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Joint checking accounts right for some, not all
Joint checking accounts can be a prickly topic, but a bit of thought and planning can be enough to alleviate the misgivings (or convince you it’s not right for your situation).
As a basic premise, joint accounts mean equal access to deposit, withdraw, and transfer money. There are legalities to be aware of regarding survivorship rights and the like — regardless of whether it’s family on the account or not — so always consult with an attorney.
Here are a few scenarios to consider, though there are certainly many more iterations:
* Young and newly married. A joint checking account may help manage scarce resources. However, you must have spending rules and communicate about when bills are paid and who pays them.
If one spouse is in debt, you have to agree that all resources will be used to pay off the debt using the joint account. You must agree to how this will be done and then follow the plan.
* Married later in life, with established separate incomes. A joint account may not be necessary. A combination might work: a joint account to pay bills and separate accounts for personal spending. Or just divide the bills.
* Retirement. An important factor: make sure both spouses are signers if you have separate accounts. This ensures the bills can still be paid if one of you falls ill or is otherwise incapacitated.
Rather than establishing joint accounts, you can take care of people in other ways. Set up accounts to be “payable on death” if you want to name someone as direct beneficiary; Set up durable powers of attorney, which give access to accounts in certain circumstances (illness, incapacitation, etc); and for minor children, set up accounts in trust or UTMA — Uniform Transfer to Minors Act — where you can serve as custodian, but the money is legally the child’s
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Gift guide got graduates of all ages
Do you know someone who’s graduating this year? If so, here are some great gift ideas depending on where the person’s at in their studies.
Preschool
Get your little one excited about kindergarten with a gift that shows them how fun learning can be. Opt for an age-appropriate toy that will nurture their curiosity and creativity. Science experiment kits, light-up terrariums, coding toys, and building sets are all great picks.
Elementary school
Your young graduate is on the cusp of a major transition during which they’ll learn a lot about themselves. Choose a gift that encourages them to pursue a budding interest such as a telescope or microscope, painting or art supplies, a musical instrument, a magic kit, or new sports equipment.
Middle school
This summer might be your teen’s last to spend with friends before they all start working part-time jobs. Help them make the most of it with new hiking boots, a waterproof portable speaker, a skateboard or rollerblades, giant inflatable pool toys, or a smartphone projector for outdoor movie nights.
High school
Select a practical gift based on their future plans. Students going to college or university are sure to appreciate noise-canceling headphones, linens for their new place, self-care products, or a laptop. If your graduate is heading into the workforce, help them kick-start their professional wardrobe with a tailored blazer, dress watch, or messenger bag.
College or university
After years of hard work, this grad deserves a gift that encourages them to take a break and unwind before they start their career. Consider a spa retreat, camping or fishing gear, a new mattress, luggage for upcoming travels, a magazine subscription, or an assortment of local wines and spirits.
For these items and more, visit the shops in your area. When in doubt, most graduates will appreciate a gift card, so they can get exactly what they want.
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Kid Quiz: How well do you know your animals?
Do you love books and TV shows about animals? Are your favorite movies Madagascar, Zootopia, and The Secret Life of Pets? If so, find out how well you know your animals by answering the questions in this multiple-choice quiz.
1. How many teeth do rabbits have?
a) 4
b) 12
c) 28
2. How far away can the roar of a lion be heard?
a) 500 feet
b) 1 mile
c) 5 miles
3. How many vertebrae are there in a giraffe’s neck?
a) 7
b) 21
c) 44
4. What do you call male, female, and baby cats?
a) Simba, Nala and Kion
b) Tomcat, queen, and kitten
c) Buck, doe, and kitten
5. What are horses physically unable to do?
a) See the color yellow
b) Sleep lying down
c) Vomit
No cheating!
Answers: 1-C, 2-C, 3-A, 4-B, 5-C
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5 things that will bring spring into your bedroom
Do you want to refresh your home for the season? Here are a few design elements you can incorporate into any bedroom to create a spring-like atmosphere.
1. Pastels. Choose soft shades of pink, blue, or green to give your room a fresh feel. Additionally, opt for white walls, bedding, or accessories to help brighten up space.
2. Flowers. From dried and artificial arrangements to floral-pattern fabrics and wallpaper, there are plenty of ways to bring spring blooms into a bedroom. Go for classics like roses, tulips, lilacs, and cotton flowers.
3. Wood. This is a timeless and elegant material that’ll match any design style. To evoke the lightness of spring, consider introducing rattan, slatted, or driftwood furniture, depending on the theme of your room.
4. Light materials. Berber rugs, sheer curtains, linen cushions, and macramé are all great options for a minimalist space that captures the airiness of spring. Japanese interior design trends can serve as inspiration.
5. Storage. If you want to create a calming atmosphere, your room needs to be clean and organized. Additionally, removing clutter can help you shed the heavy feeling associated with winter and give you a sense of renewal.
For more inspiration, visit home decor shops in your area or speak with an interior designer.
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The best dog breed for your family: 4 factors to consider
If you want to adopt a dog, the first step is to determine which breed would best suit your family and lifestyle. Since owning a dog is a long-term commitment, it’s vital that you do your research. Here are four factors to consider.
1. Size
The amount of space you have at home will help you determine the size of the dog you can accommodate. This includes how much green space you can offer your pup. Breed size might also be a deciding factor if you have small children or other pets.
2. Energy level
Reflect on whether you’re looking for a running buddy or a couch companion. Energetic dogs need plenty of exercise, otherwise, they can become bored and destructive. Ideally, your dog’s activity level will match your own.
3. Temperament
Since some breeds are naturally good with children while others tend to be skittish, you might want to opt for a family-friendly dog if you have little ones running around. Calmer breeds are also a better fit for most seniors.
4. Grooming needs
You’ll likely need to spend more time grooming if you opt for a long-haired dog. These breeds typically shed more, which might be a problem if you have allergies or an aversion to vacuuming.
If you make an informed decision and have the resources to properly care for a dog, you’ll be sure to enjoy a long and happy friendship with your canine pal.
Kid-friendly pups
From beagles, boxers, and border terriers to poodles, pointers, and pugs, there are plenty of dog breeds that are great with children.
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5 tips for improving your credit score
Whether you’re looking for a car loan, submitting a rental application, or applying for a mortgage, it’s important to have a good credit score. If your current credit score is suboptimal, here are five things you can do to rebuild it.
1. Pay your bills on time. Always pay bills in full before the due date. If you can’t pay the total amount, at least make the minimum required payment.
2. Don’t max out your cards. It’s best to use no more than half of your available credit (for example, don’t put more than $500 on a credit card with a $1,000 limit). If you always max out your card, lenders will consider you a high-risk loan candidate. Also, never surpass your credit card limit.
3. Be a loyal customer. Don’t switch credit cards or financial institutions unnecessarily. The age of your credit history impacts your credit score.
4. Get credit checks infrequently. If a lender or company files a request to view your credit report, which is known as a hard inquiry, it’ll impact your credit score. Conversely, checking your credit yourself, which is known as a soft inquiry, won’t affect your score.
5. Have multiple types of credit. Using more than one type of credit (for example, a credit card, line of credit, and mortgage) tends to improve your credit score. Just be sure that you’re able to pay back everything you borrow.
To get more advice about building up your credit score, reach out to a qualified financial adviser.
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2 creative pastimes to discover
Are you looking for a way to explore your artistic side? While there’s an abundance of interesting pastimes to choose from, here’s a look at two lesser-known visual art forms that encourage self-expression and creativity.
Calligraphy
More than an elegant form of handwriting, calligraphy aims to communicate meaning in a way that’s similar to other art forms like painting and sculpting.
In calligraphy classes, you’ll learn to produce beautiful lettering and arrange them in a way that evokes harmony and rhythm. As you progress, you can explore different writing styles, such as Italic and Gothic, using various tools including fountain pens, quills, and brushes.
In addition to fostering relaxation and concentration, calligraphy can be used to create personalized greeting cards, invitations, place cards, and more.
Creative journaling
Inspired by art therapy, many people use this blend of writing, drawing, and collage as a personal development tool.
Your creative journal can be a place to doodle, write poetry, record your thoughts, paint, jot down snippets of conversation, create mood boards, and more. You can also incorporate various mediums such as fabric strips, pastels, calligraphy pens, and textured paper. In addition to giving free rein to your creativity, this type of journaling promotes judgement-free self-exploration and reflection.
If you’re curious about these activities, calligraphy and creative journaling classes are available in various formats including group workshops, private lessons, and online courses. Contact web-based services or art schools in your area to find an option that works for you.
