Credit cards and teenagers can be a potentially dangerous thing when mixed together. This is because giving a teenage a credit card might allow them to think it is actual cash they get. They might also think there are no penalties down the road. Yikes! To think this!
Educating your children on credit cards, and how they work might be beneficial, but sometimes they do not listen.

Having a credit card can be great for college, or other financial duties that they might have but they should know that sometimes the interest on the cards is not worth it.

Paying it back might also become difficult, and they might end up ruining their credit instead of building it. This is something that is happening to a lot of teenagers. ‘Mom, can I get a credit card for college, and to build my credit score?’ Mom says, ‘you have to be responsible with it, get a job, and pay it back when it is due.’ The kid gets a card, spends the money on it on a lot of electronics and games and fun stuff then come time to pay does not have the money.

Their credit is ruined even before they hit 20. This is not true of all teenagers, but the ones who might think it is free money, it actually is not. Safe guard your credit score, it might be the only thing that helps you through the recession. You want to make sure you get the information and the facts prior to getting a credit card.

Here are some tips for parents to keep their kids out of debt, and into the green:

1. Get only one credit card with a small limit. Then pay the monthly payments as they come.

2. Charge only one thing to the card, and pay it off before charging another thing to it.

3. Only purchase items that you know you can afford in the future using the credit card. This will ensure that you can cover what you purchased, pay off the credit card, and bump your credit up in the process.

4. If you’re in doubt about getting a credit card, then you shouldn’t. You should feel secure obtaining and using a credit card.

5. Remember that borrowing money from a credit card means you will have to pay the amount back with interest. You might be saying goodbye to some future paychecks.

About 5 months into my first credit card experience, I decided that it was time for a credit line increase. No, I wasn’t racking up debt and no, I didn’t have any large expenses that made the credit increase necessary. I wanted an increase because when you have $1,000 each month, it’s easy to have over a $2,000 balance right before the bill is due. With a credit limit of $5,000, that equals a 40% utilization rate, something I’d definitely prefer to stay below. Add in the fact that Bank of America mysteriously skipped a bill cycle and that rate jumps to around 60%.

Sure, it’s not always that high and only if my accounts are checked on those days would it be marked that high, but I’d like to avoid the worry altogether and assure myself that my credit rating is as good as can be. It’s not imperative now, but it’s always good to keep a good credit score.

We know that hard inquiries negatively affect your credit score, so I decided that while I wanted to increase my credit line, I wouldn’t do it if it meant a hard inquiry.

Also, I have great news. Bank of America has one redeeming quality: it makes increasing your credit line very easy.

After logging into my account, I clicked on the “Request a credit line increase” button, filled out the form, and requested another $2,500 in credit.

The next day, I received a call to verify my job, income, and reason for requesting an increase (I have heard that saying that you’ll be making some large purchases works well).

I was approved immediately with only a soft inquiry and suddenly my utilization rate dropped. That same 40% utilization rate suddenly turned into less than 27% on the worst days, something I can definitely accept.

It’s only a small part of my credit score, but every bit helps and good habits now will help when we need it.

Originally posted 2010-03-02 06:00:17.

Please Welcome Crystal, a brand new Sweating The Big Stuff staff writer. Crystal currently blogs over at Budgeting in the Fun Stuff, where she write about finding the balance between paying your bills, saving for your future, and budgeting for the fun stuff in between. Our shared passion for enjoying life while being financially responsible seem to be a perfect match, so please welcome her!

Home maintenance is not one of my strong suits. If something is broken, it gets fixed. That’s about it. Although I don’t succeed at following through on every great tip, I do actually carry out some of the following repairs listed in the Yahoo Finance article, 10 Home Repairs That Will Save You Money. Some of these are surprisingly basic but can save thousands of dollars in the long run.

1. Caulk

If you’ve lived in your house a few years, you probably noticed that the caulk along your sinks, countertops and bathtub is coming loose. These gaps may not seem like a big deal, but they can wreak havoc inside your walls. Moisture causes mold and even leaks – expensive repairs that can easily be prevented. A tube of kitchen and bath caulk costs just a few dollars, and you’ll avoid expensive repairs.

2. Insulate The quickest way to save money on your energy bill is to insulate, yet so many of us overlook this simple home improvement project for its benefits. Sure, your walls are insulated, but what about your basement, your attic, and your garage? Just in case the energy cost savings aren’t enticing enough for you, check with the IRS – there are current credits that allow you to deduct this energy-saving expense from your taxes.

3. Change Filters

When was the last time you changed your furnace’s air filters? It’s an oft-overlooked chore, but one that keep your furnace running efficiently, and improves the air quality inside your home. Change your filters at least every three months to keep your furnace working efficiently for years to come.

4. Install a Thermostat
Does your home have a programmable thermostat? If not, invest in one; it’ll earn its money back in no time. By programming heating and cooling, you avoid paying to keep an empty house at a comfortable temperature. Manage the heat appropriately in winter to avoid burst water pipes; in summer, draw your curtains during the day to keep the house cool. Buy a programmable thermostat and you can save big on monthly bills.

5. Fix Leaks
That leaky faucet or runny toilet is draining your water bill, and in most cases it’s a cheap and quick fix. Replace the washer on your faucet, and while you’re at it, consider installing a faucet aerator if yours doesn’t already have one. Faucet aerators reduce water flow from your faucet to save on your water bill; check your home improvement store for this inexpensive fix.

6. Install Dimmers
Dimmers aren’t just for romance; they can save you big bucks on your energy bill. They’re cheap and easy to install, so look for rooms that could use a little reduction in harsh lighting. While you’re at it, replace your light bulbs with energy-efficient ones. They’re big money savers.

7. Clean Carpets Clean your carpet lately? With proper care, carpets can last a long time and look great, but everyone needs to clean them sometime. You don’t need to hire an expensive service either – if you can vacuum, you can clean your carpets by yourself. Rent a carpet cleaner at your local supermarket or big-box store for a modest fee. Make sure you vacuum thoroughly before cleaning, and pick a dry day so your carpet dries quickly. With regular cleaning your carpet can last a long time, saving you big bucks on new flooring.

8. Clean Siding and Windows
Windows and siding get a beating in most climates. Wash your windows and siding with a simple hose and water first, and with a cleaning solution as needed; your home improvement store sells specialty products for just this kind of job. Rent a power washer for very dirty jobs. Keep an eye on cobwebs, wasp and bird nests to ensure your home’s exterior stays in good shape. Touch up with paint as needed, and your house will look like new at little or no cost.

9. Fight Pests
Those spiders and ants at your foundation, that mouse nest in your crawl space? Take care of it – pests can destroy a home in a hurry. Hire an exterminator, or for small pests, combat with pesticides. Even if you don’t think you have a problem, inspect every part of the interior and exterior of your home regularly to avoid small pest problems getting out hand.

10. Clean Ductwork If your home is older, your ductwork likely has dust, grime, and other unwelcome residue inside. For big jobs, pay a professional; a simple cleaning can easily be done yourself. Simply remove the grates from your air vents, and clean the inside with your vacuum.

Okay, so here’s where I stand:

1. Caulk – We caulked like crazy people when we first bought our house in 2007, but I haven’t picked up the dried out tube since then. Oops. It’s probably about time for us to do a little caulk check-up since water that gets into the floor of our second story bathroom could cause a hole in our bottom floor ceiling.

2. Insulate – Thankfully our home came very well insulated. Our electricity bill is never higher than $200, even in the summer, which is great for Houston, TX. I do think we need to add some more weather-stripping to the back door and the one leading to the garage since I can see light in the tiny opening left by worn away stripping. We could probably eek out a little more savings on our electricity bill. I’ll put it on our ever-growing to-do list.

3. Change Filters – We don’t have a furnace, but I change our air conditioner filter every month or two. We just bought a 90 day filter that should help decrease the pet dander from our dogs. I’ll let you know if I can ease up on my Claritin addiction.

4. Install a Thermostat – Again, we got lucky and our house came with a programmable thermostat. It’s awesome. Not only does it help keep our bills low, but I never sit shivering for an hour before realizing I lowered the A/C two hours ago and just got too involved with the tv or laptop to adjust it again. Yes, that happened to me all the time in our last apartment…

5. Fix Leaks – I fixed a few leaks last year, but I do have a guest bedroom toilet that’s been runny…time for another quick fix. Our water bill has stayed the same, but no reason to waste if we don’t have to, right?

6. Install Dimmers – We would never actually dim the lights, so we haven’t bothered. BUT, we do replace bulbs that go out with the energy-efficient ones. I have no idea if it is saving us money, but I’m counting on them lasting longer. We had one energy-efficient bulb die on us right out of the box, but the company sent us a replacement at no cost. If an energy-efficient bulb gives you problems, keep the bulb and call the phone number on the back of its box. Each bulb is individually numbered and they’ll want that before sending you a new one.

7. Clean Carpets – We replaced the carpets downstairs with wood laminate, which has made me VERY happy. I hate the cream-colored, cheap Berber that our house came with and cannot wait for it to completely wear out upstairs. Then I can justify the expense and hassle of getting the stairs and second floor recarpeted. In the meantime, most of it gets vacuumed every two-three weeks now.

8. Clean Siding and Windows – I keep an eye out for wasp nests, but I do need to clean a little green stuff off our back siding. I don’t see it often, so it’s a case of out of sight, out of mind. I’d do it right now, but I’m lazy and it’s dark outside. I haven’t actually thought about washing our windows…do any of you do that often?

9. Fight Pests – We actually pay Terminex $80 every three months to spray all around the outside of the house and inside the garage. Ants only annoy me, but fleas and cockroaches really creep me out. Even though my dogs are flea-free, I don’t trust my neighbors. I even put out that lawn care stuff with bug killer twice a year.

10. Clean Ductwork – Our house was built in 2004. Is that considered old yet? Needless to say, I haven’t checked our ductwork ever…now I feel like a slacker.

How do you add up on these money-saving maintenance tips? Are there any others you think should be added?