Q The new school year is just around the corner, and I have two kids in middle school and one in college, and I always dread this time of year. I don’t want to cram everything on my credit card, but I’m not sure I can cover all the expenses.
a The back-to-school allowance has been increased this year, so you should check to see if you qualify. According to Kevin Johnson, CEO of the Credit Union Development Association (CUDA), it helps. We also need to assess other available state assistance, such as tuition tax relief, medical tax relief and other tax relief many Irish households are entitled to but many do not claim. Apart from that, you can save your money – buy everything, Mr Johnson said. We recognize that there is a need for new products, and we have launched products to address this. If your child has a sibling, cousin, or friend in school a year or two away, it’s a good idea to talk to their parents about buying second-hand goods at a low price. If so, make sure you deal with a reputable provider and get the best value. Personal loans from credit unions, for example, charge much lower interest rates than credit cards, he said. .
Q. We are a retired couple and will soon be renewing with Laya on the Essential Connect Family Scheme. Is this a good cover or can it be done better?
a According to Dermot Goode of TotalHealthCover.ie, this is an excellent policy that covers up to semi-private rooms in standard private hospitals. On his first admission to a private hospital he has his one-time policy overage of €300, but since this is not a full corporate scheme, there is no guaranteed reimbursement of outpatient costs. Goode says he is very expensive at €1,584 per adult considering the plan has been on the market for quite some time. He recommends checking out Laya’s Simply Connect corporate scheme. This reduces the cost to €1,361 each and improves the overall policy. With this new plan, he would pay a small overage for each admission to a private hospital, but he would pay a 50% overage for covered outpatient costs such as GPs, consultant fees, and physical therapy. You can now claim without First, we will issue a refund of up to 500 euros each. If you want more outpatient cost coverage, you can also consider the Simply Connect Plus scheme at €1,471 each. This will allow up to €1,000 per member for outpatient cover, he said, Goode said.
Q I would like to teach my children the importance of money now that prices are soaring. what can i do?
a According to Frank Conway, financial literacy expert and founder of MoneyWhizz, adult financial skills are not as impressive when it comes to key issues such as taxation, retirement planning and investing, as well as key concepts such as compound interest. may not. The school provides an ideal environment for promoting better money skills. Likewise, the August back-to-school period is an ideal time for parents to chat with their kids about money, as they are busy planning offers. Activities should incorporate savings, spending, planning, budgeting, and price comparisons. Tasks could include budget challenges, Conway suggested. Here, we give kids a budget and a list of items they should buy at the supermarket during their regular shopping trips where they are expected to stay within the budget. Other activities include price comparison tasks. Here, using per unit pricing (e.g. – cost per liter or cost per kg), ask children to identify the retailers that offer the best value for various goods and services To do. He said parents should reward children for identifying potential budget savings at various retailers or product alternatives. I suggest asking them to estimate the cost of each item. Children around the age of 7 develop a variety of money habits that last a lifetime. He said it’s important to teach children from an early age that money is finite and must be managed carefully, and that financial limitations are okay.