Okay, your child has been accepted into several colleges and has likely made a decision by this point on what college they will attend - so what next? You now need to help your child learn about how to manage a banking account as well as credit cards. That means both parents and students need to approach the college financial scene with unprecedented caution. Here are several things you should focus on as soon as possible: Start managing credit and debit cards before school starts: The time to start managing credit and bank accounts isn’t freshman year. While a...

Read More »

Many families have done a good job at planning for their child’s college education, but the recent credit crunch and investment downturn will likely affect even the best plans. Also, if you were depending on financial aid or loans, that also is strewn with potential land mines. Here are three things you need to consider over the near-term: 1) Financial aid shortfalls: As we all know the cost of college has continued to increase, and colleges have not been able to offer enough funding through the variety of aid programs that include: Perkins, Stafford and Plus federal education loans, and private...

Read More »

Teaching young children about money can go a long way in preparing them for the future. Children learn and mimic their parents’ behavior. Thus, if you talk to your child about money when they are young, and set an example for them as they grow, they will be that much more aware and fiscally responsible as adults.

Here are some suggestions on what to tell your seven-year-old about money:

1. Although it may be a cliché, you can still tell them that “money doesn’t grow on trees.” Explain how mommy and daddy make money.

2. Sit your child...

Read More »

Whether you have utilized the services of a financial coach or not, you can easily help your teen set up a financial plan by using the household budget as a model. Not only will this teach your teen financial responsibility, but it will also show them that a budget is a great way in which they can effectively save money for their future needs.

If you haven’t already done so, you can begin by assisting your teen in opening a savings account. This is a great way to teach them about interest rates. Give them the opportunity to...

Read More »

Teens need money. They have more of a social life than they did when they were mere youngsters and that takes funds. Now that they have a job and are making money, parents wonder if they will manage their money well. It may be time for a checking account.

Kids learn their money management skills from watching their parents. The age of thirteen or fourteen may seem like a young age to introduce financial skills like managing a checking account. But before you know it, those teenagers will be away from home and living in a...

Read More »