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 VOL. 9, ISSUE 2 - FEBRUARY 2016

In This Issue

Money Matters: Teach Your Children Well

Diamond Certified Preferred Consumer Card


An Innovative Online Scam Tracker

Consumer Feedback:
ArborWorks, Inc.


New
Diamond Certified Companies



Savvy Tips of the Month

Choosing Appliances for a Remodel

Flash Flooding:
Stay Safe


How to Preserve Your Tooth Enamel
How-Tos


Diamond Certified Quick Links

SAVVY CONSUMER TIPS

DIAMOND CERTIFIED
PREFERRED CONSUMER


DIAMOND CERTIFIED
COMPANIES


PERFORMANCE
GUARANTEE


DIAMOND CERTIFIED
DIFFERENCE

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Money Matters: Teach Your Children Well

 
Recent studies have shown there are long-term benefits for children who learn about saving money at an early age. Photo: American Ratings Corporation (2016)

When my kids were little, my husband and I wanted to make sure they started learning how to manage money. Their allowances and gift money were divided into three categories: saving, spending and giving. It was a good exercise to ask them to think about how to allocate the funds on a regular basis (on a small scale, of course).

It turns out that a recent study underscores the importance of teaching your children about savings early in life. Researchers at the University of Kansas analyzed data from a large study of families dating back to 1968. They found that teens who had savings accounts did maintain them and accumulated more overall savings than their peers who never had accounts. They also invested in other financial products to diversify their portfolios. This is good news for banks that are interested in attracting future customers.

Another interesting finding is that the children from low- and moderate-income families who saved money for college were much more likely to go to college and complete their studies, even if they had saved less than $500. A second study from Washington University in St. Louis found that kids whose parents opened savings accounts in their names were six times more likely to attend college than those without accounts.

So, the bottom line is that it’s never too early to get your kids hooked on saving money. You can get started by finding a good bank that has no minimums and no fees for children. Encourage relatives to give cash gifts and have them ask how the money will be invested. It’s fun to visit a bank in person to make regular deposits—kids love seeing their balances increase. One financial education website even suggests asking your bank for a tour of the vault!

Here are a few websites with ideas on how to teach kids of all ages about saving money:

It’s My Life: pbskids.org/itsmylife
Money Management for Kids: www.moneymanagement.org/Financial-Education/Money-Management-For-Kids
The Mint: www.themint.org

Chris Bjorklund signature
Chris BjorklundChris Bjorklund
The Savvy Consumer
Email: chrisbjorklund@diamondcertified.org
Twitter: twitter.com/ASavvyConsumer
Blog: blog.diamondcertified.org

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Diamond Certified Preferred Consumer Card

Diamond Certified® Preferred Customer Card

Have you signed up to become a Diamond Certified Preferred Consumer? Membership is always free and comes with numerous benefits, including a special member hotline, members-only access to additional tools on diamondcertified.org, a double Diamond Certified Performance Guarantee and more. Join now to get a free copy of the 2016 Winter Diamond Certified Directory Update! Visit www.diamondcertified.org/user/register to get started.
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An Innovative Online Scam Tracker

 
The Better Business Bureau’s Scam Tracker shows consumers where scams are being reported in their areas.

Good news: You now have another place to report scams and fraud. In late 2015, the Better Business Bureau launched the BBB Scam Tracker (bbb.org/scamtracker) to help law enforcement identify scammers early and prosecute them. The tracker creates a “heat map” so anyone can see where scams are being reported and find out more details about what’s happening in particular parts of the country. You can file a report if you’ve been scammed or simply share information you’ve heard about, even if you haven’t been victimized. This system has already helped prosecutors bring down a notorious fraudster who ripped off more than four million people in Las Vegas and Canada.

To file a report, you’ll be asked to provide as much information as you know about the scammer. The BBB does state that you won’t receive an individual response. For dispute resolution with a business, you need to contact the regular BBB office in your area.

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Kudos from Diamond Certified Consumers

Dear Diamond Certified,

Don and his crew from ArborWorks, Inc. are great. They do a fantastic job. They do exactly what they’re supposed to do and clean up everything. I wanted to make sure Diamond Certified knew this because nowadays, you don’t always get the help you need.

—D.B., Santa Clara County


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Diamond Certified ® Only companies rated Highest in Quality earn Diamond Certified

Companies Recently Earning Diamond Certified

CONTRA COSTA COUNTY
Roof Life Construction
San Ramon – (925) 833-9712
Daniel R. Pestana, DDS
Walnut Creek – (925) 945-8006

SANTA CLARA COUNTY
Ballare Dance Centre

San Jose – (408) 225-4600
Best Construction
San Jose – (415) 368-3887

SONOMA COUNTY
Margraf Systems, Inc.

Sonoma – (707) 938-1890


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