Financial Tips

5 Financial Tips for Teens

Family Features - When it comes to economics, many teens’ mouths write checks their knowledge can’t cash. While 93% of American teens say they know how the economy works, 29% have had no economic schooling, according to a survey of 1,000 U.S. teens ages 13-18 by Wakefield Research on behalf of Junior Achievement and the Charles Koch Foundation. Even in light of their false confidence, teens are aware of the importance of financial education. Although the study identified numerous gaps in economic and financial knowledge, it also showed teens do know where to look for credible information. Two-thirds (67%) recognize they should use their school as a resource.

“One of the things we hear often is that some textbooks are written too academically for most students to understand the concepts,” said Jack E. Kosakowski, president and CEO of Junior Achievement USA. “Our programs, which work as a complement to the school curriculum, are written from the perspective of today’s teens and use digital content to help bring economic concepts to life for students.”

Beyond the classroom, another 63% of students believe they should use their parents as resources for

Help influence the financial literacy of a teen in your life with these practical money-management tips. Photo courtesy of Getty Images

economics education.

Help influence the financial literacy of a teen in your life with these practical money-management tips adapted from the curriculum.

Set goals. Managing your money

is more meaningful when you’re doing it with purpose. This might mean budgeting to ensure you have enough money to maintain your auto insurance and keep gas in your car, or you may be saving for a big senior trip.

www.citizennewspapergroup.com Knowing what you want to achieve with your money can help you plan how you spend it more wisely.

Weigh needs vs. wants. When you begin making your own money, it’s easier to indulge your own wishes and spend money on things you don’t necessarily need. To some extent, that’s not a bad thing; rewarding yourself is fine when you do so within reason. That means not exceeding your available funds, and not forsaking things you truly need, like gas money to get to and from a job or school.

Get a debit card. Most people find that having cash on hand makes it easier to spend. If you use a debit card instead, you’re an extra step away from spending so you have a little more time to consider your purchase. Another benefit of a debit card is it helps track your purchases in real time so you can keep constant tabs on your balance and ensure you don’t overdraft your account.

Start a savings habit. Even if your income doesn’t allow for much, it’s a good idea to get in the habit of setting aside a portion of each check. It may only be $10, but over time each $10 deposit can build your account toward a long-range goal.

Protect your privacy. Teens who’ve grown up in the digital age tend to be less skeptical and cautious about privacy matters than their elder counterparts. It’s important that young people understand the potential impact of failing to protect their privacy when it comes to financial matters, including the possibility that their identities could be stolen and all of their money siphoned away. Teaching kids about security is an essential lesson in economics. Visit ja.org for more tips and information to help raise your teen’s financial literacy.

SOURCE: Junior Achievement

IBM Extends Its Online Education Resources to All for Free

The global scale and speed of disruption in education from the COVID-19 pandemic is “unparalleled” according to the United Nations with an estimated 290 million students impacted globally and growing as several schools and universities are forgoing in-person classes in favor of remote learning.

The closing of classroom doors couldn’t come at a worse time with many schools’ upcoming spring tests, but it also presents an opportunity to expand access to digital learning tools and content for educators and students. Given the quick pace of market and technological change, it’s clear that lifelong learning is essential to remain relevant in the workplace and in industry. In today’s global and AI economy, digital learning improves access and reduces the cost of continued learning for a wider population of students.

IBM has extended online education resources like IBM Skills, Open P-TECH and IBM AI Education series for teachers with a special focus on providing online credentials to under-served populations. These free programs and courses can give users the tools needed to explore new ideas, careers, and courses – anytime, anywhere. Sign up for the live, free, online webinars by going here: https:// www.ibm.com/skills/students/

This includes the newly released Open P-TECH for teachers and students. It’s a digital education platform launched to equip those aged 14-20 years old with foundational knowledge about topics like cybersecurity, AI and cloud computing, plus professional skills like critical and creative thinking, at no cost.

The online learning platform brings components of the P-TECH program to a larger audience beyond the 220 global P-TECH schools.

After students complete coursework on the platform, they can earn industry recognized “digital badges” that can be added to their resumes and social networks. This can demonstrate their knowledge and skills as they apply for employment or higher education.

Additionally, teachers can also stay connected with students outside the classroom with access to activities and lesson plans that extend the learning that students complete on the platform. The free platform also comes with a student progress dashboard to monitor progress and assign new content to students. You can learn more about Open P-TECH by going here: https://m.youtube. com/watch?v=khnsvQNo6xs& feature=emb_logo

7 Steps to Prepare for a Home Remodel

Family Features - A homeowner’s motivation for taking on a remodeling project can vary greatly, but there’s one universal rule of thumb: home upgrades should add value, function or both. This step-by-step guide can help ensure you get the maximum return on your investment and make the most of your remodel.

Step 1: Identify Reasons for Remodeling

Deciding whether to undertake simple aesthetic changes or a full remodel can be difficult. One of the best ways to decide is to figure out why you are remodeling in the first place, whether it’s to make your new house feel more like home or to update an outdated kitchen.

Step 2: Consider Timing

Many variables can impact the timing of your project, including the climate and exact nature of the job. For example, foundation work is easier when the ground is cold during winter. Spring tends to be busy for the construction industry, so you might pay premium rates for labor and materials, but it’s also the perfect time to get a project done that you can enjoy throughout the summer. Summer months are ideal for indoor projects out of the heat. Also consider factors such as personal or professional obligations, or even an event for which you need the project completed.

Step 3: Set Your Budget

Every home is unique in structure, age, quality and craftsmanship, which all impact the price of a remodel. Since no one can see through walls before demolition, the quote you receive may not be 100% accurate. However, a qualified remodeling company will be forthcoming about potential challenges. Account for these adjustments by planning for a 10% cushion, just in case.

Step 4: Hire the Right Team

To help ensure you find the right company for the job, do your research. Referrals from friends and family are one way to find a remodeler. Resources like the National Association of the Remodeling Industry provide unbiased information that can help you find qualified, certified remodelers in your area. With more than 5,000 member companies, the organization represents professional remodelers who adhere to a strict code of ethics. Many hold certifications in remodeling, kitchen and bath design and lead carpentry.

Step 5: Establish a Written Agreement

Most companies insist on a contract to protect their own interests, but if they don’t, you should. In addition to defining the scope of work and budget, a contract ensures all parties are on the same page with expectations about factors like timing, liability in the event of an accident and other practical matters. Contractors also often provide guarantees of workmanship, so find out what they cover for how long and include this information in your work agreement.

Step 6: Understand the Plan

Keep the lines of communication open between you, the remodeling contractor and the work crew. Don’t be afraid to ask questions. Let them know your family’s schedule and circumstances that may affect their work, such as pets. Make sure to specify the best way to reach you and

how often you wish to communicate about your project.

Step 7: Complete the Project

When the remodel is almost finished, walk through the area and note any adjustments that need made while the contractor is still on site. You should also take another look at the contract and confirm you have signed permits, receipts, change orders, lien waivers, warranties and manufacturers’ guides at your disposal.

Find more remodeling advice and contractors in your area at remodelingdoneright.com.

SOURCE: National Association of the Remodeling Industry

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