Currently Browsing: Youth and Money

SHOULD I PAY FOR MY KIDS’ COLLEGE TUITION?

SHOULD I PAY FOR MY KIDS’ COLLEGE TUITION?
The elephant in the (financial) room is who is paying for college. Is this the parents’ responsibility or do kids need to figure out how they’ll be paying for college without parents? Real moms share if they’re saving like crazy — or not — and why. It’s the best time of your lives!  Isn’t this what we most often tell kids about their upcoming college years? But what we don’t say is how expensive paying for college can be. An article on CNN Money states that, “There are more than 4,400 colleges in the U.S. with prices ranging from zero to more than $60,000 per...
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Taxes for teenagers: Nine ways for students and parents to cash in

My son experienced his first day as a high school student this week. I’m not sure I’m going to like this experience. He’s already talking about the tattoos so many kids at school are getting these days. I had a dream that he wanted to have his teeth sharpened, tongue forked, bumps implanted on his forehead and scales tattooed on his face. Don’t cringe – it’s been done before. Why can’t kids take an interest in normal things like tax planning? Forget the tattoos. Let’s sit around the kitchen table on Friday nights and talk about tax ideas. My parents didn’t do this for me. You can...
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How to Save for Your Child’s Education

Wednesday, 12 September 2012 10:47 September is now in full swing and the kids are back in school. Is that a good thing or a bad thing? It’s a good! With the cost of post secondary education going up every year it almost feels like a bad thing, however, for those people wanting to help the students or students-to-be in their lives, what better way than to start them off with a Registered Education Savings Plan (RESP). The benefits of setting up an RESP:  Tax Deferred Growth – contributions can be made until the child turns 21, for a lifetime total of $ 50,000, per child. Any capital gains,...
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Government money for your child’s education

Government money for your child’s education
You know that education is important to your child’s future success, but you’re not sure how to pay for it. The best way to start is to make sure your child gets the Government funding that is available through a Registered Education Savings Plan (RESP). The Government gives families the Canada Learning Bond. It goes right into your child’s RESP even if you don’t have money to contribute yourself. The Government will also add money to whatever you can save. SmartSAVER does not sell RESPs or investments. SmartSAVER is a non-profit community project based in Toronto that helps...
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Are you trying to teach your child the value of a dollar?

This is Tip #6 in a series of 6: Walk the Talk WHAT TO DO: Be a good financial role model. Think about the messages you’re sending your kids. Do you live at the mall and stock up on stuff you don’t really need, or shop smart and limit those impulse buys? TIP: Talk to your kids regularly about the importance of paying bills on time, long-term savings, etc. “You have to talk about money with your kids in the same way you talk about sex and drugs,” says Godfrey. THE PAYOFF: If you act as your kids’ personal money mentor and teach them how to manage their finances, chances are they...
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