I recently responded to a post on my local mothers’ club blog on the topic of allowance and decided others might have similar questions. The original post was from a mom of a 7-year old who wanted to start an allowance, but was uncertain of the parameters to put on it.
A friend of mine recently asked me about what type of account to put her kids’ savings into. I thought others might be interested in the topic, too. There are a variety of different types of accounts available with different levels of parental control and implications on college financial aid
Do you struggle with finances? Are you contemplating going back to work or seeking a pay raise to help pay the bills? Do you miss those pre-kids’ days with expendable income? I know a number of families in this situation.
After the lazy days of summer, the Fall is often a time of renewed focus on planning and project completion before year-end. To that end, if getting serious about saving for your kids’ college is one of your projects, there are several different account types to consider.
Private schools are a wonderful part of our education system. Families choose to send their children to private schools for many reasons: lack of good public schools in their area, adherence to a particular educational or religious philosophy, better support for special needs children or a desire to replicate their educational background, as well as a belief that a particular private school might provide their child a superior educational experience.
There are many skills we need to teach our kids to be successful in life. Quite a few of them relate to money – how to create a budget, how to save for the future, delayed gratification, how to know the value of a dollar. One of the most important life skills that relates to money is how to distinguish between needs and wants.
Once my son’s savings piggy bank accumulated a fair amount, it had been my plan to take him to a local bank to open a passbook savings account, so he could experience opening an account, have tangible evidence of his money and watch it grow. I recently began the search for a passbook savings account and came to the realization that this type of account has gone the way of the Dodo bird.
The holiday season tends to be a season when we feel more charitable towards our fellow human beings. It is also a great time of year to teach young children about giving back. Opportunities abound to drive this lesson home.
I recently conducted some research on 529 plans while deciding which plan to open for my daughter. I had chosen Utah’s 529 plan a few years back for my son, but wanted to make sure it was still one of the best choices given the market challenges of the past couple of years.