child help them out for payment.

  1. Hold a yard sale

Spring-cleaning season is the perfect time to host a yard sale on your front lawn. Let your kids be in charge by having them choose the items to feature, set the prices and run the sale. You’ll want to be available to oversee their work and to make sure the prices are fair, but let them make most decisions on their own. Take off your helicopter-parent helmet and let your kids learn lessons that will stay with them for life.

  1. Do yard work

If your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them hire themselves out to do yard work. Your neighbors will be glad to have the help, and your kids will be out in the sunshine while earning some money on the side.

  1. Help with pets

Are your kids animal-crazy? Let them use their penchant for pets to help people with pet-related chores. They can walk dogs around the neighborhood and offer to pet-sit for the afternoon while a neighbor is out. If your child is truly a budding entrepreneur and has the necessary skills, they can even set up a pet-grooming station out in the yard. Let them scrub the neighborhood dogs and cats, brush the hair and trim claws for some extra cash.

  1. Be junior tech-support

Generation Z kids are practically born holding smartphones in their hands. Let your kids use those skills to help some older folks who may not be as tech-savvy. They can offer to organize digital photos and create albums, assist with data entry and filling out online forms, or help a senior create a Facebook page or learn how to use a new phone or device.

  1. Help a mom

Your child may be too young to babysit on their own, but they can offer their services assisting a neighborhood mom while she’s at home. Let your child take the kids out to the yard while mom watches from the deck, play with the kids at home while mom does laundry or help them with their summer homework while mom’s busy in the kitchen.

  1. Collect recyclables

Call up a local recycling plant to find out how much they pay for every pound of recyclable materials. Then help your child gather empty bottles, cans, cardboard boxes and old newspapers to bring to the plant. You’ll be keeping the planet green and helping your child earn some pocket money at the same time.

  1. Wash cars

Let your child try out her car-washing skills on the family car. Once she’s got the technique down pat, have her offer the service to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can really pay off.

Encourage your kids to earn their own money and you’ll be teaching them financial responsibility in the best way possible. And, don’t forget to teach them to save part of what they earn in their Destinations Credit Union account!

Your Turn: How do your kids earn money? Tell us about it in the comments.

 

 

SOURCES:

 

https://www.moneytalksnews.com/10-ways-for-preteens-make-money-this-summer/

https://www.thebalancecareers.com/how-can-kids-make-money-2085398

https://selfsufficientkids.com/how-to-earn-money-as-a-kid-elementary-age/