Tag Archives: Karen Richardson

Credit card rewards: perk or pitfall?

By Karen Richardson, FPSC Level 1TM Certificant in Financial Planning

Photograph of a stack of credit cards

Credit cards, when used carefully, can play a positive role in your financial life. Using credit wisely is critical to building a solid credit history. If you need a loan or a mortgage, or you want to renegotiate a loan, a good credit rating is important and will help you negotiate the best terms. But credits cards used carelessly can send your life and finances into a tailspin.

But we all know this, right? So how do smart people with six figure incomes end up with more credit debt than they intended? Often it’s the seductive lure of credit card reward programs.

How many people do you know who put almost everything on their credit card so they can earn reward points? Maybe you do it too. Well let’s take a look at the perks and pitfalls of a rewards plan spending habit.

Perks

1. If you are using a card with rewards that are of value to you, and you are paying off your balance each month, you may be benefitting from the program.

Well that was a short list.

Pitfalls

Unfortunately this list isn’t as short. Continue reading →

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Have you had the talk?

By Karen Richardson

Family Saving Money In PiggybankKids are surrounded by sexy advertising everyday. And although you think you are being discreet, they see all the plastic cards in your wallet; credit cards, debit cards, even loyalty cards. You know it’s just a matter of time before they get curious and ask: “Where does money come from?”

You’ll want to mumble something vague about the bank, but you can’t avoid the subject forever. Do you want your kids learning about interest from a department store credit card? Do you want their future compromised because they created debt too young?

You need to have the talk.

Ok, so I may have made the “money talk” sound like the sometimes awkward, “birds and the bees” talk, but that’s because talking to our kids about money can be awkward, and parents sometimes feel ill-equipped to give good advice. Continue reading →

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Should you give your kids an allowance?

By Karen Richardson, HBOR

Kids with their expert piggy bankParents often ask me if they should give their children an allowance. The answer is yes! As our children grow and change they will have many different dreams for their future, but whichever path they take they will need to know how to manage their money.

You may have read Money Coach Kathryn Mandelcorn’s recent post about being the architect of your financial future, she suggests people look at their  family history around spending and saving to understand their current relationship to money. Your children’s future habits are being shaped right now. The good news is you’re in a position to help shape them.

Of course not everyone sees that influence as good news. One of the concerns I hear from many parents is that they don’t think they are doing a great job with their own finances, so they shy away from “teaching” their kids. I say that’s all the more reason to make teaching their kids about money a priority! Kids are watching and listening all the time, so you are either actively or passively teaching them your attitudes to money every day.

So where do you start?
Continue reading →

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Podcast – Back to School

Back to School

Featuring: Christine White and Karen Richardson: Family Money Experts from www.moneycoachescanada.ca

Back to school season is almost here! Christine and Karen, both moms and Money Coaches with Money Coaches Canada, talk about back to school shopping, managing kids activities, and ongoing school costs throughout the year!

Listen in for great tips and helpful information to get your kids back to school while staying on track with your family finances.

Listen to our Let’s Talk Money Podcast by clicking the link below

Back to School

You can download the Activities Worksheet Christine talks about here: Activity Worksheet

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