Fatherhood Factor

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Managing Finances

Reasons Why You Shouldn’t Give Your Child a Smartphone

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While the best age for a child to receive their first phone is a topic of wide debate, there are still some ages that most people consider too young. We’re not here to debate what those ages are, but we do want to give you some reasons why you shouldn’t give your child a smartphone. Unfortunately, telling them that you didn’t have a phone at their age isn’t going to cut it anymore.

Phones Are Too Expensive

Have you seen the prices of smartphones recently? A thousand dollars is starting to become the norm in the industry. Granted, we’re aware that most parents will buy their kids a cheaper one, but even on the bargain side of the market, they can easily go for $200 to $300. It’s hard to trust a small child with a “toy” that carries such a hefty price tag. Plus, phone plans themselves can be fairly expensive.

There are much better options for kids on the market, such as child-safe tablets and smartwatches. These watches, in particular, can give parents all the benefits of a smartphone for their child but at a fraction of the cost. On top of that, they’re attached to a wrist, which means they’re less susceptible to drops, spills, and broken screens.

They Could Abuse In-App Purchases

Even though parental features are common these days on smartphones, kids always seem to find a way around them. Then suddenly, before you even know what’s happening, they’ve spent$100 in a game. Since young kids don’t have a fundamental concept of money yet, you can’t even blame them for it. The best way to avoid the situation altogether is not to let them have a phone in the first place.

They Might Become Dependent on Them

While there are ongoing studies on this topic, it’s hard to argue that people don’t have some level of dependence on their devices. If you don’t think that’s the case, try going for a week without your phone and see how you feel afterward. If it didn’t have much of an effect on you, congratulations—you’re stronger than the majority of us.

Regardless of your view on the subject, developing a deep dependence on technology is a big reason why you shouldn’t give your child a smartphone at a young age. Kids’ brains are still developing and don’t need an all-powerful smart device to be at the center of that development.

It’s Good To Tell Them “No”

It can be challenging to keep denying your kid when they continuously ask you for a phone. However, contrary to what you might read on Facebook, saying “no” and setting boundaries with your children is a good thing for them. If they never hear the word “no,” they will go the rest of their life expecting everything to get everything they want when they want it.

Standing your ground and not letting them have a cellphone until you believe they’re ready is one of the best ways to instill a more realistic behavior in them. Plus, your kid will be even more grateful on the day they finally do get a phone than they would have been if you just broke down and gave them one when they asked.

Invest in a New Family Property with These 5 Steps

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Finally, the day has come when you and your family have decided to look for a new home. This doesn’t have to be a frustrating job that will end up with you having to settle for less than you wanted.

These 5 steps will help you to prepare for the purchase and make all the right calls.

1. Straight your credit up

The first thing you need to do is to get a copy of your credit report to see what your current status is. Lower mortgage rates are a direct consequence of a high credit score, and you’ll get there if you have paid off all your debts. And make sure you paid your creditors on time. What can also be useful is to lower the debt-to-income. In case you opt for closing some of your credit cards, leave the oldest one open, regardless of how often you use them. These couple of things will improve your score.

In case you don’t have any credit, then your credit card could help you identify your credit history. In this case, you should pay off the probably completely every month. This is where a loan can help you.

2. Get rid of all the debts

This is an important step that may not seem that important to you but it is what will significantly help your credit score. It also affects how much money you will get when you apply for a mortgage. Furthermore, getting rid of your debts means that you won’t have to worry about other expenses when you finally buy a home. Don’t think that settling the debt is better than paying it because settling will be visible on your credit report.

3. Monitor market trends

The moment you decide to look for a new home in the next year, start paying attention to the market conditions and demand. Concentrate on the area where you would want to live next with your family because it will help you find out what types of house are selling fast, what the offer is what you can expect once you start checking out specific properties.

It will also allow you to do proper research of the schools in the area for your kids, as well as facilities like parks and playgrounds. Even if you don’t plan to stay at that home permanently, you still need to understand that you will probably be there for the next five years, so you must make sure it suits your needs and preferences.

Your market research will also bring you another benefit. If you have the chance to talk to somebody who was in a similar situation as you, they will probably tell you something like “It was easier for me to decide when the right time to list my property for sale was because I knew what was in demand at that time.”

4. Start saving up for the down payment

Now is the right time to start saving up because you need to be sure you are able to save money and be in control of your finances. And it is also a good preparation for all the unexpected costs you will have once you buy a new home. The motivation behind saving up for the down payment as much as possible is that the larger your down payment is, the more you will be able to spend on your new property. It can also help you get your hands on a great property that may not seem affordable otherwise but becomes possible with a large down payment. So, don’t rush it and spend a year or more (depending on your situation) saving up money for the down payment and also for the extra money you will need to close the mortgage costs. There are many ways for a family to save money on monthly basis, so opt for a couple of them and start saving it.

5. Search for the right real estate agent for you

You can’t find the best possible home for you without a real estate agent. They are the ones who will do half the job instead of you. They are far more familiar with the area you are interested in. As well as that, they have access to homes that are not formally listed, which can give you an advantage. They also have negotiating skills that can help you end up paying less than you expected. Lastly, you don’t have to spend additional money on them because they get paid from the commission that comes from the seller, not you.

Final words

To make sure your family and you get the best possible home, dedicate a year to go through these 5 steps before you start searching for a new home actively. That way, you will save yourself a lot of headaches.

A Dad’s Quick Guide To Parenthood While Managing A Mortgage

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Being a role model to your kids is a difficult, but noble, task. A dad’s job isn’t just to discipline their children or to be the “other person” to ask when mom won’t allow anything, or to be the one with the “corny” jokes. A dad is just as responsible as the mother to make sure his children are good, productive members of society. Easier said than done; parenting is a full-time job. When financial situations like managing a mortgage happen, parenthood can become significantly more difficult. It’s hard to juggle your fatherly obligations and financial obligations simultaneously. However, it’s not impossible for dads to be good parents while managing a mortgage.

Remember, a mortgage is a common thing: other people manage it, and you can too.. It might not be easy to deal with, and it sure won’t disappear as fast as a boo-boo or a doo-doo but it’s not an impossible task. It takes time and patience. This quick dad’s guide to parenthood while managing a mortgage will prove to be an invaluable tool.

According to Due, while getting yourself your own home is part of the American Dream, managing the burden of a mortgage debt can be a massive undertaking. This is especially true if you have a family to manage and the expenses that come along with it. As a dad, it can be overwhelming to think about mortgage and at the same time worry about your children’s education and your daily expenses. However, managing a mortgage while parenting isn’t impossible. Perhaps it’s a matter of prioritization and knowing what to do.

Study The Mortgage During Breaks

When you’re a father, chances are you’re going to be very busy. This includes your own set of household chores, your responsibilities with your children, and even making sure everything is in tip-top shape. You will barely get a break for a good cup of coffee or a can of beer! However, instead of sitting on the sofa and watching a good game, you may want to take the time to learn more about your mortgage instead.

  • Try as much as possible to assess your finances. As soon as you get your outstanding balance, the earlier you get yourself the numbers you need to pay, then the better chances you’ll have of being able to manage your finances properly.
  • Also, try to learn more about mortgage points. Lenders more often than not send people with mortgages with loan rates and things called “points.” A point equates to a single percent of the total loan amount. You can get discount points or interest in the mortgage in prepaid which lowers the interest the more you pay. You can also get origination fees, or things the lender will have you pay because of the costs to create the loan in the first place. If you have the money, it might be a good idea to invest on these points so you can save more money.

Pay Debts, Pay Extra

Regardless of whether or not you’re single or married, it’s best you sit down and assess your current finances in relation to your mortgage. This is important as a lot of the management tips for dads below will revolve around how much you are willing to spend on a mortgage and your other finances.

  • If possible, try to get a hold of the current debt you have and try to figure out just how much you need to pay them off. If there’s a way to repay them as soon as possible, then do so as this allows you to focus solely on the mortgage. Clearing debts can help clear your mortgage because then you won’t have to pay interest on those debts too.
  • If you can, pay a bit more than the original repayment fees for your mortgage. Making extra payments every now and then can actually help you save more as this increases your chances of decreasing interest. There’s a possibility that an extra payment now can save years off your overall time to repay.
  • Try to figure out if paying in an alternative method is the way to go. It might be better to alter the frequency of payments. For instance, if you’re capable of paying off your mortgage biweekly, then this might be beneficial for you. This means paying half of the month’s repayment costs once every two weeks. Since there are 26 bimonthly periods in a year, you have the opportunity to make an extra monthly payment annually. This can significantly shorten your time to repay your mortgage.

Spend Less, Spend Smart

This is the time when you have to sit down with your family and talk with them about the situation. Paying off a mortgage isn’t easy with a lot of expenses, and if you want to pay off the house early, then you’ve got to make tough calls. This means making sure everyone understands that there’s a need to budget and spend less on things you don’t need.

Try to assess if there are extra expenses you can cut off, including eating out regularly, subscriptions to various services, or something that can be substituted with something cheaper. For example, having a garden can help you save money by cutting out the grocery store overhead.

Conclusion

Dads take the front seat when it comes to parenting while managing a big challenge for the whole family. This doesn’t necessarily mean their partners won’t be there to help them out, but this guide tackles just how dads can be just as awesome as parents as they are reliable when it comes to handling their family’s financial stability. It may be difficult, yes, but help is out there if you need it. If you think managing a mortgage is getting tricky as a dad, you may need financial assistance or real estate information in the form of proper consultations. Click here for more information.