Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
As summer approaches, most of my friends are talking about the camps, classes, and other activities that their kids will be attending this summer. But when I raise the idea of the kids earning summer money—whoa.
This may still be a foreign concept for many parents of grade-school-age kids, but it doesn’t have to be. Summer break is a great time to get your kids started on good money management habits.
Don’t get me wrong: I’m not advocating full-on jobs for grade-schoolers. However, you also don’t have to wait until your kids are teenagers and can get real jobs before expecting them to start working for money.
Kids as young as age 7 or 8 can earn a little cash for taking on extra household tasks like cleaning your dining room windows or dusting baseboards. Older kids and tweens can water neighbors’ gardens while they’re on vacation, walk dogs, babysit, help keep younger kids entertained during summer parties, and much more. This is all good training for later, when your kids will actually need these money management skills and will have to work to pay for necessities. And it’s a smart way to add some focus and structure to the seemingly endless days of summer.
But let’s go a step further. How about paying your kids to meet some predetermined summer goals?
I read an interesting blog post from a smart mom who helps her five kids come up with small academic, physical, household, and personal goals they’d like to accomplish over the out-of-school months. The Pothier family uses a simple check-off chart to track the little tasks they must do every day—read 20 minutes, get some exercise, clean something in the house, and work on a personal goal like practicing the piano. I love that each kid gets to choose his or her own personal goal—it keeps all of the children more interested and motivated.
At the end of each week, the kids get paid a nominal amount and also earn “task points” for every task they complete. In addition, the Pothier kids earn a bonus for meeting a specific, agreed-upon goal, like learning three new songs on the piano. At summer’s end, the whole family tallies up the task points earned during the summer. If they hit their agreed-upon collective points goal, they earn a fun family outing, like to an amusement park, or a shared reward, like an expensive new game.
If this sounds like bribery to you, I’d like to offer an alternate perspective. Bribery is paying someone to do something wrong. A reward, in contrast, is paying someone to do something right. Considered that way, giving kids cash to hit goals is a wonderfully positive incentive.
And think about this: Do you, as an adult, go to your job every day out of the goodness of your heart? Nope. You do it in part (mostly!) because you’re getting paid. Paying kids to complete summer tasks and hit goals is like creating miniature at-home jobs for them.
If that’s not enough for you, watch what happens when you tell your kids they’re getting paid to do their summer reading. You get the picture: They’ll go through so many library books you’ll wonder why you didn’t try it sooner!
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.