Financial Education for children

Image result for financial education for childrenIt is important to inculcate some of the fundamental aspects of loans Continued.

The education you provide to your children will determine the kind of people they will be when they grow up. As responsible parents, we must help and prepare our children to be productive and independent adults, self-confident, respectful of others and successful.

Part of their development is financial education, teaching them the importance of saving and investing their money. Take into account that without a solid financial education, the development and future possibilities of people may be affected, since the financial decisions they make will condition their lives.

Childhood is the best stage for children to acquire habits and learn everything necessary to be successful people, and with the following tips, you will start your financial education.

Lesson 1: Set a good example

More than advice, children follow the example of their parents better, hence the importance of checking with your example that a healthy financial behavior gives good results. If you are a spender and live a day, your child will have the same behavior.

Show them with your example that they should not buy on impulse, but set priorities and learn to distinguish between things that are necessary and those that are tastes, that compare prices and save. Let them realize that sometimes you have to wait to buy what they want.

Lesson 2: Talk to your child about money

Lesson 2: Talk to your child about money

The little ones do not care where the money or its value comes from, as long as they get what they want. However, it is convenient that from a young age they have a real relationship with money.

At the age of 5 or 6, they are able to understand basic financial concepts, such as:

  • Mom and Dad have to work long hours to earn money.
  • The money they pay us, we leave it in a bank to keep it.
  • That money is necessary to pay for important things like the house, the car, the gasoline, the food, the school, the clothes, the electricity, the telephone, etc.
  • Only the money that they saved us can be taken from the bank or from the cashier. Every time money is taken out, there is less left in the bank.
  • When you buy something with your credit card, you also spend the money saved in the bank.
  • If everything is spent, there is no more left.
  • You always have to save a little to be able to buy special things like gifts, vacations or for emergencies.
  • Having more money does not make one person better than another, it simply allows you to have more opportunities.

Lesson 3: Pay

If you are accustomed to giving your child a weekly pay, let him know that it is not about distributing money. Pay is the child’s first experience about financial independence. It helps you educate you about the importance of personal budgeting. The goal of pay is to teach your child the importance of managing their money well, and not simply rewarding or punishing behaviors.

Experts recommend giving a weekly base amount, with the possibility of earning something extra for doing certain additional jobs. This way you will learn to plan with regular income and know the value of a job well done.

The payment should help you so that the children learn:

  • That the money is not unlimited. They only have a certain amount.
  • You can not buy everything you want: you need to prioritize and then save to achieve a goal.
  • It costs work to save.
  • The difference between needs and desires.

Lesson 4: Encourage savings

Image result for savings

One of the best gifts you can give your children is to encourage the habit of saving. Instead of forcing you to save the money you receive, it is better to wait until you want something and take the opportunity to explain that you can buy what you want with your own money and that you can help get it. Follow these steps:

  • To plan
  • Save and save
  • To buy stuff

In order for your child to have more incentives to save, let him set his own priorities, within reason. It is advisable that your first objectives are easily attainable, for example in two or three weeks at the most. As you grow older, you can set longer savings periods to purchase more expensive items.

Lesson 5: Your first bank account

Most banks offer savings accounts designed especially for children and teenagers. Child savings accounts are usually characterized by:

  • Total liquidity. That is, one can enter and withdraw money freely.
  • They do not charge commissions.
  • Low remuneration: The interest rate they pay is very small.
  • The ages of the holders vary, they can be from little ones of a year up to a limit age determined by each institution.

When you open your account, let it be a special occasion. It is better to accompany you to the branch to receive your documents by hand. If you have confidence with any employee of the branch, ask him to receive it, shake hands and treat him as a client, it will be an experience he will never forget and will give importance to the management of his finances. Encourage him to continue depositing money on a regular basis.

Lesson 6: Teach them how to be an intelligent consumer

Image result for intelligent consumerThe ads are increasingly directed to children because their desires have a great influence on the family economy. Help them to value advertising critically.

  • Young children can not tell the difference between a television show and an ad. Sit down to watch their favorite shows with them and play saying ad! when one appears.
  • Explain the function of advertising: convince people to buy a certain product, but they only point out the positive characteristics and not the negative ones. Make them see that sometimes everything they say is not true. Ask your children to invent an ad about a product they know, but do not like much, trying to highlight their qualities.
  • When they’re in a store, compare the actual products with what they say in your ad. Ask what differences you notice and which is more attractive, the announcement or the reality.
  • When they go shopping, teach them to compare two products for their price, size, and quality. Explain why one is better than another.

No matter how old your children are, it is always a good time to teach them financial education. And in Real Credit, you find the necessary information to make your little one’s successful people.

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Ferco Wall of fame

Latest user responses

Good afternoon Mika, It is correct, because the Bank does not “forgive you those fees”, but it is simply telling you, if you can not pay them now, you pay them later, they become new debt since they have not been paid at maturity, and generate interest on interest. It is not advisable to resort to this solution, but if you do not have another option … kind regards,

 Doubt about mortgage tranquility of banesto

 Doubt about mortgage tranquility of banesto

Good afternoon, I understand that your idea of ​​reunifying everything in a mortgage is to lower the fee, for which you should extend the term, since your personal loan has a very low interest rate. The problem of extending the term is that you end up paying more interest in the final calculation, but if it helps you to bear less financial burden in the month to month it can be a valid option! Greetings.

Doubts about unification of mortgage and personal loan

Doubts about unification of mortgage and personal loan

Good afternoon, regardless of whether you should write off time or quota, I recommend that you consult a manager or tax advisor, since, that you have an annual limit of income tax relief, then, you should not write off everything at once, and give money to the Treasury, and with the rest hire a fixed term for a year, earn interest, and at maturity you amortize another part, but without going beyond the limits imposed by the Treasury. I hope you get the recommendation! regards,

 

 

Responding to: deduct income statement

Good afternoon Maria, Depends on the bank, some charge their customers for issuing a certificate of outstanding debt or zero balance, and others do not, but there is no general parameter, it is coo with the account maintenance fees, each bank He has his policy. regards,

Responding to: What is the price of a zero debt certificate, to cancel my mortgage with the mare nostrum bank?

<span class="badge badge-secondary">Responding to:</span> deduct income statementHi, Immone. Call the Notary where you signed the two deeds and ask for a copy of the mortgage loan, they have to give it to you, maybe they charge you for extending the copy, but you will leave doubts. Another option: request a simple note to the Property Registry, in many cases, the Registry, when noting the mortgage in the section of the charges, often puts the conditions of the same, among which is usually the ground. Anyway I would ask for a copy to the Notary as I commented, it is a document that you should have in your possession. regards,

Good afternoon, Moliere. Totally agree, I do not at the moment contradict any product, at the time that the Euribor goes up, you will think again. regards,

Good afternoon, Tranquilo that is normal in ING, as there are no forced heirs, art. 28 of the mortgage law, which says, in a few words, that in the next 2 years to the acceptance of inheritance may appear another heir with better rights than the current, so ING decides not to risk and not mortgage until after those two years . It is the power of the bank to enter or not, so I recommend you do not wait any longer so you do not waste your time and look for another bank. regards,

Good afternoon. The percentages of the deed of purchase are not the same as in the mortgage, since when signing a mortgage loan, the holders are jointly and severally liable. That is, either of you can request the return of 100% of the capital. Do you have a copy of your mortgage loan deed? Look at the clauses, which you must specify there. I hope I have helped you, regards,

 

 

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Seguro Salud Autónomos BBVA

Seguro Salud Aut&oacute;nomos BBVA

In medical matters, get in good hands with the BBVA self-employed health insurance .

  • Access to the medical staff of Sanitas , to guarantee quality and professionalism in all areas and throughout the national territory.

  • Flexible insurance, adaptable to your needs and those of your family, which allows the hiring of different modalities .

What is the BBVA Autonomous Health Insurance?

What is the BBVA Autonomous Health Insurance?

It is a private health insurance that offers coverage throughout the national territory and puts at your disposal more than 40,000 professionals and more than 1,200 medical centers in Sanitas.

Who is it aimed at?

Self-employed workers who seek medical insurance that provides them with quality, comfort and speed, as well as specific and differential coverage, beyond their own healthcare.

Which are your principal characteristics?

  • You can choose between 2 types of health insurance according to your needs:
  • Seguro Salud Autónomos BBVA. It is the modality that allows you to customize the basic health coverage according to your needs. You can contract it with or without co-payments (!) :
  • With co-payments: in which you will not pay anything for the first 6 annual medical services.
  • No copayments: directed to people who do not wish to make any additional payment for the use of medical services.
  • Seguro Salud Autónomos BBVA Esencial . It is a modality with the same health coverage as Autonomous Health Insurance, but with a lower fee and a higher amount of co-payments, so that you pay only for what you use.
  • The insurance premium is annual, but the fee can be paid monthly, quarterly, semi-annually or annually.
  • The insurance is renewable annually.
Number of services BBVA Autonomous Health Insurance Price with co-payments (¡) Number of services BBVA Esencial Autonomous Health Insurance Price
From 0 to 6 services € 0 From 0 to 3 services € 4
From 7 to 10 services € 4 From 4 to 10 services € 7
From 11 to 15 services € 7 From 11 to 15 services € 10
More than 15 services € 10 More than 15 services € 15

 

Single co-payment for high-frequency services BBVA Autonomous Health Insurance Price with co-payments (i) BBVA Esencial Autonomous Health Insurance Price
10 physiotherapy sessions € 12 € 20
30 days of oxygen therapy € 12 € 20
30 days for BPAP and CPAC € 12 € 20
15 days for spray € 12 € 20
15 sessions of ventiloterapia € 12 € 20
Preparation for childbirth € 12 € 20
Delivery or cesarean section € 12 € 20
Complex diagnostic tests   € 12
Complex therapeutic methods   € 12
Emergency   € 8
Dental   € 3

 

What requirements are necessary?

What requirements are necessary?

You must fill out a simple medical questionnaire and, if necessary, we will give you a medical interview by phone or a medical examination.

To contract it, you must be between 0 and 75 years old . There is no maximum age to finalize the insurance.

() Glossary

Copayment : is a system by which the user pays a certain amount in the policy every time he uses a medical service in general, contained in the insurance policy.

The coverages included in each modality are:

Basic coverages included in all modalities Included
Primary medicine Yes
Medical specialties (gynecology, pediatrics, cardiology …) Yes
Diagnostic tests: clinical analysis, x-rays, ultrasound, magnetic resonance, etc. Yes
Monitoring of pregnancy and childbirth Yes
Surgical interventions Yes
Hospitalization Yes
Therapeutic methods: oncology, radiotherapy, physiotherapy, etc. Yes
Second medical opinion Yes
Coverage for traffic accidents and work accidents: health care in case of traffic accident, work or occupational disease. Yes
Total protection guarantee: payment protection of the health receipt, support for the basic tasks of the home, mobility guarantee with taxi service, computer assistance to work from home, physiotherapy service for quick recovery, shipping of medicines and mail to home and child care. Yes

 

Other coverages in all modalities Coverage
Dental Dental 21 (i)
Assistance in the United States Optional
Prosthesis Yes (without limit)
Emergencies abroad Yes (limit € 12,000 / person)
Chiropody 6 sessions
Psychology 15 sessions
Logophonia Yes
Prevention programs Yes
Telephone emergencies 24h Yes
Ambulances Yes

 

Services

Period of deficiencies (i)

(No policy valid in another company)

Period of deficiencies (i)

(With policy in force in another company)

Outpatient surgical interventions 3 months
High technology diagnostic tests 6 months
Psychology 6 months
Delivery or cesarean section 8 months
Complex therapeutic methods 10 months
Tubal ligation and vasectomy 10 months
Non-ambulatory surgical interventions and hospitalization 10 months 8 months

 

 

Contracting rules BBVA Autonomous Health Insurance Modality Autonomous Health Insurance Modality BBVA Esencial
Copayments (i) Optional Yes

() Glossary

() Glossary

Copayment : is a system by which the user pays a certain amount in the policy every time he uses a medical service in general, contained in the insurance policy.

Dental 21 : is a dental insurance that allows you to access a wide range of dental services and enjoy franchised coverage with special prices.

Deficiency period : time that elapses between the insurance registration date and the possibility of requesting certain assistance services or coverages.

What is the Blua Digital Add-on?

It is the digital offer for customers who already have a BBVA Autonomous Health Insurance. Includes video consultations with Sanitas specialists, exclusive home services and digital prevention programs.

Who is it aimed at?

To all those people with a BBVA Autonomous Health Insurance who wish personalized medical attention avoiding travel and saving time.
You can hire it at any time.

What digital services does it include?

What digital services does it include?

Warranty Description
Video consultations in 13 medical specialties + Emergency 24 hours Gynecology, urology, pediatrics, general medicine, dermatology, allergology, endocrinology, oncology, internal medicine, rheumatology, hematology, digestive system and odontology.
Prevention programs with a team of specialized consultants connected by video consultation, chat and telephone Nutrition, psychology and personal trainer
Exclusive services included
  • Medication reimbursement (50%, limit € 200).
  • Delivery of medication at home (6 services per insured person / year).
  • Analytics at home for reimbursement (two per year, limit of € 200 and 100% of travel expenses up to € 60).

In addition, you can manage everything related to your health in the BBVA Health app or on the Mi Sanitas – BBVA Salud website .

What is the form of payment?

The supplement premium is annual, but paid monthly:

  • For insured policies, monthly € 20 will be added to your receipt.
  • For policies of 2 or more insured, € 40 will be added monthly to your receipt.

What other features does it have?

What other features does it have?

The contracting age will be the same as the contracting age of your BBVA Autonomous Health Insurance.

It does not have deficiencies or pre-existences.

The duration of the supplement is annual. It will not be possible to withdraw until the date of renewal of the policy.

COPAGO: The video consultation will be considered as a face-to-face consultation when generating the co-payment, so if the main product is co-payment, the video consultation will also be.

If you are already a client of the BBVA Autonomous Health Insurance, you can manage your policy with:

  • The BBVA Health app and discover everything you can do wherever you are.
  • The Mi Sanitas – BBVA Salud website , registering and accessing the client area to manage your policy and your health.

Insurance company

Insurance company

BBVA Salud: product co-insured at 50% by BBVASeguros, SA de Seguros y Reaseguros and Sanitas, SA de Seguros. Both entities registered in the Register of the General Directorate of Insurance and Pension Funds with the keys C-0502 and C-320 respectively.

Mediator

BBVA MEDIACIÓN, OPERATOR OF BANCA-SEGUROS VINCULADOS, SA registered in the Special Administrative Register of Insurance Mediators of the General Directorate of Insurance and Pension Funds with the code OV-0060. Agreed Civil Liability Insurance and has financial capacity.

 

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Difference between a loan and a credit

Although its purpose is the same, its operation of a loan and a loan has some differences that should know

The financing you need, quickly and easily, with BBVA loans Calculate your loan

Bank entities are specialized in providing financing to their clients and, among the various options offered on the market, loans and lines of credit are two of the most commonly used products for both regular and corporate customers. However, sometimes a loan and a loan is not differentiated when in fact, they represent different ways to access the financing we need.

The most relevant difference for the client is that while a loan is accessed for all the money requested at a time when the loan is granted, a loan may apply for a loan based on the needs we have. In a simple example, when we get a loan we “break” the bank and get all the money we need; And in a different way, with a credit we are slowly removing money, only when we have to have it and without using all the money available.

Imatge

The way to access money also determines the interests that are paid. The difference between a loan and a credit here, is that while the former is paid interest for all the capital they have lent us; On the other hand, in a credit, interest is paid for the money we have used, not for the total amount of money that the bank has made available to us, although there may be a commission of unpaid balance, that is, of the money that we have not used

In addition, as regards the amortization period, there are also differences between loans and credits. Loans have a longer term, usually for years, so they also have higher interest rates.

Traveling, reforming or expanding your studies is easier with BBVA’s online loans: more information

A loan and a loan also differ in the way the customer returns the money he has received. In the loan, once the entire capital is amortized through the payment of the monthly installments , the operation is terminated without possibility of accessing more money, unless a new loan is formalized. The credit works in the opposite way; In general, it is renewed every year to continue allowing the client to use this line of financing when needed. For example, a way to access a credit line is to acquire a credit card.

It is important to note that although they make available to the client a certain capital, the difference in the mechanics between loans and loans makes them suitable for different situations: loans are more useful when a significant purchase is made or a quantity of money is needed We know in advance, while credit works as a timely support for expenses that we do not reach in a normal way.

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BBVA Financing of Large Bills and Payments

BBVA Financing of Large Bills and Payments

BBVA Financing of Large Bills and Payments

If you would prefer to defer payment for any of your bills or debit card charges on your account, at BBVA we can help you:

  • 0% NIR. APR (12.91 %).

  • From €300 up to €1,000.

  • 3-month term.

I want to apply

  • Loan Calculator
  • Loan comparison tool
  • Features
  • Loan example
  • Did you know…?

Interest rate:

  • Interest rate of 0% NIR. APR (12.91 %)

Features:

  • A loan intended for financing payment of bills and debit card charges on your account for an amount between €300 and €1,000.
  • Immediate contracting through the BBVA website or app, without needing to provide documentation.
  • The loan is credited into the account you select during the contract process. 
  • When you view the transactions for your personal account you will be able to see which bills you can finance, since they are marked with the label “financable”.
  • Each year you will be able to finance a maximum of 4 charges on your account with these characteristics.

Amount:

  • From €300 to €1,000, whether the charges come directly from BBVA or if direct debit payment requests are received (financing of tax payments is allowed).

Term:

  • 3 months.

Fees:

  • Commitment fee: 2%.

Until when can it be taken out?

Offer valid until 07/31/2018.

Example for financing a €1,000 bill over a period of three months

 

  NIR 0% (APR 12.91%)
Amount of the loan €1,000
Total term 3 months
Opening fee of 2% €20
Total amount €1,020
Monthly fee €333.33
  • You must use financing responsibly in order to be able to cover the repayments and thus avoid possible surcharges in the form of fees or interest.
  • In the event of delays in the monthly repayment, the corresponding late payment fees will be applied. Non-payment may cause serious consequences (such as forced sale) and hinder the acquisition of a credit.
  • Before signing the contract, you will receive the European standardized information on consumer credit.
  • For reasons of caution and liability in the granting of loans, the bank may request the operation to be arranged before a notary.
  • You are entitled to withdraw from the loan agreement within 14 calendar days from entering into the contract, at no extra cost.

 

Glossary

  • Annual Percentage Rate (APR): interest rate that indicates the actual cost or yield of a financial product. The APR is calculated based on a standardized mathematical formula that takes into consideration the nominal interest rate of the operation, the frequency of payments (monthly, quarterly, etc.), the bank fees and some operation expenses.
  • Nominal interest rate (NIR): it is a fixed percentage that is applied to the amount lent and that determines the amount of the installments to be paid to the financial institution.

 

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