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Smart steps to take when helping your grandchildren financially

In his early 20s, Chris Chen’s nephew dreamed of becoming a professional photographer, but to pursue that dream, he needed equipment that cost over $5,000. His nephew worked hard to save $1,500, then his maternal grandmother provided an additional $750. Chen, a certified financial planner in Newton, Massachusetts, covered the rest.

“It helped him understand the value of money,” Chen says of his nephew, who now earns his living as a photographer.

Grandparents — and other family members — often have the best intentions when it comes to helping their grandchildren financially, but experts say they don’t always know how best to do so and can accidentally hurt their own finances along the way.

In Kimberly Palmer’s latest for the Seattle Times, learn smart steps to take when helping your grandchildren financially.

This week’s money news

This week’s top story: December mortgage rate forecast. In other news: 2024 housing trends, 5 steps to creating financial boundaries during the holidays, and how to make a liberal arts degree count.

December Mortgage Rate Forecast: Falling and Heading Lower
Mortgage rates are likely to slip a bit lower in December as inflation cools.

2024 Housing Trends: Lower Rates, Lower Rents, More Affordability
The housing market could be a little friendlier to home buyers and renters in 2024.

5 Steps to Creating Financial Boundaries During the Holidays
Establishing parameters for your money this season can set you up for financial success in 2024.

No STEM Major, No Problem: How to Make a Liberal Arts Degree Count
A liberal arts degree can help you land a great job, too — as long as you plan ahead.

This week’s money news

This week’s top story: How to set good money examples for kids. In other news: Cyber Monday sales, 5 credit card rewards pitfalls to avoid this holiday season, how NYC crackdown on Airbnb, Vrbo-style rentals affects travelers.

How to Set Good Money Examples for Kids
Your money-related actions and conversations can model positive behaviors for kids, from toddlers to teenagers.

Skipped Black Friday? Today’s Cyber Monday Sales Offer Second Chance
NerdWallet monitored prices on 10 popular products at Amazon, Target and Walmart during every major sale period of 2023.

5 Credit Card Rewards Pitfalls to Avoid This Holiday Season
All credit card points and the possible ways to redeem them aren’t created equal. Here’s what to avoid to get the best value.

How NYC Crackdown on Airbnb, Vrbo-Style Rentals Affects Travelers
New York City travelers look for alternative lodging options now that restrictions on short-term rentals are being enforced.

Companies’ deceptive ‘dark patterns’ online cost you money — here’s how to fight back

See if any of this sounds familiar:

● You can’t find an easy way to cancel an unwanted subscription, so you let it continue for another month — telling yourself you’ll try again later.

● You feel rushed into an online purchase you regret, but there’s no option to undo the transaction or demand a refund.

● You want to read an article or shop at a store online, but you’re bombarded with pop-up requests for your data. There’s no easy option for saying no, so you click “allow” just to get the annoying pop-up out of the way.

These are just a few examples of “dark patterns” — intentionally deceptive designs that companies use to steer people into making choices that aren’t in the consumers’ best interest.

Dark patterns may sound like a feature of sketchy websites, but these manipulative practices are a common way mainstream companies dupe people into sacrificing their privacy or paying for stuff they don’t really want. In my latest for ABC News, learn how to fight back companies’ deceptive ‘dark patterns.’

This week’s money news

This week’s top story: 2022 mortgage applicants sought larger loans, faced deeper debt. In other news: 5 roadblocks to improving credit, reframe gift traditions, and a passport renewal by mail.

2022 Mortgage Applicants Sought Larger Loans, Faced Deeper Debt
A look at 2022 mortgage application data from the Consumer Financial Protection Bureau shows some of the initial effects of these higher-and-higher rates.

Knock Down These 5 Roadblocks to Improving Credit
A new NerdWallet survey finds that half of Americans have barriers to improving their credit. Here’s how to get past them.

One Way to Reduce Holiday Stress: Reframe Gift Traditions
Consider ways to make gift-giving with family and friends a smaller and less expensive part of the holidays.

Do I Have to Renew my Passport by Mail?
Most passports can only be renewed by mail. That might be convenient for some — and stressful for others.

Taking these financial steps could help post-divorce recovery

Jamie Lima remembers his divorce six years ago as one of the most emotionally draining and financially challenging experiences of his life. As a result, he resolved to use his professional background as a certified financial planner to help other people going through similar situations.

“I want to make sure other people don’t step on the same land mines and be an advocate for them,” says Lima, founder of the Ramona, California-based Allegiant Divorce Solutions, a financial planning company that helps people going through divorce.

While the financial aspect of divorce is often overshadowed by the emotional impact, rebuilding finances after the dissolution of a marriage can be an integral part of overall recovery. In Kimberly Palmer’s latest for the Seattle Times, learn steps to navigate the financial challenges post-divorce.

How to reduce your ‘widow’s penalty’

After a spouse dies, the survivor often ends up paying higher taxes on less income — something known by accountants and financial planners as the “widow’s penalty,” because women typically outlive their husbands.

Couples who know what’s coming often can take steps to soften the penalty’s effect, but too many don’t think far enough ahead, says Barbara O’Neill, a certified financial planner and educator in Ocala, Florida.

“A lot of people just underestimate what the impact will be financially,” O’Neil says. In my latest for ABC News, learn how to reduce your ‘widow’s penalty.’

This week’s money news

This week’s top story: What to expect if the Credit Card Competition Act passes. In other news: How to avoid the cost, risk and stress of unneeded medical tests, how to get the best interest rate on your business loan, and get ready for an even busier holiday travel season in 2023.

What to Expect if the Credit Card Competition Act Passes
Will consumers experience lower prices, gutted rewards programs — or nothing at all?

How to Avoid the Cost, Risk and Stress of Unneeded Medical Tests
More than half of the billions of annual tests in the U.S. may be unnecessary. Here’s how to talk to your doctor about it.

How to Get the Best Interest Rate on Your Business Loan
The interest rate you receive is generally tied to the lender’s perception of your ability to repay the loan.

Get Ready for an Even Busier Holiday Travel Season in 2023
In our annual holiday travel survey, 50% of respondents reported plans to hit the road for the holidays.

This week’s money news

This week’s top story: New changes for Medicare in 2024. In other news: Fed hits pause on rate hikes, third times since March 2022, Black Friday shopping could look different this year, and the busiest days to fly during the winter holidays.

What’s New for Medicare in 2024?
Check next year’s premiums and deductibles, as well as program changes.

Fed Hits Pause on Rate Hikes, Third Time Since March 2022
The federal funds rate remains at 5.25% to 5.50%.

Black Friday Shopping Could Look Different This Year, Experts Say
Here’s what marketing, retail and supply chain experts expect for Black Friday 2023.

The Busiest Days to Fly During the Winter Holidays
The Sunday after Thanksgiving is one of the busiest travel days of the year.

5 strategies for navigating today’s digital tipping culture

The nearly universal experience of finding yourself face-to-face with a checkout counter screen asking you to select an amount to tip for service can prompt a cascade of awkward questions: How much should you tip on a $5 coffee if anything? How can you decide before the cup has even been poured? Is it rude to select “no tip,” then slink away with your drink?

The answers to those questions vary depending on whom you ask, but tipping experts agree on one thing: We get prompted to tip much more frequently these days, largely because of the explosion of cashless payment methods with automated tipping options. Another thing they agree on: You don’t always have to say “yes.”

In Kimberly Palmer’s latest for the Seattle Times, learn 5 strategies for navigating today’s digital tipping culture.

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