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For most consumers there has to be a decision on whether to build your retirement savings or to build a college fund for your children. This is a very tough decision and one that can be emotionally charged. The best way to answer which should be a priority is to take the emotion out of the question and look at it as a pure financial dilemma.
Debt can be extremely detrimental to your financial future if you're not careful. Fortunately, there are ways to manage debt so it works for you, rather than against you - but it does require a little thing called self-discipline.
You can’t protect your kids from everything in life. However, what you can do is protect your child from a difficult financial future caused by student debt. Student debt could not only cause your child to cope with a considerable amount of stress, but it can also cause them to put off getting married, buying a home, or even saving for retirement.
When parents think about keeping their college student safe, they often think about ensuring they travel in groups or keep their doors locked at night. Although these are very important, there is a less noticeable threat that needs to be brought to their attention: identity theft.
Identity theft typically falls into two groups: a one-time opportunity or an organized theft. For example, a one-time opportunity theft may involve someone using a debit or credit card after noticing it has been carelessly left out in the open. On the other hand, an organized theft is premeditated and usually involves thieves that are part of a criminal group.
We live in a world where the pressure to spend money is stronger than ever. Everywhere we go, we are surrounded by advertisements. Advertisers have strengthened their ability to make people want something, usually by making us feel like we need it. Sometimes the feelings we get after seeing an ad make it really hard for us to resist impulse buying and prevent us from saving.
Why save if you have enough money to buy everything you want? Well, different people save for different reasons. For your stage of life, you’re likely thinking about a car, a trip with friends, money for college, or an item you really want but can’t afford at the moment.
Whether your parents taught you at a young age how to handle money, or you’re ready to get a grip on it now, it’s never too late to be financially responsible. In many cases, college is the first experience we have that requires managing rent and other expenses. This is also a time period where college students make many mistakes. Below we have listed some common mistakes college students should avoid. If you’re aware of these lessons now, you won’t have to look back and regret your financial mistake later.
Whether you’re in the transition stage or already in college, paying for your education is likely at the top of your priority list. That being said, free money sounds pretty appealing, right?
You’ve heard it a thousand times, “Apply for scholarships!” You know your financial future is important, but those large scholarship databases have left you feeling like a little fish in a big pond. You’re up against so many people and it seems the odds are not in your favor. What can you do to stand out?
It’s never too early to start thinking about college planning. In fact, it’s a good idea to start the process as early as your freshman year in high school.