My Dollar Plan» Kids Archive | My Dollar Plan http://www.mydollarplan.com finance. money. action. Fri, 20 Nov 2009 17:27:18 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Bank of Dad – Will Your Kids Be A Client? http://www.mydollarplan.com/bank-of-dad-will-your-kids-be-a-client/ http://www.mydollarplan.com/bank-of-dad-will-your-kids-be-a-client/#comments Wed, 15 Jul 2009 13:29:44 +0000 Guest Author http://www.mydollarplan.com/?p=872 This is a guest post by Diane McDougall. Diane is a mom, professional accountant, and financial provider for her family of six. She and her husband made it possible for him to be a stay-at-home dad so that they can be an active, everyday part of their kid’s lives.

Bank of Dad

My dad’s favorite T-shirt, since my first year of college, says “Bank of Dad”. The T-shirt did not lie and my dad gifted and loaned me money on several occasions for big ticket purchases during my early twenties: new car down payment, exercise machine, graduation trip to Europe, and more.

His intentions were in my favor, but the lessons on saving and waiting were not being taught to me as a child or even in my early twenties. Fast forward 10 years. With a stepdaughter in her teens and three boys under the age of 7, I have been experimenting on how to teach them about financial prudence.

Teach Kids about Finance

I enjoy finding new, different, creative and fun ways to manage my household finances for today’s child rearing years, tomorrow’s college years and eventually retirement years. Here are a few ways I teach finances to my kids.

Allowance. My children earn money by completing their household chores, and then they save half and spend half at their discretion. I believe that a dollar earned is a harder dollar to spend. I rarely buy any extras for my kids and tell them to use their allowance. I have a flat rate I pay for each chore and I assign enough chores so that they earn approximately $1 per year of age. This has given my teen a perspective of the value of a $20 movie night with her friends that took her several weeks to save.

Participate in Spending on Budget. I tell my teen that I have $100 to spend today at the grocery store. She helps me keep a tab of the items (rounded up to the nearest dollar to account for sales tax and for simple addition) and keeps me updated on the tally as we shop.

Hobbies. My teen receives a list every other month listing the costs we pay for her swim team and band class activities. The amount adds up fast and gives her a perspective of the cost of extra activities. This list could also include cell phones, texting, trendy clothing (more than the jeans/t-shirt), I-pod music, auto insurance, etc… This list does not include her allowance expenditures as her allowance is her own money.

Credit card. Credit is a very useful tool which is easily disrespected by consumers. Teaching teens to use it wisely may prevent mistakes in their twenties. When my teen is driving age, I plan to start this learning process with a gasoline card.

What are your ideas for raising children to be financially smart?


Written by Guest Author

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> This is a guest post by Diane McDougall. Diane is a mom, professional accountant, and financial provider for her family of six. She and her husband made it possible for him to be a stay-at-home dad so that they can be an active, everyday part of their kid’s lives.

Bank of Dad

My dad’s favorite T-shirt, since my first year of college, says “Bank of Dad”. The T-shirt did not lie and my dad gifted and loaned me money on several occasions for big ticket purchases during my early twenties: new car down payment, exercise machine, graduation trip to Europe, and more.

His intentions were in my favor, but the lessons on saving and waiting were not being taught to me as a child or even in my early twenties. Fast forward 10 years. With a stepdaughter in her teens and three boys under the age of 7, I have been experimenting on how to teach them about financial prudence.

Teach Kids about Finance

I enjoy finding new, different, creative and fun ways to manage my household finances for today’s child rearing years, tomorrow’s college years and eventually retirement years. Here are a few ways I teach finances to my kids.

Allowance. My children earn money by completing their household chores, and then they save half and spend half at their discretion. I believe that a dollar earned is a harder dollar to spend. I rarely buy any extras for my kids and tell them to use their allowance. I have a flat rate I pay for each chore and I assign enough chores so that they earn approximately $1 per year of age. This has given my teen a perspective of the value of a $20 movie night with her friends that took her several weeks to save.

Participate in Spending on Budget. I tell my teen that I have $100 to spend today at the grocery store. She helps me keep a tab of the items (rounded up to the nearest dollar to account for sales tax and for simple addition) and keeps me updated on the tally as we shop.

Hobbies. My teen receives a list every other month listing the costs we pay for her swim team and band class activities. The amount adds up fast and gives her a perspective of the cost of extra activities. This list could also include cell phones, texting, trendy clothing (more than the jeans/t-shirt), I-pod music, auto insurance, etc… This list does not include her allowance expenditures as her allowance is her own money.

Credit card. Credit is a very useful tool which is easily disrespected by consumers. Teaching teens to use it wisely may prevent mistakes in their twenties. When my teen is driving age, I plan to start this learning process with a gasoline card.

What are your ideas for raising children to be financially smart?


Written by Guest Author

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/bank-of-dad-will-your-kids-be-a-client/feed/ 3 Shopping List for a Newborn Baby http://www.mydollarplan.com/shopping-list-for-a-newborn-baby/ http://www.mydollarplan.com/shopping-list-for-a-newborn-baby/#comments Wed, 17 Jun 2009 14:52:01 +0000 Madison http://www.mydollarplan.com/?p=902 What do newborn babies need? What should you put on a shopping list for a newborn baby? What should you register for?

Some friends of ours are having a their first baby. They are registering soon and were looking for advice on things you couldn’t live without. She asks:

“What should I definitely register for, and what can I skip? What is worth the extra money, and what isn’t? Do you have any recommendations on strollers, cribs or car seats?”

What We Used for Our Babies

Our registry was based mostly things recommended in the Baby Bargains book. It’s the best book ever! They have a good, better, and best recommendation for each category. They also tell you about things you won’t need. Overall, I found they were pretty close.

Here were some of the specific items we used for our babies.

Baby Gear

Car seat. We use the Graco Snugride for the infant seat, then a Britax Marathon for the convertible seat. We also get Cosco Scenara’s for plane travel and for in Grandma’s car; they are very inexpensive. Just remember, car seats expire after 5 years!

Strollers. The Peg Perego Pliko 3 is my favorite, but we also have a cheap $20 umbrella stroller which comes in handy often. We have other ones too, but those two are the ones that get used the most.

High chair. We have 3, my favorite is the Fisher Price Space Saver. It straps onto a regular dining room chair, and it’s easy to take to Grandma’s house.

Pack ‘n’ Play. Our kids slept in our room for the first couple months. The Graco Pack ‘n’ Play was perfect because it has a bassinet insert to sleep in for the first few months; you can avoid a pricey bassinet. In addition, it works well for traveling to hotels and Grandma’s house.

Baby Carrier. We have a baby wrap for use with newborns and a Bjorn for once they are a little older. However, I think the Bjorn was designed for men. I borrowed a neighbor’s Ergo and it was much more comfortable.

Baby Seating. We also have a swing, bouncy seat, and a Bumbo. We use them all, but the Bumbo is my favorite!

Furniture

All the furniture we selected was gender neutral, which was a good decision, since it will be used by our third baby shortly.

Cribs. Because our kids were close in age, we have two cribs. Both are child craft cribs. They’re one of the most highly rated and have a great safety record. In addition, when we had a broken piece after a year of use, their customer service was excellent in replacing it.

Mattress. We got a Colgate Classica I crib mattress for each child. However, make sure to shop around; you can find it for about half the price at various online retailers.

Nursery Furniture. We also got a glider and dresser for the nursery. But we purchased regular brands as opposed to “baby” furniture; it saved a bunch. It was easy to match the wood finish too.

Changing Table. We got an inexpensive one in the same wood finish as the crib and dresser. Once the kids are potty trained, the changing table is pretty much useless, so we didn’t want to spend a lot on a fancy one.

Bedding. Our first set of sheets were from The Company Store; they ripped. The next set came from Land’s End. They’ve held up really well. Besides the sheets and mattress pads, we didn’t purchase any other bedding. Babies can’t use blankets, pillows or any other bedding for safety reasons, so our kids slept in sleepsacks. In addition, you can skip the bumpers because, while they look cute, you have to take them out when the baby can start to move around.

Baby Butts

Diapers. We order Pampers Swaddlers through the subscribe and save program with Amazon. Once they get a little older, we switch to the Costco brand diapers.

Diaper Pail. The diaper champ is terrific! It’s much better than the diaper genie because you can use regular garbage bags instead of special inserts.

Other Baby Items

Feeding. One of the biggest money savers is nursing a baby. The milk is free and it’s great for the baby. I got a medela pump for when I went back to work with my boys. We also used Gerber GentleFlow Bottles because they were one of the first BPA free bottles at a reasonable price. My favorite nursing accessories were glamour mom tops and the hooter hider.

Clothing. To be honest, I didn’t even need to bother with clothes until the babies were almost two. Clothes seem to be a favorite baby gift both at a shower and when the baby arrives. Wait until you’ve gone through all the gifts to see if you even need to buy some clothes.

Miscellaneous. I took a stroll around my house to see which baby items I was forgetting. I found a diaper bag, toys and books, a monitor, baby wipes, a first aid kit, hoodie towels and washcloths, a bathtub, and a first aid kit.

Babies and Financials

If you’ve finished your registry, you can move on to the money aspect of a new baby. I mentioned various financial accounts for kids in Our Family is Expanding… and Checklist: Financial Strategies for Infants and Young Children.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> What do newborn babies need? What should you put on a shopping list for a newborn baby? What should you register for?

Some friends of ours are having a their first baby. They are registering soon and were looking for advice on things you couldn’t live without. She asks:

“What should I definitely register for, and what can I skip? What is worth the extra money, and what isn’t? Do you have any recommendations on strollers, cribs or car seats?”

What We Used for Our Babies

Our registry was based mostly things recommended in the Baby Bargains book. It’s the best book ever! They have a good, better, and best recommendation for each category. They also tell you about things you won’t need. Overall, I found they were pretty close.

Here were some of the specific items we used for our babies.

Baby Gear

Car seat. We use the Graco Snugride for the infant seat, then a Britax Marathon for the convertible seat. We also get Cosco Scenara’s for plane travel and for in Grandma’s car; they are very inexpensive. Just remember, car seats expire after 5 years!

Strollers. The Peg Perego Pliko 3 is my favorite, but we also have a cheap $20 umbrella stroller which comes in handy often. We have other ones too, but those two are the ones that get used the most.

High chair. We have 3, my favorite is the Fisher Price Space Saver. It straps onto a regular dining room chair, and it’s easy to take to Grandma’s house.

Pack ‘n’ Play. Our kids slept in our room for the first couple months. The Graco Pack ‘n’ Play was perfect because it has a bassinet insert to sleep in for the first few months; you can avoid a pricey bassinet. In addition, it works well for traveling to hotels and Grandma’s house.

Baby Carrier. We have a baby wrap for use with newborns and a Bjorn for once they are a little older. However, I think the Bjorn was designed for men. I borrowed a neighbor’s Ergo and it was much more comfortable.

Baby Seating. We also have a swing, bouncy seat, and a Bumbo. We use them all, but the Bumbo is my favorite!

Furniture

All the furniture we selected was gender neutral, which was a good decision, since it will be used by our third baby shortly.

Cribs. Because our kids were close in age, we have two cribs. Both are child craft cribs. They’re one of the most highly rated and have a great safety record. In addition, when we had a broken piece after a year of use, their customer service was excellent in replacing it.

Mattress. We got a Colgate Classica I crib mattress for each child. However, make sure to shop around; you can find it for about half the price at various online retailers.

Nursery Furniture. We also got a glider and dresser for the nursery. But we purchased regular brands as opposed to “baby” furniture; it saved a bunch. It was easy to match the wood finish too.

Changing Table. We got an inexpensive one in the same wood finish as the crib and dresser. Once the kids are potty trained, the changing table is pretty much useless, so we didn’t want to spend a lot on a fancy one.

Bedding. Our first set of sheets were from The Company Store; they ripped. The next set came from Land’s End. They’ve held up really well. Besides the sheets and mattress pads, we didn’t purchase any other bedding. Babies can’t use blankets, pillows or any other bedding for safety reasons, so our kids slept in sleepsacks. In addition, you can skip the bumpers because, while they look cute, you have to take them out when the baby can start to move around.

Baby Butts

Diapers. We order Pampers Swaddlers through the subscribe and save program with Amazon. Once they get a little older, we switch to the Costco brand diapers.

Diaper Pail. The diaper champ is terrific! It’s much better than the diaper genie because you can use regular garbage bags instead of special inserts.

Other Baby Items

Feeding. One of the biggest money savers is nursing a baby. The milk is free and it’s great for the baby. I got a medela pump for when I went back to work with my boys. We also used Gerber GentleFlow Bottles because they were one of the first BPA free bottles at a reasonable price. My favorite nursing accessories were glamour mom tops and the hooter hider.

Clothing. To be honest, I didn’t even need to bother with clothes until the babies were almost two. Clothes seem to be a favorite baby gift both at a shower and when the baby arrives. Wait until you’ve gone through all the gifts to see if you even need to buy some clothes.

Miscellaneous. I took a stroll around my house to see which baby items I was forgetting. I found a diaper bag, toys and books, a monitor, baby wipes, a first aid kit, hoodie towels and washcloths, a bathtub, and a first aid kit.

Babies and Financials

If you’ve finished your registry, you can move on to the money aspect of a new baby. I mentioned various financial accounts for kids in Our Family is Expanding… and Checklist: Financial Strategies for Infants and Young Children.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/shopping-list-for-a-newborn-baby/feed/ 6 Our Family is Expanding… http://www.mydollarplan.com/our-family-is-expanding/ http://www.mydollarplan.com/our-family-is-expanding/#comments Mon, 09 Feb 2009 14:29:55 +0000 Madison http://www.mydollarplan.com/?p=744 I’ve been dropping hints here and there, and if you’ve been following me on Twitter you knew something was up!

We’re having another baby!!! We just got our clearance from the doctor that they believe the baby is healthy. (My pregnancies are high risk, so to get that news brings a lot of relief.)

We have two boys at home, a 3 year old and a 16 month old. So, some extra special news was that they “think” it’s a GIRL!!!!!!!!! They weren’t really sure, so I don’t know if I’m ready to run out and paint the nursery or buy all pink clothes, but I’ll take it!

A Bundle of Financial Joy

We’ll be welcoming the newest addition to the family this summer. Here’s how it will impact our family’s financial picture:

Day care. With the addition of a new baby, comes added expenses. Our biggest cost used to be child care. However, since I quit my job, adding another to the mix won’t affect our budget too much. In fact, it makes even more sense for me to stay home.

College savings. The other big expense besides day care is college savings. We made the decision to save for our children long before they were born. We still add money now, but the vast majority is already accounted for.

Budget. Besides the big ticket items, there are all kinds of added costs, diapers, gear, and more. Since this isn’t our first baby, we can reuse a lot of items (although most of the clothes were blue, so we’ll be switching to pink!) We usually budget about an extra $50-$75 per month for each kid, and it’s worked out perfect the last few years.

Saving Money with Babies

I know some of you are expecting this summer too. Here’s some helpful resources for those with a baby on the way:

Baby Bargains book. The essential guide to staying frugal with a new baby on the way! The book details all the junk you don’t need. We used it with our first and saved a lot of money!

The Baby Britax sale. Just in time, the Britax sale at Amazon is going on through February 15, 2009. I’m a huge fan of Britax, and I have two of the Marathon convertible car seats already, so I’ll be picking up a couple more.

Snapfish. Get 50 free prints of the baby, plus share the photos online with friends and family.

Financial Accounts for Kids

Upromise Rewards. College savings from your everyday purchases. It doesn’t get any easier than this!

ING $25 Signup Bonus. My favorite savings account for kids. Each of my kids have an account at ING, and they refer each other to earn bonus money too!

ShareBuilder Account. This is where I’ll be opening brokerage account for the kids. It’s much more kid friendly than our old brokerage.

Ohio College Advantage 529 plan. My favorite place to stash college money for the kids. I have a few other 529 plans, too.

Financial Resources for New Families

Checklist: Financial Strategies for Infants and Young Children. A financial checklist surrounding the arrival of a new baby including taxes, 529 plans, life insurance, wills and more.

How to Budget for a New Baby. Budgeting tips for the expanding family at Kids and Money.

What Does Your Life Mix Pie Chart Look Like? A helpful exercise to evaluate where your time goes, especially when family time becomes your priority.

All About Baby Gifts

We’re at the age where many friends and family are also having babies. Here are some of my favorite baby gifts to give if you are looking for inspiration for someone you know.

OneShare. Instead of the old gift of savings bonds, give the gift of stock to kids and babies.

Craft-E-Family. Personalized keepsake gifts, including the adorable baby blocks with all the baby’s arrival information.

Angel Dear blankets. One of my favorite gifts to give with the baby blocks.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> I’ve been dropping hints here and there, and if you’ve been following me on Twitter you knew something was up!

We’re having another baby!!! We just got our clearance from the doctor that they believe the baby is healthy. (My pregnancies are high risk, so to get that news brings a lot of relief.)

We have two boys at home, a 3 year old and a 16 month old. So, some extra special news was that they “think” it’s a GIRL!!!!!!!!! They weren’t really sure, so I don’t know if I’m ready to run out and paint the nursery or buy all pink clothes, but I’ll take it!

A Bundle of Financial Joy

We’ll be welcoming the newest addition to the family this summer. Here’s how it will impact our family’s financial picture:

Day care. With the addition of a new baby, comes added expenses. Our biggest cost used to be child care. However, since I quit my job, adding another to the mix won’t affect our budget too much. In fact, it makes even more sense for me to stay home.

College savings. The other big expense besides day care is college savings. We made the decision to save for our children long before they were born. We still add money now, but the vast majority is already accounted for.

Budget. Besides the big ticket items, there are all kinds of added costs, diapers, gear, and more. Since this isn’t our first baby, we can reuse a lot of items (although most of the clothes were blue, so we’ll be switching to pink!) We usually budget about an extra $50-$75 per month for each kid, and it’s worked out perfect the last few years.

Saving Money with Babies

I know some of you are expecting this summer too. Here’s some helpful resources for those with a baby on the way:

Baby Bargains book. The essential guide to staying frugal with a new baby on the way! The book details all the junk you don’t need. We used it with our first and saved a lot of money!

The Baby Britax sale. Just in time, the Britax sale at Amazon is going on through February 15, 2009. I’m a huge fan of Britax, and I have two of the Marathon convertible car seats already, so I’ll be picking up a couple more.

Snapfish. Get 50 free prints of the baby, plus share the photos online with friends and family.

Financial Accounts for Kids

Upromise Rewards. College savings from your everyday purchases. It doesn’t get any easier than this!

ING $25 Signup Bonus. My favorite savings account for kids. Each of my kids have an account at ING, and they refer each other to earn bonus money too!

ShareBuilder Account. This is where I’ll be opening brokerage account for the kids. It’s much more kid friendly than our old brokerage.

Ohio College Advantage 529 plan. My favorite place to stash college money for the kids. I have a few other 529 plans, too.

Financial Resources for New Families

Checklist: Financial Strategies for Infants and Young Children. A financial checklist surrounding the arrival of a new baby including taxes, 529 plans, life insurance, wills and more.

How to Budget for a New Baby. Budgeting tips for the expanding family at Kids and Money.

What Does Your Life Mix Pie Chart Look Like? A helpful exercise to evaluate where your time goes, especially when family time becomes your priority.

All About Baby Gifts

We’re at the age where many friends and family are also having babies. Here are some of my favorite baby gifts to give if you are looking for inspiration for someone you know.

OneShare. Instead of the old gift of savings bonds, give the gift of stock to kids and babies.

Craft-E-Family. Personalized keepsake gifts, including the adorable baby blocks with all the baby’s arrival information.

Angel Dear blankets. One of my favorite gifts to give with the baby blocks.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/our-family-is-expanding/feed/ 24 Help a Reader: Save and Invest for Kids http://www.mydollarplan.com/help-a-reader-save-and-invest-for-kids/ http://www.mydollarplan.com/help-a-reader-save-and-invest-for-kids/#comments Tue, 14 Oct 2008 13:38:55 +0000 Madison http://www.mydollarplan.com/?p=576 Time for some reader input! Here’s a question from Jaynee. She and her husband have been doing a great job saving money for their kids. They diligently put gifts the kids receive into their savings accounts.

However, now that the balances are growing, she knows a savings account isn’t the best place for the money anymore. Jaynee would like your help to determine where she should put the money.

Background

  • Two children ages 4 and 5.
  • They deposit money given to the kids for birthdays and Christmas into their savings accounts.
  • Each of the kids now have over $5,000 in their accounts.
  • I assume the money won’t be withdrawn for at least 10-15 years based on the options she is considering.

Options

Jaynee wants to transfer the money to some sort of long-term plan. She’s unsure where she should put it, but is considering an IRA, a CD or their 529 college plans. Here are some of Jaynee’s thoughts:

1. Roth IRA

I’m considering a Roth IRA, so that when they begin working at age 16 they’ll already have a base and can then begin contributing to it when they get their first jobs. (Although, the kids cannot have an IRA until they have earned income, so they would need to use the parents’ IRAs.)

2. Long Term CD

Another part of me in considering several long-term CDs since my credit union is currently offering 7-yr $1K share certificates for 4.6% APY and 4.5% dividends compounded daily and credited monthly.

3. 529 Plan

Lastly, my husband thinks putting it into their 529 plans is best.

What Do You Suggest?

Let’s help Jaynee out! I’ll highlight your suggestions and add mine in a future article.

Where should she put the money for her kids? Should they keep it all together or spread it out in a few different accounts?

If you are saving for your children, what are you doing?


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> Time for some reader input! Here’s a question from Jaynee. She and her husband have been doing a great job saving money for their kids. They diligently put gifts the kids receive into their savings accounts.

However, now that the balances are growing, she knows a savings account isn’t the best place for the money anymore. Jaynee would like your help to determine where she should put the money.

Background

  • Two children ages 4 and 5.
  • They deposit money given to the kids for birthdays and Christmas into their savings accounts.
  • Each of the kids now have over $5,000 in their accounts.
  • I assume the money won’t be withdrawn for at least 10-15 years based on the options she is considering.

Options

Jaynee wants to transfer the money to some sort of long-term plan. She’s unsure where she should put it, but is considering an IRA, a CD or their 529 college plans. Here are some of Jaynee’s thoughts:

1. Roth IRA

I’m considering a Roth IRA, so that when they begin working at age 16 they’ll already have a base and can then begin contributing to it when they get their first jobs. (Although, the kids cannot have an IRA until they have earned income, so they would need to use the parents’ IRAs.)

2. Long Term CD

Another part of me in considering several long-term CDs since my credit union is currently offering 7-yr $1K share certificates for 4.6% APY and 4.5% dividends compounded daily and credited monthly.

3. 529 Plan

Lastly, my husband thinks putting it into their 529 plans is best.

What Do You Suggest?

Let’s help Jaynee out! I’ll highlight your suggestions and add mine in a future article.

Where should she put the money for her kids? Should they keep it all together or spread it out in a few different accounts?

If you are saving for your children, what are you doing?


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/help-a-reader-save-and-invest-for-kids/feed/ 8 Improving Middle Class Finances Through Education http://www.mydollarplan.com/improving-middle-class-finances-through-education/ http://www.mydollarplan.com/improving-middle-class-finances-through-education/#comments Tue, 07 Oct 2008 13:29:05 +0000 Madison http://www.mydollarplan.com/?p=580 Tax breaks, savings credits, and fabulous graphs of the Presidential tax plans are all the rage, but I think the root cause of the money management problem in our country is the complete lack of financial education.

Our schools don’t teach a comprehensive financial program (or anything in most schools), and many parents don’t teach their kids either. Some parents would love to teach their kids but because they don’t know how to manage their own money, they aren’t empowered to do so. It a vicious cycle, but it’s a nationwide problem.

It was great timing that a group of writers are answering the following question today:

“What is the single most important initiative that the next administration should undertake to improve the economic health of the U.S. middle class?”

The great thing about financial education, is that it doesn’t have to be a politically charged topic. Either party could pursue it, including our middle class VP candidates. The downside is that it’s a long term plan. Education of today’s youth won’t make changes overnight. It will however, empower the youth of today to make a difference in the future.

Kids Personal Finance Stats

Looking for proof that kids today need a better financial education? Look no further than the financial literacy scores released earlier this year (taken by High School seniors):

  • 48%: Correct answers to the questions!
  • Only 40% correctly answered that they could lose their health insurance if their parents become unemployed.
  • 40% correctly said that paying only minimum on a credit cards will pay more in finance charges than paying the balance in full.
  • A shocking 17% correctly answered that stocks will likely yield higher returns than savings bonds, savings accounts, and checking accounts over the next 18 years. (There has never been an 18 year period where that didn’t happen.)

You can download a copy of the survey and see all the results at Jump$tart Coalition.

Current Personal Finance Requirements

There are lots of fantastic books, teaching tools, and articles about teaching kids about money. But who is requiring the learning? Here’s a look at the individual state requirements per Jump$tart:

  • 3 states: Require 1 semester of personal finance class.
  • 17 states: Require personal finance material incorporated into another subject.
  • The rest: No requirement!

Money Management Curriculum

I would love to see a comprehensive money management curriculum. Not just a semester in high school, but education at all levels. Money management is learned over your entire life, and it evolves. Introduce the basics in elementary school, expand on the concepts throughout middle school and include a capstone course in high school.

Cons to Personal Finance Education

As with all pros, there are cons. Here are some typical ones that might come up:

Kids that don’t care.
JD took a personal finance class and got F’s on all his papers, because he just didn’t care. Although, many kids don’t care about the other classes either.

Teachers aren’t equipped.
Good point. Teachers probably aren’t the best qualified teachers on personal finance. Maybe we could look into volunteers or sponsor passionate personal finance people. I don’t have all the answers, but we shouldn’t let that stop us.

Resources for Teaching Kids about Money

What do you think? Am I right or wrong?

Check out how others answered the same question:


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> Tax breaks, savings credits, and fabulous graphs of the Presidential tax plans are all the rage, but I think the root cause of the money management problem in our country is the complete lack of financial education.

Our schools don’t teach a comprehensive financial program (or anything in most schools), and many parents don’t teach their kids either. Some parents would love to teach their kids but because they don’t know how to manage their own money, they aren’t empowered to do so. It a vicious cycle, but it’s a nationwide problem.

It was great timing that a group of writers are answering the following question today:

“What is the single most important initiative that the next administration should undertake to improve the economic health of the U.S. middle class?”

The great thing about financial education, is that it doesn’t have to be a politically charged topic. Either party could pursue it, including our middle class VP candidates. The downside is that it’s a long term plan. Education of today’s youth won’t make changes overnight. It will however, empower the youth of today to make a difference in the future.

Kids Personal Finance Stats

Looking for proof that kids today need a better financial education? Look no further than the financial literacy scores released earlier this year (taken by High School seniors):

  • 48%: Correct answers to the questions!
  • Only 40% correctly answered that they could lose their health insurance if their parents become unemployed.
  • 40% correctly said that paying only minimum on a credit cards will pay more in finance charges than paying the balance in full.
  • A shocking 17% correctly answered that stocks will likely yield higher returns than savings bonds, savings accounts, and checking accounts over the next 18 years. (There has never been an 18 year period where that didn’t happen.)

You can download a copy of the survey and see all the results at Jump$tart Coalition.

Current Personal Finance Requirements

There are lots of fantastic books, teaching tools, and articles about teaching kids about money. But who is requiring the learning? Here’s a look at the individual state requirements per Jump$tart:

  • 3 states: Require 1 semester of personal finance class.
  • 17 states: Require personal finance material incorporated into another subject.
  • The rest: No requirement!

Money Management Curriculum

I would love to see a comprehensive money management curriculum. Not just a semester in high school, but education at all levels. Money management is learned over your entire life, and it evolves. Introduce the basics in elementary school, expand on the concepts throughout middle school and include a capstone course in high school.

Cons to Personal Finance Education

As with all pros, there are cons. Here are some typical ones that might come up:

Kids that don’t care.
JD took a personal finance class and got F’s on all his papers, because he just didn’t care. Although, many kids don’t care about the other classes either.

Teachers aren’t equipped.
Good point. Teachers probably aren’t the best qualified teachers on personal finance. Maybe we could look into volunteers or sponsor passionate personal finance people. I don’t have all the answers, but we shouldn’t let that stop us.

Resources for Teaching Kids about Money

What do you think? Am I right or wrong?

Check out how others answered the same question:


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/improving-middle-class-finances-through-education/feed/ 7 Daddy Rocks! 10 Fun and Frugal Gifts for Dad! http://www.mydollarplan.com/daddy-rocks-10-fun-and-frugal-gifts-for-dad/ http://www.mydollarplan.com/daddy-rocks-10-fun-and-frugal-gifts-for-dad/#comments Mon, 09 Jun 2008 13:29:26 +0000 Madison http://www.mydollarplan.com/?p=439 Haven’t started your shopping for Father’s Day yet? Don’t worry, neither have I. While I was browsing for the perfect gift for my kids to give their dad, I found lots of great ideas. Some of them are frugal (under $25) and some of them are fun (over $20); all of them will put a smile on dad’s face!

The Tool Dad

Black & Decker SZ360 3.6-Volt Ni-Cad Cordless Power Scissors $14.97
Ever struggle cutting the hard plastic packaging that everything comes in? It will also cut through sheet vinyl flooring and window screening!

The New Dad

Diaper Dude Diaper Bag $53
For all the new dads, here’s a trendy diaper bag perfect for dad to carry when out with his new baby. Besides solid colors, they also come in camouflage and dragon prints.

The Barbecue Dad

How to Grill: The Complete Illustrated Book of Barbecue Techniques $14.37
Shhh, don’t tell my husband, but I think this is what we settled on. The reviews said this book will be good from the novice to the grill connoisseur, so it should be perfect!

The Get in Shape Dad

Wii Fit $149.99 with the balance board
This is a hot item and might be sold out, because it’s so popular. You might have to give your dad an IOU or buy a used one.

The Gardening Dad

1500 Live LadyBugs $12.99
Ladybugs eat the bad bugs like aphids, so you can help your garden with a natural solution.

The Heavy Duty Reading Dad

Kindle: Amazon’s New Wireless Reading Device $359
Money not an object this Father’s day? The Kindle is a wireless reading device to read books, blogs, newspapers and magazines. It can hold over 200 titles and is simple to use. I wonder if this will be the way of the future… will hardcover books go by the wayside?

The Golf Dad

Unbreakable Golf Tees $7.99
Help dad save some money by never having to buy more golf tees. They claim the tees will hold up for 1,000+ shots.

The Green Dad

Klean Kanteen Stainless Steel Water Bottles $15.90
Switching from plastic to steel water bottles because of BPA concerns? Here’s a great line of water bottles in various shapes and sizes for dad.

The Frugal Dad

Clip-N-Trim 23-Piece Complete Haircut Kit $24.95
This would be terrific as it would eliminate my husband spending $15 for haircuts each month. Total savings per year: $180!

The Gadget Dad

Flip Video Mino Series Camcorder $179.99
Never miss an opportunity to record something. The 3 ounce pocket sized camcorder hold up to 60 minutes.

Don’t forget, Father’s Day is June 15! Check out more great gifts for Father’s Day.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> Haven’t started your shopping for Father’s Day yet? Don’t worry, neither have I. While I was browsing for the perfect gift for my kids to give their dad, I found lots of great ideas. Some of them are frugal (under $25) and some of them are fun (over $20); all of them will put a smile on dad’s face!

The Tool Dad

Black & Decker SZ360 3.6-Volt Ni-Cad Cordless Power Scissors $14.97
Ever struggle cutting the hard plastic packaging that everything comes in? It will also cut through sheet vinyl flooring and window screening!

The New Dad

Diaper Dude Diaper Bag $53
For all the new dads, here’s a trendy diaper bag perfect for dad to carry when out with his new baby. Besides solid colors, they also come in camouflage and dragon prints.

The Barbecue Dad

How to Grill: The Complete Illustrated Book of Barbecue Techniques $14.37
Shhh, don’t tell my husband, but I think this is what we settled on. The reviews said this book will be good from the novice to the grill connoisseur, so it should be perfect!

The Get in Shape Dad

Wii Fit $149.99 with the balance board
This is a hot item and might be sold out, because it’s so popular. You might have to give your dad an IOU or buy a used one.

The Gardening Dad

1500 Live LadyBugs $12.99
Ladybugs eat the bad bugs like aphids, so you can help your garden with a natural solution.

The Heavy Duty Reading Dad

Kindle: Amazon’s New Wireless Reading Device $359
Money not an object this Father’s day? The Kindle is a wireless reading device to read books, blogs, newspapers and magazines. It can hold over 200 titles and is simple to use. I wonder if this will be the way of the future… will hardcover books go by the wayside?

The Golf Dad

Unbreakable Golf Tees $7.99
Help dad save some money by never having to buy more golf tees. They claim the tees will hold up for 1,000+ shots.

The Green Dad

Klean Kanteen Stainless Steel Water Bottles $15.90
Switching from plastic to steel water bottles because of BPA concerns? Here’s a great line of water bottles in various shapes and sizes for dad.

The Frugal Dad

Clip-N-Trim 23-Piece Complete Haircut Kit $24.95
This would be terrific as it would eliminate my husband spending $15 for haircuts each month. Total savings per year: $180!

The Gadget Dad

Flip Video Mino Series Camcorder $179.99
Never miss an opportunity to record something. The 3 ounce pocket sized camcorder hold up to 60 minutes.

Don’t forget, Father’s Day is June 15! Check out more great gifts for Father’s Day.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/daddy-rocks-10-fun-and-frugal-gifts-for-dad/feed/ 3 New Grads: 29 Money-Smart Tips http://www.mydollarplan.com/new-grads-29-money-smart-tips/ http://www.mydollarplan.com/new-grads-29-money-smart-tips/#comments Wed, 04 Jun 2008 13:29:42 +0000 Madison http://www.mydollarplan.com/?p=436 Readers recently shared their financial tips for new graduates. Christy summed up a lot of the advice with: Stay out of credit card debt, start saving for retirement now, and live frugally. Here are highlights:

  1. Start saving for your future now! The earlier you start saving the more the wonders of compounding interest will work in your favor! – by Pete
  2. Don’t pay extra on your student loans. You’re actually probably better off investing money in an index fund. If you can invest money that earns a higher interest rate than what you’re paying on your loans then you are better off investing. – by Matt
  3. Use a rewards credit card. Use the cash rewards credit card as though it were a debit card, pay it off in full every month, and never have a larger balance on the card than you have in your bank account. - by Blaine Moore
  4. Read a great book. Buy and read The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich by David Bach. It changed my life. – by MITBeta
  5. Take advantage of free money. Start a 401K and contribute up to the percentage your employer matches. - by Thrifty Femme
  6. Spend less than you earn. Keep living like a college student for as long as possible. – by No Debt Plan
  7. Live with your parents. Live as cheaply as possible and if you can live at home with parents to avoid paying rent do it. - by Andrew
  8. Save for retirement. It seems a million years away, but even just saving a LITTLE now makes a huge difference later. My kids are going to start saving in high school. – by paidtwice
  9. Don’t buy a new car. I made that mistake and “owned” a 35k car making only 45k a year. What a mess that was. – by MyMoneyAdventure
  10. Start your own business. Become an entrepreneur rather then work for “the man”. - by Joshua
  11. Have fun! You’re young and have fewer commitments and obligations than you’ll have as you get older. Enjoy this time. – by Lance
  12. Join the Peace Corps. I think it would have been exciting to do something like that. - by Mrs. Accountability
  13. Buy used. Buy a used car, refurbished computer, etc. They’re as good as new, a lot still have most or all of the warranty, and the price difference is amazing! – by Pam Davis
  14. Create a plan. I would recommend starting first with a financial plan that has prioritized goals, projected amount needed, and required savings needed. – by Ashley
  15. Create an emergency fund. I’ve seen several of my college classmates struggling when something unexpected happens, even if it’s a relatively small thing. – by Nicole
  16. Buy a house. Don’t throw money out the window on rent! Save up a down payment for something small (for example, a one bedroom condo) and gradually upgrade every few years as your earnings and your equity increase. - by Frugal Parent
  17. Invest aggressively. Don’t be conservative with your investments. Time is the great equalizer when it comes to the market.. and you have the time to be aggressive. – by Jeremy
  18. Live your life a little before you really settle and work. Travel, know people, learn about other cultures, broaden your minds, because life experiences are the only thing that are going to keep with us, no matter how old you get. – by Rafael
  19. Continue learning. There is still a lot to learn out there. Graduation is not the end of learning but just the beginning. Learn to handle finances is one example. Just continue learning and apply what you learn to live a happy life. – by Arnold
  20. Create a budget. Then track your spending for three months or so to get a feel for what you really spend. At this point look at how you are spending your money, does it fit with your financial plans? Adjust accordingly, look for ways to save money by being clear about the difference between a want and a need. - by Tonya
  21. Save half. Save half of all raises, bonuses and financial windfalls until you can max out your company 401k and contribute the max to an IRA. – by Todd
  22. Choose the right job. Choose the job that offers the most professional opportunity, not the job offer with the highest paycheck. The money will follow. – by Patrick
  23. Buy cheap furniture. For new apartment dwellers, look to friends and family and craigslist to furnish your apartment cheaply. You can always replace the second hand stuff with Crate and Barrel, West Elm and Pottery Barn items when you earn the money. – by Marlene
  24. Find some roommates. Resist the urge to get an apartment alone, instead find one or two good roommates. At this stage of your life you’re probably used to living with others, tough it out for your first year or two after graduation and you can save a ton of money in rent and utilities! – by One Frugal Girl
  25. Learn from others. The most important thing I ever learned when it comes to money is the best rule of thumb when supporting yourself is to earn weekly what you put out in rent monthly. My grandmother taught me this and I will never forget it. – by Courtney
  26. Travel. Travel while you’re still young and adventurous enough to do it cheaply. Work over the summer to save up enough for a plane ticket and see the world with a few friends. Once you start working you will never have a solid block of time to really just explore and rejuvenate yourself from the past several years of school. – by Sallie’s Niece
  27. Work hard. Be patient, be vigilant, keep your eyes and ears open to learn. Your time at the top will come soon enough. If you take on the entitled act, then you’re going to find yourself jobless and broke and even farther from your lofty wishes/dreams! – by Peggy
  28. Continue your education. Spend money on permanent and continuing education, e.g. self-improvement seminars and further training workshops! - by Philipp Grunwald
  29. Read frugal books. Learn who Amy Dacyczyn is. Not every tip is meant for every person, especially if you don’t have children, but read her books to get some inspiration on cutting back and living a rich but frugal lifestyle. – by Mar

There were a total of 88 incredible tips for new grads! You can read all of tips here in the comments.

The The Life Skills Network is featuring tips for new graduates all week. Check out all the articles:


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> Readers recently shared their financial tips for new graduates. Christy summed up a lot of the advice with: Stay out of credit card debt, start saving for retirement now, and live frugally. Here are highlights:

  1. Start saving for your future now! The earlier you start saving the more the wonders of compounding interest will work in your favor! – by Pete
  2. Don’t pay extra on your student loans. You’re actually probably better off investing money in an index fund. If you can invest money that earns a higher interest rate than what you’re paying on your loans then you are better off investing. – by Matt
  3. Use a rewards credit card. Use the cash rewards credit card as though it were a debit card, pay it off in full every month, and never have a larger balance on the card than you have in your bank account. - by Blaine Moore
  4. Read a great book. Buy and read The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich by David Bach. It changed my life. – by MITBeta
  5. Take advantage of free money. Start a 401K and contribute up to the percentage your employer matches. - by Thrifty Femme
  6. Spend less than you earn. Keep living like a college student for as long as possible. – by No Debt Plan
  7. Live with your parents. Live as cheaply as possible and if you can live at home with parents to avoid paying rent do it. - by Andrew
  8. Save for retirement. It seems a million years away, but even just saving a LITTLE now makes a huge difference later. My kids are going to start saving in high school. – by paidtwice
  9. Don’t buy a new car. I made that mistake and “owned” a 35k car making only 45k a year. What a mess that was. – by MyMoneyAdventure
  10. Start your own business. Become an entrepreneur rather then work for “the man”. - by Joshua
  11. Have fun! You’re young and have fewer commitments and obligations than you’ll have as you get older. Enjoy this time. – by Lance
  12. Join the Peace Corps. I think it would have been exciting to do something like that. - by Mrs. Accountability
  13. Buy used. Buy a used car, refurbished computer, etc. They’re as good as new, a lot still have most or all of the warranty, and the price difference is amazing! – by Pam Davis
  14. Create a plan. I would recommend starting first with a financial plan that has prioritized goals, projected amount needed, and required savings needed. – by Ashley
  15. Create an emergency fund. I’ve seen several of my college classmates struggling when something unexpected happens, even if it’s a relatively small thing. – by Nicole
  16. Buy a house. Don’t throw money out the window on rent! Save up a down payment for something small (for example, a one bedroom condo) and gradually upgrade every few years as your earnings and your equity increase. - by Frugal Parent
  17. Invest aggressively. Don’t be conservative with your investments. Time is the great equalizer when it comes to the market.. and you have the time to be aggressive. – by Jeremy
  18. Live your life a little before you really settle and work. Travel, know people, learn about other cultures, broaden your minds, because life experiences are the only thing that are going to keep with us, no matter how old you get. – by Rafael
  19. Continue learning. There is still a lot to learn out there. Graduation is not the end of learning but just the beginning. Learn to handle finances is one example. Just continue learning and apply what you learn to live a happy life. – by Arnold
  20. Create a budget. Then track your spending for three months or so to get a feel for what you really spend. At this point look at how you are spending your money, does it fit with your financial plans? Adjust accordingly, look for ways to save money by being clear about the difference between a want and a need. - by Tonya
  21. Save half. Save half of all raises, bonuses and financial windfalls until you can max out your company 401k and contribute the max to an IRA. – by Todd
  22. Choose the right job. Choose the job that offers the most professional opportunity, not the job offer with the highest paycheck. The money will follow. – by Patrick
  23. Buy cheap furniture. For new apartment dwellers, look to friends and family and craigslist to furnish your apartment cheaply. You can always replace the second hand stuff with Crate and Barrel, West Elm and Pottery Barn items when you earn the money. – by Marlene
  24. Find some roommates. Resist the urge to get an apartment alone, instead find one or two good roommates. At this stage of your life you’re probably used to living with others, tough it out for your first year or two after graduation and you can save a ton of money in rent and utilities! – by One Frugal Girl
  25. Learn from others. The most important thing I ever learned when it comes to money is the best rule of thumb when supporting yourself is to earn weekly what you put out in rent monthly. My grandmother taught me this and I will never forget it. – by Courtney
  26. Travel. Travel while you’re still young and adventurous enough to do it cheaply. Work over the summer to save up enough for a plane ticket and see the world with a few friends. Once you start working you will never have a solid block of time to really just explore and rejuvenate yourself from the past several years of school. – by Sallie’s Niece
  27. Work hard. Be patient, be vigilant, keep your eyes and ears open to learn. Your time at the top will come soon enough. If you take on the entitled act, then you’re going to find yourself jobless and broke and even farther from your lofty wishes/dreams! – by Peggy
  28. Continue your education. Spend money on permanent and continuing education, e.g. self-improvement seminars and further training workshops! - by Philipp Grunwald
  29. Read frugal books. Learn who Amy Dacyczyn is. Not every tip is meant for every person, especially if you don’t have children, but read her books to get some inspiration on cutting back and living a rich but frugal lifestyle. – by Mar

There were a total of 88 incredible tips for new grads! You can read all of tips here in the comments.

The The Life Skills Network is featuring tips for new graduates all week. Check out all the articles:


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/new-grads-29-money-smart-tips/feed/ 4 Stay Home or Go Back to Work: The Results http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/ http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/#comments Fri, 01 Feb 2008 14:25:22 +0000 Madison http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/ I put together a comprehensive list of all the financial considerations to help determine what the impact would be if I stay home from work. Readers added the things I overlooked. It’s not a decision I’m making lightly. My husband and I have been discussing it at great lengths, sometimes in circles.

Thanks for all the emails and thoughts; especially those of you that shared your personal decisions. It’s one of those topics that really doesn’t have a right answer. You make the best decision with the information that you have right now.  

The Results

I ran the numbers using both my full time salary and my 4 day workweek salary. Wow! It was very eye opening to see that we effectively only get to use about a third of my salary. Of course, a lot of it has to do with some very large expenses we have, paying for an in-home nanny and Uncle Sam! We pay our nanny over $20,000 per year. In addition, the tax bite on a second income is huge.

What I really want to do is stay home. However, even with my “new” lower salary, we’ve determined it doesn’t make sense financially for me to stay home. Although we haven’t ruled it out for the long run, it’s the decision that makes sense for us right now. Here were some of our considerations:

  • As I stated yesterday, I have the larger salary in our family. It’s one thing to scale back to one income, it’s another thing to take away the higher of the two.
  • We’re planning more children and I have an option for a leave of absence in the future that may be worth using.
  • I’m currently planning to go back to work 4 days a week for seven months. It was a schedule that I was very happy with 2 years ago and I maintained a good work/life balance.
  • I scaled our retirement contributions back to 23% last year and to 15% this year. It makes virtually no change to our long term plan. If I were to stay home, I would reduce it to 11%, also having no real effect.
  • We want to do some more planning for the new business before having to rely on it.

What This Means

While I ultimately want to stay home, I do feel that I owe my family a level of financial security that my job currently provides. My children are in wonderful hands with our nanny and I’ll only be going back part time for now, which is the best of both worlds.

However, I do feel some “mommy guilt” for going back. I guess I wouldn’t be human if I didn’t. I come across pretty cut and dry when I start talking about the bottom line, but my family always comes first. They always will. I wouldn’t be going back to my job if it wasn’t a flexible, family-friendly working environment. I don’t travel much and for the most part I can take off when my kids are sick, have an appointment or a function I want to attend. I still want to stay home and I’ll be working towards that for the future.

The Future

I’ve come up with a plan to make some changes over the next two years. What I’d like to do is financially set ourselves up so that when we have another child in the next 2-3 years that it wouldn’t make any difference financially which decision I make.

I’m setting a goal to make a $2800 per month difference in our finances. I’ve already started brainstorming some possibilities to make this happen:

  • Remove $1170 from our budget. I’ve identified $812 that I can easily eliminate over the next two years. Paying off our car or selling it and paying off the motorcycle. Both were financed because the interest rates were lower than savings rates. However, with the recent cuts, that’s not so much the case.
  • I could drop our retirement savings by $800 month, but I’m not ready to do that right now. I would be able to do that in 2 years without much change to our overall plan.
  • That leaves roughly $830 a month that I would need to earn per month to cover the difference. We’ve launched the first part (My Dollar Plan) of our small business. We have plans to add 3 additional components, but we’ll likely need the next two years to get them completely up and running before we would feel comfortable depending on any of the income.  

Action Plan

With this decision made and the creation of 3 additional long-term goals to supplement our dollar plan, I’m finally ready to put together our 2008 goals. Look for it soon!

In addition, I’ll be working hard to make the choice for me to stay home in the future easier by doing the following:

  1. Remove $1170 per month from our budget.
  2. Replace $800 per month in retirement savings. 
  3. Earn $830 per month from our new side business.

Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> I put together a comprehensive list of all the financial considerations to help determine what the impact would be if I stay home from work. Readers added the things I overlooked. It’s not a decision I’m making lightly. My husband and I have been discussing it at great lengths, sometimes in circles.

Thanks for all the emails and thoughts; especially those of you that shared your personal decisions. It’s one of those topics that really doesn’t have a right answer. You make the best decision with the information that you have right now.  

The Results

I ran the numbers using both my full time salary and my 4 day workweek salary. Wow! It was very eye opening to see that we effectively only get to use about a third of my salary. Of course, a lot of it has to do with some very large expenses we have, paying for an in-home nanny and Uncle Sam! We pay our nanny over $20,000 per year. In addition, the tax bite on a second income is huge.

What I really want to do is stay home. However, even with my “new” lower salary, we’ve determined it doesn’t make sense financially for me to stay home. Although we haven’t ruled it out for the long run, it’s the decision that makes sense for us right now. Here were some of our considerations:

  • As I stated yesterday, I have the larger salary in our family. It’s one thing to scale back to one income, it’s another thing to take away the higher of the two.
  • We’re planning more children and I have an option for a leave of absence in the future that may be worth using.
  • I’m currently planning to go back to work 4 days a week for seven months. It was a schedule that I was very happy with 2 years ago and I maintained a good work/life balance.
  • I scaled our retirement contributions back to 23% last year and to 15% this year. It makes virtually no change to our long term plan. If I were to stay home, I would reduce it to 11%, also having no real effect.
  • We want to do some more planning for the new business before having to rely on it.

What This Means

While I ultimately want to stay home, I do feel that I owe my family a level of financial security that my job currently provides. My children are in wonderful hands with our nanny and I’ll only be going back part time for now, which is the best of both worlds.

However, I do feel some “mommy guilt” for going back. I guess I wouldn’t be human if I didn’t. I come across pretty cut and dry when I start talking about the bottom line, but my family always comes first. They always will. I wouldn’t be going back to my job if it wasn’t a flexible, family-friendly working environment. I don’t travel much and for the most part I can take off when my kids are sick, have an appointment or a function I want to attend. I still want to stay home and I’ll be working towards that for the future.

The Future

I’ve come up with a plan to make some changes over the next two years. What I’d like to do is financially set ourselves up so that when we have another child in the next 2-3 years that it wouldn’t make any difference financially which decision I make.

I’m setting a goal to make a $2800 per month difference in our finances. I’ve already started brainstorming some possibilities to make this happen:

  • Remove $1170 from our budget. I’ve identified $812 that I can easily eliminate over the next two years. Paying off our car or selling it and paying off the motorcycle. Both were financed because the interest rates were lower than savings rates. However, with the recent cuts, that’s not so much the case.
  • I could drop our retirement savings by $800 month, but I’m not ready to do that right now. I would be able to do that in 2 years without much change to our overall plan.
  • That leaves roughly $830 a month that I would need to earn per month to cover the difference. We’ve launched the first part (My Dollar Plan) of our small business. We have plans to add 3 additional components, but we’ll likely need the next two years to get them completely up and running before we would feel comfortable depending on any of the income.  

Action Plan

With this decision made and the creation of 3 additional long-term goals to supplement our dollar plan, I’m finally ready to put together our 2008 goals. Look for it soon!

In addition, I’ll be working hard to make the choice for me to stay home in the future easier by doing the following:

  1. Remove $1170 per month from our budget.
  2. Replace $800 per month in retirement savings. 
  3. Earn $830 per month from our new side business.

Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/stay-home-or-go-back-to-work-the-results/feed/ 10 Going Back to Work? More Considerations http://www.mydollarplan.com/going-back-to-work-more-considerations/ http://www.mydollarplan.com/going-back-to-work-more-considerations/#comments Thu, 31 Jan 2008 14:26:32 +0000 Madison http://www.mydollarplan.com/going-back-to-work-more-considerations/ I recently put together the financial considerations to help me decide if I should go back to work or stay home. I’ve spent a lot of time thinking about this… and not just in the last two days. It’s something I’ve been thinking about since I started my leave last fall. There’s so much to consider both financially and personally; it’s going to be a very tough decision.

Reader Comments

The reader comments were terrific, each adding great points that helped me even further. These points were so incredible I couldn’t help but share them with you:

Lynnae noted that she quit before earning all of her social security credits. I found my statement quickly, even though I don’t file my papers, and it shows that i have 28 credits through the end of 2007. In order to qualify for retirement 40 credits are needed, with the ability to earn 4 per year on $3880 of income. Lynnae adds:

I’ve never regretted staying at home. We gave up a lot of financial security, but the non-financial benefits have been much greater, in my opinion.

Rocket commented that the decision is much easier when a lower salary is at stake. And he’s right. There’s a significant piece that may tip the table at my house, and it’s that I make more than my husband. Of course, most of that is because I work in the corporate world and my husband works for a University (although he does have amazing health insurance and benefits). Rocket shared:

My wife’s income was just not worth the hassle. It was a no-brainer to stay home and she (and the kids) are happy that she has done so. (me too)

Becca pointed out that I need to check to see if I’m vested in my 401k and pension plan. Great catch Becca! I’m fully vested in all my retirement plans, so I wouldn’t be leaving any money on the table in terms of matching contributions. She also makes a great point about mileage:

You also may want to use long weekends or vacation spent at home as a gauge of whether your driving will increase with your increase in free time. Running more errands or going to social events/outings could approach the mileage work put on your car.

Kacie wants me to consider how my family’s mental health will be affected. I know one thing for sure: our evenings wouldn’t be so chaotic getting home, getting dinner on the table and getting through all the evening activities after a long day of work. She points out how it works for her:

For me, chores get done during the week so I can spend my weekends with my husband without grocery shopping or cleaning something. I’m much less stressed this way, and so is he.

Plonkee reinforced the impact on my career. It’s a very good point and one that shouldn’t be underestimated. I’ve spent a lot of time furthering my career through graduate school, networking and hard work. I’m still young and have many more growth opportunities ahead. Plonkee also points out another financial consideration:

It’s not just the money that you don’t make while you are away, but that when you come back you’ll have lost out on all the salary compounding. I’d be interested in seeing calculations that took that into account.

Lost Cause reminded me of the uncertainty that comes with relying on one income. It is much riskier than having two incomes to spread the risk. He points out their situation:

I lost my job, and the house was lost not long afterward. But for us, it was never a question, that my wife would stay home to take care of the kids. You can’t put a price on that.

Father Sez gives me a vote of confidence in launching the new business (thanks Father!) and lets me know that my child’s vote would likely be that I stay home! He throws finances out and reminds me what it’s really about:

You appear to have left out the unrivalled joy of seeing your children giving you the “no strings attached” smiles and hugs. This is once in a lifetime opportunity.

Where We Are At

I finalized the numbers earlier this week and discussed the results along with all of the considerations with my husband. Find out what we decided!


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> I recently put together the financial considerations to help me decide if I should go back to work or stay home. I’ve spent a lot of time thinking about this… and not just in the last two days. It’s something I’ve been thinking about since I started my leave last fall. There’s so much to consider both financially and personally; it’s going to be a very tough decision.

Reader Comments

The reader comments were terrific, each adding great points that helped me even further. These points were so incredible I couldn’t help but share them with you:

Lynnae noted that she quit before earning all of her social security credits. I found my statement quickly, even though I don’t file my papers, and it shows that i have 28 credits through the end of 2007. In order to qualify for retirement 40 credits are needed, with the ability to earn 4 per year on $3880 of income. Lynnae adds:

I’ve never regretted staying at home. We gave up a lot of financial security, but the non-financial benefits have been much greater, in my opinion.

Rocket commented that the decision is much easier when a lower salary is at stake. And he’s right. There’s a significant piece that may tip the table at my house, and it’s that I make more than my husband. Of course, most of that is because I work in the corporate world and my husband works for a University (although he does have amazing health insurance and benefits). Rocket shared:

My wife’s income was just not worth the hassle. It was a no-brainer to stay home and she (and the kids) are happy that she has done so. (me too)

Becca pointed out that I need to check to see if I’m vested in my 401k and pension plan. Great catch Becca! I’m fully vested in all my retirement plans, so I wouldn’t be leaving any money on the table in terms of matching contributions. She also makes a great point about mileage:

You also may want to use long weekends or vacation spent at home as a gauge of whether your driving will increase with your increase in free time. Running more errands or going to social events/outings could approach the mileage work put on your car.

Kacie wants me to consider how my family’s mental health will be affected. I know one thing for sure: our evenings wouldn’t be so chaotic getting home, getting dinner on the table and getting through all the evening activities after a long day of work. She points out how it works for her:

For me, chores get done during the week so I can spend my weekends with my husband without grocery shopping or cleaning something. I’m much less stressed this way, and so is he.

Plonkee reinforced the impact on my career. It’s a very good point and one that shouldn’t be underestimated. I’ve spent a lot of time furthering my career through graduate school, networking and hard work. I’m still young and have many more growth opportunities ahead. Plonkee also points out another financial consideration:

It’s not just the money that you don’t make while you are away, but that when you come back you’ll have lost out on all the salary compounding. I’d be interested in seeing calculations that took that into account.

Lost Cause reminded me of the uncertainty that comes with relying on one income. It is much riskier than having two incomes to spread the risk. He points out their situation:

I lost my job, and the house was lost not long afterward. But for us, it was never a question, that my wife would stay home to take care of the kids. You can’t put a price on that.

Father Sez gives me a vote of confidence in launching the new business (thanks Father!) and lets me know that my child’s vote would likely be that I stay home! He throws finances out and reminds me what it’s really about:

You appear to have left out the unrivalled joy of seeing your children giving you the “no strings attached” smiles and hugs. This is once in a lifetime opportunity.

Where We Are At

I finalized the numbers earlier this week and discussed the results along with all of the considerations with my husband. Find out what we decided!


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/going-back-to-work-more-considerations/feed/ 7 Should I Stay Home or Go Back to Work? http://www.mydollarplan.com/should-i-stay-home-or-go-back-to-work/ http://www.mydollarplan.com/should-i-stay-home-or-go-back-to-work/#comments Tue, 29 Jan 2008 13:45:41 +0000 Madison http://www.mydollarplan.com/should-i-stay-home-or-go-back-to-work/ kids playing

Photography by Oslo In The Summertime

I’m scheduled to return to work in a couple weeks after a 5 month maternity leave. As the date draws closer, I find myself questioning whether I want to stay home or go back to work. It’s a dilemma that many moms face, and I had the same questions when I went back to work part-time after my first son was born.

I’ve decided to calculate it financially and go from there. Because I’m sure I could make the excel spreadsheet come to any conclusion that I want, I’m going to put together a list of the inputs before I put the numbers in!

Financial Aspects

Income that I would give up

  • Salary
  • Benefits – Health & Dental (none because we use my husband’s plan)
  • Benefits – Life Insurance
  • Benefits – Disability Insurance
  • Pension
  • Profit Sharing Bonus
  • 401k Bonus
  • Holiday Bonus
  • Corporate Lunches
  • Other company perks (Discounted/free events)

Expenses that could be eliminated

  • Nanny (less amount saved using dependent care account)
  • Taxes – Federal, State, Social Security and Medicare
  • Commuting (including depreciation on the car)
  • Lunches out
  • Work clothing
  • More dinners out due to not being home as much

Additional Expenses

  • Social Events – Mom’s clubs, etc.
  • Money spent to do stuff with kids – playgroups, sports, etc.

Can the following categories cover the difference?

  • Changes in budget (and the impact to our standard of living).
  • Changes in savings (and the impact to our long term dollar plan).
  • Earning additional money.

Other Financial Considerations

  • There’s a possibility that by putting us in a lower tax bracket, we might be able to qualify for other tax benefits that we weren’t eligible for before. I’ll have to research those.
  • Less credit card arbitrage (my income would be lower, so it’s likely we wouldn’t qualify for as high of limits.)
  • Changes in our mortgage, currently in an ARM. Refinancing without my income may change our options.
  • Our kids will likely get more expensive as they get involved in sports and activities.

Non Financial Considerations

Because I realize it’s not completely a financial decision, I’ve been brainstorming all the other things that I have to consider.

  1. Impact on my career in the long run. I’m only 28, so it’s likely I might go back to work once my kids are older. What would I have to do to maintain my marketability? Would I need to renew my professional designations (at my own cost)? Would I need to keep networking?
  2. Do I have enough credits to be eligible for Social Security? I’ve never factored Social Security into our long term plans. However, if it is available, it would be a shame to find out I was one quarter short.
  3. What is our plan for additional children? How is it impacted if I stay at home?
  4. Can I work part-time? I already know the answer to this one. It’s actually what I did when I went back after my first son. I am also planning on working only 4 days a week until my baby is 1 year old. After that though, it will be back to full time.
  5. If I didn’t go back, would I resign, or would I take a leave of absence (which preserves my start date)? How does it affect my pension calculation?
  6. I like my job. I have lots of friends there. While I don’t believe that you need a job for the social aspects and an identity, it is currently what I’m used to, so I’ll have to consider embarking on some new social adventures.
  7. Over the holidays we had the luxury of extending our vacation to 3 weeks. It was really nice! It’s something I might enjoy doing all the time.
  8. I would have time to volunteer for VITA which is something that I really enjoy, but don’t have time for right now.
  9. I might have time to devote to our new business that we launched… then again I might have less time!
  10. I could get involved in the mom’s groups. I looked into joining one with my first son, but couldn’t get very involved because many of the activities were during the day.
  11. I would need to look into new social activities for the kids. Right now we share a nanny with our neighbors, so the kids have other kids to play with during the day and lots of socializing. I would need to explore what to do with them so my 2 year old doesn’t crawl the walls.
  12. Read more considerations from readers.

Calculators

I found a calculator to stay at home and another can you afford to quit? In the cost of being a stay-at-home mom ($1 million) there’s also a second income calculator. I’m not sure how good they are, but I’ll compare the results to my home-grown worksheet that I’m putting together.

Action Plan

Whether or not you would actually consider staying home, I think it is an important exercise to go through. You’ll have a complete picture of the true value of your job. I’m planning to run the calculations for both myself and my husband. See our results.

What am I overlooking? Any monetary categories I missed or other considerations?


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> kids playing

Photography by Oslo In The Summertime

I’m scheduled to return to work in a couple weeks after a 5 month maternity leave. As the date draws closer, I find myself questioning whether I want to stay home or go back to work. It’s a dilemma that many moms face, and I had the same questions when I went back to work part-time after my first son was born.

I’ve decided to calculate it financially and go from there. Because I’m sure I could make the excel spreadsheet come to any conclusion that I want, I’m going to put together a list of the inputs before I put the numbers in!

Financial Aspects

Income that I would give up

  • Salary
  • Benefits – Health & Dental (none because we use my husband’s plan)
  • Benefits – Life Insurance
  • Benefits – Disability Insurance
  • Pension
  • Profit Sharing Bonus
  • 401k Bonus
  • Holiday Bonus
  • Corporate Lunches
  • Other company perks (Discounted/free events)

Expenses that could be eliminated

  • Nanny (less amount saved using dependent care account)
  • Taxes – Federal, State, Social Security and Medicare
  • Commuting (including depreciation on the car)
  • Lunches out
  • Work clothing
  • More dinners out due to not being home as much

Additional Expenses

  • Social Events – Mom’s clubs, etc.
  • Money spent to do stuff with kids – playgroups, sports, etc.

Can the following categories cover the difference?

  • Changes in budget (and the impact to our standard of living).
  • Changes in savings (and the impact to our long term dollar plan).
  • Earning additional money.

Other Financial Considerations

  • There’s a possibility that by putting us in a lower tax bracket, we might be able to qualify for other tax benefits that we weren’t eligible for before. I’ll have to research those.
  • Less credit card arbitrage (my income would be lower, so it’s likely we wouldn’t qualify for as high of limits.)
  • Changes in our mortgage, currently in an ARM. Refinancing without my income may change our options.
  • Our kids will likely get more expensive as they get involved in sports and activities.

Non Financial Considerations

Because I realize it’s not completely a financial decision, I’ve been brainstorming all the other things that I have to consider.

  1. Impact on my career in the long run. I’m only 28, so it’s likely I might go back to work once my kids are older. What would I have to do to maintain my marketability? Would I need to renew my professional designations (at my own cost)? Would I need to keep networking?
  2. Do I have enough credits to be eligible for Social Security? I’ve never factored Social Security into our long term plans. However, if it is available, it would be a shame to find out I was one quarter short.
  3. What is our plan for additional children? How is it impacted if I stay at home?
  4. Can I work part-time? I already know the answer to this one. It’s actually what I did when I went back after my first son. I am also planning on working only 4 days a week until my baby is 1 year old. After that though, it will be back to full time.
  5. If I didn’t go back, would I resign, or would I take a leave of absence (which preserves my start date)? How does it affect my pension calculation?
  6. I like my job. I have lots of friends there. While I don’t believe that you need a job for the social aspects and an identity, it is currently what I’m used to, so I’ll have to consider embarking on some new social adventures.
  7. Over the holidays we had the luxury of extending our vacation to 3 weeks. It was really nice! It’s something I might enjoy doing all the time.
  8. I would have time to volunteer for VITA which is something that I really enjoy, but don’t have time for right now.
  9. I might have time to devote to our new business that we launched… then again I might have less time!
  10. I could get involved in the mom’s groups. I looked into joining one with my first son, but couldn’t get very involved because many of the activities were during the day.
  11. I would need to look into new social activities for the kids. Right now we share a nanny with our neighbors, so the kids have other kids to play with during the day and lots of socializing. I would need to explore what to do with them so my 2 year old doesn’t crawl the walls.
  12. Read more considerations from readers.

Calculators

I found a calculator to stay at home and another can you afford to quit? In the cost of being a stay-at-home mom ($1 million) there’s also a second income calculator. I’m not sure how good they are, but I’ll compare the results to my home-grown worksheet that I’m putting together.

Action Plan

Whether or not you would actually consider staying home, I think it is an important exercise to go through. You’ll have a complete picture of the true value of your job. I’m planning to run the calculations for both myself and my husband. See our results.

What am I overlooking? Any monetary categories I missed or other considerations?


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/should-i-stay-home-or-go-back-to-work/feed/ 19 Money Matters for All Ages: The Complete Guide http://www.mydollarplan.com/money-matters-for-all-ages-the-complete-guide/ http://www.mydollarplan.com/money-matters-for-all-ages-the-complete-guide/#comments Sat, 26 Jan 2008 10:45:08 +0000 Madison http://www.mydollarplan.com/money-matters-for-all-ages-the-complete-guide/ Sixteen personal finance writers put together an outstanding guide of finance material that spans a lifetime in the Money Matters for All Ages series. The entire series is also available to download in a free e-book. Here’s the highlights:

Infants

Financial Strategies for Infants and Young Children @ My Dollar Plan

An informative list of all the financial topics to explore with a new baby in the house:

  • Open a savings account and 529 plans.
  • Get a piggy bank and organize savings bonds.
  • Tax savings including the child tax credit, dependent care flexible spending, child tax rates and adjusting your W-4.
  • Wills, trusts, beneficiaries and life insurance.
  • Updating your budget.

Preschoolers

Teaching Preschoolers About Money @ Paid Twice

Jaimie is working on teaching her 3 year old 3 financial concepts:

  • The concept of what money is, as far as values of coins and bills.
  • Money can be exchanged for things we want.
  • Money is also a way to earn time.

Jaimie sums it up: “Basically, I want my children to understand at a young age that money is something we need to take care of and use wisely, and that it isn’t the best idea to spend everything as soon as we get it.”

Children

Personal Finance for Children and Pre-Teens @ Being Frugal

Lynnae wants to make sure her children are financially prepared to survive in the real world. She has implemented the following plan:

  • At age 6-9 the kids receive an allowance of 50 cents for each year of age, which is not tied to chores.  The children are required to tithe 10% of their allowance. They split the remainder in thirds: long term savings (for college or a car), short term savings (for a toy they might want), and spending money.
  • At age 10-12 the kids are moved from an allowance to a monthly salary, loosely tied to chores. The kids are responsible for budgeting.

Lynnae states, “As a mom, I’m sure the mistakes will be hard for me to watch, but I’d rather have her make mistakes now when I can guide her, than later when the stakes are higher.”

Teenagers

Money Advice to My Teenage Son @ Debt Free Revolution

Ana advised her teenager to not finance a vehicle, and work hard for college scholarships, grants, and work-study programs. She reminds him to pay cash for college tuition and textbooks and stay far away from the credit card tables at school. In addition:

  • Start saving for an emergency fund.
  • Start saving for retirement as soon as you have some extra money.

Ana states, “Every parent wants his or her child to have a better life and be more successful, and I am no different.  I won’t be able to “bless” my son with actual money.  But I do hope I can lift the money ‘curse’ by teaching him a better way than what I learned at his age!”

Teach your teen the basics of money management @ Gather Little By Little

Glblguy has a new teenager in the house. Here’s what they did to get prepared:

  • Set up a checking and savings account
  • Help them set-up a budget
  • Help find them a job
  • Determine who’s paying for what?

Glblguy leaves us with these thoughts: “Teen years are also a critical time for instilling good financial habits. If you instill good habits in them now, they will continue these habits into their adult lives. Don’t miss this critically important time. Teach them what you know, discuss the mistakes you’ve made and the negative impact they’ve had on your life so they can learn.”

College Kids

College Money Matters @ Mrs. Micah

Mrs. Micah just finished college where scholarships covered 75% of her expenses. She shares the best financial moves to make while you are there:

  • Don’t Stop Looking for Scholarships once in college.
  • The Meal Plan and convenience store are a Rip-Off
  • Pay Back Your Student Loan Leftovers
  • Get an On-Campus Job
  • Find Ways to Save Money on Clothes
  • Some places, you might…but other times you really don’t need a car.
  • Take a Personal Finance Class

Finally, Mrs. Micah reminds us not to get too stressed about money, if possible. ”College is a place where we learn, and learning from our mistakes is a big part of that. Relax, find ways to make frugality fun (or rather just do fun free stuff, don’t even think of it as frugal), hang out with your friends, and learn.”

The Twenties

Financial Advice for Your Twenties @ Remodeling This Life 

By 20 Emily owned property. By 28, she bought and sold 3 properties and had 2 kids, while living in 3 different states. Here’s what she wished she had known sooner or learned in her twenties:

  • Stay out of credit card debt.
  • This is the best age to be frugal.
  • Understand and love compounding.
  • Start an IRA if you haven’t yet and contribute the maximum annually.
  • Learn to budget.
  • Love living below your means.
  • Borrow only for the absolute necessities.
  • When you start investing in stocks and bonds use no-load index mutual funds.
  • Do not be looking to jump in and out of investments!

Emily reminds us, “Above all else though, don’t forget to have fun. You’re only young once!”

Money Tips for the Twenty Something Crowd @ Cash Money Life

Patrick says the twenties are for learning how to make a budget, spend less than you earn, create good spending habits, and invest. Here’s his list of hot-topics for the twenties:

  • Get out of debt
  • Build an emergency fund
  • Invest in yourself and your career
  • Invest for your retirement
  • Prepare for life changes
  • Take calculated risks
  • Live your life and enjoy it

Patrick says, “Life is not measured in dollar$ and ¢ents. Your 20’s is perhaps the most exciting decade in terms of pure excitement and change. Most people in the young 20’s have fewer obligations preventing them from going out and doing something spontaneous. Use this time to your advantage. Have fun. Live your life. Find yourself. Now is the best time to do it.”

The Thirties

The Chaotic Thirties@ Moolanomy

Pinyo navigates through a busy decade “where many of us buy our first home, get married, have our first child (or second, or third…), start savings for kids’ education, try to build retirement savings for ourselves, worry about our parents who are nearing or already in their retirement, and work hard to advance our careers.” He expands on the following topics:

  • First Home
  • Marriage
  • Children and Family
  • Saving Money for Retirement
  • Saving Money for College
  • Parents
  • Career

Pinyo closes, “I hope you can see why the thirties is so chaotic, yet one of the most rewarding and important decade.”

Personal Finance Advice for Your 30’s @ My Two Dollars

David cuts right to the chase. “If you are already married and you don’t have children yet, the one huge piece of advice I can give you is to save your money. And save a lot of it.” He also adds some other tips and questions for the thirties:

  • I would also make sure you get all that credit card debt paid off.
  • Are you still carrying around student loan debt?
  • Have you started saving for retirement?
  • How are you for health insurance and life insurance?

He leaves us with the following thoughts: ”Your thirties are a great time – you have the ability to still do anything you want in life, you are young enough for any kind of adventure, you still have your full mobility, and you can still figure out how to play a video game.”

The Forties

40s: The Forty Year Olds’ Wakeup Call @ Credit Withdrawal

Randall reminds us that once ”the 40th birthday has come and gone, and you’re closer to retirement than ever. If you’re anything like the majority of Americans, you’ve been putting off serious retirement saving until ‘later’.” He categories the next steps accordingly: 

  • For The Tortoises (Early Savers)
  • For the Hares (Late Savers): Trim Expenses
  • Plan for Life Expenses: College Expenses, Disposition of Property, Retired Life, and Leaving it Behind

And finally he states, “Plan for the future, but don’t forget to live life in the process.”

The Fifties

You’re in Your 50s – Wake Up and Start Saving @ Millionaire Money Habits

Ryan paints the following scenario, “You’re in your 50’s and all of your friends are starting to talk about their plans to take an early retirement and moving to the beach house in Florida they always dreamed about. You do the math and choke when you realize that if you want to retire at 65, you will need $1 million to produce a $40,000 income for the 25 years.” He goes over what you can do in your fifties if you realize you are short on money:

  • People 50 and over have the option to contribute more money to their retirement plans.
  • Delay retirement and work as long as you can. After that, you can still work part-time to supplement your income to reduce the amount of money you need to withdraw from your retirement accounts.
  • Go heavy on a diversified stock portfolio.
  • Consider downsizing and reducing your expenses.

He leaves us with his signature Millionaire Money Habit: “Funding your retirement for 25 or more years can be very costly and requires a sound plan. While $1 million will produce $40,000 in annual income for 25 years, that’s in today’s dollars. A 35-year-old today would need $3.25 million for the same relative income when inflation is taken into consideration. If you want to enjoy a comfortable retirement, don’t put retirement planning off another day.”

Retirement Objectives in your 50’s @ Credit Withdrawal

We returned to Randall for some additional thoughts about the fifties:

  • If you’re turning 50 this year, that also means that Social Security will probably be around for you, in some form or another.
  • It’s also time to simplify life even further.
  • It’s ok to objectively think about where you might want to live.
  • If you have some kids that don’t show any indications of leaving the nest anytime soon, it’s time “to start kicking a little butt.”

He reminds us: “There’s no time like the present to find new and interesting things to see and do. Do something you NEVER THOUGHT YOU’D DO. Go someplace you NEVER THOUGHT YOU’D GO TO. This is the time to explore those new vistas and activities you’ve always read about.”

The Sixties

In your 60’s? Use your financial freedom wisely @ Rocket Finance

Rocket wants us to take a closer look at our lifestyle in our sixties:

  • Don’t just retire because you can, retire because you want to.
  • Retirement is an opportunity to serve – family, humanity, God, and more.
  • Happy retirees still have goals in life. What are yours?
  • Frugal retirees have the opportunity to be philanthropic with their time.
  • Look for opportunities to give advice (especially financial) to loved ones in your life.
  • Remember your church in your estate plan.

He reminds us to: “Write down your thoughts about life – keep a journal.”

Easing into the Golden Years- the 60’s and Beyond @ Chance Favors

Ciaran says it’s time to “give yourself the gift of a full financial checkup. You need to take stock of what you have, prioritize what’s important and take the necessary measures to achieve those goals.” In addition he created a to do list for sexagenarians:

  • Go and have a formal financial plan done, if you haven’t done so already!
  • Determine your net worth
  • Review your existing investment allocation
  • Create a record keeping system
  • Make sure you have prepared a will and updated your beneficiaries
  • Analyze your cash flow
  • Consider authorizing a power of attorney or creating a living will
  • Review your Medicare coverage and consider the potential benefits of a Medigap policy
  • Consider purchasing Long Term Care insurance
  • Look to reduce your estate shrinkage

He concludes with: “After you’ve done all that, it’s time to sit back, relax and enjoy your golden years with nary a care in the world…”

Retirement

4% Withdrawal Rule for Retirement @ Quest For Four Pillars

Four Pillars answers the following retirement question: “How much can I withdraw without running out of money?” Simple – use the 4% rule. He adds some additional clarification:

  • The 4% rule is really a guideline rather than a hard and fast rule.
  • If your equities perform better than expected then you can spend a bit more than the 4% rule amount.
  • If you encounter a bear market and the value of your portfolio drops then you should be prepared to cut back on the withdrawals.

He also included bonus material in a previous article: Why Retirees Need Equity In Their Portfolios.

Retirement in the UK@ Plonkee

Plonkee covers the state pension plan including 2 sets of rules depending on whether or not you retire before 2010. Plonkee goes on to cover:

  • How to make up a shortfall
  • NI credits and using a partner’s record
  • Minimum income guarantee
  • Final salary pensions (employer based)
  • Buying an annuity
  • Income drawdown

Plonkee explains in detail the UK retirement system. It’s an interesting read even if you aren’t from the UK to see how it’s done there!

Whew! We did it. Thanks to all the personal finance writers who participated. The final result is a great guide for everyone to use at any stage of life.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> Sixteen personal finance writers put together an outstanding guide of finance material that spans a lifetime in the Money Matters for All Ages series. The entire series is also available to download in a free e-book. Here’s the highlights:

Infants

Financial Strategies for Infants and Young Children @ My Dollar Plan

An informative list of all the financial topics to explore with a new baby in the house:

  • Open a savings account and 529 plans.
  • Get a piggy bank and organize savings bonds.
  • Tax savings including the child tax credit, dependent care flexible spending, child tax rates and adjusting your W-4.
  • Wills, trusts, beneficiaries and life insurance.
  • Updating your budget.

Preschoolers

Teaching Preschoolers About Money @ Paid Twice

Jaimie is working on teaching her 3 year old 3 financial concepts:

  • The concept of what money is, as far as values of coins and bills.
  • Money can be exchanged for things we want.
  • Money is also a way to earn time.

Jaimie sums it up: “Basically, I want my children to understand at a young age that money is something we need to take care of and use wisely, and that it isn’t the best idea to spend everything as soon as we get it.”

Children

Personal Finance for Children and Pre-Teens @ Being Frugal

Lynnae wants to make sure her children are financially prepared to survive in the real world. She has implemented the following plan:

  • At age 6-9 the kids receive an allowance of 50 cents for each year of age, which is not tied to chores.  The children are required to tithe 10% of their allowance. They split the remainder in thirds: long term savings (for college or a car), short term savings (for a toy they might want), and spending money.
  • At age 10-12 the kids are moved from an allowance to a monthly salary, loosely tied to chores. The kids are responsible for budgeting.

Lynnae states, “As a mom, I’m sure the mistakes will be hard for me to watch, but I’d rather have her make mistakes now when I can guide her, than later when the stakes are higher.”

Teenagers

Money Advice to My Teenage Son @ Debt Free Revolution

Ana advised her teenager to not finance a vehicle, and work hard for college scholarships, grants, and work-study programs. She reminds him to pay cash for college tuition and textbooks and stay far away from the credit card tables at school. In addition:

  • Start saving for an emergency fund.
  • Start saving for retirement as soon as you have some extra money.

Ana states, “Every parent wants his or her child to have a better life and be more successful, and I am no different.  I won’t be able to “bless” my son with actual money.  But I do hope I can lift the money ‘curse’ by teaching him a better way than what I learned at his age!”

Teach your teen the basics of money management @ Gather Little By Little

Glblguy has a new teenager in the house. Here’s what they did to get prepared:

  • Set up a checking and savings account
  • Help them set-up a budget
  • Help find them a job
  • Determine who’s paying for what?

Glblguy leaves us with these thoughts: “Teen years are also a critical time for instilling good financial habits. If you instill good habits in them now, they will continue these habits into their adult lives. Don’t miss this critically important time. Teach them what you know, discuss the mistakes you’ve made and the negative impact they’ve had on your life so they can learn.”

College Kids

College Money Matters @ Mrs. Micah

Mrs. Micah just finished college where scholarships covered 75% of her expenses. She shares the best financial moves to make while you are there:

  • Don’t Stop Looking for Scholarships once in college.
  • The Meal Plan and convenience store are a Rip-Off
  • Pay Back Your Student Loan Leftovers
  • Get an On-Campus Job
  • Find Ways to Save Money on Clothes
  • Some places, you might…but other times you really don’t need a car.
  • Take a Personal Finance Class

Finally, Mrs. Micah reminds us not to get too stressed about money, if possible. ”College is a place where we learn, and learning from our mistakes is a big part of that. Relax, find ways to make frugality fun (or rather just do fun free stuff, don’t even think of it as frugal), hang out with your friends, and learn.”

The Twenties

Financial Advice for Your Twenties @ Remodeling This Life 

By 20 Emily owned property. By 28, she bought and sold 3 properties and had 2 kids, while living in 3 different states. Here’s what she wished she had known sooner or learned in her twenties:

  • Stay out of credit card debt.
  • This is the best age to be frugal.
  • Understand and love compounding.
  • Start an IRA if you haven’t yet and contribute the maximum annually.
  • Learn to budget.
  • Love living below your means.
  • Borrow only for the absolute necessities.
  • When you start investing in stocks and bonds use no-load index mutual funds.
  • Do not be looking to jump in and out of investments!

Emily reminds us, “Above all else though, don’t forget to have fun. You’re only young once!”

Money Tips for the Twenty Something Crowd @ Cash Money Life

Patrick says the twenties are for learning how to make a budget, spend less than you earn, create good spending habits, and invest. Here’s his list of hot-topics for the twenties:

  • Get out of debt
  • Build an emergency fund
  • Invest in yourself and your career
  • Invest for your retirement
  • Prepare for life changes
  • Take calculated risks
  • Live your life and enjoy it

Patrick says, “Life is not measured in dollar$ and ¢ents. Your 20’s is perhaps the most exciting decade in terms of pure excitement and change. Most people in the young 20’s have fewer obligations preventing them from going out and doing something spontaneous. Use this time to your advantage. Have fun. Live your life. Find yourself. Now is the best time to do it.”

The Thirties

The Chaotic Thirties@ Moolanomy

Pinyo navigates through a busy decade “where many of us buy our first home, get married, have our first child (or second, or third…), start savings for kids’ education, try to build retirement savings for ourselves, worry about our parents who are nearing or already in their retirement, and work hard to advance our careers.” He expands on the following topics:

  • First Home
  • Marriage
  • Children and Family
  • Saving Money for Retirement
  • Saving Money for College
  • Parents
  • Career

Pinyo closes, “I hope you can see why the thirties is so chaotic, yet one of the most rewarding and important decade.”

Personal Finance Advice for Your 30’s @ My Two Dollars

David cuts right to the chase. “If you are already married and you don’t have children yet, the one huge piece of advice I can give you is to save your money. And save a lot of it.” He also adds some other tips and questions for the thirties:

  • I would also make sure you get all that credit card debt paid off.
  • Are you still carrying around student loan debt?
  • Have you started saving for retirement?
  • How are you for health insurance and life insurance?

He leaves us with the following thoughts: ”Your thirties are a great time – you have the ability to still do anything you want in life, you are young enough for any kind of adventure, you still have your full mobility, and you can still figure out how to play a video game.”

The Forties

40s: The Forty Year Olds’ Wakeup Call @ Credit Withdrawal

Randall reminds us that once ”the 40th birthday has come and gone, and you’re closer to retirement than ever. If you’re anything like the majority of Americans, you’ve been putting off serious retirement saving until ‘later’.” He categories the next steps accordingly: 

  • For The Tortoises (Early Savers)
  • For the Hares (Late Savers): Trim Expenses
  • Plan for Life Expenses: College Expenses, Disposition of Property, Retired Life, and Leaving it Behind

And finally he states, “Plan for the future, but don’t forget to live life in the process.”

The Fifties

You’re in Your 50s – Wake Up and Start Saving @ Millionaire Money Habits

Ryan paints the following scenario, “You’re in your 50’s and all of your friends are starting to talk about their plans to take an early retirement and moving to the beach house in Florida they always dreamed about. You do the math and choke when you realize that if you want to retire at 65, you will need $1 million to produce a $40,000 income for the 25 years.” He goes over what you can do in your fifties if you realize you are short on money:

  • People 50 and over have the option to contribute more money to their retirement plans.
  • Delay retirement and work as long as you can. After that, you can still work part-time to supplement your income to reduce the amount of money you need to withdraw from your retirement accounts.
  • Go heavy on a diversified stock portfolio.
  • Consider downsizing and reducing your expenses.

He leaves us with his signature Millionaire Money Habit: “Funding your retirement for 25 or more years can be very costly and requires a sound plan. While $1 million will produce $40,000 in annual income for 25 years, that’s in today’s dollars. A 35-year-old today would need $3.25 million for the same relative income when inflation is taken into consideration. If you want to enjoy a comfortable retirement, don’t put retirement planning off another day.”

Retirement Objectives in your 50’s @ Credit Withdrawal

We returned to Randall for some additional thoughts about the fifties:

  • If you’re turning 50 this year, that also means that Social Security will probably be around for you, in some form or another.
  • It’s also time to simplify life even further.
  • It’s ok to objectively think about where you might want to live.
  • If you have some kids that don’t show any indications of leaving the nest anytime soon, it’s time “to start kicking a little butt.”

He reminds us: “There’s no time like the present to find new and interesting things to see and do. Do something you NEVER THOUGHT YOU’D DO. Go someplace you NEVER THOUGHT YOU’D GO TO. This is the time to explore those new vistas and activities you’ve always read about.”

The Sixties

In your 60’s? Use your financial freedom wisely @ Rocket Finance

Rocket wants us to take a closer look at our lifestyle in our sixties:

  • Don’t just retire because you can, retire because you want to.
  • Retirement is an opportunity to serve – family, humanity, God, and more.
  • Happy retirees still have goals in life. What are yours?
  • Frugal retirees have the opportunity to be philanthropic with their time.
  • Look for opportunities to give advice (especially financial) to loved ones in your life.
  • Remember your church in your estate plan.

He reminds us to: “Write down your thoughts about life – keep a journal.”

Easing into the Golden Years- the 60’s and Beyond @ Chance Favors

Ciaran says it’s time to “give yourself the gift of a full financial checkup. You need to take stock of what you have, prioritize what’s important and take the necessary measures to achieve those goals.” In addition he created a to do list for sexagenarians:

  • Go and have a formal financial plan done, if you haven’t done so already!
  • Determine your net worth
  • Review your existing investment allocation
  • Create a record keeping system
  • Make sure you have prepared a will and updated your beneficiaries
  • Analyze your cash flow
  • Consider authorizing a power of attorney or creating a living will
  • Review your Medicare coverage and consider the potential benefits of a Medigap policy
  • Consider purchasing Long Term Care insurance
  • Look to reduce your estate shrinkage

He concludes with: “After you’ve done all that, it’s time to sit back, relax and enjoy your golden years with nary a care in the world…”

Retirement

4% Withdrawal Rule for Retirement @ Quest For Four Pillars

Four Pillars answers the following retirement question: “How much can I withdraw without running out of money?” Simple – use the 4% rule. He adds some additional clarification:

  • The 4% rule is really a guideline rather than a hard and fast rule.
  • If your equities perform better than expected then you can spend a bit more than the 4% rule amount.
  • If you encounter a bear market and the value of your portfolio drops then you should be prepared to cut back on the withdrawals.

He also included bonus material in a previous article: Why Retirees Need Equity In Their Portfolios.

Retirement in the UK@ Plonkee

Plonkee covers the state pension plan including 2 sets of rules depending on whether or not you retire before 2010. Plonkee goes on to cover:

  • How to make up a shortfall
  • NI credits and using a partner’s record
  • Minimum income guarantee
  • Final salary pensions (employer based)
  • Buying an annuity
  • Income drawdown

Plonkee explains in detail the UK retirement system. It’s an interesting read even if you aren’t from the UK to see how it’s done there!

Whew! We did it. Thanks to all the personal finance writers who participated. The final result is a great guide for everyone to use at any stage of life.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/money-matters-for-all-ages-the-complete-guide/feed/ 10 Financial Strategies for Infants and Young Children http://www.mydollarplan.com/financial-strategies-for-infants-and-young-children/ http://www.mydollarplan.com/financial-strategies-for-infants-and-young-children/#comments Tue, 15 Jan 2008 14:29:33 +0000 Madison http://www.mydollarplan.com/financial-strategies-for-infants-and-young-children/
This is the first post in a series about Money Matters for All Ages. Sixteen personal finance writers address financial issues from babies to retirement and everything in between. See the end of the article for the entire series.

babies
Photography: Six clones (clowns?) v3 by Spigoo

Our oldest son just turned 2 and our youngest son is now 4 months. Here’s a summary of the financial strategies that I’ve been working on for them.

Get a Social Security Number. Do this right away and it will make all of the other strategies easier.

Open a High Yield Savings Account. Children often receive cash gifts for birthdays, holidays, etc. I’m in the process of setting up an ING DIRECT account for my youngest. I sent a referral from the 2-year-old’s account to the baby, so they will both earn bonus money. Open a savings account in under five minutes with no fees, no minimums and FDIC insurance for yourself or your kids at ING. Once you have one account open, refer other family members to earn the bonus money! Affinity Bank also offers a 10% savings account up to $500 for children in California.

Organize Savings Bonds. The kids have received numerous savings bonds from family members. I am converting them to electronic version to make it easier to track. Any paper bonds will be placed in our safe deposit box.

Contribute to a 529 Plan. Open a 529 account if you plan on saving money to help pay for college for your children. I calculated how much we want to save for college for our baby and I am adding it to the accounts we have already established. If you haven’t set up an account yet, here’s how.

Help relatives set up 529 plans. If grandparents (aunts, uncles, etc.) are interested in contributing to your kids’ college funds help them set up an account of their own naming your child as the beneficiary. They can then take a state tax deduction if they live in a state that offers it.

Plan your investments. While the kids’ money has a similar asset allocation to our own, I plan to add some child friendly companies that our kids will recognize when they are older.

Claim Your Tax Savings. Claim the child tax credit on your taxes. As long as your baby was born on or before December 31, you are eligible for the entire tax credit.

Change your withholding. If the child tax credit above will result in a $1,000 refund for you, change your W-4 to have less money withheld in your paycheck.

Enroll in dependent care flexible spending. If you plan on using day care or a babysitter you can set aside $5,000 per year to pay for childcare pre-tax. You can change the amount mid-year if your childcare provider changes or the rates change.

Maximize zero tax for children. But beware of the Kiddie tax. Children owe no tax on the first $850 of earnings which creates a great opportunity to maximize income shifting. Earnings between $851 – $1,700 are taxed at the child’s rate and above that it will be taxed at the parent’s tax rate.

Modify wills and trusts. In the event that both my husband and I pass away, we created a will naming our children as beneficiaries. The will creates trust funds for our children that allow them access at age 25. This is an area that I don’t know whole lot about, so I am planning to spend some time in the next few years educating myself on this topic. I’ll be sure to share what I learn as I go.

Update beneficiaries. Change beneficiaries on life insurance policies or any accounts that are not included in the will. We live in a community property state, so my husband and I are listed as primaries on each other’s accounts. The children are listed as secondary beneficiaries. In addition, our children are listed as beneficiaries on other family member’s accounts.

Buy life insurance on yourself. Determine how much you need to support your children in the event that something happens to you or your spouse.

Don’t buy life insurance on your kids. It’s a waste of money. Instead use that money towards one of the previous strategies.

Get a piggy bank. Pick one that is fun to put money in and the pig should fill up quicker!

Update your budget. Diapers, formula and daycare are the big ones for us. Don’t forget other areas of your budget that were impacted by adding a baby to the family.

Sign up for mailing lists. Contact the manufacturers of the products you use most (diapers, formula, baby food) and retail companies (Toys R Us, Gymboree) to get on mailing lists. Coupons will start showing up in your mailbox.

Use cashback programs. Use the cashback programs to help fund the college plans. Upromise and Little Grad are both geared towards saving for college.

Action Plan

It’s never too early to start saving and investing for your children. While we are building their accounts we have also established specific purposes for the money; we do not intend for them to be able to spend the money freely at this point.

What are you doing for your children financially?

Here are all the articles in The Money Matters for All Ages series. The entire series is also available to download in a free e-book.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]>
This is the first post in a series about Money Matters for All Ages. Sixteen personal finance writers address financial issues from babies to retirement and everything in between. See the end of the article for the entire series.

babies
Photography: Six clones (clowns?) v3 by Spigoo

Our oldest son just turned 2 and our youngest son is now 4 months. Here’s a summary of the financial strategies that I’ve been working on for them.

Get a Social Security Number. Do this right away and it will make all of the other strategies easier.

Open a High Yield Savings Account. Children often receive cash gifts for birthdays, holidays, etc. I’m in the process of setting up an ING DIRECT account for my youngest. I sent a referral from the 2-year-old’s account to the baby, so they will both earn bonus money. Open a savings account in under five minutes with no fees, no minimums and FDIC insurance for yourself or your kids at ING. Once you have one account open, refer other family members to earn the bonus money! Affinity Bank also offers a 10% savings account up to $500 for children in California.

Organize Savings Bonds. The kids have received numerous savings bonds from family members. I am converting them to electronic version to make it easier to track. Any paper bonds will be placed in our safe deposit box.

Contribute to a 529 Plan. Open a 529 account if you plan on saving money to help pay for college for your children. I calculated how much we want to save for college for our baby and I am adding it to the accounts we have already established. If you haven’t set up an account yet, here’s how.

Help relatives set up 529 plans. If grandparents (aunts, uncles, etc.) are interested in contributing to your kids’ college funds help them set up an account of their own naming your child as the beneficiary. They can then take a state tax deduction if they live in a state that offers it.

Plan your investments. While the kids’ money has a similar asset allocation to our own, I plan to add some child friendly companies that our kids will recognize when they are older.

Claim Your Tax Savings. Claim the child tax credit on your taxes. As long as your baby was born on or before December 31, you are eligible for the entire tax credit.

Change your withholding. If the child tax credit above will result in a $1,000 refund for you, change your W-4 to have less money withheld in your paycheck.

Enroll in dependent care flexible spending. If you plan on using day care or a babysitter you can set aside $5,000 per year to pay for childcare pre-tax. You can change the amount mid-year if your childcare provider changes or the rates change.

Maximize zero tax for children. But beware of the Kiddie tax. Children owe no tax on the first $850 of earnings which creates a great opportunity to maximize income shifting. Earnings between $851 – $1,700 are taxed at the child’s rate and above that it will be taxed at the parent’s tax rate.

Modify wills and trusts. In the event that both my husband and I pass away, we created a will naming our children as beneficiaries. The will creates trust funds for our children that allow them access at age 25. This is an area that I don’t know whole lot about, so I am planning to spend some time in the next few years educating myself on this topic. I’ll be sure to share what I learn as I go.

Update beneficiaries. Change beneficiaries on life insurance policies or any accounts that are not included in the will. We live in a community property state, so my husband and I are listed as primaries on each other’s accounts. The children are listed as secondary beneficiaries. In addition, our children are listed as beneficiaries on other family member’s accounts.

Buy life insurance on yourself. Determine how much you need to support your children in the event that something happens to you or your spouse.

Don’t buy life insurance on your kids. It’s a waste of money. Instead use that money towards one of the previous strategies.

Get a piggy bank. Pick one that is fun to put money in and the pig should fill up quicker!

Update your budget. Diapers, formula and daycare are the big ones for us. Don’t forget other areas of your budget that were impacted by adding a baby to the family.

Sign up for mailing lists. Contact the manufacturers of the products you use most (diapers, formula, baby food) and retail companies (Toys R Us, Gymboree) to get on mailing lists. Coupons will start showing up in your mailbox.

Use cashback programs. Use the cashback programs to help fund the college plans. Upromise and Little Grad are both geared towards saving for college.

Action Plan

It’s never too early to start saving and investing for your children. While we are building their accounts we have also established specific purposes for the money; we do not intend for them to be able to spend the money freely at this point.

What are you doing for your children financially?

Here are all the articles in The Money Matters for All Ages series. The entire series is also available to download in a free e-book.


Written by Madison

Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!

]]> http://www.mydollarplan.com/financial-strategies-for-infants-and-young-children/feed/ 10