Tip 1 – Keep your school supplies list with you.
Always keep your school supplies list with you because you never know when you'll come across a bargain. Along with helping you take advantage of unexpected sales, keeping your list with you will help you avoid spending money on unnecessary supplies.
Tip 2 – Don’t shop too soon.
Waiting to shop for clothes until after school starts will give you an opportunity to take advantage of Labor Day coupons and sales. It will also give your child a chance to see what the other kids are wearing.
Tip 3 – Search online for coupons before hitting the stores.
Take a few minutes to do an internet search for coupons for the stores you’re planning to go to. You might be able to find better prices online, free shipping, or a coupon to print out and take to the store.
Tip 4 – Take advantage of tax-free shopping.
Texas allows for tax-free purchases of clothes, backpacks,
and school supplies priced under $100 during the weekend of August 17-19. That will save you about $8 for every $100 you spend.
Tip 5 – Look around the house first.
Before you hit the stores, look around the house for extra pens, pencils, scissors, binders, and other supplies that are in good condition that your children can
use. There's no reason to spend money on something you already have.
Tip 6 – Avoid buying lunches.
Making your child’s lunch will save a lot of money during the school year. When making lunches, you can save even more money by buying things like juices and chips in bulk and using reusable thermoses, plastic bags, and plastic containers.
Tip 7 – Don’t forget to add names.
Make sure you write your child’s name on his or her
backpack, lunch bag, jacket, and other items to help you recover them if they
get lost. This will save you from having to replace them.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Showing posts with label children. Show all posts
Showing posts with label children. Show all posts
Monday, August 13, 2012
Sunday, April 22, 2012
Unique Ways to Gift Money to Children
My parents let me open a checking account when I was 15. I'm thankful they did because having that account - and having to balance my own checkbook and make sure I didn't bounce checks - helped me learn smart money habits at a young age.
Here are a few suggestions on how to turn a gift of money into a learning experience for your children.
1. Teach them good money habits by gifting money through a checking or savings account.
Setting up a checking or savings account is a great way to teach children how to balance a checkbook, budget, and the importance of saving for a rainy day. Parents of children that aren’t old enough to have individual accounts can open an account under their name and let their children treat it as if it were their own.
2. Turn college savings into a learning experience by gifting money through a 529 college savings plan.
Saving for college is something that most parents want to do for their children, so why not turn it into a learning experience? Children that understand bank accounts can relate to 529 plans as a “savings account" designed for a single goal: education. You can use a 529 plan to teach younger children about saving, and you can gradually bring them in on the investment selection process as they get older.
3. Help them get a head start on retirement by gifting money through a Roth IRA.
While it might be tough to convince a teenager to invest part of his or her paycheck, there isn’t a requirement that IRA contributions have to come from your child's earnings. As long as they have earned income, you can make the contribution for them up to the maximum they are eligible to contribute. This is a great way for kids to learn about investing and will give them a huge head start on their retirement.
4. Help them save by gifting money through a custodial account.
If you want to gift money to your child, but don’t want to dedicate it toward a specific goal like college or retirement, a UGMA or UTMA custodial account is a great option. These accounts are available at most financial institutions and allow the custodian – usually a parent – to maintain control of the assets until the child turns the age of majority, which is18 for UGMA accounts and 21 for UTMA in Texas.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Here are a few suggestions on how to turn a gift of money into a learning experience for your children.
1. Teach them good money habits by gifting money through a checking or savings account.
Setting up a checking or savings account is a great way to teach children how to balance a checkbook, budget, and the importance of saving for a rainy day. Parents of children that aren’t old enough to have individual accounts can open an account under their name and let their children treat it as if it were their own.
2. Turn college savings into a learning experience by gifting money through a 529 college savings plan.
Saving for college is something that most parents want to do for their children, so why not turn it into a learning experience? Children that understand bank accounts can relate to 529 plans as a “savings account" designed for a single goal: education. You can use a 529 plan to teach younger children about saving, and you can gradually bring them in on the investment selection process as they get older.
3. Help them get a head start on retirement by gifting money through a Roth IRA.
While it might be tough to convince a teenager to invest part of his or her paycheck, there isn’t a requirement that IRA contributions have to come from your child's earnings. As long as they have earned income, you can make the contribution for them up to the maximum they are eligible to contribute. This is a great way for kids to learn about investing and will give them a huge head start on their retirement.
4. Help them save by gifting money through a custodial account.
If you want to gift money to your child, but don’t want to dedicate it toward a specific goal like college or retirement, a UGMA or UTMA custodial account is a great option. These accounts are available at most financial institutions and allow the custodian – usually a parent – to maintain control of the assets until the child turns the age of majority, which is18 for UGMA accounts and 21 for UTMA in Texas.
To learn more about our company - and find out how we are different from other financial advisors - call (210) 587-6433 or visit www.VannoyAdvisoryGroup.com.
Subscribe to:
Posts (Atom)