savings account – The Statement

Finances – What your children need to know

Working in the world of banking and finance, I often get asked by parents how early is too early to teach their children about money. When should they open accounts in their child’s name, should they give them access to it, or how soon is too soon to give them a debit card?

First and foremost, it ’s really never too early to teach children about money and finances, the earlier they learn the value of money and how to manage it the better off they will be later in life. Continue reading “Finances – What your children need to know”

The 52 Week Money Challenge

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If you are looking for a simple and easy way to save a few bucks, why not try the 52-week Money Challenge? If you haven’t heard of it before, here’s how it works. Every week you put away the same amount of money as the week of the year. So, week 1 you put away $1, week 2 you put away $2, week 26 is $26, and so on. At the end of the year, you will have saved $1,378. Continue reading “The 52 Week Money Challenge”

The Advantages of Automatic Payments and E-billing

In a world full of automation, it seems to make sense to add paying your bills electronically to the growing list of things that can be done by technology. Not only is it FREE to use automatic payments, but it saves you money – buying checks, postage, envelops, etc. – and time! Continue reading “The Advantages of Automatic Payments and E-billing”

Saving for college – how much is enough?

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While there’s no concrete answer or definitive number on how much you should be stashing away for your children’s college fund, there are some guidelines that can help keep you on track. Keep in mind that the price of tuition, room and board, and fees are always in flux, and you may need to adjust accordingly as these costs continue to rise. There is also a significant cost difference between public and private schools. According to College Board, the current cost of a four-year in-state public university is estimated to be $20,770 per year versus an annual cost of $46,950 for a four-year private college. Continue reading “Saving for college – how much is enough?”

Young Money: Your Child’s First Bank Account

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Most parents keep their finances hidden from their children. You don’t want your kids to worry about mortgage payments or that dentist bill that’s causing you stress. While your intentions are good, you’re preventing your child from learning valuable lessons about money. Continue reading “Young Money: Your Child’s First Bank Account”

Put Thrift Back into Saving!

“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.

Continue reading “Put Thrift Back into Saving!”