If you are a parent who has children involved in extracurricular activities and sports, you may already be aware of the skyrocketing increase in the cost of these programs. The costs for everything from music classes, to sports, to dance has seen a 3% to 10% increase according to Backpack Index. Continue reading “Keeping up with the rising costs of Youth Activities and Sports”
Warning: Depending on your child’s hobbies and interests, suggesting they seek employment for the Summer Break and beyond may result in glares, the silent treatment, and resistance.
Some high schoolers love the idea of working to make some extra money, while others think it’s a fate worse than death. However, summer break is a great time to enter the job market and earn money to put towards buying a car, college tuition, paying a cell phone bill, or even simply building a savings account. A job or internship can also be added to those college apps to show work experience and new skills – not to mention they may discover a passion or future career. Continue reading “Why your high school student should have a summer or part time job”
If you’re anything like me, you’re incredibly tempted several times a day to spend money on something that you don’t really need. A diet coke from the vending machine, a coffee from Dunkin on the way to work, or that pack of gum by the checkout register. Whatever it is, you spend a few dollars on it – or maybe a few more than a few dollars. And then you forget about it.
Sharing your salary and spending habits with others has always been very taboo. But, is there ever a time to let the proverbial cat out of the bag and share that information with your children? We say – Absolutely! While we don’t recommend sitting down with your 5-year-old and trying to explain the family budget, we do think once they hit their pre-teens is a good time. Continue reading “Young Financiers – Sharing your household budget with your children – it’s a win!”
As a parent, there are a thousand things you need to do for your kids. From making sure they’re looked after properly, to giving them love and providing them with good life skills, there’s always something else. Continue reading “Giving Your Kids Some Financial Smarts — The Rule of Thirds”
Staying on top of your finances is the best way to make your money go further. For the financially savvy consumer, it’s vital to have insight and power over your finances. Managing your money doesn’t have to be difficult when there are apps dedicated to giving you the information you need to make better financial choices. Continue reading “Want to Manage Your Finances More Easily? There’s an App for That”
It’s not often that the government gives you a break on your taxes worth thousands of dollars over several decades, and it would be foolish indeed not to take advantage of it. But that is apparently what a surprising number of Americans are doing year after year by ignoring the tax benefits of an Individual Retirement Account, or IRA. Although there are different types of IRAs with different restrictions, they all basically allow you to put away a sizeable chunk of your income each year and avoid paying taxes on any gains you earn on it for as long as you hold the account, which is usually until you retire. Continue reading “IRAs – Why You Should Have One!”
More than any generation before them, millennials have grown up in a world built on credit and borrowing. For many of them, debt has become a way of life. And for many, especially those who financed an education with credit, they may already find themselves carrying a significant amount of long-term debt and are having difficulty dealing with it. Understanding how to handle this debt will be an important, if not essential, part of how they fare in the coming years. So here are some general rules to follow for millennials hoping to better manage their debt.
“Recycled.” “Gently used.” “Vintage.” Call them whatever you like. But buying second-hand goods is a great way to save money to achieve your financial goals.
During the recession, Americans looking for ways to cut spending began shopping at thrift stores and buying used merchandise. The trend continues today with sales increasing 12 percent since 2008, according to the Association of Resale Professionals.
The trend toward employers offering high-deductible health plans (HDHP) — and no other option — seems here to stay, like it or not. HDHP coverage is growing at a 15% pace, annually. In 2005, such plans covered 1 million people. Now, they cover more than 15 million, including 10% of those in Connecticut who are under 65 and have private insurance.
Some consumers fear a HDHP because they worry about being on the hook for that deductible, should they need significant medical care. The silver lining, though, is the ability to pair an HDHP with a tax-advantaged Health Savings Account (HSA).