Category: Brandpoint Business & Finance

2020-06-10T07:01:00

(BPT) – If you’re trying to stay healthy, chances are you have a routine to boost your physical fitness. But what about your financial fitness? As with exercise, you can establish regular routines to help keep your bank account healthy — and increase your peace of mind.

What does a financial fitness routine look like?

1. Create a budget

This is probably the toughest, and most important, step in ensuring your financial health. When you set a budget, you need to take a good look at your income compared with your expenses.

List your fixed expenses (rent/mortgage, utilities, insurance, etc.) and other vital expenses that vary, like groceries. Don’t forget payments you regularly make toward debts like student loans or credit cards.

Knowing the expenses you must cover each month will tell you how much you have left for discretionary spending. But if you’re spending more than you’re taking in, you’ll have to find ways to cut down on expenses, and/or earn more income.

Keep a spending diary to track where your money is going. Review several weeks of your diary to spot common expenses you can do without, like little-used streaming subscriptions or impulse purchases.

Make sure to budget together with anyone you’re sharing your life and household with. Online budget tools can help you set up a workable system. Don’t be surprised if it takes you several weeks to get the hang of budgeting. Just like establishing a workout routine, it takes patience and determination.

2. Make saving a regular habit

Set up an automatic deposit from your paycheck into a savings account as soon as you can, even just a small amount. This will establish the saving habit without you even having to think about it.

Building an emergency fund to cover unexpected expenses or loss of income for a few months will not only give you peace of mind, it will also prevent you from overusing credit cards when a car or appliance breaks down.

3. Set goals

Whether you want to increase your 401(k) contribution, build your emergency fund or save for a large purchase, it helps to set a specific goal or two with measurable amounts, with dates for achieving them.

Post your goals where you can see them every day.

4. Do a weekly check-in

Every week, review how you’re doing on your budget. Did you overspend? If so, where did expenses come from, and were they things you needed? Your spending diary can help you find your weaknesses.

Ways to avoid temptation:

• Stay off websites where you impulse shop
• Cut up credit cards or keep them in a locked box that’s hard to get at
• Post your financial goals where you’ll see them before spending, like a note in your wallet or near your computer

5. Use credit wisely

To improve your credit score or keep it in good shape, make sure to follow good credit practices:

• Pay credit card bills on time, above the minimum balance due when possible
• Don’t use more than 30% of your available credit
• Make occasional small purchases on cards to keep the accounts active

There are actually several credit scoring models out there, and they weigh items in your credit history differently. Some scoring models scan your credit report at one point in time, giving a snapshot that’s limited in understanding your overall credit picture. VantageScore 4.0, which is one of the models often used by lenders, is different because it takes advantage of trended credit data newly available from all three national credit reporting companies. By capturing the trajectory of borrowing and payment behaviors, trended credit data provides a more precise, holistic view of consumer habits.

For a better understanding of how credit scores work, check out this article.

While you’re working on your financial fitness, make sure to check your credit score at Your.VantageScore.com/free.

This article is not intended to provide any credit or financial advice or guidance or to recommend the taking of any specific action. This article is intended solely to describe the possible impact that an action may have on a credit score that is generated using the credit scoring models of VantageScore Solutions, LLC. The possible impacts described herein are based on hypothetical situations and the actual impact on a credit score may vary depending on various factors, including, among other things, a person’s actual circumstances and history.

2020-06-08T15:01:00

(BPT) – As COVID-19 continues to disrupt normal day-to-day operations of small- to mid-sized businesses and nearly half of the U.S. workforce hangs in the balance, employers are taking creative measures to reset their go-to-market strategies and offerings. By changing their operations to meet the demands of their customers, businesses can not only stay relevant but keep their staff employed and thrive in the new economy.

This pandemic offers business owners, investors and solopreneurs the opportunity to take a critical look at their overall business model, offerings and operations and reset the entire business structure, creating new opportunities to serve and prevail. This is the perfect time to explore new legal solutions to the most common business obstacles to help companies preserve and protect their brands and prosper for generations to come. There are great examples of resets happening within many industries.

With the pandemic closing summer camps throughout the country, ACA-accredited Adventure Links, a 23-year-old summer camp in Virginia, has found a way to replace its usual summer adventure camp programs with The CampCloud(TM), an experiential online alternative. The company is now offering its virtual camping programs to individuals and employers to assist employees working from home by keeping their kids engaged, learning and delighted all day from virtually anywhere. The program is being offered to other camps as a customizable, online option for their campers.

Ensuring the health and safety of employers when stay-at-home orders are lifted, and business resumes, is critical. Thanks to a team of entrepreneurs, Disinfect & Shield(TM), an FDA-registered, EPA-approved and eco-friendly disinfectant used in surgical suites for the last decade, is now available to businesses worldwide to kill SARS-CoV-2, the virus that causes COVID-19 and other dangerous organisms. It works by creating a permanent anti-microbial shield, preventing the virus from attaching to surfaces where it has been applied without risk to humans, animals or crops. With Disinfect & Shield(TM), employees, customers and visitors can feel safe knowing that their space has been properly disinfected and treated for optimum health and safety.

Clint Coons, founder of Anderson Business Advisors, offers 5 financing and entity creation tips to help entrepreneurs and small business owners:

1. Know how to use loans: CARES Act loans have specific guidelines like having to use at least 60% of the loan within 24 weeks of receipt for payroll expenses. Concerned that money would dry up, many small business owners applied with no way of utilizing them because their business cannot reopen under the strict guidelines imposed on the industry.
2. Alternate cash sources: Borrow from a 401(k) or IRA to keep businesses afloat, as it does not need to be paid back for at least 3-6 years. However, pulling money out of a retirement plan comes with some risk, such as if the business does not see profitability, then retirement funds were wasted on a failed business venture.
3. Beware of increasing liabilities: Because insurance will not cover claims brought under COVID, reopening comes with risk and business owners are wondering how they will operate under strict COVID-19 related guidelines and still make a profit. Now is the time to pivot and reset.
4. Consider restructuring: Set up your business in the right entity and state. Mistakes in formation or taxation can have a lasting negative impact on business growth and viability. Before starting a new business, consider the best structure for asset protection and tax minimization. For example, a limited liability company (LLC) gives business owners time to operate at a loss for the first few months and write off the loss on their individual 1040 forms against other forms of income. There are different entity funding options with protection ramifications.
5. Utilize Privacy Shield Protection by creating anonymity with trusts.

COVID-19 has shown that many businesses aren’t prepared for worst-case scenarios and make common mistakes that can affect their ability to grow and borrow money. If approached strategically, small- to medium-sized businesses can take this time to implement changes and help their operations succeed and thrive.

2020-06-08T07:01:00

(BPT) – If you’re a tween or teen trying to earn money or save for a goal, it can be hard to sort out the mixed messages about money you hear from the media, your friends — and even your family. Sometimes parents don’t like talking about money, or they may not always practice what they preach.

How can you be smart about your own money? Take advantage of this down time in quarantine to teach yourself smart money management skills that will serve your future. As you can see, being a savvy saver and being on top of your credit in times of unexpected financial stress, such as COVID-19, is a critical skill to develop. If you’re disciplined, it’s quite simple. Here are some healthy financial habits to help you be more on top of your own earning, spending and saving.

1. Learn how budgets work

Now is a good time to find an easy-to-use online budgeting tool or app. Budgets help you prioritize your spending and be aware of your cash flow — incoming and outgoing. There are even features designed to help you save for specific goals like prom or college.

One of the great benefits to these apps is that you can see all your account balances in one environment. You can learn tips for keeping track of the money you earn and planning ahead.

2. Limit spending

Budgets are about making decisions. How much money do you want to save, and how much do you want to spend? First, figure out how much money you’re earning (through allowance, part-time work, etc.) per week or month. From here, you can identify your needs versus wants. This enables you to set your goals.

Do you have a specific item you want to buy, or an event (like a trip) you want to save for? Perhaps you want to contribute to your college fund. Decide a reasonable percentage of what you earn to set aside. Some banks even have an auto-save feature where you can elect a specific, recurring dollar amount to be moved from your checking to your savings account. If it’s out of sight, you’re less likely to spend it.

3. Save what you can

As the saying goes, “It’s not what you make, it’s what you save.” Even if you’re not earning much yet, commit to saving a small amount every time you get money from your allowance or part-time job. If you start setting aside a little bit each time you earn in, you’ll have this habit for life. Your future self will thank you!

4. Avoid impulse buys

When you see something great that tempts you to spend immediately, consider taking a day and sleeping on the idea. Remind yourself how long it took you to earn the cost of the item. If the video game or pair of shoes you want would cost 10 hours of working at your lifeguard job, you may not be so quick to make that purchase.

Rest assured that this is not the only opportunity you’ll ever have to buy that item. Another idea is to decide to take at least a day to think about any purchase that is over a certain dollar amount (such as the equivalent of 3 or more hours at your part-time job).

5. Use credit carefully

Once you hit 18, you may be barraged with invitations to apply for credit cards. When you go to college, it’s a good idea to apply for at least one credit card to start building your credit history. You can use the card to occasionally make a small purchase that you know you can pay off when the bill is due.

But remember, anything you buy on a credit card has to be paid off, and credit cards charge interest when you carry a balance — making whatever you bought with the card even more expensive.

If you can’t come up with the money to pay a credit card on time, or simply forget to pay it when it’s due, those late payments can lower your credit score, which is like a grade given to your credit history. And if you max out your credit card through over-spending, that will also lower your credit score. A good rule of thumb is to never charge on credit what you can’t pay for in full with cash.

Why should you care about your credit score? A poor credit score makes it harder for you to borrow money later, for example, when you might want to buy a car. Overall, learning good habits like budgeting, saving and keeping track of your spending now will help you enjoy a more financially sound future.

This article is not intended to provide any credit or financial advice or guidance or to recommend the taking of any specific action. This article is intended solely to describe the possible impact that an action may have on a credit score that is generated using the credit scoring models of VantageScore Solutions, LLC. The possible impacts described herein are based on hypothetical situations and the actual impact on a credit score may vary depending on various factors, including, among other things, a person’s actual circumstances and history.

2020-05-29T11:31:00

(BPT) – As the U.S. begins to reopen, many small business owners across the world are strategizing for the future and the new normal.

According to data recently published by the U.S. Census Bureau’s Small Business Pulse Survey, more than 85% of U.S. small businesses have been negatively impacted by COVID-19.

But still, we are starting to see glimpses of optimism. According to a recent survey, as businesses are slowly reopening, a majority of Americans are looking forward to supporting small businesses. The survey found that 75% of people plan to support local businesses as much as possible once physical restrictions are lifted in their communities.

“The last few months have had a dramatic impact on our business, but it also has shown how resilient we can be and given us the opportunity to help more people. When your business is purpose-driven and keeps customers top of mind, you can not only survive, you can thrive,” said Jasmine Crowe, founder and CEO of Goodr.

Here are four steps businesses should focus on as the nation moves into its next economic phase.

Manage and motivate your people

As the world continues to shift and adapt, your employees will be looking to you to set optimal safety standards while keeping everyone safe, productive, and customer-focused. Help your employees stay connected to the vision of your company and practice radical transparency with them. Acknowledge how their contributions are helping your company to thrive, while being sensitive to the responsibilities they are juggling outside of work. Continue to reinforce company goals such as speed, accuracy, productivity, teamwork and commitment to customers, but also support employees and be flexible to their needs in this environment. Whether you’re helping customers or helping your employees, the more you can encourage others to stay connected and get the support they need, the more your business will thrive.

Prioritize customer service

Your customers will be wondering whether you’ll be able to maintain the same quality of service in light of all the economic disruption. Now is the time to do everything possible to foster their trust by maintaining high standards and meeting every commitment you can. At the same time, it’s important to be fully transparent if your company simply can’t function as it normally would. Fill customers in on what you’re doing to mitigate risk, support your staff, help your community and plan for the future.

Establish financial strength

Consistently take a hard look at your finances, evaluate the resources available, and determine what actions you need to take to keep your business solvent now and into the future. Do not make short term financial decisions — think of the long tail consequences. For example, look for smart financial options that offer zero or low interest rates and deferred payments.

Continue planning for the future

Never stop being proactive about planning for the future. Think about how your company will continue to function as the world moves into recovery and growth stages. Keep adjusting budgets and strategies as the economy evolves, trying to identify new industry opportunities and ways your firm can continue to grow and prosper.

A critical piece of a successful path forward for small businesses is technology. The small business advisors at Dell Technologies are partners who can recommend technologies that will help you lay the essential foundation your company needs to thrive in the coming months and years. We work closely with our customers to help them determine if strategic investments could help them reduce costs, solve business issues and drive growth.

2020-05-23T08:01:00

(BPT) – The global coronavirus pandemic has caused emotional distress and financial upheaval for people around the world. Many Americans are dealing with daunting issues that could jeopardize their financial future, whether it’s unexpected health care costs, unemployment and loss of income, the market’s impact on 401(k)s and other investments, or the need to postpone retirement plans. With these COVID-19 disruptions come financial anxiety and increased emotional concern that can become all-consuming and greatly impact your mental health.

With new challenges daily, it’s important to consider the mental toll of these financial stresses. Mental Health Awareness Month is a time for global awareness to advocate and provide support for those who are overcome with physical and mental angst. It’s a good reminder to use this month as a time to reflect and tackle new methods to deal with the anxiety and stress you’re facing. Amanda Clayman, financial therapist and Prudential’s financial wellness advocate, can help you to tackle these issues head on and cope with these feelings to find your way through this challenging time.

Clayman offers these tips on how to ease your mind and overcome the emotional distress caused by the various financial changes and uncertainties experienced during the pandemic.

1. Pause and reflect on delayed plans: Many are feeling an overwhelming sense of disappointment and despair in numerous aspects of life. From missing milestones for children and grandchildren to job loss or postponed retirement plans, these are moments that we attach to emotionally. Feelings of loss and sadness are tangible but it’s important to take a step back and appreciate that many things are outside of your control right now. Instead of reacting emotionally, ground yourself with the understanding that what may be out of reach at the moment will be back within your control and reach at the right time. Taking time to get fresh air, exercise and have some alone time are things that can keep your body in a more regulated state to reduce your stress levels. This way you can approach these financial struggles and decisions with a more open and relaxed mind.

2. Re-evaluate your budget and household needs: Unnerving life disruptions, such as unemployment, often affect the whole family and cause a shift in dynamics. Many of us could be experiencing a role reversal, whether you were an empty nester that has since welcomed your adult children back under your roof, or if you are now relying on your children for financial support due to loss of income. We all feel the weight of the pandemic, but we need to do our best to adapt to these changes both emotionally and financially. Use this time to track your spending habits and re-evaluate your budget to see what you need for day-to-day expenses to keep your family fed, connected and safe. Don’t make any drastic changes to your budget, but make sure your basic needs are going to be met for as long as possible. This will put you in a more grounded place and ease some of the financial weight you are bearing.

3. Stay centered and connected: The pandemic has created a sense of isolation and loneliness for many around the world. With technology, we have the opportunity to continue connecting with friends, family and your community. It’s essential to be open and honest with others about the emotional and financial stress we are feeling, as the new dynamics of balancing work and home life are a new challenge for us all. In these uncertain times, encourage discussion and create an open dialogue with your loved ones about needs and financial responsibilities. Adapting to a new routine, inclusive of compromise and conversation in and out of your household, creates a safe space for your family unit.

As we all navigate this emotionally challenging time, remember to stay present and grounded in the facts, and try to avoid focusing on worst-case scenarios. These reminders are key for your mental health and emotional stability, Clayman says. We could all use some extra time and reflection to ensure we are prioritizing how our financial lives impact our emotional health. Remember to be purposeful in your decisions, not impulsive; and be deliberate with your approach, yet hopeful for the future.

For more information on how to deal with financial anxiety, visit Prudential’s Newsroom.

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2020-05-21T06:01:00

(BPT) – One of the longest economic expansions in American history may have come to an end in the face of a global pandemic. The economy today brings to mind for many the lessons of 2008-2009, during the Great Recession when millions of Americans on the doorstep of retirement watched helplessly as a lifetime of savings vanished, leaving them to wonder how they would be able to buy food, let alone take vacations or pursue leisure activities.

Meanwhile, Americans are living longer, which is a wonderful thing. Yet, it comes with challenges. The Great Recession and the current coronavirus pandemic uncovered the risk inherent in historical reliance on accumulating savings and “safe” withdrawal rates for meeting expenses in retirement without the backstop of a guaranteed retirement income base beyond Social Security. The risk is even greater when you consider that life expectancies are near record highs according to the U.S. Centers for Disease Control. The average millennial has more than a 2-in-5 chance to live to age 90.

Research from Prudential shows, however, that while having enough savings to last through retirement is individuals’ top financial goal, only 60% are confident they will achieve that goal — possibly because less than half of individuals even know how much money they’ll need to cover expenses in retirement.

Against this backdrop, the ensuing impact of coronavirus once again leaves Americans concerned about whether they’ll have enough to get by in retirement, or ever be able to retire at all.

“Facing a low interest rate environment, volatile markets and almost surely a new recessionary period, investors are considering the lessons learned in 2008 to avoid putting their retirement plans in jeopardy and running the risk of outliving their savings,” notes Dylan Tyson, president of Prudential Annuities. “In any environment, annuities can be a critical tool for many Americans to help protect their assets and secure a protected income stream in retirement.”

Annuities come in different forms, including variable, fixed, hybrid and even investment-only versions. Most provide guaranteed income in retirement that can be insulated from stock market fluctuations and interest rates — areas that have been increasingly hard to predict for those entering or in retirement.

The most straightforward annuity is a fixed annuity, which is typically invested in a fixed account so the principal value is protected. Because the income rate is guaranteed, the rate of return can be lower with these types of annuities, but many individuals prefer the stability these products provide.

Variable annuities typically allow purchasers to invest their principle in an investment portfolio, and account values vary — as the name implies — based on market fluctuations. This type of annuity carries more exposure to equity markets, which can mean more risk, but also higher returns.

Another option growing in popularity in the current market climate is indexed variable annuities, which allow investors the opportunity to capture some of the market upside if that does occur, and can offer some protection against a downturn. Also called registered index-linked annuities, hybrid, structured or buffered variable annuities, indexed variable annuities are typically tied to the performance of an index such as the S&P 500. These annuities provide a measure of protection if the index underperforms, while also providing investors the ability to grow their assets on the upside.

“Although there are plenty of annuities that provide forms of guaranteed income, individuals have traditionally been faced with a choice of choosing between downside protection or growth potential when they purchase an annuity,” adds Tyson. “Hybrid solutions offer the best of both worlds, providing the opportunity to lock in a protective ‘buffer’ against market losses and options to capture gains as markets rebound.”

Shoring up retirement finances has taken on new urgency in light of the coronavirus pandemic, as the market moves toward recession, job losses mount and health issues compound financial challenges for many Americans. Planning for greater longevity and an extended retirement will take decisive action on the part of individuals, before they lose the benefit of time to bolster their financial readiness. Annuities are one tool that can provide stable income in retirement, allowing more Americans to enjoy their golden years.

2020-05-19T06:03:00

(BPT) – As a parent, you would do almost anything to give your child the best opportunities for a bright future. In fact, a recent study by College Ave Student Loans conducted by Barnes & Noble College Insights shows that 83% of parents plan on paying for their child’s college education and 37% of those expect to pay $100K or more.

But funding your child’s education may look different nowadays, and despite the unique financial challenges ahead, you don’t want to sacrifice your own future. These days, paying for college and saving for retirement may seem like a steep hill to climb, but with a few key steps, you can make sure you’re marching ahead toward both investment goals.

Start with your employee retirement account

Through student loans, scholarships, work-study programs and more, kids will always have other options to help them pay for school. But once you’re retired, your options aren’t so abundant – there are no unsecured loans to help cover retirement costs. Make sure you’re saving as much as possible for your future by funding your employee savings plan enough to get the full employer match. And as your income increases and you are able, put extra money toward your retirement.

Weigh all sources of funding to pay for college

With the costs of college tuition and housing, you may find you need to supplement your income and savings to pay for college. One option — after your child has exhausted scholarships and grants — is student loans. Federal loans in the student’s name should be considered first, as they often come with unique benefits, such as income-driven repayment plans. However, there is a limit on the amount you can borrow in federal loans. If you need to borrow more, College Ave Student Loans offers private student loans that can cover the full cost of college and are customized to fit your budget and goals. With competitive interest rates and flexible repayment plans offered on undergraduate, graduate and parent loans, and so many useful tools, they can help make your education-funding experience as painless as possible.

Consider the goals and cost of college

There’s no way around it — college is expensive. But there are many ways to manage that cost. Help your child carefully evaluate their goals and budget. Help them create a list of schools at different price points to compare financial aid awards and find a school that fits best. For example, starting out at a community college can significantly reduce the higher education price tag. Make sure your kids are involved in the financial decisions that go into paying for college.

Ask your kids to chip in

As your children get older, teach them about the responsibility of saving and paying for their education. According to the same College Ave survey, 68% of parents expect their college student to help pay for some part of their education expenses. Include them in the conversation by communicating your expectations and letting them know how much you can afford to contribute. Create a plan that’s right for your family by considering all your options, including financial aid, grants and scholarships. One easy scholarship to encourage your child to try for is the College Ave Student Loans $1,000 Scholarship Monthly Sweepstakes. They can enter each month for a chance to win.

Saving for retirement and your child’s education may involve some tough choices, but with a little planning and strategic thinking, you can get it done. To learn more about saving and borrowing for college, visit collegeavestudentloans.com.

2020-05-14T08:01:00

(BPT) – As the world seeks a “new normal” following the advent of COVID-19, many Americans are looking forward to taking trips again — albeit safer, carefully chosen vacations.

A mid-May survey by research firm Destination Analysts found nearly seven in 10 Americans greatly miss vacationing, while more than half miss the planning itself. Forty-five percent predict they’ll take at least one road trip between now and the end of August, and 20% anticipate engaging in air travel during that time.

“Everyone has a touch of cabin fever after the worldwide coronavirus lockdowns,” writes Christopher Elliott in USA Today. “So it’s no surprise people want to travel soon. Whether it’s a cabin in the woods or a cruise ship cabin, Americans are dreaming of their next trip — and not just dreaming but booking.”

Many Americans are also closely watching their budgets right now in reaction to economic changes caused by COVID. But with a little extra planning, we should still be able to enjoy fun, relaxing getaways without having to break the bank. In that spirit, here are a few money-saving tips for your next trip.

• Consider a nature-focused vacation. Hiking or sightseeing amidst America’s natural beauty can be a cost-effective alternative to the hefty admission fees attached to theme parks, museums, cultural centers, entertainment venues and other key attractions. You may also find it easier to maintain social distancing guidelines in the great outdoors.
• Pre-book your lodging via Hotels.com™. The one-stop shop for hotel pricing and availability is offering major rewards on future travel. Hotels.com Rewards members who book at eligible properties by May 24, 2020, and stay between June 1, 2020, and Aug. 31, 2021, will collect double stamps. For every 10 stamps you collect, you receive a free night. This promotion will get you to that free night twice as fast, at the same cost. To participate, log in to your Hotels.com Rewards account and enter coupon code RWD2X2020 at checkout.
• Seek out mid-week airfares. Not only are you likely to find attractive airfares as America eases back into more extensive air travel, but you may find even less-expensive (and less-congested) flights on the slowest travel days of the week — Monday, Tuesday and Wednesday.
• Spend your food dollars wisely. Your dining plans (or lack thereof) can easily make or break your vacation budget. You may wish to make great food a major highlight of your trip, but if you’d rather use your money elsewhere you can use strategies like self-packed lunches, the free continental breakfasts at your hotel, restaurants where kids eat free and water instead of pricey drinks. When you do dine out, make lunch your biggest meal of the day and avoid higher-priced dinner menus.
• Optimize credit cards that offer travel rewards. Options include general purpose cards that pay rewards on all travel purchases or brand-specific cards that reward only for spending money on specific airlines or hotels. Look for cards that offer unlimited cash back on your greatest expenditures and seek generous expiration dates for redeeming rewards. Other available perks may include sign-up bonuses, waived baggage fees or foreign transaction fees, complimentary companion tickets or bonus rewards for booking with travel partners. Do expect annual fees and do pay monthly balances in full to avoid interest charges, forfeited rewards and/or negative impacts to your credit rating.

Your next vacation need not take a big bite out of your budget if you plan ahead. Wherever you choose to go, travel safely and travel wisely this season.

2020-05-13T06:01:00

(BPT) – There may be times when you are less likely to have your car on the road, whether that means it is sitting in your garage or stored in a facility. Even if you aren’t using your vehicle for an extended period of time, there are still financial and physical aspects to taking care of your car. With a little bit of maintenance, you’ll be able to save on costly repair bills while also boosting your vehicle’s resale value.

2020-05-13T07:01:00

Having children is a great joy, but it also can be stressful. Pressures are plentiful, from making sure your child has the right gear to needing to help manage their school and social schedules. To intensify matters, COVID-19 has brought quarantines and social distancing around the world, and parents are now tasked with educating and entertaining their kids more than ever before.

Financial stress is growing dramatically. A whopping 71% of parents are worried about their personal finances right now, and 81% describe their level of parenting stress as medium or high, according to the OfferUp 2020 Parents and Kids Recommerce Report.

In addition to financial concerns, there is a multitude of challenges for parents during these unique times. Keeping kids entertained at home is the No. 1 cause of stress for parents during the pandemic, followed by educating their children at home, the study found.

Keeping kids on top of their studies as well as happily entertained doesn’t require spending a lot of money. Consider these low- and no-cost ways to keep your children occupied at home:

Seek free educational resources

Go online to discover a variety of high-quality educational websites. Many museums are now offering virtual tours and online educational classes to engage kids of all ages. Educational websites such as Khan Academy and Sesame Street offer no-cost learning materials. Remember to sign up for newsletters from parenting organizations as well to get free activity ideas sent right to your email.

It’s also smart to reach out to your children’s school or local community center to explore options. Some offer memberships to websites that they can share so you can access material at no cost. Additionally, you can call and ask your local library about digital storytimes and virtual classes they might be holding, which can be a fun way to connect kids with others while they learn.

Find what you need through local resale opportunities

Have your kids played with all their toys and need some new supplies? Parents are turning to online resale marketplaces such as OfferUp to buy baby and kids items during the coronavirus pandemic with the goal to save money, make more sustainable purchasing decisions and support their local communities. Whether it’s a new toy or a necessary supply, you can find just what you need for less.

You can also consider selling what you no longer use and make some money as a family. OfferUp is the largest mobile marketplace in the nation for local buyers and sellers and it’s as easy as taking a picture with your phone to sell items and then meet with local people in a safe, secure manner. Millions of people buy and sell on OfferUp every year, and billions of dollars’ worth of items are exchanged. Why not make it a family effort to clean out rooms, sell unused items and save toward a group goal?

Don’t forget traditional fun and acts of kindness

Old-fashioned fun is low cost and keeps kids entertained. Have family game nights and bust out the board games, work on puzzles together or start a crafting project. Go outside to play yard games, catch or kick around a soccer ball. Work on a time capsule, scrapbook or teach your children a hobby. Think about all the things older generations did to stay busy when people spent less time online and find your inspiration.

To help spread positivity when so many people are stressed, consider simple things you can do from afar to spread cheer. Kids will enjoy brainstorming acts of kindness, and most don’t cost anything. For example, write inspiring messages on the sidewalk for people to see as they walk by, or color pictures to send to a local nursing home for residents who may not be able to receive visitors.

Keeping kids educated and entertained while at home shouldn’t cause financial stress. Follow these tips to save money and keep kids happy.