Helping Grand-kids Pay for College – A Quick Course for Grandparents

helping grand-kids pay for collegeWith college tuition costs continuing to escalate, grandparents are taking a more active role in helping to fund a college education for their grandchildren via vehicles such as a tax-favored 529 savings plan. More than half (53%) of grandparents are saving or plan to start saving to help pay for college costs, Fidelity reports in its recent 2014 Grandparents and College Savings Study. All told, those grandparents indicated they expect to contribute a median of $25,000 in college education funds for all their grandchildren, with 35% anticipating contributing $50,000 or more. Given the financial ramifications of investing in a grandchild’s education, it’s … [Read more...]

Eight Commandments of Building a Strong Financial Foundation

commandments financial foundation 1. Compare your monthly income versus your monthly expenses.  Establishing a spending plan can help you get a hold of your financial situation.  Live within your means and do not spend more than you make! 2. Pay off credit card balances each month.  If you have current credit card debt, attack it each month by paying more than the minimum payment and go for the smallest balance first.  When the first card is paid, add that amount to the payments on the second card.  Repeat for the next card, and keep going until you've paid them all. 3. Create a "safe and sound" fund.  Build a cash reserve of 6 months (or more) of your living expenses.  It may be a … [Read more...]