April 30th, 201939357
This blog post was written by the Iowa Credit Union League
Which would you rather have -- a million dollars right now, or a penny that doubles every day for a month?
If you’ve never done the math, it’s quite interesting. On day 28, the “penny” has now doubled to over $1.3M. In a month with 31 days, the penny you received on day 1 would be worth over $10.4M.
Makes a million seem like chump change.
Now, to be fair, this penny more than likely doesn’t exist, however the 31 days in a month could be compared to 30 years of saving and investing. The earlier you get started with consistent “investor behavior” (that is,...
April 29th, 201950451
This blog post was written by the Iowa Credit Union League
The time has come to send your oldest child off to college. You’ve talked with them about safety, getting to class on time and being careful when going to parties. But, how much have you talked with them about being responsible with their money?
Money responsibility conversations typically come up after a child overspends, forgets to pay a bill or needs to ask for more money. Don’t let it get this far! Have an honest money conversation before they leave the house. Here’s what they need to know:
How to budget
How much money will your child have to spend each week...
April 27th, 201942720
This blog post was written by the California Credit Union League.
It’s never too early to start teaching children how to shop smart. The following are some tips to raise smart shoppers:
Needs and wants: There’s a difference between needs and wants, and even very young kids can be taught this. For example, you take your 5-year-old to a store shopping for necessities and he or she wants a toy. This is a great teachable moment. You can point to your shopping cart to items such as napkins and bread and ask her what the difference is between those and the toy.
Shop Smart: And you can start by modeling smart shopping. You can...
April 19th, 201929182
As a parent in the 21st century, you probably understand by now that it’s important to teach your kids how to handle their personal finances.
You’ve heard the statistics over and over again. Students are graduating high school with little or no knowledge of financial literacy. According to a Forbes article, 40 percent of young adults are going into debt funding their social lives while 70 percent are damaging their credit ratings shortly after college graduation.
So you get it – schools aren’t teaching our kids the financial literacy skills hey need to navigate the real world. That means it’sup to the parents. Great....
April 3rd, 20192685
This post was written by Tina Ramos-Ingold from the California Credit Union League.
One of the best ways to ensure your children grow up financially fit is to give them practice at managing money. And one of the tools parents use is an allowance. But how should you handle an allowance? Here are three suggestions:
Decide the amount. Figure out how much you will pay your children and when (every week, biweekly, monthly). And then let your child know what he or she will pay for with the allowance. You might decide to pay for needs such as school supplies or sports equipment, while they can use the allowance for “fun”...
August 23rd, 2018734171When planning for your baby's future, your instinct might be to focus on saving money for college expenses.
However, if you are planning far enough in advance — before you have any children or soon after you start your family — you should consider saving for your child's immediate future, first. After all, babies and children are expensive before they even make it through high school.
The expenses of parenthood begin at birth.
A study by Truven Health Analytics found that, on average, insured parents paid $2,244 for a natural delivery and $2,669 for a cesarean. These costs do not incorporate all of the hospital charges and...
June 14th, 201828163We've officially reached that other tax day.
Today is the last day to file your 2017 taxes without hitting the failure-to-file fee, according to a LifeHacker article.
The failure-to-file fee is different than the penalty for paying late taxes. When you pay taxes you owe late, you're paying 0.5 percent of the amount owed each month you haven't paid plus interest. The failure-to-file fee piles five percent for each month or part of a month a tax return is late on top of those other fees.
To avoid paying those fees, consumers who haven't yet filed their 2017 tax returns need to either file or request an extension today, June...
May 3rd, 2018134258You're probably basking in the glow of your completed tax season, right? You've put your calculator away and have prepared yourself to forget how a W-2 works until next year.
Until you suddenly realize you forgot to claim that important tax credit; you took a deduction that wasn't meant for you; you just flat out got something wrong!
Take a deep breath. Relax.
The Internal Revenue Service provides a form called 1040X to amend any tax mistakes filers made on Form 1040, 1040A, 1040EZ, 1040NR or 01040 NR-EZ. Filling out a 1040X requires simple math. The document is made up of three columns. Column A shows figures from the return...
April 12th, 201830126The following article appeared on the Peach State Federal Credit Union blog March 29. Delta Community Credit Union is Georgia’s largest credit union with 24 branches across metro Atlanta and three outside Georgia. Peach State serves more than 41,000 members in Barrow, Clarke, DeKalb, Gwinnett, Jackson, Oconee and Walton counties.
Estate planning is one of the most important things that you can do for you and your family. Estate planning can be a complex process, but it is recommended to do it as soon as possible in order to avoid any unforeseen circumstances. Many people think that estate planning is just for wealthy individuals, but...
Managing Your Money
