As mentioned in part one of this series, using your tax refund wisely by saving at least a portion can make a truly positive impact on your financial life! After understanding the benefits of saving during tax time, it is important to also review the various mechanisms that will help you to do so. If […]
saving
The Benefits of Saving During Tax Time! (Part One)
It’s tax time again, and for those of us that receive a little windfall income in the form of either a tax refund or Earned Income Tax Credit (EITC), this can be an exciting time to focus on saving. In fact, of those Americans who will file a tax return this year, about 75 percent […]
Spending, Saving, Giving . . . and More
A friend of mine is blessed with two elementary-aged daughters. He and his wife provide them each a $7.00 weekly allowance with the following parameters: $2.00 is okay to spend, $4.00 should be saved, and $1.00 is to be giving away to a charity. These fortunate children are learning a basic principle for achieving financial […]
What is Up (or Down) with Gas Prices?
The last time gas prices were this low, the United States and most other developed countries were in the midst of the global financial crisis in 2008, one of the worst economic crises of the last century (BEA). Several economic forces acting in concert reduced demand for gasoline. The national unemployment rate was steadily marching […]
Are Child Savings Accounts the Magic Bullet?
Have you heard that having a savings account in your child’s name will increase their chances of attending college, graduating from college, having fewer student loans, and even improving reading and math scores? According to Terri Friedline’s research (The Independent Effects of Savings Accounts in Children’s Names on their Savings Outcomes in Young Adulthood(PDF)Links to a […]
Smart Saving for College
Trying to save for college for yourself or your kids? Maybe you get extra cash as gifts during the holidays from a benevolent relative and want to put it to good use? Or perhaps you are the benevolent relative and want to give a child a gift that will make a bigger difference than the […]