FAYETTEVILLE, NC – A mother in Fayetteville wants you to know that you don’t have to spend the child tax credit money on frivolous things, and that there is a way for your child to do it. learn more about finances.
Knowing what to do with your money can be tricky. Few schools teach personal finance and it is not something that is always passed on from parents to children.
Kishanna Heyward knows this and wants it to be easier for everyone. That is why she has designed a book especially for children to help them learn, but in the process of child learning, parents learn too. In the Margins, she even has some tips on how parents can spend their money once the federal government dollars hit their bank account.
Building good credit takes time and patience. Imagine Heyward trying to explain all of this to his daughter Olivia. The 4-year-old asked him what credit is and how it works. Heyward said, “Mom, what is credit? So, as a teacher to an educator, I was not able to describe exactly what that meant to him. “
Heyward has classroom training. As an elementary school teacher, she could usually find the answers to her students’ questions in textbooks.
Heyward said, “The teacher in me instantly said to me, ‘Oh, I have to go online and figure this out. But I couldn’t.
So when she couldn’t find the right content on Google and YouTube, she herself wrote two financial literacy children’s coloring books: “Credit is King Kareem” and “Credit is queen Charlene “.
The books also contain an animated instructional video explaining how credit works.
Heyward said, “Not just for her, but for others to learn and have fun as well.”
She sat down at her kitchen table and flipped through the different pages of the book.
“These are all important aspects of credit that I broke down into children’s terminology,” Heyward said.
From page one to the last, the book covers the three credit bureaus: Experian, Equifax, and TransUnion. Deeper into the pages, a child can see what FICO scores are and why it’s important to maintain a good credit score for a long time.
Heyward’s work creates a conversation relevant to the president’s speech to the nation about the child tax credit.
President Biden said parents will start receiving payments directly to their bank accounts or by check if they don’t have an account. You get half now, half when you file your tax return for this year. What you do with that money is your business, but smart financial decisions now have huge implications down the road.
“Everyone loves the book. They pretty much think the book is phenomenal because they all said they wished they had this source when they were kids, right? Heyward said.
She has this advice for parents who want to know what they can do with this money from Uncle Sam. Her message is to take the money received from the IRS and invest it in your educational future. child. The College of North Carolina Foundation has a significant amount of information on the state’s 529 program, which is a tax-free plan designed to help you save for a child’s future tuition costs.
“Instead of spending it on clothes, shoes and other back-to-school stuff that really doesn’t matter and doesn’t really make you money, give your kids a positive financial foundation,” he said. she declared.
His point of view is: grow your money, don’t waste your money.
She said she and her husband were getting money for the child tax credit. Here is what they will do. “We are not using this money. We just hide it and let it grow for her. She’ll appreciate it later but not now of course, ”added Heyward.
Now, if you need it, it’s your choice to use the money for food and necessities. And if times are tight right now, Heyward agrees that’s of course the right thing to do.
Heyward now works in real estate and is married to a military man.