6 - 22 - 2011
Saving for college is challenging, but you have some excellent options. When you save for college, knowledge is power. The key is to identify the college funding options that are best for you. Here are some proven suggestions.
- 529 College Savings Plan. College planning becomes easier and cost effective with a 529 educational savings account. Two features are primarily important: You can contribute up to your state maximum per year. Equally important, your earnings will grow tax-free.
6 - 20 - 2011
No parent wants to think about their child needing life insurance. After all, life insurance is designed to cover funeral expenses when you die, and help your loved ones continue the same standard of living they had before your death.
Some people claim that, because a child has no dependents to support, they don’t need life insurance. But that’s only half the story. Here are three important reasons to buy your child life insurance today.
6 - 17 - 2011
Mention exercise to some people—particularly devoted couch potatoes—and you’ll receive looks of horror, disbelief, and the always dependable, “deer in the headlights.” Those to whom the thought of exercise conjures disturbing images of overweight or muscle-bound people, sweating profusely, and pumping heavy iron, need to take a deep breath and just calm down.
While you can certainly choose to spend your off-hours at a state-of-the-art gym working on your abs, arms, legs, etc., to create a sculptured body, it is not a necessity to feel healthier. You can even exercise with your baby or young child, implanting wonderful, healthy habits at their young age.
Types of Exercise
- Flexibility. Stretching and range of motion exercises help everyone and can be done daily without consuming large blocks of time or risking injury. If you have arthritis or worry about getting “long in the tooth,” stretching will help you loosen up those annoying stiff joints upon rising in the morning. Among the more effective flexibility exercises are yoga and tai chi, but just stretching your arms (biceps and triceps) and legs (quads, calves, and hamstrings) are wonderful to keep you healthy and trim.
6 - 15 - 2011
Many people live a tortured existence, fearing four simple words: “Living on a budget.” However, these people can learn to live within budgetary constraints and concentrate on saving money, while enjoying life and all it has to offer. Using a few easy, universal tips are all you need to conquer the fear and cheerily move on. Try these suggestions to make you and your budget smile.
- Start a daily log. Although the magnitude of his genius is astounding, Albert Einstein was an early proponent of the “KIS” (keep it simple) doctrine. To create a budget you can live with blissfully, first start and maintain a simple daily log of your expenditures. All you need is a small notepad, like those used by your favorite TV detectives when interviewing witnesses. You will be amazed, sometimes pleased, sometimes unhappy, often surprised, and always empowered by what you learn. Keeping this log for just a few weeks will teach you how to control your spending.
6 - 10 - 2011
If you’ve been a parent for even a short amount of time, you’ve probably had someone say your son or daughter has the same smile as you. Or maybe your kids walk or talk like you, or have the same eyes. And doesn’t that make you feel good?
But parents know that their children are taking in so much more than just the way they smile, walk or talk. The fact is your kids are watching everything you do—including the way you handle money. So, if you’re not 100% sure your children are learning the right lessons about saving and spending money, don’t worry. These 5 simple steps will help them make sense of their cents…and their dollars too.
- Going to the bank? Bring your deposit slip and the kids. Depositing money into an actual bank gives your kids a real-life example of mom and dad saving for the future. To make the trip even more meaningful, tell them how good it makes you feel to know there’s money for “a rainy day”.
- I really want it, so I’m going to wait. The next time you’re ready to make an impulse buy, tell your kids something like this, “Even though I really want this, I’m going to wait a day or two and then see if I still feel the same way.” Then wait. This simple step shows that you don’t buy things based on how you’re feeling. And if you don’t buy the item, let your kids know that, too. This teaches another powerful lesson about wanting something vs. needing something.
- Spend less to teach more. Comparing prices is a great way to show kids that you can spend less money and still get a great item. If you’re going to buy a new cell phone, for example, have your kids help with the research. They can look through store circulars and go online to find the lowest price. When you’re ready to make the purchase, bring them with you to the store or have them help with the online order. Coupons and discount codes are other easy ways to save money. Before making your next online purchase, have your son or daughter search the term “discount code” alongside the name of store. For instance, “discount code Toys R Us”. It’s not uncommon to receive free shipping, a percent off your total, or both.
- Encourage your kids to save. Have your child draw a picture of something they want, then help them calculate how much they’ll need to save each week to buy it. Every time they set aside money for that purchase, have them color in a portion of the picture and write down how much they saved that day. These visual reminders show what they’re accomplishing. For older kids, develop a more complex budget, including income from allowance and odd jobs, expenses, and savings. To encourage them to save for the item, tell them you’ll give them one dollar for every dollar they save.
- Give an allowance to teach money management. Most experts agree that an allowance is probably the single best tool for helping kids learn money management. It shifts some spending decisions from you to your child; it reduces the need for the child to have to ask for money; and it provides a way for kids to learn about saving money and spending it wisely.
So the next time someone says your child has your spouse’s laugh and not yours, you can still be happy knowing you’re helping your kids become smart spenders and super savers. That’s something everyone can smile about.