Ah the summer is half over and it is time for parents and children to start thinking about getting back to school. If you haven't thought, well just go into any store and they'll remind you all right with all their special sales on school supplies. For those with younger children going to public schools one doesn't think much about it, as the cost of the schooling is taken care of by the local government. But what if you want your child to go to college? When is it too soon to start planning for their education? How does one start? Read on if you can't answer those questions.
As soon as their child is born, parents can start saving up for their children’s college education.
With tuition fees climbing up yearly, it is better to have a sound financial plan so that it would not be difficult for you to send your kids off to college when they grow up.
Aside from the cash that you have saved yourself, here are the top 3 sources that can help you get your kids through college:
1. Scholarship grants
2. Part-time jobs
3. Financial aids
These are good alternative sources for your children to start off on their college education.
But as a parent, you would not want to fall in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses.
Here are some ways on how you can have a jump start at shaving off those hard-earned bucks for your child’s college education:
1. The earlier, the better.
Start investing your money as soon as your child is born.
First, put the savings or investments under your name.
Later on, decide whether you want to transfer the account to your child’s name by the time he or she turns 15. This way, you will have minimal taxes, if at all.
However, you need to be careful when transferring account names.
Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid.
Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.
2. Establish a trust fund for your child.
This is a very wise plan for a child’s parents or relatives to invest in.
A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years.
After the designated time, the fund may be received in one lump sum or through an installment basis.
When building up a trust fund, check out details like the interest rates, taxes and withdrawal restrictions.
All in all, you need to approximate the costs of tuition fees, dorm room, meals, books, and other expenses that may come up.
Make sure that you invest money wisely as your child grows.
By the time that there are only two or three years to go before you send your son or daughter off to college, "lock" an ample amount of the funds by investing them in low-risk bonds to ensure that you will get to have enough for them to start their college education.
Come back next time for more tips. Tricks and techniques to assist you in Living the Champagne Life on a Beer Budget.
Remember we're all in this together and I'm pulling for you.
Mahalo.
******************************************************************
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Monday, July 18, 2011
Tuesday, July 12, 2011
Vacationing With The Family Without Breaking The Bank.
Ah yes the vacation season is upon us and people are taking the family out to broaden their minds and horizons. It was always an interesting time back when I was younger and we would pack up the family every summer and either head to the mountains or visit the maternal grandparents in Florida (depending upon who chose the vacation that year). Traveling can be fun for the whole family, but alas can also be very expensive. Here are a few ideas you can use to have fun and not over spend while doing so.
Traveling as a family can really add to the costs. Children are often charged a lot more than seems fair and the overall price of a family holiday can soon get out of hand by the time you factor in all of the food and activities.
Family Camps
An increasingly popular choice for families is the family camp. Accommodation varies with everything from a basic tent to well equipped log cabins with all of the modern facilities that you would expect in a large hotel.
YMCA offer a range of camps such as the Snow Mountain Ranch in Colorado that spans 5,100 acres and can host 2,500 people in cabins. Activities are available for children aged 3 and over including skiing, climbing and riding. Adults can enjoy use of the gym and health center or simply enjoy a bit of quiet time while the children are being tired out!
Money Saving Booking Tips
When you are booking with children it is really important to get to know what deals are available. Some companies offer children’s prices right up to 16 years old, others start to charge full price at age 3. Depending on the age of your children, one company may prove substantially cheaper for the same holiday.
Consider your sleeping arrangements carefully. Some hotels will offer adjoining rooms, others will have family rooms that sleep children as well as adults. Most hotels will not allow young children in their own room, so bear this in mind when booking.
If you have more than two children you may find that an apartment offers better value for money and more usable space. A two or three bedroom cottage will often be a lot cheaper than two or three rooms in a hotel.
Use the children as a means of negotiation. For example, ask for a discount on their air fare or accommodation or ask for free entrance to an activity while you are booking.
Keeping a Lid on Spending Money
Traveling with children can be expensive when you add up the costs of activities, food and children’s clubs if they are available. If you are working to a budget then it may well be worth considering an all-inclusive holiday resort. Although these are normally more expensive to book initially, it is easier to anticipate your spending in advance. As meals and drinks are included you will not have to worry about the constant demands from the children for soda!
Find out how much children’s clubs will cost and when they are available, prices can vary substantially, so do your homework if you are not to get stung with a large bill at the end of the holiday.
It may even be worth traveling with another family with children of a similar age, as the adults can then take it in turns to child mind, meaning that everyone gets a break and the children have friends to play with! Also the bigger the group the bigger the discounts, normally, so even if you do not want to spend the whole time with another family, you can still benefit from booking together.
Come back next time for more tips. Tricks and techniques to assist you in Living the Champagne Life on a Beer Budget.
Remember we're all in this together and I'm pulling for you.
Mahalo.
******************************************************************
Must Have Finance Tools and Resources
Want to save money while learning how to save money? Well Order the Budget Mega Pack and receive two valuable bonus ebooks for your collection. Hey, you earned it, why not keep it?
For more info and to Order Today so you can save On These Valuable Resources
http://www.renspubhouse.cz.cc/products.html
******************************************************************
Traveling as a family can really add to the costs. Children are often charged a lot more than seems fair and the overall price of a family holiday can soon get out of hand by the time you factor in all of the food and activities.
Family Camps
An increasingly popular choice for families is the family camp. Accommodation varies with everything from a basic tent to well equipped log cabins with all of the modern facilities that you would expect in a large hotel.
YMCA offer a range of camps such as the Snow Mountain Ranch in Colorado that spans 5,100 acres and can host 2,500 people in cabins. Activities are available for children aged 3 and over including skiing, climbing and riding. Adults can enjoy use of the gym and health center or simply enjoy a bit of quiet time while the children are being tired out!
Money Saving Booking Tips
When you are booking with children it is really important to get to know what deals are available. Some companies offer children’s prices right up to 16 years old, others start to charge full price at age 3. Depending on the age of your children, one company may prove substantially cheaper for the same holiday.
Consider your sleeping arrangements carefully. Some hotels will offer adjoining rooms, others will have family rooms that sleep children as well as adults. Most hotels will not allow young children in their own room, so bear this in mind when booking.
If you have more than two children you may find that an apartment offers better value for money and more usable space. A two or three bedroom cottage will often be a lot cheaper than two or three rooms in a hotel.
Use the children as a means of negotiation. For example, ask for a discount on their air fare or accommodation or ask for free entrance to an activity while you are booking.
Keeping a Lid on Spending Money
Traveling with children can be expensive when you add up the costs of activities, food and children’s clubs if they are available. If you are working to a budget then it may well be worth considering an all-inclusive holiday resort. Although these are normally more expensive to book initially, it is easier to anticipate your spending in advance. As meals and drinks are included you will not have to worry about the constant demands from the children for soda!
Find out how much children’s clubs will cost and when they are available, prices can vary substantially, so do your homework if you are not to get stung with a large bill at the end of the holiday.
It may even be worth traveling with another family with children of a similar age, as the adults can then take it in turns to child mind, meaning that everyone gets a break and the children have friends to play with! Also the bigger the group the bigger the discounts, normally, so even if you do not want to spend the whole time with another family, you can still benefit from booking together.
Come back next time for more tips. Tricks and techniques to assist you in Living the Champagne Life on a Beer Budget.
Remember we're all in this together and I'm pulling for you.
Mahalo.
******************************************************************
Must Have Finance Tools and Resources
Want to save money while learning how to save money? Well Order the Budget Mega Pack and receive two valuable bonus ebooks for your collection. Hey, you earned it, why not keep it?
For more info and to Order Today so you can save On These Valuable Resources
http://www.renspubhouse.cz.cc/products.html
******************************************************************
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