Banking Advice | BankingAdvice.com » College & Kids

Can You Afford to Save for Your Child’s College Education?

walter — Wed, 16 Nov 2011 15:11:23 +0000

If you have children, you probably want them to go to college one day so that they can get a good education and prepare for the profession of their choice. But college isn’t cheap, so unless you’re independently wealthy you can’t count on having the money sitting around to send them to college when the time comes. What’s a good parent to do? Ask a financial advisor if you can afford to save to college, and he will probably tell you that you can’t afford not to. But if you’re scraping just to get by, it’s not necessarily that cut...

A Banking Checklist for College Students

walter — Mon, 16 May 2011 17:32:37 +0000

The college years are a time for learning - not only about your chosen discipline, but about life in general. They’re the first time most of us are out on our own, so we’re forced to learn in a hurry how things work in the real world. We have to start budgeting our time and our money, and make sure that all of our needs are taken care of since Mom and Dad are no longer close by to help us out. One of the most important things that a college student can do before embarking on that educational journey...

Getting Kids Ready for Their First Summer Job

walter — Tue, 10 May 2011 14:06:03 +0000

Some kids can’t wait to get their first summer job. Others would much rather laze around all summer and let Mom and Dad take care of them. But with very few exceptions, summer jobs are good for young people. They help kids learn how to manage money and give them a sense of responsibility. If your child is old enough to get a summer job but hasn’t mentioned it, try bringing it up in conversation. Find out what their thoughts on the subject are, and let them know what will happen if they don’t get a job. Will you cut...

Building a Savings Plan for Your Children

admin — Sun, 01 May 2011 13:51:12 +0000

One of the best ways you can provide for your children is to create a savings plan for them when they're young and contribute to it gradually. As your children grow, so, too, will their savings. You may also consider investing for your child, provided that the investments are wise and promise a decent return over time. Creating a savings and investment strategy can be beneficial for both you and your children so when they grow up they'll be in a solid financial situation during their college years. Here is advice on how to build a savings plan for your...

How to Teach Your Teen Financial Responsibility?

admin — Wed, 02 Mar 2011 17:01:55 +0000

Help your teen enjoy a bright future by teaching them financial responsibility. Knowing the basics of money management will help your child to plan ahead and achieve their life goals. Talking with your children about finance and debt is extremely important for their financial futures. However, many parents are very uncomfortable talking about this with their kids since they may themselves have problems with their finances. Also, perhaps today's parents didn't learn money management and they are still making it up on the fly. If you feel a little awkward talking about money, these steps make it easy to explain...

Teaching Kids Finances

walter — Tue, 28 Dec 2010 16:20:40 +0000

The troubled economy has forced many people to look back and find habits that have hurt their current financial standings. It requires those struggling to make changes in handling money that may have started before money was an issue. Parents want to keep their children from facing the same types of struggles. Teaching kids finances today helps them with their tomorrow. The more effort put into the financial education of kids today then the more sound their economic future tomorrow. Make allowance the platform for teaching kids the basics of finances and give kids the tools to learn about taxes, savings...

Teaching Your Teenager About Budgeting

admin — Mon, 01 Nov 2010 16:00:10 +0000

Budgeting is a way of life that every teen should learn when they reach an age where they can understand the concept of money. It is very easy to spend more money than planned if there is no budget in place. By teaching your teen the concepts of budgeting, you will help them to learn how to avoid overspending and how to make their money stretch – two valuable lessons that will come in handy during adulthood. Here is some advice to get your teenager educated about budgeting. The first lesson in budgeting is to teach your teen how to...

Getting Your Teenager A Checking Account

admin — Fri, 22 Oct 2010 14:26:23 +0000

There is an ongoing debate as to when a teen should set up a checking account. Some experts state that checking accounts should begin at adolescence, while others say the last year of high school is more appropriate. Regardless of when you decide to assist your teen in opening a checking account, doing so is the first step on the road to financial responsibility. Here is some advice on how to get your teen started in banking responsibly. If you have taught your child to learn how to balance a checkbook utilizing your own checkbook as a model,...

Teach Children About Saving Money Early

admin — Mon, 26 Apr 2010 16:36:29 +0000

It is never too early to teach your children about the importance of money. Your instruction can help them begin a life of fiscal responsibility that they can teach to their children. Here is some advice about how to teach your children about saving money. Money is not the most important thing in the world, but it is useful throughout your life. Money pays the bills and also allows you to buy things that you want and have worked hard for. Managing money teaches responsibility, patience, planning and discipline. These are all character traits that benefit you in other areas...

Grandparents Funding of College Education

admin — Mon, 22 Mar 2010 14:02:29 +0000

Going to college is an expensive proposition these days. Students need all the help they can get. And costs aren't getting any lower, so it pays to start planning for college while children are still young. Parents usually take the responsibility of saving up for their children's college education. But grandparents are often willing and able to help as well. If both parents and grandparents pitch in, it won't be so hard on either party to come up with enough money to help the kids get the education they need to succeed. There are many ways in which grandparents can help...