GREENSBORO, N.C. — Money. Somehow, the conversation always seems to include something about money. Today, Ja'Net Adams of Debt Sucks University and Michelle Shanks of Summit Credit Union join 2 Wants To Know to talk about all things money.
Here are a few of the topics:
How do I help my teen navigate money with their summer jobs?
"For children who will have summer jobs parents should set up rules before the first paycheck comes in. Example: 80% goes to savings, 10% to giving 10% to spending," said Ja'Net Adams.
Sure, the kids can just put their money in a jar, but Michelle Shanks says, this is a great time to teach them how financial institutions work. Open a savings account for them. There are ways to have them use a debit card with controls so they can learn what it is like to spend money with accountability.
With 6 months of the year gone, what should we be looking at budget-wise?
People at this point of the year should first look at the progress or lack of in their finances up to this point. Whatever the result you will have to make the decision if you need to catch up on your financial goals or stay on the current track.
"If your savings goal is off then where can you find extra money to catch up? Pick up extra hours at work? Sell stuff in your home? Can you adjust some of your subscriptions? Take some time to think about how many ways you can bring in extra money," said Adams.
What is the best way to tackle debt in this high-interest-rate environment?
In order to tackle debt in this interest rate environment, you must pay the principal extra each month. This will bring the balance down and make the debt less expensive.
MYTH: If a bank cashes a check and allows me to withdraw money, the check must be legit.
"It is the consumer's responsibility, not the bank or credit union, to guarantee funds," said Shanks. It can take up to two weeks before a check fully clears and it is determined that the check is indeed real or fake. So, why does a financial institution cash it then? Shanks explains that the financial institution is doing what the consumer asks, to cash it. That is the institution's first responsibility, to the consumer to put the check in-process.